UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22027
FundVantage Trust
(Exact name of registrant as specified in charter) |
301 Bellevue Parkway
Wilmington, DE 19809
(Address of principal executive offices) (Zip code) |
Joel L. Weiss
BNY Mellon Investment Servicing (US) Inc.
103 Bellevue Parkway
Wilmington, DE 19809
(Name and address of agent for service) |
Registrant’s telephone number, including area code: 302-791-1851
Date of fiscal year end: September 30
Date of reporting period: March 31, 2016
EXPLANATORY NOTE: This filing covers the Gotham Absolute Return Fund, the Gotham Absolute 500 Fund, the Gotham Enhanced Return Fund, the Gotham Enhanced 500 Fund, the Gotham Index Plus Fund, the Gotham Institutional Value Fund, the Gotham Neutral Fund, the Gotham Total Return Fund and the Gotham Hedged Plus Fund each of which has declared September 30 as its fiscal year end.
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
The Report to Shareholders is attached herewith.
Gotham Asset Management
GOTHAM FUNDS
of
FundVantage Trust
Gotham Absolute Return Fund
Gotham Absolute 500 Fund
Gotham Enhanced Return Fund
Gotham Enhanced 500 Fund
Gotham Hedged Plus Fund
Gotham Index Plus Fund
Gotham Institutional Value Fund
Gotham Neutral Fund
Gotham Total Return Fund
Institutional Class Shares
SEMI-ANNUAL REPORT
March 31, 2016
(Unaudited)
This report is submitted for the general information of the shareholders of the Gotham Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Gotham Funds.
GOTHAM FUNDS
Gotham Absolute Return Fund
Semi-Annual Report
Performance Data
March 31, 2016
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2016 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 2.17% | -6.38% | 9.03%** | |||
HFRX Equity Hedge Index | -2.14% | -7.24% | 2.48%*** |
* | Not Annualized. |
** | The Gotham Absolute Return Fund (the “Fund”) commenced operations on August 31, 2012. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.
The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. Effective February 1, 2016, the holding period for assessment of the redemption fee has been reduced from 90 days of purchase to 30 days of purchase. Investments made prior to February 1, 2016 are subject to the 90 day holding period in effect at the time of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2016, the “Total Annual Fund Operating Expenses” are 2.95% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 2.25% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. (HFRX) Equity Hedge Index. The Index is engineered to achieve representative performance of a larger universe of funds employing Equity Hedge strategies. Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially invested in equities, both long and short. It is impossible to invest directly in an index.
Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to achieve long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may invest in securities of large-, mid- and small-cap companies The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.
1
GOTHAM FUNDS
Gotham Absolute 500 Fund
Semi-Annual Report
Performance Data
March 31, 2016
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2016 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 9.47% | 3.65% | 5.67%** | |||
HFRX Equity Hedge Index | -2.14% | -7.24% | -2.15%*** |
* | Not Annualized. |
** | The Gotham Absolute 500 Fund (the “Fund”) commenced operations on July 31, 2014. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.
The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. Effective February 1, 2016, the holding period for assessment of the redemption fee has been reduced from 90 days of purchase to 30 days of purchase. Investments made prior to February 1, 2016 are subject to the 90 day holding period in effect at the time of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2016, the “Total Annual Fund Operating Expenses” are 4.25% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.72% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.75% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. Prior to December 7, 2015, the Expense Limitation was 2.25%. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. (HFRX) Equity Hedge Index. The Index is engineered to achieve representative performance of a larger universe of funds employing Equity Hedge strategies. Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially invested in equities, both long and short. It is impossible to invest directly in an index.
Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to achieve long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.
2
GOTHAM FUNDS
Gotham Enhanced Return Fund
Semi-Annual Report
Performance Data
March 31, 2016
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2016 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 5.98% | -6.34% | 10.28%** | |||
S&P 500® Total Return Index | 8.49% | 1.78% | 10.89%*** |
* | Not Annualized. |
** | The Gotham Enhanced Return Fund (the “Fund”) commenced operations on May 31, 2013. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.
The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. Effective February 1, 2016, the holding period for assessment of the redemption fee has been reduced from 90 days of purchase to 30 days of purchase. Investments made prior to February 1, 2016 are subject to the 90 day holding period in effect at the time of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2016, the “Total Annual Fund Operating Expenses” are 3.36% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 2.25% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500® Total Return Index (“S&P 500® Total Return Index”). The S&P 500® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. Its returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.
Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.
3
GOTHAM FUNDS
Gotham Enhanced 500 Fund
Semi-Annual Report
Performance Data
March 31, 2016
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2016 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 12.41% | 2.19% | 0.93%** | |||
S&P 500® Total Return Index | 8.49% | 1.78% | 2.19%*** |
* | Not Annualized. |
** | The Gotham Enhanced 500 Fund (the “Fund”) commenced operations on December 31, 2014. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.
The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. Effective February 1, 2016, the holding period for assessment of the redemption fee has been reduced from 90 days of purchase to 30 days of purchase. Investments made prior to February 1, 2016 are subject to the 90 day holding period in effect at the time of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2016, the “Total Annual Fund Operating Expenses” are 5.04% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.91% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.75% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. Prior to December 7, 2015, the Expense Limitation was 2.25%. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500® Total Return Index (“S&P 500® Total Return Index”). The S&P 500® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.
Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.
4
GOTHAM FUNDS
Gotham Index Plus Fund
Semi-Annual Report
Performance Data
March 31, 2016
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2016 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 13.40% | 5.23% | 5.23%** | |||
S&P 500® Total Return Index | 8.49% | 1.78% | 1.78%*** |
* | Not Annualized. |
** | The Gotham Index Plus Fund (the “Fund”) commenced operations on March 31, 2015. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.
The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. Effective February 1, 2016, the holding period for assessment of the redemption fee has been reduced from 90 days of purchase to 30 days of purchase. Investments made prior to February 1, 2016 are subject to the 90 day holding period in effect at the time of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2016 (as supplemented March 31, 2016), the “Total Annual Fund Operating Expenses” are 4.42% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.28% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. Effective March 31, 2016, the Fund’s Expense Limitation (on an annual basis) was reduced from 1.17% to its current rate of 1.15% of the Fund’s average daily net assets. The Expense Limitation was previously reduced from a rate of 1.50% to 1.17% on December 7, 2015. Additionally, on December 7, 2015, the Fund’s management fee (on an annual basis) was reduced from 1.33% to its current rate of 1.00% of the Fund’s average daily net assets. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500® Total Return Index (“S&P 500® Total Return Index”). The S&P 500® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. Its returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.
Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to outperform the S&P 500® Total Return Index over most annual periods. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.
5
GOTHAM FUNDS
Gotham Institutional Value Fund
Semi-Annual Report
Performance Data
March 31, 2016
(Unaudited)
Total Returns for the Period Ended March 31, 2016 | ||||||
Since Inception* | ||||||
Institutional Class Shares | 3.60%** | |||||
S&P 500® Total Return Index | 1.35%*** |
* | Not Annualized. |
** | The Gotham Institutional Value Fund (the “Fund”) commenced operations on December 31, 2015. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.
The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. Effective February 1, 2016, the holding period for assessment of the redemption fee has been reduced from 90 days of purchase to 30 days of purchase. Investments made prior to February 1, 2016 are subject to the 90 day holding period in effect at the time of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2016, the “Total Annual Fund Operating Expenses” are 0.92% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.95% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500® Total Return Index (“S&P 500® Total Return Index”). The S&P 500® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.
Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.
6
GOTHAM FUNDS
Gotham Neutral Fund
Semi-Annual Report
Performance Data
March 31, 2016
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2016 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 2.06% | -2.72% | 1.75%** | |||
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | 0.10% | 0.12% | 0.07%*** |
* | Not Annualized. |
** | The Gotham Neutral Fund (the “Fund”) commenced operations on August 30, 2013. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.
The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. Effective February 1, 2016, the holding period for assessment of the redemption fee has been reduced from 90 days of purchase to 30 days of purchase. Investments made prior to February 1, 2016 are subject to the 90 day holding period in effect at the time of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2016, the “Total Annual Fund Operating Expenses” are 3.38% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 2.25% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. earlier terminationearlier termination The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below Expense Limitation.
The Fund intends to evaluate performance as compared to that of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index. The Index is an index comprised of a single Treasury bill issue purchased at the beginning of the month and held for a full month, then sold and rolled into a newly selected Treasury bill issue. It is impossible to invest directly in an index.
Mutual fund investing involves risks, including possible loss of principal. The Fund seeks to achieve long-term capital appreciation with minimal correlation to the general stock market. The Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. The Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Fund may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities. Higher turnover rates generally result in higher brokerage costs to the Fund, which reduce the Fund’s returns and may result in higher net taxable gain for shareholders. There can be no guarantee that the Fund will achieve its objectives.
7
GOTHAM FUNDS
Gotham Total Return Fund
Semi-Annual Report
Performance Data
March 31, 2016
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2016 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 9.76% | 2.40% | 2.40%** |
* | Not Annualized. |
** | The Gotham Total Return Fund (the “Fund”) commenced operations on March 31, 2015. |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.
The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 30 days of purchase. Effective February 1, 2016, the holding period for assessment of the redemption fee has been reduced from 90 days of purchase to 30 days of purchase. Investments made prior to February 1, 2016 are subject to the 90 day holding period in effect at the time of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2016, “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waivers and/or Reimbursements” are 5.20% and 3.80%, respectively, for Institutional Class Shares, of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any) and brokerage commissions) do not exceed 0.17% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. Prior to June 1, 2015, the Expense Limitation was 0.25%. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
Mutual fund investing involves risks, including possible loss of principal. The Fund seeks long-term capital appreciation. The Fund normally invests the majority of its assets in other mutual funds advised by Gotham. Therefore, the Fund’s shareholders will indirectly bear its proportionate share of fees and expenses of the underlying funds addition to the Fund’s own expenses. The underlying funds will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Certain underlying funds may invest in large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The underlying funds may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs, which reduce returns and may result in higher net taxable gain for shareholders. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.
8
GOTHAM FUNDS
Fund Expense Disclosure
March 31, 2016
(Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the six-month period from October 1, 2015, and held for the entire period through March 31, 2016.
Actual Expenses
The first line for each Fund in the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Gotham Funds - Institutional Class | ||||||||||||||||||||
Beginning Account Value | Ending Account Value | Annualized Expense | Expenses Paid | |||||||||||||||||
October 1, 2015 | March 31, 2016 | Ratio* | During Period* | |||||||||||||||||
Gotham Absolute Return Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,021.70 | 3.16% | $15.95 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,009.22 | 3.16% | 15.85 | ||||||||||||||||
Gotham Absolute 500 Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,094.70 | 4.02% | $21.05 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,004.90 | 4.02% | 20.15 | ||||||||||||||||
Gotham Enhanced Return Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,059.80 | 3.59% | $18.49 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,007.05 | 3.59% | 18.01 | ||||||||||||||||
Gotham Enhanced 500 Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,124.10 | 4.36% | $23.15 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,003.20 | 4.36% | 21.84 |
9 |
GOTHAM FUNDS
Fund Expense Disclosure (Concluded)
March 31, 2016
(Unaudited)
Gotham Funds - Institutional Class | ||||||||||||||||||||
Beginning Account Value | Ending Account Value | Annualized Expense | Expenses Paid | |||||||||||||||||
October 1, 2015 | March 31, 2016 | Ratio* | During Period* | |||||||||||||||||
Gotham Index Plus Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,134.00 | 3.60% | $19.21 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,007.00 | 3.60% | 18.06 | ||||||||||||||||
Gotham Institutional Value Fund** | ||||||||||||||||||||
Actual | $1,000.00 | $1,036.00 | 0.95% | $ 2.30 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.25 | 0.95% | 4.80 | ||||||||||||||||
Gotham Neutral Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,020.60 | 3.65% | $18.41 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,006.78 | 3.65% | 18.29 | ||||||||||||||||
Gotham Total Return Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,097.60 | 0.17% | $ 0.89 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.15 | 0.17% | 0.86 |
* | Expenses are equal to a Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for the six-month period ended March 31, 2016, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (183), then divided by 366 to reflect the period. A Fund’s ending account value on the first line is based on the actual six month returns for the Institutional Class Shares of 2.17% for the Gotham Absolute Return Fund, 9.47% for the Gotham Absolute 500 Fund, 5.98% for the Gotham Enhanced Return Fund, 12.41% for the Gotham Enhanced 500 Fund, 13.40% for the Index Plus Fund, 2.06% for the Gotham Neutral Fund and 9.76% for the Gotham Total Return Fund. These amounts include dividends paid on securities which the Funds have sold short (“short-sale dividends”) and related interest expense. The annualized amount of short-sale dividends and related interest expense was 0.91% of average net assets for the Gotham Absolute Return Fund, 2.07% for Gotham Absolute 500 Fund, 1.41% for the Gotham Enhanced Return Fund, 2.46% for the Gotham Enhanced 500 Fund, 2.32% for the Gotham Index Plus Fund and 1.46% for the Gotham Neutral Fund for the six-month period ended March 31, 2016. Hypothetical expenses are equal to the Institutional Class Share’s annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (183), then divided by 366 to reflect the period. |
** | The Fund commenced operations on December 31, 2015. Expenses are equal to the Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for the period December 31, 2015 to March 31, 2016, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (87), then divided by 366 to reflect the period. A Fund’s ending account value on the first line is based on since inception returns for the Institutional Class Shares of 3.60%. Hypothetical expenses are as if the Institutional Class Shares have been in existence since October 1, 2015, and are equal to the Institutional Class Share’s annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (183), then divided by 366 to reflect the period. |
10 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Absolute Return Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 18.5 | % | $ | 324,144,892 | ||||||
Technology Hardware & Equipment | 12.0 | 210,060,254 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 11.2 | 195,510,039 | ||||||||
Health Care Equipment & Services | 10.4 | 181,555,335 | ||||||||
Software & Services | 10.3 | 180,185,617 | ||||||||
Retailing | 7.7 | 134,787,673 | ||||||||
Semiconductors & Semiconductor Equipment | 7.7 | 134,311,458 | ||||||||
Food, Beverage & Tobacco | 6.0 | 105,039,291 | ||||||||
Consumer Durables & Apparel | 5.7 | 100,231,575 | ||||||||
Transportation | 5.5 | 97,157,544 | ||||||||
Consumer Services | 5.0 | 87,362,165 | ||||||||
Media | 3.8 | 66,050,087 | ||||||||
Commercial & Professional Services | 3.2 | 55,209,350 | ||||||||
Energy | 3.1 | 54,830,195 | ||||||||
Materials | 3.0 | 51,836,117 | ||||||||
Automobiles & Components | 2.5 | 44,420,238 | ||||||||
Telecommunication Services | 2.4 | 42,067,535 | ||||||||
Food & Staples Retailing | 1.6 | 27,780,082 | ||||||||
Household & Personal Products | 0.5 | 7,918,721 |
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (0.4 | )% | $ | (6,510,256 | ) | |||||
Food & Staples Retailing | (0.7 | ) | (13,079,304 | ) | ||||||
Automobiles & Components | (0.8 | ) | (13,426,741 | ) | ||||||
Telecommunication Services | (1.4 | ) | (24,862,417 | ) | ||||||
Media | (1.5 | ) | (25,465,280 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.8 | ) | (32,099,480 | ) | ||||||
Food, Beverage & Tobacco | (2.4 | ) | (42,788,378 | ) | ||||||
Transportation | (2.5 | ) | (43,021,545 | ) | ||||||
Commercial & Professional Services | (2.6 | ) | (46,033,435 | ) | ||||||
Consumer Durables & Apparel | (2.7 | ) | (47,837,025 | ) | ||||||
Retailing | (3.2 | ) | (55,155,842 | ) | ||||||
Energy | (3.4 | ) | (59,585,473 | ) | ||||||
Consumer Services | (3.8 | ) | (66,629,620 | ) | ||||||
Materials | (3.9 | ) | (67,595,276 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (4.2 | ) | (74,181,060 | ) | ||||||
Software & Services | (5.3 | ) | (92,093,933 | ) | ||||||
Technology Hardware & Equipment | (5.3 | ) | (92,955,480 | ) | ||||||
Health Care Equipment & Services | (6.2 | ) | (108,513,522 | ) | ||||||
Capital Goods | (7.8 | ) | (135,973,028 | ) | ||||||
Other Assets in Excess of Liabilities | 39.8 | 697,136,702 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 1,749,787,775 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
11 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Absolute 500 Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 21.1 | % | $ | 3,393,643 | ||||||
Materials | 14.7 | 2,369,260 | ||||||||
Technology Hardware & Equipment | 14.1 | 2,267,538 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 11.6 | 1,866,982 | ||||||||
Semiconductors & Semiconductor Equipment | 10.1 | 1,620,464 | ||||||||
Retailing | 10.0 | 1,604,942 | ||||||||
Health Care Equipment & Services | 9.1 | 1,461,319 | ||||||||
Energy | 6.7 | 1,081,327 | ||||||||
Software & Services | 6.5 | 1,047,593 | ||||||||
Transportation | 5.5 | 875,607 | ||||||||
Food, Beverage & Tobacco | 5.4 | 873,576 | ||||||||
Consumer Durables & Apparel | 4.9 | 779,989 | ||||||||
Diversified Financials | 4.7 | 750,865 | ||||||||
Media | 3.6 | 582,927 | ||||||||
Insurance | 2.3 | 368,373 | ||||||||
Telecommunication Services | 2.2 | 354,784 | ||||||||
Automobiles & Components | 1.6 | 250,434 | ||||||||
Consumer Services | 1.4 | 228,220 | ||||||||
Food & Staples Retailing | 1.3 | 206,429 | ||||||||
Commercial & Professional Services | 0.9 | 143,842 | ||||||||
Utilities | 0.2 | 33,084 | ||||||||
Real Estate | 0.0 | 62 | ||||||||
Exchange Traded Funds | 3.3 | 530,345 |
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Insurance | (0.2 | )% | $ | (30,258 | ) | |||||
Diversified Financials | (0.3 | ) | (43,736 | ) | ||||||
Technology Hardware & Equipment | (0.4 | ) | (59,418 | ) | ||||||
Automobiles & Components | (0.4 | ) | (63,602 | ) | ||||||
Household & Personal Products | (0.7 | ) | (111,496 | ) | ||||||
Commercial & Professional Services | (0.9 | ) | (147,593 | ) | ||||||
Consumer Services | (1.2 | ) | (200,488 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.4 | ) | (221,155 | ) | ||||||
Media | (1.5 | ) | (240,347 | ) | ||||||
Materials | (1.8 | ) | (294,943 | ) | ||||||
Telecommunication Services | (1.9 | ) | (310,315 | ) | ||||||
Transportation | (2.0 | ) | (315,458 | ) | ||||||
Food & Staples Retailing | (2.1 | ) | (332,165 | ) | ||||||
Consumer Durables & Apparel | (2.4 | ) | (380,002 | ) | ||||||
Health Care Equipment & Services | (2.5 | ) | (396,757 | ) | ||||||
Food, Beverage & Tobacco | (2.5 | ) | (408,800 | ) | ||||||
Real Estate | (3.2 | ) | (517,506 | ) | ||||||
Capital Goods | (3.3 | ) | (529,721 | ) | ||||||
Retailing | (5.2 | ) | (837,687 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.9 | ) | (1,112,755 | ) | ||||||
Software & Services | (11.0 | ) | (1,765,397 | ) | ||||||
Utilities | (13.5 | ) | (2,176,996 | ) | ||||||
Energy | (14.8 | ) | (2,378,968 | ) | ||||||
Other Assets in Excess of Liabilities | 38.9 | 6,261,050 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 16,077,092 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
12 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Enhanced Return Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks | ||||||||||
Capital Goods | 26.5 | % | $ | 267,636,891 | ||||||
Technology Hardware & Equipment | 16.2 | 163,824,399 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 15.6 | 157,508,787 | ||||||||
Health Care Equipment & Services | 14.5 | 146,419,810 | ||||||||
Software & Services | 13.8 | 139,685,516 | ||||||||
Retailing | 11.7 | 118,531,192 | ||||||||
Semiconductors & Semiconductor Equipment | 11.1 | 112,443,192 | ||||||||
Food, Beverage & Tobacco | 9.2 | 93,062,812 | ||||||||
Consumer Durables & Apparel | 8.2 | 83,403,028 | ||||||||
Transportation | 7.5 | 75,841,917 | ||||||||
Consumer Services | 6.5 | 65,763,244 | ||||||||
Media | 5.9 | 59,731,005 | ||||||||
Commercial & Professional Services | 4.8 | 48,967,080 | ||||||||
Energy | 4.2 | 42,352,869 | ||||||||
Materials | 4.2 | 42,135,218 | ||||||||
Automobiles & Components | 3.7 | 37,658,932 | ||||||||
Telecommunication Services | 3.0 | 30,740,636 | ||||||||
Food & Staples Retailing | 2.5 | 24,853,714 | ||||||||
Household & Personal Products | 0.9 | 9,313,179 |
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks | ||||||||||
Household & Personal Products | (0.7 | )% | $ | (6,818,475 | ) | |||||
Automobiles & Components | (0.8 | ) | (8,308,100 | ) | ||||||
Food & Staples Retailing | (1.1 | ) | (11,083,579 | ) | ||||||
Telecommunication Services | (1.6 | ) | (15,820,295 | ) | ||||||
Media | (2.0 | ) | (20,264,182 | ) | ||||||
Semiconductors & Semiconductor Equipment | (2.2 | ) | (22,400,457 | ) | ||||||
Transportation | (2.6 | ) | (26,053,208 | ) | ||||||
Consumer Durables & Apparel | (3.0 | ) | (30,748,151 | ) | ||||||
Food, Beverage & Tobacco | (3.2 | ) | (31,989,787 | ) | ||||||
Commercial & Professional Services | (3.3 | ) | (33,194,805 | ) | ||||||
Retailing | (3.8 | ) | (38,727,706 | ) | ||||||
Energy | (4.1 | ) | (41,710,963 | ) | ||||||
Consumer Services | (4.2 | ) | (42,338,039 | ) | ||||||
Materials | (4.6 | ) | (46,331,653 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (5.3 | ) | (54,103,121 | ) | ||||||
Technology Hardware & Equipment | (5.5 | ) | (56,081,396 | ) | ||||||
Software & Services | (6.8 | ) | (69,106,368 | ) | ||||||
Health Care Equipment & Services | (7.4 | ) | (74,416,793 | ) | ||||||
Capital Goods | (9.0 | ) | (91,149,481 | ) | ||||||
Other Assets in Excess of Liabilities | 1.2 | 12,269,822 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 1,011,496,684 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
13 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Enhanced 500 Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks | ||||||||||
Capital Goods | 23.2 | % | $ | 3,986,213 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 16.1 | 2,778,605 | ||||||||
Materials | 15.1 | 2,600,207 | ||||||||
Technology Hardware & Equipment | 14.7 | 2,532,664 | ||||||||
Health Care Equipment & Services | 12.5 | 2,152,826 | ||||||||
Semiconductors & Semiconductor Equipment | 11.8 | 2,032,599 | ||||||||
Retailing | 11.2 | 1,920,581 | ||||||||
Software & Services | 7.2 | 1,235,928 | ||||||||
Energy | 7.0 | 1,208,696 | ||||||||
Food, Beverage & Tobacco | 6.7 | 1,149,943 | ||||||||
Diversified Financials | 5.1 | 880,407 | ||||||||
Consumer Durables & Apparel | 5.1 | 879,976 | ||||||||
Transportation | 4.5 | 769,256 | ||||||||
Media | 3.8 | 648,415 | ||||||||
Automobiles & Components | 2.6 | 450,796 | ||||||||
Insurance | 2.5 | 428,711 | ||||||||
Consumer Services | 2.3 | 392,161 | ||||||||
Food & Staples Retailing | 2.0 | 351,669 | ||||||||
Telecommunication Services | 2.0 | 335,957 | ||||||||
Commercial & Professional Services | 1.5 | 264,002 | ||||||||
Utilities | 0.2 | 29,025 | ||||||||
Household & Personal Products | 0.1 | 10,371 | ||||||||
Real Estate | 0.0 | 8,210 | ||||||||
Exchange Traded Funds | 15.0 | 2,571,761 | ||||||||
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks | ||||||||||
Insurance | (0.2 | )% | $ | (26,936 | ) | |||||
Technology Hardware & Equipment | (0.3 | ) | (52,571 | ) | ||||||
Automobiles & Components | (0.3 | ) | (59,165 | ) | ||||||
Diversified Financials | (0.5 | ) | (86,605 | ) | ||||||
Commercial & Professional Services | (0.9 | ) | (147,755 | ) | ||||||
Household & Personal Products | (1.1 | ) | (186,885 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.2 | ) | (210,152 | ) | ||||||
Consumer Services | (1.6 | ) | (266,526 | ) | ||||||
Materials | (1.7 | ) | (286,309 | ) | ||||||
Telecommunication Services | (1.8 | ) | (316,496 | ) | ||||||
Media | (1.9 | ) | (327,266 | ) | ||||||
Consumer Durables & Apparel | (2.1 | ) | (367,567 | ) | ||||||
Transportation | (2.3 | ) | (397,444 | ) | ||||||
Food & Staples Retailing | (2.4 | ) | (410,946 | ) | ||||||
Capital Goods | (2.6 | ) | (448,886 | ) | ||||||
Real Estate | (2.7 | ) | (463,458 | ) | ||||||
Health Care Equipment & Services | (2.8 | ) | (479,076 | ) | ||||||
Food, Beverage & Tobacco | (3.2 | ) | (549,305 | ) | ||||||
Retailing | (4.4 | ) | (761,467 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.8 | ) | (1,162,345 | ) | ||||||
Software & Services | (9.9 | ) | (1,711,217 | ) | ||||||
Energy | (11.3 | ) | (1,940,972 | ) | ||||||
Utilities | (11.3 | ) | (1,949,571 | ) | ||||||
Other Assets in Excess of Liabilities | 1.1 | 195,461 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 17,205,520 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
14 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by security type of the portfolio holdings of the Fund:
Gotham Hedged Plus Fund
% of Net Assets | Value | |||||||||
Exchange Traded Funds | 60.1 | % | $ | 1,206,906 | ||||||
Other Assets in Excess of Liabilities | 39.9 | 800,728 | ||||||||
|
|
|
| |||||||
Net Assets | 100.0 | % | $ | 2,007,634 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
15 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Index Plus Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 21.2 | % | $ | 3,410,692 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 17.9 | 2,885,011 | ||||||||
Technology Hardware & Equipment | 15.7 | 2,529,263 | ||||||||
Materials | 13.3 | 2,147,385 | ||||||||
Health Care Equipment & Services | 12.5 | 2,019,863 | ||||||||
Software & Services | 11.2 | 1,803,775 | ||||||||
Semiconductors & Semiconductor Equipment | 10.8 | 1,740,445 | ||||||||
Retailing | 10.0 | 1,605,658 | ||||||||
Food, Beverage & Tobacco | 9.6 | 1,546,719 | ||||||||
Diversified Financials | 8.4 | 1,352,824 | ||||||||
Energy | 6.5 | 1,052,573 | ||||||||
Banks | 4.9 | 784,177 | ||||||||
Media | 4.7 | 759,953 | ||||||||
Consumer Durables & Apparel | 4.6 | 739,543 | ||||||||
Transportation | 4.6 | 732,960 | ||||||||
Insurance | 4.1 | 655,773 | ||||||||
Food & Staples Retailing | 3.8 | 605,615 | ||||||||
Telecommunication Services | 2.8 | 447,313 | ||||||||
Automobiles & Components | 2.8 | 443,233 | ||||||||
Consumer Services | 2.4 | 387,845 | ||||||||
Real Estate | 2.1 | 334,885 | ||||||||
Commercial & Professional Services | 1.7 | 277,404 | ||||||||
Household & Personal Products | 1.6 | 252,744 | ||||||||
Utilities | 0.2 | 37,934 | ||||||||
Exchange Traded Funds | 3.2 | 511,022 |
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Insurance | (0.2 | )% | $ | (33,343 | ) | |||||
Technology Hardware & Equipment | (0.4 | ) | (65,201 | ) | ||||||
Automobiles & Components | (0.5 | ) | (73,379 | ) | ||||||
Diversified Financials | (0.5 | ) | (75,245 | ) | ||||||
Household & Personal Products | (0.9 | ) | (149,480 | ) | ||||||
Commercial & Professional Services | (1.1 | ) | (182,883 | ) | ||||||
Consumer Services | (1.4 | ) | (225,331 | ) | ||||||
Telecommunication Services | (1.6 | ) | (251,428 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.6 | ) | (259,994 | ) | ||||||
Media | (1.8 | ) | (292,905 | ) | ||||||
Materials | (1.9 | ) | (304,352 | ) | ||||||
Consumer Durables & Apparel | (2.4 | ) | (390,414 | ) | ||||||
Transportation | (2.4 | ) | (391,319 | ) | ||||||
Food & Staples Retailing | (2.7 | ) | (433,801 | ) | ||||||
Health Care Equipment & Services | (2.8 | ) | (444,945 | ) | ||||||
Food, Beverage & Tobacco | (3.0 | ) | (472,943 | ) | ||||||
Real Estate | (3.6 | ) | (575,044 | ) | ||||||
Retailing | (4.0 | ) | (649,034 | ) | ||||||
Capital Goods | (4.2 | ) | (677,740 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (7.3 | ) | (1,175,174 | ) | ||||||
Software & Services | (9.7 | ) | (1,565,056 | ) | ||||||
Energy | (12.8 | ) | (2,062,994 | ) | ||||||
Utilities | (14.9 | ) | (2,397,755 | ) | ||||||
Other Assets in Excess of Liabilities | 1.1 | 182,431 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 16,097,280 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
16 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Institutional Value Fund
% of Net Assets | Value | |||||||||
Common Stocks: | ||||||||||
Capital Goods | 14.8 | % | $ | 307,391 | ||||||
Materials | 9.9 | 204,736 | ||||||||
Technology Hardware & Equipment | 8.9 | 184,945 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 8.8 | 182,118 | ||||||||
Health Care Equipment & Services | 8.6 | 178,062 | ||||||||
Semiconductors & Semiconductor Equipment | 6.7 | 138,354 | ||||||||
Retailing | 6.6 | 137,056 | ||||||||
Food, Beverage & Tobacco | 4.7 | 96,779 | ||||||||
Energy | 4.3 | 88,551 | ||||||||
Software & Services | 4.3 | 88,084 | ||||||||
Consumer Durables & Apparel | 3.3 | 68,057 | ||||||||
Diversified Financials | 3.3 | 67,918 | ||||||||
Transportation | 3.0 | 61,244 | ||||||||
Media | 2.8 | 57,286 | ||||||||
Insurance | 1.6 | 34,106 | ||||||||
Automobiles & Components | 1.5 | 31,537 | ||||||||
Telecommunication Services | 1.3 | 27,933 | ||||||||
Commercial & Professional Services | 1.3 | 27,550 | ||||||||
Food & Staples Retailing | 1.2 | 25,632 | ||||||||
Consumer Services | 1.2 | 25,171 | ||||||||
Real Estate | 0.5 | 9,809 | ||||||||
Household & Personal Products | 0.3 | 6,065 | ||||||||
Utilities | 0.2 | 4,914 | ||||||||
Banks | 0.0 | 111 | ||||||||
Other Assets in Excess of Liabilities | 0.9 | 17,637 | ||||||||
|
|
|
| |||||||
Net Assets | 100.0 | % | $ | 2,071,046 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
17 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by industry type of the portfolio holdings of the Fund:
Gotham Neutral Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 16.2 | % | $ | 134,293,414 | ||||||
Software & Services | 11.3 | 93,652,559 | ||||||||
Health Care Equipment & Services | 11.1 | 92,124,464 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 10.2 | 84,728,325 | ||||||||
Technology Hardware & Equipment | 9.7 | 80,401,527 | ||||||||
Retailing | 7.3 | 60,484,283 | ||||||||
Consumer Durables & Apparel | 5.9 | 48,536,840 | ||||||||
Energy | 5.8 | 47,876,242 | ||||||||
Materials | 5.8 | 47,695,459 | ||||||||
Semiconductors & Semiconductor Equipment | 5.5 | 45,858,368 | ||||||||
Consumer Services | 5.4 | 45,136,394 | ||||||||
Food, Beverage & Tobacco | 5.3 | 43,876,148 | ||||||||
Transportation | 4.8 | 39,402,645 | ||||||||
Commercial & Professional Services | 4.2 | 34,917,157 | ||||||||
Media | 3.7 | 30,881,110 | ||||||||
Telecommunication Services | 2.5 | 21,002,524 | ||||||||
Automobiles & Components | 2.0 | 16,974,198 | ||||||||
Food & Staples Retailing | 1.9 | 15,457,615 | ||||||||
Household & Personal Products | 1.0 | 8,051,497 |
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (1.0 | )% | $ | (8,353,355 | ) | |||||
Automobiles & Components | (1.3 | ) | (11,191,371 | ) | ||||||
Food & Staples Retailing | (1.5 | ) | (12,509,176 | ) | ||||||
Telecommunication Services | (2.1 | ) | (17,410,837 | ) | ||||||
Media | (2.6 | ) | (22,034,524 | ) | ||||||
Semiconductors & Semiconductor Equipment | (3.0 | ) | (25,056,185 | ) | ||||||
Transportation | (3.5 | ) | (29,293,197 | ) | ||||||
Food, Beverage & Tobacco | (3.9 | ) | (32,246,855 | ) | ||||||
Commercial & Professional Services | (4.3 | ) | (35,400,122 | ) | ||||||
Consumer Durables & Apparel | (4.6 | ) | (38,132,671 | ) | ||||||
Consumer Services | (5.0 | ) | (41,206,912 | ) | ||||||
Retailing | (5.5 | ) | (45,465,733 | ) | ||||||
Energy | (5.7 | ) | (47,077,602 | ) | ||||||
Materials | (6.3 | ) | (51,910,212 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.8 | ) | (56,744,996 | ) | ||||||
Technology Hardware & Equipment | (6.9 | ) | (57,095,324 | ) | ||||||
Software & Services | (9.0 | ) | (74,468,473 | ) | ||||||
Health Care Equipment & Services | (9.5 | ) | (78,664,207 | ) | ||||||
Capital Goods | (12.1 | ) | (100,163,893 | ) | ||||||
Other Assets in Excess of Liabilities | 75.0 | 621,946,632 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 828,871,756 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
18 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2016
(Unaudited)
The following table presents a summary by security type group of the portfolio holdings of the Fund:
Gotham Total Return Fund
% of Net Assets | Value | |||||||||
Affiliated Equity Registered Investment Companies | 99.9 | % | $ | 7,992,614 | ||||||
Other Assets in Excess of Liabilities | 0.1 | 11,055 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 8,003,669 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
19 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
LONG POSITIONS — 120.1% COMMON STOCKS — 120.1% | Number of Shares | Value | ||||||
Automobiles & Components — 2.5% |
| |||||||
American Axle & Manufacturing Holdings, Inc.†* | 547,841 | $ | 8,431,273 | |||||
Cooper-Standard Holding, Inc.*(a) | 9,297 | 667,896 | ||||||
Dana Holding Corp.(a) | 93,705 | 1,320,303 | ||||||
Delphi Automotive PLC (Jersey) | 50,145 | 3,761,878 | ||||||
Ford Motor Co. | 369,263 | 4,985,050 | ||||||
General Motors Co.(a) | 374,572 | 11,772,798 | ||||||
Goodyear Tire & Rubber Co. | 102,048 | 3,365,543 | ||||||
Johnson Controls, Inc. | 202,840 | 7,904,675 | ||||||
Standard Motor Products, Inc.† | 24,486 | 848,440 | ||||||
Tenneco, Inc.*(a) | 23,618 | 1,216,563 | ||||||
Tower International, Inc. | 5,361 | 145,819 | ||||||
|
| |||||||
44,420,238 | ||||||||
|
| |||||||
Capital Goods — 18.5% | ||||||||
3M Co.† | 24,062 | 4,009,451 | ||||||
Actuant Corp., Class A† | 5,436 | 134,324 | ||||||
Aegion Corp.†*(a) | 93,606 | 1,974,151 | ||||||
AGCO Corp.(a) | 103,823 | 5,160,003 | ||||||
Allegion PLC (Ireland) | 35,906 | 2,287,571 | ||||||
American Woodmark Corp.†* | 12,074 | 900,600 | ||||||
AMETEK, Inc.† | 91,621 | 4,579,218 | ||||||
Apogee Enterprises, Inc.† | 48,955 | 2,148,635 | ||||||
Astronics Corp.*(a) | 1,622 | 61,879 | ||||||
AZZ, Inc.† | 722 | 40,865 | ||||||
Boeing Co. (The)(a) | 153,474 | 19,481,990 | ||||||
CAE, Inc. (Canada) | 1,741 | 20,161 | ||||||
Carlisle Cos, Inc. | 23,686 | 2,356,757 | ||||||
Caterpillar, Inc.(a) | 139,726 | 10,694,628 | ||||||
Chart Industries, Inc.* | 43,960 | 954,811 | ||||||
CIRCOR International, Inc.(a) | 7,458 | 345,977 | ||||||
Comfort Systems USA, Inc. | 81,555 | 2,591,002 | ||||||
Continental Building Products, Inc.* | 157,098 | 2,915,739 | ||||||
Crane Co. | 76,999 | 4,147,166 | ||||||
Cummins, Inc. | 69,410 | 7,630,935 | ||||||
DigitalGlobe, Inc.* | 84,400 | 1,460,120 | ||||||
Dover Corp. | 61,081 | 3,929,341 | ||||||
Eaton Corp. PLC (Ireland)(b) | 124,013 | 7,758,253 | ||||||
EMCOR Group, Inc. | 36,051 | 1,752,079 | ||||||
Emerson Electric Co. | 245,250 | 13,336,695 | ||||||
Encore Wire Corp.(a) | 4,332 | 168,645 | ||||||
Federal Signal Corp. | 87,498 | 1,160,223 | ||||||
Flowserve Corp.(a)(b) | 99,505 | 4,419,017 | ||||||
Fluor Corp.(b) | 210,834 | 11,321,786 | ||||||
Franklin Electric Co., Inc.(a) | 60,838 | 1,957,158 | ||||||
General Cable Corp. | 5,873 | 71,709 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Gibraltar Industries, Inc.*(a) | 15,726 | $ | 449,764 | |||||
Global Brass & Copper Holdings, Inc.(a) | 381 | 9,506 | ||||||
HD Supply Holdings, Inc.*(a) | 3,025 | 100,037 | ||||||
Honeywell International, Inc.(b) | 82,367 | 9,229,222 | ||||||
Hubbell, Inc. | 1,949 | 206,458 | ||||||
Huntington Ingalls Industries, | 28,039 | 3,839,661 | ||||||
Hyster-Yale Materials Handling, | 646 | 43,024 | ||||||
Illinois Tool Works, Inc. | 96,249 | 9,859,748 | ||||||
Ingersoll-Rand PLC (Ireland)† | 105,503 | 6,542,241 | ||||||
Jacobs Engineering Group, Inc.*(a) | 39,357 | 1,713,997 | ||||||
Joy Global, Inc.(a) | 480,499 | 7,721,619 | ||||||
KBR, Inc.(b) | 219,837 | 3,403,077 | ||||||
Kennametal, Inc. | 347,157 | 7,807,561 | ||||||
L-3 Communications Holdings, | 31,466 | 3,728,721 | ||||||
Lincoln Electric Holdings, Inc. | 112,309 | 6,577,938 | ||||||
Manitowoc Co., Inc. (The) | 242,189 | 1,048,678 | ||||||
Masco Corp.(a) | 129,566 | 4,074,851 | ||||||
Moog, Inc., Class A* | 7,465 | 341,001 | ||||||
MRC Global, Inc.*(a) | 998,909 | 13,125,664 | ||||||
Mueller Industries, Inc.(a) | 46,064 | 1,355,203 | ||||||
National Presto Industries, Inc.(a) | 86 | 7,202 | ||||||
NCI Building Systems, Inc.* | 31,041 | 440,782 | ||||||
Northrop Grumman Corp. | 18,507 | 3,662,535 | ||||||
NOW, Inc.*(a) | 2,143 | 37,974 | ||||||
Owens Corning | 37,074 | 1,752,859 | ||||||
PACCAR, Inc.(a) | 137,895 | 7,541,478 | ||||||
Parker-Hannifin Corp. | 52,751 | 5,859,581 | ||||||
Pentair PLC (Ireland)(a) | 70,335 | 3,816,377 | ||||||
Ply Gem Holdings, Inc.* | 5,329 | 74,872 | ||||||
Quanta Services, Inc.*(a) | 64,783 | 1,461,504 | ||||||
Raytheon Co.(b) | 47,199 | 5,788,013 | ||||||
Regal-Beloit Corp.(a) | 1,608 | 101,449 | ||||||
Rockwell Automation, Inc.(a)(b) | 50,901 | 5,789,989 | ||||||
Roper Technologies, Inc.(a) | 12,031 | 2,198,906 | ||||||
Simpson Manufacturing Co., Inc.† | 40,522 | 1,546,725 | ||||||
Snap-on, Inc.(a) | 23,136 | 3,632,121 | ||||||
Spirit AeroSystems Holdings, Inc., Class A†* | 102,169 | 4,634,386 | ||||||
SPX Corp. | 32,548 | 488,871 | ||||||
SPX FLOW, Inc.†*(a) | 52,408 | 1,314,393 | ||||||
Standex International Corp.† | 2,102 | 163,557 | ||||||
Stanley Black & Decker, Inc.† | 61,081 | 6,426,332 | ||||||
Sun Hydraulics Corp.† | 6,589 | 218,689 |
The accompanying notes are an integral part of the financial statements.
20 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Textron, Inc.(a)(b) | 211,558 | $ | 7,713,405 | |||||
Thermon Group Holdings, Inc.*(a) | 214 | 3,758 | ||||||
Trinity Industries, Inc.(a)(b) | 333,980 | 6,115,174 | ||||||
United Rentals, Inc.*(a) | 37,944 | 2,359,737 | ||||||
United Technologies Corp.†(b) | 257,827 | 25,808,483 | ||||||
Universal Forest Products, Inc.† | 75,456 | 6,475,634 | ||||||
USG Corp.†* | 4,586 | 113,779 | ||||||
Wabash National Corp.*(a) | 677,125 | 8,938,050 | ||||||
WW Grainger, Inc.(a) | 24,987 | 5,832,715 | ||||||
Xylem, Inc.† | 70,335 | 2,876,702 | ||||||
|
| |||||||
324,144,892 | ||||||||
|
| |||||||
Commercial & Professional Services — 3.2% |
| |||||||
ABM Industries, Inc.† | 115,141 | 3,720,206 | ||||||
ACCO Brands Corp.*(a) | 77,977 | 700,233 | ||||||
Brady Corp., Class A | 39,997 | 1,073,519 | ||||||
Brink’s Co. (The)(a) | 13,555 | 455,312 | ||||||
Cintas Corp.(a) | 41,646 | 3,740,227 | ||||||
Clean Harbors, Inc.*(a) | 23,379 | 1,153,520 | ||||||
Deluxe Corp. | 691 | 43,181 | ||||||
Dun & Bradstreet Corp. (The) | 14,807 | 1,526,306 | ||||||
FTI Consulting, Inc.*(a) | 24,170 | 858,277 | ||||||
G&K Services, Inc., Class A | 2,615 | 191,549 | ||||||
HNI Corp.(a) | 3,412 | 133,648 | ||||||
Huron Consulting Group, Inc.*(a) | 28,929 | 1,683,378 | ||||||
ICF International, Inc.*(a) | 334 | 11,480 | ||||||
Interface, Inc. | 100,648 | 1,866,014 | ||||||
Kelly Services, Inc., Class A(a) | 3,403 | 65,065 | ||||||
Kforce, Inc.(a) | 1,672 | 32,738 | ||||||
ManpowerGroup, Inc.(a) | 23,881 | 1,944,391 | ||||||
Navigant Consulting, Inc.* | 17,990 | 284,422 | ||||||
Nielsen Holdings PLC (United Kingdom)(a) | 53,677 | 2,826,631 | ||||||
Pitney Bowes, Inc. | 77,739 | 1,674,498 | ||||||
Quad/Graphics, Inc.(a) | 2,133 | 27,601 | ||||||
Republic Services, Inc.†(b) | 28,404 | 1,353,451 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada)(a) | 176,470 | 4,778,808 | ||||||
Robert Half International, Inc.† | 51,826 | 2,414,055 | ||||||
RPX Corp.†* | 1,159 | 13,050 | ||||||
RR Donnelley & Sons Co.(a) | 59,276 | 972,126 | ||||||
Steelcase, Inc., Class A(a)(b) | 91,195 | 1,360,629 | ||||||
Tetra Tech, Inc.† | 73,552 | 2,193,321 | ||||||
Tyco International PLC (Ireland) | 140,671 | 5,164,032 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
UniFirst Corp.†(a)(b) | 43,395 | $ | 4,735,262 | |||||
US Ecology, Inc.†(a) | 61,586 | 2,719,638 | ||||||
Waste Management, Inc.(a)(b) | 93,098 | 5,492,782 | ||||||
|
| |||||||
55,209,350 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 5.7% |
| |||||||
Brunswick Corp. | 62,536 | 3,000,477 | ||||||
Callaway Golf Co. | 159,654 | 1,456,044 | ||||||
Deckers Outdoor Corp.*(a) | 62,911 | 3,768,998 | ||||||
DR Horton, Inc. | 145,299 | 4,392,389 | ||||||
Fossil Group, Inc.*(a) | 117,828 | 5,233,920 | ||||||
Garmin Ltd. (Switzerland) | 122,825 | 4,908,087 | ||||||
Hanesbrands, Inc. | 154,554 | 4,380,060 | ||||||
Hasbro, Inc.(a) | 49,050 | 3,928,905 | ||||||
KB Home(a) | 151,058 | 2,157,108 | ||||||
La-Z-Boy, Inc.(a) | 19,440 | 519,826 | ||||||
Leggett & Platt, Inc. | 52,751 | 2,553,148 | ||||||
Mattel, Inc.(a)(b) | 277,160 | 9,318,119 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†*(a)(b) | 177,995 | 10,138,595 | ||||||
Movado Group, Inc. | 786 | 21,639 | ||||||
Newell Rubbermaid, Inc.(a) | 84,218 | 3,730,015 | ||||||
NVR, Inc.*(a) | 49 | 84,888 | ||||||
PVH Corp.(b) | 32,391 | 3,208,652 | ||||||
Ralph Lauren Corp.† | 33,317 | 3,207,094 | ||||||
TopBuild Corp.*(a)(b) | 115,774 | 3,443,119 | ||||||
TRI Pointe Group, Inc.*(a) | 165,182 | 1,945,844 | ||||||
Tupperware Brands Corp.(a) | 22,306 | 1,293,302 | ||||||
Vera Bradley, Inc.*(a) | 5,627 | 114,453 | ||||||
VF Corp.†(a) | 167,510 | 10,847,948 | ||||||
Whirlpool Corp.† | 55,454 | 10,000,574 | ||||||
Wolverine World Wide, Inc.†(b) | 357,132 | 6,578,371 | ||||||
|
| |||||||
100,231,575 | ||||||||
|
| |||||||
Consumer Services — 5.0% |
| |||||||
Apollo Education Group, Inc.†* | 795,833 | 6,537,768 | ||||||
Bloomin’ Brands, Inc. | 42,067 | 709,670 | ||||||
Bob Evans Farms, Inc. | 71,918 | 3,357,851 | ||||||
Bojangles’, Inc.* | 8,953 | 152,291 | ||||||
Boyd Gaming Corp.* | 238,003 | 4,917,142 | ||||||
Capella Education Co. | 15,820 | 832,765 | ||||||
Carnival Corp. (Panama) | 56,653 | 2,989,579 | ||||||
Churchill Downs, Inc. | 22,889 | 3,384,825 | ||||||
Cracker Barrel Old Country Store, Inc.(a) | 22,494 | 3,434,159 |
The accompanying notes are an integral part of the financial statements.
