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MS Gotham Fund

The document provides an unaudited portfolio of investments for the Gotham Absolute Return Fund as of December 31, 2022. It details various common stocks categorized into sectors such as automobiles, capital goods, consumer services, and energy, along with their respective share counts and values. The total value of the common stocks listed amounts to $49,232,563.

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0% found this document useful (0 votes)

46 views287 pages

MS Gotham Fund

Uploaded by

Aidan Holwerda

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

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NPORT-EX 2 MB841FV123122.htm
GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments
December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — 95.0% COMMON STOCKS — (Continued)
Automobiles & Components — 1.9% Capital Goods — (Continued)
American Axle & Manufacturing Holdings, Inc.* 3,279 $ 25,642 IDEX Corp. 2,180 $ 497,759
Illinois Tool Works, Inc. 1,784 393,015
Aptiv PLC (Jersey)* 21,945 2,043,738
BorgWarner, Inc. 13,683 550,741 Janus International Group, Inc.* 1,510 14,375
Johnson Controls International PLC (Ireland) 6,449 412,736
Ford Motor Co.(a) 241,846 2,812,669
Kennametal, Inc. 9,494 228,426
General Motors Co.(a) 134,546 4,526,127
Lincoln Electric Holdings, Inc. 3,894 562,644
Harley-Davidson, Inc. 3,079 128,086
Lockheed Martin Corp.(a) 8,274 4,025,218
Lear Corp. 1,913 237,250
Masco Corp. 15,870 740,653
Magna International, Inc. (Canada) 5,264 295,732
Moog, Inc., Class A 1,509 132,430
Modine Manufacturing Co.* 4,790 95,129
Mueller Industries, Inc. 25,095 1,480,605
10,715,114 Nordson Corp. 4,188 995,571
Capital Goods — 8.7% nVent Electric PLC (Ireland) 3,090 118,872
3M Co. 18,417 2,208,567 Otis Worldwide Corp. 8,969 702,362
A. O. Smith Corp. 4,460 255,290 PACCAR, Inc. 8,602 851,340
Advanced Drainage Systems, Inc. 10,412 853,472
Parsons Corp.* 975 45,094
Allison Transmission Holdings, Inc. 1,173 48,797
Pentair PLC (Ireland) 12,762 574,035
Apogee Enterprises, Inc. 156 6,936
Quanex Building Products Corp. 113 2,676
Arcosa, Inc. 280 15,215
Quanta Services, Inc. 4,780 681,150
Array Technologies, Inc.* 7,999 154,621
Rocket Lab USA, Inc.* 77,693 292,903
Atkore, Inc.* 288 32,665 Rockwell Automation, Inc. 3,240 834,527
Boise Cascade Co. 7,276 499,643 Snap-on, Inc. 896 204,727
Builders FirstSource, Inc.* 12,373 802,760 Terex Corp. 7,645 326,594
CAE, Inc. (Canada)* 4,626 89,467 Textron, Inc. 32,747 2,318,488
Carrier Global Corp. 23,587 972,964 Trane Technologies PLC (Ireland) 3,079 517,549

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Caterpillar, Inc. 5,255 1,258,888 Trex Co., Inc.* 4,217 178,506

Chart Industries, Inc.* 13,773 1,587,063 UFP Industries, Inc. 8,219 651,356
Crane Holdings Co. 1,987 199,594 United Rentals, Inc.* 340 120,843
Cummins, Inc. 1,616 391,541 Valmont Industries, Inc. 968 320,088
Deere & Co. 3,257 1,396,471 Veritiv Corp. 8,300 1,010,193
Donaldson Co., Inc. 5,092 299,766 Wabash National Corp. 14,188 320,649
Dover Corp. 5,350 724,443 Watsco, Inc. 578 144,153
EMCOR Group, Inc. 3,282 486,097 Westinghouse Air Brake Technologies Corp. 6,421 640,880
Emerson Electric Co. 14,500 1,392,870
WillScot Mobile Mini Holdings Corp.* 30,082 1,358,804
Encore Wire Corp. 15,244 2,096,965
WW Grainger, Inc. 4,130 2,297,312
Enerpac Tool Group Corp. 7,527 191,562
Xylem, Inc. 6,321 698,913
EnPro Industries, Inc. 14 1,522
49,232,563
Fastenal Co. 9,942 470,455
Commercial & Professional Services — 1.3%
Fortive Corp. 9,886 635,175
Barrett Business Services, Inc. 14 1,306
Fortune Brands Innovations, Inc. 15,594 890,573
CBIZ, Inc.* 469 21,973
Generac Holdings, Inc.* 1,142 114,954
Copart, Inc.* 22,271 1,356,081
General Dynamics Corp.(a) 7,970 1,977,437
Deluxe Corp. 1,945 33,026
General Electric Co. 14,652 1,227,691
HEICO Corp. 2,080 319,571 First Advantage Corp.* 1,417 18,421
Honeywell International, Inc. 1,414 303,020 Franklin Covey Co.* 69 3,227
Howmet Aerospace, Inc. 15,907 626,895 Korn Ferry 6,095 308,529
Hubbell, Inc. 8,540 2,004,167

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Commercial & Professional Services — (Continued) Consumer Services — (Continued)
Leidos Holdings, Inc. 3,221 $ 338,817 Graham Holdings Co., Class B 135 $ 81,568
Matthews International Corp., Class A 747 22,739 Hilton Worldwide Holdings, Inc. 454 57,367
Robert Half International, Inc. 7,777 574,176 International Game Technology PLC (United
Rollins, Inc. 24,651 900,748 Kingdom) 2,765 62,710
Tetra Tech, Inc. 6,983 1,013,862 Life Time Group Holdings, Inc.* 6,456 77,214
Thomson Reuters Corp. (Canada) 3,919 447,040 McDonald's Corp.(a) 11,251 2,964,976
TriNet Group, Inc.* 4,984 337,915 MGM Resorts International 27,944 936,962
Verisk Analytics, Inc. 3,213 566,837 Monarch Casino & Resort, Inc.* 160 12,302
Viad Corp.* 39 951 Papa John's International, Inc. 5,595 460,525
Waste Management, Inc. 8,385 1,315,439 Penn Entertainment, Inc.* 24,420 725,274
7,261,087 Starbucks Corp.(a) 19,712 1,955,430
Consumer Durables & Apparel — 2.0% Strategic Education, Inc. 2,059 161,261
Cavco Industries, Inc.* 2,418 547,072 Texas Roadhouse, Inc. 371 33,743
Crocs, Inc.* 5,679 615,774 Yum! Brands, Inc. 3,001 384,368
DR Horton, Inc. 11,219 1,000,062 17,615,420
Ethan Allen Interiors, Inc. 1,233 32,576 Diversified Financials — 2.5%
Garmin Ltd. (Switzerland) 4,275 394,540 Affiliated Managers Group, Inc. 1,941 307,513
GoPro, Inc., Class A* 54,679 272,301 AssetMark Financial Holdings, Inc.* 89 2,047
Kontoor Brands, Inc. 4,515 180,555 Berkshire Hathaway, Inc., Class B* 7,911 2,443,708
Leggett & Platt, Inc. 13,082 421,633 BlackRock, Inc. 2,229 1,579,536
Malibu Boats, Inc., Class A* 3,783 201,634 CME Group, Inc. 1,879 315,973
NIKE, Inc., Class B 20,207 2,364,421 FactSet Research Systems, Inc. 245 98,296

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NVR, Inc.* 177 816,427 Franklin Resources, Inc. 62,778 1,656,084

Skyline Champion Corp.* 8,982 462,663 Intercontinental Exchange, Inc.(a) 25,862 2,653,183
Steven Madden Ltd. 6,957 222,346 MarketAxess Holdings, Inc. 1,502 418,893
Tapestry, Inc. 50,745 1,932,369 MSCI, Inc. 1,803 838,701
Nasdaq, Inc. 26,983 1,655,407
Under Armour, Inc., Class C* 42,800 381,776
Open Lending Corp., Class A* 43,190 291,532
Vista Outdoor, Inc.* 28,772 701,174
Whirlpool Corp. 6,005 849,467 T Rowe Price Group, Inc.(a) 19,836 2,163,314

11,396,790 14,424,187

Consumer Services — 3.1% Energy — 5.5%

Adtalem Global Education, Inc.* 14,231 505,201 Antero Resources Corp.* 32,077 994,066
APA Corp. 19,781 923,377
Airbnb, Inc., Class A* 13,342 1,140,741
Arch Resources, Inc. 5,888 840,748
Aramark 9,255 382,602
Baker Hughes Co. 36,601 1,080,828
Bloomin' Brands, Inc. 8,006 161,081
Cheniere Energy, Inc. 9,509 1,425,970
Booking Holdings, Inc.* 760 1,531,613
Chevron Corp.(a) 16,204 2,908,456
Boyd Gaming Corp. 992 54,094
Comstock Resources, Inc. 46,744 640,860
Bright Horizons Family Solutions, Inc.* 8,314 524,613
ConocoPhillips 12,708 1,499,544
Caesars Entertainment, Inc.* 42,062 1,749,779 CONSOL Energy, Inc. 10,239 665,535
Chipotle Mexican Grill, Inc.* 460 638,245 Crescent Point Energy Corp. (Canada) 42,971 307,243
Dine Brands Global, Inc. 538 34,755 CVR Energy, Inc. 4,120 129,121
Domino's Pizza, Inc. 3,542 1,226,949 Denbury, Inc.* 4,285 372,881
Expedia Group, Inc.* 19,992 1,751,299 DHT Holdings, Inc. (Marshall Islands) 76,849 682,419
Golden Entertainment, Inc.* 20 748

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Energy — (Continued) Food & Staples Retailing — (Continued)
Dril-Quip, Inc.* 5,700 $ 154,869 Sysco Corp. 8,046 $ 615,117
Enbridge, Inc. (Canada) 3,429 134,074 US Foods Holding Corp.* 23,316 793,210
Enerplus Corp. (Canada) 21,637 381,893 Walgreens Boots Alliance, Inc. 15,890 593,650
EOG Resources, Inc. 3,577 463,293 Walmart, Inc.(a) 25,690 3,642,585
EQT Corp. 26,303 889,830 9,723,638
Equitrans Midstream Corp. 21,568 144,506
Food, Beverage & Tobacco — 3.4%
Exxon Mobil Corp.(a) 25,531 2,816,069 Altria Group, Inc. 39,829 1,820,584
FLEX LNG Ltd. (Bermuda) 8,811 288,032 Archer-Daniels-Midland Co. 14,427 1,339,547
Helmerich & Payne, Inc. 7,755 384,415
Boston Beer Co., Inc. (The), Class A* 2,071 682,436
Hess Corp. 911 129,198
Brown-Forman Corp., Class B 1,713 112,510
Imperial Oil Ltd. (Canada) 5,887 286,932
Bunge Ltd. (Bermuda) 10,075 1,005,183
Kinder Morgan, Inc. 69,813 1,262,219
Cal-Maine Foods, Inc. 16,730 910,949
Kosmos Energy Ltd.* 32,153 204,493 Campbell Soup Co. 7,965 452,014
Marathon Oil Corp. 35,201 952,891
Celsius Holdings, Inc.* 2,579 268,319
Marathon Petroleum Corp.(a) 17,242 2,006,796
Coca-Cola Co. (The)(a) 47,651 3,031,080
Murphy Oil Corp. 5,944 255,651
Constellation Brands, Inc., Class A 3,055 707,996
Nabors Industries Ltd. (Bermuda)* 1,234 191,110 Dole PLC (Ireland) 850 8,203
NexTier Oilfield Solutions, Inc.* 16,068 148,468 Fresh Del Monte Produce, Inc. (Cayman
Nordic American Tankers Ltd. (Bermuda) 44,566 136,372 Islands) 144 3,771
Occidental Petroleum Corp. 43,732 2,754,679 General Mills, Inc.(a) 11,069 928,136
Oceaneering International, Inc.* 5,855 102,404 Kellogg Co. 10,068 717,244
Patterson-UTI Energy, Inc. 323 5,439 Keurig Dr Pepper, Inc. 41,659 1,485,560
Lamb Weston Holdings, Inc. 8,898 795,125

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Pembina Pipeline Corp. (Canada) 5,199 176,506 MGP Ingredients, Inc. 383 40,744
Phillips 66 1,061 110,429 Molson Coors Beverage Co., Class B 93 4,791
Pioneer Natural Resources Co. 5,416 1,236,960 Monster Beverage Corp.* 2,395 243,164
Range Resources Corp. 19,075 477,257
PepsiCo, Inc.(a) 9,684 1,749,511
Suncor Energy, Inc. (Canada) 12,373 392,595
Philip Morris International, Inc. 10,616 1,074,445
Talos Energy, Inc.* 9,514 179,624
Pilgrim's Pride Corp.* 33,742 800,698
TechnipFMC PLC (United Kingdom)* 22,511 274,409 Primo Water Corp. (Canada) 11,008 171,064
US Silica Holdings, Inc.* 44,787 559,837 TreeHouse Foods, Inc.* 3,327 164,287
Valaris Ltd. (Bermuda)* 742 50,174 Tyson Foods, Inc., Class A 14,243 886,627
Valero Energy Corp. 2,720 345,059 19,403,988
Vermilion Energy, Inc. (Canada) 7,275 128,768 Health Care Equipment & Services — 8.3%
W&T Offshore, Inc.* 43,046 240,197 Abbott Laboratories(a) 28,015 3,075,767
Weatherford International PLC (Ireland)* 7,000 356,440 Acadia Healthcare Co., Inc.* 1,101 90,634
31,092,936
Addus HomeCare Corp.* 428 42,582
Food & Staples Retailing — 1.7%
Allscripts Healthcare Solutions, Inc.* 52,497 926,047
Albertsons Cos., Inc., Class A 16,238 336,776
AmerisourceBergen Corp. 1,625 269,279
Casey's General Stores, Inc. 2,964 664,973
Avanos Medical, Inc.* 8,834 239,048
Costco Wholesale Corp.(a) 5,350 2,442,275
Axonics, Inc.* 11,314 707,464
Fresh Market Holdings, Inc. (The), Escrow
Shares(b)* 50,715 — Cardinal Health, Inc.(a) 24,515 1,884,468
Kroger Co. (The) 13,344 594,876 Centene Corp.(a)* 29,176 2,392,724
PriceSmart, Inc. 661 40,176 Cigna Corp. 2,325 770,366

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Health Care Equipment & Services — (Continued) Household & Personal Products — (Continued)
Cross Country Healthcare, Inc.* 12,889 $ 342,461 Olaplex Holdings, Inc.* 42,316 $ 220,466
CVS Health Corp. 17,070 1,590,753 Procter & Gamble Co. (The)(a) 18,180 2,755,361
DaVita, Inc.* 5,008 373,947 7,123,135
DENTSPLY SIRONA, Inc. 10,899 347,024 Materials — 5.0%
Dexcom, Inc.(a)* 33,015 3,738,619 Air Products and Chemicals, Inc. 7,239 2,231,494
Edwards Lifesciences Corp.* 27,549 2,055,431 Albemarle Corp. 11,889 2,578,249
Elevance Health, Inc. 1,535 787,409 Alpha Metallurgical Resources, Inc. 6,551 959,001
AptarGroup, Inc. 1,640 180,367
Enovis Corp.* 30,968 1,657,407
ATI, Inc.* 4,955 147,956
Envista Holdings Corp.* 8,311 279,831
Ball Corp. 12,633 646,052
Fulgent Genetics, Inc.* 22,379 666,447
Celanese Corp. 9,856 1,007,677
Haemonetics Corp.* 2,339 183,962 CF Industries Holdings, Inc. 15,204 1,295,381
HCA Healthcare, Inc. 5,540 1,329,378 Chase Corp. 2 173
Hologic, Inc.* 9,014 674,337 Dow, Inc. 19,992 1,007,397
Humana, Inc.(a) 9,333 4,780,269 DuPont de Nemours, Inc. 6,964 477,939

IDEXX Laboratories, Inc.* 3,114 1,270,387 Eastman Chemical Co. 16,646 1,355,650
First Majestic Silver Corp. (Canada) 33,591 280,149
Inspire Medical Systems, Inc.* 5,069 1,276,780
Franco-Nevada Corp. (Canada) 9,929 1,355,110
Insulet Corp.* 1,778 523,425 Freeport-McMoRan, Inc. 27,330 1,038,540
Intuitive Surgical, Inc.* 3,435 911,477 Ginkgo Bioworks Holdings, Inc.* 66,350 112,132
Laboratory Corp. of America Holdings 3,385 797,100 Greif, Inc., Class A 3,401 228,071
Lantheus Holdings, Inc.* 30,951 1,577,263 Hudbay Minerals, Inc. (Canada) 46,426 235,380
LivaNova PLC (United Kingdom)* 5,099 283,198 Huntsman Corp. 5,393 148,200

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McKesson Corp.(a) 2,132 799,756 Ingevity Corp.* 2,141 150,812

Medtronic PLC (Ireland) 28,426 2,209,269 Innospec, Inc. 9 926
Meridian Bioscience, Inc.* 2,684 89,136 International Flavors & Fragrances, Inc. 12,906 1,353,065
International Paper Co. 31,188 1,080,040
Molina Healthcare, Inc.* 3,725 1,230,070
Kinross Gold Corp. (Canada) 12,372 50,601
NextGen Healthcare, Inc.* 4,569 85,806
Linde PLC (Ireland) 1,726 562,987
Quest Diagnostics, Inc. 6,354 994,020
Martin Marietta Materials, Inc. 1,723 582,322
Shockwave Medical, Inc.* 4,239 871,581 Mosaic Co. (The) 30,608 1,342,773
Signify Health, Inc., Class A* 16,592 475,527 MP Materials Corp.* 36,804 893,601
STAAR Surgical Co.* 10,446 507,049 Myers Industries, Inc. 38 845
Teladoc Health, Inc.* 17,640 417,186 Newmont Corp. 8,445 398,604
Teleflex, Inc. 4,656 1,162,277 Nucor Corp. 14,203 1,872,097
Nutrien Ltd. (Canada) 3,758 274,447
TransMedics Group, Inc.* 8,827 544,802
Olin Corp. 20,403 1,080,135
UnitedHealth Group, Inc.(a) 2,762 1,464,357
Packaging Corp. of America 2,683 343,183
ViewRay, Inc.* 262 1,174
Perimeter Solutions SA (Luxembourg)* 27,402 250,454
Zimmer Biomet Holdings, Inc. 2,311 294,653
PPG Industries, Inc. 2,869 360,748
46,991,947
Reliance Steel & Aluminum Co. 1,712 346,577
Household & Personal Products — 1.3% Sealed Air Corp. 1,193 59,507
Colgate-Palmolive Co. 3,198 251,971 Silgan Holdings, Inc. 4,112 213,166
Coty, Inc., Class A* 25,556 218,759 Steel Dynamics, Inc. 1,746 170,584
elf Beauty, Inc.* 28,596 1,581,359
Estee Lauder Cos., Inc. (The), Class A 166 41,186
Kimberly-Clark Corp. 15,131 2,054,033

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Materials — (Continued) Pharmaceuticals, Biotechnology & Life Sciences —
Sylvamo Corp. 4,974 $ 241,687 (Continued)
Teck Resources Ltd., Class B (Canada) 6,817 257,819 Charles River Laboratories International, Inc.* 1,852 $ 403,551
Valvoline, Inc. 7,099 231,782 Corcept Therapeutics, Inc.* 9,367 190,244
Warrior Met Coal, Inc. 9,619 333,202
Dynavax Technologies Corp.* 74,858 796,489
Westlake Corp. 62 6,357
Elanco Animal Health, Inc.* 63,253 772,952
Westrock Co. 18,196 639,771
Exelixis, Inc.* 45,293 726,500
28,383,010
Gilead Sciences, Inc. 5,123 439,810
Media & Entertainment — 6.7%
Activision Blizzard, Inc. 15,657 1,198,543 Harmony Biosciences Holdings, Inc.* 321 17,687

Alphabet, Inc., Class A(a)* 78,870 6,958,700 Illumina, Inc.* 10,989 2,221,976

Bumble, Inc., Class A* 11,426 240,517 Ionis Pharmaceuticals, Inc.* 17,227 650,664

Charter Communications, Inc., Class A(a)* 10,609 3,597,512 IQVIA Holdings, Inc.(a)* 14,171 2,903,496

Cinemark Holdings, Inc.* 127,647 1,105,423 Jazz Pharmaceuticals PLC (Ireland)* 6,849 1,091,114

Comcast Corp., Class A 39,990 1,398,450 Johnson & Johnson(a) 16,688 2,947,935
Electronic Arts, Inc. 13,589 1,660,304 Maravai LifeSciences Holdings, Inc., Class A* 29,058 415,820
Fox Corp., Class A 35,243 1,070,330
Merck & Co., Inc.(a) 30,864 3,424,361
Integral Ad Science Holding Corp.* 1,138 10,003
Mettler-Toledo International, Inc.* 1,158 1,673,831
Interpublic Group of Cos., Inc. (The) 15,100 502,981
Moderna, Inc.(a)* 21,313 3,828,241
Live Nation Entertainment, Inc.* 8,691 606,110
Myovant Sciences Ltd. (Bermuda)* 3,826 103,149
Match Group, Inc.* 61,998 2,572,297
Organon & Co. 9,140 255,280
Meta Platforms, Inc., Class A(a)* 64,271 7,734,372 PerkinElmer, Inc. 8,812 1,235,619
Netflix, Inc.(a)* 16,067 4,737,837 Pfizer, Inc.(a) 67,138 3,440,151

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New York Times Co. (The), Class A 1,654 53,689 Provention Bio, Inc.* 15,312 161,848
News Corp., Class A 57,279 1,042,478
QIAGEN N. V. (Netherlands)* 12,415 619,136
Nexstar Media Group, Inc. 789 138,099
SIGA Technologies, Inc. 107,344 790,052
PubMatic, Inc., Class A* 8,974 114,957
TG Therapeutics, Inc.* 62,994 745,219
Shutterstock, Inc. 7,015 369,831
Veracyte, Inc.* 24,923 591,423
Sinclair Broadcast Group, Inc., Class A 15,968 247,664
Sirius XM Holdings, Inc. 179,892 1,050,569 Vertex Pharmaceuticals, Inc.* 1,185 342,204
Viatris, Inc. 151,916 1,690,825
Stagwell, Inc.* 291 1,807
Vir Biotechnology, Inc.* 9,882 250,113
TripAdvisor, Inc.* 69,622 1,251,804
West Pharmaceutical Services, Inc. 7,064 1,662,512
ZipRecruiter, Inc., Class A* 24,064 395,131
Zoetis, Inc. 12,328 1,806,668
38,059,408
42,604,303
Pharmaceuticals, Biotechnology & Life Sciences — 7.5%
Retailing — 5.9%
AbCellera Biologics, Inc. (Canada)* 42,131 426,787 Academy Sports & Outdoors, Inc. 3,184 167,287
Aclaris Therapeutics, Inc.* 8 126 Amazon.com, Inc.(a)* 79,018 6,637,512
Amgen, Inc. 219 57,518
AutoNation, Inc.* 6,353 681,677
Amphastar Pharmaceuticals, Inc.* 4,823 135,141
AutoZone, Inc.* 408 1,006,201
Azenta, Inc. 289 16,826
Bath & Body Works, Inc.(a) 40,246 1,695,966
Biogen, Inc.* 5,035 1,394,292
Best Buy Co., Inc. 2,117 169,805
Bio-Techne Corp. 9,223 764,402
Buckle, Inc. (The) 10,399 471,595
Bristol-Myers Squibb Co.(a) 50,176 3,610,163 Dillard's, Inc., Class A 1,344 434,381
Celldex Therapeutics, Inc.* 4 178 eBay, Inc.(a) 43,080 1,786,528
Etsy, Inc.* 20,321 2,434,049
Group 1 Automotive, Inc. 1,545 278,672

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Retailing — (Continued) Semiconductors & Semiconductor Equipment —
Home Depot, Inc. (The) 4,840 $ 1,528,762 (Continued)
LKQ Corp. 29,687 1,585,583 Rambus, Inc.* 30,970 $ 1,109,345
Lowe's Cos., Inc.(a) 15,285 3,045,383 Semtech Corp.* 21,715 623,003
MarineMax, Inc.* 9,787 305,550 Silicon Laboratories, Inc.* 1,258 170,673
Murphy USA, Inc. 6,038 1,687,862 Skyworks Solutions, Inc. 11,066 1,008,445
Nordstrom, Inc. 32,754 528,650 Synaptics, Inc.* 13,976 1,329,956
ODP Corp. (The)* 10,289 468,561 Teradyne, Inc. 12,770 1,115,460
Ollie's Bargain Outlet Holdings, Inc.* 5,143 240,898 Universal Display Corp. 1,152 124,462

O'Reilly Automotive, Inc.* 751 633,867 Veeco Instruments, Inc.* 454 8,435

Overstock.com, Inc.* 27,923 540,589 37,449,014

Software & Services — 12.4%
Ross Stores, Inc.(a) 23,311 2,705,708
A10 Networks, Inc. 795 13,221
Target Corp.(a) 13,095 1,951,679
Accenture PLC, Class A (Ireland) 17,466 4,660,627
Ulta Beauty, Inc.* 1,741 816,651
Adobe, Inc.(a)* 9,974 3,356,550
Urban Outfitters, Inc.* 54,376 1,296,868
Akamai Technologies, Inc.* 13,968 1,177,502
Warby Parker, Inc., Class A* 20,994 283,209
ANSYS, Inc.* 2,739 661,715
33,383,493
Autodesk, Inc.* 7,619 1,423,763
Semiconductors & Semiconductor Equipment — 6.6%
Automatic Data Processing, Inc.(a) 10,954 2,616,472
Alpha & Omega Semiconductor Ltd.
Bentley Systems, Inc., Class B 6,573 242,938
(Bermuda)* 3,380 96,567
Analog Devices, Inc. 2,463 404,006 BlackBerry Ltd. (Canada)* 33,211 108,268
Applied Materials, Inc. 8,938 870,382 Box, Inc., Class A* 10,539 328,079

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Axcelis Technologies, Inc.* 16,277 1,291,743 Broadridge Financial Solutions, Inc. 10,042 1,346,933

