FundVantage Trust

* 1 year net return as of 09/30/2021

Fund’s return

MSCI^®EM Index return

* 1 year volatility as of 09/30/2021

Fund’s return

MSCI^®EM Net TR Index volatility

N-CSR 1 d185072dncsr.htm FUNDVANTAGE TRUST FundVantage Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22027

FundVantage Trust

(Exact name of registrant as specified in charter)

301 Bellevue Parkway

Wilmington, DE 19809

(Address of principal executive offices) (Zip code)

Joel L. Weiss

JW Fund Management LLC

100 Springdale Rd., Suite A3-416

Cherry Hill, NJ 08003

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2021

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

(b) Not applicable.

GOTHAM FUNDS

FundVantage Trust

Gotham Absolute Return Fund

Gotham Enhanced Return Fund

Gotham Neutral Fund

Gotham Index Plus Fund

Gotham Large Value Fund

Gotham Enhanced S&P 500 Index Fund

Gotham Hedged Core Fund

ANNUAL REPORT

September 30, 2021

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

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

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

GOTHAM FUNDS

ANNUAL REPORT

AS OF SEPTEMBER 30, 2021


TABLE OF CONTENTS

Important Information			1

Annual Investment Adviser’s Report			2

Performance Data			11

Fund Expense Disclosure			18

Portfolio Holdings Summary Tables			20

Portfolio of Investments			27

Financial Statements:

Statements of Assets and Liabilities			169

Statements of Operations			172

Statements of Changes in Net Assets			175

Statement of Cash Flow			179

Financial Highlights			180

Notes to Financial Statements			188

Report of Independent Registered Public Accounting Firm			203

Shareholder Tax Information			204

Other Information			205

Privacy Notice			209

Fund Management			210

[THIS PAGE INTENTIONALLY LEFT BLANK.]

GOTHAM FUNDS

Important Information

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

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

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

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

Annual Investment Adviser’s Report

September 30, 2021

(Unaudited)

Gotham Absolute Return Fund (GARIX)

Gotham Enhanced Return Fund (GENIX)

Gotham Neutral Fund (GONIX)

Gotham Index Plus Fund (GINDX)

Gotham Large Value Fund (GVALX)

Gotham Enhanced S&P 500 Index Fund (GSPFX)

Gotham Hedge Core Fund (GCHDX)

Dear Shareholder,

Equity markets continued to make gains for the year amidst economic reopening fueled by the COVID-19 vaccination momentum, specifically in developed markets. The S&P 500 and Russell 1000 returned 15.9% and 15.2% respectively for the YTD period ending 9/30/21. The Russell 2000, a small-cap benchmark returned 12.4% YTD. Continuing the value/growth reversal trend from Q4 2020, Russell 1000 Value benchmark beat the Russell 1000 Growth benchmark by approximately 2% YTD. This “value tailwind” helped us achieve positive long/short spreads in many of our strategies along with strong absolute performance.

The S&P 500 is currently trading at 27x Gotham’s proprietary cash flow metric. This is a similar level to Q3 2020, despite the market appreciating 30% over the previous year. Much of the effect that Covid had on corporate earnings has started to phase out of our trailing data. The Russell 2000 remains markedly more expensive, trading at 58x Gotham’s cash flow metric. From similar valuation levels in the past, we would expect modestly positive returns for the S&P 500 and flat to slightly negative returns for the Russell 2000.¹

However, our expected forward index returns based on historical cash flow yields do not reflect two major factors that could lead to more optimistic, though still muted, future return expectations. Of course, interest rates are lower than average over the last 30 years. If investors believe rates will remain below the average for the last three decades (a thesis more in question given recent inflation concerns), some adjustment should logically be made to our valuation percentiles.

Second, based on one of our recent research projects, returns on capital are much higher today than they were 30 years ago. Specifically, returns on tangible capital on a position-weighted basis for the S&P 500 have grown from roughly 20% to close to 70% over the last 30 years. In short, that means that to grow 5%, companies would have to reinvest 25% of their cash flow in the early 90’s versus closer to 7% today. In other words, raw cash flows are worth about 24% more today (93%/75%). Adjusting today’s cash flow yields to reflect this fact, would move our valuation metric from the 4th percentile towards expensive over the last 30 years to closer to the 15th percentile. At the 15th percentile, expected two-year forward returns would be closer to 8-10% (without any adjustment for lower interest rates).

Also, worthwhile considering is that a significant portion of the companies in the Russell 2000 are cash flow negative and our research indicates that much of the speculative valuation in US equity markets exists further down the market capitalization spectrum. The mega-cap technology companies that dominate large cap benchmarks generally merit their premium valuations given strong business fundamentals. Importantly for us, our research indicates that a wide dispersion in valuations across the US equity universe should provide favorable conditions to construct long/short portfolios.

As a reminder, we are cash-flow-oriented investors and define value differently than Russell or Morningstar who emphasizes metrics such as low price/book and low price to sales. Similar to a private equity firm, we examine a company’s cash flow generation and then determine its all-in cost as if we were buying the entire business. On the long side, we are generally overweight stocks that are big cash generators with high returns on capital but remain out of favor for varying reasons. Conversely, we are generally short stocks that trade at multiples of 50, 100, or more times free cash flow or companies with negative cash flow. This continues to make overwhelming sense to us. We remain disciplined in our approach to managing portfolio risks and given valuation levels, we are very optimistic about the opportunity set for our long/short spreads over the coming period.

¹As of October 27, 2021

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Important Information

This letter is intended to assist shareholders in understanding how the Gotham Funds described herein performed during the period ended September 30, 2021, and reflects the views of the investment adviser at the time of this writing. Market and index valuations are based on Gotham’s valuation methodology. The views may change and do not guarantee the future performance of the Gotham Funds or the markets.

This letter contains forward-looking statements regarding future events, forecasts and expectations regarding equity markets and certain of Gotham’s strategies. Forward-looking statements may be identified terminology such terms as “may,” “expect,” “will,” “hope,” “believe” and/or comparable terminology. No assurance, representation, or warranty is made that any of Gotham’s expectations, views and/or objectives will be achieved and actual results may be significantly different than reflected herein.

The indices referenced herein are for comparison purposes only. The performance and volatility of the funds will be different than those of the indices. It is not possible to invest in the indices directly.

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Performance by Fund

Gotham Absolute Return Fund (GARIX)

The Fund returned +16.26% (net) for the trailing twelve month period, the HFRX Equity Hedge Index returned +17.74% and the S&P 500 Total Return Index returned +30.00% over the same time period.

The spread for the period was -7.30%².

The long portfolio contributed +45.49% for the trailing twelve month period. The short portfolio detracted -27.11% for the period.

Top contributors and detractors by sector and stock positions are below:

Sector Contributors/Detractors


		Average Contribution	Average Exposure
	Largest Contributors
Long	Information Technology	10.28%	28.67%
	Consumer Discretionary	9.82%	21.03%

	Largest Detractors
Short	Consumer Discretionary	-5.78%	-10.64%
	Information Technology	-4.96%	-12.44%



Stock Contributors/Detractors

		Average Contribution	Average Exposure

	Largest Contributors

Long	Novavax Inc.	1.58%	1.20%
	Alphabet Inc.	1.04%	1.71%

Short	FuelCell Energy Inc.	0.24%	-0.30%
	Grocery Outlet Inc.	0.19%	-0.38%

	Largest Detractors

Long	DuPont De Nemours Inc.	-0.14%	0.43%
	Sage Therapeutics Inc.	-0.14%	0.17%

Short	Southwestern Energy Co.	-0.58%	-0.53%
	TripAdvisor Inc.	-0.52%	-0.32%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Enhanced Return Fund (GENIX)

The Fund returned +26.73% (net) for the trailing twelve month period and the S&P 500 Total Return Index returned +30.00% over the same time period.

The spread for the period was -9.79%².

The long portfolio contributed +63.52% for the trailing twelve month period. The short portfolio detracted -34.24% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Information Technology	15.36%	43.07%
	Consumer Discretionary	12.95%	29.26%

	Largest Detractors
Short	Consumer Discretionary	-7.34%	-13.10%
	Information Technology	-5.94%	-14.40%



Stock Contributors/Detractors

		Average Contribution	Average Exposure

	Largest Contributors

Long	Alphabet Inc.	2.05%	2.95%
	Novavax Inc.	1.74%	1.25%

Short	FuelCell Energy Inc.	0.30%	-0.35%
	Grocery Outlet Inc.	0.24%	-0.43%

	Largest Detractors
Long	DuPont De Nemours Inc.	-0.22%	0.63%
	Nielsen Holdings PLC	-0.18%	0.35%

Short	Southwestern Energy Co.	-0.73%	-0.66%
	TripAdvisor Inc.	-0.58%	-0.34%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Neutral Fund (GONIX)

The Fund returned +1.42% (net) for the trailing twelve month period and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index returned +0.07% over the same time period.

The spread for the period was -6.91%^2.

The long portfolio contributed +48.19% for the trailing twelve month period. The short portfolio detracted -44.86% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Consumer Discretionary	13.20%	24.87%
	Information Technology	9.07%	23.34%

	Largest Detractors
Short	Consumer Discretionary	-9.19%	-17.59%
	Information Technology	-9.15%	-21.04%



Stock Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors

Long	Signet Jewelers Ltd.	1.58%	1.09%
	Novavax Inc.	1.56%	1.24%

Short	FuelCell Energy Inc.	0.28%	-0.48%
	Proto Labs Inc.	0.22%	-0.38%

	Largest Detractors
Long	Yamana Gold Inc.	-0.29%	1.03%
	Nielsen Holdings PLC	-0.21%	0.34%

Short	Southwestern Energy Co.	-0.87%	-0.81%
	TripAdvisor Inc.	-0.84%	-0.52%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Index Plus Fund (GINDX)

The Fund’s Institutional Class returned +26.82% (net) for the trailing twelve month period and the S&P 500 Total Return Index returned +30.00% over the same time period.

The spread for the period was -5.84%².

The long portfolio contributed +66.17% for the trailing twelve month period. The short portfolio detracted -37.52% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Information Technology	12.22%	40.80%
	Financials	11.18%	20.66%

Short	Consumer Staples	0.76%	-3.99%

	Largest Detractors
Short	Energy	-6.44%	-5.49%
	Consumer Discretionary	-6.17%	-12.57%



Stock Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Alphabet Inc.	2.89%	4.43%
	Microsoft Corp.	2.17%	6.23%

Short	Enphase Energy Inc.	0.30%	-1.09%
	FMC Corp.	0.29%	-0.85%

	Largest Detractors
Long	Nielsen Holdings PLC	-0.17%	0.75%
	Penn National Gaming Inc.	-0.15%	0.71%

Short	Fortinet Inc.	-1.29%	-1.15%
	Albemarle Corp.	-1.18%	-0.92%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Large Value Fund (GVALX)

The Fund returned +30.83% (net) for the trailing twelve month period and the S&P Total Return Index returned +30.00% over the same time period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Financials	6.74%	13.50%
	Industrials	5.82%	18.92%



Stock Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Citigroup Inc.	1.08%	1.62%
	Blackrock Inc.	0.70%	1.53%

	Largest Detractors
Long	Intel Corp.	-0.12%	1.11%
	Lockheed Martin Corp.	-0.12%	0.92%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Enhanced S&P 500 Index (GSPFX)

The Fund returned +26.17% (net) for the trailing twelve month period and the S&P 500 Total Return Index returned +30.00% over the same time period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Information Technology	7.91%	27.61%
	Communication Services	4.39%	13.27%



Stock Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Alphabet Inc.	2.96%	4.44%
	Microsoft Corp.	2.19%	6.20%

	Largest Detractors
Long	Lockheed Martin Corp.	-0.17%	0.80%
	Cigna Corp.	-0.12%	0.18%

Annual Investment Adviser’s Report (Concluded)

September 30, 2021

(Unaudited)

Gotham Hedged Core Fund (GCHDX)

The Fund returned +14.56% (net) for the trailing twelve month period and the HFRX Equity Hedge Index returned +17.74% over the same time period.

The spread for the period was -12.49%².

The long portfolio contributed +29.01% for the trailing twelve month period. The short portfolio detracted -13.37% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Industrials	5.34%	17.93%
	Information Technology	5.12%	20.51%

Short	Consumer Staples	0.09%	-0.20%

	Largest Detractors
Short	Information Technology	-3.59%	-9.97%
	Health Care	-2.35%	-7.04%



Stock Contributors/Detractors

		Average Contribution	Average Exposure
	Largest Contributors
Long	Alphabet Inc.	1.90%	3.14%
	Microsoft Corp.	1.28%	3.89%

Short	Enphase Energy Inc.	0.20%	-0.76%
	Vertex Pharmaceuticals Inc.	0.14%	-0.60%

	Largest Detractors
Long	Clorox Co. (The)	-0.46%	2.52%
	C.H. Robinson Worldwide Inc.	-0.31%	1.30%

Short	Fortinet Inc.	-0.60%	-0.59%
	Western Digital Corp.	-0.53%	-0.70%

² 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).

GOTHAM FUNDS

Gotham Absolute Return Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 Investment in Gotham Absolute Return Fund Institutional Class Shares

vs. Hedge Fund Research Inc. (“HFRX”) Equity Hedge Index

LOGO

Average Annual Total Returns for the Periods Ended September 30, 2021

1 Year

3 Years

5 Years

Since
Inception

Institutional Class Shares

16.26%

4.03%

5.67%

6.77%^*

HFRX Equity Hedge Index

17.74%

4.96%

4.90%

3.92%^*

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

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

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.73% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.50% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). Gotham’s aggregate direct and indirect compensation from the Fund and any other investment companies advised or sub-advised by Gotham, does not exceed 1.50%, of the annual investment advisory fee, prior to February 1, 2021. The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

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

GOTHAM FUNDS

Gotham Enhanced Return Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 Investment in Gotham Enhanced Return Fund Institutional Class Shares

vs. the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

LOGO

Average Annual Total Returns for the Periods Ended September 30, 2021

1 Year

3 Years

5 Years

Since
Inception

Institutional Class Shares

26.73%

6.33%

9.87%

9.66%^*

S&P 500^®Total Return Index

30.00%

15.98%

16.89%

14.60%^*

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

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.67% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.50% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). Gotham’s aggregate direct and indirect compensation from the Fund and any other investment companies advised or sub-advised by Gotham, does not exceed 1.50%, of the annual investment advisory fee, prior to February 1, 2021. The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

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

GOTHAM FUNDS

Gotham Neutral Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 Investment in Gotham Neutral Fund Institutional Class Shares

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

LOGO

Average Annual Total Returns for the Periods Ended September 30, 2021

1 Year

3 Years

5 Years

Since
Inception

Institutional Class Shares

1.42%

-3.12%

-1.22%

-0.48%^*

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

0.07%

1.18%

1.16%

0.76%^*

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

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

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

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

GOTHAM FUNDS

Gotham Index Plus Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 Investment in Gotham Index Plus Fund Institutional Class Shares

vs. Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

LOGO


Average Annual Total Returns for the Periods Ended September 30, 2021
	1 Year		3 Years		5 Years		Since Inception
Institutional Class Shares		26.82%		10.54%		15.12%		12.73%^*
Investor Class Shares		26.39%		10.25%		14.83%		10.45%^*
S&P 500^®Total Return Index		30.00%		15.98%		16.89%		14.14%^*	^*

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

**	Benchmark performance is from inception date of the Fund’s Institutional Class shares only and is not the inception date of the benchmark itself.

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.25% and 1.15% for Institutional Class shares, respectively, and 1.50% and 1.40% for Investor Class shares, respectively, of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.15% with respect to Institutional Class shares (on an annual basis) and 0.15% with respect to Investor Class shares (on an annual basis), of average daily net assets of the Fund (the “Expense Limitation”). Gotham’s aggregate direct and indirect compensation from the Fund and any other investment companies advised or sub-advised by Gotham, does not exceed 1.00%, the annual investment advisory fee, prior to February 1, 2021. The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Large Value Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 Investment in Gotham Large Value Fund Institutional Class Shares

vs. Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

LOGO

Average Annual Total Returns for the Periods Ended September 30, 2021

1 Year

3 Years

5 Years

Since
Inception

Institutional Class Shares

30.83%

10.51%

13.49%

13.26%^*

S&P 500^®Total Return Index

30.00%

15.98%

16.89%

16.04%^*

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

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.03% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 0.75% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.75% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Enhanced S&P 500 Index Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $10,000 Investment in Gotham Enhanced S&P 500 Index Fund Institutional Shares Class

vs. Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

LOGO

Average Annual Total Returns for the Periods Ended September 30, 2021

1 Year

3 Years

Since
Inception

Institutional Class Shares

26.17%

13.34%

16.48%^*

S&P 500^®Total Return Index

30.00%

15.98%

16.92%^*

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

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 0.65% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 0.50% for Institutional Class shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). Gotham’s aggregate direct and indirect compensation from the Fund and any other investment companies advised or sub-advised by Gotham, does not exceed 0.50%, the annual investment advisory fee, prior to February 1, 2021. The Expense Limitation will remain in place until January 31, 2023, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

GOTHAM FUNDS

Gotham Hedged Core Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $25,000 Investment in Gotham Hedged Core Fund Institutional Class Shares

vs. Hedge Fund Research Inc. (“HFRX”) Equity Hedge Index

LOGO

Average Annual Total Returns for the Periods Ended September 30, 2021

1 Year

3 Years

5 Years

Since
Inception

Institutional Class Shares

14.56%

7.52%

9.74%

9.74%^*

HFRX Equity Hedge Index

17.74%

4.96%

4.90%

4.90%^*

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

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 0.85% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.85% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Fund Expense Disclosure

September 30, 2021

(Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from April 1, 2021 through September 30, 2021.

Actual Expenses

The first line for each Fund in the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000= 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Annualized Expense Ratio^*	Expenses Paid During Period^**
Gotham Absolute Return Fund
Institutional Class
Actual	$1,000.00	$1,060.90	1.50%	$7.75
Hypothetical (5% return before expenses)	1,000.00	1,017.55	1.50%	7.59

Gotham Enhanced Return Fund
Institutional Class
Actual	$1,000.00	$1,091.20	1.50%	$7.86
Hypothetical (5% return before expenses)	1,000.00	1,017.55	1.50%	7.59

Gotham Neutral Fund
Institutional Class
Actual	$1,000.00	$1,035.60	1.50%	$7.65
Hypothetical (5% return before expenses)	1,000.00	1,017.55	1.50%	7.59

GOTHAM FUNDS

Fund Expense Disclosure (Concluded)

September 30, 2021

(Unaudited)


	Beginning Account Value April 1, 2021	Ending Account Value September 30, 2021	Annualized Expense Ratio^*	Expenses Paid During Period^**
Gotham Index Plus Fund
Institutional Class
Actual	$1,000.00	$1,082.10	1.12%	$5.82
Hypothetical (5% return before expenses)	1,000.00	1,019.47	1.12%	5.65
Investor Class
Actual	$1,000.00	$1,080.60	1.37%	$7.12
Hypothetical (5% return before expenses)	1,000.00	1,018.22	1.37%	6.91

Gotham Large Value Fund
Institutional Class
Actual	$1,000.00	$1,054.30	0.75%	$3.86
Hypothetical (5% return before expenses)	1,000.00	1,021.31	0.75%	3.80

Gotham Enhanced S&P 500 Index Fund
Institutional Class
Actual	$1,000.00	$1,077.80	0.50%	$2.59
Hypothetical (5% return before expenses)	1,000.00	1,022.58	0.50%	2.52

Gotham Hedged Core Fund
Institutional Class
Actual	$1,000.00	$1,057.50	1.67%	$8.61
Hypothetical (5% return before expenses)	1,000.00	1,016.70	1.67%	8.44

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

Expenses are equal to a Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for the six-month period ended September 30, 2021, multiplied by the average account value over the period, multiplied by the number of days in the most recent period, then divided by 365 to reflect the period. Hypothetical expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365 to reflect the period.

GOTHAM ABSOLUTE RETURN FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Software & Services		12.8	%		$	63,800,302
Capital Goods		7.9				39,632,621
Health Care Equipment & Services		7.6				37,795,747
Media & Entertainment		7.2				36,117,578
Pharmaceuticals, Biotechnology & Life Sciences		7.2				35,769,085
Retailing		6.8				34,020,783
Technology Hardware & Equipment		6.2				31,219,073
Materials		5.8				28,829,399
Semiconductors & Semiconductor Equipment		5.2				26,087,564
Energy		4.7				23,677,216
Food, Beverage & Tobacco		3.9				19,353,387
Consumer Services		3.0				14,850,219
Consumer Durables & Apparel		2.6				12,993,544
Automobiles & Components		2.2				10,907,529
Transportation		2.1				10,326,344
Diversified Financials		2.0				9,810,783
Utilities		1.9				9,625,459
Commercial & Professional Services		1.6				8,230,994
Food & Staples Retailing		1.6				8,080,227
Household & Personal Products		1.2				6,014,345
Telecommunication Services		1.2				5,807,391

Total Common Stocks		94.7				472,949,590

Other Assets in Excess of Liabilities		5.3				26,579,261

NET ASSETS		100.0	%		$	499,528,851

Portfolio holdings are subject to change at any time.

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

GOTHAM ENHANCED RETURN FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Software & Services		13.0	%		$	29,469,089
Capital Goods		8.3				18,965,229
Health Care Equipment & Services		7.8				17,623,213
Pharmaceuticals, Biotechnology & Life Sciences		7.2				16,240,732
Retailing		6.8				15,357,388
Media & Entertainment		6.7				15,242,862
Technology Hardware & Equipment		5.7				12,995,974
Semiconductors & Semiconductor Equipment		5.6				12,817,360
Materials		5.2				11,896,753
Energy		4.5				10,283,433
Food, Beverage & Tobacco		3.9				8,747,744
Diversified Financials		3.0				6,893,369
Consumer Services		2.9				6,571,555
Consumer Durables & Apparel		2.6				5,882,074
Automobiles & Components		2.3				5,209,578
Utilities		2.1				4,863,052
Transportation		2.1				4,849,084
Commercial & Professional Services		1.6				3,697,270
Food & Staples Retailing		1.6				3,584,001
Telecommunication Services		1.3				2,941,917
Household & Personal Products		1.2				2,814,494

Total Common Stocks		95.4				216,946,171

Other Assets in Excess of Liabilities		4.6				10,372,420

NET ASSETS		100.0	%		$	227,318,591

Portfolio holdings are subject to change at any time.

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

GOTHAM NEUTRAL FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Software & Services		10.0	%		$	4,021,180
Capital Goods		9.2				3,689,985
Health Care Equipment & Services		8.4				3,389,554
Pharmaceuticals, Biotechnology & Life Sciences		7.5				3,014,379
Materials		7.3				2,937,692
Retailing		6.9				2,762,555
Technology Hardware & Equipment		5.6				2,269,259
Energy		5.1				2,059,510
Media & Entertainment		4.9				1,969,262
Food, Beverage & Tobacco		4.2				1,672,526
Semiconductors & Semiconductor Equipment		3.9				1,586,325
Consumer Services		3.7				1,474,197
Consumer Durables & Apparel		3.4				1,360,649
Commercial & Professional Services		2.5				1,003,935
Utilities		2.4				974,647
Transportation		2.4				967,115
Automobiles & Components		2.0				800,152
Diversified Financials		1.6				652,381
Food & Staples Retailing		1.2				477,358
Household & Personal Products		1.1				427,508
Telecommunication Services		0.8				306,020

Total Common Stocks		94.1				37,816,189

Other Assets in Excess of Liabilities		5.9				2,352,001

NET ASSETS		100.0	%		$	40,168,190

Portfolio holdings are subject to change at any time.

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

GOTHAM INDEX PLUS FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Software & Services		10.3	%		$	47,203,749
Capital Goods		6.6				30,378,849
Retailing		6.6				30,273,870
Media & Entertainment		5.4				24,511,212
Health Care Equipment & Services		5.2				24,031,082
Pharmaceuticals, Biotechnology & Life Sciences		5.0				22,845,117
Food, Beverage & Tobacco		4.3				19,773,824
Energy		3.9				17,673,521
Materials		3.7				16,829,421
Diversified Financials		3.6				16,516,700
Semiconductors & Semiconductor Equipment		3.4				15,355,224
Utilities		3.3				15,283,802
Technology Hardware & Equipment		3.1				14,376,283
Real Estate		2.6				12,072,084
Banks		2.1				9,520,843
Insurance		2.0				8,962,882
Consumer Durables & Apparel		1.9				8,767,484
Consumer Services		1.9				8,724,421
Household & Personal Products		1.8				8,309,514
Transportation		1.8				8,139,339
Commercial & Professional Services		1.4				6,413,004
Telecommunication Services		1.2				5,351,810
Food & Staples Retailing		1.1				4,891,293
Automobiles & Components		0.3				1,393,760
Affiliated Equity Registered Investment Company		12.4				56,600,440

Total Investments		94.9				434,199,528

Other Assets in Excess of Liabilities		5.1				23,227,173

NET ASSETS		100.0	%		$	457,426,701

Portfolio holdings are subject to change at any time.

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

GOTHAM LARGE VALUE FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Capital Goods		10.5	%		$	6,842,551
Diversified Financials		7.9				5,132,853
Retailing		7.4				4,838,297
Food, Beverage & Tobacco		7.2				4,690,467
Semiconductors & Semiconductor Equipment		6.9				4,535,418
Energy		6.7				4,374,532
Health Care Equipment & Services		6.5				4,258,964
Materials		6.3				4,123,576
Technology Hardware & Equipment		5.5				3,599,174
Pharmaceuticals, Biotechnology & Life Sciences		5.2				3,431,932
Software & Services		5.1				3,356,859
Banks		4.4				2,887,044
Transportation		3.6				2,385,730
Insurance		2.9				1,880,604
Media & Entertainment		2.7				1,746,949
Automobiles & Components		2.4				1,556,962
Consumer Durables & Apparel		1.7				1,118,442
Real Estate		1.7				1,114,493
Telecommunication Services		1.3				838,564
Food & Staples Retailing		1.0				628,257
Consumer Services		0.8				539,149
Commercial & Professional Services		0.6				405,773
Utilities		0.6				377,468
Household & Personal Products		0.5				303,786

Total Common Stocks		99.4				64,967,844

Other Assets in Excess of Liabilities		0.6				383,418

NET ASSETS		100.0	%		$	65,351,262

Portfolio holdings are subject to change at any time.

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

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Software & Services		15.0	%		$	2,335,068
Retailing		10.6				1,643,408
Media & Entertainment		10.3				1,599,787
Technology Hardware & Equipment		9.2				1,438,380
Pharmaceuticals, Biotechnology & Life Sciences		7.5				1,166,015
Capital Goods		6.6				1,023,579
Health Care Equipment & Services		5.8				909,291
Food, Beverage & Tobacco		5.4				847,851
Diversified Financials		3.9				607,210
Semiconductors & Semiconductor Equipment		3.4				533,561
Energy		3.2				501,365
Materials		3.1				480,599
Telecommunication Services		2.6				407,104
Automobiles & Components		2.4				372,008
Transportation		2.2				338,445
Food & Staples Retailing		2.0				314,472
Insurance		1.5				227,014
Real Estate		1.1				163,735
Consumer Durables & Apparel		0.9				143,329
Household & Personal Products		0.7				116,439
Consumer Services		0.7				104,809
Utilities		0.5				85,750
Banks		0.5				78,359
Commercial & Professional Services		0.3				39,351

Total Common Stocks		99.4				15,476,929

Other Assets in Excess of Liabilities		0.6				92,000

NET ASSETS		100.0	%		$	15,568,929

Portfolio holdings are subject to change at any time.

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

GOTHAM HEDGED CORE FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Food, Beverage & Tobacco		20.6	%		$	1,687,949
Health Care Equipment & Services		14.2				1,164,705
Software & Services		12.7				1,037,742
Pharmaceuticals, Biotechnology & Life Sciences		12.3				1,003,099
Technology Hardware & Equipment		10.8				884,477
Media & Entertainment		9.4				772,609
Retailing		8.5				691,654
Capital Goods		7.3				599,474
Real Estate		5.5				448,580
Diversified Financials		5.0				405,938
Household & Personal Products		4.9				399,414
Food & Staples Retailing		4.2				341,148
Telecommunication Services		3.6				295,323
Utilities		3.4				276,079
Insurance		3.2				262,638
Consumer Durables & Apparel		3.0				248,712
Transportation		3.0				243,354
Consumer Services		2.8				231,214
Materials		1.8				146,505
Semiconductors & Semiconductor Equipment		1.6				126,903
Energy		1.1				87,872
Commercial & Professional Services		0.2				18,777
Automobiles & Components		0.0				3,268

Total Long Positions		139.1				11,377,434


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Household & Personal Products		(0.0	)%		$	(83	)
Energy		(0.0	)			(1,261	)
Insurance		(0.3	)			(23,284	)
Transportation		(0.4	)			(32,277	)
Food, Beverage & Tobacco		(0.6	)			(49,309	)
Media & Entertainment		(0.7	)			(54,519	)
Consumer Durables & Apparel		(0.7	)			(59,077	)
Automobiles & Components		(0.7	)			(59,574	)
Technology Hardware & Equipment		(0.8	)			(67,799	)
Consumer Services		(0.9	)			(72,909	)
Commercial & Professional Services		(1.0	)			(82,383	)
Diversified Financials		(1.0	)			(84,708	)
Real Estate		(1.5	)			(121,547	)
Retailing		(1.9	)			(152,655	)
Pharmaceuticals, Biotechnology & Life Sciences		(1.9	)			(152,703	)
Capital Goods		(1.9	)			(156,023	)
Banks		(1.9	)			(156,874	)
Health Care Equipment & Services		(2.9	)			(237,640	)
Semiconductors & Semiconductor Equipment		(3.5	)			(286,466	)
Materials		(3.8	)			(315,242	)
Software & Services		(4.2	)			(339,947	)
Utilities		(9.6	)			(783,424	)

Total Short Positions		(40.2	)			(3,289,704	)

Other Assets in Excess of Liabilities		1.1				88,960

NET ASSETS		100.0	%		$	8,176,690

Portfolio holdings are subject to change at any time.

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 94.7%
Automobiles & Components — 2.2%
Adient PLC (Ireland)^*		14,330	$	593,978
American Axle & Manufacturing Holdings, Inc.^*		78,118		688,220
Aptiv PLC (Jersey)^*		5,212		776,432
Ford Motor Co.^(a)*		139,296		1,972,431
General Motors Co.^(a)*		55,380		2,919,080
Gentex Corp.		18,808		620,288
Gentherm, Inc.^*		3,427		277,347
Goodyear Tire & Rubber Co. (The)^*		285		5,044
Lear Corp.		1,247		195,131
Magna International, Inc. (Canada)		16,669		1,254,175
Tenneco, Inc., Class A^*		49,484		706,137
Thor Industries, Inc.		309		37,933
Visteon Corp.^*		5,639		532,265
Winnebago Industries, Inc.		4,542		329,068

				10,907,529

Capital Goods — 7.9%
3M Co.^(a)		9,037		1,585,271
A.O. Smith Corp.		7,289		445,139
AAR Corp.^*		5,888		190,948
AECOM^*		12,081		762,915
Aerojet Rocketdyne Holdings, Inc.		2,596		113,056
Allegion PLC (Ireland)		2,252		297,669
Apogee Enterprises, Inc.		2,101		79,334
Applied Industrial Technologies, Inc.		2		180
Armstrong World Industries, Inc.		1,476		140,914
Atkore, Inc.^*		11,609		1,009,054
Beacon Roofing Supply, Inc.^*		10,223		488,250
Boise Cascade Co.		22,453		1,212,013
Carrier Global Corp.		16,564		857,353
Caterpillar, Inc.		3,473		666,712
Comfort Systems USA, Inc.		1,596		113,827
Crane Co.		3,767		357,149
Cummins, Inc.		2,174		488,193
Deere & Co.^(a)		3,625		1,214,629
Dover Corp.		2,928		455,304
Dycom Industries, Inc.^*		4,718		336,110
Eaton Corp. PLC (Ireland)		6,730		1,004,856
EMCOR Group, Inc.		390		44,998
Emerson Electric Co.		24,973		2,352,457
Enerpac Tool Group Corp.		569		11,795
ESCO Technologies, Inc.		1,322		101,794
Fortive Corp.		2,500		176,425
Generac Holdings, Inc.^*		282		115,245
General Dynamics Corp.		7,163		1,404,163
General Electric Co.		14,695		1,514,026


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Graco, Inc.		206	$	14,414
Granite Construction, Inc.		8,582		339,418
HEICO Corp.		2,921		385,192
Herc Holdings, Inc.^*		1,234		201,710
Hillenbrand, Inc.		5,855		249,716
Honeywell International, Inc.		1,155		245,183
Howmet Aerospace, Inc.^(a)		20,529		640,505
Huntington Ingalls Industries, Inc.		1,708		329,746
Ingersoll Rand, Inc.^*		17,024		858,180
Johnson Controls International PLC (Ireland)		15,502		1,055,376
Kaman Corp.		654		23,328
L3Harris Technologies, Inc.		920		202,621
Lennox International, Inc.		3,887		1,143,439
Lockheed Martin Corp.^(a)		5,826		2,010,553
Middleby Corp. (The)^*		730		124,472
Mueller Industries, Inc.		18		740
MYR Group, Inc.^*		231		22,984
Nordson Corp.		2,174		517,738
Northrop Grumman Corp.^(a)		2,802		1,009,140
NOW, Inc.^*		25,864		197,860
Oshkosh Corp.		8,121		831,347
Otis Worldwide Corp.		3,778		310,854
Owens Corning		19,480		1,665,540
Parker-Hannifin Corp.		2,488		695,695
Pentair PLC (Ireland)		14,521		1,054,660
Quanta Services, Inc.		178		20,260
RBC Bearings, Inc.^*		571		121,166
Regal Rexnord Corp.		1,525		229,268
Resideo Technologies, Inc.^*		11,829		293,241
Rockwell Automation, Inc.		1,192		350,496
Sensata Technologies Holding PLC (United Kingdom)^*		7,817		427,746
Simpson Manufacturing Co., Inc.		1,840		196,825
Snap-on, Inc.		4,046		845,412
SPX FLOW, Inc.		1,083		79,167
Stanley Black & Decker, Inc.		6,808		1,193,510
Tecnoglass, Inc. (Cayman Islands)		2,957		64,256
Terex Corp.		12,502		526,334
Textron, Inc.		8,671		605,323
Toro Co. (The)		1,904		185,469
TPI Composites, Inc.^*		7,248		244,620
Trane Technologies PLC (Ireland)		4,974		858,761
Triumph Group, Inc.^*		4,667		86,946
Vicor Corp.^*		926		124,232
Watsco, Inc.		326		86,266

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
WESCO International, Inc.^*		5,556	$	640,718
WW Grainger, Inc.		1,916		753,103
Xylem, Inc.		237		29,312

				39,632,621

Commercial & Professional Services — 1.6%
ABM Industries, Inc.		6,312		284,103
Brady Corp., Class A		3,929		199,200
Brink’s Co. (The)		5,783		366,064
CACI International, Inc., Class A^*		23		6,028
CBIZ, Inc.^*		754		24,384
Cintas Corp.		454		172,820
Clean Harbors, Inc.^*		5,389		559,756
Copart, Inc.^*		3,873		537,263
CoreCivic, Inc.^*		14,368		127,875
Covanta Holding Corp.		10,946		220,234
Equifax, Inc.		540		136,847
Healthcare Services Group, Inc.		11,858		296,331
HNI Corp.		3,650		134,028
IHS Markit Ltd. (Bermuda)		429		50,030
Jacobs Engineering Group, Inc.		4,629		613,481
Korn Ferry		2,409		174,315
MSA Safety, Inc.		232		33,802
Nielsen Holdings PLC (United Kingdom)		106,741		2,048,360
Republic Services, Inc.		7,442		893,487
Robert Half International, Inc.		6,108		612,816
Rollins, Inc.		2,173		76,772
Science Applications International Corp.		3,022		258,562
Steelcase, Inc., Class A		703		8,914
Thomson Reuters Corp. (Canada)		3,311		365,799
Waste Management, Inc.		199		29,723

				8,230,994

Consumer Durables & Apparel — 2.6%
Acushnet Holdings Corp.		2,587		120,813
BRP, Inc., sub-voting shares (Canada)		1,227		113,718
Brunswick Corp.		9,370		892,680
Capri Holdings Ltd. (British Virgin Islands)^*		2,308		111,730
Cavco Industries, Inc.^*		394		93,276
Columbia Sportswear Co.		149		14,280
Deckers Outdoor Corp.^*		32		11,526
DR Horton, Inc.		10,604		890,418
Garmin Ltd. (Switzerland)		2,303		358,024


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
G-III Apparel Group Ltd.^*		13,884	$	392,917
GoPro, Inc., Class A^*		48,300		452,088
Hasbro, Inc.		9,999		892,111
Johnson Outdoors, Inc., Class A		156		16,505
Kontoor Brands, Inc.		3,653		182,467
La-Z-Boy, Inc.		1,850		59,626
Mattel, Inc.^*		26,498		491,803
Mohawk Industries, Inc.^(a)*		6,842		1,213,771
Newell Brands, Inc.		10,495		232,359
NIKE, Inc., Class B		10,353		1,503,566
Polaris, Inc.		455		54,445
PulteGroup, Inc.		7,711		354,089
Ralph Lauren Corp.		1,326		147,239
Skechers USA, Inc., Class A^*		354		14,911
Skyline Champion Corp.^*		8,407		504,924
Smith & Wesson Brands, Inc.		40,156		833,639
Sonos, Inc.^*		13,071		422,978
Steven Madden Ltd.		2,336		93,814
Sturm Ruger & Co., Inc.		6,122		451,681
Tapestry, Inc.		9,425		348,914
Tempur Sealy International, Inc.		8,175		379,402
Tupperware Brands Corp.^*		4,537		95,821
Under Armour, Inc., Class C^*		16,529		289,588
Whirlpool Corp.		4,144		844,796
YETI Holdings, Inc.^*		1,326		113,625

				12,993,544

Consumer Services — 3.0%
Adtalem Global Education, Inc.^*		10,106		382,108
Airbnb, Inc., Class A^*		1,180		197,945
Bloomin’ Brands, Inc.^*		38,157		953,925
Booking Holdings, Inc.^*		388		921,062
Boyd Gaming Corp.^*		3,076		194,588
Brinker International, Inc.^*		9,697		475,638
Choice Hotels International, Inc.		3,392		428,647
Cracker Barrel Old Country Store, Inc.		1,023		143,056
Dine Brands Global, Inc.^*		6,072		493,107
Domino’s Pizza, Inc.		435		207,478
Expedia Group, Inc.^*		499		81,786
Golden Entertainment, Inc.^*		2,829		138,876
Graham Holdings Co., Class B		494		291,045
Grand Canyon Education, Inc.^*		3,285		288,949
Hilton Worldwide Holdings, Inc.^*		1,218		160,910
Houghton Mifflin Harcourt Co.^*		9,721		130,553
Jack in the Box, Inc.		1,018		99,082

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value

COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Marriott International, Inc., Class A^(a)*		9,104	$	1,348,211
McDonald’s Corp.		6,147		1,482,103
Penn National Gaming, Inc.^*		15,027		1,088,856
Perdoceo Education Corp.^*		30,329		320,274
Red Rock Resorts, Inc., Class A^*		16,732		857,013
Service Corp. International		6,779		408,503
Starbucks Corp.		5,384		593,909
Vail Resorts, Inc.		565		188,738
Wendy’s Co. (The)		21,589		468,049
Wyndham Hotels & Resorts, Inc.		11,490		886,913
Yum! Brands, Inc.		13,236		1,618,895

				14,850,219

Diversified Financials — 2.0%
Affiliated Managers Group, Inc.		1,464		221,196
Berkshire Hathaway, Inc., Class B^*		1,511		412,412
BlackRock, Inc.		1,189		997,167
CME Group, Inc.		3,982		770,039
Federated Hermes, Inc.		5,566		180,895
Franklin Resources, Inc.		21,800		647,896
Invesco Ltd. (Bermuda)		30,084		725,325
Moody’s Corp.		3,697		1,312,842
MSCI, Inc.		425		258,544
Nasdaq, Inc.		7,140		1,378,163
S&P Global, Inc.		2,107		895,243
T Rowe Price Group, Inc.^(a)		10,224		2,011,061

				9,810,783

Energy — 4.7%
Antero Resources Corp.^*		11,519		216,672
APA Corp.		39,550		847,556
Archrock, Inc.		8,222		67,831
Baker Hughes Co.		45,261		1,119,305
Cactus, Inc., Class A		988		37,267
Canadian Natural Resources Ltd. (Canada)		18,427		673,323
Centennial Resource Development, Inc., Class A^*		20,669		138,482
ChampionX Corp.^*		31,327		700,472
Cimarex Energy Co.^*		7,746		675,451
Clean Energy Fuels Corp.^*		3,605		29,381
Continental Resources, Inc.		11,065		510,650
Coterra Energy, Inc.		10,867		236,466
Denbury, Inc.^*		8,662		608,505
DHT Holdings, Inc. (Marshall Islands)		13,815		90,212


	Number of Shares		Value

COMMON STOCKS — (Continued)
Energy — (Continued)
EOG Resources, Inc.		19,580	$	1,571,687
Equitrans Midstream Corp.		31,158		315,942
Exxon Mobil Corp.^(a)		45,697		2,687,898
Green Plains, Inc.^*		1,865		60,892
Halliburton Co.		43,138		932,644
Hess Corp.		16,435		1,283,738
Imperial Oil Ltd. (Canada)		6,036		190,496
Kosmos Energy Ltd.^*		97,526		288,677
Magnolia Oil & Gas Corp., Class A		6,460		114,923
Marathon Oil Corp.		141,789		1,938,256
Marathon Petroleum Corp.		34,438		2,128,613
Oasis Petroleum, Inc.		1,678		166,827
Occidental Petroleum Corp.		24,320		719,386
Oceaneering International, Inc.^*		43,098		574,065
ONEOK, Inc.		23,198		1,345,252
Ovintiv, Inc.		17,426		572,967
PDC Energy, Inc.		10,630		503,756
SFL Corp. Ltd. (Bermuda)		12,966		108,655
SM Energy Co.		30,825		813,163
Suncor Energy, Inc. (Canada)		16,054		332,960
Targa Resources Corp.		4,578		225,283
Vermilion Energy, Inc. (Canada)^*		31,384		310,702
Whiting Petroleum Corp.^*		3,084		180,136
World Fuel Services Corp.		10,670		358,725

				23,677,216

Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		925		415,649
Kroger Co. (The)		11,524		465,915
Sprouts Farmers Market, Inc.^*		23,686		548,805
Sysco Corp.		16,902		1,326,807
US Foods Holding Corp.^*		180		6,239
Walgreens Boots Alliance, Inc.		15,115		711,161
Walmart, Inc.^(a)		32,956		4,593,407
Weis Markets, Inc.		233		12,244

				8,080,227

Food, Beverage & Tobacco — 3.9%
Altria Group, Inc.		31,314		1,425,413
Archer-Daniels-Midland Co.		14,759		885,688
Brown-Forman Corp., Class B		1,856		124,371
Coca-Cola Co. (The)^(a)		44,791		2,350,184
Coca-Cola Consolidated, Inc.		302		119,042
Constellation Brands, Inc., Class A		5,581		1,175,861
Darling Ingredients, Inc.^*		18,580		1,335,902
General Mills, Inc.		4,439		265,541
Hershey Co. (The)		6,013		1,017,700

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
JM Smucker Co. (The)		47	$	5,641
Kellogg Co.		2,311		147,719
Kraft Heinz Co. (The)^(a)		66,029		2,431,188
Molson Coors Beverage Co., Class B		5,306		246,092
Mondelez International, Inc., Class A		27,520		1,601,114
Monster Beverage Corp.^(a)*		17,647		1,567,583
PepsiCo, Inc.		10,910		1,640,973
Philip Morris International, Inc.		9,150		867,329
Sanderson Farms, Inc.		5,960		1,121,672
SunOpta, Inc. (Canada)^*		25,439		227,170
Tyson Foods, Inc., Class A		9,065		715,591
Vector Group Ltd.		6,401		81,613

				19,353,387

Health Care Equipment & Services — 7.6%
Abbott Laboratories^(a)		12,830		1,515,608
Acadia Healthcare Co., Inc.^*		16,040		1,023,031
Addus HomeCare Corp.^*		14		1,117
Alcon, Inc. (Switzerland)		12,130		976,101
Align Technology, Inc.^*		1,973		1,312,893
Allscripts Healthcare Solutions, Inc.^*.		10,905		145,800
Amedisys, Inc.^*		2,342		349,192
AMN Healthcare Services, Inc.^*		4,277		490,786
Anthem, Inc.^(a)		5,851		2,181,253
Becton Dickinson and Co.		173		42,527
Boston Scientific Corp.^*		28,307		1,228,241
Cerner Corp.		22,928		1,616,883
Cigna Corp.		4,310		862,690
Community Health Systems, Inc.^*		8,164		95,519
CONMED Corp.		1,844		241,251
Cooper Cos., Inc. (The)		1,627		672,455
CryoLife, Inc.^*		66		1,471
CVS Health Corp.		4,275		362,777
Danaher Corp.^(a)		3,751		1,141,954
Dexcom, Inc.^*		287		156,949
Doximity, Inc., Class A^*		1,123		90,626
Edwards Lifesciences Corp.^*		2,639		298,761
Ensign Group, Inc. (The)		1,844		138,097
Envista Holdings Corp.^*		26,400		1,103,784
Fulgent Genetics, Inc.^*		3,554		319,682
Globus Medical, Inc., Class A^*		1,986		152,167
HCA Healthcare, Inc.		5,351		1,298,795
Henry Schein, Inc.^*		4,393		334,571
Heska Corp.^*		624		161,329
Hologic, Inc.^(a)*		17,561		1,296,177


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
IDEXX Laboratories, Inc.^*		2,918	$	1,814,704
Inspire Medical Systems, Inc.^*		1,249		290,867
Integra LifeSciences Holdings Corp.^*		6,495		444,778
Intersect ENT, Inc.^*		198		5,386
Intuitive Surgical, Inc.^(a)*		1,287		1,279,471
Laboratory Corp. of America Holdings^*		6,226		1,752,245
LeMaitre Vascular, Inc.		183		9,715
LivaNova PLC (United Kingdom)^*		9,346		740,110
McKesson Corp.		5,474		1,091,406
MEDNAX, Inc.^*		15,814		449,592
Medtronic PLC (Ireland)		22,150		2,776,502
Merit Medical Systems, Inc.^*		5,835		418,953
ModivCare, Inc.^*		314		57,029
National Research Corp.		23		970
Natus Medical, Inc.^*		2,484		62,299
NextGen Healthcare, Inc.^*		234		3,299
Omnicell, Inc.^*		2,457		364,693
Owens & Minor, Inc.		2,043		63,925
Quest Diagnostics, Inc.		6,035		876,946
Select Medical Holdings Corp.		12,379		447,748
STAAR Surgical Co.^*		7,912		1,016,929
Stryker Corp.		4,204		1,108,679
Tenet Healthcare Corp.^*		536		35,612
Tivity Health, Inc.^*		20,516		473,099
UnitedHealth Group, Inc.^(a)		6,042		2,360,851
Veeva Systems, Inc., Class A^*		824		237,452

				37,795,747

Household & Personal Products — 1.2%
Colgate-Palmolive Co.^(a)		31,340		2,368,677
Coty, Inc., Class A^*		42,793		336,353
Edgewell Personal Care Co.		5,626		204,224
Estee Lauder Cos., Inc. (The), Class A		4,182		1,254,307
Kimberly-Clark Corp.		3,596		476,254
Procter & Gamble Co. (The)		8,327		1,164,115
WD-40 Co.		909		210,415

				6,014,345

Materials — 5.8%
AdvanSix, Inc.^*		2,073		82,402
Agnico Eagle Mines Ltd. (Canada)		17,556		910,279
Alamos Gold, Inc., Class A (Canada)		10,917		78,602
Amcor PLC (Jersey)		799		9,260

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Ashland Global Holdings, Inc.		3,280	$	292,314
Avery Dennison Corp.		4,018		832,570
Avient Corp.		5,521		255,898
Axalta Coating Systems Ltd. (Bermuda)^*		26,248		766,179
Ball Corp.		642		57,761
Carpenter Technology Corp.		3,929		128,635
Celanese Corp.		2,553		384,584
CF Industries Holdings, Inc.		6,404		357,471
Chemours Co. (The)		24,707		717,985
Corteva, Inc.		16,275		684,852
Domtar Corp.^*		7,583		413,577
Dow, Inc.		22,072		1,270,464
DuPont de Nemours, Inc.^(a)		50,647		3,443,490
Eagle Materials, Inc.		5,998		786,698
Eastman Chemical Co.		4,055		408,501
Ecovyst, Inc.		379		4,419
Ferro Corp.^*		19,036		387,192
Freeport-McMoRan, Inc.^(a)		31,597		1,027,850
GCP Applied Technologies, Inc.^*		393		8,615
Graphic Packaging Holding Co.		14,335		272,938
Hecla Mining Co.		54,962		302,291
IAMGOLD Corp. (Canada)^*		95,554		215,952
Ingevity Corp.^*		6,000		428,220
Innospec, Inc.		2,064		173,830
International Paper Co.		12,984		726,065
Kaiser Aluminum Corp.		7		763
Kinross Gold Corp. (Canada)		33,439		179,233
Linde PLC (Ireland)		6,932		2,033,710
Livent Corp.^*		17,867		412,906
Louisiana-Pacific Corp.		8,105		497,404
LyondellBasell Industries NV, Class A (Netherlands)		7,662		719,079
Martin Marietta Materials, Inc.		387		132,230
Minerals Technologies, Inc.		508		35,479
Mosaic Co. (The)		37,558		1,341,572
Newmont Corp.		12,465		676,850
Nucor Corp.		15,003		1,477,645
Nutrien Ltd. (Canada)		5,603		363,243
O-I Glass, Inc.^*		55,528		792,385
Olin Corp.		15,844		764,473
PPG Industries, Inc.		1,537		219,806
Pretium Resources, Inc. (Canada)^*		34,949		336,908
Reliance Steel & Aluminum Co.		705		100,406
Royal Gold, Inc.		928		88,615
Sealed Air Corp.		5,634		308,687


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Sensient Technologies Corp.		510	$	46,451
Sherwin-Williams Co. (The)		3,749		1,048,708
Southern Copper Corp.		4,410		247,577
Trinseo SA (Luxembourg)		2,335		126,043
Westlake Chemical Corp.		4,582		417,604
Westrock Co.		5,833		290,658
Wheaton Precious Metals Corp. (Canada)		8,731		328,111
Worthington Industries, Inc.		7,855		413,959

				28,829,399

Media & Entertainment — 7.2%
Activision Blizzard, Inc.		19,862		1,537,120
Alphabet, Inc., Class A^(a)*		3,241		8,664,878
Altice USA, Inc., Class A^*		1,965		40,715
Cars.com, Inc.^*		7,977		100,909
Charter Communications, Inc., Class A^(a)*		2,909		2,116,472
Comcast Corp., Class A		26,066		1,457,871
Discovery, Inc., Class A^*		3,745		95,048
DISH Network Corp., Class A^*		33,244		1,444,784
Eventbrite, Inc., Class A^*		3,322		62,819
Facebook, Inc., Class A^(a)*		23,960		8,131,784
Fox Corp., Class A		26,270		1,053,690
Gannett Co., Inc.^*		133		888
Gray Television, Inc.		2,864		65,357
Interpublic Group of Cos., Inc. (The)		31,169		1,142,967
Live Nation Entertainment, Inc.^*		672		61,239
Madison Square Garden Sports Corp.^*		1,463		272,045
Meredith Corp.^*		3,614		201,300
Netflix, Inc.^(a)*		4,544		2,773,385
News Corp., Class A^(a)		39,682		933,718
Omnicom Group, Inc.		3,470		251,436
Scholastic Corp.		116		4,135
Snap, Inc., Class A^*		10,382		766,918
Twitter, Inc.^(a)*		45,603		2,753,965
ViacomCBS, Inc., Class B		8,782		346,977
Walt Disney Co. (The)^*		4,398		744,010
World Wrestling Entertainment, Inc., Class A		5,410		304,367
Yelp, Inc.^*		21,181		788,781

				36,117,578

Pharmaceuticals, Biotechnology & Life Sciences — 7.2%
AbbVie, Inc.^(a)		11,929		1,286,781
AbCellera Biologics, Inc. (Canada)*		14,364		287,854

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Agilent Technologies, Inc.		10,005	$	1,576,088
Atea Pharmaceuticals, Inc.^*		8,057		282,478
Biogen, Inc.^*		4,016		1,136,488
Bio-Rad Laboratories, Inc., Class A^*		158		117,860
Bio-Techne Corp.		498		241,316
Bristol-Myers Squibb Co.		32,339		1,913,499
Bruker Corp.		2,908		227,115
Celldex Therapeutics, Inc.^*		5,402		291,654
Charles River Laboratories International, Inc.^*		2,127		877,749
Cortexyme, Inc.^*		531		48,671
Dynavax Technologies Corp.^*		24,323		467,245
Eli Lilly and Co.^(a)		12,033		2,780,225
Fulcrum Therapeutics, Inc.^*		475		13,400
Gilead Sciences, Inc.		11,215		783,368
Illumina, Inc.^(a)*		5,647		2,290,480
Innoviva, Inc.^*		6,291		105,122
IQVIA Holdings, Inc.^*		377		90,306
Ironwood Pharmaceuticals, Inc.^*		30,178		394,125
Johnson & Johnson^(a)		26,553		4,288,309
Merck & Co., Inc.^(a)		37,845		2,842,538
Mettler-Toledo International, Inc.^*		32		44,075
Moderna, Inc.^*		3,399		1,308,139
Organon & Co.		13,706		449,420
Pacira BioSciences, Inc.^*		6,105		341,880
PerkinElmer, Inc.^(a)		9,248		1,602,586
Pfizer, Inc.^(a)		136,315		5,862,908
Prestige Consumer Healthcare, Inc.^*		2,508		140,724
Prothena Corp. PLC (Ireland)^*		7,769		553,386
Regeneron Pharmaceuticals, Inc.^*		750		453,885
United Therapeutics Corp.^*		1,528		282,038
Veracyte, Inc.^*		9,655		448,475
Vertex Pharmaceuticals, Inc.^*		3,861		700,347
Waters Corp.^*		1,976		706,025
Zoetis, Inc.		2,743		532,526

				35,769,085

Retailing — 6.8%
Abercrombie & Fitch Co., Class A^*		48		1,806
Academy Sports & Outdoors, Inc.^*		1,994		79,800
Advance Auto Parts, Inc.		2,475		517,003
Amazon.com, Inc.^(a)*		2,260		7,424,190
American Eagle Outfitters, Inc.		10,344		266,875
AutoNation, Inc.^*		5,561		677,107
AutoZone, Inc.^*		188		319,222


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Bath & Body Works, Inc.^(a)		23,138	$	1,458,388
Best Buy Co., Inc.		1,898		200,638
Buckle, Inc. (The)		1,108		43,866
Caleres, Inc.		2,023		44,951
Camping World Holdings, Inc., Class A		4,544		176,625
Dick’s Sporting Goods, Inc.		1,028		123,124
eBay, Inc.^(a)		68,361		4,762,711
Etsy, Inc.^(a)*		3,638		756,559
Foot Locker, Inc.		5,390		246,107
Genuine Parts Co.		3,736		452,915
Guess?, Inc.		20,433		429,297
Home Depot, Inc. (The)^(a)		6,217		2,040,792
LKQ Corp.^*		24,849		1,250,402
Lowe’s Cos., Inc.^(a)		11,097		2,251,138
Macy’s, Inc.		24,692		558,039
MarineMax, Inc.^*		9,390		455,603
National Vision Holdings, Inc.^*		7		397
O’Reilly Automotive, Inc.^*		1,282		783,379
Penske Automotive Group, Inc.		3,611		363,267
Qurate Retail, Inc., Series A		31,754		323,573
RH^*		6		4,002
Ross Stores, Inc.		9,548		1,039,300
Shutterstock, Inc.		4,579		518,892
Signet Jewelers Ltd. (Bermuda)		19,747		1,559,223
Sonic Automotive, Inc., Class A		13,176		692,267
Target Corp.^(a)		10,445		2,389,503
Ulta Beauty, Inc.^*		3,597		1,298,229
Urban Outfitters, Inc.^*		7,019		208,394
Victoria’s Secret & Co.^*		2,421		133,785
Williams-Sonoma, Inc.		152		26,954
Zumiez, Inc.^*		3,583		142,460

				34,020,783

Semiconductors & Semiconductor Equipment — 5.2%
Advanced Micro Devices, Inc.^*		2,346		241,403
Amkor Technology, Inc.		841		20,983
Analog Devices, Inc.^(a)		1,755		293,927
Applied Materials, Inc.^(a)		25,873		3,330,631
Axcelis Technologies, Inc.^*		1,381		64,949
Broadcom, Inc.		1,752		849,597
Brooks Automation, Inc.		997		102,043
Cohu, Inc.^*		2,784		88,921
Enphase Energy, Inc.^*		6,221		932,963
First Solar, Inc.^*		4,840		462,026
Ichor Holdings Ltd. (Cayman Islands)^*		10,730		440,896

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Intel Corp.^(a)		43,932	$	2,340,697
KLA Corp.		943		315,443
Lam Research Corp.		1,916		1,090,491
MACOM Technology Solutions Holdings, Inc.^*		16,374		1,062,181
Microchip Technology, Inc.		1		154
Micron Technology, Inc.		28,508		2,023,498
MKS Instruments, Inc.		3,962		597,905
Monolithic Power Systems, Inc.		1,410		683,399
NVIDIA Corp.		4,569		946,514
NXP Semiconductors NV (Netherlands)		10,577		2,071,717
ON Semiconductor Corp.^*		13,390		612,860
Onto Innovation, Inc.^*		2,378		171,811
Power Integrations, Inc.		2,516		249,059
Qorvo, Inc.^*		4,362		729,283
QUALCOMM, Inc.^(a)		20,216		2,607,460
Rambus, Inc.^*		10,528		233,722
Semtech Corp.^*		1,332		103,856
Skyworks Solutions, Inc.^(a)		9,045		1,490,435
Synaptics, Inc.^*		2,831		508,816
Texas Instruments, Inc.^(a)		4,916		944,904
Ultra Clean Holdings, Inc.^*		71		3,025
Xilinx, Inc.		3,126		471,995

				26,087,564

Software & Services — 12.8%
Accenture PLC, Class A (Ireland)		4,393		1,405,409
ACI Worldwide, Inc.^*		33		1,014
Adobe, Inc.^*		4,701		2,706,460
Agilysys, Inc.^*		331		17,331
ANSYS, Inc.^*		3,069		1,044,841
Automatic Data Processing, Inc.^(a)		20,885		4,175,329
Box, Inc., Class A^*		36,472		863,292
Broadridge Financial Solutions, Inc.		1,893		315,450
Cadence Design Systems, Inc.^(a)*		10,425		1,578,762
Cerence, Inc.^*		9,617		924,290
CGI, Inc. (Canada)^*		2,068		175,284
Cloudera, Inc.^*		44,140		704,916
Cornerstone OnDemand, Inc.^*		10,554		604,322
Descartes Systems Group, Inc. (The) (Canada)^*		38		3,088
DocuSign, Inc.^(a)*		1,118		287,807
Dolby Laboratories, Inc., Class A		7,334		645,392
Dropbox, Inc., Class A^*		24,042		702,507
DXC Technology Co.^*		28,535		959,061


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Elastic NV (Netherlands)^*		760	$	113,232
Fair Isaac Corp.^*		1,835		730,202
Fiserv, Inc.^(a)*		17,891		1,941,173
Fortinet, Inc.^(a)*		7,873		2,299,231
Gartner, Inc.^*		5,365		1,630,316
HubSpot, Inc.^*		1,063		718,684
International Business Machines Corp.^(a)		7,250		1,007,242
Intuit, Inc.^(a)		4,417		2,383,016
Lightspeed Commerce, Inc. (Canada)^*		7,727		745,115
Manhattan Associates, Inc.^*		1,838		281,269
Maximus, Inc.		1,560		129,792
McAfee Corp., Class A		7,014		155,080
Microsoft Corp.^(a)		23,803		6,710,542
MongoDB, Inc.^*		3,341		1,575,315
NortonLifeLock, Inc.		48,784		1,234,235
Nutanix, Inc., Class A^*		20,263		763,915
Open Text Corp. (Canada)		7,290		355,315
Oracle Corp.^(a)		48,940		4,264,142
Palo Alto Networks, Inc.^*		761		364,519
Paychex, Inc.^(a)		21,221		2,386,301
PayPal Holdings, Inc.^(a)*		8,875		2,309,364
Progress Software Corp.		710		34,925
PTC, Inc.^*		5,556		665,553
ServiceNow, Inc.^(a)*		6,936		4,316,065
Sprout Social, Inc., Class A^*		6,892		840,479
SPS Commerce, Inc.^*		1,620		261,322
Square, Inc., Class A^(a)*		4,153		996,055
SS&C Technologies Holdings, Inc.		6,354		440,968
Synopsys, Inc.^(a)*		5,853		1,752,447
Teradata Corp.^*		11,230		644,040
TTEC Holdings, Inc.		438		40,966
Verint Systems, Inc.^*		18,274		818,492
VeriSign, Inc.^*		3,971		814,095
Visa, Inc., Class A		7,769		1,730,545
Western Union Co. (The)		35,358		714,939
Workiva, Inc.^*		3,575		503,932
Xperi Holding Corp.		686		12,924

				63,800,302

Technology Hardware & Equipment — 6.2%
3D Systems Corp.^*		54,706		1,508,244
Apple, Inc.^(a)		54,497		7,711,326
Arista Networks, Inc.^*		562		193,126
Benchmark Electronics, Inc.		4,594		122,706
CDW Corp.		1,634		297,421

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Cisco Systems, Inc.^(a)		54,345	$	2,957,998
Cognex Corp.		501		40,190
Coherent, Inc.^*		5,662		1,416,010
Corning, Inc.		34,937		1,274,851
CTS Corp.		460		14,219
Diebold Nixdorf, Inc.^*		24,502		247,715
EchoStar Corp., Class A^*		6,644		169,488
Extreme Networks, Inc.^*		44,678		440,078
Hewlett Packard Enterprise Co.		72,709		1,036,103
HP, Inc.^(a)		72,054		1,971,398
Keysight Technologies, Inc.^*		3,786		622,002
Knowles Corp.^*		5,898		110,529
NetApp, Inc.		17,193		1,543,244
NETGEAR, Inc.^*		1,127		35,963
Plantronics, Inc.^*		6,847		176,036
Sanmina Corp.^*		8,945		344,740
Seagate Technology Holdings PLC (Ireland)		15,124		1,248,033
SYNNEX Corp.		7,841		816,248
TE Connectivity Ltd. (Switzerland)		11,219		1,539,471
Trimble, Inc.^*		7,257		596,888
TTM Technologies, Inc.^*		17,648		221,835
Ubiquiti, Inc.		2,359		704,563
Vishay Intertechnology, Inc.		17,536		352,298
Vontier Corp.		20,039		673,310
Western Digital Corp.^*		14,004		790,386
Xerox Holdings Corp.		27,447		553,606
Zebra Technologies Corp., Class A^*		2,889		1,489,048

				31,219,073

Telecommunication Services — 1.2%
AT&T, Inc.		65,532		1,770,019
Gogo, Inc.^*		28,370		490,801
IDT Corp., Class B^*		72		3,021
Iridium Communications, Inc.^*		2,272		90,539
Lumen Technologies, Inc.		22,848		283,087
Rogers Communications, Inc., Class B (Canada)		24		1,119
T-Mobile US, Inc.^*		10,503		1,341,863
Verizon Communications, Inc.		33,826		1,826,942

				5,807,391

Transportation — 2.1%
Alaska Air Group, Inc.^*		970		56,842
ArcBest Corp.		7,197		588,499
Atlas Air Worldwide Holdings, Inc.^*		1,165		95,157


	Number of Shares		Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Canadian Pacific Railway Ltd. (Canada)		3,320	$	216,032
CSX Corp.^(a)		91,553		2,722,786
Echo Global Logistics, Inc.^*		10		477
Expeditors International of Washington, Inc.		2,670		318,077
FedEx Corp.^(a)		828		181,572
Kansas City Southern		13		3,518
Kirby Corp.^*		33		1,583
Norfolk Southern Corp.^(a)		2,441		584,009
Old Dominion Freight Line, Inc.		2,859		817,617
Ryder System, Inc.		3,645		301,478
Schneider National, Inc., Class B		9,424		214,302
SkyWest, Inc.^*		2,876		141,902
Southwest Airlines Co.^*		299		15,378
Union Pacific Corp.		6,311		1,237,019
United Airlines Holdings, Inc.^*		8,706		414,144
United Parcel Service, Inc., Class B		9,886		1,800,241
XPO Logistics, Inc.^*		7,737		615,711

				10,326,344

Utilities — 1.9%
AES Corp. (The)		37,191		849,070
American Water Works Co., Inc.		1,583		267,590
Dominion Energy, Inc.^(a)		13,480		984,310
Exelon Corp.		38,757		1,873,513
Fortis, Inc. (Canada)		424		18,796
MDU Resources Group, Inc.		3,067		90,998
NRG Energy, Inc.		34,802		1,420,966
PPL Corp.		79,584		2,218,802
Public Service Enterprise Group, Inc.		31,203		1,900,263
TransAlta Corp. (Canada)		109		1,151

				9,625,459

TOTAL COMMON STOCKS (Cost $415,695,765)				472,949,590

OTHER ASSETS IN EXCESS OF LIABILITIES - 5.3%				26,579,261

NET ASSETS - 100.0%			$	499,528,851

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

*	Non-income producing.

PLC Public Limited Company

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Over-the-counter total return swaps outstanding as of September 30, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between July 23, 2025 and July 6, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (35.2)% of net assets as of September 30, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of September 30, 2021:

Total Return Swaps


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*

Long
Automobiles & Components
Adient PLC (Ireland)	Morgan Stanley		362		$	15,483		$	15,005		$	(473	)
American Axle & Manufacturing Holdings, Inc.	Morgan Stanley		3,815			32,639			33,610			976
Aptiv PLC (Jersey)	Morgan Stanley		977			136,444			145,544			9,105
Ford Motor Co.	Morgan Stanley		93,688			817,635			1,326,622			508,993
General Motors Co.	Morgan Stanley		28,757			1,332,010			1,515,781			183,777
Gentex Corp.	Morgan Stanley		4,261			144,210			140,528			(3,048	)
Gentherm, Inc.	Morgan Stanley		415			33,311			33,586			281
Goodyear Tire & Rubber Co. (The)	Morgan Stanley		79			1,265			1,398			344
Lear Corp.	Morgan Stanley		307			47,805			48,039			285
Magna International, Inc. (Canada)	Morgan Stanley		4,232			345,776			318,416			(26,413	)
Tenneco, Inc., Class A	Morgan Stanley		5,587			61,727			79,726			18,004
Thor Industries, Inc.	Morgan Stanley		81			10,068			9,944			(119	)
Visteon Corp.	Morgan Stanley		1,444			155,723			136,299			(19,419	)
Winnebago Industries, Inc.	Morgan Stanley		1,180			80,805			85,491			4,972

			145,185			3,214,901			3,889,989			677,265

Capital Goods
3M Co.	Morgan Stanley		5,237			865,670			918,675			83,066
A O Smith Corp.	Morgan Stanley		7,296			412,427			445,567			38,298
AAR Corp.	Morgan Stanley		1,156			38,948			37,489			(1,454	)
AECOM	Morgan Stanley		1,475			93,496			93,146			(344	)
Aerojet Rocketdyne Holdings, Inc.	Morgan Stanley		650			27,218			28,307			1,146
Allegion PLC (Ireland)	Morgan Stanley		61			8,401			8,063			(302	)
Apogee Enterprises, Inc.	Morgan Stanley		2,770			61,359			104,595			45,417
Applied Industrial Technologies, Inc.	Morgan Stanley		1			59			90			43
Armstrong World Industries, Inc.	Morgan Stanley		389			39,356			37,138			(2,213	)
Atkore, Inc.	Morgan Stanley		6,678			192,849			580,452			412,688
Beacon Roofing Supply, Inc.	Morgan Stanley		2,657			130,691			126,898			(3,787	)
Boise Cascade Co.	Morgan Stanley		3,096			159,896			167,122			10,290
Carrier Global Corp.	Morgan Stanley		4,347			238,329			225,001			(13,323	)
Caterpillar, Inc.	Morgan Stanley		547			115,630			105,008			(10,096	)
Comfort Systems U.S.A., Inc.	Morgan Stanley		260			19,985			18,543			(1,595	)
Crane Co.	Morgan Stanley		814			77,711			77,175			(362	)
Cummins, Inc.	Morgan Stanley		6,384			1,234,093			1,433,591			241,764
Deere & Co.	Morgan Stanley		122			38,783			40,879			2,460
Dover Corp.	Morgan Stanley		201			24,449			31,255			7,130

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Capital Goods — (continued)
Dycom Industries, Inc.	Morgan Stanley		42		$	2,261		$	2,992		$	736
Eaton Corp. PLC (Ireland)	Morgan Stanley		1,772			286,534			264,577			(21,627	)
EMCOR Group, Inc.	Morgan Stanley		106			9,561			12,230			2,801
Emerson Electric Co.	Morgan Stanley		5,275			519,300			496,905			(21,784	)
Enerpac Tool Group Corp.	Morgan Stanley		146			3,381			3,027			(343	)
ESCO Technologies, Inc.	Morgan Stanley		345			29,586			26,565			(2,988	)
Fortive Corp.	Morgan Stanley		1,755			105,881			123,850			18,467
Generac Holdings, Inc.	Morgan Stanley		26			7,657			10,625			2,974
General Dynamics Corp.	Morgan Stanley		1,816			312,018			355,990			46,210
General Electric Co.	Morgan Stanley		3,463			359,454			356,793			(2,379	)
Graco, Inc.	Morgan Stanley		54			3,912			3,778			(129	)
Granite Construction, Inc.	Morgan Stanley		1,867			71,335			73,840			3,191
HEICO Corp.	Morgan Stanley		747			93,958			98,507			4,906
Herc Holdings, Inc.	Morgan Stanley		1,099			45,237			179,643			163,894
Hillenbrand, Inc.	Morgan Stanley		1,542			67,217			65,766			(1,199	)
Honeywell International, Inc.	Morgan Stanley		266			55,221			56,466			2,185
Howmet Aerospace, Inc.	Morgan Stanley		3,184			55,530			99,341			61,318
Huntington Ingalls Industries, Inc.	Morgan Stanley		401			76,292			77,417			1,643
Ingersoll Rand, Inc.	Morgan Stanley		3,288			159,168			165,748			6,585
Johnson Controls International PLC (Ireland)	Morgan Stanley		8,220			416,314			559,618			150,575
Kaman Corp.	Morgan Stanley		159			5,727			5,672			(33	)
L3Harris Technologies, Inc.	Morgan Stanley		228			52,438			50,215			(1,716	)
Lennox International, Inc.	Morgan Stanley		889			288,054			261,517			(25,614	)
Lockheed Martin Corp.	Morgan Stanley		1,498			527,588			516,960			(2,589	)
Middleby Corp. (The)	Morgan Stanley		215			33,294			36,660			3,295
Mueller Industries, Inc.	Morgan Stanley		7			191			288			114
MYR Group, Inc.	Morgan Stanley		57			5,749			5,672			(73	)
Nordson Corp.	Morgan Stanley		543			123,823			129,315			5,650
Northrop Grumman Corp.	Morgan Stanley		1,047			321,204			377,077			62,270
NOW, Inc.	Morgan Stanley		23,147			192,595			177,075			(15,869	)
Oshkosh Corp.	Morgan Stanley		1,821			215,524			186,416			(28,743	)
Otis Worldwide Corp.	Morgan Stanley		1,000			87,671			82,280			(5,280	)
Owens Corning	Morgan Stanley		4,049			390,003			346,189			(43,099	)
Parker-Hannifin Corp.	Morgan Stanley		1,961			505,759			548,335			48,210
Pentair PLC (Ireland)	Morgan Stanley		3,624			179,157			263,211			86,985
Quanta Services, Inc.	Morgan Stanley		47			5,383			5,350			8
RBC Bearings, Inc.	Morgan Stanley		169			20,852			35,862			15,015
Regal Beloit Corp.	Morgan Stanley		399			57,668			59,986			2,544
Resideo Technologies, Inc.	Morgan Stanley		2,940			82,674			72,883			(9,786	)
Rockwell Automation, Inc.	Morgan Stanley		312			95,980			91,740			(4,205	)
Sensata Technologies Holding PLC (United Kingdom)	Morgan Stanley		1,905			107,324			104,242			(3,078	)
Simpson Manufacturing Co., Inc.	Morgan Stanley		28			3,031			2,995			(56	)
Snap-on, Inc.	Morgan Stanley		2,471			378,724			516,315			151,353
SPX FLOW, Inc.	Morgan Stanley		7,594			303,741			555,121			257,017
Stanley Black & Decker, Inc.	Morgan Stanley		2,429			432,106			425,828			(1,207	)
Tecnoglass, Inc. (Cayman Islands)	Morgan Stanley		768			17,076			16,689			(362	)
Terex Corp.	Morgan Stanley		3,107			149,147			130,805			(17,647	)
Textron, Inc.	Morgan Stanley		2,170			146,964			151,488			4,600
Toro Co. (The)	Morgan Stanley		527			47,436			51,335			4,392

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Capital Goods — (continued)
TPI Composites, Inc.	Morgan Stanley		2,146		$	87,138		$	72,427		$	(14,705	)
Trane Technologies PLC (Ireland)	Morgan Stanley		586			89,323			101,173			12,609
Triumph Group, Inc.	Morgan Stanley		1,179			21,905			21,965			64
Vicor Corp.	Morgan Stanley		234			19,179			31,393			12,220
Watsco, Inc.	Morgan Stanley		103			23,021			27,256			4,875
WESCO International, Inc.	Morgan Stanley		1,461			168,240			168,483			248
WW Grainger, Inc.	Morgan Stanley		500			212,408			196,530			(15,765	)
Xylem, Inc.	Morgan Stanley		63			7,949			7,792			(90	)

			150,938			11,865,213			13,347,212			1,705,414

Commercial & Professional Services
ABM Industries, Inc.	Morgan Stanley		10,137			364,937			456,266			99,361
Brady Corp., Class A	Morgan Stanley		706			37,222			35,794			(1,409	)
Brink’s Co. (The)	Morgan Stanley		833			63,584			52,729			(10,560	)
CACI International, Inc., Class A	Morgan Stanley		6			1,212			1,573			366
CBIZ, Inc.	Morgan Stanley		200			6,608			6,468			(135	)
Cintas Corp.	Morgan Stanley		257			83,305			97,830			16,664
Clean Harbors, Inc.	Morgan Stanley		925			93,067			96,080			3,018
Copart, Inc.	Morgan Stanley		436			58,830			60,482			1,657
CoreCivic, Inc.	Morgan Stanley		3,779			36,719			33,633			(3,081	)
Covanta Holding Corp.	Morgan Stanley		225			1,811			4,527			2,776
Equifax, Inc.	Morgan Stanley		112			28,680			28,383			(271	)
Healthcare Services Group, Inc.	Morgan Stanley		743			15,628			18,568			3,880
HNI Corp.	Morgan Stanley		654			28,096			24,015			(3,941	)
IHS Markit Ltd. (Bermuda)	Morgan Stanley		112			13,163			13,061			(96	)
Jacobs Engineering Group, Inc.	Morgan Stanley		1,598			194,326			211,783			18,002
Korn Ferry	Morgan Stanley		635			46,667			45,949			(669	)
MSA Safety, Inc.	Morgan Stanley		59			8,615			8,596			(14	)
Nielsen Holdings PLC (United Kingdom)	Morgan Stanley		20,352			505,057			390,555			(112,845	)
Republic Services, Inc.	Morgan Stanley		4,070			351,722			488,644			145,639
Robert Half International, Inc.	Morgan Stanley		1,565			134,827			157,016			23,165
Rollins, Inc.	Morgan Stanley		571			20,670			20,173			(206	)
Science Applications International Corp.	Morgan Stanley		791			67,630			67,678			52
Steelcase, Inc., Class A	Morgan Stanley		179			1,936			2,270			811
Thomson Reuters Corp. (Canada)	Morgan Stanley		1,709			141,384			188,810			49,309
Waste Management, Inc.	Morgan Stanley		52			7,913			7,767			(141	)

			50,706			2,313,609			2,518,650			231,332

Consumer Durables & Apparel
Acushnet Holdings Corp.	Morgan Stanley		680			35,241			31,756			(3,402	)
BRP, Inc., sub-voting shares (Canada)	Morgan Stanley		155			12,191			14,365			2,206
Brunswick Corp.	Morgan Stanley		1,158			113,222			110,323			(2,775	)
Capri Holdings Ltd. (British Virgin Islands)	Morgan Stanley		4,953			95,332			239,775			144,448
Cavco Industries, Inc.	Morgan Stanley		380			67,848			89,961			22,417
Columbia Sportswear Co.	Morgan Stanley		39			3,872			3,738			(129	)
Deckers Outdoor Corp.	Morgan Stanley		8			2,948			2,882			(61	)
DR Horton, Inc.	Morgan Stanley		400			30,808			33,588			2,978
Garmin Ltd. (Switzerland)	Morgan Stanley		773			78,674			120,171			43,306
G-III Apparel Group Ltd.	Morgan Stanley		15,777			177,599			446,489			268,895
GoPro, Inc., Class A	Morgan Stanley		8,251			86,554			77,229			(9,319	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Consumer Durables & Apparel — (continued)
Hasbro, Inc.	Morgan Stanley		2,609		$	256,493		$	232,775		$	(23,258	)
Johnson Outdoors, Inc., Class A	Morgan Stanley		45			5,126			4,761			(360	)
Kontoor Brands, Inc.	Morgan Stanley		260			5,416			12,987			12,755
La-Z-Boy, Inc.	Morgan Stanley		643			20,242			20,724			1,133
Mattel, Inc.	Morgan Stanley		5,721			111,680			106,182			(5,493	)
Mohawk Industries, Inc.	Morgan Stanley		1,577			199,010			279,760			80,755
Newell Brands, Inc.	Morgan Stanley		3,545			78,410			78,486			2,556
NIKE, Inc., Class B	Morgan Stanley		668			92,054			97,014			5,330
Polaris, Inc.	Morgan Stanley		122			11,234			14,599			4,520
PulteGroup, Inc.	Morgan Stanley		1,382			75,258			63,461			(11,559	)
Ralph Lauren Corp.	Morgan Stanley		350			39,877			38,864			(801	)
Skechers U.S.A., Inc., Class A	Morgan Stanley		96			4,336			4,044			(287	)
Skyline Champion Corp.	Morgan Stanley		1,911			90,621			114,775			24,159
Smith & Wesson Brands, Inc.	Morgan Stanley		11,077			213,800			229,959			18,173
Sonos, Inc.	Morgan Stanley		3,391			118,897			109,733			(9,159	)
Steven Madden Ltd.	Morgan Stanley		614			12,078			24,658			15,048
Sturm Ruger & Co., Inc.	Morgan Stanley		1,801			117,752			132,878			20,195
Tapestry, Inc.	Morgan Stanley		2,471			101,870			91,476			(9,970	)
Tempur Sealy International, Inc.	Morgan Stanley		2,148			92,013			99,689			8,118
Tupperware Brands Corp.	Morgan Stanley		1,075			15,316			22,704			7,397
Under Armour, Inc., Class C	Morgan Stanley		4,309			86,527			75,494			(11,028	)
Whirlpool Corp.	Morgan Stanley		1,541			287,285			314,148			32,882
YETI Holdings, Inc.	Morgan Stanley		578			38,202			49,529			11,332

			80,508			2,777,786			3,388,977			641,002

Consumer Services
Adtalem Global Education, Inc.	Morgan Stanley		7,112			187,641			268,905			81,425
Airbnb, Inc., Class A	Morgan Stanley		90			12,893			15,098			10,032
Bloomin’ Brands, Inc.	Morgan Stanley		82			2,029			2,050			26
Booking Holdings, Inc.	Morgan Stanley		68			145,316			161,423			16,113
Boyd Gaming Corp.	Morgan Stanley		426			23,963			26,949			2,991
Brinker International, Inc.	Morgan Stanley		1,156			67,099			56,702			(10,392	)
Choice Hotels International, Inc.	Morgan Stanley		715			84,101			90,355			6,420
Cracker Barrel Old Country Store, Inc.	Morgan Stanley		266			38,221			37,197			(1,018	)
Domino’s Pizza, Inc.	Morgan Stanley		115			56,198			54,850			(1,343	)
Expedia Group, Inc.	Morgan Stanley		1,121			138,160			183,732			45,578
Golden Entertainment, Inc.	Morgan Stanley		439			19,123			21,551			2,452
Graham Holdings Co., Class B	Morgan Stanley		379			183,500			223,292			41,328
Grand Canyon Education, Inc.	Morgan Stanley		877			74,777			77,141			2,138
Hilton Worldwide Holdings, Inc.	Morgan Stanley		423			50,965			55,883			4,923
Houghton Mifflin Harcourt Co.	Morgan Stanley		2,546			34,361			34,193			(163	)
Jack in the Box, Inc.	Morgan Stanley		1,371			123,271			133,439			12,476
Marriott International, Inc., Class A	Morgan Stanley		2,370			305,950			350,973			48,775
McDonald’s Corp.	Morgan Stanley		1,480			333,953			356,843			25,940
Penn National Gaming, Inc.	Morgan Stanley		3,902			286,065			282,739			(3,321	)
Perdoceo Education Corp.	Morgan Stanley		4,252			49,631			44,901			(4,730	)
Red Rock Resorts, Inc., Class A	Morgan Stanley		219			7,280			11,217			3,942
Service Corp. International	Morgan Stanley		1,829			86,055			110,216			25,633
Starbucks Corp.	Morgan Stanley		1,235			146,856			136,233			(9,770	)
Vail Resorts, Inc.	Morgan Stanley		105			32,396			35,075			2,684

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Consumer Services — (continued)
Wendy’s Co. (The)	Morgan Stanley		5,517		$	127,076		$	119,609		$	(7,066	)
Wyndham Hotels & Resorts, Inc.	Morgan Stanley		3,020			213,459			233,114			20,683
Yum! Brands, Inc.	Morgan Stanley		7,575			752,994			926,498			188,715

			48,690			3,583,333			4,050,178			504,471

Diversified Financials
Affiliated Managers Group, Inc.	Morgan Stanley		72			10,928			10,878			(44	)
Berkshire Hathaway, Inc., Class B	Morgan Stanley		15,866			3,497,446			4,330,466			833,025
BlackRock, Inc.	Morgan Stanley		1,000			558,562			838,660			319,811
CME Group, Inc.	Morgan Stanley		952			180,972			184,098			3,980
Federated Hermes, Inc.	Morgan Stanley		2,834			65,441			92,105			32,400
Franklin Resources, Inc.	Morgan Stanley		2,529			77,013			75,162			(776	)
Invesco Ltd. (Bermuda)	Morgan Stanley		7,024			181,312			169,349			(10,039	)
Moody’s Corp.	Morgan Stanley		862			316,535			306,105			(9,916	)
MSCI, Inc.	Morgan Stanley		112			71,776			68,134			(3,636	)
Nasdaq, Inc.	Morgan Stanley		2,394			312,989			462,090			153,536
S&P Global, Inc.	Morgan Stanley		510			219,172			216,694			(2,085	)
T Rowe Price Group, Inc.	Morgan Stanley		2,779			462,839			546,629			98,554

			36,934			5,954,985			7,300,370			1,414,810

Energy
Antero Resources Corp.	Morgan Stanley		17,542			160,834			329,965			169,136
APA Corp.	Morgan Stanley		3,908			68,618			83,748			15,191
Archrock, Inc.	Morgan Stanley		16,867			147,979			139,153			(1,004	)
Baker Hughes Co.	Morgan Stanley		8,646			183,320			213,816			31,809
Cabot Oil & Gas Corp.	Morgan Stanley		2,548			37,335			55,444			25,448
Cactus, Inc., Class A	Morgan Stanley		300			5,481			11,316			5,969
Canadian Natural Resources Ltd. (Canada)	Morgan Stanley		12,494			230,336			456,531			238,525
Centennial Resource Development, Inc., Class A	Morgan Stanley		2,985			17,151			20,000			2,902
ChampionX Corp.	Morgan Stanley		7,505			169,301			167,812			(1,484	)
Cimarex Energy Co.	Morgan Stanley		1,813			119,847			158,094			38,942
Clean Energy Fuels Corp.	Morgan Stanley		7,520			19,242			61,288			44,945
Continental Resources, Inc.	Morgan Stanley		1,597			52,692			73,702			21,165
Denbury, Inc.	Morgan Stanley		2,273			162,190			159,678			(2,507	)
DHT Holdings, Inc. (Marshall Islands)	Morgan Stanley		21,652			112,946			141,388			33,676
EOG Resources, Inc.	Morgan Stanley		6,621			304,901			531,468			244,907
Equitrans Midstream Corp.	Morgan Stanley		8,156			68,337			82,702			14,370
Exxon Mobil Corp.	Morgan Stanley		11,479			644,787			675,195			47,869
Green Plains, Inc.	Morgan Stanley		434			10,562			14,170			3,613
Halliburton Co.	Morgan Stanley		9,294			159,868			200,936			50,362
Hess Corp.	Morgan Stanley		3,841			299,082			300,021			2,444
Imperial Oil Ltd. (Canada)	Morgan Stanley		1,063			34,278			33,548			(532	)
Marathon Oil Corp.	Morgan Stanley		36,622			413,388			500,623			88,963
Marathon Petroleum Corp.	Morgan Stanley		11,522			564,457			712,175			157,701
Oasis Petroleum, Inc.	Morgan Stanley		440			37,972			43,745			5,824
Occidental Petroleum Corp.	Morgan Stanley		36,349			551,879			1,075,203			524,680
Oceaneering International, Inc.	Morgan Stanley		10,646			137,120			141,805			4,690
ONEOK, Inc.	Morgan Stanley		6,092			318,926			353,275			36,370
Ovintiv, Inc.	Morgan Stanley		4,601			115,841			151,281			37,159
PDC Energy, Inc.	Morgan Stanley		2,268			93,170			107,481			14,820

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Energy — (continued)
SFL Corp. Ltd. (Bermuda)	Morgan Stanley		3,393		$	27,271		$	28,433		$	1,489
SM Energy Co.	Morgan Stanley		17,698			104,129			466,873			362,926
Suncor Energy, Inc. (Canada)	Morgan Stanley		4,174			93,700			86,569			(6,695	)
Targa Resources Corp.	Morgan Stanley		1,242			53,249			61,119			8,010
Vermilion Energy, Inc. (Canada)	Morgan Stanley		8,679			57,115			85,922			28,895
Whiting Petroleum Corp.	Morgan Stanley		812			27,342			47,429			20,093
World Fuel Services Corp.	Morgan Stanley		9,602			256,831			322,819			72,500

			302,678			5,861,477			8,094,727			2,343,171

Food & Staples Retailing
Costco Wholesale Corp.	Morgan Stanley		242			109,784			108,743			(1,035	)
Kroger Co. (The)	Morgan Stanley		2,927			121,111			118,339			(2,550	)
Sprouts Farmers Market, Inc.	Morgan Stanley		8,214			178,909			190,318			11,407
Sysco Corp.	Morgan Stanley		4,139			289,087			324,911			40,737
U.S. Foods Holding Corp.	Morgan Stanley		44			957			1,525			574
Walgreens Boots Alliance, Inc.	Morgan Stanley		4,016			162,516			188,953			32,722
Walmart, Inc.	Morgan Stanley		4,074			569,045			567,834			3,169
Weis Markets, Inc.	Morgan Stanley		64			3,485			3,363			(117	)

			23,720			1,434,894			1,503,986			84,907

Food, Beverage & Tobacco
Altria Group, Inc.	Morgan Stanley		6,270			274,289			285,410			29,496
Archer-Daniels-Midland Co.	Morgan Stanley		1,996			116,454			119,780			4,507
Brown-Forman Corp., Class B	Morgan Stanley		488			33,557			32,701			(851	)
Coca-Cola Co. (The)	Morgan Stanley		6,302			339,096			330,666			(5,650	)
Coca-Cola Consolidated, Inc.	Morgan Stanley		71			28,280			27,987			(288	)
Constellation Brands, Inc., Class A	Morgan Stanley		205			42,748			43,191			726
Darling Ingredients, Inc.	Morgan Stanley		4,317			315,917			310,392			(5,520	)
General Mills, Inc.	Morgan Stanley		1,913			109,603			114,436			8,624
Hershey Co. (The)	Morgan Stanley		1,219			203,674			206,316			4,602
J M Smucker Co. (The)	Morgan Stanley		14			1,572			1,680			2,117
Kellogg Co.	Morgan Stanley		518			32,739			33,111			890
Kraft Heinz Co. (The)	Morgan Stanley		17,211			567,402			633,709			87,089
Molson Coors Beverage Co., Class B	Morgan Stanley		10,028			381,511			465,099			87,030
Mondelez International, Inc., Class A	Morgan Stanley		6,817			395,551			396,613			5,036
Monster Beverage Corp.	Morgan Stanley		6,315			538,050			560,961			22,917
PepsiCo, Inc.	Morgan Stanley		2,554			394,309			384,147			(7,235	)
Philip Morris International, Inc.	Morgan Stanley		2,335			191,972			221,335			40,448
Sanderson Farms, Inc.	Morgan Stanley		1,574			294,787			296,227			1,591
SunOpta, Inc. (Canada)	Morgan Stanley		6,024			74,901			53,794			(21,102	)
Tyson Foods, Inc., Class A	Morgan Stanley		2,373			144,699			187,325			48,817
Vector Group Ltd.	Morgan Stanley		1,735			24,287			22,121			(1,902	)

			80,279			4,505,398			4,727,001			301,342

Health Care Equipment & Services
Abbott Laboratories	Morgan Stanley		1,718			206,236			202,947			(1,534	)
Acadia Healthcare Co., Inc.	Morgan Stanley		2,642			154,164			168,507			14,348
Addus HomeCare Corp.	Morgan Stanley		2			165			160			—
Alcon, Inc. (Switzerland)	Morgan Stanley		3,038			250,108			244,468			(5,635	)
Align Technology, Inc.	Morgan Stanley		1,060			541,753			705,356			163,608
Allscripts Healthcare Solutions, Inc.	Morgan Stanley		7,141			77,652			95,475			17,767

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Health Care Equipment & Services — (continued)
Amedisys, Inc.	Morgan Stanley		441		$	76,106		$	65,753		$	(10,347	)
AMN Healthcare Services, Inc.	Morgan Stanley		885			95,075			101,554			6,484
Anthem, Inc.	Morgan Stanley		1,590			536,866			592,752			59,464
Becton Dickinson and Co.	Morgan Stanley		46			11,509			11,308			5,856
Boston Scientific Corp.	Morgan Stanley		3,415			147,833			148,177			46
Cerner Corp.	Morgan Stanley		5,472			409,176			385,885			(21,660	)
Cigna Corp.	Morgan Stanley		265			61,654			53,042			(8,263	)
Community Health Systems, Inc.	Morgan Stanley		21,304			173,835			249,257			75,427
CONMED Corp.	Morgan Stanley		406			52,001			53,117			1,196
Cooper Cos., Inc. (The)	Morgan Stanley		429			187,212			177,310			(9,894	)
CryoLife, Inc.	Morgan Stanley		20			463			446			(12	)
CVS Health Corp.	Morgan Stanley		1,880			122,657			159,537			74,270
Danaher Corp.	Morgan Stanley		1,925			425,349			586,047			162,128
Dexcom, Inc.	Morgan Stanley		76			39,052			41,561			4,784
Doximity, Inc., Class A	Morgan Stanley		295			25,514			23,806			(1,702	)
Edwards Lifesciences Corp.	Morgan Stanley		610			70,138			69,058			(1,075	)
Ensign Group, Inc. (The)	Morgan Stanley		999			57,277			74,815			17,824
Envista Holdings Corp.	Morgan Stanley		10,476			373,543			438,002			64,313
Fulgent Genetics, Inc.	Morgan Stanley		516			35,319			46,414			11,101
Globus Medical, Inc., Class A	Morgan Stanley		527			40,954			40,379			(570	)
HCA Healthcare, Inc.	Morgan Stanley		435			77,888			105,583			28,230
Henry Schein, Inc.	Morgan Stanley		1,130			85,449			86,061			617
Heska Corp.	Morgan Stanley		165			43,319			42,659			(655	)
Hologic, Inc.	Morgan Stanley		3,801			240,035			280,552			40,523
IDEXX Laboratories, Inc.	Morgan Stanley		1,261			524,608			784,216			259,437
Inspire Medical Systems, Inc.	Morgan Stanley		317			76,550			73,823			(2,955	)
Integra LifeSciences Holdings Corp.	Morgan Stanley		1,399			97,520			95,804			(1,712	)
Intersect ENT, Inc.	Morgan Stanley		52			1,415			1,414			5
Intuitive Surgical, Inc.	Morgan Stanley		176			151,697			174,970			23,279
Laboratory Corp. of America Holdings	Morgan Stanley		3,669			812,064			1,032,603			220,545
LeMaitre Vascular, Inc.	Morgan Stanley		49			2,694			2,601			(69	)
LivaNova PLC (United Kingdom)	Morgan Stanley		2,039			166,248			161,468			(4,774	)
McKesson Corp.	Morgan Stanley		1,388			247,417			276,739			30,832
MEDNAX, Inc.	Morgan Stanley		3,323			101,828			94,473			(7,349	)
Medtronic PLC (Ireland)	Morgan Stanley		3,226			408,637			404,379			(1,071	)
Merit Medical Systems, Inc.	Morgan Stanley		2,238			124,473			160,688			36,446
ModivCare, Inc.	Morgan Stanley		137			13,795			24,882			12,740
National Research Corp.	Morgan Stanley		7			326			295			(24	)
Natus Medical, Inc.	Morgan Stanley		2,370			52,052			59,440			7,383
NextGen Healthcare, Inc.	Morgan Stanley		65			940			917			(18	)
Omnicell, Inc.	Morgan Stanley		643			81,954			95,440			13,492
Owens & Minor, Inc.	Morgan Stanley		579			14,932			18,117			3,342
Quest Diagnostics, Inc.	Morgan Stanley		2,691			337,161			391,029			57,701
Select Medical Holdings Corp.	Morgan Stanley		838			28,222			30,310			2,111
STAAR Surgical Co.	Morgan Stanley		1,925			262,692			247,420			(15,267	)
Stryker Corp.	Morgan Stanley		923			241,543			243,414			2,477
Tenet Healthcare Corp.	Morgan Stanley		146			10,026			9,700			(320	)
Tivity Health, Inc.	Morgan Stanley		33			735			761			31

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Health Care Equipment & Services — (continued)
UnitedHealth Group, Inc.	Morgan Stanley		1,596		$	560,915		$	623,621		$	67,528
Veeva Systems, Inc., Class A	Morgan Stanley		210			65,061			60,516			(4,575	)

			104,009			9,003,807			10,319,028			1,385,854

Household & Personal Products
Colgate-Palmolive Co.	Morgan Stanley		9,454			725,109			714,533			(1,984	)
Coty, Inc., Class A	Morgan Stanley		11,265			96,210			88,543			(7,661	)
Edgewell Personal Care Co.	Morgan Stanley		1,471			61,297			53,397			(7,744	)
Estee Lauder Cos., Inc. (The), Class A	Morgan Stanley		1,394			349,041			418,102			71,208
Kimberly-Clark Corp.	Morgan Stanley		944			129,152			125,023			(3,657	)
Procter & Gamble Co. (The)	Morgan Stanley		1,999			261,904			279,460			20,734
WD-40 Co.	Morgan Stanley		245			56,613			56,713			83

			26,772			1,679,326			1,735,771			70,979

Materials
AdvanSix, Inc.	Morgan Stanley		485			17,435			19,279			1,849
Agnico Eagle Mines Ltd. (Canada)	Morgan Stanley		4,614			259,480			239,236			(19,656	)
Alamos Gold, Inc., Class A (Canada)	Morgan Stanley		2,878			20,895			20,722			(168	)
Amcor PLC (Jersey)	Morgan Stanley		13,827			145,124			160,255			21,970
Ashland Global Holdings, Inc.	Morgan Stanley		1,553			132,058			138,403			7,848
Avery Dennison Corp.	Morgan Stanley		285			60,974			59,055			(1,740	)
Axalta Coating Systems Ltd. (Bermuda)	Morgan Stanley		2,955			86,497			86,256			(235	)
Ball Corp.	Morgan Stanley		165			14,992			14,845			(142	)
Carpenter Technology Corp.	Morgan Stanley		5,285			101,729			173,031			80,411
Celanese Corp.	Morgan Stanley		469			71,931			70,650			(1,346	)
CF Industries Holdings, Inc.	Morgan Stanley		1,195			33,902			66,705			34,149
Chemours Co. (The)	Morgan Stanley		4,005			127,129			116,385			(10,578	)
Corteva, Inc.	Morgan Stanley		4,424			191,697			186,162			(5,037	)
Domtar Corp.	Morgan Stanley		1,952			106,238			106,462			230
Dow, Inc.	Morgan Stanley		3,339			186,315			192,193			7,714
DuPont de Nemours, Inc.	Morgan Stanley		6,343			507,924			431,261			(73,044	)
Eagle Materials, Inc.	Morgan Stanley		1,188			168,700			155,818			(12,549	)
Eastman Chemical Co.	Morgan Stanley		431			42,667			43,419			1,744
Ecovyst, Inc.	Morgan Stanley		103			1,210			1,201			(4	)
Ferro Corp.	Morgan Stanley		3,752			78,236			76,316			(1,914	)
Freeport-McMoRan, Inc.	Morgan Stanley		2,076			66,381			67,532			1,518
GCP Applied Technologies, Inc.	Morgan Stanley		100			2,244			2,192			(47	)
Graphic Packaging Holding Co.	Morgan Stanley		3,668			70,937			69,839			(835	)
Hecla Mining Co.	Morgan Stanley		12,424			73,906			68,332			(5,516	)
IAMGOLD Corp. (Canada)	Morgan Stanley		19,866			59,213			44,897			(15,497	)
Ingevity Corp.	Morgan Stanley		499			38,540			35,614			(2,921	)
Innospec, Inc.	Morgan Stanley		192			16,925			16,170			(803	)
International Paper Co.	Morgan Stanley		4,416			230,253			246,943			22,027
Kaiser Aluminum Corp.	Morgan Stanley		84			5,669			9,153			9,117
Kinross Gold Corp. (Canada)	Morgan Stanley		6,937			38,889			37,182			(1,638	)
Linde PLC (Ireland)	Morgan Stanley		413			106,865			121,166			15,471
Livent Corp.	Morgan Stanley		4,429			108,130			102,354			(6,103	)
Louisiana-Pacific Corp.	Morgan Stanley		2,143			99,468			131,516			32,968
LyondellBasell Industries N.V., Class A (Netherlands)	Morgan Stanley		2,011			199,792			188,732			(9,662	)
Martin Marietta Materials, Inc.	Morgan Stanley		232			61,260			79,270			18,550

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Materials — (continued)
Minerals Technologies, Inc.	Morgan Stanley		141		$	9,997		$	9,847		$	(144	)
Mosaic Co. (The)	Morgan Stanley		9,620			319,088			343,626			26,380
Newmont Corp.	Morgan Stanley		2,813			167,112			152,746			(10,484	)
Nucor Corp.	Morgan Stanley		3,173			297,629			312,509			16,947
Nutrien Ltd. (Canada)	Morgan Stanley		1,506			90,680			97,634			7,639
O-I Glass, Inc.	Morgan Stanley		6,205			75,488			88,545			12,912
Olin Corp.	Morgan Stanley		4,134			193,580			199,465			6,160
PPG Industries, Inc.	Morgan Stanley		388			51,099			55,488			5,579
Pretium Resources, Inc. (Canada)	Morgan Stanley		11,391			128,650			109,809			(19,203	)
Reliance Steel & Aluminum Co.	Morgan Stanley		193			28,677			27,487			(985	)
Royal Gold, Inc.	Morgan Stanley		242			24,635			23,109			(1,456	)
Sealed Air Corp.	Morgan Stanley		1,557			64,539			85,308			21,894
Sensient Technologies Corp.	Morgan Stanley		87			7,201			7,924			762
Sherwin-Williams Co. (The)	Morgan Stanley		931			222,099			260,429			39,887
Southern Copper Corp.	Morgan Stanley		669			43,824			37,558			(5,672	)
Trinseo S.A. (Luxembourg)	Morgan Stanley		651			36,424			35,141			(1,143	)
Westlake Chemical Corp.	Morgan Stanley		1,176			116,053			107,181			(8,543	)
Westrock Co.	Morgan Stanley		1,426			72,603			71,058			(1,203	)
Wheaton Precious Metals Corp. (Canada)	Morgan Stanley		2,292			92,106			86,133			(5,967	)
Worthington Industries, Inc.	Morgan Stanley		2,433			119,694			128,219			10,306

			169,766			5,694,783			5,817,762			179,797

Media & Entertainment
Activision Blizzard, Inc.	Morgan Stanley		14,526			1,112,891			1,124,167			10,043
Alphabet, Inc., Class A	Morgan Stanley		357			848,161			954,447			106,291
Altice U.S.A., Inc., Class A	Morgan Stanley		514			10,207			10,650			448
Cars.com, Inc.	Morgan Stanley		560			7,454			7,084			(364	)
Charter Communications, Inc., Class A	Morgan Stanley		331			235,454			240,822			5,374
Comcast Corp., Class A	Morgan Stanley		5,411			302,913			302,637			420
Discovery, Inc., Class A	Morgan Stanley		984			25,384			24,974			(405	)
DISH Network Corp., Class A	Morgan Stanley		8,073			254,984			350,853			96,068
Eventbrite, Inc., Class A	Morgan Stanley		881			16,152			16,660			513
Facebook, Inc., Class A	Morgan Stanley		1,678			555,937			569,496			10,701
Fox Corp., Class A	Morgan Stanley		2,979			77,008			119,488			46,504
Gannett Co., Inc.	Morgan Stanley		33			215			220			11
Gray Television, Inc.	Morgan Stanley		3,253			54,373			74,233			20,804
Interpublic Group of Cos., Inc. (The)	Morgan Stanley		5,055			159,366			185,367			33,433
Live Nation Entertainment, Inc.	Morgan Stanley		175			16,149			15,948			(196	)
Madison Square Garden Sports Corp.	Morgan Stanley		603			89,266			112,128			22,867
Meredith Corp.	Morgan Stanley		2,826			54,690			157,408			103,224
Netflix, Inc.	Morgan Stanley		1,277			635,861			779,404			144,258
News Corp., Class A	Morgan Stanley		249			5,757			5,859			172
Omnicom Group, Inc.	Morgan Stanley		694			54,257			50,287			(3,457	)
Scholastic Corp.	Morgan Stanley		35			1,222			1,248			31
Snap, Inc., Class A	Morgan Stanley		2,782			204,168			205,506			(1,559	)
Twitter, Inc.	Morgan Stanley		927			49,486			55,982			6,500
ViacomCBS, Inc., Class B	Morgan Stanley		2,249			92,013			88,858			(2,824	)
Walt Disney Co. (The)	Morgan Stanley		847			152,062			143,287			(9,401	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Media & Entertainment — (continued)
World Wrestling Entertainment, Inc., Class A	Morgan Stanley		1,223		$	60,362		$	68,806		$	8,909
Yelp, Inc.	Morgan Stanley		5,150			195,361			191,786			(3,569	)

			63,672			5,271,153			5,857,605			594,796

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.	Morgan Stanley		2,835			304,766			305,811			2,868
AbCellera Biologics, Inc. (Canada)	Morgan Stanley		544			8,759			10,902			2,148
Agilent Technologies, Inc.	Morgan Stanley		1,196			147,135			188,406			41,793
Atea Pharmaceuticals, Inc.	Morgan Stanley		335			7,385			11,745			6,615
Biogen, Inc.	Morgan Stanley		838			278,700			237,146			(42,613	)
Bio-Rad Laboratories, Inc., Class A	Morgan Stanley		210			120,362			156,649			36,293
Bio-Techne Corp.	Morgan Stanley		130			66,914			62,994			(3,914	)
Bristol-Myers Squibb Co.	Morgan Stanley		7,328			478,616			433,598			(46,735	)
Bruker Corp.	Morgan Stanley		765			62,496			59,746			(2,741	)
Celldex Therapeutics, Inc.	Morgan Stanley		1,363			73,137			73,588			457
Charles River Laboratories International, Inc.	Morgan Stanley		243			92,856			100,279			7,428
Cortexyme, Inc.	Morgan Stanley		137			12,955			12,557			(392	)
Dynavax Technologies Corp.	Morgan Stanley		5,996			95,657			115,183			19,798
Eli Lilly & Co.	Morgan Stanley		3,119			738,051			720,645			(19,208	)
Fulcrum Therapeutics, Inc.	Morgan Stanley		126			3,548			3,554			12
Gilead Sciences, Inc.	Morgan Stanley		1,353			86,825			94,507			10,798
Illumina, Inc.	Morgan Stanley		1,470			683,339			596,247			(87,086	)
Innoviva, Inc.	Morgan Stanley		4,533			49,525			75,746			26,640
IQVIA Holdings, Inc.	Morgan Stanley		96			24,632			22,996			(1,631	)
Ironwood Pharmaceuticals, Inc.	Morgan Stanley		7,276			87,929			95,025			7,098
Johnson & Johnson	Morgan Stanley		4,898			784,076			791,027			10,092
Merck & Co., Inc.	Morgan Stanley		9,710			710,084			729,318			32,318
Mettler-Toledo International, Inc.	Morgan Stanley		8			11,154			11,019			(129	)
Moderna, Inc.	Morgan Stanley		893			344,159			343,680			(473	)
Organon & Co.	Morgan Stanley		3,603			119,146			118,142			(674	)
Pacira BioSciences, Inc.	Morgan Stanley		1,595			91,660			89,320			(2,334	)
PerkinElmer, Inc.	Morgan Stanley		1,769			256,770			306,550			49,926
Pfizer, Inc.	Morgan Stanley		37,140			1,504,575			1,597,391			107,156
Prestige Consumer Healthcare, Inc.	Morgan Stanley		872			30,928			48,928			18,066
Prothena Corp. PLC (Ireland)	Morgan Stanley		1,998			106,581			142,318			35,742
Regeneron Pharmaceuticals, Inc.	Morgan Stanley		197			120,834			119,220			(1,609	)
Thermo Fisher Scientific, Inc.	Morgan Stanley		2			973			1,143			240
United Therapeutics Corp.	Morgan Stanley		399			78,980			73,647			(5,327	)
Veracyte, Inc.	Morgan Stanley		2,464			118,223			114,453			(3,815	)
Vertex Pharmaceuticals, Inc.	Morgan Stanley		1,047			195,855			189,915			(6,004	)
Waters Corp.	Morgan Stanley		521			149,221			186,153			36,937
Zoetis, Inc.	Morgan Stanley		803			128,895			155,894			27,623

			107,812			8,175,701			8,395,442			255,363

Retailing
Abercrombie & Fitch Co., Class A	Morgan Stanley		12,275			159,633			461,908			319,237
Academy Sports & Outdoors, Inc.	Morgan Stanley		525			22,163			21,010			(1,147	)
Advance Auto Parts, Inc.	Morgan Stanley		5,327			802,655			1,112,757			323,199
Amazon.com, Inc.	Morgan Stanley		185			588,100			607,732			19,638
American Eagle Outfitters, Inc.	Morgan Stanley		2,374			69,937			61,249			(11,222	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Retailing — (continued)
AutoNation, Inc.	Morgan Stanley		3,973		$	267,908		$	483,752		$	282,558
AutoZone, Inc.	Morgan Stanley		145			187,208			246,209			59,006
Bath & Body Works, Inc.	Morgan Stanley		5,697			349,704			359,082			9,773
Best Buy Co., Inc.	Morgan Stanley		14			1,525			1,480			(34	)
Buckle,Inc.(The)	Morgan Stanley		3,450			67,432			136,585			82,665
Caleres, Inc.	Morgan Stanley		532			12,441			11,821			(614	)
Camping World Holdings, Inc., Class A	Morgan Stanley		1,196			44,911			46,489			2,071
Dick’s Sporting Goods, Inc.	Morgan Stanley		270			34,371			32,338			(2,028	)
eBay, Inc.	Morgan Stanley		14,918			1,054,862			1,039,337			(12,974	)
Etsy, Inc.	Morgan Stanley		2,425			321,407			504,303			182,902
Foot Locker, Inc.	Morgan Stanley		1,412			69,878			64,472			(5,335	)
Genuine Parts Co.	Morgan Stanley		1,240			128,358			150,325			27,117
Guess?, Inc.	Morgan Stanley		1,275			28,516			26,788			(1,628	)
Home Depot, Inc. (The)	Morgan Stanley		555			181,535			182,184			1,577
LKQ Corp.	Morgan Stanley		9,320			330,816			468,982			148,389
Lowe’s Cos., Inc.	Morgan Stanley		159			32,343			32,255			(33	)
Macy’s, Inc.	Morgan Stanley		5,905			34,463			133,453			127,895
MarineMax, Inc.	Morgan Stanley		1,697			89,098			82,338			(7,380	)
National Vision Holdings, Inc.	Morgan Stanley		2			114			114			5
O’Reilly Automotive, Inc.	Morgan Stanley		445			202,979			271,922			68,948
Penske Automotive Group, Inc.	Morgan Stanley		947			82,807			95,268			12,802
Qurate Retail, Inc., Series A	Morgan Stanley		8,437			61,955			85,973			53,135
RH	Morgan Stanley		2			1,335			1,334			4
Ross Stores, Inc.	Morgan Stanley		2,508			293,151			272,996			(20,616	)
Shutterstock, Inc.	Morgan Stanley		3,224			221,180			365,344			146,518
Signet Jewelers Ltd. (Bermuda)	Morgan Stanley		411			29,747			32,453			2,712
Sonic Automotive, Inc., Class A	Morgan Stanley		701			32,811			36,831			4,183
Target Corp.	Morgan Stanley		3,234			683,582			739,842			59,753
Ulta Beauty, Inc.	Morgan Stanley		929			332,280			335,295			3,020
Urban Outfitters, Inc.	Morgan Stanley		2,047			45,517			60,775			15,163
Victoria’s Secret & Co.	Morgan Stanley		634			37,686			35,035			(2,646	)
Williams-Sonoma, Inc.	Morgan Stanley		40			7,196			7,093			(93	)
Zumiez, Inc.	Morgan Stanley		3,142			86,180			124,926			39,049

			101,572			6,997,784			8,732,050			1,925,569

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.	Morgan Stanley		556			56,156			57,212			3,303
Amkor Technology, Inc.	Morgan Stanley		4,040			45,445			100,798			56,054
Analog Devices, Inc.	Morgan Stanley		458			77,932			76,706			(1,221	)
Applied Materials, Inc.	Morgan Stanley		3,415			437,778			439,613			2,355
Axcelis Technologies, Inc.	Morgan Stanley		3,555			89,855			167,192			77,342
Broadcom, Inc.	Morgan Stanley		801			355,588			388,429			47,178
Brooks Automation, Inc.	Morgan Stanley		209			16,966			21,391			7,584
Cohu, Inc.	Morgan Stanley		731			23,838			23,348			(484	)
Enphase Energy, Inc.	Morgan Stanley		1,361			210,688			204,109			(11,518	)
First Solar, Inc.	Morgan Stanley		1,311			118,257			125,148			6,899
Ichor Holdings Ltd. (Cayman Islands)	Morgan Stanley		1,758			90,057			72,236			(17,815	)
Intel Corp.	Morgan Stanley		27,519			1,507,101			1,466,212			(19,882	)
KLA Corp.	Morgan Stanley		231			62,843			77,272			15,151
Lam Research Corp.	Morgan Stanley		463			282,635			263,516			(18,231	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Semiconductors & Semiconductor Equipment — (continued)
MACOM Technology Solutions Holdings, Inc.	Morgan Stanley		3,714		$	130,144		$	240,927		$	111,373
Microchip Technology, Inc.	Morgan Stanley		1			126			153			814
Micron Technology, Inc.	Morgan Stanley		7,672			551,207			544,559			(6,135	)
MKS Instruments, Inc.	Morgan Stanley		855			142,850			129,028			(13,489	)
Monolithic Power Systems, Inc.	Morgan Stanley		372			183,481			180,301			(3,015	)
NVIDIA Corp.	Morgan Stanley		1,099			218,772			227,669			8,946
NXP Semiconductors N.V. (Netherlands)	Morgan Stanley		2,717			521,478			532,179			13,028
ON Semiconductor Corp.	Morgan Stanley		3,489			143,390			159,692			16,307
Onto Innovation, Inc.	Morgan Stanley		613			37,009			44,289			7,286
Power Integrations, Inc.	Morgan Stanley		663			65,673			65,630			33
Qorvo, Inc.	Morgan Stanley		6,433			819,044			1,075,533			256,495
QUALCOMM, Inc.	Morgan Stanley		5,379			709,001			693,783			(10,449	)
Rambus, Inc.	Morgan Stanley		2,715			59,540			60,273			738
Semtech Corp.	Morgan Stanley		345			26,384			26,900			521
Skyworks Solutions, Inc.	Morgan Stanley		1,127			195,522			185,707			(8,782	)
Synaptics, Inc.	Morgan Stanley		764			137,665			137,314			(346	)
Texas Instruments, Inc.	Morgan Stanley		1,418			208,021			272,554			71,594
Ultra Clean Holdings, Inc.	Morgan Stanley		15			324			639			320
Xilinx, Inc.	Morgan Stanley		821			119,255			123,963			4,713

			86,620			7,644,025			8,184,275			596,667

Software & Services
Accenture PLC, Class A (Ireland)	Morgan Stanley		1,036			247,920			331,437			86,150
ACI Worldwide, Inc.	Morgan Stanley		3,790			94,641			116,467			22,204
Adobe, Inc.	Morgan Stanley		936			547,019			538,874			(8,139	)
Agilysys, Inc.	Morgan Stanley		84			4,386			4,398			18
ANSYS, Inc.	Morgan Stanley		228			78,055			77,623			(894	)
Automatic Data Processing, Inc.	Morgan Stanley		3,551			610,225			709,916			107,532
Box, Inc., Class A	Morgan Stanley		6,205			147,865			146,872			(1,441	)
Broadridge Financial Solutions, Inc.	Morgan Stanley		1,835			255,247			305,784			59,845
Cadence Design Systems, Inc.	Morgan Stanley		610			68,673			92,378			23,711
Cerence, Inc.	Morgan Stanley		2,437			265,413			234,220			(31,188	)
CGI, Inc. (Canada)	Morgan Stanley		1,216			84,112			103,068			18,961
Cloudera, Inc.	Morgan Stanley		4,144			65,206			66,180			979
Cornerstone OnDemand, Inc.	Morgan Stanley		2,561			145,921			146,643			727
Descartes Systems Group, Inc. (The) (Canada)	Morgan Stanley		5			409			406			2
DocuSign, Inc.	Morgan Stanley		18			4,862			4,634			(3,668	)
Dolby Laboratories, Inc., Class A	Morgan Stanley		1,779			169,578			156,552			(12,951	)
Dropbox, Inc., Class A	Morgan Stanley		6,190			192,698			180,872			(11,821	)
DXC Technology Co.	Morgan Stanley		3,491			136,025			117,333			(18,687	)
Elastic N.V. (Netherlands)	Morgan Stanley		136			18,527			20,263			1,741
Fair Isaac Corp.	Morgan Stanley		477			209,694			189,813			(19,876	)
Fiserv, Inc.	Morgan Stanley		7,738			756,656			839,573			82,940
Fortinet, Inc.	Morgan Stanley		1,130			228,758			330,005			101,253
Gartner, Inc.	Morgan Stanley		570			160,671			173,212			12,546
HubSpot, Inc.	Morgan Stanley		263			179,167			177,812			(1,863	)
International Business Machines Corp.	Morgan Stanley		1,728			222,267			240,071			23,196
Intuit, Inc.	Morgan Stanley		503			260,051			271,374			11,435
Lightspeed Commerce, Inc. (Canada)	Morgan Stanley		1,679			190,895			161,906			(33,690	)
Manhattan Associates, Inc.	Morgan Stanley		476			74,656			72,842			(1,809	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Software & Services — (continued)
Maximus, Inc.	Morgan Stanley		298		$	26,004		$	24,794		$	(1,087	)
McAfee Corp., Class A	Morgan Stanley		1,845			40,323			40,793			574
Microsoft Corp.	Morgan Stanley		2,670			678,633			752,726			76,380
MongoDB, Inc.	Morgan Stanley		877			428,809			413,514			(15,290	)
NortonLifeLock, Inc.	Morgan Stanley		4,899			119,816			123,945			5,074
Nutanix, Inc., Class A	Morgan Stanley		4,246			167,322			160,074			(7,243	)
Open Text Corp. (Canada)	Morgan Stanley		5,041			211,592			245,698			37,544
Oracle Corp.	Morgan Stanley		11,826			911,498			1,030,399			122,773
Palo Alto Networks, Inc.	Morgan Stanley		177			65,741			84,783			19,047
Paychex, Inc.	Morgan Stanley		658			70,126			73,992			4,180
PayPal Holdings, Inc.	Morgan Stanley		768			183,124			199,841			16,723
Progress Software Corp.	Morgan Stanley		185			9,350			9,100			(245	)
PTC, Inc.	Morgan Stanley		695			90,512			83,254			(7,253	)
ServiceNow, Inc.	Morgan Stanley		529			267,335			329,181			61,851
Sprout Social, Inc., Class A	Morgan Stanley		1,804			217,270			219,998			2,733
SPS Commerce, Inc.	Morgan Stanley		1,751			136,034			282,454			163,695
Square, Inc., Class A	Morgan Stanley		1,071			260,487			256,869			(3,613	)
SS&C Technologies Holdings, Inc.	Morgan Stanley		1,591			115,093			110,415			(4,423	)
Synopsys, Inc.	Morgan Stanley		221			54,947			66,170			11,228
Teradata Corp.	Morgan Stanley		4,878			101,172			279,753			178,940
TTEC Holdings, Inc.	Morgan Stanley		118			11,280			11,037			(238	)
Verint Systems, Inc.	Morgan Stanley		4,474			198,936			200,390			1,376
VeriSign, Inc.	Morgan Stanley		564			110,790			115,626			4,841
Visa, Inc., Class A	Morgan Stanley		1,471			324,010			327,665			4,185
Western Union Co. (The)	Morgan Stanley		8,812			195,871			178,179			(9,747	)
Workiva, Inc.	Morgan Stanley		1,228			142,567			173,099			30,537
Xperi Holding Corp.	Morgan Stanley		175			3,369			3,297			(49	)

			117,688			10,561,608			11,607,574			1,099,706

Technology Hardware & Equipment
3D Systems Corp.	Morgan Stanley		7,074			203,900			195,030			(8,864	)
Apple, Inc.	Morgan Stanley		2,289			335,484			323,893			(11,297	)
Arista Networks, Inc.	Morgan Stanley		147			52,923			50,515			(2,403	)
Benchmark Electronics, Inc.	Morgan Stanley		315			8,986			8,414			(481	)
CDW Corp.	Morgan Stanley		1,427			173,060			259,743			88,859
Cisco Systems, Inc.	Morgan Stanley		4,733			228,334			257,617			32,074
Cognex Corp.	Morgan Stanley		133			10,727			10,669			(39	)
Coherent, Inc.	Morgan Stanley		552			141,755			138,050			(3,700	)
Corning, Inc.	Morgan Stanley		8,253			315,069			301,152			(9,091	)
CTS Corp.	Morgan Stanley		129			4,124			3,987			(126	)
Diebold Nixdorf, Inc.	Morgan Stanley		48,618			308,717			491,528			184,382
EchoStar Corp., Class A	Morgan Stanley		12,553			330,570			320,227			(10,521	)
Extreme Networks, Inc.	Morgan Stanley		7,853			84,923			77,352			(7,565	)
Hewlett Packard Enterprise Co.	Morgan Stanley		20,076			231,123			286,083			64,098
HP, Inc.	Morgan Stanley		12,154			263,307			332,533			79,071
Keysight Technologies, Inc.	Morgan Stanley		889			144,093			146,054			1,967
Knowles Corp.	Morgan Stanley		1,048			20,331			19,640			(708	)
NetApp, Inc.	Morgan Stanley		2,821			172,645			253,213			87,404
NETGEAR, Inc.	Morgan Stanley		1,257			39,624			40,111			399
Plantronics, Inc.	Morgan Stanley		1,612			58,747			41,445			(17,321	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Technology Hardware & Equipment — (continued)
Sanmina Corp.	Morgan Stanley		2,593		$	70,521		$	99,934		$	31,702
Seagate Technology Holdings PLC (Ireland)	Morgan Stanley		2,588			218,583			213,562			(3,273	)
SYNNEX Corp.	Morgan Stanley		1,113			113,798			115,863			1,819
TE Connectivity Ltd. (Switzerland)	Morgan Stanley		1,952			277,052			267,853			(8,228	)
Trimble, Inc.	Morgan Stanley		1,906			168,509			156,768			(11,735	)
TTM Technologies, Inc.	Morgan Stanley		9,278			121,953			116,624			(5,323	)
Ubiquiti, Inc.	Morgan Stanley		408			116,755			121,857			5,405
Vishay Intertechnology, Inc.	Morgan Stanley		4,415			96,407			88,697			(7,316	)
Vontier Corp.	Morgan Stanley		8,895			262,468			298,872			36,853
Western Digital Corp.	Morgan Stanley		3,677			226,371			207,530			(18,836	)
Xerox Holdings Corp.	Morgan Stanley		5,696			135,069			114,888			(18,148	)
Zebra Technologies Corp., Class A	Morgan Stanley		635			301,561			327,292			25,736

			177,089			5,237,489			5,686,996			494,794

Telecommunication Services
AT&T, Inc.	Morgan Stanley		9,910			277,275			267,669			(2,652	)
Gogo, Inc.	Morgan Stanley		4,736			53,217			81,933			29,066
IDT Corp., Class B	Morgan Stanley		20			855			839			(11	)
Iridium Communications, Inc.	Morgan Stanley		672			21,304			26,779			5,481
Lumen Technologies, Inc.	Morgan Stanley		7,478			82,666			92,652			14,899
Rogers Communications, Inc., Class B (Canada)	Morgan Stanley		7			328			326			4
T-Mobile U.S., Inc.	Morgan Stanley		2,440			301,975			311,734			9,764
Verizon Communications, Inc.	Morgan Stanley		7,575			417,851			409,126			(2,799	)

			32,838			1,155,471			1,191,058			53,752

Transportation
Alaska Air Group, Inc.	Morgan Stanley		6,709			248,575			393,147			156,035
ArcBest Corp.	Morgan Stanley		9,722			329,018			794,968			488,903
Atlas Air Worldwide Holdings, Inc.	Morgan Stanley		2,941			165,429			240,221			74,797
Canadian Pacific Railway Ltd. (Canada)	Morgan Stanley		598			43,003			38,912			(4,011	)
CSX Corp.	Morgan Stanley		16,110			468,233			479,111			13,720
Echo Global Logistics, Inc.	Morgan Stanley		3,045			79,504			145,277			66,168
Expeditors International of Washington, Inc.	Morgan Stanley		5,070			420,716			603,989			189,223
FedEx Corp.	Morgan Stanley		38			9,135			8,333			72
Kansas City Southern	Morgan Stanley		1			174			271			104
Kirby Corp.	Morgan Stanley		9			448			432			(11	)
Norfolk Southern Corp.	Morgan Stanley		269			68,570			64,358			(3,771	)
Old Dominion Freight Line, Inc.	Morgan Stanley		423			98,678			120,970			22,480
Ryder System, Inc.	Morgan Stanley		1,937			109,297			160,209			55,151
Schneider National, Inc., Class B	Morgan Stanley		8,380			207,083			190,561			1,943
SkyWest, Inc.	Morgan Stanley		1,131			32,632			55,804			25,696
Southwest Airlines Co.	Morgan Stanley		81			4,188			4,166			(17	)
Union Pacific Corp.	Morgan Stanley		1,560			324,408			305,776			(16,127	)
United Airlines Holdings, Inc.	Morgan Stanley		2,285			105,379			108,697			3,324
United Parcel Service, Inc., Class B	Morgan Stanley		2,556			447,763			465,448			23,797
XPO Logistics, Inc.	Morgan Stanley		2,066			174,291			164,412			(9,874	)

			64,931			3,336,524			4,345,062			1,087,602

Utilities
AES Corp. (The)	Morgan Stanley		5,924			141,435			135,245			(4,657	)
American Water Works Co., Inc.	Morgan Stanley		252			42,992			42,598			(310	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Utilities — (continued)
Dominion Energy, Inc.	Morgan Stanley		7,477			$	519,998			$	545,971			$	41,697
Exelon Corp.	Morgan Stanley		15,328				602,503				740,956				159,426
Fortis,Inc.(Canada)	Morgan Stanley		112				4,979				4,965				(1,391	)
MDU Resources Group, Inc.	Morgan Stanley		467				14,437				13,856				(231	)
NRG Energy, Inc.	Morgan Stanley		21,726				803,932				887,073				104,182
PPL Corp.	Morgan Stanley		20,899				611,631				582,664				(24,093	)
Public Service Enterprise Group, Inc.	Morgan Stanley		8,184				522,253				498,406				(21,064	)
TransAlta Corp. (Canada)	Morgan Stanley		17				176				180				12

			80,386				3,264,336				3,451,914				253,571

Total Reference Entity — Long							109,533,603				124,145,627				15,902,164


Short
Automobiles & Components
BorgWarner, Inc.	Morgan Stanley		(19,787	)			(868,175	)			(854,996	)			10,253
Dorman Products, Inc.	Morgan Stanley		(20	)			(1,923	)			(1,893	)			32
Fox Factory Holding Corp.	Morgan Stanley		(2,152	)			(336,712	)			(311,050	)			25,232
LCI Industries	Morgan Stanley		(13,094	)			(1,818,923	)			(1,762,845	)			35,157
Patrick Industries, Inc.	Morgan Stanley		(9,785	)			(810,739	)			(815,091	)			(10,501	)
Standard Motor Products, Inc.	Morgan Stanley		(269	)			(11,848	)			(11,758	)			79
Tesla, Inc.	Morgan Stanley		(217	)			(147,859	)			(168,279	)			(20,612	)
Workhorse Group, Inc.	Morgan Stanley		(43,644	)			(706,021	)			(333,877	)			371,206
XPEL, Inc.	Morgan Stanley		(2,215	)			(183,496	)			(168,030	)			15,646

			(91,183	)			(4,885,696	)			(4,427,819	)			426,492

Capital Goods
Advanced Drainage Systems, Inc.	Morgan Stanley		(1,035	)			(112,767	)			(111,956	)			666
AeroVironment, Inc.	Morgan Stanley		(1,380	)			(118,506	)			(119,122	)			(768	)
Altra Industrial Motion Corp.	Morgan Stanley		(2,857	)			(188,874	)			(158,135	)			30,013
Ameresco, Inc., Class A	Morgan Stanley		(213	)			(12,669	)			(12,446	)			212
American Woodmark Corp.	Morgan Stanley		(1,875	)			(131,574	)			(122,569	)			8,835
Arcosa, Inc.	Morgan Stanley		(9,340	)			(536,400	)			(468,588	)			66,687
Axon Enterprise, Inc.	Morgan Stanley		(2,317	)			(316,871	)			(405,521	)			(89,068	)
Ballard Power Systems, Inc. (Canada)	Morgan Stanley		(102,436	)			(1,608,533	)			(1,439,226	)			167,163
Bloom Energy Corp., Class A	Morgan Stanley		(25,064	)			(563,445	)			(469,198	)			93,499
Boeing Co. (The)	Morgan Stanley		(2,019	)			(505,598	)			(444,059	)			60,869
BWX Technologies, Inc.	Morgan Stanley		(21,905	)			(1,341,855	)			(1,179,803	)			154,534
Carlisle Cos., Inc.	Morgan Stanley		(742	)			(150,717	)			(147,502	)			2,666
Chart Industries, Inc.	Morgan Stanley		(2,660	)			(483,606	)			(508,353	)			(25,388	)
Columbus McKinnon Corp.	Morgan Stanley		(237	)			(11,297	)			(11,459	)			(172	)
Construction Partners, Inc., Class A	Morgan Stanley		(22,778	)			(637,919	)			(760,102	)			(123,030	)
Cornerstone Building Brands, Inc.	Morgan Stanley		(37,172	)			(633,314	)			(543,083	)			89,390
Curtiss-Wright Corp.	Morgan Stanley		(104	)			(13,362	)			(13,123	)			227
Energy Recovery, Inc.	Morgan Stanley		(11,166	)			(228,632	)			(212,489	)			15,843
EnerSys	Morgan Stanley		(408	)			(31,005	)			(30,372	)			606
EnPro Industries, Inc.	Morgan Stanley		(74	)			(6,461	)			(6,447	)			11
Evoqua Water Technologies Corp.	Morgan Stanley		(35,883	)			(1,094,991	)			(1,347,765	)			(259,540	)
Federal Signal Corp.	Morgan Stanley		(95	)			(3,755	)			(3,669	)			86
Fluor Corp.	Morgan Stanley		(16,095	)			(379,351	)			(257,037	)			121,812
Franklin Electric Co., Inc.	Morgan Stanley		(2,906	)			(241,275	)			(232,044	)			8,914

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Capital Goods — (continued)
FuelCell Energy, Inc.	Morgan Stanley		(80,138	)		$	(1,232,011	)		$	(536,123	)		$	694,247
GATX Corp.	Morgan Stanley		(7,974	)			(722,966	)			(714,151	)			(4,179	)
Gibraltar Industries, Inc.	Morgan Stanley		(2,513	)			(179,202	)			(175,030	)			3,938
GMS, Inc.	Morgan Stanley		(3,862	)			(182,065	)			(169,156	)			12,671
Great Lakes Dredge & Dock Corp.	Morgan Stanley		(13,022	)			(191,582	)			(196,502	)			(5,170	)
Griffon Corp.	Morgan Stanley		(3,990	)			(93,342	)			(98,154	)			(5,051	)
Hexcel Corp.	Morgan Stanley		(2,488	)			(151,536	)			(147,762	)			3,577
Hubbell, Inc.	Morgan Stanley		(557	)			(111,237	)			(100,633	)			10,093
Hyster-Yale Materials Handling, Inc.	Morgan Stanley		(2,716	)			(121,710	)			(136,506	)			(18,431	)
IDEX Corp.	Morgan Stanley		(3,902	)			(885,788	)			(807,519	)			78,511
IES Holdings, Inc.	Morgan Stanley		(58	)			(2,608	)			(2,650	)			(41	)
John Bean Technologies Corp.	Morgan Stanley		(801	)			(124,291	)			(112,581	)			11,577
Kennametal, Inc.	Morgan Stanley		(4,717	)			(194,462	)			(161,463	)			31,309
Kratos Defense & Security Solutions, Inc.	Morgan Stanley		(18,379	)			(434,510	)			(410,035	)			23,899
Lindsay Corp.	Morgan Stanley		(998	)			(166,001	)			(151,486	)			13,726
MasTec, Inc.	Morgan Stanley		(179	)			(15,565	)			(15,444	)			106
Maxar Technologies, Inc.	Morgan Stanley		(6,950	)			(287,291	)			(196,824	)			89,946
Mercury Systems, Inc.	Morgan Stanley		(29,169	)			(1,850,532	)			(1,383,194	)			464,870
Meritor, Inc.	Morgan Stanley		(21,737	)			(565,233	)			(463,215	)			102,118
MSC Industrial Direct Co., Inc., Class A	Morgan Stanley		(3,938	)			(358,079	)			(315,788	)			40,109
Nikola Corp.	Morgan Stanley		(54,147	)			(548,608	)			(577,748	)			(29,869	)
NV5 Global, Inc.	Morgan Stanley		(2,526	)			(139,839	)			(248,988	)			(110,645	)
Parsons Corp.	Morgan Stanley		(5,461	)			(205,868	)			(184,363	)			21,235
PGT Innovations, Inc.	Morgan Stanley		(28,759	)			(538,613	)			(549,297	)			(11,399	)
Plug Power, Inc.	Morgan Stanley		(59,620	)			(1,591,580	)			(1,522,695	)			62,456
Primoris Services Corp.	Morgan Stanley		(9,339	)			(241,230	)			(228,712	)			11,662
Proto Labs, Inc.	Morgan Stanley		(13,650	)			(1,850,789	)			(909,090	)			939,230
Spirit AeroSystems Holdings, Inc., Class A	Morgan Stanley		(16,949	)			(792,017	)			(748,976	)			41,270
Sunrun, Inc.	Morgan Stanley		(13,786	)			(958,009	)			(606,584	)			350,150
Textainer Group Holdings Ltd. (Bermuda)	Morgan Stanley		(20,832	)			(673,049	)			(727,245	)			(55,090	)
Timken Co. (The)	Morgan Stanley		(3,744	)			(287,165	)			(244,932	)			40,985
Trex Co., Inc.	Morgan Stanley		(2,805	)			(287,302	)			(285,914	)			(313	)
TriMas Corp.	Morgan Stanley		(118	)			(3,672	)			(3,818	)			(146	)
UFP Industries, Inc.	Morgan Stanley		(552	)			(38,562	)			(37,525	)			1,034
United Rentals, Inc.	Morgan Stanley		(6,997	)			(2,458,490	)			(2,455,457	)			(247	)
Univar Solutions, Inc.	Morgan Stanley		(31,028	)			(730,837	)			(739,087	)			(9,221	)
Valmont Industries, Inc.	Morgan Stanley		(996	)			(232,155	)			(234,180	)			(2,827	)
Woodward, Inc.	Morgan Stanley		(3,496	)			(425,946	)			(395,747	)			29,977