21 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Darden Restaurants, Inc.(a)(b) | 211,401 | $ | 14,015,886 | |||||
DineEquity, Inc.(a) | 39,379 | 3,679,180 | ||||||
Graham Holdings Co., Class B | 10,268 | 4,928,640 | ||||||
Interval Leisure Group, Inc.(a) | 227,107 | 3,279,425 | ||||||
Isle of Capri Casinos, Inc.* | 1,306 | 18,284 | ||||||
Jack in the Box, Inc. | 5,375 | 343,301 | ||||||
Krispy Kreme Doughnuts, Inc.*(a) | 377 | 5,877 | ||||||
La Quinta Holdings, Inc.*(b) | 440,312 | 5,503,900 | ||||||
Marriott International, Inc., Class | 29,615 | 2,107,996 | ||||||
McDonald’s Corp. | 14,807 | 1,860,944 | ||||||
Pinnacle Entertainment, Inc.†*(a) | 141,716 | 4,974,232 | ||||||
Royal Caribbean Cruises Ltd. (Liberia)†(a) | 85,143 | 6,994,497 | ||||||
Sonic Corp.(a) | 19,464 | 684,354 | ||||||
Speedway Motorsports, Inc.(a) | 20,452 | 405,563 | ||||||
Starwood Hotels & Resorts Worldwide, Inc.†(a)(b) | 66,634 | 5,559,275 | ||||||
Weight Watchers International, | 118,345 | 1,719,553 | ||||||
Wyndham Worldwide Corp.(a) | 60,009 | 4,586,488 | ||||||
Yum! Brands, Inc.† | 4,627 | 378,720 | ||||||
|
| |||||||
87,362,165 | ||||||||
|
| |||||||
Energy — 3.1% | ||||||||
Atwood Oceanics, Inc.(a) | 201,192 | 1,844,931 | ||||||
Cameron International Corp.* | 49,429 | 3,314,214 | ||||||
Cenovus Energy, Inc. (Canada) | 5,467 | 71,071 | ||||||
DHT Holdings, Inc. (Marshall Islands)(a) | 194,086 | 1,117,935 | ||||||
FMC Technologies, Inc.*(a)(b) | 245,645 | 6,720,847 | ||||||
Frank’s International NV (Netherlands)(a) | 42,168 | 694,929 | ||||||
Imperial Oil Ltd. (Canada) | 11,476 | 383,298 | ||||||
McDermott International, Inc. (Panama)*(a) | 250,205 | 1,023,338 | ||||||
Oceaneering International, Inc.(a) | 147,199 | 4,892,895 | ||||||
ONEOK, Inc.(a) | 34,139 | 1,019,391 | ||||||
Rowan Cos PLC, Class A (United Kingdom)(a) | 232,796 | 3,748,016 | ||||||
Seadrill Ltd. (Bermuda)*(a) | 4,067 | 13,421 | ||||||
Targa Resources Corp.(a) | 246,069 | 7,347,620 | ||||||
Tesoro Corp. | 39,746 | 3,418,553 | ||||||
Tetra Technologies, Inc.* | 5,032 | 31,953 | ||||||
TransCanada Corp. (Canada)(a) | 115,479 | 4,539,480 | ||||||
Valero Energy Corp. | 34,153 | 2,190,574 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Western Refining, Inc.(a) | 207,287 | $ | 6,029,979 | |||||
Williams Cos., Inc. (The)†(a) | 348,726 | 5,604,027 | ||||||
World Fuel Services Corp.(a) | 16,956 | 823,723 | ||||||
|
| |||||||
54,830,195 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.6% | ||||||||
CVS Health Corp.(a) | 67,348 | 6,986,008 | ||||||
Fresh Market, Inc. (The)* | 10,351 | 295,314 | ||||||
Ingles Markets, Inc., Class A(a)(b) | 43,043 | 1,614,112 | ||||||
SpartanNash Co.† | 78,050 | 2,365,696 | ||||||
United Natural Foods, Inc.*(a) | 232 | 9,350 | ||||||
Walgreens Boots Alliance, Inc.†(a) | 22,211 | 1,871,055 | ||||||
Wal-Mart Stores, Inc.† | 141,774 | 9,710,101 | ||||||
Weis Markets, Inc.(a) | 8,238 | 371,204 | ||||||
Whole Foods Market, Inc.(a)(b) | 146,488 | 4,557,242 | ||||||
|
| |||||||
27,780,082 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.0% |
| |||||||
Altria Group, Inc.†(a) | 68,485 | 4,291,270 | ||||||
Archer-Daniels-Midland Co.(b) | 233,219 | 8,468,182 | ||||||
Boston Beer Co., Inc., Class A*(a) | 37,412 | 6,923,839 | ||||||
Bunge Ltd. (Bermuda) | 27,984 | 1,585,853 | ||||||
Campbell Soup Co.(a) | 87,813 | 5,601,591 | ||||||
Coca-Cola Enterprises, Inc.(a) | 135,100 | 6,854,974 | ||||||
Cott Corp. (Canada)(b) | 392,361 | 5,449,894 | ||||||
Dr Pepper Snapple Group, Inc.(b) | 74,037 | 6,620,389 | ||||||
Fresh Del Monte Produce, Inc. (Cayman Islands)(b) | 30,719 | 1,292,348 | ||||||
General Mills, Inc.(a) | 98,101 | 6,214,698 | ||||||
Hershey Co. (The)(a)(b) | 132,540 | 12,205,609 | ||||||
Hormel Foods Corp. | 1,850 | 79,994 | ||||||
JM Smucker Co. (The)†(b) | 78,264 | 10,161,798 | ||||||
John B Sanfilippo & Son, Inc.(a) | 16,371 | 1,131,072 | ||||||
Lancaster Colony Corp.(a) | 376 | 41,574 | ||||||
McCormick & Co., Inc., non-voting shares(a) | 13,340 | 1,327,063 | ||||||
Mondelez International, Inc., | 105,503 | 4,232,780 | ||||||
Omega Protein Corp.*(a) | 1,626 | 27,544 | ||||||
Philip Morris International, Inc.(a) | 8,329 | 817,158 | ||||||
Pilgrim’s Pride Corp.*(a) | 25,184 | 639,674 | ||||||
Tyson Foods, Inc., Class A(a)(b) | 298,546 | 19,901,076 | ||||||
Universal Corp.(a) | 20,611 | 1,170,911 | ||||||
|
| |||||||
105,039,291 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
22 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — 10.4% |
| |||||||
Abbott Laboratories† | 250,424 | $ | 10,475,236 | |||||
Amedisys, Inc.†* | 59,791 | 2,890,297 | ||||||
Amsurg Corp.†* | 14,506 | 1,082,148 | ||||||
Analogic Corp.†(a) | 5,679 | 448,698 | ||||||
Anika Therapeutics, Inc.†*(a) | 39,609 | 1,771,314 | ||||||
Baxter International, Inc.(a) | 481,675 | 19,787,209 | ||||||
Brookdale Senior Living, Inc.*(a) | 219,693 | 3,488,725 | ||||||
Cardinal Health, Inc.(a) | 80,516 | 6,598,286 | ||||||
Chemed Corp.(a) | 12,154 | 1,646,259 | ||||||
CR Bard, Inc.(a)(b) | 52,827 | 10,706,448 | ||||||
Cynosure, Inc., Class A*(a) | 11,405 | 503,189 | ||||||
DaVita HealthCare Partners, | 103,858 | 7,621,100 | ||||||
DENTSPLY SIRONA, Inc.(b) | 120,322 | 7,415,445 | ||||||
Express Scripts Holding Co.*(a)(b) | 359,764 | 24,712,189 | ||||||
Globus Medical, Inc., Class A*(a) | 18,665 | 443,294 | ||||||
Halyard Health, Inc.*(a) | 9,744 | 279,945 | ||||||
HCA Holdings, Inc.*(a)(b) | 220,719 | 17,227,118 | ||||||
HMS Holdings Corp.*(a)(b) | 108,184 | 1,552,440 | ||||||
Invacare Corp. | 458 | 6,032 | ||||||
Kindred Healthcare, Inc.(a) | 529,268 | 6,536,460 | ||||||
Laboratory Corp. of America Holdings*(a)(b) | 70,865 | 8,300,417 | ||||||
McKesson Corp.(b) | 107,917 | 16,969,948 | ||||||
MEDNAX, Inc.*(a) | 46,985 | 3,036,171 | ||||||
Meridian Bioscience, Inc.(a) | 40,223 | 828,996 | ||||||
National HealthCare Corp.(a) | 334 | 20,808 | ||||||
Natus Medical, Inc.* | 54,233 | 2,084,174 | ||||||
Quality Systems, Inc.(a) | 22,507 | 343,007 | ||||||
Quest Diagnostics, Inc.†(a) | 56,621 | 4,045,570 | ||||||
Stryker Corp.(a) | 18,467 | 1,981,324 | ||||||
Universal Health Services, Inc., Class B† | 62,423 | 7,785,397 | ||||||
Varian Medical Systems, Inc.†*(a) | 71,758 | 5,742,075 | ||||||
Zimmer Holdings, Inc.†(b) | 49,007 | 5,225,616 | ||||||
|
| |||||||
181,555,335 | ||||||||
|
| |||||||
Household & Personal Products — 0.5% |
| |||||||
Church & Dwight Co., Inc.(a) | 14,807 | 1,364,909 | ||||||
Energizer Holdings, Inc.(a) | 103,491 | 4,192,420 | ||||||
Procter & Gamble Co. (The)† | 28,689 | 2,361,392 | ||||||
|
| |||||||
7,918,721 | ||||||||
|
| |||||||
Materials — 3.0% |
| |||||||
Agrium, Inc. (canada)(a) | 31,474 | 2,778,839 | ||||||
Axiall Corp.(a) | 43,511 | 950,280 | ||||||
Celanese Corp., Class A | 58,313 | 3,819,502 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Chemours Co. (The)(a) | 72,026 | $ | 504,182 | |||||
Chemtura Corp.*(a) | 35,261 | 930,890 | ||||||
Crown Holdings, Inc.* | 244 | 12,100 | ||||||
El du Pont de Nemours & Co. | 171,027 | 10,829,430 | ||||||
FMC Corp. | 496 | 20,024 | ||||||
Graphic Packaging Holding Co. | 87,290 | 1,121,676 | ||||||
HB Fuller Co.(a) | 4,222 | 179,224 | ||||||
Headwaters, Inc.*(a) | 12,955 | 257,027 | ||||||
Innophos Holdings, Inc.(a) | 31,535 | 974,747 | ||||||
Innospec, Inc. | 28,931 | 1,254,448 | ||||||
KapStone Paper and Packaging Corp.(a) | 7,365 | 102,005 | ||||||
Martin Marietta Materials, Inc.(a) | 8,917 | 1,422,351 | ||||||
Minerals Technologies, Inc.(a) | 23,370 | 1,328,584 | ||||||
Monsanto Co.(b) | 113,622 | 9,969,194 | ||||||
Packaging Corp. of America(a) | 78,395 | 4,735,058 | ||||||
PH Glatfelter Co. | 6,187 | 128,256 | ||||||
PolyOne Corp.(a) | 221 | 6,685 | ||||||
Praxair, Inc.(a)(b) | 54,166 | 6,199,299 | ||||||
Silgan Holdings, Inc.(a) | 46,375 | 2,465,759 | ||||||
Stepan Co.(a) | 5,046 | 278,993 | ||||||
Trinseo SA (Luxembourg)*(a) | 1,197 | 44,062 | ||||||
Tronox Ltd., Class A (Australia)(a) | 143,013 | 913,853 | ||||||
Westrock Co.† | 15,620 | 609,649 | ||||||
|
| |||||||
51,836,117 | ||||||||
|
| |||||||
Media — 3.8% | ||||||||
Carmike Cinemas, Inc.* | 4,238 | 127,310 | ||||||
CBS Corp., Class B | 124,013 | 6,831,876 | ||||||
Comcast Corp., Class A(a) | 28,689 | 1,752,324 | ||||||
Discovery Communications, Inc., Class A*(a) | 321,347 | 9,200,165 | ||||||
DISH Network Corp., Class A* | 3,580 | 165,611 | ||||||
Interpublic Group of Cos, Inc. | 384,403 | 8,822,049 | ||||||
Loral Space & Communications, Inc.* | 30,356 | 1,066,406 | ||||||
MSG Networks, Inc., Class A* | 168,732 | 2,917,376 | ||||||
New Media Investment Group, | 10,414 | 173,289 | ||||||
New York Times Co. (The), | 251,826 | 3,137,752 | ||||||
News Corp., Class A(b) | 228,591 | 2,919,107 | ||||||
Nexstar Broadcasting Group, Inc., Class A(a) | 1,299 | 57,507 | ||||||
Omnicom Group, Inc.(a) | 90,697 | 7,548,711 | ||||||
Regal Entertainment Group, | 40,471 | 855,557 | ||||||
Starz, Class A†* | 113,758 | 2,995,248 |
The accompanying notes are an integral part of the financial statements.
23 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) | ||||||||
TEGNA, Inc.†(a) | 317,468 | $ | 7,447,799 | |||||
Time Warner, Inc.†(a)(b) | 46,273 | 3,357,106 | ||||||
Time, Inc.(a) | 16,627 | 256,721 | ||||||
Viacom, Inc., Class B† | 155,479 | 6,418,173 | ||||||
|
| |||||||
66,050,087 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 11.2% |
| |||||||
AbbVie, Inc.†(b) | 220,622 | 12,601,929 | ||||||
Achillion Pharmaceuticals, Inc.*(a) | 99,209 | 765,893 | ||||||
AMAG Pharmaceuticals, Inc.†*(a) | 47,236 | 1,105,322 | ||||||
Amgen, Inc.†(a) | 99,980 | 14,990,001 | ||||||
Baxalta, Inc. | 114,945 | 4,643,778 | ||||||
Biogen, Inc.*(a)(b) | 85,217 | 22,183,689 | ||||||
Bio-Rad Laboratories, Inc., | 7,039 | 962,372 | ||||||
Bruker Corp. | 83,710 | 2,343,880 | ||||||
Celgene Corp.*(a) | 4,859 | 486,337 | ||||||
Charles River Laboratories International, Inc.*(a) | 394 | 29,920 | ||||||
Emergent Biosolutions, Inc.*(a)(b) | 169,221 | 6,151,183 | ||||||
Enanta Pharmaceuticals, Inc.*(a) | 15,723 | 461,784 | ||||||
Five Prime Therapeutics, Inc.*(a) | 23,864 | 969,594 | ||||||
Gilead Sciences, Inc.(a)(b) | 293,522 | 26,962,931 | ||||||
Horizon Pharma PLC (Ireland)†*(a) | 306,448 | 5,077,843 | ||||||
Impax Laboratories, Inc.* | 47,983 | 1,536,416 | ||||||
Insys Therapeutics, Inc.*(a) | 311,410 | 4,979,446 | ||||||
Jazz Pharmaceuticals PLC (Ireland)*(b) | 39,726 | 5,186,229 | ||||||
Johnson & Johnson(b) | 72,603 | 7,855,645 | ||||||
Lexicon Pharmaceuticals, Inc.*(a) | 38,578 | 461,007 | ||||||
Luminex Corp.* | 9,724 | 188,646 | ||||||
Mallinckrodt PLC (Ireland)* | 104,920 | 6,429,498 | ||||||
Medivation, Inc.*(a) | 18,743 | 861,803 | ||||||
Merck & Co, Inc.(a)(b) | 412,758 | 21,839,026 | ||||||
Mylan NV (Netherlands)*(a) | 230,932 | 10,703,698 | ||||||
Myriad Genetics, Inc.*(a) | 21,657 | 810,621 | ||||||
PDL BioPharma, Inc.(a) | 1,442,066 | 4,802,080 | ||||||
Pfizer, Inc.†(a) | 515,959 | 15,293,025 | ||||||
PRA Health Sciences, Inc.*(a) | 65 | 2,779 | ||||||
Prestige Brands Holdings, Inc.†*(a) | 409 | 21,836 | ||||||
Quintiles Transnational Holdings, Inc.†*(a) | 32,266 | 2,100,517 | ||||||
Sucampo Pharmaceuticals, Inc., Class A†*(a)(b) | 128,543 | 1,404,975 | ||||||
United Therapeutics Corp.†* | 76,430 | 8,516,595 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Waters Corp.†* | 9,254 | $ | 1,220,788 | |||||
Zoetis, Inc.† | 35,167 | 1,558,953 | ||||||
|
| |||||||
195,510,039 | ||||||||
|
| |||||||
Retailing — 7.7% | ||||||||
1-800-Flowers.com, Inc., Class | 15,972 | 125,859 | ||||||
Aaron’s, Inc.† | 3,708 | 93,071 | ||||||
Abercrombie & Fitch Co., Class | 129,682 | 4,090,170 | ||||||
Advance Auto Parts, Inc.† | 22,958 | 3,681,086 | ||||||
American Eagle Outfitters, Inc.(a) | 55,093 | 918,400 | ||||||
AutoNation, Inc.*(a) | 36,243 | 1,691,823 | ||||||
AutoZone, Inc.* | 4,687 | 3,734,086 | ||||||
Barnes & Noble, Inc.(a) | 50,405 | 623,006 | ||||||
Bed Bath & Beyond, Inc.*(a) | 65,708 | 3,261,745 | ||||||
Best Buy Co., Inc.(a) | 131,417 | 4,263,167 | ||||||
Big Lots, Inc.(a) | 14,695 | 665,537 | ||||||
Buckle, Inc. (The)(a) | 38,150 | 1,292,140 | ||||||
Caleres, Inc. | 3,076 | 87,020 | ||||||
Cato Corp. (The), Class A | 16,767 | 646,368 | ||||||
Dollar General Corp.(a) | 29,615 | 2,535,044 | ||||||
Dollar Tree, Inc.* | 12,031 | 992,076 | ||||||
Express, Inc.*(a) | 6,299 | 134,862 | ||||||
Fred’s, Inc., Class A(a) | 585 | 8,722 | ||||||
GameStop Corp., Class A(a) | 41,646 | 1,321,428 | ||||||
Gap, Inc. (The)(a) | 156,405 | 4,598,307 | ||||||
Genuine Parts Co.(a) | 79,321 | 7,881,335 | ||||||
Guess?, Inc.(a) | 115,393 | 2,165,927 | ||||||
Hibbett Sports, Inc.* | 26,656 | 956,950 | ||||||
Kohl’s Corp.(a) | 74,037 | 3,450,865 | ||||||
L Brands, Inc.(a)(b) | 113,833 | 9,995,676 | ||||||
Lands’ End, Inc.*(a) | 2,490 | 63,520 | ||||||
Macy’s, Inc.(b) | 122,162 | 5,386,123 | ||||||
Murphy USA, Inc.* | 27 | 1,659 | ||||||
Nordstrom, Inc.(a) | 68,485 | 3,918,027 | ||||||
Office Depot, Inc.*(a) | 1,001,189 | 7,108,442 | ||||||
Outerwall, Inc.(a) | 248,021 | 9,174,297 | ||||||
Priceline Group, Inc. (The)†* | 4,627 | 5,964,018 | ||||||
Ross Stores, Inc.(a) | 62,466 | 3,616,781 | ||||||
Shutterfly, Inc.* | 2,405 | 111,520 | ||||||
Staples, Inc.(a)(b) | 253,579 | 2,796,976 | ||||||
Target Corp.(b) | 126,789 | 10,432,199 | ||||||
Tiffany & Co.†(a) | 49,975 | 3,667,166 | ||||||
TJX Cos, Inc. (The)†(b) | 123,069 | 9,642,456 | ||||||
Urban Outfitters, Inc.*(b) | 315,361 | 10,435,295 |
The accompanying notes are an integral part of the financial statements.
24 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
Vitamin Shoppe, Inc.*(a)(b) | 32,687 | $ | 1,011,990 | |||||
Williams-Sonoma, Inc.†(a) | 40,967 | 2,242,534 | ||||||
|
| |||||||
134,787,673 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 7.7% |
| |||||||
Advanced Energy Industries, Inc.†* | 150,007 | 5,218,744 | ||||||
Ambarella, Inc. (Cayman | 2,494 | 111,482 | ||||||
Analog Devices, Inc.† | 124,013 | 7,340,329 | ||||||
Applied Materials, Inc.(a) | 248,026 | 5,253,191 | ||||||
Broadcom Ltd. (Singapore) | 4 | 618 | ||||||
First Solar, Inc.*(a) | 40,720 | 2,788,098 | ||||||
Intel Corp. | 771,355 | 24,953,334 | ||||||
KLA-Tencor Corp. | 46,078 | 3,354,939 | ||||||
Lam Research Corp.(a) | 70,335 | 5,809,671 | ||||||
Linear Technology Corp.(a)(b) | 94,398 | 4,206,375 | ||||||
MKS Instruments, Inc.(a) | 155,038 | 5,837,181 | ||||||
NVIDIA Corp.(a) | 382,799 | 13,639,128 | ||||||
Photronics, Inc.†*(a) | 115,897 | 1,206,488 | ||||||
Qorvo, Inc.*(a) | 53,677 | 2,705,858 | ||||||
QUALCOMM, Inc.†(a)(b) | 309,701 | 15,838,109 | ||||||
Skyworks Solutions, Inc.(a)(b) | 74,037 | 5,767,482 | ||||||
Teradyne, Inc. | 55,359 | 1,195,201 | ||||||
Tessera Technologies, Inc.† | 101,536 | 3,147,616 | ||||||
Texas Instruments, Inc.†(a)(b) | 369,156 | 21,196,938 | ||||||
Xilinx, Inc.(b) | 99,951 | 4,740,676 | ||||||
|
| |||||||
134,311,458 | ||||||||
|
| |||||||
Software & Services — 10.3% | ||||||||
Accenture PLC, Class A (Ireland)† | 37,944 | 4,378,738 | ||||||
ACI Worldwide, Inc.*(a) | 5,281 | 109,792 | ||||||
Aspen Technology, Inc.*(a) | 256,930 | 9,282,881 | ||||||
AVG Technologies NV (Netherlands)*(a) | 5,987 | 124,230 | ||||||
Bankrate, Inc.*(a) | 47,463 | 435,236 | ||||||
CA, Inc. | 265,003 | 8,159,442 | ||||||
CGI Group, Inc., Class A | 38,006 | 1,815,927 | ||||||
Citrix Systems, Inc.*(a)(b) | 101,716 | 7,992,843 | ||||||
Computer Sciences Corp.(a) | 296,511 | 10,197,013 | ||||||
CSG Systems International, | 142,656 | 6,442,345 | ||||||
CSRA, Inc.(a) | 32,392 | 871,345 | ||||||
DST Systems, Inc. | 17,176 | 1,936,938 | ||||||
EarthLink Holdings Corp. | 437,787 | 2,482,252 | ||||||
eBay, Inc.*(a)(b) | 914,512 | 21,820,256 | ||||||
Epiq Systems, Inc.(a) | 239 | 3,590 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
IAC/InterActiveCorp.(a) | 78,014 | $ | 3,672,899 | |||||
International Business Machines Corp. | 97,174 | 14,717,002 | ||||||
j2 Global, Inc.(a) | 16,196 | 997,350 | ||||||
Mentor Graphics Corp.(a) | 107,095 | 2,177,241 | ||||||
Microsoft Corp.(a) | 47,199 | 2,606,801 | ||||||
MicroStrategy, Inc., Class A* | 71,814 | 12,906,412 | ||||||
Monotype Imaging Holdings, | 3,698 | 88,456 | ||||||
NIC, Inc.(a)(b) | 90,125 | 1,624,954 | ||||||
Open Text Corp. (Canada) | 7,792 | 403,626 | ||||||
Oracle Corp.(a) | 168,436 | 6,890,717 | ||||||
Pegasystems, Inc.(a) | 3,015 | 76,521 | ||||||
Rackspace Hosting, Inc.*(a) | 54,285 | 1,172,013 | ||||||
Sykes Enterprises, Inc.†* | 46,456 | 1,402,042 | ||||||
Symantec Corp.(a)(b) | 375,981 | 6,910,531 | ||||||
TeleTech Holdings, Inc.(a) | 28,023 | 777,918 | ||||||
Teradata Corp.*(a) | 215,160 | 5,645,798 | ||||||
TiVo, Inc.†* | 471,535 | 4,484,298 | ||||||
Total System Services, Inc.(a)(b) | 32,391 | 1,541,164 | ||||||
VASCO Data Security International, Inc.*(a) | 130,913 | 2,016,060 | ||||||
VeriSign, Inc.*(a) | 8,642 | 765,163 | ||||||
Visa, Inc., Class A† | 16,658 | 1,274,004 | ||||||
Vistaprint NV (Netherlands)*(a) | 9,160 | 830,720 | ||||||
VMware, Inc., Class A*(a) | 115,253 | 6,028,885 | ||||||
Web.com Group, Inc.*(a)(b) | 104,421 | 2,069,624 | ||||||
Western Union Co. (The)(a) | 518,545 | 10,002,733 | ||||||
Xerox Corp.†(a) | 1,169,342 | 13,049,857 | ||||||
|
| |||||||
180,185,617 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 12.0% |
| |||||||
Amphenol Corp., Class A† | 77,740 | 4,494,927 | ||||||
Apple, Inc.† | 212,648 | 23,176,506 | ||||||
AVX Corp.†(a) | 125,364 | 1,575,825 | ||||||
Belden, Inc.(a) | 445 | 27,314 | ||||||
Benchmark Electronics, Inc.* | 150,619 | 3,471,768 | ||||||
Brocade Communications Systems, Inc. | 1,254,484 | 13,272,441 | ||||||
Cisco Systems, Inc.(a) | 553,399 | 15,755,270 | ||||||
Coherent, Inc.*(a) | 4,835 | 444,336 | ||||||
Corning, Inc.(b) | 443,301 | 9,260,558 | ||||||
Cray, Inc.*(a) | 33,008 | 1,383,365 | ||||||
EMC Corp. | 237,846 | 6,338,596 | ||||||
F5 Networks, Inc.*(a) | 27,764 | 2,938,819 | ||||||
FARO Technologies, Inc.*(a) | 2,409 | 77,594 |
The accompanying notes are an integral part of the financial statements.
25 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Fitbit, Inc., Class A*(a) | 9,730 | $ | 147,410 | |||||
FLIR Systems, Inc.(a) | 52,751 | 1,738,145 | ||||||
Harris Corp. | 49,050 | 3,819,033 | ||||||
Hewlett Packard Enterprise Co.(b) | 590,452 | 10,468,714 | ||||||
HP, Inc. | 688,552 | 8,482,961 | ||||||
II-VI, Inc.†* | 54,476 | 1,182,674 | ||||||
Ingram Micro, Inc., Class A | 431,436 | 15,492,867 | ||||||
Insight Enterprises, Inc.*(a) | 6,319 | 180,976 | ||||||
InterDigital, Inc. | 150,072 | 8,351,507 | ||||||
InvenSense, Inc.*(a) | 822,116 | 6,905,774 | ||||||
Ixia* | 19,773 | 246,372 | ||||||
Juniper Networks, Inc. | 150,852 | 3,848,235 | ||||||
Methode Electronics, Inc. | 59,394 | 1,736,681 | ||||||
Motorola Solutions, Inc.(a) | 88,045 | 6,665,006 | ||||||
MTS Systems Corp.(a) | 10,684 | 650,121 | ||||||
Multi-Fineline Electronix, Inc.*(a) | 14,810 | 343,740 | ||||||
NetApp, Inc. | 114,758 | 3,131,746 | ||||||
NETGEAR, Inc.*(b) | 190,371 | 7,685,277 | ||||||
Plantronics, Inc.† | 50,593 | 1,982,740 | ||||||
Polycom, Inc.†* | 268,879 | 2,998,001 | ||||||
Seagate Technology PLC | 116,609 | 4,017,180 | ||||||
SYNNEX Corp.†(a) | 80,669 | 7,469,143 | ||||||
TE Connectivity Ltd. | 149,001 | 9,226,142 | ||||||
Tech Data Corp.†*(a) | 33,742 | 2,590,373 | ||||||
TTM Technologies, Inc.*(a) | 11,738 | 78,058 | ||||||
Ubiquiti Networks, Inc.*(a) | 103,121 | 3,430,836 | ||||||
Vishay Intertechnology, Inc.(a) | 112,748 | 1,376,653 | ||||||
Western Digital Corp.†(a) | 287,819 | 13,596,570 | ||||||
|
| |||||||
210,060,254 | ||||||||
|
| |||||||
Telecommunication Services — 2.4% |
| |||||||
CenturyLink, Inc.(a) | 400,260 | 12,792,310 | ||||||
Frontier Communications Corp.(a) | 458,109 | 2,560,829 | ||||||
General Communication, Inc., Class A*(a) | 19,519 | 357,588 | ||||||
Level 3 Communications, Inc.*(a) | 168,605 | 8,910,774 | ||||||
Shenandoah Telecommunications Co.† | 97,112 | 2,597,746 | ||||||
Verizon Communications, Inc.†(b) | 267,385 | 14,460,181 | ||||||
Vonage Holdings Corp.*(a) | 84,925 | 388,107 | ||||||
|
| |||||||
42,067,535 | ||||||||
|
| |||||||
Transportation — 5.5% | ||||||||
American Airlines Group, Inc.† | 57,301 | 2,349,914 | ||||||
CH Robinson Worldwide, Inc.(a) | 145,008 | 10,763,944 | ||||||
CSX Corp. | 6,478 | 166,808 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Delta Air Lines, Inc.(b) | 306,331 | $ | 14,912,193 | |||||
Expeditors International of Washington, Inc.(a) | 119,792 | 5,847,048 | ||||||
Hawaiian Holdings, Inc.*(a)(b) | 332,059 | 15,669,864 | ||||||
Heartland Express, Inc.(a)(b) | 108,654 | 2,015,532 | ||||||
Hub Group, Inc., Class A* | 43,582 | 1,777,710 | ||||||
Landstar System, Inc. | 97,090 | 6,272,985 | ||||||
Saia, Inc.*(a) | 14,852 | 418,084 | ||||||
Southwest Airlines Co.† | 254,505 | 11,401,824 | ||||||
Swift Transportation Co.*(a) | 230,262 | 4,289,781 | ||||||
Union Pacific Corp.†(a) | 156,594 | 12,457,053 | ||||||
United Continental Holdings, Inc.†*(a) | 147,257 | 8,814,804 | ||||||
|
| |||||||
97,157,544 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,100,458,168 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 120.1% |
| 2,100,458,168 | ||||||
|
| |||||||
(Cost $1,943,008,423) | ||||||||
SHORT POSITIONS — (59.9)% |
| |||||||
COMMON STOCKS — (59.9)% |
| |||||||
Automobiles & Components — (0.8)% |
| |||||||
BorgWarner, Inc. | (146,367 | ) | (5,620,493 | ) | ||||
Drew Industries, Inc. | (80,952 | ) | (5,218,166 | ) | ||||
Federal-Mogul Holdings Corp.* | (122,313 | ) | (1,208,452 | ) | ||||
Gentex Corp. | (30,680 | ) | (481,369 | ) | ||||
Gentherm, Inc.* | (21,598 | ) | (898,261 | ) | ||||
|
| |||||||
(13,426,741 | ) | |||||||
|
| |||||||
Capital Goods — (7.8)% | ||||||||
AAON, Inc. | (17,515 | ) | (490,420 | ) | ||||
AAR Corp. | (5,759 | ) | (134,012 | ) | ||||
Acuity Brands, Inc. | (21,731 | ) | (4,740,400 | ) | ||||
Aerovironment, Inc.* | (39,560 | ) | (1,120,339 | ) | ||||
Armstrong World Industries, Inc.* | (25,785 | ) | (1,247,220 | ) | ||||
Astec Industries, Inc. | (23,629 | ) | (1,102,765 | ) | ||||
Beacon Roofing Supply, Inc.* | (93,039 | ) | (3,815,529 | ) | ||||
Briggs & Stratton Corp. | (167,388 | ) | (4,003,921 | ) | ||||
Builders FirstSource, Inc.* | (777,829 | ) | (8,766,133 | ) | ||||
Cubic Corp. | (35,909 | ) | (1,434,924 | ) | ||||
Danaher Corp. | (114,488 | ) | (10,860,332 | ) | ||||
Donaldson Co., Inc. | (100,089 | ) | (3,193,840 | ) | ||||
Dycom Industries, Inc.* | (94,341 | ) | (6,101,032 | ) | ||||
EnPro Industries, Inc. | (21,495 | ) | (1,239,832 | ) | ||||
Fastenal Co. | (16,863 | ) | (826,287 | ) |
The accompanying notes are an integral part of the financial statements.
26 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
General Dynamics Corp. | (37,868 | ) | $ | (4,974,719 | ) | |||
Graco, Inc. | (11,304 | ) | (949,084 | ) | ||||
Granite Construction, Inc. | (57,198 | ) | (2,734,064 | ) | ||||
Griffon Corp. | (44,062 | ) | (680,758 | ) | ||||
HEICO Corp. | (36,176 | ) | (2,175,263 | ) | ||||
Hillenbrand, Inc. | (5,359 | ) | (160,502 | ) | ||||
ITT Corp. | (61,072 | ) | (2,252,946 | ) | ||||
John Bean Technologies Corp. | (29,857 | ) | (1,684,233 | ) | ||||
Kaman Corp. | (6,390 | ) | (272,789 | ) | ||||
Lindsay Corp. | (498 | ) | (35,662 | ) | ||||
Lockheed Martin Corp. | (50,333 | ) | (11,148,760 | ) | ||||
Masonite International Corp. (Canada)* | (10,173 | ) | (666,332 | ) | ||||
Meritor, Inc.* | (167,804 | ) | (1,352,500 | ) | ||||
Middleby Corp. (The)* | (63,391 | ) | (6,768,257 | ) | ||||
Milacron Holdings Corp.* | (98,021 | ) | (1,616,366 | ) | ||||
Navistar International Corp.* | (7,420 | ) | (92,898 | ) | ||||
Nordson Corp. | (8,926 | ) | (678,733 | ) | ||||
Patrick Industries, Inc.* | (3,881 | ) | (176,159 | ) | ||||
Primoris Services Corp. | (90,635 | ) | (2,202,430 | ) | ||||
Proto Labs, Inc.* | (51,489 | ) | (3,969,287 | ) | ||||
Quanex Building Products Corp. | (22,454 | ) | (389,801 | ) | ||||
Raven Industries, Inc. | (974 | ) | (15,603 | ) | ||||
RBC Bearings, Inc.* | (74,454 | ) | (5,454,500 | ) | ||||
Rockwell Collins, Inc. | (100,105 | ) | (9,230,682 | ) | ||||
Rush Enterprises, Inc., Class A* | (116,171 | ) | (2,118,959 | ) | ||||
Sensata Technologies Holding NV (Netherlands)* | (90,937 | ) | (3,531,993 | ) | ||||
Sunrun, Inc.* | (415,248 | ) | (2,690,807 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda) | (29,013 | ) | (430,553 | ) | ||||
Toro Co. (The) | (31,061 | ) | (2,674,973 | ) | ||||
TransDigm Group, Inc.* | (561 | ) | (123,611 | ) | ||||
TriMas Corp.* | (17,332 | ) | (303,657 | ) | ||||
Tutor Perini Corp.* | (113,178 | ) | (1,758,786 | ) | ||||
Veritiv Corp.* | (253 | ) | (9,427 | ) | ||||
WABCO Holdings, Inc.* | (41,154 | ) | (4,400,186 | ) | ||||
Woodward, Inc. | (176,293 | ) | (9,170,762 | ) | ||||
|
| |||||||
(135,973,028 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (2.6)% |
| |||||||
ADT Corp. (The) | (99,768 | ) | (4,116,428 | ) | ||||
Advisory Board Co. (The)* | (68,351 | ) | (2,204,320 | ) | ||||
Copart, Inc.* | (8,114 | ) | (330,808 | ) | ||||
Covanta Holding Corp. | (447,592 | ) | (7,546,401 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Essendant, Inc. | (1,513 | ) | $ | (48,310 | ) | |||
Healthcare Services Group, Inc. | (59,653 | ) | (2,195,827 | ) | ||||
IHS, Inc., Class A* | (22,010 | ) | (2,732,762 | ) | ||||
Insperity, Inc. | (1,287 | ) | (66,577 | ) | ||||
Knoll, Inc. | (16,155 | ) | (349,756 | ) | ||||
Matthews International Corp., Class A | (8,772 | ) | (451,495 | ) | ||||
Multi-Color Corp. | (13,502 | ) | (720,332 | ) | ||||
Stantec, Inc. (Canada) | (1,593 | ) | (40,398 | ) | ||||
Stericycle, Inc.* | (49,626 | ) | (6,262,305 | ) | ||||
Team, Inc.* | (7,617 | ) | (231,404 | ) | ||||
Transunion* | (88,674 | ) | (2,448,289 | ) | ||||
TriNet Group, Inc.* | (104,904 | ) | (1,505,372 | ) | ||||
TrueBlue, Inc.* | (45,007 | ) | (1,176,933 | ) | ||||
Verisk Analytics, Inc.* | (78,486 | ) | (6,272,601 | ) | ||||
WageWorks, Inc.* | (88,022 | ) | (4,454,793 | ) | ||||
Waste Connections, Inc. | (44,563 | ) | (2,878,324 | ) | ||||
|
| |||||||
(46,033,435 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.7)% |
| |||||||
CalAtlantic Group, Inc. | (288,202 | ) | (9,631,711 | ) | ||||
Coach, Inc. | (15,932 | ) | (638,714 | ) | ||||
Columbia Sportswear Co. | (5,744 | ) | (345,157 | ) | ||||
Crocs, Inc.* | (73,700 | ) | (708,994 | ) | ||||
G-III Apparel Group Ltd.* | (93,773 | ) | (4,584,562 | ) | ||||
Gopro, Inc., Class A* | (82 | ) | (981 | ) | ||||
Helen of Troy Ltd. (Bermuda)* | (25,155 | ) | (2,608,322 | ) | ||||
iRobot Corp.* | (25,969 | ) | (916,706 | ) | ||||
Jarden Corp.* | (38,033 | ) | (2,242,045 | ) | ||||
Lululemon Athletica, Inc.* | (116,748 | ) | (7,905,007 | ) | ||||
Mohawk Industries, Inc.* | (24,941 | ) | (4,761,237 | ) | ||||
Nautilus, Inc.* | (22,262 | ) | (430,102 | ) | ||||
Oxford Industries, Inc. | (4,088 | ) | (274,836 | ) | ||||
Under Armour, Inc., Class A* | (84,133 | ) | (7,137,002 | ) | ||||
Vista Outdoor, Inc.* | (108,874 | ) | (5,651,649 | ) | ||||
|
| |||||||
(47,837,025 | ) | |||||||
|
| |||||||
Consumer Services — (3.8)% |
| |||||||
2U, Inc.* | (327,471 | ) | (7,400,845 | ) | ||||
Belmond Ltd., Class A (Bermuda)* | (12,270 | ) | (116,442 | ) | ||||
Bright Horizons Family Solutions, Inc.* | (8,254 | ) | (534,694 | ) | ||||
Buffalo Wild Wings, Inc.* | (34,568 | ) | (5,120,212 | ) | ||||
Chuy’s Holdings, Inc.* | (963 | ) | (29,920 | ) | ||||
ClubCorp Holdings, Inc. | (67,663 | ) | (949,989 | ) | ||||
Dave & Buster’s Entertainment, Inc.* | (63,211 | ) | (2,451,323 | ) |
The accompanying notes are an integral part of the financial statements.
27 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Fiesta Restaurant Group, Inc.* | (116,622 | ) | $ | (3,822,869 | ) | |||
Grand Canyon Education, Inc.* | (153,403 | ) | (6,556,444 | ) | ||||
Habit Restaurants, Inc. (The), Class A* | (16,261 | ) | (302,942 | ) | ||||
Houghton Mifflin Harcourt Co.* | (57,470 | ) | (1,145,952 | ) | ||||
Hyatt Hotels Corp., Class A* | (4,544 | ) | (224,883 | ) | ||||
International Speedway Corp., Class A | (63,117 | ) | (2,329,648 | ) | ||||
LifeLock, Inc.* | (36,007 | ) | (434,605 | ) | ||||
MGM Resorts International* | (30,817 | ) | (660,716 | ) | ||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | (180,791 | ) | (9,995,934 | ) | ||||
Planet Fitness, Inc., Class A* | (80 | ) | (1,299 | ) | ||||
Red Robin Gourmet Burgers, Inc.* | (112,063 | ) | (7,224,702 | ) | ||||
Texas Roadhouse, Inc. | (150,686 | ) | (6,566,896 | ) | ||||
Vail Resorts, Inc. | (11,735 | ) | (1,568,970 | ) | ||||
Wynn Resorts Ltd. | (98,366 | ) | (9,190,335 | ) | ||||
|
| |||||||
(66,629,620 | ) | |||||||
|
| |||||||
Energy — (3.4)% | ||||||||
Bristow Group, Inc. | (98,753 | ) | (1,868,407 | ) | ||||
Cheniere Energy, Inc.* | (137,233 | ) | (4,642,592 | ) | ||||
Chevron Corp. | (118,848 | ) | (11,338,099 | ) | ||||
Core Laboratories NV (Netherlands) | (37,363 | ) | (4,199,975 | ) | ||||
Delek US Holdings, Inc. | (4,071 | ) | (62,042 | ) | ||||
Dorian LPG Ltd. (Marshall Islands)* | (69,279 | ) | (651,223 | ) | ||||
Gener8 Maritime, Inc. (Marshall Islands)* | (18,456 | ) | (130,299 | ) | ||||
Green Plains, Inc. | (81,145 | ) | (1,295,074 | ) | ||||
Helix Energy Solutions Group, Inc.* | (60,507 | ) | (338,839 | ) | ||||
Helmerich & Payne, Inc. | (8,535 | ) | (501,175 | ) | ||||
Marathon Petroleum Corp. | (336,368 | ) | (12,506,162 | ) | ||||
Occidental Petroleum Corp. | (2,375 | ) | (162,521 | ) | ||||
Oil States International, Inc.* | (101,120 | ) | (3,187,302 | ) | ||||
Par Pacific Holdings, Inc.* | (7,023 | ) | (131,751 | ) | ||||
Patterson-UTI Energy, Inc. | (513,159 | ) | (9,041,862 | ) | ||||
SEACOR Holdings, Inc.* | (26,269 | ) | (1,430,347 | ) | ||||
Teekay Tankers Ltd., Class A (Marshall Islands) | (469,932 | ) | (1,724,650 | ) | ||||
Unit Corp.* | (18,528 | ) | (163,232 | ) | ||||
US Silica Holdings, Inc. | (273,324 | ) | (6,209,921 | ) | ||||
|
| |||||||
(59,585,473 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.7)% |
| |||||||
Casey’s General Stores, Inc. | (1,893 | ) | (214,515 | ) | ||||
Kroger Co. (The) | (126,296 | ) | (4,830,822 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
Performance Food Group Co.* | (47,525 | ) | $ | (1,109,709 | ) | |||
PriceSmart, Inc. | (24,858 | ) | (2,102,490 | ) | ||||
Rite Aid Corp.* | (381,018 | ) | (3,105,297 | ) | ||||
Smart & Final Stores, Inc.* | (105,955 | ) | (1,716,471 | ) | ||||
|
| |||||||
(13,079,304 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (2.4)% |
| |||||||
Amplify Snack Brands, Inc.* | (16,408 | ) | (234,963 | ) | ||||
B&G Foods, Inc. | (115,095 | ) | (4,006,457 | ) | ||||
Blue Buffalo Pet Products, Inc.* | (35,654 | ) | (914,882 | ) | ||||
Calavo Growers, Inc. | (6,753 | ) | (385,326 | ) | ||||
Coca-Cola Bottling Co. Consolidated | (27,229 | ) | (4,350,105 | ) | ||||
Darling Ingredients, Inc.* | (88,763 | ) | (1,169,009 | ) | ||||
Dean Foods Co. | (10,904 | ) | (188,857 | ) | ||||
Flowers Foods, Inc. | (179,764 | ) | (3,318,443 | ) | ||||
J&J Snack Foods Corp. | (3,362 | ) | (364,037 | ) | ||||
Mead Johnson Nutrition Co. | (645 | ) | (54,806 | ) | ||||
Molson Coors Brewing Co., | (47,676 | ) | (4,585,478 | ) | ||||
Monster Beverage Corp.* | (13,673 | ) | (1,823,705 | ) | ||||
National Beverage Corp.* | (4,049 | ) | (171,354 | ) | ||||
Reynolds American, Inc. | (209,653 | ) | (10,547,642 | ) | ||||
Snyders-Lance, Inc. | (38,384 | ) | (1,208,324 | ) | ||||
Tootsie Roll Industries, Inc. | (9,036 | ) | (315,721 | ) | ||||
Vector Group Ltd. | (13,622 | ) | (311,126 | ) | ||||
WhiteWave Foods Co. (The)* | (217,474 | ) | (8,838,143 | ) | ||||
|
| |||||||
(42,788,378 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (6.2)% |
| |||||||
Abiomed, Inc.* | (13,536 | ) | (1,283,348 | ) | ||||
Acadia Healthcare Co., Inc.* | (88,894 | ) | (4,898,948 | ) | ||||
Aceto Corp. | (11,125 | ) | (262,105 | ) | ||||
Air Methods Corp* | (65,994 | ) | (2,390,303 | ) | ||||
AMN Healthcare Services, Inc.* | (15,199 | ) | (510,838 | ) | ||||
athenahealth, Inc.* | (71,496 | ) | (9,922,215 | ) | ||||
AtriCure, Inc.* | (7,403 | ) | (124,593 | ) | ||||
Cantel Medical Corp. | (17,616 | ) | (1,257,078 | ) | ||||
Capital Senior Living Corp.* | (39,263 | ) | (727,151 | ) | ||||
Cerner Corp.* | (9,269 | ) | (490,886 | ) | ||||
Cerus Corp.* | (255,266 | ) | (1,513,727 | ) | ||||
Civitas Solutions, Inc.* | (2,112 | ) | (36,812 | ) | ||||
CONMED Corp. | (8,112 | ) | (340,217 | ) | ||||
DexCom, Inc.* | (62,322 | ) | (4,232,287 | ) | ||||
Endologix, Inc.* | (481,481 | ) | (4,025,181 | ) | ||||
Ensign Group, Inc. (The) | (194,066 | ) | (4,393,654 | ) | ||||
Envision Healthcare Holdings, Inc.* | (366,535 | ) | (7,477,314 | ) |
The accompanying notes are an integral part of the financial statements.