Broadcom, Inc.(a) 3,279 1,833,387 Ceridian HCM Holding, Inc.* 8,975 575,746

Cohu, Inc.* 1,303 41,761 CommVault Systems, Inc.* 3,811 239,483

Concentrix Corp. 807 107,460
Diodes, Inc.* 5,204 396,233
Descartes Systems Group, Inc. (The)
Enphase Energy, Inc.* 8,298 2,198,638
(Canada)* 3,263 227,268
GLOBALFOUNDRIES, Inc. (Cayman Islands)* 42,449 2,287,577
Digital Turbine, Inc.* 20,738 316,047
Impinj, Inc.* 1,726 188,445
Docebo, Inc. (Canada)* 544 18,028
Lam Research Corp.(a) 9,720 4,085,316
DocuSign, Inc.* 30,091 1,667,643
Lattice Semiconductor Corp.* 10,878 705,765 Dolby Laboratories, Inc., Class A 4,429 312,422
MACOM Technology Solutions Holdings, Inc.* 818 51,518 Dropbox, Inc., Class A* 42,079 941,728
Marvell Technology, Inc. 20,236 749,541
DXC Technology Co.* 46,621 1,235,457
MaxLinear, Inc.* 21,138 717,635
Euronet Worldwide, Inc.* 6,763 638,292
Microchip Technology, Inc.(a) 35,329 2,481,862 Fidelity National Information Services, Inc. 38,379 2,604,015
Monolithic Power Systems, Inc. 724 256,014
FleetCor Technologies, Inc.* 5,419 995,362
NVIDIA Corp. 6,579 961,455
Fortinet, Inc.(a)* 56,390 2,756,907
NXP Semiconductors NV (Netherlands) 22,381 3,536,869
Gartner, Inc.* 2,844 955,982
ON Semiconductor Corp.(a)* 48,907 3,050,330
Gen Digital, Inc. 3,976 85,206
Onto Innovation, Inc.* 1,932 131,550
Global Payments, Inc. 9,721 965,490
Photronics, Inc.* 38,958 655,663 Hackett Group, Inc. (The) 49 998
Power Integrations, Inc. 3,910 280,425 InterDigital, Inc. 5,182 256,405
Qorvo, Inc.* 8,936 809,959 Jack Henry & Associates, Inc. 6,575 1,154,307
QUALCOMM, Inc.(a) 35,261 3,876,594 Manhattan Associates, Inc.* 1,211 147,015
Microsoft Corp.(a) 33,946 8,140,930

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Software & Services — (Continued) Technology Hardware & Equipment — (Continued)
Model N, Inc.* 248 $ 10,059 Sanmina Corp.* 2,979 $ 170,667
MongoDB, Inc.* 6,971 1,372,172 Super Micro Computer, Inc.* 1,641 134,726
N-able, Inc.* 2,284 23,480 TE Connectivity Ltd. (Switzerland) 9,564 1,097,947

NCR Corp.* 14,169 331,696 Teledyne Technologies, Inc.* 3,238 1,294,908

Nutanix, Inc., Class A* 41,689 1,085,998 Trimble, Inc.* 8,444 426,929

Oracle Corp.(a) 31,191 2,549,552 Viavi Solutions, Inc.* 9,849 103,513

Vishay Intertechnology, Inc. 18,590 400,986
Palo Alto Networks, Inc.* 794 110,795
Paychex, Inc. 8,117 938,001 Western Digital Corp.* 10,624 335,187

PayPal Holdings, Inc.(a)* 94,990 6,765,188 Zebra Technologies Corp., Class A* 4,882 1,251,794

Qualys, Inc.* 6,576 738,025 31,941,613

Roper Technologies, Inc. 282 121,849 Telecommunication Services — 1.4%

AT&T, Inc. 95,188 1,752,411
Sabre Corp.* 18,093 111,815
BCE, Inc. (Canada) 6,852 301,145
Salesforce, Inc.(a)* 38,667 5,126,858
EchoStar Corp., Class A* 7,544 125,834
ServiceNow, Inc.(a)* 14,434 5,604,289
IDT Corp., Class B* 254 7,155
Shift4 Payments, Inc., Class A* 6,013 336,307
Iridium Communications, Inc.* 3,145 161,653
Shopify, Inc., Class A (Canada)* 8,781 304,789
Lumen Technologies, Inc. 71,944 375,548
Splunk, Inc.* 25,293 2,177,474 TELUS Corp. (Canada) 7,454 143,937
SPS Commerce, Inc.* 842 108,138 T-Mobile US, Inc.(a)* 24,357 3,409,980
SS&C Technologies Holdings, Inc. 6,743 351,041 Verizon Communications, Inc. 39,600 1,560,240
Tyler Technologies, Inc.* 337 108,652 7,837,903

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UserTesting, Inc.* 1,137 8,539 Transportation — 2.3%

ArcBest Corp. 8,451 591,908
VeriSign, Inc.* 3,648 749,445
Canadian Pacific Railway Ltd. (Canada) 130 9,697
WEX, Inc.* 3,575 585,049
CH Robinson Worldwide, Inc. 1,026 93,941
Workday, Inc., Class A* 2,623 438,907 CSX Corp. 26,424 818,616
Yext, Inc.* 10,323 67,409 Expeditors International of Washington, Inc.(a) 27,847 2,893,860
70,403,786 Forward Air Corp. 2,181 228,765
Technology Hardware & Equipment — 5.6% Hub Group, Inc., Class A* 3,157 250,950
Amphenol Corp., Class A 20,755 1,580,286 Landstar System, Inc. 879 143,189
Apple, Inc.(a) 71,555 9,297,141 Matson, Inc. 2,879 179,966
Arista Networks, Inc.* 3,789 459,795 Norfolk Southern Corp. 4,160 1,025,107
Badger Meter, Inc. 77 8,395 Old Dominion Freight Line, Inc. 3,904 1,107,877
CDW Corp. 9,004 1,607,934 Ryder System, Inc. 7,592 634,463
Union Pacific Corp. 7,666 1,587,399
Cisco Systems, Inc.(a) 64,142 3,055,725
Corning, Inc. 28,406 907,288 United Airlines Holdings, Inc.* 54,818 2,066,639
Dell Technologies, Inc., Class C 28,105 1,130,383 United Parcel Service, Inc., Class B 7,136 1,240,522

Extreme Networks, Inc.* 14,551 266,429 XPO, Inc.* 4,473 148,906

F5, Inc.* 11,654 1,672,465 13,021,805

Hewlett Packard Enterprise Co. 110,479 1,763,245 Utilities — 1.9%

HP, Inc.(a) 79,580 2,138,315 AES Corp. (The) 24,985 718,569

Ameren Corp. 81 7,202
Infinera Corp.* 49,347 332,599
American Water Works Co., Inc. 1,454 221,619
IonQ, Inc.* 67,198 231,833
Jabil, Inc. 4,853 330,975
Keysight Technologies, Inc.* 2,613 447,006
NetApp, Inc. 18,120 1,088,287
NetScout Systems, Inc.* 12,408 403,384
PC Connection, Inc. 74 3,471

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number
of Shares Value

COMMON STOCKS — (Continued)

Utilities — (Continued)
Constellation Energy Corp.(a) 33,406 $ 2,879,931
Dominion Energy, Inc. 3,094 189,724
Exelon Corp.(a) 66,317 2,866,884
National Fuel Gas Co. 5,135 325,045
New Jersey Resources Corp. 1,308 64,903
NRG Energy, Inc. 5,766 183,474
Otter Tail Corp. 7,238 424,943
Public Service Enterprise Group, Inc. 30,232 1,852,315
Southern Co. (The) 14,725 1,051,512
10,786,121
TOTAL COMMON STOCKS
(Cost $525,194,052) 538,851,261
OTHER ASSETS IN EXCESS OF LIABILITIES
- 5.0% 28,348,949
NET ASSETS - 100.0% $567,200,210

(a) Security position is either entirely or partially designated as collateral for total
return swaps.
(b) Security is fair valued by the Adviser in accordance with the policies established
by the Board of Trustees.
* Non-income producing.

PLC Public Limited Company

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GOTHAM ABSOLUTE RETURN FUND

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Food, Beverage & Tobacco — (continued)
Celsius Holdings, Inc. Morgan Stanley 664 $ 64,633 $ 69,083 $ 6,415
Coca-Cola Co. (The) Morgan Stanley 11,237 634,630 714,786 117,341
Constellation Brands, Inc., Class A Morgan Stanley 805 189,727 186,559 2,898
Dole PLC (Ireland) Morgan Stanley 223 2,191 2,152 51
Fresh Del Monte Produce, Inc. (Cayman Islands) Morgan Stanley 36 945 943 50
General Mills, Inc. Morgan Stanley 2,905 195,774 243,584 60,512
Kellogg Co. Morgan Stanley 2,622 190,332 186,791 4,024
Keurig Dr Pepper, Inc. Morgan Stanley 10,896 406,143 388,551 (4,443)
Lamb Weston Holdings, Inc. Morgan Stanley 2,126 172,431 189,979 23,250
MGP Ingredients, Inc. Morgan Stanley 99 11,187 10,532 (295)
Molson Coors Beverage Co., Class B Morgan Stanley 25 1,287 1,288 77
Monster Beverage Corp. Morgan Stanley 632 63,690 64,167 2,414
PepsiCo, Inc. Morgan Stanley 2,365 380,053 427,261 70,884
Philip Morris International, Inc. Morgan Stanley 2,703 236,008 273,571 66,229
Pilgrim's Pride Corp. Morgan Stanley 8,930 229,547 211,909 (10,716)
Primo Water Corp. (Canada) Morgan Stanley 2,934 39,164 45,594 8,129
TreeHouse Foods, Inc. Morgan Stanley 877 27,710 43,306 16,453
Tyson Foods, Inc., Class A Morgan Stanley 3,736 235,249 232,566 4,410
77,761 4,688,252 4,928,840 476,184
Health Care Equipment & Services
Abbott Laboratories Morgan Stanley 7,220 739,357 792,684 79,818
Acadia Healthcare Co., Inc. Morgan Stanley 293 15,653 24,120 8,961
Addus HomeCare Corp. Morgan Stanley 110 11,176 10,944 128

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Allscripts Healthcare Solutions, Inc. Morgan Stanley 13,739 220,335 242,356 28,665
AmerisourceBergen Corp. Morgan Stanley 200 27,873 33,142 6,378
Avanos Medical, Inc. Morgan Stanley 2,263 65,708 61,237 (2,605)
Axonics, Inc. Morgan Stanley 2,924 206,077 182,838 (17,023)
Cardinal Health, Inc. Morgan Stanley 6,350 431,580 488,125 75,825
Centene Corp. Morgan Stanley 7,610 598,178 624,096 43,916
Cigna Corp. Morgan Stanley 467 123,704 154,736 36,716
Cross Country Healthcare, Inc. Morgan Stanley 3,384 104,997 89,913 (11,905)
CVS Health Corp. Morgan Stanley 4,398 405,458 409,850 22,505
DaVita, Inc. Morgan Stanley 1,256 94,971 93,786 1,692
DENTSPLY SIRONA, Inc. Morgan Stanley 2,850 85,933 90,744 7,844
Dexcom, Inc. Morgan Stanley 8,414 891,350 952,801 88,259
Edwards Lifesciences Corp. Morgan Stanley 7,142 519,128 532,865 27,734
Elevance Health, Inc. Morgan Stanley 321 134,645 164,663 37,462
Enovis Corp. Morgan Stanley 8,133 427,512 435,278 20,637
Envista Holdings Corp. Morgan Stanley 2,222 73,150 74,815 3,868
Fulgent Genetics, Inc. Morgan Stanley 5,837 322,717 173,826 (139,171)
Haemonetics Corp. Morgan Stanley 618 49,068 48,606 1,036
HCA Healthcare, Inc. Morgan Stanley 1,377 263,946 330,425 77,209
Hologic, Inc. Morgan Stanley 2,370 163,205 177,300 19,023
Humana, Inc. Morgan Stanley 2,207 1,160,834 1,130,403 (1,006)
IDEXX Laboratories, Inc. Morgan Stanley 851 295,632 347,174 60,449
Inspire Medical Systems, Inc. Morgan Stanley 1,334 307,612 336,008 37,663
Insulet Corp. Morgan Stanley 480 139,906 141,307 5,629
Intuitive Surgical, Inc. Morgan Stanley 865 229,828 229,528 6,629
Laboratory Corp. of America Holdings Morgan Stanley 855 198,889 201,335 7,378

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GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Health Care Equipment & Services — (continued)
Lantheus Holdings, Inc. Morgan Stanley 7,909 $ 457,946 $ 403,043 $ (41,119)
LivaNova PLC (United Kingdom) Morgan Stanley 1,221 64,142 67,814 4,254
McKesson Corp. Morgan Stanley 423 107,574 158,676 61,268
Medtronic PLC (Ireland) Morgan Stanley 7,242 615,660 562,848 (34,288)
Meridian Bioscience, Inc. Morgan Stanley 723 23,377 24,011 1,396
Molina Healthcare, Inc. Morgan Stanley 991 281,247 327,248 54,476
NextGen Healthcare, Inc. Morgan Stanley 1,685 33,157 31,644 (492)
Quest Diagnostics, Inc. Morgan Stanley 2,186 285,774 341,978 70,386
Shockwave Medical, Inc. Morgan Stanley 1,126 282,454 231,517 (43,250)
Signify Health, Inc., Class A Morgan Stanley 4,392 125,604 125,875 4,040
STAAR Surgical Co. Morgan Stanley 2,688 217,467 130,476 (80,433)
Teladoc Health, Inc. Morgan Stanley 4,774 142,395 112,905 (27,395)
Teleflex, Inc. Morgan Stanley 1,227 302,213 306,296 13,729
TransMedics Group, Inc. Morgan Stanley 2,318 138,781 143,067 8,480
UnitedHealth Group, Inc. Morgan Stanley 827 386,133 438,459 73,113
ViewRay, Inc. Morgan Stanley 72 323 323 33
Zimmer Biomet Holdings, Inc. Morgan Stanley 607 62,456 77,393 21,027
136,501 11,835,125 12,058,478 618,939
Household & Personal Products
Colgate-Palmolive Co. Morgan Stanley 820 63,167 64,608 3,363
Coty, Inc., Class A Morgan Stanley 5,905 37,644 50,547 17,849
elf Beauty, Inc. Morgan Stanley 7,511 367,966 415,358 58,474
Estee Lauder Cos., Inc. (The), Class A Morgan Stanley 44 10,855 10,917 (3,176)

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Kimberly-Clark Corp. Morgan Stanley 3,927 505,433 533,090 50,713

Olaplex Holdings, Inc. Morgan Stanley 11,108 57,311 57,873 2,308
Procter & Gamble Co. (The) Morgan Stanley 4,725 632,806 716,121 102,353
34,040 1,675,182 1,848,514 231,884
Materials
Air Products and Chemicals, Inc. Morgan Stanley 1,834 516,709 565,349 64,190
Albemarle Corp. Morgan Stanley 3,103 879,264 672,917 (178,772)
Alpha Metallurgical Resources, Inc. Morgan Stanley 1,997 271,756 292,341 38,939
AptarGroup, Inc. Morgan Stanley 425 42,438 46,742 5,733
ATI, Inc. Morgan Stanley 1,233 35,512 36,817 2,449
Ball Corp. Morgan Stanley 3,315 180,548 169,529 (4,985)
Celanese Corp. Morgan Stanley 2,551 290,720 260,814 (18,230)
CF Industries Holdings, Inc. Morgan Stanley 3,066 233,459 261,223 40,622
Chase Corp. Morgan Stanley 1 86 86 27
Dow, Inc. Morgan Stanley 5,152 272,460 259,609 7,979
DuPont de Nemours, Inc. Morgan Stanley 1,728 93,060 118,593 29,829
Eastman Chemical Co. Morgan Stanley 4,268 361,377 347,586 1,049
First Majestic Silver Corp. (Canada) Morgan Stanley 8,656 77,849 72,191 (3,295)
Franco-Nevada Corp. (Canada) Morgan Stanley 2,492 320,722 340,108 29,482
Freeport-McMoRan, Inc. Morgan Stanley 6,077 200,493 230,926 39,260
Ginkgo Bioworks Holdings, Inc. Morgan Stanley 16,406 39,888 27,726 (13,761)
Greif, Inc., Class A Morgan Stanley 892 60,285 59,818 1,527
Hudbay Minerals, Inc. (Canada) Morgan Stanley 12,341 58,188 62,569 6,174
Huntsman Corp. Morgan Stanley 1,360 37,646 37,373 1,064
Ingevity Corp. Morgan Stanley 565 41,296 39,799 (232)
Innospec, Inc. Morgan Stanley 1 103 103 63

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Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Materials — (continued)
International Flavors & Fragrances, Inc. Morgan Stanley 3,377 $ 339,014 $ 354,045 $ 27,976
International Paper Co. Morgan Stanley 8,026 325,783 277,940 (29,726)
Kinross Gold Corp. (Canada) Morgan Stanley 3,248 13,337 13,284 372
Linde PLC (Ireland) Morgan Stanley 421 121,171 137,322 23,481
Martin Marietta Materials, Inc. Morgan Stanley 451 152,853 152,424 4,761
Mosaic Co. (The) Morgan Stanley 7,643 364,648 335,298 (18,984)
MP Materials Corp. Morgan Stanley 9,437 262,406 229,130 (25,366)
Myers Industries, Inc. Morgan Stanley 6 136 133 26
Newmont Corp. Morgan Stanley 2,165 100,041 102,188 5,747
Nucor Corp. Morgan Stanley 3,735 445,256 492,310 61,647
Nutrien Ltd. (Canada) Morgan Stanley 1,060 81,564 77,412 (1,105)
Olin Corp. Morgan Stanley 5,235 244,522 277,141 42,629
Packaging Corp. of America Morgan Stanley 706 92,735 90,304 1,940
Perimeter Solutions SA (Luxembourg) Morgan Stanley 7,205 68,544 65,854 (607)
PPG Industries, Inc. Morgan Stanley 728 87,813 91,539 6,866
Reliance Steel & Aluminum Co. Morgan Stanley 452 90,355 91,503 4,375
Sealed Air Corp. Morgan Stanley 312 15,524 15,563 529
Silgan Holdings, Inc. Morgan Stanley 1,093 52,700 56,661 5,728
Steel Dynamics, Inc. Morgan Stanley 460 45,725 44,942 675
Sylvamo Corp. Morgan Stanley 1,315 46,347 63,896 19,254
Teck Resources Ltd., Class B (Canada) Morgan Stanley 1,920 51,170 72,614 23,353
Valvoline, Inc. Morgan Stanley 1,931 60,969 63,047 3,947
Warrior Met Coal, Inc. Morgan Stanley 2,415 79,923 83,656 8,184
Westlake Corp. Morgan Stanley 16 1,634 1,641 79

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All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in
active markets, except for the following: one long security was fair valued with an end of period value of $0 and total return swaps with an end of period unrealized appreciation of
$ 83,122,471, which are considered Level 2 as of and for the period ended December 31, 2022.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.

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Portfolio of Investments
December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — 71.7% COMMON STOCKS — (Continued)
Automobiles & Components — 1.4% Capital Goods — (Continued)
American Axle & Manufacturing Holdings, Inc.* 754 $ 5,896 Honeywell International, Inc. 451 $ 96,649
Howmet Aerospace, Inc. 5,096 200,833
Aptiv PLC (Jersey)* 4,445 413,963
BorgWarner, Inc. 4,914 197,789 Hubbell, Inc.(a) 2,894 679,164
IDEX Corp. 669 152,753
Ford Motor Co.(a) 56,363 655,502
Illinois Tool Works, Inc. 592 130,418
General Motors Co.(a) 48,218 1,622,054
Janus International Group, Inc.* 385 3,665
Harley-Davidson, Inc. 937 38,979
Johnson Controls International PLC (Ireland) 1,989 127,296
Lear Corp. 522 64,738
Kennametal, Inc. 3,540 85,172
Magna International, Inc. (Canada) 1,913 107,472
Lincoln Electric Holdings, Inc. 1,322 191,016
Modine Manufacturing Co.* 1,378 27,367
Lockheed Martin Corp.(a) 2,008 976,872
Thor Industries, Inc. 405 30,573
Masco Corp. 4,773 222,756
3,164,333
Moog, Inc., Class A 407 35,718
Capital Goods — 7.1%
Mueller Industries, Inc. 7,789 459,551
3M Co.(a) 7,082 849,273 Nordson Corp. 1,365 324,488
A. O. Smith Corp. 962 55,065 nVent Electric PLC (Ireland) 968 37,239
Advanced Drainage Systems, Inc. 3,331 273,042
Otis Worldwide Corp.(a) 2,715 212,612
Allison Transmission Holdings, Inc. 354 14,726
PACCAR, Inc. 2,820 279,095
Altra Industrial Motion Corp. 262 15,655
Parsons Corp.* 168 7,770
Apogee Enterprises, Inc. 30 1,334
Pentair PLC (Ireland) 4,121 185,363
Array Technologies, Inc.* 2,659 51,398
Quanex Building Products Corp. 38 900
Atkore, Inc.* 462 52,400 Quanta Services, Inc. 1,500 213,750
Boise Cascade Co. 1,009 69,288
Rocket Lab USA, Inc.* 25,783 97,202
Builders FirstSource, Inc.(a)* 3,279 212,742 Rockwell Automation, Inc. 1,064 274,054
CAE, Inc. (Canada)* 1,231 23,808 Simpson Manufacturing Co., Inc. 706 62,594

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Carlisle Cos., Inc. 121 28,514 Snap-on, Inc. 279 63,749

Carrier Global Corp.(a) 6,615 272,869 Sunrun, Inc.* 2,558 61,443
Caterpillar, Inc. 1,278 306,158 Terex Corp. 961 41,054
Chart Industries, Inc.* 4,695 541,005 Textron, Inc.(a) 11,053 782,552
Crane Holdings Co. 594 59,667 Trane Technologies PLC (Ireland) 964 162,039
Cummins, Inc.(a) 2,220 537,884 Trex Co., Inc.(a)* 1,928 81,612
Deere & Co. 1,007 431,761 UFP Industries, Inc. 2,754 218,254
Donaldson Co., Inc. 1,599 94,133 United Rentals, Inc.(a)* 672 238,842
Dover Corp. 1,601 216,791 Veritiv Corp. 1,786 217,374
EMCOR Group, Inc. 1,054 156,108 Wabash National Corp. 3,867 87,394
Emerson Electric Co. 4,309 413,923 Watsco, Inc. 222 55,367
Encore Wire Corp.(a) 5,179 712,423 Westinghouse Air Brake Technologies Corp. 2,137 213,294
Enerpac Tool Group Corp. 2,077 52,860 WillScot Mobile Mini Holdings Corp.* 10,250 462,992
EnPro Industries, Inc. 9 978
WW Grainger, Inc.(a) 1,419 789,319
Fastenal Co. 2,830 133,916
Xylem, Inc. 2,036 225,121
Fortive Corp. 2,427 155,935
15,827,454
Fortune Brands Innovations, Inc. 5,159 294,630
Commercial & Professional Services — 1.0%
Generac Holdings, Inc.* 353 35,533
Barrett Business Services, Inc. 4 373
General Dynamics Corp.(a) 2,044 507,137
CBIZ, Inc.* 652 30,546
General Electric Co.(a) 4,174 349,739
Copart, Inc.(a)* 5,974 363,757
HEICO Corp. 714 109,699
Hexcel Corp. 675 39,724

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GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Commercial & Professional Services — (Continued) Consumer Services — (Continued)
Deluxe Corp. 503 $ 8,541 Dine Brands Global, Inc. 181 $ 11,693
First Advantage Corp.* 404 5,252 Domino's Pizza, Inc.(a) 1,095 379,308
Franklin Covey Co.* 16 748 Expedia Group, Inc.* 6,659 583,328
Korn Ferry 2,321 117,489 Golden Entertainment, Inc.* 13 486
Leidos Holdings, Inc. 608 63,956 Graham Holdings Co., Class B 34 20,543
Matthews International Corp., Class A 194 5,905 Hilton Worldwide Holdings, Inc. 102 12,889
Robert Half International, Inc. 2,667 196,905 International Game Technology PLC (United
Rollins, Inc. 7,687 280,883 Kingdom) 981 22,249
Tetra Tech, Inc.(a) 2,466 358,039 Life Time Group Holdings, Inc.* 1,663 19,890
Thomson Reuters Corp. (Canada) 1,328 151,485 McDonald's Corp.(a) 3,456 910,760
TriNet Group, Inc.* 1,784 120,955 MGM Resorts International(a) 9,383 314,612
Verisk Analytics, Inc. 955 168,481 Papa John's International, Inc. 2,078 171,040
Viad Corp.* 13 317 Penn Entertainment, Inc.* 8,149 242,025
Waste Management, Inc.(a) 2,875 451,030 Starbucks Corp.(a) 5,906 585,875
2,324,662 Texas Roadhouse, Inc. 116 10,550
Consumer Durables & Apparel — 1.7% Wingstop, Inc. 197 27,111
Cavco Industries, Inc.* 796 180,095 Yum! Brands, Inc. 953 122,060

Crocs, Inc.* 2,153 233,450 4,835,868

DR Horton, Inc. 1,831 163,215 Diversified Financials — 2.1%

Ethan Allen Interiors, Inc. 326 8,613 Affiliated Managers Group, Inc. 657 104,089
Garmin Ltd. (Switzerland) 1,223 112,871 AssetMark Financial Holdings, Inc.* 16 368
GoPro, Inc., Class A* 20,715 103,161 Berkshire Hathaway, Inc., Class B(a)* 3,488 1,077,443

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Kontoor Brands, Inc. 1,329 53,147 BlackRock, Inc.(a) 606 429,430

Leggett & Platt, Inc. 4,745 152,931 CME Group, Inc. 534 89,798
Malibu Boats, Inc., Class A* 988 52,660 FactSet Research Systems, Inc. 78 31,294
NIKE, Inc., Class B(a) 6,532 764,309 Federated Hermes, Inc. 969 35,184
Franklin Resources, Inc. 15,041 396,782
NVR, Inc.* 63 290,593
Intercontinental Exchange, Inc.(a) 9,131 936,749
Skyline Champion Corp.* 3,801 195,789
MarketAxess Holdings, Inc. 480 133,867
Steven Madden Ltd. 3,335 106,587
MSCI, Inc. 606 281,893
Tapestry, Inc. 15,505 590,430
Nasdaq, Inc. 4,088 250,799
Under Armour, Inc., Class C* 17,605 157,037
Open Lending Corp., Class A* 12,716 85,833
Vista Outdoor, Inc.* 9,476 230,930
S&P Global, Inc. 89 29,810
Whirlpool Corp. 1,882 266,228
T Rowe Price Group, Inc.(a) 6,540 713,252
3,662,046
4,596,591
Consumer Services — 2.2%
Energy — 3.3%
Adtalem Global Education, Inc.* 2,956 104,938
Antero Resources Corp.* 7,964 246,804
Airbnb, Inc., Class A* 1,041 89,006
APA Corp. 2,530 118,100
Aramark 501 20,711
Arch Resources, Inc. 1,094 156,212
Booking Holdings, Inc.* 145 292,216 Baker Hughes Co. 6,033 178,155
Boyd Gaming Corp. 296 16,141 Canadian Natural Resources Ltd. (Canada) 463 25,710
Bright Horizons Family Solutions, Inc.* 2,687 169,550 Cheniere Energy, Inc. 2,704 405,492
Caesars Entertainment, Inc.* 12,738 529,901 Chevron Corp.(a) 2,106 378,006
Chipotle Mexican Grill, Inc.* 129 178,986 Comstock Resources, Inc. 10,744 147,300