			(783,654	)			(29,226,519	)			(25,998,642	)			3,150,134

Commercial & Professional Services
ADT, Inc.	Morgan Stanley		(168,995	)			(1,525,052	)			(1,367,170	)			145,869
Booz Allen Hamilton Holding Corp.	Morgan Stanley		(12,413	)			(1,039,238	)			(984,972	)			48,937
Cimpress PLC (Ireland)	Morgan Stanley		(65	)			(5,621	)			(5,644	)			(25	)
Clarivate PLC (Jersey)	Morgan Stanley		(7,642	)			(211,643	)			(167,360	)			46,742
CoStar Group, Inc.	Morgan Stanley		(5,903	)			(539,022	)			(508,012	)			30,675
Deluxe Corp.	Morgan Stanley		(4,037	)			(157,877	)			(144,888	)			12,289
Dun & Bradstreet Holdings, Inc.	Morgan Stanley		(49,102	)			(898,401	)			(825,405	)			71,801
Forrester Research, Inc.	Morgan Stanley		(165	)			(8,219	)			(8,128	)			86
FTI Consulting, Inc.	Morgan Stanley		(4,332	)			(619,595	)			(583,520	)			35,252

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Commercial & Professional Services — (continued)
Harsco Corp.	Morgan Stanley		(20,592	)		$	(340,818	)		$	(349,034	)		$	(8,667	)
Huron Consulting Group, Inc.	Morgan Stanley		(979	)			(49,542	)			(50,908	)			(1,427	)
IAA, Inc.	Morgan Stanley		(1,303	)			(72,702	)			(71,105	)			1,506
Insperity, Inc.	Morgan Stanley		(10,811	)			(1,024,308	)			(1,197,210	)			(181,795	)
Leidos Holdings, Inc.	Morgan Stanley		(6,502	)			(637,637	)			(625,037	)			10,340
ManTech International Corp., Class A	Morgan Stanley		(2,796	)			(245,368	)			(212,272	)			31,119
Montrose Environmental Group, Inc.	Morgan Stanley		(2,803	)			(150,500	)			(173,057	)			(22,753	)
Pitney Bowes, Inc.	Morgan Stanley		(91,362	)			(771,494	)			(658,720	)			105,552
Tetra Tech, Inc.	Morgan Stanley		(1,340	)			(187,737	)			(200,116	)			(12,811	)
TransUnion	Morgan Stanley		(4,866	)			(538,013	)			(546,500	)			(12,954	)
U.S. Ecology, Inc.	Morgan Stanley		(16,725	)			(587,860	)			(541,054	)			46,026
Upwork, Inc.	Morgan Stanley		(14,259	)			(642,482	)			(642,083	)			(454	)
Verisk Analytics, Inc.	Morgan Stanley		(11,083	)			(2,136,469	)			(2,219,592	)			(89,237	)
Viad Corp.	Morgan Stanley		(9,325	)			(382,666	)			(423,448	)			(41,288	)

			(447,400	)			(12,772,264	)			(12,505,235	)			214,783

Consumer Durables & Apparel
Callaway Golf Co.	Morgan Stanley		(41,438	)			(1,208,215	)			(1,144,932	)			61,376
Canada Goose Holdings, Inc. (Canada)	Morgan Stanley		(37,902	)			(1,438,905	)			(1,351,964	)			85,023
Helen of Troy Ltd. (Bermuda)	Morgan Stanley		(5,287	)			(1,176,173	)			(1,187,883	)			(13,277	)
Installed Building Products, Inc.	Morgan Stanley		(3,939	)			(503,119	)			(422,064	)			79,220
iRobot Corp.	Morgan Stanley		(1,396	)			(120,876	)			(109,586	)			11,134
Latham Group, Inc.	Morgan Stanley		(6,944	)			(139,827	)			(113,882	)			25,764
Lovesac Co. (The)	Morgan Stanley		(988	)			(70,683	)			(65,297	)			5,297
Malibu Boats, Inc., Class A	Morgan Stanley		(3,732	)			(312,977	)			(261,165	)			51,408
Oxford Industries, Inc.	Morgan Stanley		(6,292	)			(412,586	)			(567,350	)			(166,610	)
Peloton Interactive, Inc., Class A	Morgan Stanley		(48,412	)			(5,043,192	)			(4,214,265	)			822,193
Purple Innovation, Inc.	Morgan Stanley		(47,250	)			(1,448,308	)			(993,195	)			453,182
Vizio Holding Corp., Class A	Morgan Stanley		(1,545	)			(32,097	)			(32,816	)			(757	)

			(205,125	)			(11,906,958	)			(10,464,399	)			1,413,953

Consumer Services
2U, Inc.	Morgan Stanley		(260	)			(8,727	)			(8,728	)			160
Aramark	Morgan Stanley		(25,053	)			(955,984	)			(823,242	)			126,101
Bally’s Corp.	Morgan Stanley		(18,206	)			(1,115,653	)			(912,849	)			201,202
Bright Horizons Family Solutions, Inc.	Morgan Stanley		(7,868	)			(1,331,966	)			(1,096,957	)			233,235
Caesars Entertainment, Inc.	Morgan Stanley		(1,085	)			(115,359	)			(121,824	)			(8,144	)
Carnival Corp. (Panama)	Morgan Stanley		(68,294	)			(1,621,294	)			(1,708,033	)			(113,937	)
Darden Restaurants, Inc.	Morgan Stanley		(5,141	)			(811,642	)			(778,707	)			32,651
Denny’s Corp.	Morgan Stanley		(45,825	)			(711,984	)			(748,781	)			(39,903	)
Frontdoor, Inc.	Morgan Stanley		(3,380	)			(187,367	)			(141,622	)			45,533
MGM Resorts International	Morgan Stanley		(10,619	)			(456,363	)			(458,210	)			(2,494	)
Monarch Casino & Resort, Inc.	Morgan Stanley		(3,511	)			(123,672	)			(235,202	)			(111,690	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)	Morgan Stanley		(5,750	)			(167,767	)			(153,583	)			13,966
Papa John’s International, Inc.	Morgan Stanley		(2,525	)			(313,123	)			(320,650	)			(8,437	)
Planet Fitness, Inc., Class A	Morgan Stanley		(2,867	)			(221,606	)			(225,203	)			(3,888	)
Royal Caribbean Cruises Ltd. (Liberia)	Morgan Stanley		(13,805	)			(1,184,526	)			(1,227,955	)			(45,006	)
Shake Shack, Inc., Class A	Morgan Stanley		(10,645	)			(1,026,613	)			(835,207	)			190,372
Stride, Inc.	Morgan Stanley		(26,344	)			(1,220,518	)			(946,803	)			276,561

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Consumer Services — (continued)
Wingstop, Inc.	Morgan Stanley		(9,621	)		$	(1,654,551	)		$	(1,577,171	)		$	72,060
Wynn Resorts Ltd.	Morgan Stanley		(1,287	)			(110,425	)			(109,073	)			1,209

			(262,086	)			(13,339,140	)			(12,429,800	)			859,551

Diversified Financials
FactSet Research Systems, Inc.	Morgan Stanley		(100	)			(39,544	)			(39,478	)			18
Intercontinental Exchange, Inc.	Morgan Stanley		(8,653	)			(1,029,249	)			(993,537	)			33,811
Morningstar, Inc.	Morgan Stanley		(412	)			(114,980	)			(106,720	)			8,247
Open Lending Corp., Class A	Morgan Stanley		(5,332	)			(219,864	)			(192,325	)			28,348

			(14,497	)			(1,403,637	)			(1,332,060	)			70,424

Energy
Antero Midstream Corp.	Morgan Stanley		(22,972	)			(235,934	)			(239,368	)			(3,744	)
Bonanza Creek Energy, Inc.	Morgan Stanley		(6,494	)			(282,179	)			(311,063	)			(30,572	)
Cenovus Energy, Inc. (Canada)	Morgan Stanley		(86,920	)			(840,442	)			(874,415	)			(45,478	)
Cheniere Energy, Inc.	Morgan Stanley		(18,462	)			(1,597,139	)			(1,803,184	)			(208,173	)
Comstock Resources, Inc.	Morgan Stanley		(18,460	)			(174,151	)			(191,061	)			(17,138	)
ConocoPhillips	Morgan Stanley		(8,766	)			(474,750	)			(594,072	)			(128,308	)
Core Laboratories N.V. (Netherlands)	Morgan Stanley		(6,731	)			(209,742	)			(186,785	)			22,651
Crescent Point Energy Corp. (Canada)	Morgan Stanley		(279,008	)			(1,187,371	)			(1,286,227	)			(103,219	)
CVR Energy, Inc.	Morgan Stanley		(10,525	)			(173,896	)			(175,347	)			(1,678	)
Delek U.S. Holdings, Inc.	Morgan Stanley		(76,738	)			(1,313,454	)			(1,378,982	)			(75,605	)
Devon Energy Corp.	Morgan Stanley		(41,102	)			(1,156,881	)			(1,459,532	)			(360,278	)
Diamondback Energy, Inc.	Morgan Stanley		(14,042	)			(1,215,925	)			(1,329,356	)			(137,369	)
Dril-Quip, Inc.	Morgan Stanley		(8,083	)			(280,499	)			(203,530	)			77,540
Enerplus Corp. (Canada)	Morgan Stanley		(44,450	)			(263,620	)			(355,600	)			(93,016	)
EQT Corp.	Morgan Stanley		(131,579	)			(2,430,855	)			(2,692,106	)			(264,494	)
FLEX LNG Ltd. (Bermuda)	Morgan Stanley		(69	)			(1,219	)			(1,242	)			(20	)
Gevo, Inc.	Morgan Stanley		(99,858	)			(619,058	)			(663,057	)			(44,821	)
Liberty Oilfield Services, Inc., Class A	Morgan Stanley		(47,086	)			(514,962	)			(571,153	)			(58,340	)
New Fortress Energy, Inc.	Morgan Stanley		(10,169	)			(293,788	)			(282,190	)			10,325
Northern Oil and Gas, Inc.	Morgan Stanley		(19,699	)			(384,140	)			(421,559	)			(39,454	)
Par Pacific Holdings, Inc.	Morgan Stanley		(20,165	)			(310,865	)			(316,994	)			(6,539	)
Patterson-UTI Energy, Inc.	Morgan Stanley		(91	)			(831	)			(819	)			(447	)
Pembina Pipeline Corp. (Canada)	Morgan Stanley		(14,114	)			(383,922	)			(447,273	)			(83,983	)
Phillips 66	Morgan Stanley		(1,841	)			(156,158	)			(128,925	)			23,716
Pioneer Natural Resources Co.	Morgan Stanley		(12,184	)			(2,016,863	)			(2,028,758	)			(55,686	)
Range Resources Corp.	Morgan Stanley		(28,023	)			(439,454	)			(634,160	)			(195,288	)
RPC, Inc.	Morgan Stanley		(71,544	)			(241,776	)			(347,704	)			(107,231	)
Southwestern Energy Co.	Morgan Stanley		(168,974	)			(756,212	)			(936,116	)			(189,075	)
TechnipFMC PLC (United Kingdom)	Morgan Stanley		(326,918	)			(2,374,719	)			(2,461,693	)			(90,142	)
Tellurian, Inc.	Morgan Stanley		(238,743	)			(697,855	)			(933,485	)			(239,802	)
Williams Cos., Inc. (The)	Morgan Stanley		(28,082	)			(713,653	)			(728,447	)			(15,742	)

			(1,861,892	)			(21,742,313	)			(23,984,203	)			(2,461,410	)

Food & Staples Retailing
BJ’s Wholesale Club Holdings, Inc.	Morgan Stanley		(14,871	)			(744,349	)			(816,715	)			(78,807	)
Casey’s General Stores, Inc.	Morgan Stanley		(7,198	)			(1,410,893	)			(1,356,463	)			51,669
Chefs’ Warehouse, Inc. (The)	Morgan Stanley		(11,760	)			(357,809	)			(383,023	)			(28,460	)
Grocery Outlet Holding Corp.	Morgan Stanley		(42,759	)			(1,759,871	)			(922,312	)			835,904
Performance Food Group Co.	Morgan Stanley		(8,126	)			(377,140	)			(377,534	)			(893	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Food & Staples Retailing — (continued)
Rite Aid Corp.	Morgan Stanley		(11,511	)		$	(222,949	)		$	(163,456	)		$	59,200
United Natural Foods, Inc.	Morgan Stanley		(12,610	)			(456,333	)			(610,576	)			(175,953	)

			(108,835	)			(5,329,344	)			(4,630,079	)			662,660

Food, Beverage & Tobacco
B&G Foods, Inc.	Morgan Stanley		(22,190	)			(721,167	)			(663,259	)			26,289
Beyond Meat, Inc.	Morgan Stanley		(6,106	)			(962,101	)			(642,718	)			318,103
Celsius Holdings, Inc.	Morgan Stanley		(25,491	)			(1,834,743	)			(2,296,484	)			(464,188	)
Conagra Brands, Inc.	Morgan Stanley		(17,421	)			(595,975	)			(590,049	)			1,451
Fresh Del Monte Produce, Inc. (Cayman Islands)	Morgan Stanley		(116	)			(3,770	)			(3,738	)			32
Freshpet, Inc.	Morgan Stanley		(6,856	)			(1,036,417	)			(978,283	)			56,754
Hain Celestial Group, Inc. (The)	Morgan Stanley		(10,767	)			(421,621	)			(460,612	)			(39,550	)
Hormel Foods Corp.	Morgan Stanley		(26,307	)			(1,100,062	)			(1,078,587	)			20,010
Hostess Brands, Inc.	Morgan Stanley		(3,384	)			(58,173	)			(58,780	)			(680	)
Ingredion, Inc.	Morgan Stanley		(15,909	)			(1,444,195	)			(1,416,060	)			22,262
J & J Snack Foods Corp.	Morgan Stanley		(1,162	)			(184,905	)			(177,577	)			4,237
Keurig Dr Pepper, Inc.	Morgan Stanley		(8,743	)			(307,233	)			(298,661	)			6,877
Lamb Weston Holdings, Inc.	Morgan Stanley		(2,070	)			(173,740	)			(127,036	)			45,991
Lancaster Colony Corp.	Morgan Stanley		(1,280	)			(221,810	)			(216,077	)			5,016
McCormick & Co, Inc., Non Voting Shares	Morgan Stanley		(8,167	)			(720,060	)			(661,772	)			55,024
MGP Ingredients, Inc.	Morgan Stanley		(5,000	)			(219,713	)			(325,500	)			(108,505	)
Pilgrim’s Pride Corp.	Morgan Stanley		(11,762	)			(232,904	)			(342,039	)			(110,695	)
Post Holdings, Inc.	Morgan Stanley		(7,411	)			(852,671	)			(816,396	)			35,141
TreeHouse Foods, Inc.	Morgan Stanley		(21,070	)			(812,257	)			(840,272	)			(29,095	)
Universal Corp.	Morgan Stanley		(2,282	)			(112,760	)			(110,289	)			2,325
Utz Brands, Inc.	Morgan Stanley		(34,290	)			(724,819	)			(587,388	)			134,647

			(237,784	)			(12,741,096	)			(12,691,577	)			(18,554	)

Health Care Equipment & Services
1Life Healthcare, Inc.	Morgan Stanley		(27,160	)			(874,718	)			(549,990	)			323,564
ABIOMED, Inc.	Morgan Stanley		(2,138	)			(693,487	)			(695,962	)			(6,766	)
Accolade, Inc.	Morgan Stanley		(4,836	)			(233,652	)			(203,934	)			29,411
AdaptHealth Corp.	Morgan Stanley		(12,615	)			(336,879	)			(293,803	)			42,635
Alphatec Holdings, Inc.	Morgan Stanley		(17,724	)			(250,107	)			(216,056	)			33,723
American Well Corp., Class A	Morgan Stanley		(23,658	)			(331,420	)			(215,524	)			115,458
AmerisourceBergen Corp.	Morgan Stanley		(10,263	)			(1,244,064	)			(1,225,915	)			13,723
Apollo Medical Holdings, Inc.	Morgan Stanley		(1,724	)			(165,701	)			(156,970	)			8,515
Avanos Medical, Inc.	Morgan Stanley		(2,283	)			(75,493	)			(71,230	)			4,213
Axogen, Inc.	Morgan Stanley		(9,509	)			(114,441	)			(150,242	)			(50,943	)
BioLife Solutions, Inc.	Morgan Stanley		(6,224	)			(250,953	)			(263,400	)			(12,777	)
Cardiovascular Systems, Inc.	Morgan Stanley		(11,282	)			(408,313	)			(370,388	)			37,208
Castle Biosciences, Inc.	Morgan Stanley		(11,615	)			(776,426	)			(772,398	)			2,996
Change Healthcare, Inc.	Morgan Stanley		(1,196	)			(25,354	)			(25,044	)			281
Covetrus, Inc.	Morgan Stanley		(32,938	)			(963,652	)			(597,495	)			364,875
CryoPort, Inc.	Morgan Stanley		(2,965	)			(170,661	)			(197,202	)			(26,972	)
GoodRx Holdings, Inc., Class A	Morgan Stanley		(14,922	)			(671,322	)			(612,100	)			58,709
Guardant Health, Inc.	Morgan Stanley		(6,758	)			(1,004,541	)			(844,818	)			159,816
Haemonetics Corp.	Morgan Stanley		(9,158	)			(783,664	)			(646,463	)			136,158
HealthEquity, Inc.	Morgan Stanley		(250	)			(16,613	)			(16,190	)			406
Hill-Rom Holdings, Inc.	Morgan Stanley		(1,159	)			(156,191	)			(173,850	)			(18,154	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Health Care Equipment & Services — (continued)
Humana, Inc.	Morgan Stanley		(1,605	)		$	(739,763	)		$	(624,586	)		$	113,986
ICU Medical, Inc.	Morgan Stanley		(651	)			(155,815	)			(151,930	)			3,681
Inari Medical, Inc.	Morgan Stanley		(2,402	)			(221,531	)			(194,802	)			26,438
Inovalon Holdings, Inc., Class A	Morgan Stanley		(10,142	)			(347,732	)			(408,621	)			(61,348	)
Insulet Corp.	Morgan Stanley		(3,839	)			(1,070,814	)			(1,091,159	)			(22,339	)
Integer Holdings Corp.	Morgan Stanley		(2,259	)			(212,085	)			(201,819	)			9,996
iRhythm Technologies, Inc.	Morgan Stanley		(6,509	)			(304,766	)			(381,167	)			(76,803	)
Joint Corp. (The)	Morgan Stanley		(2,038	)			(162,037	)			(199,765	)			(39,233	)
Lantheus Holdings, Inc.	Morgan Stanley		(25,348	)			(593,018	)			(650,937	)			(61,099	)
Magellan Health, Inc.	Morgan Stanley		(2,361	)			(221,121	)			(223,233	)			(2,401	)
Masimo Corp.	Morgan Stanley		(5,437	)			(1,424,743	)			(1,471,850	)			(50,154	)
Mesa Laboratories, Inc.	Morgan Stanley		(845	)			(208,034	)			(255,494	)			(48,322	)
National HealthCare Corp.	Morgan Stanley		(8	)			(560	)			(560	)			5
Neogen Corp.	Morgan Stanley		(3,147	)			(145,518	)			(136,674	)			8,655
Oak Street Health, Inc.	Morgan Stanley		(39,015	)			(1,965,579	)			(1,659,308	)			303,650
Option Care Health, Inc.	Morgan Stanley		(19,983	)			(438,442	)			(484,788	)			(48,675	)
OrthoPediatrics Corp.	Morgan Stanley		(4,388	)			(229,924	)			(287,458	)			(58,543	)
Outset Medical, Inc.	Morgan Stanley		(5,341	)			(224,132	)			(264,059	)			(40,221	)
Penumbra, Inc.	Morgan Stanley		(3,711	)			(992,013	)			(988,982	)			1,197
PetIQ, Inc.	Morgan Stanley		(17,079	)			(618,785	)			(426,463	)			192,325
Phreesia, Inc.	Morgan Stanley		(659	)			(40,650	)			(40,660	)			(59	)
Progyny, Inc.	Morgan Stanley		(19,713	)			(1,141,925	)			(1,103,928	)			36,476
Quidel Corp.	Morgan Stanley		(3,622	)			(517,636	)			(511,245	)			5,704
RadNet, Inc.	Morgan Stanley		(14,745	)			(239,060	)			(432,176	)			(193,430	)
ResMed, Inc.	Morgan Stanley		(2,612	)			(666,337	)			(688,393	)			(51,977	)
Schrodinger, Inc.	Morgan Stanley		(17,031	)			(1,002,947	)			(931,255	)			70,357
Silk Road Medical, Inc.	Morgan Stanley		(8,941	)			(527,384	)			(492,023	)			34,045
Simulations Plus, Inc.	Morgan Stanley		(3,513	)			(258,499	)			(138,764	)			119,008
SmileDirectClub, Inc.	Morgan Stanley		(140,112	)			(824,749	)			(745,396	)			78,256
STERIS PLC (Ireland)	Morgan Stanley		(18,030	)			(3,897,474	)			(3,683,168	)			202,180
Surgery Partners, Inc.	Morgan Stanley		(14,492	)			(696,939	)			(613,591	)			82,422
Tabula Rasa HealthCare, Inc.	Morgan Stanley		(17,173	)			(978,346	)			(450,104	)			528,546
Tactile Systems Technology, Inc.	Morgan Stanley		(7,598	)			(290,707	)			(337,731	)			(47,471	)
Teladoc Health, Inc.	Morgan Stanley		(3,997	)			(603,865	)			(506,860	)			96,203
U.S. Physical Therapy, Inc.	Morgan Stanley		(118	)			(13,635	)			(13,051	)			571

			(638,841	)			(31,524,217	)			(29,090,974	)			2,327,705

Household & Personal Products
Clorox Co. (The)	Morgan Stanley		(7,153	)			(1,225,514	)			(1,184,608	)			37,637
Energizer Holdings, Inc.	Morgan Stanley		(15,935	)			(627,299	)			(622,262	)			2,713
Honest Co., Inc. (The)	Morgan Stanley		(17,952	)			(186,443	)			(186,342	)			(143	)
Inter Parfums, Inc.	Morgan Stanley		(1,460	)			(105,229	)			(109,164	)			(4,280	)
Reynolds Consumer Products, Inc.	Morgan Stanley		(8,501	)			(241,033	)			(232,417	)			7,691
Spectrum Brands Holdings, Inc.	Morgan Stanley		(4,590	)			(410,036	)			(439,125	)			(29,535	)

			(55,591	)			(2,795,554	)			(2,773,918	)			14,083

Materials
Albemarle Corp.	Morgan Stanley		(798	)			(165,465	)			(174,738	)			(13,617	)
Allegheny Technologies, Inc.	Morgan Stanley		(17,120	)			(312,438	)			(284,706	)			27,320
Amyris, Inc.	Morgan Stanley		(24,786	)			(337,266	)			(340,312	)			(3,491	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Materials — (continued)
Balchem Corp.	Morgan Stanley		(744	)		$	(107,431	)		$	(107,932	)		$	(639	)
Cabot Corp.	Morgan Stanley		(2,336	)			(126,817	)			(117,080	)			8,750
Century Aluminum Co.	Morgan Stanley		(29,071	)			(350,285	)			(391,005	)			(41,183	)
Coeur Mining, Inc.	Morgan Stanley		(82,676	)			(566,095	)			(510,111	)			55,232
Commercial Metals Co.	Morgan Stanley		(20,236	)			(654,221	)			(616,389	)			36,963
Ecolab, Inc.	Morgan Stanley		(3,184	)			(704,039	)			(664,246	)			38,513
Element Solutions, Inc.	Morgan Stanley		(10,001	)			(233,238	)			(216,822	)			15,692
Equinox Gold Corp. (Canada)	Morgan Stanley		(114,698	)			(1,214,386	)			(757,007	)			455,761
First Majestic Silver Corp. (Canada)	Morgan Stanley		(49,971	)			(665,815	)			(564,672	)			100,192
FMC Corp.	Morgan Stanley		(6,299	)			(608,967	)			(576,736	)			28,444
Franco-Nevada Corp. (Canada)	Morgan Stanley		(12,213	)			(1,761,834	)			(1,586,591	)			170,100
HB Fuller Co.	Morgan Stanley		(9,843	)			(634,713	)			(635,464	)			(3,533	)
Huntsman Corp.	Morgan Stanley		(63,740	)			(1,667,342	)			(1,886,067	)			(229,888	)
International Flavors & Fragrances, Inc.	Morgan Stanley		(16,952	)			(2,395,164	)			(2,266,821	)			108,781
Kirkland Lake Gold Ltd. (Canada)	Morgan Stanley		(1,432	)			(71,075	)			(59,557	)			10,354
MAG Silver Corp. (Canada)	Morgan Stanley		(833	)			(13,540	)			(13,495	)			33
Materion Corp.	Morgan Stanley		(2,305	)			(168,420	)			(158,215	)			9,546
Methanex Corp. (Canada)	Morgan Stanley		(10,583	)			(212,980	)			(487,241	)			(277,463	)
Novagold Resources, Inc. (Canada)	Morgan Stanley		(54,950	)			(546,845	)			(378,056	)			168,064
Quaker Chemical Corp.	Morgan Stanley		(2,835	)			(674,966	)			(673,936	)			(1,148	)
RPM International, Inc.	Morgan Stanley		(6,096	)			(522,808	)			(473,354	)			48,760
Sandstorm Gold Ltd. (Canada)	Morgan Stanley		(8,017	)			(48,042	)			(46,178	)			1,805
Schweitzer-Mauduit International, Inc.	Morgan Stanley		(1,691	)			(62,128	)			(58,610	)			3,215
Scotts Miracle-Gro Co. (The)	Morgan Stanley		(10,944	)			(1,740,600	)			(1,601,764	)			131,454
Seabridge Gold, Inc. (Canada)	Morgan Stanley		(20,717	)			(380,774	)			(320,078	)			60,197
Silgan Holdings, Inc.	Morgan Stanley		(2,912	)			(125,701	)			(111,704	)			13,088
SilverCrest Metals, Inc. (Canada)	Morgan Stanley		(9,813	)			(79,459	)			(68,495	)			10,863
Sonoco Products Co.	Morgan Stanley		(2,837	)			(182,684	)			(169,028	)			13,417
Stepan Co.	Morgan Stanley		(2,819	)			(359,394	)			(318,378	)			39,049
Summit Materials, Inc., Class A	Morgan Stanley		(938	)			(30,174	)			(29,988	)			152
Teck Resources Ltd., Class B (Canada)	Morgan Stanley		(23,293	)			(535,313	)			(580,229	)			(46,705	)
Valvoline, Inc.	Morgan Stanley		(28,463	)			(840,419	)			(887,476	)			(57,107	)
Warrior Met Coal, Inc.	Morgan Stanley		(19,044	)			(347,564	)			(443,154	)			(106,166	)
Yamana Gold, Inc. (Canada)	Morgan Stanley		(196,993	)			(916,889	)			(780,092	)			119,077

			(872,183	)			(20,365,291	)			(19,355,727	)			893,882

Media & Entertainment
Angi, Inc.	Morgan Stanley		(90,772	)			(1,240,130	)			(1,120,126	)			118,352
Cable One, Inc.	Morgan Stanley		(806	)			(1,584,912	)			(1,461,383	)			119,819
Cardlytics, Inc.	Morgan Stanley		(2,593	)			(217,339	)			(217,656	)			(603	)
Cargurus, Inc.	Morgan Stanley		(9,577	)			(303,906	)			(300,814	)			2,692
Cinemark Holdings, Inc.	Morgan Stanley		(14,039	)			(305,338	)			(269,689	)			35,029
Clear Channel Outdoor Holdings, Inc.	Morgan Stanley		(77,034	)			(185,461	)			(208,762	)			(24,117	)
iHeartMedia, Inc., Class A	Morgan Stanley		(15,220	)			(296,812	)			(380,804	)			(84,384	)
Lions Gate Entertainment Corp., Class B (Canada)	Morgan Stanley		(9,589	)			(117,815	)			(124,657	)			(6,994	)
Madison Square Garden Entertainment Corp.	Morgan Stanley		(4,278	)			(425,149	)			(310,882	)			113,703
Magnite, Inc.	Morgan Stanley		(1,952	)			(79,239	)			(54,656	)			24,482
Match Group, Inc.	Morgan Stanley		(6,883	)			(1,121,914	)			(1,080,562	)			47,400
MediaAlpha, Inc., Class A	Morgan Stanley		(3,214	)			(73,421	)			(60,038	)			13,291
Nexstar Media Group, Inc., Class A	Morgan Stanley		(510	)			(79,327	)			(77,500	)			1,727

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Media & Entertainment — (continued)
Sciplay Corp., Class A	Morgan Stanley		(2,512	)		$	(51,463	)		$	(51,973	)		$	(573	)
Shaw Communications, Inc., Class B (Canada)	Morgan Stanley		(3,937	)			(107,346	)			(114,330	)			(8,978	)
ZoomInfo Technologies, Inc., Class A	Morgan Stanley		(4,129	)			(229,879	)			(252,654	)			(31,735	)
Zynga, Inc., Class A	Morgan Stanley		(15,583	)			(183,603	)			(117,340	)			66,023

			(262,628	)			(6,603,054	)			(6,203,826	)			385,134

Pharmaceuticals, Biotechnology & Life Sciences
10X Genomics, Inc., Class A	Morgan Stanley		(3,805	)			(596,450	)			(553,932	)			41,726
ACADIA Pharmaceuticals, Inc.	Morgan Stanley		(17,186	)			(284,595	)			(285,459	)			(1,239	)
Adaptive Biotechnologies Corp.	Morgan Stanley		(18,496	)			(860,578	)			(628,679	)			230,754
Agenus, Inc.	Morgan Stanley		(321	)			(1,814	)			(1,685	)			131
Amneal Pharmaceuticals, Inc.	Morgan Stanley		(13,421	)			(69,291	)			(71,668	)			(2,464	)
Apellis Pharmaceuticals, Inc.	Morgan Stanley		(18,794	)			(894,521	)			(619,450	)			273,880
Arcturus Therapeutics Holdings, Inc.	Morgan Stanley		(10,222	)			(860,528	)			(488,407	)			370,976
Arcus Biosciences, Inc.	Morgan Stanley		(2,903	)			(84,773	)			(101,228	)			(18,188	)
Arvinas, Inc.	Morgan Stanley		(13,683	)			(757,232	)			(1,124,469	)			(368,244	)
Avantor, Inc.	Morgan Stanley		(24,405	)			(978,192	)			(998,165	)			(29,931	)
Avid Bioservices, Inc.	Morgan Stanley		(2,107	)			(43,562	)			(45,448	)			(1,939	)
Axsome Therapeutics, Inc.	Morgan Stanley		(11,520	)			(498,854	)			(379,699	)			118,494
Berkeley Lights, Inc.	Morgan Stanley		(29,699	)			(1,213,128	)			(580,912	)			630,599
Bluebird Bio, Inc.	Morgan Stanley		(21,621	)			(395,483	)			(413,177	)			(18,217	)
Catalent, Inc.	Morgan Stanley		(7,574	)			(920,428	)			(1,007,872	)			(88,669	)
ChemoCentryx, Inc.	Morgan Stanley		(32,809	)			(492,573	)			(561,034	)			(69,114	)
Codexis, Inc.	Morgan Stanley		(14,640	)			(201,488	)			(340,526	)			(141,301	)
Cronos Group, Inc. (Canada)	Morgan Stanley		(23,154	)			(161,810	)			(131,052	)			30,548
Dicerna Pharmaceuticals, Inc.	Morgan Stanley		(19,242	)			(409,742	)			(387,919	)			21,281
Elanco Animal Health, Inc.	Morgan Stanley		(10,406	)			(316,973	)			(331,847	)			(15,292	)
Emergent BioSolutions, Inc.	Morgan Stanley		(4,067	)			(257,654	)			(203,635	)			58,734
Heron Therapeutics, Inc.	Morgan Stanley		(2,416	)			(28,032	)			(25,827	)			2,055
Inovio Pharmaceuticals, Inc.	Morgan Stanley		(5,523	)			(48,131	)			(39,545	)			9,031
Ionis Pharmaceuticals, Inc.	Morgan Stanley		(4,198	)			(227,184	)			(140,801	)			86,085
Iovance Biotherapeutics, Inc.	Morgan Stanley		(1,640	)			(61,649	)			(40,442	)			21,130
Jazz Pharmaceuticals PLC (Ireland)	Morgan Stanley		(23,309	)			(3,230,376	)			(3,035,065	)			190,999
Ligand Pharmaceuticals, Inc.	Morgan Stanley		(285	)			(32,045	)			(39,706	)			(8,372	)
MacroGenics, Inc.	Morgan Stanley		(65	)			(1,367	)			(1,361	)			9
Medpace Holdings, Inc.	Morgan Stanley		(3,906	)			(714,826	)			(739,328	)			(25,451	)
Mirati Therapeutics, Inc.	Morgan Stanley		(2,962	)			(437,466	)			(524,007	)			(102,331	)
NanoString Technologies, Inc.	Morgan Stanley		(5,915	)			(307,589	)			(283,979	)			23,204
Novavax, Inc.	Morgan Stanley		(523	)			(108,817	)			(108,423	)			254
Nurix Therapeutics, Inc.	Morgan Stanley		(27	)			(816	)			(809	)			11
Ocular Therapeutix, Inc.	Morgan Stanley		(12,449	)			(166,704	)			(124,490	)			41,996
Perrigo Co. PLC (Ireland)	Morgan Stanley		(51,951	)			(2,237,216	)			(2,458,841	)			(233,733	)
Personalis, Inc.	Morgan Stanley		(18,569	)			(488,890	)			(357,268	)			130,975
Phathom Pharmaceuticals, Inc.	Morgan Stanley		(166	)			(5,312	)			(5,329	)			(19	)
Phibro Animal Health Corp., Class A	Morgan Stanley		(40	)			(870	)			(862	)			13
Protagonist Therapeutics, Inc.	Morgan Stanley		(994	)			(45,490	)			(17,614	)			27,821
Reata Pharmaceuticals, Inc., Class A	Morgan Stanley		(6,405	)			(1,002,677	)			(644,407	)			356,936
Revance Therapeutics, Inc.	Morgan Stanley		(5,703	)			(154,257	)			(158,886	)			(4,830	)
REVOLUTION Medicines, Inc.	Morgan Stanley		(338	)			(9,305	)			(9,298	)			(127	)
Rocket Pharmaceuticals, Inc.	Morgan Stanley		(622	)			(20,825	)			(18,592	)			2,220

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Seagen, Inc.	Morgan Stanley		(399	)		$	(67,103	)		$	(67,750	)		$	(732	)
Sundial Growers, Inc. (Canada)	Morgan Stanley		(570,292	)			(412,076	)			(386,715	)			24,815
Syneos Health, Inc.	Morgan Stanley		(14,801	)			(1,346,985	)			(1,294,791	)			48,925
TG Therapeutics, Inc.	Morgan Stanley		(6,221	)			(169,319	)			(207,035	)			(42,416	)
Viatris, Inc.	Morgan Stanley		(60,372	)			(887,682	)			(818,041	)			55,134

			(1,100,166	)			(22,512,678	)			(20,805,475	)			1,626,127

Retailing
1-800-Flowers.com, Inc., Class A	Morgan Stanley		(7,837	)			(254,846	)			(239,107	)			15,404
Asbury Automotive Group, Inc.	Morgan Stanley		(3,751	)			(727,700	)			(737,972	)			(11,239	)
Big Lots, Inc.	Morgan Stanley		(1,637	)			(78,092	)			(70,980	)			7,047
CarMax, Inc.	Morgan Stanley		(2,731	)			(368,914	)			(349,459	)			18,968
Carvana Co.	Morgan Stanley		(920	)			(250,633	)			(277,417	)			(27,114	)
Chewy, Inc., Class A	Morgan Stanley		(594	)			(40,511	)			(40,457	)			5
Children’s Place, Inc. (The)	Morgan Stanley		(3,661	)			(280,118	)			(275,527	)			3,670
Designer Brands, Inc., Class A	Morgan Stanley		(37,432	)			(510,941	)			(521,428	)			(12,660	)
Dollar General Corp.	Morgan Stanley		(4,851	)			(1,044,578	)			(1,029,091	)			12,989
Dollar Tree, Inc.	Morgan Stanley		(5,142	)			(502,061	)			(492,192	)			9,204
Five Below, Inc.	Morgan Stanley		(5,046	)			(960,551	)			(892,183	)			67,323
Franchise Group, Inc.	Morgan Stanley		(3,687	)			(127,459	)			(130,557	)			(4,623	)
Gap, Inc. (The)	Morgan Stanley		(91,261	)			(2,327,742	)			(2,071,625	)			257,900
GrowGeneration Corp.	Morgan Stanley		(31,457	)			(1,215,960	)			(776,044	)			438,296
Leslie’s, Inc.	Morgan Stanley		(30,609	)			(877,733	)			(628,709	)			247,856
Monro, Inc.	Morgan Stanley		(13,438	)			(829,336	)			(772,819	)			39,740
Murphy U.S.A., Inc.	Morgan Stanley		(12,215	)			(1,842,146	)			(2,043,081	)			(208,238	)
Nordstrom, Inc.	Morgan Stanley		(22,066	)			(515,772	)			(583,646	)			(68,558	)
Pool Corp.	Morgan Stanley		(1,025	)			(472,771	)			(445,270	)			23,895
Poshmark, Inc., Class A	Morgan Stanley		(3,722	)			(170,082	)			(88,435	)			81,426
RealReal, Inc. (The)	Morgan Stanley		(42,629	)			(1,017,125	)			(561,850	)			453,920
Sally Beauty Holdings, Inc.	Morgan Stanley		(37,584	)			(714,707	)			(633,290	)			80,467
Sleep Number Corp.	Morgan Stanley		(341	)			(35,028	)			(31,877	)			3,109
Stamps.com, Inc.	Morgan Stanley		(3,949	)			(1,286,739	)			(1,302,341	)			(17,316	)
Tractor Supply Co.	Morgan Stanley		(16,467	)			(3,137,180	)			(3,336,379	)			(209,358	)
Vroom, Inc.	Morgan Stanley		(38,354	)			(1,441,088	)			(846,473	)			592,694

			(422,406	)			(21,029,813	)			(19,178,209	)			1,794,807

Semiconductors & Semiconductor Equipment
ACM Research, Inc., Class A	Morgan Stanley		(9,029	)			(838,782	)			(993,190	)			(155,616	)
CEVA, Inc.	Morgan Stanley		(2,393	)			(108,250	)			(102,109	)			6,001
Cirrus Logic, Inc.	Morgan Stanley		(7,414	)			(611,718	)			(610,543	)			(388	)
Cree, Inc.	Morgan Stanley		(8,200	)			(846,047	)			(661,986	)			182,935
Entegris, Inc.	Morgan Stanley		(7,420	)			(921,390	)			(934,178	)			(14,014	)
FormFactor, Inc.	Morgan Stanley		(16,488	)			(614,222	)			(615,497	)			(2,091	)
Marvell Technology, Inc.	Morgan Stanley		(28,028	)			(1,701,496	)			(1,690,369	)			8,784
Silicon Laboratories, Inc.	Morgan Stanley		(6,120	)			(922,293	)			(857,779	)			63,153
SMART Global Holdings, Inc. (Cayman Islands)	Morgan Stanley		(4,041	)			(202,177	)			(179,825	)			22,087
Veeco Instruments, Inc.	Morgan Stanley		(327	)			(7,378	)			(7,263	)			110

			(89,460	)			(6,773,753	)			(6,652,739	)			110,961

Software & Services
8x8, Inc.	Morgan Stanley		(27,422	)			(544,400	)			(641,401	)			(97,743	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Software & Services — (continued)
Akamai Technologies, Inc.	Morgan Stanley		(1,586	)		$	(178,171	)		$	(165,880	)		$	13,074
Alarm.com Holdings, Inc.	Morgan Stanley		(2,746	)			(237,470	)			(214,710	)			22,448
Alliance Data Systems Corp.	Morgan Stanley		(221	)			(22,445	)			(22,297	)			(54	)
Alteryx, Inc., Class A	Morgan Stanley		(35,231	)			(3,623,172	)			(2,575,386	)			1,042,949
Anaplan, Inc.	Morgan Stanley		(1,747	)			(115,215	)			(106,375	)			9,261
Appfolio, Inc., Class A	Morgan Stanley		(5,951	)			(801,136	)			(716,500	)			83,570
Avaya Holdings Corp.	Morgan Stanley		(13,417	)			(271,013	)			(265,522	)			5,133
Bentley Systems, Inc., Class B	Morgan Stanley		(4,159	)			(292,400	)			(252,202	)			46,055
Blackbaud, Inc.	Morgan Stanley		(8,078	)			(563,655	)			(568,287	)			(5,381	)
BlackBerry Ltd. (Canada)	Morgan Stanley		(40,148	)			(370,756	)			(390,640	)			(20,374	)
Bottomline Technologies DE, Inc.	Morgan Stanley		(24,038	)			(950,061	)			(944,213	)			4,584
CDK Global, Inc.	Morgan Stanley		(4,461	)			(192,507	)			(189,816	)			2,440
Ceridian HCM Holding, Inc.	Morgan Stanley		(9,049	)			(868,077	)			(1,019,098	)			(153,387	)
Citrix Systems, Inc.	Morgan Stanley		(30,671	)			(3,382,089	)			(3,293,145	)			73,408
Concentrix Corp.	Morgan Stanley		(2,349	)			(405,813	)			(415,773	)			(11,402	)
Conduent, Inc.	Morgan Stanley		(28,417	)			(194,281	)			(187,268	)			6,841
Coupa Software, Inc.	Morgan Stanley		(4,238	)			(1,067,617	)			(928,885	)			137,311
Digital Turbine, Inc.	Morgan Stanley		(27,195	)			(1,799,987	)			(1,869,656	)			(72,069	)
Dynatrace, Inc.	Morgan Stanley		(7,189	)			(443,709	)			(510,203	)			(67,092	)
Evo Payments, Inc., Class A	Morgan Stanley		(4,366	)			(125,208	)			(103,387	)			21,696
Fastly, Inc., Class A	Morgan Stanley		(15,130	)			(1,069,632	)			(611,857	)			456,350
FleetCor Technologies, Inc.	Morgan Stanley		(3,457	)			(923,500	)			(903,210	)			19,061
Globant S.A. (Luxembourg)	Morgan Stanley		(2,962	)			(776,385	)			(832,352	)			(68,769	)
GoDaddy, Inc., Class A	Morgan Stanley		(2,968	)			(261,431	)			(206,870	)			55,966
Guidewire Software, Inc.	Morgan Stanley		(4,545	)			(523,485	)			(540,264	)			(17,474	)
Jack Henry & Associates, Inc.	Morgan Stanley		(3,924	)			(685,420	)			(643,771	)			39,893
Jamf Holding Corp.	Morgan Stanley		(4,145	)			(131,225	)			(159,665	)			(28,610	)
JFrog Ltd. (Israel)	Morgan Stanley		(3,930	)			(136,247	)			(131,655	)			4,415
LiveRamp Holdings, Inc.	Morgan Stanley		(12,206	)			(627,466	)			(576,489	)			50,727
Mandiant, Inc.	Morgan Stanley		(59,159	)			(1,063,714	)			(1,053,030	)			9,268
Medallia, Inc.	Morgan Stanley		(15,399	)			(488,876	)			(521,564	)			(33,336	)
Model N, Inc.	Morgan Stanley		(6,906	)			(236,220	)			(231,351	)			4,559
NCR Corp.	Morgan Stanley		(6,832	)			(270,843	)			(264,808	)			5,678
New Relic, Inc.	Morgan Stanley		(4,566	)			(295,759	)			(327,702	)			(33,109	)
Okta, Inc.	Morgan Stanley		(1,399	)			(328,137	)			(332,039	)			(4,335	)
PagerDuty, Inc.	Morgan Stanley		(5,622	)			(231,406	)			(232,863	)			(1,761	)
Paylocity Holding Corp.	Morgan Stanley		(2,542	)			(505,479	)			(712,777	)			(213,710	)
Paysafe Ltd. (Bermuda)	Morgan Stanley		(1,677	)			(12,858	)			(12,997	)			(150	)
Ping Identity Holding Corp.	Morgan Stanley		(53,767	)			(1,743,061	)			(1,321,055	)			424,388
PROS Holdings, Inc.	Morgan Stanley		(17,371	)			(714,623	)			(616,323	)			97,350
Q2 Holdings, Inc.	Morgan Stanley		(9,105	)			(939,109	)			(729,675	)			208,184
Qualys, Inc.	Morgan Stanley		(2,694	)			(352,974	)			(299,815	)			52,937
Rackspace Technology, Inc.	Morgan Stanley		(55,834	)			(1,124,338	)			(793,959	)			328,882
RingCentral, Inc., Class A	Morgan Stanley		(9,484	)			(2,399,792	)			(2,062,770	)			333,820
Sabre Corp.	Morgan Stanley		(33,545	)			(463,023	)			(397,173	)			66,868
Sailpoint Technologies Holdings, Inc.	Morgan Stanley		(18,686	)			(850,311	)			(801,256	)			47,924
SecureWorks Corp., Class A	Morgan Stanley		(175	)			(3,519	)			(3,479	)			41
Shift4 Payments, Inc., Class A	Morgan Stanley		(7,014	)			(617,173	)			(543,725	)			72,628
Smartsheet, Inc., Class A	Morgan Stanley		(10,667	)			(773,172	)			(734,103	)			38,041

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Software & Services — (continued)
SolarWinds Corp.	Morgan Stanley		(24,343	)		$	(486,055	)		$	(407,258	)		$	42,578
Splunk, Inc.	Morgan Stanley		(153	)			(27,970	)			(22,141	)			5,798
Sumo Logic, Inc.	Morgan Stanley		(9,981	)			(174,607	)			(160,894	)			13,485
Switch, Inc., Class A	Morgan Stanley		(28,060	)			(500,590	)			(712,443	)			(219,655	)
Telos Corp.	Morgan Stanley		(39,696	)			(1,216,205	)			(1,128,160	)			86,424
Tucows, Inc., Class A	Morgan Stanley		(3,526	)			(221,418	)			(278,378	)			(58,686	)
Twilio, Inc., Class A	Morgan Stanley		(1,970	)			(636,604	)			(628,529	)			7,230
Tyler Technologies, Inc.	Morgan Stanley		(2,264	)			(1,068,640	)			(1,038,384	)			28,345
Upland Software, Inc.	Morgan Stanley		(9,724	)			(397,743	)			(325,171	)			72,046
Verra Mobility Corp.	Morgan Stanley		(47,489	)			(633,596	)			(715,659	)			(83,983	)
VMware, Inc., Class A	Morgan Stanley		(322	)			(48,228	)			(47,881	)			288
Vonage Holdings Corp.	Morgan Stanley		(3,370	)			(54,025	)			(54,324	)			(366	)
WEX, Inc.	Morgan Stanley		(9,729	)			(1,935,067	)			(1,713,666	)			218,820
Yext, Inc.	Morgan Stanley		(87,319	)			(1,434,150	)			(1,050,448	)			382,409
Zendesk, Inc.	Morgan Stanley		(2,191	)			(270,869	)			(255,010	)			15,501

			(928,527	)			(44,104,127	)			(40,517,587	)			3,467,228

Technology Hardware & Equipment
Advanced Energy Industries, Inc.	Morgan Stanley		(560	)			(50,563	)			(49,140	)			1,361
Amphenol Corp., Class A	Morgan Stanley		(8,989	)			(670,696	)			(658,264	)			8,938
Avnet, Inc.	Morgan Stanley		(15,522	)			(640,514	)			(573,848	)			61,609
Badger Meter, Inc.	Morgan Stanley		(50	)			(5,145	)			(5,057	)			89
Calix, Inc.	Morgan Stanley		(4,763	)			(236,228	)			(235,435	)			483
Ciena Corp.	Morgan Stanley		(10,671	)			(585,251	)			(547,956	)			36,708
CommScope Holding Co., Inc.	Morgan Stanley		(37,052	)			(619,712	)			(503,537	)			115,353
Dell Technologies, Inc., Class C	Morgan Stanley		(5,299	)			(554,053	)			(551,308	)			2,009
Fabrinet (Cayman Islands)	Morgan Stanley		(8,209	)			(688,260	)			(841,505	)			(158,925	)
FARO Technologies, Inc.	Morgan Stanley		(1,679	)			(126,781	)			(110,495	)			16,122
Inseego Corp.	Morgan Stanley		(52,581	)			(501,609	)			(350,189	)			150,754
Insight Enterprises, Inc.	Morgan Stanley		(9,885	)			(697,340	)			(890,441	)			(194,027	)
IPG Photonics Corp.	Morgan Stanley		(806	)			(185,419	)			(127,670	)			57,506
Jabil, Inc.	Morgan Stanley		(13,636	)			(813,835	)			(795,933	)			16,263
MicroVision, Inc.	Morgan Stanley		(43,820	)			(609,413	)			(484,211	)			124,392
National Instruments Corp.	Morgan Stanley		(23,814	)			(1,001,996	)			(934,223	)			55,543
nLight, Inc.	Morgan Stanley		(16,646	)			(391,336	)			(469,251	)			(78,432	)
Rogers Corp.	Morgan Stanley		(1,053	)			(212,230	)			(196,363	)			15,622
Super Micro Computer, Inc.	Morgan Stanley		(8,286	)			(274,609	)			(303,019	)			(28,772	)
Teledyne Technologies, Inc.	Morgan Stanley		(5,986	)			(2,687,861	)			(2,571,466	)			112,808
Viasat, Inc.	Morgan Stanley		(8,570	)			(400,072	)			(471,950	)			(72,407	)

			(277,877	)			(11,952,923	)			(11,671,261	)			242,997

Telecommunication Services
Bandwidth, Inc., Class A	Morgan Stanley		(3,277	)			(348,650	)			(295,848	)			52,342
Cogent Communications Holdings, Inc.	Morgan Stanley		(2,698	)			(195,613	)			(191,126	)			(6,628	)
Globalstar, Inc.	Morgan Stanley		(326,824	)			(490,887	)			(545,796	)			(56,699	)
Shenandoah Telecommunications Co.	Morgan Stanley		(6,770	)			(279,595	)			(213,797	)			(7,202	)
United States Cellular Corp.	Morgan Stanley		(5,577	)			(184,251	)			(177,851	)			6,160

			(345,146	)			(1,498,996	)			(1,424,418	)			(12,027	)

Transportation
Air Transport Services Group, Inc.	Morgan Stanley		(31,400	)			(757,016	)			(810,434	)			(54,424	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Transportation — (continued)
Canadian National Railway Co. (Canada)	Morgan Stanley		(21,143	)		$	(2,444,748	)		$	(2,445,188	)		$	(16,348	)
CH Robinson Worldwide, Inc.	Morgan Stanley		(22,281	)			(2,152,124	)			(1,938,447	)			193,447
Hawaiian Holdings, Inc.	Morgan Stanley		(13,211	)			(256,593	)			(286,150	)			(33,255	)
JB Hunt Transport Services, Inc.	Morgan Stanley		(2,162	)			(365,101	)			(361,530	)			2,425
JetBlue Airways Corp.	Morgan Stanley		(12,713	)			(235,301	)			(194,382	)			40,610
Knight-Swift Transportation Holdings, Inc.	Morgan Stanley		(6,096	)			(298,165	)			(311,810	)			(14,554	)
Landstar System, Inc.	Morgan Stanley		(7,676	)			(1,281,680	)			(1,211,426	)			67,654
Marten Transport Ltd.	Morgan Stanley		(345	)			(5,480	)			(5,413	)			65
TFI International, Inc. (Canada)	Morgan Stanley		(3,741	)			(415,472	)			(382,255	)			31,806

			(120,768	)			(8,211,680	)			(7,947,035	)			217,426

Utilities
Algonquin Power & Utilities Corp. (Canada)	Morgan Stanley		(68,781	)			(1,072,720	)			(1,008,329	)			35,231
ALLETE, Inc.	Morgan Stanley		(10,242	)			(610,688	)			(609,604	)			(32,563	)
Alliant Energy Corp.	Morgan Stanley		(3,652	)			(224,839	)			(204,439	)			20,105
Ameren Corp.	Morgan Stanley		(9,694	)			(792,904	)			(785,214	)			(10,987	)
American States Water Co.	Morgan Stanley		(103	)			(8,923	)			(8,809	)			108
Atmos Energy Corp.	Morgan Stanley		(2,455	)			(223,231	)			(216,531	)			1,831
Avangrid, Inc.	Morgan Stanley		(11,378	)			(559,411	)			(552,971	)			(9,756	)
Black Hills Corp.	Morgan Stanley		(12,938	)			(843,622	)			(811,989	)			10,535
Brookfield Renewable Corp., Class A (Canada)	Morgan Stanley		(7,470	)			(310,108	)			(289,911	)			16,758
California Water Service Group	Morgan Stanley		(1,956	)			(94,221	)			(115,267	)			(22,979	)
CenterPoint Energy, Inc.	Morgan Stanley		(29,915	)			(742,057	)			(735,909	)			(621	)
Clearway Energy, Inc., Class A	Morgan Stanley		(13,252	)			(332,608	)			(373,706	)			(53,685	)
Consolidated Edison, Inc.	Morgan Stanley		(5,381	)			(394,528	)			(390,607	)			(7,850	)
Edison International	Morgan Stanley		(44,404	)			(2,549,116	)			(2,463,090	)			35,896
Entergy Corp.	Morgan Stanley		(11,336	)			(1,226,941	)			(1,125,778	)			83,611
Evergy, Inc.	Morgan Stanley		(26,280	)			(1,726,178	)			(1,634,616	)			71,659
Eversource Energy	Morgan Stanley		(14,076	)			(1,229,620	)			(1,150,854	)			63,367
NextEra Energy, Inc.	Morgan Stanley		(8,481	)			(693,296	)			(665,928	)			23,182
NiSource, Inc.	Morgan Stanley		(68,096	)			(1,732,625	)			(1,649,966	)			69,944
Northwest Natural Holding Co.	Morgan Stanley		(10,745	)			(536,331	)			(494,163	)			31,371
NorthWestern Corp.	Morgan Stanley		(6,701	)			(421,933	)			(383,967	)			27,192
OGE Energy Corp.	Morgan Stanley		(22,502	)			(780,684	)			(741,666	)			31,296
Ormat Technologies, Inc.	Morgan Stanley		(5,214	)			(413,854	)			(347,305	)			65,210
Pinnacle West Capital Corp.	Morgan Stanley		(19,494	)			(1,551,982	)			(1,410,586	)			131,783
PNM Resources, Inc.	Morgan Stanley		(8,567	)			(420,382	)			(423,895	)			(7,851	)
Portland General Electric Co.	Morgan Stanley		(13,892	)			(663,550	)			(652,785	)			(4,613	)
Sempra Energy	Morgan Stanley		(8,115	)			(1,098,577	)			(1,026,548	)			46,557
SJW Group	Morgan Stanley		(4,059	)			(268,215	)			(268,138	)			(6,564	)
South Jersey Industries, Inc.	Morgan Stanley		(26,932	)			(704,827	)			(572,574	)			119,139
Southwest Gas Holdings, Inc.	Morgan Stanley		(14,325	)			(977,302	)			(958,056	)			3,336
Spire, Inc.	Morgan Stanley		(7,194	)			(510,767	)			(440,129	)			63,927
Vistra Corp.	Morgan Stanley		(108,786	)			(1,871,713	)			(1,860,241	)			(18,073	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Concluded)

September 30, 2021

Total Return Swaps (concluded)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Utilities — (continued)
WEC Energy Group, Inc.	Morgan Stanley		(4,279	)		$	(367,467	)		$	(377,408	)		$	(18,797	)
Xcel Energy, Inc.	Morgan Stanley		(18,982	)			(1,291,558	)			(1,186,375	)			96,614

			(629,677	)			(27,246,778	)			(25,937,354	)			854,313

Total Reference Entity — Short							(317,965,831	)			(300,022,337	)			16,240,669

Net Value of Reference Entity						$	(208,432,228	)		$	(175,876,710	)		$	32,142,833

*	Includes $(412,685) related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 95.4%
Automobiles & Components — 2.3%
Adient PLC (Ireland)^*		3,517	$	145,780
American Axle & Manufacturing Holdings, Inc.^*		32,765		288,660
Aptiv PLC (Jersey)^*		2,078		309,560
Ford Motor Co.^(a)*		92,417		1,308,625
General Motors Co.^(a)*		33,957		1,789,873
Gentex Corp.		7,283		240,193
Gentherm, Inc.^*		1,001		81,011
Lear Corp.		348		54,455
Magna International, Inc. (Canada)		6,495		488,684
Tenneco, Inc., Class A^*		4,235		60,433
Thor Industries, Inc.		121		14,854
Visteon Corp.^*		2,592		244,659
Winnebago Industries, Inc.		2,523		182,791

				5,209,578

Capital Goods — 8.3%
3M Co.^(a)		5,972		1,047,608
A.O. Smith Corp.		4,495		274,510
AAR Corp.^*		2,818		91,388
Acuity Brands, Inc.		1		173
AECOM^*		4,505		284,491
Aerojet Rocketdyne Holdings, Inc.		1,187		51,694
AeroVironment, Inc.^*		484		41,779
Allegion PLC (Ireland)		704		93,055
Altra Industrial Motion Corp.		185		10,240
AMETEK, Inc.		499		61,881
Apogee Enterprises, Inc.		2,238		84,507
Applied Industrial Technologies, Inc.		133		11,987
Armstrong World Industries, Inc.		347		33,128
Atkore, Inc.^*		4,967		431,732
Beacon Roofing Supply, Inc.^*		3,114		148,725
Boise Cascade Co.		7,536		406,793
Carrier Global Corp.		7,465		386,388
Caterpillar, Inc.		1,535		294,674
Colfax Corp.^*		777		35,664
Comfort Systems USA, Inc.		689		49,139
Crane Co.		1,491		141,362
Cummins, Inc.^(a)		3,304		741,946
Curtiss-Wright Corp.		577		72,806
Deere & Co.		1,381		462,732
Donaldson Co., Inc.		449		25,777
Dover Corp.		831		129,220
Dycom Industries, Inc.^*		661		47,090
Eaton Corp. PLC (Ireland)		2,773		414,037
EMCOR Group, Inc.		205		23,653
Emerson Electric Co.^(a)		11,373		1,071,337


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Enerpac Tool Group Corp.		184	$	3,814
ESCO Technologies, Inc.		432		33,264
Fortive Corp.		1,193		84,190
Generac Holdings, Inc.^*		131		53,536
General Dynamics Corp.		3,210		629,256
General Electric Co.		7,099		731,410
Gibraltar Industries, Inc.^*		1		70
Global Industrial Co.		13		493
Graco, Inc.		91		6,367
Granite Construction, Inc.		3,008		118,966
HEICO Corp.		1,186		156,398
Herc Holdings, Inc.^*		1,173		191,739
Hillenbrand, Inc.		4,357		185,826
Honeywell International, Inc.^(a)		379		80,454
Howmet Aerospace, Inc.^(a)		12,751		397,831
Huntington Ingalls Industries, Inc.		828		159,854
Ingersoll Rand, Inc.^*		6,543		329,833
John Bean Technologies Corp.		537		75,475
Johnson Controls International PLC (Ireland)		9,223		627,902
Kaman Corp.		205		7,312
L3Harris Technologies, Inc.		531		116,947
Lennox International, Inc.		1,500		441,255
Lockheed Martin Corp.^(a)		3,070		1,059,457
Middleby Corp. (The)^*		368		62,748
Mueller Industries, Inc.		4		164
MYR Group, Inc.^*		342		34,029
Nordson Corp.		944		224,814
Northrop Grumman Corp.^(a)		1,476		531,581
NOW, Inc.^*		8,928		68,299
nVent Electric PLC (Ireland)		1		32
Oshkosh Corp.		3,134		320,828
Otis Worldwide Corp.		1,750		143,990
Owens Corning		7,315		625,432
Parker-Hannifin Corp.		1,600		447,392
Pentair PLC (Ireland)		7,295		529,836
Quanta Services, Inc.		85		9,675
Regal Rexnord Corp.		648		97,420
Resideo Technologies, Inc.^*		1,736		43,035
Rockwell Automation, Inc.		398		117,028
Sensata Technologies Holding PLC (United Kingdom)^*		3,508		191,958
Simpson Manufacturing Co., Inc.		605		64,717
Snap-on, Inc.		2,214		462,615
SPX FLOW, Inc.		525		38,377
Stanley Black & Decker, Inc.		3,486		611,131

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Tecnoglass, Inc. (Cayman Islands)		967	$	21,013
Terex Corp.		5,643		237,570
Textron, Inc.		4,170		291,108
Toro Co. (The)		775		75,493
TPI Composites, Inc.^*		3,136		105,840
Trane Technologies PLC (Ireland)		1,808		312,151
Triumph Group, Inc.^*		1,927		35,900
United Rentals, Inc.^*		18		6,317
Watsco, Inc.		147		38,899
Watts Water Technologies, Inc., Class A		239		40,173
WESCO International, Inc.^*		2,312		266,620
WW Grainger, Inc.		962		378,124
Xylem, Inc.		564		69,755

				18,965,229

Commercial & Professional Services — 1.6%
ABM Industries, Inc.		6,094		274,291
Brady Corp., Class A		1,249		63,324
Brink’s Co. (The)		1,094		69,250
CACI International, Inc., Class A^*		92		24,113
CBIZ, Inc.^*		254		8,214
Cimpress PLC (Ireland)^*		175		15,195
Cintas Corp.		339		129,044
Clean Harbors, Inc.^*		2,017		209,506
Copart, Inc.^*		1,702		236,101
CoreCivic, Inc.^*		4,708		41,901
Equifax, Inc.		299		75,773
Healthcare Services Group, Inc.		4,842		121,002
HNI Corp.		1,158		42,522
IHS Markit Ltd. (Bermuda)		181		21,108
Jacobs Engineering Group, Inc.		2,554		338,482
Korn Ferry		907		65,631
MSA Safety, Inc.		75		10,928
Nielsen Holdings PLC (United Kingdom)		42,679		819,010
Republic Services, Inc.		4,352		522,501
Robert Half International, Inc.		2,410		241,795
Rollins, Inc.		932		32,928
Science Applications International Corp.		1,240		106,094
Steelcase, Inc., Class A		409		5,186
Thomson Reuters Corp. (Canada)		1,865		206,045
Waste Management, Inc.		116		17,326

				3,697,270


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — 2.6%
Acushnet Holdings Corp.		855	$	39,928
BRP, Inc., sub-voting shares (Canada)		386		35,774
Brunswick Corp.		3,033		288,954
Capri Holdings Ltd. (British Virgin Islands)^*		5,152		249,408
Cavco Industries, Inc.^*		285		67,471
Columbia Sportswear Co.		19		1,821
Deckers Outdoor Corp.^*		111		39,982
DR Horton, Inc.		2,229		187,169
Garmin Ltd. (Switzerland)		875		136,027
GoPro, Inc., Class A^*		17,821		166,805
Hasbro, Inc.		4,418		394,174
Johnson Outdoors, Inc., Class A		49		5,184
Kontoor Brands, Inc.		2,179		108,841
La-Z-Boy, Inc.		962		31,005
Mattel, Inc.^*		10,910		202,490
Mohawk Industries, Inc.^*		2,937		521,024
Newell Brands, Inc.		4,878		107,999
NIKE, Inc., Class B^(a)		4,925		715,258
Polaris, Inc.		166		19,864
PulteGroup, Inc.		3,495		160,490
PVH Corp.^*		1,935		198,899
Ralph Lauren Corp.		495		54,965
Skechers USA, Inc., Class A^*		219		9,224
Skyline Champion Corp.^*		4,262		255,976
Smith & Wesson Brands, Inc.		16,034		332,866
Sonos, Inc.^*		5,211		168,628
Steven Madden Ltd.		1,466		58,875
Sturm Ruger & Co., Inc.		2,247		165,784
Tapestry, Inc.		5,315		196,761
Tempur Sealy International, Inc.		3,865		179,375
Tupperware Brands Corp.^*		3,435		72,547
Under Armour, Inc., Class C^*		7,641		133,870
Whirlpool Corp.		2,224		453,385
YETI Holdings, Inc.^*		1,415		121,251

				5,882,074

Consumer Services — 2.9%
Adtalem Global Education, Inc.^*		4,937		186,668
Airbnb, Inc., Class A^*		485		81,359
Bloomin’ Brands, Inc.^*		11,684		292,100
Booking Holdings, Inc.^*		171		405,932
Boyd Gaming Corp.^*		2,254		142,588
Brinker International, Inc.^*		2,836		139,106
Choice Hotels International, Inc.		1,344		169,841

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Cracker Barrel Old Country Store, Inc.		394	$	55,097
Dine Brands Global, Inc.^*		3,543		287,727
Domino’s Pizza, Inc.		173		82,514
Expedia Group, Inc.^*		1		164
Golden Entertainment, Inc.^*		926		45,457
Graham Holdings Co., Class B		130		76,591
Grand Canyon Education, Inc.^*		719		63,243
Hilton Worldwide Holdings, Inc.^*		627		82,833
Houghton Mifflin Harcourt Co.^*		3,026		40,639
Jack in the Box, Inc.		787		76,599
Marriott International, Inc., Class A^*		4,239		627,753
McDonald’s Corp.^(a)		2,935		707,658
Penn National Gaming, Inc.^*		7,277		527,291
Perdoceo Education Corp.^*		6,109		64,511
Red Rock Resorts, Inc., Class A^*		562		28,786
Service Corp. International		3,062		184,516
Starbucks Corp.		2,147		236,835
Vail Resorts, Inc.		283		94,536
Wendy’s Co. (The)		8,850		191,868
WW International, Inc.^*		1,711		31,226
Wyndham Hotels & Resorts, Inc.		4,698		362,639
Yum! Brands, Inc.^(a)		10,510		1,285,478

				6,571,555

Diversified Financials — 3.0%
Affiliated Managers Group, Inc.		539		81,438
Berkshire Hathaway, Inc., Class B^(a)*		8,248		2,251,209
BlackRock, Inc.		766		642,414
CME Group, Inc.		1,668		322,558
Federated Hermes, Inc.		2,859		92,918
Franklin Resources, Inc.		7,945		236,125
Invesco Ltd. (Bermuda)		14,194		342,217
Moody’s Corp.		1,789		635,292
MSCI, Inc.		203		123,493
Nasdaq, Inc.		3,924		757,410
S&P Global, Inc.		972		412,993
T Rowe Price Group, Inc.^(a)		5,060		995,302

				6,893,369

Energy — 4.5%
Antero Resources Corp.^*		4,112		77,347
APA Corp.		10,660		228,444
Baker Hughes Co.		18,684		462,055
Cactus, Inc., Class A		147		5,545


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Canadian Natural Resources Ltd. (Canada)		11,483	$	419,589
Centennial Resource Development, Inc., Class A^*		4,785		32,060
ChampionX Corp.^*		12,671		283,324
Chevron Corp.		163		16,536
Cimarex Energy Co.^*		2,589		225,761
CNX Resources Corp.^*		2,205		27,827
ConocoPhillips		1		68
Continental Resources, Inc.		2,381		109,883
Crescent Point Energy Corp. (Canada)		1,801		8,303
Denbury, Inc.^*		914		64,209
DHT Holdings, Inc. (Marshall Islands)		7,535		49,204
EOG Resources, Inc.^(a)		8,716		699,633
Equitrans Midstream Corp.		12,609		127,855
Exxon Mobil Corp.^(a)		22,543		1,325,979
Green Plains, Inc.^*		738		24,096
Halliburton Co.		19,492		421,417
Hess Corp.		6,485		506,543
HollyFrontier Corp.		271		8,978
Imperial Oil Ltd. (Canada)		2,320		73,219
Kosmos Energy Ltd.^*		50,737		150,182
Magnolia Oil & Gas Corp., Class A		1,679		29,869
Marathon Oil Corp.		57,599		787,378
Marathon Petroleum Corp.		15,724		971,900
Murphy Oil Corp.		2,697		67,344
Oasis Petroleum, Inc.		657		65,319
Occidental Petroleum Corp.^(a)		23,190		685,960
Oceaneering International, Inc.^*		15,964		212,640
ONEOK, Inc.		10,966		635,918
Ovintiv, Inc.		5,578		183,405
PDC Energy, Inc.		3,601		170,651
SM Energy Co.		19,594		516,890
Suncor Energy, Inc. (Canada)		5,875		121,847
Targa Resources Corp.		1,966		96,747
Transocean Ltd. (Switzerland)^*		9,763		37,002
Vermilion Energy, Inc. (Canada)^*		10,774		106,663
Whiting Petroleum Corp.^*		695		40,595
Williams Cos., Inc. (The)		1,782		46,225
World Fuel Services Corp.		4,730		159,023

				10,283,433

Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		390		175,246
Kroger Co. (The)		5,740		232,068

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
Sprouts Farmers Market, Inc.^*		11,194	$	259,365
Sysco Corp.		6,994		549,029
Walgreens Boots Alliance, Inc.		5,704		268,373
Walmart, Inc.^(a)		15,039		2,096,136
Weis Markets, Inc.		72		3,784

				3,584,001

Food, Beverage & Tobacco — 3.9%
Altria Group, Inc.^(a)		14,550		662,316
Archer-Daniels-Midland Co.		5,487		329,275
Brown-Forman Corp., Class B		355		23,789
Coca-Cola Co. (The)^(a)		19,933		1,045,885
Coca-Cola Consolidated, Inc.		106		41,783
Constellation Brands, Inc., Class A^(a)		2,072		436,550
Darling Ingredients, Inc.^*		7,489		538,459
General Mills, Inc.		2,028		121,315
Hershey Co. (The)		2,630		445,128
JM Smucker Co. (The)		173		20,765
Kellogg Co.		947		60,532
Kraft Heinz Co. (The)^(a)		32,395		1,192,784
Molson Coors Beverage Co., Class B		4,038		187,282
Mondelez International, Inc., Class A		12,848		747,497
Monster Beverage Corp.^(a)*		8,821		783,569
PepsiCo, Inc.		5,483		824,698
Philip Morris International, Inc.		4,349		412,242
Primo Water Corp. (Canada)		92		1,446
Sanderson Farms, Inc.		2,422		455,820
SunOpta, Inc. (Canada)^*		9,181		81,986
Tyson Foods, Inc., Class A		3,898		307,708
Vector Group Ltd.		2,111		26,915

				8,747,744

Health Care Equipment & Services — 7.8%
Abbott Laboratories^(a)		6,244		737,604
Acadia Healthcare Co., Inc.^*		5,661		361,059
Addus HomeCare Corp.^*		3		239
Alcon, Inc. (Switzerland)		4,974		400,258
Align Technology, Inc.^*		1,084		721,326
Allscripts Healthcare Solutions, Inc.^*		6,362		85,060
Amedisys, Inc.^*		949		141,496
AMN Healthcare Services, Inc.^*		1,667		191,288
Anthem, Inc.^(a)		3,175		1,183,640
Boston Scientific Corp.^*		10,271		445,659
Cerner Corp.		9,449		666,344


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Change Healthcare, Inc.^*		2,389	$	50,026
Cigna Corp.		1,589		318,054
Community Health Systems, Inc.^*		9,980		116,766
CONMED Corp.		1,259		164,715
Cooper Cos., Inc. (The)		648		267,825
CryoLife, Inc.^*		25		557
CVS Health Corp.		2,509		212,914
Danaher Corp.^(a)		2,144		652,719
Dexcom, Inc.^*		199		108,825
Doximity, Inc., Class A^*		521		42,045
Edwards Lifesciences Corp.^*		1,096		124,078
Ensign Group, Inc. (The)		1,334		99,903
Envista Holdings Corp.^*		11,814		493,943
Fulgent Genetics, Inc.^*		1,419		127,639
Globus Medical, Inc., Class A^*		848		64,974
HCA Healthcare, Inc.		2,190		531,557
Henry Schein, Inc.^*		1,833		139,601
Heska Corp.^*		242		62,567
Hologic, Inc.^(a)*		8,088		596,975
IDEXX Laboratories, Inc.^(a)*		1,664		1,034,842
Inspire Medical Systems, Inc.^*		440		102,467
Integra LifeSciences Holdings Corp.^*		2,563		175,514
Intersect ENT, Inc.^*		82		2,230
Intuitive Surgical, Inc.^(a)*		534		530,876
Laboratory Corp. of America Holdings^*		3,666		1,031,759
LeMaitre Vascular, Inc.		71		3,769
LivaNova PLC (United Kingdom)^*		3,613		286,114
McKesson Corp.		2,527		503,833
MEDNAX, Inc.^*		8,008		227,667
Medtronic PLC (Ireland)		9,368		1,174,279
Meridian Bioscience, Inc.^*		1,064		20,471
Merit Medical Systems, Inc.^*		1,951		140,082
National Research Corp.		7		295
NextGen Healthcare, Inc.^*		1,132		15,961
Omnicell, Inc.^*		1,086		161,195
Owens & Minor, Inc.		1,119		35,014
Quest Diagnostics, Inc.		2,707		393,354
Select Medical Holdings Corp.		4,650		168,191
STAAR Surgical Co.^*		3,106		399,214
Stryker Corp.		2,047		539,835
Tenet Healthcare Corp.^*		1,051		69,828
Tivity Health, Inc.^*		7,296		168,246

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
UnitedHealth Group, Inc.^(a)		3,150	$	1,230,831
Veeva Systems, Inc., Class A^*		339		97,690

				17,623,213

Household & Personal Products — 1.2%
Colgate-Palmolive Co.^(a)		14,859		1,123,043
Coty, Inc., Class A^*		15,972		125,540
Edgewell Personal Care Co.		2,243		81,421
Estee Lauder Cos., Inc. (The), Class A		1,922		576,465
Kimberly-Clark Corp.		1,855		245,676
Procter & Gamble Co. (The)^(a)		4,001		559,340
WD-40 Co.		445		103,009

				2,814,494

Materials — 5.2%
AdvanSix, Inc.^*		706		28,064
Agnico Eagle Mines Ltd. (Canada)		6,385		331,062
Alamos Gold, Inc., Class A (Canada)		5,354		38,549
Amcor PLC (Jersey)		6,648		77,050
Ashland Global Holdings, Inc.		1,720		153,286
Avery Dennison Corp.		1,609		333,401
Avient Corp.		3,494		161,947
Axalta Coating Systems Ltd. (Bermuda)^*		9,587		279,845
Ball Corp.		251		22,583
Carpenter Technology Corp.		3,525		115,409
Celanese Corp.		952		143,409
Centerra Gold, Inc. (Canada)		7		48
CF Industries Holdings, Inc.		3,337		186,271
Chemours Co. (The)		8,538		248,114
Commercial Metals Co.		68		2,071
Compass Minerals International, Inc.		418		26,919
Corteva, Inc.		6,664		280,421
Domtar Corp.^*		2,740		149,440
Dow, Inc.		7,853		452,019
DuPont de Nemours, Inc.^(a)		20,972		1,425,886
Eagle Materials, Inc.		2,333		305,996
Eastman Chemical Co.		494		49,766
Ecovyst, Inc.		129		1,504
Ferro Corp.^*		7,457		151,675
Freeport-McMoRan, Inc.^(a)		11,758		382,488
GCP Applied Technologies, Inc.^*		127		2,784
Graphic Packaging Holding Co.		6,022		114,659
Hecla Mining Co.		26,770		147,235


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
IAMGOLD Corp. (Canada)^*		36,217	$	81,850
Ingevity Corp.^*		2,365		168,790
Innospec, Inc.		831		69,987
International Paper Co.		6,933		387,693
Kaiser Aluminum Corp.		2		218
Kinross Gold Corp. (Canada)		14,805		79,355
Kraton Corp.^*		1,495		68,232
Linde PLC (Ireland)		2,855		837,600
Livent Corp.^*		7,135		164,890
Louisiana-Pacific Corp.		2,901		178,034
LyondellBasell Industries NV, Class A (Netherlands)		3,579		335,889
Martin Marietta Materials, Inc.		374		127,788
Minerals Technologies, Inc.		592		41,345
Mosaic Co. (The)		16,592		592,666
Newmont Corp.		5,628		305,600
Nucor Corp.		5,755		566,810
Nutrien Ltd. (Canada)		2,407		156,046
O-I Glass, Inc.^*		12,307		175,621
Olin Corp.		6,541		315,603
Pan American Silver Corp. (Canada)		44		1,024
PPG Industries, Inc.		285		40,758
Pretium Resources, Inc. (Canada)^*		14,011		135,066
Reliance Steel & Aluminum Co.		475		67,650
Royal Gold, Inc.		363		34,663
Sealed Air Corp.		2,379		130,345
Sensient Technologies Corp.		378		34,428
Sherwin-Williams Co. (The)^(a)		1,518		424,630
Southern Copper Corp.		1,539		86,400
Trinseo SA (Luxembourg)		1,376		74,277
Vulcan Materials Co.		38		6,428
Westlake Chemical Corp.		1,810		164,963
Westrock Co.		2,751		137,082
Wheaton Precious Metals Corp. (Canada)		3,419		128,486
Worthington Industries, Inc.		3,124		164,635

				11,896,753

Media & Entertainment — 6.7%
Activision Blizzard, Inc.		12,728		985,020
Alphabet, Inc., Class A^(a)*		1,238		3,309,818
Altice USA, Inc., Class A^*		895		18,544
Cars.com, Inc.^*		2,419		30,600
Charter Communications, Inc., Class A^(a)*		1,217		885,441
Comcast Corp., Class A		11,646		651,361

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
Discovery, Inc., Class A^*		1,901	$	48,247
DISH Network Corp., Class A^*		15,566		676,498
Eventbrite, Inc., Class A^*		1,323		25,018
Facebook, Inc., Class A^(a)*		9,695		3,290,386
Fox Corp., Class A		10,420		417,946
Gannett Co., Inc.^*		54		361
Gray Television, Inc.		3,008		68,643
Interpublic Group of Cos., Inc. (The)		12,087		443,230
Lions Gate Entertainment Corp., Class B (Canada)^*		2,114		27,482
Live Nation Entertainment, Inc.^*		435		39,642
Netflix, Inc.^(a)*		2,486		1,517,305
News Corp., Class A		12,304		289,513
Omnicom Group, Inc.		1,228		88,981
Scholastic Corp.		40		1,426
Snap, Inc., Class A^*		4,053		299,395
TechTarget, Inc.^*		382		31,484
Twitter, Inc.^(a)*		18,890		1,140,767
ViacomCBS, Inc., Class B		4,161		164,401
Walt Disney Co. (The)^*		2,331		394,335
World Wrestling Entertainment, Inc., Class A		1,680		94,517
Yelp, Inc.^*		8,123		302,501

				15,242,862

Pharmaceuticals, Biotechnology & Life Sciences — 7.2%
AbbVie, Inc.^(a)		5,984		645,494
AbCellera Biologics, Inc. (Canada)^*		5,000		100,200
Agilent Technologies, Inc.		5,469		861,532
Atea Pharmaceuticals, Inc.^*		3,434		120,396
Biogen, Inc.^*		2,245		635,313
Bio-Rad Laboratories, Inc., Class A^*		135		100,703
Bio-Techne Corp.		198		95,945
Bristol-Myers Squibb Co.		13,758		814,061
Bruker Corp.		1,204		94,032
Celldex Therapeutics, Inc.^*		2,101		113,433
Charles River Laboratories International, Inc.^*		1,005		414,733
Cortexyme, Inc.^*		212		19,432
Dynavax Technologies Corp.^*		8,981		172,525
Eli Lilly and Co.		5,004		1,156,174
Fulcrum Therapeutics, Inc.^*		150		4,232
Gilead Sciences, Inc.		5,954		415,887
Illumina, Inc.^*		2,273		921,952
Innoviva, Inc.^*		3,062		51,166
IQVIA Holdings, Inc.^*		138		33,057
Ironwood Pharmaceuticals, Inc.^*		9,335		121,915


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Johnson & Johnson^(a)		12,143	$	1,961,094
Merck & Co., Inc.^(a)		19,415		1,458,261
Mettler-Toledo International, Inc.^*		14		19,283
Moderna, Inc.^*		1,345		517,637
Organon & Co.		7,243		237,498
Pacira BioSciences, Inc.^*		2,239		125,384
PerkinElmer, Inc.^(a)		4,011		695,066
Pfizer, Inc.^(a)		63,360		2,725,114
Prestige Consumer Healthcare, Inc.^*		1,029		57,737
Prothena Corp. PLC (Ireland)^*		2,336		166,393
Regeneron Pharmaceuticals, Inc.^*		301		182,159
Thermo Fisher Scientific, Inc.^(a)		149		85,128
United Therapeutics Corp.^*		609		112,409
Veracyte, Inc.^*		3,692		171,493
Vertex Pharmaceuticals, Inc.^*		1,728		313,442
Waters Corp.^*		866		309,422
Zoetis, Inc.		1,087		211,030

				16,240,732

Retailing — 6.8%
Academy Sports & Outdoors, Inc.^*		1,005		40,220
Advance Auto Parts, Inc.		2,334		487,549
Amazon.com, Inc.^(a)*		1,057		3,472,287
American Eagle Outfitters, Inc.		2,093		53,999
Asbury Automotive Group, Inc.^*		1		197
AutoNation, Inc.^*		2,474		301,234
AutoZone, Inc.^*		108		183,383
Bath & Body Works, Inc.^(a)		12,137		764,995
Best Buy Co., Inc.		289		30,550
Buckle, Inc. (The)		3,495		138,367
Caleres, Inc.		490		10,888
Camping World Holdings, Inc., Class A		3,008		116,921
Dick’s Sporting Goods, Inc.		568		68,029
eBay, Inc.^(a)		29,953		2,086,826
Etsy, Inc.^(a)*		2,478		515,325
Foot Locker, Inc.		3,275		149,537
Genuine Parts Co.		1,671		202,575
Guess?, Inc.		4,691		98,558
Home Depot, Inc. (The)^(a)		2,718		892,211
LKQ Corp.^*		14,018		705,386
Lowe’s Cos., Inc.^(a)		4,499		912,667
Macy’s, Inc.		8,970		202,722
MarineMax, Inc.^*		3,020		146,530
National Vision Holdings, Inc.^*		442		25,092

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
O’Reilly Automotive, Inc.^*		514	$	314,085
Penske Automotive Group, Inc.		1,001		100,701
Qurate Retail, Inc., Series A		16,016		163,203
RH^*		2		1,334
Ross Stores, Inc.		3,401		370,199
Shoe Carnival, Inc.		1,379		44,707
Shutterstock, Inc.		2,887		327,155
Signet Jewelers Ltd. (Bermuda)		5,510		435,070
Sonic Automotive, Inc., Class A		3,695		194,135
Target Corp.^(a)		5,114		1,169,930
Ulta Beauty, Inc.^*		1,398		504,566
Victoria’s Secret & Co.^*		556		30,725
Williams-Sonoma, Inc.		58		10,285
Zumiez, Inc.^*		2,144		85,245

				15,357,388

Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices, Inc.^*		1,105		113,704
Amkor Technology, Inc.		1,028		25,649
Analog Devices, Inc.^(a)		1,186		198,631
Applied Materials, Inc.^(a)		11,183		1,439,588
Axcelis Technologies, Inc.^*		2,005		94,295
Broadcom, Inc.^(a)		903		437,892
Brooks Automation, Inc.		784		80,242
Cohu, Inc.^*		934		29,832
Enphase Energy, Inc.^*		2,454		368,026
First Solar, Inc.^*		1,472		140,517
Ichor Holdings Ltd. (Cayman Islands)^*		3,640		149,568
Intel Corp.^(a)		30,057		1,601,437
KLA Corp.		470		157,220
Lam Research Corp.		854		486,054
MACOM Technology Solutions Holdings, Inc.^*		6,409		415,752
Microchip Technology, Inc.		1		153
Micron Technology, Inc.		13,916		987,758
MKS Instruments, Inc.		1,580		238,438
Monolithic Power Systems, Inc.		615		298,078
NVIDIA Corp.		1,790		370,816
NXP Semiconductors NV (Netherlands)		5,208		1,020,091
ON Semiconductor Corp.^*		4,757		217,728
Onto Innovation, Inc.^*		1,076		77,741
Power Integrations, Inc.		1,039		102,851
Qorvo, Inc.^(a)*		3,893		650,871
QUALCOMM, Inc.^(a)		9,736		1,255,749
Rambus, Inc.^*		4,667		103,607


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Semtech Corp.^*		519	$	40,466
Skyworks Solutions, Inc.		4,033		664,558
SMART Global Holdings, Inc. (Cayman Islands)^*		62		2,759
Synaptics, Inc.^(a)*		1,384		248,746
Texas Instruments, Inc.^(a)		3,108		597,389
Ultra Clean Holdings, Inc.^*		15		639
Xilinx, Inc.		1,328		200,515

				12,817,360

Software & Services — 13.0%
Accenture PLC, Class A (Ireland)		1,400		447,888
ACI Worldwide, Inc.^*		1,419		43,606
Adobe, Inc.^*		2,090		1,203,255
Agilysys, Inc.^*		111		5,812
ANSYS, Inc.^*		1,257		427,946
Automatic Data Processing, Inc.^(a)		10,076		2,014,394
Box, Inc., Class A^*		14,212		336,398
Broadridge Financial Solutions, Inc.		1,762		293,620
Cadence Design Systems, Inc.^(a)*		4,252		643,923
Cerence, Inc.^*		3,854		370,408
CGI, Inc. (Canada)^*		1,070		90,693
Cloudera, Inc.^*		15,469		247,040
CommVault Systems, Inc.^*		479		36,073
Cornerstone OnDemand, Inc.^*		4,384		251,028
CSG Systems International, Inc.		578		27,860
Descartes Systems Group, Inc. (The) (Canada)^*		11		894
DocuSign, Inc.^*		373		96,021
Dolby Laboratories, Inc., Class A		2,986		262,768
Domo, Inc., Class B^*		431		36,394
Dropbox, Inc., Class A^*		9,870		288,401
DXC Technology Co.^*		11,143		374,516
Elastic NV (Netherlands)^*		325		48,422
Fair Isaac Corp.^*		743		295,662
Fiserv, Inc.^(a)*		9,892		1,073,282
Fortinet, Inc.^(a)*		3,715		1,084,929
Gartner, Inc.^*		2,218		674,006
HubSpot, Inc.^*		425		287,338
International Business Machines Corp.^(a)		3,294		457,635
Intuit, Inc.^(a)		2,070		1,116,786
Lightspeed Commerce, Inc. (Canada)^*		3,033		292,472
Manhattan Associates, Inc.^*		735		112,477
Maximus, Inc.		984		81,869

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Microsoft Corp.^(a)		13,293	$	3,747,563
MongoDB, Inc.^*		1,269		598,346
NCR Corp.^*		2,344		90,853
NortonLifeLock, Inc.^(a)		19,343		489,378
Nutanix, Inc., Class A^*		7,994		301,374
Open Text Corp. (Canada)		4,625		225,423
Oracle Corp.^(a)		27,179		2,368,106
Palantir Technologies, Inc., Class A^*		1,402		33,704
Palo Alto Networks, Inc.^*		269		128,851
Paychex, Inc.^(a)		8,395		944,018
PayPal Holdings, Inc.^(a)*		3,666		953,930
Progress Software Corp.		407		20,020
PTC, Inc.^*		2,587		309,897
ServiceNow, Inc.^(a)*		3,282		2,042,290
Sprout Social, Inc., Class A^*		2,810		342,679
SPS Commerce, Inc.^*		881		142,114
Square, Inc., Class A^(a)*		1,702		408,208
SS&C Technologies Holdings, Inc.		2,741		190,225
Synopsys, Inc.^(a)*		2,291		685,948
Teradata Corp.^*		5,788		331,942
TTEC Holdings, Inc.		156		14,591
Verint Systems, Inc.^*		8,295		371,533
VeriSign, Inc.^*		1,528		313,255
Visa, Inc., Class A^(a)		3,539		788,312
Western Union Co. (The)		18,026		364,486
Workiva, Inc.^*		1,647		232,161
Xperi Holding Corp.		322		6,066

				29,469,089

Technology Hardware & Equipment — 5.7%
3D Systems Corp.^*		19,046		525,098
Apple, Inc.^(a)		17,838		2,524,077
Arista Networks, Inc.^*		234		80,412
Arrow Electronics, Inc.^*		771		86,576
Belden, Inc.		920		53,599
Benchmark Electronics, Inc.		1,336		35,684
CDW Corp.		1,278		232,621
Cisco Systems, Inc.^(a)		21,591		1,175,198
Cognex Corp.		198		15,884
Coherent, Inc.^*		1,936		484,174
Corning, Inc.		16,995		620,147
CTS Corp.		147		4,544
Diebold Nixdorf, Inc.^*		22,661		229,103
EchoStar Corp., Class A^*		7,833		199,820
Extreme Networks, Inc.^*		12,761		125,696
F5 Networks, Inc.^*		254		50,490
Hewlett Packard Enterprise Co.		35,631		507,742


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
HP, Inc.^(a)		30,868	$	844,548
Keysight Technologies, Inc.^*		1,530		251,364
Knowles Corp.^*		2,525		47,318
NetApp, Inc.		7,179		644,387
NETGEAR, Inc.^*		1,144		36,505
OSI Systems, Inc.^*		531		50,339
Plantronics, Inc.^*		4,125		106,054
Sanmina Corp.^*		3,992		153,852
Seagate Technology Holdings PLC (Ireland)		6,682		551,399
SYNNEX Corp.		2,998		312,092
TE Connectivity Ltd. (Switzerland)		4,693		643,973
Trimble, Inc.^*		2,762		227,174
TTM Technologies, Inc.^*		11,852		148,980
Ubiquiti, Inc.		895		267,310
Vishay Intertechnology, Inc.		6,963		139,887
Vontier Corp.		10,459		351,422
Western Digital Corp.^*		7,167		404,505
Xerox Holdings Corp.		10,127		204,262
Zebra Technologies Corp., Class A^*.		1,280		659,738

				12,995,974

Telecommunication Services — 1.3%
AT&T, Inc.^(a)		32,935		889,574
Gogo, Inc.^*		10,550		182,515
IDT Corp., Class B^*		28		1,174
Iridium Communications, Inc.^*		2,067		82,370
Lumen Technologies, Inc.		9,458		117,185
Rogers Communications, Inc., Class B (Canada)		9		420
T-Mobile US, Inc.^*		6,046		772,437
Verizon Communications, Inc.^(a)		16,594		896,242

				2,941,917

Transportation — 2.1%
Alaska Air Group, Inc.^*		1,335		78,231
ArcBest Corp.		4,533		370,663
Atlas Air Worldwide Holdings, Inc.^*		1,109		90,583
Canadian Pacific Railway Ltd. (Canada)		1,327		86,348
CSX Corp.^(a)		35,137		1,044,974
Echo Global Logistics, Inc.^*		1		48
Expeditors International of Washington, Inc.		2,565		305,568
FedEx Corp.^(a)		242		53,068
Hub Group, Inc., Class A^*		954		65,588
Kirby Corp.^*		553		26,522

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Matson, Inc.		408	$	32,930
Norfolk Southern Corp.^(a)		818		195,707
Old Dominion Freight Line, Inc.		1,164		332,881
Schneider National, Inc., Class B		8,004		182,011
Southwest Airlines Co.^*		345		17,743
Union Pacific Corp.		2,826		553,924
United Airlines Holdings, Inc.^*		4,887		232,475
United Parcel Service, Inc., Class B^(a)		5,105		929,620
XPO Logistics, Inc.^*		3,144		250,200

				4,849,084

Utilities — 2.1%
AES Corp. (The)		14,318		326,880
American Water Works Co., Inc.		678		114,609
Dominion Energy, Inc.^(a)		8,002		584,306
Exelon Corp.^(a)		23,482		1,135,120
Fortis, Inc. (Canada)		190		8,423
MDU Resources Group, Inc.		1,945		57,708
NRG Energy, Inc.		18,980		774,953
PPL Corp.		34,075		950,011
Public Service Enterprise Group, Inc.		14,450		880,005
Southern Co. (The)		493		30,551
TransAlta Corp. (Canada)		46		486

				4,863,052

TOTAL COMMON STOCKS (Cost $188,437,774)				216,946,171

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.6%				10,372,420

NET ASSETS - 100.0%			$	227,318,591

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

*	Non-income producing.

PLC Public Limited Company

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Over-the-counter total return swaps outstanding as of September 30, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between August 27, 2024 and July 6, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 3.6% of net assets as of September 30, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of September 30, 2021:

Total Return Swaps


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Long
Automobiles & Components
Adient PLC (Ireland)		Morgan Stanley		5,747		$	101,199		$	238,213		$	135,759
American Axle & Manufacturing Holdings, Inc.		Morgan Stanley		19,184			149,368			169,011			19,663
Aptiv PLC (Jersey)		Morgan Stanley		1,799			253,948			267,997			14,340
Ford Motor Co.		Morgan Stanley		79,100			729,735			1,120,056			390,639
General Motors Co.		Morgan Stanley		27,659			1,318,215			1,457,906			140,102
Gentex Corp.		Morgan Stanley		5,960			201,884			196,561			(4,724	)
Gentherm, Inc.		Morgan Stanley		1,012			55,517			81,901			26,424
Lear Corp.		Morgan Stanley		286			43,929			44,753			859
Magna International, Inc. (Canada)		Morgan Stanley		5,297			434,338			398,546			(34,363	)
Tenneco, Inc., Class A		Morgan Stanley		3,371			43,948			48,104			4,191
Thor Industries, Inc.		Morgan Stanley		98			12,171			12,030			(238	)
Visteon Corp.		Morgan Stanley		2,138			208,332			201,806			(6,423	)
Winnebago Industries, Inc.		Morgan Stanley		2,057			126,656			149,030			23,023

				153,708			3,679,240			4,385,914			709,252

Capital Goods
3M Co.		Morgan Stanley		4,564			767,772			800,617			57,887
A O Smith Corp.		Morgan Stanley		3,903			231,710			238,356			9,082
AAR Corp.		Morgan Stanley		2,238			69,289			72,578			3,150
Acuity Brands, Inc.		Morgan Stanley		1			167			173			52
AECOM		Morgan Stanley		3,530			174,132			222,920			48,877
Aerojet Rocketdyne Holdings, Inc.		Morgan Stanley		932			39,060			40,589			1,613
AeroVironment, Inc.		Morgan Stanley		377			36,043			32,543			(3,777	)
Allegion PLC (Ireland)		Morgan Stanley		554			75,910			73,228			(2,406	)
Altra Industrial Motion Corp.		Morgan Stanley		128			6,667			7,085			643
AMETEK, Inc.		Morgan Stanley		400			45,601			49,604			5,442
Apogee Enterprises, Inc.		Morgan Stanley		1,118			25,394			42,216			17,706
Applied Industrial Technologies, Inc.		Morgan Stanley		96			4,674			8,652			5,026
Armstrong World Industries, Inc.		Morgan Stanley		285			28,470			27,209			(1,232	)
Atkore, Inc.		Morgan Stanley		4,619			225,250			401,483			181,665
Beacon Roofing Supply, Inc.		Morgan Stanley		2,478			135,546			118,349			(17,401	)
Boise Cascade Co.		Morgan Stanley		6,233			351,725			336,457			(7,163	)
Carrier Global Corp.		Morgan Stanley		6,087			336,305			315,063			(21,086	)
Caterpillar, Inc.		Morgan Stanley		1,254			258,657			240,730			(16,547	)
Colfax Corp.		Morgan Stanley		619			28,663			28,412			(234	)
Comfort Systems U.S.A., Inc.		Morgan Stanley		559			43,505			39,868			(3,655	)

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

GOTHAM ENHANCED RETURN FUNDS

Portfolio Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Capital Goods — (continued)
Crane Co.	Morgan Stanley		1,187		$	113,716		$	112,539		$	(818	)
Cummins, Inc.	Morgan Stanley		2,538			566,864			569,933			14,024
Curtiss-Wright Corp.	Morgan Stanley		467			51,328			58,926			9,794
Deere & Co.	Morgan Stanley		1,142			174,135			382,650			214,300
Donaldson Co., Inc.	Morgan Stanley		365			19,896			20,955			1,536
Dover Corp.	Morgan Stanley		742			77,914			115,381			39,475
Dycom Industries, Inc.	Morgan Stanley		719			39,248			51,222			12,950
Eaton Corp. PLC (Ireland)	Morgan Stanley		2,260			365,055			337,441			(27,016	)
EMCOR Group, Inc.	Morgan Stanley		166			15,013			19,153			4,300
Emerson Electric Co.	Morgan Stanley		9,758			910,192			919,204			16,152
Enerpac Tool Group Corp.	Morgan Stanley		153			3,554			3,172			(358	)
ESCO Technologies, Inc.	Morgan Stanley		355			30,536			27,335			(3,143	)
Fortive Corp.	Morgan Stanley		918			56,760			64,783			8,375
Generac Holdings, Inc.	Morgan Stanley		117			34,410			47,814			13,436
General Dynamics Corp.	Morgan Stanley		2,643			455,070			518,107			66,441
General Electric Co.	Morgan Stanley		5,809			603,844			598,501			(4,602	)
Gibraltar Industries, Inc.	Morgan Stanley		1			58			70			29
Global Industrial Co.	Morgan Stanley		1,373			30,408			52,023			21,960
Graco, Inc.	Morgan Stanley		74			5,370			5,178			(173	)
Granite Construction, Inc.	Morgan Stanley		2,467			94,972			97,570			3,547
HEICO Corp.	Morgan Stanley		968			121,818			127,650			6,265
Herc Holdings, Inc.	Morgan Stanley		567			36,876			92,682			55,838
Hillenbrand, Inc.	Morgan Stanley		3,555			163,374			151,621			(10,558	)
Honeywell International, Inc.	Morgan Stanley		312			65,775			66,231			3,266
Howmet Aerospace, Inc.	Morgan Stanley		11,714			168,481			365,477			206,473
Huntington Ingalls Industries, Inc.	Morgan Stanley		685			121,250			132,246			12,531
Ingersoll Rand, Inc.	Morgan Stanley		5,334			258,477			268,887			10,851
John Bean Technologies Corp.	Morgan Stanley		435			38,957			61,139			22,446
Johnson Controls International PLC (Ireland)	Morgan Stanley		7,759			441,292			528,233			92,744
Kaman Corp.	Morgan Stanley		170			6,154			6,064			(51	)
L3Harris Technologies, Inc.	Morgan Stanley		431			98,143			94,923			(3,280	)
Lennox International, Inc.	Morgan Stanley		1,229			398,631			361,535			(35,569	)
Lockheed Martin Corp.	Morgan Stanley		2,503			887,135			863,785			(6,780	)
Middleby Corp. (The)	Morgan Stanley		305			46,783			52,006			5,259
Mueller Industries, Inc.	Morgan Stanley		4			117			164			213
MYR Group, Inc.	Morgan Stanley		277			23,514			27,562			4,075
Nordson Corp.	Morgan Stanley		774			172,367			184,328			12,395
Northrop Grumman Corp.	Morgan Stanley		1,212			393,297			436,502			50,547
NOW, Inc.	Morgan Stanley		8,036			47,175			61,475			14,299
nVent Electric PLC (Ireland)	Morgan Stanley		1			18			32			32
Oshkosh Corp.	Morgan Stanley		2,549			304,265			260,941			(42,946	)
Otis Worldwide Corp.	Morgan Stanley		1,429			125,459			117,578			(7,664	)
Owens Corning	Morgan Stanley		6,023			540,015			514,967			(23,264	)
Parker-Hannifin Corp.	Morgan Stanley		1,245			298,495			348,127			53,904
Pentair PLC (Ireland)	Morgan Stanley		5,951			286,502			432,221			151,909
Quanta Services, Inc.	Morgan Stanley		70			8,116			7,967			(70	)
Regal Rexnord Corp.	Morgan Stanley		532			76,996			79,981			3,204
Resideo Technologies, Inc.	Morgan Stanley		1,344			36,507			33,318			(3,157	)
Rockwell Automation, Inc.	Morgan Stanley		325			98,040			95,563			(2,419	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Capital Goods — (continued)
Sensata Technologies Holding PLC (United Kingdom)	Morgan Stanley		2,858		$	161,789		$	156,390		$	(5,315	)
Simpson Manufacturing Co., Inc.	Morgan Stanley		497			30,863			53,164			22,916
Snap-on, Inc.	Morgan Stanley		1,797			311,430			375,483			74,460
SPX FLOW, Inc.	Morgan Stanley		2,916			106,781			213,160			108,608
Stanley Black & Decker, Inc.	Morgan Stanley		2,839			509,049			497,705			(5,859	)
Tecnoglass, Inc. (Cayman Islands)	Morgan Stanley		800			17,813			17,384			(383	)
Terex Corp.	Morgan Stanley		4,623			165,220			194,628			30,972
Textron, Inc.	Morgan Stanley		3,388			229,377			236,516			7,362
Toro Co. (The)	Morgan Stanley		634			58,007			61,758			4,332
TPI Composites, Inc.	Morgan Stanley		2,544			103,982			85,860			(18,062	)
Trane Technologies PLC (Ireland)	Morgan Stanley		1,467			181,425			253,278			75,895
Triumph Group, Inc.	Morgan Stanley		1,534			28,565			28,578			39
United Rentals, Inc.	Morgan Stanley		3			678			1,053			392
Watsco, Inc.	Morgan Stanley		120			26,754			31,754			5,873
Watts Water Technologies, Inc., Class A	Morgan Stanley		194			23,519			32,609			9,711
WESCO International, Inc.	Morgan Stanley		1,883			216,987			217,148			267
WW Grainger, Inc.	Morgan Stanley		776			330,954			305,015			(25,583	)
Xylem, Inc.	Morgan Stanley		461			51,676			57,016			5,609

			168,302			14,351,781			15,689,793			1,509,578

Commercial & Professional Services
ABM Industries, Inc.	Morgan Stanley		2,974			109,552			133,860			27,148
Brady Corp., Class A	Morgan Stanley		996			53,123			50,497			(2,548	)
Brink’s Co. (The)	Morgan Stanley		890			66,005			56,337			(9,448	)
CACI International, Inc., Class A	Morgan Stanley		92			19,659			24,113			5,169
CBIZ, Inc.	Morgan Stanley		203			6,709			6,565			(124	)
Cimpress PLC (Ireland)	Morgan Stanley		597			27,614			51,838			26,172
Cintas Corp.	Morgan Stanley		241			80,488			91,739			12,584
Clean Harbors, Inc.	Morgan Stanley		1,647			144,340			171,074			28,411
Copart, Inc.	Morgan Stanley		1,381			180,228			191,572			11,346
CoreCivic, Inc.	Morgan Stanley		3,842			37,325			34,194			(3,098	)
Equifax, Inc.	Morgan Stanley		244			61,983			61,834			(27	)
Healthcare Services Group, Inc.	Morgan Stanley		4,104			93,199			102,559			14,268
HNI Corp.	Morgan Stanley		934			40,318			34,296			(5,728	)
IHS Markit Ltd. (Bermuda)	Morgan Stanley		149			17,529			17,376			(129	)
Jacobs Engineering Group, Inc.	Morgan Stanley		2,092			260,508			277,253			17,408
Korn Ferry	Morgan Stanley		734			53,942			53,112			(737	)
MSA Safety, Inc.	Morgan Stanley		66			9,638			9,616			(1	)
Nielsen Holdings PLC (United Kingdom)	Morgan Stanley		34,977			796,711			671,209			(120,717	)
Republic Services, Inc.	Morgan Stanley		3,537			283,309			424,652			150,283
Robert Half International, Inc.	Morgan Stanley		1,961			172,855			196,747			25,587
Rollins, Inc.	Morgan Stanley		750			27,164			26,498			(275	)
Science Applications International Corp.	Morgan Stanley		1,006			86,027			86,073			143
Steelcase, Inc., Class A	Morgan Stanley		335			3,668			4,248			927
Thomson Reuters Corp. (Canada)	Morgan Stanley		1,524			127,253			168,372			42,783
Waste Management, Inc.	Morgan Stanley		93			14,214			13,890			(300	)

			65,369			2,773,361			2,959,524			219,097

Consumer Durables & Apparel
Acushnet Holdings Corp.	Morgan Stanley		700			36,286			32,690			(3,485	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Consumer Durables & Apparel — (continued)
BRP,Inc.(Canada)	Morgan Stanley		319		$	25,166		$	29,565		$	4,480
Brunswick Corp.	Morgan Stanley		3,287			254,266			313,153			61,064
Capri Holdings Ltd. (British Virgin Islands)	Morgan Stanley		869			14,537			42,068			27,555
Cavco Industries, Inc.	Morgan Stanley		248			45,085			58,712			13,723
Columbia Sportswear Co.	Morgan Stanley		17			1,679			1,629			(32	)
Deckers Outdoor Corp.	Morgan Stanley		95			24,153			34,219			10,093
DR Horton, Inc.	Morgan Stanley		4,948			188,441			415,484			232,596
Garmin Ltd. (Switzerland)	Morgan Stanley		713			81,324			110,843			31,096
GoPro, Inc., Class A	Morgan Stanley		14,508			154,365			135,795			(18,505	)
Hasbro, Inc.	Morgan Stanley		3,616			354,255			322,620			(30,591	)
Johnson Outdoors, Inc., Class A	Morgan Stanley		39			4,459			4,126			(314	)
Kontoor Brands, Inc.	Morgan Stanley		1,796			35,248			89,710			61,108
La-Z-Boy, Inc.	Morgan Stanley		793			23,293			25,558			2,981
Mattel, Inc.	Morgan Stanley		8,910			159,279			165,370			6,173
Mohawk Industries, Inc.	Morgan Stanley		2,391			268,288			424,163			156,003
Newell Brands, Inc.	Morgan Stanley		3,987			87,670			88,272			3,489
NIKE, Inc., Class B	Morgan Stanley		4,262			511,720			618,970			112,253
Polaris, Inc.	Morgan Stanley		134			12,343			16,034			6,968
PulteGroup, Inc.	Morgan Stanley		2,885			118,249			132,479			15,639
PVH Corp.	Morgan Stanley		1,577			94,868			162,100			67,333
Ralph Lauren Corp.	Morgan Stanley		408			46,245			45,304			(643	)
Skechers U.S.A., Inc., Class A	Morgan Stanley		172			7,685			7,245			(419	)
Skyline Champion Corp.	Morgan Stanley		3,465			164,462			208,108			46,298
Smith & Wesson Brands, Inc.	Morgan Stanley		13,062			266,904			271,167			6,078
Sonos, Inc.	Morgan Stanley		4,256			149,327			137,724			(11,524	)
Steven Madden Ltd.	Morgan Stanley		1,204			24,315			48,353			27,511
Sturm Ruger & Co., Inc.	Morgan Stanley		1,819			119,595			134,206			19,528
Tapestry, Inc.	Morgan Stanley		4,316			176,330			159,778			(15,503	)
Tempur Sealy International, Inc.	Morgan Stanley		3,135			134,678			145,495			12,320
Tupperware Brands Corp.	Morgan Stanley		2,802			39,813			59,178			19,822
Under Armour, Inc., Class C	Morgan Stanley		6,274			121,454			109,920			(11,466	)
Whirlpool Corp.	Morgan Stanley		1,218			242,801			248,301			8,063
YETI Holdings, Inc.	Morgan Stanley		1,163			64,171			99,657			35,530

			99,388			4,052,754			4,897,996			895,222

Consumer Services
Adtalem Global Education, Inc.	Morgan Stanley		3,794			110,517			143,451			32,986
Airbnb, Inc., Class A	Morgan Stanley		234			33,517			39,254			15,201
Bloomin’ Brands, Inc.	Morgan Stanley		10,689			95,770			267,225			177,633
Booking Holdings, Inc.	Morgan Stanley		123			265,863			291,986			27,836
Boyd Gaming Corp.	Morgan Stanley		710			21,041			44,915			39,428
Brinker International, Inc.	Morgan Stanley		2,321			133,679			113,845			(20,120	)
Choice Hotels International, Inc.	Morgan Stanley		1,065			125,443			134,584			9,850
Cracker Barrel Old Country Store, Inc.	Morgan Stanley		319			45,849			44,609			(1,203	)
Dine Brands Global, Inc.	Morgan Stanley		3,196			109,732			259,547			151,289
Domino’s Pizza, Inc.	Morgan Stanley		142			69,440			67,728			(1,666	)
Expedia Group, Inc.	Morgan Stanley		76			9,352			12,456			3,126
Golden Entertainment, Inc.	Morgan Stanley		749			32,906			36,768			3,924
Graham Holdings Co., Class B	Morgan Stanley		114			67,471			67,164			49
Grand Canyon Education, Inc.	Morgan Stanley		581			52,907			51,105			(1,787	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Consumer Services — (continued)
Hilton Worldwide Holdings, Inc.	Morgan Stanley		511		$	61,620		$	67,508		$	6,051
Houghton Mifflin Harcourt Co.	Morgan Stanley		2,477			33,504			33,266			(207	)
Jack in the Box, Inc.	Morgan Stanley		657			58,125			63,946			7,314
Marriott International, Inc., Class A	Morgan Stanley		3,496			471,388			517,723			47,993
McDonald’s Corp.	Morgan Stanley		2,406			549,858			580,111			37,619
Penn National Gaming, Inc.	Morgan Stanley		5,934			444,079			429,978			(13,901	)
Perdoceo Education Corp.	Morgan Stanley		9,117			124,962			96,276			(28,648	)
Red Rock Resorts, Inc., Class A	Morgan Stanley		459			14,874			23,510			8,659
Service Corp. International	Morgan Stanley		2,484			118,855			149,686			33,170
Starbucks Corp.	Morgan Stanley		1,753			210,285			193,373			(17,004	)
Vail Resorts, Inc.	Morgan Stanley		230			71,358			76,832			5,577
Wendy’s Co. (The)	Morgan Stanley		7,276			167,253			157,744			(8,872	)
WW International, Inc.	Morgan Stanley		1,404			42,942			25,623			(17,284	)
Wyndham Hotels & Resorts, Inc.	Morgan Stanley		3,833			271,057			295,869			26,563
Yum! Brands, Inc.	Morgan Stanley		4,063			448,659			496,946			54,838

			70,213			4,262,306			4,783,028			578,414

Diversified Financials
Affiliated Managers Group, Inc.	Morgan Stanley		436			67,022			65,875			(1,094	)
Berkshire Hathaway, Inc., Class B	Morgan Stanley		4,903			1,086,866			1,338,225			251,825
BlackRock, Inc.	Morgan Stanley		799			451,966			670,089			259,668
CME Group, Inc.	Morgan Stanley		1,246			237,225			240,951			4,919
Federated Hermes, Inc.	Morgan Stanley		2,348			56,264			76,310			23,892
Franklin Resources, Inc.	Morgan Stanley		6,416			196,127			190,684			(3,405	)
Invesco Ltd. (Bermuda)	Morgan Stanley		11,646			296,561			280,785			(12,333	)
Moody’s Corp.	Morgan Stanley		1,463			536,434			519,526			(15,777	)
MSCI, Inc.	Morgan Stanley		167			106,928			101,593			(5,274	)
Nasdaq, Inc.	Morgan Stanley		3,207			414,513			619,015			210,782
S&P Global, Inc.	Morgan Stanley		791			337,065			336,088			(250	)
T Rowe Price Group, Inc.	Morgan Stanley		4,124			693,717			811,191			140,113

			37,546			4,480,688			5,250,332			853,066

Energy
Antero Resources Corp.	Morgan Stanley		3,671			32,743			69,052			36,339
APA Corp.	Morgan Stanley		14,031			136,741			300,684			164,245
Baker Hughes Co.	Morgan Stanley		14,831			314,162			366,771			55,243
Cactus, Inc., Class A	Morgan Stanley		155			2,796			5,847			3,127
Canadian Natural Resources Ltd. (Canada)	Morgan Stanley		9,402			166,719			343,549			194,600
Centennial Resource Development, Inc., Class A	Morgan Stanley		3,706			19,767			24,830			5,892
ChampionX Corp.	Morgan Stanley		10,311			233,516			230,554			(2,849	)
Chevron Corp.	Morgan Stanley		135			9,118			13,696			4,960
Cimarex Energy Co.	Morgan Stanley		2,111			138,046			184,079			48,571
CNX Resources Corp.	Morgan Stanley		1,783			19,439			22,501			3,214
ConocoPhillips	Morgan Stanley		1			26			68			60
Continental Resources, Inc.	Morgan Stanley		1,896			65,416			87,500			23,060
Crescent Point Energy Corp. (Canada)	Morgan Stanley		1,825			2,366			8,413			6,231
Denbury, Inc.	Morgan Stanley		741			53,952			52,055			(1,857	)
DHT Holdings, Inc. (Marshall Islands)	Morgan Stanley		6,050			31,067			39,507			9,897
EOG Resources, Inc.	Morgan Stanley		7,107			374,722			570,479			223,628
Equitrans Midstream Corp.	Morgan Stanley		10,280			86,147			104,239			18,582

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Energy — (continued)
Exxon Mobil Corp.	Morgan Stanley		18,448		$	1,037,925		$	1,085,111		$	76,753
Green Plains, Inc.	Morgan Stanley		617			15,105			20,145			6,333
Halliburton Co.	Morgan Stanley		15,905			239,188			343,866			119,999
Hess Corp.	Morgan Stanley		5,287			409,757			412,968			5,740
HollyFrontier Corp.	Morgan Stanley		213			4,043			7,057			3,181
Imperial Oil Ltd. (Canada)	Morgan Stanley		1,900			61,701			59,964			(1,345	)
Kosmos Energy Ltd.	Morgan Stanley		41,415			63,283			122,588			60,141
Magnolia Oil & Gas Corp., Class A	Morgan Stanley		1,340			7,528			23,839			16,923
Marathon Oil Corp.	Morgan Stanley		47,060			528,871			643,310			118,151
Marathon Petroleum Corp.	Morgan Stanley		12,587			640,930			778,002			147,891
Murphy Oil Corp.	Morgan Stanley		2,513			20,643			62,750			43,279
Oasis Petroleum, Inc.	Morgan Stanley		539			46,424			53,587			7,250
Occidental Petroleum Corp.	Morgan Stanley		18,962			511,872			560,896			49,566
Oceaneering International, Inc.	Morgan Stanley		13,028			168,433			173,533			5,186
ONEOK, Inc.	Morgan Stanley		8,942			468,167			518,547			53,908
Ovintiv, Inc.	Morgan Stanley		4,555			114,284			149,768			38,941
PDC Energy, Inc.	Morgan Stanley		2,929			119,604			138,805			20,307
SM Energy Co.	Morgan Stanley		15,904			93,618			419,548			326,144
Suncor Energy, Inc. (Canada)	Morgan Stanley		4,788			106,859			99,303			(7,120	)
Targa Resources Corp.	Morgan Stanley		1,599			68,623			78,687			11,338
Transocean Ltd. (Switzerland)	Morgan Stanley		8,096			27,375			30,684			3,475
Vermilion Energy, Inc. (Canada)	Morgan Stanley		8,808			58,255			87,199			29,300
Whiting Petroleum Corp.	Morgan Stanley		564			18,782			32,943			14,186
Williams Cos., Inc. (The)	Morgan Stanley		1,453			27,510			37,691			12,455
World Fuel Services Corp.	Morgan Stanley		3,831			102,363			128,798			29,720

			329,319			6,647,886			8,493,413			1,984,645

Food & Staples Retailing
Costco Wholesale Corp.	Morgan Stanley		316			142,615			141,995			(545	)
Kroger Co. (The)	Morgan Stanley		4,686			191,999			189,455			(2,081	)
Sprouts Farmers Market, Inc.	Morgan Stanley		8,930			197,040			206,908			9,811
Sysco Corp.	Morgan Stanley		5,419			369,660			425,392			64,828
Walgreens Boots Alliance, Inc.	Morgan Stanley		4,645			186,169			218,547			40,027
Walmart, Inc.	Morgan Stanley		12,349			1,577,636			1,721,204			171,860
Weis Markets, Inc.	Morgan Stanley		67			3,638			3,521			(98	)

			36,412			2,668,757			2,907,022			283,802

Food, Beverage & Tobacco
Altria Group, Inc.	Morgan Stanley		12,570			513,699			572,186			113,712
Archer-Daniels-Midland Co.	Morgan Stanley		4,858			284,809			291,529			10,407
Brown-Forman Corp., Class B	Morgan Stanley		290			19,790			19,433			(598	)
Coca-Cola Co. (The)	Morgan Stanley		16,249			856,473			852,585			16,221
Coca-Cola Consolidated, Inc.	Morgan Stanley		87			34,732			34,294			(407	)
Constellation Brands, Inc., Class A	Morgan Stanley		1,804			252,446			380,085			134,922
Darling Ingredients, Inc.	Morgan Stanley		6,108			445,081			439,165			(5,715	)
General Mills, Inc.	Morgan Stanley		1,649			94,675			98,643			8,782
Hershey Co. (The)	Morgan Stanley		2,137			357,625			361,687			7,784
J M Smucker Co. (The)	Morgan Stanley		143			16,147			17,164			6,059
Kellogg Co.	Morgan Stanley		772			48,798			49,346			1,279
Kraft Heinz Co. (The)	Morgan Stanley		26,425			892,997			972,969			105,970

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Food, Beverage & Tobacco — (continued)
Molson Coors Beverage Co., Class B	Morgan Stanley		3,302		$	161,202		$	153,147		$	(6,021	)
Mondelez International, Inc., Class A	Morgan Stanley		10,487			611,524			610,134			4,827
Monster Beverage Corp.	Morgan Stanley		7,248			608,923			643,840			35,185
PepsiCo, Inc.	Morgan Stanley		4,491			689,450			675,491			(7,484	)
Philip Morris International, Inc.	Morgan Stanley		3,541			289,546			335,651			63,036
Primo Water Corp. (Canada)	Morgan Stanley		74			1,200			1,163			(19	)
Sanderson Farms, Inc.	Morgan Stanley		1,982			369,972			373,012			3,446
SunOpta, Inc. (Canada)	Morgan Stanley		7,480			94,727			66,796			(28,225	)
Tyson Foods, Inc., Class A	Morgan Stanley		3,162			192,432			249,608			65,689
Vector Group Ltd.	Morgan Stanley		1,773			24,888			22,606			(1,987	)

			116,632			6,861,136			7,220,534			526,863

Health Care Equipment & Services
Abbott Laboratories	Morgan Stanley		4,202			493,417			496,382			6,459
Acadia Healthcare Co., Inc.	Morgan Stanley		4,987			301,227			318,071			16,986
Addus HomeCare Corp.	Morgan Stanley		4			328			319			9
Alcon, Inc. (Switzerland)	Morgan Stanley		3,700			304,589			297,739			(6,707	)
Align Technology, Inc.	Morgan Stanley		859			468,860			571,604			102,942
Allscripts Healthcare Solutions, Inc.	Morgan Stanley		5,147			66,054			68,815			2,783
Amedisys, Inc.	Morgan Stanley		757			141,198			112,869			(28,253	)
AMN Healthcare Services, Inc.	Morgan Stanley		1,339			143,639			153,650			10,088
Anthem, Inc.	Morgan Stanley		2,363			840,357			880,926			67,462
Boston Scientific Corp.	Morgan Stanley		8,634			370,932			374,629			3,112
Cerner Corp.	Morgan Stanley		7,986			584,740			563,173			(17,405	)
Change Healthcare, Inc.	Morgan Stanley		1,803			39,900			37,755			(2,692	)
Cigna Corp.	Morgan Stanley		1,298			305,450			259,808			(43,805	)
Community Health Systems, Inc.	Morgan Stanley		8,544			69,403			99,965			30,608
CONMED Corp.	Morgan Stanley		1,031			108,915			134,886			26,534
Cooper Cos., Inc. (The)	Morgan Stanley		528			230,505			218,228			(12,157	)
CryoLife, Inc.	Morgan Stanley		20			461			446			2
CVS Health Corp.	Morgan Stanley		2,041			130,260			173,199			56,494
Danaher Corp.	Morgan Stanley		1,803			399,839			548,905			150,841
Dexcom, Inc.	Morgan Stanley		163			83,767			89,138			7,931
Doximity, Inc., Class A	Morgan Stanley		424			36,670			34,217			(2,421	)
Edwards Lifesciences Corp.	Morgan Stanley		893			102,953			101,097			(1,797	)
Ensign Group, Inc. (The)	Morgan Stanley		1,025			62,768			76,762			14,244
Envista Holdings Corp.	Morgan Stanley		9,723			381,560			406,519			24,914
Fulgent Genetics, Inc.	Morgan Stanley		1,156			79,954			103,982			26,628
Globus Medical, Inc., Class A	Morgan Stanley		687			53,399			52,638			(721	)
HCA Healthcare, Inc.	Morgan Stanley		1,827			274,380			443,449			172,378
Henry Schein, Inc.	Morgan Stanley		1,492			112,792			113,631			1,104
Heska Corp.	Morgan Stanley		190			49,894			49,123			(734	)
Hologic, Inc.	Morgan Stanley		6,592			364,708			486,556			122,015
IDEXX Laboratories, Inc.	Morgan Stanley		1,357			586,753			843,918			257,112
Inspire Medical Systems, Inc.	Morgan Stanley		363			88,628			84,535			(4,039	)
Integra LifeSciences Holdings Corp.	Morgan Stanley		2,101			146,181			143,876			(2,227	)
Intersect ENT, Inc.	Morgan Stanley		61			1,660			1,659			17
Intuitive Surgical, Inc.	Morgan Stanley		436			375,706			433,449			57,916
Laboratory Corp. of America Holdings	Morgan Stanley		2,990			704,489			841,506			137,325
LeMaitre Vascular, Inc.	Morgan Stanley		52			2,861			2,761			(62	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Health Care Equipment & Services — (continued)
LivaNova PLC (United Kingdom)	Morgan Stanley		2,918		$	238,160		$	231,076		$	(6,968	)
McKesson Corp.	Morgan Stanley		2,077			359,632			414,112			57,539
MEDNAX, Inc.	Morgan Stanley		6,533			165,599			185,733			20,130
Medtronic PLC (Ireland)	Morgan Stanley		7,696			830,663			964,694			154,071
Meridian Bioscience, Inc.	Morgan Stanley		873			15,935			16,797			903
Merit Medical Systems, Inc.	Morgan Stanley		1,581			91,022			113,516			22,635
National Research Corp.	Morgan Stanley		3			141			127			3
NextGen Healthcare, Inc.	Morgan Stanley		5,691			84,878			80,243			(4,583	)
Omnicell, Inc.	Morgan Stanley		886			113,063			131,509			18,510
Owens & Minor, Inc.	Morgan Stanley		912			23,712			28,536			5,413
Quest Diagnostics, Inc.	Morgan Stanley		2,213			293,925			321,571			29,574
Select Medical Holdings Corp.	Morgan Stanley		3,793			70,300			137,193			71,310
STAAR Surgical Co.	Morgan Stanley		2,526			345,509			324,667			(20,683	)
Stryker Corp.	Morgan Stanley		1,673			413,307			441,204			30,082
Tenet Healthcare Corp.	Morgan Stanley		870			27,965			57,803			29,866
Tivity Health, Inc.	Morgan Stanley		5,962			59,924			137,484			78,517
UnitedHealth Group, Inc.	Morgan Stanley		2,618			921,560			1,022,957			109,494
Veeva Systems, Inc., Class A	Morgan Stanley		274			85,050			78,959			(6,218	)

			137,677			12,649,542			14,308,366			1,762,479

Household & Personal Products
Colgate-Palmolive Co.	Morgan Stanley		15,181			1,110,009			1,147,380			58,495
Coty, Inc., Class A	Morgan Stanley		13,186			112,787			103,642			(9,081	)
Edgewell Personal Care Co.	Morgan Stanley		1,824			76,088			66,211			(9,641	)
Estee Lauder Cos., Inc. (The), Class A	Morgan Stanley		1,771			451,049			531,176			83,337
Kimberly-Clark Corp.	Morgan Stanley		1,506			205,420			199,455			(5,141	)
Procter & Gamble Co. (The)	Morgan Stanley		3,313			419,985			463,157			58,663
WD-40 Co.	Morgan Stanley		357			83,593			82,638			(1,060	)

			37,138			2,458,931			2,593,659			175,572

Materials
AdvanSix, Inc.	Morgan Stanley		573			20,588			22,777			2,214
Agnico Eagle Mines Ltd. (Canada)	Morgan Stanley		4,724			264,397			244,939			(18,970	)
Alamos Gold, Inc., Class A	Morgan Stanley		4,372			31,904			31,478			(395	)
Amcor PLC (Jersey)	Morgan Stanley		4,877			51,417			56,524			9,389
Ashland Global Holdings, Inc.	Morgan Stanley		1,365			115,720			121,649			6,930
Avery Dennison Corp.	Morgan Stanley		1,312			279,258			271,860			(6,182	)
Avient Corp.	Morgan Stanley		1,373			21,610			63,639			48,379
Axalta Coating Systems Ltd. (Bermuda)	Morgan Stanley		7,703			227,363			224,851			(2,972	)
Ball Corp.	Morgan Stanley		205			18,547			18,444			(396	)
Carpenter Technology Corp.	Morgan Stanley		2,962			57,808			96,976			42,742
Celanese Corp.	Morgan Stanley		710			108,698			106,954			(1,742	)
Centerra Gold, Inc. (Canada)	Morgan Stanley		4			28			27			17
CF Industries Holdings, Inc.	Morgan Stanley		2,704			70,130			150,937			95,294
Chemours Co. (The)	Morgan Stanley		9,855			200,740			286,386			93,297
Commercial Metals Co.	Morgan Stanley		56			1,104			1,706			746
Compass Minerals International, Inc.	Morgan Stanley		318			18,780			20,479			3,931
Corteva, Inc.	Morgan Stanley		5,429			234,724			228,452			(6,175	)
Domtar Corp.	Morgan Stanley		2,235			121,476			121,897			488
Dow, Inc.	Morgan Stanley		6,427			329,435			369,938			54,708

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Materials — (continued)
DuPont de Nemours, Inc.	Morgan Stanley		17,231		$	1,349,249		$	1,171,536		$	(166,981	)
Eagle Materials, Inc.	Morgan Stanley		1,909			272,412			250,384			(21,316	)
Eastman Chemical Co.	Morgan Stanley		2,358			159,218			237,545			90,860
Ecovyst, Inc.	Morgan Stanley		107			1,260			1,248			6
Ferro Corp.	Morgan Stanley		5,910			110,037			120,209			10,235
Freeport-McMoRan, Inc.	Morgan Stanley		9,628			149,583			313,199			166,800
GCP Applied Technologies, Inc.	Morgan Stanley		107			2,410			2,345			(46	)
Graphic Packaging Holding Co.	Morgan Stanley		5,000			96,617			95,200			(1,006	)
Hecla Mining Co.	Morgan Stanley		22,492			132,184			123,706			(8,126	)
IAMGOLD Corp. (Canada)	Morgan Stanley		29,465			88,623			66,591			(23,148	)
Ingevity Corp.	Morgan Stanley		1,948			109,179			139,029			29,912
Innospec, Inc.	Morgan Stanley		316			27,441			26,614			(782	)
International Paper Co.	Morgan Stanley		5,648			295,582			315,836			27,221
Kinross Gold Corp. (Canada)	Morgan Stanley		12,101			70,332			64,861			(5,248	)
Kraton Corp.	Morgan Stanley		1,227			26,325			56,000			30,817
Linde PLC (Ireland)	Morgan Stanley		2,485			490,617			729,049			252,852
Livent Corp.	Morgan Stanley		5,875			143,534			135,771			(7,880	)
Louisiana-Pacific Corp.	Morgan Stanley		2,359			140,688			144,772			4,563
LyondellBasell Industries N.V., Class A (Netherlands)	Morgan Stanley		2,910			290,484			273,104			(14,962	)
Martin Marietta Materials, Inc.	Morgan Stanley		301			78,794			102,846			25,004
Minerals Technologies, Inc.	Morgan Stanley		660			38,651			46,094			7,601
Mosaic Co. (The)	Morgan Stanley		13,560			376,437			484,363			116,954
Newmont Corp.	Morgan Stanley		4,721			284,138			256,350			(21,060	)
Nucor Corp.	Morgan Stanley		4,828			451,608			475,510			28,603
Nutrien Ltd. (Canada)	Morgan Stanley		1,964			118,303			127,326			10,828
O-I Glass, Inc.	Morgan Stanley		10,009			147,499			142,828			(5,030	)
Olin Corp.	Morgan Stanley		5,326			246,065			256,980			11,565
PAN AMERICAN SILVER CORP (Canada)	Morgan Stanley		33			767			768			19
PPG Industries, Inc.	Morgan Stanley		240			32,077			34,322			3,059
Pretium Resources, Inc. (Canada)	Morgan Stanley		11,397			128,517			109,867			(18,774	)
Reliance Steel & Aluminum Co.	Morgan Stanley		385			57,497			54,832			(1,121	)
Royal Gold, Inc.	Morgan Stanley		296			30,137			28,265			(1,763	)
Sealed Air Corp.	Morgan Stanley		1,935			77,853			106,019			30,618
Sensient Technologies Corp.	Morgan Stanley		305			19,018			27,779			11,390
Sherwin-Williams Co. (The)	Morgan Stanley		1,283			302,083			358,894			59,103
Southern Copper Corp.	Morgan Stanley		1,265			64,736			71,017			8,773
Trinseo S.A. (Luxembourg)	Morgan Stanley		1,117			63,557			60,296			(3,324	)
Vulcan Materials Co.	Morgan Stanley		30			5,103			5,075			1,660
Westlake Chemical Corp.	Morgan Stanley		1,486			146,979			135,434			(11,489	)
Westrock Co.	Morgan Stanley		2,233			113,344			111,270			(1,595	)
Wheaton Precious Metals Corp. (Canada)	Morgan Stanley		2,781			111,788			104,510			(7,214	)
Worthington Industries, Inc.	Morgan Stanley		2,549			124,494			134,332			11,745

			254,984			9,148,947			9,941,889			940,626

Media & Entertainment
Activision Blizzard, Inc.	Morgan Stanley		10,031			793,557			776,299			(28,174	)
Alphabet, Inc., Class A	Morgan Stanley		989			1,305,529			2,644,111			1,339,139
Altice U.S.A., Inc., Class A	Morgan Stanley		735			14,649			15,229			604
Cars.com, Inc.	Morgan Stanley		1,945			26,638			24,604			(2,108	)
Charter Communications, Inc., Class A	Morgan Stanley		967			660,197			703,551			43,643