28 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Evolent Health, Inc., Class A* | (98,218 | ) | $ | (1,037,182 | ) | |||
ExamWorks Group, Inc.* | (58,712 | ) | (1,735,527 | ) | ||||
Glaukos Corp.* | (8,456 | ) | (142,568 | ) | ||||
Greatbatch, Inc.* | (30,631 | ) | (1,091,689 | ) | ||||
Haemonetics Corp.* | (2,753 | ) | (96,300 | ) | ||||
HealthSouth Corp. | (36,962 | ) | (1,390,880 | ) | ||||
Insulet Corp.* | (33,707 | ) | (1,117,724 | ) | ||||
K2M Group Holdings, Inc.* | (46,836 | ) | (694,578 | ) | ||||
LDR Holding Corp.* | (100,100 | ) | (2,551,549 | ) | ||||
LHC Group, Inc.* | (598 | ) | (21,265 | ) | ||||
Medidata Solutions, Inc.* | (115,950 | ) | (4,488,424 | ) | ||||
Merit Medical Systems, Inc.* | (1,483 | ) | (27,421 | ) | ||||
Neogen Corp.* | (424 | ) | (21,348 | ) | ||||
Nevro Corp.* | (112,094 | ) | (6,306,408 | ) | ||||
Novadaq Technologies, Inc. (Canada)* | (129,687 | ) | (1,438,229 | ) | ||||
Nuvectra Corp.* | — | (2 | ) | |||||
NxStage Medical, Inc.* | (19,125 | ) | (286,684 | ) | ||||
Omnicell, Inc.* | (59,490 | ) | (1,657,986 | ) | ||||
Patterson Cos, Inc. | (230,949 | ) | (10,746,057 | ) | ||||
Penumbra, Inc.* | (8,368 | ) | (384,928 | ) | ||||
PharMerica Corp.* | (14,862 | ) | (328,599 | ) | ||||
Press Ganey Holdings, Inc.* | (25,551 | ) | (768,574 | ) | ||||
Providence Service Corp. (The)* | (21,875 | ) | (1,117,156 | ) | ||||
Quidel Corp.* | (9,165 | ) | (158,188 | ) | ||||
Select Medical Holdings Corp. | (394,947 | ) | (4,664,324 | ) | ||||
Spectranetics Corp. (The)* | (133,958 | ) | (1,945,070 | ) | ||||
Steris PLC (United Kingdom) | (111,513 | ) | (7,922,999 | ) | ||||
Surgical Care Affiliates, Inc.* | (54,814 | ) | (2,536,792 | ) | ||||
Veeva Systems, Inc., Class A* | (22,636 | ) | (566,805 | ) | ||||
Wright Medical Group NV | ||||||||
(Netherlands)* | (277,626 | ) | (4,608,592 | ) | ||||
Zeltiq Aesthetics, Inc.* | (175,737 | ) | (4,773,017 | ) | ||||
|
| |||||||
(108,513,522 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.4)% |
| |||||||
Central Garden & Pet Co., | (25,036 | ) | (407,836 | ) | ||||
Clorox Co. (The) | (39,171 | ) | (4,937,896 | ) | ||||
Coty, Inc., Class A | (1,020 | ) | (28,387 | ) | ||||
Estee Lauder Cos, Inc., Class A (The) | (2,026 | ) | (191,072 | ) | ||||
Inter Parfums, Inc. | (21,554 | ) | (666,019 | ) | ||||
Revlon, Inc., Class A* | (7,664 | ) | (279,046 | ) | ||||
|
| |||||||
(6,510,256 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (3.9)% | ||||||||
A Schulman, Inc. | (3,768 | ) | $ | (102,565 | ) | |||
Airgas, Inc. | (65,505 | ) | (9,278,128 | ) | ||||
Albemarle Corp. | (33,328 | ) | (2,130,659 | ) | ||||
Ashland, Inc. | (34,032 | ) | (3,742,159 | ) | ||||
Balchem Corp. | (23,008 | ) | (1,426,956 | ) | ||||
Berry Plastics Group, Inc.* | (187,805 | ) | (6,789,151 | ) | ||||
Calgon Carbon Corp. | (24,115 | ) | (338,092 | ) | ||||
CF Industries Holdings, Inc. | (312,764 | ) | (9,802,024 | ) | ||||
Clearwater Paper Corp.* | (5,247 | ) | (254,532 | ) | ||||
Ferro Corp.* | (107,848 | ) | (1,280,156 | ) | ||||
FutureFuel Corp. | (659 | ) | (7,770 | ) | ||||
Huntsman Corp. | (10,974 | ) | (145,954 | ) | ||||
Louisiana-Pacific Corp.* | (2,311 | ) | (39,564 | ) | ||||
Methanex Corp. (Canada) | (226,435 | ) | (7,273,092 | ) | ||||
Multi Packaging Solutions International Ltd. (Bermuda)* | (5,170 | ) | (83,909 | ) | ||||
Neenah Paper, Inc. | (15,827 | ) | (1,007,547 | ) | ||||
NewMarket Corp. | (4,538 | ) | (1,798,228 | ) | ||||
Olin Corp. | (373,888 | ) | (6,494,435 | ) | ||||
Platform Specialty Products Corp.* | (282,480 | ) | (2,429,328 | ) | ||||
Scotts Miracle-Gro Co. (The), Class A | (26,834 | ) | (1,952,710 | ) | ||||
Sealed Air Corp. | (184,934 | ) | (8,878,681 | ) | ||||
Sensient Technologies Corp. | (16,398 | ) | (1,040,617 | ) | ||||
Summit Materials, Inc., Class A* | (14,008 | ) | (272,456 | ) | ||||
Vulcan Materials Co. | (9,724 | ) | (1,026,563 | ) | ||||
|
| |||||||
(67,595,276 | ) | |||||||
|
| |||||||
Media — (1.5)% | ||||||||
AMC Entertainment Holdings, Inc., Class A | (2,868 | ) | (80,275 | ) | ||||
Cable One, Inc. | (1,771 | ) | (774,157 | ) | ||||
Cablevision Systems Corp., Class A | (61,842 | ) | (2,040,786 | ) | ||||
Charter Communications, Inc., Class A* | (37,579 | ) | (7,607,117 | ) | ||||
Entravision Communications Corp., Class A | (8,326 | ) | (61,945 | ) | ||||
EW Scripps Co. (The), Class A* | (92,051 | ) | (1,435,075 | ) | ||||
Global Eagle Entertainment, Inc.* | (197,863 | ) | (1,685,793 | ) | ||||
Live Nation Entertainment, Inc.* | (100,656 | ) | (2,245,635 | ) | ||||
Meredith Corp. | (13,856 | ) | (658,160 | ) | ||||
National CineMedia, Inc. | (78,840 | ) | (1,199,156 | ) | ||||
Scholastic Corp. | (61,735 | ) | (2,307,037 | ) | ||||
Scripps Networks Interactive, Inc., Class A | (60,645 | ) | (3,972,248 | ) |
The accompanying notes are an integral part of the financial statements.
29 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) | ||||||||
Thomson Reuters Corp. (Canada) | (34,533 | ) | $ | (1,397,896 | ) | |||
|
| |||||||
(25,465,280 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (4.2)% |
| |||||||
Aerie Pharmaceuticals, Inc.* | (16,292 | ) | (198,111 | ) | ||||
Affymetrix, Inc.* | (128,920 | ) | (1,806,169 | ) | ||||
Albany Molecular Research, Inc.* | (192,226 | ) | (2,939,136 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (1,987 | ) | (48,662 | ) | ||||
Amphastar Pharmaceuticals, Inc.* | (3,136 | ) | (37,632 | ) | ||||
ARIAD Pharmaceuticals, Inc.* | (442,745 | ) | (2,829,141 | ) | ||||
Atara Biotherapeutics, Inc.* | (10,208 | ) | (194,258 | ) | ||||
Axovant Sciences Ltd. (Bermuda)* | (667 | ) | (7,657 | ) | ||||
Bio-Techne Corp. | (67,699 | ) | (6,398,909 | ) | ||||
Cambrex Corp.* | (57,531 | ) | (2,531,364 | ) | ||||
Celldex Therapeutics, Inc.* | (12,066 | ) | (45,609 | ) | ||||
Cempra, Inc.* | (219,273 | ) | (3,841,663 | ) | ||||
Clovis Oncology, Inc.* | (97,641 | ) | (1,874,707 | ) | ||||
Coherus Biosciences, Inc.* | (47,472 | ) | (1,007,831 | ) | ||||
Dermira, Inc.* | (66,532 | ) | (1,375,882 | ) | ||||
Dynavax Technologies Corp.* | (138,197 | ) | (2,658,910 | ) | ||||
Exact Sciences Corp.* | (175,703 | ) | (1,184,238 | ) | ||||
Fibrogen, Inc.* | (4,165 | ) | (88,673 | ) | ||||
Foundation Medicine, Inc.* | (20,055 | ) | (364,600 | ) | ||||
Illumina, Inc.* | (17,770 | ) | (2,880,695 | ) | ||||
ImmunoGen, Inc.* | (221,900 | ) | (1,890,588 | ) | ||||
Insmed, Inc.* | (127,503 | ) | (1,615,463 | ) | ||||
Intersect ENT, Inc.* | (8,060 | ) | (153,140 | ) | ||||
Intra-Cellular Therapies, Inc.* | (113,559 | ) | (3,156,940 | ) | ||||
Lannett Co., Inc.* | (65,428 | ) | (1,173,124 | ) | ||||
MacroGenics, Inc.* | (79,876 | ) | (1,497,675 | ) | ||||
Medicines Co. (The)* | (148,939 | ) | (4,731,792 | ) | ||||
Momenta Pharmaceuticals, Inc.* | (81,992 | ) | (757,606 | ) | ||||
Nektar Therapeutics* | (173,059 | ) | (2,379,561 | ) | ||||
Novavax, Inc.* | (84,952 | ) | (438,352 | ) | ||||
OPKO Health, Inc.* | (1 | ) | (10 | ) | ||||
Pacific Biosciences of California, Inc.* | (561,618 | ) | (4,773,753 | ) | ||||
Pacira Pharmaceuticals, Inc.* | (16,776 | ) | (888,792 | ) | ||||
PAREXEL International Corp.* | (99,676 | ) | (6,252,675 | ) | ||||
Portola Pharmaceuticals, Inc.* | (55,001 | ) | (1,122,020 | ) | ||||
Qiagen NV (Netherlands)* | (80,256 | ) | (1,792,919 | ) | ||||
Relypsa, Inc.* | (106,033 | ) | (1,436,747 | ) | ||||
Revance Therapeutics, Inc.* | (28,893 | ) | (504,472 | ) | ||||
Sarepta Therapeutics, Inc.* | (90,138 | ) | (1,759,494 | ) | ||||
TESARO, Inc.* | (28,563 | ) | (1,257,629 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
TG Therapeutics, Inc.* | (12,175 | ) | $ | (103,731 | ) | |||
TherapeuticsMD, Inc.* | (437,186 | ) | (2,797,990 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (73,550 | ) | (1,382,740 | ) | ||||
|
| |||||||
(74,181,060 | ) | |||||||
|
| |||||||
Retailing — (3.2)% | ||||||||
Asbury Automotive Group, Inc.* | (11,486 | ) | (687,322 | ) | ||||
Ascena Retail Group, Inc.* | (657,154 | ) | (7,268,123 | ) | ||||
CarMax, Inc.* | (211,437 | ) | (10,804,431 | ) | ||||
Core-Mark Holding Co., Inc. | (8,317 | ) | (678,335 | ) | ||||
Duluth Holdings, Inc.* | (1,683 | ) | (32,802 | ) | ||||
Finish Line, Inc. (The), Class A | (83,385 | ) | (1,759,424 | ) | ||||
Five Below, Inc.* | (188,819 | ) | (7,805,777 | ) | ||||
Genesco, Inc.* | (46,260 | ) | (3,342,285 | ) | ||||
Groupon, Inc.* | (671,866 | ) | (2,680,745 | ) | ||||
Liberty Interactive Corp., Class A* | (12,601 | ) | (318,175 | ) | ||||
LKQ Corp.* | (35,404 | ) | (1,130,450 | ) | ||||
Netflix, Inc.* | (15,338 | ) | (1,568,004 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (127,801 | ) | (2,994,377 | ) | ||||
Party City Holdco, Inc.* | (154,321 | ) | (2,320,988 | ) | ||||
Restoration Hardware Holdings, Inc.* | (41,258 | ) | (1,728,710 | ) | ||||
Sally Beauty Holdings, Inc.* | (484 | ) | (15,672 | ) | ||||
Signet Jewelers Ltd. (Bermuda) | (33,969 | ) | (4,213,175 | ) | ||||
Sportsman’s Warehouse Holdings, Inc.* | (15,211 | ) | (191,659 | ) | ||||
Tailored Brands, Inc. | (4,401 | ) | (78,778 | ) | ||||
Tile Shop Holdings, Inc.* | (31,223 | ) | (465,535 | ) | ||||
Tractor Supply Co. | (16,317 | ) | (1,476,036 | ) | ||||
Ulta Salon Cosmetics & Fragrance, Inc.* | (18,556 | ) | (3,595,039 | ) | ||||
|
| |||||||
(55,155,842 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.8)% |
| |||||||
Atmel Corp. | (407,849 | ) | (3,311,734 | ) | ||||
Brooks Automation, Inc. | (40,145 | ) | (417,508 | ) | ||||
Cavium, Inc.* | (89,185 | ) | (5,454,555 | ) | ||||
Cypress Semiconductor Corp. | (576,160 | ) | (4,989,546 | ) | ||||
Diodes, Inc.* | (116,716 | ) | (2,345,992 | ) | ||||
Fairchild Semiconductor International, Inc.* | (50,943 | ) | (1,018,860 | ) | ||||
Lattice Semiconductor Corp.* | (519,668 | ) | (2,951,714 | ) | ||||
M/A-COM Technology Solutions Holdings, Inc.* | (147,952 | ) | (6,478,818 | ) |
The accompanying notes are an integral part of the financial statements.
30 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Marvell Technology Group Ltd. (Bermuda) | (9,579 | ) | $ | (98,760 | ) | |||
MaxLinear, Inc., Class A* | (5,427 | ) | (100,400 | ) | ||||
Micron Technology, Inc.* | (277,105 | ) | (2,901,289 | ) | ||||
Monolithic Power Systems, Inc. | (21,091 | ) | (1,342,231 | ) | ||||
Ultratech, Inc.* | (31,449 | ) | (686,846 | ) | ||||
Veeco Instruments, Inc.* | (63 | ) | (1,227 | ) | ||||
|
| |||||||
(32,099,480 | ) | |||||||
|
| |||||||
Software & Services — (5.3)% | ||||||||
Acxiom Corp.* | (202,084 | ) | (4,332,681 | ) | ||||
Alliance Data Systems Corp.* | (51,674 | ) | (11,368,280 | ) | ||||
Automatic Data Processing, Inc. | (45,816 | ) | (4,110,153 | ) | ||||
Barracuda Networks, Inc.* | (4,449 | ) | (68,515 | ) | ||||
Benefitfocus, Inc.* | (9,357 | ) | (312,056 | ) | ||||
Black Knight Financial Services, Inc., Class A* | (46,582 | ) | (1,445,439 | ) | ||||
Bottomline Technologies de, Inc.* | (109,468 | ) | (3,337,679 | ) | ||||
Broadridge Financial Solutions, Inc. | (1,791 | ) | (106,224 | ) | ||||
BroadSoft, Inc.* | (42,463 | ) | (1,713,382 | ) | ||||
Callidus Software, Inc.* | (19,971 | ) | (333,116 | ) | ||||
CommVault Systems, Inc.* | (4,476 | ) | (193,229 | ) | ||||
CoreLogic, Inc.* | (15,136 | ) | (525,219 | ) | ||||
Fidelity National Information Services, Inc. | (21,799 | ) | (1,380,095 | ) | ||||
FireEye, Inc.* | (7,171 | ) | (129,006 | ) | ||||
Forrester Research, Inc. | (3,354 | ) | (112,728 | ) | ||||
Gartner, Inc.* | (54,739 | ) | (4,890,930 | ) | ||||
Gogo, Inc.* | (55,785 | ) | (614,193 | ) | ||||
Hortonworks, Inc.* | (955 | ) | (10,792 | ) | ||||
HubSpot, Inc.* | (49,769 | ) | (2,170,924 | ) | ||||
Interactive Intelligence Group, Inc.* | (11,679 | ) | (425,349 | ) | ||||
Intuit, Inc. | (60,754 | ) | (6,319,024 | ) | ||||
Marketo, Inc.* | (92,527 | ) | (1,810,753 | ) | ||||
MAXIMUS, Inc. | (67,434 | ) | (3,549,726 | ) | ||||
NetSuite, Inc.* | (30,800 | ) | (2,109,492 | ) | ||||
New Relic, Inc.* | (68,671 | ) | (1,790,940 | ) | ||||
Pandora Media, Inc.* | (52,253 | ) | (467,664 | ) | ||||
Paylocity Holding Corp.* | (4,150 | ) | (135,871 | ) | ||||
PayPal Holdings, Inc.* | (101,206 | ) | (3,906,552 | ) | ||||
Perficient, Inc.* | (11,133 | ) | (241,809 | ) | ||||
Proofpoint, Inc.* | (62,032 | ) | (3,336,081 | ) | ||||
PROS Holdings, Inc.* | (108,057 | ) | (1,273,992 | ) | ||||
Q2 Holdings, Inc.* | (4,620 | ) | (111,065 | ) | ||||
Rapid7, Inc.* | (8,251 | ) | (107,841 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
RingCentral, Inc., Class A* | (27,283 | ) | $ | (429,707 | ) | |||
Sabre Corp. | (196,247 | ) | (5,675,463 | ) | ||||
Splunk, Inc.* | (141,436 | ) | (6,920,463 | ) | ||||
Vantiv, Inc., Class A* | (85,841 | ) | (4,625,113 | ) | ||||
Workday, Inc., Class A* | (77,690 | ) | (5,969,700 | ) | ||||
Workiva, Inc.* | (4,120 | ) | (47,998 | ) | ||||
Zendesk, Inc.* | (154,772 | ) | (3,239,378 | ) | ||||
Zynga, Inc. Class A* | (1,072,505 | ) | (2,445,311 | ) | ||||
|
| |||||||
(92,093,933 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (5.3)% |
| |||||||
ADTRAN, Inc. | (133,037 | ) | (2,690,008 | ) | ||||
Anixter International, Inc.* | (3,368 | ) | (175,506 | ) | ||||
Badger Meter, Inc. | (39,758 | ) | (2,644,305 | ) | ||||
BlackBerry Ltd. (Canada)* | (127,442 | ) | (1,031,006 | ) | ||||
Ciena Corp.* | (92,086 | ) | (1,751,476 | ) | ||||
Diebold, Inc. | (118,018 | ) | (3,411,900 | ) | ||||
Dolby Laboratories, Inc., Class A | (188,369 | ) | (8,186,517 | ) | ||||
Electronics For Imaging, Inc.* | (87,221 | ) | (3,697,298 | ) | ||||
Finisar Corp.* | (214,533 | ) | (3,913,082 | ) | ||||
Itron, Inc.* | (57,817 | ) | (2,412,125 | ) | ||||
Jabil Circuit, Inc. | (279,073 | ) | (5,377,737 | ) | ||||
Knowles Corp.* | (393,151 | ) | (5,181,730 | ) | ||||
Mitel Networks Corp. (Canada)* | (144,729 | ) | (1,183,883 | ) | ||||
Nimble Storage, Inc.* | (134,124 | ) | (1,051,532 | ) | ||||
OSI Systems, Inc.* | (9,987 | ) | (654,049 | ) | ||||
Palo Alto Networks, Inc.* | (50,005 | ) | (8,157,816 | ) | ||||
Plexus Corp.* | (7,382 | ) | (291,737 | ) | ||||
Rogers Corp.* | (13,959 | ) | (835,725 | ) | ||||
Ruckus Wireless, Inc.* | (549,060 | ) | (5,386,279 | ) | ||||
Sanmina Corp.* | (154,083 | ) | (3,602,461 | ) | ||||
ScanSource, Inc.* | (86,051 | ) | (3,474,739 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (106,906 | ) | (1,554,414 | ) | ||||
Stratasys Ltd. (Israel)* | (121,734 | ) | (3,155,345 | ) | ||||
Trimble Navigation Ltd.* | (168,501 | ) | (4,178,825 | ) | ||||
Universal Display Corp.* | (59,140 | ) | (3,199,474 | ) | ||||
VeriFone Systems, Inc.* | (67,947 | ) | (1,918,823 | ) | ||||
ViaSat, Inc.* | (122,139 | ) | (8,974,775 | ) | ||||
Zebra Technologies Corp., | (70,477 | ) | (4,862,913 | ) | ||||
|
| |||||||
(92,955,480 | ) | |||||||
|
| |||||||
Telecommunication Services — (1.4)% |
| |||||||
8x8, Inc.* | (163,110 | ) | (1,640,887 | ) | ||||
AT&T, Inc. | (265,027 | ) | (10,381,108 | ) | ||||
Atlantic Tele-Network, Inc. | (391 | ) | (29,650 | ) |
The accompanying notes are an integral part of the financial statements.
31 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Concluded)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Cincinnati Bell, Inc.* | (245,254 | ) | $ | (949,133 | ) | |||
Globalstar, Inc.* | (288,644 | ) | (424,307 | ) | ||||
inContact, Inc.* | (16,230 | ) | (144,285 | ) | ||||
Iridium Communications, Inc.* | (419,052 | ) | (3,297,939 | ) | ||||
ORBCOMM, Inc.* | (56,255 | ) | (569,863 | ) | ||||
SBA Communications Corp., | (65,740 | ) | (6,585,176 | ) | ||||
United States Cellular Corp.* | (11,874 | ) | (542,523 | ) | ||||
Zayo Group Holdings, Inc.* | (12,275 | ) | (297,546 | ) | ||||
|
| |||||||
(24,862,417 | ) | |||||||
|
| |||||||
Transportation — (2.5)% | ||||||||
ArcBest Corp. | (12,124 | ) | (261,757 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (26,398 | ) | (1,115,843 | ) | ||||
Genesee & Wyoming, Inc., | (34,091 | ) | (2,137,506 | ) | ||||
Kansas City Southern | (107,947 | ) | (9,224,071 | ) | ||||
Marten Transport Ltd. | (30,481 | ) | (570,604 | ) | ||||
Ryder System, Inc. | (93,053 | ) | (6,027,973 | ) | ||||
SkyWest, Inc. | (83,275 | ) | (1,664,667 | ) | ||||
Spirit Airlines, Inc.* | (222,493 | ) | (10,675,214 | ) | ||||
Virgin America, Inc.* | (233,086 | ) | (8,987,796 | ) | ||||
Werner Enterprises, Inc. | (9,476 | ) | (257,370 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
XPO Logistics, Inc.* | (68,363 | ) | $ | (2,098,744 | ) | |||
|
| |||||||
(43,021,545 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $1,057,361,858) | (1,047,807,095 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD |
| (1,047,807,095 | ) | |||||
|
| |||||||
(Proceeds $1,057,361,858) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 39.8% | 697,136,702 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 1,749,787,775 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
* | Non-income producing. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
(b) | Security position is either entirely or partially designated as collateral for securities on loan. |
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
32 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
LONG POSITIONS — 141.2% | Number | |||||||
COMMON STOCKS — 137.9% | of Shares | Value | ||||||
Automobiles & Components — 1.6% |
| |||||||
General Motors Co.† | 3,879 | $ | 121,917 | |||||
Goodyear Tire & Rubber Co. (The)† | 2,161 | 71,270 | ||||||
Johnson Controls, Inc.† | 1,469 | 57,247 | ||||||
|
| |||||||
250,434 | ||||||||
|
| |||||||
Capital Goods — 21.1% | ||||||||
Allegion PLC (Ireland) | 567 | 36,124 | ||||||
Boeing Co. (The)†(a) | 3,764 | 477,802 | ||||||
Caterpillar, Inc.(a) | 2,374 | 181,706 | ||||||
Cummins, Inc.†(a) | 1,418 | 155,895 | ||||||
Dover Corp. | 1,254 | 80,670 | ||||||
Eaton Corp. PLC (Ireland)† | 1,998 | 124,995 | ||||||
Emerson Electric Co.†(b) | 5,206 | 283,102 | ||||||
Flowserve Corp.(a) | 812 | 36,061 | ||||||
Fluor Corp. | 1,125 | 60,412 | ||||||
Honeywell International, Inc.†(b) | 1,931 | 216,369 | ||||||
Illinois Tool Works, Inc.†(b) | 1,879 | 192,485 | ||||||
Ingersoll-Rand PLC (Ireland)† | 1,723 | 106,843 | ||||||
Jacobs Engineering Group, | 993 | 43,245 | ||||||
L-3 Communications Holdings, | 601 | 71,218 | ||||||
Masco Corp.†(a) | 2,672 | 84,034 | ||||||
PACCAR, Inc.† | 2,844 | 155,538 | ||||||
Parker-Hannifin Corp.† | 670 | 74,424 | ||||||
Pentair PLC (Ireland)(a) | 95 | 5,155 | ||||||
Quanta Services, Inc.†*(b) | 982 | 22,154 | ||||||
Raytheon Co.† | 441 | 54,080 | ||||||
Rockwell Automation, Inc.† | 13 | 1,479 | ||||||
Snap-on, Inc. | 312 | 48,981 | ||||||
Stanley Black & Decker, Inc.(b) | 955 | 100,476 | ||||||
Textron, Inc.†(b) | 1,745 | 63,623 | ||||||
United Rentals, Inc.*(b) | 608 | 37,812 | ||||||
United Technologies Corp.(b) | 5,186 | 519,119 | ||||||
WW Grainger, Inc.(a) | 502 | 117,182 | ||||||
Xylem, Inc.†(b) | 1,043 | 42,659 | ||||||
|
| |||||||
3,393,643 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.9% |
| |||||||
Cintas Corp. | 3 | 269 | ||||||
Dun & Bradstreet Corp. (The)†(b) | 213 | 21,956 | ||||||
Pitney Bowes, Inc.† | 1,594 | 34,335 | ||||||
Robert Half International, Inc.† | 1,059 | 49,328 | ||||||
Tyco International PLC (Ireland) | 121 | 4,442 | ||||||
Waste Management, Inc.† | 568 | 33,512 | ||||||
|
| |||||||
143,842 | ||||||||
|
|
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — 4.9% |
| |||||||
DR Horton, Inc.† | 2,993 | $ | 90,478 | |||||
Garmin Ltd. (Switzerland)(a) | 1,535 | 61,339 | ||||||
Hanesbrands, Inc.(a) | 2,459 | 69,688 | ||||||
Hasbro, Inc. | 373 | 29,877 | ||||||
Leggett & Platt, Inc.(a)(b) | 722 | 34,945 | ||||||
Mattel, Inc.(a) | 2,170 | 72,955 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†*(a) | 1,216 | 69,263 | ||||||
PVH Corp. | 478 | 47,351 | ||||||
Ralph Lauren Corp.†(b) | 529 | 50,922 | ||||||
VF Corp.(a)(b) | 2,517 | 163,001 | ||||||
Whirlpool Corp.† | 500 | 90,170 | ||||||
|
| |||||||
779,989 | ||||||||
|
| |||||||
Consumer Services — 1.4% | ||||||||
Carnival Corp. (Panama)(b) | 134 | 7,071 | ||||||
Darden Restaurants, Inc.(b) | 817 | 54,167 | ||||||
McDonald’s Corp.† | 114 | 14,328 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 986 | 82,262 | ||||||
Wyndham Worldwide Corp.(a) | 921 | 70,392 | ||||||
|
| |||||||
228,220 | ||||||||
|
| |||||||
Diversified Financials — 4.7% | ||||||||
Affiliated Managers Group, Inc.†* | 316 | 51,318 | ||||||
BlackRock, Inc.† | 723 | 246,232 | ||||||
Franklin Resources, Inc.†(b) | 4,818 | 188,143 | ||||||
Invesco, Ltd. (Bermuda)†(b) | 1,419 | 43,663 | ||||||
Legg Mason, Inc.†(b) | 874 | 30,310 | ||||||
Moody’s Corp.† | 7 | 676 | ||||||
NASDAQ, Inc.† | 627 | 41,620 | ||||||
T Rowe Price Group, Inc.† | 2,027 | 148,903 | ||||||
|
| |||||||
750,865 | ||||||||
|
| |||||||
Energy — 6.7% | ||||||||
Baker Hughes, Inc.† | 3,132 | 137,276 | ||||||
Cameron International Corp.†* | 1,219 | 81,734 | ||||||
Diamond Offshore Drilling, Inc. | 810 | 17,601 | ||||||
FMC Technologies, Inc.†* | 1,836 | 50,233 | ||||||
Helmerich & Payne, Inc.(a) | 874 | 51,321 | ||||||
National Oilwell Varco, Inc.(a) | 3,042 | 94,606 | ||||||
Phillips 66† | 546 | 47,278 | ||||||
Range Resources Corp.(a) | 1,000 | 32,380 | ||||||
Schlumberger Ltd. (Curacao)(a) | 2,971 | 219,111 | ||||||
Tesoro Corp.† | 965 | 83,000 | ||||||
Transocean Ltd. (Switzerland)(a) | 2,361 | 21,580 |
The accompanying notes are an integral part of the financial statements.
33 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Valero Energy Corp.† | 3,823 | $ | 245,207 | |||||
|
| |||||||
1,081,327 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.3% |
| |||||||
Wal-Mart Stores, Inc.† | 3,014 | 206,429 | ||||||
|
| |||||||
Food, Beverage & Tobacco — 5.4% |
| |||||||
Altria Group, Inc.† | 508 | 31,831 | ||||||
Archer-Daniels-Midland Co.† | 2,257 | 81,952 | ||||||
Campbell Soup Co. | 840 | 53,584 | ||||||
Coca-Cola Enterprises, Inc.(b) | 1,840 | 93,362 | ||||||
Dr Pepper Snapple Group, Inc.† | 1,353 | 120,985 | ||||||
General Mills, Inc. | 837 | 53,024 | ||||||
Hershey Co. (The)(a)(b) | 1,361 | 125,334 | ||||||
Hormel Foods Corp.(a) | 4 | 173 | ||||||
JM Smucker Co. (The)†(a) | 700 | 90,888 | ||||||
McCormick & Co., Inc., non-voting shares† | 78 | 7,759 | ||||||
Philip Morris International, Inc.† | 192 | 18,837 | ||||||
Tyson Foods, Inc., Class A | 2,938 | 195,847 | ||||||
|
| |||||||
873,576 | ||||||||
|
| |||||||
Health Care Equipment & Services — 9.1% |
| |||||||
Aetna, Inc.† | 1,812 | 203,578 | ||||||
Baxter International, Inc.† | 3,485 | 143,164 | ||||||
Cardinal Health, Inc.†(a) | 148 | 12,129 | ||||||
Centene Corp.* | 699 | 43,037 | ||||||
Cigna Corp.†(b) | 1,496 | 205,311 | ||||||
DaVita HealthCare Partners, Inc.†*(b) | 1,365 | 100,164 | ||||||
DENTSPLY SIRONA, Inc.† | 361 | 22,248 | ||||||
Express Scripts Holding | 4,348 | 298,664 | ||||||
HCA Holdings, Inc.†* | 269 | 20,995 | ||||||
Humana, Inc.† | 384 | 70,253 | ||||||
Laboratory Corp. of America Holdings†* | 613 | 71,801 | ||||||
McKesson Corp.†(a)(b) | 1,337 | 210,243 | ||||||
Quest Diagnostics, Inc.†(a) | 836 | 59,732 | ||||||
|
| |||||||
1,461,319 | ||||||||
|
| |||||||
Insurance — 2.3% | ||||||||
Aon PLC (United Kingdom) | 1,606 | 167,747 | ||||||
Assurant, Inc.† | 51 | 3,935 | ||||||
Marsh & McLennan Cos., Inc.(b) | 3,235 | 196,656 | ||||||
Progressive Corp. (The)† | 1 | 35 | ||||||
|
| |||||||
368,373 | ||||||||
|
| |||||||
Materials — 14.7% | ||||||||
Alcoa, Inc.(a) | 8,458 | 81,028 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Avery Dennison Corp.† | 727 | $ | 52,424 | |||||
Ball Corp.†(b) | 881 | 62,807 | ||||||
Dow Chemical Co. (The)† | 7,515 | 382,213 | ||||||
Eastman Chemical Co.† | 1,191 | 86,026 | ||||||
El du Pont de Nemours & Co.† | 5,553 | 351,616 | ||||||
FMC Corp.(a) | 789 | 31,852 | ||||||
International Flavors & Fragrances, Inc.(a) | 318 | 36,179 | ||||||
International Paper Co.† | 2,662 | 109,248 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 3,563 | 304,922 | ||||||
Martin Marietta Materials, | 430 | 68,589 | ||||||
Monsanto Co.† | 2,857 | 250,673 | ||||||
Nucor Corp.† | 2,574 | 121,750 | ||||||
PPG Industries, Inc.†(b) | 1,680 | 187,303 | ||||||
Sealed Air Corp.(a) | 168 | 8,066 | ||||||
Sherwin-Williams Co. (The)† | 541 | 154,006 | ||||||
Westrock Co.† | 2,064 | 80,558 | ||||||
|
| |||||||
2,369,260 | ||||||||
|
| |||||||
Media — 3.6% | ||||||||
CBS Corp., Class B | 879 | 48,424 | ||||||
Discovery Communications, Inc., Class A†*(a) | 5,082 | 145,498 | ||||||
Interpublic Group of Cos., Inc. (The)†(b) | 2,509 | 57,582 | ||||||
News Corp., Class A(b) | 3,659 | 46,725 | ||||||
Omnicom Group, Inc.† | 1,324 | 110,196 | ||||||
TEGNA, Inc.†(a) | 1,797 | 42,158 | ||||||
Viacom, Inc., Class B†(a)(b) | 3,206 | 132,344 | ||||||
|
| |||||||
582,927 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 11.6% |
| |||||||
AbbVie, Inc.†(b) | 1,728 | 98,703 | ||||||
Amgen, Inc.† | 673 | 100,903 | ||||||
Biogen, Inc.†*(a)(b) | 1,269 | 330,346 | ||||||
Gilead Sciences, Inc.†(b) | 5,222 | 479,693 | ||||||
Johnson & Johnson† | 1,145 | 123,889 | ||||||
Mallinckrodt PLC (Ireland)* | 658 | 40,322 | ||||||
Merck & Co, Inc.†(b) | 6,891 | 364,603 | ||||||
Mylan NV*(a) | 2,898 | 134,322 | ||||||
Pfizer, Inc.†(a) | 6,552 | 194,201 | ||||||
|
| |||||||
1,866,982 | ||||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
Weyerhaeuser Co., REIT† | 2 | 62 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
34 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — 10.0% | ||||||||
AutoZone, Inc.* | 2 | $ | 1,593 | |||||
Bed Bath & Beyond, Inc.*(a)(b) | 1,077 | 53,462 | ||||||
Best Buy Co., Inc.(a) | 2,238 | 72,601 | ||||||
GameStop Corp., Class A(a) | 839 | 26,621 | ||||||
Gap, Inc. (The)(a) | 2,622 | 77,087 | ||||||
Genuine Parts Co.†(b) | 1,218 | 121,020 | ||||||
Kohl’s Corp.(a) | 1,104 | 51,457 | ||||||
L Brands, Inc.(b) | 1,702 | 149,453 | ||||||
Macy’s, Inc. | 1,832 | 80,773 | ||||||
Nordstrom, Inc.(a) | 1,025 | 58,640 | ||||||
Priceline Group, Inc. (The)†*(b) | 179 | 230,724 | ||||||
Staples, Inc.(b) | 5,214 | 57,510 | ||||||
Target Corp.† | 3,844 | 316,284 | ||||||
Tiffany & Co.(a) | 746 | 54,741 | ||||||
TJX Cos, Inc. (The)† | 2,828 | 221,574 | ||||||
Urban Outfitters, Inc.†* | 949 | 31,402 | ||||||
|
| |||||||
1,604,942 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 10.1% |
| |||||||
Analog Devices, Inc.† | 1,315 | 77,835 | ||||||
Applied Materials, Inc.†(b) | 3,258 | 69,004 | ||||||
First Solar, Inc.†* | 601 | 41,150 | ||||||
Intel Corp.† | 14,101 | 456,167 | ||||||
KLA-Tencor Corp.†(b) | 361 | 26,284 | ||||||
Lam Research Corp.(a) | 1,447 | 119,522 | ||||||
Linear Technology Corp.† | 490 | 21,834 | ||||||
NVIDIA Corp.(a) | 3,160 | 112,591 | ||||||
Qorvo, Inc.*(a) | 461 | 23,239 | ||||||
QUALCOMM, Inc.† | 6,379 | 326,222 | ||||||
Texas Instruments, Inc.†(b) | 5,697 | 327,122 | ||||||
Xilinx, Inc.† | 411 | 19,494 | ||||||
|
| |||||||
1,620,464 | ||||||||
|
| |||||||
Software & Services — 6.5% | ||||||||
CA, Inc.† | 3,339 | 102,808 | ||||||
eBay, Inc.†* | 7,724 | 184,295 | ||||||
International Business Machines Corp.† | 2,929 | 443,597 | ||||||
Microsoft Corp.† | 1,425 | 78,703 | ||||||
Symantec Corp.† | 3,252 | 59,772 | ||||||
Teradata Corp.*(a) | 1,058 | 27,762 | ||||||
VeriSign, Inc.*(a) | 2 | 177 | ||||||
Western Union Co. (The)(a) | 4,067 | 78,452 | ||||||
Xerox Corp.† | 6,454 | 72,027 | ||||||
|
| |||||||
1,047,593 | ||||||||
|
|
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — 14.1% |
| |||||||
Amphenol Corp., Class A† | 1,914 | $ | 110,668 | |||||
Apple, Inc.†(b) | 4,588 | 500,046 | ||||||
Cisco Systems, Inc.†(a)(b) | 15,842 | 451,022 | ||||||
Corning, Inc.†(a) | 7,256 | 151,578 | ||||||
EMC Corp.† | 1,055 | 28,116 | ||||||
F5 Networks, Inc.†*(a) | 556 | 58,853 | ||||||
Harris Corp.† | 727 | 56,604 | ||||||
Hewlett Packard Enterprise Co.† | 11,687 | 207,210 | ||||||
HP, Inc.†(b) | 14,062 | 173,244 | ||||||
Juniper Networks, Inc.† | 3,103 | 79,158 | ||||||
Motorola Solutions, Inc.† | 1,411 | 106,813 | ||||||
NetApp, Inc.† | 2,350 | 64,132 | ||||||
Seagate Technology PLC (Ireland)(a) | 2,399 | 82,646 | ||||||
TE Connectivity Ltd. (Switzerland)† | 1,756 | 108,731 | ||||||
Western Digital Corp.† | 1,878 | 88,717 | ||||||
|
| |||||||
2,267,538 | ||||||||
|
| |||||||
Telecommunication Services — 2.2% |
| |||||||
CenturyLink, Inc.(a)(b) | 603 | 19,272 | ||||||
Verizon Communications, Inc.† | 6,204 | 335,512 | ||||||
|
| |||||||
354,784 | ||||||||
|
| |||||||
Transportation — 5.5% | ||||||||
CH Robinson Worldwide, Inc.† | 1,161 | 86,181 | ||||||
Delta Air Lines, Inc.†(b) | 6,304 | 306,879 | ||||||
Expeditors International of Washington, Inc.† | 1,473 | 71,897 | ||||||
Southwest Airlines Co.†(b) | 5,246 | 235,021 | ||||||
United Continental Holdings, Inc.†* | 2,934 | 175,629 | ||||||
|
| |||||||
875,607 | ||||||||
|
| |||||||
Utilities — 0.2% | ||||||||
NRG Energy, Inc.(b) | 2,543 | 33,084 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $20,796,268) | 22,161,260 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS — 3.3% |
| |||||||
SPDR S&P 500 ETF Trust | 2,580 | 530,345 | ||||||
|
| |||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $530,451) | 530,345 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 141.2% |
| 22,691,605 | ||||||
|
| |||||||
(Cost $21,326,719) |
The accompanying notes are an integral part of the financial statements.