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GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Energy — (Continued) Food & Staples Retailing — (Continued)
ConocoPhillips 2,698 $ 318,364 Casey's General Stores, Inc. 699 $ 156,821
CONSOL Energy, Inc. 2,687 174,655 Costco Wholesale Corp.(a) 1,676 765,094
Crescent Point Energy Corp. (Canada) 10,542 75,375 Fresh Market Holdings, Inc. (The), Escrow
CVR Energy, Inc. 567 17,770 Shares(b)* 45,368 —
Denbury, Inc.* 2,086 181,524 Kroger Co. (The) 3,178 141,675
DHT Holdings, Inc. (Marshall Islands) 22,117 196,399 PriceSmart, Inc. 214 13,007
Dril-Quip, Inc.* 1,733 47,086 Sprouts Farmers Market, Inc.* 7 227
Enerplus Corp. (Canada) 7,683 135,605 Sysco Corp. 2,528 193,266
EOG Resources, Inc. 846 109,574 US Foods Holding Corp.* 7,397 251,646
EQT Corp. 8,912 301,493 Walgreens Boots Alliance, Inc. 5,254 196,289
Equitrans Midstream Corp. 7,116 47,677
Walmart, Inc.(a) 8,072 1,144,529
Exxon Mobil Corp. 5,485 604,996
2,929,772
FLEX LNG Ltd. (Bermuda) 2,507 81,954
Food, Beverage & Tobacco — 2.7%
Hess Corp. 95 13,473
Imperial Oil Ltd. (Canada) 529 25,784 Altria Group, Inc.(a) 13,311 608,446
Kinder Morgan, Inc. 22,028 398,266 Archer-Daniels-Midland Co. 2,561 237,789

Kosmos Energy Ltd.* 11,021 70,094 Boston Beer Co., Inc. (The), Class A* 717 236,266
Marathon Oil Corp. 10,128 274,165 Brown-Forman Corp., Class B 729 47,881
Marathon Petroleum Corp. 2,690 313,089 Bunge Ltd. (Bermuda) 2,366 236,056
Murphy Oil Corp. 376 16,172 Cal-Maine Foods, Inc. 3,897 212,192
Campbell Soup Co. 2,059 116,848
Nabors Industries Ltd. (Bermuda)* 536 83,010
Celsius Holdings, Inc.* 954 99,254
NexTier Oilfield Solutions, Inc.* 6,602 61,003
Nordic American Tankers Ltd. (Bermuda) 12,852 39,327 Coca-Cola Co. (The)(a) 14,969 952,178

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Occidental Petroleum Corp.(a) 11,586 729,802 Constellation Brands, Inc., Class A 999 231,518
Dole PLC (Ireland) 867 8,367
Oceaneering International, Inc.* 2,259 39,510
Patterson-UTI Energy, Inc. 108 1,819 General Mills, Inc.(a) 4,652 390,070
Pembina Pipeline Corp. (Canada) 2,415 81,989 Kellogg Co. 3,317 236,303
Phillips 66 92 9,575 Keurig Dr Pepper, Inc. 13,887 495,210
Lamb Weston Holdings, Inc. 2,626 234,659
Pioneer Natural Resources Co.(a) 1,752 400,139
MGP Ingredients, Inc. 109 11,595
Range Resources Corp. 5,864 146,717
Suncor Energy, Inc. (Canada) 1,514 48,039 Monster Beverage Corp.* 662 67,213

Talos Energy, Inc.* 1,539 29,056 PepsiCo, Inc.(a) 3,244 586,061

TechnipFMC PLC (United Kingdom)* 8,492 103,518 Philip Morris International, Inc.(a) 3,299 333,892

US Silica Holdings, Inc.* 13,978 174,725 Pilgrim's Pride Corp.* 10,666 253,104
Primo Water Corp. (Canada) 3,415 53,069
Valaris Ltd. (Bermuda)* 410 27,724
Tyson Foods, Inc., Class A 4,752 295,812
Valero Energy Corp. 540 68,504
Vermilion Energy, Inc. (Canada) 2,106 37,276 5,943,783
Health Care Equipment & Services — 6.3%
W&T Offshore, Inc.* 15,019 83,806
Abbott Laboratories(a) 4,720 518,209
Weatherford International PLC (Ireland)* 2,494 126,995
7,351,828 Addus HomeCare Corp.* 70 6,964

Food & Staples Retailing — 1.3% Allscripts Healthcare Solutions, Inc.* 17,560 309,758
Albertsons Cos., Inc., Class A 3,241 67,218 AmerisourceBergen Corp. 264 43,747
Apollo Medical Holdings, Inc.* 1,706 50,481
Avanos Medical, Inc.* 2,666 72,142
Axonics, Inc.* 3,273 204,661

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GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Health Care Equipment & Services — (Continued) Household & Personal Products — (Continued)
Cardinal Health, Inc.(a) 7,006 $ 538,551 Coty, Inc., Class A* 9,541 $ 81,671
Centene Corp.(a)* 7,903 648,125 elf Beauty, Inc.* 9,225 510,142
Cigna Corp. 594 196,816 Kimberly-Clark Corp.(a) 5,199 705,764
Cooper Cos., Inc. (The) 144 47,616
Olaplex Holdings, Inc.* 12,181 63,463
Cross Country Healthcare, Inc.* 3,341 88,770
Procter & Gamble Co. (The)(a) 5,960 903,298
CVS Health Corp.(a) 5,011 466,975 Spectrum Brands Holdings, Inc. 490 29,851
DaVita, Inc.* 1,533 114,469 2,365,967
DENTSPLY SIRONA, Inc. 3,451 109,880 Materials — 3.5%
Dexcom, Inc.(a)* 10,009 1,133,419 AdvanSix, Inc. 1,109 42,164
Edwards Lifesciences Corp.(a)* 9,126 680,891 Air Products and Chemicals, Inc. 1,279 394,265
Elevance Health, Inc. 222 113,879 Albemarle Corp. 2,241 485,983
Alpha Metallurgical Resources, Inc. 1,705 249,595
Enovis Corp.* 8,706 465,945
ATI, Inc.* 1,331 39,744
Envista Holdings Corp.* 2,679 90,202
Avery Dennison Corp. 98 17,738
Fulgent Genetics, Inc.* 7,046 209,830
Avient Corp. 528 17,825
Haemonetics Corp.* 138 10,854 Ball Corp. 3,087 157,869
HCA Healthcare, Inc. 1,639 393,294 Celanese Corp. 3,018 308,560
Hims & Hers Health, Inc.* 3,889 24,929 CF Industries Holdings, Inc. 1,941 165,373
Hologic, Inc.(a)* 1,830 136,902 Dow, Inc. 6,322 318,566

Humana, Inc.(a) 3,027 1,550,399 DuPont de Nemours, Inc. 1,441 98,896

Eastman Chemical Co. 4,705 383,175
IDEXX Laboratories, Inc.(a)* 996 406,328
First Majestic Silver Corp. (Canada) 5,197 43,343
Inspire Medical Systems, Inc.* 1,755 442,049

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Insulet Corp.* 568 167,214 Franco-Nevada Corp. (Canada) 3,300 450,384

Freeport-McMoRan, Inc. 7,509 285,342
Intuitive Surgical, Inc.* 1,044 277,025
Laboratory Corp. of America Holdings 1,125 264,915 Ginkgo Bioworks Holdings, Inc.* 24,049 40,643
Greif, Inc., Class A 914 61,293
Lantheus Holdings, Inc.(a)* 10,261 522,901
Hudbay Minerals, Inc. (Canada) 12,485 63,299
LivaNova PLC (United Kingdom)* 1,935 107,470
Huntsman Corp. 1,507 41,412
McKesson Corp. 132 49,516
Ingevity Corp.* 596 41,982
Medtronic PLC (Ireland) 9,679 752,252
Innospec, Inc. 5 514
Meridian Bioscience, Inc.* 1,056 35,070
International Flavors & Fragrances, Inc. 4,034 422,925
Molina Healthcare, Inc.(a)* 1,235 407,822 International Paper Co. 10,115 350,282
NextGen Healthcare, Inc.* 1,224 22,987 Kinross Gold Corp. (Canada) 4,510 18,446
Option Care Health, Inc.* 1,176 35,386 Linde PLC (Ireland) 337 109,923
Quest Diagnostics, Inc. 2,153 336,815 Martin Marietta Materials, Inc. 517 174,730

Shockwave Medical, Inc.(a)* 1,458 299,779 Mosaic Co. (The)(a) 9,387 411,808

Signify Health, Inc., Class A* 5,470 156,770 MP Materials Corp.* 12,484 303,112
Myers Industries, Inc. 14 311
STAAR Surgical Co.* 3,510 170,375
Newmont Corp. 2,449 115,593
Teladoc Health, Inc.* 5,841 138,140
Nucor Corp. 3,889 512,609
Teleflex, Inc. 1,582 394,915
Nutrien Ltd. (Canada) 1,133 82,743
TransMedics Group, Inc.* 2,612 161,213 Olin Corp. 6,667 352,951
UnitedHealth Group, Inc.(a) 752 398,695 Packaging Corp. of America 850 108,724
ViewRay, Inc.* 2,181 9,771 Perimeter Solutions SA (Luxembourg)* 7,568 69,172
Zimmer Biomet Holdings, Inc.(a) 835 106,463
13,891,579
Household & Personal Products — 1.1%
Colgate-Palmolive Co. 911 71,778

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GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Materials — (Continued) Pharmaceuticals, Biotechnology & Life Sciences —
PPG Industries, Inc. 853 $ 107,256 (Continued)
Reliance Steel & Aluminum Co. 584 118,225 Bio-Techne Corp. 3,011 $ 249,552
Sealed Air Corp. 440 21,947 Bristol-Myers Squibb Co.(a) 15,915 1,145,084
Silgan Holdings, Inc. 1,416 73,405 Celldex Therapeutics, Inc.* 15 669
Steel Dynamics, Inc. 751 73,373
Charles River Laboratories International, Inc.* 562 122,460
Sylvamo Corp. 1,500 72,885
Corcept Therapeutics, Inc.* 454 9,221
Teck Resources Ltd., Class B (Canada) 2,643 99,958
Valvoline, Inc. 1,241 40,519 Dynavax Technologies Corp.* 19,119 203,426
Warrior Met Coal, Inc. 3,485 120,720 Elanco Animal Health, Inc.* 18,783 229,528
Westlake Corp. 36 3,691 Exact Sciences Corp.* 200 9,902
Westrock Co. 5,851 205,721
Exelixis, Inc.* 16,201 259,864
7,678,994 Gilead Sciences, Inc. 1,246 106,969
Media & Entertainment — 4.9%
Harmony Biosciences Holdings, Inc.* 125 6,887
Activision Blizzard, Inc. 2,379 182,112
Illumina, Inc.(a)* 3,589 725,696
Alphabet, Inc., Class A(a)* 15,206 1,341,625
Ionis Pharmaceuticals, Inc.* 6,100 230,397
Bumble, Inc., Class A* 710 14,946
IQVIA Holdings, Inc.(a)* 4,695 961,959
Charter Communications, Inc., Class A(a)* 2,982 1,011,196
Jazz Pharmaceuticals PLC (Ireland)* 2,305 367,210
Cinemark Holdings, Inc.* 35,781 309,863
Johnson & Johnson(a) 5,329 941,368
Comcast Corp., Class A 11,974 418,731
Electronic Arts, Inc. 4,329 528,917 Maravai LifeSciences Holdings, Inc., Class A* 10,483 150,012

Fox Corp., Class A 11,429 347,099 Merck & Co., Inc.(a) 10,340 1,147,223

Integral Ad Science Holding Corp.* 314 2,760 Mettler-Toledo International, Inc.* 362 523,253

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Interpublic Group of Cos., Inc. (The) 4,630 154,225 Moderna, Inc.(a)* 6,787 1,219,081
Live Nation Entertainment, Inc.* 2,502 174,490 Myovant Sciences Ltd. (Bermuda)* 1,128 30,411
Match Group, Inc.(a)* 20,806 863,241 Organon & Co. 3,209 89,627
Meta Platforms, Inc., Class A(a)* 21,292 2,562,279 PerkinElmer, Inc. 2,979 417,715

Netflix, Inc.(a)* 5,483 1,616,827 Pfizer, Inc.(a) 21,437 1,098,432

New York Times Co. (The), Class A 500 16,230 Provention Bio, Inc.* 4,913 51,930
News Corp., Class A 8,930 162,526 QIAGEN N. V. (Netherlands)* 4,091 204,018
Nexstar Media Group, Inc. 211 36,931 SIGA Technologies, Inc. 36,448 268,257
PubMatic, Inc., Class A* 4,087 52,355 TG Therapeutics, Inc.* 17,756 210,053
Shutterstock, Inc. 2,515 132,591
Veracyte, Inc.* 8,165 193,755
Sirius XM Holdings, Inc. 61,989 362,016
Vertex Pharmaceuticals, Inc.(a)* 473 136,593
Stagwell, Inc.* 91 565
Viatris, Inc.(a) 49,440 550,267
TripAdvisor, Inc.* 24,103 433,372
Vir Biotechnology, Inc.* 3,063 77,525
ZipRecruiter, Inc., Class A* 6,868 112,773
West Pharmaceutical Services, Inc.(a) 2,299 541,070
10,837,670
Zoetis, Inc.(a) 3,956 579,752
Pharmaceuticals, Biotechnology & Life Sciences — 6.1%
13,627,024
AbCellera Biologics, Inc. (Canada)* 2,216 22,448
Retailing — 4.2%
Amgen, Inc. 136 35,719
Academy Sports & Outdoors, Inc. 542 28,477
Amphastar Pharmaceuticals, Inc.* 1,233 34,549
Amazon.com, Inc.(a)* 22,635 1,901,340
Azenta, Inc. 1,036 60,316
AutoNation, Inc.* 1,290 138,417
Biogen, Inc.* 1,498 414,826
Bath & Body Works, Inc.(a) 11,395 480,185
Best Buy Co., Inc. 75 6,016
Buckle, Inc. (The) 2,055 93,194

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GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Retailing — (Continued) Semiconductors & Semiconductor Equipment —
Dillard's, Inc., Class A 339 $ 109,565 (Continued)

eBay, Inc.(a) 14,122 585,639 Photronics, Inc.* 7,032 $ 118,349

Power Integrations, Inc. 1,480 106,146
Etsy, Inc.(a)* 6,751 808,635
Group 1 Automotive, Inc. 646 116,519 Qorvo, Inc.* 2,683 243,187

Home Depot, Inc. (The)(a) 1,418 447,890 QUALCOMM, Inc.(a) 11,810 1,298,391
LKQ Corp. 6,564 350,583 Rambus, Inc.* 11,416 408,921
Lowe's Cos., Inc.(a) 3,716 740,376 Semtech Corp.* 7,321 210,039
MarineMax, Inc.* 3,136 97,906 Silicon Laboratories, Inc.(a)* 622 84,387
Murphy USA, Inc.(a) 2,047 572,218 Skyworks Solutions, Inc. 3,435 313,032
Nordstrom, Inc. 9,776 157,785 Synaptics, Inc.(a)* 4,669 444,302
ODP Corp. (The)* 2,997 136,483 Teradyne, Inc. 4,096 357,786
Universal Display Corp. 578 62,447
Ollie's Bargain Outlet Holdings, Inc.* 1,817 85,108
Veeco Instruments, Inc.* 210 3,902
O'Reilly Automotive, Inc.* 252 212,696
11,751,250
Overstock.com, Inc.(a)* 9,365 181,306
Software & Services — 9.2%
Ross Stores, Inc.(a) 8,570 994,720
A10 Networks, Inc. 168 2,794
Target Corp.(a) 4,130 615,535 Accenture PLC, Class A (Ireland) 3,647 973,166
Ulta Beauty, Inc.(a)* 294 137,907 Adobe, Inc.(a)* 1,875 630,994
Urban Outfitters, Inc.* 10,522 250,950 Akamai Technologies, Inc.* 3,187 268,664
Warby Parker, Inc., Class A* 9,621 129,787 ANSYS, Inc.* 541 130,700
9,379,237
Autodesk, Inc.* 1,709 319,361
Semiconductors & Semiconductor Equipment — 5.3%

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Alpha & Omega Semiconductor Ltd. Automatic Data Processing, Inc.(a) 2,913 695,799
(Bermuda)* 2,093 59,797 Bentley Systems, Inc., Class B 1,653 61,095
Analog Devices, Inc. 247 40,515
BlackBerry Ltd. (Canada)* 11,265 36,724
Applied Materials, Inc.(a) 2,169 211,217
Box, Inc., Class A* 2,852 88,783
Axcelis Technologies, Inc.* 5,499 436,401 Broadridge Financial Solutions, Inc. 2,283 306,219
Broadcom, Inc.(a) 681 380,768 Ceridian HCM Holding, Inc.* 2,921 187,382
Cohu, Inc.* 1,580 50,639 CommVault Systems, Inc.* 655 41,160
Diodes, Inc.* 1,684 128,220 Concentrix Corp. 298 39,682
Enphase Energy, Inc.(a)* 1,768 468,449 Descartes Systems Group, Inc. (The)
(Canada)* 971 67,630
GLOBALFOUNDRIES, Inc. (Cayman Islands)* 13,990 753,921
Digital Turbine, Inc.* 5,597 85,298
Impinj, Inc.* 632 69,002
Docebo, Inc. (Canada)* 147 4,872
Lam Research Corp.(a) 3,137 1,318,481
DocuSign, Inc.* 8,086 448,126
Lattice Semiconductor Corp.* 4,784 310,386
Dolby Laboratories, Inc., Class A 1,376 97,063
MACOM Technology Solutions Holdings, Inc.* 275 17,319
Dropbox, Inc., Class A* 13,203 295,483
Marvell Technology, Inc. 6,799 251,835
DXC Technology Co.* 15,180 402,270
MaxLinear, Inc.* 7,264 246,613
Euronet Worldwide, Inc.* 2,014 190,081
Microchip Technology, Inc.(a) 11,338 796,494
Monolithic Power Systems, Inc. 255 90,171 Fidelity National Information Services, Inc.(a) 12,921 876,690
NVIDIA Corp. 2,101 307,040 FleetCor Technologies, Inc.* 1,686 309,685
NXP Semiconductors NV (Netherlands) 6,892 1,089,143 Fortinet, Inc.* 11,431 558,862
ON Semiconductor Corp.(a)* 16,195 1,010,082 Gartner, Inc.* 388 130,422
Onto Innovation, Inc.* 938 63,868 Gen Digital, Inc. 1,610 34,502
Global Payments, Inc. 3,111 308,985
Hackett Group, Inc. (The) 19 387

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GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Software & Services — (Continued) Technology Hardware & Equipment — (Continued)
InterDigital, Inc. 1,584 $ 78,376 Hewlett Packard Enterprise Co.(a) 35,745 $ 570,490
Jack Henry & Associates, Inc. 2,220 389,743
HP, Inc.(a) 14,544 390,797
KnowBe4, Inc., Class A* 1,274 31,570
Infinera Corp.* 14,966 100,871
Manhattan Associates, Inc.* 541 65,677
IonQ, Inc.* 29,837 102,938
Microsoft Corp.(a) 11,496 2,756,971
IPG Photonics Corp.* 510 48,282
Model N, Inc.* 97 3,934 Jabil, Inc. 1,582 107,892
MongoDB, Inc.* 2,231 439,150 Keysight Technologies, Inc.* 891 152,423
N-able, Inc.* 640 6,579 NetApp, Inc. 6,314 379,219
NCR Corp.* 5,725 134,022 NetScout Systems, Inc.* 3,493 113,557
New Relic, Inc.* 1,331 75,135 PC Connection, Inc. 10 469

Nutanix, Inc., Class A* 14,119 367,800 Sanmina Corp.* 978 56,030

TE Connectivity Ltd. (Switzerland) 3,095 355,306
Oracle Corp.(a) 10,621 868,161
Teledyne Technologies, Inc.* 1,108 443,100
Palo Alto Networks, Inc.* 416 58,049
Paychex, Inc. 2,149 248,338 Trimble, Inc.* 3,107 157,090
Vishay Intertechnology, Inc. 7,255 156,490
Paycom Software, Inc.(a)* 110 34,134
Western Digital Corp.* 3,490 110,110
PayPal Holdings, Inc.(a)* 31,220 2,223,488
Zebra Technologies Corp., Class A(a)* 1,655 424,359
Qualys, Inc.* 2,282 256,109
8,685,764
Roper Technologies, Inc.(a) 97 41,913
Telecommunication Services — 1.1%
Sabre Corp.* 5,947 36,752
AT&T, Inc.(a) 31,774 584,959
Salesforce, Inc.(a)* 12,293 1,629,929
BCE, Inc. (Canada) 1,565 68,782

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ServiceNow, Inc.(a)* 3,235 1,256,053 EchoStar Corp., Class A* 7,392 123,298

Shift4 Payments, Inc., Class A* 2,414 135,015 IDT Corp., Class B* 67 1,887
Shopify, Inc., Class A (Canada)* 3,045 105,692 Iridium Communications, Inc.* 1,422 73,091
Splunk, Inc.(a)* 8,393 722,553 Lumen Technologies, Inc. 27,183 141,895
TELUS Corp. (Canada) 2,693 52,002
SPS Commerce, Inc.* 551 70,765
SS&C Technologies Holdings, Inc. 2,261 117,708 T-Mobile US, Inc.(a)* 5,775 808,500

Tyler Technologies, Inc.* 137 44,170 Verizon Communications, Inc.(a) 12,914 508,812

UserTesting, Inc.* 427 3,207 2,363,226

Transportation — 1.9%
VeriSign, Inc.* 1,106 227,217
ArcBest Corp. 1,204 84,328
Verra Mobility Corp.* 2,209 30,551
Canadian Pacific Railway Ltd. (Canada) 23 1,715
WEX, Inc.* 1,113 182,142 CH Robinson Worldwide, Inc. 260 23,806
Workday, Inc., Class A* 895 149,760 CSX Corp.(a) 7,258 224,853
Yext, Inc.* 2,799 18,277 Expeditors International of Washington, Inc.(a) 10,291 1,069,441
Zeta Global Holdings Corp., Class A* 3,204 26,177 Forward Air Corp. 733 76,884
20,427,996 Golden Ocean Group Ltd. (Bermuda) 5,746 49,933
Technology Hardware & Equipment — 3.9% Hub Group, Inc., Class A* 1,014 80,603
Amphenol Corp., Class A(a) 5,790 440,851 Landstar System, Inc. 290 47,241
Matson, Inc. 1,208 75,512
Apple, Inc.(a) 13,758 1,787,577
Norfolk Southern Corp. 1,354 333,653
Arista Networks, Inc.* 1,064 129,116
Badger Meter, Inc. 483 52,661
CDW Corp. 2,662 475,380
Cisco Systems, Inc.(a) 16,804 800,543
Corning, Inc.(a) 9,600 306,624
Dell Technologies, Inc., Class C 9,005 362,181
Extreme Networks, Inc.* 5,720 104,733
F5, Inc.* 3,879 556,675

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GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number (a) Security position is either entirely or partially designated as collateral for total
of Shares Value return swaps.
COMMON STOCKS — (Continued) (b) Security is fair valued by the Adviser in accordance with the policies established
Transportation — (Continued) by the Board of Trustees.
Old Dominion Freight Line, Inc. 1,225 $ 347,630 * Non-income producing.
Ryder System, Inc. 2,444 204,245 ETF Exchange-Traded Fund
Union Pacific Corp.(a) 2,540 525,958 PLC Public Limited Company
SPDR Standard & Poor's Depository Receipt
United Airlines Holdings, Inc.(a)* 18,387 693,190
United Parcel Service, Inc., Class B 2,340 406,785
XPO, Inc.* 1,675 55,761
4,301,538
Utilities — 1.4%
AES Corp. (The) 6,479 186,336
Ameren Corp. 10 889
American Water Works Co., Inc. 166 25,302
Constellation Energy Corp.(a) 7,155 616,833
Dominion Energy, Inc. 698 42,801
Exelon Corp.(a) 22,046 953,049
National Fuel Gas Co. 1,783 112,864
New Jersey Resources Corp. 341 16,920
NRG Energy, Inc. 2,034 64,722
Otter Tail Corp. 2,024 118,829
Public Service Enterprise Group, Inc.(a) 10,152 622,013
Southern Co. (The) 5,140 367,047
3,127,605

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TOTAL COMMON STOCKS

(Cost $158,061,395) 159,074,187
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANY — 22.6%
Gotham Enhanced 500 ETF 2,400,000 50,180,880
TOTAL AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANY
(Cost $48,408,000) 50,180,880
EXCHANGE TRADED FUNDS — 0.4%
SPDR S&P 500 ETF Trust 2,159 825,666
TOTAL EXCHANGE TRADED FUNDS
(Cost $816,728) 825,666

TOTAL INVESTMENTS - 94.7%

(Cost $207,286,123) 210,080,733
OTHER ASSETS IN EXCESS OF LIABILITIES
- 5.3% 11,693,220
NET ASSETS - 100.0% $221,773,953

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GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Over-the-counter total return swaps outstanding as of December 31, 2022

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 8, 2027, 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 4.0% of net assets as of December 31, 2022.

The following table represents the individual long and short positions and related values of total return swaps as of December 31, 2022:

Total Return Swaps

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Long
Automobiles & Components
American Axle & Manufacturing Holdings, Inc. Morgan Stanley 1,120 $ 8,760 $ 8,758 $ 124
Aptiv PLC (Jersey) Morgan Stanley 8,234 869,499 766,832 (91,627)
BorgWarner, Inc. Morgan Stanley 4,642 171,542 186,841 19,459
Ford Motor Co. Morgan Stanley 103,065 1,107,146 1,198,646 150,650
General Motors Co. Morgan Stanley 40,547 1,729,956 1,364,001 (338,592)
Harley-Davidson, Inc. Morgan Stanley 757 34,074 31,491 (1,973)
Lear Corp. Morgan Stanley 424 56,440 52,584 (2,812)
Magna International, Inc. (Canada) Morgan Stanley 1,576 77,284 88,540 13,539
Modine Manufacturing Co. Morgan Stanley 1,114 23,111 22,124 (679)
Thor Industries, Inc. Morgan Stanley 346 25,590 26,120 1,171
161,825 4,103,402 3,745,937 (250,740)
Capital Goods
3M Co. Morgan Stanley 5,436 732,005 651,885 (48,961)
A. O. Smith Corp. Morgan Stanley 1,825 94,168 104,463 12,070
Advanced Drainage Systems, Inc. Morgan Stanley 2,750 329,136 225,418 (99,137)
Allison Transmission Holdings, Inc. Morgan Stanley 550 22,950 22,880 236

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Spire, Inc. Morgan Stanley (992) (74,166) (68,309) 988

Vistra Corp. Morgan Stanley (2,029) (51,675) (47,073) 4,900
WEC Energy Group, Inc. Morgan Stanley (6,122) (571,790) (573,999) (10,231)
(206,568) (10,029,539) (9,519,516) 162,983
Total Reference Entity — Short (203,213,992) (162,533,058) 38,033,478

Net Value of Reference Entity $ (37,838,110) $ 8,939,202 $47,986,413

* Includes $1,209,101 related to open trades, dividends receivables/payables and swap receivables/payables activities.

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 except for the following: one long security was fair valued with an end of period value of $0 and total return swaps with end of period unrealized
appreciation of $47,986,413, which are considered Level 2 as of and for the period ended December 31, 2022.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.