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Media & Entertainment — (continued)
Comcast Corp., Class A	Morgan Stanley		9,463		$	530,623		$	529,266		$	(631	)
Discovery, Inc., Class A	Morgan Stanley		1,548			39,938			39,288			(616	)
DISH Network Corp., Class A	Morgan Stanley		12,719			381,996			552,768			171,463
Eventbrite, Inc., Class A	Morgan Stanley		1,079			19,795			20,404			635
Facebook, Inc., Class A	Morgan Stanley		7,901			1,546,185			2,681,520			1,135,991
Fox Corp., Class A	Morgan Stanley		8,466			220,937			339,571			128,894
Gannett Co., Inc.	Morgan Stanley		40			261			267			24
Gray Television, Inc.	Morgan Stanley		2,487			42,945			56,753			14,516
Interpublic Group of Cos., Inc. (The)	Morgan Stanley		9,844			286,137			360,979			94,772
Lions Gate Entertainment Corp., Class B (Canada)	Morgan Stanley		1,719			15,366			22,347			7,005
Live Nation Entertainment, Inc.	Morgan Stanley		359			32,960			32,716			(213	)
Netflix, Inc.	Morgan Stanley		2,033			1,016,971			1,240,821			225,005
News Corp., Class A	Morgan Stanley		10,088			105,000			237,371			135,289
Omnicom Group, Inc.	Morgan Stanley		1,010			79,230			73,185			(5,277	)
Scholastic Corp.	Morgan Stanley		34			1,185			1,212			45
Snap, Inc., Class A	Morgan Stanley		3,299			242,224			243,697			(3,249	)
TechTarget, Inc.	Morgan Stanley		320			21,836			26,374			4,659
Twitter, Inc.	Morgan Stanley		15,481			504,226			934,898			430,897
ViacomCBS, Inc., Class B	Morgan Stanley		3,425			140,624			135,322			(4,814	)
Walt Disney Co. (The)	Morgan Stanley		1,945			347,967			329,036			(19,842	)
World Wrestling Entertainment, Inc., Class A	Morgan Stanley		1,399			68,658			78,708			11,587
Yelp, Inc.	Morgan Stanley		6,632			252,743			246,976			(5,751	)

			115,958			8,698,377			12,347,273			3,673,493

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.	Morgan Stanley		6,089			655,585			656,820			2,448
AbCellera Biologics, Inc. (Canada)	Morgan Stanley		4,043			72,468			81,022			8,601
Agilent Technologies, Inc.	Morgan Stanley		2,626			348,543			413,674			66,055
Atea Pharmaceuticals, Inc.	Morgan Stanley		2,661			59,090			93,295			38,310
Biogen, Inc.	Morgan Stanley		1,801			603,259			509,665			(96,951	)
Bio-Rad Laboratories, Inc., Class A	Morgan Stanley		112			70,604			83,546			12,989
Bio-Techne Corp.	Morgan Stanley		163			85,291			78,985			(6,253	)
Bristol-Myers Squibb Co.	Morgan Stanley		11,039			725,315			653,178			(76,235	)
Bruker Corp.	Morgan Stanley		970			79,335			75,757			(3,511	)
Celldex Therapeutics, Inc.	Morgan Stanley		1,707			91,597			92,161			545
Charles River Laboratories International, Inc.	Morgan Stanley		820			308,895			338,389			29,639
Cortexyme, Inc.	Morgan Stanley		175			16,589			16,041			(688	)
Dynavax Technologies Corp.	Morgan Stanley		7,329			117,587			140,790			23,280
Eli Lilly & Co.	Morgan Stanley		4,083			967,357			943,377			(24,467	)
Fulcrum Therapeutics, Inc.	Morgan Stanley		125			3,522			3,526			23
Gilead Sciences, Inc.	Morgan Stanley		5,279			345,568			368,738			31,878
Illumina, Inc.	Morgan Stanley		1,846			860,379			748,756			(112,639	)
Innoviva, Inc.	Morgan Stanley		3,020			34,034			50,464			17,350
IQVIA Holdings, Inc.	Morgan Stanley		114			29,393			27,308			(2,057	)
Ironwood Pharmaceuticals, Inc.	Morgan Stanley		7,698			92,732			100,536			7,850
Johnson & Johnson	Morgan Stanley		9,897			1,639,704			1,598,366			(16,525	)
Merck & Co., Inc.	Morgan Stanley		15,801			1,156,147			1,186,813			60,039
Mettler-Toledo International, Inc.	Morgan Stanley		10			13,929			13,774			(133	)
Moderna, Inc.	Morgan Stanley		1,095			422,030			421,422			(417	)
Organon & Co.	Morgan Stanley		5,906			189,460			193,658			5,210

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*


Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Pacira BioSciences, Inc.		Morgan Stanley		1,811		$	104,301		$	101,416		$	(2,878	)
PerkinElmer, Inc.		Morgan Stanley		3,235			413,868			560,593			148,096
Pfizer, Inc.		Morgan Stanley		53,137			2,132,096			2,285,422			191,290
Prestige Consumer Healthcare, Inc.		Morgan Stanley		839			29,995			47,076			17,499
Prothena Corp. PLC (Ireland)		Morgan Stanley		1,906			130,933			135,764			4,903
Regeneron Pharmaceuticals, Inc.		Morgan Stanley		246			150,908			148,874			(1,954	)
Thermo Fisher Scientific, Inc.		Morgan Stanley		123			54,203			70,274			16,362
United Therapeutics Corp.		Morgan Stanley		495			97,994			91,367			(6,569	)
Veracyte, Inc.		Morgan Stanley		2,997			143,893			139,211			(4,722	)
Vertex Pharmaceuticals, Inc.		Morgan Stanley		1,408			262,977			255,397			(7,454	)
Waters Corp.		Morgan Stanley		706			200,150			252,254			52,204
Zoetis, Inc.		Morgan Stanley		879			141,653			170,649			29,712

				162,191			12,851,384			13,148,358			400,830

Retailing
Academy Sports & Outdoors, Inc.		Morgan Stanley		819			34,598			32,776			(1,790	)
Advance Auto Parts, Inc.		Morgan Stanley		1,949			308,738			407,127			104,725
Amazon.com, Inc.		Morgan Stanley		761			2,084,297			2,499,915			416,496
American Eagle Outfitters, Inc.		Morgan Stanley		1,454			46,553			37,513			(9,004	)
Asbury Automotive Group, Inc.		Morgan Stanley		1			141			197			73
AutoNation, Inc.		Morgan Stanley		2,473			207,239			301,112			100,594
AutoZone, Inc.		Morgan Stanley		87			136,489			147,725			11,310
Bath & Body Works, Inc.		Morgan Stanley		9,707			248,046			611,832			366,031
Best Buy Co., Inc.		Morgan Stanley		1,158			62,871			122,412			63,881
Buckle,Inc.(The)		Morgan Stanley		2,234			45,874			88,444			55,145
Caleres, Inc.		Morgan Stanley		409			9,703			9,088			(593	)
Camping World Holdings, Inc., Class A		Morgan Stanley		2,460			77,180			95,620			21,871
Dick’s Sporting Goods, Inc.		Morgan Stanley		463			59,417			55,454			(3,921	)
eBay, Inc.		Morgan Stanley		24,291			1,512,841			1,692,354			190,080
Etsy, Inc.		Morgan Stanley		1,939			275,097			403,234			128,268
Foot Locker, Inc.		Morgan Stanley		2,352			81,550			107,392			27,154
Genuine Parts Co.		Morgan Stanley		1,343			138,269			162,812			31,175
Guess?, Inc.		Morgan Stanley		3,815			57,331			80,153			24,504
Home Depot, Inc. (The)		Morgan Stanley		2,243			537,957			736,287			213,522
LKQ Corp.		Morgan Stanley		7,304			315,646			367,537			55,052
Lowe’s Cos., Inc.		Morgan Stanley		3,674			416,910			745,308			340,317
Macy’s, Inc.		Morgan Stanley		7,313			42,626			165,274			186,785
MarineMax, Inc.		Morgan Stanley		2,475			127,321			120,087			(7,244	)
National Vision Holdings, Inc.		Morgan Stanley		358			19,475			20,324			874
O’Reilly Automotive, Inc.		Morgan Stanley		421			193,866			257,256			63,488
Penske Automotive Group, Inc.		Morgan Stanley		814			70,996			81,888			11,254
Qurate Retail, Inc.		Morgan Stanley		13,264			97,726			135,160			62,174
RH.		Morgan Stanley		1			668			667			17
Ross Stores, Inc.		Morgan Stanley		2,769			330,509			301,406			(28,645	)
Shoe Carnival, Inc.		Morgan Stanley		1,120			19,382			36,310			17,804
Shutterstock, Inc.		Morgan Stanley		2,364			162,436			267,888			107,230
Signet Jewelers Ltd. (Bermuda)		Morgan Stanley		4,757			69,372			375,613			311,232
Sonic Automotive, Inc., Class A		Morgan Stanley		2,987			86,454			156,937			72,983
Target Corp.		Morgan Stanley		4,199			886,940			960,605			78,351
Ulta Beauty, Inc.		Morgan Stanley		1,146			419,499			413,614			(5,694	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*


Retailing — (continued)
Victoria’s Secret & Co.		Morgan Stanley		458		$	27,138		$	25,309		$	(1,801	)
Williams-Sonoma, Inc.		Morgan Stanley		48			8,635			8,512			(22	)
Zumiez, Inc.		Morgan Stanley		1,725			49,896			68,586			19,578

				117,155			9,269,686			12,099,728			3,023,254

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		Morgan Stanley		504			50,904			51,862			3,307
Amkor Technology, Inc.		Morgan Stanley		991			11,101			24,725			13,847
Analog Devices, Inc.		Morgan Stanley		982			158,026			164,465			7,519
Applied Materials, Inc.		Morgan Stanley		8,731			1,115,333			1,123,942			17,132
Axcelis Technologies, Inc.		Morgan Stanley		921			26,177			43,315			17,166
Broadcom, Inc.		Morgan Stanley		552			257,494			267,681			20,196
Brooks Automation, Inc.		Morgan Stanley		627			53,053			64,173			13,969
Cohu, Inc.		Morgan Stanley		765			24,947			24,434			(485	)
Enphase Energy, Inc.		Morgan Stanley		2,034			316,141			305,039			(16,324	)
First Solar, Inc.		Morgan Stanley		1,198			111,884			114,361			2,543
Ichor Holdings Ltd. (Cayman Islands)		Morgan Stanley		2,950			151,587			121,216			(30,384	)
Intel Corp.		Morgan Stanley		24,528			1,298,003			1,306,852			23,111
KLA Corp.		Morgan Stanley		386			95,877			129,121			35,367
Lam Research Corp.		Morgan Stanley		694			424,349			394,990			(34,326	)
MACOM Technology Solutions Holdings, Inc.		Morgan Stanley		5,197			174,980			337,129			164,778
Microchip Technology, Inc.		Morgan Stanley		1			125			154			1,193
Micron Technology, Inc.		Morgan Stanley		11,340			817,582			804,913			(11,587	)
MKS Instruments, Inc.		Morgan Stanley		1,289			214,590			194,523			(21,850	)
Monolithic Power Systems, Inc.		Morgan Stanley		504			249,664			244,279			(5,432	)
NVIDIA Corp.		Morgan Stanley		1,458			287,749			302,039			15,176
NXP Semiconductors N.V. (Netherlands)		Morgan Stanley		4,246			815,813			831,664			19,899
ON Semiconductor Corp.		Morgan Stanley		3,982			157,501			182,256			25,063
Onto Innovation, Inc.		Morgan Stanley		872			53,115			63,002			9,981
Power Integrations, Inc.		Morgan Stanley		845			83,684			83,647			105
Qorvo, Inc.		Morgan Stanley		3,196			532,233			534,339			2,319
QUALCOMM, Inc.		Morgan Stanley		7,977			1,052,885			1,028,873			(13,350	)
Rambus, Inc.		Morgan Stanley		3,813			82,340			84,649			2,360
Semtech Corp.		Morgan Stanley		425			32,547			33,137			621
Skyworks Solutions, Inc.		Morgan Stanley		3,276			412,836			539,819			134,841
SMART Global Holdings, Inc. (Cayman Islands)		Morgan Stanley		53			1,347			2,359			1,029
Synaptics, Inc.		Morgan Stanley		1,132			187,698			203,454			15,851
Texas Instruments, Inc.		Morgan Stanley		2,532			373,847			486,676			125,212
Ultra Clean Holdings, Inc.		Morgan Stanley		9			186			383			215
Xilinx, Inc.		Morgan Stanley		1,083			158,064			163,522			5,280

				99,093			9,783,662			10,256,993			544,342

Software & Services
Accenture PLC, Class A (Ireland)		Morgan Stanley		2,457			524,281			786,043			272,997
ACI Worldwide, Inc.		Morgan Stanley		1,512			39,261			46,464			7,236
Adobe, Inc.		Morgan Stanley		1,856			1,049,624			1,068,536			19,363
Agilysys, Inc.		Morgan Stanley		78			4,090			4,084			13
ANSYS, Inc.		Morgan Stanley		1,026			348,811			349,302			329
Automatic Data Processing, Inc.		Morgan Stanley		7,868			1,396,303			1,572,971			200,444
Box, Inc., Class A		Morgan Stanley		11,264			268,103			266,619			(2,024	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*


Software & Services — (continued)
Broadridge Financial Solutions, Inc.		Morgan Stanley		1,575		$	206,797		$	262,458		$	59,942
Cadence Design Systems, Inc.		Morgan Stanley		3,212			311,417			486,425			175,154
Cerence, Inc.		Morgan Stanley		3,143			343,625			302,074			(41,392	)
CGI, Inc. (Canada)		Morgan Stanley		876			61,645			74,250			12,647
Cloudera, Inc.		Morgan Stanley		12,710			200,125			202,979			2,953
CommVault Systems, Inc.		Morgan Stanley		394			26,534			29,672			3,191
Cornerstone OnDemand, Inc.		Morgan Stanley		3,576			193,694			204,762			11,166
CSG Systems International, Inc.		Morgan Stanley		450			20,450			21,690			1,685
Descartes Systems Group, Inc. (The) (Canada)		Morgan Stanley		9			732			731			17
DocuSign, Inc.		Morgan Stanley		303			79,073			78,001			(2,423	)
Dolby Laboratories, Inc., Class A		Morgan Stanley		2,438			232,939			214,544			(18,156	)
Domo, Inc., Class B		Morgan Stanley		354			23,906			29,892			7,029
Dropbox, Inc., Class A		Morgan Stanley		8,033			249,926			234,724			(15,082	)
DXC Technology Co.		Morgan Stanley		9,090			355,556			305,515			(50,207	)
Elastic N.V. (Netherlands)		Morgan Stanley		268			36,880			39,929			3,536
Fair Isaac Corp.		Morgan Stanley		608			267,575			241,941			(25,506	)
Fiserv, Inc.		Morgan Stanley		8,071			805,462			875,704			70,601
Fortinet, Inc.		Morgan Stanley		3,030			379,819			884,881			505,237
Gartner, Inc.		Morgan Stanley		1,821			360,989			553,366			192,531
HubSpot, Inc.		Morgan Stanley		346			236,075			233,927			(2,803	)
International Business Machines Corp.		Morgan Stanley		2,682			342,625			372,610			38,062
Intuit, Inc.		Morgan Stanley		1,684			788,785			908,535			122,002
Lightspeed Commerce, Inc. (Canada)		Morgan Stanley		2,464			270,236			237,604			(36,368	)
Manhattan Associates, Inc.		Morgan Stanley		599			94,035			91,665			(2,314	)
Maximus, Inc.		Morgan Stanley		802			70,316			66,726			(3,283	)
Microsoft Corp.		Morgan Stanley		6,888			1,515,381			1,941,865			444,865
MongoDB, Inc.		Morgan Stanley		1,033			504,648			487,070			(17,353	)
NCR Corp.		Morgan Stanley		1,902			36,715			73,722			42,763
NortonLifeLock, Inc.		Morgan Stanley		15,752			329,314			398,526			80,255
Nutanix, Inc., Class A.		Morgan Stanley		6,519			250,714			245,766			(4,827	)
Open Text Corp. (Canada)		Morgan Stanley		3,772			157,869			183,847			28,612
Oracle Corp.		Morgan Stanley		22,188			1,637,737			1,933,240			365,017
Palantir Technologies, Inc., Class A		Morgan Stanley		1,138			30,511			27,358			(7,255	)
Palo Alto Networks, Inc.		Morgan Stanley		220			81,660			105,380			25,451
Paychex, Inc.		Morgan Stanley		7,319			476,211			823,022			371,455
PayPal Holdings, Inc.		Morgan Stanley		3,041			583,737			791,299			207,819
Progress Software Corp.		Morgan Stanley		338			15,001			16,626			1,704
PTC, Inc.		Morgan Stanley		2,103			205,323			251,918			46,698
ServiceNow, Inc.		Morgan Stanley		2,227			841,318			1,385,795			544,842
Sprout Social, Inc., Class A.		Morgan Stanley		2,294			275,507			279,753			4,377
SPS Commerce, Inc.		Morgan Stanley		553			54,581			89,204			34,664
Square, Inc., Class A		Morgan Stanley		1,417			345,225			339,853			(5,212	)
SS&C Technologies Holdings, Inc.		Morgan Stanley		2,210			160,183			153,374			(6,178	)
Synopsys, Inc.		Morgan Stanley		1,884			361,578			564,088			202,677
Teradata Corp.		Morgan Stanley		4,721			97,584			270,749			174,010
TTEC Holdings, Inc.		Morgan Stanley		128			12,266			11,972			(272	)
Verint Systems, Inc.		Morgan Stanley		6,762			279,440			302,870			23,299
VeriSign, Inc.		Morgan Stanley		1,247			245,717			255,647			10,049
Visa, Inc., Class A		Morgan Stanley		2,912			617,011			648,648			34,893

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*


Software & Services — (continued)
Western Union Co. (The)		Morgan Stanley		11,716		$	235,717		$	236,898		$	12,935
Workiva, Inc.		Morgan Stanley		1,350			162,659			190,296			27,722
Xperi Holding Corp.		Morgan Stanley		262			5,048			4,936			(6	)

				206,495			19,108,344			23,062,346			4,149,581

Technology Hardware & Equipment
3D Systems Corp.		Morgan Stanley		15,367			453,419			423,668			(29,546	)
Apple, Inc.		Morgan Stanley		24,282			1,997,509			3,435,903			1,466,945
Arista Networks, Inc.		Morgan Stanley		191			68,611			65,635			(2,930	)
Arrow Electronics, Inc.		Morgan Stanley		419			39,639			47,050			7,402
Belden, Inc.		Morgan Stanley		557			18,214			32,451			15,127
Benchmark Electronics, Inc.		Morgan Stanley		1,089			31,602			29,087			(2,178	)
CDW Corp.		Morgan Stanley		1,007			125,184			183,294			59,710
Cisco Systems, Inc.		Morgan Stanley		23,654			1,028,269			1,287,487			298,887
Cognex Corp.		Morgan Stanley		159			12,829			12,755			(15	)
Coherent, Inc.		Morgan Stanley		1,578			407,975			394,642			(13,637	)
Corning, Inc.		Morgan Stanley		11,817			375,773			431,202			65,355
CTS Corp.		Morgan Stanley		128			4,091			3,956			(111	)
Diebold Nixdorf, Inc.		Morgan Stanley		7,306			40,348			73,864			33,549
EchoStar Corp., Class A.		Morgan Stanley		2,311			55,332			58,954			3,662
Extreme Networks, Inc.		Morgan Stanley		10,291			112,243			101,366			(10,813	)
F5 Networks, Inc.		Morgan Stanley		208			38,790			41,346			2,545
Hewlett Packard Enterprise Co.		Morgan Stanley		29,012			434,432			413,421			(13,920	)
HP,Inc.		Morgan Stanley		28,434			487,470			777,954			318,979
Keysight Technologies, Inc.		Morgan Stanley		1,247			200,097			204,870			4,872
Knowles Corp.		Morgan Stanley		2,052			40,047			38,454			(1,595	)
NetApp, Inc.		Morgan Stanley		5,846			381,117			524,737			154,836
NETGEAR, Inc.		Morgan Stanley		956			31,643			30,506			(1,358	)
OSI Systems, Inc.		Morgan Stanley		200			16,812			18,960			2,160
Plantronics, Inc.		Morgan Stanley		3,355			126,556			86,257			(40,383	)
Sanmina Corp.		Morgan Stanley		3,357			86,634			129,379			43,318
Seagate Technology Holdings PLC (Ireland)		Morgan Stanley		5,450			377,121			449,734			76,343
SYNNEX Corp.		Morgan Stanley		2,504			190,672			260,666			70,588
TE Connectivity Ltd. (Switzerland)		Morgan Stanley		3,847			442,302			527,885			91,813
Trimble, Inc.		Morgan Stanley		2,248			198,361			184,898			(13,363	)
TTM Technologies, Inc.		Morgan Stanley		7,292			95,807			91,660			(4,090	)
Ubiquiti, Inc.		Morgan Stanley		722			184,824			215,640			32,196
Vishay Intertechnology, Inc.		Morgan Stanley		5,647			123,515			113,448			(9,500	)
Vontier Corp.		Morgan Stanley		8,528			251,387			286,541			35,688
Western Digital Corp.		Morgan Stanley		5,842			360,056			329,722			(30,168	)
Xerox Holdings Corp.		Morgan Stanley		8,250			196,706			166,403			(27,377	)
Zebra Technologies Corp., Class A		Morgan Stanley		1,043			429,743			537,583			108,034

				226,196			9,465,130			12,011,378			2,691,025

Telecommunication Services
AT&T, Inc.		Morgan Stanley		20,938			589,111			565,535			11,062
Gogo, Inc.		Morgan Stanley		8,633			97,450			149,351			52,639
IDT Corp., Class B		Morgan Stanley		21			903			881			(4	)
Iridium Communications, Inc.		Morgan Stanley		1,704			51,595			67,904			16,348
Lumen Technologies, Inc.		Morgan Stanley		7,647			84,231			94,746			15,609

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Telecommunication Services — (continued)
ROGERS COMMUNICATIONS INC (Canada)		Morgan Stanley		6			$	281			$	280			$	(219	)
T-Mobile U.S., Inc.		Morgan Stanley		3,237				381,626				413,559				32,108
Verizon Communications, Inc.		Morgan Stanley		13,542				727,586				731,403				32,884

				55,728				1,932,783				2,023,659				160,427

Transportation
Alaska Air Group, Inc.		Morgan Stanley		3,462				141,548				202,873				61,401
ArcBest Corp.		Morgan Stanley		3,385				181,768				276,791				105,133
Atlas Air Worldwide Holdings, Inc.		Morgan Stanley		882				48,849				72,042				26,133
Canadian Pacific Railway Ltd. (Canada)		Morgan Stanley		1,084				78,248				70,536				(7,632	)
CSX Corp.		Morgan Stanley		37,434				943,026				1,113,287				178,628
Echo Global Logistics, Inc.		Morgan Stanley		6,805				130,860				324,667				195,078
Expeditors International of Washington, Inc.		Morgan Stanley		2,094				243,681				249,458				7,122
FedEx Corp.		Morgan Stanley		199				47,841				43,639				(2,616	)
Hub Group, Inc., Class A		Morgan Stanley		767				50,179				52,731				2,638
Kirby Corp.		Morgan Stanley		453				24,293				21,726				(2,539	)
Matson, Inc.		Morgan Stanley		334				23,231				26,957				3,803
Norfolk Southern Corp.		Morgan Stanley		674				149,203				161,255				17,142
Old Dominion Freight Line, Inc.		Morgan Stanley		954				229,012				272,825				44,403
Schneider National, Inc., Class B		Morgan Stanley		1,677				34,585				38,135				4,774
Southwest Airlines Co.		Morgan Stanley		280				14,610				14,400				(186	)
Union Pacific Corp.		Morgan Stanley		2,299				481,501				450,627				(27,500	)
United Airlines Holdings, Inc.		Morgan Stanley		3,984				183,725				189,519				6,011
United Parcel Service, Inc., Class B		Morgan Stanley		4,175				741,928				760,268				26,524
XPO Logistics, Inc.		Morgan Stanley		2,559				215,435				203,645				(11,684	)

				73,501				3,963,523				4,545,381				626,633

Utilities
AES Corp. (The)		Morgan Stanley		10,999				272,005				251,107				(19,601	)
American Water Works Co., Inc.		Morgan Stanley		558				91,559				94,324				3,106
Dominion Energy, Inc.		Morgan Stanley		6,393				444,353				466,817				35,448
Exelon Corp.		Morgan Stanley		17,128				676,642				827,968				174,575
Fortis,Inc.(Canada)		Morgan Stanley		155				6,895				6,871				(396	)
MDU Resources Group, Inc.		Morgan Stanley		1,620				45,888				48,065				3,366
NRG Energy, Inc.		Morgan Stanley		15,449				636,738				630,783				(2,178	)
PPL Corp.		Morgan Stanley		27,777				814,066				774,423				(33,576	)
Public Service Enterprise Group, Inc.		Morgan Stanley		11,781				750,939				717,463				(29,276	)
Southern Co. (The)		Morgan Stanley		398				26,284				24,664				(1,467	)
TransAlta Corp. (Canada)		Morgan Stanley		25				258				264				27

				92,283				3,765,627				3,842,749				130,028

Total Reference Entity — Long								152,873,845				176,769,335				25,838,229


Short
Automobiles & Components
BorgWarner, Inc.		Morgan Stanley		(11,422	)			(491,155	)			(493,545	)			(4,571	)
Dana, Inc.		Morgan Stanley		(2,251	)			(61,312	)			(50,062	)			11,390
Dorman Products, Inc.		Morgan Stanley		(2,116	)			(185,124	)			(200,322	)			(15,619	)
Fox Factory Holding Corp.		Morgan Stanley		(1,572	)			(242,548	)			(227,217	)			14,759
Goodyear Tire & Rubber Co. (The)		Morgan Stanley		(7,896	)			(126,733	)			(139,759	)			(13,309	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Automobiles & Components — (continued)
LCI Industries	Morgan Stanley		(6,018	)		$	(844,006	)		$	(810,203	)		$	24,290
Patrick Industries, Inc.	Morgan Stanley		(4,864	)			(395,250	)			(405,171	)			(13,574	)
Standard Motor Products, Inc.	Morgan Stanley		(181	)			(7,900	)			(7,911	)			(5	)
Tesla, Inc.	Morgan Stanley		(84	)			(57,236	)			(65,140	)			(8,023	)
Workhorse Group, Inc.	Morgan Stanley		(19,735	)			(322,406	)			(150,973	)			170,687
XPEL, Inc.	Morgan Stanley		(1,302	)			(107,861	)			(98,770	)			9,094

			(57,441	)			(2,841,531	)			(2,649,073	)			175,119

Capital Goods
AAON, Inc.	Morgan Stanley		(838	)			(62,186	)			(54,755	)			7,150
Advanced Drainage Systems, Inc.	Morgan Stanley		(659	)			(71,801	)			(71,284	)			364
Ameresco, Inc., Class A	Morgan Stanley		(120	)			(7,137	)			(7,012	)			125
American Woodmark Corp.	Morgan Stanley		(2,803	)			(225,364	)			(183,232	)			41,616
API Group Corp., 144A	Morgan Stanley		(2,551	)			(57,603	)			(51,913	)			5,571
Arcosa, Inc.	Morgan Stanley		(4,526	)			(258,680	)			(227,069	)			30,825
Argan, Inc.	Morgan Stanley		(2,184	)			(92,467	)			(95,375	)			(11,862	)
Axon Enterprise, Inc.	Morgan Stanley		(1,299	)			(178,292	)			(227,351	)			(49,464	)
AZEK Co., Inc. (The)	Morgan Stanley		(2,071	)			(86,809	)			(75,654	)			11,031
Ballard Power Systems, Inc. (Canada)	Morgan Stanley		(62,176	)			(984,721	)			(873,573	)			108,833
Bloom Energy Corp., Class A	Morgan Stanley		(11,284	)			(250,280	)			(211,236	)			38,468
Boeing Co. (The)	Morgan Stanley		(907	)			(226,835	)			(199,486	)			26,829
BWX Technologies, Inc.	Morgan Stanley		(11,306	)			(697,365	)			(608,941	)			83,807
Carlisle Cos., Inc.	Morgan Stanley		(514	)			(104,389	)			(102,178	)			1,736
Chart Industries, Inc.	Morgan Stanley		(1,322	)			(220,066	)			(252,647	)			(33,086	)
Columbus McKinnon Corp.	Morgan Stanley		(110	)			(5,241	)			(5,318	)			(73	)
Construction Partners, Inc., Class A	Morgan Stanley		(9,297	)			(284,203	)			(310,241	)			(26,693	)
Cornerstone Building Brands, Inc.	Morgan Stanley		(17,846	)			(303,326	)			(260,730	)			41,894
Energy Recovery, Inc.	Morgan Stanley		(5,342	)			(109,198	)			(101,658	)			7,298
EnPro Industries, Inc.	Morgan Stanley		(33	)			(2,883	)			(2,875	)			21
Evoqua Water Technologies Corp.	Morgan Stanley		(20,247	)			(617,726	)			(760,477	)			(147,556	)
Federal Signal Corp.	Morgan Stanley		(3,128	)			(117,646	)			(120,803	)			(4,405	)
Fluor Corp.	Morgan Stanley		(12,214	)			(286,199	)			(195,058	)			90,481
Franklin Electric Co., Inc.	Morgan Stanley		(1,295	)			(107,576	)			(103,406	)			3,999
FuelCell Energy, Inc.	Morgan Stanley		(37,725	)			(572,035	)			(252,380	)			317,979
GATX Corp.	Morgan Stanley		(4,215	)			(385,110	)			(377,495	)			454
GMS, Inc.	Morgan Stanley		(2,687	)			(126,596	)			(117,691	)			8,623
Great Lakes Dredge & Dock Corp.	Morgan Stanley		(5,972	)			(87,880	)			(90,117	)			(2,429	)
Griffon Corp.	Morgan Stanley		(1,922	)			(44,960	)			(47,281	)			(2,470	)
Helios Technologies, Inc.	Morgan Stanley		(2,022	)			(111,853	)			(166,026	)			(55,981	)
Hexcel Corp.	Morgan Stanley		(1,660	)			(100,346	)			(98,587	)			1,538
Hubbell, Inc.	Morgan Stanley		(444	)			(88,561	)			(80,217	)			7,888
Hyster-Yale Materials Handling, Inc.	Morgan Stanley		(2,671	)			(156,550	)			(134,244	)			15,342
IDEX Corp.	Morgan Stanley		(2,460	)			(558,553	)			(509,097	)			49,169
IES Holdings, Inc.	Morgan Stanley		(31	)			(1,384	)			(1,416	)			(19	)
Kennametal, Inc.	Morgan Stanley		(2,712	)			(113,228	)			(92,832	)			19,970
Kratos Defense & Security Solutions, Inc.	Morgan Stanley		(11,262	)			(266,489	)			(251,255	)			14,620
Lindsay Corp.	Morgan Stanley		(533	)			(88,615	)			(80,904	)			7,224
MasTec, Inc.	Morgan Stanley		(203	)			(17,748	)			(17,515	)			209
Maxar Technologies, Inc.	Morgan Stanley		(3,841	)			(153,040	)			(108,777	)			43,852
Mercury Systems, Inc.	Morgan Stanley		(14,525	)			(927,455	)			(688,775	)			236,500

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Capital Goods — (continued)
Meritor, Inc.	Morgan Stanley		(9,469	)		$	(249,325	)		$	(201,784	)		$	47,752
Moog, Inc., Class A	Morgan Stanley		(1,402	)			(129,573	)			(106,874	)			20,395
MSC Industrial Direct Co., Inc., Class A	Morgan Stanley		(2,356	)			(214,060	)			(188,928	)			23,881
Mueller Water Products, Inc., Class A	Morgan Stanley		(5,438	)			(62,681	)			(82,766	)			(22,624	)
Nikola Corp.	Morgan Stanley		(25,769	)			(262,161	)			(274,955	)			(13,398	)
NV5 Global, Inc.	Morgan Stanley		(1,316	)			(95,056	)			(129,718	)			(35,322	)
Parsons Corp.	Morgan Stanley		(2,921	)			(109,207	)			(98,613	)			10,353
PGT Innovations, Inc.	Morgan Stanley		(17,756	)			(294,845	)			(339,140	)			(44,976	)
Plug Power, Inc.	Morgan Stanley		(36,277	)			(971,172	)			(926,515	)			38,538
Primoris Services Corp.	Morgan Stanley		(4,863	)			(125,584	)			(119,095	)			5,929
Proto Labs, Inc.	Morgan Stanley		(6,272	)			(893,343	)			(417,715	)			473,529
RBC Bearings, Inc.	Morgan Stanley		(337	)			(78,286	)			(71,511	)			6,687
REV Group, Inc.	Morgan Stanley		(3,237	)			(37,646	)			(55,547	)			(18,885	)
Shyft Group,Inc.(The)	Morgan Stanley		(1,267	)			(53,559	)			(48,159	)			5,302
Spirit AeroSystems Holdings, Inc., Class A	Morgan Stanley		(10,553	)			(498,927	)			(466,337	)			31,170
Sunrun, Inc.	Morgan Stanley		(6,310	)			(449,219	)			(277,640	)			170,532
Textainer Group Holdings Ltd. (Bermuda)	Morgan Stanley		(10,280	)			(332,762	)			(358,875	)			(26,884	)
Timken Co. (The)	Morgan Stanley		(2,544	)			(194,801	)			(166,428	)			27,311
Trex Co., Inc	Morgan Stanley		(2,103	)			(214,811	)			(214,359	)			(906	)
TriMas Corp.	Morgan Stanley		(52	)			(1,619	)			(1,683	)			(51	)
UFP Industries, Inc.	Morgan Stanley		(323	)			(22,561	)			(21,958	)			567
Univar Solutions, Inc.	Morgan Stanley		(10,942	)			(255,566	)			(260,638	)			(5,661	)
Valmont Industries, Inc.	Morgan Stanley		(424	)			(99,541	)			(99,691	)			(578	)
Vicor Corp.	Morgan Stanley		(46	)			(6,232	)			(6,171	)			63
Woodward, Inc.	Morgan Stanley		(2,178	)			(265,231	)			(246,550	)			18,291

			(433,392	)			(15,076,164	)			(13,398,531	)			1,600,393

Commercial & Professional Services
ADT, Inc.	Morgan Stanley		(90,555	)			(826,209	)			(732,590	)			86,160
Booz Allen Hamilton Holding Corp.	Morgan Stanley		(7,469	)			(625,871	)			(592,665	)			29,259
Clarivate PLC (Jersey)	Morgan Stanley		(4,493	)			(126,007	)			(98,397	)			28,986
CoStar Group, Inc.	Morgan Stanley		(3,349	)			(305,477	)			(288,215	)			17,008
Covanta Holding Corp.	Morgan Stanley		(16,174	)			(285,664	)			(325,421	)			(52,608	)
Deluxe Corp.	Morgan Stanley		(1,950	)			(76,266	)			(69,985	)			5,880
Dun & Bradstreet Holdings, Inc.	Morgan Stanley		(29,869	)			(546,758	)			(502,098	)			43,383
Forrester Research, Inc.	Morgan Stanley		(2,250	)			(79,674	)			(110,835	)			(31,332	)
FTI Consulting, Inc.	Morgan Stanley		(2,546	)			(364,394	)			(342,946	)			20,669
Harsco Corp.	Morgan Stanley		(8,436	)			(140,777	)			(142,990	)			(2,529	)
Huron Consulting Group, Inc.	Morgan Stanley		(455	)			(23,044	)			(23,660	)			(653	)
IAA, Inc.	Morgan Stanley		(829	)			(46,440	)			(45,239	)			1,109
Insperity, Inc.	Morgan Stanley		(8,969	)			(881,788	)			(993,227	)			(137,017	)
Leidos Holdings, Inc.	Morgan Stanley		(2,783	)			(272,621	)			(267,530	)			4,452
ManTech International Corp., Class A	Morgan Stanley		(1,401	)			(122,791	)			(106,364	)			15,332
Montrose Environmental Group, Inc.	Morgan Stanley		(1,409	)			(76,143	)			(86,992	)			(11,012	)
Pitney Bowes, Inc.	Morgan Stanley		(47,518	)			(399,527	)			(342,605	)			52,828
Tetra Tech, Inc.	Morgan Stanley		(38	)			(5,790	)			(5,675	)			458
TransUnion	Morgan Stanley		(2,751	)			(306,971	)			(308,965	)			(4,613	)
U.S. Ecology, Inc.	Morgan Stanley		(7,865	)			(477,074	)			(254,433	)			220,918
Upwork, Inc.	Morgan Stanley		(9,594	)			(435,697	)			(432,018	)			2,664

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Commercial & Professional Services — (continued)
Verisk Analytics, Inc.	Morgan Stanley		(6,636	)		$	(1,285,387	)		$	(1,328,992	)		$	(49,300	)
Viad Corp.	Morgan Stanley		(4,126	)			(170,416	)			(187,362	)			(17,332	)

			(261,465	)			(7,880,786	)			(7,589,204	)			222,710

Consumer Durables & Apparel
Callaway Golf Co.	Morgan Stanley		(25,041	)			(727,625	)			(691,883	)			33,618
Canada Goose Holdings, Inc. (Canada)	Morgan Stanley		(17,383	)			(662,591	)			(620,052	)			40,987
G-III Apparel Group Ltd.	Morgan Stanley		(9,306	)			(277,696	)			(263,360	)			13,482
Helen of Troy Ltd. (Bermuda)	Morgan Stanley		(2,761	)			(621,044	)			(620,341	)			(751	)
Installed Building Products, Inc.	Morgan Stanley		(2,426	)			(309,124	)			(259,946	)			47,797
iRobot Corp.	Morgan Stanley		(838	)			(72,618	)			(65,783	)			6,680
Latham Group, Inc.	Morgan Stanley		(3,377	)			(68,222	)			(55,383	)			12,695
Levi Strauss & Co., Class A	Morgan Stanley		(2,652	)			(75,865	)			(65,001	)			10,630
Lovesac Co. (The)	Morgan Stanley		(499	)			(35,745	)			(32,979	)			2,699
Malibu Boats, Inc., Class A	Morgan Stanley		(1,920	)			(161,954	)			(134,362	)			27,226
Oxford Industries, Inc.	Morgan Stanley		(2,646	)			(172,283	)			(238,590	)			(70,991	)
Peloton Interactive, Inc., Class A	Morgan Stanley		(29,039	)			(3,034,449	)			(2,527,845	)			499,434
Purple Innovation, Inc.	Morgan Stanley		(28,391	)			(874,232	)			(596,779	)			275,399
Vizio Holding Corp., Class A	Morgan Stanley		(903	)			(18,766	)			(19,180	)			(441	)
Wolverine World Wide, Inc.	Morgan Stanley		(6,694	)			(195,188	)			(199,749	)			(11,630	)

			(133,876	)			(7,307,402	)			(6,391,233	)			886,834

Consumer Services
2U INC	Morgan Stanley		(159	)			(5,337	)			(5,338	)			401
Aramark	Morgan Stanley		(14,424	)			(590,188	)			(473,973	)			110,252
Bally’s Corp.	Morgan Stanley		(9,768	)			(594,052	)			(489,767	)			102,760
Bright Horizons Family Solutions, Inc.	Morgan Stanley		(4,866	)			(828,923	)			(678,418	)			148,681
Carnival Corp. (Panama)	Morgan Stanley		(36,522	)			(869,586	)			(913,415	)			(66,725	)
Darden Restaurants, Inc.	Morgan Stanley		(3,403	)			(537,728	)			(515,452	)			22,951
Denny’s Corp.	Morgan Stanley		(25,388	)			(388,883	)			(414,840	)			(28,067	)
Frontdoor, Inc.	Morgan Stanley		(2,439	)			(133,072	)			(102,194	)			30,766
Monarch Casino & Resort, Inc.	Morgan Stanley		(3,133	)			(137,859	)			(209,880	)			(72,354	)
Papa John’s International, Inc.	Morgan Stanley		(1,658	)			(205,365	)			(210,549	)			(6,073	)
Planet Fitness, Inc., Class A	Morgan Stanley		(2,209	)			(170,496	)			(173,517	)			(3,407	)
Royal Caribbean Cruises Ltd. (Liberia)	Morgan Stanley		(7,190	)			(625,034	)			(639,550	)			(15,980	)
Shake Shack, Inc., Class A	Morgan Stanley		(6,289	)			(612,071	)			(493,435	)			117,565
Stride, Inc.	Morgan Stanley		(3,395	)			(95,957	)			(122,016	)			(27,078	)
Terminix Global Holdings, Inc.	Morgan Stanley		(1,346	)			(71,126	)			(56,088	)			15,220
Wingstop, Inc.	Morgan Stanley		(6,111	)			(1,050,568	)			(1,001,776	)			44,314

			(128,300	)			(6,916,245	)			(6,500,208	)			373,226

Diversified Financials
FactSet Research Systems, Inc.	Morgan Stanley		(51	)			(20,181	)			(20,134	)			16
Intercontinental Exchange, Inc.	Morgan Stanley		(4,841	)			(574,730	)			(555,844	)			18,564
Morningstar, Inc.	Morgan Stanley		(238	)			(66,444	)			(61,649	)			4,696
Open Lending Corp., Class A	Morgan Stanley		(3,121	)			(128,661	)			(112,574	)			16,405

			(8,251	)			(790,016	)			(750,201	)			39,681

Energy
Antero Midstream Corp.	Morgan Stanley		(12,352	)			(126,779	)			(128,708	)			(2,212	)
Bonanza Creek Energy, Inc.	Morgan Stanley		(2,837	)			(125,472	)			(135,892	)			(10,905	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Energy — (continued)
Cenovus Energy, Inc. (Canada)	Morgan Stanley		(53,673	)		$	(517,804	)		$	(539,950	)		$	(29,840	)
Cheniere Energy, Inc.	Morgan Stanley		(11,179	)			(966,661	)			(1,091,853	)			(127,494	)
Comstock Resources, Inc.	Morgan Stanley		(11,977	)			(113,313	)			(123,962	)			(10,900	)
Core Laboratories N.V. (Netherlands)	Morgan Stanley		(3,747	)			(116,652	)			(103,979	)			12,396
CVR Energy, Inc.	Morgan Stanley		(6,252	)			(101,940	)			(104,158	)			(2,442	)
Delek U.S. Holdings, Inc.	Morgan Stanley		(36,152	)			(644,190	)			(649,651	)			(15,180	)
Devon Energy Corp.	Morgan Stanley		(24,435	)			(689,226	)			(867,687	)			(217,019	)
Diamondback Energy, Inc.	Morgan Stanley		(7,946	)			(678,677	)			(752,248	)			(88,040	)
Dril-Quip, Inc.	Morgan Stanley		(4,779	)			(159,626	)			(120,335	)			39,171
Enbridge, Inc. (Canada)	Morgan Stanley		(1,265	)			(49,738	)			(50,347	)			(1,550	)
Enerplus Corp. (Canada)	Morgan Stanley		(39,938	)			(232,509	)			(319,504	)			(89,024	)
EQT Corp.	Morgan Stanley		(81,931	)			(1,514,989	)			(1,676,308	)			(164,890	)
FLEX LNG Ltd. (Bermuda)	Morgan Stanley		(31	)			(548	)			(558	)			6
Gevo, Inc.	Morgan Stanley		(46,434	)			(280,270	)			(308,322	)			(28,698	)
Liberty Oilfield Services, Inc., Class A	Morgan Stanley		(23,112	)			(251,334	)			(280,349	)			(30,515	)
New Fortress Energy, Inc.	Morgan Stanley		(7,944	)			(228,863	)			(220,446	)			7,323
Northern Oil and Gas, Inc.	Morgan Stanley		(10,562	)			(203,641	)			(226,027	)			(23,552	)
Par Pacific Holdings, Inc.	Morgan Stanley		(10,177	)			(156,759	)			(159,982	)			(3,578	)
Patterson-UTI Energy, Inc.	Morgan Stanley		(8,231	)			(66,107	)			(74,079	)			(9,022	)
Pembina Pipeline Corp. (Canada)	Morgan Stanley		(7,466	)			(269,733	)			(236,598	)			9,620
Pioneer Natural Resources Co.	Morgan Stanley		(7,569	)			(1,241,413	)			(1,260,314	)			(49,238	)
Range Resources Corp.	Morgan Stanley		(13,834	)			(210,042	)			(313,063	)			(104,409	)
RPC, Inc.	Morgan Stanley		(33,444	)			(160,302	)			(162,538	)			(2,745	)
SFL Corp. Ltd. (Bermuda)	Morgan Stanley		(6,629	)			(90,884	)			(55,551	)			21,789
Southwestern Energy Co.	Morgan Stanley		(105,824	)			(476,139	)			(586,265	)			(115,857	)
TechnipFMC PLC (United Kingdom)	Morgan Stanley		(189,022	)			(1,368,201	)			(1,423,336	)			(58,358	)
Tellurian, Inc.	Morgan Stanley		(111,523	)			(332,214	)			(436,055	)			(105,230	)
Valero Energy Corp.	Morgan Stanley		(1,239	)			(81,415	)			(87,436	)			(7,632	)

			(881,504	)			(11,455,441	)			(12,495,501	)			(1,208,025	)

Food & Staples Retailing
BJ’s Wholesale Club Holdings, Inc.	Morgan Stanley		(8,239	)			(413,430	)			(452,486	)			(43,159	)
Casey’s General Stores, Inc.	Morgan Stanley		(4,205	)			(824,382	)			(792,432	)			29,501
Chefs’ Warehouse, Inc. (The)	Morgan Stanley		(3,409	)			(103,011	)			(111,031	)			(9,556	)
Grocery Outlet Holding Corp.	Morgan Stanley		(23,121	)			(947,268	)			(498,720	)			446,859
Performance Food Group Co.	Morgan Stanley		(5,445	)			(252,653	)			(252,975	)			(903	)
Rite Aid Corp.	Morgan Stanley		(6,315	)			(116,929	)			(89,673	)			26,996
U.S. Foods Holding Corp.	Morgan Stanley		(737	)			(25,634	)			(25,544	)			(823	)
United Natural Foods, Inc.	Morgan Stanley		(7,419	)			(267,607	)			(359,228	)			(103,662	)

			(58,890	)			(2,950,914	)			(2,582,089	)			345,253

Food, Beverage & Tobacco
B&G Foods, Inc.	Morgan Stanley		(10,514	)			(342,945	)			(314,263	)			12,980
Beyond Meat, Inc.	Morgan Stanley		(2,767	)			(449,434	)			(291,254	)			157,132
Boston Beer Co., Inc. (The), Class A	Morgan Stanley		(109	)			(78,308	)			(55,563	)			24,886
Celsius Holdings, Inc.	Morgan Stanley		(15,665	)			(1,139,688	)			(1,411,260	)			(274,254	)
Conagra Brands, Inc.	Morgan Stanley		(9,787	)			(335,020	)			(331,486	)			1,522
Fresh Del Monte Produce, Inc. (Cayman Islands)	Morgan Stanley		(6,689	)			(181,448	)			(215,520	)			(39,018	)
Freshpet, Inc.	Morgan Stanley		(3,935	)			(598,979	)			(561,485	)			36,035
Hain Celestial Group, Inc. (The)	Morgan Stanley		(6,286	)			(246,193	)			(268,915	)			(23,287	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Food, Beverage & Tobacco — (continued)
Hormel Foods Corp.	Morgan Stanley		(16,187	)		$	(678,228	)		$	(663,667	)		$	12,972
Hostess Brands, Inc.	Morgan Stanley		(1,599	)			(27,539	)			(27,775	)			(284	)
Ingredion, Inc.	Morgan Stanley		(9,782	)			(888,637	)			(870,696	)			13,366
J & J Snack Foods Corp.	Morgan Stanley		(871	)			(161,668	)			(133,106	)			24,100
Keurig Dr Pepper, Inc.	Morgan Stanley		(5,079	)			(178,353	)			(173,499	)			3,708
Lamb Weston Holdings, Inc.	Morgan Stanley		(1,817	)			(152,273	)			(111,509	)			39,994
Lancaster Colony Corp.	Morgan Stanley		(648	)			(112,125	)			(109,389	)			2,289
McCormick & Co, Inc.	Morgan Stanley		(4,944	)			(436,088	)			(400,612	)			33,244
MGP Ingredients, Inc.	Morgan Stanley		(3,080	)			(171,205	)			(200,508	)			(32,187	)
Pilgrim’s Pride Corp.	Morgan Stanley		(5,384	)			(123,196	)			(156,567	)			(34,049	)
Post Holdings, Inc.	Morgan Stanley		(4,338	)			(499,696	)			(477,874	)			20,656
TreeHouse Foods, Inc.	Morgan Stanley		(12,020	)			(462,979	)			(479,358	)			(17,458	)
Universal Corp.	Morgan Stanley		(1,084	)			(53,579	)			(52,390	)			1,080
Utz Brands, Inc.	Morgan Stanley		(17,339	)			(367,046	)			(297,017	)			68,245

			(139,924	)			(7,684,627	)			(7,603,713	)			31,672

Health Care Equipment & Services
1Life Healthcare, Inc.	Morgan Stanley		(15,589	)			(503,485	)			(315,677	)			186,632
ABIOMED, Inc.	Morgan Stanley		(1,334	)			(433,136	)			(434,244	)			(3,783	)
Accolade, Inc.	Morgan Stanley		(3,292	)			(157,508	)			(138,824	)			18,329
AdaptHealth Corp.	Morgan Stanley		(7,398	)			(196,611	)			(172,299	)			23,875
Alphatec Holdings, Inc.	Morgan Stanley		(8,521	)			(120,232	)			(103,871	)			16,093
American Well Corp., Class A	Morgan Stanley		(13,572	)			(190,012	)			(123,641	)			65,938
AmerisourceBergen Corp.	Morgan Stanley		(6,001	)			(727,608	)			(716,819	)			7,672
Apollo Medical Holdings, Inc.	Morgan Stanley		(1,088	)			(104,476	)			(99,062	)			5,184
Avanos Medical, Inc.	Morgan Stanley		(2,525	)			(94,596	)			(78,780	)			15,890
Axogen, Inc.	Morgan Stanley		(5,376	)			(83,392	)			(84,941	)			(3,714	)
BioLife Solutions, Inc.	Morgan Stanley		(3,092	)			(125,985	)			(130,853	)			(5,149	)
Cardiovascular Systems, Inc.	Morgan Stanley		(7,023	)			(332,338	)			(230,565	)			101,199
Castle Biosciences, Inc.	Morgan Stanley		(6,187	)			(413,850	)			(411,435	)			1,451
Covetrus, Inc.	Morgan Stanley		(14,579	)			(441,567	)			(264,463	)			176,075
CryoPort, Inc.	Morgan Stanley		(1,950	)			(111,934	)			(129,694	)			(18,207	)
GoodRx Holdings, Inc., Class A	Morgan Stanley		(9,078	)			(408,772	)			(372,380	)			35,744
Guardant Health, Inc.	Morgan Stanley		(3,920	)			(581,845	)			(490,039	)			91,473
Haemonetics Corp.	Morgan Stanley		(5,932	)			(501,980	)			(418,740	)			82,068
Health Catalyst, Inc.	Morgan Stanley		(2,946	)			(153,850	)			(147,329	)			6,173
HealthEquity, Inc.	Morgan Stanley		(61	)			(4,013	)			(3,950	)			1,354
Hill-Rom Holdings, Inc.	Morgan Stanley		(824	)			(109,620	)			(123,600	)			(14,429	)
Humana, Inc.	Morgan Stanley		(851	)			(393,290	)			(331,167	)			61,774
ICU Medical, Inc.	Morgan Stanley		(77	)			(18,044	)			(17,970	)			4,878
Inari Medical, Inc.	Morgan Stanley		(1,709	)			(157,925	)			(138,600	)			18,968
Inovalon Holdings, Inc., Class A	Morgan Stanley		(5,180	)			(178,260	)			(208,702	)			(30,847	)
Insulet Corp.	Morgan Stanley		(2,215	)			(618,798	)			(629,569	)			(12,584	)
iRhythm Technologies, Inc.	Morgan Stanley		(4,031	)			(188,809	)			(236,055	)			(47,676	)
Joint Corp. (The)	Morgan Stanley		(974	)			(77,171	)			(95,471	)			(19,124	)
Lantheus Holdings, Inc.	Morgan Stanley		(11,995	)			(282,162	)			(308,032	)			(27,677	)
Magellan Health, Inc.	Morgan Stanley		(1,287	)			(120,561	)			(121,686	)			(1,393	)
Masimo Corp.	Morgan Stanley		(3,225	)			(850,785	)			(873,040	)			(25,303	)
Mesa Laboratories, Inc.	Morgan Stanley		(408	)			(108,768	)			(123,363	)			(15,204	)
ModivCare, Inc.	Morgan Stanley		(329	)			(60,467	)			(59,753	)			588

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Health Care Equipment & Services — (continued)
National HealthCare Corp.	Morgan Stanley		(4	)		$	(280	)		$	(280	)		$	15
Neogen Corp.	Morgan Stanley		(1,904	)			(87,730	)			(82,691	)			4,850
Oak Street Health, Inc.	Morgan Stanley		(24,166	)			(1,217,910	)			(1,027,780	)			187,263
Option Care Health, Inc.	Morgan Stanley		(10,036	)			(221,943	)			(243,473	)			(22,969	)
OrthoPediatrics Corp.	Morgan Stanley		(1,994	)			(104,342	)			(130,627	)			(26,867	)
Outset Medical, Inc.	Morgan Stanley		(3,325	)			(139,653	)			(164,388	)			(25,048	)
Penumbra, Inc.	Morgan Stanley		(2,191	)			(586,632	)			(583,901	)			943
PetIQ, Inc.	Morgan Stanley		(7,779	)			(246,302	)			(194,242	)			51,712
Phreesia, Inc.	Morgan Stanley		(382	)			(23,578	)			(23,569	)			(30	)
Progyny, Inc.	Morgan Stanley		(11,800	)			(682,219	)			(660,800	)			19,795
Quidel Corp.	Morgan Stanley		(1,661	)			(242,760	)			(234,450	)			7,752
RadNet, Inc.	Morgan Stanley		(6,830	)			(100,602	)			(200,187	)			(99,822	)
ResMed, Inc.	Morgan Stanley		(863	)			(232,838	)			(227,444	)			(310	)
Schrodinger, Inc.	Morgan Stanley		(10,664	)			(628,365	)			(583,107	)			43,786
Silk Road Medical, Inc.	Morgan Stanley		(4,937	)			(289,184	)			(271,683	)			16,229
Simulations Plus, Inc.	Morgan Stanley		(1,697	)			(124,568	)			(67,031	)			57,071
SmileDirectClub, Inc.	Morgan Stanley		(66,173	)			(398,343	)			(352,040	)			45,377
STERIS PLC (Ireland)	Morgan Stanley		(10,661	)			(2,306,886	)			(2,177,829	)			119,683
Surgery Partners, Inc.	Morgan Stanley		(7,371	)			(365,275	)			(312,088	)			52,339
Tabula Rasa HealthCare, Inc.	Morgan Stanley		(7,596	)			(442,611	)			(199,091	)			243,098
Tactile Systems Technology, Inc.	Morgan Stanley		(3,532	)			(138,018	)			(156,997	)			(19,330	)
Teladoc Health, Inc.	Morgan Stanley		(1,833	)			(286,722	)			(232,443	)			53,618
U.S. Physical Therapy, Inc.	Morgan Stanley		(2,306	)			(302,221	)			(255,044	)			42,684
Vocera Communications, Inc.	Morgan Stanley		(1,515	)			(38,856	)			(69,326	)			(31,575	)

			(343,789	)			(18,059,688	)			(16,585,125	)			1,416,532

Household & Personal Products
Central Garden & Pet Co., Class A	Morgan Stanley		(3,544	)			(135,191	)			(152,392	)			(17,503	)
Clorox Co. (The)	Morgan Stanley		(3,775	)			(651,550	)			(625,178	)			23,558
Energizer Holdings, Inc.	Morgan Stanley		(9,342	)			(367,888	)			(364,805	)			1,361
Honest Co., Inc. (The)	Morgan Stanley		(10,541	)			(109,015	)			(109,416	)			(641	)
Inter Parfums, Inc.	Morgan Stanley		(685	)			(49,400	)			(51,217	)			(1,996	)
Reynolds Consumer Products, Inc.	Morgan Stanley		(4,593	)			(130,309	)			(125,573	)			4,110
Spectrum Brands Holdings, Inc.	Morgan Stanley		(1,986	)			(185,436	)			(190,001	)			(4,426	)

			(34,466	)			(1,628,789	)			(1,618,582	)			4,463

Materials
Albemarle Corp.	Morgan Stanley		(546	)			(113,186	)			(119,558	)			(8,977	)
Allegheny Technologies, Inc.	Morgan Stanley		(5,128	)			(89,496	)			(85,279	)			4,023
Amyris, Inc.	Morgan Stanley		(14,698	)			(199,365	)			(201,804	)			(2,894	)
AptarGroup, Inc.	Morgan Stanley		(443	)			(59,272	)			(52,872	)			6,277
Arconic Corp.	Morgan Stanley		(1,852	)			(66,708	)			(58,412	)			8,155
Balchem Corp.	Morgan Stanley		(347	)			(50,111	)			(50,339	)			(330	)
Cabot Corp.	Morgan Stanley		(1,562	)			(84,689	)			(78,287	)			5,692
Century Aluminum Co.	Morgan Stanley		(16,830	)			(203,308	)			(226,363	)			(23,519	)
Cleveland-Cliffs, Inc.	Morgan Stanley		(2,631	)			(50,961	)			(52,120	)			(1,263	)
Coeur Mining, Inc.	Morgan Stanley		(49,375	)			(338,056	)			(304,644	)			32,640
Ecolab, Inc.	Morgan Stanley		(1,735	)			(384,035	)			(361,956	)			21,134
Element Solutions, Inc.	Morgan Stanley		(6,332	)			(147,614	)			(137,278	)			9,735
Equinox Gold Corp. (Canada)	Morgan Stanley		(51,051	)			(529,808	)			(336,937	)			191,634

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Materials — (continued)
First Majestic Silver Corp. (Canada)	Morgan Stanley		(30,454	)		$	(408,533	)		$	(344,130	)		$	63,407
FMC Corp.	Morgan Stanley		(3,795	)			(366,910	)			(347,470	)			16,797
Franco-Nevada Corp. (Canada)	Morgan Stanley		(7,654	)			(1,103,707	)			(994,331	)			105,034
HB Fuller Co.	Morgan Stanley		(5,240	)			(338,733	)			(338,294	)			(1,297	)
Huntsman Corp.	Morgan Stanley		(39,260	)			(1,026,529	)			(1,161,703	)			(143,004	)
International Flavors & Fragrances, Inc.	Morgan Stanley		(9,935	)			(1,398,200	)			(1,328,508	)			57,285
Kirkland Lake Gold Ltd. (Canada)	Morgan Stanley		(1,194	)			(58,973	)			(49,658	)			8,297
MAG Silver Corp. (Canada)	Morgan Stanley		(500	)			(8,144	)			(8,100	)			42
Materion Corp.	Morgan Stanley		(1,156	)			(84,059	)			(79,348	)			4,310
Methanex Corp. (Canada)	Morgan Stanley		(2,182	)			(73,224	)			(100,459	)			(28,852	)
Novagold Resources, Inc. (Canada)	Morgan Stanley		(30,522	)			(308,084	)			(209,991	)			97,380
Quaker Chemical Corp.	Morgan Stanley		(1,283	)			(311,690	)			(304,995	)			5,671
RPM International, Inc.	Morgan Stanley		(3,608	)			(309,585	)			(280,161	)			28,390
Sandstorm Gold Ltd. (Canada)	Morgan Stanley		(4,336	)			(26,061	)			(24,975	)			1,041
Schweitzer-Mauduit International, Inc.	Morgan Stanley		(803	)			(29,538	)			(27,832	)			1,544
Scotts Miracle-Gro Co. (The)	Morgan Stanley		(6,575	)			(1,047,073	)			(962,317	)			79,277
Seabridge Gold, Inc. (Canada)	Morgan Stanley		(9,827	)			(180,637	)			(151,827	)			28,403
Silgan Holdings, Inc.	Morgan Stanley		(1,780	)			(76,841	)			(68,281	)			7,954
SilverCrest Metals, Inc. (Canada)	Morgan Stanley		(5,049	)			(40,850	)			(35,242	)			5,529
Sonoco Products Co.	Morgan Stanley		(1,708	)			(109,985	)			(101,763	)			7,979
Stepan Co.	Morgan Stanley		(1,368	)			(173,812	)			(154,502	)			18,208
Summit Materials, Inc., Class A	Morgan Stanley		(2,877	)			(100,331	)			(91,978	)			8,133
Teck Resources Ltd., Class B (Canada)	Morgan Stanley		(12,903	)			(297,751	)			(321,414	)			(25,248	)
Valvoline, Inc.	Morgan Stanley		(17,204	)			(508,910	)			(536,421	)			(34,382	)
Warrior Met Coal, Inc.	Morgan Stanley		(10,636	)			(196,611	)			(247,500	)			(56,688	)
Yamana Gold, Inc. (Canada)	Morgan Stanley		(120,804	)			(564,399	)			(478,384	)			74,766

			(485,183	)			(11,465,779	)			(10,815,433	)			572,283

Media & Entertainment
Angi, Inc.	Morgan Stanley		(47,702	)			(655,443	)			(588,643	)			65,208
Cable One, Inc.	Morgan Stanley		(483	)			(949,054	)			(875,742	)			70,128
Cardlytics, Inc.	Morgan Stanley		(1,443	)			(121,977	)			(121,125	)			580
Cargurus, Inc.	Morgan Stanley		(5,773	)			(183,270	)			(181,330	)			1,523
Cinemark Holdings, Inc.	Morgan Stanley		(7,765	)			(176,859	)			(149,166	)			27,493
Clear Channel Outdoor Holdings, Inc.	Morgan Stanley		(36,081	)			(86,427	)			(97,779	)			(11,833	)
EW Scripps Co. (The), Class A	Morgan Stanley		(4,559	)			(66,656	)			(82,336	)			(16,864	)
iHeartMedia, Inc., Class A	Morgan Stanley		(8,228	)			(161,768	)			(205,865	)			(44,462	)
Madison Square Garden Entertainment Corp.	Morgan Stanley		(2,386	)			(234,754	)			(173,391	)			60,825
Magnite, Inc.	Morgan Stanley		(1,121	)			(45,448	)			(31,388	)			13,970
Match Group, Inc.	Morgan Stanley		(521	)			(86,456	)			(81,792	)			13,998
MediaAlpha, Inc., Class A	Morgan Stanley		(1,600	)			(37,081	)			(29,888	)			7,123
Meredith Corp.	Morgan Stanley		(6,466	)			(254,128	)			(360,156	)			(110,661	)
Nexstar Media Group, Inc., Class A	Morgan Stanley		(296	)			(46,003	)			(44,980	)			931
Sciplay Corp., Class A	Morgan Stanley		(1,303	)			(26,669	)			(26,959	)			(336	)
Shaw Communications, Inc., Class B (Canada)	Morgan Stanley		(2,488	)			(67,695	)			(72,252	)			(5,815	)
Sinclair Broadcast Group, Inc., Class A	Morgan Stanley		(8,425	)			(321,628	)			(266,904	)			41,893
Skillz, Inc.	Morgan Stanley		(15,540	)			(171,341	)			(152,603	)			18,350
TEGNA, Inc.	Morgan Stanley		(4,451	)			(86,210	)			(87,774	)			(2,541	)
TripAdvisor, Inc.	Morgan Stanley		(1,598	)			(72,631	)			(54,092	)			18,384
WideOpenWest, Inc.	Morgan Stanley		(5,438	)			(34,126	)			(106,857	)			(73,881	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Media & Entertainment — (continued)
ZoomInfo Technologies, Inc., Class A	Morgan Stanley		(2,630	)		$	(147,417	)		$	(160,930	)		$	(18,776	)
Zynga, Inc., Class A	Morgan Stanley		(12,126	)			(142,913	)			(91,309	)			51,283

			(178,423	)			(4,175,954	)			(4,043,261	)			106,520

Pharmaceuticals, Biotechnology & Life Sciences
10X Genomics, Inc., Class A	Morgan Stanley		(2,157	)			(340,800	)			(314,016	)			25,994
ACADIA Pharmaceuticals, Inc.	Morgan Stanley		(8,155	)			(135,661	)			(135,455	)			(97	)
Adaptive Biotechnologies Corp.	Morgan Stanley		(9,717	)			(456,574	)			(330,281	)			125,229
Agenus, Inc.	Morgan Stanley		(16	)			(93	)			(84	)			156
Amneal Pharmaceuticals, Inc.	Morgan Stanley		(6,449	)			(33,278	)			(34,438	)			(1,221	)
Apellis Pharmaceuticals, Inc.	Morgan Stanley		(12,327	)			(583,095	)			(406,298	)			175,433
Arcturus Therapeutics Holdings, Inc.	Morgan Stanley		(5,988	)			(508,673	)			(286,107	)			221,379
Arvinas, Inc.	Morgan Stanley		(7,719	)			(484,307	)			(634,347	)			(151,171	)
Avantor, Inc.	Morgan Stanley		(14,537	)			(584,715	)			(594,563	)			(17,757	)
Avid Bioservices, Inc.	Morgan Stanley		(704	)			(14,605	)			(15,185	)			(608	)
Axsome Therapeutics, Inc.	Morgan Stanley		(6,295	)			(281,134	)			(207,483	)			73,003
Berkeley Lights, Inc.	Morgan Stanley		(17,042	)			(697,786	)			(333,342	)			362,809
Bluebird Bio, Inc.	Morgan Stanley		(9,676	)			(177,058	)			(184,908	)			(8,253	)
Catalent, Inc.	Morgan Stanley		(4,458	)			(548,388	)			(593,226	)			(46,120	)
ChemoCentryx, Inc.	Morgan Stanley		(21,634	)			(327,147	)			(369,941	)			(43,639	)
Codexis, Inc.	Morgan Stanley		(10,050	)			(147,545	)			(233,763	)			(87,550	)
Cronos Group, Inc. (Canada)	Morgan Stanley		(13,991	)			(97,643	)			(79,189	)			18,240
Dicerna Pharmaceuticals, Inc.	Morgan Stanley		(7,824	)			(167,095	)			(157,732	)			8,985
Elanco Animal Health, Inc.	Morgan Stanley		(6,243	)			(190,043	)			(199,089	)			(9,479	)
Emergent BioSolutions, Inc.	Morgan Stanley		(2,671	)			(169,188	)			(133,737	)			38,292
Ionis Pharmaceuticals, Inc.	Morgan Stanley		(2,242	)			(121,727	)			(75,197	)			46,260
Iovance Biotherapeutics, Inc.	Morgan Stanley		(674	)			(25,520	)			(16,621	)			8,856
Jazz Pharmaceuticals PLC (Ireland)	Morgan Stanley		(14,284	)			(1,980,889	)			(1,859,920	)			116,295
MacroGenics, Inc.	Morgan Stanley		(112	)			(2,401	)			(2,345	)			68
Medpace Holdings, Inc.	Morgan Stanley		(2,365	)			(432,455	)			(447,647	)			(16,200	)
Mirati Therapeutics, Inc.	Morgan Stanley		(1,834	)			(271,088	)			(324,453	)			(64,620	)
NanoString Technologies, Inc.	Morgan Stanley		(3,443	)			(179,189	)			(165,298	)			13,483
Novavax, Inc.	Morgan Stanley		(237	)			(49,311	)			(49,132	)			233
NURIX THERAPEUTICS INC	Morgan Stanley		(3	)			(91	)			(90	)			18
Ocular Therapeutix, Inc.	Morgan Stanley		(5,387	)			(70,182	)			(53,870	)			16,163
Perrigo Co. PLC (Ireland)	Morgan Stanley		(32,114	)			(1,405,149	)			(1,519,956	)			(125,570	)
Personalis, Inc.	Morgan Stanley		(9,936	)			(263,539	)			(191,169	)			71,763
Phathom Pharmaceuticals, Inc.	Morgan Stanley		(82	)			(2,627	)			(2,632	)			6
Phibro Animal Health Corp., Class A	Morgan Stanley		(20	)			(435	)			(431	)			21
Protagonist Therapeutics, Inc.	Morgan Stanley		(533	)			(24,429	)			(9,445	)			14,944
Reata Pharmaceuticals, Inc., Class A	Morgan Stanley		(2,746	)			(448,209	)			(276,275	)			170,890
Repligen Corp.	Morgan Stanley		(311	)			(64,974	)			(89,876	)			(31,224	)
Revance Therapeutics, Inc.	Morgan Stanley		(2,710	)			(74,089	)			(75,501	)			(1,569	)
Seagen, Inc.	Morgan Stanley		(218	)			(36,662	)			(37,016	)			(424	)
Sundial Growers, Inc. (Canada)	Morgan Stanley		(245,131	)			(175,725	)			(166,223	)			9,103
Syneos Health, Inc.	Morgan Stanley		(9,035	)			(822,072	)			(790,382	)			28,609
TG Therapeutics, Inc.	Morgan Stanley		(3,660	)			(102,355	)			(121,805	)			(23,000	)
Viatris, Inc.	Morgan Stanley		(29,572	)			(436,753	)			(400,701	)			28,498

			(534,302	)			(12,934,699	)			(11,919,169	)			946,228

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Retailing
1-800-Flowers.com, Inc., Class A	Morgan Stanley		(2,553	)		$	(83,484	)		$	(77,892	)		$	5,411
Abercrombie & Fitch Co., Class A	Morgan Stanley		(1,342	)			(54,365	)			(50,499	)			3,754
Big Lots, Inc.	Morgan Stanley		(526	)			(24,880	)			(22,807	)			2,237
Boot Barn Holdings, Inc.	Morgan Stanley		(551	)			(32,131	)			(48,967	)			(18,355	)
CarMax, Inc.	Morgan Stanley		(2,361	)			(317,716	)			(302,114	)			14,867
Carvana Co.	Morgan Stanley		(627	)			(170,040	)			(189,066	)			(19,411	)
CHEWY INC, Class A	Morgan Stanley		(426	)			(29,053	)			(29,015	)			(13	)
Children’s Place, Inc. (The)	Morgan Stanley		(2,601	)			(198,907	)			(195,751	)			2,330
Designer Brands, Inc., Class A	Morgan Stanley		(23,193	)			(318,971	)			(323,078	)			(5,722	)
Dollar General Corp.	Morgan Stanley		(2,945	)			(635,751	)			(624,752	)			8,873
Dollar Tree, Inc.	Morgan Stanley		(3,669	)			(353,949	)			(351,197	)			1,931
Five Below, Inc.	Morgan Stanley		(3,035	)			(578,004	)			(536,618	)			40,286
Franchise Group, Inc.	Morgan Stanley		(1,932	)			(66,821	)			(68,412	)			(2,442	)
Gap, Inc. (The)	Morgan Stanley		(4,280	)			(108,640	)			(97,156	)			12,527
GrowGeneration Corp.	Morgan Stanley		(18,650	)			(719,264	)			(460,095	)			257,483
Leslie’s, Inc.	Morgan Stanley		(14,407	)			(417,751	)			(295,920	)			120,859
Monro, Inc.	Morgan Stanley		(8,068	)			(600,620	)			(463,991	)			121,411
Murphy U.S.A., Inc.	Morgan Stanley		(7,021	)			(1,058,652	)			(1,174,332	)			(121,058	)
Nordstrom, Inc.	Morgan Stanley		(11,988	)			(309,049	)			(317,083	)			(8,748	)
Pool Corp.	Morgan Stanley		(642	)			(294,146	)			(278,891	)			12,398
PORCH GROUP INC	Morgan Stanley		(132	)			(2,213	)			(2,334	)			(109	)
Poshmark, Inc., Class A	Morgan Stanley		(2,140	)			(97,865	)			(50,846	)			46,804
RealReal, Inc. (The)	Morgan Stanley		(19,774	)			(473,846	)			(260,621	)			212,119
Sally Beauty Holdings, Inc.	Morgan Stanley		(23,681	)			(466,576	)			(399,025	)			66,463
Sleep Number Corp.	Morgan Stanley		(175	)			(17,936	)			(16,359	)			1,552
Stamps.com, Inc.	Morgan Stanley		(2,321	)			(756,555	)			(765,443	)			(10,669	)
Tractor Supply Co.	Morgan Stanley		(10,367	)			(1,961,922	)			(2,100,458	)			(147,618	)
Urban Outfitters, Inc.	Morgan Stanley		(8,894	)			(357,857	)			(264,063	)			98,216
Vroom, Inc.	Morgan Stanley		(17,846	)			(679,170	)			(393,861	)			283,717

			(196,147	)			(11,186,134	)			(10,160,646	)			979,093

Semiconductors & Semiconductor Equipment
ACM Research, Inc., Class A	Morgan Stanley		(4,219	)			(394,736	)			(464,090	)			(70,271	)
CEVA, Inc.	Morgan Stanley		(1,134	)			(51,318	)			(48,388	)			2,826
Cirrus Logic, Inc.	Morgan Stanley		(3,466	)			(288,292	)			(285,425	)			1,819
Entegris, Inc.	Morgan Stanley		(4,433	)			(551,314	)			(558,115	)			(8,236	)
FormFactor, Inc.	Morgan Stanley		(8,751	)			(326,485	)			(326,675	)			(946	)
Marvell Technology, Inc.	Morgan Stanley		(17,187	)			(1,048,618	)			(1,036,548	)			9,604
Silicon Laboratories, Inc.	Morgan Stanley		(3,471	)			(522,477	)			(486,495	)			34,674
Veeco Instruments, Inc.	Morgan Stanley		(159	)			(3,586	)			(3,531	)			63
Wolfspeed, Inc.	Morgan Stanley		(3,579	)			(375,883	)			(288,933	)			86,077

			(46,399	)			(3,562,709	)			(3,498,200	)			55,610

Software & Services
8x8, Inc.	Morgan Stanley		(14,087	)			(342,540	)			(329,495	)			12,253
Akamai Technologies, Inc.	Morgan Stanley		(1,061	)			(119,490	)			(110,970	)			8,887
Alarm.com Holdings, Inc.	Morgan Stanley		(1,677	)			(144,794	)			(131,125	)			13,344
Alliance Data Systems Corp.	Morgan Stanley		(644	)			(65,401	)			(64,973	)			(670	)
Altair Engineering, Inc., Class A	Morgan Stanley		(793	)			(59,325	)			(54,669	)			4,580
Alteryx, Inc., Class A	Morgan Stanley		(20,953	)			(2,094,415	)			(1,531,664	)			557,807

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Software & Services — (continued)
Anaplan, Inc.	Morgan Stanley		(1,488	)		$	(97,933	)		$	(90,604	)		$	7,624
Appfolio, Inc., Class A	Morgan Stanley		(2,958	)			(397,792	)			(356,143	)			40,723
Avaya Holdings Corp.	Morgan Stanley		(6,438	)			(130,203	)			(127,408	)			2,503
Bentley Systems, Inc., Class B	Morgan Stanley		(2,729	)			(191,457	)			(165,487	)			28,894
Blackbaud, Inc.	Morgan Stanley		(4,271	)			(298,390	)			(300,465	)			(2,764	)
BlackBerry Ltd. (Canada)	Morgan Stanley		(21,581	)			(199,342	)			(209,983	)			(11,106	)
Bottomline Technologies DE, Inc.	Morgan Stanley		(11,232	)			(444,388	)			(441,193	)			2,160
CDK Global, Inc.	Morgan Stanley		(2,707	)			(116,924	)			(115,183	)			1,482
Ceridian HCM Holding, Inc.	Morgan Stanley		(4,905	)			(471,606	)			(552,401	)			(83,700	)
Citrix Systems, Inc.	Morgan Stanley		(18,659	)			(2,053,023	)			(2,003,417	)			38,088
Concentrix Corp.	Morgan Stanley		(1,642	)			(281,584	)			(290,634	)			(10,410	)
Conduent, Inc.	Morgan Stanley		(45,027	)			(316,850	)			(296,728	)			19,625
Coupa Software, Inc.	Morgan Stanley		(2,063	)			(521,053	)			(452,168	)			67,668
Digital Turbine, Inc.	Morgan Stanley		(16,723	)			(1,115,086	)			(1,149,706	)			(37,244	)
Dynatrace, Inc.	Morgan Stanley		(4,273	)			(264,322	)			(303,255	)			(40,178	)
Evo Payments, Inc., Class A	Morgan Stanley		(2,014	)			(57,835	)			(47,692	)			10,057
Fastly, Inc., Class A	Morgan Stanley		(6,842	)			(494,737	)			(276,690	)			216,892
FireEye, Inc.	Morgan Stanley		(35,854	)			(644,678	)			(638,201	)			4,967
FleetCor Technologies, Inc.	Morgan Stanley		(2,053	)			(548,520	)			(536,387	)			10,851
Globant S.A. (Luxembourg)	Morgan Stanley		(1,834	)			(484,123	)			(515,372	)			(39,677	)
GoDaddy, Inc., Class A	Morgan Stanley		(2,076	)			(182,683	)			(144,697	)			38,573
Guidewire Software, Inc.	Morgan Stanley		(2,727	)			(307,948	)			(324,158	)			(16,922	)
Jack Henry & Associates, Inc.	Morgan Stanley		(2,588	)			(451,826	)			(424,587	)			25,446
Jamf Holding Corp.	Morgan Stanley		(2,505	)			(79,341	)			(96,493	)			(17,322	)
JFrog Ltd. (Israel)	Morgan Stanley		(2,310	)			(80,138	)			(77,385	)			2,580
LiveRamp Holdings, Inc.	Morgan Stanley		(7,173	)			(362,920	)			(338,781	)			23,414
Medallia, Inc.	Morgan Stanley		(9,303	)			(295,535	)			(315,093	)			(20,241	)
Model N, Inc.	Morgan Stanley		(3,169	)			(108,225	)			(106,161	)			1,825
New Relic, Inc.	Morgan Stanley		(2,283	)			(148,333	)			(163,851	)			(16,146	)
Okta, Inc.	Morgan Stanley		(751	)			(176,678	)			(178,242	)			(1,965	)
PagerDuty, Inc.	Morgan Stanley		(2,783	)			(115,127	)			(115,272	)			(400	)
Paylocity Holding Corp.	Morgan Stanley		(1,612	)			(320,940	)			(452,005	)			(136,214	)
Paysafe Ltd. (Bermuda)	Morgan Stanley		(7,046	)			(56,995	)			(54,606	)			2,271
Ping Identity Holding Corp.	Morgan Stanley		(28,033	)			(896,977	)			(688,771	)			207,706
PROS Holdings, Inc.	Morgan Stanley		(7,775	)			(343,944	)			(275,857	)			67,290
Q2 Holdings, Inc.	Morgan Stanley		(5,443	)			(555,985	)			(436,202	)			118,484
Qualys, Inc.	Morgan Stanley		(1,367	)			(177,744	)			(152,133	)			25,341
Rackspace Technology, Inc.	Morgan Stanley		(29,685	)			(610,740	)			(422,121	)			187,190
RingCentral, Inc., Class A.	Morgan Stanley		(5,722	)			(1,437,554	)			(1,244,535	)			189,631
Sabre Corp.	Morgan Stanley		(16,901	)			(235,098	)			(200,108	)			35,468
Sailpoint Technologies Holdings, Inc.	Morgan Stanley		(11,230	)			(511,119	)			(481,542	)			28,384
SecureWorks Corp., Class A	Morgan Stanley		(81	)			(1,633	)			(1,610	)			36
Shift4 Payments, Inc., Class A	Morgan Stanley		(3,353	)			(298,297	)			(259,925	)			37,683
Smartsheet, Inc., Class A	Morgan Stanley		(6,470	)			(469,531	)			(445,265	)			23,171
SolarWinds Corp.	Morgan Stanley		(12,994	)			(259,186	)			(217,390	)			22,408
Splunk, Inc.	Morgan Stanley		(23	)			(4,199	)			(3,328	)			878
Sumo Logic, Inc.	Morgan Stanley		(5,051	)			(88,473	)			(81,422	)			6,859
Switch, Inc., Class A	Morgan Stanley		(14,100	)			(230,796	)			(357,999	)			(132,530	)
Telos Corp.	Morgan Stanley		(21,222	)			(655,971	)			(603,129	)			51,305

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Software & Services — (continued)
Tucows, Inc., Class A	Morgan Stanley		(1,617	)		$	(90,691	)		$	(127,662	)		$	(38,417	)
Twilio, Inc., Class A	Morgan Stanley		(1,319	)			(432,209	)			(420,827	)			10,376
Tyler Technologies, Inc.	Morgan Stanley		(1,308	)			(620,637	)			(599,914	)			18,982
Upland Software, Inc.	Morgan Stanley		(4,614	)			(190,347	)			(154,292	)			35,622
Verra Mobility Corp.	Morgan Stanley		(22,004	)			(293,887	)			(331,600	)			(38,918	)
VMware, Inc., Class A	Morgan Stanley		(171	)			(25,612	)			(25,428	)			141
Vonage Holdings Corp.	Morgan Stanley		(1,975	)			(31,663	)			(31,837	)			(232	)
WEX, Inc.	Morgan Stanley		(5,837	)			(1,161,222	)			(1,028,129	)			130,360
Yext, Inc.	Morgan Stanley		(33,866	)			(550,882	)			(407,408	)			142,199
Zendesk, Inc.	Morgan Stanley		(1,258	)			(156,133	)			(146,419	)			9,362
Zuora, Inc., Class A	Morgan Stanley		(3,096	)			(49,195	)			(51,332	)			(2,322	)

			(527,349	)			(25,022,225	)			(23,079,529	)			1,844,012

Technology Hardware & Equipment
ADTRAN, Inc.	Morgan Stanley		(6,236	)			(70,563	)			(116,987	)			(51,521	)
Advanced Energy Industries, Inc.	Morgan Stanley		(346	)			(31,243	)			(30,361	)			824
Amphenol Corp., Class A	Morgan Stanley		(5,835	)			(433,851	)			(427,297	)			3,872
Avnet, Inc.	Morgan Stanley		(9,630	)			(398,335	)			(356,021	)			38,703
Badger Meter, Inc.	Morgan Stanley		(31	)			(3,190	)			(3,135	)			65
Calix, Inc.	Morgan Stanley		(2,359	)			(116,966	)			(116,605	)			101
Celestica, Inc. (Canada)	Morgan Stanley		(10,528	)			(78,671	)			(93,489	)			(15,025	)
Ciena Corp.	Morgan Stanley		(6,760	)			(373,162	)			(347,126	)			25,351
CommScope Holding Co., Inc.	Morgan Stanley		(21,302	)			(361,421	)			(289,494	)			71,088
Corsair Gaming, Inc.	Morgan Stanley		(2,596	)			(73,099	)			(67,314	)			5,742
Dell Technologies, Inc., Class C	Morgan Stanley		(3,276	)			(342,277	)			(340,835	)			649
Fabrinet (Cayman Islands)	Morgan Stanley		(3,967	)			(331,760	)			(406,657	)			(78,096	)
Inseego Corp.	Morgan Stanley		(28,534	)			(273,207	)			(190,036	)			82,541
Insight Enterprises, Inc.	Morgan Stanley		(5,379	)			(444,488	)			(484,540	)			(41,087	)
Jabil, Inc.	Morgan Stanley		(7,239	)			(436,068	)			(422,540	)			12,290
Littelfuse, Inc.	Morgan Stanley		(224	)			(60,784	)			(61,212	)			(797	)
MicroVision, Inc.	Morgan Stanley		(20,112	)			(282,191	)			(222,238	)			59,302
National Instruments Corp.	Morgan Stanley		(12,526	)			(527,463	)			(491,395	)			29,044
nLight, Inc.	Morgan Stanley		(7,377	)			(132,982	)			(207,958	)			(75,273	)
Rogers Corp.	Morgan Stanley		(439	)			(89,203	)			(81,865	)			7,165
Super Micro Computer, Inc.	Morgan Stanley		(2,592	)			(93,019	)			(94,789	)			(1,974	)
Teledyne Technologies, Inc.	Morgan Stanley		(3,613	)			(1,619,821	)			(1,552,073	)			63,929
Viasat, Inc.	Morgan Stanley		(4,128	)			(219,485	)			(227,329	)			(8,346	)

			(165,029	)			(6,793,249	)			(6,631,296	)			128,547

Telecommunication Services
Bandwidth, Inc., Class A	Morgan Stanley		(1,641	)			(174,837	)			(148,149	)			26,290
Cogent Communications Holdings, Inc.	Morgan Stanley		(1,745	)			(125,138	)			(123,616	)			(5,119	)
Globalstar, Inc.	Morgan Stanley		(194,779	)			(294,510	)			(325,281	)			(32,484	)
Shenandoah Telecommunications Co.	Morgan Stanley		(3,753	)			(156,971	)			(118,520	)			(5,580	)
United States Cellular Corp.	Morgan Stanley		(2,608	)			(88,640	)			(83,169	)			5,278

			(204,526	)			(840,096	)			(798,735	)			(11,615	)

Transportation
Air Transport Services Group, Inc.	Morgan Stanley		(15,685	)			(336,580	)			(404,830	)			(69,030	)
Canadian National Railway Co. (Canada)	Morgan Stanley		(12,653	)			(1,467,652	)			(1,463,319	)			(8,544	)
CH Robinson Worldwide, Inc.	Morgan Stanley		(13,293	)			(1,283,551	)			(1,156,491	)			113,707

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Transportation — (continued)
Hawaiian Holdings, Inc.	Morgan Stanley		(2,686	)		$	(73,194	)		$	(58,179	)		$	15,751
JB Hunt Transport Services, Inc.	Morgan Stanley		(1,480	)			(248,922	)			(247,486	)			392
JetBlue Airways Corp.	Morgan Stanley		(4,047	)			(76,071	)			(61,879	)			14,030
Knight-Swift Transportation Holdings, Inc.	Morgan Stanley		(3,405	)			(166,024	)			(174,166	)			(8,816	)
Landstar System, Inc.	Morgan Stanley		(4,618	)			(772,631	)			(728,813	)			41,448
Marten Transport Ltd.	Morgan Stanley		(168	)			(2,671	)			(2,636	)			46
SkyWest, Inc.	Morgan Stanley		(1,515	)			(72,496	)			(74,750	)			(2,739	)
TFI International, Inc. (Canada)	Morgan Stanley		(2,216	)			(246,254	)			(226,431	)			18,747
Uber Technologies, Inc.	Morgan Stanley		(1,400	)			(71,814	)			(62,720	)			14,717
Werner Enterprises, Inc.	Morgan Stanley		(1,083	)			(51,846	)			(47,944	)			4,047

			(64,249	)			(4,869,706	)			(4,709,644	)			133,756

Utilities
Algonquin Power & Utilities Corp. (Canada)	Morgan Stanley		(40,497	)			(631,661	)			(593,686	)			20,262
ALLETE, Inc.	Morgan Stanley		(4,994	)			(385,499	)			(297,243	)			66,365
Alliant Energy Corp.	Morgan Stanley		(2,129	)			(130,975	)			(119,181	)			11,501
Ameren Corp.	Morgan Stanley		(5,000	)			(413,613	)			(405,000	)			(841	)
American Electric Power Co., Inc.	Morgan Stanley		(625	)			(53,536	)			(50,737	)			2,227
American States Water Co.	Morgan Stanley		(49	)			(4,244	)			(4,190	)			60
Atmos Energy Corp.	Morgan Stanley		(1,378	)			(125,405	)			(121,540	)			1,025
Avangrid, Inc.	Morgan Stanley		(6,857	)			(347,585	)			(333,250	)			(1,769	)
Black Hills Corp.	Morgan Stanley		(8,636	)			(649,536	)			(541,995	)			79,806
Brookfield Renewable Corp., Class A (Canada)	Morgan Stanley		(4,368	)			(181,641	)			(169,522	)			9,996
California Water Service Group	Morgan Stanley		(1,021	)			(49,037	)			(60,168	)			(12,177	)
CenterPoint Energy, Inc.	Morgan Stanley		(16,058	)			(407,300	)			(395,027	)			8,464
Clearway Energy, Inc., Class A	Morgan Stanley		(4,935	)			(127,745	)			(139,167	)			(14,560	)
Consolidated Edison, Inc.	Morgan Stanley		(3,243	)			(239,402	)			(235,409	)			(2,656	)
Edison International	Morgan Stanley		(26,714	)			(1,598,037	)			(1,481,826	)			73,622
Entergy Corp.	Morgan Stanley		(6,120	)			(666,202	)			(607,777	)			48,885
Evergy, Inc.	Morgan Stanley		(14,802	)			(983,331	)			(920,684	)			50,657
Eversource Energy	Morgan Stanley		(7,476	)			(662,460	)			(611,238	)			42,933
FirstEnergy Corp.	Morgan Stanley		(2,612	)			(101,381	)			(93,039	)			9,555
NextEra Energy, Inc.	Morgan Stanley		(4,296	)			(350,603	)			(337,322	)			11,291
NiSource, Inc.	Morgan Stanley		(39,371	)			(1,002,557	)			(953,959	)			40,535
Northwest Natural Holding Co.	Morgan Stanley		(5,396	)			(272,105	)			(248,162	)			18,379
NorthWestern Corp.	Morgan Stanley		(4,109	)			(276,559	)			(235,446	)			31,399
OGE Energy Corp.	Morgan Stanley		(12,626	)			(438,414	)			(416,153	)			17,573
Ormat Technologies, Inc.	Morgan Stanley		(2,790	)			(214,610	)			(185,842	)			27,878
Pinnacle West Capital Corp.	Morgan Stanley		(11,513	)			(914,341	)			(833,081	)			74,828
PNM Resources, Inc.	Morgan Stanley		(4,850	)			(238,024	)			(239,978	)			(4,688	)
Portland General Electric Co.	Morgan Stanley		(7,724	)			(376,001	)			(362,951	)			3,938
Sempra Energy	Morgan Stanley		(4,222	)			(574,479	)			(534,083	)			25,743
SJW Group	Morgan Stanley		(1,578	)			(97,953	)			(104,243	)			(9,201	)
South Jersey Industries, Inc.	Morgan Stanley		(16,433	)			(428,095	)			(349,366	)			69,972
Southwest Gas Holdings, Inc.	Morgan Stanley		(8,788	)			(671,128	)			(587,741	)			64,142
Spire, Inc.	Morgan Stanley		(3,953	)			(280,718	)			(241,845	)			34,871
Vistra Corp.	Morgan Stanley		(63,381	)			(1,095,598	)			(1,083,815	)			(6,556	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Concluded)

September 30, 2021

Total Return Swaps (concluded)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Utilities — (continued)
WEC Energy Group, Inc.	Morgan Stanley		(2,321	)		$	(199,525	)		$	(204,712	)		$	(10,148	)
Xcel Energy, Inc.	Morgan Stanley		(11,081	)			(753,509	)			(692,562	)			55,213

			(361,946	)			(15,942,809	)			(14,791,940	)			838,524

Total Reference Entity — Short							(179,384,963	)			(168,611,313	)			9,480,816

Net Value of Reference Entity						$	(26,511,118	)		$	8,158,022			$	35,319,045

*	Includes $649,905 related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

GOTHAM NEUTRAL FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 94.1%
Automobiles & Components — 2.0%
Adient PLC (Ireland)^*		1,521	$	63,045
American Axle & Manufacturing Holdings, Inc.^*		4,801		42,297
Aptiv PLC (Jersey)^*		282		42,010
Ford Motor Co.^(a)^*		6,109		86,503
General Motors Co.^(a)^*		2,305		121,497
Gentex Corp.^(a)		2,056		67,807
Gentherm, Inc.^(a)^*		622		50,339
Goodyear Tire & Rubber Co. (The)^*		34		602
Lear Corp.		65		10,171
Magna International, Inc. (Canada)		2,026		152,436
Tenneco, Inc., Class A^(a)^*		3,686		52,599
Thor Industries, Inc.		41		5,033
Visteon Corp.^(a)^*		672		63,430
Winnebago Industries, Inc.		585		42,383

				800,152

Capital Goods — 9.2%
3M Co.^(a)		568		99,639
A.O. Smith Corp.		685		41,833
AAR Corp.^*		487		15,793
AECOM^(a)*		1,748		110,386
Aerojet Rocketdyne Holdings, Inc.		729		31,748
AeroVironment, Inc.^(a)*		127		10,963
Albany International Corp., Class A		83		6,380
Allegion PLC (Ireland)		225		29,741
Apogee Enterprises, Inc.		41		1,548
Armstrong World Industries, Inc.		3		286
Atkore, Inc.^(a)*		1,977		171,841
Beacon Roofing Supply, Inc.^(a)*		870		41,551
Boise Cascade Co.^(a)		2,179		117,622
Carrier Global Corp.		1,420		73,499
Caterpillar, Inc.^(a)		201		38,586
Colfax Corp.^(a)*		702		32,222
Columbus McKinnon Corp.		549		26,544
Comfort Systems USA, Inc.		163		11,625
Crane Co.^(a)		914		86,656
Cummins, Inc.^(a)		412		92,519
Curtiss-Wright Corp.		96		12,113
Deere & Co.^(a)		128		42,889
Dover Corp.^(a)		150		23,325
Eaton Corp. PLC (Ireland)		954		142,442
EMCOR Group, Inc.		39		4,500
Emerson Electric Co.^(a)		1,883		177,379
Enerpac Tool Group Corp.		32		663
ESCO Technologies, Inc.		98		7,546
Fortive Corp.^(a)		228		16,090


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Dynamics Corp.^(a)		596	$	116,834
General Electric Co.		668		68,824
Gibraltar Industries, Inc.^(a)*		472		32,875
GMS, Inc.^(a)*		356		15,593
Graco, Inc.		31		2,169
Granite Construction, Inc.		624		24,679
HEICO Corp.		380		50,111
Hillenbrand, Inc.		643		27,424
Honeywell International, Inc.^(a)		32		6,793
Howmet Aerospace, Inc.^(a)		1,388		43,306
Huntington Ingalls Industries, Inc.		246		47,493
Ingersoll Rand, Inc.^(a)*		1,425		71,834
Johnson Controls International PLC (Ireland)		950		64,676
Kaman Corp.		38		1,355
L3Harris Technologies, Inc.^(a)		84		18,500
Lennox International, Inc.^(a)		499		146,791
Lockheed Martin Corp.^(a)		269		92,832
MYR Group, Inc.^*		17		1,692
Nordson Corp.^(a)		316		75,255
Northrop Grumman Corp.^(a)		167		60,145
NOW, Inc.^*		22		168
Oshkosh Corp.^(a)		963		98,582
Otis Worldwide Corp.		334		27,482
Owens Corning^(a)		2,561		218,966
Parker-Hannifin Corp.^(a)		91		25,445
Pentair PLC (Ireland)		911		66,166
Regal Rexnord Corp.^(a)		274		41,193
Resideo Technologies, Inc.^*		138		3,421
Rockwell Automation, Inc.		147		43,224
Sensata Technologies Holding PLC (United Kingdom)^*		1,028		56,252
Simpson Manufacturing Co., Inc.^(a)		779		83,330
Snap-on, Inc.^(a)		410		85,670
SPX FLOW, Inc.^(a)		541		39,547
Stanley Black & Decker, Inc.^(a)		370		64,865
Tecnoglass, Inc. (Cayman Islands)		239		5,193
Terex Corp.^(a)		1,322		55,656
Textron, Inc.		390		27,226
Toro Co. (The)		280		27,275
TPI Composites, Inc.^*		719		24,266
Trane Technologies PLC (Ireland)		413		71,304
Triumph Group, Inc.^*		432		8,048
Valmont Industries, Inc.^(a)		42		9,875
Wabash National Corp.^(a)		2,644		40,004
Watsco, Inc.		50		13,231

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Watts Water Technologies, Inc., Class A^(a)		303	$	50,931
WW Grainger, Inc.		135		53,063
Xylem, Inc.		101		12,492

				3,689,985

Commercial & Professional Services — 2.5%
ABM Industries, Inc.^(a)		1,480		66,615
Brady Corp., Class A		335		16,985
Brink’s Co. (The)		712		45,070
CBIZ, Inc.^*		56		1,811
Cimpress PLC (Ireland)^*		496		43,068
Cintas Corp.		40		15,226
Clean Harbors, Inc.^(a)*		725		75,306
Copart, Inc.^*		135		18,727
CoreCivic, Inc.^*		2,198		19,562
Covanta Holding Corp.^(a)		4,060		81,687
Deluxe Corp.		10		359
Equifax, Inc.		16		4,055
Healthcare Services Group, Inc.		50		1,250
HNI Corp.		305		11,200
IHS Markit Ltd. (Bermuda)		81		9,446
Jacobs Engineering Group, Inc.		289		38,301
Korn Ferry		227		16,426
ManpowerGroup, Inc.^(a)		102		11,045
MSA Safety, Inc.		17		2,477
Nielsen Holdings PLC (United Kingdom)		13,148		252,310
Republic Services, Inc.		423		50,785
Robert Half International, Inc.		559		56,084
Rollins, Inc.		329		11,624
Science Applications International Corp.		358		30,630
Steelcase, Inc., Class A		33		418
Thomson Reuters Corp. (Canada)		504		55,682
TriNet Group, Inc.^(a)*		378		35,751
UniFirst Corp.^(a)		131		27,853
Waste Management, Inc.		28		4,182

				1,003,935

Consumer Durables & Apparel — 3.4%
Acushnet Holdings Corp.		361		16,859
BRP, Inc., sub-voting shares (Canada)		89		8,248
Brunswick Corp.^(a)		1,423		135,569
Capri Holdings Ltd. (British Virgin Islands)^*		1,017		49,233


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
DR Horton, Inc.^(a)		506	$	42,489
Garmin Ltd. (Switzerland)		149		23,163
G-III Apparel Group Ltd.^*		243		6,877
GoPro, Inc., Class A^*		4,430		41,465
Hasbro, Inc.^(a)		1,487		132,670
Kontoor Brands, Inc.^(a)		1,239		61,888
La-Z-Boy, Inc.		341		10,990
Mattel, Inc.^(a)*		5,184		96,215
Mohawk Industries, Inc.^(a)*		697		123,648
Newell Brands, Inc.		798		17,668
PulteGroup, Inc.		443		20,342
Skyline Champion Corp.^*		912		54,775
Smith & Wesson Brands, Inc.^(a)		6,539		135,750
Sonos, Inc.^(a)*		1,438		46,534
Steven Madden Ltd.		326		13,092
Sturm Ruger & Co., Inc.^(a)		1,362		100,488
Tapestry, Inc.		335		12,402
Tempur Sealy International, Inc.^(a)		1,099		51,005
Tupperware Brands Corp.^*		613		12,947
Under Armour, Inc., Class C^*		2,052		35,951
Whirlpool Corp.^(a)		499		101,726
YETI Holdings, Inc.^*		101		8,655

				1,360,649

Consumer Services — 3.7%
Adtalem Global Education, Inc.^(a)*		1,286		48,624
Airbnb, Inc., Class A^(a)*		143		23,988
Bloomin’ Brands, Inc.^(a)*		5,135		128,375
Booking Holdings, Inc.^(a)*		20		47,477
Boyd Gaming Corp.^(a)*		269		17,017
Brinker International, Inc.^*		717		35,169
Choice Hotels International, Inc.		472		59,647
Cracker Barrel Old Country Store, Inc.		149		20,836
Dine Brands Global, Inc.^(a)*		1,148		93,229
Domino’s Pizza, Inc.		62		29,572
Graham Holdings Co., Class B		40		23,566
Grand Canyon Education, Inc.^*		374		32,897
Hilton Worldwide Holdings, Inc.^(a)*		170		22,459
Houghton Mifflin Harcourt Co.^*		975		13,094
Marriott International, Inc., Class A^(a)*		458		67,825
McDonald’s Corp.^(a)		245		59,072
Papa John’s International, Inc.		235		29,843
Penn National Gaming, Inc.^(a)*		1,244		90,140
Perdoceo Education Corp.^*		103		1,088
Red Rock Resorts, Inc., Class A^(a)*		3,370		172,611

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

100

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Service Corp. International^(a)		745	$	44,894
Starbucks Corp.		218		24,048
Vail Resorts, Inc.^(a)		142		47,435
Wendy’s Co. (The)^(a)		3,610		78,265
WW International, Inc.^*		574		10,475
Wyndham Hotels & Resorts, Inc.^(a)		1,532		118,255
Yum! Brands, Inc.^(a)		1,098		134,296

				1,474,197

Diversified Financials — 1.6%
Affiliated Managers Group, Inc.^(a)		207		31,276
Berkshire Hathaway, Inc., Class B^*		114		31,115
BlackRock, Inc.^(a)		83		69,609
CME Group, Inc.^(a)		588		113,707
Franklin Resources, Inc.^(a)		2,241		66,603
Invesco Ltd. (Bermuda)		1,722		41,517
Moody’s Corp.		206		73,153
MSCI, Inc.		18		10,950
Nasdaq, Inc.		323		62,345
S&P Global, Inc.		108		45,888
T Rowe Price Group, Inc.^(a)		540		106,218

				652,381

Energy — 5.1%
Antero Midstream Corp.^(a)		1		10
Antero Resources Corp.^*		1,265		23,795
APA Corp.^(a)		2,194		47,017
Baker Hughes Co.^(a)		4,812		119,001
Cactus, Inc., Class A		344		12,976
Canadian Natural Resources Ltd. (Canada)		1,952		71,326
Centennial Resource Development, Inc., Class A^*		1,511		10,124
ChampionX Corp.^(a)*		4,196		93,823
Cimarex Energy Co.^(a)*		986		85,979
CNX Resources Corp.^*		2,269		28,635
Comstock Resources, Inc.^*		2,574		26,641
Continental Resources, Inc.		1,151		53,119
Core Laboratories NV (Netherlands).		1		28
Coterra Energy, Inc.^(a)		1,981		43,107
Denbury, Inc.^*		928		65,192
DHT Holdings, Inc. (Marshall Islands)		1,047		6,837
EOG Resources, Inc.^(a)		927		74,410
Equitrans Midstream Corp.		4,369		44,302
Extraction Oil & Gas, Inc.^*		201		11,346
Exxon Mobil Corp.^(a)		1,888		111,052


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Green Plains, Inc.^*		363	$	11,852
Halliburton Co.		2,536		54,828
Hess Corp.^(a)		1,208		94,357
Imperial Oil Ltd. (Canada)		861		27,173
Marathon Oil Corp.^(a)		14,443		197,436
Marathon Petroleum Corp.^(a)		3,204		198,039
NOV, Inc.^*		1,612		21,133
Oasis Petroleum, Inc.		394		39,171
Occidental Petroleum Corp.^(a)		1,738		51,410
Oceaneering International, Inc.^*		3,045		40,559
ONEOK, Inc.^(a)		1,465		84,955
Ovintiv, Inc.^(a)		1,490		48,991
PDC Energy, Inc.		944		44,736
Range Resources Corp.^(a)*		620		14,031
SFL Corp. Ltd. (Bermuda)		1,023		8,573
SM Energy Co.		293		7,729
Suncor Energy, Inc. (Canada)		1,482		30,737
Targa Resources Corp.		607		29,870
Transocean Ltd. (Switzerland)^*		4,165		15,785
Vermilion Energy, Inc. (Canada)^*		2,804		27,760
Whiting Petroleum Corp.^*		689		40,245
World Fuel Services Corp.^(a)		1,232		41,420

				2,059,510

Food & Staples Retailing — 1.2%
Costco Wholesale Corp.		81		36,397
Kroger Co. (The)^(a)		1,212		49,001
Sprouts Farmers Market, Inc.^(a)*		3,380		78,315
Sysco Corp.^(a)		1,531		120,184
United Natural Foods, Inc.^*		108		5,229
Walgreens Boots Alliance, Inc.		367		17,267
Walmart, Inc.^(a)		1,207		168,232
Weis Markets, Inc.		52		2,733

				477,358

Food, Beverage & Tobacco — 4.2%
Altria Group, Inc.^(a)		1,190		54,169
Archer-Daniels-Midland Co.^(a)		1,176		70,572
Brown-Forman Corp., Class B		167		11,191
Bunge Ltd. (Bermuda)		39		3,171
Coca-Cola Co. (The)^(a)		2,675		140,357
Coca-Cola Consolidated, Inc.		47		18,526
Constellation Brands, Inc., Class A^(a)		281		59,204
Darling Ingredients, Inc.^(a)*		2,669		191,901
Flowers Foods, Inc.		633		14,958
General Mills, Inc.^(a)		724		43,310

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

101

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Hershey Co. (The)^(a)		490	$	82,932
John B Sanfilippo & Son, Inc.		14		1,144
Kellogg Co.		411		26,271
Kraft Heinz Co. (The)^(a)		3,833		141,131
Molson Coors Beverage Co., Class B		1,075		49,858
Mondelez International, Inc., Class A^(a)		2,114		122,993
Monster Beverage Corp.^(a)*		2,021		179,525
PepsiCo, Inc.^(a)		544		81,823
Philip Morris International, Inc.		506		47,964
Primo Water Corp. (Canada)		33		519
Sanderson Farms, Inc.^(a)		817		153,759
SunOpta, Inc. (Canada)^*		2,303		20,566
Tyson Foods, Inc., Class A^(a)		887		70,020
Vector Group Ltd.^(a)		6,797		86,662

				1,672,526

Health Care Equipment & Services — 8.4%
Abbott Laboratories^(a)		954		112,696
Acadia Healthcare Co., Inc.^(a)*		1,994		127,177
Addus HomeCare Corp.^*		1		80
Alcon, Inc. (Switzerland)		1,891		152,169
Align Technology, Inc.^(a)*		153		101,811
Allscripts Healthcare Solutions, Inc.^*		827		11,057
Amedisys, Inc.^*		395		58,895
AMN Healthcare Services, Inc.^*		574		65,867
Anthem, Inc.^(a)		163		60,766
Boston Scientific Corp.^(a)*		2,933		127,263
Cerner Corp.^(a)		3,458		243,858
Change Healthcare, Inc.^(a)*		1,493		31,263
Cigna Corp.^(a)		241		48,239
Community Health Systems, Inc.^*		101		1,182
CONMED Corp.^(a)		639		83,600
Cooper Cos., Inc. (The)		234		96,715
CryoLife, Inc.^*		3		67
CVS Health Corp.		1		85
Danaher Corp.^(a)		205		62,410
Doximity, Inc., Class A^*		279		22,515
Edwards Lifesciences Corp.^*		244		27,623
Encompass Health Corp.		170		12,757
Ensign Group, Inc. (The)		180		13,480
Envista Holdings Corp.^(a)*		3,533		147,715
Fulgent Genetics, Inc.^(a)*		561		50,462
Globus Medical, Inc., Class A^*		306		23,446
HCA Healthcare, Inc.^(a)		224		54,369
Henry Schein, Inc.^(a)*		760		57,882


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Heska Corp.^*		64	$	16,547
Hologic, Inc.^(a)*		1,165		85,989
ICU Medical, Inc.^*		66		15,403
IDEXX Laboratories, Inc.^(a)*		135		83,956
Integra LifeSciences Holdings Corp.^*		842		57,660
Intersect ENT, Inc.^*		25		680
Intuitive Surgical, Inc.^(a)*		56		55,672
Laboratory Corp. of America Holdings^(a)*		594		167,175
LeMaitre Vascular, Inc.		16		849
LivaNova PLC (United Kingdom)^*		878		69,529
McKesson Corp.^(a)		194		38,680
MEDNAX, Inc.^(a)*		3,370		95,809
Medtronic PLC (Ireland)		1,792		224,627
Meridian Bioscience, Inc.^*		193		3,713
Merit Medical Systems, Inc.^*		336		24,125
ModivCare, Inc.^*		52		9,444
NextGen Healthcare, Inc.^(a)*		1,998		28,172
Omnicell, Inc.^(a)*		245		36,365
Owens & Minor, Inc.		290		9,074
Patterson Cos., Inc.^(a)		1,850		55,759
Quest Diagnostics, Inc.^(a)		645		93,725
Select Medical Holdings Corp.^(a)		1,760		63,659
STAAR Surgical Co.^(a)*		978		125,702
Stryker Corp.^(a)		210		55,381
Tenet Healthcare Corp.^*		58		3,854
Tivity Health, Inc.^(a)*		2,304		53,130
UnitedHealth Group, Inc.^(a)		196		76,585
Veeva Systems, Inc., Class A^*		115		33,140
Vocera Communications, Inc.^*		212		9,701

				3,389,554

Household & Personal Products — 1.1%
Colgate-Palmolive Co.^(a)		1,864		140,881
Coty, Inc., Class A^*		4,478		35,197
Edgewell Personal Care Co.		685		24,865
elf Beauty, Inc.^(a)*		1,248		36,254
Estee Lauder Cos., Inc. (The), Class A		263		78,882
Kimberly-Clark Corp.		208		27,548
Procter & Gamble Co. (The)^(a)		398		55,640
WD-40 Co.		122		28,241

				427,508

Materials — 7.3%
Agnico Eagle Mines Ltd. (Canada)		2,568		133,151

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

102

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Alamos Gold, Inc., Class A
(Canada)		10,537	$	75,866
Ashland Global Holdings, Inc.^(a)		593		52,848
Avery Dennison Corp.^(a)		328		67,965
Avient Corp.^(a)		1,911		88,575
Axalta Coating Systems Ltd. (Bermuda)^*		3,611		105,405
Carpenter Technology Corp.		251		8,218
Celanese Corp.^(a)		331		49,862
CF Industries Holdings, Inc.^(a)		793		44,265
Chemours Co. (The)^(a)		3,844		111,707
Compass Minerals International, Inc.		121		7,792
Corteva, Inc.^(a)		2,221		93,460
Domtar Corp.^*		803		43,796
Dow, Inc.^(a)		1,927		110,918
DuPont de Nemours, Inc.^(a)		4,152		282,294
Eagle Materials, Inc.^(a)		775		101,649
Eastman Chemical Co.		222		22,364
Ecovyst, Inc.		133		1,551
Ferro Corp.^*		2,102		42,755
Fortuna Silver Mines, Inc. (Canada)^*		1,796		7,058
Freeport-McMoRan, Inc.		1,236		40,207
GCP Applied Technologies, Inc.^*		26		570
Graphic Packaging Holding Co.		2,211		42,097
Hecla Mining Co.		7,036		38,698
IAMGOLD Corp. (Canada)^*		9,330		21,086
Ingevity Corp.^(a)*		1,106		78,935
Innospec, Inc.		83		6,990
International Paper Co.		956		53,460
Kinross Gold Corp. (Canada)		4,670		25,031
Kraton Corp.^*		84		3,834
Linde PLC (Ireland)		186		54,569
Livent Corp.^*		2,085		48,184
Louisiana-Pacific Corp.^(a)		705		43,266
LyondellBasell Industries NV, Class A (Netherlands)		401		37,634
Minerals Technologies, Inc.		39		2,724
Mosaic Co. (The)^(a)		3,074		109,803
NewMarket Corp.		6		2,033
Newmont Corp.^(a)		798		43,331
Nucor Corp.^(a)		1,438		141,629
Nutrien Ltd. (Canada)		862		55,883
O-I Glass, Inc.^(a)*		6,848		97,721
Olin Corp.		1,587		76,573


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Pan American Silver Corp.
(Canada)		13	$	302
PPG Industries, Inc.		61		8,724
Pretium Resources, Inc. (Canada)^*		6,896		66,477
Reliance Steel & Aluminum Co.^(a)		165		23,499
Royal Gold, Inc.		118		11,268
Sealed Air Corp.		486		26,628
Sensient Technologies Corp.^(a)		532		48,455
Sherwin-Williams Co. (The)^(a)		307		85,877
Southern Copper Corp.		591		33,179
Trinseo SA (Luxembourg)		237		12,793
Westlake Chemical Corp.^(a)		575		52,405
Westrock Co.		389		19,384
Wheaton Precious Metals Corp. (Canada)		1,094		41,113
Worthington Industries, Inc.		604		31,831

				2,937,692

Media & Entertainment — 4.9%
Activision Blizzard, Inc.^(a)		2,152		166,543
Alphabet, Inc., Class A^(a)*		157		419,743
Altice USA, Inc., Class A^*		384		7,956
AMC Networks, Inc., Class A^*		420		19,568
Charter Communications, Inc., Class A^(a)*		237		172,432
Comcast Corp., Class A^(a)		1,328		74,275
Discovery, Inc., Class A^*		855		21,700
DISH Network Corp., Class A^(a)*		1,878		81,618
Eventbrite, Inc., Class A^*		456		8,623
Facebook, Inc., Class A^(a)*		824		279,657
Fox Corp., Class A^(a)		1,716		68,829
Gannett Co., Inc.^*		21		140
Interpublic Group of Cos., Inc. (The)^(a)		2,064		75,687
Lions Gate Entertainment Corp., Class B (Canada)^*		684		8,892
Madison Square Garden Sports Corp.^*		98		18,223
Meredith Corp.^*		191		10,639
Netflix, Inc.^(a)*		38		23,193
New York Times Co. (The), Class A.		231		11,381
News Corp., Class A^(a)		4,405		103,650
Omnicom Group, Inc.		320		23,187
Scholastic Corp.		8		285
Snap, Inc., Class A^(a)*		1,312		96,917
Take-Two Interactive Software, Inc.^(a)*		61		9,398

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

103

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
TEGNA, Inc.		691	$	13,627
Twitter, Inc.^(a)*		1,352		81,647
ViacomCBS, Inc., Class B		890		35,164
Warner Music Group Corp., Class A		147		6,283
World Wrestling Entertainment, Inc., Class A^(a)		885		49,790
Yelp, Inc.^(a)*		2,154		80,215

				1,969,262

Pharmaceuticals, Biotechnology & Life Sciences — 7.5%
AbCellera Biologics, Inc. (Canada)^*		1,828		36,633
Agilent Technologies, Inc.^(a)		502		79,080
Atea Pharmaceuticals, Inc.^(a)*		1,612		56,517
Bio-Rad Laboratories, Inc., Class A^(a)*		28		20,887
Bio-Techne Corp.		15		7,269
Bristol-Myers Squibb Co.^(a)		4,088		241,887
Bruker Corp.		486		37,957
Celldex Therapeutics, Inc.^*		894		48,267
Charles River Laboratories International, Inc.^*		25		10,317
Cortexyme, Inc.^*		129		11,824
Denali Therapeutics, Inc.^(a)*		92		4,641
Dynavax Technologies Corp.^*		3,106		59,666
Eli Lilly and Co.^(a)		1,521		351,427
Fulcrum Therapeutics, Inc.^*		37		1,044
Halozyme Therapeutics, Inc.^*		333		13,546
Illumina, Inc.^(a)*		779		315,970
Innoviva, Inc.^*		299		4,996
Ironwood Pharmaceuticals, Inc.^*		3,070		40,094
Johnson & Johnson^(a)		1,669		269,543
Medpace Holdings, Inc.^*		1		189
Merck & Co., Inc.^(a)		1,726		129,640
Mettler-Toledo International, Inc.^*		2		2,755
Moderna, Inc.^*		424		163,181
Organon & Co.		910		29,839
Pacira BioSciences, Inc.^(a)*		1,179		66,024
PerkinElmer, Inc.^(a)		648		112,292
Pfizer, Inc.^(a)		11,583		498,185
Prestige Consumer Healthcare, Inc.^*		173		9,707
Prothena Corp. PLC (Ireland)^*		788		56,129
Regeneron Pharmaceuticals, Inc.^*		105		63,544
Sage Therapeutics, Inc.^(a)*		221		9,793
Thermo Fisher Scientific, Inc.		1		571
United Therapeutics Corp.^*		233		43,007
Veracyte, Inc.^*		1,211		56,251


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Vertex Pharmaceuticals, Inc.^(a)*		379	$	68,747
Waters Corp.^(a)*		164		58,597
Zoetis, Inc.^(a)		177		34,363

				3,014,379

Retailing — 6.9%
Abercrombie & Fitch Co.,
Class A^(a)*		817		30,744
Academy Sports & Outdoors, Inc.^*		439		17,569
Advance Auto Parts, Inc.^(a)		214		44,702
Amazon.com, Inc.^(a)*		75		246,378
American Eagle Outfitters, Inc.		1,537		39,655
Asbury Automotive Group, Inc.^*		1		197
AutoNation, Inc.^(a)*		1,199		145,990
AutoZone, Inc.^*		12		20,376
Bath & Body Works, Inc.^(a)		2,229		140,494
Best Buy Co., Inc.		63		6,660
Big Lots, Inc.^(a)		474		20,553
Boot Barn Holdings, Inc.^*		106		9,420
Buckle, Inc. (The)^(a)		433		17,142
Caleres, Inc.		194		4,311
Camping World Holdings, Inc., Class A		607		23,594
Dick’s Sporting Goods, Inc.		235		28,146
eBay, Inc.^(a)		6,519		454,179
Foot Locker, Inc.		766		34,976
Genuine Parts Co.^(a)		196		23,761
Guess?, Inc.		773		16,241
Home Depot, Inc. (The)^(a)		272		89,287
LKQ Corp.^(a)*		1,947		97,973
Lowe’s Cos., Inc.^(a)		482		97,778
Macy’s, Inc.^(a)		4,487		101,406
MarineMax, Inc.^*		676		32,799
National Vision Holdings, Inc.^*		225		12,773
O’Reilly Automotive, Inc.^(a)*		61		37,275
Penske Automotive Group, Inc.		292		29,375
Qurate Retail, Inc., Series A^(a)		4,738		48,280
Ross Stores, Inc.		552		60,085
Shutterstock, Inc.^(a)		537		60,853
Signet Jewelers Ltd. (Bermuda)		3,039		239,959
Sonic Automotive, Inc., Class A^(a)		1,566		82,278
Target Corp.^(a)		840		192,167
Ulta Beauty, Inc.^(a)*		486		175,407
Urban Outfitters, Inc.^*		761		22,594
Victoria’s Secret & Co.^*		478		26,414

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

104

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Williams-Sonoma, Inc.		19	$	3,369
Zumiez, Inc.^(a)*		689		27,395

				2,762,555

Semiconductors & Semiconductor Equipment — 3.9%
Advanced Micro Devices, Inc.^(a)*		226		23,255
Amkor Technology, Inc.^(a)		3		75
Applied Materials, Inc.^(a)		1,674		215,494
Axcelis Technologies, Inc.^*		112		5,267
Broadcom, Inc.^(a)		150		72,740
Enphase Energy, Inc.^(a)*		706		105,879
First Solar, Inc.^*		653		62,335
Ichor Holdings Ltd. (Cayman Islands)^*		481		19,764
Intel Corp.		1,723		91,801
KLA Corp.		26		8,697
Lam Research Corp.^(a)		85		48,378
MACOM Technology Solutions Holdings, Inc.^(a)*		704		45,669
Micron Technology, Inc.		1,786		126,770
MKS Instruments, Inc.^(a)		461		69,570
Monolithic Power Systems, Inc.		33		15,994
NVIDIA Corp.		215		44,539
NXP Semiconductors NV (Netherlands)		472		92,451
ON Semiconductor Corp.^(a)*		1,217		55,702
Power Integrations, Inc.		416		41,180
Qorvo, Inc.^(a)*		547		91,453
QUALCOMM, Inc.^(a)		1,315		169,609
Rambus, Inc.^*		1,036		22,999
Semtech Corp.^*		147		11,462
Skyworks Solutions, Inc.		255		42,019
Synaptics, Inc.^(a)*		489		87,888
Ultra Clean Holdings, Inc.^(a)*		2		85
Xilinx, Inc.		101		15,250

				1,586,325

Software & Services — 10.0%
Accenture PLC, Class A (Ireland)		137		43,829
Adobe, Inc.^(a)*		378		217,622
Agilysys, Inc.^*		21		1,100
ANSYS, Inc.^*		122		41,535
Automatic Data Processing, Inc.^(a)		1,042		208,317
Box, Inc., Class A^(a)*		5,391		127,605
Broadridge Financial Solutions, Inc.^(a)		138		22,996
Cadence Design Systems, Inc.^(a)*		375		56,790


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cerence, Inc.^(a)*		1,309	$	125,808
CGI, Inc. (Canada)^*		200		16,952
Cloudera, Inc.^(a)*		5,682		90,742
CommVault Systems, Inc.^*		182		13,706
Cornerstone OnDemand, Inc.^*		1,060		60,696
CSG Systems International, Inc.		97		4,675
Descartes Systems Group, Inc. (The) (Canada)^*		2		163
DocuSign, Inc.^*		109		28,060
Dolby Laboratories, Inc., Class A^(a)		997		87,736
Dropbox, Inc., Class A^(a)*		3,799		111,007
DXC Technology Co.^(a)*		1,832		61,573
Elastic NV (Netherlands)^*		76		11,323
Fair Isaac Corp.^*		243		96,697
Fiserv, Inc.^(a)*		1,197		129,874
Fortinet, Inc.^*		240		70,090
Gartner, Inc.^(a)*		274		83,263
HubSpot, Inc.^(a)*		140		94,653
International Business Machines Corp.^(a)		364		50,570
Intuit, Inc.		26		14,027
Lightspeed Commerce, Inc. (Canada)^*		886		85,437
Manhattan Associates, Inc.^*		245		37,492
Maximus, Inc.^(a)		433		36,026
Microsoft Corp.^(a)		785		221,307
Momentive Global, Inc.^*		1,974		38,690
MongoDB, Inc.^(a)*		395		186,246
NCR Corp.^*		69		2,674
NortonLifeLock, Inc.^(a)		2,610		66,033
Nutanix, Inc., Class A^(a)*		2,431		91,649
Open Text Corp. (Canada)		1,136		55,369
Palantir Technologies, Inc., Class A^*		603		14,496
Palo Alto Networks, Inc.^(a)*		86		41,194
Paychex, Inc.		771		86,699
PayPal Holdings, Inc.^(a)*		288		74,940
Progress Software Corp.^(a)		264		12,986
PTC, Inc.^(a)*		254		30,427
ServiceNow, Inc.^(a)*		249		154,945
Sprout Social, Inc., Class A^(a)*		888		108,292
SPS Commerce, Inc.^(a)*		491		79,203
Square, Inc., Class A^(a)*		598		143,424
SS&C Technologies Holdings, Inc.^(a)		934		64,820
Synopsys, Inc.^(a)*		260		77,847
Teradata Corp.^(a)*		1,268		72,720

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

105

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
TTEC Holdings, Inc.		37	$	3,461
Verint Systems, Inc.^(a)*		2,748		123,083
VeriSign, Inc.^*		141		28,906
Visa, Inc., Class A^(a)		331		73,730
Western Union Co. (The)^(a)		3,395		68,647
Workiva, Inc.^*		477		67,238
Xperi Holding Corp.		95		1,790

				4,021,180

Technology Hardware & Equipment — 5.6%
3D Systems Corp.^(a)*		5,444		150,091
Apple, Inc.^(a)		2,089		295,594
Arista Networks, Inc.^*		55		18,900
Arrow Electronics, Inc.^(a)*		384		43,119
Badger Meter, Inc.^(a)		248		25,083
Belden, Inc.		4		233
Benchmark Electronics, Inc.		358		9,562
CDW Corp.		75		13,652
Cisco Systems, Inc.^(a)		2,224		121,052
Cognex Corp.		77		6,177
Coherent, Inc.^(a)*		700		175,063
Corning, Inc.^(a)		2,101		76,666
CTS Corp.		30		927
Diebold Nixdorf, Inc.^(a)*		2,963		29,956
EchoStar Corp., Class A^*		832		21,224
Extreme Networks, Inc.^*		3,148		31,008
Hewlett Packard Enterprise Co.^(a)		4,074		58,055
HP, Inc.^(a)		3,828		104,734
Keysight Technologies, Inc.^(a)*		428		70,316
Knowles Corp.^*		751		14,074
NetApp, Inc.^(a)		932		83,656
NETGEAR, Inc.^*		419		13,370
Plantronics, Inc.^*		519		13,344
Sanmina Corp.^(a)*		1,656		63,822
Seagate Technology Holdings PLC (Ireland)		777		64,118
SYNNEX Corp.^(a)		1,014		105,557
TE Connectivity Ltd. (Switzerland)		1,009		138,455
Trimble, Inc.^*		469		38,575
TTM Technologies, Inc.^*		2,878		36,176
Ubiquiti, Inc.^(a)		364		108,716
Viavi Solutions, Inc.^*		972		15,299
Vishay Intertechnology, Inc.		1,973		39,638
Vontier Corp.^(a)		2,786		93,610
Western Digital Corp.^*		442		24,946


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Xerox Holdings Corp.		3,070	$	61,922
Zebra Technologies Corp., Class A^(a)*		199		102,569

				2,269,259

Telecommunication Services — 0.8%
AT&T, Inc.^(a)		2,750		74,277
Gogo, Inc.^*		2,652		45,880
IDT Corp., Class B^*		4		168
Iridium Communications, Inc.^(a)*		352		14,027
Lumen Technologies, Inc.		2,643		32,747
Rogers Communications, Inc., Class B (Canada)		2		93
T-Mobile US, Inc.^(a)*		469		59,919
Verizon Communications, Inc.^(a)		1,461		78,909

				306,020

Transportation — 2.4%
Alaska Air Group, Inc.^*		131		7,677
ArcBest Corp.		517		42,275
Atlas Air Worldwide Holdings, Inc.^*		229		18,705
Canadian Pacific Railway Ltd. (Canada)		499		32,470
CSX Corp.^(a)		6,775		201,488
Echo Global Logistics, Inc.^(a)*		1,227		58,540
Expeditors International of Washington, Inc.		142		16,916
FedEx Corp.^(a)		58		12,719
Hub Group, Inc., Class A^*		615		42,281
Norfolk Southern Corp.^(a)		188		44,979
Old Dominion Freight Line, Inc.		159		45,471
Ryder System, Inc.^(a)		468		38,708
Saia, Inc.^*		35		8,331
Schneider National, Inc., Class B^(a)		3,318		75,451
SkyWest, Inc.^(a)*		446		22,006
Southwest Airlines Co.^*		18		926
Union Pacific Corp.^(a)		505		98,985
United Airlines Holdings, Inc.^*		422		20,075
United Parcel Service, Inc., Class B^(a)		497		90,504
Werner Enterprises, Inc.		159		7,039
XPO Logistics, Inc.^(a)*		1,025		81,569

				967,115

Utilities — 2.4%
AES Corp. (The)^(a)		4,002		91,366
American Water Works Co., Inc.		175		29,582
Avista Corp.		277		10,836

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

106

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Dominion Energy, Inc.^(a)		770	$	56,225
Exelon Corp.^(a)		1,913		92,475
Fortis, Inc. (Canada)		69		3,059
MDU Resources Group, Inc.^(a)		990		29,373
National Fuel Gas Co.		154		8,088
NRG Energy, Inc.^(a)		5,056		206,437
PPL Corp.^(a)		8,974		250,195
Public Service Enterprise Group, Inc.^(a)		3,121		190,069
Southern Co. (The)		111		6,879
TransAlta Corp. (Canada)		6		63

				974,647

TOTAL COMMON STOCKS (Cost $34,738,367)				37,816,189

OTHER ASSETS IN EXCESS OF LIABILITIES - 5.9%				2,352,001

NET ASSETS - 100.0%			$	40,168,190

^(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.