35 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
SHORT POSITIONS — (80.1)% |
| |||||||
COMMON STOCKS — (80.1)% |
| |||||||
Automobiles & Components — (0.4)% |
| |||||||
BorgWarner, Inc. | (750 | ) | $ | (28,800 | ) | |||
Harley-Davidson, Inc. | (678 | ) | (34,802 | ) | ||||
|
| |||||||
(63,602 | ) | |||||||
|
| |||||||
Capital Goods — (3.3)% | ||||||||
Danaher Corp. | (2,154 | ) | (204,328 | ) | ||||
Deere & Co. | (859 | ) | (66,134 | ) | ||||
General Dynamics Corp. | (476 | ) | (62,532 | ) | ||||
Lockheed Martin Corp. | (695 | ) | (153,942 | ) | ||||
Rockwell Collins, Inc. | (464 | ) | (42,785 | ) | ||||
|
| |||||||
(529,721 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.9)% |
| |||||||
ADT Corp. (The) | (772 | ) | (31,853 | ) | ||||
Equifax, Inc. | (267 | ) | (30,515 | ) | ||||
Stericycle, Inc.* | (315 | ) | (39,750 | ) | ||||
Verisk Analytics, Inc.* | (569 | ) | (45,475 | ) | ||||
|
| |||||||
(147,593 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.4)% |
| |||||||
Coach, Inc. | (1,021 | ) | (40,932 | ) | ||||
Harman International Industries, Inc. | (334 | ) | (29,739 | ) | ||||
NIKE, Inc., Class B | (3,136 | ) | (192,770 | ) | ||||
PulteGroup, Inc. | (1,637 | ) | (30,628 | ) | ||||
Under Armour, Inc., Class A* | (1,013 | ) | (85,933 | ) | ||||
|
| |||||||
(380,002 | ) | |||||||
|
| |||||||
Consumer Services — (1.2)% |
| |||||||
Chipotle Mexican Grill, Inc.* | (100 | ) | (47,097 | ) | ||||
Starbucks Corp. | (1,826 | ) | (109,012 | ) | ||||
Wynn Resorts Ltd. | (475 | ) | (44,379 | ) | ||||
|
| |||||||
(200,488 | ) | |||||||
|
| |||||||
Diversified Financials — (0.3)% |
| |||||||
Intercontinental Exchange, Inc. | (186 | ) | (43,736 | ) | ||||
|
| |||||||
Energy — (14.8)% | ||||||||
Anadarko Petroleum Corp. | (1,874 | ) | (87,272 | ) | ||||
Apache Corp. | (1,394 | ) | (68,041 | ) | ||||
Cabot Oil & Gas Corp. | (1,940 | ) | (44,057 | ) | ||||
Chesapeake Energy Corp. | (2,228 | ) | (9,179 | ) | ||||
Chevron Corp. | (3,263 | ) | (311,290 | ) | ||||
Cimarex Energy Co. | (445 | ) | (43,285 | ) | ||||
Concho Resources, Inc.* | (441 | ) | (44,559 | ) | ||||
ConocoPhillips | (5,794 | ) | (233,324 | ) | ||||
Devon Energy Corp. | (1,960 | ) | (53,782 | ) | ||||
EOG Resources, Inc. | (2,578 | ) | (187,111 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
EQT Corp. | (713 | ) | $ | (47,956 | ) | |||
Exxon Mobil Corp. | (2,817 | ) | (235,473 | ) | ||||
Halliburton Co. | (1,394 | ) | (49,794 | ) | ||||
Hess Corp. | (1,341 | ) | (70,604 | ) | ||||
Kinder Morgan, Inc. | (7,623 | ) | (136,147 | ) | ||||
Marathon Oil Corp. | (3,174 | ) | (35,358 | ) | ||||
Marathon Petroleum Corp. | (1,942 | ) | (72,204 | ) | ||||
Murphy Oil Corp. | (807 | ) | (20,328 | ) | ||||
Newfield Exploration Co.* | (766 | ) | (25,470 | ) | ||||
Noble Energy, Inc. | (2,022 | ) | (63,511 | ) | ||||
Occidental Petroleum Corp. | (3,580 | ) | (244,979 | ) | ||||
ONEOK, Inc. | (982 | ) | (29,323 | ) | ||||
Pioneer Natural Resources Co. | (701 | ) | (98,659 | ) | ||||
Southwestern Energy Co.* | (1,804 | ) | (14,558 | ) | ||||
Spectra Energy Corp. | (3,147 | ) | (96,298 | ) | ||||
Williams Cos., Inc. (The) | (3,510 | ) | (56,406 | ) | ||||
|
| |||||||
(2,378,968 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (2.1)% |
| |||||||
Costco Wholesale Corp. | (1,165 | ) | (183,581 | ) | ||||
Kroger Co. (The) | (3,303 | ) | (126,340 | ) | ||||
Sysco Corp. | (476 | ) | (22,244 | ) | ||||
|
| |||||||
(332,165 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (2.5)% |
| |||||||
Brown-Forman Corp., Class B | (932 | ) | (91,774 | ) | ||||
Coca-Cola Co. (The) | (470 | ) | (21,803 | ) | ||||
ConAgra Foods, Inc. | (1,290 | ) | (57,560 | ) | ||||
Constellation Brands, Inc., Class A | (691 | ) | (104,403 | ) | ||||
Kraft Heinz Co. (The) | (214 | ) | (16,812 | ) | ||||
Mead Johnson Nutrition Co. | (149 | ) | (12,661 | ) | ||||
Molson Coors Brewing Co., Class B | (627 | ) | (60,305 | ) | ||||
Monster Beverage Corp.* | (326 | ) | (43,482 | ) | ||||
|
| |||||||
(408,800 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (2.5)% |
| |||||||
Boston Scientific Corp.* | (6,312 | ) | (118,729 | ) | ||||
Cerner Corp.* | (1,658 | ) | (87,808 | ) | ||||
Edwards Lifesciences Corp.* | (736 | ) | (64,923 | ) | ||||
Hologic, Inc.* | (313 | ) | (10,798 | ) | ||||
Intuitive Surgical, Inc.* | (110 | ) | (66,116 | ) | ||||
Medtronic PLC (Ireland) | (138 | ) | (10,350 | ) | ||||
Patterson Cos, Inc. | (464 | ) | (21,590 | ) | ||||
St Jude Medical, Inc. | (57 | ) | (3,135 | ) | ||||
Tenet Healthcare Corp.* | (460 | ) | (13,308 | ) | ||||
|
| |||||||
(396,757 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
36 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (0.7)% |
| |||||||
Clorox Co. (The) | (438 | ) | $ | (55,214 | ) | |||
Colgate-Palmolive Co. | (256 | ) | (18,086 | ) | ||||
Estee Lauder Cos, Inc., Class A (The) | (405 | ) | (38,196 | ) | ||||
|
| |||||||
(111,496 | ) | |||||||
|
| |||||||
Insurance — (0.2)% | ||||||||
Willis Towers Watson PLC | (255 | ) | (30,258 | ) | ||||
|
| |||||||
Materials — (1.8)% | ||||||||
Air Products & Chemicals, Inc. | (514 | ) | (74,042 | ) | ||||
Airgas, Inc. | (339 | ) | (48,016 | ) | ||||
CF Industries Holdings, Inc. | (1,093 | ) | (34,255 | ) | ||||
Freeport-McMoRan, Inc. | (5,859 | ) | (60,582 | ) | ||||
Newmont Mining Corp. | (2,483 | ) | (65,998 | ) | ||||
Owens-Illinois, Inc.* | (755 | ) | (12,050 | ) | ||||
|
| |||||||
(294,943 | ) | |||||||
|
| |||||||
Media — (1.5)% | ||||||||
Cablevision Systems Corp., Class A | (961 | ) | (31,713 | ) | ||||
Time Warner Cable, Inc. | (116 | ) | (23,736 | ) | ||||
Twenty-First Century Fox, Inc., Class A | (6,607 | ) | (184,203 | ) | ||||
Walt Disney Co. (The) | (7 | ) | (695 | ) | ||||
|
| |||||||
(240,347 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.9)% |
| |||||||
Agilent Technologies, Inc. | (1,114 | ) | (44,393 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (848 | ) | (118,059 | ) | ||||
Allergan PLC (Ireland)* | (422 | ) | (113,109 | ) | ||||
Bristol-Myers Squibb Co. | (3,083 | ) | (196,942 | ) | ||||
Celgene Corp.* | (1,361 | ) | (136,223 | ) | ||||
Endo International PLC | (1,037 | ) | (29,192 | ) | ||||
Illumina, Inc.* | (685 | ) | (111,045 | ) | ||||
PerkinElmer, Inc. | (462 | ) | (22,851 | ) | ||||
Perrigo Co. PLC (Ireland) | (671 | ) | (85,841 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (403 | ) | (145,257 | ) | ||||
Thermo Fisher Scientific, Inc. | (115 | ) | (16,283 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (1,177 | ) | (93,560 | ) | ||||
|
| |||||||
(1,112,755 | ) | |||||||
|
| |||||||
Real Estate — (3.2)% | ||||||||
American Tower Corp., REIT | (1,590 | ) | (162,768 | ) | ||||
Crown Castle International Corp., REIT | (1,353 | ) | (117,034 | ) | ||||
Equinix, Inc., REIT | (215 | ) | (71,103 | ) | ||||
Public Storage, REIT | (604 | ) | (166,601 | ) | ||||
|
| |||||||
(517,506 | ) | |||||||
|
|
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (5.2)% | ||||||||
Amazon.com, Inc.* | (471 | ) | $ | (279,604 | ) | |||
CarMax, Inc.* | (926 | ) | (47,319 | ) | ||||
Expedia, Inc. | (656 | ) | (70,730 | ) | ||||
Home Depot, Inc. (The) | (347 | ) | (46,300 | ) | ||||
Lowe’s Cos, Inc. | (85 | ) | (6,439 | ) | ||||
Netflix, Inc.* | (2,005 | ) | (204,971 | ) | ||||
O’Reilly Automotive, Inc.* | (125 | ) | (34,208 | ) | ||||
Signet Jewelers Ltd. (Bermuda) | (373 | ) | (46,263 | ) | ||||
Tractor Supply Co. | (629 | ) | (56,899 | ) | ||||
TripAdvisor, Inc.* | (676 | ) | (44,954 | ) | ||||
|
| |||||||
(837,687 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.4)% |
| |||||||
Broadcom Ltd. | (805 | ) | (124,372 | ) | ||||
Microchip Technology, Inc. | (954 | ) | (45,983 | ) | ||||
Micron Technology, Inc.* | (4,852 | ) | (50,800 | ) | ||||
|
| |||||||
(221,155 | ) | |||||||
|
| |||||||
Software & Services — (11.0)% |
| |||||||
Activision Blizzard, Inc. | (2,572 | ) | (87,036 | ) | ||||
Adobe Systems, Inc.* | (2,079 | ) | (195,010 | ) | ||||
Akamai Technologies, Inc.* | (639 | ) | (35,509 | ) | ||||
Alliance Data Systems Corp.* | (286 | ) | (62,920 | ) | ||||
Alphabet, Inc., Class A* | (210 | ) | (160,209 | ) | ||||
Autodesk, Inc.* | (1,054 | ) | (61,459 | ) | ||||
Automatic Data Processing, Inc. | (1,553 | ) | (139,320 | ) | ||||
Electronic Arts, Inc.* | (1,453 | ) | (96,058 | ) | ||||
Facebook, Inc., Class A* | (2,032 | ) | (231,851 | ) | ||||
Fidelity National Information Services, Inc. | (1,107 | ) | (70,084 | ) | ||||
Fiserv, Inc.* | (225 | ) | (23,080 | ) | ||||
Intuit, Inc. | (1,204 | ) | (125,228 | ) | ||||
MasterCard, Inc., Class A | (305 | ) | (28,822 | ) | ||||
PayPal Holdings, Inc.* | (4,011 | ) | (154,825 | ) | ||||
Red Hat, Inc.* | (852 | ) | (63,483 | ) | ||||
salesforce.com inc* | (3,115 | ) | (229,980 | ) | ||||
Total System Services, Inc. | (11 | ) | (523 | ) | ||||
|
| |||||||
(1,765,397 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.4)% |
| |||||||
SanDisk Corp. | (781 | ) | (59,418 | ) | ||||
|
| |||||||
Telecommunication Services — (1.9)% |
| |||||||
AT&T, Inc. | (5,669 | ) | (222,055 | ) | ||||
Level 3 Communications, Inc.* | (1,670 | ) | (88,260 | ) | ||||
|
| |||||||
(310,315 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
37 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Concluded)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (2.0)% |
| |||||||
CSX Corp. | (1,633 | ) | $ | (42,050 | ) | |||
FedEx Corp. | (611 | ) | (99,422 | ) | ||||
JB Hunt Transport Services, Inc. | (352 | ) | (29,652 | ) | ||||
Kansas City Southern | (508 | ) | (43,409 | ) | ||||
Norfolk Southern Corp. | (1,017 | ) | (84,665 | ) | ||||
Ryder System, Inc. | (251 | ) | (16,260 | ) | ||||
|
| |||||||
(315,458 | ) | |||||||
|
| |||||||
Utilities — (13.5)% | ||||||||
AGL Resources, Inc. | (565 | ) | (36,804 | ) | ||||
Ameren Corp. | (513 | ) | (25,701 | ) | ||||
American Electric Power Co., Inc. | (1,679 | ) | (111,486 | ) | ||||
American Water Works Co., Inc. | (613 | ) | (42,254 | ) | ||||
CenterPoint Energy, Inc. | (2,016 | ) | (42,175 | ) | ||||
CMS Energy Corp. | (1,295 | ) | (54,960 | ) | ||||
Consolidated Edison, Inc. | (1,097 | ) | (84,052 | ) | ||||
Dominion Resources, Inc. | (2,236 | ) | (167,968 | ) | ||||
DTE Energy Co. | (842 | ) | (76,336 | ) | ||||
Duke Energy Corp. | (2,415 | ) | (194,842 | ) | ||||
Edison International | (1,114 | ) | (80,085 | ) | ||||
Entergy Corp. | (668 | ) | (52,959 | ) | ||||
Eversource Energy | (1,084 | ) | (63,241 | ) | ||||
Exelon Corp. | (3,455 | ) | (123,896 | ) | ||||
NextEra Energy, Inc. | (1,690 | ) | (199,995 | ) | ||||
NiSource, Inc. | (1,496 | ) | (35,246 | ) | ||||
PG&E Corp. | (1,842 | ) | (110,004 | ) | ||||
PPL Corp. | (2,437 | ) | (92,777 | ) | ||||
Public Service Enterprise Group, Inc. | (1,899 | ) | (89,519 | ) | ||||
SCANA Corp. | (599 | ) | (42,020 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) | ||||||||
Sempra Energy | (930 | ) | $ | (96,766 | ) | |||
Southern Co. (The) | (3,118 | ) | (161,294 | ) | ||||
TECO Energy, Inc. | (881 | ) | (24,254 | ) | ||||
WEC Energy Group, Inc. | (1,480 | ) | (88,904 | ) | ||||
Xcel Energy, Inc. | (1,900 | ) | (79,458 | ) | ||||
|
| |||||||
(2,176,996 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK |
| (12,875,563 | ) | |||||
|
| |||||||
TOTAL SECURITES SOLD |
| (12,875,563 | ) | |||||
|
| |||||||
(Proceeds $13,431,231) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 38.9% |
| 6,261,050 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 16,077,092 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
* | Non-income producing. |
(a) | Security position is either entirely or partially designated as collateral for securities on loan. |
(b) | All or a portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
ETF | Exchange Traded Fund |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
S&P | Standard & Poor’s |
SPDR | Standard & Poor’s Depository Receipt |
The accompanying notes are an integral part of the financial statements.
38 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
LONG POSITIONS — 170.0% |
| |||||||
COMMON STOCKS — 170.0% |
| |||||||
Automobiles & Components — 3.7% |
| |||||||
American Axle & Manufacturing Holdings, Inc.†* | 240,305 | $ | 3,698,294 | |||||
Cooper Tire & Rubber Co. | 5,127 | 189,802 | ||||||
Cooper-Standard Holding, Inc.* | 8,875 | 637,580 | ||||||
Dana Holding Corp.†(a) | 119,640 | 1,685,728 | ||||||
Delphi Automotive PLC (Jersey)† | 36,453 | 2,734,704 | ||||||
Ford Motor Co.† | 350,249 | 4,728,362 | ||||||
General Motors Co.†(b) | 355,788 | 11,182,417 | ||||||
Goodyear Tire & Rubber Co. | 69,750 | 2,300,355 | ||||||
Johnson Controls, Inc.†(b) | 168,816 | 6,578,759 | ||||||
Lear Corp.† | 9,844 | 1,094,357 | ||||||
Standard Motor Products, Inc.(a) | 13,722 | 475,467 | ||||||
Tenneco, Inc.*(a) | 35,308 | 1,818,715 | ||||||
Tower International, Inc. | 6,017 | 163,662 | ||||||
Visteon Corp. | 4,658 | 370,730 | ||||||
|
| |||||||
37,658,932 | ||||||||
|
| |||||||
Capital Goods — 26.5% |
| |||||||
3M Co.† | 24,204 | 4,033,113 | ||||||
Actuant Corp., Class A† | 33,479 | 827,266 | ||||||
Aegion Corp.†* | 56,023 | 1,181,525 | ||||||
AGCO Corp.†(a) | 44,419 | 2,207,624 | ||||||
Albany International Corp., Class A | 11 | 413 | ||||||
Allegion PLC (Ireland) | 20,494 | 1,305,673 | ||||||
Altra Industrial Motion Corp. | 4,442 | 123,399 | ||||||
American Woodmark Corp.†* | 7,813 | 582,772 | ||||||
AMETEK, Inc.† | 86,904 | 4,343,462 | ||||||
Apogee Enterprises, Inc.(b) | 24,853 | 1,090,798 | ||||||
Astronics Corp.* | 8,709 | 332,248 | ||||||
AZZ, Inc.† | 5,478 | 310,055 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 1,853 | 39,654 | ||||||
Boeing Co. (The)† | 146,233 | 18,562,817 | ||||||
BWX Technologies, Inc.(b) | 41,438 | 1,390,659 | ||||||
CAE, Inc. (Canada) | 2,436 | 28,209 | ||||||
Carlisle Cos, Inc.†(a)(b) | 25,985 | 2,585,508 | ||||||
Caterpillar, Inc.(a) | 117,445 | 8,989,240 | ||||||
Chart Industries, Inc.†* | 42,843 | 930,550 | ||||||
Chicago Bridge & Iron Co. NV (Netherlands)†(a) | 11,127 | 407,137 | ||||||
CIRCOR International, Inc. | 8,950 | 415,190 | ||||||
Comfort Systems USA, Inc.† | 42,217 | 1,341,234 | ||||||
Continental Building Products, Inc.†* | 76,034 | 1,411,191 | ||||||
Crane Co.† | 53,231 | 2,867,022 | ||||||
Cummins, Inc.†(a) | 65,837 | 7,238,120 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
DigitalGlobe, Inc.†* | 35,378 | $ | 612,039 | |||||
Dover Corp.(b) | 57,936 | 3,727,023 | ||||||
Eaton Corp. PLC (Ireland)†(b) | 117,628 | 7,358,808 | ||||||
EMCOR Group, Inc.† | 32,422 | 1,575,709 | ||||||
Emerson Electric Co.†(b) | 232,622 | 12,649,984 | ||||||
Encore Wire Corp. | 5,472 | 213,025 | ||||||
Federal Signal Corp.† | 52,455 | 695,553 | ||||||
Flowserve Corp.†(a)(b) | 100,161 | 4,448,150 | ||||||
Fluor Corp.† | 137,681 | 7,393,470 | ||||||
Franklin Electric Co., Inc.(a) | 54,449 | 1,751,624 | ||||||
General Cable Corp.(a) | 8,078 | 98,632 | ||||||
Gibraltar Industries, Inc.* | 19,164 | 548,090 | ||||||
Global Brass & Copper Holdings, Inc. | 785 | 19,586 | ||||||
HD Supply Holdings, Inc.* | 30,699 | 1,015,216 | ||||||
Honeywell International, Inc.†(b) | 78,126 | 8,754,018 | ||||||
Hubbell, Inc.† | 8,708 | 922,438 | ||||||
Huntington Ingalls Industries, Inc.†(a)(b) | 23,920 | 3,275,605 | ||||||
Illinois Tool Works, Inc.†(b) | 91,293 | 9,352,055 | ||||||
Ingersoll-Rand PLC (Ireland)† | 100,072 | 6,205,465 | ||||||
Insteel Industries, Inc. | 31 | 948 | ||||||
Jacobs Engineering Group, Inc.†* | 18,315 | 797,618 | ||||||
Joy Global, Inc.(a) | 311,475 | 5,005,403 | ||||||
KBR, Inc.(b) | 101,850 | 1,576,638 | ||||||
Kennametal, Inc.† | 150,786 | 3,391,177 | ||||||
L-3 Communications Holdings, Inc.(b) | 29,846 | 3,536,751 | ||||||
Lincoln Electric Holdings, Inc.† | 52,213 | 3,058,115 | ||||||
Lydall, Inc.* | 811 | 26,374 | ||||||
Manitowoc Co., Inc. (The) | 103,076 | 446,319 | ||||||
Masco Corp.†(a) | 126,680 | 3,984,086 | ||||||
MasTec, Inc.*(a) | 814 | 16,475 | ||||||
Moog, Inc., Class A†* | 5,381 | 245,804 | ||||||
MRC Global, Inc.†* | 445,521 | 5,854,146 | ||||||
Mueller Industries, Inc.†(a) | 44,011 | 1,294,804 | ||||||
National Presto Industries, Inc. | 213 | 17,837 | ||||||
NCI Building Systems, Inc.†* | 48,276 | 685,519 | ||||||
Northrop Grumman Corp.(b) | 10,469 | 2,071,815 | ||||||
NOW, Inc.†* | 76,808 | 1,361,038 | ||||||
Owens Corning† | 47,720 | 2,256,202 | ||||||
PACCAR, Inc.(a) | 130,795 | 7,153,179 | ||||||
Parker-Hannifin Corp.†(a)(b) | 50,036 | 5,557,999 | ||||||
Pentair PLC (Ireland)†(a) | 66,715 | 3,619,956 | ||||||
Ply Gem Holdings, Inc.* | 6,615 | 92,941 | ||||||
Quanta Services, Inc.*(a) | 61,448 | 1,386,267 |
The accompanying notes are an integral part of the financial statements.
39 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Raytheon Co.(b) | 38,331 | $ | 4,700,531 | |||||
Regal Beloit Corp. | 8,018 | 505,856 | ||||||
Rockwell Automation, Inc.(a) | 43,606 | 4,960,182 | ||||||
Roper Technologies, Inc.(a) | 11,411 | 2,085,588 | ||||||
Simpson Manufacturing Co., Inc.†(a)(b) | 28,510 | 1,088,227 | ||||||
Snap-on, Inc. | 21,688 | 3,404,799 | ||||||
Spirit AeroSystems Holdings, Inc., Class A†* | 49,407 | 2,241,101 | ||||||
SPX Corp. | 29,902 | 449,128 | ||||||
SPX FLOW, Inc.*(a) | 48,823 | 1,224,481 | ||||||
Standex International Corp.(b) | 4,749 | 369,520 | ||||||
Stanley Black & Decker, Inc.† | 71,131 | 7,483,692 | ||||||
Sun Hydraulics Corp.(a) | 2,895 | 96,085 | ||||||
Terex Corp. | 36,774 | 914,937 | ||||||
Textron, Inc.(b) | 190,625 | 6,950,188 | ||||||
Thermon Group Holdings, | 4,306 | 75,613 | ||||||
Trex Co., Inc.*(a) | 226 | 10,832 | ||||||
Trinity Industries, Inc.(a)(b) | 201,166 | 3,683,349 | ||||||
United Rentals, Inc.†*(a) | 35,991 | 2,238,280 | ||||||
United Technologies Corp.(b) | 196,711 | 19,690,771 | ||||||
Universal Forest Products, Inc.†(a) | 42,010 | 3,605,298 | ||||||
USG Corp.*(a)(b) | 62,406 | 1,548,293 | ||||||
Valmont Industries, Inc.(a) | 3,032 | 375,483 | ||||||
Wabash National Corp.†*(a) | 283,878 | 3,747,190 | ||||||
Watts Water Technologies, Inc., Class A | 13 | 717 | ||||||
WESCO International, Inc.*(a) | 24,265 | 1,326,568 | ||||||
WW Grainger, Inc.(a) | 23,702 | 5,532,758 | ||||||
Xylem, Inc.† | 66,715 | 2,728,644 | ||||||
|
| |||||||
267,636,891 | ||||||||
|
| |||||||
Commercial & Professional Services — 4.8% |
| |||||||
ABM Industries, Inc.†(a) | 66,438 | 2,146,612 | ||||||
ACCO Brands Corp.* | 72,233 | 648,652 | ||||||
Brady Corp., Class A† | 27,290 | 732,464 | ||||||
Brink’s Co. (The)† | 19,842 | 666,493 | ||||||
Cintas Corp.(a) | 40,123 | 3,603,447 | ||||||
Clean Harbors, Inc.* | 25,689 | 1,267,495 | ||||||
Deluxe Corp.† | 16,264 | 1,016,337 | ||||||
Dun & Bradstreet Corp. (The)† | 14,056 | 1,448,892 | ||||||
Exponent, Inc. | 550 | 28,056 | ||||||
FTI Consulting, Inc.*(a) | 26,464 | 939,737 | ||||||
G&K Services, Inc., Class A | 1,080 | 79,110 | ||||||
Herman Miller, Inc.† | 24,404 | 753,840 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
HNI Corp.(a) | 10,356 | $ | 405,645 | |||||
Huron Consulting Group, | 26,422 | 1,537,496 | ||||||
ICF International, Inc.* | 3,705 | 127,341 | ||||||
Interface, Inc.† | 64,092 | 1,188,266 | ||||||
Kelly Services, Inc., Class A | 8,586 | 164,164 | ||||||
Kforce, Inc. | 2,101 | 41,138 | ||||||
Korn/Ferry International† | 44,647 | 1,263,064 | ||||||
ManpowerGroup, Inc.† | 35,265 | 2,871,276 | ||||||
Navigant Consulting, Inc.* | 22,836 | 361,037 | ||||||
Nielsen Holdings PLC (United Kingdom)†(a)(b) | 47,518 | 2,502,298 | ||||||
Pitney Bowes, Inc.† | 41,450 | 892,833 | ||||||
Quad/Graphics, Inc. | 14,455 | 187,048 | ||||||
Republic Services, Inc.† | 32,228 | 1,535,664 | ||||||
Resources Connection, Inc.(a) | 1,708 | 26,576 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada)† | 87,267 | 2,363,190 | ||||||
Robert Half International, Inc.† | 49,158 | 2,289,780 | ||||||
RPX Corp.†* | 7,096 | 79,901 | ||||||
RR Donnelley & Sons Co. | 79,291 | 1,300,372 | ||||||
SP Plus Corp.*(a) | 736 | 17,708 | ||||||
Steelcase, Inc., Class A† | 101,474 | 1,513,992 | ||||||
Tetra Tech, Inc.(a)(b) | 38,050 | 1,134,651 | ||||||
Tyco International PLC (Ireland) | 133,429 | 4,898,179 | ||||||
UniFirst Corp.†(a) | 25,065 | 2,735,093 | ||||||
US Ecology, Inc.† | 35,397 | 1,563,131 | ||||||
Waste Management, Inc.(b) | 78,578 | 4,636,102 | ||||||
|
| |||||||
48,967,080 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 8.2% |
| |||||||
Brunswick Corp.† | 31,870 | 1,529,123 | ||||||
Callaway Golf Co.(a)(b) | 122,584 | 1,117,966 | ||||||
Carter’s, Inc. | 346 | 36,461 | ||||||
Deckers Outdoor Corp.*(a) | 45,891 | 2,749,330 | ||||||
DR Horton, Inc.† | 137,818 | 4,166,238 | ||||||
Fossil Group, Inc.*(a) | 78,477 | 3,485,948 | ||||||
Garmin Ltd. (Switzerland)(a) | 115,977 | 4,634,441 | ||||||
Hanesbrands, Inc.(a)(b) | 146,596 | 4,154,531 | ||||||
Hasbro, Inc.(a)(b) | 46,525 | 3,726,652 | ||||||
KB Home(a) | 120,787 | 1,724,838 | ||||||
La-Z-Boy, Inc. | 14,254 | 381,152 | ||||||
Leggett & Platt, Inc.†(a) | 39,323 | 1,903,233 | ||||||
Mattel, Inc.(a) | 212,090 | 7,130,466 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†*(b) | 118,998 | 6,778,126 |
The accompanying notes are an integral part of the financial statements.
40 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Movado Group, Inc. | 652 | $ | 17,950 | |||||
Newell Rubbermaid, Inc.(a) | 79,882 | 3,537,974 | ||||||
NVR Inc.*(a) | 436 | 755,326 | ||||||
PVH Corp.(b) | 30,724 | 3,043,519 | ||||||
Ralph Lauren Corp.† | 32,570 | 3,135,188 | ||||||
Tempur Sealy International, | 13,816 | 839,875 | ||||||
TopBuild Corp.*(b) | 85,055 | 2,529,536 | ||||||
TRI Pointe Group, Inc.*(a) | 137,395 | 1,618,513 | ||||||
Tumi Holdings, Inc.*(a) | 16,304 | 437,273 | ||||||
Tupperware Brands Corp.(a) | 30,230 | 1,752,735 | ||||||
Vera Bradley, Inc.* | 6,636 | 134,976 | ||||||
VF Corp.†(a) | 159,109 | 10,303,899 | ||||||
Whirlpool Corp.†(b) | 45,317 | 8,172,468 | ||||||
Wolverine World Wide, Inc.(b) | 195,727 | 3,605,291 | ||||||
|
| |||||||
83,403,028 | ||||||||
|
| |||||||
Consumer Services — 6.5% | ||||||||
Apollo Education Group, Inc.†* | 383,437 | 3,149,935 | ||||||
Bloomin’ Brands, Inc. | 53,876 | 908,888 | ||||||
Bob Evans Farms, Inc.† | 34,354 | 1,603,988 | ||||||
Bojangles’, Inc.* | 8,947 | 152,188 | ||||||
Boyd Gaming Corp.†* | 118,579 | 2,449,842 | ||||||
Capella Education Co.† | 16,182 | 851,820 | ||||||
Carnival Corp. (Panama)† | 84,963 | 4,483,497 | ||||||
Churchill Downs, Inc.† | 8,534 | 1,262,008 | ||||||
Cracker Barrel Old Country Store, Inc.(a) | 16,432 | 2,508,673 | ||||||
Darden Restaurants, Inc.†(b) | 118,436 | 7,852,307 | ||||||
DineEquity, Inc.† | 28,543 | 2,666,772 | ||||||
Dunkin’ Brands Group, Inc.(a) | 6,099 | 287,690 | ||||||
Graham Holdings Co., Class B† | 4,264 | 2,046,720 | ||||||
Interval Leisure Group, Inc.†(a) | 120,518 | 1,740,280 | ||||||
Isle of Capri Casinos, Inc.* | 1,972 | 27,608 | ||||||
Jack in (The) Box, Inc. | 15,964 | 1,019,621 | ||||||
Krispy Kreme Doughnuts, Inc.*(a) | 2,424 | 37,790 | ||||||
La Quinta Holdings, Inc.†*(b) | 246,140 | 3,076,750 | ||||||
Marriott International, Inc., | 28,090 | 1,999,446 | ||||||
McDonald’s Corp.†(b) | 19,044 | 2,393,450 | ||||||
Pinnacle Entertainment, Inc.†*(b) | 93,146 | 3,269,425 | ||||||
Royal Caribbean Cruises Ltd. (Liberia)(a) | 80,760 | 6,634,434 | ||||||
SeaWorld Entertainment, Inc.(a) | 21,418 | 451,063 | ||||||
Service Corp. International | 23,213 | 572,897 | ||||||
Sonic Corp.(a) | 36,794 | 1,293,677 | ||||||
Speedway Motorsports, Inc.†(a) | 10,565 | 209,504 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc.†(b) | 67,688 | $ | 5,647,210 | |||||
Weight Watchers International, Inc.*(a) | 121,849 | 1,770,466 | ||||||
Wyndham Worldwide Corp.(a)(b) | 65,890 | 5,035,973 | ||||||
Yum! Brands, Inc.† | 4,390 | 359,322 | ||||||
|
| |||||||
65,763,244 | ||||||||
|
| |||||||
Energy — 4.2% | ||||||||
Atwood Oceanics, Inc.(a) | 172,823 | 1,584,787 | ||||||
Cameron International Corp.†* | 31,162 | 2,089,412 | ||||||
DHT Holdings, Inc. (Maldives)(a) | 176,603 | 1,017,233 | ||||||
Diamond Offshore Drilling, Inc.(a) | 2,229 | 48,436 | ||||||
Exterran Corp.* | 901 | 13,929 | ||||||
FMC Technologies, Inc.*(b) | 138,227 | 3,781,891 | ||||||
Frank’s International NV (Netherlands)(a) | 34,021 | 560,666 | ||||||
Imperial Oil Ltd. (Canada) | 10,454 | 349,164 | ||||||
Kinder Morgan, Inc.(b) | 79,165 | 1,413,887 | ||||||
McDermott International, Inc. (Panama)*(a) | 266,664 | 1,090,656 | ||||||
Oceaneering International, Inc.(a) | 92,508 | 3,074,966 | ||||||
ONEOK, Inc.†(a) | 64,954 | 1,939,526 | ||||||
Precision Drilling Corp. (Canada)(a) | 17,222 | 72,332 | ||||||
Rowan Cos PLC, Class A (United Kingdom)(a) | 175,896 | 2,831,926 | ||||||
Seadrill Ltd. (Bermuda)*(a) | 298,844 | 986,185 | ||||||
Targa Resources Corp.†(a) | 149,075 | 4,451,380 | ||||||
Tesoro Corp.(a)(b) | 29,202 | 2,511,664 | ||||||
TETRA Technologies, Inc.* | 3,877 | 24,619 | ||||||
TransCanada Corp. (Canada)(a) | 74,814 | 2,940,938 | ||||||
Valero Energy Corp.† | 28,558 | 1,831,710 | ||||||
Weatherford International PLC (Ireland)*(a) | 112,061 | 871,835 | ||||||
Western Refining, Inc.†(a) | 125,097 | 3,639,072 | ||||||
Williams Cos., Inc. (The)†(b) | 270,227 | 4,342,548 | ||||||
World Fuel Services Corp. | 18,199 | 884,107 | ||||||
|
| |||||||
42,352,869 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.5% |
| |||||||
CVS Health Corp.(a) | 62,594 | 6,492,876 | ||||||
Fresh Market, Inc. (The)* | 10,024 | 285,985 | ||||||
Ingles Markets, Inc., Class A† | 24,411 | 915,412 | ||||||
SpartanNash Co.† | 46,042 | 1,395,533 | ||||||
SUPERVALU, Inc.†* | 13,323 | 76,740 | ||||||
United Natural Foods, Inc.†*(a)(b) | 29,176 | 1,175,793 |
The accompanying notes are an integral part of the financial statements.
41 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
Walgreens Boots Alliance, Inc.† | 16,178 | $ | 1,362,835 | |||||
Wal-Mart Stores, Inc.†(b) | 135,161 | 9,257,177 | ||||||
Weis Markets, Inc.(a) | 5,854 | 263,781 | ||||||
Whole Foods Market, Inc.†(a) | 116,605 | 3,627,582 | ||||||
|
| |||||||
24,853,714 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 9.2% |
| |||||||
Altria Group, Inc.†(b) | 64,959 | 4,070,331 | ||||||
Archer-Daniels-Midland Co.†(b) | 221,210 | 8,032,135 | ||||||
Boston Beer Co., Inc., Class A†*(a) | 17,425 | 3,224,845 | ||||||
Bunge Ltd. (Bermuda) | 32,410 | 1,836,675 | ||||||
Campbell Soup Co. | 90,260 | 5,757,685 | ||||||
Coca-Cola Enterprises, Inc.† | 128,446 | 6,517,350 | ||||||
Cott Corp. (Canada)† | 184,401 | 2,561,330 | ||||||
Dr Pepper Snapple Group, Inc.† | 70,226 | 6,279,609 | ||||||
Fresh Del Monte Produce, Inc. (Cayman Islands)(b) | 16,519 | 694,954 | ||||||
General Mills, Inc.†(a) | 94,753 | 6,002,603 | ||||||
Hershey Co. (The)†(a) | 110,940 | 10,216,465 | ||||||
Hormel Foods Corp.(a) | 46,061 | 1,991,678 | ||||||
Ingredion, Inc. | 8,618 | 920,316 | ||||||
JM Smucker Co. (The)†(a) | 66,102 | 8,582,684 | ||||||
John B Sanfilippo & Son, Inc. | 13,665 | 944,115 | ||||||
Lancaster Colony Corp. | 6,097 | 674,145 | ||||||
McCormick & Co., Inc., non-voting shares† | 31,703 | 3,153,814 | ||||||
Mondelez International, Inc., | 100,072 | 4,014,889 | ||||||
Omega Protein Corp.* | 2,422 | 41,029 | ||||||
Philip Morris International, Inc.† | 24,947 | 2,447,550 | ||||||
Pilgrim’s Pride Corp.*(a) | 44,551 | 1,131,595 | ||||||
Tyson Foods, Inc., Class A(b) | 196,804 | 13,118,955 | ||||||
Universal Corp.(a) | 14,928 | 848,060 | ||||||
|
| |||||||
93,062,812 | ||||||||
|
| |||||||
Health Care Equipment & Services — 14.5% |
| |||||||
Abbott Laboratories†(b) | 203,400 | 8,508,222 | ||||||
Amedisys, Inc.†*(a) | 68,104 | 3,292,147 | ||||||
Amsurg Corp.†* | 19,251 | 1,436,125 | ||||||
Analogic Corp.(a) | 7,121 | 562,630 | ||||||
Anika Therapeutics, Inc.†* | 44,529 | 1,991,337 | ||||||
Baxter International, Inc.†(b) | 329,964 | 13,554,921 | ||||||
Brookdale Senior Living, Inc.*(a)(b) | 191,445 | 3,040,147 | ||||||
Cardinal Health, Inc.†(a) | 76,428 | 6,263,275 | ||||||
Chemed Corp.†(a) | 12,272 | 1,662,242 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Computer Programs & Systems, Inc.(a) | 673 | $ | 35,077 | |||||
CR Bard, Inc.†(b) | 36,812 | 7,460,688 | ||||||
Cynosure, Inc., Class A* | 10,043 | 443,097 | ||||||
DaVita HealthCare Partners, Inc.†*(b) | 106,095 | 7,785,251 | ||||||
DENTSPLY SIRONA, Inc.†(a)(b) | 96,580 | 5,952,225 | ||||||
Express Scripts Holding | 257,276 | 17,672,288 | ||||||
Globus Medical, Inc., Class A*(a) | 32,321 | 767,624 | ||||||
Halyard Health, Inc.*(a) | 26,943 | 774,072 | ||||||
HCA Holdings, Inc.†*(b) | 140,056 | 10,931,371 | ||||||
HMS Holdings Corp.†* | 91,320 | 1,310,442 | ||||||
ICU Medical, Inc.†*(a) | 11,470 | 1,194,027 | ||||||
IMS Health Holdings, Inc.†* | 4,726 | 125,475 | ||||||
Inovalon Holdings, Inc., | 20,133 | 372,863 | ||||||
Invacare Corp. | 514 | 6,769 | ||||||
Kindred Healthcare, Inc.†(a)(b) | 311,865 | 3,851,533 | ||||||
Laboratory Corp. of America Holdings†*(b) | 61,897 | 7,249,996 | ||||||
Masimo Corp.*(a) | 4,297 | 179,786 | ||||||
McKesson Corp.†(b) | 82,562 | 12,982,874 | ||||||
MEDNAX, Inc.†*(a) | 41,033 | 2,651,552 | ||||||
Meridian Bioscience, Inc.(a) | 34,527 | 711,601 | ||||||
National HealthCare Corp.† | 1,820 | 113,386 | ||||||
Natus Medical, Inc.* | 8,346 | 320,737 | ||||||
Quality Systems, Inc. | 19,849 | 302,499 | ||||||
Quest Diagnostics, Inc.†(a) | 58,864 | 4,205,833 | ||||||
ResMed, Inc.(a) | 19,340 | 1,118,239 | ||||||
Stryker Corp.†(a) | 26,190 | 2,809,925 | ||||||
Teleflex, Inc.(a) | 9,257 | 1,453,442 | ||||||
Universal Health Services, Inc., Class B† | 36,809 | 4,590,818 | ||||||
Varian Medical Systems, | 60,843 | 4,868,657 | ||||||
Zimmer Biomet Holdings, Inc.†(b) | 36,262 | 3,866,617 | ||||||
|
| |||||||
146,419,810 | ||||||||
|
| |||||||
Household & Personal Products — 0.9% |
| |||||||
Avon Products, Inc.† | 36,331 | 174,752 | ||||||
Church & Dwight Co., Inc.(b) | 20,433 | 1,883,514 | ||||||
Edgewell Personal Care Co.† | 10,219 | 822,936 | ||||||
Energizer Holdings, Inc.†(b) | 73,171 | 2,964,157 | ||||||
Procter & Gamble Co. (The)†(b) | 42,102 | 3,465,416 | ||||||
Spectrum Brands Holdings, | 22 | 2,404 | ||||||
|
| |||||||
9,313,179 | ||||||||
|
| |||||||
Materials — 4.2% | ||||||||
Agrium, Inc. (Canada)(a) | 28,434 | 2,510,438 |
The accompanying notes are an integral part of the financial statements.
42 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Axiall Corp.† | 67,371 | $ | 1,471,383 | |||||
Boise Cascade Co.†* | 14,111 | 292,380 | ||||||
Celanese Corp., Class A† | 45,750 | 2,996,625 | ||||||
Chemours Co. (The)(a) | 137,923 | 965,461 | ||||||
Chemtura Corp.†*(a) | 42,591 | 1,124,402 | ||||||
Crown Holdings, Inc.†* | 12,088 | 599,444 | ||||||
Domtar Corp.† | 10,828 | 438,534 | ||||||
El du Pont de Nemours & Co.† | 72,709 | 4,603,934 | ||||||
FMC Corp.(a) | 5,175 | 208,915 | ||||||
Graphic Packaging Holding Co.† | 131,026 | 1,683,684 | ||||||
Greif, Inc., Class A(a) | 4,426 | 144,952 | ||||||
HB Fuller Co. | 13,695 | 581,353 | ||||||
Headwaters, Inc.* | 41,186 | 817,130 | ||||||
Innophos Holdings, Inc. | 27,154 | 839,330 | ||||||
Innospec, Inc. | 25,557 | 1,108,151 | ||||||
KapStone Paper and Packaging Corp.(a) | 56,213 | 778,550 | ||||||
Kraton Performance Polymers, Inc.*(a) | 310 | 5,363 | ||||||
Martin Marietta Materials, Inc.(a) | 11,536 | 1,840,107 | ||||||
Minerals Technologies, Inc.†(a) | 24,838 | 1,412,040 | ||||||
Monsanto Co.(b) | 50,381 | 4,420,429 | ||||||
Packaging Corp. of | 58,954 | 3,560,822 | ||||||
PH Glatfelter Co. | 5,439 | 112,750 | ||||||
PolyOne Corp.(a) | 20,003 | 605,091 | ||||||
Praxair, Inc.†(a) | 31,931 | 3,654,503 | ||||||
Silgan Holdings, Inc.(a) | 35,404 | 1,882,431 | ||||||
Stepan Co. | 5,592 | 309,182 | ||||||
Trinseo Sa (Luxembourg)*(a) | 5,551 | 204,332 | ||||||
Tronox Ltd., Class A | 121,873 | 778,768 | ||||||
Westlake Chemical Corp.† | 14,086 | 652,182 | ||||||
Westrock Co.† | 39,266 | 1,532,552 | ||||||
|
| |||||||
42,135,218 | ||||||||
|
| |||||||
Media — 5.9% | ||||||||
Carmike Cinemas, Inc.* | 9,683 | 290,877 | ||||||
CBS Corp., Class B, non-voting shares† | 117,628 | 6,480,126 | ||||||
Comcast Corp., Class A†(a) | 27,213 | 1,662,170 | ||||||
Discovery Communications, Inc., Class A*(a) | 306,761 | 8,782,567 | ||||||
DISH Network Corp., Class A* | 17,883 | 827,268 | ||||||
Gannett Co., Inc.†(a) | 6,613 | 100,121 | ||||||
Hemisphere Media Group, Inc.* | 62 | 814 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) |
| |||||||
Interpublic Group of Cos, Inc. (The)†(b) | 296,092 | $ | 6,795,311 | |||||
Loral Space & Communications, Inc.*(a) | 15,202 | 534,046 | ||||||
MSG Networks, Inc., Class A†* | 132,433 | 2,289,767 | ||||||
New Media Investment Group, Inc.(a) | 13,512 | 224,840 | ||||||
New York Times Co. (The), Class A(a) | 121,731 | 1,516,768 | ||||||
News Corp., Class A(b) | 216,821 | 2,768,804 | ||||||
Nexstar Broadcasting Group, Inc., Class A | 13,843 | 612,830 | ||||||
Omnicom Group, Inc.(a) | 86,026 | 7,159,944 | ||||||
Regal Entertainment Group, Class A(a) | 67,169 | 1,419,953 | ||||||
Starz, Class A†* | 86,269 | 2,271,463 | ||||||
TEGNA, Inc.(a) | 224,341 | 5,263,040 | ||||||
Time Warner, Inc.†(b) | 56,595 | 4,105,967 | ||||||
Time, Inc | 21,854 | 337,426 | ||||||
Viacom, Inc., Class B† | 152,299 | 6,286,903 | ||||||
|
| |||||||
59,731,005 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 15.6% |
| |||||||
AbbVie, Inc.†(b) | 181,494 | 10,366,937 | ||||||
Achillion Pharmaceuticals, | 105,805 | 816,815 | ||||||
Acorda Therapeutics, Inc.*(a) | 6,130 | 162,138 | ||||||
Aduro Biotech, Inc.* | 120 | 1,537 | ||||||
Alexion Pharmaceuticals, Inc.†* | 1,552 | 216,069 | ||||||
AMAG Pharmaceuticals, Inc.†*(a) | 52,657 | 1,232,174 | ||||||
Amgen, Inc.† | 87,015 | 13,046,159 | ||||||
Baxalta, Inc.†(b) | 125,857 | 5,084,623 | ||||||
Biogen, Inc.†*(b) | 71,185 | 18,530,879 | ||||||
Bio-Rad Laboratories, Inc., | 11,996 | 1,640,093 | ||||||
Bruker Corp. | 58,130 | 1,627,640 | ||||||
Celgene Corp.†* | 15,613 | 1,562,705 | ||||||
Charles River Laboratories International, Inc.* | 10,441 | 792,890 | ||||||
Emergent Biosolutions, Inc.*(a)(b) | 81,623 | 2,966,996 | ||||||
Enanta Pharmaceuticals, Inc.* | 14,391 | 422,664 | ||||||
Five Prime Therapeutics, Inc.* | 20,117 | 817,354 | ||||||
Gilead Sciences, Inc.†(b) | 222,396 | 20,429,297 | ||||||
Horizon Pharma PLC | 133,716 | 2,215,674 | ||||||
Impax Laboratories, Inc.* | 40,884 | 1,309,106 | ||||||
Incyte Corp., Ltd.*(a) | 3,716 | 269,299 | ||||||
Insys Therapeutics, Inc.*(a) | 188,977 | 3,021,742 |
The accompanying notes are an integral part of the financial statements.
43 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Jazz Pharmaceuticals PLC (Ireland)†* | 21,485 | $ | 2,804,867 | |||||
Johnson & Johnson(b) | 74,136 | 8,021,515 | ||||||
Lexicon Pharmaceuticals, | 34,795 | 415,800 | ||||||
Ligand Pharmaceuticals, Inc.†* | 4,979 | 533,201 | ||||||
Luminex Corp.†* | 13,587 | 263,588 | ||||||
Mallinckrodt PLC (Ireland)* | 85,638 | 5,247,897 | ||||||
Medivation, Inc.†* | 41,494 | 1,907,894 | ||||||
Merck & Co, Inc.† | 304,209 | 16,095,698 | ||||||
Mylan NV*(a) | 226,782 | 10,511,346 | ||||||
Myriad Genetics, Inc.* | 31,078 | 1,163,250 | ||||||
PDL BioPharma, Inc.(a) | 771,039 | 2,567,560 | ||||||
Pfizer, Inc.†(a)(b) | 385,072 | 11,413,534 | ||||||
PRA Health Sciences, Inc.*(a) | 4,828 | 206,445 | ||||||
Prestige Brands Holdings, Inc.* | 3,199 | 170,795 | ||||||
Quintiles Transnational Holdings, Inc.†*(a) | 29,198 | 1,900,790 | ||||||
Regeneron Pharmaceuticals, | 257 | 92,633 | ||||||
Repligen Corp.*(a) | 9,752 | 261,549 | ||||||
Sucampo Pharmaceuticals, Inc., Class A*(a) | 92,730 | 1,013,539 | ||||||
United Therapeutics Corp.†*(a)(b) | 31,570 | 3,517,845 | ||||||
Waters Corp.†*(a)(b) | 8,779 | 1,158,126 | ||||||
Zoetis, Inc.† | 38,532 | 1,708,124 | ||||||
|
| |||||||
157,508,787 | ||||||||
|
| |||||||
Retailing — 11.7% | ||||||||
1-800-Flowers.com, Inc., | 13,710 | 108,035 | ||||||
Aaron’s, Inc.† | 20,232 | 507,823 | ||||||
Abercrombie & Fitch Co., | 98,360 | 3,102,274 | ||||||
Advance Auto Parts, Inc.(b) | 22,187 | 3,557,464 | ||||||
American Eagle Outfitters, | 100,335 | 1,672,584 | ||||||
AutoNation, Inc.*(a) | 41,053 | 1,916,354 | ||||||
AutoZone, Inc.†* | 2,959 | 2,357,406 | ||||||
Barnes & Noble Education, Inc.* | 2,742 | 26,872 | ||||||
Barnes & Noble, Inc. | 39,786 | 491,755 | ||||||
Bed Bath & Beyond, Inc.*(a) | 79,340 | 3,938,438 | ||||||
Best Buy Co., Inc.(a) | 124,650 | 4,043,646 | ||||||
Big Lots, Inc.(a) | 11,383 | 515,536 | ||||||
Buckle, Inc. (The)(a) | 41,317 | 1,399,407 | ||||||
Caleres, Inc.† | 16 | 453 | ||||||
Cato Corp. (The), Class A† | 5,295 | 204,122 | ||||||
Children’s Place Retail Store, Inc. (The)(a)(b) | 9,895 | 825,936 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Dick’s Sporting Goods, Inc. | 7,770 | $ | 363,248 | |||||
Dillard’s, Inc., Class A(a) | 5,005 | 424,975 | ||||||
Dollar General Corp.(a) | 28,091 | 2,404,590 | ||||||
Dollar Tree, Inc.* | 5,801 | 478,350 | ||||||
Express, Inc.* | 13,894 | 297,471 | ||||||
Fred’s, Inc., Class A | 6,354 | 94,738 | ||||||
GameStop Corp., Class A | 39,502 | 1,253,398 | ||||||
Gap, Inc. (The)(a) | 148,351 | 4,361,519 | ||||||
Genuine Parts Co.† | 76,749 | 7,625,781 | ||||||
GNC Holdings, Inc., Class A† | 2,898 | 92,012 | ||||||
Guess?, Inc.(a) | 47,649 | 894,372 | ||||||
Hibbett Sports, Inc.*(a) | 13,429 | 482,101 | ||||||
HSN, Inc. | 3,478 | 181,934 | ||||||
Kohl’s Corp.(a) | 70,226 | 3,273,234 | ||||||
L Brands, Inc.(a) | 107,972 | 9,481,021 | ||||||
Lands’ End, Inc.*(a) | 3,886 | 99,132 | ||||||
Lowe’s Cos., Inc.(b) | 10,788 | 817,191 | ||||||
Macy’s, Inc.(b) | 115,872 | 5,108,796 | ||||||
Mattress Firm Holding Corp.*(a) | 14,836 | 628,898 | ||||||
Michaels Cos, Inc. (The)* | 3,714 | 103,881 | ||||||
Murphy USA, Inc.*(a) | 3,330 | 204,628 | ||||||
Nordstrom, Inc. | 65,008 | 3,719,108 | ||||||
Office Depot, Inc.†* | 576,223 | 4,091,183 | ||||||
Outerwall, Inc.(a) | 116,686 | 4,316,215 | ||||||
Pool Corp.(a) | 5,074 | 445,193 | ||||||
Priceline Group, Inc. (The)†*(b) | 5,659 | 7,294,225 | ||||||
Ross Stores, Inc.(a) | 35,924 | 2,080,000 | ||||||
Shutterfly, Inc.* | 2,039 | 94,548 | ||||||
Staples, Inc.†(b) | 306,565 | 3,381,412 | ||||||
Target Corp.†(b) | 127,417 | 10,483,871 | ||||||
Tiffany & Co.(a) | 47,403 | 3,478,432 | ||||||
TJX Cos, Inc. (The)†(b) | 106,398 | 8,336,283 | ||||||
Urban Outfitters, Inc.*(a)(b) | 145,671 | 4,820,253 | ||||||
Vitamin Shoppe, Inc.†* | 25,787 | 798,365 | ||||||
Williams-Sonoma, Inc.†(a) | 33,846 | 1,852,729 | ||||||
|
| |||||||
118,531,192 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 11.1% |
| |||||||
Advanced Energy Industries, Inc.†* | 68,300 | 2,376,157 | ||||||
Ambarella, Inc. (Cayman Islands)*(a) | 29,066 | 1,299,250 | ||||||
Analog Devices, Inc.†(b) | 117,628 | 6,962,401 | ||||||
Applied Materials, Inc.†(b) | 235,255 | 4,982,701 | ||||||
First Solar, Inc.*(b) | 39,053 | 2,673,959 | ||||||
Integrated Device Technology, Inc.†* | 36,412 | 744,261 | ||||||
Intel Corp.†(a)(b) | 590,943 | 19,117,006 |
The accompanying notes are an integral part of the financial statements.