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GOTHAM NEUTRAL FUND

Portfolio of Investments
December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — 94.8% COMMON STOCKS — (Continued)
Automobiles & Components — 2.0% Capital Goods — (Continued)
Adient PLC (Ireland)* 3,591 $ 124,572 HEICO Corp. 526 $ 80,815

American Axle & Manufacturing Holdings, Inc.* 550 4,301 Hexcel Corp.(a) 749 44,079
Honeywell International, Inc. 309 66,219
Aptiv PLC (Jersey)* 3,695 344,115
BorgWarner, Inc. 1,237 49,789 Howmet Aerospace, Inc.(a) 2,766 109,008

Ford Motor Co.(a) 17,864 207,758 Hubbell, Inc.(a) 2,005 470,533

IDEX Corp. 134 30,596
General Motors Co.(a) 18,005 605,688
Illinois Tool Works, Inc. 313 68,954
Harley-Davidson, Inc. 576 23,962
Magna International, Inc. (Canada) 1,272 71,461 Janus International Group, Inc.* 185 1,761
Johnson Controls International PLC (Ireland) 748 47,872
Modine Manufacturing Co.* 610 12,115
Kennametal, Inc. 1,187 28,559
Thor Industries, Inc.(a) 245 18,495
L3Harris Technologies, Inc. 206 42,891
Visteon Corp.(a)* 111 14,522
Lincoln Electric Holdings, Inc.(a) 1,028 148,536
1,476,778
Lockheed Martin Corp.(a) 643 312,813
Capital Goods — 9.8%
Masco Corp. 1,001 46,717
3M Co.(a) 1,498 179,640 Moog, Inc., Class A 197 17,289
A. O. Smith Corp. 485 27,761
Mueller Industries, Inc.(a) 3,406 200,954
Advanced Drainage Systems, Inc.(a) 1,815 148,776
Nordson Corp.(a) 533 126,705
Allison Transmission Holdings, Inc. 452 18,803
NOW, Inc.* 572 7,264
Apogee Enterprises, Inc. 27 1,200
nVent Electric PLC (Ireland) 758 29,160
Armstrong World Industries, Inc. 321 22,017
Otis Worldwide Corp.(a) 1,151 90,135
Array Technologies, Inc.* 1,391 26,888
PACCAR, Inc. 754 74,623
Atkore, Inc.(a)* 654 74,177
Pentair PLC (Ireland) 1,657 74,532
Axon Enterprise, Inc.* 129 21,405 Quanex Building Products Corp. 32 758

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Boeing Co. (The)* 336 64,005 Quanta Services, Inc. 681 97,043

Boise Cascade Co.(a) 1,248 85,700 Rocket Lab USA, Inc.* 12,703 47,890
Rockwell Automation, Inc. 188 48,423
Builders FirstSource, Inc.(a)* 2,506 162,589
Simpson Manufacturing Co., Inc. 357 31,652
CAE, Inc. (Canada)* 378 7,311
Snap-on, Inc. 94 21,478
Carlisle Cos., Inc.(a) 122 28,749
Sunrun, Inc.* 1,052 25,269
Carrier Global Corp.(a) 2,458 101,393 Terex Corp. 116 4,956
Caterpillar, Inc.(a) 575 137,747 Textron, Inc.(a) 5,305 375,594
Chart Industries, Inc.(a)* 3,042 350,530 Trane Technologies PLC (Ireland) 326 54,797
Crane Holdings Co. 360 36,162 Trex Co., Inc.(a)* 1,045 44,235
Deere & Co. 270 115,765 UFP Industries, Inc. 1,205 95,496
Donaldson Co., Inc. 1,049 61,755 Valmont Industries, Inc. 134 44,310
Dover Corp. 448 60,664 Veritiv Corp. 972 118,302
EMCOR Group, Inc. 564 83,534 Wabash National Corp. 1,787 40,386
Emerson Electric Co. 1,275 122,476 Watsco, Inc. 168 41,899
Encore Wire Corp.(a) 2,397 329,731 Westinghouse Air Brake Technologies Corp.(a) 694 69,268
Enerpac Tool Group Corp. 1,009 25,679
WillScot Mobile Mini Holdings Corp.(a)* 6,625 299,251
EnPro Industries, Inc. 12 1,304
WW Grainger, Inc.(a) 821 456,681
Fastenal Co.(a) 1,625 76,895
Xylem, Inc.(a) 1,262 139,539
Fortive Corp.(a) 1,442 92,649
7,061,886
Fortune Brands Innovations, Inc.(a) 2,796 159,680
GATX Corp. 144 15,313
General Dynamics Corp.(a) 561 139,190
General Electric Co.(a) 1,255 105,156

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Commercial & Professional Services — 1.5% Consumer Services — (Continued)
Barrett Business Services, Inc. 5 $ 467 Bright Horizons Family Solutions, Inc.* 2,111 $ 133,204
CBIZ, Inc.* 499 23,378 Caesars Entertainment, Inc.(a)* 7,790 324,064
Copart, Inc.(a)* 1,499 91,274 Chipotle Mexican Grill, Inc.* 111 154,011
Deluxe Corp. 343 5,824 Dine Brands Global, Inc. 328 21,189
First Advantage Corp.* 236 3,068 Domino's Pizza, Inc.(a) 477 165,233
Franklin Covey Co.* 9 421 Expedia Group, Inc.(a)* 3,014 264,026
Korn Ferry(a) 1,102 55,783 Golden Entertainment, Inc.* 60 2,244
Leidos Holdings, Inc. 401 42,181 Graham Holdings Co., Class B 54 32,627
Matthews International Corp., Class A 103 3,135 Hilton Worldwide Holdings, Inc. 159 20,091
Ritchie Bros Auctioneers, Inc. (Canada) 5 289 International Game Technology PLC (United
Robert Half International, Inc.(a) 1,057 78,038 Kingdom) 653 14,810

Rollins, Inc.(a) 4,558 166,549 Life Time Group Holdings, Inc.* 663 7,930

Tetra Tech, Inc.(a) 1,460 211,978 McDonald's Corp.(a) 1,052 277,234

Thomson Reuters Corp. (Canada) 1,077 122,854 MGM Resorts International(a) 2,118 71,017
TriNet Group, Inc.(a)* 1,040 70,512 Papa John's International, Inc.(a) 1,469 120,913
Verisk Analytics, Inc.(a) 574 101,265 Penn Entertainment, Inc.(a)* 5,428 161,212
Viad Corp.* 8 195 Starbucks Corp.(a) 1,092 108,326
Waste Management, Inc.(a) 763 119,700 Texas Roadhouse, Inc. 93 8,458

1,096,911 Wyndham Hotels & Resorts, Inc. 167 11,909

Yum! Brands, Inc. 525 67,242
Consumer Durables & Apparel — 2.0%
2,455,122
Cavco Industries, Inc.* 401 90,726

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Crocs, Inc.(a)* 1,320 143,128 Diversified Financials — 2.2%

Affiliated Managers Group, Inc. 416 65,907
DR Horton, Inc.(a) 1,016 90,566
Ethan Allen Interiors, Inc. 168 4,438 AssetMark Financial Holdings, Inc.* 12 276

GoPro, Inc., Class A* 9,262 46,125 Berkshire Hathaway, Inc., Class B(a)* 817 252,371
Kontoor Brands, Inc. 1,102 44,069 BlackRock, Inc.(a) 175 124,010
Leggett & Platt, Inc. 3,425 110,388 Cboe Global Markets, Inc. 279 35,006
Malibu Boats, Inc., Class A* 512 27,290 CME Group, Inc.(a) 414 69,618
NIKE, Inc., Class B 1,365 159,719 FactSet Research Systems, Inc. 58 23,270
NVR, Inc.* 3 13,838 Federated Hermes, Inc. 714 25,925

Skyline Champion Corp.(a)* 1,281 65,984 Franklin Resources, Inc.(a) 7,093 187,114

Steven Madden Ltd.(a) 2,491 79,612 Intercontinental Exchange, Inc.(a) 2,060 211,336
MarketAxess Holdings, Inc. 141 39,324
Tapestry, Inc.(a) 6,538 248,967
MSCI, Inc.(a) 388 180,486
Under Armour, Inc., Class C(a)* 11,165 99,592
Nasdaq, Inc.(a) 2,109 129,387
Vista Outdoor, Inc.(a)* 4,388 106,935
Open Lending Corp., Class A* 4,968 33,534
Whirlpool Corp.(a) 808 114,300
1,445,677 T Rowe Price Group, Inc.(a) 1,802 196,526

Consumer Services — 3.4% 1,574,090

Energy — 5.7%
Adtalem Global Education, Inc.* 2,538 90,099
Antero Resources Corp.(a)* 6,516 201,931
Airbnb, Inc., Class A(a)* 2,765 236,408
APA Corp. 572 26,701
Bloomin' Brands, Inc.(a) 2,317 46,618
Arch Resources, Inc.(a) 1,344 191,910
Booking Holdings, Inc.* 47 94,718
Baker Hughes Co.(a) 1,370 40,456
Boyd Gaming Corp. 395 21,539

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Energy — (Continued) Energy — (Continued)
Canadian Natural Resources Ltd. (Canada) 477 $ 26,488 W&T Offshore, Inc.* 8,088 $ 45,131
Cheniere Energy, Inc. 2,173 325,863
Weatherford International PLC (Ireland)* 1,389 70,728
Chevron Corp.(a) 1,236 221,850 4,082,172
Comstock Resources, Inc. 10,318 141,460
Food & Staples Retailing — 1.6%
ConocoPhillips(a) 977 115,286
Albertsons Cos., Inc., Class A(a) 5,034 104,405
CONSOL Energy, Inc.(a) 2,220 144,300
Casey's General Stores, Inc.(a) 761 170,730
Coterra Energy, Inc. 1 25
Costco Wholesale Corp.(a) 420 191,730
Crescent Point Energy Corp. (Canada) 8,389 59,981
Fresh Market Holdings, Inc. (The), Escrow
CVR Energy, Inc.(a) 1,208 37,859
Shares(b)* 14,027 —
Denbury, Inc.(a)* 912 79,362 Ingles Markets, Inc., Class A 114 10,996
DHT Holdings, Inc. (Marshall Islands) 14,361 127,526
Kroger Co. (The)(a) 2,694 120,099
Dril-Quip, Inc.* 734 19,943 PriceSmart, Inc. 164 9,968
Enbridge, Inc. (Canada) 698 27,292
Sprouts Farmers Market, Inc.* 635 20,555
Enerplus Corp. (Canada) 2,727 48,131
Sysco Corp.(a) 930 71,099
EOG Resources, Inc.(a) 751 97,269
US Foods Holding Corp.(a)* 4,358 148,259
EQT Corp.(a) 2,061 69,724
Walgreens Boots Alliance, Inc. 1,539 57,497
Equitrans Midstream Corp. 5,529 37,044
Walmart, Inc.(a) 1,632 231,401
Exxon Mobil Corp.(a) 1,867 205,930
Weis Markets, Inc. 50 4,115
FLEX LNG Ltd. (Bermuda) 1,802 58,907
1,140,854
Helmerich & Payne, Inc.(a) 1,159 57,452
Food, Beverage & Tobacco — 2.9%
Imperial Oil Ltd. (Canada) 1,258 61,315
Altria Group, Inc.(a) 3,079 140,741
Kinder Morgan, Inc.(a) 6,391 115,549

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Kosmos Energy Ltd.* 5,420 34,471 Archer-Daniels-Midland Co.(a) 2,370 220,054

Marathon Oil Corp.(a) 7,530 203,837 Boston Beer Co., Inc. (The), Class A* 24 7,908
Marathon Petroleum Corp.(a) 1,882 219,046 Brown-Forman Corp., Class B(a) 366 24,039
Murphy Oil Corp.(a) 790 33,978 Bunge Ltd. (Bermuda) 2,574 256,808

Nabors Industries Ltd. (Bermuda)* 98 15,177 Cal-Maine Foods, Inc.(a) 4,240 230,868
Campbell Soup Co. 818 46,421
NexTier Oilfield Solutions, Inc.* 5,007 46,265
Nordic American Tankers Ltd. (Bermuda) 6,774 20,728 Celsius Holdings, Inc.* 313 32,565

Occidental Petroleum Corp.(a) 3,281 206,670 Coca-Cola Co. (The)(a) 3,187 202,725
Patterson-UTI Energy, Inc. 66 1,111 Coca-Cola Consolidated, Inc. 49 25,106
Pembina Pipeline Corp. (Canada) 2,340 79,443 Constellation Brands, Inc., Class A 303 70,220
Dole PLC (Ireland) 500 4,825
Phillips 66(a) 177 18,422
Fresh Del Monte Produce, Inc. (Cayman
Pioneer Natural Resources Co.(a) 297 67,832 Islands) 34 890
Range Resources Corp.(a) 3,162 79,113 General Mills, Inc.(a) 647 54,251
Suncor Energy, Inc. (Canada) 2,522 80,023
Kellogg Co.(a) 1,121 79,860
Talos Energy, Inc.* 1,944 36,703 Keurig Dr Pepper, Inc. 3,282 117,036
TechnipFMC PLC (United Kingdom)* 6,803 82,929 Lamb Weston Holdings, Inc.(a) 1,074 95,973
US Silica Holdings, Inc.* 7,340 91,750 MGP Ingredients, Inc. 98 10,425
Valaris Ltd. (Bermuda)* 498 33,675 Molson Coors Beverage Co., Class B 288 14,838

Valero Energy Corp.(a) 409 51,886 Monster Beverage Corp.* 315 31,982
Vermilion Energy, Inc. (Canada) 1,339 23,700 PepsiCo, Inc.(a) 763 137,844

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Food, Beverage & Tobacco — (Continued) Health Care Equipment & Services — (Continued)
Philip Morris International, Inc.(a) 742 $ 75,098 Quest Diagnostics, Inc.(a) 563 $ 88,076
Pilgrim's Pride Corp.(a)* 6,353 150,757 Shockwave Medical, Inc.(a)* 952 195,741
Primo Water Corp. (Canada) 2,081 32,339 Signify Health, Inc., Class A* 3,159 90,537
TreeHouse Foods, Inc.* 616 30,418 STAAR Surgical Co.(a)* 1,930 93,682
2,093,991 Teladoc Health, Inc.* 2,738 64,754
Health Care Equipment & Services — 8.8%
Teleflex, Inc.(a) 568 141,790
Abbott Laboratories(a) 1,202 131,968
TransMedics Group, Inc.* 1,127 69,558
Acadia Healthcare Co., Inc.(a)* 295 24,284
UFP Technologies, Inc.* 24 2,829
Addus HomeCare Corp.* 63 6,268
UnitedHealth Group, Inc.(a) 169 89,600
Allscripts Healthcare Solutions, Inc.(a)* 10,710 188,924
ViewRay, Inc.* 776 3,476
AmerisourceBergen Corp.(a) 328 54,353
Zimmer Biomet Holdings, Inc.(a) 569 72,548
Avanos Medical, Inc.* 1,080 29,225 6,378,397
Axonics, Inc.(a)* 2,257 141,130 Household & Personal Products — 1.1%
Cardinal Health, Inc.(a) 3,782 290,722 Colgate-Palmolive Co. 592 46,644
Centene Corp.(a)* 3,250 266,532 Coty, Inc., Class A* 6,078 52,028
Cigna Corp.(a) 294 97,414 elf Beauty, Inc.(a)* 5,188 286,896
Cooper Cos., Inc. (The)(a) 125 41,334 Kimberly-Clark Corp.(a) 1,185 160,864
Cross Country Healthcare, Inc.* 2,413 64,113 Procter & Gamble Co. (The)(a) 1,325 200,817
CVS Health Corp.(a) 4,433 413,111 Spectrum Brands Holdings, Inc. 545 33,201

DaVita, Inc.(a)* 905 67,576 780,450

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DENTSPLY SIRONA, Inc. 1,257 40,023 Materials — 6.0%

Dexcom, Inc.(a)* 6,982 790,642 Air Products and Chemicals, Inc.(a) 530 163,378
Edwards Lifesciences Corp.(a)* 2,592 193,389 Albemarle Corp.(a) 2,554 553,860
Elevance Health, Inc.(a) 175 89,770 Alpha Metallurgical Resources, Inc.(a) 1,559 228,222
Enovis Corp.(a)* 4,226 226,176 ATI, Inc.* 1,350 40,311
Envista Holdings Corp.* 2,223 74,848 Avery Dennison Corp. 167 30,227

Fulgent Genetics, Inc.(a)* 2,910 86,660 Avient Corp.(a) 869 29,337

HCA Healthcare, Inc.(a) 562 134,858 Ball Corp.(a) 3,169 162,063

Hims & Hers Health, Inc.* 1,886 12,089 Celanese Corp.(a) 1,076 110,010

Hologic, Inc.(a)* 1,083 81,019 CF Industries Holdings, Inc.(a) 2,258 192,382

Chase Corp. 1 86
Humana, Inc.(a) 868 444,581
Dow, Inc.(a) 1,789 90,148
IDEXX Laboratories, Inc.* 235 95,871
DuPont de Nemours, Inc.(a) 766 52,571
Inspire Medical Systems, Inc.(a)* 1,196 301,248
Eagle Materials, Inc.(a) 117 15,543
Insulet Corp.(a)* 387 113,929
Eastman Chemical Co.(a) 2,092 170,373
Intuitive Surgical, Inc.* 294 78,013
First Majestic Silver Corp. (Canada) 8,457 70,531
Laboratory Corp. of America Holdings 123 28,964
Franco-Nevada Corp. (Canada) 2,452 334,649
Lantheus Holdings, Inc.(a)* 6,682 340,515
Freeport-McMoRan, Inc. 2,229 84,702
LivaNova PLC (United Kingdom)* 883 49,042 Greif, Inc., Class A 828 55,526
McKesson Corp.(a) 220 82,526 Hudbay Minerals, Inc. (Canada) 5,513 27,951
Medtronic PLC (Ireland) 2,066 160,570 Huntsman Corp. 1,160 31,877
Meridian Bioscience, Inc.* 536 17,801 IAMGOLD Corp. (Canada)* 2,230 5,753
Molina Healthcare, Inc.(a)* 480 158,506 Ingevity Corp.* 292 20,569
NextGen Healthcare, Inc.* 761 14,292 Innospec, Inc. 2 206

Option Care Health, Inc.* 1,114 33,520

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Materials — (Continued) Media & Entertainment — (Continued)
International Flavors & Fragrances, Inc. 1,077 $ 112,913 Netflix, Inc.(a)* 1,266 $ 373,318
International Paper Co.(a) 3,350 116,011 New York Times Co. (The), Class A 384 12,465
Linde PLC (Ireland) 107 34,901 News Corp., Class A(a) 7,372 134,170
Martin Marietta Materials, Inc. 186 62,862 Nexstar Media Group, Inc. 144 25,204
Mosaic Co. (The)(a) 3,803 166,838 PubMatic, Inc., Class A(a)* 1,372 17,575
Myers Industries, Inc. 11 245 Shutterstock, Inc. 1,227 64,687
Newmont Corp. 1,184 55,885 Sinclair Broadcast Group, Inc., Class A 1,610 24,971
Nucor Corp.(a) 2,657 350,219 Sirius XM Holdings, Inc.(a) 45,527 265,878
Nutrien Ltd. (Canada) 867 63,317
Stagwell, Inc.* 48 298
Olin Corp.(a) 4,209 222,824 TEGNA, Inc. 1,321 27,992
Packaging Corp. of America 485 62,036
TripAdvisor, Inc.(a)* 15,368 276,317
Perimeter Solutions SA (Luxembourg)* 3,658 33,434
ZipRecruiter, Inc., Class A* 2,987 49,046
PPG Industries, Inc. 208 26,154
4,554,707
Reliance Steel & Aluminum Co.(a) 443 89,681
Pharmaceuticals, Biotechnology & Life Sciences — 6.9%
Sealed Air Corp. 44 2,195
Aclaris Therapeutics, Inc.* 3 47
Silgan Holdings, Inc. 904 46,863
Amgen, Inc. 22 5,778
SSR Mining, Inc. (Canada) 1,529 23,959
Steel Dynamics, Inc. 471 46,017 Amphastar Pharmaceuticals, Inc.* 1,120 31,382
Sylvamo Corp. 688 33,430 Biogen, Inc.* 419 116,030
Teck Resources Ltd., Class B (Canada) 2,027 76,661 Bio-Techne Corp.(a) 839 69,536
TimkenSteel Corp.* 885 16,080 Bristol-Myers Squibb Co.(a) 6,017 432,923
Warrior Met Coal, Inc.(a) 2,346 81,265 Celldex Therapeutics, Inc.* 73 3,254

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Westlake Corp. 211 21,636 Charles River Laboratories International, Inc.* 129 28,109
Westrock Co.(a) 3,240 113,918 Corcept Therapeutics, Inc.* 1,548 31,440
4,329,619 Dynavax Technologies Corp.* 9,129 97,133
Media & Entertainment — 6.3%
Elanco Animal Health, Inc.(a)* 14,429 176,322
Activision Blizzard, Inc.(a) 1,472 112,682
Exelixis, Inc.(a)* 10,984 176,183
Alphabet, Inc., Class A(a)* 5,068 447,150
Harmony Biosciences Holdings, Inc.* 108 5,951
Bumble, Inc., Class A(a)* 1,340 28,207
Horizon Therapeutics PLC (Ireland)* 336 38,237
Cable One, Inc. 108 76,881
Illumina, Inc.(a)* 1,848 373,666
Charter Communications, Inc., Class A(a)* 1,747 592,408
Innoviva, Inc.* 620 8,215
Cinemark Holdings, Inc.(a)* 26,157 226,520
Ionis Pharmaceuticals, Inc.(a)* 4,452 168,152
Comcast Corp., Class A(a) 4,014 140,370
IQVIA Holdings, Inc.(a)* 2,381 487,843
Electronic Arts, Inc.(a) 3,481 425,308
Jazz Pharmaceuticals PLC (Ireland)* 1,425 227,017
Fox Corp., Class A(a) 5,250 159,442
Johnson & Johnson(a) 1,215 214,630
Integral Ad Science Holding Corp.* 142 1,248
Maravai LifeSciences Holdings, Inc., Class
Interpublic Group of Cos., Inc. (The) 1,325 44,136
A(a)* 7,124 101,944
Live Nation Entertainment, Inc.* 1,082 75,459
Merck & Co., Inc.(a) 2,201 244,201
Madison Square Garden Sports Corp. 193 35,383
Mettler-Toledo International, Inc.(a)* 112 161,890
Match Group, Inc.(a)* 10,839 449,710
Moderna, Inc.(a)* 811 145,672
Meta Platforms, Inc., Class A(a)* 3,888 467,882
Myovant Sciences Ltd. (Bermuda)* 398 10,730
Neurocrine Biosciences, Inc.(a)* 156 18,633
Organon & Co. 653 18,238
PerkinElmer, Inc. 778 109,091
Pfizer, Inc.(a) 4,594 235,397

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Pharmaceuticals, Biotechnology & Life Sciences — Semiconductors & Semiconductor Equipment —
(Continued) (Continued)
Provention Bio, Inc.* 2,353 $ 24,871 Axcelis Technologies, Inc.(a)* 2,434 $ 193,162
QIAGEN N. V. (Netherlands)* 3,253 162,227 Broadcom, Inc.(a) 298 166,621
Sarepta Therapeutics, Inc.(a)* 295 38,226 Cohu, Inc.* 173 5,545
SIGA Technologies, Inc.(a) 23,178 170,590 Diodes, Inc.* 777 59,161
TG Therapeutics, Inc.* 6,598 78,054 Enphase Energy, Inc.(a)* 2,181 577,878
Veracyte, Inc.* 3,910 92,784 GLOBALFOUNDRIES, Inc. (Cayman Islands)* 8,937 481,615
Vertex Pharmaceuticals, Inc.(a)* 454 131,106 Impinj, Inc.* 307 33,518
Viatris, Inc.(a) 21,597 240,375 Lam Research Corp.(a) 1,362 572,449
Vir Biotechnology, Inc.* 2,083 52,721 Lattice Semiconductor Corp.(a)* 1,828 118,601
West Pharmaceutical Services, Inc.(a) 711 167,334 MACOM Technology Solutions Holdings, Inc.* 197 12,407
Zoetis, Inc. 372 54,517 Marvell Technology, Inc.(a) 3,667 135,826
4,950,449 MaxLinear, Inc.(a)* 3,400 115,430
Retailing — 5.1%
Microchip Technology, Inc.(a) 3,850 270,462
Academy Sports & Outdoors, Inc.(a) 1,249 65,622 Monolithic Power Systems, Inc. 54 19,095
Amazon.com, Inc.(a)* 4,815 404,460 NXP Semiconductors NV (Netherlands) 2,256 356,516

AutoNation, Inc.(a)* 1,546 165,886 ON Semiconductor Corp.(a)* 5,986 373,347

AutoZone, Inc.(a)* 41 101,113 Photronics, Inc.* 4,712 79,303

Bath & Body Works, Inc.(a) 6,948 292,789 Power Integrations, Inc.(a) 732 52,499
Best Buy Co., Inc. 110 8,823 Qorvo, Inc.* 149 13,505
Buckle, Inc. (The) 2,598 117,819

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Dillard's, Inc., Class A 183 59,146 QUALCOMM, Inc.(a) 1,987 218,451

eBay, Inc.(a) 3,437 142,532 Rambus, Inc.(a)* 6,078 217,714
Etsy, Inc.(a)* 1,200 143,736 Semtech Corp.(a)* 3,824 109,710
Group 1 Automotive, Inc.(a) 318 57,358 Silicon Laboratories, Inc.(a)* 438 59,423
Home Depot, Inc. (The)(a) 272 85,914 Skyworks Solutions, Inc. 650 59,234
LKQ Corp.(a) 2,895 154,622 Synaptics, Inc.(a)* 2,539 241,611
Lowe's Cos., Inc.(a) 924 184,098 Teradyne, Inc. 915 79,925
Universal Display Corp. 314 33,925
MarineMax, Inc.* 1,424 44,457
Veeco Instruments, Inc.* 131 2,434
Murphy USA, Inc.(a) 1,409 393,872
4,840,902
Nordstrom, Inc.(a) 6,358 102,618
Software & Services — 11.1%
ODP Corp. (The)* 1,715 78,101
A10 Networks, Inc. 246 4,091
Ollie's Bargain Outlet Holdings, Inc.* 1,319 61,782 Accenture PLC, Class A (Ireland) 1,968 525,141
O'Reilly Automotive, Inc.* 103 86,935 Adobe, Inc.(a)* 703 236,581
Overstock.com, Inc.(a)* 4,986 96,529 Akamai Technologies, Inc.(a)* 2,442 205,861
Ross Stores, Inc.(a) 2,403 278,916 ANSYS, Inc.(a)* 318 76,826
Target Corp.(a) 1,513 225,498 Autodesk, Inc.(a)* 1,583 295,815
Ulta Beauty, Inc.(a)* 170 79,742 Automatic Data Processing, Inc.(a) 1,547 369,516
Urban Outfitters, Inc.(a)* 7,578 180,735 Bentley Systems, Inc., Class B 608 22,472
Warby Parker, Inc., Class A* 5,045 68,057 BlackBerry Ltd. (Canada)* 6,726 21,927
3,681,160 Box, Inc., Class A(a)* 2,619 81,529
Semiconductors & Semiconductor Equipment — 6.7% Broadridge Financial Solutions, Inc. 848 113,742
Analog Devices, Inc.(a) 630 103,339 Ceridian HCM Holding, Inc.(a)* 1,436 92,119
Applied Materials, Inc.(a) 803 78,196