107

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Over-the-counter total return swaps outstanding as of September 30, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between August 29, 2025 and July 6, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (69.9)% of net assets as of September 30, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of September 30, 2021:

Total Return Swaps


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Long

Automobiles & Components
Adient PLC (Ireland)		Morgan Stanley		34		$	1,360		$	1,409		$	49
American Axle & Manufacturing Holdings, Inc.		Morgan Stanley		227			2,267			2,000			(267	)
Aptiv PLC (Jersey)		Morgan Stanley		20			2,749			2,979			230
Ford Motor Co.		Morgan Stanley		3,349			34,341			47,422			13,081
General Motors Co.		Morgan Stanley		1,042			49,164			54,924			5,750
Gentex Corp.		Morgan Stanley		794			27,110			26,186			(810	)
Gentherm, Inc.		Morgan Stanley		24			1,889			1,942			53
Goodyear Tire & Rubber Co. (The)		Morgan Stanley		26			412			460			64
Lear Corp.		Morgan Stanley		16			2,397			2,504			107
Magna International, Inc. (Canada)		Morgan Stanley		527			43,040			39,651			(3,267	)
Tenneco, Inc., Class A		Morgan Stanley		288			3,294			4,110			815
Thor Industries, Inc.		Morgan Stanley		12			1,491			1,473			(18	)
Visteon Corp.		Morgan Stanley		134			14,470			12,648			(1,821	)
Winnebago Industries, Inc.		Morgan Stanley		139			9,277			10,071			826

				6,632			193,261			207,779			14,792

Capital Goods
3M Co.		Morgan Stanley		179			30,818			31,400			1,177
A O Smith Corp.		Morgan Stanley		923			51,746			56,368			5,297
AAR Corp.		Morgan Stanley		26			875			843			(44	)
AECOM		Morgan Stanley		59			3,774			3,726			(48	)
Aerojet Rocketdyne Holdings, Inc.		Morgan Stanley		12			506			523			16
AeroVironment, Inc.		Morgan Stanley		13			1,353			1,122			(308	)
Albany International Corp., Class A		Morgan Stanley		146			7,726			11,223			3,638
Allegion PLC (Ireland)		Morgan Stanley		30			4,086			3,965			(109	)
Apogee Enterprises, Inc.		Morgan Stanley		281			6,044			10,611			4,787
Atkore, Inc.		Morgan Stanley		137			7,305			11,908			4,743
Beacon Roofing Supply, Inc.		Morgan Stanley		70			3,791			3,343			(504	)
Boise Cascade Co.		Morgan Stanley		195			11,246			10,526			(490	)
Carrier Global Corp.		Morgan Stanley		154			8,333			7,971			(362	)
Caterpillar, Inc.		Morgan Stanley		42			8,702			8,063			(604	)
Colfax Corp.		Morgan Stanley		21			971			964			(7	)
Comfort Systems U.S.A., Inc.		Morgan Stanley		30			2,310			2,140			(165	)
Crane Co.		Morgan Stanley		154			14,555			14,601			126
Cummins, Inc.		Morgan Stanley		84			18,917			18,863			245
Curtiss-Wright Corp.		Morgan Stanley		12			1,386			1,514			130

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

108

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Capital Goods — (continued)
Deere & Co.		Morgan Stanley		47		$	15,085		$	15,748		$	781
Dover Corp.		Morgan Stanley		38			5,575			5,909			371
Eaton Corp. PLC (Ireland)		Morgan Stanley		222			35,709			33,147			(2,521	)
EMCOR Group, Inc.		Morgan Stanley		34			3,086			3,923			864
Emerson Electric Co.		Morgan Stanley		429			41,697			40,412			(1,234	)
Enerpac Tool Group Corp.		Morgan Stanley		25			572			518			(53	)
ESCO Technologies, Inc.		Morgan Stanley		24			2,041			1,848			(191	)
Fortive Corp.		Morgan Stanley		52			3,218			3,670			466
General Dynamics Corp.		Morgan Stanley		103			18,010			20,191			2,286
General Electric Co.		Morgan Stanley		146			15,171			15,042			(116	)
Gibraltar Industries, Inc.		Morgan Stanley		2			123			139			16
Graco, Inc.		Morgan Stanley		7			509			490			(19	)
Granite Construction, Inc.		Morgan Stanley		228			8,727			9,017			390
HEICO Corp.		Morgan Stanley		82			10,303			10,813			555
Hillenbrand, Inc.		Morgan Stanley		144			6,256			6,142			(98	)
Honeywell International, Inc.		Morgan Stanley		6			1,292			1,274			11
Howmet Aerospace, Inc.		Morgan Stanley		222			3,968			6,926			3,371
Huntington Ingalls Industries, Inc.		Morgan Stanley		68			13,001			13,128			215
Ingersoll Rand, Inc.		Morgan Stanley		373			17,934			18,803			869
Johnson Controls International PLC (Ireland)		Morgan Stanley		194			9,939			13,208			3,422
Kaman Corp.		Morgan Stanley		11			396			392			(2	)
L3Harris Technologies, Inc.		Morgan Stanley		12			2,693			2,643			(13	)
Lennox International, Inc.		Morgan Stanley		131			42,441			38,536			(3,760	)
Lockheed Martin Corp.		Morgan Stanley		39			13,835			13,459			(244	)
MYR Group, Inc.		Morgan Stanley		6			606			597			(9	)
Nordson Corp.		Morgan Stanley		80			18,285			19,052			790
Northrop Grumman Corp.		Morgan Stanley		84			25,688			30,253			5,187
NOW, Inc.		Morgan Stanley		7,247			52,686			55,440			2,776
Oshkosh Corp.		Morgan Stanley		261			31,001			26,719			(4,252	)
Otis Worldwide Corp.		Morgan Stanley		94			8,154			7,734			(411	)
Owens Corning		Morgan Stanley		472			45,284			40,356			(4,906	)
Parker-Hannifin Corp.		Morgan Stanley		21			5,594			5,872			426
Pentair PLC (Ireland)		Morgan Stanley		131			8,110			9,515			1,440
Regal Beloit Corp.		Morgan Stanley		60			8,639			9,020			405
Resideo Technologies, Inc.		Morgan Stanley		59			1,518			1,463			(55	)
Rockwell Automation, Inc.		Morgan Stanley		39			11,756			11,468			(288	)
Sensata Technologies Holding PLC (United Kingdom)		Morgan Stanley		265			14,883			14,501			(382	)
Snap-on, Inc.		Morgan Stanley		164			30,093			34,268			4,659
SPX FLOW, Inc.		Morgan Stanley		28			1,882			2,047			169
Stanley Black & Decker, Inc.		Morgan Stanley		143			26,190			25,069			(860	)
Tecnoglass, Inc. (Cayman Islands)		Morgan Stanley		73			1,619			1,586			(31	)
Terex Corp.		Morgan Stanley		316			15,352			13,304			(1,973	)
Textron, Inc.		Morgan Stanley		106			7,109			7,400			295
Toro Co. (The)		Morgan Stanley		83			7,733			8,085			419
TPI Composites, Inc.		Morgan Stanley		159			6,526			5,366			(1,160	)
Trane Technologies PLC (Ireland)		Morgan Stanley		58			10,005			10,014			35
Triumph Group, Inc.		Morgan Stanley		111			2,058			2,068			9
Watsco, Inc.		Morgan Stanley		21			4,747			5,557			944
Watts Water Technologies, Inc., Class A		Morgan Stanley		18			2,270			3,026			765

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

109

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Capital Goods — (continued)
WW Grainger, Inc.		Morgan Stanley		35		$	14,734		$	13,757		$	(972	)
Xylem, Inc.		Morgan Stanley		20			2,526			2,474			(46	)

				15,361			821,073			841,063			25,858

Commercial & Professional Services
ABM Industries, Inc.		Morgan Stanley		155			5,556			6,977			1,518
Brady Corp., Class A		Morgan Stanley		51			2,715			2,586			(126	)
Brink’s Co. (The)		Morgan Stanley		77			5,936			4,874			(1,030	)
CBIZ, Inc.		Morgan Stanley		9			299			291			(8	)
Cintas Corp.		Morgan Stanley		5			1,964			1,903			(60	)
Clean Harbors, Inc.		Morgan Stanley		58			5,810			6,024			215
Copart, Inc.		Morgan Stanley		15			1,942			2,081			138
CoreCivic, Inc.		Morgan Stanley		369			3,277			3,284			7
Deluxe Corp.		Morgan Stanley		1,002			28,454			35,962			8,936
Equifax, Inc.		Morgan Stanley		4			1,038			1,014			(25	)
Healthcare Services Group, Inc.		Morgan Stanley		3,151			65,538			78,743			15,958
HNI Corp.		Morgan Stanley		77			3,328			2,827			(488	)
IHS Markit Ltd. (Bermuda)		Morgan Stanley		22			2,586			2,566			(20	)
Jacobs Engineering Group, Inc.		Morgan Stanley		121			14,534			16,036			1,561
Korn Ferry		Morgan Stanley		58			4,260			4,197			(59	)
ManpowerGroup, Inc.		Morgan Stanley		4			441			433			(8	)
MSA Safety, Inc.		Morgan Stanley		9			1,316			1,311			(4	)
Nielsen Holdings PLC (United Kingdom)		Morgan Stanley		3,024			76,466			58,031			(18,205	)
Republic Services, Inc.		Morgan Stanley		113			12,031			13,567			1,633
Robert Half International, Inc.		Morgan Stanley		162			13,937			16,253			2,405
Rollins, Inc.		Morgan Stanley		94			3,399			3,321			(31	)
Science Applications International Corp.		Morgan Stanley		100			8,530			8,556			24
SP Plus Corp.		Morgan Stanley		1,162			23,926			35,639			11,745
Steelcase, Inc., Class A		Morgan Stanley		3,413			35,659			43,277			9,360
Thomson Reuters Corp. (Canada)		Morgan Stanley		372			30,861			41,099			10,620
TriNet Group, Inc.		Morgan Stanley		1			72			95			23
UniFirst Corp.		Morgan Stanley		2			441			425			(13	)
Waste Management, Inc.		Morgan Stanley		6			914			896			(18	)

				13,636			355,230			392,268			44,048

Consumer Durables & Apparel
Acushnet Holdings Corp.		Morgan Stanley		80			4,042			3,736			(296	)
BRP, Inc., sub-voting shares (Canada)		Morgan Stanley		21			1,667			1,946			283
Brunswick Corp.		Morgan Stanley		109			10,604			10,384			(203	)
Capri Holdings Ltd. (British Virgin Islands)		Morgan Stanley		14			722			678			(44	)
DR Horton, Inc.		Morgan Stanley		32			2,803			2,687			(110	)
Garmin Ltd. (Switzerland)		Morgan Stanley		43			4,245			6,685			2,543
G-III Apparel Group Ltd		Morgan Stanley		1,182			13,893			33,451			19,588
GoPro, Inc., Class A		Morgan Stanley		1,271			13,532			11,897			(1,635	)
Hasbro, Inc.		Morgan Stanley		332			32,595			29,621			(2,925	)
Johnson Outdoors, Inc., Class A		Morgan Stanley		1			106			106			—
Kontoor Brands, Inc.		Morgan Stanley		1			36			50			26
La-Z-Boy, Inc.		Morgan Stanley		20			622			645			48
Mattel, Inc.		Morgan Stanley		417			8,171			7,740			(432	)
Mohawk Industries, Inc.		Morgan Stanley		102			19,105			18,095			(1,010	)

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

110

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Consumer Durables & Apparel — (continued)
Newell Brands, Inc.		Morgan Stanley		225		$	5,913		$	4,982		$	(849	)
PulteGroup, Inc.		Morgan Stanley		120			6,307			5,510			(781	)
Skyline Champion Corp.		Morgan Stanley		264			12,496			15,856			3,422
Smith & Wesson Brands, Inc.		Morgan Stanley		1,466			28,165			30,434			2,432
Sonos, Inc.		Morgan Stanley		290			9,882			9,384			(498	)
Steven Madden Ltd.		Morgan Stanley		3,256			68,806			130,761			66,350
Sturm Ruger & Co., Inc.		Morgan Stanley		157			10,125			11,583			1,973
Tapestry, Inc.		Morgan Stanley		88			3,521			3,258			(257	)
Tempur Sealy International, Inc.		Morgan Stanley		261			11,152			12,113			973
Tupperware Brands Corp.		Morgan Stanley		35			721			739			19
Under Armour, Inc., Class C		Morgan Stanley		529			10,784			9,268			(1,515	)
Whirlpool Corp.		Morgan Stanley		126			27,927			25,686			(2,286	)
YETI Holdings, Inc.		Morgan Stanley		27			2,368			2,314			(54	)

				10,469			310,310			389,609			84,762

Consumer Services
Adtalem Global Education, Inc.		Morgan Stanley		777			22,156			29,378			7,223
Boyd Gaming Corp.		Morgan Stanley		44			2,353			2,783			596
Brinker International, Inc.		Morgan Stanley		125			6,947			6,131			(872	)
Choice Hotels International, Inc.		Morgan Stanley		33			3,887			4,170			290
Cracker Barrel Old Country Store, Inc.		Morgan Stanley		18			2,553			2,517			(36	)
Domino’s Pizza, Inc.		Morgan Stanley		12			5,869			5,724			(146	)
Graham Holdings Co., Class B		Morgan Stanley		10			5,870			5,892			52
Grand Canyon Education, Inc.		Morgan Stanley		120			10,998			10,555			(455	)
Hilton Worldwide Holdings, Inc.		Morgan Stanley		41			4,899			5,417			517
Houghton Mifflin Harcourt Co.		Morgan Stanley		228			3,084			3,062			(22	)
Jack in the Box, Inc.		Morgan Stanley		346			31,180			33,676			2,993
Marriott International, Inc., Class A		Morgan Stanley		115			15,713			17,030			1,575
McDonald’s Corp.		Morgan Stanley		66			15,454			15,913			535
Papa John’s International, Inc.		Morgan Stanley		82			6,439			10,413			4,312
Penn National Gaming, Inc.		Morgan Stanley		326			23,778			23,622			(156	)
Perdoceo Education Corp.		Morgan Stanley		4,555			66,881			48,101			(18,800	)
Red Rock Resorts, Inc., Class A		Morgan Stanley		3			112			154			42
Service Corp. International		Morgan Stanley		187			9,870			11,269			1,494
Starbucks Corp.		Morgan Stanley		57			6,529			6,288			(239	)
Vail Resorts, Inc.		Morgan Stanley		39			12,134			13,028			894
Wendy’s Co. (The)		Morgan Stanley		901			20,650			19,534			(1,036	)
WW International, Inc.		Morgan Stanley		147			4,483			2,683			(1,801	)
Wyndham Hotels & Resorts, Inc.		Morgan Stanley		404			28,565			31,185			2,793
Yum! Brands, Inc.		Morgan Stanley		266			30,675			32,534			2,031

				8,902			341,079			341,059			1,784

Diversified Financials
Affiliated Managers Group, Inc.		Morgan Stanley		10			1,533			1,511			(22	)
Berkshire Hathaway, Inc., Class B		Morgan Stanley		467			102,804			127,463			24,659
BlackRock, Inc.		Morgan Stanley		7			5,748			5,871			164
CME Group, Inc.		Morgan Stanley		120			22,868			23,206			423
Franklin Resources, Inc.		Morgan Stanley		247			7,364			7,341			95
Invesco Ltd. (Bermuda)		Morgan Stanley		478			12,405			11,525			(784	)
Moody’s Corp.		Morgan Stanley		52			18,779			18,466			(287	)

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

111

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Diversified Financials — (continued)
MSCI, Inc.		Morgan Stanley		6		$	3,775		$	3,650		$	(124	)
Nasdaq, Inc.		Morgan Stanley		83			12,114			16,021			4,025
S&P Global, Inc.		Morgan Stanley		24			10,159			10,197			56
T Rowe Price Group, Inc.		Morgan Stanley		139			28,842			27,341			(1,031	)

				1,633			226,391			252,592			27,174

Energy
Antero Midstream Corp.		Morgan Stanley		1			5			10			6
Antero Resources Corp.		Morgan Stanley		3,458			31,479			65,045			33,566
APA Corp.		Morgan Stanley		146			2,528			3,129			601
Baker Hughes Co.		Morgan Stanley		226			4,560			5,589			1,114
Cactus, Inc., Class A		Morgan Stanley		42			925			1,584			672
Canadian Natural Resources Ltd. (Canada)		Morgan Stanley		239			7,630			8,733			1,282
Centennial Resource Development, Inc., Class A		Morgan Stanley		141			752			945			227
ChampionX Corp.		Morgan Stanley		475			10,740			10,621			(119	)
Cimarex Energy Co.		Morgan Stanley		257			16,361			22,410			6,145
CNX Resources Corp.		Morgan Stanley		503			6,202			6,348			146
Comstock Resources, Inc.		Morgan Stanley		481			2,664			4,978			2,314
Continental Resources, Inc.		Morgan Stanley		157			4,915			7,246			2,561
Core Laboratories N.V. (Netherlands)		Morgan Stanley		21			290			583			293
Coterra Energy, Inc.		Morgan Stanley		233			3,383			5,070			1,722
Denbury, Inc.		Morgan Stanley		220			15,705			15,455			(250	)
DHT Holdings, Inc. (Marshall Islands)		Morgan Stanley		8,311			43,160			54,271			14,045
EOG Resources, Inc.		Morgan Stanley		189			12,820			15,171			2,547
Equitrans Midstream Corp.		Morgan Stanley		1,009			8,431			10,231			1,801
Extraction Oil & Gas, Inc.		Morgan Stanley		56			2,766			3,161			396
Exxon Mobil Corp.		Morgan Stanley		497			27,795			29,234			2,151
Green Plains, Inc.		Morgan Stanley		214			5,289			6,987			1,698
Halliburton Co.		Morgan Stanley		600			11,432			12,972			1,659
Hess Corp.		Morgan Stanley		290			21,777			22,652			1,003
Imperial Oil Ltd. (Canada)		Morgan Stanley		184			5,922			5,807			(89	)
Kosmos Energy Ltd.		Morgan Stanley		21,555			31,255			63,803			33,187
Marathon Oil Corp.		Morgan Stanley		3,601			40,995			49,226			8,522
Marathon Petroleum Corp.		Morgan Stanley		809			47,343			50,004			2,915
NOV, Inc.		Morgan Stanley		351			4,447			4,602			155
Oasis Petroleum, Inc.		Morgan Stanley		103			8,426			10,240			2,030
Occidental Petroleum Corp.		Morgan Stanley		585			14,235			17,304			3,067
Oceaneering International, Inc.		Morgan Stanley		963			12,449			12,827			378
ONEOK, Inc.		Morgan Stanley		398			20,671			23,080			2,484
Ovintiv, Inc.		Morgan Stanley		385			9,596			12,659			3,425
PDC Energy, Inc.		Morgan Stanley		243			10,219			11,516			1,372
Range Resources Corp.		Morgan Stanley		150			1,463			3,395			1,932
SFL Corp. Ltd. (Bermuda)		Morgan Stanley		272			2,188			2,279			116
SM Energy Co.		Morgan Stanley		2,919			17,186			77,003			59,847
Suncor Energy, Inc. (Canada)		Morgan Stanley		393			8,613			8,151			(341	)
Targa Resources Corp.		Morgan Stanley		148			6,330			7,283			1,019
Transocean Ltd. (Switzerland)		Morgan Stanley		1,086			3,732			4,116			384
Vermilion Energy, Inc. (Canada)		Morgan Stanley		846			6,383			8,375			2,024

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

112

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Energy — (continued)
Whiting Petroleum Corp.		Morgan Stanley		196		$	6,634		$	11,448		$	4,814
World Fuel Services Corp.		Morgan Stanley		592			14,846			19,903			5,752

				53,545			514,542			715,446			208,573

Food & Staples Retailing
Costco Wholesale Corp.		Morgan Stanley		7			3,172			3,145			(26	)
Kroger Co. (The)		Morgan Stanley		1,110			37,096			44,877			8,271
Sprouts Farmers Market, Inc.		Morgan Stanley		926			21,788			21,455			(342	)
Sysco Corp.		Morgan Stanley		360			25,077			28,260			3,566
United Natural Foods, Inc.		Morgan Stanley		30			1,482			1,453			(30	)
Walgreens Boots Alliance, Inc.		Morgan Stanley		311			12,506			14,633			2,526
Walmart, Inc.		Morgan Stanley		220			30,043			30,664			857
Weis Markets, Inc.		Morgan Stanley		295			14,706			15,502			1,140

				3,259			145,870			159,989			15,962

Food, Beverage & Tobacco
Altria Group, Inc.		Morgan Stanley		568			24,476			25,855			2,679
Archer-Daniels-Midland Co.		Morgan Stanley		62			3,633			3,721			132
Brown-Forman Corp., Class B		Morgan Stanley		19			1,304			1,273			(31	)
Bunge Ltd. (Bermuda)		Morgan Stanley		58			4,343			4,717			465
Coca-Cola Co. (The)		Morgan Stanley		789			40,831			41,399			1,020
Coca-Cola Consolidated, Inc.		Morgan Stanley		141			38,963			55,579			16,757
Constellation Brands, Inc., Class A		Morgan Stanley		21			4,522			4,424			(78	)
Darling Ingredients, Inc.		Morgan Stanley		340			24,748			24,446			(302	)
Flowers Foods, Inc.		Morgan Stanley		437			9,781			10,326			875
General Mills, Inc.		Morgan Stanley		132			7,475			7,896			587
Hershey Co. (The)		Morgan Stanley		127			21,192			21,495			573
John B Sanfilippo & Son, Inc.		Morgan Stanley		244			19,669			19,940			1,600
Kellogg Co.		Morgan Stanley		179			10,764			11,442			910
Kraft Heinz Co. (The)		Morgan Stanley		1,057			36,046			38,919			3,852
Molson Coors Beverage Co., Class B		Morgan Stanley		271			12,371			12,569			295
Mondelez International, Inc., Class A		Morgan Stanley		697			40,075			40,551			880
Monster Beverage Corp.		Morgan Stanley		508			47,586			45,126			(2,460	)
PepsiCo, Inc.		Morgan Stanley		143			22,180			21,509			(556	)
Philip Morris International, Inc.		Morgan Stanley		132			12,809			12,512			(133	)
Primo Water Corp. (Canada)		Morgan Stanley		10			161			157			(4	)
Sanderson Farms, Inc.		Morgan Stanley		220			40,924			41,404			506
SunOpta, Inc. (Canada)		Morgan Stanley		632			8,074			5,644			(2,503	)
Tyson Foods, Inc., Class A		Morgan Stanley		234			14,637			18,472			4,194

				7,021			446,564			469,376			29,258

Health Care Equipment & Services
Abbott Laboratories		Morgan Stanley		66			7,637			7,797			321
Acadia Healthcare Co., Inc.		Morgan Stanley		365			21,224			23,280			2,056
Alcon, Inc. (Switzerland)		Morgan Stanley		55			4,598			4,426			(172	)
Align Technology, Inc.		Morgan Stanley		4			2,726			2,662			(65	)
Allscripts Healthcare Solutions, Inc.		Morgan Stanley		3,853			34,685			51,515			16,826
Amedisys, Inc.		Morgan Stanley		27			4,922			4,026			(896	)
AMN Healthcare Services, Inc.		Morgan Stanley		25			2,668			2,869			201
Anthem, Inc.		Morgan Stanley		24			8,945			8,947			38
Boston Scientific Corp.		Morgan Stanley		544			23,062			23,604			543

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

113

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Health Care Equipment & Services — (continued)
Cerner Corp.		Morgan Stanley		392		$	29,385		$	27,644		$	(1,630	)
Change Healthcare, Inc.		Morgan Stanley		257			5,766			5,382			(385	)
Cigna Corp.		Morgan Stanley		22			5,144			4,404			(714	)
Community Health Systems, Inc.		Morgan Stanley		569			4,455			6,657			2,202
CONMED Corp.		Morgan Stanley		29			3,689			3,794			112
Cooper Cos., Inc. (The)		Morgan Stanley		44			19,251			18,186			(1,064	)
CryoLife, Inc.		Morgan Stanley		1			23			22			(1	)
CVS Health Corp.		Morgan Stanley		305			20,607			25,882			6,093
Danaher Corp.		Morgan Stanley		126			27,745			38,359			10,704
Doximity, Inc., Class A		Morgan Stanley		61			5,151			4,923			(228	)
Edwards Lifesciences Corp.		Morgan Stanley		34			3,885			3,849			(36	)
Encompass Health Corp.		Morgan Stanley		26			2,054			1,951			(154	)
Ensign Group, Inc. (The)		Morgan Stanley		36			2,972			2,696			(270	)
Envista Holdings Corp.		Morgan Stanley		964			40,397			40,305			(120	)
Fulgent Genetics, Inc.		Morgan Stanley		129			8,892			11,604			3,294
Globus Medical, Inc., Class A		Morgan Stanley		63			4,886			4,827			(59	)
HCA Healthcare, Inc.		Morgan Stanley		50			9,140			12,136			3,060
Henry Schein, Inc.		Morgan Stanley		162			12,245			12,338			127
Heska Corp.		Morgan Stanley		14			3,701			3,620			(81	)
Hologic, Inc.		Morgan Stanley		219			16,326			16,164			(161	)
ICU Medical, Inc.		Morgan Stanley		15			2,887			3,501			766
IDEXX Laboratories, Inc.		Morgan Stanley		26			14,321			16,169			1,849
Integra LifeSciences Holdings Corp.		Morgan Stanley		216			14,981			14,792			(190	)
Intersect ENT, Inc.		Morgan Stanley		7			190			190			—
Intuitive Surgical, Inc.		Morgan Stanley		14			12,076			13,918			1,842
Laboratory Corp. of America Holdings		Morgan Stanley		308			74,432			86,684			12,252
LeMaitre Vascular, Inc.		Morgan Stanley		5			276			265			(9	)
LivaNova PLC (United Kingdom)		Morgan Stanley		223			18,176			17,659			(517	)
McKesson Corp.		Morgan Stanley		148			25,727			29,508			3,939
MEDNAX, Inc.		Morgan Stanley		451			11,779			12,822			1,027
Medtronic PLC (Ireland)		Morgan Stanley		336			42,910			42,118			(430	)
Meridian Bioscience, Inc.		Morgan Stanley		206			3,768			3,963			195
Merit Medical Systems, Inc.		Morgan Stanley		87			5,293			6,247			963
ModivCare, Inc.		Morgan Stanley		49			4,685			8,899			4,587
Natus Medical, Inc.		Morgan Stanley		1,649			29,946			41,357			11,446
NextGen Healthcare, Inc.		Morgan Stanley		21			310			296			(14	)
Omnicell, Inc.		Morgan Stanley		254			32,622			37,701			5,080
Owens & Minor, Inc.		Morgan Stanley		204			5,332			6,383			1,128
Quest Diagnostics, Inc.		Morgan Stanley		441			54,072			64,082			10,718
Select Medical Holdings Corp.		Morgan Stanley		60			2,012			2,170			159
STAAR Surgical Co.		Morgan Stanley		254			34,713			32,647			(2,067	)
Stryker Corp.		Morgan Stanley		58			15,142			15,296			194
Tenet Healthcare Corp.		Morgan Stanley		13			893			864			(30	)
UnitedHealth Group, Inc.		Morgan Stanley		85			30,205			33,213			3,253
Veeva Systems, Inc., Class A		Morgan Stanley		29			8,861			8,357			(505	)
Vocera Communications, Inc.		Morgan Stanley		58			2,237			2,654			416

				13,683			784,027			875,624			95,593

Household & Personal Products
Colgate-Palmolive Co.		Morgan Stanley		211			16,329			15,947			(287	)

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

114

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Household & Personal Products — (continued)
Coty, Inc., Class A		Morgan Stanley		764		$	6,539		$	6,005		$	(534	)
Edgewell Personal Care Co.		Morgan Stanley		153			6,355			5,554			(786	)
Estee Lauder Cos., Inc. (The), Class A		Morgan Stanley		92			26,270			27,594			1,486
Kimberly-Clark Corp.		Morgan Stanley		53			7,244			7,019			(207	)
Procter & Gamble Co. (The)		Morgan Stanley		110			14,247			15,378			1,331
WD-40 Co.		Morgan Stanley		36			8,451			8,333			(115	)

				1,419			85,435			85,830			888

Materials
Agnico Eagle Mines Ltd. (Canada)		Morgan Stanley		155			8,606			8,037			(569	)
Alamos Gold, Inc., Class A (Canada)		Morgan Stanley		2,525			19,627			18,180			(1,302	)
Ashland Global Holdings, Inc.		Morgan Stanley		187			16,048			16,665			803
Avery Dennison Corp.		Morgan Stanley		38			7,914			7,874			—
Axalta Coating Systems Ltd. (Bermuda)		Morgan Stanley		436			12,823			12,727			(96	)
Carpenter Technology Corp.		Morgan Stanley		486			10,051			15,912			6,681
Chemours Co. (The)		Morgan Stanley		244			7,712			7,091			(609	)
Compass Minerals International, Inc.		Morgan Stanley		14			825			902			117
Corteva, Inc.		Morgan Stanley		444			18,775			18,684			(95	)
Domtar Corp.		Morgan Stanley		211			11,480			11,508			28
Dow, Inc.		Morgan Stanley		442			26,038			25,442			(373	)
DuPont de Nemours, Inc.		Morgan Stanley		917			73,183			62,347			(10,188	)
Eagle Materials, Inc.		Morgan Stanley		181			25,765			23,740			(1,969	)
Eastman Chemical Co.		Morgan Stanley		60			6,248			6,044			(165	)
Ecovyst, Inc.		Morgan Stanley		32			395			373			(22	)
Ferro Corp.		Morgan Stanley		325			6,805			6,610			(195	)
Fortuna Silver Mines, Inc. (Canada)		Morgan Stanley		451			2,363			1,772			(666	)
Freeport-McMoRan, Inc.		Morgan Stanley		308			10,306			10,019			(308	)
GCP Applied Technologies, Inc.		Morgan Stanley		9			204			197			(7	)
Graphic Packaging Holding Co.		Morgan Stanley		532			10,277			10,129			(109	)
Hecla Mining Co.		Morgan Stanley		1,739			10,112			9,564			(535	)
IAMGOLD Corp. (Canada)		Morgan Stanley		6,192			19,784			13,994			(6,079	)
Ingevity Corp.		Morgan Stanley		33			2,508			2,355			(153	)
Innospec, Inc.		Morgan Stanley		22			1,979			1,853			(133	)
International Paper Co.		Morgan Stanley		238			14,377			13,309			(939	)
Kaiser Aluminum Corp.		Morgan Stanley		565			36,318			61,562			27,441
Kinross Gold Corp. (Canada)		Morgan Stanley		1,113			6,443			5,966			(462	)
Kraton Corp.		Morgan Stanley		605			9,449			27,612			18,717
Linde PLC (Ireland)		Morgan Stanley		123			31,580			36,086			4,855
Livent Corp.		Morgan Stanley		460			11,064			10,631			(433	)
Louisiana-Pacific Corp.		Morgan Stanley		160			9,422			9,819			440
LyondellBasell Industries N.V., Class A (Netherlands)		Morgan Stanley		110			10,777			10,323			(395	)
Minerals Technologies, Inc.		Morgan Stanley		11			786			768			(17	)
Mosaic Co. (The)		Morgan Stanley		801			25,513			28,612			3,237
NewMarket Corp.		Morgan Stanley		176			65,507			59,624			(4,175	)
Newmont Corp.		Morgan Stanley		243			14,066			13,195			(593	)
Nucor Corp.		Morgan Stanley		345			33,259			33,979			870
Nutrien Ltd. (Canada)		Morgan Stanley		205			12,344			13,290			1,152
O-I Glass, Inc.		Morgan Stanley		43			419			614			274
Olin Corp.		Morgan Stanley		415			19,516			20,024			521
Pan American Silver Corp. (Canada)		Morgan Stanley		3			70			70			—

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

115

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Materials — (continued)
PPG Industries, Inc.		Morgan Stanley		16		$	2,037		$	2,288		$	314
Pretium Resources, Inc. (Canada)		Morgan Stanley		637			7,053			6,141			(917	)
Reliance Steel & Aluminum Co.		Morgan Stanley		42			6,261			5,982			(226	)
Royal Gold, Inc.		Morgan Stanley		32			3,263			3,056			(199	)
Sealed Air Corp.		Morgan Stanley		140			5,682			7,671			2,095
Sensient Technologies Corp.		Morgan Stanley		11			905			1,002			102
Sherwin-Williams Co. (The)		Morgan Stanley		42			10,861			11,749			924
Southern Copper Corp.		Morgan Stanley		31			1,871			1,740			(117	)
Trinseo S.A. (Luxembourg)		Morgan Stanley		196			11,173			10,580			(583	)
Westlake Chemical Corp.		Morgan Stanley		147			14,424			13,398			(1,097	)
Westrock Co.		Morgan Stanley		108			5,484			5,382			(81	)
Wheaton Precious Metals Corp. (Canada)		Morgan Stanley		301			12,105			11,312			(793	)
Worthington Industries, Inc.		Morgan Stanley		160			8,051			8,432			452

				23,462			699,908			726,236			34,423

Media & Entertainment
Activision Blizzard, Inc.		Morgan Stanley		702			53,231			54,328			516
Alphabet, Inc., Class A		Morgan Stanley		32			78,337			85,553			7,216
Altice U.S.A., Inc., Class A		Morgan Stanley		29			560			601			40
AMC Networks, Inc., Class A		Morgan Stanley		23			1,099			1,072			(28	)
Charter Communications, Inc., Class A		Morgan Stanley		19			11,244			13,824			2,580
Comcast Corp., Class A		Morgan Stanley		290			16,213			16,220			42
Discovery, Inc., Class A		Morgan Stanley		142			3,641			3,604			(37	)
DISH Network Corp., Class A		Morgan Stanley		283			11,413			12,299			886
Eventbrite, Inc., Class A		Morgan Stanley		84			1,520			1,588			69
Facebook, Inc., Class A		Morgan Stanley		223			62,526			75,684			12,772
Fox Corp., Class A		Morgan Stanley		240			8,450			9,626			1,248
Gannett Co., Inc.		Morgan Stanley		9			59			60			2
Interpublic Group of Cos., Inc. (The)		Morgan Stanley		480			15,349			17,602			2,688
Lions Gate Entertainment Corp., Class B (Canada)		Morgan Stanley		1,885			15,945			24,505			8,918
Madison Square Garden Sports Corp.		Morgan Stanley		38			6,082			7,066			984
Meredith Corp.		Morgan Stanley		169			3,396			9,413			6,173
Netflix, Inc.		Morgan Stanley		102			49,506			62,255			12,749
New York Times Co. (The), Class A		Morgan Stanley		53			2,146			2,611			532
News Corp., Class A		Morgan Stanley		10			193			235			45
Omnicom Group, Inc.		Morgan Stanley		70			5,442			5,072			(321	)
Scholastic Corp.		Morgan Stanley		4			138			143			4
Snap, Inc., Class A		Morgan Stanley		244			17,658			18,024			104
Take-Two Interactive Software, Inc.		Morgan Stanley		14			2,217			2,157			(106	)
TEGNA, Inc.		Morgan Stanley		234			3,714			4,614			948
Twitter, Inc.		Morgan Stanley		442			23,289			26,692			3,403
ViacomCBS, Inc., Class B		Morgan Stanley		180			6,987			7,112			176
Warner Music Group Corp., Class A		Morgan Stanley		307			9,058			13,121			4,191
World Wrestling Entertainment, Inc., Class A		Morgan Stanley		242			12,159			13,615			1,524
Yelp, Inc.		Morgan Stanley		562			21,471			20,929			(561	)

				7,112			443,043			509,625			66,757

Pharmaceuticals, Biotechnology & Life Sciences
AbCellera Biologics, Inc. (Canada)		Morgan Stanley		127			2,163			2,545			382
Agilent Technologies, Inc.		Morgan Stanley		62			6,601			9,767			3,205

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

116

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Atea Pharmaceuticals, Inc.		Morgan Stanley		174		$	3,917		$	6,100		$	2,293
Bio-Rad Laboratories, Inc., Class A		Morgan Stanley		37			19,963			27,600			7,637
Bio-Techne Corp.		Morgan Stanley		3			1,547			1,454			(93	)
Bristol-Myers Squibb Co.		Morgan Stanley		533			34,349			31,538			(2,673	)
Bruker Corp.		Morgan Stanley		44			3,638			3,436			(202	)
Celldex Therapeutics, Inc.		Morgan Stanley		145			7,828			7,829			1
Charles River Laboratories International, Inc.		Morgan Stanley		4			1,726			1,651			(76	)
Cortexyme, Inc.		Morgan Stanley		22			2,070			2,017			(53	)
Denali Therapeutics, Inc.		Morgan Stanley		76			2,731			3,834			1,433
Dynavax Technologies Corp.		Morgan Stanley		672			10,547			12,909			2,358
Eli Lilly & Co.		Morgan Stanley		397			93,805			91,727			(2,588	)
Fulcrum Therapeutics, Inc.		Morgan Stanley		11			309			310			1
Halozyme Therapeutics, Inc.		Morgan Stanley		133			5,313			5,410			98
Illumina, Inc.		Morgan Stanley		170			79,117			68,954			(10,163	)
Innoviva, Inc.		Morgan Stanley		3,437			40,998			57,432			16,824
Ironwood Pharmaceuticals, Inc.		Morgan Stanley		708			8,427			9,246			817
Johnson & Johnson		Morgan Stanley		499			79,342			80,588			1,678
Medpace Holdings, Inc.		Morgan Stanley		1			110			189			80
Merck & Co., Inc.		Morgan Stanley		381			28,432			28,617			429
Mettler-Toledo International, Inc.		Morgan Stanley		1			1,388			1,377			(11	)
Moderna, Inc.		Morgan Stanley		115			44,325			44,259			(66	)
Organon & Co.		Morgan Stanley		247			8,264			8,099			(165	)
Pacira BioSciences, Inc.		Morgan Stanley		122			6,982			6,832			(167	)
PerkinElmer, Inc.		Morgan Stanley		164			23,764			28,420			4,678
Pfizer, Inc.		Morgan Stanley		3,027			126,678			130,191			4,433
Prestige Consumer Healthcare, Inc.		Morgan Stanley		1,015			37,019			56,952			20,175
Prothena Corp. PLC (Ireland)		Morgan Stanley		210			14,506			14,958			452
Regeneron Pharmaceuticals, Inc.		Morgan Stanley		28			17,191			16,945			(246	)
Sage Therapeutics, Inc.		Morgan Stanley		53			2,358			2,348			(54	)
Thermo Fisher Scientific, Inc.		Morgan Stanley		1			438			571			139
United Therapeutics Corp.		Morgan Stanley		62			12,315			11,444			(871	)
Veracyte, Inc.		Morgan Stanley		317			15,161			14,725			(443	)
Vertex Pharmaceuticals, Inc.		Morgan Stanley		88			16,332			15,962			(590	)
Waters Corp.		Morgan Stanley		49			14,440			17,508			3,067
Zoetis, Inc.		Morgan Stanley		44			8,102			8,542			445

				13,179			782,196			832,286			52,164

Retailing
Abercrombie & Fitch Co., Class A		Morgan Stanley		2,808			37,443			105,665			70,426
Academy Sports & Outdoors, Inc.		Morgan Stanley		34			1,432			1,361			(71	)
Advance Auto Parts, Inc.		Morgan Stanley		359			53,802			74,992			22,047
Amazon.com, Inc.		Morgan Stanley		16			49,093			52,561			3,467
American Eagle Outfitters, Inc.		Morgan Stanley		32			852			826			(26	)
Asbury Automotive Group, Inc.		Morgan Stanley		1			93			197			104
AutoNation, Inc.		Morgan Stanley		72			7,562			8,767			1,205
AutoZone, Inc.		Morgan Stanley		14			15,896			23,772			7,876
Bath & Body Works, Inc.		Morgan Stanley		271			17,490			17,081			(399	)
Best Buy Co., Inc.		Morgan Stanley		3			325			317			(5	)
Big Lots, Inc.		Morgan Stanley		65			3,794			2,818			(971	)
Boot Barn Holdings, Inc.		Morgan Stanley		15			1,268			1,333			105

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

117

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Retailing — (continued)
Buckle,Inc.(The)		Morgan Stanley		312		$	6,353		$	12,352		$	7,668
Caleres, Inc.		Morgan Stanley		21			491			467			(39	)
Camping World Holdings, Inc., Class A		Morgan Stanley		110			4,076			4,276			233
Dick’s Sporting Goods, Inc.		Morgan Stanley		35			4,509			4,192			(317	)
eBay, Inc.		Morgan Stanley		1,264			88,368			88,063			(45	)
Foot Locker, Inc.		Morgan Stanley		165			8,188			7,534			(654	)
Genuine Parts Co.		Morgan Stanley		108			11,876			13,093			1,442
Guess?, Inc.		Morgan Stanley		197			4,407			4,139			(264	)
Home Depot, Inc. (The)		Morgan Stanley		60			18,852			19,696			997
LKQ Corp.		Morgan Stanley		504			23,245			25,361			2,117
Lowe’s Cos., Inc.		Morgan Stanley		72			13,311			14,606			1,372
Macy’s, Inc.		Morgan Stanley		2,593			15,578			58,602			55,358
MarineMax, Inc.		Morgan Stanley		134			6,389			6,502			113
National Vision Holdings, Inc.		Morgan Stanley		54			2,943			3,066			122
O’Reilly Automotive, Inc.		Morgan Stanley		18			9,209			10,999			1,790
Penske Automotive Group, Inc.		Morgan Stanley		67			5,833			6,740			907
Qurate Retail, Inc.		Morgan Stanley		1,064			7,726			10,842			5,625
Ross Stores, Inc.		Morgan Stanley		154			17,504			16,763			(750	)
Shutterstock, Inc.		Morgan Stanley		509			34,380			57,680			24,666
Signet Jewelers Ltd. (Bermuda)		Morgan Stanley		30			2,234			2,369			130
Sonic Automotive, Inc., Class A		Morgan Stanley		11			545			578			34
Target Corp.		Morgan Stanley		202			47,729			46,212			(1,488	)
Ulta Beauty, Inc.		Morgan Stanley		136			49,024			49,085			61
Urban Outfitters, Inc.		Morgan Stanley		211			4,523			6,265			1,708
Victoria’s Secret & Co.		Morgan Stanley		133			8,091			7,350			(741	)
Williams-Sonoma, Inc.		Morgan Stanley		5			899			887			(5	)
Zumiez, Inc.		Morgan Stanley		88			2,521			3,499			1,127

				11,947			587,854			770,908			204,925

Semiconductors & Semiconductor Equipment
Amkor Technology, Inc.		Morgan Stanley		39			434			973			546
Applied Materials, Inc.		Morgan Stanley		169			21,432			21,755			371
Axcelis Technologies, Inc.		Morgan Stanley		220			5,285			10,347			5,061
Broadcom, Inc.		Morgan Stanley		82			36,971			39,764			3,754
Enphase Energy, Inc.		Morgan Stanley		186			28,677			27,894			(1,241	)
First Solar, Inc.		Morgan Stanley		144			12,887			13,746			861
Ichor Holdings Ltd. (Cayman Islands)		Morgan Stanley		113			5,742			4,643			(1,099	)
Intel Corp.		Morgan Stanley		473			25,619			25,201			(357	)
KLA Corp.		Morgan Stanley		7			2,510			2,342			(121	)
Lam Research Corp.		Morgan Stanley		18			11,131			10,245			(1,114	)
MACOM Technology Solutions Holdings, Inc.		Morgan Stanley		1,495			54,731			96,981			43,517
Micron Technology, Inc.		Morgan Stanley		479			34,454			33,999			(423	)
MKS Instruments, Inc.		Morgan Stanley		118			19,526			17,807			(1,878	)
Monolithic Power Systems, Inc.		Morgan Stanley		8			3,937			3,877			(42	)
NVIDIA Corp.		Morgan Stanley		42			8,690			8,701			(17	)
NXP Semiconductors N.V. (Netherlands)		Morgan Stanley		121			23,031			23,700			752
ON Semiconductor Corp.		Morgan Stanley		273			11,653			12,495			850
Power Integrations, Inc.		Morgan Stanley		107			9,548			10,592			1,065
Qorvo, Inc.		Morgan Stanley		139			23,770			23,239			(531	)
QUALCOMM, Inc.		Morgan Stanley		353			46,477			45,530			(978	)

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

118

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Semiconductors & Semiconductor Equipment — (continued)
Rambus, Inc.		Morgan Stanley		352		$	7,619		$	7,814		$	196
Semtech Corp.		Morgan Stanley		37			2,823			2,885			61
Skyworks Solutions, Inc.		Morgan Stanley		68			12,329			11,205			(1,064	)
Synaptics, Inc.		Morgan Stanley		117			19,572			21,028			1,456
Ultra Clean Holdings, Inc.		Morgan Stanley		1			22			43			21
Xilinx, Inc.		Morgan Stanley		27			4,132			4,077			(56	)

				5,188			433,002			480,883			49,590

Software & Services
Accenture PLC, Class A (Ireland)		Morgan Stanley		139			35,153			44,469			9,559
Adobe, Inc.		Morgan Stanley		43			25,908			24,756			(1,152	)
Agilysys, Inc.		Morgan Stanley		2			104			105			1
ANSYS, Inc.		Morgan Stanley		9			3,098			3,064			(34	)
Automatic Data Processing, Inc.		Morgan Stanley		278			46,715			55,578			9,555
Box, Inc., Class A		Morgan Stanley		682			16,266			16,143			(191	)
Broadridge Financial Solutions, Inc.		Morgan Stanley		210			28,069			34,994			7,420
Cadence Design Systems, Inc.		Morgan Stanley		84			10,736			12,721			1,985
Cerence, Inc.		Morgan Stanley		213			23,164			20,471			(2,692	)
CGI, Inc. (Canada)		Morgan Stanley		304			21,825			25,767			3,942
Cloudera, Inc.		Morgan Stanley		742			11,669			11,850			181
CommVault Systems, Inc.		Morgan Stanley		39			2,614			2,937			328
Cornerstone OnDemand, Inc.		Morgan Stanley		827			32,828			47,354			14,526
CSG Systems International, Inc.		Morgan Stanley		824			34,959			39,717			5,825
Descartes Systems Group, Inc. (The) (Canada)		Morgan Stanley		1			80			81			1
DocuSign, Inc.		Morgan Stanley		24			6,877			6,178			(1,055	)
Dolby Laboratories, Inc., Class A		Morgan Stanley		210			20,098			18,480			(1,606	)
Dropbox, Inc., Class A		Morgan Stanley		590			18,314			17,240			(1,074	)
DXC Technology Co.		Morgan Stanley		319			12,381			10,722			(1,659	)
Elastic N.V. (Netherlands)		Morgan Stanley		16			2,260			2,384			124
Fair Isaac Corp.		Morgan Stanley		62			27,186			24,672			(2,514	)
Fiserv, Inc.		Morgan Stanley		421			43,031			45,678			2,753
Fortinet, Inc.		Morgan Stanley		63			18,840			18,399			(441	)
Gartner, Inc.		Morgan Stanley		69			19,717			20,968			1,251
HubSpot, Inc.		Morgan Stanley		33			22,453			22,311			(218	)
International Business Machines Corp.		Morgan Stanley		190			24,492			26,397			2,505
Intuit, Inc.		Morgan Stanley		7			3,838			3,777			363
Lightspeed Commerce, Inc. (Canada)		Morgan Stanley		219			25,194			21,118			(4,855	)
Manhattan Associates, Inc.		Morgan Stanley		67			10,505			10,253			(252	)
Maximus, Inc.		Morgan Stanley		114			10,023			9,485			(491	)
Microsoft Corp.		Morgan Stanley		245			56,665			69,070			12,744
Momentive Global, Inc.		Morgan Stanley		29			533			568			35
MongoDB, Inc.		Morgan Stanley		105			51,282			49,509			(1,774	)
NCR Corp.		Morgan Stanley		722			14,469			27,985			15,825
NortonLifeLock, Inc.		Morgan Stanley		723			18,212			18,292			193
Nutanix, Inc., Class A.		Morgan Stanley		657			25,510			24,769			(741	)
Open Text Corp. (Canada)		Morgan Stanley		602			25,337			29,341			4,406
Palo Alto Networks, Inc.		Morgan Stanley		19			7,111			9,101			1,991
Paychex, Inc.		Morgan Stanley		212			23,406			23,839			526
PayPal Holdings, Inc.		Morgan Stanley		92			20,963			23,939			2,976
Progress Software Corp.		Morgan Stanley		29			1,268			1,427			169

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

119

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Software & Services — (continued)
PTC, Inc.		Morgan Stanley		9		$	1,071		$	1,078		$	7
ServiceNow, Inc.		Morgan Stanley		31			15,462			19,290			3,828
Sprout Social, Inc., Class A.		Morgan Stanley		242			29,065			29,512			447
SPS Commerce, Inc.		Morgan Stanley		11			1,030			1,774			745
Square, Inc., Class A		Morgan Stanley		160			38,701			38,374			(326	)
SS&C Technologies Holdings, Inc.		Morgan Stanley		242			17,499			16,795			(645	)
Synopsys, Inc.		Morgan Stanley		34			8,799			10,180			1,381
Teradata Corp.		Morgan Stanley		382			10,385			21,908			11,523
TTEC Holdings, Inc.		Morgan Stanley		7			674			655			(19	)
Verint Systems, Inc.		Morgan Stanley		702			31,040			31,443			369
VeriSign, Inc.		Morgan Stanley		56			10,654			11,481			826
Visa, Inc., Class A		Morgan Stanley		90			19,302			20,047			788
Western Union Co. (The)		Morgan Stanley		452			9,887			9,139			(646	)
Workiva, Inc.		Morgan Stanley		166			19,184			23,399			4,216
Xperi Holding Corp.		Morgan Stanley		28			539			528			(9	)

				12,848			1,016,445			1,111,512			100,920

Technology Hardware & Equipment
3D Systems Corp.		Morgan Stanley		900			26,335			24,813			(1,522	)
Apple, Inc.		Morgan Stanley		52			7,464			7,358			(35	)
Arista Networks, Inc.		Morgan Stanley		9			3,224			3,093			(131	)
Arrow Electronics, Inc.		Morgan Stanley		18			2,040			2,021			(19	)
Belden, Inc.		Morgan Stanley		319			11,085			18,585			7,881
Benchmark Electronics, Inc.		Morgan Stanley		39			1,128			1,042			(76	)
CDW Corp.		Morgan Stanley		10			1,921			1,820			(99	)
Cisco Systems, Inc.		Morgan Stanley		534			24,484			29,066			4,938
Cognex Corp.		Morgan Stanley		6			479			481			3
Coherent, Inc.		Morgan Stanley		106			27,359			26,510			(890	)
Corning, Inc.		Morgan Stanley		526			21,651			19,194			(2,280	)
CTS Corp.		Morgan Stanley		11			348			340			(8	)
EchoStar Corp., Class A.		Morgan Stanley		1,310			37,306			33,418			(3,924	)
Extreme Networks, Inc.		Morgan Stanley		781			8,470			7,693			(777	)
Hewlett Packard Enterprise Co.		Morgan Stanley		1,039			15,781			14,806			(766	)
HP, Inc.		Morgan Stanley		932			21,170			25,500			4,835
Keysight Technologies, Inc.		Morgan Stanley		92			14,663			15,115			452
Knowles Corp.		Morgan Stanley		196			3,827			3,673			(162	)
NetApp, Inc.		Morgan Stanley		249			19,614			22,350			3,011
NETGEAR, Inc.		Morgan Stanley		182			5,757			5,808			36
OSI Systems, Inc.		Morgan Stanley		635			50,006			60,198			10,324
Plantronics, Inc.		Morgan Stanley		131			4,483			3,368			(1,115	)
Sanmina Corp.		Morgan Stanley		28			697			1,079			383
Seagate Technology Holdings PLC (Ireland)		Morgan Stanley		208			17,586			17,164			(279	)
SYNNEX Corp.		Morgan Stanley		55			6,232			5,726			(595	)
TE Connectivity Ltd. (Switzerland)		Morgan Stanley		269			37,926			36,912			(913	)
Trimble, Inc.		Morgan Stanley		131			11,226			10,775			(451	)
TTM Technologies, Inc.		Morgan Stanley		814			10,730			10,232			(498	)
Ubiquiti, Inc.		Morgan Stanley		32			8,925			9,557			665
Viavi Solutions, Inc.		Morgan Stanley		260			4,184			4,092			(91	)
Vishay Intertechnology, Inc.		Morgan Stanley		510			11,103			10,246			(814	)
Vontier Corp.		Morgan Stanley		894			26,414			30,038			3,666

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

120

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Technology Hardware & Equipment — (continued)
Western Digital Corp.		Morgan Stanley		118		$	6,820		$	6,660		$	(160	)
Xerox Holdings Corp.		Morgan Stanley		780			18,553			15,733			(2,564	)
Zebra Technologies Corp., Class A		Morgan Stanley		53			26,824			27,317			493

				12,229			495,815			511,783			18,518

Telecommunication Services
AT&T, Inc.		Morgan Stanley		762			21,060			20,582			299
Gogo, Inc.		Morgan Stanley		723			8,113			12,508			4,424
IDT Corp., Class B		Morgan Stanley		4			169			168			(1	)
Iridium Communications, Inc.		Morgan Stanley		83			2,671			3,308			636
Lumen Technologies, Inc.		Morgan Stanley		638			8,076			7,905			130
T-Mobile U.S., Inc.		Morgan Stanley		117			15,749			14,948			(801	)
Verizon Communications, Inc.		Morgan Stanley		404			22,355			21,820			310

				2,731			78,193			81,239			4,997

Transportation
Alaska Air Group, Inc.		Morgan Stanley		300			10,855			17,580			7,688
ArcBest Corp.		Morgan Stanley		1,802			62,077			147,350			88,154
Atlas Air Worldwide Holdings, Inc.		Morgan Stanley		396			21,986			32,345			11,405
Canadian Pacific Railway Ltd. (Canada)		Morgan Stanley		105			7,518			6,832			(672	)
CSX Corp.		Morgan Stanley		1,429			44,704			42,498			(2,124	)
Expeditors International of Washington, Inc.		Morgan Stanley		40			4,785			4,765			(2	)
FedEx Corp.		Morgan Stanley		21			5,222			4,605			(567	)
Hub Group, Inc., Class A		Morgan Stanley		75			4,998			5,156			158
Norfolk Southern Corp.		Morgan Stanley		23			5,855			5,503			(319	)
Old Dominion Freight Line, Inc.		Morgan Stanley		42			10,050			12,011			1,977
Ryder System, Inc.		Morgan Stanley		198			10,788			16,377			6,026
Saia, Inc.		Morgan Stanley		6			1,169			1,428			259
Schneider National, Inc., Class B		Morgan Stanley		35			744			796			56
Southwest Airlines Co.		Morgan Stanley		7			365			360			(5	)
Union Pacific Corp.		Morgan Stanley		128			26,358			25,089			(1,257	)
United Airlines Holdings, Inc.		Morgan Stanley		115			5,318			5,471			152
United Parcel Service, Inc., Class B		Morgan Stanley		129			22,698			23,491			1,090
Werner Enterprises, Inc.		Morgan Stanley		44			1,759			1,948			202
XPO Logistics, Inc.		Morgan Stanley		264			22,165			21,009			(1,156	)

				5,159			269,414			374,614			111,065

Utilities
AES Corp. (The)		Morgan Stanley		362			8,907			8,264			(581	)
American Water Works Co., Inc.		Morgan Stanley		20			3,295			3,381			96
Avista Corp.		Morgan Stanley		28			1,184			1,095			(70	)
Dominion Energy, Inc.		Morgan Stanley		354			24,501			25,849			2,285
Exelon Corp.		Morgan Stanley		499			20,902			24,122			3,679
Fortis,Inc.(Canada)		Morgan Stanley		16			713			709			(157	)
MDU Resources Group, Inc.		Morgan Stanley		238			7,414			7,061			(267	)
National Fuel Gas Co.		Morgan Stanley		40			1,611			2,101			590
NRG Energy, Inc.		Morgan Stanley		1,315			56,884			53,691			(3,193	)
PPL Corp.		Morgan Stanley		2,455			71,796			68,445			(2,779	)
Public Service Enterprise Group, Inc.		Morgan Stanley		683			43,396			41,595			(1,596	)

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

121

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Utilities — (continued)
Southern Co. (The)		Morgan Stanley		28			$	1,821			$	1,735			$	(88	)
TransAlta Corp. (Canada)		Morgan Stanley		2				21				21				1

				6,040				242,445				238,069				(2,080	)

Total Reference Entity — Long								9,272,097				10,367,790				1,189,971


Short
Automobiles & Components
BorgWarner, Inc.		Morgan Stanley		(3,909	)			(182,212	)			(168,908	)			12,021
Dana, Inc.		Morgan Stanley		(1,352	)			(36,182	)			(30,068	)			5,966
Dorman Products, Inc.		Morgan Stanley		(3	)			(288	)			(284	)			4
Fox Factory Holding Corp.		Morgan Stanley		(547	)			(80,634	)			(79,063	)			1,475
LCI Industries		Morgan Stanley		(1,291	)			(169,349	)			(173,807	)			(7,570	)
Patrick Industries, Inc.		Morgan Stanley		(1,235	)			(88,488	)			(102,876	)			(15,491	)
Standard Motor Products, Inc.		Morgan Stanley		(28	)			(1,224	)			(1,224	)			(1	)
Workhorse Group, Inc.		Morgan Stanley		(3,170	)			(52,208	)			(24,251	)			27,905
XPEL, Inc.		Morgan Stanley		(249	)			(20,616	)			(18,889	)			1,727

				(11,784	)			(631,201	)			(599,370	)			26,036

Capital Goods
Advanced Drainage Systems, Inc.		Morgan Stanley		(1,848	)			(215,006	)			(199,898	)			14,718
Air Lease Corp.		Morgan Stanley		(337	)			(15,307	)			(13,258	)			1,978
Ameresco, Inc., Class A		Morgan Stanley		(37	)			(2,201	)			(2,162	)			37
American Woodmark Corp.		Morgan Stanley		(342	)			(28,061	)			(22,357	)			5,676
AMETEK, Inc.		Morgan Stanley		(94	)			(12,890	)			(11,657	)			1,350
API Group Corp.		Morgan Stanley		(623	)			(14,039	)			(12,678	)			1,347
Applied Industrial Technologies, Inc.		Morgan Stanley		(24	)			(2,185	)			(2,163	)			19
Arcosa, Inc.		Morgan Stanley		(864	)			(49,918	)			(43,347	)			6,478
Astec Industries, Inc.		Morgan Stanley		(284	)			(15,926	)			(15,282	)			538
Axon Enterprise, Inc.		Morgan Stanley		(269	)			(37,232	)			(47,080	)			(9,886	)
AZEK Co., Inc. (The)		Morgan Stanley		(591	)			(24,714	)			(21,589	)			3,100
Ballard Power Systems, Inc. (Canada)		Morgan Stanley		(16,220	)			(258,199	)			(227,891	)			30,048
Barnes Group, Inc.		Morgan Stanley		(186	)			(10,325	)			(7,762	)			2,502
Bloom Energy Corp., Class A		Morgan Stanley		(2,769	)			(64,970	)			(51,836	)			13,069
Boeing Co. (The)		Morgan Stanley		(95	)			(23,852	)			(20,894	)			2,933
BWX Technologies, Inc.		Morgan Stanley		(1,775	)			(109,098	)			(95,602	)			12,960
Carlisle Cos., Inc.		Morgan Stanley		(111	)			(22,576	)			(22,066	)			435
Chart Industries, Inc.		Morgan Stanley		(245	)			(40,248	)			(46,822	)			(6,615	)
Construction Partners, Inc., Class A		Morgan Stanley		(2,232	)			(57,933	)			(74,482	)			(17,284	)
Cornerstone Building Brands, Inc.		Morgan Stanley		(3,527	)			(59,963	)			(51,529	)			8,373
Dycom Industries, Inc.		Morgan Stanley		(747	)			(56,354	)			(53,216	)			3,081
Energy Recovery, Inc.		Morgan Stanley		(935	)			(19,094	)			(17,793	)			1,282
EnerSys		Morgan Stanley		(209	)			(16,836	)			(15,558	)			1,244
EnPro Industries, Inc.		Morgan Stanley		(7	)			(611	)			(610	)			—
Evoqua Water Technologies Corp.		Morgan Stanley		(4,531	)			(136,281	)			(170,184	)			(34,689	)
Federal Signal Corp.		Morgan Stanley		(7	)			(277	)			(270	)			6
Fluor Corp.		Morgan Stanley		(4,228	)			(98,298	)			(67,521	)			30,678
Franklin Electric Co., Inc.		Morgan Stanley		(158	)			(13,164	)			(12,616	)			534
FuelCell Energy, Inc.		Morgan Stanley		(6,683	)			(103,786	)			(44,709	)			58,972
GATX Corp.		Morgan Stanley		(822	)			(75,784	)			(73,618	)			909

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

122

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Capital Goods — (continued)
Generac Holdings, Inc.		Morgan Stanley		(471	)		$	(212,444	)		$	(192,484	)		$	21,622
Great Lakes Dredge & Dock Corp.		Morgan Stanley		(1,029	)			(15,084	)			(15,528	)			(458	)
Griffon Corp.		Morgan Stanley		(329	)			(7,679	)			(8,093	)			(433	)
Helios Technologies, Inc.		Morgan Stanley		(654	)			(30,469	)			(53,700	)			(23,567	)
Hexcel Corp.		Morgan Stanley		(434	)			(26,032	)			(25,775	)			231
Hubbell, Inc.		Morgan Stanley		(141	)			(28,086	)			(25,474	)			2,422
Hyster-Yale Materials Handling, Inc.		Morgan Stanley		(512	)			(21,343	)			(25,733	)			(5,057	)
IDEX Corp.		Morgan Stanley		(527	)			(119,673	)			(109,063	)			10,691
IES Holdings, Inc.		Morgan Stanley		(2	)			(88	)			(91	)			(3	)
John Bean Technologies Corp.		Morgan Stanley		(3	)			(429	)			(422	)			13
Kennametal, Inc.		Morgan Stanley		(1,477	)			(52,657	)			(50,558	)			779
Kratos Defense & Security Solutions, Inc.		Morgan Stanley		(2,932	)			(67,510	)			(65,413	)			2,029
Lindsay Corp.		Morgan Stanley		(95	)			(15,779	)			(14,420	)			1,287
MasTec, Inc.		Morgan Stanley		(61	)			(5,341	)			(5,263	)			72
Maxar Technologies, Inc.		Morgan Stanley		(1,721	)			(68,120	)			(48,739	)			19,276
Mercury Systems, Inc.		Morgan Stanley		(2,642	)			(171,392	)			(125,284	)			45,935
Meritor, Inc.		Morgan Stanley		(3,213	)			(78,102	)			(68,469	)			9,631
MSC Industrial Direct Co., Inc., Class A		Morgan Stanley		(452	)			(41,121	)			(36,246	)			4,636
Mueller Water Products, Inc., Class A		Morgan Stanley		(1,704	)			(18,863	)			(25,935	)			(7,490	)
Nikola Corp.		Morgan Stanley		(4,431	)			(45,063	)			(47,279	)			(2,261	)
NV5 Global, Inc.		Morgan Stanley		(278	)			(14,467	)			(27,402	)			(12,999	)
PGT Innovations, Inc.		Morgan Stanley		(2,638	)			(52,990	)			(50,386	)			2,551
Plug Power, Inc.		Morgan Stanley		(8,640	)			(234,360	)			(220,666	)			13,210
Primoris Services Corp.		Morgan Stanley		(854	)			(22,036	)			(20,914	)			1,051
Proto Labs, Inc.		Morgan Stanley		(1,095	)			(180,719	)			(72,927	)			107,610
Quanta Services, Inc.		Morgan Stanley		(98	)			(11,517	)			(11,154	)			434
RBC Bearings, Inc.		Morgan Stanley		(59	)			(13,684	)			(12,520	)			1,150
REV Group, Inc.		Morgan Stanley		(1,252	)			(10,049	)			(21,484	)			(11,572	)
Shyft Group,Inc.(The)		Morgan Stanley		(246	)			(10,393	)			(9,350	)			1,030
Spirit AeroSystems Holdings, Inc., Class A		Morgan Stanley		(2,794	)			(131,364	)			(123,467	)			7,704
SPX Corp.		Morgan Stanley		(305	)			(18,756	)			(16,302	)			2,435
Sunrun, Inc.		Morgan Stanley		(1,338	)			(99,300	)			(58,872	)			40,328
Textainer Group Holdings Ltd. (Bermuda)		Morgan Stanley		(1,934	)			(62,606	)			(67,516	)			(4,973	)
Timken Co. (The)		Morgan Stanley		(478	)			(36,726	)			(31,271	)			5,298
Trex Co., Inc.		Morgan Stanley		(614	)			(62,194	)			(62,585	)			(665	)
TriMas Corp.		Morgan Stanley		(11	)			(342	)			(356	)			(14	)
UFP Industries, Inc.		Morgan Stanley		(1,084	)			(78,994	)			(73,690	)			5,101
United Rentals, Inc.		Morgan Stanley		(1,005	)			(348,813	)			(352,685	)			(4,223	)
Univar Solutions, Inc.		Morgan Stanley		(6,061	)			(145,017	)			(144,373	)			498
Vicor Corp.		Morgan Stanley		(566	)			(50,174	)			(75,935	)			(25,811	)
Welbilt, Inc.		Morgan Stanley		(1,459	)			(26,572	)			(33,907	)			(7,472	)
WESCO International, Inc.		Morgan Stanley		(179	)			(9,578	)			(20,642	)			(11,620	)
Woodward, Inc.		Morgan Stanley		(446	)			(54,228	)			(50,487	)			3,708

				(107,064	)			(4,285,282	)			(3,949,310	)			325,907

Commercial & Professional Services
ADT, Inc.		Morgan Stanley		(18,958	)			(174,041	)			(153,370	)			19,277
Booz Allen Hamilton Holding Corp.		Morgan Stanley		(1,523	)			(127,353	)			(120,850	)			5,940
CACI International, Inc., Class A		Morgan Stanley		(46	)			(11,946	)			(12,057	)			(123	)
Clarivate PLC (Jersey)		Morgan Stanley		(825	)			(23,336	)			(18,068	)			5,364

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

123

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Commercial & Professional Services — (continued)
CoStar Group, Inc.		Morgan Stanley		(637	)		$	(58,192	)		$	(54,820	)		$	3,362
Dun & Bradstreet Holdings, Inc.		Morgan Stanley		(6,394	)			(116,887	)			(107,483	)			9,286
Forrester Research, Inc.		Morgan Stanley		(450	)			(16,408	)			(22,167	)			(5,776	)
FTI Consulting, Inc.		Morgan Stanley		(397	)			(57,001	)			(53,476	)			3,467
Harsco Corp.		Morgan Stanley		(3,955	)			(57,983	)			(67,037	)			(9,112	)
Huron Consulting Group, Inc.		Morgan Stanley		(72	)			(3,641	)			(3,744	)			(107	)
IAA, Inc.		Morgan Stanley		(181	)			(10,093	)			(9,877	)			206
Insperity, Inc.		Morgan Stanley		(1,379	)			(120,067	)			(152,710	)			(34,314	)
KAR Auction Services, Inc.		Morgan Stanley		(1,318	)			(23,924	)			(21,602	)			2,297
Leidos Holdings, Inc.		Morgan Stanley		(756	)			(74,081	)			(72,674	)			1,202
ManTech International Corp., Class A		Morgan Stanley		(234	)			(20,547	)			(17,765	)			2,614
Montrose Environmental Group, Inc.		Morgan Stanley		(226	)			(12,267	)			(13,953	)			(1,698	)
Pitney Bowes, Inc.		Morgan Stanley		(11,123	)			(94,066	)			(80,197	)			12,950
Tetra Tech, Inc.		Morgan Stanley		(8	)			(1,219	)			(1,195	)			89
TransUnion		Morgan Stanley		(555	)			(62,090	)			(62,332	)			(575	)
U.S. Ecology, Inc.		Morgan Stanley		(1,520	)			(57,289	)			(49,172	)			8,059
Upwork, Inc.		Morgan Stanley		(2,386	)			(106,558	)			(107,442	)			(991	)
Verisk Analytics, Inc.		Morgan Stanley		(1,414	)			(274,410	)			(283,182	)			(9,559	)
Viad Corp.		Morgan Stanley		(894	)			(36,690	)			(40,597	)			(3,943	)

				(55,251	)			(1,540,089	)			(1,525,770	)			7,915

Consumer Durables & Apparel
Callaway Golf Co.		Morgan Stanley		(6,176	)			(184,484	)			(170,643	)			13,617
Canada Goose Holdings, Inc. (Canada)		Morgan Stanley		(3,774	)			(141,829	)			(134,619	)			7,067
Columbia Sportswear Co.		Morgan Stanley		(118	)			(11,226	)			(11,309	)			(205	)
Deckers Outdoor Corp.		Morgan Stanley		(50	)			(19,406	)			(18,010	)			1,392
Helen of Troy Ltd. (Bermuda)		Morgan Stanley		(512	)			(115,688	)			(115,036	)			535
Installed Building Products, Inc.		Morgan Stanley		(647	)			(82,609	)			(69,326	)			12,895
Latham Group, Inc.		Morgan Stanley		(565	)			(11,394	)			(9,266	)			2,116
Levi Strauss & Co., Class A		Morgan Stanley		(360	)			(10,459	)			(8,824	)			1,586
Lovesac Co. (The)		Morgan Stanley		(99	)			(6,984	)			(6,543	)			434
Malibu Boats, Inc., Class A		Morgan Stanley		(427	)			(35,826	)			(29,881	)			5,908
NIKE, Inc., Class B		Morgan Stanley		(74	)			(10,175	)			(10,747	)			(844	)
Oxford Industries, Inc.		Morgan Stanley		(264	)			(21,603	)			(23,805	)			(2,465	)
Peloton Interactive, Inc., Class A		Morgan Stanley		(6,396	)			(667,232	)			(556,772	)			109,788
Polaris, Inc.		Morgan Stanley		(1,042	)			(137,060	)			(124,686	)			11,747
Purple Innovation, Inc.		Morgan Stanley		(6,059	)			(192,441	)			(127,360	)			64,887
Ralph Lauren Corp.		Morgan Stanley		(81	)			(9,767	)			(8,994	)			610
Skechers U.S.A., Inc., Class A		Morgan Stanley		(1,395	)			(51,638	)			(58,757	)			(7,440	)
VF Corp.		Morgan Stanley		(181	)			(16,240	)			(12,125	)			3,892
Vizio Holding Corp., Class A		Morgan Stanley		(208	)			(4,327	)			(4,418	)			(95	)

				(28,428	)			(1,730,388	)			(1,501,121	)			225,425

Consumer Services
2U Inc.		Morgan Stanley		(26	)			(873	)			(873	)			59
Aramark		Morgan Stanley		(4,162	)			(158,459	)			(136,763	)			20,722
Bally’s Corp.		Morgan Stanley		(1,899	)			(114,937	)			(95,216	)			19,606
Bright Horizons Family Solutions, Inc.		Morgan Stanley		(1,014	)			(170,699	)			(141,372	)			29,155
Caesars Entertainment, Inc.		Morgan Stanley		(646	)			(67,592	)			(72,533	)			(5,009	)
Carnival Corp. (Panama)		Morgan Stanley		(8,108	)			(191,929	)			(202,781	)			(14,523	)

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

124

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Consumer Services — (continued)
Darden Restaurants, Inc.		Morgan Stanley		(768	)		$	(121,208	)		$	(116,329	)		$	4,943
Denny’s Corp.		Morgan Stanley		(5,227	)			(81,630	)			(85,409	)			(4,063	)
Frontdoor, Inc.		Morgan Stanley		(324	)			(18,076	)			(13,576	)			4,510
MGM Resorts International		Morgan Stanley		(1,350	)			(57,544	)			(58,253	)			(771	)
Monarch Casino & Resort, Inc.		Morgan Stanley		(732	)			(34,423	)			(49,037	)			(14,648	)
Planet Fitness, Inc., Class A		Morgan Stanley		(578	)			(44,560	)			(45,402	)			(887	)
Royal Caribbean Cruises Ltd. (Liberia)		Morgan Stanley		(1,426	)			(124,200	)			(126,843	)			(2,768	)
Shake Shack, Inc., Class A		Morgan Stanley		(1,208	)			(118,247	)			(94,780	)			23,388
Six Flags Entertainment Corp.		Morgan Stanley		(378	)			(16,513	)			(16,065	)			432
Stride, Inc.		Morgan Stanley		(1,985	)			(77,117	)			(71,341	)			5,786
Terminix Global Holdings, Inc.		Morgan Stanley		(479	)			(25,177	)			(19,960	)			5,236
Wingstop, Inc.		Morgan Stanley		(1,398	)			(238,592	)			(229,174	)			8,385

				(31,708	)			(1,661,776	)			(1,575,707	)			79,553

Diversified Financials
FactSet Research Systems, Inc.		Morgan Stanley		(12	)			(4,742	)			(4,737	)			(1	)
Intercontinental Exchange, Inc.		Morgan Stanley		(1,384	)			(165,455	)			(158,911	)			6,004
Morningstar, Inc.		Morgan Stanley		(48	)			(13,383	)			(12,433	)			944
Open Lending Corp., Class A		Morgan Stanley		(729	)			(29,943	)			(26,295	)			3,666

				(2,173	)			(213,523	)			(202,376	)			10,613

Energy
Cenovus Energy, Inc. (Canada)		Morgan Stanley		(13,128	)			(126,369	)			(132,068	)			(7,147	)
Cheniere Energy, Inc.		Morgan Stanley		(2,254	)			(195,363	)			(220,148	)			(25,066	)
ConocoPhillips		Morgan Stanley		(648	)			(37,070	)			(43,915	)			(7,440	)
Crescent Point Energy Corp. (Canada)		Morgan Stanley		(25,545	)			(107,214	)			(117,762	)			(10,797	)
CVR Energy, Inc.		Morgan Stanley		(1,194	)			(19,772	)			(19,892	)			(140	)
Delek U.S. Holdings, Inc.		Morgan Stanley		(7,661	)			(123,180	)			(137,668	)			(14,612	)
Devon Energy Corp.		Morgan Stanley		(5,140	)			(145,588	)			(182,521	)			(44,584	)
Diamondback Energy, Inc.		Morgan Stanley		(1,604	)			(138,073	)			(151,851	)			(16,014	)
Dril-Quip, Inc.		Morgan Stanley		(354	)			(12,153	)			(8,914	)			3,289
Enbridge, Inc. (Canada)		Morgan Stanley		(461	)			(18,170	)			(18,348	)			(503	)
Enerplus Corp. (Canada)		Morgan Stanley		(7,588	)			(44,746	)			(60,704	)			(16,279	)
EQT Corp.		Morgan Stanley		(18,037	)			(334,624	)			(369,037	)			(34,750	)
FLEX LNG Ltd. (Bermuda)		Morgan Stanley		(5	)			(88	)			(90	)			(2	)
Gevo, Inc.		Morgan Stanley		(8,207	)			(54,398	)			(54,494	)			(151	)
Liberty Oilfield Services, Inc., Class A		Morgan Stanley		(4,635	)			(50,366	)			(56,223	)			(6,001	)
New Fortress Energy, Inc.		Morgan Stanley		(2,446	)			(71,069	)			(67,877	)			2,952
NexTier Oilfield Solutions, Inc.		Morgan Stanley		(2,712	)			(8,628	)			(12,475	)			(3,856	)
Northern Oil and Gas, Inc.		Morgan Stanley		(1,923	)			(36,747	)			(41,152	)			(4,556	)
Par Pacific Holdings, Inc.		Morgan Stanley		(1,743	)			(26,780	)			(27,400	)			(647	)
Patterson-UTI Energy, Inc.		Morgan Stanley		(2,355	)			(19,419	)			(21,195	)			(1,966	)
Pembina Pipeline Corp. (Canada)		Morgan Stanley		(2,283	)			(58,069	)			(72,348	)			(18,678	)
Pioneer Natural Resources Co.		Morgan Stanley		(1,661	)			(265,886	)			(276,573	)			(16,760	)
RPC, Inc.		Morgan Stanley		(3,529	)			(12,139	)			(17,151	)			(5,096	)
Southwestern Energy Co.		Morgan Stanley		(17,318	)			(78,128	)			(95,942	)			(18,437	)
TechnipFMC PLC (United Kingdom)		Morgan Stanley		(38,039	)			(279,765	)			(286,434	)			(6,951	)
Tellurian, Inc.		Morgan Stanley		(19,489	)			(58,808	)			(76,202	)			(17,454	)
Williams Cos., Inc. (The)		Morgan Stanley		(2,839	)			(72,111	)			(73,644	)			(1,605	)

				(192,798	)			(2,394,723	)			(2,642,028	)			(273,251	)

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

125

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Food & Staples Retailing
BJ’s Wholesale Club Holdings, Inc.		Morgan Stanley		(1,420	)		$	(71,394	)		$	(77,986	)		$	(7,091	)
Casey’s General Stores, Inc.		Morgan Stanley		(776	)			(152,219	)			(146,237	)			5,721
Chefs’ Warehouse, Inc. (The)		Morgan Stanley		(1,524	)			(44,036	)			(49,637	)			(5,860	)
Grocery Outlet Holding Corp.		Morgan Stanley		(4,224	)			(175,207	)			(91,112	)			84,060
Performance Food Group Co.		Morgan Stanley		(1,514	)			(70,260	)			(70,340	)			(151	)
Rite Aid Corp.		Morgan Stanley		(766	)			(16,444	)			(10,877	)			5,550
U.S. Foods Holding Corp.		Morgan Stanley		(788	)			(31,692	)			(27,312	)			4,341

				(11,012	)			(561,252	)			(473,501	)			86,570

Food, Beverage & Tobacco
B&G Foods, Inc.		Morgan Stanley		(1,412	)			(42,760	)			(42,205	)			(695	)
Beyond Meat, Inc.		Morgan Stanley		(418	)			(61,696	)			(43,999	)			17,636
Celsius Holdings, Inc.		Morgan Stanley		(3,676	)			(260,784	)			(331,171	)			(70,650	)
Conagra Brands, Inc.		Morgan Stanley		(1,379	)			(46,786	)			(46,707	)			(179	)
Fresh Del Monte Produce, Inc. (Cayman Islands)		Morgan Stanley		(11	)			(357	)			(354	)			3
Freshpet, Inc.		Morgan Stanley		(885	)			(136,867	)			(126,281	)			10,407
Hain Celestial Group, Inc. (The)		Morgan Stanley		(354	)			(14,752	)			(15,144	)			(407	)
Hormel Foods Corp.		Morgan Stanley		(2,609	)			(108,492	)			(106,969	)			1,414
Hostess Brands, Inc.		Morgan Stanley		(254	)			(4,359	)			(4,412	)			(57	)
Ingredion, Inc.		Morgan Stanley		(1,898	)			(172,811	)			(168,941	)			3,183
J & J Snack Foods Corp.		Morgan Stanley		(86	)			(13,793	)			(13,143	)			414
J M Smucker Co. (The)		Morgan Stanley		(120	)			(14,613	)			(14,404	)			273
Keurig Dr Pepper, Inc.		Morgan Stanley		(987	)			(34,635	)			(33,716	)			745
Lamb Weston Holdings, Inc.		Morgan Stanley		(384	)			(32,192	)			(23,566	)			8,499
Lancaster Colony Corp.		Morgan Stanley		(103	)			(17,798	)			(17,387	)			364
McCormick & Co, Inc.		Morgan Stanley		(836	)			(73,407	)			(67,741	)			5,350
MGP Ingredients, Inc.		Morgan Stanley		(475	)			(19,940	)			(30,923	)			(11,205	)
Pilgrim’s Pride Corp.		Morgan Stanley		(767	)			(15,864	)			(22,304	)			(6,481	)
Post Holdings, Inc.		Morgan Stanley		(860	)			(99,263	)			(94,738	)			4,426
TreeHouse Foods, Inc.		Morgan Stanley		(927	)			(36,315	)			(36,969	)			(690	)
Universal Corp.		Morgan Stanley		(154	)			(7,611	)			(7,443	)			160
Utz Brands, Inc.		Morgan Stanley		(2,826	)			(59,933	)			(48,409	)			11,310

				(21,421	)			(1,275,028	)			(1,296,926	)			(26,180	)

Health Care Equipment & Services
1Life Healthcare, Inc.		Morgan Stanley		(3,465	)			(113,118	)			(70,166	)			42,838
ABIOMED, Inc.		Morgan Stanley		(286	)			(92,741	)			(93,099	)			(757	)
Accolade, Inc.		Morgan Stanley		(967	)			(46,029	)			(40,778	)			5,204
AdaptHealth Corp.		Morgan Stanley		(1,423	)			(38,091	)			(33,142	)			4,914
Alphatec Holdings, Inc.		Morgan Stanley		(1,609	)			(22,680	)			(19,614	)			3,043
American Well Corp., Class A		Morgan Stanley		(2,067	)			(29,037	)			(18,830	)			10,178
AmerisourceBergen Corp.		Morgan Stanley		(1,171	)			(141,954	)			(139,876	)			1,597
Apollo Medical Holdings, Inc.		Morgan Stanley		(364	)			(34,728	)			(33,142	)			1,551
Axogen, Inc.		Morgan Stanley		(982	)			(11,705	)			(15,516	)			(5,411	)
Becton Dickinson and Co		Morgan Stanley		(55	)			(14,423	)			(13,520	)			1,776
BioLife Solutions, Inc.		Morgan Stanley		(641	)			(26,701	)			(27,127	)			(453	)
Brookdale Senior Living, Inc.		Morgan Stanley		(1,841	)			(12,121	)			(11,598	)			510
Cardiovascular Systems, Inc.		Morgan Stanley		(1,266	)			(45,282	)			(41,563	)			3,672
Castle Biosciences, Inc.		Morgan Stanley		(1,110	)			(74,246	)			(73,815	)			356
Covetrus, Inc.		Morgan Stanley		(4,131	)			(122,487	)			(74,936	)			47,427

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

126

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Health Care Equipment & Services — (continued)
CryoPort, Inc.		Morgan Stanley		(533	)		$	(30,327	)		$	(35,450	)		$	(5,167	)
Evolent Health, Inc., Class A		Morgan Stanley		(2,513	)			(36,011	)			(77,903	)			(42,479	)
Glaukos Corp.		Morgan Stanley		(114	)			(6,442	)			(5,491	)			949
GoodRx Holdings, Inc., Class A		Morgan Stanley		(2,283	)			(101,569	)			(93,649	)			7,832
Guardant Health, Inc.		Morgan Stanley		(841	)			(124,900	)			(105,133	)			19,752
Haemonetics Corp.		Morgan Stanley		(1,392	)			(120,039	)			(98,261	)			21,657
HealthEquity, Inc.		Morgan Stanley		(28	)			(1,863	)			(1,813	)			48
Hill-Rom Holdings, Inc.		Morgan Stanley		(159	)			(21,839	)			(23,850	)			(2,051	)
Humana, Inc.		Morgan Stanley		(125	)			(57,994	)			(48,644	)			9,337
Inari Medical, Inc.		Morgan Stanley		(583	)			(55,502	)			(47,281	)			8,165
Innovage Holding Corp.		Morgan Stanley		(3	)			(19	)			(20	)			1
Inovalon Holdings, Inc., Class A		Morgan Stanley		(906	)			(31,264	)			(36,503	)			(5,270	)
Insulet Corp.		Morgan Stanley		(497	)			(138,899	)			(141,262	)			(2,532	)
Integer Holdings Corp.		Morgan Stanley		(247	)			(23,174	)			(22,067	)			1,083
iRhythm Technologies, Inc.		Morgan Stanley		(853	)			(39,907	)			(49,952	)			(10,085	)
Joint Corp. (The)		Morgan Stanley		(167	)			(13,237	)			(16,369	)			(3,229	)
Lantheus Holdings, Inc.		Morgan Stanley		(2,195	)			(51,581	)			(56,368	)			(5,007	)
Masimo Corp.		Morgan Stanley		(686	)			(181,134	)			(185,707	)			(4,885	)
Mesa Laboratories, Inc.		Morgan Stanley		(118	)			(29,991	)			(35,678	)			(5,791	)
Neogen Corp.		Morgan Stanley		(395	)			(18,254	)			(17,155	)			1,081
Oak Street Health, Inc.		Morgan Stanley		(5,477	)			(276,805	)			(232,937	)			43,590
Option Care Health, Inc.		Morgan Stanley		(1,893	)			(42,337	)			(45,924	)			(3,721	)
OrthoPediatrics Corp.		Morgan Stanley		(289	)			(15,243	)			(18,932	)			(3,738	)
Outset Medical, Inc.		Morgan Stanley		(734	)			(30,934	)			(36,289	)			(5,386	)
Penumbra, Inc.		Morgan Stanley		(437	)			(117,282	)			(116,461	)			645
PetIQ, Inc.		Morgan Stanley		(1,431	)			(50,586	)			(35,732	)			14,851
Phreesia, Inc.		Morgan Stanley		(95	)			(5,861	)			(5,862	)			(7	)
Progyny, Inc.		Morgan Stanley		(2,657	)			(154,040	)			(148,792	)			5,068
Quidel Corp.		Morgan Stanley		(108	)			(15,977	)			(15,244	)			716
RadNet, Inc.		Morgan Stanley		(1,584	)			(24,061	)			(46,427	)			(22,390	)
ResMed, Inc.		Morgan Stanley		(578	)			(137,319	)			(152,332	)			(20,342	)
Schrodinger, Inc.		Morgan Stanley		(2,609	)			(157,631	)			(142,660	)			14,812
Silk Road Medical, Inc.		Morgan Stanley		(976	)			(56,927	)			(53,709	)			3,075
SmileDirectClub, Inc.		Morgan Stanley		(5,780	)			(34,240	)			(30,750	)			3,456
STERIS PLC (Ireland)		Morgan Stanley		(2,410	)			(519,505	)			(492,315	)			25,591
Surgery Partners, Inc.		Morgan Stanley		(2,096	)			(88,299	)			(88,745	)			(534	)
Tabula Rasa HealthCare, Inc.		Morgan Stanley		(1,393	)			(70,755	)			(36,511	)			34,244
Tactile Systems Technology, Inc.		Morgan Stanley		(593	)			(22,138	)			(26,359	)			(4,243	)
Teladoc Health, Inc.		Morgan Stanley		(320	)			(51,731	)			(40,579	)			11,100
U.S. Physical Therapy, Inc.		Morgan Stanley		(9	)			(1,040	)			(995	)			44
West Pharmaceutical Services, Inc.		Morgan Stanley		(49	)			(18,323	)			(20,802	)			(3,123	)

				(67,534	)			(3,800,323	)			(3,593,635	)			193,562

Household & Personal Products
Clorox Co. (The)		Morgan Stanley		(593	)			(101,426	)			(98,207	)			2,999
Energizer Holdings, Inc.		Morgan Stanley		(1,857	)			(73,183	)			(72,516	)			410
Honest Co., Inc. (The)		Morgan Stanley		(2,401	)			(25,991	)			(24,922	)			1,042
Inter Parfums, Inc.		Morgan Stanley		(108	)			(7,818	)			(8,075	)			(279	)

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

127

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Household & Personal Products — (continued)
Reynolds Consumer Products, Inc.		Morgan Stanley		(747	)		$	(21,226	)		$	(20,423	)		$	725
Spectrum Brands Holdings, Inc.		Morgan Stanley		(397	)			(37,033	)			(37,981	)			(933	)

				(6,103	)			(266,677	)			(262,124	)			3,964

Materials
Albemarle Corp.		Morgan Stanley		(141	)			(29,159	)			(30,875	)			(1,970	)
Allegheny Technologies, Inc.		Morgan Stanley		(173	)			(2,916	)			(2,877	)			37
Amcor PLC (Jersey)		Morgan Stanley		(4,792	)			(60,361	)			(55,539	)			4,439
Amyris, Inc.		Morgan Stanley		(3,423	)			(46,221	)			(46,998	)			(823	)
AptarGroup, Inc.		Morgan Stanley		(126	)			(16,612	)			(15,038	)			1,542
Arconic Corp.		Morgan Stanley		(838	)			(30,155	)			(26,431	)			3,694
Balchem Corp.		Morgan Stanley		(44	)			(6,423	)			(6,383	)			34
Ball Corp.		Morgan Stanley		(247	)			(22,933	)			(22,223	)			552
Cabot Corp.		Morgan Stanley		(358	)			(19,430	)			(17,943	)			1,348
Century Aluminum Co.		Morgan Stanley		(3,937	)			(47,625	)			(52,953	)			(5,376	)
Cleveland-Cliffs, Inc.		Morgan Stanley		(1,085	)			(21,513	)			(21,494	)			(3	)
Coeur Mining, Inc.		Morgan Stanley		(10,129	)			(69,171	)			(62,496	)			6,606
Commercial Metals Co.		Morgan Stanley		(587	)			(20,028	)			(17,880	)			2,128
Ecolab, Inc.		Morgan Stanley		(319	)			(70,990	)			(66,550	)			4,304
Element Solutions, Inc.		Morgan Stanley		(1,375	)			(32,032	)			(29,810	)			2,131
Equinox Gold Corp. (Canada)		Morgan Stanley		(12,613	)			(152,412	)			(83,246	)			69,012
First Majestic Silver Corp. (Canada)		Morgan Stanley		(6,729	)			(87,052	)			(76,038	)			10,917
FMC Corp.		Morgan Stanley		(1,062	)			(111,393	)			(97,237	)			13,369
Franco-Nevada Corp. (Canada)		Morgan Stanley		(1,713	)			(246,408	)			(222,536	)			23,246
HB Fuller Co.		Morgan Stanley		(1,028	)			(66,577	)			(66,368	)			(11	)
Huntsman Corp.		Morgan Stanley		(8,754	)			(228,905	)			(259,031	)			(31,546	)
International Flavors & Fragrances, Inc.		Morgan Stanley		(2,138	)			(300,912	)			(285,893	)			12,881
Kirkland Lake Gold Ltd. (Canada)		Morgan Stanley		(916	)			(48,740	)			(38,096	)			10,473
MAG Silver Corp. (Canada)		Morgan Stanley		(98	)			(1,588	)			(1,588	)			(1	)
Martin Marietta Materials, Inc.		Morgan Stanley		(142	)			(52,107	)			(48,519	)			3,454
Materion Corp.		Morgan Stanley		(233	)			(16,836	)			(15,993	)			779
Methanex Corp. (Canada)		Morgan Stanley		(2,297	)			(53,290	)			(105,754	)			(53,297	)
Novagold Resources, Inc. (Canada)		Morgan Stanley		(5,336	)			(53,874	)			(36,712	)			17,108
PureCycle Technologies, Inc.		Morgan Stanley		(75	)			(1,024	)			(996	)			27
Quaker Chemical Corp.		Morgan Stanley		(311	)			(70,060	)			(73,931	)			(4,183	)
RPM International, Inc.		Morgan Stanley		(701	)			(60,226	)			(54,433	)			5,733
Sandstorm Gold Ltd. (Canada)		Morgan Stanley		(770	)			(4,625	)			(4,435	)			185
Schweitzer-Mauduit International, Inc.		Morgan Stanley		(118	)			(4,346	)			(4,090	)			233
Scotts Miracle-Gro Co. (The)		Morgan Stanley		(1,436	)			(228,681	)			(210,173	)			17,605
Seabridge Gold, Inc. (Canada)		Morgan Stanley		(865	)			(15,246	)			(13,364	)			1,868
SilverCrest Metals, Inc. (Canada)		Morgan Stanley		(1,236	)			(10,110	)			(8,627	)			1,473
Sonoco Products Co.		Morgan Stanley		(317	)			(20,414	)			(18,887	)			1,506
Stepan Co.		Morgan Stanley		(214	)			(27,214	)			(24,169	)			2,908
Summit Materials, Inc., Class A		Morgan Stanley		(992	)			(34,576	)			(31,714	)			2,827
Teck Resources Ltd., Class B (Canada)		Morgan Stanley		(2,376	)			(55,298	)			(59,186	)			(4,072	)
Tronox Holdings PLC, Class A (United Kingdom)		Morgan Stanley		(626	)			(5,934	)			(15,431	)			(9,878	)
Valvoline, Inc.		Morgan Stanley		(3,955	)			(115,968	)			(123,317	)			(8,756	)
Vulcan Materials Co.		Morgan Stanley		(91	)			(16,057	)			(15,394	)			799

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

128

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Materials — (continued)
Warrior Met Coal, Inc.		Morgan Stanley		(2,255	)		$	(39,241	)		$	(52,474	)		$	(14,129	)
Yamana Gold, Inc. (Canada)		Morgan Stanley		(19,760	)			(101,710	)			(78,250	)			22,286

				(106,731	)			(2,726,393	)			(2,601,372	)			111,459

Media & Entertainment
Angi, Inc.		Morgan Stanley		(9,723	)			(138,396	)			(119,982	)			18,274
Bumble, Inc., Class A		Morgan Stanley		(351	)			(19,219	)			(17,543	)			1,657
Cable One, Inc.		Morgan Stanley		(94	)			(184,240	)			(170,434	)			13,438
Cardlytics, Inc.		Morgan Stanley		(451	)			(46,946	)			(37,857	)			9,042
Cargurus, Inc.		Morgan Stanley		(1,315	)			(41,691	)			(41,304	)			344
Cinemark Holdings, Inc.		Morgan Stanley		(2,690	)			(62,334	)			(51,675	)			10,612
Clear Channel Outdoor Holdings, Inc.		Morgan Stanley		(9,252	)			(21,581	)			(25,073	)			(3,540	)
EW Scripps Co. (The), Class A		Morgan Stanley		(2,445	)			(28,014	)			(44,157	)			(16,412	)
Gray Television, Inc.		Morgan Stanley		(1,079	)			(23,968	)			(24,623	)			(755	)
iHeartMedia, Inc., Class A		Morgan Stanley		(1,675	)			(33,385	)			(41,909	)			(8,558	)
Live Nation Entertainment, Inc.		Morgan Stanley		(231	)			(20,442	)			(21,051	)			(690	)
Magnite, Inc.		Morgan Stanley		(565	)			(22,366	)			(15,820	)			6,523
Match Group, Inc.		Morgan Stanley		(2,472	)			(394,113	)			(388,079	)			5,637
MediaAlpha, Inc., Class A.		Morgan Stanley		(282	)			(6,590	)			(5,268	)			1,316
Nexstar Media Group, Inc., Class A		Morgan Stanley		(61	)			(9,472	)			(9,270	)			193
Sciplay Corp., Class A		Morgan Stanley		(255	)			(5,215	)			(5,276	)			(66	)
Shaw Communications, Inc., Class B (Canada)		Morgan Stanley		(407	)			(11,152	)			(11,819	)			(864	)
Skillz, Inc.		Morgan Stanley		(3,829	)			(43,178	)			(37,601	)			5,533
TripAdvisor, Inc.		Morgan Stanley		(647	)			(29,314	)			(21,901	)			7,383
ZoomInfo Technologies, Inc., Class A		Morgan Stanley		(623	)			(35,483	)			(38,121	)			(3,141	)
Zynga, Inc., Class A.		Morgan Stanley		(1,711	)			(20,504	)			(12,884	)			7,599

				(40,158	)			(1,197,603	)			(1,141,647	)			53,525

Pharmaceuticals, Biotechnology & Life Sciences
10X Genomics, Inc., Class A.		Morgan Stanley		(459	)			(72,741	)			(66,821	)			5,847
ACADIA Pharmaceuticals, Inc.		Morgan Stanley		(1,375	)			(22,832	)			(22,839	)			(29	)
Adaptive Biotechnologies Corp.		Morgan Stanley		(2,368	)			(113,590	)			(80,488	)			32,987
Allogene Therapeutics, Inc.		Morgan Stanley		(374	)			(9,356	)			(9,612	)			(470	)
Amneal Pharmaceuticals, Inc.		Morgan Stanley		(1,145	)			(5,893	)			(6,114	)			(228	)
Apellis Pharmaceuticals, Inc.		Morgan Stanley		(2,874	)			(140,079	)			(94,727	)			45,210
Arcturus Therapeutics Holdings, Inc.		Morgan Stanley		(611	)			(48,352	)			(29,194	)			19,110
Arvinas, Inc.		Morgan Stanley		(1,752	)			(107,180	)			(143,979	)			(36,907	)
Aurora Cannabis, Inc. (Canada)		Morgan Stanley		(3,385	)			(23,120	)			(23,424	)			(328	)
Avantor, Inc.		Morgan Stanley		(3,124	)			(126,494	)			(127,772	)			(2,471	)
Avid Bioservices, Inc.		Morgan Stanley		(141	)			(2,905	)			(3,041	)			(140	)
Axsome Therapeutics, Inc.		Morgan Stanley		(1,306	)			(62,681	)			(43,046	)			19,572
Berkeley Lights, Inc.		Morgan Stanley		(3,585	)			(149,600	)			(70,123	)			79,327
Bluebird Bio, Inc.		Morgan Stanley		(1,565	)			(28,624	)			(29,907	)			(1,312	)
Catalent, Inc.		Morgan Stanley		(983	)			(122,839	)			(130,808	)			(8,092	)
ChemoCentryx, Inc.		Morgan Stanley		(5,628	)			(85,041	)			(96,239	)			(11,284	)
Codexis, Inc.		Morgan Stanley		(2,514	)			(36,371	)			(58,476	)			(22,267	)
Cronos Group, Inc. (Canada)		Morgan Stanley		(2,998	)			(20,800	)			(16,969	)			3,810
Dicerna Pharmaceuticals, Inc.		Morgan Stanley		(1,347	)			(28,856	)			(27,156	)			1,671
Elanco Animal Health, Inc.		Morgan Stanley		(1,042	)			(31,907	)			(33,229	)			(1,354	)
Emergent BioSolutions, Inc.		Morgan Stanley		(792	)			(49,922	)			(39,655	)			10,831

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

129

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Pharmaceuticals, Biotechnology & Life Sciences — (continued)
FibroGen, Inc.		Morgan Stanley		(243	)		$	(2,833	)		$	(2,483	)		$	350
Ionis Pharmaceuticals, Inc.		Morgan Stanley		(653	)			(35,507	)			(21,902	)			13,570
Iovance Biotherapeutics, Inc.		Morgan Stanley		(314	)			(11,742	)			(7,743	)			3,987
Jazz Pharmaceuticals PLC (Ireland)		Morgan Stanley		(3,002	)			(409,733	)			(390,890	)			18,430
Krystal Biotech, Inc.		Morgan Stanley		(5	)			(291	)			(261	)			32
MacroGenics, Inc.		Morgan Stanley		(30	)			(645	)			(628	)			16
Mirati Therapeutics, Inc.		Morgan Stanley		(553	)			(84,462	)			(97,831	)			(15,957	)
NanoString Technologies, Inc.		Morgan Stanley		(874	)			(45,706	)			(41,961	)			3,700
Neurocrine Biosciences, Inc.		Morgan Stanley		(336	)			(31,935	)			(32,226	)			(459	)
Novavax, Inc.		Morgan Stanley		(118	)			(24,528	)			(24,463	)			41
Ocular Therapeutix, Inc.		Morgan Stanley		(1,586	)			(21,277	)			(15,860	)			5,396
Perrigo Co. PLC (Ireland)		Morgan Stanley		(7,051	)			(312,023	)			(333,724	)			(23,895	)
Personalis, Inc.		Morgan Stanley		(2,376	)			(62,879	)			(45,714	)			17,101
Phathom Pharmaceuticals, Inc.		Morgan Stanley		(12	)			(383	)			(385	)			(2	)
Phibro Animal Health Corp., Class A		Morgan Stanley		(3	)			(65	)			(65	)			1
Protagonist Therapeutics, Inc.		Morgan Stanley		(137	)			(6,326	)			(2,428	)			3,892
Quanterix Corp.		Morgan Stanley		(7	)			(340	)			(349	)			(9	)
Reata Pharmaceuticals, Inc., Class A		Morgan Stanley		(496	)			(53,498	)			(49,903	)			3,542
Repligen Corp.		Morgan Stanley		(99	)			(20,564	)			(28,610	)			(8,926	)
Revance Therapeutics, Inc.		Morgan Stanley		(585	)			(16,081	)			(16,298	)			(233	)
Sangamo Therapeutics, Inc.		Morgan Stanley		(45	)			(431	)			(405	)			24
Seagen, Inc.		Morgan Stanley		(72	)			(12,050	)			(12,226	)			(187	)
Sundial Growers, Inc. (Canada)		Morgan Stanley		(52,945	)			(38,085	)			(35,902	)			2,145
Syneos Health, Inc.		Morgan Stanley		(1,985	)			(180,278	)			(173,648	)			6,230
TG Therapeutics, Inc.		Morgan Stanley		(1,090	)			(29,120	)			(36,275	)			(7,609	)
Viatris, Inc.		Morgan Stanley		(4,996	)			(74,013	)			(67,696	)			5,122

				(118,981	)			(2,763,978	)			(2,593,495	)			159,785

Retailing
1-800-Flowers.com, Inc., Class A		Morgan Stanley		(381	)			(12,546	)			(11,624	)			909
CarMax, Inc.		Morgan Stanley		(287	)			(38,870	)			(36,725	)			2,107
CarParts.com, Inc.		Morgan Stanley		(700	)			(12,256	)			(10,927	)			1,317
Carvana Co.		Morgan Stanley		(45	)			(12,469	)			(13,569	)			(1,113	)
Chewy, Inc.		Morgan Stanley		(98	)			(6,684	)			(6,675	)			2
Children’s Place, Inc. (The)		Morgan Stanley		(371	)			(28,729	)			(27,921	)			743
Designer Brands, Inc., Class A		Morgan Stanley		(4,103	)			(58,890	)			(57,155	)			1,562
Dollar General Corp.		Morgan Stanley		(562	)			(123,015	)			(119,223	)			3,604
Dollar Tree, Inc.		Morgan Stanley		(953	)			(95,547	)			(91,221	)			4,229
Etsy, Inc.		Morgan Stanley		(481	)			(105,368	)			(100,029	)			5,912
Five Below, Inc.		Morgan Stanley		(683	)			(129,897	)			(120,761	)			9,084
Franchise Group, Inc.		Morgan Stanley		(305	)			(10,582	)			(10,800	)			(340	)
Gap, Inc. (The)		Morgan Stanley		(14,556	)			(368,671	)			(330,421	)			38,405
GrowGeneration Corp.		Morgan Stanley		(4,019	)			(157,764	)			(99,149	)			58,457
Leslie’s, Inc.		Morgan Stanley		(2,516	)			(73,474	)			(51,679	)			21,721
Monro, Inc.		Morgan Stanley		(1,530	)			(71,252	)			(87,990	)			(18,388	)
Murphy U.S.A., Inc.		Morgan Stanley		(1,740	)			(247,261	)			(291,032	)			(45,346	)
Nordstrom, Inc.		Morgan Stanley		(2,173	)			(79,463	)			(57,476	)			21,907
Pool Corp.		Morgan Stanley		(121	)			(55,633	)			(52,564	)			2,785
Porch Group, Inc.		Morgan Stanley		(39	)			(654	)			(690	)			(36	)
Poshmark, Inc., Class A		Morgan Stanley		(472	)			(21,598	)			(11,215	)			10,362

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

130

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Retailing — (continued)
RealReal, Inc. (The)		Morgan Stanley		(3,532	)		$	(86,777	)		$	(46,552	)		$	40,138
Sally Beauty Holdings, Inc.		Morgan Stanley		(6,905	)			(117,706	)			(116,349	)			1,238
Sleep Number Corp.		Morgan Stanley		(36	)			(3,706	)			(3,365	)			337
Stamps.com, Inc.		Morgan Stanley		(531	)			(173,037	)			(175,118	)			(2,256	)
Tractor Supply Co.		Morgan Stanley		(2,193	)			(417,308	)			(444,324	)			(28,239	)
Vroom, Inc.		Morgan Stanley		(3,045	)			(117,059	)			(67,203	)			49,738
Wayfair, Inc., Class A		Morgan Stanley		(44	)			(12,290	)			(11,242	)			1,087

				(52,421	)			(2,638,506	)			(2,452,999	)			179,926

Semiconductors & Semiconductor Equipment
ACM Research, Inc., Class A		Morgan Stanley		(727	)			(68,615	)			(79,970	)			(11,425	)
Ambarella, Inc. (Cayman Islands)		Morgan Stanley		(68	)			(6,532	)			(10,590	)			(4,308	)
Analog Devices, Inc.		Morgan Stanley		(1,018	)			(178,901	)			(170,495	)			8,693
CEVA, Inc.		Morgan Stanley		(489	)			(21,334	)			(20,866	)			447
Cirrus Logic, Inc.		Morgan Stanley		(819	)			(68,024	)			(67,445	)			456
CMC Materials, Inc.		Morgan Stanley		(70	)			(9,268	)			(8,626	)			632
Cohu, Inc.		Morgan Stanley		(685	)			(25,236	)			(21,879	)			3,391
Cree, Inc.		Morgan Stanley		(720	)			(78,060	)			(58,126	)			19,856
Diodes, Inc.		Morgan Stanley		(243	)			(20,823	)			(22,013	)			(1,255	)
Entegris, Inc.		Morgan Stanley		(1,009	)			(125,552	)			(127,033	)			(1,608	)
FormFactor, Inc.		Morgan Stanley		(1,770	)			(65,629	)			(66,074	)			(511	)
Lattice Semiconductor Corp.		Morgan Stanley		(221	)			(12,797	)			(14,288	)			(1,518	)
Marvell Technology, Inc.		Morgan Stanley		(4,050	)			(247,370	)			(244,256	)			2,865
Microchip Technology, Inc.		Morgan Stanley		(490	)			(80,465	)			(75,210	)			5,264
Silicon Laboratories, Inc.		Morgan Stanley		(858	)			(129,003	)			(120,257	)			8,595
SMART Global Holdings, Inc. (Cayman Islands)		Morgan Stanley		(515	)			(25,197	)			(22,918	)			2,254
Texas Instruments, Inc.		Morgan Stanley		(1,138	)			(224,781	)			(218,735	)			5,895
Universal Display Corp.		Morgan Stanley		(87	)			(20,271	)			(14,874	)			5,820
Veeco Instruments, Inc.		Morgan Stanley		(37	)			(833	)			(822	)			11

				(15,014	)			(1,408,691	)			(1,364,477	)			43,554

Software & Services
8x8, Inc.		Morgan Stanley		(2,489	)			(54,392	)			(58,218	)			(3,880	)
Akamai Technologies, Inc.		Morgan Stanley		(115	)			(13,597	)			(12,028	)			1,592
Alarm.com Holdings, Inc.		Morgan Stanley		(314	)			(27,190	)			(24,552	)			2,610
Alliance Data Systems Corp.		Morgan Stanley		(120	)			(12,146	)			(12,107	)			27
Altair Engineering, Inc., Class A		Morgan Stanley		(303	)			(17,291	)			(20,889	)			(3,615	)
Alteryx, Inc., Class A		Morgan Stanley		(4,828	)			(505,564	)			(352,927	)			152,128
Anaplan, Inc.		Morgan Stanley		(487	)			(31,913	)			(29,653	)			2,248
Appfolio, Inc., Class A		Morgan Stanley		(525	)			(70,588	)			(63,210	)			7,307
Avaya Holdings Corp.		Morgan Stanley		(1,501	)			(32,007	)			(29,705	)			2,270
Bentley Systems, Inc., Class B		Morgan Stanley		(640	)			(44,872	)			(38,810	)			6,528
BigCommerce Holdings, Inc.		Morgan Stanley		(359	)			(19,525	)			(18,180	)			1,325
Blackbaud, Inc.		Morgan Stanley		(730	)			(51,009	)			(51,356	)			(398	)
BlackBerry Ltd. (Canada)		Morgan Stanley		(2,904	)			(26,844	)			(28,256	)			(1,439	)
Bottomline Technologies DE, Inc.		Morgan Stanley		(1,966	)			(77,512	)			(77,224	)			209
CDK Global, Inc.		Morgan Stanley		(621	)			(26,767	)			(26,424	)			317
Ceridian HCM Holding, Inc.		Morgan Stanley		(1,062	)			(101,960	)			(119,602	)			(17,980	)
Citrix Systems, Inc.		Morgan Stanley		(4,118	)			(452,596	)			(442,150	)			8,565
Concentrix Corp.		Morgan Stanley		(327	)			(55,928	)			(57,879	)			(2,107	)

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

131

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Software & Services — (continued)
Conduent, Inc.		Morgan Stanley		(10,829	)		$	(47,546	)		$	(71,363	)		$	(24,117	)
Coupa Software, Inc.		Morgan Stanley		(393	)			(98,840	)			(86,138	)			12,602
Digital Turbine, Inc.		Morgan Stanley		(4,243	)			(279,336	)			(291,706	)			(12,652	)
Dynatrace, Inc.		Morgan Stanley		(1,144	)			(70,490	)			(81,190	)			(10,771	)
Evo Payments, Inc., Class A		Morgan Stanley		(422	)			(12,052	)			(9,993	)			2,047
Fastly, Inc., Class A		Morgan Stanley		(1,287	)			(96,732	)			(52,046	)			44,588
FireEye, Inc.		Morgan Stanley		(7,891	)			(141,567	)			(140,460	)			957
FleetCor Technologies, Inc.		Morgan Stanley		(445	)			(118,907	)			(116,265	)			2,522
Globant S.A. (Luxembourg)		Morgan Stanley		(440	)			(115,112	)			(123,644	)			(9,903	)
GoDaddy, Inc., Class A		Morgan Stanley		(404	)			(35,627	)			(28,159	)			7,623
Guidewire Software, Inc.		Morgan Stanley		(606	)			(67,832	)			(72,035	)			(4,272	)
InterDigital, Inc.		Morgan Stanley		(134	)			(9,537	)			(9,088	)			440
Jack Henry & Associates, Inc.		Morgan Stanley		(547	)			(95,408	)			(89,741	)			5,397
Jamf Holding Corp.		Morgan Stanley		(939	)			(29,938	)			(36,170	)			(6,263	)
JFrog Ltd. (Israel)		Morgan Stanley		(414	)			(14,345	)			(13,869	)			462
LiveRamp Holdings, Inc.		Morgan Stanley		(1,987	)			(101,384	)			(93,846	)			7,442
McAfee Corp., Class A		Morgan Stanley		(458	)			(13,392	)			(10,126	)			496
Medallia, Inc.		Morgan Stanley		(2,640	)			(92,822	)			(89,417	)			3,198
New Relic, Inc.		Morgan Stanley		(411	)			(26,428	)			(29,497	)			(3,149	)
Okta, Inc.		Morgan Stanley		(105	)			(25,223	)			(24,921	)			277
Oracle Corp.		Morgan Stanley		(814	)			(74,218	)			(70,924	)			3,219
PagerDuty, Inc.		Morgan Stanley		(821	)			(33,843	)			(34,006	)			(197	)
Paylocity Holding Corp.		Morgan Stanley		(399	)			(79,103	)			(111,880	)			(33,657	)
Paysafe Ltd. (Bermuda)		Morgan Stanley		(1,930	)			(15,710	)			(14,958	)			737
Ping Identity Holding Corp.		Morgan Stanley		(7,566	)			(253,558	)			(185,897	)			67,897
PROS Holdings, Inc.		Morgan Stanley		(1,549	)			(62,980	)			(54,959	)			7,958
Q2 Holdings, Inc.		Morgan Stanley		(1,282	)			(131,970	)			(102,739	)			29,097
Qualys, Inc.		Morgan Stanley		(83	)			(9,854	)			(9,237	)			616
Rackspace Technology, Inc.		Morgan Stanley		(5,430	)			(115,327	)			(77,215	)			37,997
RingCentral, Inc., Class A.		Morgan Stanley		(1,266	)			(314,327	)			(275,355	)			38,655
Sabre Corp.		Morgan Stanley		(3,224	)			(44,742	)			(38,172	)			6,551
Sailpoint Technologies Holdings, Inc.		Morgan Stanley		(1,024	)			(46,713	)			(43,909	)			2,757
SecureWorks Corp., Class A		Morgan Stanley		(14	)			(280	)			(278	)			2
Shift4 Payments, Inc., Class A		Morgan Stanley		(692	)			(61,372	)			(53,644	)			7,666
Smartsheet, Inc., Class A		Morgan Stanley		(1,496	)			(108,352	)			(102,955	)			5,288
SolarWinds Corp.		Morgan Stanley		(2,477	)			(49,419	)			(41,440	)			4,374
Splunk, Inc.		Morgan Stanley		(18	)			(3,291	)			(2,605	)			683
Sumo Logic, Inc.		Morgan Stanley		(1,459	)			(27,089	)			(23,519	)			3,542
Switch, Inc., Class A		Morgan Stanley		(2,702	)			(46,684	)			(68,604	)			(22,526	)
Telos Corp.		Morgan Stanley		(4,141	)			(127,757	)			(117,687	)			9,941
Twilio, Inc., Class A		Morgan Stanley		(367	)			(122,193	)			(117,091	)			4,978
Tyler Technologies, Inc.		Morgan Stanley		(281	)			(133,725	)			(128,881	)			4,704
Upland Software, Inc.		Morgan Stanley		(936	)			(38,590	)			(31,300	)			7,252
Verra Mobility Corp.		Morgan Stanley		(4,664	)			(61,289	)			(70,286	)			(9,130	)
VMware, Inc., Class A		Morgan Stanley		(36	)			(5,394	)			(5,353	)			35
Vonage Holdings Corp.		Morgan Stanley		(1,433	)			(21,815	)			(23,100	)			(1,307	)
WEX, Inc.		Morgan Stanley		(1,612	)			(330,434	)			(283,938	)			46,163
Yext, Inc.		Morgan Stanley		(11,159	)			(224,232	)			(134,243	)			89,952

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

132

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Software & Services — (continued)
Zendesk, Inc.		Morgan Stanley		(330	)		$	(41,453	)		$	(38,409	)		$	3,002
Zuora, Inc., Class A		Morgan Stanley		(2,276	)			(34,686	)			(37,736	)			(3,117	)

				(120,629	)			(5,734,619	)			(5,233,164	)			485,763

Technology Hardware & Equipment
Advanced Energy Industries, Inc.		Morgan Stanley		(212	)			(20,135	)			(18,603	)			1,488
Amphenol Corp., Class A		Morgan Stanley		(1,399	)			(103,672	)			(102,449	)			704
Avnet, Inc.		Morgan Stanley		(2,510	)			(104,467	)			(92,795	)			10,737
Calix, Inc.		Morgan Stanley		(748	)			(36,420	)			(36,974	)			(591	)
Ciena Corp.		Morgan Stanley		(1,389	)			(76,794	)			(71,325	)			5,422
CommScope Holding Co., Inc.		Morgan Stanley		(5,157	)			(88,304	)			(70,084	)			18,132
Corsair Gaming, Inc.		Morgan Stanley		(702	)			(19,721	)			(18,203	)			1,517
Dell Technologies, Inc., Class C		Morgan Stanley		(830	)			(86,348	)			(86,353	)			(92	)
Fabrinet (Cayman Islands)		Morgan Stanley		(1,082	)			(80,883	)			(110,916	)			(30,527	)
FARO Technologies, Inc.		Morgan Stanley		(467	)			(30,013	)			(30,733	)			(750	)
Infinera Corp.		Morgan Stanley		(2,442	)			(17,846	)			(20,317	)			(2,512	)
Inseego Corp.		Morgan Stanley		(6,603	)			(63,512	)			(43,976	)			19,472
Insight Enterprises, Inc.		Morgan Stanley		(1,170	)			(87,407	)			(105,394	)			(18,074	)
IPG Photonics Corp.		Morgan Stanley		(132	)			(29,415	)			(20,909	)			8,749
Jabil, Inc.		Morgan Stanley		(1,939	)			(115,466	)			(113,179	)			2,086
Littelfuse, Inc.		Morgan Stanley		(74	)			(19,738	)			(20,222	)			(580	)
MicroVision, Inc.		Morgan Stanley		(3,626	)			(51,399	)			(40,067	)			11,280
National Instruments Corp.		Morgan Stanley		(2,504	)			(106,341	)			(98,232	)			6,872
nLight, Inc.		Morgan Stanley		(1,836	)			(44,517	)			(51,757	)			(7,284	)
Novanta, Inc. (Canada)		Morgan Stanley		(136	)			(18,214	)			(21,012	)			(2,816	)
Rogers Corp.		Morgan Stanley		(80	)			(16,062	)			(14,918	)			1,128
Super Micro Computer, Inc.		Morgan Stanley		(508	)			(18,194	)			(18,578	)			(402	)
Teledyne Technologies, Inc.		Morgan Stanley		(783	)			(349,245	)			(336,361	)			12,532
Viasat, Inc.		Morgan Stanley		(834	)			(35,606	)			(45,928	)			(10,359	)

				(37,163	)			(1,619,719	)			(1,589,285	)			26,132

Telecommunication Services
Bandwidth, Inc., Class A.		Morgan Stanley		(229	)			(24,225	)			(20,674	)			3,526
Cogent Communications Holdings, Inc.		Morgan Stanley		(252	)			(17,448	)			(17,852	)			(1,134	)
Globalstar, Inc.		Morgan Stanley		(52,848	)			(78,881	)			(88,256	)			(9,531	)
Shenandoah Telecommunications Co.		Morgan Stanley		(648	)			(29,009	)			(20,464	)			932
United States Cellular Corp.		Morgan Stanley		(488	)			(17,939	)			(15,562	)			2,359

				(54,465	)			(167,502	)			(162,808	)			(3,848	)

Transportation
Air Transport Services Group, Inc.		Morgan Stanley		(3,493	)			(89,591	)			(90,154	)			(656	)
Canadian National Railway Co. (Canada)		Morgan Stanley		(2,817	)			(328,791	)			(325,786	)			844
CH Robinson Worldwide, Inc.		Morgan Stanley		(2,841	)			(274,797	)			(247,167	)			25,158
Hawaiian Holdings, Inc.		Morgan Stanley		(1,560	)			(32,992	)			(33,790	)			(992	)
JB Hunt Transport Services, Inc.		Morgan Stanley		(250	)			(42,243	)			(41,805	)			328
JetBlue Airways Corp.		Morgan Stanley		(1,120	)			(20,793	)			(17,125	)			3,647
Kirby Corp.		Morgan Stanley		(123	)			(7,837	)			(5,899	)			1,930
Knight-Swift Transportation Holdings, Inc.		Morgan Stanley		(524	)			(25,789	)			(26,803	)			(1,083	)
Landstar System, Inc.		Morgan Stanley		(949	)			(158,596	)			(149,771	)			8,556
Marten Transport Ltd.		Morgan Stanley		(34	)			(540	)			(533	)			6

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

133

GOTHAM NEUTRAL FUND

Portfolio of Investments (Concluded)

September 30, 2021

Total Return Swaps (concluded)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Transportation — (continued)
TFI International, Inc. (Canada)		Morgan Stanley		(444	)		$	(49,342	)		$	(45,368	)		$	3,823
Uber Technologies, Inc.		Morgan Stanley		(293	)			(15,030	)			(13,126	)			1,928

				(14,448	)			(1,046,341	)			(997,327	)			43,489

Utilities
Algonquin Power & Utilities Corp. (Canada)		Morgan Stanley		(8,285	)			(129,101	)			(121,458	)			4,092
ALLETE, Inc.		Morgan Stanley		(1,375	)			(74,196	)			(81,840	)			(11,298	)
Alliant Energy Corp.		Morgan Stanley		(349	)			(21,495	)			(19,537	)			1,937
Ameren Corp.		Morgan Stanley		(746	)			(62,595	)			(60,426	)			875
American States Water Co.		Morgan Stanley		(11	)			(953	)			(941	)			12
Avangrid, Inc.		Morgan Stanley		(1,197	)			(59,153	)			(58,174	)			(499	)
Black Hills Corp.		Morgan Stanley		(1,488	)			(94,468	)			(93,387	)			(903	)
Brookfield Renewable Corp., Class A (Canada)		Morgan Stanley		(882	)			(36,603	)			(34,230	)			1,979
CenterPoint Energy, Inc.		Morgan Stanley		(2,581	)			(68,727	)			(63,493	)			4,765
Clearway Energy, Inc., Class A		Morgan Stanley		(870	)			(22,499	)			(24,534	)			(2,560	)
Consolidated Edison, Inc.		Morgan Stanley		(378	)			(28,601	)			(27,439	)			532
Duke Energy Corp.		Morgan Stanley		(135	)			(13,667	)			(13,175	)			710
Edison International		Morgan Stanley		(5,572	)			(319,638	)			(309,079	)			6,197
Entergy Corp.		Morgan Stanley		(1,106	)			(120,434	)			(109,837	)			9,674
Evergy, Inc.		Morgan Stanley		(2,806	)			(187,641	)			(174,533	)			11,418
Eversource Energy		Morgan Stanley		(1,274	)			(113,652	)			(104,162	)			8,254
New Jersey Resources Corp.		Morgan Stanley		(400	)			(12,834	)			(13,924	)			(1,736	)
NextEra Energy, Inc.		Morgan Stanley		(572	)			(46,531	)			(44,913	)			1,344
NiSource, Inc.		Morgan Stanley		(7,725	)			(196,813	)			(187,177	)			8,394
Northwest Natural Holding Co.		Morgan Stanley		(982	)			(49,302	)			(45,162	)			3,181
NorthWestern Corp.		Morgan Stanley		(648	)			(41,518	)			(37,130	)			3,442
OGE Energy Corp.		Morgan Stanley		(2,295	)			(79,913	)			(75,643	)			3,533
Ormat Technologies, Inc.		Morgan Stanley		(565	)			(46,442	)			(37,635	)			8,668
Pinnacle West Capital Corp.		Morgan Stanley		(2,362	)			(185,793	)			(170,914	)			13,942
PNM Resources, Inc.		Morgan Stanley		(748	)			(36,742	)			(37,011	)			(648	)
Portland General Electric Co.		Morgan Stanley		(1,406	)			(68,063	)			(66,068	)			656
Sempra Energy		Morgan Stanley		(693	)			(94,966	)			(87,665	)			5,100
SJW Group.		Morgan Stanley		(406	)			(25,808	)			(26,820	)			(1,549	)
South Jersey Industries, Inc.		Morgan Stanley		(2,534	)			(66,151	)			(53,873	)			11,116
Southwest Gas Holdings, Inc.		Morgan Stanley		(1,465	)			(98,416	)			(97,979	)			(507	)
Spire, Inc.		Morgan Stanley		(678	)			(47,870	)			(41,480	)			5,815
Vistra Corp.		Morgan Stanley		(13,224	)			(230,051	)			(226,130	)			359
WEC Energy Group, Inc.		Morgan Stanley		(177	)			(15,444	)			(15,611	)			(539	)
Xcel Energy, Inc.		Morgan Stanley		(2,215	)			(149,713	)			(138,438	)			10,396

				(68,150	)			(2,845,793	)			(2,699,818	)			106,152

Total Reference Entity — Short								(40,509,407	)			(38,458,260	)			1,866,051

Net Value of Reference Entity							$	(31,237,310	)		$	(28,090,470	)		$	3,056,022

*	Includes $(90,818) related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

134

GOTHAM INDEX PLUS FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 82.5%
Automobiles & Components — 0.3%
Aptiv PLC (Jersey)^*		2,455	$	365,721
Ford Motor Co.^(a)*		21,455		303,803
General Motors Co.^(a)*		13,740		724,236

				1,393,760

Banks — 2.1%
Bank of America Corp.^(a)		24,890		1,056,580
Citigroup, Inc.		6,280		440,730
Fifth Third BanCorp.		3,595		152,572
First Republic Bank		7,356		1,418,825
JPMorgan Chase & Co.^(a)		20,709		3,389,856
PNC Financial Services Group, Inc. (The)		6,179		1,208,860
Regions Financial Corp.^(a)		36,573		779,371
SVB Financial Group^*		412		266,515
Wells Fargo & Co.		17,400		807,534

				9,520,843

Capital Goods — 6.6%
3M Co.^(a)		9,413		1,651,228
AMETEK, Inc.		756		93,752
Carrier Global Corp.		15,849		820,344
Caterpillar, Inc.		11,712		2,248,353
Cummins, Inc.^(a)		6,333		1,422,138
Deere & Co.		1,115		373,603
Dover Corp.		5,063		787,297
Eaton Corp. PLC (Ireland)		5,032		751,328
Emerson Electric Co.^(a)		23,821		2,243,938
Fortive Corp.		1,847		130,343
General Dynamics Corp.^(a)		8,431		1,652,729
General Electric Co.^(a)		14,376		1,481,159
Howmet Aerospace, Inc.		2,158		67,330
Huntington Ingalls Industries, Inc.		3,653		705,248
Illinois Tool Works, Inc.		1,776		366,975
Ingersoll Rand, Inc.^(a)*		15,981		805,602
Johnson Controls International PLC (Ireland)		27,317		1,859,741
L3Harris Technologies, Inc.^(a)		2,968		653,672
Lockheed Martin Corp.^(a)		7,283		2,513,363
Northrop Grumman Corp.^(a)		3,840		1,382,976
Parker-Hannifin Corp.^(a)		4,758		1,330,432
Pentair PLC (Ireland)		912		66,239
Roper Technologies, Inc.		515		229,757
Snap-on, Inc.		9,169		1,915,863
Stanley Black & Decker, Inc.^(a)		5,988		1,049,756
Textron, Inc.^(a)		17,346		1,210,924


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Trane Technologies PLC (Ireland)		6,434	$	1,110,830
WW Grainger, Inc.^(a)		3,699		1,453,929

				30,378,849

Commercial & Professional Services — 1.4%
Cintas Corp.^(a)		414		157,593
Jacobs Engineering Group, Inc.^(a)		12,333		1,634,493
Nielsen Holdings PLC (United Kingdom)		120,320		2,308,941
Republic Services, Inc.		11,213		1,346,233
Robert Half International, Inc.		701		70,331
Waste Management, Inc.^(a)		5,995		895,413

				6,413,004

Consumer Durables & Apparel — 1.9%
DR Horton, Inc.		3,546		297,758
Garmin Ltd. (Switzerland)		2,176		338,281
Hanesbrands, Inc.		71,902		1,233,838
Hasbro, Inc.		3,086		275,333
Lennar Corp., Class A		802		75,131
Mohawk Industries, Inc.^*		14,333		2,542,674
Newell Brands, Inc.		11,464		253,813
NIKE, Inc., Class B		6,138		891,422
Ralph Lauren Corp.^(a)		12,135		1,347,470
Tapestry, Inc.^(a)		37,246		1,378,847
Whirlpool Corp.		652		132,917

				8,767,484

Consumer Services — 1.9%
Marriott International, Inc., Class A^(a)*		5,659		838,041
McDonald’s Corp.^(a)		9,740		2,348,412
Penn National Gaming, Inc.^(a)*		35,607		2,580,083
Starbucks Corp.^(a)		6,834		753,859
Yum! Brands, Inc.		18,020		2,204,026

				8,724,421

Diversified Financials — 3.6%
American Express Co.		5,283		885,061
Ameriprise Financial, Inc.^(a)		1,452		383,502
Berkshire Hathaway, Inc., Class B^*		1,686		460,177
BlackRock, Inc.		2,542		2,131,874
Capital One Financial Corp.^(a)		5,581		903,955
Charles Schwab Corp. (The)^(a)		9,435		687,245
Discover Financial Services		449		55,160
Franklin Resources, Inc.		67,891		2,017,720
Goldman Sachs Group, Inc. (The)		3,118		1,178,698
Intercontinental Exchange, Inc.		2,970		341,015

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

135

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Invesco Ltd. (Bermuda)		11,680	$	281,605
Moody’s Corp.^(a)		3,573		1,268,808
Nasdaq, Inc.		8,117		1,566,743
Raymond James Financial, Inc.^(a)		10,295		950,023
S&P Global, Inc.^(a)		2,706		1,149,752
T Rowe Price Group, Inc.		11,466		2,255,362

				16,516,700

Energy — 3.9%
APA Corp.^(a)		109,139		2,338,849
Chevron Corp.		3,038		308,205
EOG Resources, Inc.^(a)		31,813		2,553,629
Exxon Mobil Corp.^(a)		41,333		2,431,207
Halliburton Co.		6,405		138,476
Hess Corp.^(a)		25,832		2,017,738
Kinder Morgan, Inc.		14,775		247,186
Marathon Oil Corp.^(a)		151,599		2,072,358
Marathon Petroleum Corp.^(a)		43,165		2,668,029
Occidental Petroleum Corp.^(a)		40,719		1,204,468
ONEOK, Inc.^(a)		18,262		1,059,013
Williams Cos., Inc. (The)^(a)		24,455		634,363

				17,673,521

Food & Staples Retailing — 1.1%
Kroger Co. (The)		9,059		366,255
Sysco Corp.		182		14,287
Walgreens Boots Alliance, Inc.^(a)		8,419		396,114
Walmart, Inc.		29,521		4,114,637

				4,891,293

Food, Beverage & Tobacco — 4.3%
Altria Group, Inc.^(a)		23,027		1,048,189
Archer-Daniels-Midland Co.		13,990		839,540
Campbell Soup Co.^(a)		5,602		234,220
Coca-Cola Co. (The)^(a)		42,923		2,252,170
Conagra Brands, Inc.^(a)		21,470		727,189
Constellation Brands, Inc., Class A^(a)		9,749		2,054,017
General Mills, Inc.^(a)		17,893		1,070,359
Hershey Co. (The)^(a)		8,428		1,426,439
JM Smucker Co. (The)^(a)		1,441		172,963
Kellogg Co.^(a)		15,790		1,009,297
Kraft Heinz Co. (The)^(a)		59,459		2,189,280
Molson Coors Beverage Co., Class B^(a)		10,575		490,468
Mondelez International, Inc., Class A^(a)		30,953		1,800,846
PepsiCo, Inc.^(a)		10,334		1,554,337


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Philip Morris International, Inc.		12,600	$	1,194,354
Tyson Foods, Inc., Class A^(a)		21,664		1,710,156

				19,773,824

Health Care Equipment & Services — 5.2%
Abbott Laboratories^(a)		11,797		1,393,580
Align Technology, Inc.^(a)*		293		194,971
AmerisourceBergen Corp.^(a)		6,861		819,547
Anthem, Inc.^(a)		3,832		1,428,570
Baxter International, Inc.^(a)		3,005		241,692
Becton Dickinson and Co.^(a)		5,130		1,261,057
Boston Scientific Corp.^(a)*		13,239		574,440
Centene Corp.^*		2,567		159,950
Cerner Corp.		3,389		238,992
Cigna Corp.^(a)		3,424		685,348
CVS Health Corp.		13,983		1,186,597
Danaher Corp.		3,758		1,144,086
DaVita, Inc.^*		384		44,644
DENTSPLY SIRONA, Inc.		2,665		154,703
HCA Healthcare, Inc.		8,842		2,146,130
Hologic, Inc.^*		34,001		2,509,614
Laboratory Corp. of America Holdings^*		3,214		904,548
McKesson Corp.^(a)		8,893		1,773,086
Medtronic PLC (Ireland)		18,920		2,371,622
Quest Diagnostics, Inc.		3,242		471,095
Stryker Corp.^(a)		4,970		1,310,688
UnitedHealth Group, Inc.^(a)		7,719		3,016,122

				24,031,082

Household & Personal Products — 1.8%
Colgate-Palmolive Co.^(a)		29,882		2,258,482
Estee Lauder Cos., Inc. (The), Class A		1,042		312,527
Kimberly-Clark Corp.^(a)		9,612		1,273,013
Procter & Gamble Co. (The)		31,942		4,465,492

				8,309,514

Insurance — 2.0%
Aflac, Inc.^(a)		24,285		1,265,977
Allstate Corp. (The)^(a)		7,092		902,882
American International Group, Inc.		7,762		426,056
Aon PLC, Class A (Ireland)		2,841		811,872
Arthur J Gallagher & Co.^(a)		5,586		830,359
Assurant, Inc.		260		41,015
Brown & Brown, Inc.		10,446		579,231
Chubb Ltd. (Switzerland)		3,856		668,939
Loews Corp.^(a)		16,374		883,050

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

136

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
Marsh & McLennan Cos., Inc.		10,174	$	1,540,649
MetLife, Inc.		6,045		373,158
Principal Financial Group, Inc.		154		9,918
Prudential Financial, Inc.		1,273		133,919
Travelers Cos., Inc. (The)^(a)		3,262		495,857

				8,962,882

Materials — 3.7%
Avery Dennison Corp.^(a)		6,459		1,338,369
CF Industries Holdings, Inc.^(a)		25,602		1,429,104
Dow, Inc.^(a)		9,542		549,237
DuPont de Nemours, Inc.^(a)		37,586		2,555,472
Eastman Chemical Co.		4,258		428,951
Freeport-McMoRan, Inc.		25,035		814,389
International Paper Co.		29,019		1,622,742
Linde PLC (Ireland)		6,636		1,946,870
LyondellBasell Industries NV, Class A (Netherlands)		6,875		645,219
Mosaic Co. (The)		65,363		2,334,766
Newmont Corp.^(a)		5,632		305,818
Nucor Corp.		8,012		789,102
Sherwin-Williams Co. (The)		5,307		1,484,527
Westrock Co.^(a)		11,737		584,855

				16,829,421

Media & Entertainment — 5.4%
Activision Blizzard, Inc.^(a)		6,976		539,873
Alphabet, Inc., Class A^*		2,639		7,055,419
Charter Communications, Inc., Class A^*		598		435,081
Comcast Corp., Class A^(a)		12,802		716,016
DISH Network Corp., Class A^(a)*		32,059		1,393,284
Electronic Arts, Inc.		1,476		209,961
Facebook, Inc., Class A^*		26,333		8,937,157
Fox Corp., Class A^(a)		19,882		797,467
Interpublic Group of Cos., Inc. (The).		25,923		950,596
Netflix, Inc.^*		2,168		1,323,217
News Corp., Class A		996		23,436
Omnicom Group, Inc.		5,813		421,210
Take-Two Interactive Software, Inc.^*		630		97,064
Twitter, Inc.^*		2,083		125,792
ViacomCBS, Inc., Class B^(a)		12,164		480,600
Walt Disney Co. (The)^*		5,941		1,005,039

				24,511,212

Pharmaceuticals, Biotechnology & Life Sciences — 5.0%
AbbVie, Inc.^(a)		27,673		2,985,087
Agilent Technologies, Inc.^(a)		5,250		827,032


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Biogen, Inc.^(a)*		2,033	$	575,319
Bristol-Myers Squibb Co.^(a)		6,997		414,012
Eli Lilly and Co.^(a)		1,934		446,851
Gilead Sciences, Inc.^(a)		33,421		2,334,457
Illumina, Inc.^*		607		246,205
Incyte Corp.^*		909		62,521
Johnson & Johnson^(a)		15,332		2,476,118
Merck & Co., Inc.^(a)		34,065		2,558,622
Organon & Co.^(a)		76,808		2,518,534
PerkinElmer, Inc.		11,550		2,001,499
Pfizer, Inc.		76,475		3,289,190
Regeneron Pharmaceuticals, Inc.^*		723		437,545
Thermo Fisher Scientific, Inc.		317		181,112
Waters Corp.^*		4,173		1,491,013

				22,845,117

Real Estate — 2.6%
Alexandria Real Estate Equities, Inc., REIT^(a)		9,920		1,895,414
American Tower Corp., REIT		1,498		397,584
AvalonBay Communities, Inc., REIT		2,797		619,927
CBRE Group, Inc., Class A^*		357		34,758
Crown Castle International Corp., REIT		1,721		298,284
Duke Realty Corp., REIT^(a)		14,251		682,195
Extra Space Storage, Inc., REIT		5,187		871,364
Iron Mountain, Inc., REIT^(a)		10,825		470,346
Kimco Realty Corp., REIT^(a)		35,810		743,057
Mid-America Apartment Communities, Inc., REIT		4,002		747,373
Public Storage, REIT^(a)		3,399		1,009,843
SBA Communications Corp., REIT		443		146,443
Simon Property Group, Inc., REIT		4,882		634,514
UDR, Inc., REIT^(a)		9,867		522,754
Welltower, Inc., REIT		3,920		323,008
Weyerhaeuser Co., REIT		75,210		2,675,220

				12,072,084

Retailing — 6.6%
Advance Auto Parts, Inc.		6,646		1,388,283
Amazon.com, Inc.^(a)*		4,085		13,419,388
AutoZone, Inc.^(a)*		735		1,248,023
Bath & Body Works, Inc.		7,895		497,622
Best Buy Co., Inc.		4,395		464,596
Dollar Tree, Inc.^(a)*		1,534		146,835
eBay, Inc.^(a)		17,920		1,248,486

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

137

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Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Genuine Parts Co.^(a)		12,184	$	1,477,066
Home Depot, Inc. (The)		8,617		2,828,616
LKQ Corp.^*		43,196		2,173,623
Lowe’s Cos., Inc.		3,279		665,178
O’Reilly Automotive, Inc.^(a)*		2,134		1,304,002
Ross Stores, Inc.^(a)		9,725		1,058,566
Target Corp.		10,288		2,353,586

				30,273,870

Semiconductors & Semiconductor Equipment — 3.4%
Analog Devices, Inc.^(a)		4,305		721,001
Applied Materials, Inc.		13,476		1,734,765
Broadcom, Inc.		188		91,167
Intel Corp.^(a)		59,940		3,193,603
KLA Corp.		1,466		490,392
Lam Research Corp.^(a)		2,290		1,303,354
Micron Technology, Inc.^(a)		21,105		1,498,033
NVIDIA Corp.		6,057		1,254,768
NXP Semiconductors NV (Netherlands)		3,825		749,203
Qorvo, Inc.^(a)*		5,561		929,744
QUALCOMM, Inc.^(a)		12,637		1,629,920
Skyworks Solutions, Inc.		2,033		334,998
Texas Instruments, Inc.^(a)		7,410		1,424,276

				15,355,224

Software & Services — 10.3%
Accenture PLC, Class A (Ireland)		1,353		432,852
Adobe, Inc.^*		3,101		1,785,308
ANSYS, Inc.^*		276		93,964
Autodesk, Inc.^*		2,270		647,336
Automatic Data Processing, Inc.^(a)		10,043		2,007,797
Broadridge Financial Solutions, Inc.^(a)		6,685		1,113,988
Cadence Design Systems, Inc.^*		1,041		157,649
Cognizant Technology Solutions Corp., Class A		866		64,266
DXC Technology Co.^(a)*		42,076		1,414,174
Fiserv, Inc.^(a)*		5,805		629,842
Gartner, Inc.^(a)*		1,627		494,413
International Business Machines Corp.^(a)		9,483		1,317,473
Intuit, Inc.^(a)		3,114		1,680,034
Mastercard, Inc., Class A		6,706		2,331,542
Microsoft Corp.^(a)		70,381		19,841,811
Oracle Corp.		23,951		2,086,851
Paychex, Inc.^(a)		14,708		1,653,915


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
PayPal Holdings, Inc.^*		6,625	$	1,723,891
PTC, Inc.^*		1,504		180,164
salesforce.com, Inc.^*		5,494		1,490,083
ServiceNow, Inc.^*		511		317,980
Synopsys, Inc.^*		892		267,074
VeriSign, Inc.^*		2,040		418,220
Visa, Inc., Class A^(a)		12,017		2,676,787
Western Union Co. (The)^(a)		117,524		2,376,335

				47,203,749

Technology Hardware & Equipment — 3.1%
Apple, Inc.^(a)		18,492		2,616,618
CDW Corp.		700		127,414
Cisco Systems, Inc.		47,970		2,611,007
Corning, Inc.^(a)		54,985		2,006,402
HP, Inc.		12,833		351,111
Juniper Networks, Inc.		28,115		773,725
Keysight Technologies, Inc.^*		8,093		1,329,599
NetApp, Inc.		15,920		1,428,979
Seagate Technology Holdings PLC (Ireland)		2,842		234,522
TE Connectivity Ltd. (Switzerland)		11,567		1,587,224
Zebra Technologies Corp., Class A^(a)*		2,541		1,309,682

				14,376,283

Telecommunication Services — 1.2%
AT&T, Inc.^(a)		105,408		2,847,070
Lumen Technologies, Inc.^(a)		21,928		271,688
T-Mobile US, Inc.^(a)*		4,991		637,650
Verizon Communications, Inc.^(a)		29,539		1,595,402

				5,351,810

Transportation — 1.8%
Alaska Air Group, Inc.^*		956		56,022
CSX Corp.^(a)		51,577		1,533,900
Expeditors International of Washington, Inc.		11,828		1,409,070
JB Hunt Transport Services, Inc.		1,016		169,895
Norfolk Southern Corp.^(a)		2,795		668,704
Union Pacific Corp.^(a)		7,737		1,516,529
United Parcel Service, Inc., Class B^(a)		15,295		2,785,219

				8,139,339

Utilities — 3.3%
AES Corp. (The)		181		4,132
Dominion Energy, Inc.^(a)		38,375		2,802,143

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

138

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Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Exelon Corp.^(a)		48,055	$	2,322,979
NRG Energy, Inc.		81,241		3,317,070
PPL Corp.^(a)		130,571		3,640,319
Public Service Enterprise Group, Inc.^(a)		49,515		3,015,463
Southern Co. (The)		2,932		181,696

				15,283,802

TOTAL COMMON STOCKS (Cost $317,435,357)				377,599,088

AFFILIATED EQUITY REGISTERED INVESTMENT COMPANY — 12.4%
Gotham Enhanced 500 ETF^*		2,446,000		56,600,440

TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANY (Cost $56,506,063)				56,600,440

TOTAL INVESTMENTS - 94.9% (Cost $373,941,420)				434,199,528

OTHER ASSETS IN EXCESS OF LIABILITIES - 5.1%				23,227,173

NET ASSETS - 100.0%			$	457,426,701

(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.