44 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
KLA-Tencor Corp.† | 42,384 | $ | 3,085,979 | |||||
Lam Research Corp.(a) | 66,715 | 5,510,659 | ||||||
Linear Technology Corp.†(b) | 89,604 | 3,992,754 | ||||||
MKS Instruments, Inc.†(a) | 76,476 | 2,879,321 | ||||||
NVIDIA Corp.(a) | 301,982 | 10,759,619 | ||||||
Photronics, Inc.*(a)(b) | 127,271 | 1,324,891 | ||||||
Qorvo, Inc.*(a) | 50,952 | 2,568,490 | ||||||
QUALCOMM, Inc.†(b) | 297,877 | 15,233,430 | ||||||
Rambus, Inc.*(a) | 6,545 | 89,994 | ||||||
Skyworks Solutions, Inc.(a)(b) | 70,226 | 5,470,605 | ||||||
Teradyne, Inc.(a) | 20,615 | 445,078 | ||||||
Tessera Technologies, Inc.(b) | 49,919 | 1,547,489 | ||||||
Texas Instruments, Inc.†(b) | 293,651 | 16,861,440 | ||||||
Xilinx, Inc.†(b) | 95,250 | 4,517,708 | ||||||
|
| |||||||
112,443,192 | ||||||||
|
| |||||||
Software & Services — 13.8% |
| |||||||
Accenture PLC, Class A (Ireland)† | 35,991 | 4,153,361 | ||||||
ACI Worldwide, Inc.*(a) | 19,409 | 403,513 | ||||||
Activision Blizzard, Inc.† | 149,974 | 5,075,120 | ||||||
ANSYS, Inc.†* | 5,962 | 533,361 | ||||||
Aspen Technology, | 123,233 | 4,452,408 | ||||||
AVG Technologies NV (Netherlands)* | 11,570 | 240,078 | ||||||
Bankrate, Inc.†* | 42,292 | 387,818 | ||||||
CA, Inc.†(b) | 221,144 | 6,809,024 | ||||||
Cadence Design Systems, Inc.†* | 19,047 | 449,128 | ||||||
Cardtronics, Inc.* | 3,115 | 112,109 | ||||||
CGI Group, Inc., Class A (Canada)*(a) | 19,419 | 927,840 | ||||||
Cimpress NV (Netherlands)*(a) | 11,930 | 1,081,932 | ||||||
Citrix Systems, Inc.†*(b) | 79,710 | 6,263,612 | ||||||
Computer Sciences Corp.†(a) | 117,369 | 4,036,320 | ||||||
Convergys Corp. | 1,350 | 37,490 | ||||||
CSG Systems International, Inc.†(a) | 63,209 | 2,854,518 | ||||||
DST Systems, Inc.† | 38,187 | 4,306,348 | ||||||
EarthLink Holdings Corp.† | 228,858 | 1,297,625 | ||||||
eBay, Inc.†*(b) | 613,519 | 14,638,563 | ||||||
Epiq Systems, Inc. | 202 | 3,034 | ||||||
GTT Communications, Inc.* | 794 | 13,133 | ||||||
IAC/InterActiveCorp.† | 53,661 | 2,526,360 | ||||||
International Business Machines Corp.†(a) | 96,743 | 14,651,727 | ||||||
j2 Global, Inc.(a) | 19,485 | 1,199,886 | ||||||
ManTech International Corp., Class A† | 6,625 | 211,934 | ||||||
Mentor Graphics Corp.†(a) | 95,336 | 1,938,181 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Microsoft Corp.†(b) | 44,803 | $ | 2,474,470 | |||||
MicroStrategy, Inc., Class A†* | 30,081 | 5,406,157 | ||||||
Monotype Imaging Holdings, Inc.(a) | 7,529 | 180,094 | ||||||
NIC, Inc.†(a)(b) | 49,586 | 894,036 | ||||||
Open Text Corp. (Canada) | 11,410 | 591,038 | ||||||
Oracle Corp.† | 170,179 | 6,962,023 | ||||||
Paychex, Inc.(a) | 2,924 | 157,925 | ||||||
Pegasystems, Inc. | 6,670 | 169,285 | ||||||
Progress Software Corp.* | 1,943 | 46,865 | ||||||
Rackspace Hosting, Inc.*(a)(b) | 63,076 | 1,361,811 | ||||||
Science Applications International Corp. | 201 | 10,721 | ||||||
Shutterstock, Inc.*(a) | 1,473 | 54,103 | ||||||
Sykes Enterprises, Inc.*(a)(b) | 51,943 | 1,567,640 | ||||||
Symantec Corp.(a)(b) | 344,334 | 6,328,859 | ||||||
Take-Two Interactive Software, Inc.*(a) | 11,247 | 423,674 | ||||||
TeleTech Holdings, Inc.(a) | 14,250 | 395,580 | ||||||
Teradata Corp.*(a) | 159,955 | 4,197,219 | ||||||
TiVo, Inc.†* | 234,758 | 2,232,549 | ||||||
Total System Services, Inc.(b) | 30,724 | 1,461,848 | ||||||
VASCO Data Security International, Inc.* | 102,008 | 1,570,923 | ||||||
VeriSign, Inc.*(a) | 15,231 | 1,348,553 | ||||||
Visa, Inc., Class A† | 15,813 | 1,209,378 | ||||||
VMware, Inc., Class A*(a) | 61,131 | 3,197,763 | ||||||
Web.com Group, Inc.*(a)(b) | 73,998 | 1,466,640 | ||||||
WebMD Health Corp.†* | 33,330 | 2,087,458 | ||||||
Western Union Co. (The)(a) | 362,121 | 6,985,314 | ||||||
Xerox Corp.† | 743,653 | 8,299,167 | ||||||
|
| |||||||
139,685,516 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 16.2% |
| |||||||
Amphenol Corp., Class A†(b) | 77,363 | 4,473,129 | ||||||
Apple, Inc.†(b) | 189,886 | 20,695,675 | ||||||
Arris International PLC (United Kingdom)* | 32,367 | 741,852 | ||||||
Arrow Electronics, Inc.* | 8,077 | 520,240 | ||||||
AVX Corp.† | 70,497 | 886,147 | ||||||
Belden, Inc.†(a) | 14,903 | 914,746 | ||||||
Benchmark Electronics, Inc.†* | 82,702 | 1,906,281 | ||||||
Brocade Communications Systems, Inc.† | 454,675 | 4,810,462 | ||||||
Celestica, Inc. (Canada)* | 504 | 5,534 | ||||||
Cisco Systems, Inc.† | 574,600 | 16,358,862 | ||||||
Coherent, Inc.* | 10,099 | 928,098 |
The accompanying notes are an integral part of the financial statements.
45 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Corning, Inc.†(b) | 420,474 | $ | 8,783,702 | |||||
Cray, Inc.*(a) | 41,839 | 1,753,472 | ||||||
EMC Corp.(b) | 225,599 | 6,012,213 | ||||||
F5 Networks, Inc.†*(b) | 26,335 | 2,787,560 | ||||||
FARO Technologies, Inc.*(a) | 2,871 | 92,475 | ||||||
Fitbit, Inc., Class A*(a) | 108,293 | 1,640,639 | ||||||
FLIR Systems, Inc. | 50,035 | 1,648,653 | ||||||
Harris Corp. | 46,560 | 3,625,162 | ||||||
Hewlett Packard Enterprise Co.(b) | 560,047 | 9,929,633 | ||||||
HP, Inc.† | 653,096 | 8,046,143 | ||||||
II-VI, Inc.†* | 28,907 | 627,571 | ||||||
Ingram Micro, Inc., Class A† | 183,164 | 6,577,419 | ||||||
Insight Enterprises, Inc.* | 8,108 | 232,213 | ||||||
InterDigital, Inc.†(b) | 68,541 | 3,814,307 | ||||||
InvenSense, Inc.*(a) | 391,825 | 3,291,330 | ||||||
Ixia*(b) | 28,364 | 353,415 | ||||||
Juniper Networks, Inc.†(a) | 143,193 | 3,652,853 | ||||||
Methode Electronics, Inc.† | 41,949 | 1,226,589 | ||||||
Motorola Solutions, Inc.†(a)(b) | 89,323 | 6,761,751 | ||||||
MTS Systems Corp.† | 6,824 | 415,240 | ||||||
Multi-Fineline Electronix, Inc.* | 14,787 | 343,206 | ||||||
NCR Corp.*(a) | 13,429 | 401,930 | ||||||
NetApp, Inc.†(a) | 112,663 | 3,074,573 | ||||||
NETGEAR, Inc.†* | 89,463 | 3,611,621 | ||||||
Plantronics, Inc.(b) | 29,633 | 1,161,317 | ||||||
Polycom, Inc.*(b) | 142,039 | 1,583,735 | ||||||
Seagate Technology PLC | 116,884 | 4,026,654 | ||||||
SYNNEX Corp.†(a) | 38,536 | 3,568,048 | ||||||
TE Connectivity Ltd. (Switzerland)† | 141,329 | 8,751,092 | ||||||
Tech Data Corp.*(a) | 17,153 | 1,316,836 | ||||||
TTM Technologies, Inc.*(a) | 25,631 | 170,446 | ||||||
Ubiquiti Networks, Inc.*(a) | 66,121 | 2,199,846 | ||||||
Viavi Solutions, Inc.* | 18,791 | 128,906 | ||||||
Vishay Intertechnology, Inc.(a) | 101,977 | 1,245,139 | ||||||
Western Digital Corp.†(a) | 184,752 | 8,727,684 | ||||||
|
| |||||||
163,824,399 | ||||||||
|
| |||||||
Telecommunication Services — 3.0% |
| |||||||
BCE, Inc. (Canada)†(a) | 26,017 | 1,184,814 | ||||||
CenturyLink, Inc.†(a)(b) | 314,763 | 10,059,825 | ||||||
Cogent Communications Holdings, Inc.(a) | 3,121 | 121,813 | ||||||
Frontier Communications Corp.†(a) | 434,519 | 2,428,961 | ||||||
General Communication, Inc., Class A* | 26,930 | 493,358 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Inteliquent, Inc.(a) | 6,715 | $ | 107,776 | |||||
Level 3 Communications, Inc.* | 88,864 | 4,696,462 | ||||||
Rogers Communications, Inc., Class B (Canada)(a) | 6,038 | 241,641 | ||||||
Shenandoah Telecommunications Co.† | 52,675 | 1,409,056 | ||||||
Verizon Communications, Inc.†(b) | 174,825 | 9,454,536 | ||||||
Vonage Holdings Corp.†*(a) | 118,684 | 542,386 | ||||||
Windstream Holdings, Inc.(a) | 1 | 8 | ||||||
|
| |||||||
30,740,636 | ||||||||
|
| |||||||
Transportation — 7.5% | ||||||||
American Airlines Group, Inc.† | 29,806 | 1,222,344 | ||||||
CH Robinson Worldwide, Inc.†(a) | 104,209 | 7,735,434 | ||||||
CSX Corp. | 6,145 | 158,234 | ||||||
Delta Air Lines, Inc.†(a)(b) | 313,872 | 15,279,289 | ||||||
Expeditors International of Washington, Inc.†(a) | 113,824 | 5,555,749 | ||||||
Hawaiian Holdings, Inc.†*(a) | 149,751 | 7,066,750 | ||||||
Heartland Express, Inc.† | 57,815 | 1,072,468 | ||||||
Hub Group, Inc., Class A*(a) | 23,806 | 971,047 | ||||||
Landstar System, Inc.†(a) | 55,030 | 3,555,488 | ||||||
Saia, Inc.*(a) | 20,473 | 576,315 | ||||||
Southwest Airlines Co.† | 241,400 | 10,814,720 | ||||||
Swift Transportation Co.*(a) | 188,798 | 3,517,307 | ||||||
Union Pacific Corp.† | 103,884 | 8,263,972 | ||||||
United Continental Holdings, | 164,692 | 9,858,463 | ||||||
Wesco Aircraft Holdings, Inc.*(a) | 13,505 | 194,337 | ||||||
|
| |||||||
75,841,917 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,719,873,421 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 170.0% |
| 1,719,873,421 | ||||||
|
| |||||||
(Cost $1,575,853,626) | ||||||||
SHORT POSITIONS — (71.2)% |
| |||||||
COMMON STOCKS — (71.2)% |
| |||||||
Automobiles & Components — (0.8)% |
| |||||||
BorgWarner, Inc. | (84,509 | ) | (3,245,146 | ) | ||||
Drew Industries, Inc. | (38,474 | ) | (2,480,034 | ) | ||||
Federal-Mogul Holdings Corp.* | (68,407 | ) | (675,861 | ) | ||||
Fox Factory Holding Corp.* | (5,269 | ) | (83,303 | ) | ||||
Gentex Corp. | (70,684 | ) | (1,109,032 | ) | ||||
Gentherm, Inc.* | (17,185 | ) | (714,724 | ) | ||||
|
| |||||||
(8,308,100 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
46 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (9.0)% |
| |||||||
AAON, Inc. | (19,047 | ) | $ | (533,316 | ) | |||
AAR Corp. | (24,567 | ) | (571,674 | ) | ||||
Acuity Brands, Inc. | (14,153 | ) | (3,087,335 | ) | ||||
AECOM* | (4,372 | ) | (134,614 | ) | ||||
Aerovironment, Inc.* | (27,314 | ) | (773,532 | ) | ||||
Allison Transmission Holdings, Inc. | (19,286 | ) | (520,336 | ) | ||||
Applied Industrial Technologies, Inc. | (317 | ) | (13,758 | ) | ||||
Armstrong World Industries, Inc.* | (24,621 | ) | (1,190,918 | ) | ||||
Astec Industries, Inc. | (21,266 | ) | (992,484 | ) | ||||
B/E Aerospace, Inc. | (14,090 | ) | (649,831 | ) | ||||
Barnes Group, Inc. | (5,739 | ) | (201,037 | ) | ||||
Beacon Roofing Supply, Inc.* | (63,001 | ) | (2,583,671 | ) | ||||
Briggs & Stratton Corp. | (116,347 | ) | (2,783,020 | ) | ||||
Builders FirstSource, Inc.* | (394,149 | ) | (4,442,059 | ) | ||||
CLARCOR, Inc. | (374 | ) | (21,613 | ) | ||||
Cubic Corp. | (28,381 | ) | (1,134,105 | ) | ||||
Danaher Corp. | (47,982 | ) | (4,551,573 | ) | ||||
Donaldson Co., Inc. | (80,655 | ) | (2,573,701 | ) | ||||
Dycom Industries, Inc.* | (48,863 | ) | (3,159,970 | ) | ||||
EnPro Industries, Inc. | (18,185 | ) | (1,048,911 | ) | ||||
ESCO Technologies, Inc. | (1,122 | ) | (43,736 | ) | ||||
Fastenal Co. | (24,431 | ) | (1,197,119 | ) | ||||
Fortune Brands Home & Security, Inc. | (253 | ) | (14,178 | ) | ||||
General Dynamics Corp. | (24,140 | ) | (3,171,272 | ) | ||||
Gorman-Rupp Co. (The) | (566 | ) | (14,676 | ) | ||||
Graco, Inc. | (19,898 | ) | (1,670,636 | ) | ||||
Granite Construction, Inc. | (35,373 | ) | (1,690,829 | ) | ||||
Griffon Corp. | (34,413 | ) | (531,681 | ) | ||||
HEICO Corp. | (28,192 | ) | (1,695,185 | ) | ||||
Hillenbrand, Inc. | (17,746 | ) | (531,493 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (773 | ) | (51,482 | ) | ||||
ITT Corp. | (58,884 | ) | (2,172,231 | ) | ||||
John Bean Technologies Corp. | (3,687 | ) | (207,984 | ) | ||||
Kaman Corp. | (6,044 | ) | (258,018 | ) | ||||
Lindsay Corp. | (456 | ) | (32,654 | ) | ||||
Lockheed Martin Corp. | (23,769 | ) | (5,264,834 | ) | ||||
Manitowoc Foodservice, Inc.* | (1,253 | ) | (18,469 | ) | ||||
Masonite International Corp. (Canada)* | (16,240 | ) | (1,063,720 | ) | ||||
Meritor, Inc.* | (122,908 | ) | (990,638 | ) | ||||
Middleby Corp. (The)* | (35,387 | ) | (3,778,270 | ) | ||||
Milacron Holdings Corp.* | (53,731 | ) | (886,024 | ) | ||||
Mueller Water Products, Inc., Class A | (10,772 | ) | (106,427 | ) | ||||
Navistar International Corp.* | (62,243 | ) | (779,282 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Nordson Corp. | (21,928 | ) | $ | (1,667,405 | ) | |||
Oshkosh Corp. | (399 | ) | (16,307 | ) | ||||
Patrick Industries, Inc.* | (9,243 | ) | (419,540 | ) | ||||
PGT, Inc.* | (3,829 | ) | (37,677 | ) | ||||
Primoris Services Corp. | (51,962 | ) | (1,262,677 | ) | ||||
Proto Labs, Inc.* | (37,638 | ) | (2,901,513 | ) | ||||
Quanex Building Products Corp. | (24,785 | ) | (430,268 | ) | ||||
Raven Industries, Inc. | (3,055 | ) | (48,941 | ) | ||||
RBC Bearings, Inc.* | (38,393 | ) | (2,812,671 | ) | ||||
Rockwell Collins, Inc. | (50,055 | ) | (4,615,572 | ) | ||||
Rush Enterprises, Inc., Class A* | (65,548 | ) | (1,195,596 | ) | ||||
Sensata Technologies Holding NV (Netherlands)* | (70,286 | ) | (2,729,908 | ) | ||||
Sunrun, Inc.* | (241,476 | ) | (1,564,764 | ) | ||||
TASER International, Inc.* | (27,580 | ) | (541,395 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda) | (11,659 | ) | (173,020 | ) | ||||
Toro Co. (The) | (23,845 | ) | (2,053,531 | ) | ||||
TransDigm Group, Inc.* | (7,063 | ) | (1,556,261 | ) | ||||
TriMas Corp.* | (24,610 | ) | (431,167 | ) | ||||
Tutor Perini Corp.* | (87,263 | ) | (1,356,067 | ) | ||||
Veritiv Corp.* | (687 | ) | (25,598 | ) | ||||
WABCO Holdings, Inc.* | (28,342 | ) | (3,030,327 | ) | ||||
Woodward, Inc. | (98,827 | ) | (5,140,980 | ) | ||||
|
| |||||||
(91,149,481 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (3.3)% |
| |||||||
ADT Corp. (The) | (60,605 | ) | (2,500,562 | ) | ||||
Advisory Board Co. (The)* | (53,803 | ) | (1,735,147 | ) | ||||
Copart, Inc.* | (25,254 | ) | (1,029,606 | ) | ||||
Covanta Holding Corp. | (216,783 | ) | (3,654,961 | ) | ||||
Equifax, Inc. | (9,459 | ) | (1,081,069 | ) | ||||
Essendant, Inc. | (7,287 | ) | (232,674 | ) | ||||
Healthcare Services Group, Inc. | (48,221 | ) | (1,775,015 | ) | ||||
IHS, Inc., Class A* | (18,585 | ) | (2,307,514 | ) | ||||
Insperity, Inc. | (7,313 | ) | (378,302 | ) | ||||
Knoll, Inc. | (13,462 | ) | (291,452 | ) | ||||
Matthews International Corp., Class A | (10,467 | ) | (538,737 | ) | ||||
Mistras Group, Inc.* | (688 | ) | (17,042 | ) | ||||
MSA Safety, Inc. | (1,732 | ) | (83,742 | ) | ||||
Multi-Color Corp. | (15,090 | ) | (805,052 | ) | ||||
Rollins, Inc. | (10,464 | ) | (283,784 | ) | ||||
Stantec, Inc. (Canada) | (1,194 | ) | (30,280 | ) | ||||
Stericycle, Inc.* | (29,248 | ) | (3,690,805 | ) |
The accompanying notes are an integral part of the financial statements.
47 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Team, Inc.* | (9,212 | ) | $ | (279,861 | ) | |||
Transunion* | (63,765 | ) | (1,760,552 | ) | ||||
TriNet Group, Inc.* | (76,278 | ) | (1,094,589 | ) | ||||
TrueBlue, Inc.* | (36,912 | ) | (965,249 | ) | ||||
Verisk Analytics, Inc.* | (38,932 | ) | (3,111,445 | ) | ||||
Viad Corp. | (520 | ) | (15,163 | ) | ||||
WageWorks, Inc.* | (55,354 | ) | (2,801,466 | ) | ||||
Waste Connections, Inc. | (42,278 | ) | (2,730,736 | ) | ||||
|
| |||||||
(33,194,805 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (3.0)% |
| |||||||
CalAtlantic Group, Inc. | (140,434 | ) | (4,693,304 | ) | ||||
Coach, Inc. | (36,930 | ) | (1,480,524 | ) | ||||
Columbia Sportswear Co | (3,177 | ) | (190,906 | ) | ||||
Crocs, Inc.* | (67,407 | ) | (648,455 | ) | ||||
G-III Apparel Group Ltd.* | (48,790 | ) | (2,385,343 | ) | ||||
Gildan Activewear, Inc. (Canada) | (90 | ) | (2,746 | ) | ||||
Gopro, Inc., Class A* | (53,640 | ) | (641,534 | ) | ||||
Helen of Troy Ltd. (Bermuda)* | (23,249 | ) | (2,410,689 | ) | ||||
Installed Building Products, Inc.* | (3,565 | ) | (94,865 | ) | ||||
iRobot Corp.* | (27,180 | ) | (959,454 | ) | ||||
Jarden Corp.* | (33,306 | ) | (1,963,389 | ) | ||||
Kate Spade & Co.* | (2,430 | ) | (62,014 | ) | ||||
Lululemon Athletica, Inc.* | (65,777 | ) | (4,453,761 | ) | ||||
Mohawk Industries, Inc.* | (6,657 | ) | (1,270,821 | ) | ||||
Nautilus, Inc.* | (24,434 | ) | (472,065 | ) | ||||
NIKE, Inc., Class B | (17,224 | ) | (1,058,759 | ) | ||||
Oxford Industries, Inc. | (6,907 | ) | (464,358 | ) | ||||
Sturm Ruger & Co., Inc. | (4,733 | ) | (323,643 | ) | ||||
Under Armour, Inc., Class A* | (49,824 | ) | (4,226,570 | ) | ||||
Vista Outdoor, Inc.* | (55,617 | ) | (2,887,078 | ) | ||||
William Lyon Homes, Class A* | (3,994 | ) | (57,873 | ) | ||||
|
| |||||||
(30,748,151 | ) | |||||||
|
| |||||||
Consumer Services — (4.2)% |
| |||||||
2U, Inc.* | (186,304 | ) | (4,210,470 | ) | ||||
Belmond Ltd., Class A (Bermuda)* | (19,500 | ) | (185,055 | ) | ||||
Bright Horizons Family Solutions, Inc.* | (12,994 | ) | (841,751 | ) | ||||
Buffalo Wild Wings, Inc.* | (19,060 | ) | (2,823,167 | ) | ||||
Cheesecake Factory, Inc. (The) | (11,279 | ) | (598,802 | ) | ||||
Chipotle Mexican Grill, Inc.* | (1,230 | ) | (579,293 | ) | ||||
Chuy’s Holdings, Inc.* | (5,593 | ) | (173,775 | ) | ||||
ClubCorp Holdings, Inc. | (40,126 | ) | (563,369 | ) | ||||
Dave & Buster’s Entertainment, Inc.* | (52,276 | ) | (2,027,263 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Denny’s Corp.* | (4,756 | ) | $ | (49,272 | ) | |||
Fiesta Restaurant Group, Inc.* | (72,617 | ) | (2,380,385 | ) | ||||
Grand Canyon Education, Inc.* | (81,031 | ) | (3,463,265 | ) | ||||
Habit Restaurants, Inc. (The), Class A* | (14,028 | ) | (261,342 | ) | ||||
Houghton Mifflin Harcourt Co.* | (56,026 | ) | (1,117,158 | ) | ||||
Hyatt Hotels Corp., Class A* | (16,354 | ) | (809,359 | ) | ||||
International Speedway Corp., Class A | (35,162 | ) | (1,297,829 | ) | ||||
LifeLock, Inc.* | (65,854 | ) | (794,858 | ) | ||||
MGM Resorts International* | (65,955 | ) | (1,414,075 | ) | ||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | (92,639 | ) | (5,122,010 | ) | ||||
Planet Fitness, Inc., Class A* | (11,445 | ) | (185,867 | ) | ||||
Red Robin Gourmet Burgers, Inc.* | (61,736 | ) | (3,980,120 | ) | ||||
Regis Corp.* | (1,833 | ) | (27,843 | ) | ||||
Starbucks Corp. | (3,352 | ) | (200,114 | ) | ||||
Texas Roadhouse, Inc. | (84,089 | ) | (3,664,599 | ) | ||||
Vail Resorts, Inc. | (8,925 | ) | (1,193,272 | ) | ||||
Wingstop, Inc.* | (3,880 | ) | (87,998 | ) | ||||
Wynn Resorts Ltd. | (45,871 | ) | (4,285,728 | ) | ||||
|
| |||||||
(42,338,039 | ) | |||||||
|
| |||||||
Energy — (4.1)% | ||||||||
Alon USA Energy, Inc. | (1,229 | ) | (12,683 | ) | ||||
Bristow Group, Inc. | (78,838 | ) | (1,491,615 | ) | ||||
Cameco Corp. (Canada) | (17,182 | ) | (220,617 | ) | ||||
Cenovus Energy, Inc. (Canada) | (4,297 | ) | (55,861 | ) | ||||
Cheniere Energy, Inc.* | (95,592 | ) | (3,233,877 | ) | ||||
Chevron Corp. | (57,704 | ) | (5,504,962 | ) | ||||
Core Laboratories NV (Netherlands) | (27,120 | ) | (3,048,559 | ) | ||||
Delek US Holdings, Inc. | (33,234 | ) | (506,486 | ) | ||||
Dorian Lpg Ltd. (Marshall Islands)* | (56,471 | ) | (530,827 | ) | ||||
Ensco PLC, Class A (United Kingdom) | (77,000 | ) | (798,490 | ) | ||||
Gener8 Maritime, Inc. (Marshall Islands)* | (13,821 | ) | (97,576 | ) | ||||
Green Plains, Inc. | (77,373 | ) | (1,234,873 | ) | ||||
Halliburton Co. | (13,486 | ) | (481,720 | ) | ||||
Helix Energy Solutions Group, Inc.* | (53,762 | ) | (301,067 | ) | ||||
Helmerich & Payne, Inc. | (29,211 | ) | (1,715,270 | ) | ||||
Marathon Petroleum Corp. | (156,497 | ) | (5,818,558 | ) | ||||
Occidental Petroleum Corp. | (23,258 | ) | (1,591,545 | ) | ||||
Oil States International, Inc.* | (85,978 | ) | (2,710,027 | ) | ||||
Par Pacific Holdings, Inc.* | (12,474 | ) | (234,012 | ) |
The accompanying notes are an integral part of the financial statements.
48 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Patterson-UTI Energy, Inc. | (263,922 | ) | $ | (4,650,306 | ) | |||
RPC, Inc. | (34,862 | ) | (494,343 | ) | ||||
SEACOR Holdings, Inc.* | (22,824 | ) | (1,242,767 | ) | ||||
SemGroup Corp., Class A | (9,866 | ) | (220,998 | ) | ||||
Ship Finance International Ltd. (Bermuda) | (4,790 | ) | (66,533 | ) | ||||
Teekay Corp. (Marshall Islands) | (10,307 | ) | (89,259 | ) | ||||
Teekay Tankers Ltd., Class A (Marshall Islands) | (366,377 | ) | (1,344,604 | ) | ||||
Unit Corp.* | (16,267 | ) | (143,312 | ) | ||||
US Silica Holdings, Inc. | (170,344 | ) | (3,870,216 | ) | ||||
|
| |||||||
(41,710,963 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.1)% |
| |||||||
Casey’s General Stores, Inc. | (9,346 | ) | (1,059,089 | ) | ||||
Kroger Co. (The) | (71,011 | ) | (2,716,171 | ) | ||||
Performance Food Group Co.* | (37,628 | ) | (878,614 | ) | ||||
PriceSmart, Inc. | (18,480 | ) | (1,563,038 | ) | ||||
Rite Aid Corp.* | (355,733 | ) | (2,899,224 | ) | ||||
Smart & Final Stores, Inc.* | (58,327 | ) | (944,897 | ) | ||||
Sysco Corp. | (21,882 | ) | (1,022,546 | ) | ||||
|
| |||||||
(11,083,579 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.2)% |
| |||||||
Amplify Snack Brands, Inc.* | (29,748 | ) | (425,991 | ) | ||||
B&G Foods, Inc. | (56,241 | ) | (1,957,749 | ) | ||||
Blue Buffalo Pet Products, Inc.* | (29,177 | ) | (748,682 | ) | ||||
Brown-Forman Corp., Class B | (1,126 | ) | (110,877 | ) | ||||
Calavo Growers, Inc. | (7,459 | ) | (425,611 | ) | ||||
Coca-Cola Bottling Co. Consolidated | (14,221 | ) | (2,271,947 | ) | ||||
ConAgra Foods, Inc. | (27,173 | ) | (1,212,459 | ) | ||||
Darling Ingredients, Inc.* | (97,938 | ) | (1,289,843 | ) | ||||
Dean Foods Co. | (53,695 | ) | (929,997 | ) | ||||
Flowers Foods, Inc. | (120,661 | ) | (2,227,402 | ) | ||||
Hain Celestial Group, Inc. (The)* | (19,107 | ) | (781,667 | ) | ||||
J&J Snack Foods Corp. | (5,217 | ) | (564,897 | ) | ||||
Kellogg Co. | (7,340 | ) | (561,877 | ) | ||||
Kraft Heinz Co. (The) | (5,797 | ) | (455,412 | ) | ||||
Mead Johnson Nutrition Co. | (18,793 | ) | (1,596,841 | ) | ||||
Molson Coors Brewing Co., Class B | (28,817 | ) | (2,771,619 | ) | ||||
Monster Beverage Corp.* | (15,444 | ) | (2,059,921 | ) | ||||
National Beverage Corp.* | (9,496 | ) | (401,871 | ) | ||||
Pinnacle Foods, Inc. | (2,477 | ) | (110,672 | ) | ||||
Reynolds American, Inc. | (95,030 | ) | (4,780,959 | ) | ||||
Sanderson Farms, Inc. | (9,890 | ) | (891,880 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Snyder’s-Lance, Inc. | (27,739 | ) | $ | (873,213 | ) | |||
Tootsie Roll Industries, Inc. | (9,865 | ) | (344,685 | ) | ||||
Vector Group Ltd. | (24,558 | ) | (560,905 | ) | ||||
WhiteWave Foods Co., (The)* | (89,390 | ) | (3,632,810 | ) | ||||
|
| |||||||
(31,989,787 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (7.4)% |
| |||||||
Abaxis, Inc. | (2,335 | ) | (105,986 | ) | ||||
Abiomed, Inc.* | (16,757 | ) | (1,588,731 | ) | ||||
Acadia Healthcare Co., Inc.* | (53,707 | ) | (2,959,793 | ) | ||||
Aceto Corp. | (26,223 | ) | (617,814 | ) | ||||
Air Methods Corp* | (54,774 | ) | (1,983,914 | ) | ||||
AMN Healthcare Services, Inc.* | (11,962 | ) | (402,043 | ) | ||||
athenahealth, Inc.* | (35,551 | ) | (4,933,768 | ) | ||||
AtriCure, Inc.* | (6,587 | ) | (110,859 | ) | ||||
Cantel Medical Corp. | (14,541 | ) | (1,037,646 | ) | ||||
Capital Senior Living Corp.* | (34,957 | ) | (647,404 | ) | ||||
Cerner Corp.* | (32,174 | ) | (1,703,935 | ) | ||||
Cerus Corp.* | (176,688 | ) | (1,047,760 | ) | ||||
Civitas Solutions, Inc.* | (5,441 | ) | (94,837 | ) | ||||
CONMED Corp. | (14,839 | ) | (622,348 | ) | ||||
DexCom, Inc.* | (41,333 | ) | (2,806,924 | ) | ||||
Endologix, Inc.* | (243,367 | ) | (2,034,548 | ) | ||||
Ensign Group, Inc. (The) | (102,498 | ) | (2,320,555 | ) | ||||
Envision Healthcare Holdings, Inc.* | (220,998 | ) | (4,508,359 | ) | ||||
Evolent Health, Inc., Class A* | (50,385 | ) | (532,066 | ) | ||||
ExamWorks Group, Inc.* | (48,590 | ) | (1,436,320 | ) | ||||
Glaukos Corp.* | (8,504 | ) | (143,377 | ) | ||||
Greatbatch, Inc.* | (22,936 | ) | (817,439 | ) | ||||
Haemonetics Corp.* | (11,838 | ) | (414,093 | ) | ||||
HealthSouth Corp. | (39,809 | ) | (1,498,013 | ) | ||||
HealthStream, Inc.* | (642 | ) | (14,182 | ) | ||||
HeartWare International, Inc.* | (9,101 | ) | (285,953 | ) | ||||
Hill-Rom Holdings, Inc. | (12,512 | ) | (629,354 | ) | ||||
Insulet Corp.* | (38,727 | ) | (1,284,187 | ) | ||||
K2M Group Holdings, Inc.* | (29,615 | ) | (439,190 | ) | ||||
LDR Holding Corp.* | (66,444 | ) | (1,693,658 | ) | ||||
LHC Group, Inc.* | (3,373 | ) | (119,944 | ) | ||||
LifePoint Health, Inc.* | (1,435 | ) | (99,374 | ) | ||||
Medidata Solutions, Inc.* | (77,506 | ) | (3,000,257 | ) | ||||
Merit Medical Systems, Inc.* | (14,171 | ) | (262,022 | ) | ||||
Neogen Corp.* | (10,392 | ) | (523,237 | ) | ||||
Nevro Corp.* | (63,116 | ) | (3,550,906 | ) | ||||
Novadaq Technologies, Inc. (Canada)* | (67,207 | ) | (745,326 | ) |
The accompanying notes are an integral part of the financial statements.
49 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
NxStage Medical, Inc.* | (35,130 | ) | $ | (526,599 | ) | |||
Omnicell, Inc.* | (31,151 | ) | (868,178 | ) | ||||
Owens & Minor, Inc. | (13,830 | ) | (559,009 | ) | ||||
Patterson Cos, Inc. | (112,003 | ) | (5,211,500 | ) | ||||
Penumbra, Inc.* | (10,752 | ) | (494,592 | ) | ||||
PharMerica Corp.* | (13,996 | ) | (309,452 | ) | ||||
Press Ganey Holdings, Inc.* | (20,434 | ) | (614,655 | ) | ||||
Providence Service Corp. (The)* | (20,263 | ) | (1,034,831 | ) | ||||
Quidel Corp.* | (16,963 | ) | (292,781 | ) | ||||
Select Medical Holdings Corp. | (202,030 | ) | (2,385,974 | ) | ||||
Spectranetics Corp. (The)* | (119,902 | ) | (1,740,977 | ) | ||||
Steris PLC (United Kingdom) | (64,100 | ) | (4,554,305 | ) | ||||
Surgery Partners, Inc.* | (862 | ) | (11,430 | ) | ||||
Surgical Care Affiliates, Inc.* | (42,322 | ) | (1,958,662 | ) | ||||
Veeva Systems, Inc., Class A* | (45,616 | ) | (1,142,225 | ) | ||||
Wright Medical Group NV (Netherlands)* | (162,495 | ) | (2,697,417 | ) | ||||
Zeltiq Aesthetics, Inc.* | (110,386 | ) | (2,998,084 | ) | ||||
|
| |||||||
(74,416,793 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.7)% |
| |||||||
Central Garden & Pet Co., | (10,405 | ) | (169,497 | ) | ||||
Clorox Co. (The) | (26,200 | ) | (3,302,772 | ) | ||||
Colgate-Palmolive Co. | (10,905 | ) | (770,438 | ) | ||||
Coty, Inc., Class A | (13,348 | ) | (371,475 | ) | ||||
Estee Lauder Cos, Inc., Class A (The) | (12,524 | ) | (1,181,138 | ) | ||||
Inter Parfums, Inc. | (17,656 | ) | (545,570 | ) | ||||
Revlon, Inc., Class A* | (9,210 | ) | (335,336 | ) | ||||
WD-40 Co. | (1,317 | ) | (142,249 | ) | ||||
|
| |||||||
(6,818,475 | ) | |||||||
|
| |||||||
Materials — (4.6)% | ||||||||
A Schulman, Inc. | (8,407 | ) | (228,839 | ) | ||||
Airgas, Inc. | (30,411 | ) | (4,307,414 | ) | ||||
Albemarle Corp. | (40,179 | ) | (2,568,643 | ) | ||||
AptarGroup, Inc. | (7,164 | ) | (561,729 | ) | ||||
Ashland, Inc. | (26,731 | ) | (2,939,341 | ) | ||||
Avery Dennison Corp. | (11,230 | ) | (809,795 | ) | ||||
Balchem Corp. | (19,058 | ) | (1,181,977 | ) | ||||
Berry Plastics Group, Inc.* | (112,279 | ) | (4,058,886 | ) | ||||
Calgon Carbon Corp. | (29,097 | ) | (407,940 | ) | ||||
CF Industries Holdings, Inc. | (134,219 | ) | (4,206,423 | ) | ||||
Clearwater Paper Corp.* | (7,369 | ) | (357,470 | ) | ||||
Ferro Corp.* | (79,005 | ) | (937,789 | ) | ||||
Huntsman Corp. | (84,304 | ) | (1,121,243 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Kronos Worldwide, Inc. | (2,250 | ) | $ | (12,870 | ) | |||
Louisiana-Pacific Corp.* | (46,448 | ) | (795,190 | ) | ||||
Methanex Corp. (Canada) | (113,634 | ) | (3,649,924 | ) | ||||
Multi Packaging Solutions International Ltd. (Bermuda)* | (7,840 | ) | (127,243 | ) | ||||
Neenah Paper, Inc. | (13,097 | ) | (833,755 | ) | ||||
NewMarket Corp. | (4,378 | ) | (1,734,826 | ) | ||||
Olin Corp. | (207,999 | ) | (3,612,943 | ) | ||||
Owens-Illinois, Inc.* | (1,920 | ) | (30,643 | ) | ||||
Platform Specialty Products Corp.* | (211,762 | ) | (1,821,153 | ) | ||||
Scotts Miracle-Gro Co. (The), Class A | (25,345 | ) | (1,844,356 | ) | ||||
Sealed Air Corp. | (93,391 | ) | (4,483,702 | ) | ||||
Sensient Technologies Corp. | (17,602 | ) | (1,117,023 | ) | ||||
Summit Materials, Inc., Class A* | (28,705 | ) | (558,312 | ) | ||||
Valspar Corp. (The) | (2,715 | ) | (290,559 | ) | ||||
Vulcan Materials Co. | (16,403 | ) | (1,731,665 | ) | ||||
|
| |||||||
(46,331,653 | ) | |||||||
|
| |||||||
Media — (2.0)% | ||||||||
AMC Entertainment Holdings, Inc., Class A | (3,651 | ) | (102,192 | ) | ||||
Cable One, Inc. | (1,874 | ) | (819,182 | ) | ||||
Cablevision Systems Corp., Class A | (64,047 | ) | (2,113,551 | ) | ||||
Charter Communications, Inc., Class A* | (19,760 | ) | (4,000,017 | ) | ||||
Entravision Communications Corp., Class A | (25,680 | ) | (191,059 | ) | ||||
EW Scripps Co. (The), Class A* | (75,373 | ) | (1,175,065 | ) | ||||
Global Eagle Entertainment, Inc.* | (92,401 | ) | (787,257 | ) | ||||
Gray Television, Inc.* | (1,098 | ) | (12,869 | ) | ||||
John Wiley & Sons, Inc., Class A | (1,389 | ) | (67,908 | ) | ||||
Live Nation Entertainment, Inc.* | (97,112 | ) | (2,166,569 | ) | ||||
MDC Partners, Inc., Class A (Canada) | (1,621 | ) | (38,256 | ) | ||||
Meredith Corp. | (13,107 | ) | (622,582 | ) | ||||
National CineMedia, Inc. | (62,752 | ) | (954,458 | ) | ||||
Scholastic Corp. | (41,036 | ) | (1,533,515 | ) | ||||
Scripps Networks Interactive, Inc., Class A | (47,057 | ) | (3,082,234 | ) | ||||
Thomson Reuters Corp. (Canada) | (51,432 | ) | (2,081,967 | ) | ||||
Twenty-First Century Fox, Inc., Class A | (18,490 | ) | (515,501 | ) | ||||
|
| |||||||
(20,264,182 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (5.3)% |
| |||||||
Aerie Pharmaceuticals, Inc.* | (11,271 | ) | (137,055 | ) |
The accompanying notes are an integral part of the financial statements.
50 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Affymetrix, Inc.* | (121,206 | ) | $ | (1,698,096 | ) | |||
Agilent Technologies, Inc. | (25,544 | ) | (1,017,928 | ) | ||||
Aimmune Therapeutics, Inc.* | (307 | ) | (4,163 | ) | ||||
Albany Molecular Research, Inc.* | (90,966 | ) | (1,390,870 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (13,740 | ) | (336,493 | ) | ||||
Amphastar Pharmaceuticals, Inc.* | (11,334 | ) | (136,008 | ) | ||||
ARIAD Pharmaceuticals, Inc.* | (282,898 | ) | (1,807,718 | ) | ||||
Atara Biotherapeutics, Inc.* | (7,180 | ) | (136,635 | ) | ||||
Axovant Sciences Ltd. (Bermuda)* | (6,078 | ) | (69,775 | ) | ||||
Bio-Techne Corp. | (39,891 | ) | (3,770,497 | ) | ||||
Bluebird Bio, Inc.* | (1,077 | ) | (45,772 | ) | ||||
Cambrex Corp.* | (38,700 | ) | (1,702,800 | ) | ||||
Cempra, Inc.* | (126,232 | ) | (2,211,585 | ) | ||||
Clovis Oncology, Inc.* | (40,901 | ) | (785,299 | ) | ||||
Coherus Biosciences, Inc.* | (33,287 | ) | (706,683 | ) | ||||
Dermira, Inc.* | (41,695 | ) | (862,253 | ) | ||||
Dynavax Technologies Corp.* | (100,815 | ) | (1,939,681 | ) | ||||
Exact Sciences Corp.* | (98,183 | ) | (661,753 | ) | ||||
Fibrogen, Inc.* | (12,078 | ) | (257,141 | ) | ||||
Foundation Medicine, Inc.* | (14,570 | ) | (264,883 | ) | ||||
Heron Therapeutics, Inc.* | (3,896 | ) | (73,985 | ) | ||||
Illumina, Inc.* | (15,923 | ) | (2,581,278 | ) | ||||
ImmunoGen, Inc.* | (138,371 | ) | (1,178,921 | ) | ||||
Innoviva, Inc. | (3,203 | ) | (40,326 | ) | ||||
Insmed, Inc.* | (85,079 | ) | (1,077,951 | ) | ||||
Intersect ENT, Inc.* | (7,127 | ) | (135,413 | ) | ||||
Intra-Cellular Therapies, Inc.* | (80,396 | ) | (2,235,009 | ) | ||||
Lannett Co., Inc.* | (67,834 | ) | (1,216,264 | ) | ||||
MacroGenics, Inc.* | (50,418 | ) | (945,338 | ) | ||||
Medicines Co. (The)* | (101,786 | ) | (3,233,741 | ) | ||||
Merrimack Pharmaceuticals, Inc.* | (45,840 | ) | (383,681 | ) | ||||
Momenta Pharmaceuticals, Inc.* | (71,953 | ) | (664,846 | ) | ||||
Nektar Therapeutics* | (139,863 | ) | (1,923,116 | ) | ||||
Novavax, Inc.* | (98,555 | ) | (508,544 | ) | ||||
Ophthotech Corp.* | (701 | ) | (29,631 | ) | ||||
Pacific Biosciences of California, Inc.* | (356,216 | ) | (3,027,836 | ) | ||||
Pacira Pharmaceuticals, Inc.* | (26,806 | ) | (1,420,182 | ) | ||||
PAREXEL International Corp.* | (61,571 | ) | (3,862,349 | ) | ||||
Portola Pharmaceuticals, Inc.* | (49,113 | ) | (1,001,905 | ) | ||||
Qiagen NV (Netherlands)* | (83,476 | ) | (1,864,854 | ) | ||||
Relypsa, Inc.* | (80,362 | ) | (1,088,905 | ) | ||||
Revance Therapeutics, Inc.* | (20,557 | ) | (358,925 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Sagent Pharmaceuticals, Inc.* | (4,886 | ) | $ | (59,463 | ) | |||
Sarepta Therapeutics, Inc.* | (55,813 | ) | (1,089,470 | ) | ||||
TESARO, Inc.* | (28,510 | ) | (1,255,295 | ) | ||||
TherapeuticsMD, Inc.* | (300,781 | ) | (1,924,998 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (52,011 | ) | (977,807 | ) | ||||
|
| |||||||
(54,103,121 | ) | |||||||
|
| |||||||
Retailing — (3.8)% | ||||||||
Asbury Automotive Group, Inc.* | (9,215 | ) | (551,426 | ) | ||||
Ascena Retail Group, Inc.* | (328,838 | ) | (3,636,948 | ) | ||||
CarMax, Inc.* | (89,969 | ) | (4,597,416 | ) | ||||
Chico’s FAS, Inc. | (9,327 | ) | (123,769 | ) | ||||
Core-Mark Holding Co., Inc. | (9,054 | ) | (738,444 | ) | ||||
DSW, Inc., Class A | (3,409 | ) | (94,225 | ) | ||||
Duluth Holdings, Inc.* | (1,455 | ) | (28,358 | ) | ||||
Finish Line, Inc. (The), Class A | (72,568 | ) | (1,531,185 | ) | ||||
Five Below, Inc.* | (93,249 | ) | (3,854,914 | ) | ||||
Francesca’s Holdings Corp.* | (4,624 | ) | (88,596 | ) | ||||
Genesco, Inc.* | (29,990 | ) | (2,166,778 | ) | ||||
Group 1 Automotive, Inc. | (1,799 | ) | (105,583 | ) | ||||
Groupon, Inc.* | (315,522 | ) | (1,258,933 | ) | ||||
Liberty Interactive Corp., | (57,874 | ) | (1,461,318 | ) | ||||
LKQ Corp.* | (49,098 | ) | (1,567,699 | ) | ||||
Monro Muffler Brake, Inc. | (6,572 | ) | (469,701 | ) | ||||
Netflix, Inc.* | (19,578 | ) | (2,001,459 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (77,084 | ) | (1,806,078 | ) | ||||
Party City Holdco, Inc.* | (80,599 | ) | (1,212,209 | ) | ||||
Penske Automotive Group, Inc. | (20,257 | ) | (767,740 | ) | ||||
Restoration Hardware Holdings, Inc.* . | (35,994 | ) | (1,508,149 | ) | ||||
Sally Beauty Holdings, Inc.* | (10,311 | ) | (333,870 | ) | ||||
Select Comfort Corp.* | (1,430 | ) | (27,728 | ) | ||||
Signet Jewelers Ltd. (Bermuda) | (24,532 | ) | (3,042,704 | ) | ||||
Sonic Automotive, Inc., Class A | (3,942 | ) | (72,848 | ) | ||||
Sportsman’s Warehouse Holdings, Inc.* | (18,751 | ) | (236,263 | ) | ||||
Tailored Brands, Inc. | (16,243 | ) | (290,750 | ) | ||||
Tile Shop Holdings, Inc.* | (38,092 | ) | (567,952 | ) | ||||
Tractor Supply Co. | (18,029 | ) | (1,630,903 | ) | ||||
Ulta Salon Cosmetics & Fragrance, Inc.* | (15,246 | ) | (2,953,760 | ) | ||||
|
| |||||||
(38,727,706 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (2.2)% |
| |||||||
Amkor Technology, Inc.* | (1,580 | ) | (9,306 | ) |
The accompanying notes are an integral part of the financial statements.