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Software & Services — (Continued) Software & Services — (Continued)
Descartes Systems Group, Inc. (The) Workday, Inc., Class A* 510 $ 85,338
(Canada)* 466 $ 32,457
Yext, Inc.* 1,253 8,182
Docebo, Inc. (Canada)* 44 1,458 7,992,246
DocuSign, Inc.(a)* 6,024 333,850 Technology Hardware & Equipment — 5.5%
Dolby Laboratories, Inc., Class A 419 29,556
Amphenol Corp., Class A(a) 3,392 258,267
Dropbox, Inc., Class A(a)* 8,786 196,631
Apple, Inc.(a) 6,350 825,055
DXC Technology Co.(a)* 7,725 204,713
Arista Networks, Inc.* 1,085 131,665
Euronet Worldwide, Inc.(a)* 1,374 129,678
Avnet, Inc.(a) 477 19,834
Fidelity National Information Services, Inc.(a) 2,593 175,935 Badger Meter, Inc. 21 2,290
FleetCor Technologies, Inc.* 417 76,595 CDW Corp.(a) 1,703 304,122
Fortinet, Inc.(a)* 3,352 163,879 Cisco Systems, Inc.(a) 4,580 218,191
Gartner, Inc.(a)* 307 103,195 Corning, Inc.(a) 4,556 145,519
Global Payments, Inc. 925 91,871
Dell Technologies, Inc., Class C(a) 6,676 268,509
Hackett Group, Inc. (The) 14 285
Extreme Networks, Inc.* 1,284 23,510
InterDigital, Inc. 672 33,251
F5, Inc.(a)* 1,992 285,872
Jack Henry & Associates, Inc.(a) 936 164,324
Hewlett Packard Enterprise Co.(a) 11,579 184,801
KnowBe4, Inc., Class A* 1,067 26,440
HP, Inc.(a) 5,356 143,916
Manhattan Associates, Inc.(a)* 326 39,576
Infinera Corp.* 5,001 33,707
Microsoft Corp.(a) 2,100 503,622
IonQ, Inc.* 12,023 41,479
Model N, Inc.* 74 3,001
Jabil, Inc. 795 54,219
MongoDB, Inc.(a)* 1,106 217,705

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N-able, Inc.* 241 2,478 Keysight Technologies, Inc.* 485 82,969

NCR Corp.(a)* 3,838 89,848 NetApp, Inc.(a) 1,460 87,688
New Relic, Inc.* 846 47,757 NetScout Systems, Inc.* 2,130 69,246
Nutanix, Inc., Class A(a)* 8,744 227,781 OSI Systems, Inc.* 45 3,578
Palo Alto Networks, Inc.* 337 47,025 PC Connection, Inc. 9 422

Paychex, Inc.(a) 1,799 207,892 Sanmina Corp.* 688 39,415

TE Connectivity Ltd. (Switzerland) 1,217 139,711
Paycom Software, Inc.(a)* 64 19,860
Teledyne Technologies, Inc.(a)* 740 295,933
PayPal Holdings, Inc.(a)* 9,659 687,914
Trimble, Inc.(a)* 1,950 98,592
Qualys, Inc.(a)* 1,571 176,313
Vishay Intertechnology, Inc.(a) 3,784 81,621
Roper Technologies, Inc.(a) 73 31,543
Zebra Technologies Corp., Class A(a)* 447 114,615
Salesforce, Inc.(a)* 3,531 468,175
3,954,746
ServiceNow, Inc.(a)* 1,011 392,541
Telecommunication Services — 1.5%
Shift4 Payments, Inc., Class A(a)* 1,203 67,284
AT&T, Inc.(a) 8,728 160,683
Shopify, Inc., Class A (Canada)* 709 24,609
BCE, Inc. (Canada) 2,808 123,412
Splunk, Inc.(a)* 5,351 460,668
EchoStar Corp., Class A* 1,241 20,700
SPS Commerce, Inc.* 142 18,237
IDT Corp., Class B* 34 958
SS&C Technologies Holdings, Inc. 1,445 75,227
Iridium Communications, Inc.* 556 28,578
Tyler Technologies, Inc.* 95 30,629
Lumen Technologies, Inc.(a) 13,943 72,782
UserTesting, Inc.* 242 1,817
TELUS Corp. (Canada) 3,552 68,589
VeriSign, Inc.(a)* 544 111,759
T-Mobile US, Inc.(a)* 3,443 482,020
Verra Mobility Corp.* 1,448 20,026
Verizon Communications, Inc.(a) 3,338 131,517
WEX, Inc.* 707 115,701
1,089,239

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Transportation — 2.8% Utilities — (Continued)
ArcBest Corp.(a) 1,057 $ 74,032 Public Service Enterprise Group, Inc.(a) 3,257 $ 199,556
Canadian Pacific Railway Ltd. (Canada) 308 22,974 Southern Co. (The)(a) 1,931 137,893
CH Robinson Worldwide, Inc. 141 12,910 1,375,891
CSX Corp.(a) 1,961 60,752 TOTAL COMMON STOCKS
Expeditors International of Washington, Inc.(a) 5,389 560,025 (Cost $67,173,831) 68,368,090
Forward Air Corp. 452 47,410 OTHER ASSETS IN EXCESS OF LIABILITIES
Golden Ocean Group Ltd. (Bermuda) 6,235 54,182 - 5.2% 3,774,609

Hub Group, Inc., Class A* 857 68,123 NET ASSETS - 100.0% $72,142,699

Knight-Swift Transportation Holdings, Inc. 253 13,260

Landstar System, Inc. 220 35,838 (a) Security position is either entirely or partially designated as collateral for total
return swaps.
Matson, Inc.(a) 730 45,632
(b) Security is fair valued by the Adviser in accordance with the policies established
Norfolk Southern Corp.(a) 405 99,800 by the Board of Trustees.
Old Dominion Freight Line, Inc.(a) 387 109,823 * Non-income producing.

Ryder System, Inc.(a) 1,585 132,458 PLC Public Limited Company

Union Pacific Corp.(a) 617 127,762

United Airlines Holdings, Inc.(a)* 9,956 375,341
United Parcel Service, Inc., Class B(a) 834 144,983
XPO, Inc.(a)* 826 27,498
2,012,803
Utilities — 1.9%
AES Corp. (The) 2,296 66,033

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Ameren Corp. 36 3,201

American Water Works Co., Inc. 248 37,800
Constellation Energy Corp.(a) 4,917 423,895
Dominion Energy, Inc. 658 40,349
Entergy Corp.(a) 550 61,875
Exelon Corp.(a) 5,062 218,830
National Fuel Gas Co. 1,498 94,823
New Jersey Resources Corp. 165 8,187
NRG Energy, Inc. 783 24,915
Otter Tail Corp. 997 58,534

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Over-the-counter total return swaps outstanding as of December 31, 2022

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 8, 2027, 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 December 31, 2022.

The following table represents the individual long and short positions and related values of total return swaps as of December 31, 2022:

Total Return Swaps

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Long
Automobiles & Components
Adient PLC (Ireland) Morgan Stanley 982 $ 36,248 $ 34,066 $ (684)
American Axle & Manufacturing Holdings, Inc. Morgan Stanley 155 1,220 1,212 42
Aptiv PLC (Jersey) Morgan Stanley 945 98,648 88,008 (7,831)
BorgWarner, Inc. Morgan Stanley 304 11,046 12,236 1,711
Ford Motor Co. Morgan Stanley 4,199 52,158 48,834 (562)
General Motors Co. Morgan Stanley 5,449 210,410 183,304 (17,936)
Harley-Davidson, Inc. Morgan Stanley 160 7,204 6,656 (231)
Magna International, Inc. (Canada) Morgan Stanley 350 17,159 19,663 3,462
Modine Manufacturing Co. Morgan Stanley 158 3,259 3,138 13
Thor Industries, Inc. Morgan Stanley 65 4,622 4,907 555
Visteon Corp. Morgan Stanley 31 2,944 4,056 1,232
12,798 444,918 406,080 (20,229)
Capital Goods
3M Co. Morgan Stanley 431 52,210 51,686 2,211
A. O. Smith Corp. Morgan Stanley 101 5,470 5,781 557
Advanced Drainage Systems, Inc. Morgan Stanley 496 53,006 40,657 (10,185)

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Pembina Pipeline Corp. (Canada) Morgan Stanley 609 21,755 20,676 407
Phillips 66 Morgan Stanley 53 4,514 5,516 1,390
Pioneer Natural Resources Co. Morgan Stanley 81 17,759 18,500 2,240
Range Resources Corp. Morgan Stanley 863 22,969 21,592 (432)
Suncor Energy, Inc. (Canada) Morgan Stanley 656 18,026 20,815 4,002
Talos Energy, Inc. Morgan Stanley 546 8,556 10,308 2,105
TechnipFMC PLC (United Kingdom) Morgan Stanley 1,890 14,833 23,039 8,818
US Silica Holdings, Inc. Morgan Stanley 2,003 27,113 25,038 (1,096)
Valaris Ltd. (Bermuda) Morgan Stanley 158 6,919 10,684 4,050
Valero Energy Corp. Morgan Stanley 117 12,592 14,843 3,229
Vermilion Energy, Inc. (Canada) Morgan Stanley 337 6,936 5,965 (689)
W&T Offshore, Inc. Morgan Stanley 2,076 12,872 11,584 (799)
Weatherford International PLC (Ireland) Morgan Stanley 388 7,485 19,757 12,580
38,944 1,020,309 1,106,111 142,683
Food & Staples Retailing
Albertsons Cos., Inc., Class A Morgan Stanley 1,357 27,919 28,144 1,394
Casey's General Stores, Inc. Morgan Stanley 204 48,716 45,767 (934)
Costco Wholesale Corp. Morgan Stanley 90 40,913 41,085 1,973
Ingles Markets, Inc., Class A Morgan Stanley 41 3,433 3,955 681
Kroger Co. (The) Morgan Stanley 746 33,775 33,257 1,043
PriceSmart, Inc. Morgan Stanley 39 2,627 2,370 (146)
Sprouts Farmers Market, Inc. Morgan Stanley 175 4,772 5,665 1,090
Sysco Corp. Morgan Stanley 259 19,991 19,801 701
US Foods Holding Corp. Morgan Stanley 1,191 39,302 40,518 2,841
Walgreens Boots Alliance, Inc. Morgan Stanley 607 23,572 22,678 1,322

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Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Food & Staples Retailing — (continued)
Walmart, Inc. Morgan Stanley 462 $ 59,258 $ 65,507 $ 9,039
Weis Markets, Inc. Morgan Stanley 102 5,114 8,394 3,813
5,273 309,392 317,141 22,817
Food, Beverage & Tobacco
Altria Group, Inc. Morgan Stanley 857 37,479 39,173 4,746
Archer-Daniels-Midland Co. Morgan Stanley 527 42,860 48,932 8,334
Boston Beer Co., Inc. (The), Class A Morgan Stanley 7 2,326 2,307 75
Brown-Forman Corp., Class B Morgan Stanley 90 5,687 5,911 508
Bunge Ltd. (Bermuda) Morgan Stanley 709 69,925 70,737 3,814
Cal-Maine Foods, Inc. Morgan Stanley 1,136 64,322 61,855 684
Campbell Soup Co. Morgan Stanley 234 13,195 13,280 630
Celsius Holdings, Inc. Morgan Stanley 85 8,209 8,843 970
Coca-Cola Co. (The) Morgan Stanley 949 52,755 60,366 10,818
Coca-Cola Consolidated, Inc. Morgan Stanley 31 9,360 15,883 8,668
Constellation Brands, Inc., Class A Morgan Stanley 87 20,968 20,162 79
Dole PLC (Ireland) Morgan Stanley 137 1,397 1,322 (11)
Fresh Del Monte Produce, Inc. (Cayman Islands) Morgan Stanley 10 263 262 9
General Mills, Inc. Morgan Stanley 191 12,797 16,015 4,062
Kellogg Co. Morgan Stanley 313 21,919 22,298 1,836
Keurig Dr Pepper, Inc. Morgan Stanley 902 33,373 32,165 295
Lamb Weston Holdings, Inc. Morgan Stanley 294 23,189 26,272 4,113
MGP Ingredients, Inc. Morgan Stanley 28 3,157 2,979 (49)
Molson Coors Beverage Co., Class B Morgan Stanley 81 4,218 4,173 135

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Monster Beverage Corp. Morgan Stanley 83 8,382 8,427 390

PepsiCo, Inc. Morgan Stanley 216 35,422 39,023 5,752
Philip Morris International, Inc. Morgan Stanley 210 18,814 21,254 3,463
Pilgrim's Pride Corp. Morgan Stanley 1,761 46,721 41,789 (3,001)
Primo Water Corp. (Canada) Morgan Stanley 574 7,678 8,920 1,622
TreeHouse Foods, Inc. Morgan Stanley 174 5,586 8,592 3,236
9,686 550,002 580,940 61,178
Health Care Equipment & Services
Abbott Laboratories Morgan Stanley 319 31,958 35,023 5,127
Acadia Healthcare Co., Inc. Morgan Stanley 71 3,793 5,845 2,207
Addus HomeCare Corp. Morgan Stanley 20 2,029 1,990 43
Allscripts Healthcare Solutions, Inc. Morgan Stanley 3,121 48,142 55,054 8,903
AmerisourceBergen Corp. Morgan Stanley 85 11,881 14,085 2,822
Avanos Medical, Inc. Morgan Stanley 336 9,520 9,092 (35)
Axonics, Inc. Morgan Stanley 701 49,354 43,834 (3,582)
Cardinal Health, Inc. Morgan Stanley 1,067 72,193 82,020 13,806
Centene Corp. Morgan Stanley 864 66,301 70,857 7,298
Cigna Corp. Morgan Stanley 51 14,371 16,898 3,222
Cooper Cos., Inc. (The) Morgan Stanley 35 9,002 11,573 3,648
Cross Country Healthcare, Inc. Morgan Stanley 679 20,780 18,041 (1,881)
CVS Health Corp. Morgan Stanley 1,237 113,820 115,276 6,805
DaVita, Inc. Morgan Stanley 239 18,027 17,846 564
DENTSPLY SIRONA, Inc. Morgan Stanley 342 10,212 10,889 1,146
Dexcom, Inc. Morgan Stanley 1,919 210,974 217,308 15,062
Edwards Lifesciences Corp. Morgan Stanley 722 51,772 53,868 4,056

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Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Health Care Equipment & Services — (continued)
Elevance Health, Inc. Morgan Stanley 44 $ 18,903 $ 22,571 $ 4,625
Enovis Corp. Morgan Stanley 1,152 60,582 61,655 3,579
Envista Holdings Corp. Morgan Stanley 619 20,429 20,842 1,246
Fulgent Genetics, Inc. Morgan Stanley 756 41,664 22,514 (17,428)
HCA Healthcare, Inc. Morgan Stanley 150 28,568 35,994 9,019
Hims & Hers Health, Inc. Morgan Stanley 449 3,090 2,878 (86)
Hologic, Inc. Morgan Stanley 293 19,398 21,919 3,322
Humana, Inc. Morgan Stanley 239 125,460 122,413 1,935
IDEXX Laboratories, Inc. Morgan Stanley 67 23,586 27,333 4,723
Inspire Medical Systems, Inc. Morgan Stanley 324 74,921 81,609 9,787
Insulet Corp. Morgan Stanley 104 30,272 30,617 1,596
Intuitive Surgical, Inc. Morgan Stanley 82 21,883 21,759 780
Laboratory Corp. of America Holdings Morgan Stanley 37 8,477 8,713 589
Lantheus Holdings, Inc. Morgan Stanley 1,775 102,123 90,454 (7,444)
LivaNova PLC (United Kingdom) Morgan Stanley 246 14,339 13,663 (135)
McKesson Corp. Morgan Stanley 63 16,610 23,633 8,077
Medtronic PLC (Ireland) Morgan Stanley 564 46,249 43,834 (124)
Meridian Bioscience, Inc. Morgan Stanley 144 4,656 4,782 323
Molina Healthcare, Inc. Morgan Stanley 137 38,169 45,240 8,650
NextGen Healthcare, Inc. Morgan Stanley 206 4,017 3,869 17
Option Care Health, Inc. Morgan Stanley 321 9,014 9,659 1,014
Quest Diagnostics, Inc. Morgan Stanley 165 22,388 25,813 4,651
Shockwave Medical, Inc. Morgan Stanley 262 64,628 53,870 (8,325)

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Estee Lauder Cos., Inc. (The), Class A Morgan Stanley (1,251) (303,153) (310,386) (9,198)
Inter Parfums, Inc. Morgan Stanley (864) (70,876) (83,393) (13,630)
Olaplex Holdings, Inc. Morgan Stanley (620) (17,121) (3,230) 13,855
Reynolds Consumer Products, Inc. Morgan Stanley (1,816) (55,974) (54,444) 707
WD-40 Co. Morgan Stanley (413) (74,345) (66,580) 7,360
(28,431) (1,245,179) (1,210,621) 22,141
Materials
Agnico Eagle Mines Ltd. (Canada) Morgan Stanley (3,344) (200,443) (173,855) 23,221
Alamos Gold, Inc., Class A (Canada) Morgan Stanley (5,052) (43,830) (51,076) (8,236)
Algoma Steel Group, Inc. (Canada) Morgan Stanley (568) (3,529) (3,601) (80)
Arconic Corp. Morgan Stanley (6,966) (183,086) (147,401) 35,237
Ashland, Inc. Morgan Stanley (905) (100,394) (97,315) 2,589
Axalta Coating Systems Ltd. (Bermuda) Morgan Stanley (2,564) (84,986) (65,305) 19,540
Balchem Corp. Morgan Stanley (946) (124,436) (115,516) 7,988
Barrick Gold Corp. (Canada) Morgan Stanley (19,739) (327,028) (339,116) (14,833)
Bioceres Crop Solutions Corp. (Cayman Islands) Morgan Stanley (66) (770) (794) (27)
Cabot Corp. Morgan Stanley (4,157) (297,947) (277,854) 17,603
Century Aluminum Co. Morgan Stanley (5,135) (42,657) (42,004) 518
Cleveland-Cliffs, Inc. Morgan Stanley (42,835) (615,231) (690,072) (76,074)
Coeur Mining, Inc. Morgan Stanley (88,765) (398,041) (298,250) 98,992
Commercial Metals Co. Morgan Stanley (2,793) (119,506) (134,902) (17,621)
Compass Minerals International, Inc. Morgan Stanley (430) (25,782) (17,630) 7,921
Crown Holdings, Inc. Morgan Stanley (8,422) (666,191) (692,373) (27,954)
Ecolab, Inc. Morgan Stanley (1,364) (205,300) (198,544) 5,698

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Materials — (continued)
Element Solutions, Inc. Morgan Stanley (1,531) $ (39,068) $ (27,849) $ 10,717
Equinox Gold Corp. (Canada) Morgan Stanley (31,295) (234,974) (102,648) 131,855
ERO Copper Corp. (Canada) Morgan Stanley (112) (1,420) (1,540) (124)
Fortuna Silver Mines, Inc. (Canada) Morgan Stanley (32,638) (110,974) (122,393) (12,772)
HB Fuller Co. Morgan Stanley (2,239) (155,132) (160,357) (7,084)
Hecla Mining Co. Morgan Stanley (27,938) (147,526) (155,335) (8,269)
Kinross Gold Corp. (Canada) Morgan Stanley (5,809) (27,062) (23,759) 3,847
Lithium Americas Corp. (Canada) Morgan Stanley (9,807) (223,600) (185,843) 37,309
Louisiana-Pacific Corp. Morgan Stanley (811) (51,540) (48,011) 3,519
Materion Corp. Morgan Stanley (234) (19,824) (20,477) (694)
Mativ Holdings, Inc. Morgan Stanley (1,767) (43,150) (36,930) 4,888
Maverix Metals, Inc. (Canada) Morgan Stanley (90) (427) (421) 4
Methanex Corp. (Canada) Morgan Stanley (1,278) (48,274) (48,385) (427)
MP Materials Corp. Morgan Stanley (279) (16,265) (6,774) 9,457
Novagold Resources, Inc. (Canada) Morgan Stanley (3,347) (16,274) (20,015) (3,794)
Orla Mining Ltd. (Canada) Morgan Stanley (167) (635) (675) (42)
Pan American Silver Corp. (Canada) Morgan Stanley (4,362) (72,923) (71,275) 1,502
Piedmont Lithium, Inc. Morgan Stanley (315) (13,977) (13,866) 82
PureCycle Technologies, Inc. Morgan Stanley (1,955) (12,496) (13,216) (746)
Quaker Chemical Corp. Morgan Stanley (369) (81,540) (61,586) 18,945
Royal Gold, Inc. Morgan Stanley (251) (28,104) (28,293) (246)
RPM International, Inc. Morgan Stanley (1,538) (141,848) (149,878) (11,019)
Schnitzer Steel Industries, Inc., Class A Morgan Stanley (1,980) (80,164) (60,687) 18,610

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Scotts Miracle-Gro Co. (The) Morgan Stanley (4,143) (516,651) (201,308) 307,777
Sensient Technologies Corp. Morgan Stanley (919) (66,072) (67,013) (1,141)
Sherwin-Williams Co. (The) Morgan Stanley (310) (78,771) (73,572) 6,955
Sigma Lithium Corp. (Canada) Morgan Stanley (3,004) (92,812) (84,773) 7,852
SilverCrest Metals, Inc. (Canada) Morgan Stanley (1,347) (8,552) (8,082) 452
Sonoco Products Co. Morgan Stanley (3,157) (191,403) (191,661) (4,133)
Southern Copper Corp. Morgan Stanley (2,055) (108,984) (124,101) (16,643)
Stepan Co. Morgan Stanley (309) (37,419) (32,896) 3,838
TriMas Corp. Morgan Stanley (64) (1,755) (1,775) (25)
Trinseo PLC (Ireland) Morgan Stanley (1,292) (72,061) (29,341) 41,340
United States Steel Corp. Morgan Stanley (11,001) (283,816) (275,575) 6,988
Valvoline, Inc. Morgan Stanley (1,180) (40,651) (38,527) 1,929
Vulcan Materials Co. Morgan Stanley (124) (25,620) (21,714) 4,309
West Fraser Timber Co. Ltd. (Canada) Morgan Stanley (444) (41,448) (32,097) 9,071
Wheaton Precious Metals Corp. (Canada) Morgan Stanley (313) (16,044) (12,232) 3,638
Worthington Industries, Inc. Morgan Stanley (1,892) (100,959) (94,051) 4,649
Yamana Gold, Inc. (Canada) Morgan Stanley (26,825) (141,799) (148,879) (8,050)
(382,542) (6,831,171) (6,143,418) 638,806
Media & Entertainment
Advantage Solutions, Inc. Morgan Stanley (2,274) (8,135) (4,730) 3,388
Altice USA, Inc., Class A Morgan Stanley (31,904) (161,897) (146,758) 14,813
AMC Networks, Inc., Class A Morgan Stanley (2,464) (66,482) (38,611) 27,737
Angi, Inc. Morgan Stanley (19,733) (196,483) (46,373) 149,705
Cargurus, Inc. Morgan Stanley (17,252) (491,980) (241,701) 249,316
DISH Network Corp., Class A Morgan Stanley (41,401) (772,705) (581,270) 189,785
EW Scripps Co. (The), Class A Morgan Stanley (1,700) (22,141) (22,423) (504)

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Media & Entertainment — (continued)
Gray Television, Inc. Morgan Stanley (6,514) $ (139,509) $ (72,892) $ 64,593
IAC, Inc. Morgan Stanley (9,950) (703,355) (441,780) 260,086
Lions Gate Entertainment Corp., Class B (Canada) Morgan Stanley (8,544) (85,716) (46,394) 39,150
Madison Square Garden Entertainment Corp. Morgan Stanley (1,764) (93,682) (79,327) 14,167
Magnite, Inc. Morgan Stanley (6,422) (133,848) (68,009) 67,025
Omnicom Group, Inc. Morgan Stanley (1,073) (86,603) (87,525) (1,096)
ROBLOX Corp., Class A Morgan Stanley (19,799) (631,442) (563,480) 65,552
Roku, Inc. Morgan Stanley (11,586) (803,557) (471,550) 330,397
Scholastic Corp. Morgan Stanley (731) (26,620) (28,845) (2,399)
Shaw Communications, Inc., Class B (Canada) Morgan Stanley (582) (15,684) (16,750) (1,345)
Snap, Inc., Class A Morgan Stanley (36,960) (553,380) (330,792) 221,197
Vimeo, Inc. Morgan Stanley (1,782) (19,250) (6,112) 13,098
Warner Music Group Corp., Class A Morgan Stanley (1,313) (41,690) (45,981) (4,472)
WideOpenWest, Inc. Morgan Stanley (1,948) (37,392) (17,746) 19,570
World Wrestling Entertainment, Inc., Class A Morgan Stanley (1,189) (87,957) (81,470) 6,228
ZoomInfo Technologies, Inc. Morgan Stanley (1,400) (42,519) (42,154) 279
(228,285) (5,222,027) (3,482,673) 1,726,270
Pharmaceuticals, Biotechnology & Life Sciences
10X Genomics, Inc., Class A Morgan Stanley (6,916) (450,697) (252,019) 197,408
AbCellera Biologics, Inc. (Canada) Morgan Stanley (1,767) (20,075) (17,900) 2,420
Adaptive Biotechnologies Corp. Morgan Stanley (3,038) (125,832) (23,210) 102,368
Agenus, Inc. Morgan Stanley (1,851) (4,619) (4,442) 163
Amylyx Pharmaceuticals, Inc. Morgan Stanley (1,430) (50,615) (52,839) (2,376)

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Apellis Pharmaceuticals, Inc. Morgan Stanley (3,872) (185,015) (200,221) (15,578)

Arvinas, Inc. Morgan Stanley (747) (64,204) (25,555) 38,528
Aurinia Pharmaceuticals, Inc. (Canada) Morgan Stanley (3,431) (42,112) (14,822) 27,206
Avid Bioservices, Inc. Morgan Stanley (1,807) (42,204) (24,882) 17,239
Azenta, Inc. Morgan Stanley (938) (109,979) (54,610) 62,661
Bio-Rad Laboratories, Inc., Class A Morgan Stanley (942) (385,887) (396,102) (10,988)
Bridgebio Pharma, Inc. Morgan Stanley (146) (6,325) (1,113) 7,810
Bruker Corp. Morgan Stanley (1,179) (72,341) (80,585) (9,119)
CareDx, Inc. Morgan Stanley (1,004) (45,443) (11,456) 34,607
Catalent, Inc. Morgan Stanley (14,211) (970,997) (639,637) 328,977
Cogent Biosciences, Inc. Morgan Stanley (335) (3,952) (3,873) 64
Cronos Group, Inc. (Canada) Morgan Stanley (871) (2,219) (2,212) 1
CryoPort, Inc. Morgan Stanley (1,549) (27,760) (26,875) 828
Cytek Biosciences, Inc. Morgan Stanley (3,519) (45,503) (35,929) 9,482
Emergent BioSolutions, Inc. Morgan Stanley (1,924) (73,070) (22,722) 50,204
Exact Sciences Corp. Morgan Stanley (112) (8,614) (5,545) 3,050
FibroGen, Inc. Morgan Stanley (731) (11,039) (11,711) (695)
Halozyme Therapeutics, Inc. Morgan Stanley (7,522) (338,694) (428,002) (94,409)
Intellia Therapeutics, Inc. Morgan Stanley (127) (13,788) (4,431) 9,328
Intra-Cellular Therapies, Inc. Morgan Stanley (2,983) (152,280) (157,860) (6,341)
IVERIC bio, Inc. Morgan Stanley (151) (3,161) (3,233) (79)
Kura Oncology, Inc. Morgan Stanley (92) (1,072) (1,142) (73)
Myriad Genetics, Inc. Morgan Stanley (663) (11,956) (9,620) 2,319
Natera, Inc. Morgan Stanley (1,171) (44,583) (47,039) (2,798)
NeoGenomics, Inc. Morgan Stanley (10,532) (212,426) (97,316) 114,559
Novavax, Inc. Morgan Stanley (83) (15,767) (853) 21,253

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GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Pacira BioSciences, Inc. Morgan Stanley (1,165) $ (67,475) $ (44,981) $ 22,514
Perrigo Co. PLC (Ireland) Morgan Stanley (5,390) (237,738) (183,745) 49,728
Pliant Therapeutics, Inc. Morgan Stanley (1,074) (20,334) (20,760) (468)
Prestige Consumer Healthcare, Inc. Morgan Stanley (299) (18,630) (18,717) (126)
Prothena Corp. PLC (Ireland) Morgan Stanley (1,593) (93,928) (95,978) (2,239)
PTC Therapeutics, Inc. Morgan Stanley (1,028) (38,979) (39,239) (339)
Reata Pharmaceuticals, Inc., Class A Morgan Stanley (755) (19,898) (28,682) (9,193)
Revance Therapeutics, Inc. Morgan Stanley (2,664) (48,397) (49,177) (879)
Sana Biotechnology, Inc. Morgan Stanley (141) (2,236) (557) 1,932
Sotera Health Co. Morgan Stanley (6,069) (81,415) (50,555) 30,689
SpringWorks Therapeutics, Inc. Morgan Stanley (833) (46,229) (21,666) 24,469
Supernus Pharmaceuticals, Inc. Morgan Stanley (2,118) (61,706) (75,549) (14,053)
Syneos Health, Inc. Morgan Stanley (570) (38,370) (20,908) 17,385
Thermo Fisher Scientific, Inc. Morgan Stanley (902) (503,098) (496,722) 5,145
Ultragenyx Pharmaceutical, Inc. Morgan Stanley (1,558) (81,574) (72,182) 9,928
Ventyx Biosciences, Inc. Morgan Stanley (923) (24,770) (30,265) (5,607)
Waters Corp. Morgan Stanley (1,003) (339,979) (343,608) (5,904)
(103,729) (5,266,985) (4,251,047) 1,011,001
Retailing
Abercrombie & Fitch Co., Class A Morgan Stanley (3,813) (90,595) (87,356) 3,057
Advance Auto Parts, Inc. Morgan Stanley (1,163) (221,149) (170,996) 46,237
American Eagle Outfitters, Inc. Morgan Stanley (980) (18,173) (13,681) 4,152
Asbury Automotive Group, Inc. Morgan Stanley (1,124) (194,523) (201,477) (7,344)

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All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in
active markets, except for the following: one long security was fair valued with an end of period value of $0 and total return swaps with end of period unrealized appreciation of
$14,093,182, which are considered Level 2 as of and for the period ended December 31, 2022.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.