ETF – Exchange-Traded Fund

PLC – Public Limited Company

REIT – Real Estate Investment Trust

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

139

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021

Over-the-counter total return swaps outstanding as of September 30, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between July 29, 2024 and July 6, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 4.4% of net assets as of September 30, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of September 30, 2021:

Total Return Swaps


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Long
Automobiles & Components
Aptiv PLC (Jersey)		Morgan Stanley		2,950		$	441,146		$	439,462		$	(3,074	)
Ford Motor Co.		Morgan Stanley		98,567			1,123,276			1,395,709			272,814
General Motors Co.		Morgan Stanley		27,578			1,170,345			1,453,636			282,373

				129,095			2,734,767			3,288,807			552,113

Banks
Bank of America Corp.		Morgan Stanley		36,992			1,266,450			1,570,310			334,699
Citigroup, Inc.		Morgan Stanley		6,414			437,774			450,135			13,251
Fifth Third Bancorp		Morgan Stanley		24,539			598,044			1,041,435			475,889
First Republic Bank		Morgan Stanley		8,983			1,415,892			1,732,641			321,251
JPMorgan Chase & Co.		Morgan Stanley		23,257			3,223,377			3,806,938			651,290
PNC Financial Services Group, Inc. (The)		Morgan Stanley		6,341			967,510			1,240,553			310,030
Regions Financial Corp.		Morgan Stanley		37,211			755,518			792,966			47,472
SVB Financial Group		Morgan Stanley		3,425			1,328,046			2,215,564			887,992
Wells Fargo & Co.		Morgan Stanley		62,311			1,871,126			2,891,854			1,042,781

				209,473			11,863,737			15,742,396			4,084,655

Capital Goods
3M Co.		Morgan Stanley		9,498			1,548,230			1,666,139			184,171
AMETEK, Inc.		Morgan Stanley		843			107,770			104,540			(2,920	)
Carrier Global Corp.		Morgan Stanley		16,173			914,253			837,114			(76,850	)
Caterpillar, Inc.		Morgan Stanley		9,576			1,881,878			1,838,305			(26,101	)
Cummins, Inc.		Morgan Stanley		5,418			1,008,260			1,216,666			257,488
Deere & Co.		Morgan Stanley		2,076			433,970			695,605			269,570
Dover Corp.		Morgan Stanley		5,321			652,603			827,416			184,972
Eaton Corp. PLC (Ireland)		Morgan Stanley		6,586			1,023,937			983,356			(31,490	)
Emerson Electric Co.		Morgan Stanley		26,589			2,330,709			2,504,684			219,228
Fortive Corp.		Morgan Stanley		1,903			116,663			134,295			19,854
General Dynamics Corp.		Morgan Stanley		8,890			1,476,298			1,742,707			295,058
General Electric Co.		Morgan Stanley		16,533			1,732,202			1,703,395			(26,830	)
Howmet Aerospace, Inc.		Morgan Stanley		35,075			469,454			1,094,340			626,521
Huntington Ingalls Industries, Inc.		Morgan Stanley		3,972			808,635			766,834			(39,250	)
Illinois Tool Works, Inc.		Morgan Stanley		1,850			402,138			382,266			(19,175	)
Ingersoll Rand, Inc.		Morgan Stanley		19,667			994,981			991,413			(3,243	)
Johnson Controls International PLC (Ireland)		Morgan Stanley		33,577			1,665,504			2,285,922			654,655
L3Harris Technologies, Inc.		Morgan Stanley		3,315			644,495			730,096			92,851

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

140

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Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Capital Goods — (continued)
Lockheed Martin Corp.		Morgan Stanley		5,990		$	2,123,754		$	2,067,149		$	(22,928)
Northrop Grumman Corp.		Morgan Stanley		5,824			1,933,916			2,097,514			183,901
Parker-Hannifin Corp.		Morgan Stanley		4,974			1,313,890			1,390,830			87,526
Pentair PLC (Ireland)		Morgan Stanley		13,431			605,931			975,494			385,787
Roper Technologies, Inc.		Morgan Stanley		588			227,794			262,324			35,736
Snap-on, Inc.		Morgan Stanley		9,708			1,414,661			2,028,487			665,001
Stanley Black & Decker, Inc.		Morgan Stanley		6,041			1,129,216			1,059,048			(64,543	)
Textron, Inc.		Morgan Stanley		17,698			1,196,426			1,235,497			40,164
Trane Technologies PLC (Ireland)		Morgan Stanley		7,798			1,163,047			1,346,325			206,533
United Rentals, Inc.		Morgan Stanley		1,428			284,830			501,128			216,304
WW Grainger, Inc.		Morgan Stanley		4,001			1,603,809			1,572,633			(18,290	)

				284,343			31,209,254			35,041,522			4,293,700

Commercial & Professional Services
Cintas Corp.		Morgan Stanley		446			164,268			169,774			6,659
Jacobs Engineering Group, Inc.		Morgan Stanley		12,307			1,637,723			1,631,047			(5,776	)
Nielsen Holdings PLC (United Kingdom)		Morgan Stanley		139,427			3,076,511			2,675,604			(383,656	)
Republic Services, Inc.		Morgan Stanley		12,424			1,093,780			1,491,625			424,566
Robert Half International, Inc.		Morgan Stanley		4,737			296,860			475,263			185,010
Waste Management, Inc.		Morgan Stanley		6,116			912,728			913,486			4,277

				175,457			7,181,870			7,356,799			231,080

Consumer Durables & Apparel
DR Horton, Inc.		Morgan Stanley		1,832			165,041			153,833			(10,037	)
Garmin Ltd. (Switzerland)		Morgan Stanley		2,837			376,386			441,040			74,460
Hanesbrands, Inc.		Morgan Stanley		73,648			967,423			1,263,800			336,383
Hasbro, Inc.		Morgan Stanley		2,967			277,446			264,716			(16,532	)
Lennar Corp., Class A		Morgan Stanley		2,465			166,790			230,921			66,391
Mohawk Industries, Inc.		Morgan Stanley		14,116			2,068,012			2,504,178			436,971
Newell Brands, Inc.		Morgan Stanley		11,665			221,453			258,263			55,713
NIKE, Inc., Class B		Morgan Stanley		6,398			602,339			929,182			339,159
Ralph Lauren Corp.		Morgan Stanley		12,375			1,444,790			1,374,120			(61,355	)
Tapestry, Inc.		Morgan Stanley		61,482			2,425,252			2,276,064			(133,761	)
Whirlpool Corp.		Morgan Stanley		3,155			430,674			643,178			229,474

				192,940			9,145,606			10,339,295			1,316,866

Consumer Services
Marriott International, Inc., Class A		Morgan Stanley		6,098			814,101			903,053			89,195
McDonald’s Corp.		Morgan Stanley		11,596			2,407,969			2,795,912			475,195
Penn National Gaming, Inc.		Morgan Stanley		36,315			2,661,493			2,631,385			(29,039	)
Starbucks Corp.		Morgan Stanley		6,428			718,047			709,073			(5,673	)
Yum! Brands, Inc.		Morgan Stanley		18,600			1,676,022			2,274,966			644,804

				79,037			8,277,632			9,314,389			1,174,482

Diversified Financials
American Express Co.		Morgan Stanley		5,581			938,750			934,985			(3,466	)
Ameriprise Financial, Inc.		Morgan Stanley		1,886			451,666			498,130			50,650
Berkshire Hathaway, Inc., Class B		Morgan Stanley		24,489			4,870,490			6,684,028			1,821,737
BlackRock, Inc.		Morgan Stanley		2,954			2,136,729			2,477,402			425,918
Capital One Financial Corp.		Morgan Stanley		8,311			1,253,576			1,346,133			103,515
Charles Schwab Corp. (The)		Morgan Stanley		8,946			617,499			651,627			39,154

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

141

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Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Diversified Financials — (continued)
Discover Financial Services		Morgan Stanley		9,140		$	713,366		$	1,122,849		$	423,584
Franklin Resources, Inc.		Morgan Stanley		72,919			2,030,071			2,167,153			193,800
Goldman Sachs Group, Inc. (The)		Morgan Stanley		5,481			1,585,713			2,071,982			518,560
Intercontinental Exchange, Inc.		Morgan Stanley		3,473			388,476			398,770			20,567
Invesco Ltd. (Bermuda)		Morgan Stanley		108,843			1,326,849			2,624,205			1,373,494
Moody’s Corp.		Morgan Stanley		3,683			1,382,245			1,307,870			(71,647	)
Nasdaq, Inc.		Morgan Stanley		10,160			1,380,231			1,961,083			617,028
Raymond James Financial, Inc.		Morgan Stanley		10,416			907,029			961,188			59,556
S&P Global, Inc.		Morgan Stanley		3,063			1,096,419			1,301,438			213,085
T Rowe Price Group, Inc.		Morgan Stanley		11,879			1,787,282			2,336,599			640,520

				291,224			22,866,391			28,845,442			6,426,055

Energy
APA Corp.		Morgan Stanley		138,870			2,160,524			2,975,984			817,880
Chevron Corp.		Morgan Stanley		1,597			87,917			162,016			86,537
ConocoPhillips		Morgan Stanley		16,592			490,913			1,124,440			655,031
EOG Resources, Inc.		Morgan Stanley		33,696			1,796,735			2,704,778			949,138
Exxon Mobil Corp.		Morgan Stanley		42,023			2,409,708			2,471,793			98,924
Halliburton Co.		Morgan Stanley		54,861			729,716			1,186,095			465,103
Hess Corp.		Morgan Stanley		24,895			1,897,125			1,944,548			48,190
Kinder Morgan, Inc.		Morgan Stanley		14,963			209,546			250,331			82,601
Marathon Oil Corp.		Morgan Stanley		259,632			2,877,592			3,549,169			693,784
Marathon Petroleum Corp.		Morgan Stanley		44,246			2,552,986			2,734,845			196,169
Occidental Petroleum Corp.		Morgan Stanley		44,749			1,133,300			1,323,675			192,442
ONEOK, Inc.		Morgan Stanley		18,633			977,567			1,080,528			103,277
Phillips 66.		Morgan Stanley		2			120			140			(92	)
Williams Cos., Inc. (The)		Morgan Stanley		24,958			483,017			647,411			208,876

				719,717			17,806,766			22,155,753			4,597,860

Food & Staples Retailing
Kroger Co. (The)		Morgan Stanley		9,260			341,131			374,382			40,596
Sysco Corp.		Morgan Stanley		130			9,813			10,205			3,861
Walgreens Boots Alliance, Inc.		Morgan Stanley		8,576			382,001			403,501			30,228
Walmart, Inc.		Morgan Stanley		25,444			3,028,375			3,546,385			612,693

				43,410			3,761,320			4,334,473			687,378

Food, Beverage & Tobacco
Altria Group, Inc.		Morgan Stanley		23,619			965,592			1,075,137			211,214
Archer-Daniels-Midland Co.		Morgan Stanley		10,744			531,688			644,747			126,429
Campbell Soup Co.		Morgan Stanley		5,975			245,048			249,815			9,303
Coca-Cola Co. (The)		Morgan Stanley		54,121			2,712,352			2,839,729			217,165
Conagra Brands, Inc.		Morgan Stanley		25,733			899,573			871,577			(8,461	)
Constellation Brands, Inc., Class A		Morgan Stanley		10,613			2,097,142			2,236,053			166,291
General Mills, Inc.		Morgan Stanley		19,453			1,104,586			1,163,678			99,797
Hershey Co. (The)		Morgan Stanley		10,088			1,624,842			1,707,394			98,362
JM Smucker Co. (The)		Morgan Stanley		1,471			167,347			176,564			22,422
Kellogg Co.		Morgan Stanley		17,224			1,066,551			1,100,958			58,572
Kraft Heinz Co. (The)		Morgan Stanley		59,624			2,083,982			2,195,356			181,009
Molson Coors Beverage Co., Class B		Morgan Stanley		10,779			442,504			499,930			60,874
Mondelez International, Inc., Class A		Morgan Stanley		31,295			1,792,242			1,820,743			55,211
PepsiCo, Inc.		Morgan Stanley		9,739			1,425,458			1,464,843			63,180

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

142

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Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Food, Beverage & Tobacco — (continued)
Philip Morris International, Inc.		Morgan Stanley		13,611		$	1,087,601		$	1,290,187		$	278,458
Tyson Foods, Inc., Class A		Morgan Stanley		22,795			1,653,348			1,799,437			207,570

				326,884			19,899,856			21,136,148			1,847,396

Health Care Equipment & Services
Abbott Laboratories		Morgan Stanley		16,072			1,589,050			1,898,585			334,862
Align Technology, Inc.		Morgan Stanley		959			576,560			638,147			61,724
AmerisourceBergen Corp.		Morgan Stanley		8,777			888,425			1,048,413			173,452
Anthem, Inc.		Morgan Stanley		4,731			1,444,954			1,763,717			343,708
Baxter International, Inc.		Morgan Stanley		4,092			309,099			329,120			21,079
Becton Dickinson and Co.		Morgan Stanley		5,420			1,364,164			1,332,344			(23,736	)
Boston Scientific Corp.		Morgan Stanley		14,038			622,460			609,109			(13,194	)
Centene Corp.		Morgan Stanley		2,851			178,454			177,646			(2,226	)
Cerner Corp.		Morgan Stanley		3,535			258,141			249,288			(6,422	)
Cigna Corp.		Morgan Stanley		3,852			871,306			771,016			(95,722	)
CVS Health Corp.		Morgan Stanley		18,947			1,303,466			1,607,842			350,157
Danaher Corp.		Morgan Stanley		4,877			1,093,388			1,484,754			420,951
DaVita, Inc.		Morgan Stanley		408			36,201			47,434			13,604
DENTSPLY SIRONA, Inc.		Morgan Stanley		2,863			130,723			166,197			44,922
HCA Healthcare, Inc.		Morgan Stanley		9,897			1,941,161			2,402,200			470,329
Hologic, Inc.		Morgan Stanley		36,310			2,256,610			2,680,041			424,320
Laboratory Corp. of America Holdings		Morgan Stanley		3,283			788,089			923,968			135,663
McKesson Corp.		Morgan Stanley		11,431			2,113,011			2,279,113			182,045
Medtronic PLC (Ireland)		Morgan Stanley		20,298			2,281,593			2,544,354			327,960
Quest Diagnostics, Inc.		Morgan Stanley		3,503			511,801			509,021			(2,523	)
Stryker Corp.		Morgan Stanley		5,059			1,302,024			1,334,159			38,894
UnitedHealth Group, Inc.		Morgan Stanley		8,199			2,848,564			3,203,677			414,805

				189,402			24,709,244			28,000,145			3,614,652

Household & Personal Products
Colgate-Palmolive Co.		Morgan Stanley		28,507			2,147,150			2,154,559			46,875
Estee Lauder Cos., Inc. (The), Class A		Morgan Stanley		1,777			517,115			532,976			16,766
Kimberly-Clark Corp.		Morgan Stanley		10,588			1,403,331			1,402,275			19,106
Procter & Gamble Co. (The)		Morgan Stanley		11,182			1,455,255			1,563,244			135,592

				52,054			5,522,851			5,653,054			218,339

Insurance
Aflac, Inc.		Morgan Stanley		29,664			1,582,253			1,546,384			(20,576	)
Allstate Corp. (The)		Morgan Stanley		11,024			1,463,772			1,403,465			(46,698	)
American International Group, Inc.		Morgan Stanley		9,363			513,062			513,935			3,977
Aon PLC, Class A (Ireland)		Morgan Stanley		2,988			680,246			853,881			179,745
Arthur J Gallagher & Co.		Morgan Stanley		6,178			758,806			918,360			166,730
Assurant, Inc.		Morgan Stanley		479			65,192			75,562			13,863
Brown & Brown, Inc.		Morgan Stanley		10,654			605,843			590,764			(14,929	)
Chubb Ltd. (Switzerland)		Morgan Stanley		4,648			786,383			806,335			23,260
Hartford Financial Services Group, Inc. (The)		Morgan Stanley		1,236			52,180			86,829			35,941
Loews Corp.		Morgan Stanley		22,356			1,232,776			1,205,659			(24,770	)
Marsh & McLennan Cos., Inc.		Morgan Stanley		10,548			1,141,703			1,597,284			475,456
MetLife, Inc.		Morgan Stanley		6,658			264,589			410,998			169,579
Principal Financial Group, Inc.		Morgan Stanley		148			8,426			9,531			1,171

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

143

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Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Insurance — (continued)
Prudential Financial, Inc.		Morgan Stanley		1,309		$	131,859		$	137,707		$	9,339
Travelers Cos., Inc. (The)		Morgan Stanley		3,525			529,146			535,835			14,113

				120,778			9,816,236			10,692,529			986,201

Materials
Avery Dennison Corp.		Morgan Stanley		8,735			1,825,124			1,809,979			(6,320	)
CF Industries Holdings, Inc.		Morgan Stanley		20,453			844,073			1,141,686			360,227
Dow, Inc.		Morgan Stanley		9,095			500,383			523,508			66,746
DuPont de Nemours, Inc.		Morgan Stanley		69,323			5,336,832			4,713,271			(584,061	)
Eastman Chemical Co.		Morgan Stanley		4,105			435,256			413,538			(18,950	)
Freeport-McMoRan, Inc.		Morgan Stanley		34,439			815,916			1,120,301			305,643
International Paper Co.		Morgan Stanley		32,224			1,373,828			1,801,966			505,486
Linde PLC (Ireland)		Morgan Stanley		7,400			1,577,364			2,171,012			631,463
LyondellBasell Industries N.V., Class A (Netherlands)		Morgan Stanley		7,308			734,078			685,856			(43,642	)
Martin Marietta Materials, Inc.		Morgan Stanley		2			573			683			(4	)
Mosaic Co. (The)		Morgan Stanley		69,816			1,513,166			2,493,828			1,048,913
Newmont Corp.		Morgan Stanley		6,095			349,546			330,959			(14,447	)
Nucor Corp.		Morgan Stanley		8,199			741,850			807,520			72,601
Sherwin-Williams Co. (The)		Morgan Stanley		5,966			1,379,951			1,668,869			298,882
Westrock Co.		Morgan Stanley		12,603			645,047			628,007			(10,099	)

				295,763			18,072,987			20,310,983			2,612,438

Media & Entertainment
Activision Blizzard, Inc.		Morgan Stanley		9,514			704,643			736,288			30,727
Alphabet, Inc., Class A		Morgan Stanley		5,365			7,082,225			14,343,435			7,251,847
Charter Communications, Inc., Class A		Morgan Stanley		1,306			679,365			950,193			278,175
Comcast Corp., Class A		Morgan Stanley		16,629			935,115			930,060			5,076
DISH Network Corp., Class A		Morgan Stanley		34,359			1,308,410			1,493,242			185,296
Electronic Arts, Inc.		Morgan Stanley		1,510			179,175			214,798			36,907
Facebook, Inc., Class A		Morgan Stanley		9,104			1,969,039			3,089,807			1,115,246
Fox Corp., Class A		Morgan Stanley		29,392			1,092,654			1,178,913			94,257
Interpublic Group of Cos., Inc. (The)		Morgan Stanley		26,981			652,128			989,393			372,856
Netflix, Inc.		Morgan Stanley		2,456			1,040,015			1,498,995			459,324
News Corp., Class A		Morgan Stanley		3,244			71,747			76,331			5,628
Omnicom Group, Inc.		Morgan Stanley		5,653			414,249			409,616			3,298
Take-Two Interactive Software, Inc.		Morgan Stanley		588			78,733			90,593			11,762
Twitter, Inc.		Morgan Stanley		6,263			260,876			378,223			117,342
ViacomCBS, Inc., Class B		Morgan Stanley		18,501			746,463			730,975			(7,272	)
Walt Disney Co. (The)		Morgan Stanley		8,367			1,064,294			1,415,445			346,839

				179,232			18,279,131			28,526,307			10,307,308

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.		Morgan Stanley		29,630			3,156,058			3,196,188			89,446
Agilent Technologies, Inc.		Morgan Stanley		9,538			1,455,417			1,502,521			48,848
Biogen, Inc.		Morgan Stanley		2,752			797,365			778,788			(18,341	)
Bristol-Myers Squibb Co.		Morgan Stanley		7,273			473,061			430,343			(59,365	)
Eli Lilly & Co.		Morgan Stanley		2,317			508,611			535,343			28,952
Gilead Sciences, Inc.		Morgan Stanley		34,791			2,240,534			2,430,151			272,166
Illumina, Inc.		Morgan Stanley		921			333,898			373,567			38,490
Incyte Corp.		Morgan Stanley		1,394			135,233			95,879			(40,432	)
Johnson & Johnson		Morgan Stanley		35,919			4,959,290			5,800,919			1,118,893

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

144

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Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Merck & Co., Inc.		Morgan Stanley		39,636		$	2,904,375		$	2,977,060		$	154,497
Organon & Co.		Morgan Stanley		78,655			2,372,480			2,579,097			227,736
PerkinElmer, Inc.		Morgan Stanley		11,736			1,645,741			2,033,731			389,853
Pfizer, Inc.		Morgan Stanley		78,236			2,591,533			3,364,930			899,245
Regeneron Pharmaceuticals, Inc.		Morgan Stanley		537			264,736			324,982			59,975
Thermo Fisher Scientific, Inc.		Morgan Stanley		178			78,243			101,697			22,469
Waters Corp.		Morgan Stanley		4,267			1,189,821			1,524,599			335,189

				337,780			25,106,396			28,049,795			3,567,621

Real Estate
Alexandria Real Estate Equities, Inc., REIT		Morgan Stanley		10,092			1,797,150			1,928,278			168,275
American Tower Corp., REIT		Morgan Stanley		3,261			817,701			865,502			67,326
AvalonBay Communities, Inc., REIT		Morgan Stanley		3,660			733,113			811,202			88,973
CBRE Group, Inc., Class A		Morgan Stanley		4,680			262,199			455,645			193,442
Crown Castle International Corp., REIT		Morgan Stanley		2,799			466,888			485,123			37,014
Duke Realty Corp., REIT		Morgan Stanley		16,269			719,633			778,797			63,703
Extra Space Storage, Inc., REIT		Morgan Stanley		5,631			792,582			945,952			166,260
Iron Mountain, Inc., REIT		Morgan Stanley		13,659			539,346			593,484			67,676
Kimco Realty Corp., REIT		Morgan Stanley		36,352			775,231			754,304			(14,007	)
Mid-America Apartment Communities, Inc., REIT		Morgan Stanley		4,716			697,914			880,713			196,978
Public Storage, REIT		Morgan Stanley		3,809			975,968			1,131,654			174,486
SBA Communications Corp., REIT		Morgan Stanley		703			213,077			232,391			20,825
Simon Property Group, Inc., REIT		Morgan Stanley		6,641			669,560			863,131			234,826
UDR, Inc., REIT		Morgan Stanley		10,272			548,311			544,211			(3,976	)
Welltower, Inc., REIT		Morgan Stanley		5,662			340,300			466,549			146,940
Weyerhaeuser Co., REIT		Morgan Stanley		75,848			1,749,387			2,697,913			1,011,618

				204,054			12,098,360			14,434,849			2,620,359

Retailing
Advance Auto Parts, Inc.		Morgan Stanley		7,648			1,178,598			1,597,591			438,196
Amazon.com, Inc.		Morgan Stanley		2,215			5,321,152			7,276,364			1,953,816
AutoZone, Inc.		Morgan Stanley		840			1,169,202			1,426,312			257,512
Bath & Body Works, Inc.		Morgan Stanley		42,571			1,760,838			2,683,250			927,245
Best Buy Co., Inc.		Morgan Stanley		4,961			407,868			524,427			135,583
Dollar Tree, Inc.		Morgan Stanley		1,482			126,285			141,857			16,327
eBay, Inc.		Morgan Stanley		21,079			1,362,501			1,468,574			114,710
Genuine Parts Co.		Morgan Stanley		14,057			1,386,874			1,704,130			366,157
Home Depot, Inc. (The)		Morgan Stanley		5,979			1,650,583			1,962,667			346,903
LKQ Corp.		Morgan Stanley		46,655			1,354,754			2,347,680			993,411
Lowe’s Cos., Inc.		Morgan Stanley		7,704			1,168,273			1,562,833			414,374
O’Reilly Automotive, Inc.		Morgan Stanley		2,139			1,026,546			1,307,057			289,223
Ross Stores, Inc.		Morgan Stanley		10,046			1,214,252			1,093,507			(117,634	)
Target Corp.		Morgan Stanley		10,566			1,928,851			2,417,184			530,656

				177,942			21,056,577			27,513,433			6,666,479

Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		Morgan Stanley		6,135			713,235			1,027,490			317,318
Applied Materials, Inc.		Morgan Stanley		31,666			3,721,321			4,076,364			376,282
Broadcom, Inc.		Morgan Stanley		218			75,820			105,715			47,247
Intel Corp.		Morgan Stanley		74,528			3,891,046			3,970,852			205,424
KLA Corp.		Morgan Stanley		2,757			740,060			922,244			195,196

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

145

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Semiconductors & Semiconductor Equipment — (continued)
Lam Research Corp.		Morgan Stanley		3,274		$	1,755,229		$	1,863,397		$	120,540
Micron Technology, Inc.		Morgan Stanley		21,971			1,486,453			1,559,502			74,324
NVIDIA Corp.		Morgan Stanley		5,075			856,460			1,051,337			184,787
NXP Semiconductors N.V. (Netherlands)		Morgan Stanley		4,962			941,010			971,907			30,449
Qorvo, Inc.		Morgan Stanley		7,424			1,272,170			1,241,219			(36,086	)
QUALCOMM, Inc.		Morgan Stanley		13,333			1,753,780			1,719,690			(16,459	)
Skyworks Solutions, Inc.		Morgan Stanley		2,177			360,895			358,726			(749	)
Texas Instruments, Inc.		Morgan Stanley		9,093			1,514,163			1,747,766			280,639

				182,613			19,081,642			20,616,209			1,778,912

Software & Services
Accenture PLC, Class A (Ireland)		Morgan Stanley		2,191			605,087			700,945			101,531
Adobe, Inc.		Morgan Stanley		2,824			1,130,879			1,625,833			495,339
ANSYS, Inc.		Morgan Stanley		636			193,149			216,526			23,246
Autodesk, Inc.		Morgan Stanley		30			8,537			8,555			(167	)
Automatic Data Processing, Inc.		Morgan Stanley		13,683			2,594,317			2,735,505			164,862
Broadridge Financial Solutions, Inc.		Morgan Stanley		6,306			937,972			1,050,832			125,474
Cadence Design Systems, Inc.		Morgan Stanley		1,855			195,601			280,921			85,290
Cognizant Technology Solutions Corp., Class A		Morgan Stanley		4,627			282,506			343,370			71,215
DXC Technology Co.		Morgan Stanley		43,419			1,677,405			1,459,313			(217,463	)
Fiserv, Inc.		Morgan Stanley		5,875			640,055			637,438			(4,003	)
FleetCor Technologies, Inc.		Morgan Stanley		2			490			523			(89	)
Gartner, Inc.		Morgan Stanley		2,014			502,358			612,014			109,760
International Business Machines Corp.		Morgan Stanley		9,839			1,211,420			1,366,932			229,713
Intuit, Inc.		Morgan Stanley		3,303			1,667,758			1,782,002			115,800
Mastercard, Inc., Class A		Morgan Stanley		3,630			1,048,413			1,262,078			219,722
Microsoft Corp.		Morgan Stanley		23,407			4,819,184			6,598,901			1,894,794
Oracle Corp.		Morgan Stanley		25,339			1,269,247			2,207,787			981,590
Paychex, Inc.		Morgan Stanley		15,022			1,427,110			1,689,224			310,303
PayPal Holdings, Inc.		Morgan Stanley		6,787			1,076,251			1,766,045			684,115
PTC, Inc.		Morgan Stanley		3,478			442,307			416,630			(25,601	)
salesforce.com, Inc.		Morgan Stanley		4,738			996,687			1,285,040			288,588
ServiceNow, Inc.		Morgan Stanley		1,561			733,629			971,363			237,942
Synopsys, Inc.		Morgan Stanley		772			187,879			231,145			43,228
VeriSign, Inc.		Morgan Stanley		2,079			398,503			426,216			27,770
Visa, Inc., Class A		Morgan Stanley		12,058			2,465,393			2,685,920			240,854
Western Union Co. (The)		Morgan Stanley		105,206			2,321,572			2,127,265			(120,545	)

				300,681			28,833,709			34,488,323			6,083,268

Technology Hardware & Equipment
Apple, Inc.		Morgan Stanley		152,960			9,582,404			21,643,840			12,351,213
CDW Corp.		Morgan Stanley		1,111			129,029			202,224			74,570
Cisco Systems, Inc.		Morgan Stanley		69,315			2,968,943			3,772,815			914,492
Corning, Inc.		Morgan Stanley		57,067			2,382,090			2,082,375			(277,101	)
HP, Inc.		Morgan Stanley		109,294			2,050,547			2,990,284			1,036,336
Juniper Networks, Inc.		Morgan Stanley		32,428			715,376			892,419			210,518
Keysight Technologies, Inc.		Morgan Stanley		8,442			1,483,785			1,386,936			(96,306	)
NetApp, Inc.		Morgan Stanley		16,518			980,166			1,482,656			537,881
Seagate Technology Holdings PLC (Ireland)		Morgan Stanley		19,474			1,085,906			1,606,994			533,082

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

146

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Technology Hardware & Equipment — (continued)
TE Connectivity Ltd. (Switzerland)		Morgan Stanley		12,649			$	1,269,436			$	1,735,696			$	496,623
Zebra Technologies Corp., Class A		Morgan Stanley		2,873				1,455,509				1,480,802				25,823

				482,131				24,103,191				39,277,041				15,807,131

Telecommunication Services
AT&T, Inc.		Morgan Stanley		8,290				231,334				223,913				(2,529	)
Lumen Technologies, Inc.		Morgan Stanley		23,215				252,989				287,634				52,352
T-Mobile U.S., Inc.		Morgan Stanley		5,722				743,128				731,043				(11,874	)
Verizon Communications, Inc.		Morgan Stanley		28,562				1,514,112				1,542,634				125,841

				65,789				2,741,563				2,785,224				163,790

Transportation
Alaska Air Group, Inc.		Morgan Stanley		989				56,026				57,955				1,833
CSX Corp.		Morgan Stanley		49,921				1,347,829				1,484,651				143,598
Expeditors International of Washington, Inc.		Morgan Stanley		14,055				1,344,031				1,674,372				344,386
JB Hunt Transport Services, Inc.		Morgan Stanley		1,038				157,772				173,574				16,793
Norfolk Southern Corp.		Morgan Stanley		3,350				755,912				801,488				63,404
Union Pacific Corp.		Morgan Stanley		8,105				1,682,038				1,588,661				(77,758	)
United Parcel Service, Inc., Class B		Morgan Stanley		15,635				2,746,188				2,847,134				126,663

				93,093				8,089,796				8,627,835				618,919

Utilities
AES Corp. (The)		Morgan Stanley		239				4,900				5,456				2,891
Dominion Energy, Inc.		Morgan Stanley		43,359				3,030,503				3,166,074				238,251
Exelon Corp.		Morgan Stanley		49,694				2,209,939				2,402,208				224,562
NRG Energy, Inc.		Morgan Stanley		92,488				3,005,111				3,776,285				881,217
PPL Corp.		Morgan Stanley		133,200				3,894,135				3,713,616				(125,003	)
Public Service Enterprise Group, Inc.		Morgan Stanley		46,216				2,935,262				2,814,554				(97,765	)
Southern Co. (The)		Morgan Stanley		2,939				169,931				182,130				20,346

				368,135				15,249,781				16,060,323				1,144,499

Total Reference Entity — Long								367,508,663				442,591,074				81,401,501


Short
Automobiles & Components
BorgWarner, Inc.		Morgan Stanley		(41,356	)			(1,973,568	)			(1,786,993	)			172,804

Banks
Citizens Financial Group, Inc.		Morgan Stanley		(18,542	)			(862,011	)			(871,103	)			(18,790	)
Comerica, Inc.		Morgan Stanley		(15,865	)			(1,150,383	)			(1,277,133	)			(188,318	)
Huntington Bancshares, Inc.		Morgan Stanley		(130,097	)			(1,957,138	)			(2,011,300	)			(122,482	)
KeyCorp.		Morgan Stanley		(30,279	)			(655,672	)			(654,632	)			(18,922	)
M&T Bank Corp.		Morgan Stanley		(15,125	)			(2,544,194	)			(2,258,767	)			164,323
People’s United Financial, Inc.		Morgan Stanley		(116,000	)			(2,016,477	)			(2,026,520	)			(97,619	)
Truist Financial Corp.		Morgan Stanley		(3,837	)			(228,085	)			(225,040	)			3,542
US Bancorp.		Morgan Stanley		(12,456	)			(745,686	)			(740,385	)			(5,246	)
Zions Bancorp NA		Morgan Stanley		(17,284	)			(965,332	)			(1,069,707	)			(147,070	)

				(359,485	)			(11,124,978	)			(11,134,587	)			(430,582	)

Capital Goods
A.O. Smith Corp.		Morgan Stanley		(8,802	)			(563,111	)			(537,538	)			25,771
Allegion PLC (Ireland)		Morgan Stanley		(5,167	)			(708,623	)			(682,974	)			18,007

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

147

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Capital Goods — (continued)
Boeing Co. (The)		Morgan Stanley		(17,136	)		$	(4,985,162	)		$	(3,768,892	)		$	1,158,140
Fastenal Co.		Morgan Stanley		(52,303	)			(2,777,369	)			(2,699,358	)			52,172
Fortune Brands Home & Security, Inc.		Morgan Stanley		(26,556	)			(2,664,608	)			(2,374,638	)			275,026
Generac Holdings, Inc.		Morgan Stanley		(8,660	)			(3,317,370	)			(3,539,082	)			(233,939	)
Honeywell International, Inc.		Morgan Stanley		(2,352	)			(539,940	)			(499,283	)			38,793
IDEX Corp.		Morgan Stanley		(19,332	)			(4,118,794	)			(4,000,757	)			87,449
Masco Corp.		Morgan Stanley		(28,074	)			(1,670,321	)			(1,559,511	)			97,954
Otis Worldwide Corp.		Morgan Stanley		(2,198	)			(198,153	)			(180,851	)			15,985
PACCAR, Inc.		Morgan Stanley		(44,931	)			(4,058,388	)			(3,545,955	)			472,829
Quanta Services, Inc.		Morgan Stanley		(5,550	)			(540,436	)			(631,701	)			(93,665	)
Raytheon Technologies Corp.		Morgan Stanley		(25,011	)			(2,044,297	)			(2,149,946	)			(129,609	)
Rockwell Automation, Inc.		Morgan Stanley		(3,271	)			(1,002,850	)			(961,805	)			37,264
TransDigm Group, Inc.		Morgan Stanley		(6,787	)			(4,169,297	)			(4,238,957	)			(85,273	)
Westinghouse Air Brake Technologies Corp.		Morgan Stanley		(16,027	)			(1,384,595	)			(1,381,688	)			(5,412	)
Xylem, Inc.		Morgan Stanley		(26,144	)			(3,118,364	)			(3,233,490	)			(140,430	)

				(298,301	)			(37,861,678	)			(35,986,426	)			1,591,062

Commercial & Professional Services
Copart, Inc.		Morgan Stanley		(5,717	)			(771,209	)			(793,062	)			(24,789	)
Equifax, Inc.		Morgan Stanley		(4,556	)			(988,765	)			(1,154,582	)			(193,358	)
IHS Markit Ltd. (Bermuda)		Morgan Stanley		(6,806	)			(801,242	)			(793,716	)			4,710
Leidos Holdings, Inc.		Morgan Stanley		(11,754	)			(1,145,153	)			(1,129,912	)			6,398
Rollins, Inc.		Morgan Stanley		(113,816	)			(4,048,010	)			(4,021,119	)			(8,210	)
Verisk Analytics, Inc.		Morgan Stanley		(17,834	)			(3,288,597	)			(3,571,615	)			(313,221	)

				(160,483	)			(11,042,976	)			(11,464,006	)			(528,470	)

Consumer Durables & Apparel
Leggett & Platt, Inc.		Morgan Stanley		(90,990	)			(4,597,432	)			(4,079,992	)			443,895
NVR, Inc.		Morgan Stanley		(291	)			(1,312,006	)			(1,395,077	)			(87,980	)
PulteGroup, Inc.		Morgan Stanley		(23,008	)			(1,217,233	)			(1,056,527	)			153,436
PVH Corp.		Morgan Stanley		(13,875	)			(1,530,603	)			(1,426,211	)			101,101
Under Armour, Inc., Class C		Morgan Stanley		(52,820	)			(967,665	)			(925,406	)			38,607
VF Corp.		Morgan Stanley		(36,583	)			(2,962,536	)			(2,450,695	)			459,425

				(217,567	)			(12,587,475	)			(11,333,908	)			1,108,484

Consumer Services
Booking Holdings, Inc.		Morgan Stanley		(75	)			(183,809	)			(178,040	)			4,977
Caesars Entertainment, Inc.		Morgan Stanley		(7,190	)			(687,556	)			(807,293	)			(122,367	)
Carnival Corp. (Panama)		Morgan Stanley		(46,015	)			(1,318,194	)			(1,150,835	)			162,428
Chipotle Mexican Grill, Inc.		Morgan Stanley		(1,759	)			(2,772,320	)			(3,197,018	)			(440,654	)
Darden Restaurants, Inc.		Morgan Stanley		(16,217	)			(2,328,287	)			(2,456,389	)			(156,988	)
Domino’s Pizza, Inc.		Morgan Stanley		(3,905	)			(1,871,548	)			(1,862,529	)			(5,702	)
Expedia Group, Inc.		Morgan Stanley		(7,381	)			(1,182,736	)			(1,209,746	)			(31,461	)
Hilton Worldwide Holdings, Inc.		Morgan Stanley		(7,180	)			(900,549	)			(948,550	)			(51,408	)
Las Vegas Sands Corp.		Morgan Stanley		(8,036	)			(503,029	)			(294,118	)			206,954
MGM Resorts International		Morgan Stanley		(67,743	)			(2,749,377	)			(2,923,110	)			(184,116	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)		Morgan Stanley		(20,689	)			(711,914	)			(552,603	)			156,592
Royal Caribbean Cruises Ltd. (Liberia)		Morgan Stanley		(18,204	)			(1,763,553	)			(1,619,246	)			132,921
Wynn Resorts Ltd.		Morgan Stanley		(19,897	)			(2,229,069	)			(1,686,271	)			502,209

				(224,291	)			(19,201,941	)			(18,885,748	)			173,385

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

148

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Diversified Financials
Bank of New York Mellon Corp. (The)		Morgan Stanley		(54,414	)		$	(2,700,401	)		$	(2,820,822	)		$	(206,805	)
Cboe Global Markets, Inc.		Morgan Stanley		(3,920	)			(489,271	)			(485,531	)			(5,370	)
CME Group, Inc.		Morgan Stanley		(3,819	)			(771,928	)			(738,518	)			30,616
MarketAxess Holdings, Inc.		Morgan Stanley		(8,626	)			(4,351,643	)			(3,628,872	)			693,911
MSCI, Inc.		Morgan Stanley		(2,996	)			(1,243,201	)			(1,822,587	)			(594,405	)
Northern Trust Corp.		Morgan Stanley		(32,020	)			(3,426,654	)			(3,452,076	)			(160,474	)
State Street Corp.		Morgan Stanley		(51,473	)			(4,230,015	)			(4,360,793	)			(309,491	)
Synchrony Financial		Morgan Stanley		(29,691	)			(1,501,415	)			(1,451,296	)			48,146

				(186,959	)			(18,714,528	)			(18,760,495	)			(503,872	)

Energy
Baker Hughes Co.		Morgan Stanley		(10,113	)			(252,701	)			(250,094	)			(7,280	)
Coterra Energy, Inc.		Morgan Stanley		(52,703	)			(1,076,017	)			(1,146,817	)			(135,402	)
Devon Energy Corp.		Morgan Stanley		(140,460	)			(3,727,841	)			(4,987,735	)			(1,431,179	)
Diamondback Energy, Inc.		Morgan Stanley		(53,336	)			(4,451,063	)			(5,049,319	)			(701,504	)
Pioneer Natural Resources Co.		Morgan Stanley		(35,920	)			(5,525,756	)			(5,981,039	)			(609,538	)
Schlumberger NV (Curaçao)		Morgan Stanley		(10,405	)			(299,697	)			(308,404	)			(13,523	)
Valero Energy Corp.		Morgan Stanley		(45,197	)			(2,956,007	)			(3,189,552	)			(254,086	)

				(348,134	)			(18,289,082	)			(20,912,960	)			(3,152,512	)

Food & Staples Retailing
Costco Wholesale Corp.		Morgan Stanley		(1,895	)			(753,500	)			(851,518	)			(102,698	)

Food, Beverage & Tobacco
Brown-Forman Corp., Class B		Morgan Stanley		(50,906	)			(3,794,049	)			(3,411,211	)			348,787
Hormel Foods Corp.		Morgan Stanley		(157,736	)			(7,398,968	)			(6,467,176	)			826,137
Lamb Weston Holdings, Inc.		Morgan Stanley		(57,782	)			(4,872,012	)			(3,546,081	)			1,267,683
McCormick & Co., Inc., non-voting shares		Morgan Stanley		(61,529	)			(5,552,136	)			(4,985,695	)			515,944
Monster Beverage Corp.		Morgan Stanley		(26,189	)			(2,456,844	)			(2,326,369	)			121,388

				(354,142	)			(24,074,009	)			(20,736,532	)			3,079,939

Health Care Equipment & Services
ABIOMED, Inc.		Morgan Stanley		(11,284	)			(3,290,820	)			(3,673,168	)			(394,478	)
Cardinal Health, Inc.		Morgan Stanley		(10,724	)			(622,036	)			(530,409	)			76,903
Cooper Cos., Inc. (The)		Morgan Stanley		(2,408	)			(940,845	)			(995,250	)			(58,201	)
Dexcom, Inc.		Morgan Stanley		(5,288	)			(2,246,144	)			(2,891,796	)			(653,970	)
Edwards Lifesciences Corp.		Morgan Stanley		(9,205	)			(870,497	)			(1,042,098	)			(174,899	)
Henry Schein, Inc.		Morgan Stanley		(53,894	)			(4,300,262	)			(4,104,567	)			179,881
Humana, Inc.		Morgan Stanley		(7,538	)			(3,223,869	)			(2,933,413	)			268,294
IDEXX Laboratories, Inc.		Morgan Stanley		(2,883	)			(1,719,931	)			(1,792,938	)			(79,404	)
Intuitive Surgical, Inc.		Morgan Stanley		(558	)			(570,502	)			(554,736	)			13,563
ResMed, Inc.		Morgan Stanley		(2,905	)			(747,488	)			(765,613	)			(22,129	)
STERIS PLC (Ireland)		Morgan Stanley		(15,459	)			(3,329,343	)			(3,157,965	)			152,802
Teleflex, Inc.		Morgan Stanley		(6,596	)			(2,531,426	)			(2,483,724	)			26,150
Universal Health Services, Inc., Class B		Morgan Stanley		(20,186	)			(3,062,452	)			(2,793,137	)			254,366
West Pharmaceutical Services, Inc.		Morgan Stanley		(3,428	)			(1,206,973	)			(1,455,323	)			(253,348	)
Zimmer Biomet Holdings, Inc.		Morgan Stanley		(13,822	)			(2,282,608	)			(2,022,988	)			245,126

				(166,178	)			(30,945,196	)			(31,197,125	)			(419,344	)

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

149

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Household & Personal Products
Church & Dwight Co., Inc.		Morgan Stanley		(45,161	)		$	(3,951,379	)		$	(3,728,944	)		$	187,895
Clorox Co. (The)		Morgan Stanley		(28,483	)			(4,884,130	)			(4,717,070	)			136,512

				(73,644	)			(8,835,509	)			(8,446,014	)			324,407

Insurance
Cincinnati Financial Corp.		Morgan Stanley		(12,034	)			(1,418,413	)			(1,374,523	)			30,948
Everest Re Group Ltd. (Bermuda)		Morgan Stanley		(1,467	)			(385,290	)			(367,894	)			10,084
Globe Life, Inc.		Morgan Stanley		(12,099	)			(1,159,645	)			(1,077,174	)			75,112
Lincoln National Corp.		Morgan Stanley		(14,623	)			(939,988	)			(1,005,331	)			(89,502	)
Progressive Corp. (The)		Morgan Stanley		(23,166	)			(2,199,847	)			(2,093,975	)			102,125
Willis Towers Watson PLC (Ireland)		Morgan Stanley		(10,628	)			(2,383,913	)			(2,470,585	)			(105,047	)
WR Berkley Corp.		Morgan Stanley		(14,508	)			(1,092,250	)			(1,061,695	)			17,588

				(88,525	)			(9,579,346	)			(9,451,177	)			41,308

Materials
Air Products & Chemicals, Inc.		Morgan Stanley		(11,521	)			(3,304,772	)			(2,950,643	)			291,251
Albemarle Corp.		Morgan Stanley		(10,507	)			(1,981,214	)			(2,300,718	)			(351,520	)
Amcor PLC (Jersey)		Morgan Stanley		(203,552	)			(2,398,738	)			(2,359,168	)			(13,811	)
Ball Corp.		Morgan Stanley		(12,394	)			(1,106,468	)			(1,115,088	)			(18,018	)
Celanese Corp.		Morgan Stanley		(3,863	)			(599,792	)			(581,922	)			14,688
Corteva, Inc.		Morgan Stanley		(74,608	)			(3,350,039	)			(3,139,505	)			195,569
Ecolab, Inc.		Morgan Stanley		(11,193	)			(2,504,226	)			(2,335,084	)			151,437
FMC Corp.		Morgan Stanley		(39,949	)			(4,642,436	)			(3,657,730	)			929,292
International Flavors & Fragrances, Inc.		Morgan Stanley		(24,047	)			(3,364,322	)			(3,215,565	)			85,051
Packaging Corp. of America		Morgan Stanley		(7,014	)			(1,070,571	)			(964,004	)			93,603
PPG Industries, Inc.		Morgan Stanley		(14,193	)			(2,258,686	)			(2,029,741	)			220,809
Sealed Air Corp.		Morgan Stanley		(24,846	)			(1,451,850	)			(1,361,312	)			82,634
Vulcan Materials Co.		Morgan Stanley		(7,578	)			(1,342,906	)			(1,281,894	)			52,725

				(445,265	)			(29,376,020	)			(27,292,374	)			1,733,710

Media & Entertainment
Discovery, Inc., Class A		Morgan Stanley		(33,072	)			(1,380,124	)			(839,367	)			535,599
Live Nation Entertainment, Inc.		Morgan Stanley		(19,936	)			(1,574,197	)			(1,816,768	)			(248,436	)
Match Group, Inc.		Morgan Stanley		(26,492	)			(4,010,531	)			(4,158,979	)			(163,204	)

				(79,500	)			(6,964,852	)			(6,815,114	)			123,959

Pharmaceuticals, Biotechnology & Life Sciences
Amgen, Inc.		Morgan Stanley		(3,657	)			(861,913	)			(777,661	)			76,519
Bio-Rad Laboratories, Inc., Class A		Morgan Stanley		(3,976	)			(2,480,510	)			(2,965,897	)			(494,560	)
Bio-Techne Corp.		Morgan Stanley		(3,494	)			(1,772,670	)			(1,693,088	)			72,993
Catalent, Inc.		Morgan Stanley		(36,679	)			(3,841,595	)			(4,880,875	)			(1,053,420	)
Charles River Laboratories International, Inc.		Morgan Stanley		(2,325	)			(820,073	)			(959,458	)			(142,499	)
IQVIA Holdings, Inc.		Morgan Stanley		(5,066	)			(1,214,908	)			(1,213,510	)			(3,156	)
Mettler-Toledo International, Inc.		Morgan Stanley		(998	)			(1,417,653	)			(1,374,605	)			35,436
Moderna, Inc.		Morgan Stanley		(8,171	)			(3,377,426	)			(3,144,691	)			220,289
Vertex Pharmaceuticals, Inc.		Morgan Stanley		(1,309	)			(376,659	)			(237,440	)			137,724
Viatris, Inc.		Morgan Stanley		(381,025	)			(5,387,888	)			(5,162,889	)			137,989
Zoetis, Inc.		Morgan Stanley		(14,145	)			(2,792,076	)			(2,746,110	)			34,722

				(460,845	)			(24,343,371	)			(25,156,224	)			(977,963	)

Real Estate
Boston Properties, Inc., REIT		Morgan Stanley		(12,156	)			(1,379,326	)			(1,317,103	)			39,355

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

150

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Real Estate — (continued)
Digital Realty Trust, Inc., REIT		Morgan Stanley		(18,747	)		$	(2,840,650	)		$	(2,708,004	)		$	29,211
Equinix, Inc., REIT		Morgan Stanley		(7,076	)			(5,317,722	)			(5,590,960	)			(358,975	)
Equity Residential, REIT.		Morgan Stanley		(3,806	)			(315,683	)			(307,982	)			3,742
Essex Property Trust, Inc., REIT		Morgan Stanley		(3,079	)			(984,905	)			(984,479	)			(21,338	)
Federal Realty Investment Trust, REIT		Morgan Stanley		(13,642	)			(1,411,768	)			(1,609,620	)			(251,370	)
Healthpeak Properties, Inc., REIT		Morgan Stanley		(12,654	)			(454,002	)			(423,656	)			26,047
Host Hotels & Resorts, Inc., REIT		Morgan Stanley		(32,933	)			(566,673	)			(537,796	)			21,516
Prologis, Inc., REIT		Morgan Stanley		(1,210	)			(154,266	)			(151,770	)			1,839
Realty Income Corp., REIT		Morgan Stanley		(7,215	)			(508,659	)			(467,965	)			33,520
Regency Centers Corp., REIT		Morgan Stanley		(6,190	)			(422,332	)			(416,773	)			(28,910	)
Ventas, Inc., REIT		Morgan Stanley		(24,372	)			(1,388,960	)			(1,345,578	)			21,356
Vornado Realty Trust, REIT		Morgan Stanley		(63,485	)			(3,389,788	)			(2,667,005	)			583,397

				(206,565	)			(19,134,734	)			(18,528,691	)			99,390

Retailing
CarMax, Inc.		Morgan Stanley		(39,771	)			(4,680,480	)			(5,089,097	)			(425,819	)
Dollar General Corp.		Morgan Stanley		(10,085	)			(2,168,086	)			(2,139,432	)			16,705
Etsy, Inc.		Morgan Stanley		(22,274	)			(4,577,491	)			(4,632,101	)			(71,435	)
Gap, Inc. (The)		Morgan Stanley		(452	)			(15,571	)			(10,260	)			5,078
Pool Corp.		Morgan Stanley		(13,536	)			(5,095,716	)			(5,880,174	)			(830,739	)
TJX Cos., Inc. (The)		Morgan Stanley		(13,226	)			(958,291	)			(872,651	)			82,238
Tractor Supply Co.		Morgan Stanley		(8,733	)			(1,667,979	)			(1,769,393	)			(124,294	)

				(108,077	)			(19,163,614	)			(20,393,108	)			(1,348,266	)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		Morgan Stanley		(22,782	)			(2,182,462	)			(2,344,268	)			(169,891	)
Enphase Energy, Inc.		Morgan Stanley		(26,406	)			(5,557,852	)			(3,960,108	)			1,577,341
Microchip Technology, Inc.		Morgan Stanley		(8,990	)			(1,463,221	)			(1,379,875	)			75,856
Monolithic Power Systems, Inc.		Morgan Stanley		(5,908	)			(2,361,759	)			(2,863,489	)			(520,265	)
Teradyne, Inc.		Morgan Stanley		(23,421	)			(2,963,034	)			(2,556,871	)			391,856
Xilinx, Inc.		Morgan Stanley		(17,349	)			(2,385,162	)			(2,619,526	)			(243,188	)

				(104,856	)			(16,913,490	)			(15,724,137	)			1,111,709

Software & Services
Akamai Technologies, Inc.		Morgan Stanley		(21,015	)			(2,259,684	)			(2,197,959	)			53,231
Ceridian HCM Holding, Inc.		Morgan Stanley		(17,633	)			(1,926,641	)			(1,985,828	)			(66,339	)
Citrix Systems, Inc.		Morgan Stanley		(32,723	)			(3,937,823	)			(3,513,469	)			388,125
Fidelity National Information Services, Inc.		Morgan Stanley		(29,254	)			(4,161,964	)			(3,559,627	)			557,235
Fortinet, Inc.		Morgan Stanley		(10,501	)			(1,893,058	)			(3,066,712	)			(1,212,917	)
Global Payments, Inc.		Morgan Stanley		(23,474	)			(4,454,715	)			(3,699,033	)			726,246
Jack Henry & Associates, Inc.		Morgan Stanley		(30,106	)			(4,961,760	)			(4,939,190	)			(32,540	)
NortonLifeLock, Inc.		Morgan Stanley		(14,463	)			(393,743	)			(365,914	)			24,361
Paycom Software, Inc.		Morgan Stanley		(4,255	)			(1,695,725	)			(2,109,416	)			(420,000	)
Tyler Technologies, Inc.		Morgan Stanley		(5,591	)			(2,353,943	)			(2,564,312	)			(219,532	)

				(189,015	)			(28,039,056	)			(28,001,460	)			(202,130	)

Technology Hardware & Equipment
Amphenol Corp., Class A		Morgan Stanley		(32,155	)			(2,222,947	)			(2,354,711	)			(155,731	)
Arista Networks, Inc.		Morgan Stanley		(5,001	)			(1,579,340	)			(1,718,544	)			(152,420	)
F5 Networks, Inc.		Morgan Stanley		(3,712	)			(753,066	)			(737,871	)			12,326
Hewlett Packard Enterprise Co.		Morgan Stanley		(64,832	)			(1,005,270	)			(923,856	)			63,440

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

151

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Concluded)

September 30, 2021

Total Return Swaps (concluded)


Reference Entity	Counterparty		Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Technology Hardware & Equipment — (continued)
IPG Photonics Corp.		Morgan Stanley		(17,053	)		$	(3,399,896	)		$	(2,701,195	)		$	686,172
Motorola Solutions, Inc.		Morgan Stanley		(3,991	)			(872,695	)			(927,189	)			(60,966	)
Teledyne Technologies, Inc.		Morgan Stanley		(10,523	)			(4,596,556	)			(4,520,470	)			59,061
Trimble, Inc.		Morgan Stanley		(10,795	)			(895,898	)			(887,889	)			4,618
Western Digital Corp.		Morgan Stanley		(42,824	)			(3,031,092	)			(2,416,987	)			606,285

				(190,886	)			(18,356,760	)			(17,188,712	)			1,062,785

Transportation
American Airlines Group, Inc.		Morgan Stanley		(37,419	)			(811,284	)			(767,838	)			40,364
CH Robinson Worldwide, Inc.		Morgan Stanley		(63,673	)			(6,078,877	)			(5,539,551	)			458,497
Delta Air Lines, Inc.		Morgan Stanley		(30,820	)			(1,364,579	)			(1,313,240	)			46,238
FedEx Corp.		Morgan Stanley		(2,404	)			(547,260	)			(527,173	)			21,002
Kansas City Southern		Morgan Stanley		(9,874	)			(2,767,327	)			(2,672,299	)			78,102
Old Dominion Freight Line, Inc.		Morgan Stanley		(2,647	)			(729,011	)			(756,989	)			(31,245	)
Southwest Airlines Co.		Morgan Stanley		(27,662	)			(1,546,807	)			(1,422,657	)			118,385
United Airlines Holdings, Inc.		Morgan Stanley		(23,567	)			(1,481,663	)			(1,121,082	)			355,052

				(198,066	)			(15,326,808	)			(14,120,829	)			1,086,395

Utilities
Alliant Energy Corp.		Morgan Stanley		(45,855	)			(2,687,217	)			(2,566,963	)			83,697
Ameren Corp.		Morgan Stanley		(30,730	)			(2,462,915	)			(2,489,130	)			(125,478	)
American Electric Power Co., Inc.		Morgan Stanley		(33,884	)			(3,027,035	)			(2,750,703	)			147,346
American Water Works Co., Inc.		Morgan Stanley		(5,181	)			(831,589	)			(875,796	)			(52,696	)
Atmos Energy Corp.		Morgan Stanley		(16,201	)			(1,671,396	)			(1,428,928	)			186,749
CenterPoint Energy, Inc.		Morgan Stanley		(99,144	)			(2,205,946	)			(2,438,942	)			(296,970	)
CMS Energy Corp.		Morgan Stanley		(39,294	)			(2,508,539	)			(2,347,031	)			101,923
Consolidated Edison, Inc.		Morgan Stanley		(31,539	)			(2,487,719	)			(2,289,416	)			109,889
DTE Energy Co.		Morgan Stanley		(11,024	)			(1,263,512	)			(1,231,491	)			(31,657	)
Duke Energy Corp.		Morgan Stanley		(3,576	)			(351,085	)			(348,982	)			8,008
Edison International		Morgan Stanley		(51,354	)			(3,505,350	)			(2,848,606	)			430,734
Entergy Corp.		Morgan Stanley		(26,749	)			(2,835,832	)			(2,656,443	)			65,928
Evergy, Inc.		Morgan Stanley		(36,235	)			(2,283,560	)			(2,253,817	)			(11,539	)
Eversource Energy		Morgan Stanley		(40,760	)			(3,537,196	)			(3,332,538	)			108,394
FirstEnergy Corp.		Morgan Stanley		(60,183	)			(2,225,129	)			(2,143,718	)			28,803
NextEra Energy, Inc.		Morgan Stanley		(23,509	)			(1,889,976	)			(1,845,927	)			30,157
NiSource, Inc.		Morgan Stanley		(149,651	)			(3,815,887	)			(3,626,044	)			147,014
Pinnacle West Capital Corp.		Morgan Stanley		(49,471	)			(4,178,303	)			(3,579,722	)			469,235
Sempra Energy		Morgan Stanley		(17,739	)			(2,277,731	)			(2,243,984	)			(27,447	)
WEC Energy Group, Inc.		Morgan Stanley		(28,502	)			(2,705,036	)			(2,513,876	)			124,859
Xcel Energy, Inc.		Morgan Stanley		(42,591	)			(2,929,005	)			(2,661,937	)			221,286

				(843,172	)			(51,679,958	)			(48,473,994	)			1,718,235

Total Reference Entity — Short								(434,282,449	)			(422,642,132	)			5,761,735

Net Value of Reference Entity							$	(66,773,786	)		$	19,948,942			$	87,163,236

*	Includes $440,508 related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

152

GOTHAM LARGE VALUE FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 99.4%
Automobiles & Components — 2.4%
Ford Motor Co.^*		46,729	$	661,683
General Motors Co.^*		16,985		895,279

				1,556,962

Banks — 4.4%
Citigroup, Inc.		12,578		882,724
Comerica, Inc.		1,260		101,430
Fifth Third Bancorp		4,870		206,683
JPMorgan Chase & Co.		2,713		444,091
KeyCorp.		8,063		174,322
M&T Bank Corp.		29		4,331
People’s United Financial, Inc.		4,945		86,389
Regions Financial Corp.		11,173		238,097
SVB Financial Group^*		635		410,769
Wells Fargo & Co.		4,755		220,679
Zions Bancorp NA		1,899		117,529

				2,887,044

Capital Goods — 10.5%
3M Co.		2,187		383,644
A.O. Smith Corp.		1,864		113,834
Carrier Global Corp.		4,356		225,467
Caterpillar, Inc.		1,258		241,498
Cummins, Inc.		57		12,800
Deere & Co.		933		312,620
Dover Corp.		1,229		191,110
Emerson Electric Co.		6,998		659,212
Fortive Corp.		2		141
Fortune Brands Home & Security, Inc.		79		7,064
General Dynamics Corp.		2,788		546,532
General Electric Co.		5,603		577,277
Howmet Aerospace, Inc.		5,084		158,621
Huntington Ingalls Industries, Inc.		356		68,729
Illinois Tool Works, Inc.		118		24,382
Ingersoll Rand, Inc.^*		4,918		247,916
Johnson Controls International PLC (Ireland)		8,336		567,515
Lockheed Martin Corp.		1,435		495,219
Northrop Grumman Corp.		761		274,074
Parker-Hannifin Corp.		1,544		431,733
Pentair PLC (Ireland)		1,857		134,874
Snap-on, Inc.		631		131,847
Stanley Black & Decker, Inc.		1,908		334,492
Textron, Inc.		2,624		183,181


	Number of Shares		Value
Trane Technologies PLC (Ireland)		1,616	$	279,002
WW Grainger, Inc.		610		239,767

				6,842,551

Commercial & Professional Services — 0.6%
Jacobs Engineering Group, Inc.		1,526		202,241
Nielsen Holdings PLC (United Kingdom)		4,199		80,579
Robert Half International, Inc.		1,224		122,804
Waste Management, Inc.		1		149

				405,773

Consumer Durables & Apparel — 1.7%
Garmin Ltd. (Switzerland)		1,534		238,476
Hanesbrands, Inc.		3,548		60,884
Leggett & Platt, Inc.		904		40,535
Mohawk Industries, Inc.^*		808		143,339
Newell Brands, Inc.		4,451		98,545
PulteGroup, Inc.		2		92
PVH Corp.^*		752		77,298
Ralph Lauren Corp.		861		95,606
Tapestry, Inc.		3,271		121,092
Under Armour, Inc., Class C^*		5,270		92,330
Whirlpool Corp.		737		150,245

				1,118,442

Consumer Services — 0.8%
Caesars Entertainment, Inc.^*		264		29,642
Penn National Gaming, Inc.^*		1,836		133,037
Yum! Brands, Inc.		3,078		376,470

				539,149

Diversified Financials — 7.9%
American Express Co.		980		164,179
Ameriprise Financial, Inc.		1,338		353,393
Berkshire Hathaway, Inc., Class B^*		1,008		275,124
BlackRock, Inc.		1,267		1,062,582
Capital One Financial Corp.		2,517		407,678
Discover Financial Services		3,527		433,292
Franklin Resources, Inc.		5,886		174,932
Goldman Sachs Group, Inc. (The)		1,095		413,943
Invesco Ltd. (Bermuda)		5,400		130,194
Morgan Stanley		5,495		534,718
Nasdaq, Inc.		1,331		256,910
Raymond James Financial, Inc.		2,405		221,933
Synchrony Financial		3,718		181,736
T Rowe Price Group, Inc.		2,655		522,239

				5,132,853

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

153

GOTHAM LARGE VALUE FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — 6.7%
APA Corp.		4,425	$	94,828
Baker Hughes Co.		8,348		206,446
Chevron Corp.		2		203
EOG Resources, Inc.		6,835		548,645
Exxon Mobil Corp.		20,665		1,215,515
Halliburton Co.		10,287		222,405
Hess Corp.		3,625		283,149
Kinder Morgan, Inc.		24,263		405,920
Marathon Oil Corp.		9,236		126,256
Marathon Petroleum Corp.		7,468		461,597
Occidental Petroleum Corp.		10,930		323,309
ONEOK, Inc.		5,219		302,650
Schlumberger NV		6,136		181,871
Williams Cos., Inc. (The)		67		1,738

				4,374,532

Food & Staples Retailing — 1.0%
Walgreens Boots Alliance, Inc.		200		9,410
Walmart, Inc.		4,440		618,847

				628,257

Food, Beverage & Tobacco — 7.2%
Altria Group, Inc.		18,906		860,601
Archer-Daniels-Midland Co.		6,543		392,645
Coca-Cola Co. (The)		5,095		267,335
Constellation Brands, Inc., Class A		2,246		473,210
Hershey Co. (The)		2,420		409,585
Kellogg Co.		10		639
Kraft Heinz Co. (The)		14,315		527,078
Molson Coors Beverage Co., Class B		2,539		117,759
Mondelez International, Inc., Class A		12,194		709,447
Philip Morris International, Inc.		6,821		646,563
Tyson Foods, Inc., Class A		3,618		285,605

				4,690,467

Health Care Equipment & Services — 6.5%
AmerisourceBergen Corp.		773		92,335
Anthem, Inc.		790		294,512
Cigna Corp.		3,473		695,156
CVS Health Corp.		8,220		697,549
DaVita, Inc.^*		1,111		129,165
HCA Healthcare, Inc.		3,772		915,540
Hologic, Inc.^*		2,939		216,927
Laboratory Corp. of America Holdings^*		1,131		318,309
McKesson Corp.		1,814		361,675


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Quest Diagnostics, Inc.		1,090	$	158,388
UnitedHealth Group, Inc.		971		379,408

				4,258,964

Household & Personal Products — 0.5%
Colgate-Palmolive Co.		2,486		187,892
Procter & Gamble Co. (The)		829		115,894

				303,786

Insurance — 2.9%
Aflac, Inc.		5,915		308,349
American International Group, Inc.		533		29,256
Aon PLC, Class A (Ireland)		765		218,614
Arthur J Gallagher & Co.		2,203		327,476
Brown & Brown, Inc.		2,517		139,568
Lincoln National Corp.		2,105		144,719
Loews Corp.		2,322		125,225
Marsh & McLennan Cos., Inc.		3,879		587,397

				1,880,604

Materials — 6.3%
Avery Dennison Corp.		971		201,201
CF Industries Holdings, Inc.		2,054		114,654
Dow, Inc.		8,730		502,499
DuPont de Nemours, Inc.		6,141		417,526
Eastman Chemical Co.		1,590		160,177
Freeport-McMoRan, Inc.		17,185		559,028
International Paper Co.		4,574		255,778
Linde PLC (Ireland)		2		587
LyondellBasell Industries NV, Class A (Netherlands)		3,916		367,516
Mosaic Co. (The)		4,447		158,847
Nucor Corp.		3,437		338,510
Packaging Corp. of America		489		67,208
Sherwin-Williams Co. (The)		2,949		824,924
Westrock Co.		3,113		155,121

				4,123,576

Media & Entertainment — 2.7%
Alphabet, Inc., Class A^*		159		425,090
Comcast Corp., Class A		2,405		134,512
DISH Network Corp., Class A^*		6,180		268,583
Fox Corp., Class A		6,692		268,416
Interpublic Group of Cos., Inc. (The).		4,606		168,902
Omnicom Group, Inc.		2,521		182,672
ViacomCBS, Inc., Class B		7,562		298,774

				1,746,949

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

154

GOTHAM LARGE VALUE FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — 5.2%
AbbVie, Inc.		6,407	$	691,123
Biogen, Inc.^*		7		1,981
Gilead Sciences, Inc.		11,893		830,726
Johnson & Johnson		2,489		401,974
Merck & Co., Inc.		3,160		237,348
Organon & Co.		2,967		97,288
PerkinElmer, Inc.		1,312		227,356
Pfizer, Inc.		15,373		661,193
Vertex Pharmaceuticals, Inc.^*		573		103,936
Waters Corp.^*		501		179,007

				3,431,932

Real Estate — 1.7%
Alexandria Real Estate Equities, Inc., REIT		127		24,266
AvalonBay Communities, Inc., REIT		298		66,049
CBRE Group, Inc., Class A^*		3,818		371,720
Equity Residential, REIT		1,730		139,992
Essex Property Trust, Inc., REIT		25		7,994
Kimco Realty Corp., REIT		1,179		24,464
Mid-America Apartment Communities, Inc., REIT		82		15,313
Simon Property Group, Inc., REIT		548		71,224
UDR, Inc., REIT		1,533		81,218
Ventas, Inc., REIT		1		55
Weyerhaeuser Co., REIT		8,777		312,198

				1,114,493

Retailing — 7.4%
Advance Auto Parts, Inc.		743		155,205
AutoZone, Inc.^*		188		319,222
Bath & Body Works, Inc.		3,101		195,456
Best Buy Co., Inc.		2,895		306,030
Dollar Tree, Inc.^*		35		3,350
eBay, Inc.		5,226		364,095
Gap, Inc. (The)		4,401		99,903
Genuine Parts Co.		1,677		203,303
Home Depot, Inc. (The)		1,915		628,618
LKQ Corp.^*		3,468		174,510
Lowe’s Cos., Inc.		3,254		660,106
O’Reilly Automotive, Inc.^*		661		403,911
Ross Stores, Inc.		2,790		303,692
Target Corp.		3,456		790,629
Ulta Beauty, Inc.^*		638		230,267

				4,838,297

Semiconductors & Semiconductor Equipment — 6.9%
Analog Devices, Inc.		236		39,525


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Applied Materials, Inc.		9,048	$	1,164,749
Intel Corp.		17,527		933,839
KLA Corp.		1,299		434,528
Lam Research Corp.		1,191		677,858
Micron Technology, Inc.		8,053		571,602
NXP Semiconductors NV (Netherlands)		1,146		224,467
Qorvo, Inc.^*		1,318		220,356
QUALCOMM, Inc.		1,525		196,695
Skyworks Solutions, Inc.		217		35,757
Teradyne, Inc.		265		28,930
Texas Instruments, Inc.		37		7,112

				4,535,418

Software & Services — 5.1%
Accenture PLC, Class A (Ireland)		1,775		567,858
Automatic Data Processing, Inc.		2,666		532,987
Broadridge Financial Solutions, Inc.		875		145,810
DXC Technology Co.^*		2,981		100,191
Gartner, Inc.^*		985		299,322
International Business Machines Corp.		4,374		607,680
Oracle Corp.		7,038		613,221
Paychex, Inc.		3,499		393,462
Western Union Co. (The)		4,764		96,328

				3,356,859

Technology Hardware & Equipment — 5.5%
CDW Corp.		1,443		262,655
Cisco Systems, Inc.		18,235		992,531
Corning, Inc.		9,810		357,967
F5 Networks, Inc.^*		3		596
Hewlett Packard Enterprise Co.		15,300		218,025
HP, Inc.		13,490		369,086
Juniper Networks, Inc.		1,271		34,978
Keysight Technologies, Inc.^*		137		22,508
NetApp, Inc.		2,622		235,351
Seagate Technology Holdings PLC (Ireland)		2,661		219,586
TE Connectivity Ltd. (Switzerland)		3,512		481,916
Western Digital Corp.^*		2,902		163,789
Zebra Technologies Corp., Class A^*		466		240,186

				3,599,174

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

155

GOTHAM LARGE VALUE FUND

Portfolio of Investments (Concluded)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Telecommunication Services — 1.3%
AT&T, Inc.		17,079	$	461,304
Verizon Communications, Inc.		6,985		377,260

				838,564

Transportation — 3.6%
CSX Corp.		21,447		637,834
Expeditors International of Washington, Inc		1,771		210,979
Norfolk Southern Corp.		1,159		277,291
Union Pacific Corp.		2,307		452,195
United Parcel Service, Inc., Class B .		4,434		807,431

				2,385,730

Utilities — 0.6%
Dominion Energy, Inc.		128		9,347
NRG Energy, Inc.		2,865		116,978
PPL Corp.		9,008		251,143

				377,468

TOTAL COMMON STOCKS
(Cost $55,008,159)				64,967,844


OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%				383,418

NET ASSETS - 100.0%			$	65,351,262

*	Non-income producing.

PLC Public Limited Company

REIT Real Estate Investment Trust

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

156

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 99.4%
Automobiles & Components — 2.4%
Aptiv PLC (Jersey)^*		15	$	2,235
BorgWarner, Inc.		12		518
Ford Motor Co.^*		5,664		80,202
General Motors Co.^*		2,306		121,549
Tesla, Inc.^*		216		167,504

				372,008

Banks — 0.5%
Bank of America Corp.		338		14,348
Citigroup, Inc.		81		5,685
Citizens Financial Group, Inc.		17		799
Comerica, Inc.		6		483
Fifth Third Bancorp		28		1,188
First Republic Bank		8		1,543
Huntington Bancshares, Inc.		59		912
JPMorgan Chase & Co.		173		28,318
KeyCorp.		39		843
M&T Bank Corp.		5		747
People’s United Financial, Inc.		17		297
PNC Financial Services Group, Inc. (The)		17		3,326
Regions Financial Corp.		38		810
SVB Financial Group^*		3		1,941
Truist Financial Corp.		53		3,108
US Bancorp		59		3,507
Wells Fargo & Co.		217		10,071
Zions Bancorp NA		7		433

				78,359

Capital Goods — 6.6%
3M Co.		855		149,984
A.O. Smith Corp.		79		4,824
Allegion PLC (Ireland)		4		529
AMETEK, Inc.		14		1,736
Boeing Co. (The)^*		23		5,059
Carrier Global Corp.		47		2,433
Caterpillar, Inc.		165		31,675
Cummins, Inc.		39		8,758
Deere & Co.		55		18,429
Dover Corp.		167		25,968
Eaton Corp. PLC (Ireland)		225		33,595
Emerson Electric Co.		950		89,490
Fastenal Co.		23		1,187
Fortive Corp.		142		10,021
Fortune Brands Home & Security, Inc.		15		1,341
Generac Holdings, Inc.^*		3		1,226


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Dynamics Corp.		202	$	39,598
General Electric Co.		1,073		110,551
Honeywell International, Inc.		40		8,491
Howmet Aerospace, Inc.		262		8,174
Huntington Ingalls Industries, Inc.		2		386
IDEX Corp.		3		621
Illinois Tool Works, Inc.		17		3,513
Ingersoll Rand, Inc.^*		24		1,210
Johnson Controls International PLC (Ireland)		1,132		77,066
L3Harris Technologies, Inc.		11		2,423
Lockheed Martin Corp.		396		136,659
Masco Corp.		14		778
Northrop Grumman Corp.		66		23,770
Otis Worldwide Corp.		17		1,399
PACCAR, Inc.		18		1,420
Parker-Hannifin Corp.		210		58,720
Pentair PLC (Ireland)		109		7,917
Quanta Services, Inc.		80		9,105
Raytheon Technologies Corp.		60		5,158
Rockwell Automation, Inc.		5		1,470
Roper Technologies, Inc.		44		19,630
Snap-on, Inc.		86		17,970
Stanley Black & Decker, Inc.		126		22,089
Textron, Inc.		12		838
Trane Technologies PLC (Ireland)		298		51,450
TransDigm Group, Inc.^*		4		2,498
United Rentals, Inc.^*		48		16,845
Westinghouse Air Brake Technologies Corp.		8		690
WW Grainger, Inc.		15		5,896
Xylem, Inc.		8		989

				1,023,579

Commercial & Professional Services — 0.3%
Cintas Corp.		4		1,523
Copart, Inc.^*		9		1,248
Equifax, Inc.		5		1,267
IHS Markit Ltd. (Bermuda)		16		1,866
Jacobs Engineering Group, Inc.		59		7,819
Leidos Holdings, Inc.		6		577
Nielsen Holdings PLC (United Kingdom)		571		10,957
Republic Services, Inc.		16		1,921
Robert Half International, Inc.		75		7,525
Rollins, Inc.		20		707

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

157

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Verisk Analytics, Inc.		7	$	1,402
Waste Management, Inc.		17		2,539

				39,351

Consumer Durables & Apparel — 0.9%
DR Horton, Inc.		14		1,176
Garmin Ltd. (Switzerland)		112		17,411
Hanesbrands, Inc.		513		8,803
Hasbro, Inc.		7		625
Leggett & Platt, Inc.		7		314
Lennar Corp., Class A		124		11,616
Mohawk Industries, Inc.^*		110		19,514
Newell Brands, Inc.		620		13,727
NIKE, Inc., Class B		63		9,149
NVR, Inc.^*		1		4,794
PulteGroup, Inc.		11		505
PVH Corp.^*		40		4,112
Ralph Lauren Corp.		117		12,992
Tapestry, Inc.		445		16,474
Under Armour, Inc., Class C^*		26		455
VF Corp.		16		1,072
Whirlpool Corp.		101		20,590

				143,329

Consumer Services — 0.7%
Booking Holdings, Inc.^*		2		4,748
Caesars Entertainment, Inc.^*		8		898
Carnival Corp. (Panama)^*		44		1,100
Chipotle Mexican Grill, Inc.^*		1		1,818
Darden Restaurants, Inc.		7		1,060
Domino’s Pizza, Inc.		2		954
Expedia Group, Inc.^*		5		819
Hilton Worldwide Holdings, Inc.^*		11		1,453
Las Vegas Sands Corp.^*		31		1,135
Marriott International, Inc., Class A^*		12		1,777
McDonald’s Corp.		44		10,609
MGM Resorts International		19		820
Norwegian Cruise Line Holdings Ltd. (Bermuda)^*		14		374
Penn National Gaming, Inc.^*		250		18,115
Royal Caribbean Cruises Ltd. (Liberia)^*		10		889
Starbucks Corp.		47		5,185
Wynn Resorts Ltd.^*		4		339
Yum! Brands, Inc.		431		52,716

				104,809


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — 3.9%
American Express Co.		32	$	5,361
Ameriprise Financial, Inc.		6		1,585
Bank of New York Mellon Corp. (The)		35		1,814
Berkshire Hathaway, Inc., Class B^*		744		203,067
BlackRock, Inc.		242		202,956
Capital One Financial Corp.		26		4,211
Cboe Global Markets, Inc.		5		619
Charles Schwab Corp. (The)		75		5,463
CME Group, Inc.		15		2,901
Discover Financial Services		17		2,088
Franklin Resources, Inc.		800		23,776
Goldman Sachs Group, Inc. (The)		30		11,341
Intercontinental Exchange, Inc.		23		2,641
Invesco Ltd. (Bermuda)		734		17,697
MarketAxess Holdings, Inc.		2		841
Moody’s Corp.		8		2,841
Morgan Stanley		198		19,267
MSCI, Inc.		3		1,825
Nasdaq, Inc.		84		16,214
Northern Trust Corp.		9		970
Raymond James Financial, Inc.		10		923
S&P Global, Inc.		12		5,099
State Street Corp.		14		1,186
Synchrony Financial		31		1,515
T Rowe Price Group, Inc.		361		71,009

				607,210

Energy — 3.2%
APA Corp.		601		12,879
Baker Hughes Co.		581		14,368
Chevron Corp.		415		42,102
ConocoPhillips		53		3,592
Coterra Energy, Inc.		16		348
Devon Energy Corp.		26		923
Diamondback Energy, Inc.		7		663
EOG Resources, Inc.		928		74,491
Exxon Mobil Corp.		2,267		133,345
Halliburton Co.		65		1,405
Hess Corp.		447		34,915
Kinder Morgan, Inc.		580		9,703
Marathon Oil Corp.		1,254		17,142
Marathon Petroleum Corp.		1,014		62,675
Occidental Petroleum Corp.		1,484		43,897
ONEOK, Inc.		709		41,115
Phillips 66		17		1,190
Pioneer Natural Resources Co.		9		1,499

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

158

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Schlumberger NV		76	$	2,253
Valero Energy Corp.		17		1,200
Williams Cos., Inc. (The)		64		1,660

				501,365

Food & Staples Retailing — 2.0%
Costco Wholesale Corp.		18		8,088
Kroger Co. (The)		40		1,617
Sysco Corp.		28		2,198
Walgreens Boots Alliance, Inc.		35		1,647
Walmart, Inc.		2,159		300,922

				314,472

Food, Beverage & Tobacco — 5.4%
Altria Group, Inc.		2,933		133,510
Archer-Daniels-Midland Co.		889		53,349
Brown-Forman Corp., Class B		19		1,273
Campbell Soup Co.		16		669
Coca-Cola Co. (The)		2,101		110,240
Conagra Brands, Inc.		27		915
Constellation Brands, Inc., Class A		305		64,260
General Mills, Inc.		35		2,094
Hershey Co. (The)		257		43,497
Hormel Foods Corp.		22		902
JM Smucker Co. (The)		6		720
Kellogg Co.		19		1,215
Kraft Heinz Co. (The)		1,944		71,578
Lamb Weston Holdings, Inc.		6		368
McCormick & Co., Inc., non-voting shares		11		891
Molson Coors Beverage Co., Class B		345		16,001
Mondelez International, Inc., Class A		955		55,562
Monster Beverage Corp.^*		22		1,954
PepsiCo, Inc.		55		8,273
Philip Morris International, Inc.		2,477		234,795
Tyson Foods, Inc., Class A		580		45,785

				847,851

Health Care Equipment & Services — 5.8%
Abbott Laboratories		711		83,990
ABIOMED, Inc.^*		2		651
Align Technology, Inc.^*		3		1,996
AmerisourceBergen Corp.		11		1,314
Anthem, Inc.		15		5,592
Baxter International, Inc.		20		1,609
Becton Dickinson and Co.		12		2,950


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Boston Scientific Corp.^*		57	$	2,473
Cardinal Health, Inc.		12		593
Centene Corp.^*		24		1,495
Cerner Corp.		17		1,199
Cigna Corp.		543		108,687
Cooper Cos., Inc. (The)		1		413
CVS Health Corp.		2,095		177,782
Danaher Corp.		285		86,765
DaVita, Inc.^*		6		698
DENTSPLY SIRONA, Inc.		9		522
Dexcom, Inc.^*		3		1,641
Edwards Lifesciences Corp.^*		24		2,717
HCA Healthcare, Inc.		513		124,515
Henry Schein, Inc.^*		6		457
Hologic, Inc.^*		16		1,181
Humana, Inc.		6		2,335
IDEXX Laboratories, Inc.^*		4		2,488
Intuitive Surgical, Inc.^*		4		3,977
Laboratory Corp. of America Holdings^*		154		43,342
McKesson Corp.		247		49,247
Medtronic PLC (Ireland)		73		9,151
Quest Diagnostics, Inc.		194		28,190
ResMed, Inc.		6		1,581
STERIS PLC (Ireland)		4		817
Stryker Corp.		15		3,956
Teleflex, Inc.		2		753
UnitedHealth Group, Inc.		387		151,216
Universal Health Services, Inc., Class B		4		553
West Pharmaceutical Services, Inc.		3		1,274
Zimmer Biomet Holdings, Inc.		8		1,171

				909,291

Household & Personal Products — 0.7%
Church & Dwight Co., Inc.		10		826
Clorox Co. (The)		6		994
Colgate-Palmolive Co.		310		23,430
Estee Lauder Cos., Inc. (The), Class A		15		4,499
Kimberly-Clark Corp.		17		2,251
Procter & Gamble Co. (The)		604		84,439

				116,439

Insurance — 1.5%
Aflac, Inc.		27		1,408
Allstate Corp. (The)		12		1,528

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

159

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
American International Group, Inc.		34	$	1,866
Aon PLC, Class A (Ireland)		165		47,152
Arthur J Gallagher & Co.		129		19,176
Assurant, Inc.		3		473
Brown & Brown, Inc.		448		24,842
Chubb Ltd. (Switzerland)		18		3,123
Cincinnati Financial Corp.		7		800
Everest Re Group Ltd. (Bermuda)		2		502
Globe Life, Inc.		5		445
Hartford Financial Services Group, Inc. (The)		14		983
Lincoln National Corp.		8		550
Loews Corp.		11		593
Marsh & McLennan Cos., Inc.		744		112,664
MetLife, Inc.		35		2,161
Principal Financial Group, Inc.		11		708
Progressive Corp. (The)		24		2,169
Prudential Financial, Inc.		16		1,683
Travelers Cos., Inc. (The)		13		1,976
Willis Towers Watson PLC (Ireland)		7		1,627
WR Berkley Corp.		8		585

				227,014

Materials — 3.1%
Air Products and Chemicals, Inc.		8		2,049
Albemarle Corp.		4		876
Amcor PLC (Jersey)		82		950
Avery Dennison Corp.		132		27,352
Ball Corp.		12		1,080
Celanese Corp.		5		753
CF Industries Holdings, Inc.		12		670
Corteva, Inc.		43		1,809
Dow, Inc.		994		57,215
DuPont de Nemours, Inc.		834		56,704
Eastman Chemical Co.		85		8,563
Ecolab, Inc.		15		3,129
FMC Corp.		7		641
Freeport-McMoRan, Inc.		2,333		75,893
International Flavors & Fragrances, Inc.		9		1,203
International Paper Co.		621		34,726
Linde PLC (Ireland).		21		6,161
LyondellBasell Industries NV, Class A (Netherlands)		532		49,928
Martin Marietta Materials, Inc.		3		1,025
Mosaic Co. (The)		604		21,575
Newmont Corp.		42		2,281


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Nucor Corp.		467	$	45,995
Packaging Corp. of America		5		687
PPG Industries, Inc.		111		15,874
Sealed Air Corp.		100		5,479
Sherwin-Williams Co. (The)		147		41,120
Vulcan Materials Co.		6		1,015
Westrock Co.		318		15,846

				480,599

Media & Entertainment — 10.3%
Activision Blizzard, Inc.		312		24,146
Alphabet, Inc., Class A^*		295		788,688
Charter Communications, Inc., Class A^*		75		54,567
Comcast Corp., Class A		183		10,235
Discovery, Inc., Class A^*		27		685
DISH Network Corp., Class A^*		839		36,463
Electronic Arts, Inc.		114		16,217
Facebook, Inc., Class A^*		1,362		462,249
Fox Corp., Class A		236		9,466
Interpublic Group of Cos., Inc. (The)		626		22,955
Live Nation Entertainment, Inc.^*		8		729
Match Group, Inc.^*		10		1,570
Netflix, Inc.^*		175		106,810
News Corp., Class A		24		565
Omnicom Group, Inc.		343		24,854
Take-Two Interactive Software, Inc.^*		47		7,241
Twitter, Inc.^*		316		19,083
ViacomCBS, Inc., Class B		36		1,422
Walt Disney Co. (The)^*		70		11,842

				1,599,787

Pharmaceuticals, Biotechnology & Life Sciences — 7.5%
AbbVie, Inc.		2,461		265,468
Agilent Technologies, Inc.		13		2,048
Amgen, Inc.		31		6,592
Biogen, Inc.^*		8		2,264
Bio-Rad Laboratories, Inc., Class A^*		2		1,492
Bio-Techne Corp.		1		485
Bristol-Myers Squibb Co.		89		5,266
Catalent, Inc.^*		7		932
Charles River Laboratories International, Inc.^*		2		825
Eli Lilly and Co.		39		9,011
Gilead Sciences, Inc.		1,993		139,211
Illumina, Inc.^*		59		23,931
Incyte Corp.^*		87		5,984

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

160

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
IQVIA Holdings, Inc.^*		8	$	1,916
Johnson & Johnson		1,634		263,891
Merck & Co., Inc.		1,537		115,444
Mettler-Toledo International, Inc.^*		1		1,377
Moderna, Inc.^*		16		6,158
Organon & Co.		403		13,214
PerkinElmer, Inc.		8		1,386
Pfizer, Inc.		5,905		253,974
Regeneron Pharmaceuticals, Inc.^*		47		28,444
Thermo Fisher Scientific, Inc.		15		8,570
Vertex Pharmaceuticals, Inc.^*		15		2,721
Viatris, Inc.		48		650
Waters Corp.^*		3		1,072
Zoetis, Inc.		19		3,689

				1,166,015

Real Estate — 1.1%
Alexandria Real Estate Equities, Inc., REIT		6		1,146
American Tower Corp., REIT		180		47,774
AvalonBay Communities, Inc., REIT		6		1,330
Boston Properties, Inc., REIT		7		758
CBRE Group, Inc., Class A^*		20		1,947
Crown Castle International Corp., REIT		171		29,638
Digital Realty Trust, Inc., REIT		12		1,733
Duke Realty Corp., REIT		16		766
Equinix, Inc., REIT		3		2,370
Equity Residential, REIT		15		1,214
Essex Property Trust, Inc., REIT		3		959
Extra Space Storage, Inc., REIT		6		1,008
Federal Realty Investment Trust, REIT		4		472
Healthpeak Properties, Inc., REIT		22		737
Host Hotels & Resorts, Inc., REIT^*		29		474
Iron Mountain, Inc., REIT		12		521
Kimco Realty Corp., REIT		18		373
Mid-America Apartment Communities, Inc., REIT		5		934
Prologis, Inc., REIT		30		3,763
Public Storage, REIT		9		2,674
Realty Income Corp., REIT		16		1,038
Regency Centers Corp., REIT		7		471
SBA Communications Corp., REIT		43		14,215
Simon Property Group, Inc., REIT		14		1,820
UDR, Inc., REIT		12		636


	Number of Shares		Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Ventas, Inc., REIT		15	$	828
Vornado Realty Trust, REIT		8		336
Welltower, Inc., REIT		17		1,401
Weyerhaeuser Co., REIT		1,192		42,399

				163,735

Retailing — 10.6%
Advance Auto Parts, Inc.		101		21,098
Amazon.com, Inc.^*		242		794,980
AutoZone, Inc.^*		34		57,732
Bath & Body Works, Inc.		437		27,544
Best Buy Co., Inc.		15		1,586
CarMax, Inc.^*		7		896
Dollar General Corp.		13		2,758
Dollar Tree, Inc.^*		13		1,244
eBay, Inc.		37		2,578
Etsy, Inc.^*		5		1,040
Gap, Inc. (The)		598		13,574
Genuine Parts Co.		228		27,640
Home Depot, Inc. (The)		823		270,158
LKQ Corp.^*		471		23,701
Lowe’s Cos., Inc.		748		151,739
O’Reilly Automotive, Inc.^*		77		47,051
Pool Corp.		2		869
Ross Stores, Inc.		15		1,633
Target Corp.		779		178,212
TJX Cos., Inc. (The)		48		3,167
Tractor Supply Co.		63		12,764
Ulta Beauty, Inc.^*		4		1,444

				1,643,408

Semiconductors & Semiconductor Equipment — 3.4%
Advanced Micro Devices, Inc.^*		48		4,939
Analog Devices, Inc.		21		3,517
Applied Materials, Inc.		1,435		184,728
Broadcom, Inc.		16		7,759
Enphase Energy, Inc.^*		5		750
Intel Corp.		3,794		202,144
KLA Corp.		61		20,405
Lam Research Corp.		57		32,442
Microchip Technology, Inc.		11		1,688
Micron Technology, Inc.		445		31,586
Monolithic Power Systems, Inc.		1		485
NVIDIA Corp.		99		20,509
NXP Semiconductors NV (Netherlands)		15		2,938
Qorvo, Inc.^*		5		836

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

161

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
QUALCOMM, Inc.		64	$	8,255
Skyworks Solutions, Inc.		7		1,153
Teradyne, Inc.		7		764
Texas Instruments, Inc.		38		7,304
Xilinx, Inc.		9		1,359

				533,561

Software & Services — 15.0%
Accenture PLC, Class A (Ireland)		77		24,634
Adobe, Inc.^*		188		108,235
Akamai Technologies, Inc.^*		6		628
ANSYS, Inc.^*		34		11,575
Autodesk, Inc.^*		87		24,810
Automatic Data Processing, Inc.		496		99,160
Broadridge Financial Solutions, Inc.		6		1,000
Cadence Design Systems, Inc.^*		109		16,507
Ceridian HCM Holding, Inc.^*		5		563
Citrix Systems, Inc.		5		537
Cognizant Technology Solutions Corp., Class A		208		15,436
DXC Technology Co.^*		405		13,612
Fidelity National Information Services, Inc.		24		2,920
Fiserv, Inc.^*		27		2,930
FleetCor Technologies, Inc.^*		4		1,045
Fortinet, Inc.^*		7		2,044
Gartner, Inc.^*		65		19,752
Global Payments, Inc.		11		1,733
International Business Machines Corp.		894		124,203
Intuit, Inc.		10		5,395
Jack Henry & Associates, Inc.		3		492
Mastercard, Inc., Class A		395		137,334
Microsoft Corp.		3,604		1,016,040
NortonLifeLock, Inc.		24		607
Oracle Corp.		2,169		188,985
Paychex, Inc.		21		2,361
Paycom Software, Inc.^*		2		992
PayPal Holdings, Inc.^*		517		134,529
PTC, Inc.^*		4		479
salesforce.com, Inc.^*		388		105,233
ServiceNow, Inc.^*		78		48,537
Synopsys, Inc.^*		60		17,965
Tyler Technologies, Inc.^*		1		459
VeriSign, Inc.^*		5		1,025


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Visa, Inc., Class A		854	$	190,229
Western Union Co. (The)		647		13,082

				2,335,068

Technology Hardware & Equipment — 9.2%
Amphenol Corp., Class A		26		1,904
Apple, Inc.		6,611		935,456
Arista Networks, Inc.^*		4		1,375
CDW Corp.		7		1,274
Cisco Systems, Inc.		5,726		311,666
Corning, Inc.		1,332		48,605
F5 Networks, Inc.^*		3		596
Hewlett Packard Enterprise Co.		52		741
HP, Inc.		1,917		52,449
IPG Photonics Corp.^*		2		317
Juniper Networks, Inc.		485		13,347
Keysight Technologies, Inc.^*		8		1,314
Motorola Solutions, Inc.		7		1,626
NetApp, Inc.		356		31,955
Seagate Technology Holdings PLC (Ireland)		362		29,872
TE Connectivity Ltd. (Switzerland)		14		1,921
Teledyne Technologies, Inc.^*		2		859
Trimble, Inc.^*		10		823
Western Digital Corp.^*		13		734
Zebra Technologies Corp., Class A^*.		3		1,546

				1,438,380

Telecommunication Services — 2.6%
AT&T, Inc.		7,511		202,872
Lumen Technologies, Inc.		44		545
T-Mobile US, Inc.^*		50		6,388
Verizon Communications, Inc.		3,653		197,299

				407,104

Transportation — 2.2%
Alaska Air Group, Inc.^*		4		235
American Airlines Group, Inc.^*		25		513
CH Robinson Worldwide, Inc.		6		522
CSX Corp.		3,405		101,265
Delta Air Lines, Inc.^*		25		1,065
Expeditors International of Washington, Inc.		26		3,097
FedEx Corp.		15		3,289
JB Hunt Transport Services, Inc.		5		836
Kansas City Southern		4		1,083
Norfolk Southern Corp.		45		10,766
Old Dominion Freight Line, Inc.		5		1,430

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

162

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Concluded)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Southwest Airlines Co.^*		23	$	1,183
Union Pacific Corp.		333		65,271
United Airlines Holdings, Inc.^*		12		571
United Parcel Service, Inc., Class B		809		147,319

				338,445

Utilities — 0.5%
AES Corp. (The)		37		845
Alliant Energy Corp.		10		560
Ameren Corp.		10		810
American Electric Power Co., Inc.		19		1,542
American Water Works Co., Inc.		7		1,183
Atmos Energy Corp.		5		441
CenterPoint Energy, Inc.		23		566
CMS Energy Corp.		11		657
Consolidated Edison, Inc.		14		1,016
Dominion Energy, Inc.		49		3,578
DTE Energy Co.		7		782
Duke Energy Corp.		30		2,928
Edison International		15		832
Entergy Corp.		7		695
Evergy, Inc.		10		622
Eversource Energy		13		1,063
Exelon Corp.		39		1,885
FirstEnergy Corp.		22		784


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
NextEra Energy, Inc.		77	$	6,046
NiSource, Inc.		16		388
NRG Energy, Inc.		389		15,883
Pinnacle West Capital Corp.		4		289
PPL Corp.		1,223		34,097
Public Service Enterprise Group, Inc.		29		1,766
Sempra Energy		12		1,518
Southern Co. (The)		42		2,603
WEC Energy Group, Inc.		12		1,058
Xcel Energy, Inc.		21		1,313

				85,750

TOTAL COMMON STOCKS (Cost $13,001,855)				15,476,929

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%				92,000

NET ASSETS - 100.0%			$	15,568,929

*	Non-income producing.

PLC – Public Limited Company

REIT – Real Estate Investment Trust

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

163

GOTHAM HEDGED CORE FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
LONG POSITIONS — 139.1%
COMMON STOCKS — 139.1%
Automobiles & Components — 0.0%
General Motors Co.^*		62	$	3,268

Capital Goods — 7.3%
3M Co.^†		682		119,637
A.O. Smith Corp.		603		36,825
General Dynamics Corp.		30		5,881
Huntington Ingalls Industries, Inc.		38		7,336
Johnson Controls International PLC (Ireland)^†		1,100		74,888
Lockheed Martin Corp.^†		384		132,518
Northrop Grumman Corp.^†		267		96,160
Otis Worldwide Corp.		139		11,437
Pentair PLC (Ireland)^†		18		1,307
Quanta Services, Inc.^†		139		15,821
Roper Technologies, Inc.^†		17		7,584
Snap-on, Inc.^†		322		67,282
WW Grainger, Inc.		58		22,798

				599,474

Commercial & Professional Services — 0.2%
Nielsen Holdings PLC (United Kingdom)		555		10,650
Robert Half International, Inc.^†		81		8,127

				18,777

Consumer Durables & Apparel — 3.0%
Garmin Ltd. (Switzerland)		322		50,058
Hanesbrands, Inc.		1,429		24,522
Hasbro, Inc.		150		13,383
Mohawk Industries, Inc.^*		11		1,951
NIKE, Inc., Class B		327		47,490
Whirlpool Corp.		546		111,308

				248,712

Consumer Services — 2.8%
Booking Holdings, Inc.^*		1		2,374
Domino’s Pizza, Inc.		9		4,293
Hilton Worldwide Holdings, Inc.^*		169		22,326
Marriott International, Inc., Class A^*		163		24,139
McDonald’s Corp.^†		291		70,163
Penn National Gaming, Inc.^*		615		44,563
Yum! Brands, Inc.^†		518		63,356

				231,214

Diversified Financials — 5.0%
Berkshire Hathaway, Inc., Class B^†^*		471		128,555
BlackRock, Inc.^†		100		83,866
Moody’s Corp.		65		23,082


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Nasdaq, Inc.^†		349	$	67,364
T Rowe Price Group, Inc.^†		524		103,071

				405,938

Energy — 1.1%
Baker Hughes Co.		614		15,184
Coterra Energy, Inc.		1,021		22,217
EOG Resources, Inc.		317		25,446
Hess Corp.		47		3,671
Marathon Petroleum Corp.		345		21,324
Schlumberger NV		1		30

				87,872

Food & Staples Retailing — 4.2%
Kroger Co. (The)^†		3,202		129,457
Sysco Corp.^†		96		7,536
Walgreens Boots Alliance, Inc.		17		800
Walmart, Inc.^†		1,459		203,355

				341,148

Food, Beverage & Tobacco — 20.6%
Altria Group, Inc.^†		2,825		128,594
Archer-Daniels-Midland Co.^†		1,383		82,994
Campbell Soup Co.^†		2,644		110,546
Coca-Cola Co. (The)		1,655		86,838
Conagra Brands, Inc.^†		3,325		112,618
Constellation Brands, Inc., Class A^†		111		23,387
General Mills, Inc.^†		2,695		161,215
Hershey Co. (The)		844		142,847
JM Smucker Co. (The)^†		386		46,332
Kellogg Co.^†		2,515		160,759
Kraft Heinz Co. (The)^†		4,842		178,282
Molson Coors Beverage Co., Class B^†		183		8,487
Mondelez International, Inc.,
Class A^†		2,387		138,876
PepsiCo, Inc.		464		69,790
Philip Morris International, Inc.^†		1,641		155,550
Tyson Foods, Inc., Class A^†		1,024		80,834

				1,687,949

Health Care Equipment & Services — 14.2%
Abbott Laboratories^†		280		33,076
Anthem, Inc.		111		41,381
Cerner Corp.		288		20,310
Cigna Corp.		266		53,243
CVS Health Corp.^†		1,240		105,226
Danaher Corp.^†		112		34,097
DaVita, Inc.^*		165		19,183

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

164

GOTHAM HEDGED CORE FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
HCA Healthcare, Inc.		181	$	43,932
Hologic, Inc.^†*		2,714		200,320
Laboratory Corp. of America Holdings^†*		829		233,314
McKesson Corp.		212		42,269
Quest Diagnostics, Inc.^†		1,667		242,232
UnitedHealth Group, Inc.		246		96,122

				1,164,705

Household & Personal Products — 4.9%
Colgate-Palmolive Co.^†		2,269		171,491
Kimberly-Clark Corp.^†		1,000		132,440
Procter & Gamble Co. (The)^†		683		95,483

				399,414

Insurance — 3.2%
Aon PLC, Class A (Ireland)^†		237		67,727
Arthur J Gallagher & Co.		585		86,960
Brown & Brown, Inc.		595		32,993
Marsh & McLennan Cos., Inc.^†		495		74,958

				262,638

Materials — 1.8%
Avery Dennison Corp.		145		30,045
CF Industries Holdings, Inc.^†		8		447
DuPont de Nemours, Inc.		662		45,009
Eastman Chemical Co.^†		259		26,092
International Paper Co.		473		26,450
Sherwin-Williams Co. (The)		66		18,462

				146,505

Media & Entertainment — 9.4%
Activision Blizzard, Inc.^†		1,041		80,563
Alphabet, Inc., Class A^†*		105		280,720
Charter Communications, Inc., Class A^†*		66		48,019
Electronic Arts, Inc.^†		45		6,401
Facebook, Inc., Class A^†*		448		152,047
Fox Corp., Class A^†		225		9,025
Interpublic Group of Cos., Inc. (The).		136		4,987
Netflix, Inc.^*		215		131,223
Take-Two Interactive Software, Inc.^†*		19		2,927
ViacomCBS, Inc., Class B		1,435		56,697

				772,609

Pharmaceuticals, Biotechnology & Life Sciences — 12.3%
AbbVie, Inc.		420		45,305
Biogen, Inc.^†*		327		92,538


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences —(Continued)
Gilead Sciences, Inc.^†		954	$	66,637
Illumina, Inc.^†*		23		9,329
Johnson & Johnson		935		151,002
Merck & Co., Inc.		2,296		172,453
Organon & Co.		2,435		79,844
PerkinElmer, Inc.^†		1,148		198,937
Pfizer, Inc.^†		4,231		181,975
Vertex Pharmaceuticals, Inc.^*		28		5,079

				1,003,099

Real Estate — 5.5%
Alexandria Real Estate Equities, Inc., REIT		580		110,821
Duke Realty Corp., REIT		1,353		64,768
Extra Space Storage, Inc., REIT		445		74,756
Iron Mountain, Inc., REIT		32		1,390
Mid-America Apartment Communities, Inc., REIT		172		32,121
Public Storage, REIT		329		97,746
Weyerhaeuser Co., REIT		1,883		66,978

				448,580

Retailing — 8.5%
Amazon.com, Inc.^†*		79		259,518
AutoZone, Inc.^†*		13		22,074
Bath & Body Works, Inc.		897		56,538
Best Buy Co., Inc.^†		52		5,497
eBay, Inc.^†		1,294		90,153
Gap, Inc. (The)		291		6,606
Genuine Parts Co.^†		230		27,883
Home Depot, Inc. (The)^†		187		61,385
LKQ Corp.^†*		277		13,939
Lowe’s Cos., Inc.^†		203		41,180
O’Reilly Automotive, Inc.^†*		60		36,663
Ross Stores, Inc.		168		18,287
Target Corp.^†		227		51,931

				691,654

Semiconductors & Semiconductor Equipment — 1.6%
Applied Materials, Inc.		336		43,253
Intel Corp.		1,570		83,650

				126,903

Software & Services — 12.7%
Accenture PLC, Class A (Ireland)		97		31,032
Automatic Data Processing, Inc.		555		110,956
Broadridge Financial Solutions, Inc.		1		167

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

165

GOTHAM HEDGED CORE FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
International Business Machines Corp.		346	$	48,070
Mastercard, Inc., Class A^†		155		53,890
Microsoft Corp.^†		1,186		334,357
NortonLifeLock, Inc.^†		5,579		141,149
Oracle Corp.^†		1,288		112,223
Paychex, Inc.		174		19,566
PayPal Holdings, Inc.^†*		185		48,139
Visa, Inc., Class A^†		336		74,844
Western Union Co. (The)		3,133		63,349

				1,037,742

Technology Hardware & Equipment — 10.8%
Apple, Inc.^†		2,584		365,636
Cisco Systems, Inc.^†		2,567		139,722
Corning, Inc.		1,571		57,326
F5 Networks, Inc.^†*		12		2,385
HP, Inc.		3,531		96,608
Juniper Networks, Inc.^†		765		21,053
Keysight Technologies, Inc.^*		148		24,315
NetApp, Inc.		606		54,395
Seagate Technology Holdings PLC (Ireland)		1,491		123,037

				884,477

Telecommunication Services — 3.6%
AT&T, Inc.		4,651		125,624
Verizon Communications, Inc.^†		3,142		169,699

				295,323

Transportation — 3.0%
CSX Corp.		764		22,721
Expeditors International of Washington, Inc.^†		644		76,720
Southwest Airlines Co.^*		273		14,040
Union Pacific Corp.		68		13,329
United Parcel Service, Inc., Class B		640		116,544

				243,354

Utilities — 3.4%
Dominion Energy, Inc.^†		1,294		94,488
NRG Energy, Inc.		1,691		69,043


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
PPL Corp.		2,984		$	83,194
Public Service Enterprise Group, Inc.		482			29,354

					276,079

TOTAL COMMON STOCKS (Cost $10,313,103)					11,377,434

TOTAL LONG POSITIONS - 139.1% (Cost $10,313,103)					11,377,434


SHORT POSITIONS — (40.2)%
COMMON STOCKS — (40.2)%
Automobiles & Components — (0.7)%
Aptiv PLC (Jersey)^*		(156	)		(23,239	)
BorgWarner, Inc.		(464	)		(20,050	)
Tesla, Inc.^*		(21	)		(16,285	)

					(59,574	)

Banks — (1.9)%
Citizens Financial Group, Inc		(424	)		(19,920	)
Comerica, Inc.		(211	)		(16,986	)
Huntington Bancshares, Inc.		(1,627	)		(25,153	)
KeyCorp.		(547	)		(11,826	)
M&T Bank Corp.		(202	)		(30,167	)
People’s United Financial, Inc.		(737	)		(12,875	)
Regions Financial Corp.		(189	)		(4,028	)
Truist Financial Corp.		(394	)		(23,108	)
Zions Bancorp NA		(207	)		(12,811	)

					(156,874	)

Capital Goods — (1.9)%
Boeing Co. (The)^*		(239	)		(52,566	)
Fastenal Co.		(99	)		(5,109	)
Generac Holdings, Inc.^*		(49	)		(20,025	)
IDEX Corp.		(5	)		(1,035	)
PACCAR, Inc.		(41	)		(3,236	)
Raytheon Technologies Corp.		(209	)		(17,965	)
TransDigm Group, Inc.^*		(51	)		(31,853	)
United Rentals, Inc.^*		(68	)		(23,863	)
Xylem, Inc.		(3	)		(371	)

					(156,023	)

Commercial & Professional Services — (1.0)%
Cintas Corp.		(76	)		(28,930	)
Copart, Inc.^*		(74	)		(10,265	)
IHS Markit Ltd. (Bermuda)		(1	)		(117	)

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

166

GOTHAM HEDGED CORE FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Rollins, Inc.		(913	)	$	(32,256	)
Verisk Analytics, Inc.		(54	)		(10,815	)

					(82,383	)

Consumer Durables & Apparel — (0.7)%
DR Horton, Inc.		(136	)		(11,420	)
Leggett & Platt, Inc.		(404	)		(18,115	)
NVR, Inc.^*		(1	)		(4,794	)
PulteGroup, Inc.		(316	)		(14,511	)
PVH Corp.^*		(67	)		(6,887	)
VF Corp.		(50	)		(3,350	)

					(59,077	)

Consumer Services — (0.9)%
Caesars Entertainment, Inc.^*		(26	)		(2,919	)
Chipotle Mexican Grill, Inc.^*		(14	)		(25,445	)
Darden Restaurants, Inc.		(142	)		(21,509	)
MGM Resorts International		(253	)		(10,917	)
Wynn Resorts Ltd.^*		(143	)		(12,119	)

					(72,909	)

Diversified Financials — (1.0)%
MarketAxess Holdings, Inc.		(64	)		(26,924	)
MSCI, Inc.		(11	)		(6,692	)
Northern Trust Corp.		(67	)		(7,223	)
State Street Corp.		(403	)		(34,142	)
Synchrony Financial		(199	)		(9,727	)

					(84,708	)

Energy — (0.0)%
Phillips 66		(18	)		(1,261	)

Food, Beverage & Tobacco — (0.6)%
Brown-Forman Corp., Class B		(161	)		(10,789	)
Hormel Foods Corp.		(401	)		(16,441	)
Lamb Weston Holdings, Inc.		(167	)		(10,249	)
McCormick & Co., Inc., non-voting shares		(146	)		(11,830	)

					(49,309	)

Health Care Equipment & Services — (2.9)%
ABIOMED, Inc.^*		(108	)		(35,156	)
Align Technology, Inc.^*		(32	)		(21,294	)
DENTSPLY SIRONA, Inc.		(134	)		(7,779	)
Dexcom, Inc.^*		(88	)		(48,124	)
Edwards Lifesciences Corp.^*		(46	)		(5,208	)
Henry Schein, Inc.^*		(66	)		(5,026	)
IDEXX Laboratories, Inc.^*		(43	)		(26,742	)
Intuitive Surgical, Inc.^*		(17	)		(16,900	)
ResMed, Inc.		(2	)		(527	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
STERIS PLC (Ireland)		(112	)	$	(22,879	)
Teleflex, Inc.		(74	)		(27,865	)
West Pharmaceutical Services, Inc.		(14	)		(5,943	)
Zimmer Biomet Holdings, Inc.		(97	)		(14,197	)

					(237,640	)

Household & Personal Products — (0.0)%
Church & Dwight Co., Inc.		(1	)		(83	)

Insurance — (0.3)%
Lincoln National Corp.		(245	)		(16,844	)
Principal Financial Group, Inc.		(100	)		(6,440	)

					(23,284	)

Materials — (3.8)%
Air Products & Chemicals, Inc.		(131	)		(33,551	)
Albemarle Corp.		(254	)		(55,618	)
Ball Corp.		(435	)		(39,137	)
Corteva, Inc.		(509	)		(21,419	)
Ecolab, Inc.		(155	)		(32,336	)
FMC Corp.		(200	)		(18,312	)
International Flavors & Fragrances, Inc.		(210	)		(28,081	)
Martin Marietta Materials, Inc.		(140	)		(47,835	)
PPG Industries, Inc.		(50	)		(7,151	)
Vulcan Materials Co.		(188	)		(31,802	)

					(315,242	)

Media & Entertainment — (0.7)%
Live Nation Entertainment, Inc.^*		(78	)		(7,108	)
Match Group, Inc.^*		(302	)		(47,411	)

					(54,519	)

Pharmaceuticals, Biotechnology & Life Sciences — (1.9)%
Amgen, Inc.		(70	)		(14,886	)
Bio-Rad Laboratories, Inc., Class A^*		(14	)		(10,443	)
Bio-Techne Corp.		(24	)		(11,630	)
Catalent, Inc.^*		(307	)		(40,852	)
IQVIA Holdings, Inc.^*		(6	)		(1,437	)
Moderna, Inc.^*		(107	)		(41,180	)
Viatris, Inc.		(2,167	)		(29,363	)
Zoetis, Inc.		(15	)		(2,912	)

					(152,703	)

Real Estate — (1.5)%
Boston Properties, Inc., REIT		(84	)		(9,101	)
Equinix, Inc., REIT		(53	)		(41,877	)
Host Hotels & Resorts, Inc., REIT^*		(818	)		(13,358	)
Ventas, Inc., REIT		(528	)		(29,151	)

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

167

GOTHAM HEDGED CORE FUND

Portfolio of Investments (Concluded)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Vornado Realty Trust, REIT		(207	)	$	(8,696	)
Welltower, Inc., REIT		(235	)		(19,364	)

					(121,547	)

Retailing — (1.9)%
CarMax, Inc.^*		(259	)		(33,142	)
Dollar General Corp.		(43	)		(9,122	)
Dollar Tree, Inc.^*		(44	)		(4,212	)
Etsy, Inc.^*		(209	)		(43,464	)
Pool Corp.		(43	)		(18,679	)
Tractor Supply Co.		(155	)		(31,404	)
Ulta Beauty, Inc.^*		(35	)		(12,632	)

					(152,655	)

Semiconductors & Semiconductor Equipment — (3.5)%
Advanced Micro Devices, Inc.^*		(280	)		(28,812	)
Broadcom, Inc.		(41	)		(19,882	)
Enphase Energy, Inc.^*		(285	)		(42,742	)
Microchip Technology, Inc.		(267	)		(40,982	)
Monolithic Power Systems, Inc.		(83	)		(40,228	)
NVIDIA Corp.		(149	)		(30,867	)
NXP Semiconductors NV (Netherlands)		(3	)		(588	)
Skyworks Solutions, Inc.		(35	)		(5,767	)
Teradyne, Inc.		(313	)		(34,170	)
Xilinx, Inc.		(281	)		(42,428	)

					(286,466	)

Software & Services — (4.2)%
Akamai Technologies, Inc.^*		(364	)		(38,071	)
Ceridian HCM Holding, Inc.^*		(355	)		(39,980	)
Citrix Systems, Inc.		(404	)		(43,378	)
Fidelity National Information Services, Inc.		(211	)		(25,674	)
FleetCor Technologies, Inc.^*		(33	)		(8,622	)
Fortinet, Inc.^*		(11	)		(3,212	)
Global Payments, Inc.		(196	)		(30,886	)
Jack Henry & Associates, Inc.		(173	)		(28,382	)
Paycom Software, Inc.^*		(95	)		(47,096	)
PTC, Inc.^*		(271	)		(32,463	)
Tyler Technologies, Inc.^*		(58	)		(26,602	)
VeriSign, Inc.^*		(76	)		(15,581	)

					(339,947	)

Technology Hardware & Equipment — (0.8)%
IPG Photonics Corp.^*		(127	)		(20,117	)
Teledyne Technologies, Inc.^*		(93	)		(39,951	)
Trimble, Inc.^*		(94	)		(7,731	)

					(67,799	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (0.4)%
CH Robinson Worldwide, Inc.		(371	)	$	(32,277	)

Utilities — (9.6)%
AES Corp. (The)		(1,681	)		(38,377	)
Alliant Energy Corp.		(501	)		(28,046	)
Ameren Corp.		(385	)		(31,185	)
American Electric Power Co., Inc.		(395	)		(32,066	)
American Water Works Co., Inc.		(189	)		(31,949	)
Atmos Energy Corp.		(394	)		(34,751	)
CenterPoint Energy, Inc.		(1,940	)		(47,724	)
CMS Energy Corp.		(463	)		(27,655	)
Consolidated Edison, Inc.		(336	)		(24,390	)
DTE Energy Co.		(101	)		(11,283	)
Duke Energy Corp.		(157	)		(15,322	)
Edison International		(809	)		(44,875	)
Entergy Corp.		(355	)		(35,255	)
Evergy, Inc.		(401	)		(24,942	)
Eversource Energy		(594	)		(48,565	)
FirstEnergy Corp.		(845	)		(30,099	)
NextEra Energy, Inc.		(761	)		(59,754	)
NiSource, Inc.		(2,198	)		(53,258	)
Pinnacle West Capital Corp.		(684	)		(49,494	)
Sempra Energy		(350	)		(44,275	)
Southern Co. (The)		(177	)		(10,969	)
WEC Energy Group, Inc.		(326	)		(28,753	)
Xcel Energy, Inc.		(487	)		(30,437	)

					(783,424	)

TOTAL COMMON STOCKS (Proceeds $3,387,673)					(3,289,704	)

TOTAL SHORT POSITIONS - (40.2)% (Proceeds $3,387,673)					(3,289,704	)

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%					88,960

NET ASSETS - 100.0%				$	8,176,690

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC – Public Limited Company

REIT – Real Estate Investment Trust

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

168

GOTHAM FUNDS

Statements of Assets and Liabilities

September 30, 2021


	Gotham Absolute Return Fund			Gotham Enhanced Return Fund			Gotham Neutral Fund
Assets
Non-affiliated investments, at value^1,2		$	472,949,590		$	216,946,171		$	37,816,189
Swaps, at value^(a)			32,142,833			35,319,045			3,056,022
Cash and cash equivalents			409,881			350,706			—
Due from broker			1,029,798			6,729,646			—
Receivables:
Investments sold			9,779,874			4,470,445			2,031,582
Capital shares sold			885,812			605,002			—
Dividends and interest			311,341			140,696			25,133
Prepaid expenses and other assets			6,398			1,060			2,790

Total Assets			517,515,527			264,562,771			42,931,716

Liabilities
Due to broker			—			—			393,091
Obligation to return cash collateral on swap contracts (Note 1)			3,250,000			31,230,000			550,000
Payables:
Investments purchased			13,676,754			5,461,142			1,633,518
Investment adviser			526,193			250,100			42,316
Capital shares redeemed			318,344			180,140			3,706
Administration and accounting fees			45,255			29,557			15,771
Accrued expenses			170,130			93,241			125,124

Total Liabilities			17,986,676			37,244,180			2,763,526


Net Assets		$	499,528,851		$	227,318,591		$	40,168,190

Net Assets Consisted of:
Capital stock, $0.01 par value		$	298,604		$	176,000		$	43,115
Paid-in capital			479,534,441			126,226,198			110,793,804
Total distributable earnings/(loss)			19,695,806			100,916,393			(70,668,729	)


Net Assets		$	499,528,851		$	227,318,591		$	40,168,190

Institutional Class Shares:
Net assets		$	499,528,851		$	227,318,591		$	40,168,190

Shares outstanding			29,860,396			17,600,009			4,311,475

Net asset value, offering and redemption price per share		$	16.73		$	12.92		$	9.32

¹Non-affiliated investments, at cost		$	415,695,765		$	188,437,774		$	34,738,367
²Includes market value of securities designated as collateral for swaps		$	128,843,439		$	69,686,771		$	22,918,249

^(a)	Primary risk exposure is equity contracts.

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

169

GOTHAM FUNDS

Statements of Assets and Liabilities (Continued)

September 30, 2021


	Gotham Index Plus Fund			Gotham Large Value Fund
Assets
Non-affiliated investments, at value^1,2		$	377,599,088		$	64,967,844
Affiliated investments, at value³			56,600,440			—
Swaps, at value^(a)			87,163,236			—
Cash and cash equivalents			—			351,496
Due from broker			23,430,698			—
Receivables:
Investments sold			6,991,311			1,616,782
Capital shares sold			367,450			500
Dividends and interest			347,571			85,820
Prepaid expenses and other assets			24,647			306

Total Assets			552,524,441			67,022,748


Liabilities
Due to broker			49,603			—
Obligation to return cash collateral on swap contracts (Note 1)			85,550,000			—
Payables:
Investments purchased			8,000,192			1,599,714
Capital shares redeemed			951,700			15,654
Investment adviser			378,675			10,713
Administration and accounting fees			34,467			4,560
12b-1 distribution fees (Investor Class Shares)			2,696			—
Accrued expenses			130,407			40,845

Total Liabilities			95,097,740			1,671,486

Net Assets		$	457,426,701		$	65,351,262


Net Assets Consisted of:
Capital stock, $0.01 par value		$	225,397		$	39,111
Paid-in capital			302,848,012			47,267,524
Total distributable earnings			154,353,292			18,044,627

Net Assets		$	457,426,701		$	65,351,262


Institutional Class Shares:
Net assets		$	444,755,729		$	65,351,262

Shares outstanding			21,913,443			3,911,139

Net asset value, offering and redemption price per share		$	20.30		$	16.71


Investor Class Shares:
Net assets		$	12,670,972			N/A

Shares outstanding			626,228			N/A

Net asset value, offering and redemption price per share		$	20.23			N/A

¹Non-affiliated investments, at cost		$	317,435,357		$	55,008,159
²Includes market value of securities designated as collateral for swaps		$	182,948,934		$	—
³Affiliated investments, at cost		$	56,506,063		$	—

^(a)	Primary risk exposure is equity contracts.

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

170

GOTHAM FUNDS

Statements of Assets and Liabilities (Concluded)

September 30, 2021


	Gotham Enhanced S&P 500 Index Fund			Gotham Hedged Core Fund
Assets
Non-affiliated investments, at value¹		$	15,476,929		$	11,377,434
Cash and cash equivalents			87,427			27,188
Deposits with brokers for securities sold short			—			72,007
Receivables:
Investments sold			149,794			206,076
Capital shares sold			10,634			—
Dividends and interest			11,757			14,423

Total Assets			15,736,541			11,697,128

Liabilities
Securities sold short, at value²			—			3,289,704
Payables:
Investments purchased			160,719			206,071
Investment adviser			4,532			19,587
Capital shares redeemed			384			—
Dividends and fees on securities sold short			—			4,026
Accrued expenses			1,977			1,050

Total Liabilities			167,612			3,520,438

Net Assets		$	15,568,929		$	8,176,690

Net Assets Consisted of:
Capital stock, $0.01 par value		$	9,690		$	6,349
Paid-in capital			12,406,437			6,114,053
Total distributable earnings			3,152,802			2,056,288

Net Assets		$	15,568,929		$	8,176,690

Institutional Class Shares:
Net assets		$	15,568,929		$	8,176,690

Shares outstanding			968,956			634,861

Net asset value, offering and redemption price per share		$	16.07		$	12.88

¹Non-affiliated investments, at cost		$	13,001,855		$	10,313,103
²Proceeds received, securities sold short		$	—		$	3,387,673

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

171

GOTHAM FUNDS

Statements of Operations

For the Year Ended September 30, 2021


	Gotham Absolute Return Fund				Gotham Enhanced Return Fund				Gotham Neutral Fund
Investment income
Dividends from non-affiliated investments		$	5,324,777			$	2,582,744			$	419,069
Less: taxes withheld			(23,731	)			(10,380	)			(3,034	)
Interest			2,463				115				388

Total investment income			5,303,509				2,572,479				416,423


Expenses
Advisory fees (Note 2)			7,191,191				3,379,090				642,679
Transfer agent fees (Note 2)			430,001				150,611				—
Administration and accounting fees (Note 2)			213,261				165,071				89,890
Legal fees			190,106				81,463				24,904
Trustees’ and officers’ fees (Note 2)			140,146				64,707				12,644
Audit fees			84,645				52,652				42,772
Registration and filing fees			73,693				38,125				33,657
Shareholder reporting fees			68,445				34,340				22,437
Custodian fees (Note 2)			55,909				29,952				5,161
Other expenses			51,592				28,303				14,464

Total expenses before recoupments, waivers and/or reimbursements			8,498,989				4,024,314				888,608

Recoupments, waivers and/or reimbursements (Note 2)			(1,307,703	)			(645,181	)			(245,926	)

Net expenses after recoupments, waivers and/or reimbursements			7,191,286				3,379,133				642,682

Net investment loss			(1,887,777	)			(806,654	)			(226,259	)


Net realized and unrealized gain/(loss) from investments:
Net realized gain from non-affiliated investments			186,178,714				68,718,183				25,850,734
Net realized loss from swaps			(112,912,078	)^(a)			(4,629,532	)^(a)			(19,045,718	)^(a)
Net realized loss from foreign currency transactions			(525	)			(6	)			(2	)
Net change in unrealized depreciation on non-affiliated investments			(28,360,888	)			(126,604	)			(7,920,972	)
Net change in unrealized appreciation/(depreciation) on swaps			27,215,234	^(a)			(11,112,800	)^(a)			1,285,446	^(a)
Net change in unrealized appreciation on foreign currency translations			53				28				7

Net realized and unrealized gain on investments			72,120,510				52,849,269				169,495


Net increase/(decrease) in net assets resulting from operations		$	70,232,733			$	52,042,615			$	(56,764	)

^(a)	Primary risk exposure is equity contracts.

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

172

GOTHAM FUNDS

Statements of Operations (Continued)

For the Year Ended September 30, 2021


	Gotham Index Plus Fund				Gotham Large Value Fund
Investment income
Dividends from non-affiliated investments		$	7,383,567			$	1,800,079
Less: taxes withheld			(1,345	)			(519	)
Interest			104				51

Total investment income			7,382,326				1,799,611

Expenses
Advisory fees (Note 2)			4,316,443				660,697
Transfer agent fees (Note 2)			371,083				74,437
Administration and accounting fees (Note 2)			158,866				34,766
Legal fees			136,149				29,239
Trustees’ and officers’ fees (Note 2)			123,564				25,185
Custodian fees (Note 2)			70,648				5,832
Audit fees			60,924				26,539
Registration and filing fees			58,075				27,805
Shareholder reporting fees			38,717				25,887
Distribution fees (Investor Class) (Note 2)			30,714				—
Other expenses			44,126				13,350

Total expenses before recoupments, waivers and/or reimbursements			5,409,309				923,737

Recoupments, waivers and/or reimbursements (Note 2)			(402,970	)			(263,040	)

Net expenses after recoupments, waivers and/or reimbursements			5,006,339				660,697

Net investment income			2,375,987				1,138,914

Net realized and unrealized gain/(loss) from investments:
Net realized gain from non-affiliated investments			120,772,711	^(a)			18,029,679
Net realized gain from swaps			18,901,241	^(b)			—
Net change in unrealized appreciation/(depreciation) on non-affiliated investments			(3,504,701	)			4,213,869
Net change in unrealized appreciation on affiliated investments			94,377				—
Net change in unrealized depreciation on swaps			(37,986,954	)^(b)			—

Net realized and unrealized gain on investments			98,276,674				22,243,548

Net increase in net assets resulting from operations		$	100,652,661			$	23,382,462

^(a)	Includes net realized gains of $9,731,538 relating to a redemption in-kind (See Note 4). For tax purposes, no gain or losses will be recognized.

^(b)	Primary risk exposure is equity contracts.