51 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Atmel Corp. | (278,506 | ) | $ | (2,261,469 | ) | |||
Brooks Automation, Inc. | (33,134 | ) | (344,594 | ) | ||||
Cabot Microelectronics Corp. | (153 | ) | (6,259 | ) | ||||
Cavium, Inc.* | (52,168 | ) | (3,190,595 | ) | ||||
Cree, Inc.* | (20,359 | ) | (592,447 | ) | ||||
Cypress Semiconductor Corp. | (311,246 | ) | (2,695,390 | ) | ||||
Diodes, Inc.* | (58,090 | ) | (1,167,609 | ) | ||||
Fairchild Semiconductor International, Inc.* | (60,381 | ) | (1,207,620 | ) | ||||
Lattice Semiconductor Corp.* | (338,586 | ) | (1,923,168 | ) | ||||
M/A-COM Technology Solutions Holdings, Inc.* | (83,567 | ) | (3,659,399 | ) | ||||
Marvell Technology Group Ltd. (Bermuda) | (93,492 | ) | (963,903 | ) | ||||
MaxLinear, Inc., Class A* | (24,740 | ) | (457,690 | ) | ||||
Micron Technology, Inc.* | (164,833 | ) | (1,725,802 | ) | ||||
Monolithic Power Systems, Inc. | (21,769 | ) | (1,385,379 | ) | ||||
Silicon Laboratories, Inc.* | (3,394 | ) | (152,594 | ) | ||||
Ultratech, Inc.* | (23,969 | ) | (523,483 | ) | ||||
Veeco Instruments, Inc.* | (6,866 | ) | (133,750 | ) | ||||
|
| |||||||
(22,400,457 | ) | |||||||
|
| |||||||
Software & Services — (6.8)% | ||||||||
Acxiom Corp.* | (114,672 | ) | (2,458,568 | ) | ||||
Alliance Data Systems Corp.* | (24,954 | ) | (5,489,880 | ) | ||||
Amdocs, Ltd. (Channel Islands) | (3,626 | ) | (219,083 | ) | ||||
Autodesk, Inc.* | (14,595 | ) | (851,034 | ) | ||||
Automatic Data Processing, Inc. | (31,499 | ) | (2,825,775 | ) | ||||
Barracuda Networks, Inc.* | (11,144 | ) | (171,618 | ) | ||||
Benefitfocus, Inc.* | (12,484 | ) | (416,341 | ) | ||||
Black Knight Financial Services, Inc., Class A* | (26,012 | ) | (807,152 | ) | ||||
Blackbaud, Inc. | (727 | ) | (45,721 | ) | ||||
Booz Allen Hamilton Holding Corp. | (2,265 | ) | (68,584 | ) | ||||
Bottomline Technologies de, Inc.* | (60,858 | ) | (1,855,560 | ) | ||||
BroadSoft, Inc.* | (25,782 | ) | (1,040,304 | ) | ||||
Callidus Software, Inc.* | (34,983 | ) | (583,516 | ) | ||||
CommVault Systems, Inc.* | (26,618 | ) | (1,149,099 | ) | ||||
CoreLogic, Inc.* | (18,182 | ) | (630,915 | ) | ||||
Cornerstone OnDemand, Inc.* | (19,924 | ) | (652,909 | ) | ||||
CSRA, Inc. | (17,454 | ) | (469,513 | ) | ||||
Descartes Systems Group, Inc. (The) (Canada)* | (964 | ) | (18,808 | ) | ||||
Ellie Mae, Inc.* | (768 | ) | (69,612 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Fidelity National Information Services, Inc. | (34,859 | ) | $ | (2,206,923 | ) | |||
FireEye, Inc.* | (45,792 | ) | (823,798 | ) | ||||
Forrester Research, Inc. | (4,018 | ) | (135,045 | ) | ||||
Gartner, Inc.* | (35,800 | ) | (3,198,730 | ) | ||||
Gogo, Inc.* | (65,031 | ) | (715,991 | ) | ||||
Guidewire Software, Inc.* | (10,543 | ) | (574,383 | ) | ||||
Heartland Payment Systems, Inc. | (4,089 | ) | (394,875 | ) | ||||
Hortonworks, Inc.* | (2,062 | ) | (23,301 | ) | ||||
HubSpot, Inc.* | (40,380 | ) | (1,761,376 | ) | ||||
Imperva, Inc.* | (11,774 | ) | (594,587 | ) | ||||
Interactive Intelligence Group, Inc.* | (7,737 | ) | (281,782 | ) | ||||
Intuit, Inc. | (37,760 | ) | (3,927,418 | ) | ||||
Marketo, Inc.* | (57,937 | ) | (1,133,827 | ) | ||||
MAXIMUS, Inc. | (50,058 | ) | (2,635,053 | ) | ||||
NetSuite, Inc.* | (24,076 | ) | (1,648,965 | ) | ||||
New Relic, Inc.* | (46,598 | ) | (1,215,276 | ) | ||||
Pandora Media, Inc.* | (115,849 | ) | (1,036,849 | ) | ||||
Paylocity Holding Corp.* | (15,470 | ) | (506,488 | ) | ||||
PayPal Holdings, Inc.* | (66,451 | ) | (2,565,009 | ) | ||||
Perficient, Inc.* | (13,868 | ) | (301,213 | ) | ||||
Proofpoint, Inc.* | (47,210 | ) | (2,538,954 | ) | ||||
PROS Holdings, Inc.* | (53,669 | ) | (632,758 | ) | ||||
Q2 Holdings, Inc.* | (12,011 | ) | (288,744 | ) | ||||
Rapid7, Inc.* | (9,489 | ) | (124,021 | ) | ||||
RealPage, Inc.* | (1,072 | ) | (22,340 | ) | ||||
RingCentral, Inc., Class A* | (47,479 | ) | (747,794 | ) | ||||
Sabre Corp. | (126,824 | ) | (3,667,750 | ) | ||||
Silver Spring Networks, Inc.* | (4,022 | ) | (59,324 | ) | ||||
Splunk, Inc.* | (69,369 | ) | (3,394,225 | ) | ||||
Twitter, Inc.* | (58,216 | ) | (963,475 | ) | ||||
Ultimate Software Group, Inc. (The)* | (739 | ) | (142,996 | ) | ||||
Vantiv, Inc., Class A* | (57,752 | ) | (3,111,678 | ) | ||||
Workday, Inc., Class A* | (45,531 | ) | (3,498,602 | ) | ||||
Workiva, Inc.* | (2,899 | ) | (33,773 | ) | ||||
Xura, Inc.* | (747 | ) | (14,694 | ) | ||||
Zendesk, Inc.* | (104,951 | ) | (2,196,624 | ) | ||||
Zillow Group, Inc., Class C* | (1,075 | ) | (25,510 | ) | ||||
Zynga, Inc. Class A* | (937,818 | ) | (2,138,225 | ) | ||||
|
| |||||||
(69,106,368 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (5.5)% |
| |||||||
ADTRAN, Inc. | (99,530 | ) | (2,012,497 | ) | ||||
Anixter International, Inc.* | (3,792 | ) | (197,601 | ) | ||||
Avnet, Inc. | (222 | ) | (9,835 | ) |
The accompanying notes are an integral part of the financial statements.
52 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Concluded)
March 31, 2016
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Badger Meter, Inc. | (24,107 | ) | $ | (1,603,357 | ) | |||
BlackBerry Ltd. (Canada)* | (178,736 | ) | (1,445,974 | ) | ||||
Ciena Corp.* | (90,943 | ) | (1,729,736 | ) | ||||
CommScope Holding Co., Inc.* | (22,127 | ) | (617,786 | ) | ||||
Diebold, Inc. | (51,641 | ) | (1,492,941 | ) | ||||
Dolby Laboratories, Inc., Class A | (100,046 | ) | (4,347,999 | ) | ||||
EchoStar Corp., Class A* | (2,787 | ) | (123,436 | ) | ||||
Electronics For Imaging, Inc.* | (43,323 | ) | (1,836,462 | ) | ||||
Finisar Corp.* | (132,902 | ) | (2,424,132 | ) | ||||
Infinera Corp.* | (42,595 | ) | (684,076 | ) | ||||
Itron, Inc.* | (28,537 | ) | (1,190,564 | ) | ||||
Jabil Circuit, Inc. | (159,168 | ) | (3,067,167 | ) | ||||
Knowles Corp.* | (188,845 | ) | (2,488,977 | ) | ||||
Mercury Systems, Inc.* | (602 | ) | (12,221 | ) | ||||
Mitel Networks Corp. (Canada)* | (83,734 | ) | (684,944 | ) | ||||
National Instruments Corp. | (9,477 | ) | (285,352 | ) | ||||
Nimble Storage, Inc.* | (91,744 | ) | (719,273 | ) | ||||
OSI Systems, Inc.* | (13,310 | ) | (871,672 | ) | ||||
Palo Alto Networks, Inc.* | (22,373 | ) | (3,649,931 | ) | ||||
Plexus Corp.* | (10,563 | ) | (417,450 | ) | ||||
Rofin-Sinar Technologies, Inc.* | (27 | ) | (870 | ) | ||||
Rogers Corp.* | (6,340 | ) | (379,576 | ) | ||||
Ruckus Wireless, Inc.* | (287,360 | ) | (2,819,002 | ) | ||||
Sanmina Corp.* | (121,640 | ) | (2,843,943 | ) | ||||
ScanSource, Inc.* | (48,926 | ) | (1,975,632 | ) | ||||
Sierra Wireless, Inc. | (59,455 | ) | (864,476 | ) | ||||
Stratasys Ltd. (Israel)* | (70,611 | ) | (1,830,237 | ) | ||||
Trimble Navigation Ltd.* | (107,636 | ) | (2,669,373 | ) | ||||
Universal Display Corp.* | (38,504 | ) | (2,083,066 | ) | ||||
VeriFone Systems, Inc.* | (52,213 | ) | (1,474,495 | ) | ||||
ViaSat, Inc.* | (61,886 | ) | (4,547,383 | ) | ||||
Zebra Technologies Corp., Class A* | (38,840 | ) | (2,679,960 | ) | ||||
|
| |||||||
(56,081,396 | ) | |||||||
|
| |||||||
Telecommunication Services — (1.6)% |
| |||||||
8x8, Inc.* | (97,949 | ) | (985,367 | ) | ||||
AT&T, Inc. | (123,398 | ) | (4,833,500 | ) | ||||
Atlantic Tele-Network, Inc. | (2,545 | ) | (192,987 | ) | ||||
Cincinnati Bell, Inc.* | (181,043 | ) | (700,636 | ) | ||||
Consolidated Communications Holdings, Inc. | (8,499 | ) | (218,934 | ) | ||||
Globalstar, Inc.* | (345,643 | ) | (508,095 | ) | ||||
inContact, Inc.* | (31,522 | ) | (280,231 | ) | ||||
Iridium Communications, Inc.* | (214,715 | ) | (1,689,807 | ) | ||||
ORBCOMM, Inc.* | (53,461 | ) | (541,560 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
SBA Communications Corp., Class A*. | (38,337 | ) | $ | (3,840,217 | ) | |||
Sprint Corp.* | (85,616 | ) | (297,944 | ) | ||||
TELUS Corp. (Canada) | (389 | ) | (12,654 | ) | ||||
United States Cellular Corp.* | (6,242 | ) | (285,197 | ) | ||||
Zayo Group Holdings, Inc.* | (59,124 | ) | (1,433,166 | ) | ||||
|
| |||||||
(15,820,295 | ) | |||||||
|
| |||||||
Transportation — (2.6)% | ||||||||
Air Transport Services Group, Inc.* | (11,817 | ) | (181,745 | ) | ||||
Allegiant Travel Co. | (4,085 | ) | (727,375 | ) | ||||
ArcBest Corp. | (13,918 | ) | (300,490 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (24,495 | ) | (1,035,404 | ) | ||||
Echo Global Logistics, Inc.* | (15,920 | ) | (432,387 | ) | ||||
Genesee & Wyoming, Inc., Class A* | (32,380 | ) | (2,030,226 | ) | ||||
JetBlue Airways Corp.* | (2,413 | ) | (50,963 | ) | ||||
Kansas City Southern | (51,453 | ) | (4,396,659 | ) | ||||
Kirby Corp.* | (1,928 | ) | (116,239 | ) | ||||
Marten Transport Ltd. | (24,066 | ) | (450,516 | ) | ||||
Matson, Inc. | (8,992 | ) | (361,209 | ) | ||||
Ryder System, Inc. | (44,996 | ) | (2,914,841 | ) | ||||
SkyWest, Inc. | (40,312 | ) | (805,837 | ) | ||||
Spirit Airlines, Inc.* | (94,474 | ) | (4,532,863 | ) | ||||
Virgin America, Inc.* | (133,754 | ) | (5,157,554 | ) | ||||
Werner Enterprises, Inc. | (31,413 | ) | (853,177 | ) | ||||
XPO Logistics, Inc.* | (55,561 | ) | (1,705,723 | ) | ||||
|
| |||||||
(26,053,208 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $720,035,649) | (720,646,559 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD |
| (720,646,559 | ) | |||||
|
| |||||||
(Proceeds $720,035,649) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2% |
| 12,269,822 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 1,011,496,684 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
* | Non-income producing. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
(b) | Security position is either entirely or partially designated as collateral for securities on loan. |
PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
53 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 172.2% |
| |||||||
COMMON STOCKS — 157.2% |
| |||||||
Automobiles & Components — 2.6% |
| |||||||
General Motors Co.† | 7,787 | $ | 244,745 | |||||
Goodyear Tire & Rubber Co. | 1,897 | 62,563 | ||||||
Johnson Controls, Inc.† | 3,682 | 143,488 | ||||||
|
| |||||||
450,796 | ||||||||
|
| |||||||
Capital Goods — 23.2% | ||||||||
3M Co.† | 206 | 34,325 | ||||||
Allegion PLC (Ireland)† | 681 | 43,386 | ||||||
AMETEK, Inc.(a) | 1,252 | 62,575 | ||||||
Boeing Co. (The)†(a)(b) | 4,251 | 539,622 | ||||||
Caterpillar, Inc.(b) | 4,063 | 310,982 | ||||||
Cummins, Inc.†(b) | 1,245 | 136,875 | ||||||
Dover Corp.†(b) | 1,101 | 70,827 | ||||||
Eaton Corp. PLC (Ireland)†(a) | 2,308 | 144,389 | ||||||
Emerson Electric Co.†(a) | 4,568 | 248,408 | ||||||
Flowserve Corp.†(b) | 917 | 40,724 | ||||||
Fluor Corp. | 988 | 53,056 | ||||||
Honeywell International, Inc.†(a) | 2,126 | 238,218 | ||||||
Illinois Tool Works, Inc.† | 2,583 | 264,603 | ||||||
Ingersoll-Rand PLC (Ireland)†(a) | 1,910 | 118,439 | ||||||
Jacobs Engineering Group, | 872 | 37,976 | ||||||
L-3 Communications Holdings, Inc.†(a) | 557 | 66,004 | ||||||
Lockheed Martin Corp.† | 19 | 4,208 | ||||||
Masco Corp.†(b) | 2,345 | 73,750 | ||||||
Northrop Grumman Corp.† | 2 | 396 | ||||||
PACCAR, Inc.†(a) | 2,495 | 136,452 | ||||||
Parker-Hannifin Corp.†(a) | 957 | 106,304 | ||||||
Pentair PLC (Ireland)(a) | 380 | 20,619 | ||||||
Quanta Services, Inc.†* | 1,159 | 26,147 | ||||||
Raytheon Co.(a) | 1,216 | 149,118 | ||||||
Rockwell Automation, Inc.† | 577 | 65,634 | ||||||
Snap-on, Inc.† | 412 | 64,680 | ||||||
Stanley Black & Decker, Inc.†(a) | 1,093 | 114,995 | ||||||
Textron, Inc.†(a) | 1,948 | 71,024 | ||||||
United Rentals, Inc.†*(a)(b) | 677 | 42,103 | ||||||
United Technologies Corp.† | 5,453 | 545,845 | ||||||
WW Grainger, Inc.(a)(b) | 440 | 102,709 | ||||||
Xylem, Inc.†(a) | 1,267 | 51,820 | ||||||
|
| |||||||
3,986,213 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.5% |
| |||||||
Cintas Corp. | 105 | 9,430 | ||||||
Dun & Bradstreet Corp. (The)(a) | 256 | 26,389 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Pitney Bowes, Inc.† | 1,399 | $ | 30,134 | |||||
Robert Half International, Inc.†(a) | 931 | 43,366 | ||||||
Tyco International PLC (Ireland)† | 2,015 | 73,971 | ||||||
Waste Management, Inc.† | 1,368 | 80,712 | ||||||
|
| |||||||
264,002 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 5.1% |
| |||||||
DR Horton, Inc.†(a) | 2,626 | 79,384 | ||||||
Garmin Ltd. (Switzerland)(b) | 1,347 | 53,826 | ||||||
Hanesbrands, Inc.†(b) | 2,792 | 79,125 | ||||||
Hasbro, Inc.† | 886 | 70,969 | ||||||
Leggett & Platt, Inc.†(b) | 662 | 32,041 | ||||||
Mattel, Inc.†(b) | 2,413 | 81,125 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†*(b) | 1,299 | 73,991 | ||||||
PVH Corp.(a) | 580 | 57,455 | ||||||
Ralph Lauren Corp.(a) | 596 | 57,371 | ||||||
VF Corp.†(b) | 3,030 | 196,223 | ||||||
Whirlpool Corp.†(a) | 546 | 98,466 | ||||||
|
| |||||||
879,976 | ||||||||
|
| |||||||
Consumer Services — 2.3% | ||||||||
Carnival Corp. (Panama)†(a) | 2,440 | 128,759 | ||||||
Darden Restaurants, Inc.†(a) | 911 | 60,399 | ||||||
McDonald’s Corp. | 58 | 7,289 | ||||||
Royal Caribbean Cruises Ltd. (Liberia)(a)(b) | 414 | 34,010 | ||||||
Starwood Hotels & Resorts Worldwide, Inc.† | 1,198 | 99,949 | ||||||
Wyndham Worldwide Corp.†(b) | 808 | 61,755 | ||||||
|
| |||||||
392,161 | ||||||||
|
| |||||||
Diversified Financials — 5.1% | ||||||||
Affiliated Managers Group, Inc.†* | 270 | 43,848 | ||||||
BlackRock, Inc.†(a) | 961 | 327,288 | ||||||
Franklin Resources, Inc.†(a)(b) | 4,229 | 165,142 | ||||||
Invesco, Ltd. (Bermuda)(a)(b) | 2,908 | 89,479 | ||||||
Legg Mason, Inc.† | 768 | 26,634 | ||||||
McGraw Hill Financial, Inc. | 21 | 2,079 | ||||||
Moody’s Corp.† | 420 | 40,555 | ||||||
NASDAQ, Inc.† | 824 | 54,697 | ||||||
T Rowe Price Group, Inc.†(a)(b) | 1,779 | 130,685 | ||||||
|
| |||||||
880,407 | ||||||||
|
| |||||||
Energy — 7.0% | ||||||||
Baker Hughes, Inc.†(a) | 3,104 | 136,048 | ||||||
Cameron International Corp.† | 1,359 | 91,121 |
The accompanying notes are an integral part of the financial statements.
54 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Diamond Offshore Drilling, Inc.(b) | 975 | $ | 21,187 | |||||
FMC Technologies, Inc.*(a) | 1,612 | 44,104 | ||||||
Helmerich & Payne, Inc.(b) | 767 | 45,038 | ||||||
National Oilwell Varco, Inc.†(b) | 2,669 | 83,006 | ||||||
Phillips 66†(b) | 917 | 79,403 | ||||||
Range Resources Corp.(b) | 1,203 | 38,953 | ||||||
Schlumberger Ltd. (Curacao)†(b) | 4,850 | 357,688 | ||||||
Tesoro Corp.†(a) | 848 | 72,937 | ||||||
Transocean Ltd. (Switzerland)(b) | 2,586 | 23,636 | ||||||
Valero Energy Corp.† | 3,361 | 215,575 | ||||||
|
| |||||||
1,208,696 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.0% |
| |||||||
CVS Health Corp.(a)(b) | 7 | 726 | ||||||
Wal-Mart Stores, Inc.†(a)(b) | 5,124 | 350,943 | ||||||
|
| |||||||
351,669 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.7% |
| |||||||
Altria Group, Inc.† | 2,003 | 125,507 | ||||||
Archer-Daniels-Midland Co.†(a) | 4,200 | 152,502 | ||||||
Campbell Soup Co. | 1,573 | 100,342 | ||||||
Coca-Cola Enterprises, Inc.(a) | 1,614 | 81,894 | ||||||
Dr Pepper Snapple Group, | 1,334 | 119,286 | ||||||
General Mills, Inc. | 1,404 | 88,943 | ||||||
Hershey Co. (The)†(b) | 1,539 | 141,727 | ||||||
Hormel Foods Corp.(b) | 4 | 173 | ||||||
JM Smucker Co. (The)†(a) | 850 | 110,364 | ||||||
Kellogg Co.† | 4 | 306 | ||||||
McCormick & Co., Inc., non-voting shares†(a) | 476 | 47,353 | ||||||
Philip Morris International, Inc.† | 98 | 9,615 | ||||||
Reynolds American, Inc. | — | 15 | ||||||
Tyson Foods, Inc., Class A† | 2,579 | 171,916 | ||||||
|
| |||||||
1,149,943 | ||||||||
|
| |||||||
Health Care Equipment & Services — 12.5% |
| |||||||
Aetna, Inc.†(a)(b) | 2,482 | 278,852 | ||||||
Anthem, Inc.† | 449 | 62,407 | ||||||
Baxter International, Inc.† | 3,885 | 159,596 | ||||||
Cardinal Health, Inc.†(a)(b) | 1,205 | 98,750 | ||||||
Centene Corp.* | 853 | 52,519 | ||||||
Cigna Corp.†(a) | 1,816 | 249,228 | ||||||
CR Bard, Inc.(b) | 304 | 61,612 | ||||||
DaVita HealthCare Partners, | 1,489 | 109,263 | ||||||
DENTSPLY SIRONA, Inc.†(b) | 908 | 55,960 | ||||||
Express Scripts Holding Co.†*(a) | 4,899 | 336,512 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
HCA Holdings, Inc.†* | 1,523 | $ | 118,870 | |||||
Humana, Inc.†(a) | 705 | 128,980 | ||||||
Laboratory Corp. of America Holdings†*(a) | 744 | 87,145 | ||||||
McKesson Corp.†(a) | 1,623 | 255,217 | ||||||
Quest Diagnostics, Inc.†(a)(b) | 1,015 | 72,522 | ||||||
UnitedHealth Group, Inc.† | 197 | 25,393 | ||||||
|
| |||||||
2,152,826 | ||||||||
|
| |||||||
Household & Personal Products — 0.1% |
| |||||||
Procter & Gamble Co. (The) | 126 | 10,371 | ||||||
Insurance — 2.5% | ||||||||
Aon PLC (United Kingdom)† | 1,945 | 203,155 | ||||||
Assurant, Inc. | 1 | 77 | ||||||
Marsh & McLennan Cos., Inc.†(a) | 3,708 | 225,409 | ||||||
Progressive Corp. (The) | 2 | 70 | ||||||
|
| |||||||
428,711 | ||||||||
|
| |||||||
Materials — 15.1% | ||||||||
Alcoa, Inc.(b) | 9,306 | 89,152 | ||||||
Avery Dennison Corp.†(a) | 639 | 46,078 | ||||||
Ball Corp.†(a) | 972 | 69,294 | ||||||
Dow Chemical Co. (The)†(a) | 7,934 | 403,523 | ||||||
Eastman Chemical Co.† | 1,046 | 75,553 | ||||||
Ecolab, Inc.†(a) | 678 | 75,611 | ||||||
El du Pont de Nemours & Co.†(a) | 6,190 | 391,951 | ||||||
FMC Corp.(b) | 949 | 38,311 | ||||||
International Flavors & Fragrances, Inc.† | 568 | 64,621 | ||||||
International Paper Co.†(b) | 2,927 | 120,124 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 3,127 | 267,609 | ||||||
Martin Marietta Materials, Inc.(b) | 458 | 73,056 | ||||||
Monsanto Co.†(a) | 3,128 | 274,451 | ||||||
Nucor Corp.†(a) | 2,258 | 106,803 | ||||||
PPG Industries, Inc.†(a) | 1,910 | 212,946 | ||||||
Sealed Air Corp.(a)(b) | 707 | 33,943 | ||||||
Sherwin-Williams Co. (The)†(a) | 655 | 186,459 | ||||||
Westrock Co.(a)(b) | 1,812 | 70,722 | ||||||
|
| |||||||
2,600,207 | ||||||||
|
| |||||||
Media — 3.8% | ||||||||
CBS Corp., Class B, non-voting shares† | 1,587 | 87,428 | ||||||
Discovery Communications, Inc., Class A*(b) | 4,459 | 127,661 |
The accompanying notes are an integral part of the financial statements.
55 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) |
| |||||||
Interpublic Group of Cos, Inc. | 2,864 | $ | 65,729 | |||||
News Corp., Class A(a) | 4,129 | 52,727 | ||||||
Omnicom Group, Inc.† | 1,702 | 141,657 | ||||||
TEGNA, Inc.(a)(b) | 1,577 | 36,996 | ||||||
Time Warner, Inc.† | 277 | 20,096 | ||||||
Viacom, Inc., Class B†(a) | 2,813 | 116,121 | ||||||
|
| |||||||
648,415 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 16.1% |
| |||||||
AbbVie, Inc.†(a) | 3,781 | 215,970 | ||||||
Amgen, Inc.†(a) | 1,593 | 238,839 | ||||||
Baxalta, Inc. | 1,087 | 43,915 | ||||||
Biogen, Inc.†*(a) | 1,552 | 404,017 | ||||||
Gilead Sciences, Inc.† | 5,932 | 544,914 | ||||||
Johnson & Johnson† | 2,277 | 246,371 | ||||||
Mallinckrodt PLC (Ireland)†* | 799 | 48,963 | ||||||
Merck & Co, Inc.†(a) | 10,134 | 536,190 | ||||||
Mylan NV* | 3,485 | 161,530 | ||||||
Pfizer, Inc.†(b) | 11,400 | 337,896 | ||||||
|
| |||||||
2,778,605 | ||||||||
|
| |||||||
Real Estate — 0.0% | ||||||||
Weyerhaeuser Co., REIT | 265 | 8,210 | ||||||
|
| |||||||
Retailing — 11.2% | ||||||||
AutoZone, Inc.†*(b) | 3 | 2,390 | ||||||
Bed Bath & Beyond, Inc.*(a)(b) | 1,178 | 58,476 | ||||||
Best Buy Co., Inc.(a)(b) | 2,309 | 74,904 | ||||||
Dollar General Corp. | 261 | 22,342 | ||||||
GameStop Corp., Class A | 745 | 23,639 | ||||||
Gap, Inc. (The)(b) | 2,821 | 82,937 | ||||||
Genuine Parts Co.† | 1,069 | 106,216 | ||||||
Home Depot, Inc. (The)† | 360 | 48,035 | ||||||
Kohl’s Corp.(b) | 1,329 | 61,945 | ||||||
L Brands, Inc.† | 2,063 | 181,152 | ||||||
Macy’s, Inc.†(a) | 2,204 | 97,174 | ||||||
Nordstrom, Inc. | 1,233 | 70,540 | ||||||
Priceline Group, Inc. (The)†* | 198 | 255,214 | ||||||
Staples, Inc.† | 4,587 | 50,595 | ||||||
Target Corp.†(a) | 4,277 | 351,912 | ||||||
Tiffany & Co.(b) | 904 | 66,336 | ||||||
TJX Cos, Inc. (The)† | 4,329 | 339,177 | ||||||
Urban Outfitters, Inc.*(a)(b) | 834 | 27,597 | ||||||
|
| |||||||
1,920,581 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — 11.8% |
| |||||||
Analog Devices, Inc.†(a) | 2,243 | $ | 132,763 | |||||
Applied Materials, Inc.† | 2,043 | 43,271 | ||||||
First Solar, Inc.†* | 722 | 49,435 | ||||||
Intel Corp.†(a) | 16,832 | 544,515 | ||||||
KLA-Tencor Corp.† | 10 | 728 | ||||||
Lam Research Corp.†(a)(b) | 1,269 | 104,819 | ||||||
Linear Technology Corp.†(a) | 1,668 | 74,326 | ||||||
NVIDIA Corp.†(b) | 3,800 | 135,394 | ||||||
Qorvo, Inc.*(b) | 428 | 21,576 | ||||||
QUALCOMM, Inc.† | 9,351 | 478,210 | ||||||
Skyworks Solutions, Inc.(b) | 92 | 7,167 | ||||||
Texas Instruments, Inc.†(a) | 7,374 | 423,415 | ||||||
Xilinx, Inc.† | 358 | 16,980 | ||||||
|
| |||||||
2,032,599 | ||||||||
|
| |||||||
Software & Services — 7.2% | ||||||||
Accenture PLC, Class A | 102 | 11,770 | ||||||
CA, Inc.†(a) | 2,929 | 90,184 | ||||||
eBay, Inc.†*(a) | 8,411 | 200,686 | ||||||
International Business Machines Corp.†(b) | 3,658 | 554,004 | ||||||
Microsoft Corp.† | 1,060 | 58,544 | ||||||
Oracle Corp.† | 1,506 | 61,610 | ||||||
Symantec Corp.†(a) | 4,654 | 85,541 | ||||||
Teradata Corp.*(b) | 929 | 24,377 | ||||||
VeriSign, Inc.*(b) | 1 | 89 | ||||||
Western Union Co. (The)†(a)(b) | 3,568 | 68,827 | ||||||
Xerox Corp.†(b) | 7,195 | 80,296 | ||||||
|
| |||||||
1,235,928 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 14.7% |
| |||||||
Amphenol Corp., Class A†(a) | 1,681 | 97,195 | ||||||
Apple, Inc.†(a) | 5,086 | 554,323 | ||||||
Cisco Systems, Inc.†(b) | 19,192 | 546,396 | ||||||
Corning, Inc.†(a) | 8,026 | 167,663 | ||||||
EMC Corp.† | 5,192 | 138,367 | ||||||
F5 Networks, Inc.†*(a) | 488 | 51,655 | ||||||
Harris Corp.† | 883 | 68,750 | ||||||
Hewlett Packard Enterprise | 12,310 | 218,256 | ||||||
HP, Inc.† | 12,338 | 152,004 | ||||||
Juniper Networks, Inc.†(a)(b) | 2,727 | 69,566 | ||||||
Motorola Solutions, Inc.†(a) | 1,238 | 93,717 | ||||||
NetApp, Inc.(a)(b) | 2,075 | 56,627 | ||||||
Seagate Technology PLC | 2,106 | 72,552 | ||||||
TE Connectivity Ltd. (Switzerland)†(b) | 2,709 | 167,741 |
The accompanying notes are an integral part of the financial statements.
56 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Western Digital Corp.†(b) | 1,648 | $ | 77,852 | |||||
|
| |||||||
2,532,664 | ||||||||
|
| |||||||
Telecommunication Services — 2.0% |
| |||||||
CenturyLink, Inc.†(a)(b) | 3,442 | 110,006 | ||||||
Frontier Communications Corp.(b) | 1,481 | 8,279 | ||||||
Verizon Communications, Inc.† | 4,025 | 217,672 | ||||||
|
| |||||||
335,957 | ||||||||
|
| |||||||
Transportation — 4.5% | ||||||||
CH Robinson Worldwide, | 1,019 | 75,640 | ||||||
Delta Air Lines, Inc.†(a) | 5,532 | 269,298 | ||||||
Expeditors International of Washington, Inc.†(b) | 1,293 | 63,111 | ||||||
Southwest Airlines Co.†(a) | 4,602 | 206,170 | ||||||
United Continental Holdings, Inc.†* | 2,590 | 155,037 | ||||||
|
| |||||||
769,256 | ||||||||
|
| |||||||
Utilities — 0.2% | ||||||||
NRG Energy, Inc.(a)(b) | 2,231 | 29,025 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $25,634,005) | 27,047,218 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS — 15.0% |
| |||||||
SPDR S&P 500 ETF Trust | 12,511 | 2,571,761 | ||||||
|
| |||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $2,572,278) | 2,571,761 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 172.2% |
| 29,618,979 | ||||||
|
| |||||||
(Cost $28,206,283) | ||||||||
SHORT POSITIONS — (73.3)% |
| |||||||
COMMON STOCKS — (73.3)% |
| |||||||
Automobiles & Components — (0.3)% |
| |||||||
BorgWarner, Inc. | (724 | ) | (27,802 | ) | ||||
Harley-Davidson, Inc. | (611 | ) | (31,363 | ) | ||||
|
| |||||||
(59,165 | ) | |||||||
|
| |||||||
Capital Goods — (2.6)% | ||||||||
Danaher Corp. | (2,267 | ) | (215,048 | ) | ||||
Deere & Co. | (1,042 | ) | (80,224 | ) | ||||
Fastenal Co. | (278 | ) | (13,622 | ) | ||||
General Dynamics Corp. | (761 | ) | (99,973 | ) | ||||
Rockwell Collins, Inc. | (434 | ) | (40,019 | ) | ||||
|
| |||||||
(448,886 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.9)% |
| |||||||
ADT Corp. (The) | (545 | ) | (22,486 | ) | ||||
Equifax, Inc. | (392 | ) | (44,802 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Stericycle, Inc.* | (283 | ) | $ | (35,712 | ) | |||
Verisk Analytics, Inc.* | (560 | ) | (44,755 | ) | ||||
|
| |||||||
(147,755 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.1)% |
| |||||||
Coach, Inc. | (917 | ) | (36,763 | ) | ||||
Harman International Industries, Inc. | (234 | ) | (20,835 | ) | ||||
NIKE, Inc., Class B | (3,708 | ) | (227,931 | ) | ||||
PulteGroup, Inc. | (1,152 | ) | (21,554 | ) | ||||
Under Armour, Inc., Class A* | (713 | ) | (60,484 | ) | ||||
|
| |||||||
(367,567 | ) | |||||||
|
| |||||||
Consumer Services — (1.6)% | ||||||||
Chipotle Mexican Grill, Inc.* | (101 | ) | (47,568 | ) | ||||
Marriott International, Inc., Class A | (195 | ) | (13,880 | ) | ||||
Starbucks Corp. | (2,479 | ) | (147,996 | ) | ||||
Wynn Resorts Ltd. | (335 | ) | (31,299 | ) | ||||
Yum! Brands, Inc. | (315 | ) | (25,783 | ) | ||||
|
| |||||||
(266,526 | ) | |||||||
|
| |||||||
Diversified Financials — (0.5)% | ||||||||
CME Group, Inc. | (13 | ) | (1,249 | ) | ||||
Intercontinental Exchange, Inc. | (363 | ) | (85,356 | ) | ||||
|
| |||||||
(86,605 | ) | |||||||
|
| |||||||
Energy — (11.3)% | ||||||||
Anadarko Petroleum Corp. | (1,677 | ) | (78,098 | ) | ||||
Apache Corp. | (1,249 | ) | (60,964 | ) | ||||
Cabot Oil & Gas Corp. | (1,366 | ) | (31,022 | ) | ||||
Chesapeake Energy Corp. | (2,184 | ) | (8,998 | ) | ||||
Chevron Corp. | (2,662 | ) | (253,955 | ) | ||||
Cimarex Energy Co. | (313 | ) | (30,445 | ) | ||||
Concho Resources, Inc.* | (426 | ) | (43,043 | ) | ||||
ConocoPhillips | (4,081 | ) | (164,342 | ) | ||||
Devon Energy Corp. | (1,380 | ) | (37,867 | ) | ||||
EOG Resources, Inc. | (1,815 | ) | (131,733 | ) | ||||
EQT Corp. | (501 | ) | (33,697 | ) | ||||
Exxon Mobil Corp. | (2,998 | ) | (250,603 | ) | ||||
Halliburton Co. | (2,446 | ) | (87,371 | ) | ||||
Hess Corp. | (944 | ) | (49,702 | ) | ||||
Kinder Morgan, Inc. | (7,362 | ) | (131,485 | ) | ||||
Marathon Oil Corp. | (2,235 | ) | (24,898 | ) | ||||
Marathon Petroleum Corp. | (1,753 | ) | (65,177 | ) | ||||
Murphy Oil Corp. | (568 | ) | (14,308 | ) | ||||
Newfield Exploration Co.* | (539 | ) | (17,922 | ) | ||||
Noble Energy, Inc. | (1,426 | ) | (44,791 | ) | ||||
Occidental Petroleum Corp. | (2,521 | ) | (172,512 | ) |
The accompanying notes are an integral part of the financial statements.
57 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
ONEOK, Inc. | (692 | ) | $ | (20,663 | ) | |||
Pioneer Natural Resources Co. | (493 | ) | (69,385 | ) | ||||
Southwestern Energy Co.* | (1,288 | ) | (10,394 | ) | ||||
Spectra Energy Corp. | (2,217 | ) | (67,840 | ) | ||||
Williams Cos., Inc. (The) | (2,474 | ) | (39,757 | ) | ||||
|
| |||||||
(1,940,972 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (2.4)% |
| |||||||
Costco Wholesale Corp. | (1,404 | ) | (221,242 | ) | ||||
Kroger Co. (The) | (3,193 | ) | (122,132 | ) | ||||
Sysco Corp. | (1,446 | ) | (67,572 | ) | ||||
|
| |||||||
(410,946 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.2)% |
| |||||||
Brown-Forman Corp., Class B | (658 | ) | (64,793 | ) | ||||
Coca-Cola Co. (The) | (1,445 | ) | (67,034 | ) | ||||
ConAgra Foods, Inc. | (1,434 | ) | (63,985 | ) | ||||
Constellation Brands, Inc., Class A | (675 | ) | (101,986 | ) | ||||
Kraft Heinz Co. (The) | (743 | ) | (58,370 | ) | ||||
Mead Johnson Nutrition Co. | (614 | ) | (52,172 | ) | ||||
Molson Coors Brewing Co., Class B | (610 | ) | (58,670 | ) | ||||
Monster Beverage Corp.* | (617 | ) | (82,295 | ) | ||||
|
| |||||||
(549,305 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (2.8)% |
| |||||||
AmerisourceBergen Corp. | (254 | ) | (21,984 | ) | ||||
Becton Dickinson and Co. | (93 | ) | (14,119 | ) | ||||
Boston Scientific Corp.* | (4,447 | ) | (83,648 | ) | ||||
Cerner Corp.* | (1,167 | ) | (61,804 | ) | ||||
Edwards Lifesciences Corp.* | (712 | ) | (62,806 | ) | ||||
Henry Schein, Inc.* | (122 | ) | (21,061 | ) | ||||
Hologic, Inc.* | (481 | ) | (16,594 | ) | ||||
Intuitive Surgical, Inc.* | (124 | ) | (74,530 | ) | ||||
Medtronic PLC (Ireland) | (687 | ) | (51,525 | ) | ||||
Patterson Cos, Inc. | (328 | ) | (15,262 | ) | ||||
St Jude Medical, Inc. | (744 | ) | (40,920 | ) | ||||
Tenet Healthcare Corp.* | (327 | ) | (9,460 | ) | ||||
Universal Health Services, Inc., Class B | (43 | ) | (5,363 | ) | ||||
|
| |||||||
(479,076 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.1)% |
| |||||||
Clorox Co. (The) | (428 | ) | (53,954 | ) | ||||
Colgate-Palmolive Co. | (847 | ) | (59,841 | ) | ||||
Estee Lauder Cos, Inc., Class A (The) | (775 | ) | (73,090 | ) | ||||
|
| |||||||
(186,885 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (0.2)% | ||||||||
Willis Towers Watson PLC | (227 | ) | $ | (26,936 | ) | |||
|
| |||||||
Materials — (1.7)% | ||||||||
Air Products & Chemicals, Inc. | (713 | ) | (102,708 | ) | ||||
Airgas, Inc. | (239 | ) | (33,851 | ) | ||||
CF Industries Holdings, Inc. | (769 | ) | (24,100 | ) | ||||
Freeport-McMoRan, Inc. | (4,127 | ) | (42,673 | ) | ||||
Newmont Mining Corp. | (1,748 | ) | (46,462 | ) | ||||
Owens-Illinois, Inc.* | (531 | ) | (8,475 | ) | ||||
Praxair, Inc. | (245 | ) | (28,040 | ) | ||||
|
| |||||||
(286,309 | ) | |||||||
|
| |||||||
Media — (1.9)% | ||||||||
Cablevision Systems Corp., Class A | (914 | ) | (30,162 | ) | ||||
Scripps Networks Interactive, Inc., Class A | (54 | ) | (3,537 | ) | ||||
Time Warner Cable, Inc. | (335 | ) | (68,548 | ) | ||||
Twenty-First Century Fox, Inc., Class A | (6,379 | ) | (177,847 | ) | ||||
Walt Disney Co. (The) | (475 | ) | (47,172 | ) | ||||
|
| |||||||
(327,266 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.8)% |
| |||||||
Agilent Technologies, Inc. | (1,084 | ) | (43,197 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (745 | ) | (103,718 | ) | ||||
Allergan PLC (Ireland)* | (565 | ) | (151,420 | ) | ||||
Bristol-Myers Squibb Co. | (3,631 | ) | (231,948 | ) | ||||
Celgene Corp.* | (1,677 | ) | (167,851 | ) | ||||
Eli Lilly & Co. | (506 | ) | (36,437 | ) | ||||
Endo International PLC (Ireland)* | (730 | ) | (20,550 | ) | ||||
Illumina, Inc.* | (487 | ) | (78,948 | ) | ||||
PerkinElmer, Inc. | (370 | ) | (18,300 | ) | ||||
Perrigo Co. PLC (Ireland) | (472 | ) | (60,383 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (345 | ) | (124,352 | ) | ||||
Thermo Fisher Scientific, Inc. | (418 | ) | (59,185 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (831 | ) | (66,056 | ) | ||||
|
| |||||||
(1,162,345 | ) | |||||||
|
| |||||||
Real Estate — (2.7)% | ||||||||
American Tower Corp., REIT | (1,398 | ) | (143,113 | ) | ||||
Crown Castle International Corp., REIT | (1,102 | ) | (95,323 | ) | ||||
Equinix, Inc., REIT | (205 | ) | (67,799 | ) | ||||
Public Storage, REIT | (570 | ) | (157,223 | ) | ||||
|
| |||||||
(463,458 | ) | |||||||
|
| |||||||
Retailing — (4.4)% | ||||||||
Amazon.com, Inc.* | (454 | ) | (269,512 | ) |
The accompanying notes are an integral part of the financial statements.