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GOTHAM INDEX PLUS FUND

Portfolio of Investments
December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — 45.8% COMMON STOCKS — (Continued)
Automobiles & Components — 0.3% Commercial & Professional Services — (Continued)
BorgWarner, Inc.(a) 14,347 $ 577,467 Robert Half International, Inc.(a) 6,762 $ 499,238
Ford Motor Co.(a) 22,920 266,559 Waste Management, Inc.(a) 4,955 777,340
General Motors Co.(a) 16,934 569,660 3,069,627
1,413,686 Consumer Durables & Apparel — 0.7%
Banks — 2.0% DR Horton, Inc.(a) 4,763 424,574
Bank of America Corp.(a) 17,591 582,614 Lennar Corp., Class A 582 52,671

Citigroup, Inc.(a) 11,376 514,537 NIKE, Inc., Class B(a) 3,790 443,468

First Republic Bank(a) 11,551 1,407,951 Tapestry, Inc.(a) 40,226 1,531,806

JPMorgan Chase & Co.(a) 13,890 1,862,649 Whirlpool Corp.(a) 2,920 413,063

PNC Financial Services Group, Inc. (The)(a) 7,645 1,207,451 2,865,582

Consumer Services — 1.2%
Signature Bank(a) 16,860 1,942,609
Booking Holdings, Inc.(a)* 189 380,888
SVB Financial Group(a)* 5,776 1,329,289
8,847,100 Las Vegas Sands Corp.(a)* 3,706 178,147

Capital Goods — 4.5% Marriott International, Inc., Class A(a) 6,282 935,327

3M Co.(a) 9,475 1,136,242 McDonald's Corp.(a) 6,800 1,792,004

A. O. Smith Corp.(a) 7,146 409,037 Starbucks Corp.(a) 12,605 1,250,416

AMETEK, Inc.(a) 2,101 293,552 Yum! Brands, Inc.(a) 5,652 723,908

Caterpillar, Inc.(a) 4,918 1,178,156 5,260,690

Deere & Co. 617 264,545 Diversified Financials — 2.5%

Dover Corp. 1,748 236,697 Berkshire Hathaway, Inc., Class B(a)* 853 263,492
Emerson Electric Co.(a) 11,318 1,087,207 BlackRock, Inc.(a) 624 442,185
Fortive Corp.(a) 6,106 392,310 Capital One Financial Corp.(a) 6,604 613,908

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General Dynamics Corp.(a) 2,763 685,528 Charles Schwab Corp. (The)(a) 10,209 850,001
General Electric Co.(a) 9,087 761,400 CME Group, Inc.(a) 4,029 677,517
Howmet Aerospace, Inc.(a) 10,189 401,548 Franklin Resources, Inc.(a) 46,407 1,224,217
IDEX Corp.(a) 4,139 945,058 Goldman Sachs Group, Inc. (The)(a) 1,485 509,919
Illinois Tool Works, Inc.(a) 4,032 888,249 Intercontinental Exchange, Inc.(a) 15,995 1,640,927
Johnson Controls International PLC (Ireland) 9,373 599,872 Invesco Ltd. (Bermuda) 24,438 439,640
Lockheed Martin Corp.(a) 4,428 2,154,178 Nasdaq, Inc.(a) 26,810 1,644,793
Masco Corp.(a) 25,507 1,190,412 Raymond James Financial, Inc. 80 8,548

Nordson Corp.(a) 947 225,121 S&P Global, Inc.(a) 3,264 1,093,244

Northrop Grumman Corp.(a) 499 272,259 T Rowe Price Group, Inc.(a) 13,641 1,487,687

PACCAR, Inc.(a) 7,443 736,634 10,896,078

Pentair PLC (Ireland) 39,387 1,771,627 Energy — 2.8%

Snap-on, Inc.(a) 3,089 705,806 APA Corp.(a) 12,018 561,000

Textron, Inc.(a) 24,531 1,736,795 Chevron Corp.(a) 5,359 961,887

Trane Technologies PLC (Ireland) 5,525 928,697 ConocoPhillips(a) 6,699 790,482
United Rentals, Inc.(a)* 426 151,409 Devon Energy Corp.(a) 7,324 450,499
WW Grainger, Inc.(a) 1,020 567,375 Diamondback Energy, Inc.(a) 3,574 488,852
19,719,714 EOG Resources, Inc.(a) 3,300 427,416
Commercial & Professional Services — 0.7% EQT Corp.(a) 28,194 953,803
Copart, Inc.* 732 44,572 Exxon Mobil Corp.(a) 8,655 954,646
Jacobs Solutions, Inc.(a) 4,433 532,270 Halliburton Co.(a) 16,313 641,917
Leidos Holdings, Inc.(a) 11,562 1,216,207 Kinder Morgan, Inc.(a) 62,047 1,121,810
Marathon Oil Corp.(a) 31,114 842,256
Marathon Petroleum Corp.(a) 11,826 1,376,428

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GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)
Energy — (Continued) Health Care Equipment & Services — (Continued)
Occidental Petroleum Corp.(a) 8,455 $ 532,580 Teleflex, Inc.(a) 7,023 $ 1,753,151
ONEOK, Inc.(a) 4,896 321,667 UnitedHealth Group, Inc.(a) 798 423,084
Pioneer Natural Resources Co.(a) 3,966 905,795 13,002,113

Valero Energy Corp.(a) 7,208 914,407 Household & Personal Products — 0.6%
12,245,445 Colgate-Palmolive Co.(a) 2,409 189,805
Food & Staples Retailing — 0.7% Kimberly-Clark Corp.(a) 4,516 613,047
Kroger Co. (The) 4,972 221,652 Procter & Gamble Co. (The)(a) 11,796 1,787,802
Walgreens Boots Alliance, Inc.(a) 11,436 427,249 2,590,654
Walmart, Inc.(a) 17,556 2,489,265 Insurance — 1.4%
3,138,166 Aflac, Inc.(a) 2,782 200,137
Food, Beverage & Tobacco — 2.5% Aon PLC, Class A (Ireland) 290 87,041
Altria Group, Inc.(a) 13,112 599,349 Arch Capital Group Ltd. (Bermuda)* 16,364 1,027,332
Archer-Daniels-Midland Co.(a) 6,890 639,736 Assurant, Inc.(a) 4,350 544,011
Campbell Soup Co.(a) 12,921 733,267 Brown & Brown, Inc.(a) 7,808 444,822
Coca-Cola Co. (The)(a) 27,024 1,718,997 Globe Life, Inc. 3,107 374,549

Constellation Brands, Inc., Class A(a) 3,377 782,620 Loews Corp.(a) 14,075 820,995

General Mills, Inc.(a) 8,511 713,647 Marsh & McLennan Cos., Inc.(a) 3,747 620,053

Hershey Co. (The)(a) 1,503 348,050 MetLife, Inc.(a) 6,149 445,003

Kellogg Co.(a) 14,157 1,008,545 Principal Financial Group, Inc.(a) 3,263 273,831

Keurig Dr Pepper, Inc.(a) 13,199 470,676 W R Berkley Corp.(a) 19,741 1,432,604

6,270,378

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Kraft Heinz Co. (The)(a) 10,865 442,314 Materials — 2.5%

Molson Coors Beverage Co., Class B 3,441 177,280 Air Products and Chemicals, Inc. 729 224,722

Mondelez International, Inc., Class A(a) 5,807 387,037 Celanese Corp.(a) 9,406 961,669

PepsiCo, Inc.(a) 3,514 634,839 CF Industries Holdings, Inc.(a) 10,292 876,878

Dow, Inc. 6,435 324,260
Philip Morris International, Inc.(a) 4,241 429,232
DuPont de Nemours, Inc.(a) 1,716 117,769
Tyson Foods, Inc., Class A(a) 31,872 1,984,032
11,069,621 Eastman Chemical Co.(a) 18,201 1,482,289

Health Care Equipment & Services — 3.0% Freeport-McMoRan, Inc.(a) 11,917 452,846

Abbott Laboratories(a) 6,683 733,727 International Paper Co.(a) 33,955 1,175,862

Linde PLC (Ireland) 828 270,077
AmerisourceBergen Corp.(a) 1,577 261,325
LyondellBasell Industries NV, Class A
Cardinal Health, Inc.(a) 6,446 495,504 (Netherlands) 2,881 239,209
Centene Corp.(a)* 3,233 265,138 Mosaic Co. (The)(a) 34,509 1,513,910
Cigna Corp.(a) 1,941 643,131 Newmont Corp. 1,255 59,236
CVS Health Corp.(a) 1,197 111,548 Nucor Corp.(a) 2,776 365,905
DENTSPLY SIRONA, Inc.(a) 61,271 1,950,869 Packaging Corp. of America(a) 7,283 931,569
HCA Healthcare, Inc.(a) 4,183 1,003,753 Steel Dynamics, Inc. 5,794 566,074

Hologic, Inc.(a)* 6,757 505,491 Westrock Co.(a) 36,664 1,289,106

Humana, Inc.(a) 2,130 1,090,965 10,851,381

Laboratory Corp. of America Holdings(a) 1,520 357,930 Media & Entertainment — 1.3%

McKesson Corp.(a) 1,675 628,326 Activision Blizzard, Inc.(a) 1,220 93,391

Medtronic PLC (Ireland) 23,472 1,824,244 Alphabet, Inc., Class A(a)* 8,632 761,602

Molina Healthcare, Inc.(a)* 1,847 609,916 Charter Communications, Inc., Class A(a)* 2,153 730,082
Quest Diagnostics, Inc. 2,199 344,011 Comcast Corp., Class A(a) 24,879 870,019

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GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)
Media & Entertainment — (Continued) Real Estate — (Continued)
Electronic Arts, Inc. 882 $ 107,763 UDR, Inc., REIT(a) 16,726 $ 647,798
Fox Corp., Class A(a) 25,813 783,941 VICI Properties, Inc., REIT(a) 34,980 1,133,352
Interpublic Group of Cos., Inc. (The)(a) 6,278 209,120 Welltower, Inc., REIT(a) 13,414 879,288
Meta Platforms, Inc., Class A(a)* 5,873 706,757 Weyerhaeuser Co., REIT(a) 41,002 1,271,062
Netflix, Inc.(a)* 898 264,802 11,170,661
News Corp., Class A(a) 18,255 332,241 Retailing — 1.6%
Omnicom Group, Inc.(a) 4,167 339,902 Amazon.com, Inc.* 886 74,424
Take-Two Interactive Software, Inc.* 286 29,781 AutoZone, Inc.(a)* 36 88,782
Warner Bros Discovery, Inc.* 27,790 263,449 Bath & Body Works, Inc.(a) 11,140 469,440
5,492,850 Best Buy Co., Inc.(a) 645 51,735
Pharmaceuticals, Biotechnology & Life Sciences — 3.0% Dollar General Corp. 389 95,791
AbbVie, Inc.(a) 76 12,282 eBay, Inc.(a) 9,954 412,792
Biogen, Inc.(a)* 1,291 357,504 Genuine Parts Co.(a) 4,527 785,480
Bristol-Myers Squibb Co.(a) 14,569 1,048,240 Home Depot, Inc. (The)(a) 1,124 355,027
Danaher Corp.(a) 2,020 536,148 LKQ Corp.(a) 11,327 604,975
Gilead Sciences, Inc.(a) 5,812 498,960 Lowe's Cos., Inc.(a) 3,770 751,135
Illumina, Inc.(a)* 1,025 207,255 O'Reilly Automotive, Inc.(a)* 1,493 1,260,137
Incyte Corp.* 563 45,220 Ross Stores, Inc.(a) 10,866 1,261,217
Johnson & Johnson(a) 8,910 1,573,951 Target Corp.(a) 1,220 181,829
Merck & Co., Inc.(a) 21,934 2,433,577 Ulta Beauty, Inc.(a)* 1,101 516,446

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Moderna, Inc.(a)* 11,135 2,000,069 6,909,210

Organon & Co.(a) 55,057 1,537,742 Semiconductors & Semiconductor Equipment — 3.0%

PerkinElmer, Inc.(a) 2,644 370,742 Applied Materials, Inc.(a) 8,282 806,501

Pfizer, Inc.(a) 17,583 900,953 Broadcom, Inc.(a) 2,525 1,411,803

Regeneron Pharmaceuticals, Inc.(a)* 375 270,559 KLA Corp.(a) 662 249,594

Thermo Fisher Scientific, Inc.(a) 1,398 769,865 Lam Research Corp.(a) 3,960 1,664,388
Micron Technology, Inc. 1,738 86,865
Vertex Pharmaceuticals, Inc.(a)* 2,305 665,638
NXP Semiconductors NV (Netherlands) 9,924 1,568,290
13,228,705
ON Semiconductor Corp.(a)* 35,361 2,205,465
Real Estate — 2.6%
Qorvo, Inc.(a)* 23,862 2,162,852
Alexandria Real Estate Equities, Inc., REIT(a) 5,655 823,764
QUALCOMM, Inc.(a) 17,804 1,957,372
American Tower Corp., REIT(a) 1,016 215,250
SolarEdge Technologies, Inc.* 55 15,580
AvalonBay Communities, Inc., REIT(a) 2,847 459,847
Teradyne, Inc.(a) 8,971 783,617
Camden Property Trust, REIT(a) 4,204 470,343
12,912,327
CBRE Group, Inc., Class A* 4,009 308,533
Software & Services — 3.4%
Crown Castle, Inc., REIT 1,382 187,454
Accenture PLC, Class A (Ireland) 3,232 862,427
Extra Space Storage, Inc., REIT(a) 2,746 404,156
Adobe, Inc.(a)* 2,680 901,900
Healthpeak Properties, Inc., REIT(a) 28,101 704,492
ANSYS, Inc.* 289 69,819
Mid-America Apartment Communities, Inc.,
REIT(a) 2,339 367,200 Autodesk, Inc.* 114 21,303
Automatic Data Processing, Inc. 1,232 294,276
Prologis, Inc., REIT(a) 4,008 451,822
Broadridge Financial Solutions, Inc.(a) 511 68,540
Public Storage, REIT(a) 2,172 608,573
Cadence Design Systems, Inc.* 108 17,349
Realty Income Corp., REIT(a) 24,739 1,569,195
Cognizant Technology Solutions Corp., Class A 22 1,258
SBA Communications Corp., REIT 429 120,253
Simon Property Group, Inc., REIT(a) 4,667 548,279

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Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)
Software & Services — (Continued) Utilities — 2.1%
DXC Technology Co.(a)* 13,444 $ 356,266 Constellation Energy Corp.(a) 24,438 $ 2,106,800
EPAM Systems, Inc.* 26 8,521 DTE Energy Co.(a) 5,047 593,174
FleetCor Technologies, Inc.(a)* 7,120 1,307,802 Exelon Corp.(a) 27,587 1,192,586
International Business Machines Corp. 1,463 206,122 NRG Energy, Inc.(a) 68,460 2,178,397
Jack Henry & Associates, Inc.(a) 2,829 496,659 PG&E Corp.* 6,744 109,658
Mastercard, Inc., Class A(a) 2,801 973,992 Public Service Enterprise Group, Inc.(a) 23,015 1,410,129
Microsoft Corp.(a) 15,346 3,680,278 Southern Co. (The)(a) 23,696 1,692,131
PayPal Holdings, Inc.(a)* 30,554 2,176,056 9,282,875
Roper Technologies, Inc.(a) 567 244,995 TOTAL COMMON STOCKS
(Cost $188,519,384) 199,747,250
Salesforce, Inc.(a)* 5,109 677,402
AFFILIATED EQUITY REGISTERED
ServiceNow, Inc.* 822 319,158
INVESTMENT COMPANY — 45.5%
Synopsys, Inc.* 289 92,275 Gotham Enhanced 500 ETF 9,510,300 198,848,009
VeriSign, Inc.(a)* 3,064 629,468 TOTAL AFFILIATED EQUITY REGISTERED
Visa, Inc., Class A(a) 6,802 1,413,184 INVESTMENT COMPANY
(Cost $232,808,996) 198,848,009
14,819,050
Technology Hardware & Equipment — 1.4%
TOTAL INVESTMENTS - 91.3%
Amphenol Corp., Class A 1,492 113,601
(Cost $421,328,380) 398,595,259
Apple, Inc. 237 30,793
OTHER ASSETS IN EXCESS OF LIABILITIES
CDW Corp. 728 130,006
- 8.7% 37,875,750
Cisco Systems, Inc.(a) 25,754 1,226,921
NET ASSETS - 100.0% $436,471,009
Corning, Inc. 4,489 143,379

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HP, Inc.(a) 18,405 494,542 (a) Security position is either entirely or partially designated as collateral for total
NetApp, Inc.(a) 23,032 1,383,302 return swaps.
* Non-income producing.
TE Connectivity Ltd. (Switzerland) 5,614 644,487
Zebra Technologies Corp., Class A(a)* 8,255 2,116,665 ETF Exchange-Traded Fund
PLC Public Limited Company
6,283,696
REIT Real Estate Investment Trust
Telecommunication Services — 0.6%
AT&T, Inc.(a) 45,963 846,179
Lumen Technologies, Inc.(a) 52,829 275,767
T-Mobile US, Inc.(a)* 4,284 599,760
Verizon Communications, Inc.(a) 17,822 702,187
2,423,893
Transportation — 1.4%
Alaska Air Group, Inc.* 1,177 50,540
CSX Corp.(a) 12,545 388,644
Expeditors International of Washington, Inc.(a) 8,547 888,204
Old Dominion Freight Line, Inc.(a) 2,678 759,963
Union Pacific Corp.(a) 6,154 1,274,309
United Airlines Holdings, Inc.(a)* 24,685 930,625
United Parcel Service, Inc., Class B(a) 9,730 1,691,463
5,983,748

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GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Media & Entertainment — (continued)
News Corp., Class A Morgan Stanley 22,371 $ 372,719 $ 407,152 $ 41,231
Omnicom Group, Inc. Morgan Stanley 6,159 423,042 502,390 92,324
Take-Two Interactive Software, Inc. Morgan Stanley 863 109,884 89,864 (18,637)
Warner Bros Discovery, Inc. Morgan Stanley 29,892 331,108 283,376 (49,723)
346,073 20,282,752 21,692,607 1,749,764
Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc. Morgan Stanley 2,249 331,831 363,461 62,862
Biogen, Inc. Morgan Stanley 4,153 917,722 1,150,049 244,275
Bristol-Myers Squibb Co. Morgan Stanley 25,062 1,559,966 1,803,211 306,195
Danaher Corp. Morgan Stanley 7,061 1,752,671 1,874,131 156,576
Gilead Sciences, Inc. Morgan Stanley 18,166 1,227,741 1,559,551 392,029
Illumina, Inc. Morgan Stanley 1,633 309,911 330,193 24,324
Incyte Corp. Morgan Stanley 954 82,460 76,625 (4,755)
Johnson & Johnson Morgan Stanley 20,448 2,862,026 3,612,139 1,031,227
Merck & Co., Inc. Morgan Stanley 26,526 2,228,009 2,943,060 892,115
Moderna, Inc. Morgan Stanley 12,224 1,450,745 2,195,675 763,810
Organon & Co. Morgan Stanley 57,376 1,446,931 1,602,512 199,895
PerkinElmer, Inc. Morgan Stanley 1,904 226,939 266,979 44,651
Pfizer, Inc. Morgan Stanley 70,086 2,800,223 3,591,207 1,043,218
Regeneron Pharmaceuticals, Inc. Morgan Stanley 444 262,363 320,342 61,403
Thermo Fisher Scientific, Inc. Morgan Stanley 1,425 794,757 784,733 712
Vertex Pharmaceuticals, Inc. Morgan Stanley 2,234 422,728 645,135 227,916
251,945 18,677,023 23,119,003 5,446,453

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Real Estate
Alexandria Real Estate Equities, Inc., REIT Morgan Stanley 8,326 1,364,359 1,212,848 (69,989)
American Tower Corp., REIT Morgan Stanley 2,160 494,426 457,618 (13,101)
AvalonBay Communities, Inc., REIT Morgan Stanley 9,651 1,642,955 1,558,830 (28,771)
Camden Property Trust, REIT Morgan Stanley 11,260 1,386,282 1,259,769 (100,656)
CBRE Group, Inc., Class A Morgan Stanley 12,350 879,817 950,456 82,239
Crown Castle, Inc., REIT Morgan Stanley 1,572 243,391 213,226 (11,942)
Extra Space Storage, Inc., REIT Morgan Stanley 7,128 1,157,766 1,049,099 (51,794)
Healthpeak Properties, Inc., REIT Morgan Stanley 32,367 775,766 811,441 64,264
Mid-America Apartment Communities, Inc., REIT Morgan Stanley 3,504 509,725 550,093 70,241
Prologis, Inc., REIT Morgan Stanley 5,940 648,775 669,616 35,602
Public Storage, REIT Morgan Stanley 5,077 1,378,161 1,422,525 163,998
Realty Income Corp., REIT Morgan Stanley 28,829 1,808,117 1,828,623 86,179
SBA Communications Corp., REIT Morgan Stanley 307 87,684 86,055 828
Simon Property Group, Inc., REIT Morgan Stanley 6,236 610,875 732,605 179,963
UDR, Inc., REIT Morgan Stanley 17,848 739,437 691,253 (32,531)
VICI Properties, Inc., REIT Morgan Stanley 38,091 1,256,901 1,234,148 14,039
Welltower, Inc., REIT Morgan Stanley 16,747 1,163,417 1,097,766 (41,989)
Weyerhaeuser Co., REIT Morgan Stanley 77,540 2,603,877 2,403,740 51,616
284,933 18,751,731 18,229,711 398,196
Retailing
Amazon.com, Inc. Morgan Stanley 83,254 9,635,795 6,993,336 (2,529,261)
AutoZone, Inc. Morgan Stanley 802 1,514,715 1,977,876 482,873
Bath & Body Works, Inc. Morgan Stanley 36,975 1,102,674 1,558,126 476,509
Best Buy Co., Inc. Morgan Stanley 6,353 427,755 509,574 111,920
Dollar General Corp. Morgan Stanley 1,865 468,321 459,256 (1,936)
eBay, Inc. Morgan Stanley 37,726 1,519,453 1,564,497 84,060

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Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Total Return Swaps (continued)

Number of Unrealized
Contracts Notional Appreciation/
Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Retailing — (continued)
Genuine Parts Co. Morgan Stanley 7,119 $ 1,122,949 $ 1,235,218 $ 137,422
Home Depot, Inc. (The) Morgan Stanley 2,672 798,668 843,978 71,180
LKQ Corp. Morgan Stanley 14,325 667,982 765,098 124,164
Lowe's Cos., Inc. Morgan Stanley 6,795 1,271,144 1,353,836 130,438
O'Reilly Automotive, Inc. Morgan Stanley 1,723 1,202,613 1,454,264 266,926
Ross Stores, Inc. Morgan Stanley 10,422 794,794 1,209,682 433,745
Target Corp. Morgan Stanley 1,395 207,522 207,911 10,289
Ulta Beauty, Inc. Morgan Stanley 1,124 387,652 527,235 144,636
212,550 21,122,037 20,659,887 (57,035)
Semiconductors & Semiconductor Equipment
Applied Materials, Inc. Morgan Stanley 22,044 1,917,319 2,146,645 278,825
Broadcom, Inc. Morgan Stanley 5,191 2,404,121 2,902,444 561,065
KLA Corp. Morgan Stanley 2,506 700,267 944,837 269,593
Lam Research Corp. Morgan Stanley 6,533 2,343,258 2,745,820 456,019
Micron Technology, Inc. Morgan Stanley 5,698 290,361 284,786 1,865
NXP Semiconductors NV (Netherlands) Morgan Stanley 18,638 2,852,490 2,945,363 149,591
ON Semiconductor Corp. Morgan Stanley 49,362 2,917,057 3,078,708 199,602
Qorvo, Inc. Morgan Stanley 25,113 2,428,130 2,276,242 (120,296)
QUALCOMM, Inc. Morgan Stanley 27,908 3,299,904 3,068,206 (129,915)
SolarEdge Technologies, Inc. Morgan Stanley 326 83,977 92,346 9,473
Teradyne, Inc. Morgan Stanley 9,112 776,007 795,933 27,498
172,431 20,012,891 21,281,330 1,703,320
Software & Services

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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 total return swaps with end of period unrealized appreciation of $95,001,958, which are considered Level 2 as of and for the period ended December
31, 2022.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.