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

173

GOTHAM FUNDS

Statements of Operations (Concluded)

For the Year Ended September 30, 2021


	Gotham Enhanced S&P				Gotham Hedged
	500 Index Fund				Core Fund
Investment income
Dividends from non-affiliated investments		$	211,191			$	264,527
Less: taxes withheld			(3	)			—
Interest			9				9
Income from securities loaned (Note 5)			—				29

Total investment income			211,197				264,565

Expenses
Advisory fees (Note 2)			64,235				67,997
Legal fees			28,146				3,654
Registration and filing fees			27,873				26,878
Support services fees			18,427				9,467
Transfer agent fees (Note 2)			2,157				887
Administration and accounting fees (Note 2)			1,629				6,957
Trustees’ and officers’ fees (Note 2)			88				814
Custodian fees (Note 2)			18				289
Dividends and fees on securities sold short (Note 1)			—				78,817
Shareholder reporting fees			—				5,499
Other expenses			906				2,571

Total expenses before recoupments, waivers and/or reimbursements			143,479				203,830

Recoupments, waivers and/or reimbursements (Note 2)			(79,244	)			(42,614	)

Net expenses after recoupments, waivers and/or reimbursements			64,235				161,216

Net investment income			146,962				103,349

Net realized and unrealized gain/(loss) from investments:
Net realized gain from non-affiliated investments			1,005,340				2,524,048
Net realized loss from securities sold short			—				(1,334,604	)
Net change in unrealized appreciation on non-affiliated investments			1,553,131				98,586
Net change in unrealized appreciation on securities sold short			—				82,725

Net realized and unrealized gain on investments			2,558,471				1,370,755

Net increase in net assets resulting from operations		$	2,705,433			$	1,474,104

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

174

GOTHAM FUNDS

Statements of Changes in Net Assets


	Gotham Absolute Return Fund								Gotham Enhanced Return Fund
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2021				For the Year Ended September 30, 2020

Net increase/(decrease) in net assets from operations:
Net investment loss		$	(1,887,777	)		$	(2,607,321	)		$	(806,654	)		$	(1,308,243	)
Net realized gain/(loss) from investments, securities sold short, swaps and foreign currency transactions			73,266,111				(15,068,216	)			64,088,645				(8,365,916	)
Net change in unrealized depreciation on investments, securities sold short, swaps and foreign currency translations			(1,145,601	)			(30,786,992	)			(11,239,376	)			(26,929,259	)

Net increase/(decrease) in net assets resulting from operations			70,232,733				(48,462,529	)			52,042,615				(36,603,418	)

Less dividends and distributions to shareholders from:
Total distributable earnings:
Institutional Class			—				—				(334,852	)			(124,087,944	)

Net decrease in net assets from dividends and distributions to shareholders			—				—				(334,852	)			(124,087,944	)

Decrease in net assets derived from capital share transactions (Note 4)			(76,693,148	)			(302,795,097	)			(61,113,855	)			(121,651,134	)

Total decrease in net assets			(6,460,415	)			(351,257,626	)			(9,406,092	)			(282,342,496	)

Net assets
Beginning of year			505,989,266				857,246,892				236,724,683				519,067,179

End of year		$	499,528,851			$	505,989,266			$	227,318,591			$	236,724,683

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

175

GOTHAM FUNDS

Statements of Changes in Net Assets (Continued)


	Gotham Neutral Fund						Gotham Index Plus Fund
	For the Year			For the Year			For the Year			For the Year
	Ended			Ended			Ended			Ended
	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	(226,259	)	$	(1,202,743	)	$	2,375,987		$	4,561,361
Net realized gain/(loss) from investments, swaps and foreign currency transactions		6,805,014			554,251			139,673,952			(82,906,650	)
Net change in unrealized appreciation/(depreciation) on investments, swaps and foreign currency translations		(6,635,519	)		(16,524,100	)		(41,397,278	)		88,741,908

Net increase/(decrease) in net assets resulting from operations		(56,764	)		(17,172,592	)		100,652,661			10,396,619

Less dividends and distributions to shareholders from:
Total distributable earnings:
Institutional Class		—			—			(4,445,820	)		(9,228,671	)
Investor Class		N/A			N/A			(98,640	)		(203,551	)

Net decrease in net assets from dividends and distributions to shareholders		—			—			(4,544,460	)		(9,432,222	)

Decrease in net assets derived from capital share transactions (Note 4)		(15,450,336	)		(108,565,570	)		(43,732,266	)		(260,792,812	)

Total increase/(decrease) in net assets		(15,507,100	)		(125,738,162	)		52,375,935			(259,828,415	)

Net assets
Beginning of year		55,675,290			181,413,452			405,050,766			664,879,181

End of year	$	40,168,190		$	55,675,290		$	457,426,701		$	405,050,766

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

176

GOTHAM FUNDS

Statements of Changes in Net Assets (Continued)


	Gotham Large Value Fund								Gotham Enhanced S&P 500 Index Fund
	For the Year				For the Year				For the Year				For the Year
	Ended				Ended				Ended				Ended
	September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income		$	1,138,914			$	1,264,674			$	146,962			$	118,395
Net realized gain/(loss) from investments			18,029,679				(5,960,490	)			1,005,340				(338,005	)
Net change in unrealized appreciation on investments			4,213,869				2,488,169				1,553,131				497,653

Net increase/(decrease) in net assets resulting from operations			23,382,462				(2,207,647	)			2,705,433				278,043

Less dividends and distributions to shareholders from:
Total distributable earnings:
Institutional Class			(1,307,860	)			(1,610,912	)			(114,476	)			(269,329	)

Net decrease in net assets from dividends and distributions to shareholders			(1,307,860	)			(1,610,912	)			(114,476	)			(269,329	)

Increase/(decrease) in net assets derived from capital share transactions (Note 4)			(26,725,897	)			14,843,066				6,631,865				(297,232	)

Total increase/(decrease) in net assets			(4,651,295	)			11,024,507				9,222,822				(288,518	)

Net assets
Beginning of year			70,002,557				58,978,050				6,346,107				6,634,625

End of year		$	65,351,262			$	70,002,557			$	15,568,929			$	6,346,107

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

177

GOTHAM FUNDS

Statements of Changes in Net Assets (Concluded)


	Gotham Hedged Core Fund
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income		$	103,349			$	51,943
Net realized gain/(loss) from investments and securities sold short			1,189,444				(221,239	)
Net change in unrealized appreciation on investments and securities sold short			181,311				764,069

Net increase in net assets resulting from operations			1,474,104				594,773

Less dividends and distributions to shareholders from:
Total distributable earnings:
Institutional Class			(83,766	)			(152,049	)

Net decrease in net assets from dividends and distributions to shareholders			(83,766	)			(152,049	)

Increase/(decrease) in net assets derived from capital share transactions (Note 4)			(2,017,190	)			5,778,631

Total increase/(decrease) in net assets			(626,852	)			6,221,355

Net assets
Beginning of year			8,803,542				2,582,187

End of year		$	8,176,690			$	8,803,542

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

178

GOTHAM FUNDS

Statement of Cash Flow

September 30, 2021


	Gotham Hedged Core Fund
Cash flows used in operating activities:
Net increase in net assets resulting from operations		$	1,474,104

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term portfolio investments			(26,907,199	)
Proceeds from disposition of long-term portfolio investments			30,325,606
Purchases to cover securities sold short			(17,477,076	)
Proceeds from securities sold short			16,019,880
Net realized (gain)/loss on investments and securities sold short			(1,189,444	)
Net change in unrealized appreciation/(depreciation) on investments and securities sold short			(181,311	)
Decrease in securities lending cash collateral			178
Increase in receivable for investments sold			(128,685	)
Increase in dividends and interest receivable			(3,927	)
Decrease in receivable from investment adviser			11,433
Decrease in prepaid expenses and other assets			320
Increase in payable for investments purchased			128,459
Increase in payable from investment adviser			19,587
Increase in payable for dividends and fees on securities sold short			913
Decrease in use of cash collateral from securities lending			(178	)
Decrease in accrued expense payable			(40,154	)

Net cash provided by operating activities			2,052,506

Cash flows from financing activities:
Proceeds from shares sold			2,911,941
Payment of shares redeemed			(5,012,897	)

Net cash used in financing activities			(2,100,956	)

Net decrease in cash and restricted cash			(48,450	)
Cash and restricted cash:
Beginning of year:		$	147,645

End of year:		$	99,195

Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities:
Cash		$	129,076

Restricted Cash		$	18,569

Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities:
Cash		$	27,188

Restricted Cash		$	72,007


Supplemental disclosure of cash flow information:
Cash received during the year for financing charges.		$	27,029

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

179

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 return in the table represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Institutional Class Shares
	For the				For the				For the				For the				For the
	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	September 30,				September 30,				September 30,				September 30,				September 30,
	2021				2020				2019				2018				2017
Per Share Operating Performance
Net asset value, beginning of year		$	14.39			$	15.01			$	14.86			$	13.94			$	12.70

Net investment loss⁽¹⁾			(0.06	)			(0.06	)			(0.00	)⁽²⁾			(0.09	)			(0.12	)
Net realized and unrealized gain/(loss) on investments			2.40				(0.56	)			0.15				1.01				1.36

Total from investment operations			2.34				(0.62	)			0.15				0.92				1.24

Redemption fees			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾

Net asset value, end of year		$	16.73			$	14.39			$	15.01			$	14.86			$	13.94

Total investment return⁽⁴⁾			16.26	%			(4.13	)%			1.01	%			6.60	%			9.76	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	499,529			$	505,989			$	857,247			$	1,069,045			$	884,205
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any (including dividend and interest expense)⁽⁵⁾			1.50	%			2.55	%			2.58	%			2.56	%			2.81	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁵⁾⁽⁶⁾			1.77	%			2.65	%			2.60	%			2.63	%			2.95	%
Ratio of net investment loss to average net assets (including dividend and interest expense)			(0.39	)%			(0.39	)%			(0.02	)%⁽⁷⁾			(0.58	)%			(0.88	)%
Portfolio turnover rate			210	%			259	%			233	%			258	%			238	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁵⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 2.05%, 2.15%, 2.15% and 2.15% for the years ended September 30, 2020, 2019, 2018 and 2017, respectively.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Net rebate income on securities sold short exceeded dividends and fees on securities sold short during the period. (See Note 1).

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

180

GOTHAM FUNDS

Gotham Enhanced Return Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance
Net asset value, beginning of year		$	10.21			$	14.51			$	15.55			$	13.68			$	11.79

Net investment loss⁽¹⁾			(0.04	)			(0.04	)			(0.08	)			(0.13	)			(0.07	)
Net realized and unrealized gain/(loss) on investments			2.77				(0.48	)			0.26				2.14				1.96

Total from investment operations			2.73				(0.52	)			0.18				2.01				1.89

Dividends and distributions to shareholders from:
Net investment income			(0.02	)			—				—				—				—
Net realized capital gains			—				(3.78	)			(1.22	)			(0.14	)			—

Total dividends and distributions to shareholders			(0.02	)			(3.78	)			(1.22	)			(0.14	)			—

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾

Net asset value, end of year		$	12.92			$	10.21			$	14.51			$	15.55			$	13.68

Total investment return⁽³⁾			26.73	%			(6.81	)%			1.79	%			14.79	%			16.03	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	227,319			$	236,725			$	519,067			$	845,833			$	897,371
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any (including dividend and interest expense)⁽⁴⁾			1.50	%			2.12	%			3.56	%			3.63	%			3.55	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁴⁾⁽⁵⁾			1.79	%			2.22	%			3.56	%			3.67	%			3.56	%
Ratio of net investment loss to average net assets (including dividend and interest expense)			(0.36	)%			(0.37	)%			(0.56	)%			(0.84	)%			(0.51	)%
Portfolio turnover rate			203	%			213	%			204	%			197	%			196	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 2.06%, 2.15%, 2.15% and 2.15% for years ended September 30, 2020, 2019, 2018 and 2017, respectively.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

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

181

GOTHAM FUNDS

Gotham Neutral Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance
Net asset value, beginning of year		$	9.19			$	10.35			$	10.25			$	10.23			$	9.91

Net investment income/(loss)⁽¹⁾			(0.05	)			(0.09	)			0.01				(0.09	)			(0.13	)
Net realized and unrealized gain/(loss) on investments			0.18				(1.07	)			0.09				0.11				0.45

Total from investment operations			0.13				(1.16	)			0.10				0.02				0.32

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾

Net asset value, end of year		$	9.32			$	9.19			$	10.35			$	10.25			$	10.23

Total investment return⁽³⁾			1.42	%			(11.21	)%			0.98	%			0.20	%			3.23	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	40,168			$	55,675			$	181,413			$	356,672			$	669,540
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any (including dividend and interest expense)⁽⁴⁾			1.50	%			2.79	%			2.34	%			2.61	%			3.10	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁴⁾⁽⁵⁾			2.07	%			2.90	%			2.33	%			2.73	%			3.14	%
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense)			(0.53	)%			(0.95	)%			0.11	%⁽⁶⁾			(0.87	)%			(1.31	)%
Portfolio turnover rate			282	%			356	%			331	%			274	%			261	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 2.09%, 2.15%, 2.15% and 2.15% for the years ended September 30, 2020, 2019, 2018 and 2017, respectively.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁶⁾	Net rebate income on securities sold short exceeded dividends and fees on securities sold short during the period. (See Note 1).

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

182

GOTHAM FUNDS

Gotham Index Plus Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance
Net asset value, beginning of year		$	16.19			$	15.18			$	15.73			$	13.00			$	10.59

Net investment income⁽¹⁾			0.10				0.14				0.13				0.10				0.06
Net realized and unrealized gain/(loss) on investments			4.19				1.09				(0.39	)			2.68				2.41

Total from investment operations			4.29				1.23				(0.26	)			2.78				2.47

Dividends and distributions to shareholders from:
Net investment income			(0.18	)			(0.22	)			(0.06	)			(0.05	)			(0.06	)
Net realized capital gains			—				—				(0.23	)			—				—

Total dividends and distributions to shareholders			(0.18	)			(0.22	)			(0.29	)			(0.05	)			(0.06	)

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾

Net asset value, end of year		$	20.30			$	16.19			$	15.18			$	15.73			$	13.00

Total investment return⁽³⁾			26.76	%			8.14	%			(1.57	)%			21.45	%			23.25	%

Ratios/Supplemental Data

Net assets, end of year (in 000s)		$	444,756			$	394,773			$	647,415			$	631,060			$	199,796
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any (including dividend and interest expense)⁽⁴⁾			1.13	%			1.17	%			2.99	%			3.39	%			3.61	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁴⁾⁽⁵⁾			1.22	%			1.25	%			3.04	%			3.39	%			3.62	%
Ratio of net investment income to average net assets (including dividend and interest expense)			0.55	%			0.89	%			0.89	%			0.69	%			0.46	%
Portfolio turnover rate			158	%⁽⁶⁾			224	%			253	%			218	%			204	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund’s Institutional Class Shares would be 1.15%, 1.15%, 1.15% and 1.15% for the years ended September 30, 2020, 2019, 2018 and 2017, respectively.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁶⁾	Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

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

183

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 return in the table represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Investor Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Period Ended September 30, 2018*
Per Share Operating Performance
Net asset value, beginning of year/period		$	16.15			$	15.13			$	15.70			$	14.48

Net investment income/(loss)⁽¹⁾			0.06				0.10				(0.06	)			0.05
Net realized and unrealized gain/(loss) on investments			4.16				1.10				(0.24	)			1.17

Total from investment operations			4.22				1.20				(0.30	)			1.22

Dividends and distributions to shareholders from:
Net investment loss			(0.14	)			(0.18	)			(0.04	)			—
Net realized capital gains			—				—				(0.23	)			—

Total dividends and distributions to shareholders			(0.14	)			(0.18	)			(0.27	)			—

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾

Net asset value, end of year/period		$	20.23			$	16.15			$	15.13			$	15.70

Total investment return⁽³⁾			26.33	%			7.94	%			(1.82	)%			8.43	%
Ratios/Supplemental Data
Net assets, end of year year/period (in 000s)		$	12,671			$	10,278			$	17,464			$	14,403
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any (including dividend and interest expense)⁽⁴⁾			1.38	%			1.42	%			4.28	%			3.64	%⁽⁵⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁴⁾⁽⁶⁾			1.47	%			1.50	%			4.34	%			3.64	%⁽⁵⁾
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense)			0.30	%			0.64	%			(0.40	)%			0.49	%⁽⁵⁾
Portfolio turnover rate			158	%⁽⁷⁾			224	%			253	%			218	%⁽⁸⁾

^*	Investor Class commenced operations on January 2, 2018. Total return is calculated based on inception date of December 29, 2017, when initial seed capital was issued at $14.48 per share.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund’s Investor Class Shares would be 1.40%, 1.40% and 1.40% for the years ended September 30, 2020, 2019 and the period ended September 30, 2018, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

⁽⁸⁾	Reflects portfolio turnover of the Fund for the year ended September 30, 2018.

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

184

GOTHAM FUNDS

Gotham Large Value Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance

Net asset value, beginning of year		$	12.98			$	13.29			$	13.02			$	12.46			$	10.87

Net investment income⁽¹⁾			0.20				0.25				0.20				0.14				0.14
Net realized and unrealized gain/(loss) on investments			3.76				(0.22	)			0.18				2.03				1.71

Total from investment operations			3.96				0.03				0.38				2.17				1.85

Dividends and distributions to shareholders from:
Net investment income			(0.23	)			(0.23	)			(0.01	)			(0.28	)			(0.26	)
Net realized capital gains			—				(0.11	)			(0.10	)			(1.33	)			—

Total dividends and distributions to shareholders			(0.23	)			(0.34	)			(0.11	)			(1.61	)			(0.26	)

Redemption fees			—				0.00	⁽²⁾			—				—				—

Net asset value, end of year		$	16.71			$	12.98			$	13.29			$	13.02			$	12.46

Total investment return⁽³⁾			30.83	%			0.04	%			3.11	%			18.93	%			17.31	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	65,351			$	70,003			$	58,978			$	31,318			$	2,627
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any			0.75	%			0.75	%			0.75	%			0.88	%			0.95	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁴⁾			1.05	%			1.03	%			1.05	%			2.19	%			4.40	%
Ratio of net investment income to average net assets			1.29	%			1.95	%			1.61	%			1.12	%			1.19	%
Portfolio turnover rate			226	%			406	%			316	%			670	%			169	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

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

185

GOTHAM FUNDS

Gotham Enhanced S&P 500 Index Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Period Ended September 30, 2017*
Per Share Operating Performance
Net asset value, beginning of year/period		$	12.86			$	11.93			$	13.70			$	11.53			$	10.00

Net investment income⁽¹⁾			0.17				0.21				0.19				0.20				0.13
Net realized and unrealized gain on investments			3.17				1.14				0.03				2.39				1.40

Total from investment operations			3.34				1.35				0.22				2.59				1.53

Dividends and distributions to shareholders from:
Net investment income			(0.13	)			(0.15	)			(0.21	)			(0.16	)			—
Net realized capital gains			—				(0.27	)			(1.78	)			(0.26	)			—

Total dividends and distributions to shareholders			(0.13	)			(0.42	)			(1.99	)			(0.42	)			—

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			—				—

Net asset value, end of year/period		$	16.07			$	12.86			$	11.93			$	13.70			$	11.53

Total investment return⁽³⁾			26.17	%			11.53	%			3.46	%			22.97	%			15.30	%
Ratios/Supplemental Data
Net assets, end of year/period (in 000s)		$	15,569			$	6,346			$	6,635			$	3,529			$	2,931
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%⁽⁴⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁵⁾			1.12	%			2.13	%			3.20	%			2.55	%			3.61	%⁽⁴⁾
Ratio of net investment income to average net assets			1.14	%			1.75	%			1.65	%			1.59	%			1.66	%⁽⁴⁾
Portfolio turnover rate			178	%			345	%			328	%			230	%			268	%⁽⁶⁾

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on December 30, 2016.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁶⁾	Not annualized.

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

186

GOTHAM FUNDS

Gotham Hedged Core Fund

Financial Highlights (Concluded)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance
Net asset value, beginning of year		$	11.33			$	11.16			$	12.61			$	11.34			$	10.00

Net investment income⁽¹⁾			0.13				0.13				0.14				0.11				0.07
Net realized and unrealized gain/(loss) on investments			1.51				0.70				(0.11	)			1.35				1.27

Total from investment operations			1.64				0.83				0.03				1.46				1.34

Dividends and distributions to shareholders from:
Net investment income			(0.07	)			(0.17	)			(0.07	)			(0.18	)			—
Net realized capital gains			(0.02	)			(0.49	)			(1.41	)			(0.01	)			—

Total dividends and distributions to shareholders			(0.09	)			(0.66	)			(1.48	)			(0.19	)			—

Redemption fees			0.00	⁽²⁾			—				—				—				—

Net asset value, end of year		$	12.88			$	11.33			$	11.16			$	12.61			$	11.34

Total investment return⁽³⁾			14.56	%			7.59	%			0.86	%			12.93	%			13.40	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	8,177			$	8,804			$	2,582			$	2,561			$	2,267
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any (including dividend and interest expense)⁽⁴⁾			1.66	%			1.52	%			1.00	%			1.16	%			1.40	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁴⁾⁽⁵⁾			2.10	%			3.47	%			4.05	%			3.85	%			4.91	%
Ratio of net investment income to average net assets (including dividend and interest expense)			1.07	%			1.20	%			1.29	%			0.91	%			0.66	%
Portfolio turnover rate			205	%			267	%			228	%			221	%			249	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 0.85%, 0.85%, 0.85%, 0.85% and 0.85% for the years ended September 30, 2021, 2020, 2019, 2018 and 2017, respectively.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

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

187

GOTHAM FUNDS

Notes to Financial Statements

September 30, 2021

1. Organization and Significant Accounting Policies

The Gotham Absolute Return Fund, the Gotham Enhanced Return Fund, the Gotham Neutral Fund, the Gotham Index Plus Fund, the Gotham Large Value Fund, the Gotham Enhanced S&P 500 Index Fund and the Gotham Hedged Core Fund (each a “Fund” and together, the “Funds”) are each a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds, except for the Gotham Index Plus Fund, offers one class of shares, Institutional Class. The Gotham Index Plus Fund offers two classes of shares, Institutional Class and Investor Class. The Funds’ commencement of operations are as follows:


Gotham Absolute Return Fund (“Absolute Return”)		August 31, 2012
Gotham Enhanced Return Fund (“Enhanced Return”)		May 31, 2013
Gotham Neutral Fund (“Neutral”)		August 30, 2013
Gotham Index Plus Fund (“Index Plus”)		March 31, 2015
Gotham Large Value Fund (“Large Value”)		December 31, 2015
Gotham Enhanced S&P 500 Index Fund (“Enhanced S&P 500 Index”)		December 30, 2016
Gotham Hedged Core Fund (“Hedged Core”)		September 30, 2016

All the Funds, except for Large Value and Enhanced S&P 500 Index, seek to achieve their investment objectives by primarily investing in long and short positions of U.S. equity securities. Equity securities include common and preferred stocks. Large Value seeks to achieve its investment objective by primarily investing in long positions of U.S. large capitalization equity securities with market capitalization similar to companies in the S&P 500^® Index or Russell 1000^® Index, but may invest in other large capitalization companies. Enhanced S&P 500 Index seeks to achieve its investment objective by generally investing at least 80% of its assets in U.S. equity securities listed in the S&P 500^® Index.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Each Fund’s equity securities, including exchange-traded funds, listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Board of Trustees (the “Board”). Any assets held by a Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that a Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when a Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of a Fund. Certain Funds invest in securities of other investment companies, which are valued at their respective NAVs as determined by those investment companies each business day. Over the Counter (“OTC”) investments (including swap agreements) are generally valued by approved pricing services that use evaluated prices from various observable market factors. Securities that do not have a readily available current market value are valued in good faith under the direction of the Board. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Gotham Asset Management, LLC (“Gotham” or “the Adviser”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security, asset or liability will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

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September 30, 2021

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: total return swaps with an end of period unrealized appreciation of $32,142,833, $35,319,045, $3,056,022 and $87,163,236 held by Absolute Return, Enhanced Return, Neutral, and Index Plus, respectively. These securities are considered Level 2 as of and for the year ended September 30, 2021.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the 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, 2021, there were no transfers in or out of Level 3 for the Funds.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. Each Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.

Due to/from Brokers — Due to/from brokers represents cash balances on deposit with, or cash balances owed to, the Funds’ prime brokers and counterparties. The Funds are subject to credit risk should the prime brokers and counterparties be unable to meet their obligations to the Funds.

189

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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, 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.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to its long-term implications. The COVID-19 pandemic could adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Funds by its service providers. Fund management is continuing to monitor this development and evaluate its impact on the Funds.

Short Sales — All Funds except for Large Value and Enhanced S&P 500 Index may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission ( “SEC” ) and other applicable regulatory bodies with respect to coverage of short sales.

As of September 30, 2021, the following Fund had securities sold short, securities pledged as collateral and deposits with brokers for securities sold short:


	Value of Securities Sold Short			Securities Pledged as Collateral			Deposits with Brokers for Securities Sold Short
Hedged Core		$	3,289,704		$	7,471,436	$72,007

190

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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 Fund had net charges as shown in the table below for the year ended September 30, 2021:


	Dividends on Securities Sold Short	Rebate (Income)/Fees
Hedged Core	$51,788	$8,658

The following Fund utilized short sales proceeds and incurred financing charges to finance purchases of long securities in order to accomplish the Fund’s respective investment objectives. A financing fee is charged to the Fund based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short on the Statements of Operations and are as follows for the year ended September 30, 2021:


	Short Sales (Deposits) Proceeds			Financing Charges
Hedged Core		$	3,218,999		$18,371

Swap Agreements — A swap agreement is a bilateral financial instrument that involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on valuation changes to market referenced securities. The nominal amount on which the cash flows are calculated is called the notional amount.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements will be affected by a change in the market value of the referenced underlying securities that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date, in whole or part, under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the swap agreement. A Fund will not enter into any swap agreement unless the Adviser believes that the counterparty to the transaction is creditworthy.

A swap agreement can be a form of leverage, which can magnify a Fund’s gains or losses. In order to reduce the risk associated with leveraging, a Fund may cover its current obligations under swap agreements according to guidelines established by the SEC. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of a Fund’s accrued obligations under the swap agreement over the accrued amount a Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other than a net basis, it will segregate assets with a value equal to the full amount of a Fund’s accrued obligations under the swap agreement.

Total Return Swaps: Total return swaps are contracts in which both parties agree to make payments of the total return from a reference instrument during a specified period. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend accruals or payments. The unrealized appreciation or depreciation also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate, such as the U.S. effective federal funds rate (“EFFR”). Payments under

191

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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, 2021, only Absolute Return, Enhanced Return, Neutral and Index Plus held total return swaps.

For the year ended September 30, 2021, the quarterly average notional volume of the total return swaps for each Fund was as follows:


	Notional Amount
Absolute Return		$(177,483,177)
Enhanced Return		(28,883,529)
Neutral		(30,158,584)
Index Plus		(83,028,297)

Counterparty Risk — During the year ended September 30, 2021, Absolute Return, Enhanced Return, Neutral and Index Plus were subject to counterparty risk. Certain of the derivatives entered into by the Funds may not be traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. If a counterparty defaults on its payment obligations to the Funds, this default will cause the value of an investment in the Funds to decrease. In addition, to the extent the Funds deal with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Funds are neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Funds to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Funds.

The Funds are subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Funds will not sustain a loss on a transaction as a result.

Liquidity Risk — During the year ended September 30, 2021, Absolute Return, Enhanced Return, Neutral and Index Plus were subject to liquidity risk. The Funds may be subject to liquidity risk primarily due to investments in derivatives. The Funds may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, forward contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Funds may be unable to sell the asset or sell it at a reasonable price. In addition, the Funds may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of the Funds in order to raise cash to pay redemptions.

An investment in derivatives is also subject to the risk that the Funds may not be able to terminate the derivatives effective on whatever date it chooses, or that the settlement of any early termination may depend on subsequent market movements. As a result, the Funds may be exposed to the risk of additional losses due to such delays.

Master Netting Agreement — During the year ended September 30, 2021, Absolute Return, Enhanced Return, Neutral and Index Plus were subject to a Master Netting agreement. In order to define their contractual rights and to secure rights that will help mitigate their counterparty risk, the Funds have entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Funds and the counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the

192

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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.

LIBOR Phase-out Risk — The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which the Funds invest, as well as other unforeseen effects, could result in losses to the Funds.

Collateral Requirements — During the year ended September 30, 2021, Absolute Return, Enhanced Return, Neutral and Index Plus were subject to collateral requirements. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Portfolio of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Funds generally agree not to use non-cash collateral that they receive but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.


							Gross Amount Not Offset in the Statements of Assets and Liabilities
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts		Statements of		in the Statements
	of Recognized		Assets and		of Assets and		Financial		Collateral			Net
	Assets/(Liabilities)		Liabilities		Liabilities		Instruments		Pledged/(Received)*			Amount**
Absolute Return		$32,142,833		$—		$32,142,833		$—		$ (3,250,000	)		$28,892,833
Enhanced Return		35,319,045		—		35,319,045		—		(31,230,000	)		4,089,045
Neutral		3,056,022		—		3,056,022		—		(550,000	)		2,506,022
Index Plus		87,163,236		—		87,163,236		—		(85,550,000	)		1,613,236

*	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.

193

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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⁽¹⁾⁽²⁾	0.50	%
Hedged Core⁽²⁾	0.70	%

⁽¹⁾

Effective February 1, 2021, the advisory fee payable to Gotham shall be reduced by the dollar amount 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 shall be calculated based on the Fund’s average daily assets invested in an underlying fund. The effect of the reduction of investment advisory fee is intended to provide that Gotham’s aggregated direct and indirect compensation from a Fund and any underlying fund, respectively, does not exceed the annual advisory fee, prior to February 1, 2021.

⁽²⁾

Effective November 1, 2020 and February 1, 2021, Enhanced S&P 500 Index and Hedged Core, respectively, entered into a Support, Service and Fee Assumption Agreement (“Agreement”) with Gotham, whereby Gotham will assume and undertake to pay substantially all Fund expenses, except taxes, interest and dividend expense, Rule 12b-1 fees, investment advisory fees and such non-recurring and/or extraordinary expenses as may arise. Under the Agreement, Gotham is entitled to a fee, computed daily and payable monthly, equal to the lesser of (i) the annualized rate of 0.15% of the Fund’s average daily net assets, or (ii) the actual amount of Gotham’s payment obligation under the Agreement.

For all Funds, except for Neutral, Large Value and Hedged Core, the Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed the percentages set forth in the table below (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). For Neutral, Large Value and Hedged Core, the Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed the percentages set forth in the table below (on an annual basis). The Expense Limitation will remain in place until the termination date set forth below, unless the Board approves its earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the year ended September 30, 2021.


	Institutional Class	Investor Class	Termination Date
Absolute Return⁽¹⁾	0.00%	N/A	January 31, 2022
Enhanced Return⁽¹⁾	0.00%	N/A	January 31, 2022
Neutral	1.50%	N/A	January 31, 2022
Index Plus⁽¹⁾	0.15%	0.15%	January 31, 2022
Large Value	0.75%	N/A	January 31, 2022
Enhanced S&P 500 Index⁽¹⁾	0.00%	N/A	January 31, 2022
Hedged Core	0.85%	N/A	January 31, 2022

⁽¹⁾

Gotham’s aggregate direct and indirect compensation from the Fund and any underlying fund, respectively, does not exceed 1.50%, 1.50%, 1.00% and 0.50% for Absolute Return, Enhanced Return, Index Plus and Enhanced S&P 500 Index, respectively, the annual investment advisory fee, prior to February 1, 2021.

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September 30, 2021

For the year ended September 30, 2021, investment advisory fees accrued and waivers were as follows:


	Gross Advisory Fee			Recoupments, Waivers and/or Reimbursements				Net Advisory Fee/ (Reimbursement)
Absolute Return		$	7,191,191		$	(1,307,703	)		$	5,883,488
Enhanced Return			3,379,090			(645,181	)			2,733,909
Neutral			642,679			(245,926	)			396,753
Index Plus			4,316,443			(402,970	)			3,913,473
Large Value			660,697			(263,040	)			397,657
Enhanced S&P 500 Index			64,235			(79,244	)			(15,009)
Hedged Core			67,997			(42,614	)			25,383

For all Funds, except for Absolute Return, Enhanced Return, Neutral and Enhanced S&P 500 Index, the Adviser is entitled to recover, subject to approval by the Board, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. As of September 30, 2021, the amounts of potential reimbursement from the Funds to the Adviser are as follows:


	Expiration			Expiration			Expiration			Expiration
	09/30/2022			09/30/2023			09/30/2024			Total
Index Plus
Institutional Class		$	383,317		$	422,424		$	391,665		$	1,197,406
Investor Class			11,648			10,902			11,305			33,855
Large Value			156,711			184,619			263,040			604,370
Hedged Core			76,059			84,728			42,614			203,401

Other Service Providers

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.

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

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September 30, 2021

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, respectively, to the Trust. Alaric Compliance Services LLC ( “Alaric” ) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Alaric are compensated for their services provided to the Trust.

Investment in Affiliated Funds

The following table lists an issuer owned by Index Plus that may be deemed an “affiliated company” under the 1940 Act, as well as transactions that occurred in the security of such issuer during the year ended September 30, 2021:


													Change in
										Net			Unrealized						Shares
	Value at			Purchase			Sales			Realized			Appreciation/			Value at			Held at		Dividend
Name of Issuer	09/30/20			Cost			Proceeds			Gain/(Loss)			(Depreciation)			09/30/21			09/30/21		Income
Gotham Enhanced 500 ETF		$	—		$	56,506,063		$	—		$	—		$	94,377		$	56,600,440		2,446,000		$	—

Total		$	—								$	—		$	94,377		$	56,600,440				$	—

3. Investment in Securities

For the year ended September 30, 2021, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:


	Purchases			Sales
Absolute Return		$	953,786,565		$	1,118,278,261
Enhanced Return			431,218,226			507,043,063
Neutral			114,278,286			146,909,670
Index Plus			654,531,721			703,778,289
Large Value			191,032,512			217,877,809
Enhanced S&P 500 Index			29,026,806			22,414,015
Hedged Core			26,811,877			30,226,993

For the year ended September 30, 2021, the Funds had no purchases and sales of U.S. Government securities.

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September 30, 2021

4. Capital Share Transactions

For the years ended September 30, 2021 and 2020, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:


	For the Year Ended						For the Year Ended
	September 30, 2021						September 30, 2020

	Shares			Value			Shares			Value
Absolute Return:
Institutional Class
Sales		7,666,168		$	119,418,117			7,707,089		$	111,825,830
Reinvestments		—			—			—			—
Redemption Fees*		—			3,195			—			10,202
Redemptions		(12,960,370	)		(196,114,460	)		(29,654,254	)		(414,631,129	)

Net decrease		(5,294,202	)	$	(76,693,148	)		(21,947,165	)	$	(302,795,097	)


Enhanced Return:
Institutional Class
Sales		2,371,756		$	28,529,943			3,340,058		$	36,819,281
Reinvestments		28,679			300,838			9,276,386			108,069,892
Redemption Fees*		—			405			—			482
Redemptions		(7,991,664	)		(89,945,041	)		(25,210,356	)		(266,540,789	)

Net decrease		(5,591,229	)	$	(61,113,855	)		(12,593,912	)	$	(121,651,134	)


Neutral :
Institutional Class
Sales		1,337,315		$	11,923,402			2,313,773		$	22,882,144
Reinvestments		—			—			—			—
Redemption Fees*		—			427			—			481
Redemptions		(3,086,156	)		(27,374,165	)		(13,785,607	)		(131,448,195	)

Net decrease		(1,748,841	)	$	(15,450,336	)		(11,471,834	)	$	(108,565,570	)


Index Plus:
Institutional Class
Sales		5,446,249		$	103,170,604			8,500,444		$	128,551,226
Reinvestments		202,608			3,379,499			420,842			6,754,520
Redemption Fees*		—			1,856			—			14,426
Redemptions		(8,112,889	)		(149,954,593	)**		(27,196,363	)		(388,757,413	)

Net decrease		(2,464,032	)	$	(43,402,634	)		(18,275,077	)	$	(253,437,241	)

197

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September 30, 2021


	For the Year Ended September 30, 2021						For the Year Ended September 30, 2020

	Shares			Value			Shares			Value
Investor Class
Sales		176,170		$	3,083,440			193,502		$	2,999,496
Reinvestments		5,855			97,550			12,613			202,195
Redemption Fees*		—			53			—			388
Redemptions		(192,351	)		(3,510,675	)		(723,732	)		(10,557,650	)

Net decrease		(10,326	)	$	(329,632	)		(517,617	)	$	(7,355,571	)


Total net decrease		(2,474,358	)	$	(43,732,266	)		(18,792,694	)	$	(260,792,812	)

Large Value:
Institutional Class
Sales		1,586,757		$	24,657,014			5,096,192		$	60,440,115
Reinvestments		92,168			1,307,860			115,810			1,610,911
Redemption Fees*		—			—			—			59
Redemptions		(3,159,326	)		(52,690,771	)		(4,257,287	)		(47,208,019	)

Net increase/(decrease)		(1,480,401	)	$	(26,725,897	)		954,715		$	14,843,066


Enhanced S&P 500 Index:
Institutional Class
Sales		647,845		$	9,238,470			371,473		$	4,535,175
Reinvestments		8,342			114,453			22,022			269,329
Redemption Fees*		—			59			—			413
Redemptions		(180,580	)		(2,721,117	)		(456,234	)		(5,102,149	)

Net increase/(decrease)		475,607		$	6,631,865			(62,739	)	$	(297,232	)


Hedged Core:
Institutional Class
Sales		253,294		$	2,911,941			563,090		$	5,972,409
Reinvestments		7,446			83,766			13,822			152,049
Redemption Fees*		—			2,923			—			—
Redemptions		(403,008	)		(5,015,820	)		(31,260	)		(345,827	)

Net increase/(decrease)		(142,268	)	$	(2,017,190	)		545,652		$	5,778,631

*	There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 30 days or less. The redemption fees are retained by each Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.

**	Index Plus had a redemption in-kind on September 29, 2021, in the amount of $20,610,000. The redemption was comprised of securities and cash, in the amount of $20,364,792 and $245,208, respectively.

Significant Shareholders

As of September 30, 2021, 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	7	%
Index Plus
Affiliated Shareholders	1	%

198

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021


Large Value
Affiliated Fund	8	%
Enhanced S&P 500 Index
Affiliated Fund	26	%
Affiliated Shareholders	1	%
Non-affiliated Shareholders	26	%
Hedged Core
Affiliated Fund	50	%
Non-affiliated Shareholders	44	%

5. Securities Lending

All Funds, except for Large Value and Enhanced S&P 500 Index, may lend securities to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. These fees are included in the fees on cash collateral on the Statements of Operations. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. Securities on loan are not used as collateral for swaps or as collateral for short securities, if any. During the year ended September 30, 2021, only Hedged Core entered into the securities lending program. Hedged Core had no open securities lending transactions as of September 30, 2021, and the income generated from the programs during the year ended September 30, 2021, with respect to such loans was as follows:


	Market Value						Market Value			Income Received
	of Securities			Cash Collateral			of Non-cash			from Securities
	Loaned			Received			Collateral			Lending
Hedged Core		$	—		$	—		$	—		$	29

Securities lending transactions are entered into by the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received from that counterparty and create one single net payment due to or from the Funds. The Funds had no open securities lending transactions which were subject to a MSLA as of September 30, 2021.

6. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. 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.

199

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Notes to Financial Statements (Continued)

September 30, 2021

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, 2021, were primarily attributed to capitalized dividends on short sales, net operating loss write-off, redesignation of dividends paid, equalization utilized and foreign currency reclassifications which were reclassified among the following accounts:


	Increase/(Decrease)
	Total	Increase/(Decrease)
	Distributable	Additional
	Earnings	Paid in Capital
Absolute Return	$ 1,795,918		$(1,795,918)
Enhanced Return	988,633		(988,633)
Neutral	841,545		(841,545)
Index Plus	(8,421,419)		8,421,419
Large Value	(3,195,643)		3,195,643
Hedged Core	(35,112)		35,112

The tax character of distributions paid by the Funds during the year ended September 30, 2021, were as follows:


	Ordinary	Long-Term
	Income	Capital Gain	Return
	Dividend	Dividend	of Capital
Enhanced Return	$ 334,833	$ 19	$—
Index Plus	4,544,442	18	—
Large Value	1,307,860	—	—
Enhanced S&P 500 Index	114,476	—	—
Hedged Core	64,724	19,042	—

The tax character of distributions paid by the Funds during the year ended September 30, 2020, were as follows:


	Ordinary	Long-Term
	Income	Capital Gain	Return
	Dividend	Dividend	of Capital
Enhanced Return	$ —	$124,087,944	$—
Index Plus	9,432,222	—	—
Large Value	1,230,886	380,026	—
Enhanced S&P 500 Index	113,277	156,052	—
Hedged Core	39,601	112,448	—

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

200

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Notes to Financial Statements (Continued)

September 30, 2021

As of September 30, 2021, 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		$	(57,597,239	)		$	—		$	—		$	79,123,406		$	(1,830,361	)
Enhanced Return			—				—			42,650,867			59,273,404			(1,007,878	)
Neutral			(75,556,945	)			—			—			5,128,471			(240,255	)
Index Plus			—				—			18,126,410			137,649,971			(1,423,089	)
Large Value			—				563,127			9,133,859			8,347,641			—
Enhanced S&P 500 Index			—				120,041			848,438			2,184,323			—
Hedged Core			—				82,367			1,112,773			861,148			—

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, 2021, were primarily attributed to wash sales, deferral of loss on unsettled short sale transactions, straddle losses outstanding, amortization of organizational costs and deferred interest expense. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of September 30, 2021, the federal tax cost, aggregated gross unrealized appreciation and depreciation of securities held by the Funds were as follows:


											Net Unrealized
	Federal			Unrealized			Unrealized				Appreciation/
	Tax Cost			Appreciation			(Depreciation)				(Depreciation)
Absolute Return		$	425,969,070		$	132,496,759		$	(53,373,353	)		$	79,123,406
Enhanced Return			192,991,840			111,039,463			(51,766,059	)			59,273,404
Neutral			35,743,747			11,929,159			(6,800,688	)			5,128,471
Index Plus			383,712,793			258,084,941			(120,434,970	)			137,649,971
Large Value			56,620,203			10,518,105			(2,170,464	)			8,347,641
Enhanced S&P 500 Index			13,292,606			2,600,486			(416,163	)			2,184,323
Hedged Core			10,614,255			1,516,080			(654,932	)			861,148

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, 2021, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2021. For the year ended September 30, 2021, the Funds deferred to October 1, 2021 the following losses:


	Late-Year Ordinary	Short-Term Capital	Long-Term Capital
	Losses Deferral	Loss Deferral	Loss Deferral
Absolute Return	$1,830,361	$—	$—
Enhanced Return	1,007,878	—	—
Neutral	240,255	—	—
Index Plus	1,423,089	—	—

201

GOTHAM FUNDS

Notes to Financial Statements (Concluded)

September 30, 2021

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2021 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, 2021, the following Funds had long-term and short-term capital loss carryforwards in the following amounts:


	Capital Loss Carryforward
	Short-Term			Long-Term
Absolute Return		$	57,597,239		$	—
Neutral			75,556,945			—

For the year ended September 30, 2021, the following Funds utilized capital losses as follows:


		Capital Losses
		Utilized
Absolute Return		$ 3,344,299
Enhanced Return		12,671,992
Index Plus		23,491,546

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued, and has determined that there are no material subsequent events requiring recognition or disclosure in the financial statements.

202

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 and Gotham Hedged Core Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, 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 and Gotham Hedged Core Fund (seven of the funds constituting FundVantage Trust, referred to hereafter collectively as the “Funds”) as of September 30, 2021, the related statements of operations for the year ended September 30, 2021, the statements of changes in net assets for each of the two years in the period ended September 30, 2021, and for Gotham Hedged Core Fund, the statement of cash flow for the year ended September 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2021, for Gotham Hedged Core Fund, the results of its cash flow for the year then ended and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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 procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, PA

November 23, 2021

We have served as the auditor of one or more investment companies in Gotham Asset Management LLC since 2011.

203

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, 2021. The information and distributions reported here in may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2021. During the fiscal year ended September 30, 2021 the following dividends and distributions were paid by each of the Funds:


	Ordinary	Long-Term
	Income	Capital Gain
Enhanced Return	$ 334,833	$ 19
Index Plus	4,544,442	18
Large Value	1,307,860	—
Enhanced S&P 500 Index	114,476	—
Hedged Core	64,724	19,042

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, 2021 were designated as “qualified dividend income”, as defined in the Act, and are subject to reduced tax rates:


Index Plus	100.00	%
Large Value	100.00	%
Enhanced S&P 500 Index	94.06	%
Hedged Core	100.00	%

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for each Fund is as follows:


Index Plus	100.00	%
Large Value	100.00	%
Enhanced S&P 500 Index	94.76	%
Hedged Core	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:


Enhanced Return	1.19	%
Index Plus	0.45	%
Large Value	0.12	%
Enhanced S&P 500 Index	0.12	%

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

Because the Funds’ fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2021. 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 2022.

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.

204

GOTHAM FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how 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

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended December 31 and June 30) as an exhibit to their reports on Form N-PORT. The Trust’s portfolio holdings on Form N-PORT are available on the SEC’s website at http://www.sec.gov.

Board Considerations with Respect to the Approval of the Continuation of the Investment Advisory Agreement with Gotham

At a meeting held by videoconference on June 21-22, 2021 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the Investment Advisory Agreement between the Gotham Asset Management, LLC (“Gotham” or the “Adviser”) and the Trust (the “Gotham Agreement”) on behalf of the Gotham Absolute Return Fund, Gotham Enhanced Return Fund, Gotham Enhanced S&P 500 Index Fund, Gotham Hedged Core Fund, Gotham Index Plus Fund, Gotham Large Value Fund and Gotham Neutral Fund (together the “Gotham Funds”). At the Meeting, the Board considered the continuation of the Gotham Agreement with respect to each 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 or 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 impact 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 established 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 Gotham Agreement, including the advisory fees under the Gotham Agreement, were fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.

The Trustees considered the services provided by or to be provided by Gotham to the Gotham Funds. The Trustees considered Gotham’s personnel and the depth of Gotham’s personnel who provide investment management services to the Gotham Funds and

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Other Information (Continued)

(Unaudited)

their experience. 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 Board discussed Gotham’s business continuity plan, and its ability to continue to manage the Gotham Funds effectively in light of the ongoing COVID-19 pandemic, continuing federal, state and local responses thereto and related volatility in the financial markets.

The Trustees considered the investment performance for the 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 Lipper categories for the since inception, year-to-date, one year, two year, three year, five year, ten year and since inception periods ended March 31, 2021, as applicable. The Trustees considered the short term and long term performance of the Gotham Funds, as applicable. The Trustees noted that they considered performance reports provided at Board meetings throughout the year.

Gotham Absolute Return Fund. The Trustees noted that the Gotham Absolute Return Fund underperformed the HFRX Equity Hedge Index for the one year period ended March 31, 2021 and outperformed the HFRX Equity Hedge Index for the year-to-date, three year, five year and since inception periods ended March 31, 2021. The Trustees further noted that the Gotham Absolute Return Fund outperformed the Lipper Absolute Return Funds Index for the year-to-date, one year, five year periods and since inception ended March 31, 2021 and underperformed the Lipper Absolute Return Funds Index for the three year period ended March 31, 2021.

Gotham Enhanced Return Fund. The Trustees noted that the Gotham Enhanced Return Fund outperformed the Lipper Alternative Long/Short Equity Funds Index for the year-to-date, one year, five year and since inception periods ended March 31, 2021 and underperformed the Lipper Alternative Long/Short Equity Funds Index for the three year period ended March 31, 2021. The Trustees further noted that the Gotham Enhanced Return Fund underperformed the S&P 500 Total Return Index for the one year, three year, five year and since inception periods ended March 31, 2021 and outperformed the S&P 500 Total Return Index for the year-to-date period ended March 31, 2021.

Gotham Enhanced S&P 500 Index Fund. The Trustees noted that the Gotham Enhanced S&P 500 Index Fund outperformed the Lipper Large-Cap Core Funds Index for the year to date and since inception periods ended March 31, 2021 and underperformed the Lipper Large-Cap Core Funds Index for the one year and three year periods ended March 31, 2021. They further noted that the Gotham Enhanced S&P 500 Index Fund outperformed the S&P 500 Total Return Index for the year-to-date period ended March 31, 2021 and underperformed the S&P 500 Total Return Index for the one year, three year and since inception periods ended March 31, 2021.

Gotham Hedged Core Fund. The Trustees noted that the Gotham Hedged Core Fund outperformed the Lipper Alternative Long/Short Equity Funds Index for the year-to-date, one year, three year and since inception periods ended March 31, 2021. They also noted that the Gotham Hedged Core Fund outperformed the HFRX Equity Hedge Index for the year to date, one year, three year and since inception periods ended March 31, 2021.

Gotham Index Plus Fund. The Trustees noted that the Gotham Index Plus Fund outperformed the Lipper Large-Cap Core Funds Index for the year to date period ended March 31, 2021, underperformed the Lipper Large-Cap Core Funds Index for the one year, three year and five year periods ended March 31, 2021, and performed in line with the Lipper Large-Cap Core Funds Index for the since inception period ended March 31, 2021. They further noted that the Gotham Index Plus Fund outperformed the S&P 500 Total Return Index for the year-to-date period ended March 31, 2021 and underperformed the S&P 500 Total Return Index for the one year, three year, five year and since inception periods ended March 31, 2021.

Gotham Large Value Fund. The Trustees noted that the Gotham Large Value Fund underperformed the S&P 500 Total Return Index for the one year, three year, five year and since inception periods ended March 31, 2021 and outperformed the S&P 500 Total Return Index for the year-to-date period ended March 31, 2021. They further noted that the Gotham Large Value Fund

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GOTHAM FUNDS

Other Information (Continued)

(Unaudited)

underperformed the Lipper Multi-Cap Value Funds Index for the year-to-date and one year periods ended March 31, 2021 and outperformed the Lipper Multi-Cap Value Funds Index for the three year, five year and since inception periods ended March 31, 2021.

Gotham Neutral Fund. The Trustees noted that the Gotham Neutral Fund underperformed the ICE BofAML US 3-Month Treasury Bill Index for the one year, three year, five year and since inception periods ended March 31, 2021 and outperformed the ICE BofAML US 3-Month Treasury Bill Index for the year-to-date period ended March 31, 2021. They further noted that the Gotham Neutral Fund underperformed the Lipper Alternative Equity Market Neutral Funds Index for the one year, three year, five year and since inception periods ended March 31, 2021 and outperformed the Lipper Alternative Equity Market Neutral Funds Index for the year-to-date period ended March 31, 2021.

The Trustees concluded that the performance of each of the Gotham Funds 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 Funds and any other ancillary benefit resulting from the Gotham’s relationship with the 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 Funds and other similarly managed accounts, where applicable. The Trustees also reviewed a peer comparison of advisory fees and total expenses for each Gotham Fund versus those funds in the Fund’s applicable Lipper 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 Funds as measured by the information provided by Gotham.

The Board considered, among other data, the specific factors and related conclusions set forth below with respect to each Fund:

Gotham Absolute Return Fund. The contractual advisory fee and net total expense ratio for the Gotham Absolute Return Fund’s Institutional Class shares were higher than the median contractual advisory fee and net total expense ratio for those funds in the Gotham Absolute Return Fund’s Peer Group.

Gotham Enhanced Return Fund. The contractual advisory fee and net total expense ratio for the Gotham Enhanced Return Fund’s Institutional Class shares were higher than the median contractual advisory fee and net total expense ratio for those funds in the Gotham Enhanced Return Fund’s Peer Group with $250 million or less in assets.

Gotham Enhanced S&P 500 Index Fund. The contractual advisory fee and net total expense ratio for the Gotham Enhanced S&P 500 Index Fund’s Institutional Class shares were lower than the median contractual advisory fee and net total expense ratio for those funds in the Gotham Enhanced S&P 500 Index Fund’s Peer Group with $250 million or less in assets.

Gotham Hedged Core Fund. The contractual advisory fee and net total expense ratio for the Gotham Hedged Core Fund’s Institutional Class shares were lower than the median contractual advisory fee and net total expense ratio for those funds in the Gotham Hedged Core Fund’s Peer Group with $250 million or less in assets.

Gotham Index Plus Fund. The contractual advisory fee and net total expense ratio for the Gotham Index Plus Fund’s Institutional Class shares were higher than the median contractual advisory fee and net total expense ratio for those funds in the Gotham Index Plus Fund’s Peer Group.

Gotham Large Value Fund. The contractual advisory fee and net total expense ratio for the Gotham Large Value Fund’s Institutional Class shares were higher than and lower than, respectively, the median contractual advisory fee and net total expense ratio for those funds in the Gotham Large Value Fund’s Peer Group with $250 million or less in assets.

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Other Information (Concluded)

(Unaudited)

Gotham Neutral Fund. The contractual advisory fee and net total expense ratio for the Gotham Neutral Fund’s Institutional Class shares were higher than the median contractual advisory fee and net total expense ratio for those funds in the Gotham Neutral Fund’s Peer Group with $250 million or less in assets.

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 fee levels, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board noted Gotham’s representation that none of the Funds have reached an asset size at which economies of scale would traditionally be considered to exist, and Gotham’s belief that breakpoints are not appropriate at this time. The Board further considered Gotham’s representation that the nature of the various Funds’ investment strategies were such that future capacity was constrained based on Gotham’s ability to implement the strategy above certain asset levels, and as such the Funds’ ability to achieve future economies of scale were limited relative to more traditional asset classes. Based on the foregoing information, the Board concluded that economies of scale did not yet exist for the Funds and that therefore it was not yet necessary to consider whether the fee structure of the Funds provided an adequate mechanism for sharing the benefit of any such economies.

After consideration of all the factors, taking into consideration the information presented at the Board Meeting, the entire Board, including the Independent Trustees, unanimously approved the continuation of the Gotham Agreement for an additional one-year period. In arriving at their decision, the Trustees did not identify any single matter as controlling, but made their determination in light of all the circumstances.

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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 FundVantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

To ensure the highest degree of security and confidentiality, FundVantage Trust and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site www.gothamfunds.com.

If you have questions or comments about our privacy practices, please call us at (877) 974-6852.

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GOTHAM FUNDS

Fund Management

(Unaudited)

FundVantage Trust (the “Trust”) is governed by a Board of Trustees (the “Trustees”). The primary responsibility of the Trustees is to represent the interest of the Trust’s shareholders and to provide oversight management of the Trust.

The following tables present certain information regarding the Board of Trustees and officers of the Trust. None of the Trustees are an “interested person” of the Trust, the Adviser, another investment adviser of a series of the Trust, or Foreside Funds Distributors LLC, the principal underwriter of the Trust (“Underwriter”), within the meaning of the 1940 Act and each Trustee is referred to as an “Independent Trustee” and is listed under such heading below. Employees of certain service providers to the Trust serve as officers of the Trust; such persons are not compensated by the Funds. The address of each Trustee and officer as it relates to the Trust’s business is 301 Bellevue Parkway, 2nd Floor, Wilmington, DE 19809.

The Statement of Additional Information for the Funds contain additional information about the Trustees and is available, without charge, upon request by calling (866) 640-5704.


Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

		INDEPENDENT TRUSTEES

ROBERT J. CHRISTIAN Date of Birth: 2/49	Trustee	Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019.	Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006.	31	Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

IQBAL MANSUR Date of Birth: 6/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2007.	Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020.	31	Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

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Fund Management (Continued)

(Unaudited)


Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

NICHOLAS M. MARSINI, JR. Date of Birth: 8/55	Trustee and Chairman of the Board	Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019.	Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010.	31	Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

NANCY B. WOLCOTT Date of Birth: 11/54	Trustee	Shall serve until death, resignation or removal. Trustee since 2011.	Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007.	31	Lincoln Variable Insurance Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

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Fund Management (Concluded)

(Unaudited)


Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

STEPHEN M. WYNNE Date of Birth: 1/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2009.	Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Assets Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008.	31	Copeland Trust (registered investment company with 2 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years

EXECUTIVE OFFICERS

JOEL L. WEISS Date of Birth: 1/63	President and Chief Executive Officer	Shall serve until death, resignation or removal. Officer since 2007.	President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016.

T. RICHARD KEYES Date of Birth: 1/57	Treasurer and Chief Financial Officer	Shall serve until death, resignation or removal. Officer since 2016.	President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016.

GABRIELLA MERCINCAVAGE Date of Birth: 6/68	Assistant Treasurer	Shall serve until death, resignation or removal. Officer since 2019.	Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018.

VINCENZO A. SCARDUZIO Date of Birth: 4/72	Secretary	Shall serve until death, resignation or removal. Officer since 2012.	Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001.

GUY F. TALARICO Date of Birth: 8/55	Chief Compliance Officer and Anti-Money Laundering Officer	Shall serve until death, resignation or removal. Officer since 2020.	Chief Executive Officer of Alaric Compliance Services LLC since June 2004.

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Investment Adviser

Gotham Asset Management, LLC

535 Madison Avenue, 30th Floor

New York, NY 10022

Administrator

The Bank of New York Mellon

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Troutman Pepper Hamilton Sanders LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

GOTI-0921

GOTHAM FUNDS

FundVantage Trust

Gotham ESG Large Value Fund

Gotham Defensive Long 500 Fund

Gotham Total Return Fund

Gotham Enhanced 500 Plus Fund

Gotham Hedged Plus Fund

Gotham Short Strategies Fund

ANNUAL REPORT

September 30, 2021

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 REPORT

AS OF SEPTEMBER 30, 2021


TABLE OF CONTENTS

Important Information			1

Annual Investment Adviser’s Report			2

Performance Data			10

Fund Expense Disclosure			17

Portfolio Holdings Summary Tables			19

Portfolio of Investments			25

Financial Statements:

Statements of Assets and Liabilities			67

Statements of Operations			69

Statements of Changes in Net Assets			71

Statements of Cash Flow			74

Financial Highlights			75

Notes to Financial Statements			82

Report of Independent Registered Public Accounting Firm			97

Shareholder Tax Information			98

Other Information			100

Privacy Notice			104

Fund Management			105

[THIS PAGE INTENTIONALLY LEFT BLANK.]

GOTHAM FUNDS

Important Information

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

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

Annual Investment Adviser’s Report

September 30, 2021

(Unaudited)

Gotham ESG Large Value Fund (GESGX)

Gotham Defensive Long 500 Fund (GDLFX)

Gotham Total Return Fund (GTRFX)

Gotham Enhanced 500 Plus Fund (GEFPX)

Gotham Hedged Plus Fund (GHPLX)

Gotham Short Strategies Fund (GSSFX)

Dear Shareholder,

¹As of October 27, 2021

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Important Information

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Performance by Fund

Gotham ESG Large Value Fund (GESGX)

The Fund returned +31.82% (net) for the trailing twelve-month period and the S&P 500 Total Return Index returned +30.00% over the same time period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution			Average Exposure
	Largest Contributors

Long	Financials		6.85	%		13.80	%
	Industrials		5.95	%		18.76	%


Stock Contributors/Detractors
		Average Contribution			Average Exposure
	Largest Contributors

Long	HCA Healthcare, Inc.		0.76	%		1.01	%
	Target Corp.		0.75	%		1.56	%

	Largest Detractors

Long	Intel Corp.		-0.15	%		1.04	%
	Lockheed Martin Corp.		-0.12	%		0.83	%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Defensive Long 500 Fund (GDLFX)

The Fund returned +8.65% (net) for the trailing twelve-month period and the S&P 500 Total Return Index returned +30.00% over the same time period.

The spread for the period was -11.61%².

The long portfolio contributed +40.12% for the trailing twelve-month period. The short portfolio detracted -29.60% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution			Average Exposure
	Largest Contributors

Long	Industrials		8.44	%		25.63	%
	Information Technology		6.92	%		30.10	%

Short	Consumer Staples		0.22	%		-0.49	%

	Largest Detractors
Long	Real Estate		-0.03	%		1.75	%

Short	Information Technology		-7.82	%		-22.94	%
	Health Care		-4.84	%		-15.80	%


Stock Contributors/Detractors
		Average Contribution			Average Exposure
	Largest Contributors

Long	Alphabet, Inc.		2.01	%		3.40	%
	Microsoft Corp.		1.38	%		4.35	%

Short	Enphase Energy, Inc.		0.35	%		-1.88	%
	Vertex Pharmaceuticals, Inc.		0.32	%		-0.91	%

	Largest Detractors

Long	Clorox Co. (The)		-0.55	%		3.24	%
	C.H. Robinson Worldwide, Inc.		-0.36	%		1.72	%

Short	Fortinet, Inc.		-1.23	%		-1.24	%
	Western Digital Corp.		-1.08	%		-1.30	%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Total Return Fund (GTRFX)

The Fund’s Institutional Class returned +12.17% (net) for the trailing twelve-month period and the HFRX Equity Hedge Index returned +17.74% over the same time period.

The spread for the period was +3.18%².

The long portfolio contributed +20.65% for the trailing twelve-month period. The short portfolio detracted -6.34% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution			Average Exposure
	Largest Contributors

Long	Information Technology		3.93	%		26.61	%
	Industrials		3.09	%		19.90	%

	Largest Detractors

Short	Health Care		-1.30	%		-9.41	%
	Information Technology		-0.94	%		-12.06	%


Stock Contributors/Detractors
		Average Contribution			Average Exposure
	Largest Contributors

Long	Apple, Inc.		0.71	%		4.15	%
	Microsoft Corp.		0.67	%		3.80	%

Short	Southern Co. (The)		0.03	%		-0.09	%
	Burlington Stores, Inc.		0.02	%		-0.16	%

	Largest Detractors

Long	C.H. Robinson Worldwide, Inc.		-0.06	%		0.35	%
	Dollar General Corp.		-0.04	%		0.55	%

Short	Mylan NV		-0.10	%		-0.43	%
	Boeing Co.		-0.10	%		-0.70	%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Enhanced 500 Plus Fund (GEFPX)

The Fund returned +22.56% (net) for the trailing twelve-month period and the S&P 500 Total Return Index returned +30.00% over the same time period.

The spread for the period was -7.01%².

The long portfolio contributed +38.73% for the trailing twelve-month period. The short portfolio detracted -14.41% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution			Average Exposure
	Largest Contributors

Long	Information Technology		9.73	%		33.89	%
	Industrials		5.36	%		20.09	%

	Largest Detractors

Short	Financials		-2.40	%		-4.40	%
	Health Care		-2.37	%		-8.09	%


Stock Contributors/Detractors
		Average Contribution			Average Exposure
	Largest Contributors

Long	Alphabet, Inc.		2.96	%		4.55	%
	Microsoft Corp.		2.18	%		6.19	%

Short	Vertex Pharmaceuticals, Inc.		0.12	%		-0.39	%
	Fidelity National Information Services, Inc.		0.11	%		-0.57	%

	Largest Detractors

Long	Lockheed Martin Corp.		-0.24	%		1.29	%
	Cigna Corp.		-0.21	%		0.41	%

Short	Exxon Mobil Corp.		-0.48	%		-0.69	%
	General Electric Co.		-0.44	%		-0.38	%

Annual Investment Adviser’s Report (Continued)

September 30, 2021

(Unaudited)

Gotham Hedged Plus Fund (GHPLX)

The Fund returned +8.37% (net) for the trailing twelve-month period and the HFRX Equity Hedge Index returned +17.74% over the same time period.

The spread for the period was -14.11%².

The long portfolio contributed +36.72% for the trailing twelve-month period. The short portfolio detracted -26.40% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution			Average Exposure
	Largest Contributors

Long	Consumer Discretionary		6.85	%		27.71	%
	Information Technology		5.88	%		27.84	%

	Largest Detractors

Short	Information Technology		-7.02	%		-14.16	%
	Industrials		-4.55	%		-10.36	%


Stock Contributors/Detractors
		Average Contribution			Average Exposure
	Largest Contributors

Long	Alphabet, Inc.		1.77	%		3.04	%
	Microsoft Corp.		1.19	%		3.89	%

Short	1Life Healthcare, Inc.		0.47	%		-0.40	%
	Magnite, Inc.		0.46	%		-0.42	%

	Largest Detractors

Long	Clorox Co. (The)		-0.31	%		2.11	%
	C.H. Robinson Worldwide, Inc.		-0.25	%		0.97	%

Short	Plug Power, Inc.		-1.36	%		-0.91	%
	Lyft, Inc.		-0.98	%		-1.31	%

Annual Investment Adviser’s Report (Concluded)

September 30, 2021

(Unaudited)

Gotham Short Strategies Fund (GSSFX)

The Fund returned -20.47% (net) for the trailing twelve-month period and the 50% Inverse of S&P 500 returned -14.03% over the same time period.

The spread for the period was -3.32%².

The long portfolio contributed +28.81% for the trailing twelve-month period. The short portfolio detracted -48.53% for the period.

Top contributors and detractors by sector and stock positions are below:


Sector Contributors/Detractors

		Average Contribution			Average Exposure
	Largest Contributors

Long	Consumer Discretionary		7.18	%		22.60	%
	Industrials		6.25	%		17.05	%

	Largest Detractors

Short	Consumer Discretionary		-10.43	%		-17.29	%
	Health Care		-8.01	%		-22.80	%


Stock Contributors/Detractors
		Average Contribution			Average Exposure
	Largest Contributors

Long	Zillow Group, Inc.		0.81	%		1.67	%
	Howmet Aerospace, Inc.		0.81	%		0.94	%

Short	Fastly, Inc.		0.77	%		-1.20	%
	Alteryx, Inc.		0.74	%		-1.97	%

	Largest Detractors

Long	Emergent BioSolutions, Inc.		-0.34	%		0.78	%
	Sage Therapeutics, Inc.		-0.26	%		0.83	%

Short	Novavax, Inc.		-2.27	%		-0.70	%
	TripAdvisor, Inc.		-1.46	%		-1.11	%

² 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).

GOTHAM FUNDS

Gotham ESG Large Value Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 Investment in Gotham ESG Large Value Fund Institutional Class Shares

vs. Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

LOGO


Average Annual Total Returns for the Periods Ended September 30, 2021
	1 Year			Since Inception
Institutional Class Shares		31.82	%		18.67%	^*
S&P 500^®Total Return Index		30.00	%		24.25%	^**

*	The Gotham ESG Large Value Fund (the “Fund”) incepted on December 28, 2018.

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

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

As stated in the current prospectus dated February 1, 2021 (as supplemented on April 30, 2021), the “Total Annual Fund Operating Expenses” and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are both 0.75% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.75% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

GOTHAM FUNDS

Gotham Defensive Long 500 Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $25,000 Investment in Gotham Defensive Long 500 Fund Institutional Class Shares

vs. Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

LOGO


Average Annual Total Returns for the Periods Ended September 30, 2021
	1 Year			3 Years		5 Years		Since Inception
Institutional Class Shares		8.65	%		1.23%		7.54%		7.54%	^*
S&P 500^®Total Return Index		30.00	%		15.98%		16.89%		16.89%	^**

*	The Gotham Defensive Long 500 Fund (the “Fund”) commenced operations on September 30, 2016.

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.66% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.35% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.35% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

GOTHAM FUNDS

Gotham Total Return Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 Investment in Gotham Total Return Fund Institutional Class Shares

vs. Hedge Fund Research Inc. (“HFRX”) Equity Hedge Index

LOGO


Average Annual Total Returns for the Periods Ended September 30, 2021
	1 Year			3 Years		5 Years		Since Inception
Institutional Class Shares		12.17	%		1.94%		7.26%		5.91%	^*
Investor Class Shares		11.80	%		1.55%		6.90%		2.81%	^*
HFRX Equity Hedge Index		17.74	%		4.96%		4.90%		2.91%	^**

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

**	Benchmark performance is from inception date of the Fund’s Institutional Class shares only and is not the inception date of the benchmark itself.

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.92% and 1.33% for the Institutional Class shares, respectively, and 2.17% and 1.58% for the Investor Class shares, respectively, of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any) and brokerage commissions), do not exceed 0.00% with respect to Institutional Class shares, (on an annual basis) and 0.25% with respect to Investor Class shares, (on an annual basis), of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The recoupment of fees waived or expenses reimbursed are limited to the lesser of (a) the Expense Limitation in effect at the time fees were waived or expenses were reimbursed, and (b) the Expense Limitation in effect at the time of recoupment.

GOTHAM FUNDS

Gotham Total Return Fund

Annual Report

Performance Data (Continued)

September 30, 2021

(Unaudited)

The Fund normally allocates the majority of its assets among mutual funds advised by Gotham. Therefore, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of fees and expenses of the underlying funds in addition to the Fund’s own expenses. The Fund also is subject to the risks of the underlying funds, which may include any or all of the risks described in Important Information.

GOTHAM FUNDS

Gotham Enhanced 500 Plus Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $25,000 Investment in Gotham Enhanced 500 Plus Fund Institutional Class Shares

vs. Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”)

LOGO


Average Annual Total Returns for the Periods Ended September 30, 2021
	1 Year			3 Years		Since Inception
Institutional Class Shares		22.56	%		9.75%		13.45%	^*
S&P 500^®Total Return Index		30.00	%		15.98%		16.89%	^**

*	The Gotham Enhanced 500 Plus Fund (the “Fund”) commenced operations on September 30, 2016.

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 5.04% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.21% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Hedged Plus Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $25,000 Investment in Gotham Hedged Plus Fund Institutional Class Shares

vs. Hedge Fund Research Inc. (“HFRX”) Equity Hedge Index

LOGO


Average Annual Total Returns for the Periods Ended September 30, 2021
	1 Year			3 Years		5 Years		Since Inception
Institutional Class Shares		8.37	%		1.59%		6.76%		6.28%	^*
HFRX Equity Hedge Index		17.74	%		4.96%		4.90%		4.88%	^**

*	The Gotham Hedged Plus Fund (the “Fund”) commenced operations on March 31, 2016.

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

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 4.81% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.51% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Short Strategies Fund

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 Investment in Gotham Short Strategies Fund Institutional Class Shares

vs. the 50% Inverse of the Standard & Poor’s 500^® Total Return Index (“50% Inverse of the S&P 500^®”)

LOGO


Average Annual Total Returns for the Years Ended September 30, 2021
	1 Year			3 Years		5 Years		10 Years
Institutional Class Shares^*		-20.47	%		-12.60%		-9.66%		-6.77%
50% Inverse of the S&P 500^®		-14.03	%		-8.75%		-8.90%		-8.58%

A privately offered fund (the “Predecessor Fund”) managed by Gotham Asset Management, LLC was reorganized into the Gotham Short Strategies Fund (the “Fund” or “GSSFX”) on July 31, 2017, the date GSSFX commenced operations. The Predecessor Fund was organized and commenced operations in February 2008 and had an investment objective, investment policies and restrictions that were, in all material respects, equivalent to those of GSSFX. However, the Predecessor Fund was not registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, this Predecessor Fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended, which, if applicable, might have adversely affected its performance. GSSFX’s performance for periods prior to the commencement of operations on July 31, 2017 is that of the Predecessor Fund adjusted to reflect GSSFX’s fee structure.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.88% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.35% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.35% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

The Fund intends to evaluate performance as compared to that of the 50% Inverse of the S&P 500^®. The 50% Inverse of the S&P 500^® reflects the return of the S&P 500^® adjusted to show the negative 50% targeted net short exposure of the Predecessor Fund. Its returns reflect reinvested dividends.

GOTHAM FUNDS

Fund Expense Disclosure

September 30, 2021

(Unaudited)

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from April 1, 2021 through September 30, 2021 and held for the entire period.

Actual Expenses

Hypothetical Example for Comparison Purposes



	Beginning Account Value April 1, 2021			Ending Account Value September 30, 2021			Annualized Expense Ratio^*		Expenses Paid During Period^**
Gotham ESG Large Value Fund
Institutional Class
Actual		$	1,000.00		$	1,061.50		0.75%		$	3.88
Hypothetical (5% return before expenses)			1,000.00			1,021.31		0.75%			3.80

Gotham Defensive Long 500 Fund
Institutional Class
Actual		$	1,000.00		$	1,038.70		1.35%		$	6.90
Hypothetical (5% return before expenses)			1,000.00			1,018.30		1.35%			6.83

GOTHAM FUNDS

Fund Expense Disclosure (Concluded)

September 30, 2021

(Unaudited)



	Beginning Account Value April 1, 2021			Ending Account Value September 30, 2021			Annualized Expense Ratio^*		Expenses Paid During Period^**
Gotham Total Return Fund
Institutional Class
Actual		$	1,000.00		$	1,058.50		0.00%		$	—
Hypothetical (5% return before expenses)			1,000.00			1,025.07		0.00%			—
Investor Class
Actual		$	1,000.00		$	1,057.00		0.25%		$	1.29
Hypothetical (5% return before expenses)			1,000.00			1,023.82		0.25%			1.27

Gotham Enhanced 500 Plus Fund
Institutional Class
Actual		$	1,000.00		$	1,055.40		2.01%		$	10.34
Hypothetical (5% return before expenses)			1,000.00			1,015.01		2.01%			10.14

Gotham Hedged Plus Fund
Institutional Class
Actual		$	1,000.00		$	1,079.50		2.35%		$	12.23
Hypothetical (5% return before expenses)			1,000.00			1,013.30		2.35%			11.84

Gotham Short Strategies Fund
Institutional Class
Actual		$	1,000.00		$	985.00		1.34%		$	6.68
Hypothetical (5% return before expenses)			1,000.00			1,018.33		1.34%			6.80

*	Annualized expense ratios include dividend expense on securities sold short and interest expense on securities sold short and borrowings, except for the Gotham ESG Large Value Fund which does not short securities or use leverage.

GOTHAM ESG LARGE VALUE FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Capital Goods		9.9	%		$	149,650
Retailing		8.6				130,059
Semiconductors & Semiconductor Equipment		8.5				128,875
Diversified Financials		8.5				127,615
Technology Hardware & Equipment		6.7				101,142
Health Care Equipment & Services		6.3				94,872
Energy		5.9				89,417
Software & Services		5.9				88,702
Materials		4.8				72,134
Pharmaceuticals, Biotechnology & Life Sciences		4.8				71,915
Real Estate		4.5				67,526
Food, Beverage & Tobacco		3.9				59,167
Banks		3.8				57,783
Transportation		3.5				53,445
Insurance		3.3				50,384
Media & Entertainment		2.2				32,551
Consumer Durables & Apparel		2.0				30,962
Telecommunication Services		1.7				25,955
Consumer Services		1.1				15,952
Automobiles & Components		0.9				13,126
Commercial & Professional Services		0.6				8,429
Utilities		0.5				7,731
Household & Personal Products		0.5				7,309
Food & Staples Retailing		0.2				2,763

Total Common Stocks		98.6				1,487,464

Other Assets in Excess of Liabilities		1.4				21,741

NET ASSETS		100.0	%		$	1,509,205

Portfolio holdings are subject to change at any time.

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Food, Beverage & Tobacco		13.3	%		$	4,648,906
Health Care Equipment & Services		10.0				3,496,168
Pharmaceuticals, Biotechnology & Life Sciences		9.5				3,336,371
Technology Hardware & Equipment		8.3				2,903,626
Software & Services		7.1				2,478,078
Media & Entertainment		5.3				1,856,803
Capital Goods		4.6				1,622,358
Retailing		4.5				1,567,532
Insurance		4.0				1,391,774
Diversified Financials		3.9				1,359,567
Real Estate		3.6				1,276,153
Household & Personal Products		2.9				1,033,041
Food & Staples Retailing		2.5				888,227
Materials		2.4				856,635
Transportation		2.3				804,701
Telecommunication Services		2.2				787,744
Consumer Durables & Apparel		2.2				777,257
Consumer Services		2.2				767,791
Utilities		2.0				689,174
Semiconductors & Semiconductor Equipment		1.6				548,610
Energy		0.7				227,981
Automobiles & Components		0.3				89,456
Commercial & Professional Services		0.1				37,555

Total Common Stocks		95.5				33,445,508

Other Assets in Excess of Liabilities		4.5				1,591,697

NET ASSETS		100.0	%		$	35,037,205

Portfolio holdings are subject to change at any time.

GOTHAM TOTAL RETURN FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Affiliated Equity Registered Investment Companies		99.7	%		$	26,860,769

Other Assets in Excess of Liabilities		0.3				86,243

NET ASSETS		100.0	%		$	26,947,012

Portfolio holdings are subject to change at any time.

GOTHAM ENHANCED 500 PLUS FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Software & Services		16.7	%		$	594,508
Retailing		14.1				501,736
Capital Goods		12.0				425,560
Media & Entertainment		11.3				402,482
Technology Hardware & Equipment		11.3				401,739
Pharmaceuticals, Biotechnology & Life Sciences		10.8				384,331
Food, Beverage & Tobacco		8.9				318,094
Health Care Equipment & Services		8.3				293,511
Diversified Financials		7.3				258,538
Semiconductors & Semiconductor Equipment		6.0				212,032
Energy		5.8				206,460
Materials		5.3				188,866
Transportation		4.1				147,254
Telecommunication Services		3.4				122,344
Insurance		2.8				99,060
Food & Staples Retailing		2.5				87,675
Automobiles & Components		2.2				78,102
Real Estate		1.6				55,041
Consumer Durables & Apparel		1.5				54,843
Consumer Services		1.1				39,414
Household & Personal Products		0.9				32,606
Utilities		0.8				27,911
Banks		0.7				24,984
Commercial & Professional Services		0.5				16,332

Total Long Positions		139.9				4,973,423


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Automobiles & Components		(0.3	)%		$	(10,118	)
Technology Hardware & Equipment		(0.3	)			(10,951	)
Household & Personal Products		(0.5	)			(16,353	)
Telecommunication Services		(0.5	)			(17,482	)
Retailing		(0.8	)			(28,546	)
Food & Staples Retailing		(0.8	)			(28,716	)
Food, Beverage & Tobacco		(0.9	)			(30,426	)
Transportation		(1.1	)			(38,861	)
Consumer Durables & Apparel		(1.1	)			(40,332	)
Insurance		(1.2	)			(41,080	)
Energy		(1.2	)			(44,283	)
Media & Entertainment		(1.3	)			(46,090	)
Banks		(1.4	)			(48,175	)
Commercial & Professional Services		(1.4	)			(49,650	)
Materials		(1.9	)			(69,114	)
Real Estate		(2.0	)			(70,784	)
Software & Services		(2.1	)			(73,076	)
Diversified Financials		(2.1	)			(74,206	)
Semiconductors & Semiconductor Equipment		(2.2	)			(79,992	)
Consumer Services		(2.3	)			(83,361	)
Capital Goods		(2.3	)			(83,604	)
Pharmaceuticals, Biotechnology & Life Sciences		(4.1	)			(145,365	)
Utilities		(4.6	)			(162,729	)
Health Care Equipment & Services		(4.9	)			(174,568	)

Total Short Positions		(41.3	)			(1,467,862	)

Other Assets in Excess of Liabilities		1.4				50,548

NET ASSETS		100.0	%		$	3,556,109

Portfolio holdings are subject to change at any time.

GOTHAM HEDGED PLUS FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Pharmaceuticals, Biotechnology & Life Sciences		23.4	%		$	2,873,810
Food, Beverage & Tobacco		23.3				2,862,947
Health Care Equipment & Services		16.2				1,989,282
Technology Hardware & Equipment		15.7				1,928,004
Software & Services		14.1				1,731,879
Capital Goods		10.8				1,327,545
Retailing		9.5				1,170,222
Media & Entertainment		9.3				1,149,084
Telecommunication Services		6.4				783,208
Diversified Financials		5.9				724,004
Consumer Services		5.1				632,777
Consumer Durables & Apparel		5.0				612,260
Materials		4.7				584,002
Food & Staples Retailing		4.7				581,041
Household & Personal Products		4.2				516,971
Insurance		3.3				408,171
Energy		3.3				403,805
Transportation		2.4				300,125
Automobiles & Components		2.4				291,687
Utilities		2.0				252,846
Commercial & Professional Services		1.7				209,778
Real Estate		1.1				137,372
Semiconductors & Semiconductor Equipment		0.7				88,907

Total Long Positions		175.2				21,559,727


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Automobiles & Components		(0.0	)%		$	(3,284	)
Household & Personal Products		(0.1	)			(7,601	)
Food & Staples Retailing		(0.2	)			(26,054	)
Diversified Financials		(0.3	)			(37,107	)
Semiconductors & Semiconductor Equipment		(0.4	)			(54,306	)
Food, Beverage & Tobacco		(0.5	)			(65,435	)
Real Estate		(1.0	)			(121,426	)
Media & Entertainment		(1.1	)			(139,304	)
Banks		(1.1	)			(140,481	)
Insurance		(1.4	)			(176,773	)
Consumer Durables & Apparel		(1.5	)			(185,907	)
Technology Hardware & Equipment		(1.6	)			(191,224	)
Consumer Services		(1.7	)			(212,428	)
Transportation		(1.9	)			(229,497	)
Retailing		(2.0	)			(245,709	)
Commercial & Professional Services		(2.1	)			(257,429	)
Energy		(3.7	)			(451,894	)
Materials		(4.5	)			(559,809	)
Capital Goods		(4.6	)			(561,467	)
Health Care Equipment & Services		(5.6	)			(685,351	)
Software & Services		(11.6	)			(1,424,270	)
Utilities		(14.1	)			(1,736,142	)
Pharmaceuticals, Biotechnology & Life Sciences		(15.3	)			(1,877,213	)

Total Short Positions		(76.3	)			(9,390,111	)

Other Assets in Excess of Liabilities		1.1				132,959

NET ASSETS		100.0	%		$	12,302,575

Portfolio holdings are subject to change at any time.

GOTHAM SHORT STRATEGIES FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
Common Stocks:
Materials		12.6	%		$	190,769
Pharmaceuticals, Biotechnology & Life Sciences		10.2				154,656
Health Care Equipment & Services.		9.9				150,972
Capital Goods		9.2				139,832
Semiconductors & Semiconductor Equipment		7.8				119,231
Technology Hardware & Equipment		7.0				105,996
Energy		6.1				92,101
Retailing		5.9				90,397
Software & Services		5.5				83,307
Consumer Durables & Apparel		4.7				71,098
Consumer Services		2.8				42,109
Utilities		2.5				38,449
Food, Beverage & Tobacco		2.3				35,672
Media & Entertainment		2.1				31,803
Transportation		2.0				30,737
Automobiles & Components		2.0				30,024
Household & Personal Products		1.4				21,629
Commercial & Professional Services		1.2				18,033
Food & Staples Retailing		0.5				7,190

Total Common Stocks		95.7				1,454,005

Other Assets in Excess of Liabilities		4.3				66,094

NET ASSETS		100.0	%		$	1,520,099

Portfolio holdings are subject to change at any time.

GOTHAM ESG LARGE VALUE FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 98.6%
Automobiles & Components — 0.9%
Ford Motor Co.^*		927	$	13,126

Banks — 3.8%
Citizens Financial Group, Inc.		99		4,651
Comerica, Inc.		32		2,576
Fifth Third Bancorp		157		6,663
JPMorgan Chase & Co.		110		18,006
KeyCorp.		226		4,886
M&T Bank Corp.		28		4,182
People’s United Financial, Inc.		70		1,223
Regions Financial Corp.		224		4,773
SVB Financial Group^*		13		8,409
Zions Bancorp NA		39		2,414

				57,783

Capital Goods — 9.9%
3M Co.		63		11,051
A.O. Smith Corp.		38		2,321
Allegion PLC (Ireland)		19		2,511
Carrier Global Corp.		192		9,938
Cummins, Inc.		18		4,042
Deere & Co.		11		3,686
Dover Corp.		32		4,976
Eaton Corp. PLC (Ireland)		42		6,271
Emerson Electric Co.		133		12,529
Fortive Corp.		2		141
General Dynamics Corp.		36		7,057
Howmet Aerospace, Inc.		107		3,338
IDEX Corp.		2		414
Illinois Tool Works, Inc.		10		2,066
Ingersoll Rand, Inc.^*		94		4,738
Johnson Controls International PLC (Ireland)		184		12,527
Lockheed Martin Corp.		38		13,114
Northrop Grumman Corp.		19		6,843
Otis Worldwide Corp.		29		2,386
Parker-Hannifin Corp.		30		8,389
Pentair PLC (Ireland)		36		2,615
Snap-on, Inc.		14		2,925
Stanley Black & Decker, Inc.		38		6,662
Textron, Inc.		52		3,630
Trane Technologies PLC (Ireland)		56		9,668
United Rentals, Inc.^*		2		702
WW Grainger, Inc.		13		5,110

				149,650

Commercial & Professional Services — 0.6%
Jacobs Engineering Group, Inc.		31		4,108


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Nielsen Holdings PLC (United Kingdom)		84	$	1,612
Robert Half International, Inc.		27		2,709

				8,429

Consumer Durables & Apparel — 2.0%
Garmin Ltd. (Switzerland)		35		5,441
Hanesbrands, Inc.		81		1,390
Hasbro, Inc.		28		2,498
Mohawk Industries, Inc.^*		20		3,548
Newell Brands, Inc.		99		2,192
PulteGroup, Inc.		2		92
PVH Corp.^*		15		1,542
Ralph Lauren Corp.		17		1,888
Tapestry, Inc.		65		2,406
Under Armour, Inc., Class C^*		107		1,875
VF Corp.		66		4,421
Whirlpool Corp.		18		3,669

				30,962

Consumer Services — 1.1%
Caesars Entertainment, Inc.^*		33		3,705
McDonald’s Corp.		7		1,688
Penn National Gaming, Inc.^*		36		2,609
Yum! Brands, Inc.		65		7,950

				15,952

Diversified Financials — 8.5%
American Express Co.		46		7,706
Ameriprise Financial, Inc.		27		7,131
Berkshire Hathaway, Inc., Class B^*		50		13,647
BlackRock, Inc.		31		25,998
Charles Schwab Corp. (The)		34		2,477
Discover Financial Services		71		8,722
Franklin Resources, Inc.		148		4,399
Goldman Sachs Group, Inc. (The)		21		7,939
Invesco Ltd. (Bermuda)		128		3,086
Moody’s Corp.		5		1,775
Morgan Stanley		109		10,607
Nasdaq, Inc.		40		7,721
Raymond James Financial, Inc.		46		4,245
S&P Global, Inc.		7		2,974
Synchrony Financial		135		6,599
T Rowe Price Group, Inc.		64		12,589

				127,615

Energy — 5.9%
APA Corp.		87		1,864

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

GOTHAM ESG LARGE VALUE FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Baker Hughes Co.		185	$	4,575
EOG Resources, Inc.		130		10,435
Exxon Mobil Corp.		430		25,293
Halliburton Co.		227		4,908
Hess Corp.		71		5,546
Kinder Morgan, Inc.		504		8,432
Marathon Petroleum Corp.		142		8,777
Occidental Petroleum Corp.		217		6,419
ONEOK, Inc.		103		5,973
Schlumberger NV		220		6,521
Williams Cos., Inc. (The)		26		674

				89,417

Food & Staples Retailing — 0.2%
Kroger Co. (The)		2		81
Walgreens Boots Alliance, Inc.		57		2,682

				2,763

Food, Beverage & Tobacco — 3.9%
Archer-Daniels-Midland Co.		134		8,041
Coca-Cola Co. (The)		165		8,658
Constellation Brands, Inc., Class A		43		9,060
General Mills, Inc.		27		1,615
Hershey Co. (The)		46		7,786
Kellogg Co.		8		511
Kraft Heinz Co. (The)		275		10,125
Molson Coors Beverage Co., Class B		49		2,273
Mondelez International, Inc., Class A		183		10,647
PepsiCo, Inc.		3		451

				59,167

Health Care Equipment & Services — 6.3%
AmerisourceBergen Corp.		18		2,150
Anthem, Inc.		35		13,048
Cardinal Health, Inc.		7		346
Cigna Corp.		76		15,212
CVS Health Corp.		210		17,821
DaVita, Inc.^*		23		2,674
HCA Healthcare, Inc.		78		18,932
Hologic, Inc.^*		56		4,133
Laboratory Corp. of America Holdings^*		23		6,473
Quest Diagnostics, Inc.		27		3,924
UnitedHealth Group, Inc.		26		10,159

				94,872


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — 0.5%
Colgate-Palmolive Co.		93	$	7,029
Procter & Gamble Co. (The)		2		280

				7,309

Insurance — 3.3%
Aflac, Inc.		147		7,663
American International Group, Inc.		56		3,074
Aon PLC, Class A (Ireland)		36		10,288
Arthur J Gallagher & Co.		44		6,541
Brown & Brown, Inc.		63		3,493
Lincoln National Corp.		44		3,025
Loews Corp.		58		3,128
Marsh & McLennan Cos., Inc.		61		9,237
MetLife, Inc.		39		2,407
Principal Financial Group, Inc.		19		1,224
Travelers Cos., Inc. (The)		2		304

				50,384

Materials — 4.8%
Avery Dennison Corp.		20		4,144
CF Industries Holdings, Inc.		50		2,791
Dow, Inc.		174		10,015
DuPont de Nemours, Inc.		124		8,431
Eastman Chemical Co.		30		3,022
International Paper Co.		111		6,207
Linde PLC (Ireland)		13		3,814
LyondellBasell Industries NV, Class A (Netherlands)		74		6,945
Mosaic Co. (The)		88		3,143
Nucor Corp.		67		6,599
Packaging Corp. of America		22		3,024
Sherwin-Williams Co. (The)		39		10,910
Westrock Co.		62		3,089

				72,134

Media & Entertainment — 2.2%
Comcast Corp., Class A		91		5,089
Discovery, Inc., Class A^*		147		3,731
DISH Network Corp., Class A^*		122		5,302
Fox Corp., Class A		129		5,174
Interpublic Group of Cos., Inc. (The)		110		4,034
Omnicom Group, Inc.		58		4,203
ViacomCBS, Inc., Class B		127		5,018

				32,551

Pharmaceuticals, Biotechnology & Life Sciences — 4.8%
AbbVie, Inc.		160		17,259
Agilent Technologies, Inc.		1		157

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

GOTHAM ESG LARGE VALUE FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Biogen, Inc.^*		8	$	2,264
Gilead Sciences, Inc.		220		15,367
Merck & Co., Inc.		110		8,262
Organon & Co.		57		1,869
PerkinElmer, Inc.		27		4,679
Pfizer, Inc.		285		12,258
Thermo Fisher Scientific, Inc.		3		1,714
Vertex Pharmaceuticals, Inc.^*		17		3,084
Waters Corp.^*		14		5,002

				71,915

Real Estate — 4.5%
Alexandria Real Estate Equities, Inc., REIT		34		6,496
AvalonBay Communities, Inc., REIT		31		6,871
CBRE Group, Inc., Class A^*		79		7,692
Duke Realty Corp., REIT		82		3,925
Equity Residential, REIT		83		6,716
Essex Property Trust, Inc., REIT		14		4,476
Extra Space Storage, Inc., REIT		3		504
Kimco Realty Corp., REIT		100		2,075
Mid-America Apartment Communities, Inc., REIT		26		4,856
Prologis, Inc., REIT		8		1,003
Public Storage, REIT		3		891
Realty Income Corp., REIT		2		130
Regency Centers Corp., REIT		37		2,491
Simon Property Group, Inc., REIT		72		9,358
UDR, Inc., REIT		66		3,497
Weyerhaeuser Co., REIT		184		6,545

				67,526

Retailing — 8.6%
Advance Auto Parts, Inc.		16		3,342
AutoZone, Inc.^*		5		8,490
Bath & Body Works, Inc.		69		4,349
Best Buy Co., Inc.		63		6,660
Dollar Tree, Inc.^*		24		2,297
eBay, Inc.		147		10,242
Gap, Inc. (The)		87		1,975
Genuine Parts Co.		42		5,092
Home Depot, Inc. (The)		59		19,367
LKQ Corp.^*		85		4,277
Lowe’s Cos., Inc.		93		18,866
O’Reilly Automotive, Inc.^*		16		9,777
Ross Stores, Inc.		79		8,599


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Target Corp.		91	$	20,818
Tractor Supply Co.		6		1,216
Ulta Beauty, Inc.^*		13		4,692

				130,059

Semiconductors & Semiconductor Equipment — 8.5%
Analog Devices, Inc.		38		6,364
Applied Materials, Inc.		213		27,420
Intel Corp.		411		21,898
KLA Corp.		35		11,708
Lam Research Corp.		32		18,213
Microchip Technology, Inc.		6		921
Micron Technology, Inc.		241		17,106
NXP Semiconductors NV (Netherlands)		51		9,989
Qorvo, Inc.^*		26		4,347
Skyworks Solutions, Inc.		30		4,943
Teradyne, Inc.		30		3,275
Texas Instruments, Inc.		14		2,691

				128,875

Software & Services — 5.9%
Accenture PLC, Class A (Ireland)		48		15,356
Automatic Data Processing, Inc.		88		17,593
Broadridge Financial Solutions, Inc.		26		4,333
DXC Technology Co.^*		59		1,983
Fiserv, Inc.^*		13		1,410
Gartner, Inc.^*		20		6,078
International Business Machines Corp.		117		16,255
NortonLifeLock, Inc.		128		3,238
Oracle Corp.		121		10,543
Paychex, Inc.		84		9,446
Western Union Co. (The)		122		2,467

				88,702

Technology Hardware & Equipment — 6.7%
Amphenol Corp., Class A		2		146
Arista Networks, Inc.^*		8		2,749
CDW Corp.		32		5,825
Cisco Systems, Inc.		462		25,147
Corning, Inc.		186		6,787
F5 Networks, Inc.^*		13		2,584
Hewlett Packard Enterprise Co.		302		4,303
HP, Inc.		352		9,631
Juniper Networks, Inc.		91		2,504
Keysight Technologies, Inc.^*		41		6,736
Motorola Solutions, Inc.		2		465

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

GOTHAM ESG LARGE VALUE FUND

Portfolio of Investments (Concluded)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
NetApp, Inc.		52	$	4,667
Seagate Technology Holdings PLC (Ireland)		61		5,034
TE Connectivity Ltd. (Switzerland)		73		10,017
Trimble, Inc.^*		55		4,524
Western Digital Corp.^*		68		3,838
Zebra Technologies Corp., Class A^*.		12		6,185

				101,142

Telecommunication Services — 1.7%
AT&T, Inc.		513		13,856
Verizon Communications, Inc.		224		12,099

				25,955

Transportation — 3.5%
CSX Corp.		502		14,930
Expeditors International of Washington, Inc.		41		4,884
Norfolk Southern Corp.		29		6,938
Union Pacific Corp.		60		11,761
United Parcel Service, Inc., Class B		82		14,932

				53,445


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — 0.5%
NRG Energy, Inc.		54	$	2,205
PPL Corp.		172		4,795
Public Service Enterprise Group, Inc.		12		731

				7,731

TOTAL COMMON STOCKS (Cost $1,278,518)				1,487,464

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.4%				21,741

NET ASSETS - 100.0%			$	1,509,205

*	Non-income producing.

PLC	Public Limited Company

REIT	Real Estate Investment Trust

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 95.5%
Automobiles & Components — 0.3%
Ford Motor Co.^*		1,415	$	20,037
General Motors Co.^*		1,317		69,419

				89,456

Capital Goods — 4.6%
3M Co.^(a)		1,851		324,702
A.O. Smith Corp.		2,410		147,179
General Dynamics Corp.		19		3,725
Johnson Controls International PLC (Ireland)		2,206		150,184
Lockheed Martin Corp.^(a)		1,045		360,629
Northrop Grumman Corp.		677		243,821
Otis Worldwide Corp.		342		28,140
Pentair PLC (Ireland)		481		34,935
Quanta Services, Inc.		119		13,545
Roper Technologies, Inc.		51		22,753
Snap-on, Inc.		1,085		226,711
WW Grainger, Inc.		168		66,034

				1,622,358

Commercial & Professional Services — 0.1%
Nielsen Holdings PLC (United Kingdom)		1,957		37,555

Consumer Durables & Apparel — 2.2%
Garmin Ltd. (Switzerland)		1,214		188,728
Hasbro, Inc.		427		38,097
Mohawk Industries, Inc.^*		326		57,832
NIKE, Inc., Class B		715		103,840
Tapestry, Inc.		848		31,393
Whirlpool Corp.^(a)		1,753		357,367

				777,257

Consumer Services — 2.2%
Booking Holdings, Inc.^*		1		2,374
Hilton Worldwide Holdings, Inc.^*		447		59,053
Marriott International, Inc., Class A^*.		385		57,015
McDonald’s Corp.		878		211,694
Penn National Gaming, Inc.^*		3,032		219,699
Yum! Brands, Inc.		1,782		217,956

				767,791

Diversified Financials — 3.9%
Berkshire Hathaway, Inc., Class B^(a)*		1,400		382,116
BlackRock, Inc.		379		317,852
Invesco Ltd. (Bermuda)		761		18,348
Moody’s Corp.		177		62,854


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Nasdaq, Inc.		1,149	$	221,780
T Rowe Price Group, Inc.^(a)		1,813		356,617

				1,359,567

Energy — 0.7%
Baker Hughes Co.		1,236		30,566
EOG Resources, Inc.		1,463		117,435
Hess Corp.		34		2,656
Marathon Petroleum Corp.		1,251		77,324

				227,981

Food & Staples Retailing — 2.5%
Kroger Co. (The)^(a)		7,635		308,683
Sysco Corp.		190		14,915
Walmart, Inc.^(a)		4,051		564,629

				888,227

Food, Beverage & Tobacco — 13.3%
Altria Group, Inc.^(a)		8,180		372,354
Archer-Daniels-Midland Co.^(a)		4,549		272,985
Campbell Soup Co.^(a)		5,392		225,440
Coca-Cola Co. (The)		4,947		259,569
Conagra Brands, Inc.^(a)		8,553		289,690
Constellation Brands, Inc., Class A		376		79,219
General Mills, Inc.^(a)		7,085		423,825
Hershey Co. (The)^(a)		2,534		428,880
JM Smucker Co. (The)^(a)		567		68,057
Kellogg Co.^(a)		6,520		416,758
Kraft Heinz Co. (The)^(a)		13,473		496,076
Mondelez International, Inc., Class A^(a)		6,742		392,250
PepsiCo, Inc.		1,296		194,931
Philip Morris International, Inc.^(a)		5,405		512,340
Tyson Foods, Inc., Class A		2,743		216,532

				4,648,906

Health Care Equipment & Services — 10.0%
Abbott Laboratories		1,067		126,045
Anthem, Inc.		371		138,309
Cerner Corp.		464		32,721
Cigna Corp.		821		164,331
CVS Health Corp.^(a)		3,823		324,420
Danaher Corp.		446		135,780
DaVita, Inc.^*		283		32,902
HCA Healthcare, Inc.		675		163,836
Hologic, Inc.^(a)*		8,429		622,144
Laboratory Corp. of America Holdings^(a)*		2,394		673,767

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
McKesson Corp.		635	$	126,606
Quest Diagnostics, Inc.^(a)		4,657		676,709
UnitedHealth Group, Inc.		713		278,598

				3,496,168

Household & Personal Products — 2.9%
Colgate-Palmolive Co.^(a)		6,066		458,468
Kimberly-Clark Corp.^(a)		2,432		322,094
Procter & Gamble Co. (The)^(a)		1,806		252,479

				1,033,041

Insurance — 4.0%
Aon PLC, Class A (Ireland)		1,302		372,073
Arthur J Gallagher & Co.		1,810		269,057
Brown & Brown, Inc.		1,412		78,295
Marsh & McLennan Cos., Inc.^(a)		4,440		672,349

				1,391,774

Materials — 2.4%
Avery Dennison Corp.		593		122,876
DuPont de Nemours, Inc.		2,408		163,720
Eastman Chemical Co.		442		44,527
International Paper Co.		1,714		95,847
Sherwin-Williams Co. (The)^(a)		1,536		429,665

				856,635

Media & Entertainment — 5.3%
Activision Blizzard, Inc.^(a)		3,754		290,522
Alphabet, Inc., Class A^(a)*		117		312,802
Charter Communications, Inc., Class A^*		195		141,874
DISH Network Corp., Class A^*		86		3,738
Electronic Arts, Inc.		97		13,798
Facebook, Inc., Class A^(a)*		1,682		570,854
Fox Corp., Class A		481		19,293
Interpublic Group of Cos., Inc. (The)		1,443		52,915
Netflix, Inc.^(a)*		525		320,429
Omnicom Group, Inc.		5		362
Take-Two Interactive Software, Inc.^*.		42		6,471
ViacomCBS, Inc., Class B		3,132		123,745

				1,856,803

Pharmaceuticals, Biotechnology & Life Sciences — 9.5%
AbbVie, Inc.		1,461		157,598
Biogen, Inc.^*		986		279,028
Gilead Sciences, Inc.		2,782		194,323
Illumina, Inc.^*		82		33,260
Johnson & Johnson^(a)		2,672		431,528
Merck & Co., Inc.^(a)		6,444		484,009


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Organon & Co.		6,566	$	215,299
PerkinElmer, Inc.^(a)		3,910		677,564
Pfizer, Inc.^(a)		15,425		663,429
Thermo Fisher Scientific, Inc.		320		182,825
Waters Corp.^*		49		17,508

				3,336,371

Real Estate — 3.6%
Alexandria Real Estate Equities, Inc., REIT		1,665		318,132
Duke Realty Corp., REIT		3,704		177,310
Extra Space Storage, Inc., REIT		1,120		188,149
Iron Mountain, Inc., REIT		16		695
Mid-America Apartment Communities, Inc., REIT		349		65,176
Prologis, Inc., REIT		6		753
Public Storage, REIT		851		252,832
Weyerhaeuser Co., REIT		7,678		273,106

				1,276,153

Retailing — 4.5%
Advance Auto Parts, Inc.		5		1,045
Amazon.com, Inc.^(a)*		79		259,518
AutoZone, Inc.^*		65		110,369
Bath & Body Works, Inc.		1,925		121,333
Best Buy Co., Inc.		189		19,979
eBay, Inc.		4,123		287,249
Genuine Parts Co.		797		96,620
Home Depot, Inc. (The)		446		146,404
LKQ Corp.^*		1,542		77,594
Lowe’s Cos., Inc.		447		90,678
O’Reilly Automotive, Inc.^*		207		126,490
Ross Stores, Inc.		724		78,807
Target Corp.		662		151,446

				1,567,532

Semiconductors & Semiconductor Equipment — 1.6%
Applied Materials, Inc.		2,050		263,896
Intel Corp.^(a)		5,301		282,437
Lam Research Corp.		4		2,277

				548,610

Software & Services — 7.1%
Accenture PLC, Class A (Ireland)		385		123,169
Automatic Data Processing, Inc.		1,553		310,476
Broadridge Financial Solutions, Inc.		46		7,665
Gartner, Inc.^*		10		3,039

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
International Business Machines Corp.		920	$	127,816
Mastercard, Inc., Class A		124		43,112
Microsoft Corp.^(a)		1,524		429,646
NortonLifeLock, Inc.^(a)		15,191		384,332
Oracle Corp.^(a)		5,296		461,440
Paychex, Inc.		630		70,844
PayPal Holdings, Inc.^*		437		113,712
Visa, Inc., Class A		993		221,191
Western Union Co. (The)		8,983		181,636

				2,478,078

Technology Hardware & Equipment — 8.3%
Apple, Inc.^(a)		6,713		949,889
Cisco Systems, Inc.^(a)		8,958		487,584
Corning, Inc.		6,317		230,507
F5 Networks, Inc.^*		41		8,150
HP, Inc.^(a)		11,835		323,806
Juniper Networks, Inc.		7,352		202,327
Keysight Technologies, Inc.^*		531		87,238
NetApp, Inc.		2,566		230,324
Seagate Technology Holdings PLC (Ireland)		4,651		383,801

				2,903,626

Telecommunication Services — 2.2%
AT&T, Inc.^(a)		12,362		333,898
Verizon Communications, Inc.^(a)		8,403		453,846

				787,744

Transportation — 2.3%
CSX Corp.		3,343		99,421
Expeditors International of Washington, Inc.^(a)		2,274		270,902
Southwest Airlines Co.^*		401		20,623
Union Pacific Corp.		329		64,487
United Parcel Service, Inc., Class B^(a)		1,918		349,268

				804,701

Utilities — 2.0%
Dominion Energy, Inc.^(a)		2,535		185,106
NRG Energy, Inc.		5,749		234,732


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
PPL Corp.		7,225	$	201,433
Public Service Enterprise Group, Inc.		1,115		67,903

				689,174

TOTAL COMMON STOCKS (Cost $29,927,561)				33,445,508

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.5%				1,591,697

NET ASSETS - 100.0%			$	35,037,205

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

*	Non-income producing.

PLC	Public Limited Company

REIT	Real Estate Investment Trust

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021

Over-the-counter total return swaps outstanding as of September 30, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between August 29, 2024 and July 6, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 3.5% of net assets as of September 30, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of September 30, 2021:

Total Return Swaps


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Long
Automobiles & Components
Ford Motor Co.	Morgan Stanley		1,407		$	16,322		$	19,923		$	3,857
General Motors Co.	Morgan Stanley		1,340			70,311			70,631			300

			2,747			86,633			90,554			4,157

Capital Goods
3M Co.	Morgan Stanley		1,845			329,309			323,650			2,942
A.O. Smith Corp.	Morgan Stanley		2,064			114,376			126,048			13,039
General Dynamics Corp.	Morgan Stanley		22			4,360			4,313			206
Johnson Controls International PLC (Ireland)	Morgan Stanley		2,158			91,286			146,917			59,434
Lockheed Martin Corp.	Morgan Stanley		993			366,658			342,684			(22,390	)
Northrop Grumman Corp.	Morgan Stanley		662			233,830			238,419			6,174
Otis Worldwide Corp.	Morgan Stanley		337			28,236			27,728			(248	)
Pentair PLC (Ireland)	Morgan Stanley		478			20,483			34,717			17,406
Quanta Services, Inc.	Morgan Stanley		128			7,637			14,569			7,320
Roper Technologies, Inc.	Morgan Stanley		20			7,997			8,923			1,216
Snap-on, Inc.	Morgan Stanley		1,067			145,888			222,950			82,636
WW Grainger, Inc.	Morgan Stanley		184			72,504			72,323			517

			9,958			1,422,564			1,563,241			168,252

Commercial & Professional Services
Nielsen Holdings PLC (United Kingdom)	Morgan Stanley		1,901			39,473			36,480			(2,729	)

Consumer Durables & Apparel
Garmin Ltd. (Switzerland)	Morgan Stanley		1,211			167,856			188,262			24,724
Hasbro, Inc.	Morgan Stanley		453			43,837			40,417			(3,930	)
Mohawk Industries, Inc.	Morgan Stanley		322			62,650			57,123			(5,256	)
NIKE, Inc., Class B	Morgan Stanley		681			91,062			98,902			8,578
Tapestry, Inc.	Morgan Stanley		834			33,420			30,875			(2,284	)
Whirlpool Corp.	Morgan Stanley		1,735			294,884			353,697			65,833

			5,236			693,709			769,276			87,665

Consumer Services
Hilton Worldwide Holdings, Inc.	Morgan Stanley		99			10,151			13,079			3,183
Marriott International, Inc., Class A	Morgan Stanley		371			50,962			54,941			4,246
McDonald’s Corp.	Morgan Stanley		870			203,885			209,766			8,286

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Consumer Services — (continued)
Penn National Gaming, Inc.	Morgan Stanley		2,984		$	209,102		$	216,221		$	7,437
Yum! Brands, Inc.	Morgan Stanley		1,761			196,150			215,388			20,844

			6,085			670,250			709,395			43,996

Diversified Financials
Berkshire Hathaway, Inc., Class B	Morgan Stanley		625			144,808			170,588			26,077
BlackRock, Inc.	Morgan Stanley		328			228,092			275,080			50,510
Invesco Ltd. (Bermuda)	Morgan Stanley		768			18,917			18,516			(143	)
Moody’s Corp.	Morgan Stanley		173			64,453			61,434			(2,747	)
Nasdaq, Inc.	Morgan Stanley		1,130			171,271			218,113			48,054
T Rowe Price Group, Inc.	Morgan Stanley		1,790			270,222			352,093			93,540

			4,814			897,763			1,095,824			215,291

Energy
Baker Hughes Co.	Morgan Stanley		1,127			23,911			27,871			4,219
EOG Resources, Inc.	Morgan Stanley		1,127			77,140			90,464			13,600
Hess Corp.	Morgan Stanley		56			3,768			4,374			1,351
Marathon Petroleum Corp.	Morgan Stanley		1,223			71,468			75,594			4,399

			3,533			176,287			198,303			23,569

Food & Staples Retailing
Kroger Co. (The)	Morgan Stanley		7,554			275,047			305,408			35,455
Sysco Corp.	Morgan Stanley		184			9,056			14,444			5,970
Walmart, Inc.	Morgan Stanley		4,016			514,039			559,750			57,148

			11,754			798,142			879,602			98,573

Food, Beverage & Tobacco
Altria Group, Inc.	Morgan Stanley		8,074			336,965			367,528			54,535
Archer-Daniels-Midland Co.	Morgan Stanley		4,703			191,270			282,227			98,641
Campbell Soup Co.	Morgan Stanley		7,273			342,919			304,084			(22,552	)
Coca-Cola Co. (The)	Morgan Stanley		4,895			274,818			256,841			(17,639	)
Conagra Brands, Inc.	Morgan Stanley		8,086			283,198			273,873			65
Constellation Brands, Inc., Class A	Morgan Stanley		367			62,532			77,323			17,684
General Mills, Inc.	Morgan Stanley		7,010			395,054			419,338			46,169
Hershey Co. (The)	Morgan Stanley		2,485			388,968			420,586			34,352
J M Smucker Co. (The)	Morgan Stanley		571			63,030			68,537			24,696
Kellogg Co.	Morgan Stanley		6,370			396,488			407,170			24,791
Kraft Heinz Co. (The)	Morgan Stanley		13,302			454,663			489,780			46,301
Mondelez International, Inc., Class A	Morgan Stanley		6,583			368,489			382,999			18,804
PepsiCo, Inc.	Morgan Stanley		1,278			198,382			192,224			(5,844	)
Philip Morris International, Inc.	Morgan Stanley		5,290			438,914			501,439			75,120
Tyson Foods, Inc., Class A	Morgan Stanley		2,680			176,434			211,559			37,817

			78,967			4,372,124			4,655,508			432,940

Health Care Equipment & Services
Abbott Laboratories	Morgan Stanley		138			13,567			16,302			3,151
Anthem, Inc.	Morgan Stanley		392			146,059			146,138			776
Cerner Corp.	Morgan Stanley		456			33,171			32,157			(110	)
Cigna Corp.	Morgan Stanley		806			174,394			161,329			(12,759	)
CVS Health Corp.	Morgan Stanley		3,412			248,873			289,542			43,590
Danaher Corp.	Morgan Stanley		38			9,855			11,569			1,982
DaVita, Inc.	Morgan Stanley		280			34,662			32,553			(1,847	)

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Health Care Equipment & Services — (continued)
HCA Healthcare, Inc.	Morgan Stanley		671		$	140,176		$	162,865		$	23,222
Hologic, Inc.	Morgan Stanley		7,594			523,779			560,513			37,152
Laboratory Corp. of America Holdings	Morgan Stanley		2,352			611,111			661,947			51,281
McKesson Corp.	Morgan Stanley		624			121,719			124,413			3,120
Quest Diagnostics, Inc.	Morgan Stanley		4,513			579,850			655,784			78,932
UnitedHealth Group, Inc.	Morgan Stanley		704			283,801			275,081			(8,097	)

			21,980			2,921,017			3,130,193			220,393

Household & Personal Products
Colgate-Palmolive Co.	Morgan Stanley		5,932			428,897			448,341			28,177
Kimberly-Clark Corp.	Morgan Stanley		2,401			313,381			317,988			14,767
Procter & Gamble Co. (The)	Morgan Stanley		1,784			229,075			249,403			29,638

			10,117			971,353			1,015,732			72,582

Insurance
Aon PLC, Class A (Ireland)	Morgan Stanley		1,299			281,241			371,215			91,326
Arthur J Gallagher & Co.	Morgan Stanley		1,794			240,959			266,678			26,731
Brown & Brown, Inc.	Morgan Stanley		1,405			79,772			77,907			(1,588	)
Marsh & McLennan Cos., Inc.	Morgan Stanley		4,320			475,568			654,178			182,437

			8,818			1,077,540			1,369,978			298,906

Materials
Avery Dennison Corp.	Morgan Stanley		574			122,289			118,939			(3,060	)
DuPont de Nemours, Inc.	Morgan Stanley		2,334			177,905			158,689			(18,594	)
Eastman Chemical Co.	Morgan Stanley		436			40,340			43,923			5,396
International Paper Co.	Morgan Stanley		1,694			95,132			94,728			1,372
Sherwin-Williams Co. (The)	Morgan Stanley		1,521			358,954			425,469			68,191

			6,559			794,620			841,748			53,305

Media & Entertainment
Activision Blizzard, Inc.	Morgan Stanley		3,223			256,947			249,428			(9,815	)
Alphabet, Inc., Class A	Morgan Stanley		336			447,499			898,303			451,196
Charter Communications, Inc., Class A	Morgan Stanley		163			119,220			118,592			(339	)
DISH Network Corp., Class A	Morgan Stanley		91			4,024			3,955			184
Electronic Arts, Inc.	Morgan Stanley		96			11,323			13,656			2,637
Facebook, Inc., Class A	Morgan Stanley		245			67,551			83,151			15,872
Fox Corp., Class A	Morgan Stanley		461			16,923			18,491			1,824
Interpublic Group of Cos., Inc. (The)	Morgan Stanley		1,378			48,780			50,531			2,061
Netflix, Inc.	Morgan Stanley		380			185,545			231,929			46,694
Omnicom Group, Inc.	Morgan Stanley		4			292			290			249
Take-Two Interactive Software, Inc.	Morgan Stanley		36			4,653			5,547			1,146
ViacomCBS, Inc., Class B	Morgan Stanley		3,080			126,072			121,691			(3,696	)

			9,493			1,288,829			1,795,564			508,013

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.	Morgan Stanley		1,481			169,157			159,755			(9,096	)
Biogen, Inc.	Morgan Stanley		951			285,354			269,123			(15,889	)
Gilead Sciences, Inc.	Morgan Stanley		2,751			171,188			192,157			24,297
Illumina, Inc.	Morgan Stanley		17			5,753			6,895			1,395
Johnson & Johnson	Morgan Stanley		2,647			442,659			427,490			(12,671	)
Merck & Co., Inc.	Morgan Stanley		6,365			482,832			478,075			(4,195	)
Organon & Co.	Morgan Stanley		6,483			220,136			212,578			(7,238	)

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Pharmaceuticals, Biotechnology & Life Sciences — (continued)
PerkinElmer, Inc.	Morgan Stanley		3,876		$	504,427		$	671,672		$	167,900
Pfizer, Inc.	Morgan Stanley		15,273			549,072			656,892			117,285
Thermo Fisher Scientific, Inc.	Morgan Stanley		314			140,112			179,398			39,809
Waters Corp.	Morgan Stanley		48			14,456			17,150			2,951

			40,206			2,985,146			3,271,185			304,548

Real Estate
Alexandria Real Estate Equities, Inc., REIT	Morgan Stanley		1,656			330,142			316,412			(13,182	)
Duke Realty Corp., REIT	Morgan Stanley		3,741			185,494			179,082			(6,591	)
Extra Space Storage, Inc., REIT	Morgan Stanley		1,109			184,816			186,301			1,933
Iron Mountain, Inc.	Morgan Stanley		16			711			695			236
Mid-America Apartment Communities, Inc., REIT	Morgan Stanley		352			67,117			65,736			(1,109	)
Prologis, Inc., REIT	Morgan Stanley		5			635			627			244
Public Storage, REIT	Morgan Stanley		838			253,802			248,970			(4,506	)
Weyerhaeuser Co., REIT	Morgan Stanley		7,570			263,517			269,265			6,740

			15,287			1,286,234			1,267,088			(16,235	)

Retailing
Amazon.com, Inc.	Morgan Stanley		263			485,798			863,966			378,573
AutoZone, Inc.	Morgan Stanley		63			81,161			106,973			26,089
Bath & Body Works, Inc.	Morgan Stanley		1,817			65,957			114,526			48,840
Best Buy Co., Inc.	Morgan Stanley		41			2,606			4,334			2,166
eBay, Inc.	Morgan Stanley		3,909			268,253			272,340			6,374
Genuine Parts Co.	Morgan Stanley		823			81,115			99,772			22,308
Home Depot, Inc. (The)	Morgan Stanley		410			125,193			134,587			9,815
LKQ Corp.	Morgan Stanley		1,524			56,942			76,688			20,015
Lowe’s Cos., Inc.	Morgan Stanley		349			67,971			70,798			4,593
O’Reilly Automotive, Inc.	Morgan Stanley		199			98,587			121,601			23,296
Ross Stores, Inc.	Morgan Stanley		704			84,804			76,630			(7,916	)
Target Corp.	Morgan Stanley		660			145,098			150,988			6,329

			10,762			1,563,485			2,093,203			540,482

Semiconductors & Semiconductor Equipment
Applied Materials, Inc.	Morgan Stanley		1,735			221,203			223,347			2,465
Intel Corp.	Morgan Stanley		5,175			284,528			275,724			(8,113	)
Lam Research Corp.	Morgan Stanley		13			7,460			7,399			177

			6,923			513,191			506,470			(5,471	)

Software & Services
Accenture PLC, Class A (Ireland)	Morgan Stanley		346			113,244			110,692			(1,852	)
Automatic Data Processing, Inc.	Morgan Stanley		1,518			298,193			303,479			6,210
Broadridge Financial Solutions, Inc.	Morgan Stanley		39			6,526			6,499			228
Gartner, Inc.	Morgan Stanley		9			2,768			2,735			219
International Business Machines Corp.	Morgan Stanley		912			119,353			126,704			9,679
Mastercard, Inc., Class A	Morgan Stanley		546			142,539			189,833			48,745
Microsoft Corp.	Morgan Stanley		3,577			586,174			1,008,428			432,435
NortonLifeLock, Inc.	Morgan Stanley		15,051			357,231			380,790			26,098
Oracle Corp.	Morgan Stanley		5,236			353,038			456,213			108,245
Paychex, Inc.	Morgan Stanley		625			67,381			70,281			3,173
PayPal Holdings, Inc.	Morgan Stanley		360			63,344			93,676			30,603

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Software & Services — (continued)
Visa, Inc., Class A	Morgan Stanley		455		$	81,529		$	101,351		$	20,812
Western Union Co. (The)	Morgan Stanley		8,889			203,168			179,736			(22,625	)

			37,563			2,394,488			3,030,417			661,970

Technology Hardware & Equipment
Apple, Inc.	Morgan Stanley		4,519			359,756			639,438			285,329
Cisco Systems, Inc.	Morgan Stanley		8,105			359,028			441,155			90,114
Corning, Inc.	Morgan Stanley		6,212			265,410			226,676			(37,223	)
F5 Networks, Inc.	Morgan Stanley		42			5,142			8,349			3,459
HP, Inc.	Morgan Stanley		11,268			197,726			308,292			119,748
Juniper Networks, Inc.	Morgan Stanley		7,276			154,537			200,236			51,810
Keysight Technologies, Inc.	Morgan Stanley		522			88,585			85,759			(2,547	)
NetApp, Inc.	Morgan Stanley		2,497			200,483			224,131			23,962
Seagate Technology Holdings PLC (Ireland)	Morgan Stanley		4,593			402,724			379,014			(23,494	)

			45,034			2,033,391			2,513,050			511,158

Telecommunication Services
AT&T, Inc.	Morgan Stanley		11,763			334,403			317,719			(10,915	)
Verizon Communications, Inc.	Morgan Stanley		8,316			460,093			449,147			4,143

			20,079			794,496			766,866			(6,772	)

Transportation
CSX Corp.	Morgan Stanley		3,162			101,223			94,038			(6,858	)
Expeditors International of Washington, Inc.	Morgan Stanley		2,020			221,466			240,643			24,192
Southwest Airlines Co.	Morgan Stanley		393			18,306			20,212			2,163
Union Pacific Corp.	Morgan Stanley		322			64,157			63,115			(770	)
United Parcel Service, Inc., Class B	Morgan Stanley		1,902			318,715			346,354			30,716

			7,799			723,867			764,362			49,443

Utilities
Dominion Energy, Inc.	Morgan Stanley		2,507			173,582			183,061			17,328
NRG Energy, Inc.	Morgan Stanley		5,698			247,407			232,649			(14,428	)
PPL Corp.	Morgan Stanley		7,165			210,390			199,760			(30,347	)
Public Service Enterprise Group, Inc.	Morgan Stanley		1,175			73,904			71,558			(5,171	)

			16,545			705,283			687,028			(32,618	)

Total Reference Entity — Long						29,209,885			33,051,067			4,231,418


Short
Automobiles & Components
Aptiv PLC (Jersey)	Morgan Stanley		(1,422)			(225,178)			(211,835)			12,981
BorgWarner, Inc.	Morgan Stanley		(5,794)			(279,860)			(250,359)			29,408
Tesla, Inc.	Morgan Stanley		(91)			(67,426)			(70,569)			(3,075	)

			(7,307)			(572,464)			(532,763)			39,314

Banks
Citizens Financial Group, Inc.	Morgan Stanley		(2,984)			(131,011)			(140,188)			(9,283	)
Comerica, Inc.	Morgan Stanley		(1,741)			(126,262)			(140,151)			(15,572	)
Huntington Bancshares, Inc.	Morgan Stanley		(13,933)			(199,278)			(215,404)			(16,497	)
KeyCorp.	Morgan Stanley		(3,481)			(70,887)			(75,259)			(4,314	)
M&T Bank Corp.	Morgan Stanley		(1,798)			(266,975)			(268,513)			(6,089	)
People’s United Financial, Inc.	Morgan Stanley		(6,109)			(107,116)			(106,724)			3

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Banks — (continued)
Regions Financial Corp.	Morgan Stanley		(369	)		$	(7,698	)		$	(7,863	)		$	65
Truist Financial Corp.	Morgan Stanley		(3,081	)			(174,268	)			(180,701	)			(6,656	)
Zions Bancorp NA	Morgan Stanley		(1,510	)			(82,607	)			(93,454	)			(11,420	)

			(35,006	)			(1,166,102	)			(1,228,257	)			(69,763	)

Capital Goods
Boeing Co. (The)	Morgan Stanley		(2,306	)			(692,297	)			(507,182	)			179,921
Fastenal Co.	Morgan Stanley		(974	)			(54,091	)			(50,268	)			4,119
Generac Holdings, Inc.	Morgan Stanley		(465	)			(197,873	)			(190,032	)			7,554
IDEX Corp.	Morgan Stanley		(89	)			(19,328	)			(18,419	)			1,108
PACCAR, Inc.	Morgan Stanley		(652	)			(56,191	)			(51,456	)			4,826
Raytheon Technologies Corp.	Morgan Stanley		(1,837	)			(157,279	)			(157,909	)			(806	)
TransDigm Group, Inc.	Morgan Stanley		(485	)			(308,976	)			(302,916	)			5,440
United Rentals, Inc.	Morgan Stanley		(566	)			(189,821	)			(198,626	)			(9,274	)
Xylem, Inc.	Morgan Stanley		(32	)			(4,102	)			(3,958	)			384

			(7,406	)			(1,679,958	)			(1,480,766	)			193,272

Commercial & Professional Services
Cintas Corp.	Morgan Stanley		(763	)			(297,172	)			(290,444	)			3,663
Copart, Inc.	Morgan Stanley		(854	)			(123,070	)			(118,467	)			4,519
IHS Markit Ltd. (Bermuda)	Morgan Stanley		(67	)			(8,239	)			(7,814	)			703
Rollins, Inc.	Morgan Stanley		(8,593	)			(313,197	)			(303,591	)			8,822
Verisk Analytics, Inc.	Morgan Stanley		(595	)			(115,972	)			(119,161	)			(3,270	)

			(10,872	)			(857,650	)			(839,477	)			14,437

Consumer Durables & Apparel
DR Horton, Inc.	Morgan Stanley		(1,284	)			(118,730	)			(107,817	)			10,816
Leggett & Platt, Inc.	Morgan Stanley		(3,168	)			(152,395	)			(142,053	)			10,178
NVR, Inc.	Morgan Stanley		(17	)			(83,197	)			(81,499	)			1,722
PulteGroup, Inc.	Morgan Stanley		(3,103	)			(174,557	)			(142,490	)			31,538

			(7,572	)			(528,879	)			(473,859	)			54,254

Consumer Services
Caesars Entertainment, Inc.	Morgan Stanley		(400	)			(41,233	)			(44,912	)			(3,909	)
Chipotle Mexican Grill, Inc.	Morgan Stanley		(142	)			(235,237	)			(258,088	)			(23,578	)
Darden Restaurants, Inc.	Morgan Stanley		(1,336	)			(193,787	)			(202,364	)			(9,331	)
MGM Resorts International	Morgan Stanley		(3,489	)			(139,200	)			(150,550	)			(11,752	)
Wynn Resorts Ltd.	Morgan Stanley		(1,930	)			(193,134	)			(163,568	)			29,292

			(7,297	)			(802,591	)			(819,482	)			(19,278	)

Diversified Financials
MarketAxess Holdings, Inc.	Morgan Stanley		(633	)			(327,265	)			(266,297	)			59,816
MSCI, Inc.	Morgan Stanley		(117	)			(51,811	)			(71,176	)			(21,112	)
Northern Trust Corp.	Morgan Stanley		(593	)			(68,786	)			(63,931	)			4,946
State Street Corp.	Morgan Stanley		(3,470	)			(302,762	)			(293,978	)			6,712
Synchrony Financial	Morgan Stanley		(1,031	)			(49,452	)			(50,395	)			(1,097	)

			(5,844	)			(800,076	)			(745,777	)			49,265

Energy
Diamondback Energy, Inc.	Morgan Stanley		(60	)			(5,698	)			(5,680	)			(915	)
Phillips 66	Morgan Stanley		(980	)			(67,764	)			(68,629	)			(268	)

			(1,040	)			(73,462	)			(74,309	)			(1,183	)

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Food, Beverage & Tobacco
Brown-Forman Corp., Class B	Morgan Stanley		(1,730)		$	(124,176)		$	(115,927)		$	8,181
Hormel Foods Corp.	Morgan Stanley		(3,964)			(169,049)			(162,524)			6,315
Lamb Weston Holdings, Inc.	Morgan Stanley		(3,145)			(249,724)			(193,009)			55,711
McCormick & Co, Inc., non-voting shares	Morgan Stanley		(1,537)			(133,210)			(124,543)			8,585

			(10,376)			(676,159)			(596,003)			78,792

Health Care Equipment & Services
ABIOMED, Inc.	Morgan Stanley		(1,111)			(348,211)			(361,653)			(14,138	)
Align Technology, Inc.	Morgan Stanley		(281)			(177,594)			(186,986)			(9,624	)
Cooper Cos., Inc. (The)	Morgan Stanley		(78)			(32,551)			(32,238)			(93	)
DENTSPLY SIRONA, Inc.	Morgan Stanley		(1,922)			(128,549)			(111,572)			16,487
Dexcom, Inc.	Morgan Stanley		(847)			(362,067)			(463,190)			(101,858	)
Edwards Lifesciences Corp.	Morgan Stanley		(583)			(58,750)			(66,001)			(7,161	)
Henry Schein, Inc.	Morgan Stanley		(937)			(75,886)			(71,362)			4,559
IDEXX Laboratories, Inc.	Morgan Stanley		(403)			(233,639)			(250,626)			(17,372	)
Intuitive Surgical, Inc.	Morgan Stanley		(166)			(161,348)			(165,029)			(3,999	)
ResMed, Inc.	Morgan Stanley		(75)			(20,617)			(19,766)			984
STERIS PLC (Ireland)	Morgan Stanley		(1,144)			(245,636)			(233,696)			11,522
Teleflex, Inc.	Morgan Stanley		(718)			(281,447)			(270,363)			9,677
West Pharmaceutical Services, Inc.	Morgan Stanley		(200)			(70,328)			(84,908)			(14,961	)
Zimmer Biomet Holdings, Inc.	Morgan Stanley		(1,340)			(216,442)			(196,122)			19,329

			(9,805)			(2,413,065)			(2,513,512)			(106,648	)

Household & Personal Products
Church & Dwight Co., Inc.	Morgan Stanley		(105)			(8,747)			(8,670)			304
Clorox Co. (The)	Morgan Stanley		(254)			(42,680)			(42,065)			8,680

			(359)			(51,427)			(50,735)			8,984

Insurance
Lincoln National Corp.	Morgan Stanley		(1,718)			(110,745)			(118,113)			(8,161	)
Principal Financial Group, Inc.	Morgan Stanley		(551)			(36,363)			(35,484)			880

			(2,269)			(147,108)			(153,597)			(7,281	)

Materials
Air Products and Chemicals, Inc.	Morgan Stanley		(1,345)			(390,832)			(344,468)			42,130
Albemarle Corp.	Morgan Stanley		(2,291)			(419,706)			(501,660)			(84,546	)
Ball Corp.	Morgan Stanley		(4,376)			(396,654)			(393,709)			1,075
Corteva, Inc.	Morgan Stanley		(4,475)			(199,951)			(188,308)			11,350
Ecolab, Inc.	Morgan Stanley		(1,479)			(330,255)			(308,549)			20,695
FMC Corp.	Morgan Stanley		(1,857)			(212,129)			(170,027)			41,112
International Flavors & Fragrances, Inc.	Morgan Stanley		(2,132)			(304,984)			(285,091)			16,691
Martin Marietta Materials, Inc.	Morgan Stanley		(1,313)			(475,981)			(448,626)			26,290
PPG Industries, Inc.	Morgan Stanley		(523)			(79,979)			(74,794)			5,622
Vulcan Materials Co.	Morgan Stanley		(1,749)			(313,018)			(295,861)			16,556

			(21,540)			(3,123,489)			(3,011,093)			96,975

Media & Entertainment
Live Nation Entertainment, Inc.	Morgan Stanley		(286)			(25,714)			(26,063)			(168	)
Match Group, Inc.	Morgan Stanley		(2,742)			(419,536)			(430,467)			(11,821	)

			(3,028)			(445,250)			(456,530)			(11,989	)

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Pharmaceuticals, Biotechnology & Life Sciences
Amgen, Inc.	Morgan Stanley		(582	)		$	(134,092	)		$	(123,762	)		$	10,215
Bio-Rad Laboratories, Inc., Class A	Morgan Stanley		(167	)			(116,194	)			(124,574	)			(8,445	)
Bio-Techne Corp.	Morgan Stanley		(221	)			(111,977	)			(107,090	)			4,833
Catalent, Inc.	Morgan Stanley		(3,019	)			(324,051	)			(401,738	)			(78,318	)
IQVIA Holdings, Inc.	Morgan Stanley		(73	)			(17,827	)			(17,486	)			543
Moderna, Inc.	Morgan Stanley		(1,066	)			(443,004	)			(410,261	)			31,788
Vertex Pharmaceuticals, Inc.	Morgan Stanley		(306	)			(88,756	)			(55,505	)			33,261
Viatris, Inc.	Morgan Stanley		(22,339	)			(322,602	)			(302,693	)			15,168
Zoetis, Inc.	Morgan Stanley		(191	)			(38,023	)			(37,081	)			1,090

			(27,964	)			(1,596,526	)			(1,580,190	)			10,135

Real Estate
Boston Properties, Inc., REIT	Morgan Stanley		(676	)			(77,815	)			(73,245	)			4,292
Equinix, Inc., REIT	Morgan Stanley		(538	)			(422,004	)			(425,090	)			(8,154	)
Host Hotels & Resorts, Inc., REIT	Morgan Stanley		(7,905	)			(140,199	)			(129,089	)			11,059
Ventas, Inc., REIT	Morgan Stanley		(4,797	)			(275,872	)			(264,842	)			9,317
Vornado Realty Trust, REIT	Morgan Stanley		(3,342	)			(158,008	)			(140,397	)			14,998
Welltower, Inc., REIT	Morgan Stanley		(2,136	)			(185,470	)			(176,006	)			9,282

			(19,394	)			(1,259,368	)			(1,208,669	)			40,794

Retailing
CarMax, Inc.	Morgan Stanley		(2,740	)			(360,918	)			(350,610	)			9,577
Dollar General Corp.	Morgan Stanley		(513	)			(112,721	)			(108,828	)			3,802
Dollar Tree, Inc.	Morgan Stanley		(257	)			(24,531	)			(24,600	)			115
Etsy, Inc.	Morgan Stanley		(1,942	)			(389,037	)			(403,858	)			(15,629	)
Gap, Inc. (The)	Morgan Stanley		(2,251	)			(78,759	)			(51,098	)			27,698
Pool Corp.	Morgan Stanley		(470	)			(196,932	)			(204,173	)			(8,019	)
Tractor Supply Co.	Morgan Stanley		(831	)			(163,882	)			(168,369	)			(4,629	)
Ulta Beauty, Inc.	Morgan Stanley		(27	)			(10,510	)			(9,745	)			1,272

			(9,031	)			(1,337,290	)			(1,321,281	)			14,187

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.	Morgan Stanley		(2,847	)			(273,146	)			(292,956	)			(20,303	)
Broadcom, Inc.	Morgan Stanley		(351	)			(171,037	)			(170,210	)			555
Enphase Energy, Inc.	Morgan Stanley		(3,916	)			(828,053	)			(587,283	)			238,768
Microchip Technology, Inc.	Morgan Stanley		(2,203	)			(353,086	)			(338,138	)			13,190
Monolithic Power Systems, Inc.	Morgan Stanley		(774	)			(303,513	)			(375,142	)			(74,417	)
NVIDIA Corp.	Morgan Stanley		(1,448	)			(289,608	)			(299,968	)			(10,979	)
NXP Semiconductors N.V. (Netherlands)	Morgan Stanley		(2	)			(396	)			(392	)			255
Skyworks Solutions, Inc.	Morgan Stanley		(244	)			(46,461	)			(40,206	)			6,624
Teradyne, Inc.	Morgan Stanley		(2,740	)			(353,615	)			(299,126	)			53,691
Xilinx, Inc.	Morgan Stanley		(2,545	)			(367,672	)			(384,270	)			(17,347	)

			(17,070	)			(2,986,587	)			(2,787,691	)			190,037

Software & Services
Akamai Technologies, Inc.	Morgan Stanley		(3,622	)			(407,470	)			(378,825	)			27,841
Ceridian HCM Holding, Inc.	Morgan Stanley		(2,351	)			(259,516	)			(264,770	)			(5,709	)
Citrix Systems, Inc.	Morgan Stanley		(4,012	)			(470,133	)			(430,768	)			37,280
Fidelity National Information Services, Inc.	Morgan Stanley		(2,045	)			(306,008	)			(248,836	)			55,267
FleetCor Technologies, Inc.	Morgan Stanley		(292	)			(82,155	)			(76,291	)			5,892
Fortinet, Inc.	Morgan Stanley		(84	)			(25,730	)			(24,531	)			1,379

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Concluded)

September 30, 2021

Total Return Swaps (concluded)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Software & Services — (continued)
Global Payments, Inc.	Morgan Stanley		(1,828	)		$	(370,373	)		$	(288,056	)		$	80,272
Jack Henry & Associates, Inc.	Morgan Stanley		(1,819	)			(309,479	)			(298,425	)			9,331
Paycom Software, Inc.	Morgan Stanley		(909	)			(317,354	)			(450,637	)			(133,896	)
PTC, Inc.	Morgan Stanley		(2,508	)			(347,743	)			(300,433	)			46,853
Tyler Technologies, Inc.	Morgan Stanley		(594	)			(254,968	)			(272,438	)			(17,913	)
VeriSign, Inc.	Morgan Stanley		(778	)			(173,598	)			(159,498	)			13,910

			(20,842	)			(3,324,527	)			(3,193,508	)			120,507

Technology Hardware & Equipment
IPG Photonics Corp.	Morgan Stanley		(1,674	)			(349,395	)			(265,162	)			83,533
Teledyne Technologies, Inc.	Morgan Stanley		(884	)			(399,644	)			(379,749	)			18,970
Trimble, Inc.	Morgan Stanley		(833	)			(69,670	)			(68,514	)			1,161
Western Digital Corp.	Morgan Stanley		(3	)			(231	)			(169	)			(3,824	)

			(3,394	)			(818,940	)			(713,594	)			99,840

Transportation
CH Robinson Worldwide, Inc.	Morgan Stanley		(3,623	)			(331,328	)			(315,201	)			15,476

Utilities
AES Corp. (The)	Morgan Stanley		(12,135	)			(286,859	)			(277,042	)			9,287
Alliant Energy Corp.	Morgan Stanley		(5,116	)			(289,181	)			(286,394	)			591
Ameren Corp.	Morgan Stanley		(3,887	)			(320,634	)			(314,847	)			(3,384	)
American Electric Power Co., Inc.	Morgan Stanley		(4,112	)			(360,701	)			(333,812	)			18,575
American Water Works Co., Inc.	Morgan Stanley		(1,838	)			(294,272	)			(310,696	)			(18,043	)
Atmos Energy Corp.	Morgan Stanley		(3,972	)			(400,989	)			(350,330	)			40,641
CenterPoint Energy, Inc.	Morgan Stanley		(19,225	)			(474,486	)			(472,935	)			(10,470	)
CMS Energy Corp.	Morgan Stanley		(4,738	)			(300,112	)			(283,001	)			13,269
Consolidated Edison, Inc.	Morgan Stanley		(3,692	)			(285,334	)			(268,002	)			10,942
DTE Energy Co.	Morgan Stanley		(1,131	)			(127,250	)			(126,344	)			(8,784	)
Duke Energy Corp.	Morgan Stanley		(1,586	)			(163,478	)			(154,778	)			8,507
Edison International	Morgan Stanley		(7,846	)			(515,407	)			(435,218	)			56,447
Entergy Corp.	Morgan Stanley		(3,531	)			(394,263	)			(350,664	)			27,331
Evergy, Inc.	Morgan Stanley		(4,216	)			(270,599	)			(262,235	)			3,482
Eversource Energy	Morgan Stanley		(5,796	)			(512,453	)			(473,881	)			25,273
FirstEnergy Corp.	Morgan Stanley		(8,539	)			(349,876	)			(304,159	)			31,109
NextEra Energy, Inc.	Morgan Stanley		(7,302	)			(575,801	)			(573,353	)			(1,407	)
NiSource, Inc.	Morgan Stanley		(21,456	)			(550,963	)			(519,879	)			29,835
Pinnacle West Capital Corp.	Morgan Stanley		(6,519	)			(543,014	)			(471,715	)			56,704
Sempra Energy	Morgan Stanley		(3,403	)			(446,520	)			(430,480	)			7,449
Southern Co. (The)	Morgan Stanley		(1,920	)			(123,759	)			(118,982	)			4,684
WEC Energy Group, Inc.	Morgan Stanley		(3,399	)			(328,798	)			(299,792	)			21,995
Xcel Energy, Inc.	Morgan Stanley		(5,020	)			(347,325	)			(313,750	)			25,649

			(140,379	)			(8,262,074	)			(7,732,289	)			349,682

Total Reference Entity — Short							(33,254,320	)			(31,828,583	)			1,159,809

Net Value of Reference Entity						$	(4,044,435	)		$	1,222,484			$	5,391,227

*	Includes $124,308 related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

GOTHAM TOTAL RETURN FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES^(a)— 99.7%
Gotham Defensive Long 500 Fund		208,944	$	2,689,109
Gotham Enhanced 500 ETF^*		232,600		5,382,364
Gotham Enhanced S&P 500 Index Fund		250,744		4,029,451
Gotham Hedged Core Fund		314,987		4,057,027
Gotham Hedged Plus Fund		237,234		2,706,841
Gotham Large Value Fund		318,647		5,324,591
Gotham Neutral Fund^*		286,629		2,671,386

TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES (Cost $24,713,908)				26,860,769

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%				86,243

NET ASSETS - 100.0%			$	26,947,012

(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.