58 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
AutoNation, Inc.* | (281 | ) | $ | (13,117 | ) | |||
CarMax, Inc.* | (652 | ) | (33,317 | ) | ||||
Dollar Tree, Inc.* | (220 | ) | (18,141 | ) | ||||
Expedia, Inc. | (512 | ) | (55,204 | ) | ||||
Lowe’s Cos, Inc. | (640 | ) | (48,480 | ) | ||||
Netflix, Inc.* | (1,412 | ) | (144,349 | ) | ||||
O’Reilly Automotive, Inc.* | (273 | ) | (74,709 | ) | ||||
Signet Jewelers Ltd. (Bermuda) | (263 | ) | (32,620 | ) | ||||
Tractor Supply Co. | (444 | ) | (40,164 | ) | ||||
TripAdvisor, Inc.* | (479 | ) | (31,854 | ) | ||||
|
| |||||||
(761,467 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.2)% |
| |||||||
Broadcom Ltd. (Singapore) | (919 | ) | (141,986 | ) | ||||
Microchip Technology, Inc. | (672 | ) | (32,390 | ) | ||||
Micron Technology, Inc.* | (3,417 | ) | (35,776 | ) | ||||
|
| |||||||
(210,152 | ) | |||||||
|
| |||||||
Software & Services — (9.9)% | ||||||||
Activision Blizzard, Inc. | (2,426 | ) | (82,095 | ) | ||||
Adobe Systems, Inc.* | (1,639 | ) | (153,738 | ) | ||||
Akamai Technologies, Inc.* | (585 | ) | (32,508 | ) | ||||
Alliance Data Systems Corp.* | (201 | ) | (44,220 | ) | ||||
Alphabet, Inc., Class A* | (260 | ) | (198,354 | ) | ||||
Autodesk, Inc.* | (741 | ) | (43,208 | ) | ||||
Automatic Data Processing, Inc. | (1,515 | ) | (135,911 | ) | ||||
CSRA, Inc. | (4 | ) | (108 | ) | ||||
Electronic Arts, Inc.* | (1,023 | ) | (67,631 | ) | ||||
Facebook, Inc., Class A* | (2,237 | ) | (255,242 | ) | ||||
Fidelity National Information Services, Inc. | (1,070 | ) | (67,742 | ) | ||||
Fiserv, Inc.* | (578 | ) | (59,291 | ) | ||||
Intuit, Inc. | (848 | ) | (88,200 | ) | ||||
MasterCard, Inc., Class A | (738 | ) | (69,741 | ) | ||||
Paychex, Inc. | (120 | ) | (6,481 | ) | ||||
PayPal Holdings, Inc.* | (4,041 | ) | (155,983 | ) | ||||
Red Hat, Inc.* | (602 | ) | (44,855 | ) | ||||
salesforce.com inc* | (2,215 | ) | (163,533 | ) | ||||
Total System Services, Inc. | (492 | ) | (23,409 | ) | ||||
Visa, Inc., Class A | (248 | ) | (18,967 | ) | ||||
|
| |||||||
(1,711,217 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.3)% |
| |||||||
SanDisk Corp. | (691 | ) | (52,571 | ) | ||||
|
| |||||||
Telecommunication Services — (1.8)% |
| |||||||
AT&T, Inc. | (6,492 | ) | (254,292 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Level 3 Communications, Inc.* | (1,177 | ) | $ | (62,204 | ) | |||
|
| |||||||
(316,496 | ) | |||||||
|
| |||||||
Transportation — (2.3)% | ||||||||
CSX Corp. | (3,097 | ) | (79,748 | ) | ||||
FedEx Corp. | (800 | ) | (130,176 | ) | ||||
JB Hunt Transport Services, Inc. | (377 | ) | (31,758 | ) | ||||
Kansas City Southern | (358 | ) | (30,591 | ) | ||||
Norfolk Southern Corp. | (984 | ) | (81,918 | ) | ||||
Ryder System, Inc. | (176 | ) | (11,401 | ) | ||||
United Parcel Service, Inc., | (302 | ) | (31,852 | ) | ||||
|
| |||||||
(397,444 | ) | |||||||
|
| |||||||
Utilities — (11.3)% | ||||||||
AGL Resources, Inc. | (397 | ) | (25,860 | ) | ||||
Ameren Corp. | (802 | ) | (40,180 | ) | ||||
American Electric Power Co., Inc. | (1,621 | ) | (107,634 | ) | ||||
American Water Works Co., Inc. | (597 | ) | (41,151 | ) | ||||
CenterPoint Energy, Inc. | (1,419 | ) | (29,685 | ) | ||||
CMS Energy Corp. | (915 | ) | (38,833 | ) | ||||
Consolidated Edison, Inc. | (967 | ) | (74,092 | ) | ||||
Dominion Resources, Inc. | (1,964 | ) | (147,536 | ) | ||||
DTE Energy Co. | (592 | ) | (53,671 | ) | ||||
Duke Energy Corp. | (2,271 | ) | (183,224 | ) | ||||
Edison International | (1,075 | ) | (77,282 | ) | ||||
Entergy Corp. | (589 | ) | (46,696 | ) | ||||
Eversource Energy | (1,047 | ) | (61,082 | ) | ||||
Exelon Corp. | (3,037 | ) | (108,907 | ) | ||||
FirstEnergy Corp. | (579 | ) | (20,827 | ) | ||||
NextEra Energy, Inc. | (1,522 | ) | (180,113 | ) | ||||
NiSource, Inc. | (1,053 | ) | (24,809 | ) | ||||
PG&E Corp. | (1,624 | ) | (96,985 | ) | ||||
PPL Corp. | (2,225 | ) | (84,706 | ) | ||||
Public Service Enterprise Group, Inc. | (1,670 | ) | (78,724 | ) | ||||
SCANA Corp. | (472 | ) | (33,111 | ) | ||||
Sempra Energy | (819 | ) | (85,217 | ) | ||||
Southern Co. (The) | (3,001 | ) | (155,242 | ) | ||||
TECO Energy, Inc. | (776 | ) | (21,363 | ) | ||||
WEC Energy Group, Inc. | (1,042 | ) | (62,593 | ) | ||||
Xcel Energy, Inc. | (1,675 | ) | (70,048 | ) | ||||
|
| |||||||
(1,949,571 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $12,389,720) | (12,608,920 | ) | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
59 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Concluded)
March 31, 2016
(Unaudited)
Value | ||||
TOTAL SECURITIES SOLD SHORT - (73.3)% | $ | (12,608,920 | ) | |
|
| |||
(Proceeds $12,389,720) | ||||
OTHER ASSETS IN EXCESS OF | 195,461 | |||
|
| |||
NET ASSETS - 100.0% | $ | 17,205,520 | ||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
* | Non-income producing. |
(a) | Security position is either entirely or partially designated as collateral for securities on loan. |
(b) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
ETF | Exchange Traded Fund | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust | |
S&P | Standard & Poor’s | |
SPDR | Standard & Poor’s Depository Receipt |
The accompanying notes are an integral part of the financial statements.
60 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
EXCHANGE TRADED FUNDS — 60.1% |
| |||||||
SPDR S&P 500 ETF Trust | 5,833 | $ | 1,206,906 | |||||
|
| |||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $1,199,272) | 1,206,906 | |||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF |
| 800,728 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,007,634 | ||||||
|
|
ETF | Exchange Traded Fund | |
S&P | Standard & Poor’s | |
SPDR | Standard & Poor’s Depositary Receipt |
The accompanying notes are an integral part of the financial statements.
61 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 180.6% | ||||||||
COMMON STOCKS — 177.4% | ||||||||
Automobiles & Components — 2.8% |
| |||||||
Delphi Automotive PLC (Jersey)† | 225 | $ | 16,880 | |||||
Ford Motor Co.† | 3,213 | 43,376 | ||||||
General Motors Co.† | 6,935 | 217,967 | ||||||
Goodyear Tire & Rubber Co. | 1,527 | 50,360 | ||||||
Johnson Controls, Inc.† | 2,942 | 114,650 | ||||||
|
| |||||||
443,233 | ||||||||
|
| |||||||
Banks — 4.9% | ||||||||
Bank of America Corp.†(a) | 8,404 | 113,622 | ||||||
BB&T Corp.(b) | 631 | 20,993 | ||||||
Citigroup, Inc.†(a) | 2,390 | 99,782 | ||||||
Citizens Financial Group, Inc. | 427 | 8,946 | ||||||
Comerica, Inc.(b) | 142 | 5,378 | ||||||
Fifth Third Bancorp | 635 | 10,598 | ||||||
Huntington Bancshares, Inc. | 642 | 6,125 | ||||||
JPMorgan Chase & Co.†(a) | 2,966 | 175,646 | ||||||
KeyCorp | 676 | 7,463 | ||||||
M&T Bank Corp. | 129 | 14,319 | ||||||
People’s United Financial, Inc. | 245 | 3,903 | ||||||
PNC Financial Services Group, Inc. (The)† | 408 | 34,505 | ||||||
Regions Financial Corp. | 1,051 | 8,250 | ||||||
SunTrust Banks, Inc. | 411 | 14,829 | ||||||
US Bancorp(b) | 1,413 | 57,354 | ||||||
Wells Fargo & Co.† | 4,104 | 198,469 | ||||||
Zions Bancorporation(b) | 165 | 3,995 | ||||||
|
| |||||||
784,177 | ||||||||
|
| |||||||
Capital Goods — 21.2% | ||||||||
3M Co.† | 607 | 101,144 | ||||||
Allegion PLC (Ireland) | 549 | 34,977 | ||||||
AMETEK, Inc.†(a) | 1,104 | 55,178 | ||||||
Boeing Co. (The)†(b) | 3,484 | 442,259 | ||||||
Caterpillar, Inc.(a)(b) | 3,311 | 253,424 | ||||||
Cummins, Inc.†(a)(b) | 1,002 | 110,160 | ||||||
Dover Corp.(b) | 887 | 57,061 | ||||||
Eaton Corp. PLC (Ireland)† | 1,976 | 123,619 | ||||||
Emerson Electric Co.†(a) | 3,677 | 199,955 | ||||||
Flowserve Corp.†(b) | 738 | 32,775 | ||||||
Fluor Corp.† | 795 | 42,692 | ||||||
Honeywell International, Inc.†(a) | 2,079 | 232,952 | ||||||
Illinois Tool Works, Inc.† | 2,065 | 211,539 | ||||||
Ingersoll-Rand PLC (Ireland)† | 1,538 | 95,371 | ||||||
Jacobs Engineering Group, Inc.*(b) | 702 | 30,572 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
L-3 Communications Holdings, | 449 | $ | 53,206 | |||||
Masco Corp.†(b) | 1,888 | 59,378 | ||||||
Northrop Grumman Corp.† | 157 | 31,070 | ||||||
PACCAR, Inc.† | 2,009 | 109,872 | ||||||
Parker-Hannifin Corp.†(b) | 772 | 85,754 | ||||||
Pentair PLC (Ireland)(b) | 212 | 11,503 | ||||||
Quanta Services, Inc.†* | 914 | 20,620 | ||||||
Raytheon Co.† | 1,203 | 147,524 | ||||||
Rockwell Automation, Inc.† | 436 | 49,595 | ||||||
Roper Technologies, Inc.(b) | 81 | 14,804 | ||||||
Snap-on, Inc. | 333 | 52,278 | ||||||
Stanley Black & Decker, Inc.†(a) | 881 | 92,690 | ||||||
Textron, Inc.† | 1,568 | 57,169 | ||||||
United Rentals, Inc.†* | 546 | 33,956 | ||||||
United Technologies Corp.†(a) | 4,428 | 443,243 | ||||||
WW Grainger, Inc.(a)(b) | 354 | 82,634 | ||||||
Xylem, Inc. | 1,020 | 41,718 | ||||||
|
| |||||||
3,410,692 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.7% |
| |||||||
Cintas Corp.† | 286 | 25,686 | ||||||
Dun & Bradstreet Corp. (The)(b) | 207 | 21,338 | ||||||
Nielsen Holdings PLC (United Kingdom)(b) | 293 | 15,429 | ||||||
Pitney Bowes, Inc.† | 1,127 | 24,276 | ||||||
Republic Services, Inc. | 279 | 13,294 | ||||||
Robert Half International, Inc.†(b) | 750 | 34,935 | ||||||
Tyco International PLC (Ireland) | 2,159 | 79,257 | ||||||
Waste Management, Inc.† | 1,071 | 63,189 | ||||||
|
| |||||||
277,404 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.6% |
| |||||||
DR Horton, Inc.† | 2,114 | 63,906 | ||||||
Garmin Ltd. (Switzerland)(b) | 1,085 | 43,357 | ||||||
Hanesbrands, Inc.†(b) | 2,248 | 63,708 | ||||||
Hasbro, Inc.(a) | 713 | 57,111 | ||||||
Leggett & Platt, Inc.† | 571 | 27,636 | ||||||
Lennar Corp., Class A(b) | 170 | 8,221 | ||||||
Mattel, Inc.(b) | 1,942 | 65,290 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†*(b) | 1,045 | 59,523 | ||||||
Mohawk Industries, Inc.* | 59 | 11,263 | ||||||
Newell Rubbermaid, Inc.(b) | 216 | 9,567 | ||||||
PVH Corp.† | 468 | 46,360 |
The accompanying notes are an integral part of the financial statements.
62 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Ralph Lauren Corp. | 481 | $ | 46,301 | |||||
VF Corp.(b) | 2,439 | 157,950 | ||||||
Whirlpool Corp.† | 440 | 79,350 | ||||||
|
| |||||||
739,543 | ||||||||
|
| |||||||
Consumer Services — 2.4% | ||||||||
Carnival Corp. (Panama)† | 1,368 | 72,189 | ||||||
Darden Restaurants, Inc.†(a) | 733 | 48,598 | ||||||
H&R Block, Inc. | 181 | 4,782 | ||||||
McDonald’s Corp.†(a) | 734 | 92,249 | ||||||
Royal Caribbean Cruises, Ltd. (Liberia)(b) | 484 | 39,761 | ||||||
Starwood Hotels & Resorts Worldwide, Inc.(a) | 965 | 80,510 | ||||||
Wyndham Worldwide Corp.(b) | 651 | 49,756 | ||||||
|
| |||||||
387,845 | ||||||||
|
| |||||||
Diversified Financials — 8.4% | ||||||||
Affiliated Managers Group, Inc.†* | 219 | 35,566 | ||||||
American Express Co.† | 784 | 48,138 | ||||||
Ameriprise Financial, Inc.† | 138 | 12,973 | ||||||
Bank of New York Mellon Corp. (The)† | 878 | 32,337 | ||||||
Berkshire Hathaway Inc., Class | 1,995 | 283,051 | ||||||
BlackRock, Inc.†(a) | 761 | 259,174 | ||||||
Capital One Financial Corp.† | 426 | 29,526 | ||||||
Charles Schwab Corp. (The)† | 1,069 | 29,953 | ||||||
CME Group, Inc.† | 147 | 14,119 | ||||||
Discover Financial Services† | 341 | 17,364 | ||||||
E*TRADE Financial Corp.* | 235 | 5,755 | ||||||
Franklin Resources, Inc.†(b) | 3,403 | 132,887 | ||||||
Goldman Sachs Group, Inc. (The)† | 357 | 56,042 | ||||||
Invesco, Ltd. (Bermuda)†(b) | 2,377 | 73,140 | ||||||
Legg Mason, Inc.† | 618 | 21,432 | ||||||
Leucadia National Corp. | 293 | 4,738 | ||||||
McGraw Hill Financial, Inc.† | 215 | 21,281 | ||||||
Moody’s Corp.† | 335 | 32,348 | ||||||
Morgan Stanley† | 1,554 | 38,866 | ||||||
NASDAQ, Inc.† | 682 | 45,271 | ||||||
Navient Corp.(b) | 281 | 3,364 | ||||||
Northern Trust Corp.(b) | 185 | 12,056 | ||||||
State Street Corp. | 323 | 18,902 | ||||||
Synchrony Financial†* | 675 | 19,346 | ||||||
T Rowe Price Group, Inc.†(b) | 1,432 | 105,195 | ||||||
|
| |||||||
1,352,824 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — 6.5% | ||||||||
Baker Hughes, Inc.†(a) | 2,499 | $ | 109,531 | |||||
Cameron International Corp.†*(a) | 1,093 | 73,286 | ||||||
Columbia Pipeline Group, Inc. | 323 | 8,107 | ||||||
Diamond Offshore Drilling, Inc.(b) | 785 | 17,058 | ||||||
FMC Technologies, Inc.†*(a) | 1,297 | 35,486 | ||||||
Helmerich & Payne, Inc.†(b) | 618 | 36,289 | ||||||
National Oilwell Varco, Inc.†(b) | 2,149 | 66,834 | ||||||
Phillips 66†(b) | 969 | 83,906 | ||||||
Range Resources Corp.(b) | 968 | 31,344 | ||||||
Schlumberger Ltd. (Curacao)(b) | 4,604 | 339,545 | ||||||
Tesoro Corp.† | 682 | 58,659 | ||||||
Transocean Ltd. (Switzerland)(b) | 2,082 | 19,029 | ||||||
Valero Energy Corp.†(a) | 2,705 | 173,499 | ||||||
|
| |||||||
1,052,573 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.8% | ||||||||
CVS Health Corp.†(a)(b) | 978 | 101,448 | ||||||
Walgreens Boots Alliance, Inc.(a) | 818 | 68,908 | ||||||
Wal-Mart Stores, Inc.†(a) | 6,187 | 423,748 | ||||||
Whole Foods Market, Inc. | 370 | 11,511 | ||||||
|
| |||||||
605,615 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 9.6% |
| |||||||
Altria Group, Inc.†(a) | 3,179 | 199,196 | ||||||
Archer-Daniels-Midland Co.† | 3,402 | 123,527 | ||||||
Campbell Soup Co. | 1,667 | 106,338 | ||||||
Coca-Cola Co. (The)(a) | 1,403 | 65,085 | ||||||
Coca-Cola Enterprises, Inc.†(a) | 1,300 | 65,962 | ||||||
Dr Pepper Snapple Group, Inc.† | 1,074 | 96,037 | ||||||
General Mills, Inc.†(a) | 2,075 | 131,451 | ||||||
Hershey Co. (The)†(b) | 1,240 | 114,192 | ||||||
Hormel Foods Corp.†(b) | 428 | 18,507 | ||||||
JM Smucker Co. (The)(a) | 685 | 88,940 | ||||||
Kellogg Co.† | 199 | 15,233 | ||||||
Kraft Heinz Co. (The) | 3 | 236 | ||||||
McCormick & Co., Inc., | 384 | 38,200 | ||||||
Mondelez International, Inc., | 1,275 | 51,153 | ||||||
PepsiCo, Inc.(a) | 1,104 | 113,138 | ||||||
Philip Morris International, Inc.† | 1,254 | 123,030 | ||||||
Reynolds American, Inc. | 1,155 | 58,108 | ||||||
Tyson Foods, Inc., Class A† | 2,076 | 138,386 | ||||||
|
| |||||||
1,546,719 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
63 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — 12.5% |
| |||||||
Abbott Laboratories† | 1,192 | $ | 49,861 | |||||
Aetna, Inc.†(a)(b) | 1,998 | 224,475 | ||||||
Anthem, Inc.† | 511 | 71,024 | ||||||
Baxter International, Inc.† | 3,126 | 128,416 | ||||||
Becton Dickinson and Co. | 87 | 13,208 | ||||||
Cardinal Health, Inc.†(a)(b) | 1,211 | 99,241 | ||||||
Centene Corp.* | 688 | 42,360 | ||||||
Cigna Corp.†(b) | 1,463 | 200,782 | ||||||
CR Bard, Inc.(a) | 313 | 63,436 | ||||||
DaVita HealthCare Partners, Inc.†* | 1,200 | 88,056 | ||||||
DENTSPLY SIRONA, Inc.†(a)(b) | 699 | 43,079 | ||||||
Express Scripts Holding Co.†*(a) | 3,944 | 270,913 | ||||||
HCA Holdings, Inc.†*(a) | 1,370 | 106,928 | ||||||
Humana, Inc.† | 631 | 115,441 | ||||||
Laboratory Corp. of America Holdings*(a) | 600 | 70,278 | ||||||
McKesson Corp.† | 1,307 | 205,526 | ||||||
Medtronic PLC (Ireland) | 107 | 8,025 | ||||||
Quest Diagnostics, Inc.†(b) | 818 | 58,446 | ||||||
Stryker Corp.†(b) | 302 | 32,402 | ||||||
UnitedHealth Group, Inc.† | 788 | 101,573 | ||||||
Universal Health Services, Inc., Class B† | 22 | 2,744 | ||||||
Varian Medical Systems, Inc.*(b) | 77 | 6,162 | ||||||
Zimmer Biomet Holdings, Inc. | 164 | 17,487 | ||||||
|
| |||||||
2,019,863 | ||||||||
|
| |||||||
Household & Personal Products — 1.6% |
| |||||||
Church & Dwight Co., Inc. | 107 | 9,863 | ||||||
Kimberly-Clark Corp.(a) | 293 | 39,411 | ||||||
Procter & Gamble Co. (The)† | 2,472 | 203,470 | ||||||
|
| |||||||
252,744 | ||||||||
|
| |||||||
Insurance — 4.1% | ||||||||
Aflac, Inc.† | 343 | 21,657 | ||||||
Allstate Corp. (The)† | 308 | 20,750 | ||||||
American International Group, Inc.† | 966 | 52,212 | ||||||
Aon PLC (United Kingdom) | 1,566 | 163,569 | ||||||
Assurant, Inc. | 53 | 4,089 | ||||||
Chubb Ltd. (Switzerland) | 262 | 31,217 | ||||||
Cincinnati Financial Corp. | 132 | 8,628 | ||||||
Hartford Financial Services Group, Inc. (The) | 325 | 14,976 | ||||||
Lincoln National Corp. | 197 | 7,722 | ||||||
Loews Corp.(b) | 275 | 10,522 | ||||||
Marsh & McLennan Cos., Inc.† | 2,984 | 181,397 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Insurance — (Continued) | ||||||||
MetLife, Inc.† | 889 | $ | 39,063 | |||||
Principal Financial Group, Inc. | 235 | 9,271 | ||||||
Progressive Corp. (The) | 472 | 16,586 | ||||||
Prudential Financial, Inc.(b) | 361 | 26,071 | ||||||
Torchmark Corp. | 99 | 5,362 | ||||||
Travelers Cos, Inc. (The)† | 239 | 27,894 | ||||||
Unum Group | 195 | 6,029 | ||||||
XL Group PLC (Ireland) | 238 | 8,758 | ||||||
|
| |||||||
655,773 | ||||||||
|
| |||||||
Materials — 13.3% | ||||||||
Alcoa, Inc.(b) | 7,490 | 71,754 | ||||||
Avery Dennison Corp.† | 515 | 37,137 | ||||||
Ball Corp.† | 784 | 55,891 | ||||||
Dow Chemical Co. (The)† | 6,386 | 324,792 | ||||||
Eastman Chemical Co.† | 842 | 60,818 | ||||||
Ecolab, Inc.†(a) | 700 | 78,064 | ||||||
El du Pont de Nemours & Co.† | 4,982 | 315,460 | ||||||
FMC Corp.(b) | 765 | 30,883 | ||||||
International Flavors & Fragrances, Inc.(a)(b) | 458 | 52,107 | ||||||
International Paper Co.†(b) | 2,356 | 96,690 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 2,517 | 215,405 | ||||||
Martin Marietta Materials, Inc.(b) | 369 | 58,859 | ||||||
Monsanto Co.† | 2,517 | 220,842 | ||||||
Mosaic Co. (The)(b) | 285 | 7,695 | ||||||
Nucor Corp.†(b) | 1,818 | 85,991 | ||||||
PPG Industries, Inc.† | 1,538 | 171,472 | ||||||
Praxair, Inc. | 9 | 1,030 | ||||||
Sealed Air Corp.(b) | 914 | 43,881 | ||||||
Sherwin-Williams Co. (The)†(a) | 528 | 150,306 | ||||||
Vulcan Materials Co. | 108 | 11,402 | ||||||
Westrock Co.†(b) | 1,458 | 56,906 | ||||||
|
| |||||||
2,147,385 | ||||||||
|
| |||||||
Media — 4.7% | ||||||||
CBS Corp., Class B†(a) | 1,627 | 89,631 | ||||||
Comcast Corp., Class A†(a) | 1,977 | 120,755 | ||||||
Discovery Communications, Inc., Class A†*(a)(b) | 3,589 | 102,753 | ||||||
Interpublic Group of Cos, Inc. | 2,305 | 52,900 | ||||||
News Corp., Class A(a) | 3,323 | 42,435 | ||||||
Omnicom Group, Inc.†(b) | 1,371 | 114,108 | ||||||
Scripps Networks Interactive, Inc., Class A | 67 | 4,388 |
The accompanying notes are an integral part of the financial statements.
64 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) | ||||||||
TEGNA, Inc.†(b) | 1,270 | $ | 29,794 | |||||
Time Warner, Inc.† | 744 | 53,977 | ||||||
Viacom, Inc., Class B†(b) | 2,265 | 93,499 | ||||||
Walt Disney Co. (The)† | 561 | 55,713 | ||||||
|
| |||||||
759,953 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 17.9% |
| |||||||
AbbVie, Inc.† | 4,150 | 237,048 | ||||||
Amgen, Inc.† | 1,729 | 259,229 | ||||||
Baxalta, Inc.(a) | 1,827 | 73,811 | ||||||
Biogen Inc.†*(b) | 1,250 | 325,400 | ||||||
Eli Lilly & Co. | 79 | 5,689 | ||||||
Gilead Sciences, Inc.†(a) | 5,206 | 478,223 | ||||||
Johnson & Johnson†(b) | 3,945 | 426,849 | ||||||
Mallinckrodt PLC (Ireland)* | 644 | 39,464 | ||||||
Merck & Co, Inc.†(a) | 9,239 | 488,835 | ||||||
Mylan Nv (Netherlands)*(b) | 2,805 | 130,012 | ||||||
Pfizer, Inc.(a)(b) | 13,374 | 396,405 | ||||||
Waters Corp.* | 65 | 8,575 | ||||||
Zoetis, Inc. | 349 | 15,471 | ||||||
|
| |||||||
2,885,011 | ||||||||
|
| |||||||
Real Estate — 2.1% | ||||||||
Apartment Investment & Management Co., Class A, REIT | 126 | 5,269 | ||||||
AvalonBay Communities, Inc., REIT | 110 | 20,922 | ||||||
Boston Properties, Inc., REIT† | 124 | 15,758 | ||||||
CBRE Group, Inc., Class A* | 270 | 7,781 | ||||||
Equity Residential REIT | 295 | 22,134 | ||||||
Essex Property Trust, Inc., REIT | 52 | 12,161 | ||||||
Extra Space Storage, Inc., REIT | 100 | 9,346 | ||||||
Federal Realty Investment Trust REIT | 56 | 8,739 | ||||||
General Growth Properties, Inc., REIT† | 714 | 21,227 | ||||||
HCP, Inc., REIT† | 376 | 12,250 | ||||||
Host Hotels & Resorts, Inc., REIT(b) | 607 | 10,137 | ||||||
Iron Mountain, Inc., REIT(b) | 171 | 5,799 | ||||||
Kimco Realty Corp., REIT | 334 | 9,613 | ||||||
Macerich Co. (The), REIT | 125 | 9,905 | ||||||
Prologis, Inc., REIT | 424 | 18,732 | ||||||
Realty Income Corp., REIT(b) | 210 | 13,127 | ||||||
Simon Property Group, Inc., REIT† | 250 | 51,922 | ||||||
SL Green Realty Corp., REIT(b) | 81 | 7,847 | ||||||
UDR, Inc. REIT | 212 | 8,168 | ||||||
Ventas, Inc., REIT(b) | 270 | 16,999 | ||||||
Vornado Realty Trust REIT | 152 | 14,353 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) | ||||||||
Welltower, Inc., REIT | 287 | $ | 19,901 | |||||
Weyerhaeuser Co., REIT | 413 | 12,795 | ||||||
|
| |||||||
334,885 | ||||||||
|
| |||||||
Retailing — 10.0% | ||||||||
Advance Auto Parts, Inc.† | 59 | 9,460 | ||||||
AutoZone, Inc.†* | 15 | 11,950 | ||||||
Bed Bath & Beyond, Inc.*(b) | 949 | 47,108 | ||||||
Best Buy Co., Inc.†(b) | 1,858 | 60,273 | ||||||
Dollar General Corp.† | 668 | 57,181 | ||||||
GameStop Corp., Class A(b) | 591 | 18,752 | ||||||
Gap, Inc. (The)(b) | 2,270 | 66,738 | ||||||
Genuine Parts Co.†(a) | 861 | 85,549 | ||||||
Home Depot, Inc. (The)† | 64 | 8,540 | ||||||
Kohl’s Corp.(b) | 1,070 | 49,873 | ||||||
L Brands, Inc.(a)(b) | 1,658 | 145,589 | ||||||
Macy’s, Inc.†(a) | 1,774 | 78,216 | ||||||
Nordstrom, Inc.(a) | 992 | 56,752 | ||||||
Priceline Group, Inc. (The)†*(a) | 164 | 211,389 | ||||||
Ross Stores, Inc. | 334 | 19,339 | ||||||
Staples, Inc.† | 3,692 | 40,723 | ||||||
Target Corp.† | 3,443 | 283,290 | ||||||
Tiffany & Co.†(b) | 729 | 53,494 | ||||||
TJX Cos, Inc. (The)(a)(b) | 3,564 | 279,239 | ||||||
Urban Outfitters, Inc.†*(b) | 671 | 22,203 | ||||||
|
| |||||||
1,605,658 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 10.8% |
| |||||||
Analog Devices, Inc.†(a) | 1,810 | 107,134 | ||||||
Applied Materials, Inc.† | 1,710 | 36,218 | ||||||
First Solar, Inc.*(b) | 582 | 39,850 | ||||||
Intel Corp.† | 15,333 | 496,023 | ||||||
KLA-Tencor Corp.† | 126 | 9,174 | ||||||
Lam Research Corp.†(b) | 1,022 | 84,417 | ||||||
Linear Technology Corp.†(b) | 1,368 | 60,958 | ||||||
NVIDIA Corp.†(b) | 3,059 | 108,992 | ||||||
Qorvo, Inc.*(b) | 373 | 18,803 | ||||||
QUALCOMM, Inc.†(a) | 8,048 | 411,575 | ||||||
Texas Instruments, Inc.† | 5,935 | 340,788 | ||||||
Xilinx, Inc. | 559 | 26,513 | ||||||
|
| |||||||
1,740,445 | ||||||||
|
| |||||||
Software & Services — 11.2% | ||||||||
Accenture PLC, Class A (Ireland) | 499 | 57,585 | ||||||
Alphabet, Inc., Class A†*(a) | 142 | 108,332 | ||||||
CA, Inc.†(a) | 2,358 | 72,603 |
The accompanying notes are an integral part of the financial statements.
65 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Citrix Systems, Inc.* | 98 | $ | 7,701 | |||||
Cognizant Technology Solutions Corp., Class A†* | 494 | 30,974 | ||||||
CSRA, Inc.† | 118 | 3,174 | ||||||
eBay, Inc.†*(a) | 6,769 | 161,508 | ||||||
International Business Machines Corp.† | 3,280 | 496,756 | ||||||
Microsoft Corp.†(a) | 5,756 | 317,904 | ||||||
Oracle Corp.†(b) | 5,028 | 205,695 | ||||||
Paychex, Inc.(b) | 89 | 4,807 | ||||||
Symantec Corp.† | 3,755 | 69,017 | ||||||
Teradata Corp.†*(b) | 748 | 19,628 | ||||||
Visa, Inc., Class A†(a) | 1,306 | 99,883 | ||||||
Western Union Co. (The)(b) | 2,873 | 55,420 | ||||||
Xerox Corp.†(b) | 5,791 | 64,628 | ||||||
Yahoo!, Inc.†* | 765 | 28,160 | ||||||
|
| |||||||
1,803,775 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 15.7% |
| |||||||
Amphenol Corp., Class A† | 1,241 | 71,755 | ||||||
Apple, Inc.†(a) | 7,915 | 862,656 | ||||||
Cisco Systems, Inc.†(b) | 17,246 | 490,994 | ||||||
Corning, Inc.†(b) | 6,460 | 134,949 | ||||||
EMC Corp.† | 5,138 | 136,928 | ||||||
F5 Networks, Inc.†*(b) | 394 | 41,705 | ||||||
FLIR Systems, Inc. | 111 | 3,657 | ||||||
Harris Corp.(a) | 712 | 55,436 | ||||||
Hewlett Packard Enterprise Co.†(a) | 9,907 | 175,651 | ||||||
HP, Inc.† | 9,930 | 122,338 | ||||||
Juniper Networks, Inc.† | 2,196 | 56,020 | ||||||
Motorola Solutions, Inc.† | 997 | 75,473 | ||||||
NetApp, Inc.†(b) | 1,670 | 45,574 | ||||||
Seagate Technology PLC | 1,695 | 58,393 | ||||||
TE Connectivity Ltd. (Switzerland)† | 2,181 | 135,047 | ||||||
Western Digital Corp.†(b) | 1,327 | 62,687 | ||||||
|
| |||||||
2,529,263 | ||||||||
|
| |||||||
Telecommunication Services — 2.8% |
| |||||||
AT&T, Inc.† | 1 | 39 | ||||||
CenturyLink, Inc.†(a)(b) | 3,108 | 99,332 | ||||||
Frontier Communications Corp.(b) | 1,382 | 7,725 | ||||||
Verizon Communications, Inc.† | 6,291 | 340,217 | ||||||
|
| |||||||
447,313 | ||||||||
|
| |||||||
Transportation — 4.6% | ||||||||
American Airlines Group, Inc.† | 505 | 20,710 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
CH Robinson Worldwide, | 821 | $ | 60,943 | |||||
Delta Air Lines, Inc.†(a) | 4,453 | 216,772 | ||||||
Expeditors International of Washington, Inc.†(b) | 1,041 | 50,811 | ||||||
Southwest Airlines Co.† | 3,705 | 165,984 | ||||||
Union Pacific Corp.(a)(b) | 736 | 58,549 | ||||||
United Continental Holdings, Inc.†*(a) | 2,085 | 124,808 | ||||||
United Parcel Service, Inc., Class B† | 326 | 34,383 | ||||||
|
| |||||||
732,960 | ||||||||
|
| |||||||
Utilities — 0.2% | ||||||||
AES Corp.† | 540 | 6,372 | ||||||
NRG Energy, Inc.† | 1,797 | 23,379 | ||||||
Pinnacle West Capital Corp. | 109 | 8,183 | ||||||
|
| |||||||
37,934 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 28,553,587 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS — 3.2% |
| |||||||
SPDR S&P 500 ETF Trust | 2,486 | 511,022 | ||||||
|
| |||||||
TOTAL EXCHANGE TRADED |
| 511,022 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 180.6% |
| 29,064,609 | ||||||
|
| |||||||
(Cost $27,572,467) | ||||||||
SHORT POSITIONS — (81.7)% |
| |||||||
COMMON STOCKS — (81.7)% |
| |||||||
Automobiles & Components — (0.5)% |
| |||||||
BorgWarner, Inc. | (899 | ) | (34,522 | ) | ||||
Harley-Davidson, Inc. | (757 | ) | (38,857 | ) | ||||
|
| |||||||
(73,379 | ) | |||||||
|
| |||||||
Capital Goods — (4.2)% | ||||||||
Danaher Corp. | (2,623 | ) | (248,818 | ) | ||||
Deere & Co. | (1,287 | ) | (99,086 | ) | ||||
Fastenal Co. | (15 | ) | (735 | ) | ||||
General Dynamics Corp. | (664 | ) | (87,230 | ) | ||||
Lockheed Martin Corp. | (868 | ) | (192,262 | ) | ||||
Rockwell Collins, Inc. | (538 | ) | (49,609 | ) | ||||
|
| |||||||
(677,740 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (1.1)% |
| |||||||
ADT Corp. (The) | (676 | ) | (27,892 | ) | ||||
Equifax, Inc. | (487 | ) | (55,659 | ) | ||||
Stericycle, Inc.* | (347 | ) | (43,788 | ) |
The accompanying notes are an integral part of the financial statements.
66 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Verisk Analytics, Inc.* | (695 | ) | $ | (55,544 | ) | |||
|
| |||||||
(182,883 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.4)% |
| |||||||
Coach, Inc. | (1,138 | ) | (45,622 | ) | ||||
Harman International Industries, Inc. | (291 | ) | (25,911 | ) | ||||
NIKE, Inc., Class B | (3,531 | ) | (217,051 | ) | ||||
PulteGroup, Inc. | (1,430 | ) | (26,755 | ) | ||||
Under Armour, Inc., Class A* | (885 | ) | (75,075 | ) | ||||
|
| |||||||
(390,414 | ) | |||||||
|
| |||||||
Consumer Services — (1.4)% | ||||||||
Chipotle Mexican Grill, Inc.* | (126 | ) | (59,342 | ) | ||||
Marriott International, Inc., Class A | (7 | ) | (498 | ) | ||||
Starbucks Corp. | (2,121 | ) | (126,624 | ) | ||||
Wynn Resorts Ltd. | (416 | ) | (38,867 | ) | ||||
|
| |||||||
(225,331 | ) | |||||||
|
| |||||||
Diversified Financials — (0.5)% | ||||||||
Intercontinental Exchange, Inc. | (320 | ) | (75,245 | ) | ||||
|
| |||||||
Energy — (12.8)% | ||||||||
Anadarko Petroleum Corp. | (2,081 | ) | (96,912 | ) | ||||
Apache Corp. | (1,549 | ) | (75,607 | ) | ||||
Cabot Oil & Gas Corp. | (1,695 | ) | (38,493 | ) | ||||
Chevron Corp. | (2,403 | ) | (229,246 | ) | ||||
Cimarex Energy Co. | (388 | ) | (37,741 | ) | ||||
Concho Resources, Inc.* | (529 | ) | (53,450 | ) | ||||
ConocoPhillips | (5,064 | ) | (203,927 | ) | ||||
Devon Energy Corp. | (1,712 | ) | (46,977 | ) | ||||
EOG Resources, Inc. | (2,252 | ) | (163,450 | ) | ||||
EQT Corp. | (622 | ) | (41,836 | ) | ||||
Exxon Mobil Corp. | (1,047 | ) | (87,519 | ) | ||||
Halliburton Co. | (2,334 | ) | (83,370 | ) | ||||
Hess Corp. | (1,172 | ) | (61,706 | ) | ||||
Kinder Morgan, Inc. | (9,134 | ) | (163,133 | ) | ||||
Marathon Oil Corp. | (2,773 | ) | (30,891 | ) | ||||
Marathon Petroleum Corp. | (2,175 | ) | (80,866 | ) | ||||
Murphy Oil Corp. | (704 | ) | (17,734 | ) | ||||
Newfield Exploration Co.* | (669 | ) | (22,244 | ) | ||||
Noble Energy, Inc. | (1,770 | ) | (55,596 | ) | ||||
Occidental Petroleum Corp. | (3,129 | ) | (214,117 | ) | ||||
ONEOK, Inc. | (859 | ) | (25,650 | ) | ||||
Pioneer Natural Resources Co. | (612 | ) | (86,133 | ) | ||||
Southwestern Energy Co.* | (1,598 | ) | (12,896 | ) | ||||
Spectra Energy Corp. | (2,751 | ) | (84,181 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Williams Cos., Inc. (The) | (3,069 | ) | $ | (49,319 | ) | |||
|
| |||||||
(2,062,994 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (2.7)% |
| |||||||
Costco Wholesale Corp. | (1,468 | ) | (231,327 | ) | ||||
Kroger Co. (The) | (3,963 | ) | (151,585 | ) | ||||
Sysco Corp. | (1,089 | ) | (50,889 | ) | ||||
|
| |||||||
(433,801 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.0)% |
| |||||||
Brown-Forman Corp., Class B | (816 | ) | (80,352 | ) | ||||
ConAgra Foods, Inc. | (1,779 | ) | (79,379 | ) | ||||
Constellation Brands, Inc., Class A | (837 | ) | (126,462 | ) | ||||
Mead Johnson Nutrition Co. | (520 | ) | (44,184 | ) | ||||
Molson Coors Brewing Co., | (757 | ) | (72,808 | ) | ||||
Monster Beverage Corp.* | (523 | ) | (69,758 | ) | ||||
|
| |||||||
(472,943 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (2.8)% |
| |||||||
AmerisourceBergen Corp. | (44 | ) | (3,808 | ) | ||||
Boston Scientific Corp.* | (5,518 | ) | (103,794 | ) | ||||
Cerner Corp.* | (1,449 | ) | (76,739 | ) | ||||
Edwards Lifesciences Corp.* | (883 | ) | (77,889 | ) | ||||
Henry Schein, Inc.* | (80 | ) | (13,810 | ) | ||||
Hologic, Inc.* | (499 | ) | (17,216 | ) | ||||
Intuitive Surgical, Inc.* | (154 | ) | (92,562 | ) | ||||
Patterson Cos, Inc. | (406 | ) | (18,891 | ) | ||||
St Jude Medical, Inc. | (518 | ) | (28,490 | ) | ||||
Tenet Healthcare Corp.* | (406 | ) | (11,746 | ) | ||||
|
| |||||||
(444,945 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.9)% |
| |||||||
Clorox Co. (The) | (531 | ) | (66,938 | ) | ||||
Colgate-Palmolive Co. | (314 | ) | (22,184 | ) | ||||
Estee Lauder Cos, Inc., Class A (The) | (640 | ) | (60,358 | ) | ||||
|
| |||||||
(149,480 | ) | |||||||
|
| |||||||
Insurance — (0.2)% | ||||||||
Willis Towers Watson PLC (Ireland) | (281 | ) | (33,343 | ) | ||||
|
| |||||||
Materials — (1.9)% | ||||||||
Air Products & Chemicals, Inc. | (772 | ) | (111,207 | ) | ||||
Airgas, Inc. | (297 | ) | (42,067 | ) | ||||
CF Industries Holdings, Inc. | (955 | ) | (29,930 | ) | ||||
Freeport-McMoRan, Inc. | (5,121 | ) | (52,951 | ) | ||||
Newmont Mining Corp. | (2,170 | ) | (57,679 | ) |
The accompanying notes are an integral part of the financial statements.
67 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Owens-Illinois, Inc.* | (659 | ) | $ | (10,518 | ) | |||
|
| |||||||
(304,352 | ) | |||||||
|
| |||||||
Media — (1.8)% | ||||||||
Cablevision Systems Corp., Class A | (1,134 | ) | (37,422 | ) | ||||
Time Warner Cable, Inc. | (170 | ) | (34,785 | ) | ||||
Twenty-First Century Fox, Inc., Class A | (7,916 | ) | (220,698 | ) | ||||
|
| |||||||
(292,905 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (7.3)% |
| |||||||
Agilent Technologies, Inc. | (1,344 | ) | (53,558 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (924 | ) | (128,639 | ) | ||||
Allergan PLC (Ireland)* | (448 | ) | (120,077 | ) | ||||
Bristol-Myers Squibb Co. | (3,542 | ) | (226,263 | ) | ||||
Celgene Corp.* | (1,638 | ) | (163,947 | ) | ||||
Endo International PLC (Ireland)* | (906 | ) | (25,504 | ) | ||||
Illumina, Inc.* | (604 | ) | (97,914 | ) | ||||
PerkinElmer, Inc. | (460 | ) | (22,752 | ) | ||||
Perrigo Co. PLC (Ireland) | (587 | ) | (75,095 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (428 | ) | (154,268 | ) | ||||
Thermo Fisher Scientific, Inc. | (178 | ) | (25,203 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (1,031 | ) | (81,954 | ) | ||||
|
| |||||||
(1,175,174 | ) | |||||||
|
| |||||||
Real Estate — (3.6)% | ||||||||
American Tower Corp., REIT | (1,734 | ) | (177,510 | ) | ||||
Crown Castle International Corp., REIT | (1,367 | ) | (118,246 | ) | ||||
Equinix, Inc., REIT | (254 | ) | (84,000 | ) | ||||
Public Storage, REIT | (708 | ) | (195,288 | ) | ||||
|
| |||||||
(575,044 | ) | |||||||
|
| |||||||
Retailing — (4.0)% | ||||||||
Amazon.com, Inc.* | (245 | ) | (145,442 | ) | ||||
AutoNation, Inc.* | (185 | ) | (8,636 | ) | ||||
CarMax, Inc.* | (809 | ) | (41,340 | ) | ||||
Dollar Tree, Inc.* | (79 | ) | (6,514 | ) | ||||
Expedia, Inc. | (635 | ) | (68,466 | ) | ||||
Lowe’s Cos, Inc. | (36 | ) | (2,727 | ) | ||||
Netflix, Inc.* | (1,752 | ) | (179,107 | ) | ||||
O’Reilly Automotive, Inc.* | (245 | ) | (67,047 | ) | ||||
Signet Jewelers Ltd. (Bermuda) | (326 | ) | (40,434 | ) | ||||
Tractor Supply Co. | (550 | ) | (49,753 | ) | ||||
TripAdvisor, Inc.* | (595 | ) | (39,568 | ) | ||||
|
| |||||||
(649,034 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (1.6)% |
| |||||||
Broadcom Ltd. (Singapore) | (1,133 | ) | $ | (175,048 | ) | |||
Microchip Technology, Inc. | (834 | ) | (40,199 | ) | ||||
Micron Technology, Inc.* | (4,244 | ) | (44,435 | ) | ||||
Skyworks Solutions, Inc. | (4 | ) | (312 | ) | ||||
|
| |||||||
(259,994 | ) | |||||||
|
| |||||||
Software & Services — (9.7)% | ||||||||
Activision Blizzard, Inc. | (3,010 | ) | (101,858 | ) | ||||
Adobe Systems, Inc.* | (2,034 | ) | (190,789 | ) | ||||
Akamai Technologies, Inc.* | (727 | ) | (40,399 | ) | ||||
Alliance Data Systems Corp.* | (249 | ) | (54,780 | ) | ||||
Autodesk, Inc.* | (920 | ) | (53,645 | ) | ||||
Automatic Data Processing, Inc. | (1,850 | ) | (165,963 | ) | ||||
Electronic Arts, Inc.* | (1,270 | ) | (83,960 | ) | ||||
Facebook, Inc., Class A* | (990 | ) | (112,959 | ) | ||||
Fidelity National Information Services, Inc. | (1,328 | ) | (84,076 | ) | ||||
Fiserv, Inc.* | (480 | ) | (49,238 | ) | ||||
Intuit, Inc. | (1,052 | ) | (109,419 | ) | ||||
MasterCard, Inc., Class A | (53 | ) | (5,008 | ) | ||||
PayPal Holdings, Inc.* | (5,016 | ) | (193,618 | ) | ||||
Red Hat, Inc.* | (741 | ) | (55,212 | ) | ||||
salesforce.com inc* | (2,749 | ) | (202,959 | ) | ||||
Total System Services, Inc. | (292 | ) | (13,893 | ) | ||||
Verisign, Inc.* | (534 | ) | (47,280 | ) | ||||
|
| |||||||
(1,565,056 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.4)% |
| |||||||
SanDisk Corp. | (857 | ) | (65,201 | ) | ||||
|
| |||||||
Telecommunication Services — (1.6)% |
| |||||||
AT&T, Inc. | (4,449 | ) | (174,267 | ) | ||||
Level 3 Communications, Inc.* | (1,460 | ) | (77,161 | ) | ||||
|
| |||||||
(251,428 | ) | |||||||
|
| |||||||
Transportation — (2.4)% | ||||||||
CSX Corp. | (2,885 | ) | (74,289 | ) | ||||
FedEx Corp. | (761 | ) | (123,830 | ) | ||||
JB Hunt Transport Services, Inc. | (467 | ) | (39,340 | ) | ||||
Kansas City Southern | (445 | ) | (38,025 | ) | ||||
Norfolk Southern Corp. | (1,221 | ) | (101,648 | ) | ||||
Ryder System, Inc. | (219 | ) | (14,187 | ) | ||||
|
| |||||||
(391,319 | ) | |||||||
|
| |||||||
Utilities — (14.9)% | ||||||||
AGL Resources, Inc. | (493 | ) | (32,114 | ) | ||||
Ameren Corp. | (995 | ) | (49,850 | ) | ||||
American Electric Power Co., Inc. | (2,012 | ) | (133,597 | ) |
The accompanying notes are an integral part of the financial statements.