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GOTHAM LARGE VALUE FUND

Portfolio of Investments
December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — 100.3% COMMON STOCKS — (Continued)
Automobiles & Components — 1.5% Consumer Services — (Continued)
Ford Motor Co. 26,386 $ 306,869 Expedia Group, Inc.* 1,026 $ 89,878
General Motors Co. 9,501 319,614 McDonald's Corp. 1,619 426,655
626,483 MGM Resorts International 2,698 90,464
Banks — 3.7% Starbucks Corp. 952 94,438
Citigroup, Inc. 12,435 562,435 792,021
Comerica, Inc. 859 57,424 Diversified Financials — 4.5%
Fifth Third Bancorp 4,389 144,003 Bank of New York Mellon Corp. (The) 2,739 124,679
KeyCorp. 6,121 106,628
Berkshire Hathaway, Inc., Class B* 1,048 323,727
Signature Bank 413 47,586
BlackRock, Inc. 556 393,998
SVB Financial Group* 387 89,064 CME Group, Inc. 378 63,565
Truist Financial Corp. 1,620 69,709 Franklin Resources, Inc. 3,201 84,442
US Bancorp 9,310 406,009 Intercontinental Exchange, Inc. 4,069 417,439
Zions Bancorp NA 625 30,725 Invesco Ltd. (Bermuda) 2,998 53,934
1,513,583 Nasdaq, Inc. 3,140 192,639
Capital Goods — 6.5% T Rowe Price Group, Inc. 1,884 205,469
3M Co. 3,628 435,070 1,859,892
A. O. Smith Corp. 1,017 58,213 Energy — 13.2%
Carrier Global Corp. 2,761 113,891 APA Corp. 2,723 127,110
Dover Corp. 366 49,560 Chevron Corp. 5,128 920,425
Emerson Electric Co. 2,224 213,637 ConocoPhillips 5,929 699,622
General Electric Co. 3,268 273,826 Devon Energy Corp. 4,096 251,945
IDEX Corp. 438 100,009 Diamondback Energy, Inc. 1,424 194,775
Illinois Tool Works, Inc. 1,032 227,350 EOG Resources, Inc. 2,446 316,806
Johnson Controls International PLC (Ireland) 3,842 245,888 EQT Corp. 2,415 81,699
Lockheed Martin Corp. 853 414,976

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Masco Corp. 1,479 69,025 Exxon Mobil Corp. 5,987 660,366

Pentair PLC (Ireland) 1,080 48,578 Marathon Oil Corp. 5,411 146,476
Snap-on, Inc. 428 97,794 Marathon Petroleum Corp. 3,946 459,275
Stanley Black & Decker, Inc. 954 71,665 Occidental Petroleum Corp. 6,200 390,538
Textron, Inc. 1,333 94,376 Phillips 66 3,157 328,580
Trane Technologies PLC (Ireland) 702 117,999 Pioneer Natural Resources Co. 1,823 416,355
WW Grainger, Inc. 40 22,250 Valero Energy Corp. 3,274 415,339
2,654,107 5,409,311
Commercial & Professional Services — 0.4% Food & Staples Retailing — 1.1%
Leidos Holdings, Inc. 876 92,146 Kroger Co. (The) 3,844 171,366
Robert Half International, Inc. 907 66,964 Walgreens Boots Alliance, Inc. 5,673 211,943
159,110 Walmart, Inc. 605 85,783

Consumer Durables & Apparel — 0.4% 469,092

Hasbro, Inc. 883 53,872 Food, Beverage & Tobacco — 6.6%
Mohawk Industries, Inc.* 416 42,523 Altria Group, Inc. 11,771 538,052
Whirlpool Corp. 454 64,223 Archer-Daniels-Midland Co. 3,724 345,773
Campbell Soup Co. 1,962 111,344
160,618
Coca-Cola Co. (The) 3,960 251,896
Consumer Services — 1.9%
General Mills, Inc. 3,950 331,207
Booking Holdings, Inc.* 26 52,397
Kellogg Co. 2,237 159,364
Caesars Entertainment, Inc.* 918 38,189 Kraft Heinz Co. (The) 5,411 220,282

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GOTHAM LARGE VALUE FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued) Materials — (Continued)
Molson Coors Beverage Co., Class B 1,386 $ 71,407 FMC Corp. 644 $ 80,371
Philip Morris International, Inc. 4,896 495,524 Freeport-McMoRan, Inc. 7,076 268,888
Tyson Foods, Inc., Class A 2,795 173,989 International Paper Co. 2,334 80,826
2,698,838 LyondellBasell Industries NV, Class A
(Netherlands) 2,147 178,265
Health Care Equipment & Services — 8.6%
Mosaic Co. (The) 2,304 101,077
Abbott Laboratories 2,521 276,781
Newmont Corp. 326 15,387
AmerisourceBergen Corp. 1,431 237,131
Nucor Corp. 2,158 284,446
Cardinal Health, Inc. 1,772 136,214
Packaging Corp. of America 615 78,665
Centene Corp.* 338 27,719
Sealed Air Corp. 949 47,336
Cigna Corp. 1,686 558,639
Steel Dynamics, Inc. 1,129 110,303
CVS Health Corp. 4,023 374,903
Westrock Co. 1,669 58,682
DaVita, Inc.* 592 44,205 1,948,142
DENTSPLY SIRONA, Inc. 1,411 44,926
Media & Entertainment — 4.8%
HCA Healthcare, Inc. 1,502 360,420
Alphabet, Inc., Class A* 3,425 302,188
Henry Schein, Inc.* 887 70,845
Charter Communications, Inc., Class A* 1,022 346,560
Humana, Inc. 589 301,680
Comcast Corp., Class A 21,331 745,945
Laboratory Corp. of America Holdings 752 177,081
Fox Corp., Class A 4,157 126,248
McKesson Corp. 1,195 448,268
Interpublic Group of Cos., Inc. (The) 3,287 109,490
Medtronic PLC (Ireland) 3,162 245,751
Match Group, Inc.* 1,786 74,101
Molina Healthcare, Inc.* 2 661
News Corp., Class A 3,832 69,743
Quest Diagnostics, Inc. 948 148,305
Omnicom Group, Inc. 1,725 140,708
Teleflex, Inc. 307 76,636
Paramount Global, Class B 4,258 71,875
3,530,165

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Household & Personal Products — 1.4% 1,986,858

Kimberly-Clark Corp. 1,316 178,647 Pharmaceuticals, Biotechnology & Life Sciences — 11.4%
Procter & Gamble Co. (The) 2,564 388,600 AbbVie, Inc. 3,892 628,986
567,247 Amgen, Inc. 1,740 456,994
Insurance — 2.0% Biogen, Inc.* 1,211 335,350
Aflac, Inc. 3,035 218,338 Bristol-Myers Squibb Co. 5,427 390,473
Arch Capital Group Ltd. (Bermuda)* 2,282 143,264 Gilead Sciences, Inc. 7,270 624,129
Assurant, Inc. 352 44,021 Johnson & Johnson 2,042 360,719
Cincinnati Financial Corp. 775 79,352 Merck & Co., Inc. 4,089 453,675
Globe Life, Inc. 625 75,344 Moderna, Inc.* 2,210 396,960
Lincoln National Corp. 1,101 33,823 Organon & Co. 1,670 46,643
Loews Corp. 1,409 82,187 Pfizer, Inc. 10,219 523,622
W R Berkley Corp. 1,707 123,877 Regeneron Pharmaceuticals, Inc.* 119 85,857
800,206 Vertex Pharmaceuticals, Inc.* 875 252,682
Materials — 4.8% Viatris, Inc. 7,957 88,561
Amcor PLC (Jersey) 2,542 30,275 West Pharmaceutical Services, Inc. 53 12,474
Ball Corp. 1,997 102,127 4,657,125
Celanese Corp. 712 72,795
Real Estate — 4.9%
CF Industries Holdings, Inc. 1,664 141,773
Alexandria Real Estate Equities, Inc., REIT 1,067 155,430
Dow, Inc. 4,619 232,751
AvalonBay Communities, Inc., REIT 781 126,147
Eastman Chemical Co. 788 64,175
Boston Properties, Inc., REIT 1,028 69,472

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GOTHAM LARGE VALUE FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)
Real Estate — (Continued) Software & Services — (Continued)
Camden Property Trust, REIT 637 $ 71,268 International Business Machines Corp. 1,282 $ 180,621
CBRE Group, Inc., Class A* 2,080 160,077 Jack Henry & Associates, Inc. 9 1,580
Digital Realty Trust, Inc., REIT 1,886 189,109 PayPal Holdings, Inc.* 3,151 224,414
Equity Residential, REIT 2,405 141,895 VeriSign, Inc.* 472 96,968
Essex Property Trust, Inc., REIT 424 89,854
1,471,143
Federal Realty Investment Trust, REIT 385 38,900
Technology Hardware & Equipment — 4.9%
Healthpeak Properties, Inc., REIT 3,527 88,422
Amphenol Corp., Class A 3,330 253,546
Mid-America Apartment Communities, Inc.,
Cisco Systems, Inc. 13,818 658,289
REIT 710 111,463
Corning, Inc. 5,707 182,282
Realty Income Corp., REIT 2,269 143,923
Simon Property Group, Inc., REIT 1,330 156,248 F5, Inc.* 485 69,602
UDR, Inc., REIT 2,054 79,552 HP, Inc. 8,246 221,570
Vornado Realty Trust, REIT 1,258 26,179 NetApp, Inc. 1,417 85,105
Welltower, Inc., REIT 2,237 146,635 Seagate Technology Holdings PLC (Ireland) 1,378 72,497
Weyerhaeuser Co., REIT 6,206 192,386 TE Connectivity Ltd. (Switzerland) 2,087 239,588

1,986,960 Teledyne Technologies, Inc.* 307 122,772

Retailing — 2.7% Zebra Technologies Corp., Class A* 341 87,436

Advance Auto Parts, Inc. 388 57,048 1,992,687
AutoZone, Inc.* 13 32,060 Telecommunication Services — 3.2%
Best Buy Co., Inc. 1,480 118,711 AT&T, Inc. 31,154 573,545
CarMax, Inc.* 1,009 61,438 Lumen Technologies, Inc. 6,775 35,366
eBay, Inc. 3,570 148,048 T-Mobile US, Inc.* 1,015 142,100
Genuine Parts Co. 924 160,323 Verizon Communications, Inc. 13,938 549,157

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LKQ Corp. 1,773 94,696 1,300,168

Lowe's Cos., Inc. 592 117,950 Transportation — 3.7%
O'Reilly Automotive, Inc.* 343 289,502 CH Robinson Worldwide, Inc. 820 75,079
Pool Corp. 133 40,210 CSX Corp. 3,697 114,533
1,119,986 Expeditors International of Washington, Inc. 1,339 139,149

Semiconductors & Semiconductor Equipment — 3.6% Norfolk Southern Corp. 1,425 351,149

Applied Materials, Inc. 4,088 398,090 Union Pacific Corp. 1,847 382,458

Lam Research Corp. 894 375,748 United Parcel Service, Inc., Class B 2,674 464,848

NXP Semiconductors NV (Netherlands) 1,368 216,185 1,527,216

ON Semiconductor Corp.* 2,765 172,453 Utilities — 0.9%

Constellation Energy Corp. 2,144 184,834
Qorvo, Inc.* 677 61,363
Exelon Corp. 4,306 186,149
QUALCOMM, Inc. 1,293 142,153
Teradyne, Inc. 1,041 90,931 370,983

1,456,923 TOTAL COMMON STOCKS

(Cost $36,539,521) 41,058,864
Software & Services — 3.6%
LIABILITIES IN EXCESS OF OTHER ASSETS
Accenture PLC, Class A (Ireland) 1,884 502,727
- (0.3)% (109,053)
Akamai Technologies, Inc.* 1,045 88,093 $40,949,811
NET ASSETS - 100.0%
DXC Technology Co.* 1,499 39,723
Fidelity National Information Services, Inc. 3,646 247,381
FleetCor Technologies, Inc.* 488 89,636

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GOTHAM LARGE VALUE FUND

Portfolio of Investments (Concluded)

December 31, 2022
(Unaudited)

* Non-income producing.
PLC Public Limited Company
REIT Real Estate Investment Trust

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For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.

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GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments
December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
COMMON STOCKS — 98.6% COMMON STOCKS — (Continued)
Automobiles & Components — 1.8% Capital Goods — (Continued)
Aptiv PLC (Jersey)* 15 $ 1,397 Honeywell International, Inc. 41 $ 8,786
BorgWarner, Inc. 14 563 Howmet Aerospace, Inc. 25 985
Ford Motor Co. 7,079 82,329 Huntington Ingalls Industries, Inc. 2 461
General Motors Co. 2,550 85,782 IDEX Corp. 4 913
Illinois Tool Works, Inc. 19 4,186
Tesla, Inc.* 750 92,385
Ingersoll Rand, Inc. 24 1,254
262,456
Johnson Controls International PLC (Ireland) 49 3,136
Banks — 1.2%
L3Harris Technologies, Inc. 11 2,290
Bank of America Corp. 480 15,898
Lockheed Martin Corp. 257 125,028
Citigroup, Inc. 86 3,890
Masco Corp. 397 18,528
Citizens Financial Group, Inc. 22 866
Nordson Corp. 3 713
Comerica, Inc. 6 401
Northrop Grumman Corp. 68 37,102
Fifth Third Bancorp 31 1,017
Otis Worldwide Corp. 25 1,958
First Republic Bank 12 1,463
PACCAR, Inc. 18 1,781
Huntington Bancshares, Inc. 63 888
Parker-Hannifin Corp. 7 2,037
JPMorgan Chase & Co. 1,019 136,648
Pentair PLC (Ireland) 290 13,044
KeyCorp. 42 732
Quanta Services, Inc. 8 1,140
M&T Bank Corp. 8 1,160
Raytheon Technologies Corp. 64 6,459
PNC Financial Services Group, Inc. (The) 25 3,949
Rockwell Automation, Inc. 5 1,288
Regions Financial Corp. 41 884
Snap-on, Inc. 3 686
Signature Bank 4 461
Stanley Black & Decker, Inc. 9 676
SVB Financial Group* 3 690 Textron, Inc. 12 850
Truist Financial Corp. 59 2,539 Trane Technologies PLC (Ireland) 129 21,684
US Bancorp 66 2,878 TransDigm Group, Inc. 3 1,889
Wells Fargo & Co. 217 8,960
United Rentals, Inc.* 4 1,422

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Zions Bancorp NA 7 344 Westinghouse Air Brake Technologies Corp. 8 799

183,668 WW Grainger, Inc. 3 1,669

Capital Goods — 2.9% Xylem, Inc. 8 885

3M Co. 974 116,802 435,314

A. O. Smith Corp. 9 515 Commercial & Professional Services — 0.2%
Allegion PLC (Ireland) 5 526 Cintas Corp. 5 2,258
AMETEK, Inc. 13 1,816 Copart, Inc.* 22 1,340
Boeing Co. (The)* 26 4,953 CoStar Group, Inc.* 17 1,314
Carrier Global Corp. 53 2,186 Equifax, Inc. 6 1,166
Caterpillar, Inc. 31 7,426 Jacobs Solutions, Inc. 7 840
Cummins, Inc. 8 1,938 Leidos Holdings, Inc. 7 736
Deere & Co. 18 7,718 Republic Services, Inc. 16 2,064
Dover Corp. 8 1,083 Robert Half International, Inc. 190 14,028
Eaton Corp. PLC (Ireland) 24 3,767 Rollins, Inc. 22 804
Emerson Electric Co. 37 3,554 Verisk Analytics, Inc. 8 1,411
Fastenal Co. 26 1,230 Waste Management, Inc. 19 2,981
Fortive Corp. 152 9,766
28,942
Generac Holdings, Inc.* 3 302
General Dynamics Corp. 17 4,218
General Electric Co. 70 5,865

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GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Consumer Durables & Apparel — 0.3% Diversified Financials — (Continued)
DR Horton, Inc. 16 $ 1,426 CME Group, Inc. 22 $ 3,700
Garmin Ltd. (Switzerland) 11 1,015 Discover Financial Services 17 1,663
Hasbro, Inc. 7 427 FactSet Research Systems, Inc. 2 802
Lennar Corp., Class A 125 11,312 Franklin Resources, Inc. 859 22,660
Mohawk Industries, Inc.* 3 307 Goldman Sachs Group, Inc. (The) 20 6,868
Newell Brands, Inc. 24 314 Intercontinental Exchange, Inc. 977 100,231
NIKE, Inc., Class B 68 7,957 Invesco Ltd. (Bermuda) 29 522
MarketAxess Holdings, Inc. 2 558
NVR, Inc.* 1 4,613
Moody's Corp. 11 3,065
PulteGroup, Inc. 11 501
Morgan Stanley 103 8,757
Ralph Lauren Corp. 4 423
MSCI, Inc. 3 1,396
Tapestry, Inc. 15 571
Nasdaq, Inc. 860 52,761
VF Corp. 24 663
Northern Trust Corp. 10 885
Whirlpool Corp. 103 14,570
Raymond James Financial, Inc. 12 1,282
44,099
S&P Global, Inc. 15 5,024
Consumer Services — 1.2%
State Street Corp. 16 1,241
Booking Holdings, Inc.* 3 6,046 Synchrony Financial 28 920
Caesars Entertainment, Inc.* 10 416 T Rowe Price Group, Inc. 395 43,079
Carnival Corp. (Panama)* 55 443 684,125

Chipotle Mexican Grill, Inc.* 1 1,388 Energy — 10.2%

Darden Restaurants, Inc. 7 968 APA Corp. 633 29,548
Domino's Pizza, Inc. 2 693 Baker Hughes Co. 60 1,772
Chevron Corp. 1,028 184,516
Expedia Group, Inc.* 276 24,178

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Hilton Worldwide Holdings, Inc. 12 1,516 ConocoPhillips 2,194 258,892

Las Vegas Sands Corp.* 33 1,586 Coterra Energy, Inc. 35 860
Marriott International, Inc., Class A 14 2,085 Devon Energy Corp. 1,152 70,859
McDonald's Corp. 368 96,979 Diamondback Energy, Inc. 310 42,402
MGM Resorts International 708 23,739 EOG Resources, Inc. 1,034 133,924
Norwegian Cruise Line Holdings Ltd. EQT Corp. 649 21,956
(Bermuda)* 18 220 Exxon Mobil Corp. 2,097 231,299
Halliburton Co. 53 2,085
Royal Caribbean Cruises Ltd. (Liberia)* 11 544
Hess Corp. 18 2,553
Starbucks Corp. 73 7,242
Kinder Morgan, Inc. 134 2,423
Wynn Resorts Ltd.* 4 330
Marathon Oil Corp. 1,321 35,759
Yum! Brands, Inc. 17 2,177
Marathon Petroleum Corp. 980 114,062
170,550 Occidental Petroleum Corp. 1,601 100,847
Diversified Financials — 4.6% ONEOK, Inc. 27 1,774
American Express Co. 33 4,876 Phillips 66 833 86,699
Ameriprise Financial, Inc. 6 1,868 Pioneer Natural Resources Co. 419 95,695
Bank of New York Mellon Corp. (The) 821 37,372 Schlumberger Ltd. (Curacao) 83 4,437
Berkshire Hathaway, Inc., Class B* 1,097 338,863 Targa Resources Corp. 9 661
BlackRock, Inc. 51 36,140 Valero Energy Corp. 694 88,041
Capital One Financial Corp. 23 2,138 Williams Cos., Inc. (The) 64 2,106
Cboe Global Markets, Inc. 5 627 1,513,170
Charles Schwab Corp. (The) 82 6,827

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GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Food & Staples Retailing — 0.6% Health Care Equipment & Services — (Continued)
Costco Wholesale Corp. 20 $ 9,130 DENTSPLY SIRONA, Inc. 377 $ 12,004
Kroger Co. (The) 44 1,962 Dexcom, Inc.* 17 1,925
Sysco Corp. 28 2,141
Edwards Lifesciences Corp.* 28 2,089
Walgreens Boots Alliance, Inc. 1,522 56,862
Elevance Health, Inc. 15 7,695
Walmart, Inc. 169 23,962
HCA Healthcare, Inc. 18 4,319
94,057
Henry Schein, Inc.* 6 479
Food, Beverage & Tobacco — 4.4%
Hologic, Inc.* 14 1,047
Altria Group, Inc. 3,158 144,352
Humana, Inc. 186 95,267
Archer-Daniels-Midland Co. 967 89,786
Brown-Forman Corp., Class B 21 1,379 IDEXX Laboratories, Inc.* 4 1,632

Campbell Soup Co. 524 29,737 Intuitive Surgical, Inc.* 15 3,980

Coca-Cola Co. (The) 2,016 128,238 Laboratory Corp. of America Holdings 158 37,206
Conagra Brands, Inc. 27 1,045 McKesson Corp. 256 96,031
Constellation Brands, Inc., Class A 11 2,549 Medtronic PLC (Ireland) 85 6,606
General Mills, Inc. 661 55,425 Molina Healthcare, Inc.* 3 991
Hershey Co. (The) 12 2,779 Quest Diagnostics, Inc. 201 31,444
Hormel Foods Corp. 25 1,139 ResMed, Inc. 6 1,249
J M Smucker Co. (The) 6 951 STERIS PLC (Ireland) 4 739
Kellogg Co. 585 41,675 Stryker Corp. 17 4,156
Keurig Dr Pepper, Inc. 63 2,247 Teleflex, Inc. 3 749
Kraft Heinz Co. (The) 73 2,972 UnitedHealth Group, Inc. 58 30,750
Lamb Weston Holdings, Inc. 7 626 Universal Health Services, Inc., Class B 4 564
McCormick & Co., Inc., non-voting shares 12 995 Zimmer Biomet Holdings, Inc. 10 1,275

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Molson Coors Beverage Co., Class B 13 670 871,810

Mondelez International, Inc., Class A 82 5,465 Household & Personal Products — 0.6%
Monster Beverage Corp.* 23 2,335 Church & Dwight Co., Inc. 11 887
PepsiCo, Inc. 61 11,020 Clorox Co. (The) 6 842
Philip Morris International, Inc. 853 86,332 Colgate-Palmolive Co. 49 3,861
Tyson Foods, Inc., Class A 634 39,466 Estee Lauder Cos., Inc. (The), Class A 15 3,722
651,183 Kimberly-Clark Corp. 27 3,665

Health Care Equipment & Services — 5.9% Procter & Gamble Co. (The) 499 75,628

Abbott Laboratories 755 82,891 88,605

Align Technology, Inc.* 4 844 Insurance — 0.5%

AmerisourceBergen Corp. 345 57,170 Aflac, Inc. 28 2,014
Baxter International, Inc. 23 1,172 Allstate Corp. (The) 12 1,627
Becton Dickinson and Co. 13 3,306 American International Group, Inc. 35 2,213
Aon PLC, Class A (Ireland) 12 3,602
Boston Scientific Corp.* 63 2,915
Cardinal Health, Inc. 462 35,514 Arch Capital Group Ltd. (Bermuda)* 633 39,740
Arthur J Gallagher & Co. 12 2,263
Centene Corp.* 36 2,952
Assurant, Inc. 3 375
Cigna Corp. 539 178,592
Brown & Brown, Inc. 17 969
Cooper Cos., Inc. (The) 4 1,323
Chubb Ltd. (Switzerland) 19 4,191
CVS Health Corp. 1,621 151,061
Cincinnati Financial Corp. 7 717
DaVita, Inc.* 159 11,873

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GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Insurance — (Continued) Materials — (Continued)
Everest Re Group Ltd. (Bermuda) 2 $ 663 Vulcan Materials Co. 6 $ 1,051
Globe Life, Inc. 5 603 Westrock Co. 448 15,752
Hartford Financial Services Group, Inc. (The) 15 1,137 405,660
Lincoln National Corp. 8 246 Media & Entertainment — 8.6%
Loews Corp. 11 642 Activision Blizzard, Inc. 338 25,874
Marsh & McLennan Cos., Inc. 30 4,964
Alphabet, Inc., Class A* 6,235 550,114
MetLife, Inc. 35 2,533
Charter Communications, Inc., Class A* 285 96,643
Principal Financial Group, Inc. 11 923
Comcast Corp., Class A 7,612 266,192
Progressive Corp. (The) 26 3,372
Prudential Financial, Inc. 16 1,591 DISH Network Corp., Class A* 31 435
Travelers Cos., Inc. (The) 13 2,437 Electronic Arts, Inc. 121 14,784
W R Berkley Corp. 16 1,161 Fox Corp., Class A 959 29,125
Willis Towers Watson PLC (Ireland) 6 1,468 Interpublic Group of Cos., Inc. (The) 688 22,917

79,451 Live Nation Entertainment, Inc.* 10 697

Materials — 2.7% Match Group, Inc.* 13 539
Air Products and Chemicals, Inc. 10 3,083 Meta Platforms, Inc., Class A* 1,379 165,949
Albemarle Corp. 5 1,084
Netflix, Inc.* 191 56,322
Amcor PLC (Jersey) 94 1,120
News Corp., Class A 49 892
Avery Dennison Corp. 4 724
Omnicom Group, Inc. 361 29,447
Ball Corp. 14 716
Paramount Global, Class B 40 675
Celanese Corp. 191 19,528
Take-Two Interactive Software, Inc.* 74 7,706
CF Industries Holdings, Inc. 355 30,246
Corteva, Inc. 43 2,528 Walt Disney Co. (The)* 78 6,777