ETF Exchange-Traded Fund

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
LONG POSITIONS — 139.9%
COMMON STOCKS — 139.9%
Automobiles & Components — 2.2%
Ford Motor Co.^†*		2,400	$	33,984
General Motors Co.^†*		837		44,118

				78,102

Banks — 0.7%
Citizens Financial Group, Inc.		1		47
First Republic Bank		21		4,051
JPMorgan Chase & Co.^†		39		6,384
SVB Financial Group^*		13		8,410
US Bancorp^†		1		59
Wells Fargo & Co.		130		6,033

				24,984

Capital Goods — 12.0%
3M Co.^†		316		55,433
A.O. Smith Corp.		64		3,909
AMETEK, Inc.^†		3		372
Carrier Global Corp.		165		8,540
Caterpillar, Inc.^†		100		19,197
Cummins, Inc.^†		29		6,512
Deere & Co.^†		41		13,738
Dover Corp.^†		68		10,574
Eaton Corp. PLC (Ireland)^†		81		12,094
Emerson Electric Co.^†		341		32,122
Fastenal Co.		5		258
Fortive Corp.^†		32		2,258
General Dynamics Corp.^†		110		21,563
General Electric Co.^†		415		42,758
Honeywell International, Inc.^†		9		1,911
Howmet Aerospace, Inc.		154		4,805
Huntington Ingalls Industries, Inc.		5		965
Illinois Tool Works, Inc.^†		11		2,273
Ingersoll Rand, Inc.^*		127		6,402
Johnson Controls International PLC
(Ireland)^†		462		31,453
L3Harris Technologies, Inc.^†		3		661
Lockheed Martin Corp.^†		140		48,314
Northrop Grumman Corp.^†		33		11,885
Otis Worldwide Corp.		11		905
Parker-Hannifin Corp.^†		80		22,370
Pentair PLC (Ireland)		70		5,084
Rockwell Automation, Inc.		1		294
Roper Technologies, Inc.		10		4,461
Snap-on, Inc.		35		7,313
Stanley Black & Decker, Inc.^†		76		13,324
Textron, Inc.		67		4,677


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Trane Technologies PLC (Ireland)^†		125	$	21,581
Westinghouse Air Brake Technologies Corp.^†		1		86
WW Grainger, Inc.^†		19		7,468

				425,560

Commercial & Professional Services — 0.5%
Jacobs Engineering Group, Inc.		52		6,892
Nielsen Holdings PLC (United Kingdom)		217		4,164
Republic Services, Inc.^†		3		360
Robert Half International, Inc.		49		4,916

				16,332

Consumer Durables & Apparel — 1.5%
Garmin Ltd. (Switzerland)^†		81		12,592
Hanesbrands, Inc.		190		3,261
Hasbro, Inc.		6		535
Leggett & Platt, Inc.		35		1,569
Lennar Corp., Class A		28		2,623
Mohawk Industries, Inc.^*		44		7,806
Newell Brands, Inc.		141		3,122
PVH Corp.^*		24		2,467
Ralph Lauren Corp.		43		4,775
Tapestry, Inc.		169		6,256
Under Armour, Inc., Class C^*		104		1,822
VF Corp.		4		268
Whirlpool Corp.^†		38		7,747

				54,843

Consumer Services — 1.1%
Caesars Entertainment, Inc.^*		2		225
Las Vegas Sands Corp.^*		7		256
McDonald’s Corp.^†		49		11,814
Penn National Gaming, Inc.^*		89		6,449
Yum! Brands, Inc.^†		169		20,670

				39,414

Diversified Financials — 7.3%
American Express Co.		34		5,696
Ameriprise Financial, Inc.		26		6,867
Berkshire Hathaway, Inc., Class B^†*.		209		57,045
BlackRock, Inc.^†		89		74,641
Capital One Financial Corp.^†		59		9,556
Charles Schwab Corp. (The)^†		131		9,542
Discover Financial Services^†		67		8,231
Franklin Resources, Inc.		302		8,975
Goldman Sachs Group, Inc. (The)^†		34		12,853

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Invesco Ltd. (Bermuda)		299	$	7,209
Morgan Stanley^†		233		22,673
Nasdaq, Inc.^†		20		3,860
Raymond James Financial, Inc.		46		4,245
T Rowe Price Group, Inc.^†		138		27,145

				258,538

Energy — 5.8%
APA Corp.		218		4,672
Baker Hughes Co.		344		8,507
Chevron Corp.^†		29		2,942
EOG Resources, Inc.^†		337		27,051
Exxon Mobil Corp.^†		1,165		68,525
Halliburton Co.^†		204		4,411
Hess Corp.^†		178		13,904
Kinder Morgan, Inc.^†		796		13,317
Marathon Oil Corp.		455		6,220
Marathon Petroleum Corp.^†		368		22,746
Occidental Petroleum Corp.^†		564		16,683
ONEOK, Inc.^†		257		14,903
Schlumberger NV^†		17		504
Williams Cos., Inc. (The)^†		80		2,075

				206,460

Food & Staples Retailing — 2.5%
Walgreens Boots Alliance, Inc.^†		9		423
Walmart, Inc.^†		626		87,252

				87,675

Food, Beverage & Tobacco — 8.9%
Altria Group, Inc.^†		1,161		52,849
Archer-Daniels-Midland Co.^†		338		20,283
Coca-Cola Co. (The)^†		808		42,396
Conagra Brands, Inc.		6		203
Constellation Brands, Inc., Class A^†.		109		22,965
General Mills, Inc.^†		19		1,137
Hershey Co. (The)^†		118		19,972
JM Smucker Co. (The)		1		120
Kellogg Co.^†		4		256
Kraft Heinz Co. (The)^†		760		27,983
Molson Coors Beverage Co., Class B		126		5,844
Mondelez International, Inc., Class A^†		448		26,065
PepsiCo, Inc.		12		1,805
Philip Morris International, Inc.^†		841		79,718
Tyson Foods, Inc., Class A^†		209		16,498

				318,094


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — 8.3%
Anthem, Inc.^†		57	$	21,250
Cigna Corp.^†		196		39,231
CVS Health Corp.^†		755		64,069
Danaher Corp.^†		65		19,789
DaVita, Inc.^†*		13		1,511
HCA Healthcare, Inc.^†		204		49,515
Hologic, Inc.^†*		78		5,757
Laboratory Corp. of America Holdings^†*		59		16,605
McKesson Corp.^†		89		17,745
Medtronic PLC (Ireland)^†		16		2,006
Quest Diagnostics, Inc.^†		71		10,317
UnitedHealth Group, Inc.^†		117		45,716

				293,511

Household & Personal Products — 0.9%
Colgate-Palmolive Co.^†		178		13,453
Procter & Gamble Co. (The)^†		137		19,153

				32,606

Insurance — 2.8%
Aflac, Inc.		28		1,460
Allstate Corp. (The)		2		255
American International Group, Inc.		7		384
Aon PLC, Class A (Ireland)^†		97		27,720
Arthur J Gallagher & Co.^†		88		13,081
Brown & Brown, Inc.		162		8,983
Lincoln National Corp.		24		1,650
Loews Corp.		2		108
Marsh & McLennan Cos., Inc.^†		295		44,672
MetLife, Inc.		7		432
Prudential Financial, Inc.^†		3		315

				99,060

Materials — 5.3%
Avery Dennison Corp.^†		49		10,153
CF Industries Holdings, Inc.		54		3,014
Dow, Inc.^†		445		25,614
DuPont de Nemours, Inc.^†		320		21,757
Eastman Chemical Co.^†		59		5,944
Freeport-McMoRan, Inc.^†		885		28,789
International Paper Co.^†		253		14,148
Linde PLC (Ireland)^†		4		1,174
LyondellBasell Industries NV, Class A (Netherlands)^†		191		17,925
Mosaic Co. (The)		235		8,394
Newmont Corp.		9		489
Nucor Corp.^†		170		16,743

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Packaging Corp. of America		10	$	1,375
PPG Industries, Inc.^†		34		4,862
Sherwin-Williams Co. (The)^†		76		21,260
Westrock Co.		145		7,225

				188,866

Media & Entertainment — 11.3%
Activision Blizzard, Inc.		71		5,495
Alphabet, Inc., Class A^†*		73		195,167
Charter Communications, Inc., Class A^*		17		12,369
Comcast Corp., Class A		68		3,803
Discovery, Inc., Class A^*		36		914
DISH Network Corp., Class A^†*		304		13,212
Electronic Arts, Inc.		26		3,698
Facebook, Inc., Class A^†*		309		104,871
Fox Corp., Class A^†		221		8,864
Interpublic Group of Cos., Inc. (The).		238		8,727
Netflix, Inc.^†*		40		24,414
Omnicom Group, Inc.^†		131		9,492
Take-Two Interactive Software, Inc.^*		11		1,695
Twitter, Inc.^*		72		4,348
ViacomCBS, Inc., Class B		137		5,413

				402,482

Pharmaceuticals, Biotechnology & Life Sciences — 10.8%
AbbVie, Inc.^†		869		93,739
Agilent Technologies, Inc.		2		315
Biogen, Inc.^†*		3		849
Gilead Sciences, Inc.^†		723		50,501
Illumina, Inc.^*		14		5,678
Incyte Corp.^*		20		1,376
Johnson & Johnson^†		502		81,073
Merck & Co., Inc.^†		544		40,860
Organon & Co.^†		145		4,755
PerkinElmer, Inc.		34		5,892
Pfizer, Inc.^†		2,019		86,837
Regeneron Pharmaceuticals, Inc.^†*		11		6,657
Vertex Pharmaceuticals, Inc.^†*		30		5,442
Waters Corp.^*		1		357

				384,331

Real Estate — 1.6%
Alexandria Real Estate Equities, Inc., REIT		33		6,305
American Tower Corp., REIT^†		41		10,882
AvalonBay Communities, Inc., REIT		1		222
CBRE Group, Inc., Class A^†*		90		8,762


	Number of Shares		Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Crown Castle International Corp., REIT		39	$	6,759
Duke Realty Corp., REIT		3		144
Equity Residential, REIT		3		243
Extra Space Storage, Inc., REIT		1		168
Kimco Realty Corp., REIT		4		83
Mid-America Apartment Communities, Inc., REIT		1		187
Regency Centers Corp., REIT		1		67
SBA Communications Corp., REIT		10		3,306
Simon Property Group, Inc., REIT		4		520
UDR, Inc., REIT		2		106
Weyerhaeuser Co., REIT^†		486		17,287

				55,041

Retailing — 14.1%
Advance Auto Parts, Inc.		36		7,520
Amazon.com, Inc.^†*		55		180,677
AutoZone, Inc.^†*		12		20,376
Bath & Body Works, Inc.^†		172		10,841
Best Buy Co., Inc.^†		75		7,928
eBay, Inc.		146		10,172
Gap, Inc. (The)		215		4,881
Genuine Parts Co.^†		90		10,911
Home Depot, Inc. (The)^†		250		82,065
LKQ Corp.^†*		192		9,662
Lowe’s Cos., Inc.^†		256		51,932
O’Reilly Automotive, Inc.^†*		38		23,220
Ross Stores, Inc.		78		8,490
Target Corp.^†		290		66,343
Tractor Supply Co.^†		10		2,026
Ulta Beauty, Inc.^†*		13		4,692

				501,736

Semiconductors & Semiconductor Equipment — 6.0%
Analog Devices, Inc.		4		670
Applied Materials, Inc.^†		515		66,296
Intel Corp.^†		1,329		70,809
KLA Corp.^†		30		10,035
Lam Research Corp.^†		51		29,027
Micron Technology, Inc.^†		306		21,720
NXP Semiconductors NV (Netherlands)^†		6		1,175
Qorvo, Inc.^*		26		4,347
QUALCOMM, Inc.^†		44		5,675
Skyworks Solutions, Inc.		2		330

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Teradyne, Inc.		2	$	218
Texas Instruments, Inc.		9		1,730

				212,032

Software & Services — 16.7%
Accenture PLC, Class A (Ireland)^†		56		17,916
Adobe, Inc.^†*		43		24,756
ANSYS, Inc.^*		8		2,724
Autodesk, Inc.^*		20		5,703
Automatic Data Processing, Inc.^†		205		40,984
Broadridge Financial Solutions, Inc.		2		333
Cadence Design Systems, Inc.^*		25		3,786
Cognizant Technology Solutions Corp., Class A		47		3,488
DXC Technology Co.^*		150		5,041
Fiserv, Inc.^*		6		651
Gartner, Inc.^†*		35		10,636
International Business Machines Corp.^†		315		43,763
Mastercard, Inc., Class A^†		89		30,943
Microsoft Corp.^†		818		230,611
NortonLifeLock, Inc.		6		152
Oracle Corp.^†		527		45,917
Paychex, Inc.^†		83		9,333
PayPal Holdings, Inc.^†*		117		30,445
salesforce.com, Inc.^†*		88		23,867
ServiceNow, Inc.^†*		18		11,201
Synopsys, Inc.^*		14		4,192
Visa, Inc., Class A^†		194		43,213
Western Union Co. (The)^†		240		4,853

				594,508

Technology Hardware & Equipment — 11.3%
Apple, Inc.^†		1,495		211,542
CDW Corp.		13		2,366
Cisco Systems, Inc.^†		1,873		101,947
Corning, Inc.^†		484		17,661
Hewlett Packard Enterprise Co.		286		4,076
HP, Inc.^†		767		20,985
Juniper Networks, Inc.		111		3,055
Keysight Technologies, Inc.^*		2		329
Motorola Solutions, Inc.		1		232
NetApp, Inc.^†		131		11,759
Seagate Technology Holdings PLC (Ireland)^†		140		11,553
TE Connectivity Ltd. (Switzerland)^†		72		9,880


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Western Digital Corp.^*		3		$	169
Zebra Technologies Corp., Class A^*		12			6,185

					401,739

Telecommunication Services — 3.4%
AT&T, Inc.^†		2,310			62,393
Verizon Communications, Inc.^†		1,110			59,951

					122,344

Transportation — 4.1%
CSX Corp.^†		1,284			38,186
Expeditors International of Washington, Inc.^†		53			6,314
Kansas City Southern^†		1			271
Norfolk Southern Corp.^†		67			16,030
Union Pacific Corp.^†		167			32,734
United Parcel Service, Inc., Class B^†		295			53,719

					147,254

Utilities — 0.8%
AES Corp. (The)		1			23
Dominion Energy, Inc.^†		133			9,711
NRG Energy, Inc.		142			5,798
PPL Corp.^†		444			12,379

					27,911

TOTAL COMMON STOCKS (Cost $4,034,623)					4,973,423


TOTAL LONG POSITIONS - 139.9% (Cost $4,034,623)					4,973,423


SHORT POSITIONS — (41.3)%
COMMON STOCKS — (41.3)%
Automobiles & Components — (0.3)%
Aptiv PLC (Jersey)^*		(54	)		(8,044	)
BorgWarner, Inc.		(48	)		(2,074	)

					(10,118	)

Banks — (1.4)%
Bank of America Corp.		(109	)		(4,627	)
Citigroup, Inc.		(90	)		(6,316	)
Comerica, Inc.		(29	)		(2,334	)
Huntington Bancshares, Inc.		(300	)		(4,638	)
KeyCorp.		(195	)		(4,216	)
M&T Bank Corp.		(28	)		(4,182	)
People’s United Financial, Inc.		(91	)		(1,590	)

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Banks — (Continued)
PNC Financial Services Group, Inc. (The)		(3	)	$	(587	)
Regions Financial Corp.		(68	)		(1,449	)
Truist Financial Corp.		(274	)		(16,070	)
Zions Bancorp NA		(35	)		(2,166	)

					(48,175	)

Capital Goods — (2.3)%
Boeing Co. (The)^*		(119	)		(26,173	)
Fortune Brands Home & Security, Inc.		(26	)		(2,325	)
Generac Holdings, Inc.^*		(12	)		(4,904	)
IDEX Corp.		(17	)		(3,518	)
Masco Corp.		(49	)		(2,722	)
PACCAR, Inc.		(72	)		(5,682	)
Quanta Services, Inc.		(11	)		(1,252	)
Raytheon Technologies Corp.		(274	)		(23,553	)
TransDigm Group, Inc.^*		(12	)		(7,495	)
United Rentals, Inc.^*		(4	)		(1,404	)
Xylem, Inc.		(37	)		(4,576	)

					(83,604	)

Commercial & Professional Services — (1.4)%
Cintas Corp.		(21	)		(7,994	)
Copart, Inc.^*		(54	)		(7,491	)
Equifax, Inc.		(22	)		(5,575	)
IHS Markit Ltd. (Bermuda)		(85	)		(9,913	)
Leidos Holdings, Inc.		(28	)		(2,692	)
Rollins, Inc.		(123	)		(4,346	)
Verisk Analytics, Inc.		(35	)		(7,009	)
Waste Management, Inc.		(31	)		(4,630	)

					(49,650	)

Consumer Durables & Apparel — (1.1)%
DR Horton, Inc.		(76	)		(6,382	)
NIKE, Inc., Class B		(184	)		(26,722	)
NVR, Inc.^*		(1	)		(4,794	)
PulteGroup, Inc.		(53	)		(2,434	)

					(40,332	)

Consumer Services — (2.3)%
Booking Holdings, Inc.^*		(8	)		(18,991	)
Carnival Corp. (Panama)^*		(238	)		(5,952	)
Chipotle Mexican Grill, Inc.^*		(7	)		(12,723	)
Darden Restaurants, Inc.		(27	)		(4,090	)
Domino’s Pizza, Inc.		(9	)		(4,293	)
Expedia Group, Inc.^*		(31	)		(5,081	)
Hilton Worldwide Holdings, Inc.^*		(60	)		(7,926	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Marriott International, Inc., Class A*		(68	)	$	(10,070	)
MGM Resorts International		(104	)		(4,488	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)^*		(78	)		(2,083	)
Royal Caribbean Cruises Ltd. (Liberia)^*		(53	)		(4,714	)
Starbucks Corp.		(6	)		(662	)
Wynn Resorts Ltd.^*		(27	)		(2,288	)

					(83,361	)

Diversified Financials — (2.1)%
Bank of New York Mellon Corp. (The)		(185	)		(9,590	)
Cboe Global Markets, Inc.		(22	)		(2,725	)
CME Group, Inc.		(73	)		(14,117	)
Intercontinental Exchange, Inc.		(114	)		(13,090	)
MarketAxess Holdings, Inc.		(9	)		(3,786	)
Moody’s Corp.		(3	)		(1,065	)
MSCI, Inc.		(18	)		(10,950	)
Northern Trust Corp.		(46	)		(4,959	)
S&P Global, Inc.		(15	)		(6,373	)
State Street Corp.		(77	)		(6,524	)
Synchrony Financial		(21	)		(1,027	)

					(74,206	)

Energy — (1.2)%
ConocoPhillips		(285	)		(19,314	)
Coterra Energy, Inc.		(89	)		(1,937	)
Devon Energy Corp.		(142	)		(5,042	)
Diamondback Energy, Inc.		(38	)		(3,598	)
Phillips 66		(89	)		(6,233	)
Pioneer Natural Resources Co.		(49	)		(8,159	)

					(44,283	)

Food & Staples Retailing — (0.8)%
Costco Wholesale Corp.		(39	)		(17,525	)
Kroger Co. (The)		(71	)		(2,870	)
Sysco Corp.		(106	)		(8,321	)

					(28,716	)

Food, Beverage & Tobacco — (0.9)%
Brown-Forman Corp., Class B		(108	)		(7,237	)
Campbell Soup Co.		(61	)		(2,550	)
Hormel Foods Corp.		(114	)		(4,674	)
Lamb Weston Holdings, Inc.		(30	)		(1,841	)

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
McCormick & Co., Inc., non-voting shares		(57	)	$	(4,619	)
Monster Beverage Corp.^*		(107	)		(9,505	)

					(30,426	)

Health Care Equipment & Services — (4.9)%
ABIOMED, Inc.^*		(11	)		(3,581	)
Align Technology, Inc.^*		(13	)		(8,650	)
AmerisourceBergen Corp.		(42	)		(5,017	)
Baxter International, Inc.		(107	)		(8,606	)
Becton Dickinson and Co.		(51	)		(12,537	)
Boston Scientific Corp.^*		(286	)		(12,409	)
Centene Corp.^*		(7	)		(436	)
Cerner Corp.		(37	)		(2,609	)
Cooper Cos., Inc. (The)		(13	)		(5,373	)
DENTSPLY SIRONA, Inc.		(46	)		(2,670	)
Dexcom, Inc.^*		(20	)		(10,937	)
Edwards Lifesciences Corp.^*		(141	)		(15,963	)
Henry Schein, Inc.^*		(30	)		(2,285	)
Humana, Inc.		(27	)		(10,507	)
IDEXX Laboratories, Inc.^*		(22	)		(13,682	)
Intuitive Surgical, Inc.^*		(22	)		(21,871	)
ResMed, Inc.		(32	)		(8,434	)
STERIS PLC (Ireland)		(20	)		(4,086	)
Stryker Corp.		(15	)		(3,956	)
Teleflex, Inc.		(12	)		(4,519	)
Universal Health Services, Inc., Class B		(18	)		(2,491	)
West Pharmaceutical Services, Inc.		(17	)		(7,217	)
Zimmer Biomet Holdings, Inc.		(46	)		(6,732	)

					(174,568	)

Household & Personal Products — (0.5)%
Church & Dwight Co., Inc.		(52	)		(4,294	)
Clorox Co. (The)		(27	)		(4,471	)
Estee Lauder Cos., Inc. (The), Class A		(20	)		(5,999	)
Kimberly-Clark Corp.		(12	)		(1,589	)

					(16,353	)

Insurance — (1.2)%
Assurant, Inc.		(13	)		(2,051	)
Chubb Ltd. (Switzerland)		(19	)		(3,296	)
Cincinnati Financial Corp.		(33	)		(3,769	)
Everest Re Group Ltd. (Bermuda)		(9	)		(2,257	)
Globe Life, Inc.		(22	)		(1,959	)
Hartford Financial Services Group, Inc. (The)		(76	)		(5,339	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
Principal Financial Group, Inc.		(55	)	$	(3,542	)
Progressive Corp. (The)		(120	)		(10,847	)
Travelers Cos., Inc. (The)		(10	)		(1,520	)
Willis Towers Watson PLC (Ireland)		(16	)		(3,719	)
WR Berkley Corp.		(38	)		(2,781	)

					(41,080	)

Materials — (1.9)%
Air Products & Chemicals, Inc.		(49	)		(12,549	)
Albemarle Corp.		(26	)		(5,693	)
Amcor PLC (Jersey)		(310	)		(3,593	)
Ball Corp.		(73	)		(6,568	)
Celanese Corp.		(23	)		(3,465	)
Corteva, Inc.		(146	)		(6,144	)
Ecolab, Inc.		(57	)		(11,891	)
FMC Corp.		(27	)		(2,472	)
International Flavors & Fragrances, Inc.		(52	)		(6,953	)
Martin Marietta Materials, Inc.		(13	)		(4,442	)
Sealed Air Corp.		(8	)		(438	)
Vulcan Materials Co.		(29	)		(4,906	)

					(69,114	)

Media & Entertainment — (1.3)%
Live Nation Entertainment, Inc.^*		(48	)		(4,374	)
Match Group, Inc.^*		(55	)		(8,635	)
News Corp., Class A		(119	)		(2,800	)
Walt Disney Co. (The)^*		(179	)		(30,281	)

					(46,090	)

Pharmaceuticals, Biotechnology & Life Sciences — (4.1)%
Amgen, Inc.		(69	)		(14,673	)
Bio-Rad Laboratories, Inc., Class A^*		(7	)		(5,222	)
Bio-Techne Corp.		(8	)		(3,876	)
Bristol-Myers Squibb Co.		(83	)		(4,911	)
Catalent, Inc.^*		(37	)		(4,924	)
Charles River Laboratories International, Inc.^*		(11	)		(4,539	)
Eli Lilly & Co.		(28	)		(6,469	)
IQVIA Holdings, Inc.^*		(51	)		(12,216	)
Mettler-Toledo International, Inc.^*		(5	)		(6,887	)
Moderna, Inc.^*		(81	)		(31,174	)
Thermo Fisher Scientific, Inc.		(48	)		(27,424	)
Viatris, Inc.		(254	)		(3,442	)
Zoetis, Inc.		(101	)		(19,608	)

					(145,365	)

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (2.0)%
Boston Properties, Inc., REIT		(33	)	$	(3,575	)
Digital Realty Trust, Inc., REIT		(60	)		(8,667	)
Equinix, Inc., REIT		(22	)		(17,383	)
Essex Property Trust, Inc., REIT		(1	)		(320	)
Federal Realty Investment Trust, REIT		(17	)		(2,006	)
Healthpeak Properties, Inc., REIT		(116	)		(3,884	)
Host Hotels & Resorts, Inc., REIT^*		(161	)		(2,629	)
Iron Mountain, Inc., REIT		(56	)		(2,433	)
Prologis, Inc., REIT		(89	)		(11,163	)
Public Storage, REIT		(2	)		(594	)
Realty Income Corp., REIT		(79	)		(5,124	)
Ventas, Inc., REIT		(79	)		(4,362	)
Vornado Realty Trust, REIT		(41	)		(1,722	)
Welltower, Inc., REIT		(84	)		(6,922	)

					(70,784	)

Retailing — (0.8)%
CarMax, Inc.^*		(35	)		(4,478	)
Dollar General Corp.		(47	)		(9,970	)
Etsy, Inc.^*		(29	)		(6,031	)
Pool Corp.		(9	)		(3,910	)
TJX Cos., Inc. (The)		(63	)		(4,157	)

					(28,546	)

Semiconductors & Semiconductor Equipment — (2.2)%
Advanced Micro Devices, Inc.^*		(243	)		(25,005	)
Broadcom, Inc.		(30	)		(14,548	)
Enphase Energy, Inc.^*		(27	)		(4,049	)
Microchip Technology, Inc.		(51	)		(7,828	)
Monolithic Power Systems, Inc.		(9	)		(4,362	)
NVIDIA Corp.		(76	)		(15,744	)
Xilinx, Inc.		(56	)		(8,456	)

					(79,992	)

Software & Services — (2.1)%
Akamai Technologies, Inc.^*		(41	)		(4,288	)
Ceridian HCM Holding, Inc.^*		(30	)		(3,379	)
Citrix Systems, Inc.		(27	)		(2,899	)
Fidelity National Information
Services, Inc.		(133	)		(16,183	)
FleetCor Technologies, Inc.^*		(18	)		(4,703	)
Fortinet, Inc.^*		(28	)		(8,177	)
Global Payments, Inc.		(66	)		(10,400	)
Intuit, Inc.		(1	)		(540	)
Jack Henry & Associates, Inc.		(17	)		(2,789	)
Paycom Software, Inc.^*		(13	)		(6,445	)
PTC, Inc.^*		(25	)		(2,995	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Tyler Technologies, Inc.^*		(9	)	$	(4,128	)
VeriSign, Inc.^*		(30	)		(6,150	)

					(73,076	)

Technology Hardware & Equipment — (0.3)%
Amphenol Corp., Class A		(15	)		(1,099	)
F5 Networks, Inc.^*		(4	)		(795	)
IPG Photonics Corp.^*		(12	)		(1,901	)
Teledyne Technologies, Inc.^*		(9	)		(3,866	)
Trimble, Inc.^*		(40	)		(3,290	)

					(10,951	)

Telecommunication Services — (0.5)%
Lumen Technologies, Inc.		(122	)		(1,512	)
T-Mobile US, Inc.^*		(125	)		(15,970	)

					(17,482	)

Transportation — (1.1)%
Alaska Air Group, Inc.^*		(27	)		(1,582	)
American Airlines Group, Inc.^*		(135	)		(2,770	)
CH Robinson Worldwide, Inc.		(28	)		(2,436	)
Delta Air Lines, Inc.^*		(138	)		(5,880	)
FedEx Corp.		(25	)		(5,482	)
JB Hunt Transport Services, Inc.		(23	)		(3,846	)
Old Dominion Freight Line, Inc.		(25	)		(7,150	)
Southwest Airlines Co.^*		(126	)		(6,480	)
United Airlines Holdings, Inc.^*		(68	)		(3,235	)

					(38,861	)

Utilities — (4.6)%
Alliant Energy Corp.		(61	)		(3,415	)
Ameren Corp.		(62	)		(5,022	)
American Electric Power Co., Inc.		(124	)		(10,066	)
American Water Works Co., Inc.		(41	)		(6,931	)
Atmos Energy Corp.		(30	)		(2,646	)
CenterPoint Energy, Inc.		(126	)		(3,100	)
CMS Energy Corp.		(70	)		(4,181	)
Consolidated Edison, Inc.		(82	)		(5,952	)
DTE Energy Co.		(46	)		(5,139	)
Duke Energy Corp.		(163	)		(15,907	)
Edison International		(90	)		(4,992	)
Entergy Corp.		(50	)		(4,966	)
Evergy, Inc.		(50	)		(3,110	)
Eversource Energy		(82	)		(6,704	)
Exelon Corp.		(10	)		(483	)
FirstEnergy Corp.		(136	)		(4,844	)
NextEra Energy, Inc.		(414	)		(32,507	)
NiSource, Inc.		(94	)		(2,278	)

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Concluded)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Pinnacle West Capital Corp.		(26	)	$	(1,881	)
Public Service Enterprise Group, Inc.		(16	)		(975	)
Sempra Energy		(64	)		(8,096	)
Southern Co. (The)		(230	)		(14,253	)
WEC Energy Group, Inc.		(79	)		(6,968	)
Xcel Energy, Inc.		(133	)		(8,313	)

					(162,729	)

TOTAL COMMON STOCKS (Proceeds $1,316,814)					(1,467,862	)


TOTAL SHORT POSITIONS - (41.3)% (Proceeds $1,316,814)					(1,467,862	)

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.4%					50,548

NET ASSETS - 100.0%				$	3,556,109

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC Public Limited Company

REIT Real Estate Investment Trust

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
LONG POSITIONS — 175.2%
COMMON STOCKS — 175.2%
Automobiles & Components — 2.4%
General Motors Co.^*		559	$	29,465
Gentex Corp.		2,617		86,309
Harley-Davidson, Inc.		594		21,746
Magna International, Inc. (Canada)^†		2,049		154,167

				291,687

Capital Goods — 10.8%
3M Co.^†		1,019		178,753
A.O. Smith Corp.		628		38,352
Advanced Drainage Systems, Inc.^†		344		37,210
AECOM^*		42		2,652
AGCO Corp.^†		714		87,486
EMCOR Group, Inc.		4		462
Fortune Brands Home & Security, Inc.^†		355		31,744
General Dynamics Corp.^†		15		2,940
Hubbell, Inc.^†		82		14,815
Johnson Controls International PLC (Ireland)^†		1,009		68,693
Lockheed Martin Corp.^†		497		171,515
Masco Corp.^†		152		8,444
Northrop Grumman Corp.^†		280		100,842
Oshkosh Corp.		2		205
Owens Corning^†		787		67,288
Pentair PLC (Ireland)^†		804		58,394
Quanta Services, Inc.^†		379		43,138
Regal Rexnord Corp.^†		32		4,811
Roper Technologies, Inc.^†		25		11,153
Snap-on, Inc.^†		679		141,877
Timken Co. (The)		12		785
Toro Co. (The)^†		1,494		145,531
Trane Technologies PLC (Ireland)^†		368		63,535
Watsco, Inc.^†		158		41,810
WW Grainger, Inc.^†		13		5,110

				1,327,545

Commercial & Professional Services — 1.7%
CACI International, Inc., Class A^*		61		15,988
ManpowerGroup, Inc.^†		521		56,414
Nielsen Holdings PLC (United Kingdom)		348		6,678
Thomson Reuters Corp. (Canada)^†		1,183		130,698

				209,778

Consumer Durables & Apparel — 5.0%
BRP, Inc., sub-voting shares (Canada)		305		28,267


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Brunswick Corp.		214	$	20,388
Deckers Outdoor Corp.^†*		409		147,322
Garmin Ltd. (Switzerland)^†		616		95,763
Gildan Activewear, Inc. (Canada)^†		1,026		37,459
Mohawk Industries, Inc.^*		94		16,676
Tapestry, Inc.		7		259
Tempur Sealy International, Inc.		1,668		77,412
Whirlpool Corp.^†		721		146,983
YETI Holdings, Inc.^†*		487		41,731

				612,260

Consumer Services — 5.1%
Airbnb, Inc., Class A^*		89		14,930
Boyd Gaming Corp.^†*		1,714		108,428
Choice Hotels International, Inc.		71		8,972
McDonald’s Corp.^†		442		106,571
Service Corp. International^†		3,335		200,967
Wyndham Hotels & Resorts, Inc.		650		50,173
Yum! Brands, Inc.^†		1,167		142,736

				632,777

Diversified Financials — 5.9%
Affiliated Managers Group, Inc.		297		44,874
Berkshire Hathaway, Inc., Class B^†*		709		193,515
BlackRock, Inc.^†		162		135,863
Blackstone, Inc.		9		1,047
Evercore, Inc., Class A		245		32,749
Invesco Ltd. (Bermuda)		433		10,440
Moody’s Corp.		20		7,102
Nasdaq, Inc.^†		422		81,454
T Rowe Price Group, Inc.^†		1,103		216,960

				724,004

Energy — 3.3%
Baker Hughes Co.		596		14,739
Canadian Natural Resources Ltd. (Canada)		4,327		158,109
Cimarex Energy Co.^*		1,596		139,171
EOG Resources, Inc.		504		40,456
Halliburton Co.^†		225		4,865
Marathon Oil Corp.		164		2,242
Marathon Petroleum Corp.		566		34,984
Ovintiv, Inc.		281		9,239

				403,805

Food & Staples Retailing — 4.7%
Albertsons Cos., Inc., Class A		4,307		134,077
Kroger Co. (The)		1,791		72,410

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
Sysco Corp.^†		52	$	4,082
Walmart, Inc.^†		2,658		370,472

				581,041

Food, Beverage & Tobacco — 23.3%
Altria Group, Inc.^†		5,487		249,768
Archer-Daniels-Midland Co.^†		2,618		157,106
Bunge Ltd. (Bermuda)^†		3,145		255,751
Campbell Soup Co.^†		1,808		75,592
Coca-Cola Co. (The)^†		2,491		130,703
Conagra Brands, Inc.^†		4,551		154,142
Constellation Brands, Inc., Class A^†		41		8,638
Flowers Foods, Inc.^†		2,658		62,809
General Mills, Inc.^†		4,243		253,816
Hershey Co. (The)^†		1,205		203,946
JM Smucker Co. (The)^†		522		62,656
Kellogg Co.^†		3,444		220,141
Keurig Dr Pepper, Inc.^†		3,195		109,141
Kraft Heinz Co. (The)^†		8,275		304,686
Mondelez International, Inc., Class A^†		3,255		189,376
PepsiCo, Inc.		363		54,599
Philip Morris International, Inc.^†		3,153		298,873
Tyson Foods, Inc., Class A^†		902		71,204

				2,862,947

Health Care Equipment & Services — 16.2%
Abbott Laboratories^†		423		49,969
Acadia Healthcare Co., Inc.^*		65		4,146
Anthem, Inc.		82		30,570
Cerner Corp.		68		4,795
Cigna Corp.		270		54,043
CVS Health Corp.^†		2,174		184,486
Danaher Corp.^†		170		51,755
HCA Healthcare, Inc.		343		83,253
Hill-Rom Holdings, Inc.		129		19,350
Hologic, Inc.^†*		3,263		240,842
Laboratory Corp. of America Holdings^†*		1,676		471,694
McKesson Corp.		9		1,794
Quest Diagnostics, Inc.^†		2,743		398,585
Quidel Corp.^†*		2,282		322,104
UnitedHealth Group, Inc.		184		71,896

				1,989,282

Household & Personal Products — 4.2%
Colgate-Palmolive Co.^†		3,317		250,699


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Kimberly-Clark Corp.^†		1,184	$	156,809
Procter & Gamble Co. (The)^†		783		109,463

				516,971

Insurance — 3.3%
Aon PLC, Class A (Ireland)^†		289		82,588
Arthur J Gallagher & Co.^†		836		124,271
Brown & Brown, Inc.		1,342		74,414
Marsh & McLennan Cos., Inc.^†		838		126,898

				408,171

Materials — 4.7%
Avery Dennison Corp.		148		30,667
Berry Global Group, Inc.^*		145		8,828
DuPont de Nemours, Inc.		331		22,505
Eastman Chemical Co.^†		331		33,345
Freeport-McMoRan, Inc.		1		32
International Paper Co.^†		688		38,473
Louisiana-Pacific Corp.^†		3,170		194,543
Olin Corp.		168		8,106
Reliance Steel & Aluminum Co.		170		24,211
Sealed Air Corp.^†		187		10,246
Sherwin-Williams Co. (The)^†		166		46,435
Southern Copper Corp.^†		1,799		100,996
West Fraser Timber Co. Ltd. (Canada)		779		65,615

				584,002

Media & Entertainment — 9.3%
Activision Blizzard, Inc.^†		245		18,961
Alphabet, Inc., Class A^†*		159		425,090
Altice USA, Inc., Class A^*		672		13,924
Charter Communications, Inc., Class A^†*		43		31,285
Discovery, Inc., Class A^*		861		21,852
Electronic Arts, Inc.^†		68		9,673
Facebook, Inc., Class A^†*		677		229,767
Interpublic Group of Cos., Inc. (The)		687		25,192
Omnicom Group, Inc.		11		797
Roku, Inc.^†*		556		174,223
Shaw Communications, Inc., Class B (Canada)^†		863		25,061
Take-Two Interactive Software, Inc.^†*		28		4,314
ViacomCBS, Inc., Class B^†		4,276		168,945

				1,149,084

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — 23.4%
AbbVie, Inc.^†		3,895	$	420,154
Biogen, Inc.^†*		1,488		421,089
Gilead Sciences, Inc.^†		6,379		445,573
Illumina, Inc.^†*		35		14,196
Johnson & Johnson^†		1,479		238,859
Merck & Co., Inc.^†		3,875		291,051
Organon & Co.		2,535		83,123
PerkinElmer, Inc.^†		1,713		296,846
Pfizer, Inc.^†		8,146		350,359
United Therapeutics Corp.^†*		1,145		211,344
Vertex Pharmaceuticals, Inc.^†*		558		101,216

				2,873,810

Real Estate — 1.1%
Jones Lang LaSalle, Inc.^*		157		38,950
Weyerhaeuser Co., REIT^†		2,767		98,422

				137,372

Retailing — 9.5%
Advance Auto Parts, Inc.^†		292		60,996
Amazon.com, Inc.^†*		120		394,205
AutoNation, Inc.^†*		238		28,979
AutoZone, Inc.^†*		12		20,376
Bath & Body Works, Inc.		1,005		63,345
Best Buy Co., Inc.^†		73		7,717
Dick’s Sporting Goods, Inc.		229		27,427
eBay, Inc.^†		2,067		144,008
Genuine Parts Co.^†		445		53,947
Home Depot, Inc. (The)^†		392		128,678
Kohl’s Corp.^†		956		45,018
LKQ Corp.^†*		825		41,514
Lowe’s Cos., Inc.^†		131		26,575
O’Reilly Automotive, Inc.^*		19		11,610
Target Corp.^†		336		76,867
Victoria’s Secret & Co.^*		689		38,074
Williams-Sonoma, Inc.^†		5		886

				1,170,222

Semiconductors & Semiconductor Equipment — 0.7%
Applied Materials, Inc.		564		72,604
Intel Corp.^†		306		16,303

				88,907

Software & Services — 14.1%
Accenture PLC, Class A (Ireland)^†		67		21,435
Amdocs Ltd. (Guernsey)^†		2,265		171,483
Automatic Data Processing, Inc.^†		635		126,949
CGI, Inc. (Canada)^†*		552		46,787


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Dolby Laboratories, Inc., Class A		2	$	176
International Business Machines Corp.		51		7,085
Mastercard, Inc., Class A^†		235		81,705
Microsoft Corp.^†		1,793		505,483
NortonLifeLock, Inc.^†		4,192		106,058
Open Text Corp. (Canada)^†		1,602		78,081
Oracle Corp.^†		1,708		148,818
PayPal Holdings, Inc.^†*		280		72,859
SS&C Technologies Holdings, Inc.^†.		1,420		98,548
Visa, Inc., Class A^†		509		113,380
Western Union Co. (The)		1,136		22,970
Ziff Davis, Inc.^†*		952		130,062

				1,731,879

Technology Hardware & Equipment — 15.7%
Apple, Inc.^†		3,874		548,171
Arrow Electronics, Inc.^†*		1,570		176,295
Cisco Systems, Inc.^†		4,493		244,554
Corning, Inc.^†		2,988		109,032
Dell Technologies, Inc., Class C^†*		536		55,766
HP, Inc.^†		8,321		227,663
Jabil, Inc.		1,438		83,936
Juniper Networks, Inc.^†		486		13,375
Keysight Technologies, Inc.^*		86		14,129
NetApp, Inc.		1,150		103,224
Seagate Technology Holdings PLC (Ireland)^†		2,745		226,517
SYNNEX Corp.^†		941		97,958
Vontier Corp.		815		27,384

				1,928,004

Telecommunication Services — 6.4%
AT&T, Inc.^†		8,101		218,808
BCE, Inc. (Canada)^†		3,924		196,436
Rogers Communications, Inc., Class B (Canada)^†		1,210		56,434
Verizon Communications, Inc.^†		5,768		311,530

				783,208

Transportation — 2.4%
Expeditors International of Washington, Inc.^†		1,210		144,147
JB Hunt Transport Services, Inc.^†		1		167
Southwest Airlines Co.^*		128		6,583

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
TFI International, Inc. (Canada)^†		466		$	47,616
United Parcel Service, Inc., Class B^†		558			101,612

					300,125

Utilities — 2.0%
Dominion Energy, Inc.^†		965			70,464
NRG Energy, Inc.		1,868			76,271
PPL Corp.		3,806			106,111

					252,846

TOTAL COMMON STOCKS (Cost $19,474,454)					21,559,727


TOTAL LONG POSITIONS - 175.2% (Cost $19,474,454)					21,559,727


SHORT POSITIONS — (76.3)%
COMMON STOCKS — (76.3)%
Automobiles & Components — (0.0)%
BorgWarner, Inc.		(76	)		(3,284	)

Banks — (1.1)%
Citizens Financial Group, Inc.		(367	)		(17,242	)
Comerica, Inc.		(314	)		(25,277	)
Commerce Bancshares, Inc.		(1	)		(70	)
Huntington Bancshares, Inc.		(418	)		(6,462	)
KeyCorp.		(37	)		(800	)
M&T Bank Corp.		(322	)		(48,087	)
People’s United Financial, Inc.		(171	)		(2,987	)
Prosperity Bancshares, Inc.		(9	)		(640	)
SouthState Corp.		(93	)		(6,944	)
Truist Financial Corp.		(27	)		(1,584	)
Zions Bancorp NA		(491	)		(30,388	)

					(140,481	)

Capital Goods — (4.6)%
AerCap Holdings NV (Netherlands)^*		(1,407	)		(81,339	)
Axon Enterprise, Inc.^*		(24	)		(4,201	)
AZEK Co., Inc. (The)^*		(1,142	)		(41,717	)
Ballard Power Systems, Inc. (Canada)^*		(363	)		(5,100	)
Bloom Energy Corp., Class A^*		(849	)		(15,893	)
Boeing Co. (The)^*		(688	)		(151,319	)
Builders FirstSource, Inc.^*		(166	)		(8,589	)
BWX Technologies, Inc.		(843	)		(45,404	)
Chart Industries, Inc.^*		(81	)		(15,480	)
FuelCell Energy, Inc.^*		(2,006	)		(13,420	)
Mercury Systems, Inc.^*		(650	)		(30,823	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Nikola Corp.^*		(836	)	$	(8,920	)
Plug Power, Inc.^*		(2,702	)		(69,009	)
Sunrun, Inc.^*		(409	)		(17,996	)
Trex Co., Inc.^*		(260	)		(26,502	)
Virgin Galactic Holdings, Inc.^*		(1,018	)		(25,755	)

					(561,467	)

Commercial & Professional Services — (2.1)%
ADT, Inc.		(8,321	)		(67,317	)
Clarivate PLC (Jersey)^*		(84	)		(1,840	)
CoStar Group, Inc.^*		(782	)		(67,299	)
Dun & Bradstreet Holdings, Inc.^*		(2,508	)		(42,159	)
GFL Environmental, Inc., sub-voting shares (Canada)		(2,047	)		(76,046	)
MSA Safety, Inc.		(19	)		(2,768	)

					(257,429	)

Consumer Durables & Apparel — (1.5)%
Callaway Golf Co.^*		(3,508	)		(96,926	)
Lululemon Athletica, Inc.^*		(30	)		(12,141	)
NIKE, Inc., Class B		(9	)		(1,307	)
Peloton Interactive, Inc., Class A^*		(49	)		(4,266	)
Skechers USA, Inc., Class A^*		(1,692	)		(71,267	)

					(185,907	)

Consumer Services — (1.7)%
Aramark		(3,350	)		(110,081	)
Bright Horizons Family Solutions, Inc.^*		(8	)		(1,115	)
Carnival Corp. (Panama)^*		(60	)		(1,501	)
DraftKings, Inc., Class A^*		(1,509	)		(72,674	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)^*		(149	)		(3,980	)
Planet Fitness, Inc., Class A^*		(8	)		(628	)
Royal Caribbean Cruises Ltd. (Liberia)^*		(139	)		(12,364	)
Wynn Resorts Ltd.^*		(119	)		(10,085	)

					(212,428	)

Diversified Financials — (0.3)%
State Street Corp.		(438	)		(37,107	)

Energy — (3.7)%
Cameco Corp. (Canada)		(4	)		(87	)
Cenovus Energy, Inc. (Canada)		(16,929	)		(170,306	)
ConocoPhillips		(556	)		(37,680	)
Devon Energy Corp.		(1,403	)		(49,820	)
Diamondback Energy, Inc.		(1,025	)		(97,037	)

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (Continued)
New Fortress Energy, Inc.		(200	)	$	(5,550	)
Pioneer Natural Resources Co.		(549	)		(91,414	)

					(451,894	)

Food & Staples Retailing — (0.2)%
Casey’s General Stores, Inc.		(103	)		(19,410	)
Grocery Outlet Holding Corp.^*		(308	)		(6,644	)

					(26,054	)

Food, Beverage & Tobacco — (0.5)%
Beyond Meat, Inc.^*		(152	)		(16,000	)
Celsius Holdings, Inc.^*		(91	)		(8,198	)
Freshpet, Inc.^*		(289	)		(41,237	)

					(65,435	)

Health Care Equipment & Services — (5.6)%
1Life Healthcare, Inc.^*		(1,769	)		(35,822	)
Dexcom, Inc.^*		(20	)		(10,937	)
GoodRx Holdings, Inc., Class A^*		(250	)		(10,255	)
Guardant Health, Inc.^*		(718	)		(89,757	)
HealthEquity, Inc.^*		(1,525	)		(98,759	)
Inspire Medical Systems, Inc.^*		(10	)		(2,329	)
Insulet Corp.^*		(362	)		(102,891	)
iRhythm Technologies, Inc.^*		(72	)		(4,216	)
LHC Group, Inc.^*		(7	)		(1,098	)
Masimo Corp.^*		(210	)		(56,849	)
Neogen Corp.^*		(194	)		(8,426	)
Nevro Corp.^*		(196	)		(22,811	)
Novocure Ltd. (Jersey)^*		(109	)		(12,663	)
Oak Street Health, Inc.^*		(2,004	)		(85,230	)
Penumbra, Inc.^*		(357	)		(95,141	)
Schrodinger, Inc./United States^*		(446	)		(24,387	)
SmileDirectClub, Inc.^*		(4,470	)		(23,780	)

					(685,351	)

Household & Personal Products — (0.1)%
Reynolds Consumer Products, Inc.		(278	)		(7,601	)

Insurance — (1.4)%
Arch Capital Group Ltd. (Bermuda)^*.		(725	)		(27,681	)
Lincoln National Corp.		(540	)		(37,125	)
Reinsurance Group of America, Inc.		(644	)		(71,651	)
RenaissanceRe Holdings Ltd. (Bermuda)		(268	)		(37,359	)
Unum Group		(118	)		(2,957	)

					(176,773	)

Materials — (4.5)%
Ball Corp.		(280	)		(25,192	)
Cleveland-Cliffs, Inc.^*		(5,518	)		(109,312	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Franco-Nevada Corp. (Canada)		(25	)	$	(3,248	)
Huntsman Corp.		(2,650	)		(78,413	)
International Flavors & Fragrances, Inc.		(429	)		(57,366	)
Largo Resources Ltd. (Canada)^*		(72	)		(757	)
Martin Marietta Materials, Inc.		(122	)		(41,685	)
Novagold Resources, Inc. (Canada)^*		(132	)		(908	)
Teck Resources Ltd., Class B (Canada)		(8,927	)		(222,371	)
United States Steel Corp.		(851	)		(18,696	)
Vulcan Materials Co.		(11	)		(1,861	)

					(559,809	)

Media & Entertainment — (1.1)%
Angi, Inc.^*		(3,064	)		(37,810	)
Cable One, Inc.		(43	)		(77,965	)
IAC/InterActiveCorp^.*		(1	)		(130	)
Magnite, Inc.^*		(97	)		(2,716	)
Match Group, Inc.^*		(11	)		(1,727	)
TripAdvisor, Inc.^*		(560	)		(18,956	)

					(139,304	)

Pharmaceuticals, Biotechnology & Life Sciences — (15.3)%
ACADIA Pharmaceuticals, Inc.^*		(1,383	)		(22,972	)
Acceleron Pharma, Inc.^*		(985	)		(169,518	)
Adaptive Biotechnologies Corp.^*		(1,087	)		(36,947	)
Agios Pharmaceuticals, Inc.^*		(160	)		(7,384	)
Allakos, Inc.^*		(835	)		(88,401	)
Allogene Therapeutics, Inc.^*		(1,358	)		(34,901	)
Alnylam Pharmaceuticals, Inc.^*		(188	)		(35,496	)
Amicus Therapeutics, Inc.^*		(1,794	)		(17,133	)
Arrowhead Pharmaceuticals, Inc.^*		(681	)		(42,515	)
Beam Therapeutics, Inc.^*		(1,274	)		(110,851	)
Biohaven Pharmaceutical Holding Co. Ltd. (British Virgin Islands)^*		(251	)		(34,866	)
BioMarin Pharmaceutical, Inc.^*		(757	)		(58,508	)
Bluebird Bio, Inc.^*		(748	)		(14,294	)
Bridgebio Pharma, Inc.^*		(2,487	)		(116,566	)
ChemoCentryx, Inc.^*		(491	)		(8,396	)
Elanco Animal Health, Inc.^*		(1,744	)		(55,616	)
Exact Sciences Corp.^*		(231	)		(22,049	)
FibroGen, Inc.^*		(878	)		(8,973	)
Global Blood Therapeutics, Inc.^*		(566	)		(14,422	)
Intellia Therapeutics, Inc.^*		(841	)		(112,820	)
Ionis Pharmaceuticals, Inc.^*		(379	)		(12,712	)
Iovance Biotherapeutics, Inc.^*		(827	)		(20,394	)

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Jazz Pharmaceuticals PLC (Ireland)^*		(1,237	)	$	(161,070	)
Kodiak Sciences, Inc.^*		(400	)		(38,392	)
Mirati Therapeutics, Inc.^*		(794	)		(140,467	)
Natera, Inc.^*		(148	)		(16,493	)
Nektar Therapeutics^*		(1,344	)		(24,138	)
NeoGenomics, Inc.^*		(695	)		(33,527	)
Neurocrine Biosciences, Inc.^*		(13	)		(1,247	)
Novavax, Inc.^*		(26	)		(5,390	)
Pacific Biosciences of California, Inc.^*		(584	)		(14,921	)
Perrigo Co. PLC (Ireland)		(2,010	)		(95,133	)
PTC Therapeutics, Inc.^*		(593	)		(22,066	)
Reata Pharmaceuticals, Inc., Class A^*		(158	)		(15,896	)
Sarepta Therapeutics, Inc.^*		(1,275	)		(117,912	)
Seagen, Inc.^*		(3	)		(509	)
TG Therapeutics, Inc.^*		(296	)		(9,851	)
Turning Point Therapeutics, Inc.^*		(286	)		(18,999	)
Ultragenyx Pharmaceutical, Inc.^*		(766	)		(69,086	)
Viatris, Inc.		(3,423	)		(46,382	)

					(1,877,213	)

Real Estate — (1.0)%
Equinix, Inc., REIT		(43	)		(33,976	)
Omega Healthcare Investors, Inc., REIT		(193	)		(5,782	)
Redfin Corp.^*		(232	)		(11,623	)
Ventas, Inc., REIT		(959	)		(52,947	)
Vornado Realty Trust, REIT		(407	)		(17,098	)

					(121,426	)

Retailing — (2.0)%
CarMax, Inc.^*		(32	)		(4,095	)
Carvana Co.^*		(195	)		(58,800	)
Chewy, Inc., Class A^*		(82	)		(5,585	)
Five Below, Inc.^*		(396	)		(70,017	)
Lithia Motors, Inc., Class A		(4	)		(1,268	)
Macy’s, Inc.		(691	)		(15,617	)
Nordstrom, Inc.^*		(643	)		(17,007	)
Ollie’s Bargain Outlet Holdings, Inc.^*		(266	)		(16,034	)
Stitch Fix, Inc., Class A^*		(570	)		(22,771	)
Vroom, Inc.^*		(985	)		(21,739	)
Wayfair, Inc., Class A^*		(50	)		(12,776	)

					(245,709	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (0.4)%
Marvell Technology, Inc.		(57	)	$	(3,438	)
Silicon Laboratories, Inc.^*		(227	)		(31,816	)
Wolfspeed, Inc.^*		(236	)		(19,052	)

					(54,306	)

Software & Services — (11.6)%
Anaplan, Inc.^*		(1,329	)		(80,923	)
Appfolio, Inc., Class A^*		(359	)		(43,224	)
Appian Corp.^*		(126	)		(11,656	)
Bentley Systems, Inc., Class B		(294	)		(17,828	)
BlackBerry Ltd. (Canada)^*		(19,675	)		(191,438	)
Blackline, Inc.^*		(171	)		(20,188	)
Ceridian HCM Holding, Inc.^*		(443	)		(49,891	)
Cloudera, Inc.^*		(3,037	)		(48,501	)
Coupa Software, Inc.^*		(11	)		(2,411	)
Duck Creek Technologies, Inc.^*		(406	)		(17,961	)
Elastic NV (Netherlands)^*		(96	)		(14,303	)
Envestnet, Inc.^*		(75	)		(6,018	)
Euronet Worldwide, Inc.^*		(167	)		(21,256	)
Everbridge, Inc.^*		(155	)		(23,411	)
Fastly, Inc., Class A^*		(255	)		(10,312	)
Guidewire Software, Inc.^*		(1,174	)		(139,553	)
LiveRamp Holdings, Inc.^*		(174	)		(8,218	)
Mandiant, Inc.^*		(818	)		(14,560	)
Medallia, Inc.^*		(2,991	)		(101,305	)
nCino, Inc.^*		(626	)		(44,465	)
New Relic, Inc.^*		(125	)		(8,971	)
Nutanix, Inc., Class A^*		(3,952	)		(148,990	)
Okta, Inc.^*		(45	)		(10,680	)
Palantir Technologies, Inc., Class A^*.		(441	)		(10,602	)
Pegasystems, Inc.		(277	)		(35,207	)
Q2 Holdings, Inc.^*		(209	)		(16,749	)
RingCentral, Inc., Class A^*		(37	)		(8,047	)
Smartsheet, Inc., Class A^*		(236	)		(16,242	)
Snowflake, Inc., Class A^*		(26	)		(7,863	)
SolarWinds Corp.		(61	)		(1,021	)
Splunk, Inc.^*		(386	)		(55,858	)
Switch, Inc., Class A		(957	)		(24,298	)
Twilio, Inc., Class A^*		(22	)		(7,019	)
Unity Software, Inc.^*		(50	)		(6,313	)
Varonis Systems, Inc.^*		(507	)		(30,851	)
WEX, Inc.^*		(244	)		(42,978	)
Workday, Inc., Class A^*		(322	)		(80,465	)
Zendesk, Inc.^*		(384	)		(44,694	)

					(1,424,270	)

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Concluded)

September 30, 2021


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (1.6)%
3D Systems Corp.^*		(155	)	$	(4,274	)
National Instruments Corp.		(23	)		(902	)
Pure Storage, Inc., Class A^*		(4,714	)		(118,604	)
Teledyne Technologies, Inc.^*		(157	)		(67,444	)

					(191,224	)

Transportation — (1.9)%
CH Robinson Worldwide, Inc.		(2	)		(174	)
Lyft, Inc., Class A^*		(1,946	)		(104,286	)
Uber Technologies, Inc.^*		(2,791	)		(125,037	)

					(229,497	)

Utilities — (14.1)%
AES Corp. (The)		(1,116	)		(25,478	)
Alliant Energy Corp.		(446	)		(24,967	)
Ameren Corp.		(868	)		(70,308	)
American Electric Power Co., Inc.		(216	)		(17,535	)
American Water Works Co., Inc.		(92	)		(15,552	)
Atmos Energy Corp.		(823	)		(72,589	)
Avangrid, Inc.		(1,528	)		(74,261	)
Black Hills Corp.		(366	)		(22,970	)
CenterPoint Energy, Inc.		(4,677	)		(115,054	)
Consolidated Edison, Inc.		(16	)		(1,161	)
Edison International		(2,033	)		(112,771	)
Entergy Corp.		(666	)		(66,140	)
Essential Utilities, Inc.		(805	)		(37,094	)
Evergy, Inc.		(240	)		(14,928	)
Eversource Energy		(1,371	)		(112,093	)
MDU Resources Group, Inc.		(148	)		(4,391	)
NextEra Energy, Inc.		(2,180	)		(171,174	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
NiSource, Inc.		(7,977	)	$	(193,283	)
OGE Energy Corp.		(1,971	)		(64,964	)
Ormat Technologies, Inc.		(35	)		(2,331	)
Pinnacle West Capital Corp.		(1,925	)		(139,293	)
Sempra Energy		(803	)		(101,579	)
Southwest Gas Holdings, Inc.		(85	)		(5,685	)
Vistra Corp.		(11,447	)		(195,744	)
WEC Energy Group, Inc.		(442	)		(38,984	)
Xcel Energy, Inc.		(573	)		(35,813	)

					(1,736,142	)

TOTAL COMMON STOCKS (Proceeds $10,325,313)					(9,390,111	)


TOTAL SHORT POSITIONS - (76.3)% (Proceeds $10,325,313)					(9,390,111	)

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%					132,959

NET ASSETS - 100.0%				$	12,302,575

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC	Public Limited Company

REIT	Real Estate Investment Trust

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — 95.7%
Automobiles & Components — 2.0%
Gentex Corp.^(a)		285	$	9,399
Lear Corp.		24		3,755
Magna International, Inc. (Canada)		203		15,274
Thor Industries, Inc.		13		1,596

				30,024

Capital Goods — 9.2%
3M Co.		45		7,894
A.O. Smith Corp.		48		2,931
Armstrong World Industries, Inc.		12		1,146
Carrier Global Corp.		101		5,228
Caterpillar, Inc.		23		4,415
Crane Co.^(a)		74		7,016
Cummins, Inc.^(a)		75		16,842
Eaton Corp. PLC (Ireland)		58		8,660
Emerson Electric Co.		89		8,384
General Dynamics Corp.		13		2,548
Lennox International, Inc.^(a)		44		12,943
Nordson Corp.		25		5,954
Oshkosh Corp.^(a)		126		12,899
Otis Worldwide Corp.		12		987
Owens Corning^(a)		190		16,245
Rockwell Automation, Inc.		5		1,470
Sensata Technologies Holding PLC (United Kingdom)^*		35		1,915
Snap-on, Inc.^(a)		38		7,940
Stanley Black & Decker, Inc.^(a)		49		8,590
Trane Technologies PLC (Ireland)		23		3,971
WESCO International, Inc.^*		15		1,730
Xylem, Inc.		1		124

				139,832

Commercial & Professional Services — 1.2%
Clean Harbors, Inc.^*		34		3,532
Nielsen Holdings PLC (United Kingdom)		679		13,030
Rollins, Inc.		15		530
Science Applications International Corp.		11		941

				18,033

Consumer Durables & Apparel — 4.7%
BRP, Inc., sub-voting shares (Canada)		19		1,761
Brunswick Corp.^(a)		174		16,577
Hasbro, Inc.^(a)		204		18,201
Mattel, Inc.^(a)*		758		14,068
Sonos, Inc.^(a)*		262		8,478


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Under Armour, Inc., Class C^*		159	$	2,786
Whirlpool Corp.^(a)		44		8,970
YETI Holdings, Inc.^*		3		257

				71,098

Consumer Services — 2.8%
Airbnb, Inc., Class A^(a)*		27		4,529
Boyd Gaming Corp.^(a)*		120		7,591
Choice Hotels International, Inc.^(a)		35		4,423
Domino’s Pizza, Inc.		3		1,431
Penn National Gaming, Inc.^*		26		1,884
Service Corp. International		2		120
Wendy’s Co. (The)		213		4,618
Wyndham Hotels & Resorts, Inc.^(a)		173		13,354
Yum! Brands, Inc.		34		4,159

				42,109

Energy — 6.1%
APA Corp.		52		1,114
Canadian Natural Resources Ltd. (Canada)		195		7,125
Cimarex Energy Co.^(a)*		138		12,034
Continental Resources, Inc.^(a)		231		10,661
EOG Resources, Inc.^(a)		29		2,328
Exxon Mobil Corp.^(a)		326		19,175
Hess Corp.^(a)		197		15,388
Imperial Oil Ltd. (Canada)		62		1,957
Marathon Oil Corp.^(a)		1,138		15,557
Marathon Petroleum Corp.		36		2,225
Ovintiv, Inc.^(a)		138		4,537

				92,101

Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		16		7,190

Food, Beverage & Tobacco — 2.3%
Brown-Forman Corp., Class B		100		6,701
Coca-Cola Co. (The)^(a)		176		9,235
Darling Ingredients, Inc.^*		83		5,968
Monster Beverage Corp.^(a)*		155		13,768

				35,672

Health Care Equipment & Services — 9.9%
Abbott Laboratories^(a)		70		8,269
ABIOMED, Inc.^*		1		326
Acadia Healthcare Co., Inc.^(a)*		178		11,353
Alcon, Inc. (Switzerland)		182		14,646
AMN Healthcare Services, Inc.^*		45		5,164
Boston Scientific Corp.^(a)*		537		23,300

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Cerner Corp.^(a)		229	$	16,149
Cooper Cos., Inc. (The)		17		7,026
Edwards Lifesciences Corp.^*		4		453
Envista Holdings Corp.^(a)*		241		10,076
Hologic, Inc.^*		34		2,510
Integra LifeSciences Holdings Corp.^(a)*		90		6,163
Laboratory Corp. of America Holdings^(a)*		33		9,287
Medtronic PLC (Ireland)		169		21,184
Quest Diagnostics, Inc.		17		2,470
STAAR Surgical Co.^(a)*		98		12,596

				150,972

Household & Personal Products — 1.4%
Coty, Inc., Class A^*		653		5,133
Estee Lauder Cos., Inc. (The), Class A^(a)		55		16,496

				21,629

Materials — 12.6%
Agnico Eagle Mines Ltd. (Canada)		311		16,125
Axalta Coating Systems Ltd. (Bermuda)^*		53		1,547
Barrick Gold Corp. (Canada)		20		361
Chemours Co. (The)		162		4,708
Corteva, Inc.		63		2,651
Dow, Inc.		152		8,749
DuPont de Nemours, Inc.^(a)		355		24,136
Eagle Materials, Inc.		48		6,296
Freeport-McMoRan, Inc.^(a)		814		26,479
Graphic Packaging Holding Co.		125		2,380
International Paper Co.		18		1,007
Kinross Gold Corp. (Canada)		353		1,892
Kirkland Lake Gold Ltd. (Canada)		90		3,743
Linde PLC (Ireland)		29		8,508
Louisiana-Pacific Corp.^(a)		353		21,664
Newmont Corp.		82		4,453
Nucor Corp.		53		5,220
Olin Corp.^(a)		234		11,290
Royal Gold, Inc.		15		1,432
Sherwin-Williams Co. (The)		4		1,119
Southern Copper Corp.^(a)		369		20,716
West Fraser Timber Co. Ltd. (Canada)		50		4,212


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Westlake Chemical Corp.^(a)		67	$	6,106
Wheaton Precious Metals Corp. (Canada)		159		5,975

				190,769

Media & Entertainment — 2.1%
Activision Blizzard, Inc.^(a)		367		28,402
Alphabet, Inc., Class A^*		1		2,673
Charter Communications, Inc., Class A^*		1		728

				31,803

Pharmaceuticals, Biotechnology & Life Sciences — 10.2%
AbbVie, Inc.		19		2,049
BioMarin Pharmaceutical, Inc.^*		9		696
Bio-Rad Laboratories, Inc., Class A^*.		2		1,492
Bristol-Myers Squibb Co.		141		8,343
Bruker Corp.		18		1,406
Eli Lilly and Co.^(a)		119		27,495
Illumina, Inc.^(a)*		61		24,742
Johnson & Johnson^(a)		93		15,019
Moderna, Inc.^(a)*		60		23,092
PerkinElmer, Inc.		18		3,119
Pfizer, Inc.^(a)		689		29,634
Regeneron Pharmaceuticals, Inc.^*		16		9,683
United Therapeutics Corp.^*		27		4,984
Vertex Pharmaceuticals, Inc.^*		16		2,902

				154,656

Retailing — 5.9%
American Eagle Outfitters, Inc.		125		3,225
AutoNation, Inc.^(a)*		30		3,653
Bath & Body Works, Inc.^(a)		130		8,194
Dick’s Sporting Goods, Inc.		8		958
eBay, Inc.^(a)		420		29,261
Foot Locker, Inc.		51		2,329
Kohl’s Corp.		1		47
LKQ Corp.^*		41		2,063
Macy’s, Inc.		8		181
National Vision Holdings, Inc.^*		11		624
Penske Automotive Group, Inc.		11		1,107
RH^*		1		667
Ross Stores, Inc.^(a)		99		10,776
Target Corp.^(a)		39		8,922
Ulta Beauty, Inc.^(a)*		41		14,798
Victoria’s Secret & Co.^*		65		3,592

				90,397

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — 7.8%
Advanced Micro Devices, Inc.^(a)*		288	$	29,635
Applied Materials, Inc.		13		1,673
Broadcom, Inc.^(a)		35		16,972
Enphase Energy, Inc.^*		1		150
First Solar, Inc.^(a)*		78		7,446
Micron Technology, Inc.		169		11,996
NXP Semiconductors NV (Netherlands)		11		2,155
ON Semiconductor Corp.^(a)*		394		18,033
Power Integrations, Inc.		39		3,861
Qorvo, Inc.^*		26		4,347
QUALCOMM, Inc.^(a)		100		12,898
Synaptics, Inc.^*		56		10,065

				119,231

Software & Services — 5.5%
Automatic Data Processing, Inc.^(a)		62		12,395
Cerence, Inc.^*		26		2,499
DocuSign, Inc.^(a)*		33		8,495
Dolby Laboratories, Inc., Class A		68		5,984
Dropbox, Inc., Class A^(a)*		381		11,133
DXC Technology Co.^(a)*		133		4,470
Fiserv, Inc.^(a)*		75		8,138
Gartner, Inc.^(a)*		1		304
Manhattan Associates, Inc.^*		6		918
McAfee Corp., Class A		284		6,279
MongoDB, Inc.^*		7		3,301
Nutanix, Inc., Class A^*		44		1,659
Palo Alto Networks, Inc.^(a)*		17		8,143
Paychex, Inc.		16		1,799
Sprout Social, Inc., Class A^*		12		1,463
Square, Inc., Class A^(a)*		22		5,277
Western Union Co. (The)		38		768
Workiva, Inc.^*		2		282

				83,307

Technology Hardware & Equipment — 7.0%
3D Systems Corp.^(a)*		214		5,900
Arista Networks, Inc.^*		2		687
Cognex Corp.		1		80
Coherent, Inc.^(a)*		69		17,256
Corning, Inc.^(a)		273		9,962
Hewlett Packard Enterprise Co.		308		4,389
HP, Inc.^(a)		600		16,416
Keysight Technologies, Inc.^*		34		5,586
SYNNEX Corp.		23		2,395
TE Connectivity Ltd. (Switzerland)		127		17,427


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Trimble, Inc.^*		61	$	5,017
Ubiquiti, Inc.^(a)		24		7,168
Western Digital Corp.^(a)*		168		9,482
Xerox Holdings Corp.		82		1,654
Zebra Technologies Corp., Class A^*.		5		2,577

				105,996

Transportation — 2.0%
Canadian Pacific Railway Ltd. (Canada)		30		1,952
CSX Corp.^(a)		540		16,060
Union Pacific Corp.		43		8,428
XPO Logistics, Inc.^*		54		4,297

				30,737

Utilities — 2.5%
Fortis, Inc. (Canada)		13		576
NRG Energy, Inc.^(a)		298		12,167
PPL Corp.^(a)		673		18,763
Public Service Enterprise Group, Inc.^(a)		114		6,943

				38,449

TOTAL COMMON STOCKS (Cost $1,494,413)				1,454,005

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.3%				66,094

NET ASSETS - 100.0%			$	1,520,099

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

*	Non-income producing.

PLC	Public Limited Company

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

September 30, 2021

Over-the-counter total return swaps outstanding as of September 30, 2021

The Fund maintains a portfolio of short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between May 4, 2022 and January 5, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (145.4)% of net assets as of September 30, 2021.

The following table represents the individual short positions and related values of total return swaps as of September 30, 2021:

Total Return Swaps


Reference Entity	Counterparty		Number of Contracts (Short)			Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Short
Automobiles & Components
BorgWarner, Inc.		Morgan Stanley		(19	)		$ (821	)		$ (821	)		$ (1	)
Goodyear Tire & Rubber Co. (The)		Morgan Stanley		(585	)		(9,669	)		(10,355	)		(690	)

				(604	)		(10,490	)		(11,176	)		(691	)


Capital Goods
Advanced Drainage Systems, Inc.		Morgan Stanley		(129	)		(14,965	)		(13,954	)		992
AMETEK, Inc.		Morgan Stanley		(3	)		(416	)		(372	)		62
API Group Corp.		Morgan Stanley		(183	)		(4,171	)		(3,724	)		445
Ballard Power Systems, Inc. (Canada)		Morgan Stanley		(1,442	)		(22,284	)		(20,260	)		2,013
Bloom Energy Corp., Class A		Morgan Stanley		(65	)		(1,741	)		(1,217	)		523
Builders FirstSource, Inc.		Morgan Stanley		(30	)		(1,540	)		(1,552	)		(14	)
BWX Technologies, Inc.		Morgan Stanley		(152	)		(9,257	)		(8,187	)		1,000
Chart Industries, Inc.		Morgan Stanley		(10	)		(1,498	)		(1,911	)		(415	)
Curtiss-Wright Corp.		Morgan Stanley		(36	)		(4,407	)		(4,542	)		(144	)
Generac Holdings, Inc.		Morgan Stanley		(30	)		(13,448	)		(12,260	)		1,486
Herc Holdings, Inc.		Morgan Stanley		(4	)		(660	)		(654	)		5
Hexcel Corp.		Morgan Stanley		(4	)		(245	)		(238	)		5
Howmet Aerospace, Inc.		Morgan Stanley		(407	)		(13,072	)		(12,698	)		368
IDEX Corp.		Morgan Stanley		(40	)		(9,037	)		(8,278	)		754
John Bean Technologies Corp.		Morgan Stanley		(4	)		(608	)		(562	)		45
MasTec, Inc.		Morgan Stanley		(224	)		(20,555	)		(19,327	)		1,218
Mercury Systems, Inc.		Morgan Stanley		(50	)		(3,890	)		(2,371	)		1,517
Nikola Corp.		Morgan Stanley		(36	)		(396	)		(384	)		11
Plug Power, Inc.		Morgan Stanley		(744	)		(19,811	)		(19,002	)		800
Quanta Services, Inc.		Morgan Stanley		(258	)		(26,486	)		(29,366	)		(2,908	)
SiteOne Landscape Supply, Inc.		Morgan Stanley		8			(1,539	)		(1,596	)		(58	)
Spirit AeroSystems Holdings, Inc., Class A		Morgan Stanley		(422	)		(20,641	)		(18,648	)		2,092
Sunrun, Inc.		Morgan Stanley		(37	)		(1,827	)		(1,628	)		197
TransDigm Group, Inc.		Morgan Stanley		(2	)		(1,281	)		(1,249	)		31
UFP Industries, Inc.		Morgan Stanley		(112	)		(9,196	)		(7,614	)		1,548
United Rentals, Inc.		Morgan Stanley		(135	)		(44,899	)		(47,376	)		(2,497	)
Valmont Industries, Inc.		Morgan Stanley		(31	)		(7,415	)		(7,289	)		107
Vicor Corp.		Morgan Stanley		(3	)		(406	)		(402	)		3
Watsco, Inc.		Morgan Stanley		(8	)		(2,262	)		(2,117	)		144

				(4,593	)		(257,953	)		(248,778	)		9,330

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts (Short)			Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Commercial & Professional Services
ADT, Inc.		Morgan Stanley		(997	)		$ (9,135	)		$ (8,066	)		$ 994
Booz Allen Hamilton Holding Corp.		Morgan Stanley		(120	)		(9,891	)		(9,522	)		341
CoStar Group, Inc.		Morgan Stanley		(2	)		(178	)		(172	)		5
Dun & Bradstreet Holdings, Inc.		Morgan Stanley		(588	)		(10,755	)		(9,884	)		865
IAA, Inc.		Morgan Stanley		(8	)		(452	)		(437	)		14
Leidos Holdings, Inc.		Morgan Stanley		(141	)		(13,639	)		(13,554	)		38
Tetra Tech, Inc.		Morgan Stanley		(8	)		(1,058	)		(1,195	)		(140	)
Upwork, Inc.		Morgan Stanley		(237	)		(10,450	)		(10,672	)		(227	)
Verisk Analytics, Inc.		Morgan Stanley		(134	)		(25,563	)		(26,836	)		(1,317	)

				(2,235	)		(81,121	)		(80,338	)		573


Consumer Durables & Apparel
Callaway Golf Co.		Morgan Stanley		(170	)		(4,818	)		(4,697	)		118
Canada Goose Holdings, Inc. (Canada)		Morgan Stanley		(42	)		(1,727	)		(1,498	)		227
Helen of Troy Ltd. (Bermuda)		Morgan Stanley		(33	)		(7,630	)		(7,414	)		212
NIKE, Inc., Class B		Morgan Stanley		(19	)		(2,836	)		(2,759	)		74
Peloton Interactive, Inc., Class A		Morgan Stanley		(327	)		(31,468	)		(28,465	)		2,988
Polaris, Inc.		Morgan Stanley		(7	)		(861	)		(838	)		22

				(598	)		(49,340	)		(45,671	)		3,641


Consumer Services
Caesars Entertainment, Inc.		Morgan Stanley		(85	)		(8,274	)		(9,544	)		(1,785	)
Carnival Corp. (Panama)		Morgan Stanley		(985	)		(23,690	)		(24,635	)		(1,919	)
Darden Restaurants, Inc.		Morgan Stanley		(16	)		(2,521	)		(2,424	)		95
Norwegian Cruise Line Holdings Ltd. (Bermuda)		Morgan Stanley		(62	)		(1,376	)		(1,656	)		(315	)
Papa John’s International, Inc.		Morgan Stanley		(5	)		(638	)		(635	)		2
Wingstop, Inc.		Morgan Stanley		(91	)		(15,462	)		(14,918	)		529

				(1,244	)		(51,961	)		(53,812	)		(3,393	)


Energy
Antero Midstream Corp.		Morgan Stanley		(528	)		(5,435	)		(5,502	)		(71	)
Cenovus Energy, Inc. (Canada)		Morgan Stanley		(136	)		(1,402	)		(1,368	)		(53	)
Cheniere Energy, Inc.		Morgan Stanley		(257	)		(22,625	)		(25,101	)		(2,487	)
Devon Energy Corp.		Morgan Stanley		(441	)		(12,220	)		(15,660	)		(5,084	)
Enbridge, Inc. (Canada)		Morgan Stanley		(145	)		(5,768	)		(5,771	)		(13	)
EQT Corp.		Morgan Stanley		(708	)		(13,167	)		(14,486	)		(1,325	)
Halliburton Co.		Morgan Stanley		(41	)		(906	)		(886	)		18
Kinder Morgan, Inc.		Morgan Stanley		(9	)		(153	)		(151	)		1
New Fortress Energy, Inc.		Morgan Stanley		(142	)		(4,518	)		(3,941	)		564
Pioneer Natural Resources Co.		Morgan Stanley		(271	)		(43,323	)		(45,124	)		(2,858	)
Range Resources Corp.		Morgan Stanley		(81	)		(1,503	)		(1,833	)		(331	)
Schlumberger N.V. (Curaçao)		Morgan Stanley		(2	)		(61	)		(59	)		1
TC Energy Corp. (Canada)		Morgan Stanley		(112	)		(5,457	)		(5,386	)		(9	)
TechnipFMC PLC (United Kingdom)		Morgan Stanley		(25	)		(265	)		(188	)		76
Williams Cos., Inc. (The)		Morgan Stanley		(702	)		(17,870	)		(18,210	)		(348	)

				(3,600	)		(134,673	)		(143,666	)		(11,919	)


Food & Staples Retailing
BJ’s Wholesale Club Holdings, Inc.		Morgan Stanley		(113	)		(5,572	)		(6,206	)		(955	)
Casey’s General Stores, Inc.		Morgan Stanley		(70	)		(13,819	)		(13,191	)		605

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts (Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Food & Staples Retailing — (continued)
Performance Food Group Co.		Morgan Stanley		(10	)		$	(432	)		$	(465	)		$	(33	)
U.S. Foods Holding Corp.		Morgan Stanley		(35	)			(1,200	)			(1,213	)			(14	)

				(228	)			(21,023	)			(21,075	)			(397	)


Food, Beverage & Tobacco
Beyond Meat, Inc.		Morgan Stanley		(19	)			(2,806	)			(2,000	)			805
Celsius Holdings, Inc.		Morgan Stanley		(232	)			(18,078	)			(20,901	)			(2,831	)
Conagra Brands, Inc.		Morgan Stanley		(483	)			(16,565	)			(16,359	)			75
Freshpet, Inc.		Morgan Stanley		(67	)			(9,489	)			(9,560	)			(76	)
Hormel Foods Corp.		Morgan Stanley		(340	)			(14,238	)			(13,940	)			291
Ingredion, Inc.		Morgan Stanley		(99	)			(8,665	)			(8,812	)			(151	)
J M Smucker Co. (The)		Morgan Stanley		(93	)			(11,353	)			(11,163	)			185
Lancaster Colony Corp.		Morgan Stanley		(10	)			(1,728	)			(1,688	)			35
McCormick & Co, Inc., non voting shares		Morgan Stanley		(51	)			(4,442	)			(4,133	)			301
Post Holdings, Inc.		Morgan Stanley		(48	)			(5,366	)			(5,288	)			76

				(1,442	)			(92,730	)			(93,844	)			(1,290	)


Health Care Equipment & Services
AmerisourceBergen Corp.		Morgan Stanley		(246	)			(29,841	)			(29,385	)			387
Anthem, Inc.		Morgan Stanley		(59	)			(22,678	)			(21,995	)			644
Centene Corp.		Morgan Stanley		(217	)			(14,835	)			(13,521	)			1,307
Change Healthcare, Inc.		Morgan Stanley		(188	)			(4,083	)			(3,937	)			144
Covetrus, Inc.		Morgan Stanley		(95	)			(3,267	)			(1,723	)			1,541
CVS Health Corp.		Morgan Stanley		(35	)			(3,023	)			(2,970	)			51
GoodRx Holdings, Inc., Class A		Morgan Stanley		(52	)			(2,406	)			(2,133	)			519
HealthEquity, Inc.		Morgan Stanley		(18	)			(1,202	)			(1,166	)			35
Humana, Inc.		Morgan Stanley		(94	)			(41,685	)			(36,580	)			5,019
ICU Medical, Inc.		Morgan Stanley		(12	)			(2,901	)			(2,801	)			99
Inovalon Holdings, Inc., Class A		Morgan Stanley		(79	)			(2,694	)			(3,183	)			(491	)
Insulet Corp.		Morgan Stanley		(59	)			(15,677	)			(16,770	)			(1,100	)
Masimo Corp.		Morgan Stanley		(27	)			(7,177	)			(7,309	)			(136	)
Molina Healthcare, Inc.		Morgan Stanley		(11	)			(3,069	)			(2,984	)			82
Oak Street Health, Inc.		Morgan Stanley		(367	)			(18,182	)			(15,609	)			2,565
Penumbra, Inc.		Morgan Stanley		(12	)			(3,225	)			(3,198	)			25
Progyny, Inc.		Morgan Stanley		(291	)			(16,766	)			(16,296	)			462
Quidel Corp.		Morgan Stanley		(10	)			(1,384	)			(1,412	)			(29	)
ResMed, Inc.		Morgan Stanley		(50	)			(10,899	)			(13,177	)			(3,165	)
Schrodinger, Inc.		Morgan Stanley		(24	)			(1,553	)			(1,312	)			239
STERIS PLC (Ireland)		Morgan Stanley		(129	)			(27,558	)			(26,352	)			1,145
Surgery Partners, Inc.		Morgan Stanley		(6	)			(296	)			(254	)			41
Teladoc Health, Inc.		Morgan Stanley		(17	)			(3,751	)			(2,156	)			1,593

				(2,098	)			(238,152	)			(226,223	)			10,977


Household & Personal Products
Clorox Co. (The)		Morgan Stanley		(134	)			(22,361	)			(22,192	)			159
Kimberly-Clark Corp.		Morgan Stanley		(94	)			(12,861	)			(12,449	)			229
Reynolds Consumer Products, Inc.		Morgan Stanley		(133	)			(3,761	)			(3,636	)			114

				(361	)			(38,983	)			(38,277	)			502


Materials
Alcoa Corp.		Morgan Stanley		(252	)			(12,695	)			(12,333	)			356

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts (Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*
Materials — (continued)
Amcor PLC (Jersey)		Morgan Stanley		(463	)		$	(5,823	)		$	(5,366	)		$	414
Avient Corp.		Morgan Stanley		(98	)			(4,841	)			(4,542	)			275
Balchem Corp.		Morgan Stanley		(6	)			(868	)			(870	)			(4	)
Ball Corp.		Morgan Stanley		(394	)			(35,072	)			(35,448	)			(569	)
Ecolab, Inc.		Morgan Stanley		(21	)			(4,623	)			(4,381	)			285
Element Solutions, Inc.		Morgan Stanley		(18	)			(403	)			(390	)			12
FMC Corp.		Morgan Stanley		(64	)			(6,175	)			(5,860	)			281
Franco-Nevada Corp. (Canada)		Morgan Stanley		(53	)			(7,781	)			(6,885	)			877
Huntsman Corp.		Morgan Stanley		(445	)			(11,771	)			(13,168	)			(1,456	)
International Flavors & Fragrances, Inc.		Morgan Stanley		(204	)			(28,973	)			(27,279	)			1,387
Martin Marietta Materials, Inc.		Morgan Stanley		(20	)			(7,558	)			(6,834	)			706
PPG Industries, Inc.		Morgan Stanley		(188	)			(30,753	)			(26,886	)			3,759
Quaker Chemical Corp.		Morgan Stanley		(6	)			(1,499	)			(1,426	)			71
RPM International, Inc.		Morgan Stanley		(55	)			(4,725	)			(4,271	)			451
Scotts Miracle-Gro Co. (The)		Morgan Stanley		(84	)			(13,192	)			(12,294	)			863
Vulcan Materials Co.		Morgan Stanley		(2	)			(355	)			(338	)			16

				(2,373	)			(177,107	)			(168,571	)			7,724


Media & Entertainment
Angi, Inc.		Morgan Stanley		(96	)			(1,050	)			(1,185	)			(136	)
Cable One, Inc.		Morgan Stanley		(2	)			(3,863	)			(3,626	)			228
Match Group, Inc.		Morgan Stanley		(274	)			(43,603	)			(43,015	)			568
Nexstar Media Group, Inc., Class A		Morgan Stanley		(6	)			(930	)			(912	)			17
Skillz, Inc.		Morgan Stanley		(124	)			(1,398	)			(1,218	)			179
Walt Disney Co. (The)		Morgan Stanley		(48	)			(8,664	)			(8,120	)			550
Warner Music Group Corp., Class A		Morgan Stanley		(52	)			(2,250	)			(2,222	)			26
World Wrestling Entertainment, Inc., Class A		Morgan Stanley		(7	)			(391	)			(394	)			(4	)

				(609	)			(62,149	)			(60,692	)			1,428


Pharmaceuticals, Biotechnology & Life Sciences
10X Genomics, Inc., Class A		Morgan Stanley		(6	)			(882	)			(873	)			7
Apellis Pharmaceuticals, Inc.		Morgan Stanley		(163	)			(9,781	)			(5,372	)			4,404
Arrowhead Pharmaceuticals, Inc.		Morgan Stanley		(44	)			(2,857	)			(2,747	)			108
Arvinas, Inc.		Morgan Stanley		(22	)			(2,064	)			(1,808	)			254
Avantor, Inc.		Morgan Stanley		(58	)			(2,514	)			(2,372	)			140
Beam Therapeutics, Inc.		Morgan Stanley		(10	)			(1,063	)			(870	)			192
Bridgebio Pharma, Inc.		Morgan Stanley		(1	)			(54	)			(47	)			6
Catalent, Inc.		Morgan Stanley		(40	)			(5,421	)			(5,323	)			95
Ionis Pharmaceuticals, Inc.		Morgan Stanley		(1	)			(34	)			(34	)			—
Jazz Pharmaceuticals PLC (Ireland)		Morgan Stanley		(249	)			(34,197	)			(32,422	)			1,759
Kodiak Sciences, Inc.		Morgan Stanley		(12	)			(1,059	)			(1,152	)			(94	)
Medpace Holdings, Inc.		Morgan Stanley		(3	)			(571	)			(568	)			2
Mirati Therapeutics, Inc.		Morgan Stanley		(57	)			(8,503	)			(10,084	)			(1,585	)
Neurocrine Biosciences, Inc.		Morgan Stanley		(83	)			(7,661	)			(7,961	)			(304	)
Novavax, Inc.		Morgan Stanley		(69	)			(14,378	)			(14,304	)			67
Perrigo Co. PLC (Ireland)		Morgan Stanley		(482	)			(20,460	)			(22,813	)			(2,419	)
Reata Pharmaceuticals, Inc., Class A		Morgan Stanley		(12	)			(1,549	)			(1,207	)			340
Seagen, Inc.		Morgan Stanley		(18	)			(3,000	)			(3,056	)			(58	)
Syneos Health, Inc.		Morgan Stanley		(114	)			(10,431	)			(9,973	)			453
TG Therapeutics, Inc.		Morgan Stanley		(80	)			(2,600	)			(2,662	)			(64	)

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts (Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)^*

Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Thermo Fisher Scientific, Inc.		Morgan Stanley		(20	)		$	(11,660	)		$	(11,427	)		$	227
Twist Bioscience Corp.		Morgan Stanley		(80	)			(8,296	)			(8,558	)			(266	)
Viatris, Inc.		Morgan Stanley		(200	)			(2,966	)			(2,710	)			216

				(1,824	)			(152,001	)			(148,343	)			3,480

Retailing
CarMax, Inc.		Morgan Stanley		(18	)			(2,409	)			(2,303	)			104
Dollar General Corp.		Morgan Stanley		(46	)			(9,717	)			(9,758	)			(63	)
Dollar Tree, Inc.		Morgan Stanley		(33	)			(3,244	)			(3,159	)			83
Etsy, Inc.		Morgan Stanley		(122	)			(25,925	)			(25,371	)			542
Five Below, Inc.		Morgan Stanley		(29	)			(5,507	)			(5,127	)			376
Gap, Inc. (The)		Morgan Stanley		(954	)			(24,069	)			(21,656	)			2,402
Home Depot, Inc. (The)		Morgan Stanley		(29	)			(9,576	)			(9,520	)			15
Lithia Motors, Inc.		Morgan Stanley		(10	)			(3,671	)			(3,170	)			593
Qurate Retail, Inc., Series A		Morgan Stanley		(332	)			(3,603	)			(3,383	)			218
Shutterstock, Inc.		Morgan Stanley		(3	)			(355	)			(340	)			14
Stamps.com, Inc.		Morgan Stanley		(41	)			(13,361	)			(13,521	)			(167	)
Tractor Supply Co.		Morgan Stanley		(103	)			(19,598	)			(20,869	)			(1,314	)
Vroom, Inc.		Morgan Stanley		(116	)			(4,513	)			(2,560	)			1,951

				(1,836	)			(125,548	)			(120,737	)			4,754


Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		Morgan Stanley		(20	)			(3,525	)			(3,350	)			173
Brooks Automation, Inc.		Morgan Stanley		(25	)			(2,660	)			(2,559	)			100
Cirrus Logic, Inc.		Morgan Stanley		(2	)			(175	)			(165	)			1
Entegris, Inc.		Morgan Stanley		(82	)			(10,338	)			(10,324	)			9
Marvell Technology, Inc.		Morgan Stanley		(128	)			(7,843	)			(7,720	)			119
Silicon Laboratories, Inc.		Morgan Stanley		(75	)			(11,036	)			(10,512	)			518
Texas Instruments, Inc.		Morgan Stanley		(19	)			(3,759	)			(3,652	)			104
Wolfspeed, Inc.		Morgan Stanley		(29	)			(2,936	)			(2,341	)			593

				(380	)			(42,272	)			(40,623	)			1,617


Software & Services
Alliance Data Systems Corp.		Morgan Stanley		(26	)			(2,610	)			(2,623	)			(17	)
Alteryx, Inc., Class A		Morgan Stanley		(201	)			(15,774	)			(14,693	)			1,073
Appfolio, Inc., Class A		Morgan Stanley		(22	)			(2,896	)			(2,649	)			245
BigCommerce Holdings, Inc.		Morgan Stanley		(3	)			(180	)			(152	)			28
BlackBerry Ltd. (Canada)		Morgan Stanley		(642	)			(5,929	)			(6,247	)			(370	)
Broadridge Financial Solutions, Inc.		Morgan Stanley		(35	)			(6,057	)			(5,832	)			198
CDK Global, Inc.		Morgan Stanley		(31	)			(1,340	)			(1,319	)			19
Ceridian HCM Holding, Inc.		Morgan Stanley		(120	)			(11,497	)			(13,514	)			(2,617	)
Citrix Systems, Inc.		Morgan Stanley		(266	)			(29,358	)			(28,560	)			696
Coupa Software, Inc.		Morgan Stanley		(19	)			(4,698	)			(4,164	)			531
Digital Turbine, Inc.		Morgan Stanley		(379	)			(25,353	)			(26,056	)			(715	)
Dynatrace, Inc.		Morgan Stanley		(7	)			(448	)			(497	)			(49	)
Everbridge, Inc.		Morgan Stanley		(5	)			(733	)			(755	)			(23	)
Fastly, Inc., Class A		Morgan Stanley		(46	)			(3,786	)			(1,860	)			1,923
FleetCor Technologies, Inc.		Morgan Stanley		(27	)			(7,212	)			(7,054	)			154
Guidewire Software, Inc.		Morgan Stanley		(1	)			(120	)			(119	)			—
Intuit, Inc.		Morgan Stanley		(29	)			(16,278	)			(15,646	)			624
Mandiant, Inc.		Morgan Stanley		(30	)			(555	)			(534	)			20

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

September 30, 2021

Total Return Swaps (continued)


Reference Entity	Counterparty		Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*

Software & Services — (continued)
Maximus, Inc.		Morgan Stanley		(43)		$	(3,632)		$	(3,578)		$	50
Medallia, Inc.		Morgan Stanley		(10)			(337)			(339)			(2	)
NCR Corp.		Morgan Stanley		(449)			(18,821)			(17,403)			1,409
Okta, Inc.		Morgan Stanley		(2)			(465)			(475)			(10	)
Oracle Corp.		Morgan Stanley		(304)			(27,184)			(26,488)			674
Q2 Holdings, Inc.		Morgan Stanley		(39)			(3,266)			(3,125)			139
RingCentral, Inc., Class A		Morgan Stanley		(82)			(22,131)			(17,835)			4,286
Sailpoint Technologies Holdings, Inc.		Morgan Stanley		(139)			(6,262)			(5,960)			299
Shift4 Payments, Inc., Class A		Morgan Stanley		(19)			(1,605)			(1,473)			131
Smartsheet, Inc., Class A		Morgan Stanley		(73)			(5,227)			(5,024)			200
SolarWinds Corp.		Morgan Stanley		(62)			(1,270)			(1,037)			138
Squarespace, Inc., Class A		Morgan Stanley		(1)			(46)			(39)			7
Twilio, Inc., Class A		Morgan Stanley		(37)			(12,148)			(11,805)			337
VMware, Inc., Class A		Morgan Stanley		(4)			(599)			(595)			3
WEX, Inc.		Morgan Stanley		(115)			(23,283)			(20,256)			3,016
Zendesk, Inc.		Morgan Stanley		(4)			(514)			(466)			48
Ziff Davis, Inc.		Morgan Stanley		(3)			(422)			(410)			11

				(3,275)			(262,036)			(248,582)			12,456


Technology Hardware & Equipment
Amphenol Corp., Class A		Morgan Stanley		(30)			(2,162)			(2,197)			(42	)
CDW Corp.		Morgan Stanley		(54)			(10,456)			(9,829)			605
Dell Technologies, Inc., Class C		Morgan Stanley		(7)			(734)			(728)			5
Jabil, Inc.		Morgan Stanley		(32)			(1,899)			(1,868)			30
National Instruments Corp.		Morgan Stanley		(146)			(5,972)			(5,728)			182
Teledyne Technologies, Inc.		Morgan Stanley		(64)			(28,931)			(27,493)			1,424

				(333)			(50,154)			(47,843)			2,204


Transportation
Canadian National Railway Co. (Canada)		Morgan Stanley		(142)			(16,621)			(16,422)			160
CH Robinson Worldwide, Inc.		Morgan Stanley		(368)			(33,661)			(32,016)			1,451
Expeditors International of Washington, Inc.		Morgan Stanley		(33)			(4,225)			(3,931)			291
Landstar System, Inc.		Morgan Stanley		(45)			(7,450)			(7,102)			344
TFI International, Inc. (Canada)		Morgan Stanley		(19)			(2,113)			(1,941)			166
United Airlines Holdings, Inc.		Morgan Stanley		(19)			(926)			(904)			(11	)

				(626)			(64,996)			(62,316)			2,401


Utilities
AES Corp. (The)		Morgan Stanley		(221)			(5,235)			(5,045)			187
Algonquin Power & Utilities Corp. (Canada)		Morgan Stanley		(769)			(12,245)			(11,274)			540
Ameren Corp.		Morgan Stanley		(422)			(35,237)			(34,182)			137
Atmos Energy Corp.		Morgan Stanley		(85)			(7,892)			(7,497)			359
Avangrid, Inc.		Morgan Stanley		(33)			(1,692)			(1,604)			84
Black Hills Corp.		Morgan Stanley		(22)			(1,533)			(1,381)			137
CenterPoint Energy, Inc.		Morgan Stanley		(431)			(11,440)			(10,603)			769
CMS Energy Corp.		Morgan Stanley		(22)			(1,377)			(1,314)			57
DTE Energy Co.		Morgan Stanley		(2)			(235)			(223)			9
Duke Energy Corp.		Morgan Stanley		(187)			(19,962)			(18,249)			1,603
Edison International		Morgan Stanley		(638)			(41,424)			(35,390)			4,466
Entergy Corp.		Morgan Stanley		(85)			(9,061)			(8,441)			580
Evergy, Inc.		Morgan Stanley		(519)			(30,683)			(32,282)			(2,151	)

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Concluded)

September 30, 2021

Total Return Swaps (concluded)


Reference Entity	Counterparty		Number of Contracts (Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)^*
Utilities — (continued)
Eversource Energy		Morgan Stanley		(111)		$	(9,856)		$	(9,075)		$	698
MDU Resources Group, Inc.		Morgan Stanley		(82)			(2,477)			(2,433)			42
National Fuel Gas Co.		Morgan Stanley		(39)			(2,045)			(2,048)			(21	)
NextEra Energy, Inc.		Morgan Stanley		(258)			(19,931)			(20,258)			(506	)
NiSource, Inc.		Morgan Stanley		(1,292)			(33,077)			(31,305)			1,492
OGE Energy Corp.		Morgan Stanley		(450)			(15,363)			(14,832)			358
Pinnacle West Capital Corp.		Morgan Stanley		(167)			(12,919)			(12,084)			793
Portland General Electric Co.		Morgan Stanley		(81)			(4,056)			(3,806)			212
Sempra Energy		Morgan Stanley		(370)			(49,804)			(46,805)			1,369
Vistra Corp.		Morgan Stanley		(1,977)			(33,250)			(33,807)			(1,108	)
Xcel Energy, Inc.		Morgan Stanley		(97)			(6,206)			(6,063)			135

				(8,360)			(367,000)			(350,001)			10,241

Total Reference Entity — Short						$	(2,279,689)		$	(2,210,568)		$	53,638

*	Includes $(15,483) related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

GOTHAM FUNDS

Statements of Assets and Liabilities

September 30, 2021


	Gotham ESG Large Value Fund			Gotham Defensive Long 500 Fund				Gotham Total Return Fund
Assets
Non-affiliated investments, at value^1,2		$	1,487,464		$	33,445,508			$	—
Affiliated investments, at value³			—			—				26,860,769
Swaps, at value^(a)			—			5,391,227				—
Cash and cash equivalents			32,394			271,768				99,965
Due from broker			—			938,428				—
Receivables:
Investments sold			27,607			356,450				—
Dividends and interest			1,240			39,798				—
Investment adviser			—			—				14,474
Prepaid expenses and other assets			—			10,316				16,373

Total Assets			1,548,705			40,453,495				26,991,581

Liabilities
Due to broker			—			16				—
Obligation to return cash collateral on swap contracts (Note 1)			—			4,770,000				—
Payables:
Investments purchased			27,666			574,969				—
Investment adviser			11,834			25,051				—
Administration and accounting fees			—			8,928				7,146
12b-1 distribution fees (Investor Class Shares)			—			—				626
Transfer agent fees			—			1,913				4,865
Audit fees			—			25,336				22,906
Shareholder reporting fees			—			6,903				6,425
Accrued expenses			—			3,174				2,601

Total Liabilities			39,500			5,416,290				44,569

Net Assets		$	1,509,205		$	35,037,205			$	26,947,012

Net Assets Consisted of:
Capital stock, $0.01 par value		$	1,066		$	27,223			$	20,693
Paid-in capital.			1,078,151			36,807,874				23,757,307
Total distributable earnings/(loss)			429,988			(1,797,892	)			3,169,012

Net Assets		$	1,509,205		$	35,037,205			$	26,947,012

Institutional Class Shares:
Net assets		$	1,509,205		$	35,037,205			$	23,986,660

Shares outstanding			106,597			2,722,320				1,841,398

Net asset value, offering and redemption price per share		$	14.16		$	12.87			$	13.03

Investor Class Shares:
Net assets			N/A			N/A			$	2,960,352

Shares outstanding			N/A			N/A				227,863

Net asset value, offering and redemption price per share			N/A			N/A			$	12.99

¹Non-affiliated investments, at cost		$	1,278,518		$	29,927,561			$	—
²Includes market value of securities designated as collateral for swaps		$	—		$	14,252,401			$	—
³Affiliated investments, at cost.		$	—		$	—			$	24,713,908

^(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, 2021


	Gotham Enhanced 500 Plus Fund			Gotham Hedged Plus Fund			Gotham Short Strategies Fund
Assets
Non-affiliated investments, at value^1,2		$	4,973,423		$	21,559,727		$	1,454,005
Swaps, at value^(a)			—			—			53,638
Cash and cash equivalents			18,081			109,837			—
Cash pledged on swap contracts			—			—			45,000
Due from broker			—			—			299
Deposits with brokers for securities sold short			56,234			36,763			—
Receivables:
Investments sold			76,171			383,650			94,555
Dividends and interest			4,545			28,383			962
Investment adviser			7,951			2,692			—
Prepaid expenses and other assets			641			322			15,980

Total Assets			5,137,046			22,121,374			1,664,439

Liabilities
Securities sold short, at value³			1,467,862			9,390,111			—
Due to broker			—			—			12,191
Payables:
Investments purchased			76,460			382,903			85,890
Audit fees			21,458			25,503			20,949
Shareholder reporting fees			7,861			5,598			5,835
Administration and accounting fees			4,370			5,517			6,384
Dividends and fees on securities sold short			1,431			7,301			—
Transfer agent fees			563			618			594
Investment adviser			—			—			11,098
Accrued expenses			932			1,248			1,399

Total Liabilities			1,580,937			9,818,799			144,340

Net Assets		$	3,556,109		$	12,302,575		$	1,520,099

Net Assets Consisted of:
Capital stock, $0.01 par value		$	2,557		$	10,782		$	2,578
Paid-in capital			2,601,795			10,849,163			17,989,244
Total distributable earnings/(loss)			951,757			1,442,630			(16,471,723	)

Net Assets		$	3,556,109		$	12,302,575		$	1,520,099

Institutional Class Shares:
Net assets.		$	3,556,109		$	12,302,575		$	1,520,099

Shares outstanding.			255,705			1,078,229			257,832

Net asset value, offering and redemption price per share		$	13.91		$	11.41		$	5.90

¹Non-affiliated investments, at cost		$	4,034,623		$	19,474,454		$	1,494,413
²Includes market value of securities designated as collateral for swaps		$	—		$	—		$	858,626
³Proceeds received, securities sold short		$	1,316,814		$	10,325,313		$	—

^(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, 2021


	Gotham ESG Large Value Fund				Gotham Defensive Long 500 Fund				Gotham Total Return Fund
Investment income
Dividends from non-affiliated investments		$	26,864			$	783,925			$	—
Dividends from affiliated investments			—				—				185,169
Less: taxes withheld			(11	)			—				—
Interest			3				62				13
Income from securities loaned (Note 5)			—				173				—

Total investment income			26,856				784,160				185,182

Expenses
Administration and accounting fees (Note 2)			11,625				41,673				38,767
Advisory fees (Note 2)			10,534				569,372				—
Shareholder reporting fees			8,814				23,737				21,820
Legal fees			2,546				25,256				13,532
Registration and filing fees			2,057				25,319				32,388
Transfer agent fees (Note 2)			1,913				8,952				31,401
Audit fees			604				25,908				22,879
Trustees’ and officers’ fees (Note 2)			219				12,584				7,867
Distribution fees (Investor Class) (Note 2)			—				—				6,975
Custodian fees (Note 2)			—				8,208				8,189
Other expenses			1,769				11,677				6,509

Total expenses before recoupments, waivers and/or reimbursements			40,081				752,686				190,327

Recoupments, waivers and/or reimbursements (Note 2)			(29,546	)			(183,313	)			(183,352	)

Net expenses after recoupments, waivers and/or reimbursements			10,535				569,373				6,975

Net investment income			16,321				214,787				178,207

Net realized and unrealized gain/(loss) from investments:
Net realized gain from non-affiliated investments			251,422				11,285,992				—
Net realized gain from affiliated investments			—				—				3,209,776
Net realized loss from swaps			—				(872,206	)^(a)			—
Capital gain distributions from affiliated investments			—				—				9,663
Net change in unrealized appreciation/(depreciation) on non-affiliated investments			99,783				(3,219,471	)			—
Net change in unrealized depreciation on affiliated investments			—				—				(303,103	)
Net change in unrealized depreciation on swaps			—				(3,915,296	)^(a)			—

Net realized and unrealized gain on investments			351,205				3,279,019				2,916,336

Net increase in net assets resulting from operations		$	367,526			$	3,493,806			$	3,094,543

^(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, 2021


	Gotham Enhanced 500 Plus Fund				Gotham Hedged Plus Fund				Gotham Short Strategies Fund
Investment income
Dividends from non-affiliated investments		$	85,665			$	394,432			$	95,723
Less: taxes withheld			(10	)			(4,679	)			(592	)
Interest			2				11				121
Income from securities loaned (Note 5)			8				24				—

Total investment income			85,665				389,788				95,252

Expenses
Advisory fees (Note 2)			33,530				119,959				116,526
Dividends and fees on securities sold short (Note 1)			30,464				134,490				—
Administration and accounting fees (Note 2)			30,288				33,071				28,383
Shareholder reporting fees			23,079				19,816				23,086
Audit fees			22,122				26,729				20,949
Legal fees			5,079				7,451				12,975
Transfer agent fees (Note 2)			3,162				3,231				11,415
Registration and filing fees			2,753				33,307				24,030
Trustees’ and officers’ fees (Note 2)			952				3,414				3,045
Custodian fees (Note 2)			112				1,467				1,886
Other expenses			6,199				7,714				9,408

Total expenses before recoupments, waivers and/or reimbursements			157,740				390,649				251,703

Recoupments, waivers and/or reimbursements (Note 2)			(88,717	)			(118,207	)			(135,236	)

Net expenses after recoupments, waivers and/or reimbursements			69,023				272,442				116,467

Net investment income/(loss)			16,642				117,346				(21,215	)

Net realized and unrealized gain/(loss) from investments:
Net realized gain from non-affiliated investments			701,266				3,207,133				5,499,527
Net realized loss from securities sold short			(284,012	)			(3,775,449	)			—
Net realized loss from swaps			—				—				(13,621,262	)^(a)
Net realized gain from foreign currency transactions			—				5				—
Net change in unrealized appreciation/(depreciation) on non-affiliated investments			328,132				869,036				(186,030	)
Net change in unrealized appreciation/(depreciation) on securities sold short			(109,047	)			858,601				—
Net change in unrealized appreciation on swaps			—				—				754,860	^(a)
Net change in unrealized depreciation on foreign currency translations			—				(3	)			—

Net realized and unrealized gain/(loss) on investments			636,339				1,159,323				(7,552,905	)

Net increase/(decrease) in net assets resulting from operations		$	652,981			$	1,276,669			$	(7,574,120	)

^(a)	Primary risk exposure is equity contracts.

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

GOTHAM FUNDS

Statements of Changes in Net Assets


	Gotham ESG Large Value Fund								Gotham Defensive Long 500 Fund
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2021				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income		$	16,321			$	20,168			$	214,787			$	625,871
Net realized gain/(loss) from investments and swaps			251,422				11,636				10,413,786				(19,931,370	)
Net change in unrealized appreciation/(depreciation) on investments and swaps			99,783				(30,743	)			(7,134,767	)			12,518,208

Net increase/(decrease) in net assets resulting from operations			367,526				1,061				3,493,806				(6,787,291	)

Less dividends and distributions to shareholders from:
Total distributable earnings:
Institutional Class			(60,804	)			(95,342	)			(476,753	)			(878,804	)

Net decrease in net assets from dividends and distributions to shareholders			(60,804	)			(95,342	)			(476,753	)			(878,804	)

Increase/(decrease) in net assets derived from capital share transactions (Note 4)			31,555				47,671				(22,655,205	)			2,973,681

Total increase/(decrease) in net assets			338,277				(46,610	)			(19,638,152	)			(4,692,414	)

Net assets
Beginning of year			1,170,928				1,217,538				54,675,357				59,367,771

End of year		$	1,509,205			$	1,170,928			$	35,037,205			$	54,675,357

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

GOTHAM FUNDS

Statements of Changes in Net Assets (Continued)


	Gotham Total Return Fund								Gotham Enhanced 500 Plus Fund
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2021				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income		$	178,207			$	290,492			$	16,642			$	32,355
Net realized gain/(loss) from investments, securities sold short and capital gain distributions from affiliated investments			3,219,439				(2,106,272	)			417,254				(143,104	)
Net change in unrealized appreciation/(depreciation) on investments and securities sold short			(303,103	)			(861,238	)			219,085				260,758

Net increase/(decrease) in net assets resulting from operations			3,094,543				(2,677,018	)			652,981				150,009

Less dividends and distributions to shareholders from:
Total distributable earnings:
Institutional Class			(178,762	)			(1,914,251	)			(32,071	)			(246,579	)
Investor Class			(10,943	)			(178,991	)			N/A				N/A

Net decrease in net assets from dividends and distributions to shareholders			(189,705	)			(2,093,242	)			(32,071	)			(246,579	)

Increase/(decrease) in net assets derived from capital share transactions (Note 4)			(4,595,192	)			(1,481,855	)			44,339				27,241

Total increase/(decrease) in net assets			(1,690,354	)			(6,252,115	)			665,249				(69,329	)

Net assets
Beginning of year			28,637,366				34,889,481				2,890,860				2,960,189

End of year		$	26,947,012			$	28,637,366			$	3,556,109			$	2,890,860

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

GOTHAM FUNDS

Statements of Changes in Net Assets (Concluded)


	Gotham Hedged Plus Fund								Gotham Short Strategies Fund
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2021				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income/(loss)		$	117,346			$	52,680			$	(21,215	)		$	38,912
Net realized loss from investments, securities sold short, swaps and foreign currency transactions			(568,311	)			(927,144	)			(8,121,735	)			(5,071,110	)
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, swaps and foreign currency translations			1,727,634				987,330				568,830				(887,196	)

Net increase/(decrease) in net assets resulting from operations			1,276,669				112,866				(7,574,120	)			(5,919,394	)

Less dividends and distributions to shareholders from:
Total distributable earnings:
Institutional Class			(57,670	)			(174,499	)			(3,624	)			(70,055	)
Return of capital:
Institutional Class			—				—				—				(8,407	)

Net decrease in net assets from dividends and distributions to shareholders			(57,670	)			(174,499	)			(3,624	)			(78,462	)

Increase/(decrease) in net assets derived from capital share transactions (Note 4)			1,889,615				6,327,746				(28,520,694	)			11,540,824

Total increase/(decrease) in net assets			3,108,614				6,266,113				(36,098,438	)			5,542,968

Net assets
Beginning of year			9,193,961				2,927,848				37,618,537				32,075,569

End of year		$	12,302,575			$	9,193,961			$	1,520,099			$	37,618,537

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

GOTHAM FUNDS

Statements of Cash Flow

September 30, 2021


	Gotham Enhanced 500 Plus Fund				Gotham Hedged Plus Fund
Cash flows from operating activities:
Net increase in net assets resulting from operations		$	652,981			$	1,276,669

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of long-term portfolio investments			(6,564,755	)			(46,435,582	)
Proceeds from disposition of long-term portfolio investments			6,663,807				44,789,758
Purchases to cover securities sold short			(2,552,295	)			(37,687,529	)
Proceeds from securities sold short			2,422,032				37,377,320
Net realized gain/(loss) on investments, securities sold short and foreign currency transactions			(417,254	)			568,311
Net change in unrealized appreciation/(depreciation) on investments, securities sold short and foreign currency translations			(219,085	)			(1,727,634	)
Return of capital received from real estate investment trusts			583				844
Decrease in securities lending cash collateral			—				894
Increase in receivable for investments sold			(54,433	)			(202,337	)
Increase in dividends and interest receivable			(484	)			(13,691	)
Increase/(decrease) in receivable from investment adviser			(1,371	)			8,818
Increase/(decrease) in prepaid expenses and other assets			(115	)			8,408
Increase in payable for investments purchased			54,612				200,558
Increase in payable for dividends and fees on securities sold short			184				4,468
Decrease in use of cash collateral from securities lending			—				(894	)
Decrease in accrued expense payable			(105	)			(2,935	)

Net cash used in operating activities			(15,698	)			(1,834,554	)

Cash flows from financing activities:
Proceeds from shares sold			27,919				4,681,900
Payment of shares redeemed.			(15,651	)			(2,849,955	)

Net cash provided by financing activities			12,268				1,831,945

Net decrease in cash and restricted cash			(3,430	)			(2,609	)
Cash and restricted cash:
Beginning of year:.		$	77,745			$	149,209

End of year:		$	74,315			$	146,600

Reconciliation of restricted and unrestricted cash at the beginning of the year to the statements of assets and liabilities:
Cash		$	47,723			$	114,994

Restricted Cash		$	30,022			$	34,215

Reconciliation of restricted and unrestricted cash at the end of the year to the statements of assets and liabilities:
Cash		$	18,081			$	109,837

Restricted Cash		$	56,234			$	36,763


Supplemental disclosure of cash flow information:
Cash received during the year for financing charges		$	9,734			$	68,248

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

GOTHAM FUNDS

Gotham ESG Large Value Fund

Financial Highlights


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Period Ended September 30, 2019*
Per Share Operating Performance
Net asset value, beginning of year/period		$	11.27			$	12.18			$	10.00

Net investment income⁽¹⁾			0.15				0.20				0.13
Net realized and unrealized gain/(loss) on investments			3.33				(0.16	)			2.05

Total from investment operations			3.48				0.04				2.18

Dividends and distributions to shareholders from:
Net investment income			(0.13	)			(0.18	)			—
Net realized capital gains			(0.46	)			(0.77	)			—

Total dividends and distributions to shareholders			(0.59	)			(0.95	)			—

Redemption fees			—				—				—

Net asset value, end of year/period		$	14.16			$	11.27			$	12.18


Total investment return⁽²⁾			31.82	%			(0.17	)%			21.80	%

Ratios/Supplemental Data
Net assets, end of year/period (in 000s)		$	1,509			$	1,171			$	1,218
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any			0.75	%			0.75	%			0.75	%⁽³⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁴⁾			2.85	%			6.46	%			6.59	%⁽³⁾
Ratio of net investment income to average net assets			1.16	%			1.74	%			1.49	%⁽³⁾
Portfolio turnover rate			186	%			284	%			169	%⁽⁵⁾

*	Institutional class commenced operations on December 31, 2018. Total return is calculated based on inception date of December 28, 2018, when initial seed capital was issued at $10.00 per share.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁵⁾	Not annualized.

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

GOTHAM FUNDS

Gotham Defensive Long 500 Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance
Net asset value, beginning of year		$	11.98			$	13.20			$	13.78			$	11.71			$	9.99

Net investment income⁽¹⁾			0.06				0.14				0.13				0.09				0.04
Net realized and unrealized gain/(loss) on investments			0.96				(1.17	)			0.32				2.06				1.68

Total from investment operations			1.02				(1.03	)			0.45				2.15				1.72

Dividends and distributions to shareholders from:
Net investment income			(0.13	)			(0.08	)			(0.07	)			(0.08	)			—
Net realized capital gains			—				(0.11	)			(0.96	)			—				—

Total dividends and distributions to shareholders			(0.13	)			(0.19	)			(1.03	)			(0.08	)			—

Redemption fees			—				0.00	⁽²⁾			—				—				—

Net asset value, end of year		$	12.87			$	11.98			$	13.20			$	13.78			$	11.71

Total investment return⁽³⁾			8.65	%			(7.95	)%			3.71	%			18.42	%			17.10	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	35,037			$	54,675			$	59,368			$	11,031			$	7,940
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any (including dividend and interest expense)⁽⁴⁾			1.35	%			1.35	%			3.21	%			3.51	%			3.80	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁴⁾⁽⁵⁾			1.78	%			1.66	%			3.81	%			4.08	%			5.01	%
Ratio of net investment income to average net assets (including dividend and interest expense)			0.51	%			1.11	%			1.03	%			0.73	%			0.39	%
Portfolio turnover rate			163	%			294	%			429	%			220	%			259	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 1.42%, 1.50% and 1.50% for the years ended September 30, 2019, 2018 and 2017, respectively.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

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

GOTHAM FUNDS

Gotham Total Return Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance

Net asset value, beginning of year		$	11.70			$	13.28			$	13.38			$	11.60			$	10.02

Net investment income⁽¹⁾			0.08				0.11				0.05				0.03				0.01
Net realized and unrealized gain/(loss) on investments			1.33				(0.91	)			0.03				1.80				1.58

Total from investment operations			1.41				(0.80	)			0.08				1.83				1.59

Dividends and distributions to shareholders from:
Net investment income			(0.08	)			(0.11	)			(0.05	)			(0.04	)			(0.01	)
Net realized capital gains			(0.00	)⁽²⁾			(0.67	)			(0.13	)			(0.01	)			—

Total dividends and distributions to shareholders			(0.08	)			(0.78	)			(0.18	)			(0.05	)			(0.01	)

Redemption fees			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			—				—

Net asset value, end of year		$	13.03			$	11.70			$	13.28			$	13.38			$	11.60


Total investment return⁽⁴⁾			12.17	%			(6.54	)%			0.67	%			15.73	%			15.82	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	23,987			$	25,967			$	32,167			$	26,218			$	18,539
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any			0.00	%			0.00	%			0.00	%			0.00	%			0.02	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁵⁾			0.66	%			0.59	%			0.69	%			0.51	%			0.74	%
Ratio of net investment income to average net assets			0.68	%			0.94	%			0.35	%			0.27	%			0.09	%
Portfolio turnover rate			85	%			55	%			3	%			1	%			27	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

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

GOTHAM FUNDS

Gotham Total Return Fund

Financial Highlights (Continued)


	Investor Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Period Ended September 30, 2018^*
Per Share Operating Performance
Net asset value, beginning of year/period		$	11.67			$	13.24			$	13.35			$	12.60

Net investment income/(loss)⁽¹⁾			0.05				0.08				0.01				(0.02	)
Net realized and unrealized gain/(loss) on investments			1.32				(0.90	)			0.03				0.77

Total from investment operations			1.37				(0.82	)			0.04				0.75

Dividends and distributions to shareholders from:
Net investment loss			(0.05	)			(0.08	)			(0.02	)			—
Net realized capital gains			(0.00	)⁽²⁾			(0.67	)			(0.13	)			—

Total dividends and distributions to shareholders			(0.05	)			(0.75	)			(0.15	)			—

Redemption fees			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			—

Net asset value, end of year/period		$	12.99			$	11.67			$	13.24			$	13.35


Total investment return⁽⁴⁾			11.80	%			(6.70	)%			0.40	%			5.95	%
Ratios/Supplemental Data
Net assets, end of year year/period (in 000s)		$	2,960			$	2,670			$	2,723			$	2,110
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any			0.25	%			0.25	%			0.25	%			0.25	%⁽⁵⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁶⁾			0.91	%			0.84	%			0.93	%			0.76	%⁽⁵⁾
Ratio of net investment income/(loss) to average net assets			0.37	%			0.67	%			0.08	%			(0.24	)%⁽⁵⁾
Portfolio turnover rate			85	%			55	%			3	%			1	%⁽⁷⁾

^*	Investor Class commenced operations on January 2, 2018. Total return is calculated based on inception date of December 29, 2017, when initial seed capital was issued at $12.60 per share.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

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

GOTHAM FUNDS

Gotham Enhanced 500 Plus Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance
Net asset value, beginning of year		$	11.47			$	11.86			$	13.99			$	11.86			$	9.99

Net investment income⁽¹⁾			0.07				0.13				0.10				0.13				0.09
Net realized and unrealized gain on investments			2.50				0.47				0.07				2.20				1.78

Total from investment operations			2.57				0.60				0.17				2.33				1.87

Dividends and distributions to shareholders from:
Net investment income			(0.13	)			(0.14	)			(0.12	)			(0.16	)			—
Net realized capital gains			—				(0.85	)			(2.18	)			(0.04	)			—

Total dividends and distributions to shareholders			(0.13	)			(0.99	)			(2.30	)			(0.20	)			—

Redemption fees			—				—				—				—				—

Net asset value, end of year		$	13.91			$	11.47			$	11.86			$	13.99			$	11.86


Total investment return⁽²⁾			22.56	%			4.95	%			2.78	%			19.86	%			18.60	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	3,556			$	2,891			$	2,960			$	2,881			$	2,399
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any⁽³⁾			2.06	%			2.21	%			2.20	%			2.10	%			2.21	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽³⁾⁽⁴⁾			4.70	%			5.04	%			5.23	%			4.24	%			5.28	%
Ratio of net investment income to average net assets			0.50	%			1.15	%			0.90	%			0.97	%			0.83	%
Portfolio turnover rate			140	%			263	%			274	%			224	%			237	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 1.15%, 1.15%, 1.15%, 1.15% and 1.15% for the years ended September 30, 2021, 2020, 2019, 2018 and 2017, respectively.

⁽⁴⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

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

GOTHAM FUNDS

Gotham Hedged Plus Fund

Financial Highlights (Continued)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017
Per Share Operating Performance
Net asset value, beginning of year		$	10.58			$	11.31			$	12.87			$	11.43			$	10.08

Net investment income⁽¹⁾			0.10				0.12				0.10				0.06				0.01
Net realized and unrealized gain/(loss) on investments			0.78				(0.17	)			(0.44	)			1.64				1.49

Total from investment operations			0.88				(0.05	)			(0.34	)			1.70				1.50

Dividends and distributions to shareholders from:
Net investment income			(0.05	)			(0.12	)			(0.06	)			(0.09	)			(0.11	)
Net realized capital gains			—				(0.56	)			(1.16	)			(0.17	)			(0.04	)

Total dividends and distributions to shareholders			(0.05	)			(0.68	)			(1.22	)			(0.26	)			(0.15	)

Redemption fees			—				—				—				—				—

Net asset value, end of year		$	11.41			$	10.58			$	11.31			$	12.87			$	11.43


Total investment return⁽²⁾			8.37	%			(0.82	)%			(2.45	)%			15.00	%			15.01	%
Ratios/Supplemental Data
Net assets, end of year (in 000s)		$	12,303			$	9,194			$	2,928			$	2,665			$	2,319
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any⁽³⁾			2.27	%			2.51	%			2.68	%			2.71	%			3.10	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽³⁾⁽⁴⁾			3.26	%			4.81	%			6.97	%			5.57	%			8.46	%
Ratio of net investment income to average net assets			0.98	%			1.11	%			0.84	%			0.48	%			0.09	%
Portfolio turnover rate			218	%			353	%			239	%			227	%			183	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 1.15%, 1.15%, 1.15%, 1.15% and 1.15% for the years ended September 30, 2021, 2020, 2019, 2018, and 2017, respectively.

⁽⁴⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

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

GOTHAM FUNDS

Gotham Short Strategies Fund

Financial Highlights (Concluded)


	Institutional Class Shares
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Period Ended September 30, 2017^*
Per Share Operating Performance
Net asset value, beginning of year/period		$	7.42			$	8.78			$	9.05			$	10.07			$	10.00

Net investment income/(loss)⁽¹⁾			(0.02	)			0.01				0.03				(0.03	)			0.02
Net realized and unrealized gain/(loss) on investments			(1.50	)			(1.35	)			(0.09	)			(0.97	)			0.05

Total from investment operations			(1.52	)			(1.34	)			(0.06	)			(1.00	)			0.07

Dividends and distributions to shareholders from:
Net investment income			(0.00	)⁽²⁾			(0.02	)			—				(0.02	)			—
Net realized capital gains			—				—				(0.21	)			—				—
Return of capital			—				(0.00	)⁽²⁾			—				—				—

Total dividends and distributions to shareholders			(0.00	)⁽²⁾			(0.02	)			(0.21	)			(0.02	)			—

Redemption fees			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			—				—

Net asset value, end of year/period		$	5.90			$	7.42			$	8.78			$	9.05			$	10.07


Total investment return⁽⁴⁾			(20.47	)%			(15.27	)%			(0.81	)%			(9.90	)%			0.70	%
Ratios/Supplemental Data
Net assets, end of year/period (in 000s)		$	1,520			$	37,619			$	32,076			$	1,591			$	18,328
Ratio of expenses to average net assets with recoupments, waivers, and/or reimbursements, if any			1.35	%			1.35	%			1.35	%			1.35	%			1.35	%⁽⁵⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁶⁾			2.92	%			1.88	%			2.20	%			2.49	%			3.06	%⁽⁵⁾
Ratio of net investment income/(loss) to average net assets			(0.25	)%			0.12	%			0.39	%			(0.30	)%			1.19	%⁽⁵⁾
Portfolio turnover rate			459	%			692	%			616	%			591	%			165	%⁽⁷⁾⁽⁸⁾

^*	Commencement of operations. Initial seed capital was issued at $10.00 per share on July 31, 2017.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

⁽⁸⁾	Portfolio turnover rate excludes securities received from processing a subscription due to a reorganization.

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

GOTHAM FUNDS

Notes to Financial Statements

September 30, 2021

1. Organization and Significant Accounting Policies

The Gotham ESG Large Value Fund, the Gotham Defensive Long 500 Fund, the Gotham Total Return Fund, the Gotham Enhanced 500 Plus Fund, the Gotham Hedged Plus Fund and the Gotham Short Strategies Fund (each a “Fund” and together, the “Funds”) are each a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds, except for the Gotham Total Return Fund, offers one class of shares, Institutional Class. The Gotham Total Return Fund offers two classes of shares, Institutional Class and Investor Class. The Funds’ commencement of operations are as follows:


Gotham ESG Large Value Fund (“ESG Large Value”)		December 31, 2018
Gotham Defensive Long 500 Fund (“Defensive Long 500”)		September 30, 2016
Gotham Total Return Fund (“Total Return”) (operates as a “Fund of Funds”)		March 31, 2015
Gotham Enhanced 500 Plus Fund (“Enhanced 500 Plus”)		September 30, 2016
Gotham Hedged Plus Fund (“Hedged Plus”)		March 31, 2016
Gotham Short Strategies Fund (“Short Strategies”)		July 31, 2017

All the Funds, except for ESG Large Value and Total Return, seek to achieve their investment objectives by primarily investing in long and short positions of U.S. equity securities. Equity securities include common and preferred stocks. ESG Large Value seeks to achieve its investment objective by primarily investing in long positions of equity securities. Total Return seeks to achieve its investment objective by primarily investing in other funds advised by Gotham.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

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

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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).

All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for the following: total return swaps with end of period unrealized appreciation of $5,391,227 and $53,638 held by Defensive Long 500 and Short Strategies, respectively. These securities are considered Level 2 as of and for the year ended September 30, 2021.

For the year ended September 30, 2021, there were no transfers in or out of Level 3 for the Funds.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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.

Short Sales — All Funds except for ESG Large Value may sell securities short. Total Return indirectly invests in short sales through its underlying securities. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission (“SEC”) and other applicable regulatory bodies with respect to coverage of short sales.

As of September 30, 2021, 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
Enhanced 500 Plus		$	1,467,862		$	4,029,793		$	56,234
Hedged Plus			9,390,111			16,202,122			36,763

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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, 2021:


	Dividends on Securities Sold Short			Rebate (Income)/Fees
Enhanced 500 Plus		$	20,730		$	3,155
Hedged Plus			66,242			25,707

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, 2021:


	Short Sales (Deposits) Proceeds			Financing Charges
Enhanced 500 Plus		$	1,436,836		$	6,579
Hedged Plus			9,188,633			42,541

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

(“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, 2021, only Defensive Long 500 and Short Strategies held total return swaps.

For the year ended September 30, 2021, the quarterly average notional volume of the total return swaps for each Fund was as follows:


	Notional Amount
Defensive Long 500		$	(5,703,142	)
Short Strategies			(13,422,049	)

Counterparty Risk — During the year ended September 30, 2021, Defensive Long 500 and Short Strategies were subject to counterparty risk. Certain of the derivatives entered into by the Funds may not be traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. If a counterparty defaults on its payment obligations to the Funds, this default will cause the value of an investment in the Funds to decrease. In addition, to the extent the Funds deal with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Funds are neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Funds to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Funds.

Liquidity Risk — During the year ended September 30, 2021, Defensive Long 500 and Short Strategies were subject to liquidity risk. The Funds may be subject to liquidity risk primarily due to investments in derivatives. The Funds may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, forward contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Funds may be unable to sell the asset or sell it at a reasonable price. In addition, the Funds may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of the Funds in order to raise cash to pay redemptions.

Master Netting Agreement — During the year ended September 30, 2021, Defensive Long 500 and Short Strategies were subject to a Master Netting agreement. In order to define their contractual rights and to secure rights that will help mitigate their counterparty risk, the Funds have entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Funds and the counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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, 2021, Defensive Long 500 and Short Strategies were subject to collateral requirements. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Portfolio of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Funds generally agree not to use non-cash collateral that they receive but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.


										Gross Amount Not Offset in the
										Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets/(Liabilities)			Gross Amounts Offset in the Statements of Assets and Liabilities			Net Amounts of Assets Presented in the Statements of Assets and Liabilities			Financial Instruments			Collateral Pledged/(Received)*			Net Amount**
Defensive Long 500		$	5,391,227		$	—		$	5,391,227		$	—		$	(4,770,000)		$	621,227
Short Strategies			53,638			—			53,638			—			—			53,638

*	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.

ESG Strategy Risk — The ESG Large Value’s ESG strategies could cause it to perform differently compared to funds that do not have such a policy. The criteria related to this ESG policy may result in the Fund’s forgoing opportunities to buy certain securities when

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the companies identified by the ESG policy do not operate as expected when addressing ESG issues. There are significant differences in interpretations of what it means for a company to have positive ESG characteristics. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors’ or advisers’ views.

2. Transactions with Related Parties and Other Service Providers


ESG Large Value⁽¹⁾	0.75	%
Defensive Long 500	1.35	%
Total Return⁽²⁾	—	%
Enhanced 500 Plus	1.00	%
Hedged Plus	1.00	%
Short Strategies	1.35	%

⁽¹⁾	Effective May 1, 2021, ESG Large Value entered into a Support, Service and Fee Assumption Agreement with Gotham, whereby Gotham will assume and undertake to pay substantially all Fund expenses, except investment advisory fees.