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Dow, Inc. 1,239 62,433 Warner Bros Discovery, Inc.* 1,041 9,869
DuPont de Nemours, Inc. 30 2,059 1,284,957
Eastman Chemical Co. 212 17,265
Pharmaceuticals, Biotechnology & Life Sciences — 10.6%
Ecolab, Inc. 15 2,183
AbbVie, Inc. 442 71,432
FMC Corp. 8 998
Agilent Technologies, Inc. 13 1,945
Freeport-McMoRan, Inc. 89 3,382
Amgen, Inc. 459 120,552
International Flavors & Fragrances, Inc. 12 1,258
Biogen, Inc.* 217 60,092
International Paper Co. 627 21,713
Linde PLC (Ireland) 30 9,785 Bio-Rad Laboratories, Inc., Class A* 2 841
LyondellBasell Industries NV, Class A Bio-Techne Corp. 6 497
(Netherlands) 562 46,663 Bristol-Myers Squibb Co. 776 55,833
Martin Marietta Materials, Inc. 3 1,014 Catalent, Inc.* 7 315
Mosaic Co. (The) 600 26,322
Charles River Laboratories International, Inc.* 3 654
Newmont Corp. 49 2,313
Danaher Corp. 315 83,607
Nucor Corp. 479 63,137
Eli Lilly & Co. 41 14,999
Packaging Corp. of America 164 20,977
Gilead Sciences, Inc. 2,121 182,088
PPG Industries, Inc. 14 1,760
Illumina, Inc.* 69 13,952
Sealed Air Corp. 255 12,719
Sherwin-Williams Co. (The) 15 3,560 Incyte Corp.* 96 7,711
Steel Dynamics, Inc. 310 30,287 IQVIA Holdings, Inc.* 8 1,639
Johnson & Johnson 1,179 208,270
Merck & Co., Inc. 3,011 334,070
Mettler-Toledo International, Inc.* 1 1,445
Moderna, Inc.* 134 24,069

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GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Pharmaceuticals, Biotechnology & Life Sciences — Real Estate — (Continued)
(Continued) Welltower, Inc., REIT 270 $ 17,698
Organon & Co. 448 $ 12,513 Weyerhaeuser Co., REIT 1,300 40,300
PerkinElmer, Inc. 7 982 328,724
Pfizer, Inc. 3,811 195,276
Retailing — 4.9%
Regeneron Pharmaceuticals, Inc.* 52 37,517 Advance Auto Parts, Inc. 3 441
Thermo Fisher Scientific, Inc. 17 9,362
Amazon.com, Inc.* 5,269 442,596
Vertex Pharmaceuticals, Inc.* 385 111,180
AutoZone, Inc.* 1 2,466
Viatris, Inc. 2,124 23,640
Bath & Body Works, Inc. 14 590
Waters Corp.* 3 1,028 Best Buy Co., Inc. 14 1,123
West Pharmaceutical Services, Inc. 4 941
CarMax, Inc.* 277 16,866
Zoetis, Inc. 21 3,078
Dollar General Corp. 13 3,201
1,579,528
Dollar Tree, Inc.* 13 1,839
Real Estate — 2.2%
eBay, Inc. 1,001 41,511
Alexandria Real Estate Equities, Inc., REIT 10 1,457
Etsy, Inc.* 5 599
American Tower Corp., REIT 200 42,372
Genuine Parts Co. 249 43,204
AvalonBay Communities, Inc., REIT 184 29,720
Home Depot, Inc. (The) 64 20,215
Boston Properties, Inc., REIT 275 18,584
LKQ Corp. 476 25,423
Camden Property Trust, REIT 18 2,014
Lowe's Cos., Inc. 40 7,970
CBRE Group, Inc., Class A* 559 43,021
O'Reilly Automotive, Inc.* 69 58,238
Crown Castle, Inc., REIT 186 25,229
Pool Corp. 2 605
Digital Realty Trust, Inc., REIT 13 1,304
Ross Stores, Inc. 468 54,321
Equinix, Inc., REIT 4 2,620
Target Corp. 28 4,173
Equity Residential, REIT 17 1,003

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Essex Property Trust, Inc., REIT 3 636 TJX Cos., Inc. (The) 70 5,572
Extra Space Storage, Inc., REIT 7 1,030 Tractor Supply Co. 6 1,350
Federal Realty Investment Trust, REIT 4 404 Ulta Beauty, Inc.* 3 1,407
Healthpeak Properties, Inc., REIT 24 602 733,710
Host Hotels & Resorts, Inc., REIT 31 498
Semiconductors & Semiconductor Equipment — 4.2%
Invitation Homes, Inc., REIT 27 800
Advanced Micro Devices, Inc.* 71 4,599
Iron Mountain, Inc., REIT 12 598
Analog Devices, Inc. 22 3,609
Kimco Realty Corp., REIT 36 762
Applied Materials, Inc. 1,476 143,733
Mid-America Apartment Communities, Inc.,
REIT 6 942 Broadcom, Inc. 26 14,537
Prologis, Inc., REIT 47 5,298 Enphase Energy, Inc.* 5 1,325
Public Storage, REIT 10 2,802 First Solar, Inc.* 4 599
Realty Income Corp., REIT 1,103 69,963 Intel Corp. 245 6,475
Regency Centers Corp., REIT 10 625 KLA Corp. 61 22,999
SBA Communications Corp., REIT 47 13,175 Lam Research Corp. 241 101,292
Simon Property Group, Inc., REIT 19 2,232 Microchip Technology, Inc. 33 2,318
UDR, Inc., REIT 15 581 Micron Technology, Inc. 467 23,341
Ventas, Inc., REIT 18 811 Monolithic Power Systems, Inc. 2 707
VICI Properties, Inc., REIT 43 1,393 NVIDIA Corp. 108 15,783
Vornado Realty Trust, REIT 12 250 NXP Semiconductors NV (Netherlands) 451 71,272
ON Semiconductor Corp.* 762 47,526
Qorvo, Inc.* 184 16,678
QUALCOMM, Inc. 978 107,521

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GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Semiconductors & Semiconductor Equipment — Software & Services — (Continued)
(Continued)
VeriSign, Inc.* 6 $ 1,233
Skyworks Solutions, Inc. 9 $ 820
Visa, Inc., Class A 892 185,322
SolarEdge Technologies, Inc.* 24 6,798 1,948,318
Teradyne, Inc. 272 23,759
Technology Hardware & Equipment — 10.4%
Texas Instruments, Inc. 40 6,609
Amphenol Corp., Class A 1,100 83,754
622,300 Apple, Inc. 6,874 893,139
Software & Services — 13.1%
Arista Networks, Inc.* 16 1,942
Accenture PLC, Class A (Ireland) 879 234,552
CDW Corp. 7 1,250
Adobe, Inc.* 194 65,287 Cisco Systems, Inc. 7,224 344,151
Akamai Technologies, Inc.* 278 23,435 Corning, Inc. 1,308 41,777
ANSYS, Inc.* 38 9,180 F5, Inc.* 106 15,212
Autodesk, Inc.* 93 17,379 Hewlett Packard Enterprise Co. 57 910
Automatic Data Processing, Inc. 24 5,733 HP, Inc. 1,907 51,241
Broadridge Financial Solutions, Inc. 6 805 Juniper Networks, Inc. 19 607

Cadence Design Systems, Inc.* 118 18,955 Keysight Technologies, Inc.* 8 1,368
Motorola Solutions, Inc. 10 2,577
Ceridian HCM Holding, Inc.* 7 449
NetApp, Inc. 380 22,823
Cognizant Technology Solutions Corp., Class A 220 12,582
Seagate Technology Holdings PLC (Ireland) 13 684
DXC Technology Co.* 14 371
TE Connectivity Ltd. (Switzerland) 560 64,288
EPAM Systems, Inc.* 25 8,193
Teledyne Technologies, Inc.* 3 1,200
Fidelity National Information Services, Inc. 38 2,578
Trimble, Inc.* 11 556
Fiserv, Inc.* 28 2,830
Western Digital Corp.* 20 631

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FleetCor Technologies, Inc.* 130 23,878 Zebra Technologies Corp., Class A* 92 23,590
Fortinet, Inc.* 35 1,711 1,551,700

Gartner, Inc.* 4 1,345 Telecommunication Services — 3.0%

Gen Digital, Inc. 35 750 AT&T, Inc. 9,685 178,301
Global Payments, Inc. 12 1,192 Lumen Technologies, Inc. 1,822 9,511
International Business Machines Corp. 58 8,172 T-Mobile US, Inc.* 75 10,500
Intuit, Inc. 12 4,671 Verizon Communications, Inc. 6,243 245,974
Jack Henry & Associates, Inc. 4 702 444,286
Mastercard, Inc., Class A 416 144,656 Transportation — 3.8%
Microsoft Corp. 3,858 925,226
Alaska Air Group, Inc.* 5 215
Oracle Corp. 167 13,651
Paychex, Inc. 21 2,427 American Airlines Group, Inc.* 29 369
CH Robinson Worldwide, Inc. 6 549
Paycom Software, Inc.* 2 621
CSX Corp. 161 4,988
PayPal Holdings, Inc.* 1,376 97,999
Delta Air Lines, Inc.* 28 920
PTC, Inc.* 5 600 Expeditors International of Washington, Inc. 284 29,513
Roper Technologies, Inc. 47 20,308 FedEx Corp. 16 2,771
Salesforce, Inc.* 425 56,351 JB Hunt Transport Services, Inc. 5 872
ServiceNow, Inc.* 87 33,779 Norfolk Southern Corp. 408 100,539

Synopsys, Inc.* 66 21,073 Old Dominion Freight Line, Inc. 5 1,419

Tyler Technologies, Inc.* 1 322 Southwest Airlines Co.* 26 875

Union Pacific Corp. 1,079 223,429

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GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Concluded)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Transportation — (Continued) Utilities — (Continued)
United Airlines Holdings, Inc.* 15 $ 566 NiSource, Inc. 18 $ 494
United Parcel Service, Inc., Class B 1,131 196,613 NRG Energy, Inc. 15 477

563,638 PG&E Corp.* 852 13,853

Utilities — 0.7% Pinnacle West Capital Corp. 5 380

AES Corp. (The) 40 1,150 PPL Corp. 44 1,286

Alliant Energy Corp. 11 607 Public Service Enterprise Group, Inc. 32 1,961

Ameren Corp. 11 978 Sempra Energy 13 2,009

American Electric Power Co., Inc. 22 2,089 Southern Co. (The) 48 3,428

American Water Works Co., Inc. 8 1,219 WEC Energy Group, Inc. 14 1,313

Atmos Energy Corp. 6 672 Xcel Energy, Inc. 24 1,683

CenterPoint Energy, Inc. 27 810 108,878

CMS Energy Corp. 12 760 TOTAL COMMON STOCKS
Consolidated Edison, Inc. 15 1,430 (Cost $13,901,422) 14,679,129
Constellation Energy Corp. 576 49,657 OTHER ASSETS IN EXCESS OF LIABILITIES
Dominion Energy, Inc. 48 2,943 - 1.4% 210,359

DTE Energy Co. 12 1,410 NET ASSETS - 100.0% $14,889,488

Duke Energy Corp. 33 3,399
Edison International 17 1,082 * Non-income producing.
Entergy Corp. 8 900
PLC Public Limited Company
Evergy, Inc. 10 629 REIT Real Estate Investment Trust
Eversource Energy 15 1,258
Exelon Corp. 62 2,680
FirstEnergy Corp. 25 1,048

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NextEra Energy, Inc. 87 7,273

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.

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GOTHAM HEDGED CORE FUND

Portfolio of Investments
December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value
LONG POSITIONS — 138.8% COMMON STOCKS — (Continued)
COMMON STOCKS — 138.8% Food & Staples Retailing — 1.8%
Capital Goods — 3.0% Sysco Corp.† 91 $ 6,957
3M Co.† 252 $ 30,220 Walmart, Inc.† 799 113,290
Lockheed Martin Corp.† 253 123,082 120,247
Masco Corp. 79 3,687 Food, Beverage & Tobacco — 13.8%
Northrop Grumman Corp.† 22 12,003 Altria Group, Inc.† 1,234 56,406
Pentair PLC (Ireland)† 523 23,525 Archer-Daniels-Midland Co.† 15 1,393
192,517
Campbell Soup Co.† 2,474 140,400
Commercial & Professional Services — 1.8%
Coca-Cola Co. (The)† 997 63,419
Leidos Holdings, Inc. 318 33,450
General Mills, Inc.† 1,589 133,238
Robert Half International, Inc.† 1,089 80,401
Hershey Co. (The) 152 35,199
113,851 Hormel Foods Corp. 117 5,329
Consumer Durables & Apparel — 1.1%
Kellogg Co.† 2,313 164,778
Hasbro, Inc. 135 8,236
Keurig Dr Pepper, Inc. 937 33,413
NIKE, Inc., Class B 285 33,348
Kraft Heinz Co. (The)† 1,378 56,098
Tapestry, Inc. 96 3,656
Lamb Weston Holdings, Inc. 579 51,740
Whirlpool Corp. 182 25,746
PepsiCo, Inc.† 127 22,944
70,986
Philip Morris International, Inc.† 196 19,837
Consumer Services — 4.8%
Tyson Foods, Inc., Class A† 1,765 109,871
Domino's Pizza, Inc.† 44 15,242
894,065
Expedia Group, Inc.†* 1,237 108,361
Health Care Equipment & Services — 14.6%
McDonald's Corp.† 435 114,636
MGM Resorts International 2,114 70,882 Abbott Laboratories† 248 27,228
AmerisourceBergen Corp.† 317 52,530

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309,121 Cardinal Health, Inc. 944 72,565

Diversified Financials — 10.3% Cigna Corp. 222 73,558

Berkshire Hathaway, Inc., Class B†* 410 126,649 DaVita, Inc.†* 1,328 99,162
BlackRock, Inc. 3 2,126 DENTSPLY SIRONA, Inc. 1,329 42,315

Cboe Global Markets, Inc.† 920 115,432 Humana, Inc.† 339 173,632

CME Group, Inc.† 608 102,241 Laboratory Corp. of America Holdings† 356 83,831

Intercontinental Exchange, Inc.† 1,318 135,214 McKesson Corp.† 284 106,534

MarketAxess Holdings, Inc. 133 37,092 Molina Healthcare, Inc.* 189 62,412
Nasdaq, Inc.† 2,145 131,596 Quest Diagnostics, Inc.† 960 150,182
T Rowe Price Group, Inc.† 134 14,614 943,949
664,964 Household & Personal Products — 3.1%
Energy — 3.0% Kimberly-Clark Corp.† 837 113,623
Baker Hughes Co. 806 23,801 Procter & Gamble Co. (The)† 598 90,633
Chevron Corp. 293 52,591
204,256
ConocoPhillips 8 944
Insurance — 0.2%
EOG Resources, Inc. 1 129
Aon PLC, Class A (Ireland) 7 2,101
Exxon Mobil Corp. 79 8,714
Assurant, Inc. 68 8,504
Marathon Petroleum Corp. 200 23,278
10,605
Pioneer Natural Resources Co. 346 79,023
4,947 Materials — 0.1%
Valero Energy Corp. 39
CF Industries Holdings, Inc. 101 8,605
193,427

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GOTHAM HEDGED CORE FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Media & Entertainment — 14.1% Semiconductors & Semiconductor Equipment — 7.1%
Activision Blizzard, Inc.† 2,857 $ 218,703 Applied Materials, Inc. 322 $ 31,356
Broadcom, Inc. 24 13,419
Alphabet, Inc., Class A†* 1,936 170,813
Enphase Energy, Inc.†* 419 111,018
Charter Communications, Inc., Class A†* 320 108,512
Lam Research Corp. 172 72,292
Comcast Corp., Class A† 3,332 116,520
Qorvo, Inc.†* 1,662 150,644
Electronic Arts, Inc.† 40 4,887
QUALCOMM, Inc.† 748 82,235
Fox Corp., Class A 2,424 73,617
Teradyne, Inc. 18 1,572
Live Nation Entertainment, Inc.* 357 24,897
462,536
Match Group, Inc.* 1,014 42,071
Software & Services — 17.8%
Meta Platforms, Inc., Class A†* 646 77,740
Accenture PLC, Class A (Ireland)† 188 50,166
Netflix, Inc.†* 242 71,361
Adobe, Inc.†* 250 84,132
News Corp., Class A 83 1,511
Akamai Technologies, Inc.†* 2,337 197,009
Take-Two Interactive Software, Inc.†* 24 2,499
Fidelity National Information Services, Inc. 310 21,034
913,131
Gen Digital, Inc.† 801 17,165
Pharmaceuticals, Biotechnology & Life Sciences — 13.7%
International Business Machines Corp. 56 7,890
Bristol-Myers Squibb Co.† 2,484 178,724 Jack Henry & Associates, Inc. 383 67,239
Danaher Corp.† 104 27,604 Mastercard, Inc., Class A† 137 47,639
Gilead Sciences, Inc. 201 17,256
Microsoft Corp.† 1,058 253,730
Illumina, Inc.†* 23 4,651
PayPal Holdings, Inc.†* 2,371 168,863
Johnson & Johnson† 976 172,410
Roper Technologies, Inc.† 16 6,913
Merck & Co., Inc.† 1,911 212,025
Salesforce, Inc.†* 818 108,459

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Moderna, Inc.†* 938 168,484 VeriSign, Inc.†* 297 61,016

Organon & Co. 1,624 45,358 Visa, Inc., Class A† 294 61,081
Pfizer, Inc.† 1,176 60,258 1,152,336
886,770 Technology Hardware & Equipment — 9.8%
Real Estate — 1.7% Amphenol Corp., Class A 565 43,019
Essex Property Trust, Inc., REIT 120 25,430 Apple, Inc.† 2,193 284,937
Realty Income Corp., REIT 1,149 72,881
Cisco Systems, Inc.† 2,444 116,432
Weyerhaeuser Co., REIT 306 9,486
F5, Inc.†* 724 103,901
107,797
NetApp, Inc. 212 12,733
Retailing — 7.7%
TE Connectivity Ltd. (Switzerland) 33 3,788
Amazon.com, Inc.†* 1,445 121,380
Zebra Technologies Corp., Class A†* 272 69,744
AutoZone, Inc.†* 12 29,594 634,554
Bath & Body Works, Inc. 307 12,937
Telecommunication Services — 3.8%
Best Buy Co., Inc.† 39 3,128
AT&T, Inc.† 4,291 78,997
Dollar General Corp. 113 27,826
T-Mobile US, Inc.* 287 40,180
eBay, Inc.† 2,328 96,542
Verizon Communications, Inc.† 3,186 125,529
Genuine Parts Co. 495 85,888
244,706
Home Depot, Inc. (The)† 108 34,113
Transportation — 5.5%
Lowe's Cos., Inc.† 245 48,814
CH Robinson Worldwide, Inc.† 1,318 120,676
O'Reilly Automotive, Inc.* 1 844
Expeditors International of Washington, Inc.† 1,470 152,762
Pool Corp. 45 13,605
Ross Stores, Inc. 185 21,473 Southwest Airlines Co.* 289 9,731
TJX Cos., Inc. (The) 34 2,706
498,850

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GOTHAM HEDGED CORE FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Transportation — (Continued) Consumer Durables & Apparel — (1.2)%
Union Pacific Corp.† 110 $ 22,778 Newell Brands, Inc. (4,485) $ (58,664)
PulteGroup, Inc. (368) (16,755)
United Parcel Service, Inc., Class B† 306 53,195
(75,419)
359,142
Consumer Services — (2.8)%
TOTAL COMMON STOCKS
(Cost $8,375,731) 8,986,415 Caesars Entertainment, Inc.* (936) (38,938)
Carnival Corp. (Panama)* (872) (7,028)
TOTAL LONG POSITIONS - 138.8% Chipotle Mexican Grill, Inc.* (13) (18,037)
(Cost $8,375,731) 8,986,415
Darden Restaurants, Inc. (208) (28,773)
SHORT POSITIONS — (39.9)%
Las Vegas Sands Corp.* (104) (4,999)
COMMON STOCKS — (39.9)%
Norwegian Cruise Line Holdings Ltd.
Automobiles & Components — (0.4)%
(Bermuda)* (1,184) (14,492)
Aptiv PLC (Jersey)* (257) (23,935)
Royal Caribbean Cruises Ltd. (Liberia)* (978) (48,343)
Banks — (0.8)% Starbucks Corp. (67) (6,646)
Comerica, Inc. (79) (5,281)
Wynn Resorts Ltd.* (176) (14,515)
Fifth Third Bancorp (170) (5,578)
(181,771)
Huntington Bancshares, Inc. (562) (7,924)
KeyCorp. (295) (5,139) Diversified Financials — (3.2)%

Regions Financial Corp. (983) (21,193) American Express Co. (17) (2,512)

Zions Bancorp NA (93) (4,572) Ameriprise Financial, Inc. (41) (12,766)

Capital One Financial Corp. (111) (10,318)
(49,687)
Discover Financial Services (148) (14,479)
Capital Goods — (4.6)%
Invesco Ltd. (Bermuda) (1,218) (21,912)
Boeing Co. (The)* (221) (42,098) Moody's Corp. (82) (22,847)

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Cummins, Inc. (62) (15,022) Morgan Stanley (178) (15,133)

Eaton Corp. PLC (Ireland) (80) (12,556) MSCI, Inc. (70) (32,562)
Generac Holdings, Inc.* (540) (54,356) Raymond James Financial, Inc. (156) (16,669)
Howmet Aerospace, Inc. (182) (7,173) State Street Corp. (282) (21,875)
Huntington Ingalls Industries, Inc. (15) (3,460) Synchrony Financial (1,192) (39,169)
Ingersoll Rand, Inc. (135) (7,054) (210,242)
Parker-Hannifin Corp. (152) (44,232) Energy — (1.4)%
Quanta Services, Inc. (95) (13,537) ONEOK, Inc. (380) (24,966)
Raytheon Technologies Corp. (319) (32,193) Targa Resources Corp. (824) (60,564)
TransDigm Group, Inc. (34) (21,408) Williams Cos., Inc. (The) (258) (8,488)
United Rentals, Inc.* (40) (14,217) (94,018)
Westinghouse Air Brake Technologies Corp. (160) (15,970) Health Care Equipment & Services — (5.1)%
Xylem, Inc. (122) (13,490)
Align Technology, Inc.* (272) (57,365)
(296,766) Becton Dickinson and Co. (84) (21,361)
Commercial & Professional Services — (0.2)% Boston Scientific Corp.* (197) (9,115)
Copart, Inc.* (14) (852) Dexcom, Inc.* (266) (30,122)
CoStar Group, Inc.* (149) (11,515) IDEXX Laboratories, Inc.* (75) (30,597)
Equifax, Inc. (22) (4,276)
Intuitive Surgical, Inc.* (107) (28,392)
(16,643)
ResMed, Inc. (133) (27,681)
STERIS PLC (Ireland) (225) (41,555)
Stryker Corp. (81) (19,804)

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GOTHAM HEDGED CORE FUND

Portfolio of Investments (Continued)

December 31, 2022
(Unaudited)

Number Number
of Shares Value of Shares Value

COMMON STOCKS — (Continued) COMMON STOCKS — (Continued)

Health Care Equipment & Services — (Continued) Real Estate — (0.6)%
Universal Health Services, Inc., Class B (281) $ (39,590) Equinix, Inc., REIT (15) $ (9,826)
Zimmer Biomet Holdings, Inc. (171) (21,803) Host Hotels & Resorts, Inc., REIT (48) (770)
(327,385) Iron Mountain, Inc., REIT (439) (21,884)

Household & Personal Products — (0.6)% Regency Centers Corp., REIT (80) (5,000)

Estee Lauder Cos., Inc. (The), Class A (156) (38,705) (37,480)

Insurance — (2.1)% Retailing — (0.4)%

Allstate Corp. (The) (129) (17,493) Advance Auto Parts, Inc. (4) (588)
American International Group, Inc. (302) (19,099) CarMax, Inc.* (109) (6,637)
Hartford Financial Services Group, Inc. (The) (345) (26,161) Etsy, Inc.* (121) (14,493)
Lincoln National Corp. (906) (27,832) Tractor Supply Co. (11) (2,475)
Principal Financial Group, Inc. (73) (6,126)
(24,193)
Prudential Financial, Inc. (350) (34,811)
Semiconductors & Semiconductor Equipment — (2.7)%
Willis Towers Watson PLC (Ireland) (11) (2,690)
Advanced Micro Devices, Inc.* (492) (31,867)
(134,212)
Analog Devices, Inc. (13) (2,132)
Materials — (1.6)%
First Solar, Inc.* (25) (3,745)
Albemarle Corp. (88) (19,084)
Intel Corp. (1,985) (52,463)
DuPont de Nemours, Inc. (155) (10,638)
Monolithic Power Systems, Inc. (67) (23,692)
Ecolab, Inc. (24) (3,493)
NVIDIA Corp. (393) (57,433)
Freeport-McMoRan, Inc. (886) (33,668)
Skyworks Solutions, Inc. (43) (3,919)
Martin Marietta Materials, Inc. (62) (20,954)
PPG Industries, Inc. (32) (4,024) (175,251)
Vulcan Materials Co. (71) (12,433) Software & Services — (1.9)%
(104,294) Ceridian HCM Holding, Inc.* (292) (18,732)

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Media & Entertainment — (1.4)% DXC Technology Co.* (95) (2,518)

DISH Network Corp., Class A* (4,106) (57,648) Fortinet, Inc.* (273) (13,347)
Walt Disney Co. (The)* (388) (33,710) Global Payments, Inc. (167) (16,586)
(91,358) Intuit, Inc. (20) (7,784)

Pharmaceuticals, Biotechnology & Life Sciences — (4.9)% Paychex, Inc. (6) (693)

Agilent Technologies, Inc. (178) (26,638) Paycom Software, Inc.* (48) (14,895)

Biogen, Inc.* (88) (24,369) PTC, Inc.* (279) (33,491)

Bio-Rad Laboratories, Inc., Class A* (73) (30,696) Tyler Technologies, Inc.* (55) (17,733)
Bio-Techne Corp. (421) (34,893) (125,779)
Catalent, Inc.* (920) (41,409) Technology Hardware & Equipment — (1.2)%

Charles River Laboratories International, Inc.* (110) (23,969) Juniper Networks, Inc. (201) (6,424)

IQVIA Holdings, Inc.* (132) (27,045) Trimble, Inc.* (540) (27,302)

Mettler-Toledo International, Inc.* (23) (33,245) Western Digital Corp.* (1,320) (41,646)

PerkinElmer, Inc. (294) (41,225) (75,372)

Thermo Fisher Scientific, Inc. (3) (1,652) Transportation — (0.2)%
Waters Corp.* (104) (35,628) FedEx Corp. (42) (7,274)
JB Hunt Transport Services, Inc. (36) (6,277)
(320,769)
(13,551)
Utilities — (2.6)%
Alliant Energy Corp. (286) (15,790)
American Water Works Co., Inc. (235) (35,819)
Atmos Energy Corp. (7) (785)

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GOTHAM HEDGED CORE FUND

Portfolio of Investments (Concluded)

December 31, 2022
(Unaudited)

Number
of Shares Value
† Security position is either entirely or partially held in a segregated account as
COMMON STOCKS — (Continued) collateral for securities sold short.
Utilities — (Continued) * Non-income producing.
CenterPoint Energy, Inc. (825) $ (24,742) PLC Public Limited Company
Edison International (808) (51,405) REIT Real Estate Investment Trust
Entergy Corp. (26) (2,925)
FirstEnergy Corp. (12) (503)
NiSource, Inc. (691) (18,947)
Pinnacle West Capital Corp. (200) (15,208)
WEC Energy Group, Inc. (8) (750)
(166,874)
TOTAL COMMON STOCKS
(Proceeds $2,937,591) (2,583,704)

TOTAL SHORT POSITIONS - (39.9)%

(Proceeds $2,937,591) (2,583,704)
OTHER ASSETS IN EXCESS OF LIABILITIES
- 1.1% 69,109
NET ASSETS - 100.0% $6,471,820

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For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.

141

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