⁽²⁾

For Total Return (the “Fund”), Gotham is not entitled to receive an investment advisory fee on assets invested in mutual funds advised by Gotham (each an “underlying fund” and collectively, the “underlying funds”), but is entitled to receive an investment advisory fee of 1.00% of the Fund’s average net assets invested in investments other than an underlying fund. Gotham does not receive an investment advisory fee from the Fund on assets invested in an underlying fund, but does receive an investment advisory fee from each underlying fund as investment adviser to such funds. The Fund does not currently expect to invest in assets other than underlying funds; however, to the extent it does, the Fund will pay an investment advisory fee on such assets.

The Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed the percentages set forth in the table below (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until the termination date set forth below, unless the Board approves its earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the year ended September 30, 2021.


	Institutional Class			Investor Class			Termination Date
ESG Large Value		0.75	%		N/A			January 31, 2022
Defensive Long 500		1.35	%		N/A			January 31, 2022
Total Return⁽¹⁾		0.00	%		0.25	%		January 31, 2022
Enhanced 500 Plus		1.15	%		N/A			January 31, 2022
Hedged Plus		1.15	%		N/A			January 31, 2022
Short Strategies		1.35	%		N/A			January 31, 2022

(1) Per the Expense Limitation agreement for the Fund, the expenses subject to the expense limitation are also exclusive of management fees, if any.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

For the year ended September 30, 2021, investment advisory fees accrued and waivers were as follows:


	Gross Advisory Fee			Recoupments, Waivers and/or Reimbursements				Net Advisory Fee/ (Reimbursement)
ESG Large Value		$	10,534		$	(29,546	)		$	(19,012	)
Defensive Long 500			569,372			(183,313	)			386,059
Total Return			—			(183,352	)			(183,352	)
Enhanced 500 Plus			33,530			(88,717	)			(55,187	)
Hedged Plus			119,959			(118,207	)			1,752
Short Strategies			116,526			(135,236	)			(18,710	)

For all Funds, except for ESG Large Value, Defensive Long 500 and Short Strategies, the Adviser is entitled to recover, subject to approval by the Board, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. As of September 30, 2021, the amounts of potential reimbursement from the Funds to the Adviser are as follows:


	Expiration 09/30/2022			Expiration 09/30/2023			Expiration 09/30/2024			Expiration Total
Total Return
Institutional Class		$	200,356		$	170,911		$	164,802		$	536,069
Investor Class			18,489			17,025			18,550			54,064
Enhanced 500 Plus			84,996			79,156			88,717			252,869
Hedged Plus			120,723			109,329			118,207			348,259

Other Service Providers

Pershing LLC provides prime brokerage services to the Funds under an Agreement for Prime Brokerage Services. Pershing LLC is a wholly owned subsidiary of The Bank of New York Mellon Corporation.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Investor Class shares of Total Return, in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, Total

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

Return compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25%, on an annualized basis of the average daily net assets of Total Return’s Investor Class shares.

Trustees and Officers

JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Alaric Compliance Services LLC (“Alaric”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Alaric are compensated for their services provided to the Trust.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

Investment in Affiliated Funds

The following table lists each issuer owned by Total Return that may be deemed an “affiliated company” under the 1940 Act, as well as transactions that occurred in the security of such issuers during the year ended September 30, 2021:


Name of Issuer	Value at 09/30/20		Purchase Cost		Sales Proceeds		Net Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Dividend Income
Gotham Defensive Long 500 Fund	$	12,904,078	$	95,203	$	10,083,830	$	331,230		$	(557,572	)	$	2,689,109		208,944	$	31,125
Gotham Enhanced 500 ETF		—		5,572,438		335,545		73			145,398			5,382,364		232,600		—
Gotham Enhanced S&P 500 Index Fund		—		4,281,578		987,295		80,727			654,441			4,029,451		250,744		40,908
Gotham Hedged Core Fund		3,411,033		2,195,264		2,223,562		184,949			489,343			4,057,027		314,987		32,846
Gotham Hedged Plus Fund		—		4,446,062		2,272,275		168,056			364,998			2,706,841		237,234		19,161
Gotham Index Plus Fund		5,790,088		110,332		6,968,795		2,799,095			(1,730,720	)		—		—		60,930
Gotham Large Value Fund		1,061,959		5,572,898		1,471,857		275,099			(113,508	)		5,324,591		318,647		—
Gotham Neutral Fund		4,256,076		318,226		1,933,181		(232,567	)		262,832			2,671,386		286,629		—
Gotham Short Strategies Fund		1,086,822		621,810		1,493,431		(396,886	)		181,685			—		—		199

Total	$	28,510,056					$	3,209,776		$	(303,103	)	$	26,860,769			$	185,169

3. Investment in Securities

For the year ended September 30, 2021, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:


	Purchases		Sales
ESG Large Value	$	2,558,165	$	2,573,180
Defensive Long 500		64,571,665		91,106,700
Total Return		23,213,811		27,769,771
Enhanced 500 Plus		6,530,631		6,627,092
Hedged Plus		46,342,015		44,692,759
Short Strategies		42,298,480		82,274,997

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

For the year ended September 30, 2021, the Funds had no purchases and sales of U.S. Government securities.

4. Capital Share Transactions

For the years ended September 30, 2021 and 2020, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:


	For the Year Ended September 30, 2021						For the Year Ended September 30, 2020
	Shares			Value			Shares			Value
ESG Large Value:
Institutional Class
Sales		—		$	—			—		$	—
Reinvestments		2,654			31,555			3,943			47,671
Redemption Fees*		—			—			—			—
Redemptions		—			—			—			—

Net increase		2,654		$	31,555			3,943		$	47,671


Defensive Long 500:
Institutional Class
Sales		14,121		$	169,005			1,785,878		$	21,079,978
Reinvestments		42,153			476,753			66,026			878,804
Redemption Fees*		—			—			—			2,017
Redemptions		(1,896,428	)		(23,300,963	)		(1,785,995	)		(18,987,118	)

Net increase/(decrease)		(1,840,154	)	$	(22,655,205	)		65,909		$	2,973,681


Total Return:
Institutional Class
Sales		4,359		$	50,461			325,525		$	4,134,781
Reinvestments		13,436			151,823			127,914			1,652,650
Redemption Fees*		—			45			—			82
Redemptions		(395,576	)		(4,790,616	)		(657,113	)		(7,623,112	)

Net decrease		(377,781	)	$	(4,588,287	)		(203,674	)	$	(1,835,599	)


Investor Class
Sales		16,324		$	198,612			92,479		$	1,150,847
Reinvestments		969			10,943			13,865			178,991
Redemption Fees*		—			5			—			8
Redemptions		(18,296	)		(216,465	)		(83,091	)		(976,102	)

Net increase/(decrease)		(1,003	)	$	(6,905	)		23,253		$	353,744


Total net decrease		(378,784	)	$	(4,595,192	)		(180,421	)	$	(1,481,855	)


Enhanced 500 Plus:
Institutional Class
Sales		2,223		$	27,919			2,136		$	23,898
Reinvestments		2,670			32,071			21,275			246,579
Redemption Fees*		—			—			—			—
Redemptions		(1,303	)		(15,651	)		(20,986	)		(243,236	)

Net increase		3,590		$	44,339			2,425		$	27,241

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021


	For the Year Ended September 30, 2021						For the Year Ended September 30, 2020
	Shares			Value			Shares			Value
Hedged Plus:
Institutional Class
Sales		467,743		$	4,681,900			639,213		$	6,650,000
Reinvestments		6,077			57,670			15,608			174,499
Redemption Fees*		—			—			—			—
Redemptions		(264,777	)		(2,849,955	)		(44,569	)		(496,753	)

Net increase		209,043		$	1,889,615			610,252		$	6,327,746


Short Strategies:
Institutional Class
Sales		253,119		$	1,646,780			2,164,344		$	17,640,696
Reinvestments		598			3,554			9,232			76,810
Redemption Fees*		—			78			—			404
Redemptions		(5,067,579	)		(30,171,106	)		(754,740	)		(6,177,086	)

Net increase/(decrease)		(4,813,862	)	$	(28,520,694	)		1,418,836		$	11,540,824

*	There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 30 days or less. The redemption fees are retained by each Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.

Significant Shareholders


ESG Large Value
Affiliated Shareholders	100	%
Defensive Long 500
Affiliated Fund	8	%
Non-affiliated Shareholders	84	%
Total Return
Affiliated Shareholders	27	%
Non-affiliated Shareholders	49	%
Enhanced 500 Plus
Non-affiliated Shareholders	97	%
Hedged Plus
Affiliated Fund	22	%
Non-affiliated Shareholders	78	%
Short Strategies
Affiliated Shareholders	60	%
Non-affiliated Shareholders	21	%

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

5. Securities Lending

All Funds may lend securities to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. These fees are included in the fees on cash collateral on the Statements of Operations. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. Securities on loan are not used as collateral for swaps or as collateral for short securities, if any. During the year ended September 30, 2021, the Funds listed below each had securities lending programs. The Funds had no open securities lending transactions as of September 30, 2021, and the income generated from the programs during the year ended September 30, 2021, with respect to such loans was as follows:


	Market Value of Securities Loaned			Cash Collateral Received			Market Value of Non-cash Collateral			Income Received from Securities Lending
Defensive Long 500		$	—		$	—		$	—		$	173
Enhanced 500 Plus			—			—			—			8
Hedged Plus			—			—			—			24

6. Federal Tax Information

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, 2021, were primarily attributed to return of capital, redesignation of dividends paid and capitalized dividends on short sales. As of September 30, 2021, there were no reclassifications within the components of net assets.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

The tax character of distributions paid by the Funds during the year ended September 30, 2021, were as follows:


	Ordinary Income Dividend			Long-Term Capital Gain Dividend			Return of Capital
ESG Large Value		$	13,302		$	47,502		$	—
Defensive Long 500			476,753			—			—
Total Return			189,705			—			—
Enhanced 500 Plus			32,071			—			—
Hedged Plus			57,670			—			—
Short Strategies			3,624			—			—

The tax character of distributions paid by the Funds during the year ended September 30, 2020, were as follows:


	Ordinary Income Dividend		Long-Term Capital Gain Dividend		Return of Capital
ESG Large Value	$	95,326	$	16	$	—
Defensive Long 500		370,405		508,399		—
Total Return		309,540		1,783,702		—
Enhanced 500 Plus		40,676		205,903		—
Hedged Plus		30,340		144,159		—
Short Strategies		70,055		—		8,407

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of September 30, 2021, 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
ESG Large Value		$	—			$	56,152		$	184,463		$	189,373		$	—
Defensive Long 500			(10,025,927	)			165,147			—			8,062,888			—
Total Return			—				449,941			621,623			2,097,448			—
Enhanced 500 Plus			—				9,961			341,295			600,501			—
Hedged Plus			(592,028	)			116,113			—			1,918,545			—
Short Strategies			(16,452,807	)			—			—			5,923			(24,839	)

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, 2021, were primarily attributed to wash sales and deferral of loss on unsettled short sale transactions. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of September 30, 2021, 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, 2021


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
ESG Large Value	$	1,298,091	$	225,927	$	(36,554	)	$	189,373
Defensive Long 500		30,773,847		10,591,245		(7,919,584	)		2,671,661
Total Return		24,763,321		2,332,927		(235,480	)		2,097,447
Enhanced 500 Plus		4,221,874		1,187,218		(435,669	)		751,549
Hedged Plus		20,576,381		3,625,441		(2,642,096	)		983,345
Short Strategies		1,501,720		186,432		(180,509	)		5,923


	Late-Year Ordinary Losses Deferral			Short-Term Capital Loss Deferral			Long-Term Capital Loss Deferral
Short Strategies		$	24,839		$	—		$	—

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2021 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. For Short Strategies, the future use of available capital loss carryforwards may be subject to limitation under Internal Revenue Code Section 382. The Funds are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of September 30, 2021, the following Funds had long-term and short-term capital loss carryforwards in the following amounts:


	Capital Loss Carryforward
	Short-Term		Long-Term
Defensive Long 500	$	10,025,927	$	—
Hedged Plus		592,028		—
Short Strategies		16,412,396		40,411

For the year ended September 30, 2021, the following Funds utilized capital losses as follows:


	Capital Losses Utilized
Defensive Long 500		$	8,890,563
Total Return			1,969,312

7. Subsequent Events

GOTHAM FUNDS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of FundVantage Trust and Shareholders of Gotham ESG Large Value Fund, Gotham Defensive Long 500 Fund, Gotham Total Return Fund, Gotham Enhanced 500 Plus Fund, Gotham Hedged Plus Fund and Gotham Short Strategies Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Gotham ESG Large Value Fund, Gotham Defensive Long 500 Fund, Gotham Total Return Fund, Gotham Enhanced 500 Plus Fund, Gotham Hedged Plus Fund, and Gotham Short Strategies Fund (six of the funds constituting FundVantage Trust, referred to hereafter collectively as the “Funds”) as of September 30, 2021, the related statements of operations for the year ended September 30, 2021, the statements of changes in net assets for each of the two years in the period ended September 30, 2021, and for Gotham Enhanced 500 Plus Fund and Gotham Hedged Plus Fund, the statements of cash flow for the year ended September 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2021, for Gotham Enhanced 500 Plus Fund and Gotham Hedged Plus Fund, the results of each of their cash flows for the year then ended and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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 procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, PA

November 23, 2021

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)


	Ordinary Income Dividend			Long-Term Capital Gain Dividend			Return of Capital
ESG Large Value		$	13,302		$	47,502		$	—
Defensive Long 500			476,753			—			—
Total Return			189,705			—			—
Enhanced 500 Plus			32,071			—			—
Hedged Plus			57,670			—			—
Short Strategies			3,624			—			—


ESG Large Value	83.24	%
Defensive Long 500	100.00	%
Total Return	28.57	%
Enhanced 500 Plus	100.00	%
Hedged Plus	100.00	%
Short Strategies	100.00	%

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for each Fund is as follows:


ESG Large Value	82.42	%
Defensive Long 500	100.00	%
Total Return	28.62	%
Enhanced 500 Plus	100.00	%
Hedged Plus	100.00	%
Short Strategies	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:


ESG Large Value	0.24	%
Defensive Long 500	0.76	%
Total Return	0.01	%
Hedged Plus	0.69	%
Short Strategies	17.01	%

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:


Total Return			100.00	%

GOTHAM FUNDS

Shareholder Tax Information (Concluded)

(Unaudited)

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

Quarterly Portfolio Schedules

Board Considerations with Respect to the Approval of the Continuation of the Investment Advisory Agreement with Gotham

At a meeting held by videoconference on June 21-22, 2021 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the Investment Advisory Agreement between the Gotham Asset Management, LLC (“Gotham” or the “Adviser”) and the Trust (the “Gotham Agreement”) on behalf of the Gotham Defensive Long 500 Fund, Gotham Enhanced 500 Plus Fund, Gotham ESG Large Value Fund, Gotham Hedged Plus Fund, Gotham Short Strategies Fund and Gotham Total Return (together the “Gotham Funds”). At the Meeting, the Board considered the continuation of the Gotham Agreement with respect to each Fund for an additional one year period.

100

GOTHAM FUNDS

Other Information (Continued)

(Unaudited)

Gotham Defensive Long 500 Fund. The Trustees noted that the Gotham Defensive Long 500 Fund underperformed the S&P 500 Total Return Index for the one year, three year and since inception periods ended March 31, 2021 and outperformed the S&P 500 Total Return Index for the year-to-date period ended March 31, 2021. The Trustees further noted that the Gotham Defensive Long 500 Fund outperformed the Lipper Alternative Long/Short Equity Funds Index for the year-to-date and since inception periods ended March 31, 2021 and underperformed the Lipper Alternative Long/Short Equity Funds Index for the one year and three year periods ended March 31, 2021.

Gotham Enhanced 500 Plus Fund. The Trustees noted that the Gotham Enhanced 500 Plus Fund underperformed the S&P 500 Total Return Index for the one year, two year, three year and since inception periods ended March 31, 2021 and outperformed the S&P 500 Total Return Index for the year-to-date period ended March 31, 2021. They further noted that the Gotham Enhanced 500 Plus Fund outperformed the Lipper Alternative Long/Short Equity Funds Index for the year-to-date, one year, three year and since inception periods ended March 31, 2021.

Gotham ESG Large Value Fund. The Trustees noted that the Gotham ESG Large Value Fund underperformed the S&P 500 Total Return Index for the one year, two year and since inception periods ended March 31, 2021 and outperformed the S&P 500 Total Return Index for the year-to-date period ended March 31, 2021. They further noted that the Gotham ESG Large Value Fund underperformed the Lipper Multi-Cap Core Funds Index for the one year, two year and since inception periods ended March 31, 2021 and outperformed the Lipper Multi-Cap Core Funds Index for the year-to-date period ended March 31, 2021.

Gotham Hedged Plus Fund. The Trustees noted that the Gotham Hedged Plus Fund outperformed the Lipper Alternative Long/Short Equity Funds Index for the year-to-date, period ended March 31, 2021 and underperformed the Lipper Alternative Long/Short Equity Funds Index for the one year, three year, five year and since inception periods ended March 31, 2021. The Trustees further noted that the Gotham Hedged Plus Fund underperformed the HFRX Equity Hedge Index for the one year and three year periods ended March 31, 2021 and outperformed the HFRX Equity Hedge Index for the year-to-date, five year and since inception periods ended March 31, 2021.

Gotham Short Strategies Fund. The Trustees noted that that the Gotham Short Strategies Fund underperformed the Lipper Alternative Long/Short Equity Index for the year-to-date, one year, three year and since inception periods ended March 31, 2021. The Trustees further noted that the Gotham Short Strategies Fund outperformed the S&P 500 Inverse 50% Index for the year-to-date period ended March 31, 2021 and underperformed the S&P 500 Inverse 50% Index for the one year, three year and since inception periods ended March 31, 2021.

Gotham Total Return Fund. The Trustees noted that the Gotham Total Return Fund Institutional Class shares outperformed the Lipper Alternative Long/Short Equity Funds Index for the year-to-date and since inception periods ended March 31, 2021 and underperformed the Lipper Alternative Long/Short Equity Funds Index for the one year, three year and five year periods ended

101

GOTHAM FUNDS

Other Information (Continued)

(Unaudited)

March 31, 2021. They further noted that the Gotham Total Return Fund Institutional Class shares outperformed the HFRX Equity Hedge Index for the year-to-date, three year, five year and since inception periods ended March 31, 2021 and underperformed the HFRX Equity Hedge Index for the one year period ended March 31, 2021.

The Board considered, among other data, the specific factors and related conclusions set forth below with respect to each Fund:

Gotham Defensive Long 500 Fund. 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, respectively, the median contractual advisory fee and net total expense ratio for those funds in the Gotham Defensive Long 500 Fund’s Peer Group with $250 million or less in assets.

Gotham Enhanced 500 Plus Fund. The contractual advisory fee and net total expense ratio for the Gotham Enhanced 500 Plus Fund’s Institutional Class shares were equal to and lower than, respectively, the median contractual advisory fee and net total expense ratio for those funds in the Gotham Enhanced 500 Plus Fund’s Peer Group with $250 million or less in assets.

Gotham ESG Large Value Fund. The contractual advisory fee and net total expense ratio for the Gotham ESG Large Value Fund’s Institutional Class shares were higher than and lower than, respectively, the median of the contractual advisory fee and net total expense ratio for those funds in the Gotham ESG Large Value Fund’s Peer Group with $250 million or less in assets.

Gotham Hedged Plus Fund. The contractual advisory fee and the net total expense ratio for the Gotham Hedged Plus Fund’s Institutional Class shares were equal to and lower than, respectively, the median gross advisory fee and net total expense ratio for those funds in the Gotham Hedged Plus Fund’s Peer Group with $250 million or less in assets.

Gotham Short Strategies Fund. The contractual advisory fee and net total expense ratio for the Gotham Short Strategy Fund’s Institutional Class shares were higher and lower than, respectively, the median contractual advisory fee and net total expense ratio for those funds in the Gotham Short Strategies Fund’s Peer Group with $250 million or less in assets.

Gotham Total Return Fund. The net advisory fee and net total expense ratio for the Gotham Total Return Fund’s Institutional Class shares were lower than the median net advisory fee and net total expense ratio for those funds in the Gotham Total Return Fund’s Peer Group with $250 million or less in assets. The Trustees discussed 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.

102

GOTHAM FUNDS

Other Information (Concluded)

(Unaudited)

103

GOTHAM FUNDS

Privacy Notice

(Unaudited)

If you have questions or comments about our privacy practices, please call us at 1 (877) 974-6852.

104

GOTHAM FUNDS

Fund Management

(Unaudited)

The Statement of Additional Information for the Funds contain additional information about the Trustees and is available, without charge, upon request by calling (866) 640-5704.


Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

INDEPENDENT TRUSTEES

ROBERT J. CHRISTIAN Date of Birth: 2/49	Trustee	Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019.	Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006.	31	Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

IQBAL MANSUR Date of Birth: 6/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2007.	Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020.	31	Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

105

GOTHAM FUNDS

Fund Management (Continued)

(Unaudited)


Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

NICHOLAS M. MARSINI, JR. Date of Birth: 8/55	Trustee and Chairman of the Board	Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019.	Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010.	31	Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

NANCY B. WOLCOTT Date of Birth: 11/54	Trustee	Shall serve until death, resignation or removal. Trustee since 2011.	Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007.	31	Lincoln Variable Insurance Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

106

GOTHAM FUNDS

Fund Management (Concluded)

(Unaudited)


Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

STEPHEN M. WYNNE Date of Birth: 1/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2009.	Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Assets Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008.	31	Copeland Trust (registered investment company with 2 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years

EXECUTIVE OFFICERS

JOEL L. WEISS Date of Birth: 1/63	President and Chief Executive Officer	Shall serve until death, resignation or removal. Officer since 2007.	President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016.

T. RICHARD KEYES Date of Birth: 1/57	Treasurer and Chief Financial Officer	Shall serve until death, resignation or removal. Officer since 2016.	President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016.

GABRIELLA MERCINCAVAGE Date of Birth: 6/68	Assistant Treasurer	Shall serve until death, resignation or removal. Officer since 2019.	Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018.

VINCENZO A. SCARDUZIO Date of Birth: 4/72	Secretary	Shall serve until death, resignation or removal. Officer since 2012.	Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001.

GUY F. TALARICO Date of Birth: 8/55	Chief Compliance Officer and Anti-Money Laundering Officer	Shall serve until death, resignation or removal. Officer since 2020.	Chief Executive Officer of Alaric Compliance Services LLC since June 2004.

107

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Gotham Asset Management, LLC

535 Madison Avenue, 30th Floor

New York, NY 10022

Administrator

The Bank of New York Mellon

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Troutman Pepper Hamilton Sanders LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

GOTII-0921

LOGO

Sirios Long/Short Fund

Sirios Focus Fund

FundVantage Trust

Institutional Class

ANNUAL REPORT

September 30, 2021

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

You may elect to receive all future shareholder reports in paper, free of charge. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through the Funds, call toll-free at (866) 640-5704 or write to:

Sirios Funds

FundVantage Trust

c/o BNY Mellon Investment Servicing

P.O. Box 9829

Providence, RI 02940-8029

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

SIRIOS LONG/SHORT FUND

Annual Investment Adviser’s Report

September 30, 2021

(Unaudited)

Dear Fellow Shareholder:

The Sirios Long/Short Fund’s Institutional Class shares (SLHIX) returned 17.93% net of expenses for the fiscal year ended September 30, 2021, while the HFRX Equity Hedge Index returned 17.74%.

The Sirios Long/Short Fund is a liquid, long/short strategy that seeks to achieve long-term capital appreciation. The Fund’s long exposure is comprised of companies exhibiting earnings growth potential and attractive valuation. Meanwhile, short exposure includes sector and index hedges, as well as mega-capitalization, single-stock positions. Single-stock and index put options may also be utilized.

Portfolio Review

For the fiscal year, long common equity positions contributed 32.77% to gross performance, while short common equity positions detracted 12.28% and short fixed income positions detracted 0.80%. Other income, expenses, and currency hedges detracted 1.76%. Geographically, common equity positions in North America and Europe contributed 14.67% and 5.02%, respectively, to gross performance. The most significant individual positive long contributors (+10.35%) were Alcon (Switzerland), IHS Markit, J.P.Morgan, Eli Lilly, and Airbus (France). The most significant long detractors (1.54%) were London Stock Exchange (U.K.), Discovery, Allison Transmission, ON24, and Amazon.

Exposure Analysis

Total net exposure as of fiscal year-end was 60%, as compared to 62% the prior fiscal year-end, as gross long exposure increased by 2% while gross short exposure increased by 4%. Net exposure is balanced across the Consumer (+14%), Health Care (+14%), Financials/RE (+13%), Technology/Communications (+13%), and Energy/Industrials (+9%) sectors. During the fiscal year, net exposure increased in the Financials/RE (+3%) sector, while net exposure decreased in the Technology/Communications (-10%), Health Care (-8%), Consumer (-1%), and Energy/Industrials (-1%) sectors.

Net exposure remains primarily focused on North America (+42%), with positive net exposure to Europe (+18%) and no direct exposure to Asia as of fiscal year-end. During the fiscal year, net exposure to North America decreased by 2% driven by increased gross short exposure. Net exposure to Europe remained consistent with the prior fiscal year end.

Market Overview

The U.S. economy experienced robust growth over the last year after successful progress on vaccinations against COVID-19 allowed for easing of related restrictions, and a return to normalized consumer activity. By the end of September, 2021, 64% of the U.S. population 12 years and older were fully vaccinated against the virus while 75% had received at least one dose, according to CDC data. The accelerated economic recovery caused labor and material shortages as well as manufacturing and transportation bottlenecks as companies endeavored to keep up with strong consumer demand. This pent-up demand coupled with monetary and fiscal stimulus drove equity markets to all-time highs in early September before pulling back the balance of the month. U.S. real gross domestic product increased each quarter from 4.5% in fourth quarter of 2020 to 6.3% in the first quarter of 2021, followed by 6.7% in the second quarter of 2021; however, slower growth is expected in the third quarter of 2021. Despite adding over 5.5 million jobs to the labor market over the last year, payroll employment was still 5.3 million below the pre-pandemic level. The unemployment rate dropped to 4.8% in September, marking its lowest level since the pandemic started but still above the 3.5% seen in February 2020. The combination of unprecedented stimulus, supply chain issues, and strong economic reopening created a perfect environment for higher inflation trends, which is reflected in both year-over-year core Producer Price Index (up 6.8%) and year-over-year core Consumer Price Index (up 4%). S&P 500 companies’ second quarter of 2021 results yielded an 89% blended earnings growth rate and blended revenue growth rate just under 25%. In addition, 87% of S&P 500 companies surpassed earnings estimates, above the five-year average of 75%, while 87% of companies surpassed revenue estimates, above the five-year average of 65%.

SIRIOS LONG/SHORT FUND

Annual Investment Adviser’s Report (Concluded)

September 30, 2021

(Unaudited)

The Federal Reserve maintained the benchmark federal funds rate between 0.00% - 0.25% all year but commenced tapering discussions over its $120 billion of monthly asset purchases. An interest rate hike is not expected until late 2022 at the earliest. On the fiscal policy front, President Biden’s infrastructure and social spending plans stalled as the debt ceiling resolution moved to the top of the Congressional agenda.

Outlook

Despite a surge in COVID infections during the third quarter of 2021, economic growth remained strong as consumer spending proved resilient and leading indicators for industrial activity showed further momentum. The Federal Reserve signaled that conditions to satisfy its dual mandate have been reached, with recent trends in employment showing less slack than previously expected. While the Federal Reserve has termed the recent increase in inflation as “transitory”, most companies are concerned about long-term supply-chain issues and the lack of skilled labor. The combination of excessive government spending, pent-up consumer savings, and rapid money supply growth has resulted in an escalation of asset values and early signs of increased core inflation.

Record low interest rates and strong economic activity has pushed valuations to extreme levels just as the Federal Reserve has signaled the end of quantitative easing is near. As the Federal Reserve begins to reduce the degree of balance sheet expansion, which it expects to complete by mid-2022, it’s likely to put upward pressure on the long-end of the yield curve. Inflation expectations are also likely to increase as wages continue to rise and the surge in home prices gets reflected in “owner-equivalent rents”. If Congress is successful in passing the $1 trillion infrastructure plan and the $3.5 trillion tax reform and social spending plan, core inflation is likely to accelerate beyond the current expectation of 4 - 4.5%.

Excessive valuation, Federal Reserve tightening, and the potential for margin-driven earnings disappointments all point to a more difficult backdrop for the equity market in the near-term.

Thank you for your continued confidence in Sirios Capital Management.

Sincerely,

John F. Brennan, Jr.

Managing Director

This letter is intended to assist shareholders in understanding how the Sirios Long/Short Fund performed during the year ended September 30, 2021. Any statements of opinion constitute only past opinions of Sirios Capital Management, L.P. (“Sirios”), which may have changed and which Sirios does not undertake to update. Past performance is no guarantee of future results of any fund or account managed by Sirios.

The above commentary is for informational purposes only and is not intended as investment advice or securities recommendations, either explicit or implicit.

Sector exposures and holdings are subject to change. Exposures are expressed as a percentage of net assets and exclude cash and cash equivalents.

SIRIOS FOCUS FUND

Annual Investment Adviser’s Report

September 30, 2021

(Unaudited)

Dear Fellow Shareholder:

The Sirios Focus Fund’s Institutional Class shares (SFFIX) returned 16.80% net of expenses from its inception on December 16, 2020 through the fiscal year ended September 30, 2021, while the S&P 500 Total Return Index returned 17.91%.

The Sirios Focus Fund is a concentrated long strategy that seeks to deliver long-term capital appreciation. The Fund’s exposure consists primarily of equity and equity-related securities of approximately 25 to 60 companies. The Fund typically invests in companies exhibiting long-term earnings growth potential and attractive valuation.

Portfolio Review

From the Fund’s inception on December 16, 2020 through the fiscal year-end, common equity positions contributed 17.81% to gross performance, while other income, expenses, and currency hedges detracted 1.01%. Geographically, common equity positions in North America and Europe contributed 15.83% and 1.98%, respectively, to gross performance. The most significant individual positive long contributors (+7.09%) were IHS Markit, Alcon (Switzerland), Williams-Sonoma, Eli Lilly, and Danaher. The most significant long detractors (1.93%) were London Stock Exchange (U.K.), Qualcomm, Allison Transmission, Discovery, and ON24.

Exposure Analysis

The Fund’s cash balance as a percentage of the entire portfolio decreased by 7.3% during the period from the Fund’s inception through the fiscal year-end. Exposure is balanced across the Technology/Communications (+28.1%), Health Care (+19.9%), Consumer (+19.4%), Financials/RE (+17.5%), and Energy/Industrials (+14.3%) sectors. During the period, exposure increased in the Financials/RE (+6.6%), Technology/Communications (5.2%), and Consumer (2.2%) sectors. Exposure decreased in the Health Care (-4.4%) and Energy/Industrials (-2.3%) sectors.

The Fund’s exposure remains primarily focused on North America (+81.5%), with positive exposure to Europe (+17.7%) and no direct exposure to Asia as of fiscal year-end. During the period from the Fund’s inception through the fiscal year-end, exposure to North America increased by 5.6% while exposure to Europe increased 1.7%.

Market Overview

The U.S. economy experienced robust growth over the last year after successful progress on vaccinations against COVID-19 allowed for easing of related restrictions, and a return to normalized consumer activity. By the end of September, 2021, 64% of the U.S. population 12 years and older were fully vaccinated against the virus while 75% had received at least one dose, according to CDC data. The accelerated economic recovery caused labor and material shortages as well as manufacturing and transportation bottlenecks as companies endeavored to keep up with strong consumer demand. This pent-up demand coupled with monetary and fiscal stimulus drove equity markets to all-time highs in early September before pulling back the balance of the month. U.S. real gross domestic product increased each quarter from 4.5% in the fourth quarter of 2020 to 6.3% in the first quarter of 2021 , followed by 6.7% in the second quarter of 2021; however, slower growth is expected in the third quarter of 2021. Despite adding over 5.5 million jobs to the labor market over the last year, payroll employment was still 5.3 million below the pre-pandemic level. The unemployment rate dropped to 4.8% in September, marking its lowest level since the pandemic started but still above the 3.5% seen in February 2020. The combination of unprecedented stimulus, supply chain issues, and strong economic reopening created a perfect environment for higher inflation trends, which is reflected in both year-over-year core Producer Price Index (up 6.8%) and year-over-year core Consumer Price Index (up 4%). S&P 500 companies’ second quarter of 2021 results yielded an 89% blended earnings growth rate and blended revenue growth rate just under 25%. In addition, 87% of S&P 500 companies surpassed earnings estimates, above the five-year average of 75%, while 87% of companies surpassed revenue estimates, above the five-year average of 65%.

SIRIOS FOCUS FUND

Annual Investment Adviser’s Report (Concluded)

September 30, 2021

(Unaudited)

Outlook

Excessive valuation, Federal Reserve tightening, and the potential for margin-driven earnings disappointments all point to a more difficult backdrop for the equity market in the near-term.

Thank you for your continued confidence in Sirios Capital Management.

Sincerely,

John F. Brennan, Jr.

Managing Director

This letter is intended to assist shareholders in understanding how the Sirios Focus Fund performed during the year ended September 30, 2021. Any statements of opinion constitute only past opinions of Sirios Capital Management, L.P. (“Sirios”), which may have changed and which Sirios does not undertake to update. Past performance is no guarantee of future results of any fund or account managed by Sirios.

The above commentary is for informational purposes only and is not intended as investment advice or securities recommendations, either explicit or implicit.

Sector exposures and holdings are subject to change. Exposures are expressed as a percentage of net assets and exclude cash and cash equivalents.

SIRIOS LONG/SHORT FUND

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 (investment minimum) Investment in Sirios Long/Short Fund Institutional Class vs. HFRX Equity Hedge Index

LOGO


Average Annual Total Returns for the Periods Ended September 30, 2021
	1 Year			3 Years	Since Inception
Institutional Class Shares		17.93	%	4.75%		6.20%*
HFRX Equity Hedge Index		17.74	%	4.96%		3.95%**

^*	The Sirios Long/Short Fund (the “Fund”) Institutional Class shares commenced operation on May 3, 2018.

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

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (866) 640-5704. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated February 1, 2021 are 2.49% and 1.60%, respectively, for Institutional Class shares of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Sirios Capital Management, L.P. (the “Adviser”) has contractually agreed to reduce its compensation and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities, and “Acquired Fund Fees and Expenses,” as defined in Form N-1A, do not exceed 1.60% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until April 30, 2022, unless the Board of Trustees of the Trust approves its earlier termination. This agreement may be terminated only by the Fund’s Board of Trustees. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts waived, reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek recoupment from the Fund, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the HFRX Equity Hedge Index (“HFRX Index”). Hedge Fund Research, Inc. constructs the HFRX Index methodology. The HFRX Index is comprised of long/short equity hedge funds. The HFRX Index is unmanaged and its returns (i) do not include sales charges or fees, which would lower performance; and (ii) are subject to a variety of material distortions, as investments in hedge funds typically involve substantial risks, including the “risk of ruin.” It is impossible to invest directly in an index.

SIRIOS LONG/SHORT FUND

Annual Report

Performance Data (Concluded)

September 30, 2021

(Unaudited)

The Fund is non-diversified and invests in a limited number of securities. As a result, the Fund’s investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers.

Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Mutual Fund investing involves risk, including loss of principal.

SIRIOS FOCUS FUND

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $100,000 (investment minimum) Investment in Sirios Focus Fund Institutional Class vs. S&P 500^® Index

LOGO


Total Returns for the Period Ended September 30, 2021
	Since Inception^†
Institutional Class Shares		16.80%^*
S&P 500^®Index		17.91%**

^†	Not annualized.

^*	The Sirios Focus Fund (the “Fund”) Institutional Class shares commenced operation on December 16, 2020.

^**	Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 16, 2020, are 1.83% and 1.60%, respectively, for Institutional Class shares of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Sirios Capital Management, L.P. (the “Adviser”) has contractually agreed to reduce its compensation and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses,” as defined in Form N-1A, do not exceed 1.60% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until February 1, 2022, unless the Board of Trustees of the Trust approves its earlier termination. This agreement may be terminated only by the Fund’s Board of Trustees. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts waived, reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek recoupment from the Fund, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®“). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

SIRIOS FOCUS FUND

Annual Report

Performance Data (Concluded)

September 30, 2021

(Unaudited)

SIRIOS FUNDS

Fund Expense Disclosure

September 30, 2021

(Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from April 1, 2021 through September 30, 2021 and held for the entire period.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund(s) and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.


	Beginning Account Value April 1, 2021		Ending Account Value September 30, 2021		Annualized Expense Ratio			Expenses Paid During Period
Sirios Long/Short Fund
Institutional Class^*
Actual		$1,000.00		$1,050.00		1.62	%		$8.33	**
Hypothetical (5% return before expenses)		1,000.00		1,016.95		1.62	%		8.19	**

Sirios Focus Fund
Institutional Class^***
Actual		$1,000.00		$1,077.50		1.60	%		$8.33
Hypothetical (5% return before expenses)		1,000.00		1,017.05		1.60	%		8.09

Expenses are equal to the annualized expense ratio for the six-month period ended September 30, 2021 of 1.62% for Institutional Class shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (183), then divided by 365 to reflect the period. The Institutional Class shares ending account values on the first line of the table is based on the actual six-month total return of 5.00%.

**	These amounts include interest paid on securities which the Fund has sold short (“Short-sale interest”). The amount of short-sale interest expense was 0.02% of average net assets for the Institutional Class shares of the Fund.

SIRIOS FUNDS

Fund Expense Disclosure (Concluded)

September 30, 2021

(Unaudited)

***

Expenses are equal to the annualized expense ratio for the six-month period ended September 30, 2021 of 1.60% for Institutional Class shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (183), then divided by 365 to reflect the period. The Institutional Class shares ending account values on the first line of the table is based on the actual six-month total return of 7.75%.

SIRIOS LONG/SHORT FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
COMMON STOCKS:
Healthcare-Products		13.8	%	$	4,112,460
Semiconductors		9.4			2,797,151
Software		8.0			2,383,034
Retail		7.0			2,103,640
Diversified Financial Services		6.5			1,958,132
Pharmaceuticals		5.9			1,756,277
Commercial Services		5.8			1,746,268
Banks		4.8			1,442,657
Internet		4.2			1,243,611
Beverages		4.0			1,204,093
Leisure Time		3.6			1,067,862
Telecommunications		2.7			817,875
Airlines		2.7			808,377
Oil & Gas Services		2.3			687,823
Building Materials		1.9			554,784
Auto Parts & Equipment		1.8			540,290
Auto Manufacturers		1.5			454,658
Home Builders		1.4			420,186
Transportation		1.1			324,587
Aerospace & Defense		1.0			296,572
Computers		1.0			287,706
Apparel		0.9			263,302
Electronics		0.8			234,442
Environmental Control		0.7			215,214
Media		0.6			189,640
Chemicals		0.5			158,327
Toys/Games/Hobbies		0.4			107,421

Total Common Stocks		94.3			28,176,389

Short-Term Investments.		6.0			1,803,104

Liabilities in Excess of Other Assets		(0.3	)		(85,127	)

NET ASSETS		100.0	%	$	29,894,366

Portfolio holdings are subject to change at any time.

The Fund obtains its short exposure through the use of one or more swap contracts. Refer to the Portfolio of Investments for more details on the individual swap contracts.

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Values
COMMON STOCKS — 94.3%
Aerospace & Defense — 1.0%
Airbus SE (France)*		2,237	$	296,572

Airlines — 2.7%
Southwest Airlines Co.*		15,718		808,377

Apparel — 0.9%
NIKE, Inc., Class B		1,813		263,302

Auto Manufacturers — 1.5%
PACCAR, Inc.		5,761		454,658

Auto Parts & Equipment — 1.8%
Allison Transmission Holdings, Inc.		15,297		540,290

Banks — 4.8%
JPMorgan Chase & Co.		945		154,687
Wells Fargo & Co.†		27,752		1,287,970

				1,442,657

Beverages — 4.0%
Constellation Brands, Inc., Class A		5,715		1,204,093

Building Materials — 1.9%
Johnson Controls International PLC		8,149		554,784

Chemicals — 0.5%
Sherwin-Williams Co. (The)		566		158,327

Commercial Services — 5.8%
IHS Markit Ltd. (United Kingdom)†		14,974		1,746,268

Computers — 1.0%
CyberArk Software Ltd. (Israel)*		1,823		287,706

Diversified Financial Services — 6.5%
Janus Henderson Group PLC (United Kingdom)		3,539		146,267
London Stock Exchange Group PLC (United Kingdom)		18,081		1,811,865

				1,958,132

Electronics — 0.8%
Keysight Technologies, Inc.*		1,427		234,442

Environmental Control — 0.7%
Waste Connections, Inc.		1,709		215,214

Healthcare-Products — 13.8%
Abbott Laboratories†		5,169		610,614
Alcon, Inc. (Switzerland)		18,220		1,466,164
Boston Scientific Corp.†*		12,383		537,298
Danaher Corp.†		2,124		646,631
Medtronic PLC (Ireland)		6,795		851,753

				4,112,460

Home Builders — 1.4%
DR Horton, Inc.		5,004		420,186


	Number of Shares		Values
Common Stocks — (Continued)
Internet — 4.2%
Alphabet, Inc., Class A†*		305	$	815,424
Amazon.com, Inc.*		91		298,939
Bumble, Inc., Class A*		2,586		129,248

				1,243,611

Leisure Time — 3.6%
Carnival Corp.*		22,336		558,623
Royal Caribbean Cruises Ltd.*		5,725		509,239

				1,067,862

Media — 0.6%
Walt Disney Co. (The)*		1,121		189,640

Oil & Gas Services — 2.3%
Baker Hughes Co.		15,702		388,311
Schlumberger NV		10,105		299,512

				687,823

Pharmaceuticals — 5.9%
Eli Lilly and Co.†		2,539		586,636
Option Care Health, Inc.*		7,160		173,702
Pfizer, Inc.†		23,156		995,939

				1,756,277

Retail — 7.0%
Lowe’s Cos., Inc.		2,245		455,421
Papa John’s International, Inc.		2,527		320,904
Williams-Sonoma, Inc.		7,485		1,327,315

				2,103,640

Semiconductors — 9.4%
Analog Devices, Inc.†		10,877		1,821,680
Marvell Technology, Inc.		2,485		149,870
QUALCOMM, Inc.†		6,401		825,601

				2,797,151

Software — 8.0%
Cognyte Software Ltd. (Israel)*		3,739		76,836
Dropbox, Inc., Class A*		2,577		75,300
Electronic Arts, Inc.		1,568		223,048
Microsoft Corp.		1,747		492,514
ON24, Inc.*		14,803		295,172
PTC, Inc.*		3,006		360,089
Roper Technologies, Inc.†		954		425,608
Splunk, Inc.*		1,009		146,012
Verra Mobility Corp.*		19,141		288,455

				2,383,034

Telecommunications — 2.7%
Anterix, Inc.*		2,812		170,688

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Values
Common Stocks — (Continued)
Telecommunications — (Continued)
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		30,343	$	342,479
T-Mobile US, Inc.*		2,385		304,708

				817,875

Toys/Games/Hobbies — 0.4%
Hasbro, Inc.		1,204		107,421

Transportation — 1.1%
Old Dominion Freight Line, Inc.		1,135		324,587

TOTAL COMMON STOCKS (Cost $24,428,090)				28,176,389

SHORT-TERM INVESTMENTS — 6.0%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 0.01%^(a)(Cost $1,803,104)		1,803,104		1,803,104

TOTAL INVESTMENTS - 100.3% (Cost $26,231,194)				29,979,493

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%				(85,127	)

NET ASSETS - 100.0%			$	29,894,366

^†	Security position is either entirely or partially held in a segregated account as collateral for swap agreements and forward foreign currency contracts. (See Note 1 of the Notes to Financial Statements)

^*	Non-income producing.

^(a)	Rate disclosed is the 7-day yield at September 30, 2021.

Forward foreign currency contracts outstanding as of September 30, 2021 were as follows:


Currency Purchased		Currency Sold			Expiration		Counterparty		Unrealized Appreciation (Depreciation)
EUR	204,000		USD	239,962		12/15/21		MS		$(3,270	)
GBP	31,000		USD	42,423		12/15/21		MS		(648	)
USD	1,810,810		EUR	1,534,000		12/15/21		MS		30,985
USD	1,885,113		GBP	1,370,000		12/15/21		MS		38,908
USD	353,034		SEK	3,044,000		12/15/21		MS		5,053

										$71,028

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments (Continued)

September 30, 2021

The following table represents Total Return Swaps - Long positions and their related values as of September 30, 2021.

Reference

Entity/Index (Receive)

Pay

Payment
Frequency

Counter-
Party

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation

Cellnex Telecom SA

U.S. Fed Funds +0.550%

Maturity

11/15/22

954,666

276,989

The following table represents Total Return Swaps - Short positions and their related values as of September 30, 2021.

Reference

Entity/Index (Pay)

Receive

Payment
Frequency

Counter-
Party

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation
(Depreciation)

Aflac, Inc.

U.S. Fed Funds -0.300%

Maturity

10/31/22

$ 286,871

$ (6,636

)

Dow Jones U.S. Real Estate Index

U.S. Fed Funds -0.200%

Maturity

10/31/22

113,104

(15,823

)

Home Depot, Inc.

U.S. Fed Funds -0.300%

Maturity

10/31/22

304,827

4,206

S&P 500 Equal Weight Consumer Discretionary

U.S. Fed Funds -0.350%

Maturity

10/31/22

264,085

(26,159

)

S&P 500 Equal Weight Information Technology

U.S. Fed Funds -0.350%

Maturity

10/31/22

1,428,166

(58,795

)

S&P 500 Index

U.S. Fed Funds -0.250%

Maturity

10/31/22

817,031

(130,550

)

Walmart, Inc.

U.S. Fed Funds -0.300%

Maturity

10/31/22

461,071

2,615

S&P 500 Index Pharmaceuticals Select Sector

U.S. Fed Funds -0.350%

Maturity

12/07/23

782,983

(16,716

)

S&P 500 Equal Weight Communication Services

U.S. Fed Funds -0.350%

Maturity

02/22/24

1,025,654

7,826

S&P 500 Index Semiconductor Select Sector

U.S. Fed Funds -0.070%

Maturity

04/11/24

986,697

(192,320

)

S&P 500 Index Software & Services Select Industry

U.S. Fed Funds +0.070%

Maturity

04/11/24

743,892

(44,446

)

S&P 500 Equal Weight Index

U.S. Fed Funds -0.350%

Maturity

04/24/24

1,784,616

(111,941

)

Dow Jones U.S. Select Home Construction Index

U.S. Fed Funds -0.350%

Maturity

07/24/24

221,863

5,174

S&P 500 Index Retail Select Industry Index

U.S. Fed Funds -1.270%

Maturity

07/24/24

213,531

5,236

S&P 500 Equal Weight Financial

U.S. Fed Funds -0.350%

Maturity

07/31/24

751,777

5,343

S&P 500 Equal Weight Health Care

U.S. Fed Funds -0.350%

Maturity

07/31/24

939,289

(20,644

)

$(593,630

)

Total Swap Contracts

$(316,641

)

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments (Concluded)

September 30, 2021


Legend

EUR		Euro
GBP		British Pound
MS		Morgan Stanley
PLC		Public Limited Company
SEK		Sweden Krona
USD		United States Dollar

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

SIRIOS FOCUS FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net Assets			Value
COMMON STOCKS:
Healthcare-Products		13.9	%	$	1,627,147
Semiconductors		9.4			1,103,555
Software		8.0			931,726
Retail		7.1			831,063
Diversified Financial Services		6.6			769,382
Commercial Services		6.0			694,939
Pharmaceuticals		5.9			693,441
Banks		4.9			572,932
Internet		4.2			487,690
Beverages		4.1			477,845
Leisure Time		3.6			417,279
Telecommunications		2.8			323,298
Airlines		2.7			316,500
Oil & Gas Services		2.2			256,501
Building Materials		1.9			219,422
Auto Parts & Equipment		1.8			212,203
Auto Manufacturers		1.5			178,280
Home Builders		1.4			165,169
Transportation		1.1			126,117
Aerospace & Defense		1.0			116,799
Computers		1.0			114,104
Apparel		0.9			103,549
Electronics		0.8			92,824
Environmental Control		0.7			80,217
Media		0.6			74,604
Chemicals		0.5			61,541
Toys/Games/Hobbies		0.4			42,023

Total Common Stocks		95.0			11,090,150

Other Assets in Excess of Liabilities		5.0			588,524

NET ASSETS		100.0	%	$	11,678,674

Portfolio holdings are subject to change at any time.

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

SIRIOS FOCUS FUND

Portfolio of Investments

September 30, 2021


	Number of Shares		Values

COMMON STOCKS — 95.0%

Aerospace & Defense — 1.0%
Airbus SE (France)*		881	$	116,799

Airlines — 2.7%
Southwest Airlines Co.*		6,154		316,500


Apparel — 0.9%
NIKE, Inc., Class B		713		103,549

Auto Manufacturers — 1.5%
PACCAR, Inc.		2,259		178,280

Auto Parts & Equipment — 1.8%
Allison Transmission Holdings, Inc.		6,008		212,203


Banks — 4.9%
JPMorgan Chase & Co.		370		60,565
Wells Fargo & Co.		11,040		512,367

				572,932


Beverages — 4.1%
Constellation Brands, Inc., Class A		2,268		477,845

Building Materials — 1.9%
Johnson Controls International PLC		3,223		219,422


Chemicals — 0.5%
Sherwin-Williams Co. (The)		220		61,541

Commercial Services — 6.0%
IHS Markit Ltd. (United Kingdom)		5,959		694,939

Computers — 1.0%
CyberArk Software Ltd. (Israel)*		723		114,104


Diversified Financial Services — 6.6%
Janus Henderson Group PLC (United Kingdom)		1,401		57,903
London Stock Exchange Group PLC (United Kingdom)		7,100		711,479

				769,382

Electronics — 0.8%
Keysight Technologies, Inc.*		565		92,824

Environmental Control — 0.7%
Waste Connections, Inc.		637		80,217


Healthcare-Products — 13.9%
Abbott Laboratories		2,030		239,804
Alcon, Inc. (Switzerland)		7,251		583,488
Boston Scientific Corp.*		4,863		211,006
Danaher Corp.		834		253,903
Medtronic PLC (Ireland)		2,704		338,946

				1,627,147

Home Builders — 1.4%
DR Horton, Inc.		1,967		165,169


	Number of Shares		Values

Common Stocks — (Continued)
Internet — 4.2%
Alphabet, Inc., Class A*		119	$	318,149
Amazon.com, Inc.*		36		118,261
Bumble, Inc., Class A*		1,026		51,280

				487,690


Leisure Time — 3.6%
Carnival Corp.*		8,732		218,387
Royal Caribbean Cruises Ltd.*		2,236		198,892

				417,279


Media — 0.6%
Walt Disney Co. (The)*		441		74,604


Oil & Gas Services — 2.2%
Baker Hughes Co.		5,820		143,928
Schlumberger NV		3,798		112,573

				256,501


Pharmaceuticals — 5.9%
Eli Lilly and Co.		990		228,739
Option Care Health, Inc.*		2,818		68,365
Pfizer, Inc.†		9,215		396,337

				693,441


Retail — 7.1%
Lowe’s Cos., Inc.		891		180,748
Papa John’s International, Inc.		996		126,482
Williams-Sonoma, Inc.		2,954		523,833

				831,063


Semiconductors — 9.4%
Analog Devices, Inc.		4,318		723,179
Marvell Technology, Inc.		984		59,345
QUALCOMM, Inc.†		2,489		321,031

				1,103,555


Software — 8.0%
Cognyte Software Ltd. (Israel)*		1,468		30,167
Dropbox, Inc., Class A*		1,020		29,804
Electronic Arts, Inc.		622		88,479
Microsoft Corp.		686		193,397
ON24, Inc.*		5,867		116,988
PTC, Inc.*		1,121		134,285
Roper Technologies, Inc.		375		167,299
Splunk, Inc.*		399		57,739
Verra Mobility Corp.*		7,536		113,568

				931,726

Telecommunications — 2.8%
Anterix, Inc.*		1,103		66,952

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

SIRIOS FOCUS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Values
Common Stocks — (Continued)
Telecommunications — (Continued)
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		12,015	$	135,613
T-Mobile US, Inc.*		945		120,733

				323,298

Toys/Games/Hobbies — 0.4%
Hasbro, Inc.		471		42,023

Transportation — 1.1%
Old Dominion Freight Line, Inc.		441		126,117

TOTAL COMMON STOCKS (Cost $10,234,833)				11,090,150

TOTAL INVESTMENTS - 95.0% (Cost $10,234,833)				11,090,150

OTHER ASSETS IN EXCESS OF LIABILITIES - 5.0%				588,524

NET ASSETS - 100.0%			$	11,678,674

^†	Security position is either entirely or partially held in a segregated account as collateral for swap agreements and forward foreign currency contracts. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

Forward foreign currency contracts outstanding as of September 30, 2021 were as follows:


Currency Purchased		Currency Sold			Expiration	Counterparty	Unrealized Appreciation (Depreciation)
EUR	74,000		USD	87,045	12/15/21	MS		$ (1,186	)
GBP	11,000		USD	15,053	12/15/21	MS		(230	)
USD	703,563		EUR	596,000	12/15/21	MS		12,053
USD	739,047		GBP	537,000	12/15/21	MS		15,389
USD	139,736		SEK	1,205,000	12/15/21	MS		1,984

								$28,010

The following table represents Total Return Swaps - Long positions and their related values as of September 30, 2021.

Reference

Entity/Index (Receive)

Pay

Payment
Frequency

Counter-
Party

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation

Cellnex Telecom SA

U.S. Fed Funds +0.550%

Maturity

04/23/24

$431,730

$57,862

Total Swap Contracts

$57,862

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

SIRIOS FOCUS FUND

Portfolio of Investments (Concluded)

September 30, 2021


Legend



EUR		Euro
GBP		British Pound
MS		Morgan Stanley
PLC		Public Limited Company
SEK		Sweden Krona
USD		United States Dollar

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

SIRIOS FUNDS

Statements of Assets and Liabilities

September 30, 2021


	Sirios Long/Short Fund		Sirios Focus Fund
Assets
Investments, at value^*	$	29,979,493	$	11,090,150
Cash and cash equivalents		463,637		578,876
Cash (segregated for derivative instruments)		150,333		—
Receivables:
Investments sold		319,785		121,244
Dividends and interest		15,170		4,833
Investment adviser		—		20,811
Unrealized appreciation on swap contracts		307,389		57,862
Unrealized appreciation on forward foreign currency contracts		74,946		29,426
Prepaid expenses and other assets		12,943		3,381

Total Assets		31,323,696		11,906,583

Liabilities
Unrealized depreciation on swap contracts		624,030		—
Swap contracts settlement		160,371		7
Unrealized depreciation on forward foreign currency contracts		3,918		1,416
Payables:
Investments purchased		582,662		164,791
Audit fees		31,020		20,000
Administration and accounting fees		10,719		11,880
Investment adviser		5,212		—
Legal fees		—		15,586
Accrued expenses		11,398		14,229

Total Liabilities		1,429,330		227,909

Net Assets	$	29,894,366	$	11,678,674

Net Assets Consisted of:
Capital stock, $0.01 par value	$	25,426	$	10,000
Paid-in capital		25,625,027		9,990,000
Total distributable earnings		4,243,913		1,678,674

Net Assets	$	29,894,366	$	11,678,674

Institutional Class Shares:
Net assets	$	29,894,366	$	11,678,674

Shares outstanding		2,542,581		1,000,000

Net asset value, offering and redemption price per share	$	11.76	$	11.68

^*Investments, at cost	$	26,231,194	$	10,234,833

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

SIRIOS FUNDS

Statements of Operations

For the Period Ended September 30, 2021


	Sirios Long/Short Fund			Sirios Focus Fund*
Investment income
Dividends	$	307,578		$	89,022
Less: foreign taxes withheld		(2,801	)		(767	)

Total investment income		304,777			88,255

Expenses
Advisory fees (Note 2)		385,703			79,666
Administration and accounting fees (Note 2)		61,265			56,138
Trustees’ and officers’ fees (Note 2)		44,858			16,879
Legal fees		40,137			28,608
Audit fees		31,416			20,000
Transfer agent fees (Note 2)		30,983			22,577
Shareholder reporting fees		29,161			19,818
Registration and filing fees		27,625			8,713
Dividends and fees on securities sold short (Note 1)		25,785			—
Custodian fees (Note 2)		21,552			13,000
Other expenses		13,936			9,421

Total expenses before waivers and reimbursements		712,421			274,820

Less: waivers and reimbursements (Note 2)		(230,327	)		(133,215	)

Net expenses after waivers and reimbursements		482,094			141,605

Net investment loss		(177,317	)		(53,350	)

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments		5,201,120			767,578
Net realized gain from securities sold short		181,208			—
Net realized gain/(loss) from swaps		(3,932,590	)		7,044
Net realized loss from foreign currency transactions		(2,786	)		(2,268	)
Net realized gain/(loss) from forward foreign currency contracts		(28,732	)		18,496
Net change in unrealized appreciation on investments		2,336,933			855,317
Net change in unrealized depreciation on securities sold short		(20	)		—
Net change in unrealized appreciation on swaps		924,379			57,862
Net change in unrealized depreciation on foreign currency translations		(118	)		(15	)
Net change in unrealized appreciation on forward foreign currency contracts		41,804			28,010

Net realized and unrealized gain on investments		4,721,198			1,732,024

Net increase in net assets resulting from operations	$	4,543,881		$	1,678,674

^*	The Sirios Focus Fund commenced operations on December 16, 2020.

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

SIRIOS FUNDS

Statements of Changes in Net Assets


	Sirios Long/Short Fund
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment loss		$	(177,317)			$	(173,471)
Net realized gains from investments, securities sold short, swaps, foreign currency transactions and forward foreign currency contracts			1,418,220				91,615
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, swaps, foreign currency translations, and forward foreign currency contracts			3,302,978				(1,291,955	)

Net increase/(decrease) in net assets resulting from operations			4,543,881				(1,373,811	)

Less Dividends and Distributions to Shareholders from:
Total distributable earnings:
Institutional Class			(241,186	)			(144,660	)

Net decrease in net assets from dividends and distributions to shareholders			(241,186	)			(144,660	)

Increase in net assets derived from capital share transactions (Note 4)			105,912				58,988

Total increase/(decrease) in net assets			4,408,607				(1,459,483	)

Net assets
Beginning of year			25,485,759				26,945,242

End of year		$	29,894,366			$	25,485,759

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

SIRIOS FUNDS

Statements of Changes in Net Assets (Concluded)


	Sirios Focus Fund
	For the Period December 16, 2020* to September 30, 2021
Net increase/(decrease) in net assets from operations:
Net investment loss		$	(53,350	)
Net realized gains from investments, swaps, foreign currency transactions and forward foreign currency contracts			790,850
Net change in unrealized appreciation on investments, swaps, foreign currency translations and forward foreign currency contracts			941,174

Net increase in net assets resulting from operations			1,678,674

Increase in net assets derived from capital share transactions (Note 4)			10,000,000

Total increase in net assets			11,678,674

Net assets
Beginning of period			—

End of period		$	11,678,674

*	The Sirios Focus Fund commenced operations on December 16, 2020.

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

SIRIOS LONG/SHORT FUND

Financial Highlights


	Institutional Class
	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Period Ended September 30, 2018^*
Per Share Operating Performance
Net asset value, beginning of year/period		$	10.06			$	10.66			$	10.68			$	10.00

Net investment loss⁽¹⁾			(0.07	)			(0.07	)			(0.02	)			(0.01	)
Net realized and unrealized gain/(loss) on investments			1.87				(0.47	)			0.27				0.69

Total from investment operations			1.80				(0.54	)			0.25				0.68

Dividends and distributions to shareholders from:
Net investment income			—				(0.06	)			(0.01	)			—
Net realized capital gains			(0.10	)			—				(0.26	)			—

Total dividends and distributions to shareholders			(0.10	)			(0.06	)			(0.27	)			—

Net asset value, end of year/period		$	11.76			$	10.06			$	10.66			$	10.68

Total investment return⁽²⁾			17.93	%			(5.13	)%			2.74	%			6.80	%
Ratios/Supplemental Data
Net assets, end of year/period (in 000s)		$	29,894			$	25,486			$	26,945			$	10,679
Ratio of expenses to average net assets			1.69	%⁽³⁾			1.60	%			2.21	%⁽⁴⁾			2.10	%⁽⁴⁾⁽⁵⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁶⁾			2.49	%			2.49	%			3.33	%			4.57	%⁽⁵⁾
Ratio of net investment loss to average net assets			(0.62	)%			(0.66	)%			(0.22	)%			(0.19	)%⁽⁵⁾
Portfolio turnover rate			127	%			153	%			134	%			49	%⁽⁷⁾

*	Commenced operations on May 3, 2018.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Ratio of expenses to average net assets with waivers and expense reimbursement, excluding short-sale interest expense, was 1.60% for the year ended September 30, 2021.

⁽⁴⁾	Ratio of expenses to average net assets with waivers and expense reimbursement, excluding short-sale dividend expense, was 1.60% for the year ended September 30, 2019 and for the period ended September 30, 2018.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁷⁾	Not annualized.

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

SIRIOS FOCUS FUND

Financial Highlights (Concluded)


	Institutional Class
	For the Period Ended September 30, 2021*
Per Share Operating Performance
Net asset value, beginning of period		$ 10.00

Net investment loss⁽¹⁾		(0.05	)
Net realized and unrealized gain on investments		1.73

Total from investment operations		1.68

Net asset value, end of period		$ 11.68

Total investment return⁽²⁾		16.80	%
Ratios/Supplemental Data
Net assets, end of period (in 000s)		$11,679
Ratio of expenses to average net assets		1.60	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾		3.10	%⁽³⁾
Ratio of net investment loss to average net assets		(0.60	)%⁽³⁾
Portfolio turnover rate		96	%⁽⁵⁾

*	Commenced operations on December 16, 2020.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

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

SIRIOS FUNDS

Notes to Financial Statements

September 30, 2021

1. Organization and Significant Accounting Policies

The Sirios Long/Short Fund and the Sirios Focus Fund are non-diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) (the Sirios Long/Short Fund and the Sirios Focus Fund are each a “Fund”, and together, the “Funds”). The Sirios Long/Short Fund commenced investment operations on May 3, 2018 and the Sirios Focus Fund commenced investment operations on December 16, 2020. The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each Fund offers Class A, Advisor Class, Institutional Class and Retail Class shares. As of September 30, 2021, Class A, Advisor Class and Retail Class shares have not been issued.

Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by each Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Each Fund’s equity securities listed on any national exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates market value. Any assets held by the Funds that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Funds do not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Funds. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Forward foreign currency contracts are valued at the forward rate. Investments in any mutual fund are valued at their respective NAVs as determined by those mutual funds each business day (which may use fair value pricing as disclosed in their prospectuses). OTC investments (including swap contracts) are generally valued by approved pricing services that use evaluated prices from various observable market factors. Securities that do not have a readily available current market value are valued in accordance with procedures adopted by the Trust’s Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Sirios Capital Management, L.P. (“Sirios” or the “Adviser”) the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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).

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

The following is a summary of the inputs used, as of September 30, 2021, in valuing each Fund’s investments carried at fair value:


Funds	Total Value at 09/30/21		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Sirios Long/Short Fund
Assets
Common Stocks
Aerospace & Defense		$ 296,572		$ —		$ 296,572		$—
Airlines		808,377		808,377		—		—
Apparel		263,302		263,302		—		—
Auto Manufacturers		454,658		454,658		—		—
Auto Parts & Equipment		540,290		540,290		—		—
Banks		1,442,657		1,442,657		—		—
Beverages		1,204,093		1,204,093		—		—
Building Materials		554,784		554,784		—		—
Chemicals		158,327		158,327		—		—
Commercial Services		1,746,268		1,746,268		—		—
Computers		287,706		287,706		—		—
Diversified Financial Services		1,958,132		146,267		1,811,865		—
Electronics		234,442		234,442		—		—
Environmental Control		215,214		215,214		—		—
Healthcare-Products		4,112,460		4,112,460		—		—
Home Builders		420,186		420,186		—		—
Internet		1,243,611		1,243,611		—		—
Leisure Time		1,067,862		1,067,862		—		—
Media		189,640		189,640		—		—
Oil & Gas Services		687,823		687,823		—		—

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021


Funds	Total Value at 09/30/21		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Sirios Long/Short Fund (continued)
Assets (continued)
Pharmaceuticals		$ 1,756,277		$ 1,756,277		$ —	$—
Retail		2,103,640		2,103,640		—	—
Semiconductors		2,797,151		2,797,151		—	—
Software		2,383,034		2,383,034		—	—
Telecommunications		817,875		475,396		342,479	—
Toys/Games/Hobbies		107,421		107,421		—	—
Transportation		324,587		324,587		—	—
Short-Term Investments		1,803,104		1,803,104		—	—
Derivatives:
Equity Contracts
Total Return Swap Contracts		307,389		—		307,389	—
Foreign Currency Contracts
Forward Foreign Currency Contracts		74,946		—		74,946	—

Total Assets		$30,361,828		$27,528,577		$2,833,251	$—


Liabilities
Derivatives:
Equity Contracts
Total Return Swap Contracts		$ (624,030)		$ —		$ (624,030)	$—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(3,918)		—		(3,918)	—

Total Liabilities		$ (627,948)		$ —		$ (627,948)	$—


Sirios Focus Fund
Assets
Common Stocks
Aerospace & Defense		$ 116,799		$ —		$ 116,799	$—
Airlines		316,500		316,500		—	—
Apparel		103,549		103,549		—	—
Auto Manufacturers		178,280		178,280		—	—
Auto Parts & Equipment		212,203		212,203		—	—
Banks		572,932		572,932		—	—
Beverages		477,845		477,845		—	—
Building Materials		219,422		219,422		—	—
Chemicals		61,541		61,541		—	—
Commercial Services		694,939		694,939		—	—
Computers		114,104		114,104		—	—
Diversified Financial Services		769,382		57,903		711,479	—
Electronics		92,824		92,824		—	—
Environmental Control		80,217		80,217		—	—
Healthcare-Products		1,627,147		1,627,147		—	—
Home Builders		165,169		165,169		—	—
Internet		487,690		487,690		—	—
Leisure Time		417,279		417,279		—	—
Media		74,604		74,604		—	—

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021


Funds	Total Value at 09/30/21			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Sirios Focus Fund (continued)
Assets (continued)
Oil & Gas Services		$ 256,501			$ 256,501		$ —			$—
Pharmaceuticals		693,441			693,441		—			—
Retail		831,063			831,063		—			—
Semiconductors		1,103,555			1,103,555		—			—
Software		931,726			931,726		—			—
Telecommunications		323,298			187,685		135,613			—
Toys/Games/Hobbies		42,023			42,023		—			—
Transportation		126,117			126,117		—			—
Derivatives:
Equity Contracts
Total Return Swap Contract		57,862			—		57,862			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		29,426			—		29,426			—

Total Assets		$11,177,438			$10,126,259		$1,051,179			$—


Liabilities
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts		$ (1,416	)		$ —		$ (1,416	)		$—

Total Liabilities		$ (1,416	)		$ —		$ (1,416	)		$—

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 have 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, 2021, there were no transfers in or out of Level 3.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short-term securities, which records discounts and premiums on a straight-line basis. Dividends are recorded on the ex-dividend date. Estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. General expenses of the Trust are generally allocated to each fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

Each Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities in the Statements of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statements of Operations.

Other — In the normal course of business, each Fund may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Forward Foreign Currency Contracts — A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable forward currency

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

translation rates. Each Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. Each Fund utilized Forward Contracts for hedging purposes to protect each Fund’s return against adverse currency movements.

For the year ended September 30, 2021, the Funds’ average monthly volume of forward foreign currency contracts were as follows:


	Forward Foreign Currency Contracts - Purchased	Forward Foreign Currency Contracts - Sold
Sirios Long/Short Fund	$698,157	$3,392,972
Sirios Focus Fund	$184,481	$1,219,384

Purchased Options — The Funds may purchase option contracts. They are subject to interest rate and other risk exposure in the normal course of pursuing their investment objectives. The risk associated with purchasing an option is that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

For the year ended September 30, 2021, the daily average volume of purchased options for the Sirios Long/Short Fund was $6,386. As of September 30, 2021, the Sirios Long/Short Fund and the Sirios Focus Fund had no purchased options.

Total Return Swaps — Total return swaps are contracts in which both parties agree to make payments of the total return from a reference instrument during a specified period. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. The unrealized appreciation or depreciation also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate, such as the U.S. effective federal funds rate (“EFFR”). Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument). The Funds used total return swaps to enhance returns, obtain short exposure as part of the Funds’ strategy and for market exposure.

For the year ended September 30, 2021, the quarterly average volume of the total return swaps were as follows:


	Notional Amount - Long	Notional Amount - Short
Sirios Long/Short Fund	$779,967	$10,495,190
Sirios Focus Fund	265,029	—

As of September 30, 2021, the Sirios Long/Short Fund and the Sirios Focus Fund had securities pledged as collateral for total return swaps and forward foreign currency contracts totaling $5,098,603 and $201,766, respectively.

Counterparty Risk — Certain of the derivatives entered into by each Fund may not be traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes a Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing a Fund to suffer a loss. If a counterparty defaults on its payment obligations to a Fund, this default will cause the value of an investment in a Fund to decrease. In addition, to the extent a Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. Each Fund is neither restricted from

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of each Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by each Fund.

Each Fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that each Fund will not sustain a loss on a transaction as a result.

Liquidity Risk — Each Fund may be subject to liquidity risk primarily due to investments in derivatives. Each Fund may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, forward contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Fund may be unable to sell the asset or sell it at a reasonable price. In addition, each Fund may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of each Fund in order to raise cash to pay redemptions.

An investment in derivatives is also subject to the risk that the Fund may not be able to terminate the derivatives effective on whatever date it chooses, or that the settlement of any early termination may depend on subsequent market movements. As a result, each Fund may be exposed to the risk of additional losses due to such delays.

Master Netting Agreement — In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, each Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements. The result would cause a Fund to accelerate payment of any net liability owed to the counterparty.

Collateral Requirements — For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by each Fund and the counterparty. Cash collateral that has been pledged to cover obligations of each Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by each Fund, if any, is noted in the Portfolio of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of each Fund. Any additional required collateral is delivered to/pledged by each Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to each Fund from its counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent each Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, it bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

The following tables present derivative assets and liabilities net of amounts available for offset under a master netting agreement and any related collateral received or posted by each Fund for forward foreign currency contracts and total return swaps as of September 30, 2021:


Counterparty	Derivative Assets - Gross	Derivative Available for Offset		Collateral Received		Derivative Assets - Net*

Sirios Long/Short Fund Morgan Stanley	$382,335		$(382,335)		$—	$ —

Sirios Focus Fund Morgan Stanley	$ 87,288		$ (1,416)		$—	$85,872

*	Net amount represents the net receivable from the counterparty in the event of a default.


Counterparty	Derivative Liabilities - Gross	Derivative Available for Offset		Collateral Posted		Derivative Liabilities - Net **

Sirios Long/Short Fund Morgan Stanley	$(627,948)		$382,335		$245,613	$—

Sirios Focus Fund Morgan Stanley	$ (1,416)		$ 1,416		$ —	$—

**	Net amount represents the net payable to the counterparty in the event of a default.

Currency Risk — Each Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which each Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect each Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for each Fund is determined on the basis of U.S. dollars, each Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of each Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of each Fund’s holdings in foreign securities.

Foreign Securities Market Risk — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

Short Sales — Each Fund may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then a 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 a 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 comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.

As of September 30, 2021, the Sirios Long/Short Fund and the Sirios Focus Fund had no securities sold short.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

In accordance with the terms of its prime brokerage agreements, the Fund may receive rebate income or be charged fees on securities sold short. Such income or fee is calculated on a daily basis based upon the market value of securities sold short and a variable rate that is dependent upon the availability of such security.

Disclosures About Derivative Instruments and Hedging Activities

The following tables provide quantitative disclosures about fair value amounts of, gains and losses on, each Fund’s derivative instruments as of September 30, 2021.

The following table lists the fair values of each Fund’s derivative holdings as of September 30, 2021 grouped by contract type and risk exposure category.


Sirios Long/Short Fund Derivative Type	Location Statement of Assets and Liabilities	Equity Risk			Foreign Currency Risk		Total

Asset Derivatives

Forward Foreign Currency Contracts	Unrealized appreciation on forward foreign currency contracts	$	—			$74,946	$	74,946

Swap Contracts	Unrealized appreciation on swap contracts		307,389			—		307,389

Total Value - Assets		$	307,389			$74,946	$	382,335

Liability Derivatives

Forward Foreign Currency Contracts	Unrealized depreciation on forward foreign currency contracts	$	—			$(3,918)	$	(3,918	)

Swap Contracts	Unrealized depreciation on swap contracts		(624,030	)		—		(624,030	)

Total Value - Liabilities		$	(624,030	)		$(3,918)	$	(627,948	)


Sirios Focus Fund Derivative Type	Location Statement of Assets and Liabilities	Equity Risk		Foreign Currency Risk		Total

Asset Derivatives

Forward Foreign Currency Contracts	Unrealized appreciation on forward foreign currency contracts	$	—		$29,426	$	29,426

Swap Contracts	Unrealized appreciation on swap contracts		57,862		—		57,862

Total Value - Assets		$	57,862		$29,426	$	87,288

Liability Derivatives

Forward Foreign Currency Contracts	Unrealized depreciation on forward foreign currency contracts	$	—		$(1,416)	$	(1,416	)

Swap Contracts	Unrealized depreciation on swap contracts		—		—		—

Total Value - Liabilities		$	—		$(1,416)	$	(1,416	)

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

The following table lists the amounts of realized gains or losses included in net decrease in net assets resulting from operations for the year ended September 30, 2021, grouped by contract type and risk exposure.


Sirios Long/Short Fund Derivative Type	Location Statement of Operations	Equity Risk			Foreign Currency Risk		Total
Realized Gain(Loss)
Forward Foreign Currency Contracts	Net realized gain/(loss) from forward foreign currency contracts	$	—			$(28,732)	$	(28,732	)
Purchased Options	Net realized gain/(loss) from investments		342			—		342
Swap Contracts	Net realized gain/(loss) from swap contracts		(3,932,590	)		—		(3,932,590	)
Total Realized Loss		$	(3,932,248	)		$(28,732)	$	(3,960,980	)

Sirios Focus Fund Derivative Type	Location Statement of Operations	Equity Risk			Foreign Currency Risk		Total
Realized Gain(Loss)
Forward Foreign Currency Contracts	Net realized gain/(loss) from forward foreign currency contracts		$ —			$18,496		$18,496
Swap Contracts	Net realized gain/(loss) from swap contracts		7,044			—		7,044
Total Realized Gain			$7,044			$18,496		$25,540

The following table lists the amounts of change in unrealized appreciation (depreciation) included in net decrease in net assets resulting from operations for the year ended September 30, 2021, grouped by contract type and risk exposure.

Sirios Long/Short Fund
Derivative Type

Location
Statement of Operations

Equity
Risk

Foreign Currency
Risk

Total

Change in Appreciation (Depreciation)

Forward Foreign Currency

Contracts

Net change in unrealized appreciation on forward foreign currency contracts

—

$41,804

41,804

Swap Contracts

Net change in unrealized appreciation on swap contracts

924,379

—

924,379

Total Change in Appreciation (Depreciation)

924,379

$41,804

966,183

Sirios Focus Fund
Derivative Type

Location
Statement of Operations

Equity
Risk

Foreign Currency
Risk

Total

Change in Appreciation (Depreciation)

Forward Foreign Currency
Contracts

Net change in unrealized appreciation on forward foreign currency contracts

$ —

$28,010

Swap Contracts

Net change in unrealized appreciation on swap contracts

57,862

—

57,862

Total Change in Appreciation (Depreciation)

$57,862

$28,010

$85,872

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

2. Transactions with Related Parties and Other Service Providers

Sirios Capital Management, L.P. (“Sirios”) serves as the investment adviser to each Fund pursuant to an investment advisory agreement with the Trust. For its services, the Adviser earns a monthly fee at the annual rate of 1.35% of the Sirios Long/Short Fund’s average daily net assets; and 0.90% of the Sirios Focus Fund’s average daily net assets. The Adviser has contractually agreed to reduce its compensation and/or reimburse certain expenses of each Fund to the extent necessary to ensure that each Fund’s total operating expenses, excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses,” as defined in Form N-1A, do not exceed 1.60% (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until April 30, 2022 for the Sirios Long/Short Fund and February 1, 2022 for the Sirios Focus Fund, unless the Board of Trustees approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts waived, reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for each Fund. The Adviser is permitted to seek recoupment from each Fund for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless each Fund’s expenses are below the Expense Limitation. As of September 30, 2021, the amount of potential recovery was as follows:


	Expiration
	09/30/2022		09/30/2023		09/30/2024		Total
Sirios Long/Short Fund		$202,406		$231,152		$230,327		$663,885
Sirios Focus Fund		—		—		105,845		105,845

For the year ended September 30, 2021, the Adviser earned advisory fees of $385,703 and $79,666 for the Sirios Long/Short Fund and the Sirios Focus Fund, respectively. For the year ended September 30, 2021, the Adviser waived fees and/or reimbursed expenses of $230,327 and $105,845 for the Sirios Long/Short Fund and the Sirios Focus Fund, respectively.

Other Service Providers

The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the Sirios Focus Fund, BNY Mellon accrued administration and accounting fees totaling $56,138 and waived fees totaling $17,576; and accrued custodian fees totaling $13,000 and waived fees totally $3,767 for the period ended September 30, 2021.

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. For the Sirios Focus Fund, BNY Mellon accrued transfer agent fees totaling $22,577 and waived fees totaling $6,027 for the period ended September 30, 2021.

BNY Mellon and the Transfer Agent have the ability to recover such amounts previously waived, if the Sirios Focus Fund terminates its agreements with BNY Mellon and the Transfer Agent within three years of commencing operations. As of September 30, 2021, the amount of potential recovery was $27,370. The ability to recover such amounts previously waived expires on December 16, 2023.

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 have agreed to compensate the intermediaries for providing those services. The fees incurred by the Funds for these services are included in Transfer Agent fees in the Statements of Operations.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

Trustees and Officers

JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Alaric Compliance Services LLC (“Alaric”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Alaric are compensated for their services provided to the Trust.

3. Investment in Securities

For the year ended September 30, 2021, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:


	Purchases		Sales
Sirios Long/Short Fund	$	33,589,434	$	36,577,334
Sirios Focus Fund		19,631,033		10,161,098

4. Capital Share Transactions

For year/period ended September 30, 2021 and for the year ended September 30, 2020, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Year Ended September 30, 2021						For the Year Ended September 30, 2020
	Shares			Amount			Shares			Amount
Sirios Long/Short Fund:
Institutional Class
Sales		—		$	—			9,524		$	101,517
Reinvestments		22,127			241,186			13,436			144,436
Redemptions		(12,430	)		(135,274	)		(17,953	)		(186,965	)

Net increase		9,697		$	105,912			5,007		$	58,988



	For the Period Ended September 30, 2021*
	Shares		Amount
Sirios Focus Fund:
Institutional Class
Sales		1,000,000	$	10,000,000
Reinvestments		—		—
Redemptions		—		—

Net increase		1,000,000	$	10,000,000

*	The Sirios Focus Fund commenced operations on December 16, 2020

SIRIOS FUNDS

Notes to Financial Statements (Continued)

September 30, 2021

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. For the year ended September 30, 2021, there were no reclassifications between components of total distributable earnings and paid in capital.

For the year ended September 30, 2021, the tax character of distributions paid by the Sirios Long/Short Fund was $195,719 of ordinary income dividends and $45,467 of long-term capital gains. The Sirios Focus Fund had no distributions for the year ended September 30, 2021. For the year ended September 30, 2020, the tax character of distributions paid by the Sirios Long/Short Fund was $144,660 of ordinary income dividends.

As of September 30, 2021, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation/ (Depreciation)		Qualified Late-Year Losses
Sirios Long/Short Fund	$	—		$993,968		$3,294,405		$(44,460	)
Sirios Focus Fund		765,510		—		913,164		—

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.

As of the September 30, 2021, federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation/ (Depreciation)
Sirios Long/Short Fund		$26,368,521		$4,515,601		$(1,221,196)		3,294,405
Sirios Focus Fund		10,234,833		1,254,485		(341,321)		913,164

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2021, any amount of losses elected within the tax return will not be recognized federal income tax purposes until October 1, 2021. For the year ended September 30, 2021, the Sirios Long/Short Fund and the Sirios Focus Fund had late year ordinary loss deferrals of $44,460 and $0, respectively.

SIRIOS FUNDS

Notes to Financial Statements (Concluded)

September 30, 2021

6. Subsequent Events

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

SIRIOS FUNDS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of FundVantage Trust and Shareholders of Sirios Long/Short Fund and Sirios Focus Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Sirios Long/Short Fund and Sirios Focus Fund (collectively referred to as the “Funds”), (two of the series constituting FundVantage Trust (the “Trust”)), including the portfolios of investments, as of September 30, 2021, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (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 (two of the Funds constituting FundVantage Trust) at September 30, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Individual series constituting FundVantage Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Sirios Long/Short Fund	For the year ended September 30, 2021	For each of the two years in the period ended September 30, 2021	For each of the three years ended September 30, 2021 and the period May 3, 2018 (commencement of operations) to September 30, 2018
Sirios Focus Fund	For the period from December 16, 2020 (commencement of operations) through September 30, 2021

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of 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 Trust 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 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. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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 procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers or by other appropriate audit procedures where replies from brokers were not received. 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. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more Sirios investment companies since 2018.

Philadelphia, Pennsylvania

November 24, 2021

SIRIOS FUNDS

Shareholder Tax Information

(Unaudited)

The Funds are required by Subchapter M of the Internal Revenue Code to advise its shareholders of the U.S. federal tax status of distributions received by the Funds’ shareholders in respect of such fiscal year. For the year ended September 30, 2021, the tax character of distributions paid by the Sirios Long/Short Fund was $195,719 of ordinary income dividends and $45,467 of long-term capital gains. The Sirios Focus Fund had no distributions for the year ended September 30, 2021. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Sirios Long/Short Fund and the Sirios Focus Fund designated $1,029,757 and $0, respectively, as long-term capital gains distributions during the year ended September 30, 2021. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes..

The Sirios Long/Short Fund and the Sirios Focus Fund designate 100.00% and 0.00%, respectively, of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of ordinary income dividends qualifying for the corporate dividends received deduction for the Sirios Long/Short Fund and the Sirios Focus Fund are 100.00% and 0.00%, respectively.

The percentage of ordinary income distributions as qualified short-term gain pursuant to the American Jobs Creation Act of 2004 for the Sirios Long/Short Fund and the Sirios Focus Fund are 100.00% and 0.00%, respectively.

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 the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Because the Funds’ fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2021. 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 2022.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

SIRIOS FUNDS

Statement Regarding Liquidity Risk Management Program

(Unaudited)

On October 16, 2016, the Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of FundVantage Trust, on behalf of the Sirios Long/Short Fund and the Sirios Focus Fund (each a “Fund”, and together, the “Funds”), met on September 21-22, 2021 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the Funds, pursuant to the Liquidity Rule. The Board has appointed a committee of individuals to serve as the program administrator for the Funds’ Program (the “Program Committee”). At the Meeting, the Program Committee provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation and any material changes to the Program as of June 30, 2021 (the “Report”).

The Report described the Program’s liquidity classification methodology. It also described the Program Committee’s methodology in determining whether a Highly Liquid Investment Minimum (a “HLIM”) is necessary and noted that, given the composition of each Fund’s portfolio holdings, a HLIM was not currently required for the Funds.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing liquidity risk, as follow:

A. Each Fund’s investment strategy and liquidity of Fund investments during both normal and reasonably foreseeable stressed conditions: As part of the Report, the Program Committee reviewed each Fund’s strategy and its determination that the strategy remains appropriate for an open-end fund structure. This determination was based on each Fund’s holdings of Highly Liquid Investments, the diversification of holdings and the related average position size of the holdings.

B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions: As part of the Report, the Program Committee reviewed historical net redemption activity and noted that it used this information as a component to establish each Fund’s reasonably anticipated trading size. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Program Committee also took into consideration each Fund’s shareholder ownership concentration and the fact that the shares of the Funds are offered through intermediaries. The intermediary agreements increase the likelihood of large unanticipated redemptions, meaning a Fund may not have the ability to conduct an orderly sale of portfolio securities. The amount of assets a Fund has on these platforms is a significant factor in the ability of the Fund to meet redemption expectations. In light of the Fund’s holdings, it was noted that each Fund maintains a high level of liquidity to meet shareholder redemptions under both normal and stressed market conditions.

C. Holdings of cash and cash equivalents, as well as borrowing arrangements: As part of the Report, the Program Committee reviewed any changes in each Fund’s cash and cash equivalents positions in response to current/anticipated redemption activity or market conditions. It was noted that the Funds does not currently have a borrowing or other credit funding arrangement.

SIRIOS FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how 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 (866) 640-5704 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

SIRIOS FUNDS

Privacy Notice

(Unaudited)

If you have questions or comments about our privacy practices, please call us at (866) 640-5704.

SIRIOS FUNDS

Fund Management

(Unaudited)

The Statement of Additional Information for the Funds contain additional information about the Trustees and is available, without charge, upon request by calling (866) 640-5704.



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

INDEPENDENT TRUSTEES

ROBERT J. CHRISTIAN Date of Birth: 2/49	Trustee	Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019.	Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006.	31	Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

IQBAL MANSUR Date of Birth: 6/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2007.	Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020.	31	Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

SIRIOS FUNDS

Fund Management (Continued)

(Unaudited)



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

NICHOLAS M. MARSINI, JR. Date of Birth: 8/55	Trustee and Chairman of the Board	Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019.	Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010.	31	Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

NANCY B. WOLCOTT Date of Birth: 11/54	Trustee	Shall serve until death, resignation or removal. Trustee since 2011.	Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007.	31	Lincoln Variable Insurance Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

SIRIOS FUNDS

Fund Management (Concluded)

(Unaudited)



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

STEPHEN M. WYNNE Date of Birth: 1/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2009.	Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Assets Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008.	31	Copeland Trust (registered investment company with 2 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years

EXECUTIVE OFFICERS

JOEL L. WEISS Date of Birth: 1/63	President and Chief Executive Officer	Shall serve until death, resignation or removal. Officer since 2007.	President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016.

T. RICHARD KEYES Date of Birth: 1/57	Treasurer and Chief Financial Officer	Shall serve until death, resignation or removal. Officer since 2016.	President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016.

GABRIELLA MERCINCAVAGE Date of Birth: 6/68	Assistant Treasurer	Shall serve until death, resignation or removal. Officer since 2019.	Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018.

VINCENZO A. SCARDUZIO Date of Birth: 4/72	Secretary	Shall serve until death, resignation or removal. Officer since 2012.	Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001.

GUY F. TALARICO Date of Birth: 8/55	Chief Compliance Officer and Anti-Money Laundering Officer	Shall serve until death, resignation or removal. Officer since 2020.	Chief Executive Officer of Alaric Compliance Services LLC since June 2004.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Sirios Capital Management, L.P.

One International Place

Boston, MA 02110

Administrator

The Bank of New York Mellon

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7096

Legal Counsel

Troutman Pepper Hamilton Sanders LLP

3000 Two Logan Square

18^th and Arch Streets

Philadelphia, PA 19103

SIR-0921

LOGO

TOBAM Emerging Markets Fund

FundVantage Trust

Class I

ANNUAL REPORT

September 30, 2021

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

TOBAM EMERGING MARKETS FUND

Annual Investment Adviser’s Report

September 30, 2021

(Unaudited)

Dear Shareholders,

Portfolio Performance

For the year ending September 30, 2021, the TOBAM Emerging Markets Fund (the “Fund”) returned 11.05%, compared to a 18.20% return for the Fund’s benchmark, the Morgan Stanley Capital International (“MSCI^®”) Emerging Markets Net Total Return Index’s (“MSCI^® EM Net TR Index”), corresponding to an underperformance of 7.15% relative to the Fund’s benchmark.

Performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end please call (844) 282-6161.

For the year ended September 30, 2021, the main trading themes in Emerging Markets were ex-China mega-cap outperformance, the Chinese tech crackdown and COVID-19 continuing to rage in many Emerging Market countries. The virus has had secondary effects on overwhelmed healthcare systems that cannot sufficiently treat patients, which is why mortality rates amongst women and children have been rising. Widespread vaccination programs will likely be unrealistic for many citizens in emerging market countries in the near future. This impedes investor confidence in these more vulnerable economies.

Over the last quarter of 2020, equity markets saw strong growth with the MSCI^® EM Net TR Index up a staggering +19.7%. Over the quarter the mega-cap performance was a mixed bag with Samsung returning over 50% in the quarter and the Chinese tech giant Alibaba falling drastically by -20%. However, the second largest bias of the benchmark, the Financial sector, outperformed and drove the benchmark’s performance over the quarter.

The first quarter of 2021 reflation/recovery trade caused the benchmark’s biases toward Financials and Materials (specifically, Commodities) to be rewarded. Simultaneously, the benchmark’s bias to its top 5 holdings (which together account for over a quarter of the benchmark in terms of weight) increased as three out of the five outperformed massively. The outperformance of the mega-cap stocks was coupled with the significant increase in weight of very few sectors, and within these sectors a limited number of stocks.

In the second and third quarters of 2021 mega-cap stocks underperformed across the board with the exception of Taiwan Semiconductor. The tech crackdown by the Chinese government coupled with investors’ fears that their valuations are excessively high, drove the mega-cap tech stocks down over the second and third quarters of 2021.

Management Policy of the Fund

The Adviser seeks to enhance the Fund’s portfolio diversification in terms of various risk metrics by applying a systematic, quantitative investment approach designed to identify securities of emerging market issuers included in the MSCI^® EM Net TR Index that have the lowest possible correlation to each other for inclusion in the Fund’s portfolio.

From September 30, 2020 to September 30, 2021, the relative return of the Fund vs. the benchmark was -7.15%. Over the year, the MSCI^® EM Net TR Index remained significantly biased toward Financials, Energy, Communication Services and Information Technology. These biases toward Financials and Energy were rewarded and this was not beneficial for our strategy. The benchmark’s bias to its top 5 holdings and the Financial sector were the primary reason for the underperformance of the strategy and this has led an even more concentrated benchmark.

TOBAM EMERGING MARKETS FUND

Annual Investment Adviser’s Report (Concluded)

September 30, 2021

(Unaudited)

The high market concentration into the mega-caps provides an environment that is adverse to the Fund. We feel the persistent uncertainty and dispersion in Emerging Markets provides outperformance opportunities for a diversified portfolio.

Since commencement of operations on April 25, 2017, the Fund underperformed the MSCI^® EM Index by -2.32% annualized as a result of the benchmark’s biases discussed earlier.

Portfolio Changes

The strategy is rebalanced on a quarterly basis. For the fiscal year ended September 30, 2021, the Fund’s portfolio turnover was 42%.

Dividend Distribution

The Fund will distribute a dividend following for the 2021 fiscal year according to the following schedule:

Outlook

We don’t expect any major change in the management of the Fund in the coming months.

Sincerely,

TOBAM, Investment Adviser

This letter is intended to assist shareholders in understanding how the Fund performed during the fiscal year ended September 30, 2021 and reflects the views of the investment adviser at the time of this writing. Of course, these views may change and do not guarantee the future performance of the Fund or the markets.

The specific securities identified and described do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed will be profitable.

The above commentary is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security.

Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risk.

TOBAM’s quantitative investment process is supported by extensive proprietary computer code. TOBAM’s researchers, software developers, and IT teams follow a structured design, development, testing, change control, and review process during the development of its systems and the implementation within our investment process. These controls and their effectiveness are subject to regular internal reviews. However, despite these extensive controls it is possible that errors may occur in coding and within the investment process, as is the case with any complex software or data-driven model, and no guarantee or warranty can be provided that any quantitative investment model is completely free of errors. Any such errors could have a negative impact on investment results.

TOBAM EMERGING MARKETS FUND

Annual Report

Performance Data

September 30, 2021

(Unaudited)

Comparison of Change in Value of $500,000 (investment minimum) Investment in

TOBAM Emerging Markets Fund ’s Class I vs.

Morgan Stanley Capital International (“MSCI^®”) Emerging Markets Net Total Return Index (“MSCI^® EM Net TR Index”)

LOGO


Average Annual Total Returns for the Periods Ended September 30, 2021
	1 Year			3 Years			Since Inception
Class I		11.05	%		3.03	%		5.88	%^*
MSCI^®EM Net TR Index		18.20	%		8.58	%		8.20	%^**

*	The TOBAM Emerging Markets Fund (the “Fund”) Class I shares commenced operation on April 25, 2017.

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

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (844) 282-6161. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” are 1.17% and 1.10%, respectively, of the Fund’s average daily net assets for Class I shares. These ratios are stated in the current prospectus dated February 1, 2021, and may differ from the actual expenses incurred by the Fund for the period covered by this report. TOBAM (“TOBAM” or the “Adviser”) has contractually agreed to waive fees and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions) do not exceed (on an annual basis) 1.10% with respect to Class I shares, of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in effect until January 31, 2022, unless the Board of Trustees (“Board of Trustees”) of the Trust approves its earlier termination. The Adviser may recoup, subject to approval by the Board of Trustees, any expenses or fees it has waived or reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.

A 1.00% redemption fee applies to shares redeemed within 30 days of purchase. The redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared to that of the Morgan Stanley Capital International Emerging Markets Net Total Return Index (“MSCI^® EM Net TR Index”). The MSCI^® EM Net TR Index is a free float-adjusted, market capitalization-weighted

TOBAM EMERGING MARKETS FUND

Annual Report

Performance Data (Concluded)

September 30, 2021

(Unaudited)

index designed to measure the equity performance of emerging market countries in Africa, Asia, Europe, Latin America, and the Middle East. An index is unmanaged and it is not possible to invest in an index. All mutual fund investing involves risk, including possible loss of principal.

TOBAM EMERGING MARKETS FUND

Fund Expense Disclosure

September 30, 2021

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from April 1, 2021 through September 30, 2021 and held for the entire period.

Actual Expenses

The first line the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000= 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.


	Beginning Account Value April 1, 2021		Ending Account Value September 30, 2021		Annualized Expense Ratio		Expenses Paid During Period^*
TOBAM Emerging Markets Fund
Class I
Actual		$1,000.00		$ 975.20		1.10%		$5.45
Hypothetical (5% return before expenses)		1,000.00		1,019.55		1.10%		5.57

Expenses are equal to the annualized expense ratio for the six-month period ended September 30, 2021 of 1.10% for Class I shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (183), then divided by 365 to reflect the period. The Fund’s ending account value on the first line in the table is based on the actual six-month total return for the Fund of (2.48)% for Class I shares.

TOBAM EMERGING MARKETS FUND

Portfolio Holdings Summary Table

September 30, 2021

(Unaudited)

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


	% of Net
	Assets			Value
COMMON STOCKS:
Pharmaceuticals		12.1	%	$	14,653,542
Telecommunications		7.8			9,490,463
Food		6.2			7,550,852
Software		5.4			6,572,301
Biotechnology		4.8			5,831,079
Banks		4.5			5,415,585
Semiconductors		4.4			5,409,132
Computers		3.7			4,510,687
Transportation		3.5			4,316,605
Gas		3.5			4,248,730
Retail		3.3			4,039,402
Internet		3.3			3,967,046
Mining		3.1			3,755,179
Electronics		3.1			3,737,207
Oil & Gas		3.0			3,676,164
Healthcare-Products		1.8			2,138,180
Energy-Alternate Sources		1.7			2,116,478
Miscellaneous Manufacturing		1.7			2,112,701
Auto Manufacturers		1.7			2,084,439
Apparel		1.7			2,080,226
Healthcare-Services		1.6			1,970,143
Beverages		1.5			1,837,237
Chemicals		1.4			1,646,097
Shipbuilding		1.3			1,625,676
Electric		1.3			1,563,216
Diversified Financial Services		1.2			1,419,985
Forest Products & Paper		1.2			1,403,113
Agriculture		1.0			1,205,454
Water		0.8			989,134
Home Furnishings		0.8			982,479
Cosmetics/Personal Care		0.8			926,842
Commercial Services		0.7			823,088
Airlines		0.7			799,343
Iron/Steel		0.6			706,123
Auto Parts & Equipment		0.6			670,740
Machinery-Construction & Mining		0.4			526,331
Leisure Time		0.4			496,662
Engineering & Construction		0.4			473,726
Housewares		0.3			424,355
Electrical Components & Equipments		0.3			350,938
Textiles		0.2			264,624
Insurance		0.2			245,414
Machinery-Diversified		0.2			218,190
Household Products/Wares		0.1			171,210
Investment Companies		0.1			137,517
Metal Fabricate/Hardware		0.1			116,756

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

TOBAM EMERGING MARKETS FUND

Portfolio Holdings Summary Table (Concluded)

September 30, 2021

(Unaudited)


	% of Net
	Assets			Value
Total Common Stocks		98.5	%	$	119,700,391

RIGHTS		0.0			21,892

Other Assets in Excess of Liabilities		1.5			1,865,104

NET ASSETS		100.0	%	$	121,587,387

Portfolio holdings are subject to change at any time.

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments

September 30, 2021


	Number
	of Shares		Value
COMMON STOCKS — 98.5%
Brazil — 2.8%
Atacadao SA		144,400	$	468,009
CCR SA		122,100		263,000
Raia Drogasil SA		300,100		1,281,242
Suzano SA^*		141,500		1,403,113

				3,415,364

China — 33.1%
51job, Inc., ADR^*		4,237		294,599
Bank of Hangzhou Co. Ltd., Class A		104,600		240,312
BeiGene Ltd., ADR^*		4,863		1,765,269
Beijing Roborock Technology Co. Ltd., Class A		1,000		109,395
Bosideng International Holdings Ltd.		914,000		646,456
By-health Co. Ltd., Class A		29,100		127,216
CanSino Biologics, Inc., Class H^*		24,200		855,961
Changchun High & New Technology Industry Group, Inc., Class A		7,100		300,687
China Baoan Group Co. Ltd., Class A		42,100		123,543
China CSSC Holdings Ltd., Class A		82,300		318,583
China Feihe Ltd.		228,000		384,301
China Gas Holdings Ltd.		192,800		569,424
China Literature Ltd.^*		100,800		764,970
China Mengniu Dairy Co. Ltd.		60,000		386,390
China Northern Rare Earth Group
High-Tech Co. Ltd., Class A		61,700		417,076
China Resources Beer Holdings Co. Ltd.		96,000		710,020
China Resources Gas Group Ltd.		288,000		1,513,132
China Yangtze Power Co. Ltd., Class A		279,311		948,943
Chongqing Changan Automobile Co. Ltd., Class A		106,260		273,219
Chongqing Zhifei Biological Products Co. Ltd., Class A		28,488		696,503
COSCO SHIPPING Holdings Co. Ltd., Class A^*		85,130		224,994
ENN Energy Holdings Ltd.		85,000		1,401,946
Founder Securities Co. Ltd., Class A		138,400		174,765
Gigadevice Semiconductor Beijing, Inc., Class A		11,900		265,421
GoerTek, Inc., Class A		63,100		418,181
GOME Retail Holdings Ltd.^*		3,647,000		340,180
Great Wall Motor Co. Ltd., Class A		39,100		316,937


	Number
	of Shares		Value
COMMON STOCKS — (Continued)
China — (Continued)
Guangdong Investment Ltd.		758,000	$	989,134
Guangdong Kinlong Hardware Products Co. Ltd., Class A		5,500		116,756
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		12,200		147,786
Hangzhou First Applied Material Co. Ltd., Class A		16,563		322,524
Hangzhou Silan Microelectronics Co. Ltd., Class A		24,100		211,394
Hengan International Group Co. Ltd.		96,000		511,930
Huadong Medicine Co. Ltd., Class A		32,700		149,978
Hualan Biological Engineering, Inc., Class A		34,907		150,266
I-Mab, SP ADR^*		8,900		645,161
Industrial & Commercial Bank of China Ltd., Class H		547,000		303,215
Industrial Bank Co. Ltd., Class A		155,700		438,086
Ingenic Semiconductor Co. Ltd., Class A		8,100		159,976
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^*		856,200		415,995
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		162,000		142,806
Innovent Biologics, Inc.^*		32,000		308,168
iQIYI, Inc., ADR^*		91,802		737,170
JCET Group Co. Ltd., Class A		34,200		168,214
Jiangsu Eastern Shenghong Co. Ltd., Class A		61,300		264,624
Juewei Food Co. Ltd., Class A		11,500		113,609
Kingdee International Software Group Co. Ltd.^*		244,000		812,437
Kuang-Chi Technologies Co. Ltd., Class A^*		38,500		133,811
Lingyi iTech Guangdong Co., Class A		136,900		136,256
LONGi Green Energy Technology Co. Ltd., Class A		51,080		649,299
Maxscend Microelectronics Co. Ltd., Class A		6,080		328,510
Metallurgical Corp. of China Ltd., Class A		336,400		225,703
Microport Scientific Corp.		83,700		469,325

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
China — (Continued)
Montage Technology Co. Ltd., Class A		13,200	$	120,711
Muyuan Foods Co. Ltd., Class A		95,884		763,249
National Silicon Industry Group Co. Ltd., Class A^*		37,012		162,599
NAURA Technology Group Co. Ltd., Class A		8,500		476,641
New Hope Liuhe Co. Ltd., Class A*		83,500		190,001
Pinduoduo, Inc., ADR^*		2,473		224,227
Ping An Healthcare and Technology Co. Ltd.^*		101,200		659,633
Postal Savings Bank of China Co. Ltd., Class H		2,188,000		1,504,152
Sanan Optoelectronics Co. Ltd., Class A		82,500		402,514
Sangfor Technologies, Inc., Class A		7,558		274,526
SG Micro Corp., Class A		4,100		210,033
Shandong Gold Mining Co. Ltd., Class A		67,568		205,264
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		652,000		1,156,925
Shanghai Electric Group Co. Ltd., Class A		237,200		190,218
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		35,500		285,793
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		72,000		368,593
Shanxi Meijin Energy Co. Ltd., Class A^*		82,300		135,539
Shengyi Technology Co. Ltd., Class A		37,300		124,382
Shenzhen Goodix Technology Co. Ltd., Class A		7,600		129,984
Shenzhen Kangtai Biological Products Co. Ltd., Class A		12,400		210,823
Shenzhou International Group Holdings Ltd.		12,900		273,783
Sichuan Swellfun Co. Ltd., Class A		8,800		172,067
Silergy Corp.		4,000		581,814
StarPower Semiconductor Ltd., Class A		2,800		174,863
Sungrow Power Supply Co. Ltd., Class A		26,400		600,002
Sunwoda Electronic Co. Ltd., Class A		28,300		162,646


	Number of Shares		Value
COMMON STOCKS — (Continued)
China — (Continued)
Suzhou Maxwell Technologies Co. Ltd., Class A		1,691	$	158,436
TBEA Co. Ltd., Class A		57,900		215,399
Thunder Software Technology Co. Ltd., Class A		6,400		123,231
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		50,700		358,231
Tingyi Cayman Islands Holding Corp.		620,000		1,152,774
Unigroup Guoxin Microelectronics Co. Ltd., Class A		10,500		334,525
Vipshop Holdings Ltd., ADR^*		61,519		685,322
Walvax Biotechnology Co. Ltd., Class A		25,900		251,334
Want Want China Holdings Ltd.		1,483,000		1,119,787
Wens Foodstuffs Group Co. Ltd., Class A		112,820		252,204
Will Semiconductor Co. Ltd. Shanghai, Class A		15,441		576,322
Wingtech Technology Co. Ltd., Class A		23,700		341,549
Yonyou Network Technology Co. Ltd., Class A		62,290		318,955
Zai Lab Ltd., ADR^*		5,200		548,028
Zhaojin Mining Industry Co. Ltd., Class H		315,500		222,124
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		22,000		218,190

				40,277,949


Colombia — 0.1%
Grupo de Inversiones Suramericana SA		24,469		137,517

Greece — 0.4%
JUMBO SA		26,678		434,390

India — 21.3%
Adani Green Energy Ltd.^*		39,818		614,273
Adani Total Gas Ltd.		39,860		764,228
Apollo Hospitals Enterprise Ltd.		3,784		227,725
Aurobindo Pharma Ltd.		72,115		701,522
Avenue Supermarts Ltd.^*		23,178		1,323,064
Bandhan Bank Ltd.		156,466		592,502
Bharat Petroleum Corp. Ltd.		236,598		1,371,797
Bharti Airtel Ltd.^*		148,411		1,371,916
Cipla Ltd.		117,266		1,550,404
Container Corp. Of India Ltd.		59,973		566,110

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Continued)

September 30, 2021


	Number of Shares		Value
COMMON STOCKS — (Continued)
India — (Continued)
Dr Reddy’s Laboratories Ltd.		27,395	$	1,797,116
Eicher Motors Ltd.		28,677		1,072,720
Godrej Consumer Products Ltd.*		19,014		263,008
HCL Technologies Ltd.		87,270		1,496,807
Hero MotoCorp Ltd.		13,024		496,662
Hindustan Petroleum Corp. Ltd.		192,932		777,745
Indian Oil Corp. Ltd.		506,791		850,462
Indus Towers Ltd.		203,511		841,263
InterGlobe Aviation Ltd.^*		29,416		799,343
Ipca Laboratories Ltd.		16,355		529,338
Jubilant Foodworks Ltd.		3,858		209,492
Lupin Ltd.		68,638		876,155
Sun Pharmaceutical Industries Ltd.		170,756		1,879,102
Tata Consultancy Services Ltd.		32,293		1,636,553
Tech Mahindra Ltd.		94,644		1,752,242
United Spirits Ltd.^*		83,482		955,150
Yes Bank Ltd.^*		3,501,611		588,295

				25,904,994


Indonesia — 0.7%
Telkom Indonesia Persero Tbk PT		1,413,300		361,898
Tower Bersama Infrastructure Tbk PT		1,380,600		284,482
Unilever Indonesia Tbk PT		620,800		171,210

				817,590


Malaysia — 3.5%
Axiata Group Bhd		810,485		753,783
Hartalega Holdings Bhd		377,300		554,257
Kossan Rubber Industries		394,700		217,785
Maxis Bhd		678,600		760,213
Public Bank Bhd		832,200		809,042
Supermax Corp. Bhd		462,040		263,771
Top Glove Corp. Bhd		1,370,900		943,077

				4,301,928

Mexico — 0.4%
Grupo Financiero Banorte SAB de CV, Class O		67,300		431,321


Peru — 0.8%
Cia de Minas Buenaventura SAA, ADR^*		65,079		439,934
Credicorp Ltd.		4,585		508,660

				948,594


Poland — 1.8%
CD Projekt SA		22,006		1,061,049


	Number of Shares		Value
COMMON STOCKS — (Continued)
Poland — (Continued)
Orange Polska SA^*		208,357	$	420,669
Polski Koncern Naftowy ORLEN SA		32,819		676,160

				2,157,878


Russia — 1.3%
PhosAgro PJSC, GDR		42,048		936,829
Polyus PJSC		3,687		604,365

				1,541,194


South Africa — 2.0%
AngloGold Ashanti Ltd.		51,474		824,656
Capitec Bank Holdings Ltd.		4,651		561,842
Gold Fields Ltd.		100,067		820,252
Harmony Gold Mining Co. Ltd.		71,178		221,508

				2,428,258


South Korea — 12.6%
Alteogen, Inc.^*		7,232		438,671
Amorepacific Corp.		4,438		663,834
Celltrion Healthcare Co. Ltd.^*		14,429		1,319,810
Celltrion Pharm, Inc.^*		5,180		634,157
Celltrion, Inc.^*		2,953		641,449
Coway Co. Ltd.		13,988		873,084
Doosan Heavy Industries &
Construction Co. Ltd.^*		19,529		336,113
Green Cross Corp.		1,426		395,578
Hanmi Pharm Co. Ltd.		2,165		499,956
Hanon Systems		51,212		670,740
HLB, Inc.^*		27,556		1,307,093
HMM Co. Ltd.^*		22,611		637,770
Hyundai Glovis Co. Ltd.		2,824		391,122
Kia Corp.		6,242		421,563
LG Uplus Corp.		22,447		282,175
NCSoft Corp.		1,688		855,063
Netmarble Corp.		4,457		439,939
Orion Corp.		7,382		727,408
Pearl Abyss Corp.^*		8,407		567,641
Samsung Biologics Co. Ltd.^*		413		303,056
Samsung Fire & Marine Insurance Co. Ltd.		1,242		245,414
Seegene, Inc.		11,477		581,994
Shin Poong Pharmaceutical Co. Ltd.		9,835		468,432
SK Chemicals Co. Ltd.		2,389		566,462
SK Telecom Co. Ltd.^*		2,672		725,759
Yuhan Corp.		6,923		357,447

				15,351,730

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Concluded)

September 30, 2021


	Number of Shares		Value

COMMON STOCKS — (Continued)
Taiwan — 11.9%
Accton Technology Corp.		89,000	$	838,786
Asustek Computer, Inc.		84,000		975,593
AU Optronics Corp.		1,546,000		969,233
Eclat Textile Co. Ltd.		39,660		859,592
Far EasTone Telecommunications Co. Ltd.		494,000		1,089,419
Feng TAY Enterprise Co. Ltd.		123,200		946,851
Inventec Corp.		816,000		751,826
Micro-Star International Co. Ltd.		81,000		373,586
momo.com, Inc.		7,000		405,695
Nien Made Enterprise Co. Ltd.		30,000		424,355
Oneness Biotech Co. Ltd.^*		70,000		462,353
Taiwan High Speed Rail Corp.		588,000		623,790
Taiwan Mobile Co. Ltd.		382,000		1,354,834
United Microelectronics Corp.		815,000		1,847,401
Wan Hai Lines Ltd.		140,800		1,017,746
Wiwynn Corp.		23,000		712,213
Yang Ming Marine Transport Corp.^*		203,000		855,073

				14,508,346

Thailand — 4.8%
Airports of Thailand PCL		138,400		248,023
Bangkok Dusit Medical Services PCL, Class F		2,236,200		1,499,903
Bangkok Expressway & Metro PCL		2,171,000		560,088
Berli Jucker PCL		376,800		365,308
Bumrungrad Hospital PCL		58,400		242,515
Charoen Pokphand Foods PCL		1,165,720		884,822
Energy Absolute PCL		214,600		386,217
Krungthai Card PCL		168,100		270,490
Srisawad Corp. PCL		223,400		412,888


	Number of Shares		Value

COMMON STOCKS — (Continued)
Thailand — (Continued)
Thai Union Group PCL, Class F		896,100	$	574,712
True Corp. PCL		3,625,400		405,266

				5,850,232

Turkey — 1.0%
BIM Birlesik Magazalar A/S		125,668		902,978
Eregli Demir ve Celik Fabrikalari TAS		157,550		290,128

				1,193,106

TOTAL COMMON STOCKS (Cost $104,479,932)				119,700,391


RIGHTS — 0.0%
India — 0.0%
Bharti Airtel Ltd., Expires 10/22/21^*		10,600		21,892

TOTAL RIGHTS (Cost $0)				21,892


TOTAL INVESTMENTS - 98.5% (Cost $104,479,932)				119,722,283
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%				1,865,104

NET ASSETS - 100.0%			$	121,587,387

*	Non-income producing.


ADR		American Depositary Receipt
GDR		Global Depository Receipt
PCL		Public Company Limited
PJSC		Public Joint Stock Company
SP ADR		Sponsored American Depository Receipt

At September 30, 2021, the Fund held the following open positions in futures contracts:


Long Futures Outstanding	Expiration Date		Number of Contracts		Notional Cost			Notional Amount			Value and Unrealized Depreciation
MSCI^®Emerging Markets Index		12/17/21		29		$	1,871,339		$	1,806,120		$	(65,219	)

												$	(65,219	)

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

TOBAM EMERGING MARKETS FUND

Statement of Assets and Liabilities

September 30, 2021


Assets
Investments, at value (Cost $104,479,932)	$	119,722,283
Cash and cash equivalents		1,358,603
Foreign currency, at value (Cost $310,506)		308,263
Receivables:
Dividends and interest		236,849
Deposits for futures contracts^*		270,413
Prepaid expenses and other assets		12,544

Total Assets		121,908,955

Liabilities
Payables:
Investment adviser		219,962
Audit fees		39,851
Custodian fees		29,493
Administration and accounting fees		15,905
Accrued expenses		16,357

Total Liabilities		321,568

Net Assets	$	121,587,387

Net Assets Consisted of:
Capital stock, $0.01 par value	$	102,872
Paid-in capital		107,203,549
Total distributable earnings		14,280,966

Net Assets	$	121,587,387

Class I Shares:
Net assets	$	121,587,387

Shares outstanding		10,287,249

Net asset value, offering and redemption price per share	$	11.82

^*	Primary risk exposure is equity index contracts.

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

TOBAM EMERGING MARKETS FUND

Statement of Operations

For the Year Ended September 30, 2021


Investment income
Dividends	$	2,743,261
Less: foreign taxes withheld		(370,213	)

Total investment income		2,373,048

Expenses
Advisory fees (Note 2)		981,662
Custodian fees (Note 2)		113,620
Administration and accounting fees (Note 2)		96,183
Audit fees		45,472
Trustees’ and officers’ fees (Note 2)		40,658
Legal fees		36,200
Shareholder reporting fees		30,805
Registration and filing fees		27,575
Transfer agent fees (Note 2)		24,505
Other expenses		17,851

Total expenses before waivers and reimbursements		1,414,531

Less: waivers and reimbursements (Note 2)		(63,299	)

Net expenses after waivers and reimbursements		1,351,232

Net investment income		1,021,816

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments^*		5,159,496
Net realized loss from foreign currency transactions		(97,206	)
Net realized gain from futures contracts^**		168,795
Net change in unrealized appreciation on investments^***		5,314,006
Net change in unrealized depreciation on foreign currency translations		(1,521	)
Net change in unrealized depreciation on futures contracts^**		(8,674	)

Net realized and unrealized gain on investments		10,534,896

Net increase in net assets resulting from operations	$	11,556,712

*	Net realized gain from investments includes foreign capital gains tax of $13,109.

**	Primary risk exposure is equity index contracts.

***	Includes net decrease in deferred foreign capital gains tax of $14,297.

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

TOBAM EMERGING MARKETS FUND

Statements of Changes in Net Assets


	For the Year Ended September 30, 2021				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income		$	1,021,816			$	678,371
Net realized gains/(losses) from investments, foreign currency transactions and futures contracts			5,231,085				(2,406,984	)
Net change in unrealized appreciation on investments, foreign currency translations and futures contracts			5,303,811				7,086,084

Net increase in net assets resulting from operations			11,556,712				5,357,471

Less Dividends and Distributions to Shareholders from:
Total distributable earnings:
Class I			(405,754	)			(1,093,800	)

Net decrease in net assets from dividends and distributions to shareholders			(405,754	)			(1,093,800	)

Increase in net assets derived from capital share transactions (Note 4)			5,405,721				1,093,620

Total increase in net assets			16,556,679				5,357,291

Net assets
Beginning of year			105,030,708				99,673,417

End of year		$	121,587,387			$	105,030,708

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

TOBAM EMERGING MARKETS FUND

Financial Highlights

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


	Class I
	For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Period April 25, 2017* to September 30, 2017
Per Share Operating Performance
Net asset value, beginning of year/period		$ 10.68			$ 10.25			$ 11.58			$ 11.35			$ 10.00

Net investment income⁽¹⁾		0.10			0.07			0.15			0.16			0.15
Net realized and unrealized gain/(loss) on investments		1.08			0.47			(0.91	)		0.27			1.20

Total from investment operations		1.18			0.54			(0.76	)		0.43			1.35

Dividends and distributions to shareholders from:
Net investment income		(0.04	)		(0.11	)		(0.12	)		(0.19	)		—
Net realized gains		—			—			(0.45	)		(0.01	)		—

Total dividends and distributions to shareholders		(0.04	)		(0.11	)		(0.57	)		(0.20	)		—

Net asset value, end of year/period		$ 11.82			$ 10.68			$ 10.25			$ 11.58			$ 11.35

Total investment return⁽²⁾		11.05	%		5.30	%		(6.47	)%		3.79	%		13.50	%
Ratios/Supplemental Data
Net assets, end of year/period (in 000s)		$121,587			$105,031			$99,673			$49,822			$48,020
Ratio of expenses to average net assets		1.10	%		1.10	%		1.10	%		0.95	%		0.85	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾		1.15	%		1.17	%		1.20	%		1.44	%		1.66	%⁽³⁾
Ratio of net investment income to average net assets		0.83	%		0.68	%		1.48	%		1.27	%		3.29	%⁽³⁾
Portfolio turnover rate		42	%		42	%		42	%		33	%		14	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

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

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements

September 30, 2021

1. Organization and Significant Accounting Policies

The TOBAM Emerging Markets Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), and commenced investment operations on April 25, 2017. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares: Class A, Class C and Class I Shares. As of September 30, 2021, Class A and Class C shares have not been issued.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Fund’s equity securities listed on any national exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter ( “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 accordance with procedures adopted by the Trust’s Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to TOBAM (“TOBAM” or the “Adviser”) the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses). Exchange traded futures contracts are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts for which no settlement price is reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

September 30, 2021

The following is a summary of the inputs used, as of September 30, 2021, in valuing the Fund’s investments carried at fair value:


	Total Value at 09/30/21			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets
Common Stocks
Brazil	$	3,415,364		$	3,415,364	$	—		$	—
China		40,277,949			6,656,114		33,621,835			—
Colombia		137,517			137,517		—			—
Greece		434,390			—		434,390			—
India		25,904,994			764,228		25,140,766			—
Indonesia		817,590			—		817,590			—
Malaysia		4,301,928			3,548,145		753,783			—
Mexico		431,321			431,321		—			—
Peru		948,594			948,594		—			—
Poland		2,157,878			420,669		1,737,209			—
Russia		1,541,194			936,829		604,365			—
South Africa		2,428,258			561,842		1,866,416			—
South Korea		15,351,730			—		15,351,730			—
Taiwan		14,508,346			—		14,508,346			—
Thailand		5,850,232			574,712		5,275,520			—
Turkey		1,193,106			902,978		290,128			—
Rights		21,892			—		—			21,892

Total Assets	$	119,722,283		$	19,298,313	$	100,402,078		$	21,892

Liabilities
Derivatives:
Equity Contracts
Long Futures	$	(65,219	)	$	—	$	(65,219	)	$	—

Total Liabilities	$	(65,219	)	$	—	$	(65,219	)	$	—

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

September 30, 2021

from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to net assets as of the end of the reporting period.

For the year ended September 30, 2021, there were no transfers in or out of Level 3.

Futures Contracts — The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

During the reporting period, the Fund entered into futures contracts to gain exposure to various markets, as part of the Fund’s investment strategy.

For the year ended September 30, 2021, the Fund’s monthly average volume of futures bought long was $1,682,221.

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. The Fund may be subject to foreign taxes on unrealized and realized gains on certain foreign investments. The Fund will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. General expenses of the Trust are generally allocated to each fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.

Foreign Currency Translation—Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

September 30, 2021

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currency transactions in the Statement of Operations.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”), and make the requisite distributions to its shareholders, which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to its long-term implications. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers. Fund management is continuing to monitor this development and evaluate its impact on the Fund.

Currency Risk — The Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Fund is determined on the basis of U.S. dollars, the Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund’s holdings in foreign securities.

Emerging Markets Risk — The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies. Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States. Recent statements by U.S. securities and accounting regulatory agencies have expressed concern regarding information access and audit quality regarding issuers in China and other emerging market countries, which could present heightened risks associated with investments in these markets.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

September 30, 2021

2. Transactions with Related Parties and Other Service Providers

TOBAM serves as investment adviser to the Fund. For its services, the Adviser is paid a monthly fee at the annual rate of 0.80% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive fees and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions) do not exceed 1.10% (on an annual basis), with respect to Class I shares, of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of the Trust approves its earlier termination. The Adviser may recoup, subject to approval by the Board of Trustees, any expenses or fees it has waived or reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. As of September 30, 2021, the amount of potential recovery was as follows:


	Expiration
09/30/2022	09/30/2023	09/30/2024	Total
$88,642	$64,807	$63,299	$216,748

For the year ended September 30, 2021, the Adviser earned advisory fees of $981,662 and waived fees of $63,299.

Other Service Providers

The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Fund. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Trust, on behalf of the Fund, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Fund and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Fund for these services are included in Transfer Agent fees in the Statement of Operations.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.

Trustees and Officers

JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Alaric Compliance Services LLC (“Alaric”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Alaric are compensated for their services provided to the Trust.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

September 30, 2021

3. Investment in Securities

For the year ended September 30, 2021, aggregated purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	56,530,752	$	50,140,392

4. Capital Share Transactions

For the years ended September 30, 2021 and 2020, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Year Ended September 30, 2021						For the Year Ended September 30, 2020
	Shares			Amount			Shares		Amount
Class I
Sales		659,522		$	8,000,000			—	$	—
Reinvestments		33,669			405,721			103,269		1,093,620
Redemptions		(237,154	)		(3,000,000	)		—		—

Net increase		456,037		$	5,405,721			103,269	$	1,093,620

There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 30 days or less. The redemption fee is retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

5. Federal Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

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 investment income, net realized gains and net assets are not affected by these adjustments. For the year ended September 30, 2021, there were no reclassifications between components of total distributable earnings and paid in capital.

For the year ended September 30, 2021, the tax character of distributions paid by the Fund was $405,754 of ordinary income dividends. For the year ended September 30, 2020, the tax character of distributions paid by the Fund was $1,093,800 of ordinary income dividends. Distributions from net investment income and short-term gains are treated as ordinary income for federal income tax purposes.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Concluded)

September 30, 2021

As of September 30, 2021, the components of distributable earnings on a tax basis were as follows:

Capital Loss

Carryforward

Undistributed
Ordinary
Income

Unrealized
Appreciation/
(Depreciation)

$(1,758,888)

$911,499

$15,128,355

The differences between the book and tax basis components of distributable earnings relate primarily to outstanding wash sales loss deferrals.

As of the September 30, 2021, federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund was as follows:


Federal Tax Cost	$	104,589,891

Unrealized Appreciation		27,976,105
Unrealized Depreciation		(12,847,750	)

Net Unrealized Appreciation	$	15,128,355

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain net capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2021, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2021. For the year ended September 30, 2021, the Fund had no capital loss deferrals and no late year ordinary loss deferrals.

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2021 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2021, the Fund had capital loss carryforward of $1,758,888, all of which are short-term losses and have an unlimited period of capital loss carryforward.

During the year ended September 30, 2021, the Fund utilized $2,796,762 of prior year capital loss carryforwards.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

TOBAM EMERGING MARKETS FUND

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of FundVantage Trust and

Shareholders of TOBAM Emerging Markets Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of TOBAM Emerging Markets Fund (the “Fund”) (one of the series constituting FundVantage Trust (the “Trust”)), including the portfolio of investments, as of September 30, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the period from April 25, 2017 (commencement of operations) to September 30, 2017 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting FundVantage Trust) at September 30, 2021,the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended and the period from April 25, 2017 (commencement of operations) to September 30, 2017, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s 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 Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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 procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers. 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. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more TOBAM investment companies since 2017.

Philadelphia, Pennsylvania

November 24, 2021

TOBAM EMERGING MARKETS FUND

Shareholder Tax Information

(Unaudited)

The Fund is required by Subchapter M of the Internal Revenue Code to advise its shareholders of the U.S. federal tax status of distributions received by the Fund’s shareholders in respect of such fiscal year. During the year ended September 30, 2021, the Fund paid $405,754 of ordinary income dividends to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The Fund designates 100.00% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is 0.05%.

The TOBAM Emerging Markets Fund paid foreign taxes and recognized foreign source income as follows:


	Foreign Taxes Paid	Foreign Source Income
TOBAM Emerging Markets Fund	$273,544	$2,743,569

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 the Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2021. 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 2022.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in a Fund.

TOBAM EMERGING MARKETS FUND

Statement Regarding Liquidity Risk Management Program

(Unaudited)

The Board of Trustees (the “Board”) of FundVantage Trust, on behalf of the TOBAM Emerging Markets Fund (the “Fund”), met on September 21-22, 2021 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the Fund, pursuant to the Liquidity Rule. The Board has appointed a committee of individuals to serve as the program administrator for the Fund’s Program (the “Program Committee”). At the Meeting, the Program Committee provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation and any material changes to the Program as of June 30, 2021 (the “Report”).

The Report described the Program’s liquidity classification methodology. It also described the Program Committee’s methodology in determining whether a Highly Liquid Investment Minimum (a “HLIM”) is necessary and noted that, given the composition of the Fund’s portfolio holdings, a HLIM was not currently required for the Fund.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing liquidity risk, as follow:

A. The Fund’s investment strategy and liquidity of Fund investments during both normal and reasonably foreseeable stressed conditions: As part of the Report, the Program Committee reviewed the Fund’s strategy and its determination that the strategy remains appropriate for an open-end fund structure. This determination was based on the Fund’s holdings of Highly Liquid Investments, the diversification of holdings and the related average position size of the holdings.

B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions: As part of the Report, the Program Committee reviewed historical net redemption activity and noted that it used this information as a component to establish the Fund’s reasonably anticipated trading size. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Program Committee also took into consideration the Fund’s shareholder ownership concentration and the fact that the shares of the Fund are offered through intermediaries. The intermediary agreements increase the likelihood of large unanticipated redemptions, meaning a Fund may not have the ability to conduct an orderly sale of portfolio securities. The amount of assets a Fund has on these platforms is a significant factor in the ability of the Fund to meet redemption expectations. In light of the Fund’s holdings, it was noted that the Fund maintains a high level of liquidity to meet shareholder redemptions under both normal and stressed market conditions.

C. Holdings of cash and cash equivalents, as well as borrowing arrangements: As part of the Report, the Program Committee reviewed any changes in the Fund’s cash and cash equivalents positions in response to current/anticipated redemption activity or market conditions. It was noted that the Fund does not currently have a borrowing or other credit funding arrangement.

TOBAM EMERGING MARKETS FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (844) 282-6161 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

TOBAM EMERGING MARKETS FUND

Privacy Notice

(Unaudited)

If you have questions or comments about our privacy practices, please call us at (844) 282-6161.

TOBAM EMERGING MARKETS FUND

Fund Management

(Unaudited)

The following tables present certain information regarding the Board of Trustees and officers of the Trust. None of the Trustees are an” interested person” of the Trust, the Adviser, another investment adviser of a series of the Trust, or Foreside Funds Distributors LLC, the principal underwriter of the Trust (“Underwriter”), within the meaning of the 1940 Act and each Trustee is referred to as an “Independent Trustee” and is listed under such heading below. Employees of certain service providers to the Trust serve as officers of the Trust; such persons are not compensated by the Fund. The address of each Trustee and officer as it relates to the Trust’s business is 301 Bellevue Parkway, 2nd Floor, Wilmington, DE 19809.

The Statement of Additional Information for the Fund contains additional information about the Trustees and is available, without charge, upon request by calling (844) 282-6161.



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

INDEPENDENT TRUSTEES

ROBERT J. CHRISTIAN Date of Birth: 2/49	Trustee	Shall serve until death, resignation or removal. Trustee since 2007. Chairman from 2007 until September 30, 2019.	Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006.	31	Optimum Fund Trust (registered investment company with 6 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

IQBAL MANSUR Date of Birth: 6/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2007.	Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020.	31	Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

TOBAM EMERGING MARKETS FUND

Fund Management (Continued)

(Unaudited)



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

NICHOLAS M. MARSINI, JR. Date of Birth: 8/55	Trustee and Chairman of the Board	Shall serve until death, resignation or removal. Trustee since 2016. Chairman since October 1, 2019.	Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010.	31	Brinker Capital Destinations Trust (registered investment company with 10 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

NANCY B. WOLCOTT Date of Birth: 11/54	Trustee	Shall serve until death, resignation or removal. Trustee since 2011.	Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007.	31	Lincoln Variable Insurance Products Trust (registered investment company with 97 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).

TOBAM EMERGING MARKETS FUND

Fund Management (Concluded)

(Unaudited)



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Trust Complex Overseen by Trustee	Other Directorships Held by Trustee

STEPHEN M. WYNNE Date of Birth: 1/55	Trustee	Shall serve until death, resignation or removal. Trustee since 2009.	Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Assets Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008.	31	Copeland Trust (registered investment company with 2 portfolios); Third Avenue Trust (registered investment company with 4 portfolios); Third Avenue Variable Series Trust (registered investment company with 1 portfolio).



Name and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years

EXECUTIVE OFFICERS

JOEL L. WEISS Date of Birth: 1/63	President and Chief Executive Officer	Shall serve until death, resignation or removal. Officer since 2007.	President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016.

T. RICHARD KEYES Date of Birth: 1/57	Treasurer and Chief Financial Officer	Shall serve until death, resignation or removal. Officer since 2016.	President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016.

GABRIELLA MERCINCAVAGE Date of Birth: 6/68	Assistant Treasurer	Shall serve until death, resignation or removal. Officer since 2019.	Fund Administration Consultant since January 2019; Fund Accounting and Tax Compliance Accountant to financial services companies from November 2003 to July 2018.

VINCENZO A. SCARDUZIO Date of Birth: 4/72	Secretary	Shall serve until death, resignation or removal. Officer since 2012.	Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001.

GUY F. TALARICO Date of Birth: 8/55	Chief Compliance Officer and Anti-Money Laundering Officer	Shall serve until death, resignation or removal. Officer since 2020.	Chief Executive Officer of Alaric Compliance Services LLC since June 2004.

Investment Adviser

TOBAM

49-53, Avenue des Champs-Élysées

75008 Paris, France

Administrator

The Bank of New York Mellon

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7096

Legal Counsel

Troutman Pepper Hamilton Sanders LLP

3000 Two Logan Square

18^th and Arch Streets

Philadelphia, PA 19103

TOB-0921

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.

(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.

Item 3. Audit Committee Financial Expert.

The Audit Committee of the Board of Trustees currently is comprised of Robert J. Christian, Iqbal Mansur and Stephen M. Wynne, each of whom is considered “independent” within the meaning set forth under Item 3 of Form N-CSR. The 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 $508,121 for the fiscal year ending September 30, 2021 and $574,682 for the fiscal year ending September 30, 2020, as follows:


	Fiscal Year Ending September 30, 2021	Fiscal Year Ending September 30, 2020
PricewaterhouseCoopers LLP	$426,176	$448,792
Ernst & Young LLP	$81,945	$125,890
Aggregate Fees	$508,121	$574,682

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 $0 for the fiscal year ending September 30, 2021 and $0 for the fiscal year ending September 30, 2020.

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 $26,554 for the fiscal year ending September 30, 2021 and $24,869 for the fiscal year ending September 30, 2020, as follows:


	Fiscal Year Ending September 30, 2021	Fiscal Year Ending September 30, 2020
PricewaterhouseCoopers LLP	$0	$0
Ernst & Young LLP	$26,554	$24,869
Aggregate Fees	$26,554	$24,869

These fees were for Passive Foreign Investment Company (PFIC) database tax 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, 2021 and $0 for the fiscal year ending September 30, 2020.


(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)		Not applicable.

(f)

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 $254,105 for the fiscal year ending September 30, 2021 and $1,425,069 for the fiscal year ending September 30, 2020, as follows:


	Fiscal Year Ending September 30, 2021	Fiscal Year Ending September 30, 2020
PricewaterhouseCoopers LLP	$0	$0
Ernst & Young LLP	$254,105	$1,425,069
Aggregate Fees	$254,105	$1,425,069

(h)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered

by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


(a)(1)		Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(2)(1)		Not applicable.

(a)(2)(2)		Not applicable.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) FundVantage Trust

By (Signature and Title)* /s/ Joel L. Weiss
		Joel L. Weiss, President and
		Chief Executive Officer
		(principal executive officer)

Date December 3, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)* /s/ Joel L. Weiss
		Joel L. Weiss, President and
		Chief Executive Officer
		(principal executive officer)

Date December 3, 2021


By (Signature and Title)* /s/ T. Richard Keyes
		T. Richard Keyes, Treasurer and
		Chief Financial Officer
		(principal financial officer)

Date December 3, 2021

^* Print the name and title of each signing officer under his or her signature.