68 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Concluded)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) | ||||||||
American Water Works Co., Inc. | (741 | ) | $ | (51,077 | ) | |||
CenterPoint Energy, Inc. | (1,761 | ) | (36,840 | ) | ||||
CMS Energy Corp. | (1,135 | ) | (48,169 | ) | ||||
Consolidated Edison, Inc. | (1,200 | ) | (91,944 | ) | ||||
Dominion Resources, Inc. | (2,437 | ) | (183,067 | ) | ||||
DTE Energy Co. | (735 | ) | (66,635 | ) | ||||
Duke Energy Corp. | (2,818 | ) | (227,356 | ) | ||||
Edison International | (1,334 | ) | (95,901 | ) | ||||
Entergy Corp. | (730 | ) | (57,874 | ) | ||||
Eversource Energy | (1,299 | ) | (75,784 | ) | ||||
Exelon Corp. | (3,769 | ) | (135,156) | |||||
FirstEnergy Corp. | (119 | ) | (4,280 | ) | ||||
NextEra Energy, Inc. | (1,888 | ) | (223,426 | ) | ||||
NiSource, Inc. | (1,307 | ) | (30,793 | ) | ||||
PG&E Corp. | (2,015 | ) | (120,336 | ) | ||||
PPL Corp. | (2,761 | ) | (105,111 | ) | ||||
Public Service Enterprise Group, Inc. | (2,073 | ) | (97,721 | ) | ||||
SCANA Corp. | (586 | ) | (41,108 | ) | ||||
Sempra Energy | (1,017 | ) | (105,819 | ) | ||||
Southern Co. (The) | (3,724 | ) | (192,643 | ) | ||||
TECO Energy, Inc. | (964 | ) | (26,539 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) | ||||||||
WEC Energy Group, Inc. | (1,293 | ) | $ | (77,671 | ) | |||
Xcel Energy, Inc. | (2,079 | ) | (86,944 | ) | ||||
|
| |||||||
(2,397,755 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK | (13,149,760 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD |
| (13,149,760 | ) | |||||
|
| |||||||
(Proceeds $13,179,784) | ||||||||
OTHER ASSETS IN EXCESS OF | 182,431 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 16,097,280 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
* | Non-income producing. |
(a) | Security position is either entirely or partially designated as collateral for securities on loan. |
(b) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
ETF | Exchange Traded Fund | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust | |
S&P | Standard & Poor’s | |
SPDR | Standard & Poor’s Depositary Receipt |
The accompanying notes are an integral part of the financial statements.
69 |
GOTHAM INSTITUTIONAL VALUE FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Automobiles & Components — 1.5% |
| |||||||
General Motors Co. | 494 | $ | 15,526 | |||||
Goodyear Tire & Rubber Co. (The) | 144 | 4,749 | ||||||
Johnson Controls, Inc. | 289 | 11,262 | ||||||
|
| |||||||
31,537 | ||||||||
|
| |||||||
Banks — 0.0% | ||||||||
People’s United Financial, Inc. | 7 | 111 | ||||||
|
| |||||||
Capital Goods — 14.8% | ||||||||
3M Co. | 38 | 6,332 | ||||||
Allegion PLC (Ireland) | 52 | 3,313 | ||||||
AMETEK, Inc. | 126 | 6,297 | ||||||
Boeing Co. (The) | 280 | 35,543 | ||||||
Caterpillar, Inc. | 284 | 21,737 | ||||||
Cummins, Inc. | 95 | 10,444 | ||||||
Dover Corp. | 83 | 5,339 | ||||||
Eaton Corp. PLC (Ireland) | 240 | 15,014 | ||||||
Emerson Electric Co. | 347 | 18,870 | ||||||
Fastenal Co. | 4 | 196 | ||||||
Flowserve Corp. | 70 | 3,109 | ||||||
Fluor Corp. | 75 | 4,028 | ||||||
Honeywell International, Inc. | 139 | 15,575 | ||||||
Illinois Tool Works, Inc. | 186 | 19,054 | ||||||
Ingersoll-Rand PLC (Ireland) | 145 | 8,991 | ||||||
Jacobs Engineering Group, Inc.* | 66 | 2,874 | ||||||
L-3 Communications Holdings, Inc. | 43 | 5,096 | ||||||
Masco Corp. | 179 | 5,630 | ||||||
Northrop Grumman Corp. | 15 | 2,968 | ||||||
PACCAR, Inc. | 190 | 10,391 | ||||||
Parker-Hannifin Corp. | 72 | 7,998 | ||||||
Pentair PLC (Ireland) | 29 | 1,574 | ||||||
Quanta Services, Inc.* | 89 | 2,008 | ||||||
Raytheon Co. | 98 | 12,018 | ||||||
Rockwell Automation, Inc. | 69 | 7,849 | ||||||
Snap-on, Inc. | 31 | 4,867 | ||||||
Stanley Black & Decker, Inc. | 84 | 8,838 | ||||||
Textron, Inc. | 148 | 5,396 | ||||||
United Rentals, Inc.* | 51 | 3,172 | ||||||
United Technologies Corp. | 412 | 41,241 | ||||||
WW Grainger, Inc. | 33 | 7,703 | ||||||
Xylem, Inc. | 96 | 3,926 | ||||||
|
| |||||||
307,391 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.3% |
| |||||||
Cintas Corp. | 31 | 2,784 | ||||||
Dun & Bradstreet Corp. (The) | 19 | 1,958 |
Number Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Commercial & Professional Services — (Continued) | �� | |||||||
Pitney Bowes, Inc. | 106 | $ | 2,283 | |||||
Republic Services, Inc. | 21 | 1,001 | ||||||
Robert Half International, Inc. | 71 | 3,307 | ||||||
Tyco International PLC (Ireland) | 228 | 8,370 | ||||||
Waste Management, Inc. | 133 | 7,847 | ||||||
|
| |||||||
27,550 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.3% |
| |||||||
DR Horton, Inc. | 199 | 6,016 | ||||||
Garmin Ltd. (Switzerland) | 103 | 4,116 | ||||||
Hanesbrands, Inc. | 212 | 6,008 | ||||||
Hasbro, Inc. | 67 | 5,367 | ||||||
Leggett & Platt, Inc. | 72 | 3,485 | ||||||
Mattel, Inc. | 184 | 6,186 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 99 | 5,639 | ||||||
PVH Corp. | 45 | 4,458 | ||||||
Ralph Lauren Corp. | 46 | 4,428 | ||||||
VF Corp. | 231 | 14,960 | ||||||
Whirlpool Corp. | 41 | 7,394 | ||||||
|
| |||||||
68,057 | ||||||||
|
| |||||||
Consumer Services — 1.2% | ||||||||
Carnival Corp. (Panama) | 32 | 1,689 | ||||||
Darden Restaurants, Inc. | 70 | 4,641 | ||||||
McDonald’s Corp. | 6 | 754 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 71 | 5,833 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 91 | 7,592 | ||||||
Wyndham Worldwide Corp. | 61 | 4,662 | ||||||
|
| |||||||
25,171 | ||||||||
|
| |||||||
Diversified Financials — 3.3% | ||||||||
Affiliated Managers Group, Inc.* | 24 | 3,898 | ||||||
American Express Co. | 19 | 1,167 | ||||||
BlackRock, Inc. | 54 | 18,391 | ||||||
Franklin Resources, Inc. | 322 | 12,574 | ||||||
Invesco, Ltd. (Bermuda) | 224 | 6,892 | ||||||
Legg Mason, Inc. | 59 | 2,046 | ||||||
McGraw Hill Financial, Inc. | 19 | 1,881 | ||||||
Moody’s Corp. | 48 | 4,635 | ||||||
NASDAQ, Inc. | 88 | 5,841 | ||||||
Synchrony Financial* | 21 | 602 | ||||||
T Rowe Price Group, Inc. | 136 | 9,991 | ||||||
|
| |||||||
67,918 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
70 |
GOTHAM INSTITUTIONAL VALUE FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — 4.3% | ||||||||
Baker Hughes, Inc. | 235 | $ | 10,300 | |||||
Cameron International Corp. | 104 | 6,973 | ||||||
Diamond Offshore Drilling, Inc. | 74 | 1,608 | ||||||
FMC Technologies, Inc.* | 152 | 4,159 | ||||||
Helmerich & Payne, Inc. | 58 | 3,406 | ||||||
National Oilwell Varco, Inc. | 203 | 6,313 | ||||||
Phillips 66 | 99 | 8,572 | ||||||
Range Resources Corp. | 92 | 2,979 | ||||||
Schlumberger Ltd. (Curacao) | 277 | 20,429 | ||||||
Tesoro Corp. | 65 | 5,591 | ||||||
Transocean Ltd. (Switzerland) | 197 | 1,801 | ||||||
Valero Energy Corp. | 256 | 16,420 | ||||||
|
| |||||||
88,551 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.2% | ||||||||
CVS Health Corp. | 45 | 4,668 | ||||||
Wal-Mart Stores, Inc. | 287 | 19,657 | ||||||
Whole Foods Market, Inc. | 42 | 1,307 | ||||||
|
| |||||||
25,632 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 4.7% |
| |||||||
Altria Group, Inc. | 169 | 10,590 | ||||||
Archer-Daniels-Midland Co. | 320 | 11,619 | ||||||
Campbell Soup Co. | 166 | 10,589 | ||||||
Coca-Cola Enterprises, Inc. | 122 | 6,190 | ||||||
Dr Pepper Snapple Group, Inc. | 101 | 9,031 | ||||||
General Mills, Inc. | 181 | 11,466 | ||||||
Hershey Co. (The) | 117 | 10,775 | ||||||
JM Smucker Co. (The) | 65 | 8,440 | ||||||
McCormick & Co., Inc., | 34 | 3,382 | ||||||
Mondelez International, Inc., Class A | 26 | 1,043 | ||||||
Philip Morris International, Inc. | 6 | 589 | ||||||
Tyson Foods, Inc., Class A | 196 | 13,065 | ||||||
|
| |||||||
96,779 | ||||||||
|
| |||||||
Health Care Equipment & Services — 8.6% |
| |||||||
Abbott Laboratories | 74 | 3,095 | ||||||
Aetna, Inc. | 173 | 19,437 | ||||||
Anthem, Inc. | 47 | 6,533 | ||||||
Baxter International, Inc. | 295 | 12,119 | ||||||
Cardinal Health, Inc. | 118 | 9,670 | ||||||
Centene Corp.* | 65 | 4,002 | ||||||
Cigna Corp. | 137 | 18,802 | ||||||
CR Bard, Inc. | 38 | 7,701 | ||||||
DaVita HealthCare Partners, Inc.* | 113 | 8,292 |
Number Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Health Care Equipment & Services — (Continued) |
| |||||||
DENTSPLY SIRONA, Inc. | 75 | $ | 4,622 | |||||
Express Scripts Holding Co.* | 373 | 25,621 | ||||||
HCA Holdings, Inc.* | 126 | 9,834 | ||||||
Humana, Inc. | 57 | 10,428 | ||||||
Laboratory Corp. of America Holdings* | 56 | 6,559 | ||||||
McKesson Corp. | 123 | 19,342 | ||||||
Quest Diagnostics, Inc. | 77 | 5,502 | ||||||
UnitedHealth Group, Inc. | 43 | 5,543 | ||||||
Varian Medical Systems, Inc.* | 12 | 960 | ||||||
|
| |||||||
178,062 | ||||||||
|
| |||||||
Household & Personal Products — 0.3% |
| |||||||
Church & Dwight Co., Inc. | 14 | 1,291 | ||||||
Procter & Gamble Co. (The) | 58 | 4,774 | ||||||
|
| |||||||
6,065 | ||||||||
|
| |||||||
Insurance — 1.6% | ||||||||
Allstate Corp. (The) | 8 | 539 | ||||||
Aon PLC (United Kingdom) | 147 | 15,354 | ||||||
Assurant, Inc. | 3 | 231 | ||||||
Chubb Ltd. (Switzerland) | 1 | 119 | ||||||
Cincinnati Financial Corp. | 1 | 65 | ||||||
Loews Corp. | 1 | 38 | ||||||
Marsh & McLennan Cos., Inc. | 282 | 17,143 | ||||||
Progressive Corp. (The) | 4 | 141 | ||||||
Torchmark Corp. | 2 | 108 | ||||||
XL Group PLC (Ireland) | 10 | 368 | ||||||
|
| |||||||
34,106 | ||||||||
|
| |||||||
Materials — 9.9% | ||||||||
Alcoa, Inc. | 706 | 6,763 | ||||||
Avery Dennison Corp. | 49 | 3,533 | ||||||
Ball Corp. | 73 | 5,204 | ||||||
Dow Chemical Co. (The) | 603 | 30,669 | ||||||
Eastman Chemical Co. | 80 | 5,778 | ||||||
Ecolab, Inc. | 78 | 8,699 | ||||||
El du Pont de Nemours & Co. | 470 | 29,760 | ||||||
FMC Corp. | 73 | 2,947 | ||||||
International Flavors & Fragrances, Inc. | 43 | 4,892 | ||||||
International Paper Co. | 222 | 9,111 | ||||||
LyondellBasell Industries NV, Class A (Netherlands) | 238 | 20,368 | ||||||
Martin Marietta Materials, Inc. | 35 | 5,583 | ||||||
Monsanto Co. | 238 | 20,882 |
The accompanying notes are an integral part of the financial statements.
71 |
GOTHAM INSTITUTIONAL VALUE FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Nucor Corp. | 172 | $ | 8,136 | |||||
PPG Industries, Inc. | 145 | 16,166 | ||||||
Sealed Air Corp. | 105 | 5,041 | ||||||
Sherwin-Williams Co. (The) | 50 | 14,234 | ||||||
Vulcan Materials Co. | 15 | 1,584 | ||||||
Westrock Co. | 138 | 5,386 | ||||||
|
| |||||||
204,736 | ||||||||
|
| |||||||
Media — 2.8% | ||||||||
CBS Corp., Class B | 197 | 10,853 | ||||||
Discovery Communications, Inc., Class A* | 338 | 9,677 | ||||||
Interpublic Group of Cos, Inc. (The) | 218 | 5,003 | ||||||
News Corp., Class A | 314 | 4,010 | ||||||
Omnicom Group, Inc. | 129 | 10,737 | ||||||
Scripps Networks Interactive, Inc., Class A | 12 | 786 | ||||||
TEGNA, Inc. | 120 | 2,815 | ||||||
Time Warner, Inc. | 63 | 4,571 | ||||||
Viacom, Inc., Class B | 214 | 8,834 | ||||||
|
| |||||||
57,286 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 8.8% |
| |||||||
AbbVie, Inc. | 250 | 14,280 | ||||||
Amgen, Inc. | 99 | 14,843 | ||||||
Baxalta, Inc. | 182 | 7,353 | ||||||
Biogen, Inc.* | 106 | 27,594 | ||||||
Gilead Sciences, Inc. | 431 | 39,592 | ||||||
Johnson & Johnson | 141 | 15,256 | ||||||
Mallinckrodt PLC (Ireland)* | 60 | 3,677 | ||||||
Merck & Co, Inc. | 538 | 28,466 | ||||||
Mylan NV* | 264 | 12,236 | ||||||
Pfizer, Inc. | 635 | 18,821 | ||||||
|
| |||||||
182,118 | ||||||||
|
| |||||||
Real Estate — 0.5% | ||||||||
Apartment Investment & Management, Class A, REIT | 1 | 42 | ||||||
AvalonBay Communities, Inc., REIT | 1 | 190 | ||||||
Equity Residential, REIT | 2 | 150 | ||||||
Essex Property Trust, Inc., REIT | 3 | 702 | ||||||
Extra Space Storage, Inc., REIT | 6 | 561 | ||||||
General Growth Properties, Inc., REIT | 7 | 208 | ||||||
HCP, Inc., REIT | 7 | 228 | ||||||
Iron Mountain, Inc., REIT | 41 | 1,390 |
Number Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Real Estate — (Continued) | ||||||||
Realty Income Corp., REIT | 24 | $ | 1,500 | |||||
Simon Property Group, Inc., REIT | 2 | 415 | ||||||
Ventas, Inc., REIT | 14 | 881 | ||||||
Welltower, Inc., REIT | 14 | 971 | ||||||
Weyerhaeuser Co., REIT | 83 | 2,571 | ||||||
|
| |||||||
9,809 | ||||||||
|
| |||||||
Retailing — 6.6% | ||||||||
Bed Bath & Beyond, Inc.* | 89 | 4,418 | ||||||
Best Buy Co., Inc. | 180 | 5,839 | ||||||
Dollar General Corp. | 70 | 5,992 | ||||||
GameStop Corp., Class A | 56 | 1,777 | ||||||
Gap, Inc. (The) | 215 | 6,321 | ||||||
Genuine Parts Co. | 82 | 8,147 | ||||||
Kohl’s Corp. | 101 | 4,708 | ||||||
L Brands, Inc. | 156 | 13,698 | ||||||
Macy’s, Inc. | 168 | 7,407 | ||||||
Nordstrom, Inc. | 94 | 5,378 | ||||||
Priceline Group, Inc. (The)* | 10 | 12,890 | ||||||
Ross Stores, Inc. | 25 | 1,448 | ||||||
Staples, Inc. | 349 | 3,849 | ||||||
Target Corp. | 324 | 26,659 | ||||||
Tiffany & Co. | 69 | 5,063 | ||||||
TJX Cos, Inc. (The) | 272 | 21,311 | ||||||
Urban Outfitters, Inc.* | 65 | 2,151 | ||||||
|
| |||||||
137,056 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.7% |
| |||||||
Analog Devices, Inc. | 170 | 10,062 | ||||||
Applied Materials, Inc. | 68 | 1,440 | ||||||
Broadcom Ltd. (Singapore) | — | 46 | ||||||
First Solar, Inc.* | 55 | 3,766 | ||||||
Intel Corp. | 1,061 | 34,323 | ||||||
KLA-Tencor Corp. | 19 | 1,383 | ||||||
Lam Research Corp. | 96 | 7,930 | ||||||
Linear Technology Corp. | 129 | 5,748 | ||||||
NVIDIA Corp. | 288 | 10,261 | ||||||
Qorvo, Inc.* | 70 | 3,529 | ||||||
QUALCOMM, Inc. | 517 | 26,439 | ||||||
Skyworks Solutions, Inc. | 23 | 1,792 | ||||||
Texas Instruments, Inc. | 470 | 26,987 | ||||||
Xilinx, Inc. | 98 | 4,648 | ||||||
|
| |||||||
138,354 | ||||||||
|
| |||||||
Software & Services — 4.3% | ||||||||
Accenture PLC, Class A (Ireland) | 32 | 3,693 |
The accompanying notes are an integral part of the financial statements.
72 |
GOTHAM INSTITUTIONAL VALUE FUND
Portfolio of Investments (Concluded)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
CA, Inc. | 226 | $ | 6,959 | |||||
eBay, Inc.* | 639 | 15,247 | ||||||
International Business Machines Corp. | 230 | 34,834 | ||||||
Oracle Corp. | 187 | 7,650 | ||||||
Symantec Corp. | 354 | 6,506 | ||||||
Teradata Corp.* | 71 | 1,863 | ||||||
Western Union Co. (The) | 271 | 5,228 | ||||||
Xerox Corp. | 547 | 6,104 | ||||||
|
| |||||||
88,084 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 8.9% |
| |||||||
Amphenol Corp, Class A | 160 | 9,251 | ||||||
Apple, Inc. | 363 | 39,563 | ||||||
Cisco Systems, Inc. | 1,195 | 34,022 | ||||||
Corning, Inc. | 614 | 12,826 | ||||||
EMC Corp. | 390 | 10,394 | ||||||
F5 Networks, Inc.* | 37 | 3,916 | ||||||
FLIR Systems, Inc. | 5 | 165 | ||||||
Harris Corp. | 67 | 5,217 | ||||||
Hewlett Packard Enterprise Co. | 955 | 16,932 | ||||||
HP, Inc. | 946 | 11,655 | ||||||
Juniper Networks, Inc. | 207 | 5,281 | ||||||
Motorola Solutions, Inc. | 95 | 7,192 | ||||||
NetApp, Inc. | 158 | 4,312 | ||||||
Seagate Technology PLC (Ireland) | 160 | 5,512 | ||||||
TE Connectivity Ltd. (Switzerland) | 206 | 12,755 | ||||||
Western Digital Corp. | 126 | 5,952 | ||||||
|
| |||||||
184,945 | ||||||||
|
| |||||||
Telecommunication Services — 1.3% |
| |||||||
CenturyLink, Inc. | 293 | 9,364 |
Number Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Frontier Communications Corp. | 197 | $ | 1,101 | |||||
Verizon Communications, Inc. | 323 | 17,468 | ||||||
|
| |||||||
27,933 | ||||||||
|
| |||||||
Transportation — 3.0% | ||||||||
CH Robinson Worldwide, Inc. | 78 | 5,790 | ||||||
Delta Air Lines, Inc. | 421 | 20,494 | ||||||
Expeditors International of Washington, Inc. | 98 | 4,783 | ||||||
Southwest Airlines Co. | 350 | 15,680 | ||||||
Union Pacific Corp. | 34 | 2,705 | ||||||
United Continental Holdings, Inc.* | 197 | 11,792 | ||||||
|
| |||||||
61,244 | ||||||||
|
| |||||||
Utilities — 0.2% | ||||||||
NRG Energy, Inc. | 170 | 2,212 | ||||||
Pinnacle West Capital Corp. | 36 | 2,702 | ||||||
|
| |||||||
4,914 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS - 99.1% |
| 2,053,409 | ||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF | 17,637 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,071,046 | ||||||
|
|
* | Non-income producing. |
PLC Public Limited Company | ||
REIT Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
73 |
GOTHAM NEUTRAL FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 119.6% |
| |||||||
COMMON STOCKS — 119.6% |
| |||||||
Automobiles & Components — 2.0% |
| |||||||
American Axle & Manufacturing Holdings, Inc.†*(a) | 223,137 | $ | 3,434,077 | |||||
Cooper Tire & Rubber Co.(a) | 6,030 | 223,230 | ||||||
Cooper-Standard Holding, Inc.†*(a) | 10,325 | 741,747 | ||||||
Dana Holding Corp.†(b) | 140,076 | 1,973,670 | ||||||
Dorman Products, Inc.†* | 1,587 | 86,364 | ||||||
Ford Motor Co.† | 72,675 | 981,111 | ||||||
General Motors Co.† | 150,191 | 4,720,503 | ||||||
Lear Corp.†(a) | 15,928 | 1,770,716 | ||||||
Standard Motor Products, Inc.†(a) | 11,033 | 382,293 | ||||||
Superior Industries International, Inc.(b) | 11 | 243 | ||||||
Tenneco, Inc.†*(a)(b) | 41,292 | 2,126,951 | ||||||
Tower International, Inc. | 5,406 | 147,043 | ||||||
Visteon Corp.† | 4,853 | 386,250 | ||||||
|
| |||||||
16,974,198 | ||||||||
|
| |||||||
Capital Goods — 16.2% | ||||||||
3M Co.† | 6,093 | 1,015,277 | ||||||
Actuant Corp., Class A† | 17,965 | 443,915 | ||||||
Aegion Corp.†*(b) | 48,915 | 1,031,617 | ||||||
AGCO Corp.† | 48,868 | 2,428,740 | ||||||
Alamo Group, Inc.(b) | 632 | 35,209 | ||||||
Albany International Corp., Class A | 246 | 9,247 | ||||||
Altra Industrial Motion Corp.†(b) | 6,715 | 186,543 | ||||||
American Woodmark Corp.†* | 8,317 | 620,365 | ||||||
AMETEK, Inc.† | 18,032 | 901,239 | ||||||
Apogee Enterprises, Inc.† | 20,883 | 916,555 | ||||||
Applied Industrial Technologies, Inc.† . | 828 | 35,935 | ||||||
Astronics Corp.†* | 5,213 | 198,876 | ||||||
Babcock & Wilcox Enterprises, Inc.†*(b) | 2,591 | 55,447 | ||||||
Boeing Co. (The)† | 51,934 | 6,592,502 | ||||||
CAE, Inc. (Canada) | 1,958 | 22,674 | ||||||
Carlisle Cos, Inc.†(a) | 33,741 | 3,357,230 | ||||||
Caterpillar, Inc.† | 7,319 | 560,196 | ||||||
Chart Industries, Inc.†*(a)(b) | 44,396 | 964,281 | ||||||
Chicago Bridge & Iron Co. NV (Netherlands)† | 35,112 | 1,284,748 | ||||||
CIRCOR International, Inc.†(b) | 9,562 | 443,581 | ||||||
Comfort Systems USA, Inc.† | 43,565 | 1,384,060 | ||||||
Continental Building Products, Inc.†*(a)(b) | 59,432 | 1,103,058 | ||||||
Crane Co.†(b) | 45,746 | 2,463,880 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Cummins, Inc.†(b) | 13,661 | $ | 1,501,890 | |||||
Curtiss-Wright Corp.(b) | 312 | 23,609 | ||||||
DigitalGlobe, Inc.†* | 42,619 | 737,309 | ||||||
Dover Corp.† | 12,022 | 773,375 | ||||||
Eaton Corp. PLC (Ireland)† | 24,407 | 1,526,902 | ||||||
EMCOR Group, Inc.†(a) | 41,873 | 2,035,028 | ||||||
Emerson Electric Co.† | 48,268 | 2,624,814 | ||||||
Encore Wire Corp.†(b) | 5,332 | 207,575 | ||||||
ESCO Technologies, Inc.† | 443 | 17,268 | ||||||
Federal Signal Corp.† | 45,264 | 600,201 | ||||||
Flowserve Corp.†(a)(b) | 65,066 | 2,889,581 | ||||||
Fluor Corp.† | 117,684 | 6,319,631 | ||||||
Franklin Electric Co., Inc.†(b) | 48,819 | 1,570,507 | ||||||
General Cable Corp.(b) | 11,202 | 136,776 | ||||||
Gibraltar Industries, Inc.†*(a)(b) | 18,218 | 521,035 | ||||||
Global Brass & Copper Holdings, Inc.(b) | 728 | 18,164 | ||||||
HD Supply Holdings, Inc.†*(a) | 30,287 | 1,001,591 | ||||||
Honeywell International, Inc.† | 16,210 | 1,816,330 | ||||||
Hubbell, Inc.† | 12,880 | 1,364,378 | ||||||
Huntington Ingalls Industries, Inc.† | 30,548 | 4,183,243 | ||||||
Hyster-Yale Materials Handling, Inc. | 150 | 9,990 | ||||||
Illinois Tool Works, Inc.† | 18,943 | 1,940,521 | ||||||
Ingersoll-Rand PLC (Ireland)†(a) | 20,764 | 1,287,576 | ||||||
Insteel Industries, Inc. | 37 | 1,131 | ||||||
Joy Global, Inc.† | 341,451 | 5,487,118 | ||||||
KBR, Inc.† | 97,938 | 1,516,080 | ||||||
Kennametal, Inc.†(a) | 120,375 | 2,707,234 | ||||||
L-3 Communications Holdings, Inc.† | 6,193 | 733,870 | ||||||
Lincoln Electric Holdings, Inc.† | 58,167 | 3,406,841 | ||||||
Lydall, Inc.*(b) | 959 | 31,187 | ||||||
Manitowoc Co., Inc. (The)†(b) | 112,117 | 485,467 | ||||||
Masco Corp.† | 51,419 | 1,617,128 | ||||||
MasTec, Inc.*(b) | 5,489 | 111,097 | ||||||
Moog, Inc., Class A†* | 7,212 | 329,444 | ||||||
MRC Global, Inc.†*(a) | 340,050 | 4,468,257 | ||||||
MSC Industrial Direct Co., Inc., Class A(b) | 4,354 | 332,254 | ||||||
Mueller Industries, Inc.†(a) | 41,339 | 1,216,193 | ||||||
National Presto Industries, Inc. | 83 | 6,950 | ||||||
NCI Building Systems, Inc.†*(a)(b) | 43,356 | 615,655 | ||||||
Nortek, Inc.* | 174 | 8,402 | ||||||
NOW, Inc.†* | 119,182 | 2,111,905 | ||||||
Owens Corning†(a)(b) | 65,673 | 3,105,019 |
The accompanying notes are an integral part of the financial statements.
74 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
PACCAR, Inc.†(a)(b) | 26,590 | $ | 1,454,207 | |||||
Parker-Hannifin Corp.† | 10,382 | 1,153,233 | ||||||
Pentair PLC (Ireland)(b) | 11,947 | 648,244 | ||||||
Ply Gem Holdings, Inc.* | 7,989 | 112,245 | ||||||
Quanta Services, Inc.†* | 12,750 | 287,640 | ||||||
Raytheon Co.† | 1,903 | 233,365 | ||||||
Regal-Beloit Corp.†(a) | 11,377 | 717,775 | ||||||
Rexnord Corp.†*(b) | 2,413 | 48,791 | ||||||
Rockwell Automation, Inc.† | 2,537 | 288,584 | ||||||
Simpson Manufacturing Co., Inc.† | 25,256 | 964,022 | ||||||
Snap-on, Inc. | 1,933 | 303,462 | ||||||
Spirit AeroSystems Holdings, Inc., Class A†* | 65,887 | 2,988,634 | ||||||
SPX Corp.(a) | 26,575 | 399,156 | ||||||
SPX FLOW, Inc.†*(a) | 47,730 | 1,197,068 | ||||||
Standex International Corp.† | 6,945 | 540,390 | ||||||
Stanley Black & Decker, Inc.† | 32,639 | 3,433,949 | ||||||
Sun Hydraulics Corp.† | 62 | 2,058 | ||||||
Teledyne Technologies, Inc.†*(b) | 2,526 | 222,642 | ||||||
Tennant Co.†(b) | 2,192 | 112,844 | ||||||
Terex Corp.† | 46,022 | 1,145,027 | ||||||
Textron, Inc.†(a) | 125,133 | 4,562,349 | ||||||
Thermon Group Holdings, Inc.*(b) | 5,365 | 94,209 | ||||||
Trex Co., Inc.†*(b) | 6,896 | 330,525 | ||||||
Trinity Industries, Inc.†(a)(b) | 189,934 | 3,477,692 | ||||||
United Rentals, Inc.†* | 7,468 | 464,435 | ||||||
United Technologies Corp.† | 82,532 | 8,261,453 | ||||||
Univar, Inc.†*(a) | 39,666 | 681,462 | ||||||
Universal Forest Products, Inc.†(b) | 35,113 | 3,013,398 | ||||||
USG Corp.†* | 108,533 | 2,692,704 | ||||||
Valmont Industries, Inc.†(b) | 4,596 | 569,169 | ||||||
Wabash National Corp.†*(a) | 245,628 | 3,242,290 | ||||||
Watts Water Technologies, Inc., Class A† | 664 | 36,606 | ||||||
WESCO International, Inc.†*(b) | 26,452 | 1,446,131 | ||||||
WW Grainger, Inc.†(b) | 4,917 | 1,147,775 | ||||||
Xylem, Inc.†(b) | 13,843 | 566,179 | ||||||
|
| |||||||
134,293,414 | ||||||||
|
| |||||||
Commercial & Professional Services — 4.2% |
| |||||||
ABM Industries, Inc.†(a) | 61,143 | 1,975,530 | ||||||
ACCO Brands Corp.†*(a)(b) | 70,299 | 631,285 | ||||||
Brady Corp., Class A† | 21,519 | 577,570 | ||||||
Brink’s Co. (The)†(b) | 29,149 | 979,115 | ||||||
Cintas Corp.†(a) | 13,485 | 1,211,088 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Clean Harbors, Inc.†* | 42,619 | $ | 2,102,821 | |||||
Deluxe Corp.† | 8,419 | 526,103 | ||||||
Dun & Bradstreet Corp. (The)(a) | 2,915 | 300,478 | ||||||
Exponent, Inc.(b) | 1,750 | 89,268 | ||||||
FTI Consulting, Inc.†*(a)(b) | 35,134 | 1,247,608 | ||||||
G&K Services, Inc., Class A | 1,867 | 136,758 | ||||||
Herman Miller, Inc.† | 19,214 | 593,520 | ||||||
HNI Corp.†(b) | 13,275 | 519,982 | ||||||
Huron Consulting Group, Inc.†*(a)(b) | 42,139 | 2,452,068 | ||||||
ICF International, Inc.†*(b) | 5,607 | 192,713 | ||||||
Interface, Inc.† | 60,795 | 1,127,139 | ||||||
Kelly Services, Inc., Class A†(b) | 9,795 | 187,280 | ||||||
Kforce, Inc.†(b) | 3,649 | 71,447 | ||||||
Korn Ferry International(b) | 2,283 | 64,586 | ||||||
Manpowergroup, Inc.†(a) | 38,127 | 3,104,300 | ||||||
Navigant Consulting, Inc.†* | 25,438 | 402,175 | ||||||
Nielsen Holdings PLC (United Kingdom)(b) | 9,533 | 502,008 | ||||||
Quad/Graphics, Inc.† | 15,171 | 196,313 | ||||||
Republic Services, Inc.† | 11,714 | 558,172 | ||||||
Resources Connection, Inc.(a)(b) | 4,411 | 68,635 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada)† | 93,514 | 2,532,359 | ||||||
Robert Half International, Inc.† | 15,914 | 741,274 | ||||||
RPX Corp.†* | 11,674 | 131,449 | ||||||
RR Donnelley & Sons Co.† | 80,208 | 1,315,411 | ||||||
SP Plus Corp.*(b) | 1,155 | 27,789 | ||||||
Steelcase, Inc., Class A†(b) | 113,503 | 1,693,465 | ||||||
Tetra Tech, Inc.† | 43,743 | 1,304,416 | ||||||
Tyco International PLC (Ireland)† | 27,686 | 1,016,353 | ||||||
UniFirst Corp.†(a) | 21,739 | 2,372,160 | ||||||
US Ecology, Inc.† | 29,177 | 1,288,456 | ||||||
Waste Management, Inc.†(a) | 45,357 | 2,676,063 | ||||||
|
| |||||||
34,917,157 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 5.9% |
| |||||||
Brunswick Corp.† | 37,151 | 1,782,505 | ||||||
Callaway Golf Co.† | 93,931 | 856,651 | ||||||
Carter’s, Inc.† | 1,170 | 123,295 | ||||||
Deckers Outdoor Corp.*(b) | 43,156 | 2,585,476 | ||||||
DR Horton, Inc.† | 28,596 | 864,457 | ||||||
Fossil Group, Inc.†*(b) | 77,476 | 3,441,484 | ||||||
Garmin Ltd. (Switzerland)†(b) | 75,758 | 3,027,290 | ||||||
Hanesbrands, Inc.† | 30,418 | 862,046 | ||||||
Hasbro, Inc.(a) | 9,654 | 773,285 |
The accompanying notes are an integral part of the financial statements.
75 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
KB Home†(b) | 165,930 | $ | 2,369,480 | |||||
La-Z-Boy, Inc.(a) | 12,319 | 329,410 | ||||||
Mattel, Inc.† | 121,112 | 4,071,785 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†*(a) | 109,910 | 6,260,474 | ||||||
Movado Group, Inc.† | 531 | 14,618 | ||||||
Newell Rubbermaid, Inc.†(b) | 16,575 | 734,107 | ||||||
NVR, Inc.†*(b) | 502 | 869,665 | ||||||
PVH Corp.† | 6,375 | 631,508 | ||||||
Ralph Lauren Corp.† | 11,883 | 1,143,858 | ||||||
Tempur Sealy International, Inc.†* | 20,371 | 1,238,353 | ||||||
TopBuild Corp.†*(a) | 79,359 | 2,360,137 | ||||||
TRI Pointe Group, Inc.†*(a)(b) | 116,217 | 1,369,036 | ||||||
Tumi Holdings, Inc.†* | 36,763 | 985,984 | ||||||
Tupperware Brands Corp.†(a)(b) | 34,310 | 1,989,294 | ||||||
Vera Bradley, Inc.* | 3,534 | 71,882 | ||||||
VF Corp.†(a) | 37,860 | 2,451,814 | ||||||
Whirlpool Corp.† | 25,369 | 4,575,045 | ||||||
Wolverine World Wide, Inc.†(a) | 149,506 | 2,753,901 | ||||||
|
| |||||||
48,536,840 | ||||||||
|
| |||||||
Consumer Services — 5.4% | ||||||||
Apollo Education Group, Inc.†* | 185,774 | 1,526,133 | ||||||
Bloomin’ Brands, Inc.†(a) | 65,378 | 1,102,927 | ||||||
Bob Evans Farms, Inc.† | 33,445 | 1,561,547 | ||||||
Bojangles’, Inc.* | 8,183 | 139,193 | ||||||
Boyd Gaming Corp.†* | 64,390 | 1,330,297 | ||||||
Capella Education Co.† | 12,884 | 678,214 | ||||||
Churchill Downs, Inc.† | 7,397 | 1,093,868 | ||||||
Cracker Barrel Old Country Store, Inc.†(b) | 20,204 | 3,084,545 | ||||||
Darden Restaurants, Inc.†(a) | 91,179 | 6,045,168 | ||||||
DineEquity, Inc.†(b) | 28,016 | 2,617,535 | ||||||
Dunkin’ Brands Group, Inc.†(a)(b) | 14,699 | 693,352 | ||||||
Graham Holdings Co., Class B† | 4,689 | 2,250,720 | ||||||
Interval Leisure Group, Inc.†(a)(b) | 126,606 | 1,828,191 | ||||||
Isle of Capri Casinos, Inc.* | 2,244 | 31,416 | ||||||
Jack in the Box, Inc.†(a) | 16,474 | 1,052,194 | ||||||
La Quinta Holdings, Inc.†*(a) | 185,082 | 2,313,525 | ||||||
Marriott International, Inc., Class A | 3,680 | 261,942 | ||||||
McDonald’s Corp.† | 12,853 | 1,615,365 | ||||||
Papa John’s International, Inc.† | 6,625 | 359,009 | ||||||
Pinnacle Entertainment, Inc.†*(b) | 92,205 | 3,236,396 | ||||||
Royal Caribbean Cruises Ltd. (Liberia)†(a) | 16,757 | 1,376,588 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
SeaWorld Entertainment, Inc.† | 41,764 | $ | 879,550 | |||||
Service Corp. International†(b) | 24,279 | 599,206 | ||||||
Six Flags Entertainment Corp.† | 2,462 | 136,616 | ||||||
Sonic Corp.† | 48,627 | 1,709,725 | ||||||
Speedway Motorsports, Inc.† | 9,038 | 179,224 | ||||||
Starwood Hotels & Resorts Worldwide, Inc.(a) | 22,917 | 1,911,965 | ||||||
Weight Watchers International, | 150,236 | 2,182,929 | ||||||
Wendy’s Co. (The)(b) | 7,286 | 79,345 | ||||||
Wyndham Worldwide Corp.†(a)(b) | 41,674 | 3,185,144 | ||||||
Yum! Brands, Inc.† | 911 | 74,565 | ||||||
|
| |||||||
45,136,394 | ||||||||
|
| |||||||
Energy — 5.8% | ||||||||
Atwood Oceanics, Inc.†(b) | 162,791 | 1,492,793 | ||||||
Cameron International Corp.†* | 36,510 | 2,447,996 | ||||||
DHT Holdings, Inc. (Maldives)(a)(b) | 168,687 | 971,637 | ||||||
Diamond Offshore Drilling, Inc.(b) | 5,423 | 117,842 | ||||||
Exterran Corp.* | 1,259 | 19,464 | ||||||
Exxon Mobil Corp.† | 755 | 63,110 | ||||||
FMC Technologies, Inc.†*(a) | 147,731 | 4,041,920 | ||||||
Frank’s International NV(b) | 30,091 | 495,900 | ||||||
Imperial Oil Ltd. (Canada) | 8,438 | 281,829 | ||||||
Kinder Morgan, Inc.† | 104,775 | 1,871,282 | ||||||
McDermott International, Inc. | 294,097 | 1,202,857 | ||||||
Oceaneering International, Inc.†(a) | 97,048 | 3,225,876 | ||||||
ONEOK, Inc.† | 86,871 | 2,593,968 | ||||||
Precision Drilling Corp. (Canada)(b) | 26,245 | 110,229 | ||||||
Rowan Cos PLC, Class A (United | 187,378 | 3,016,786 | ||||||
Seadrill Ltd. (Bermuda)*(b) | 400,917 | 1,323,026 | ||||||
Superior Energy Services, Inc.†(a) | 12,975 | 173,735 | ||||||
Targa Resources Corp.† | 171,295 | 5,114,869 | ||||||
Tesoro Corp.†(a) | 33,656 | 2,894,753 | ||||||
Tetra Technologies, Inc.* | 3,101 | 19,691 | ||||||
TransCanada Corp. (Canada)(b) | 73,350 | 2,883,388 | ||||||
Valero Energy Corp.† | 34,590 | 2,218,603 | ||||||
Weatherford International PLC (Ireland)†*(b) | 183,316 | 1,426,198 | ||||||
Western Refining, Inc.†(b) | 135,201 | 3,932,997 | ||||||
Williams Cos., Inc. (The)†(a) | 321,247 | 5,162,439 | ||||||
World Fuel Services Corp.(a)(b) | 15,913 | 773,054 | ||||||
|
| |||||||
47,876,242 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
76 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — 1.9% |
| |||||||
CVS Health Corp.†(a)(b) | 37,749 | $ | 3,915,704 | |||||
Fresh Market, Inc. (The)* | 8,591 | 245,101 | ||||||
Ingles Markets, Inc., Class A† | 21,044 | 789,150 | ||||||
SpartanNash Co.†(a)(b) | 37,403 | 1,133,685 | ||||||
United Natural Foods, Inc.†*(b) | 41,325 | 1,665,398 | ||||||
Wal-Mart Stores, Inc.† | 58,964 | 4,038,444 | ||||||
Weis Markets, Inc.†(b) | 4,763 | 214,621 | ||||||
Whole Foods Market, Inc.†(a) | 111,074 | 3,455,512 | ||||||
|
| |||||||
15,457,615 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 5.3% |
| |||||||
Altria Group, Inc.† | 18,831 | 1,179,950 | ||||||
Archer-Daniels-Midland Co.†(a) | 45,900 | 1,666,629 | ||||||
Boston Beer Co., Inc., Class A†* | 19,733 | 3,651,986 | ||||||
Bunge Ltd. (Bermuda)† | 32,012 | 1,814,120 | ||||||
Campbell Soup Co.(b) | 29,972 | 1,911,914 | ||||||
Coca-Cola Enterprises, Inc.† | 81,481 | 4,134,346 | ||||||
Cott Corp. (Canada)†(a)(b) | 146,078 | 2,029,023 | ||||||
Dr Pepper Snapple Group, Inc.† | 16,984 | 1,518,709 | ||||||
Fresh Del Monte Produce, Inc. (Cayman Islands)(a) | 12,385 | 521,037 | ||||||
General Mills, Inc.† | 19,966 | 1,264,846 | ||||||
Hershey Co. (The)†(b) | 55,304 | 5,092,945 | ||||||
Hormel Foods Corp.†(b) | 7,089 | 306,528 | ||||||
Ingredion, Inc.†(b) | 10,139 | 1,082,744 | ||||||
JM Smucker Co. (The)†(a) | 34,537 | 4,484,284 | ||||||
John B Sanfilippo & Son, Inc.† | 12,668 | 875,232 | ||||||
Lancaster Colony Corp.†(a) | 6,495 | 718,152 | ||||||
McCormick & Co., Inc., non-voting shares† | 7,870 | 782,908 | ||||||
Mondelez International, Inc., | 20,764 | 833,052 | ||||||
Omega Protein Corp.* | 2,255 | 38,200 | ||||||
Philip Morris International, Inc.† | 5,427 | 532,443 | ||||||
Pilgrim’s Pride Corp.†* | 60,117 | 1,526,972 | ||||||
TreeHouse Foods, Inc.*(b) | 778 | 67,492 | ||||||
Tyson Foods, Inc., Class A†(a) | 105,276 | 7,017,698 | ||||||
Universal Corp.†(b) | 14,521 | 824,938 | ||||||
|
| |||||||
43,876,148 | ||||||||
|
| |||||||
Health Care Equipment & Services — 11.1% |
| |||||||
Abbott Laboratories†(a) | 117,164 | 4,900,970 | ||||||
Amedisys, Inc.†* | 50,005 | 2,417,242 | ||||||
Amsurg Corp.†* | 22,327 | 1,665,594 | ||||||
Analogic Corp.†(a)(b) | 7,708 | 609,009 | ||||||
Anika Therapeutics, Inc.†* | 27,894 | 1,247,420 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Baxter International, Inc.† | 181,816 | $ | 7,469,001 | |||||
Brookdale Senior Living, Inc.†*(a)(b) | 194,031 | 3,081,212 | ||||||
Cardinal Health, Inc.† | 16,774 | 1,374,629 | ||||||
Chemed Corp.† | 12,556 | 1,700,710 | ||||||
Computer Programs & Systems, Inc.†(b) | 1,688 | 87,979 | ||||||
CR Bard, Inc.†(a) | 22,558 | 4,571,830 | ||||||
Cynosure, Inc., Class A†* | 6,864 | 302,840 | ||||||
DaVita HealthCare Partners, Inc.†* | 54,801 | 4,021,297 | ||||||
DENTSPLY SIRONA, Inc.†(a) | 62,411 | 3,846,390 | ||||||
Express Scripts Holding Co.†* | 121,010 | 8,312,177 | ||||||
Globus Medical, Inc., Class A*(b) | 27,351 | 649,586 | ||||||
Halyard Health, Inc.†*(b) | 29,446 | 845,984 | ||||||
HCA Holdings, Inc.†*(a) | 89,194 | 6,961,592 | ||||||
HMS Holdings Corp.†*(b) | 143,435 | 2,058,292 | ||||||
ICU Medical, Inc.†*(b) | 5,020 | 522,582 | ||||||
IMS Health Holdings, Inc.†* | 11,141 | 295,794 | ||||||
Inovalon Holdings, Inc., Class A*(b) | 24,258 | 449,258 | ||||||
Invacare Corp.(b) | 413 | 5,439 | ||||||
Kindred Healthcare, Inc.†(a) | 234,987 | 2,902,089 | ||||||
Laboratory Corp. of America Holdings†*(a) | 33,026 | 3,868,335 | ||||||
Masimo Corp.*(b) | 4,409 | 184,473 | ||||||
McKesson Corp.†(a) | 39,568 | 6,222,068 | ||||||
MEDNAX, Inc.†*(a)(b) | 51,862 | 3,351,322 | ||||||
Meridian Bioscience, Inc.†(a) | 45,217 | 931,922 | ||||||
National HealthCare Corp.†(a) | 3,543 | 220,729 | ||||||
Natus Medical, Inc.*(a) | 7,492 | 287,918 | ||||||
Quality Systems, Inc.† | 18,744 | 285,659 | ||||||
Quest Diagnostics, Inc.†(b) | 17,481 | 1,249,017 | ||||||
ResMed, Inc.† | 24,337 | 1,407,165 | ||||||
Stryker Corp.† | 19,913 | 2,136,466 | ||||||
Teleflex, Inc.†(b) | 5,805 | 911,443 | ||||||
Universal Health Services, Inc., Class B† | 34,547 | 4,308,702 | ||||||
Varian Medical Systems, Inc.†*(a)(b) | 39,050 | 3,124,781 | ||||||
VCA, Inc.†* | 171 | 9,865 | ||||||
Zimmer Biomet Holdings, Inc.†(a) | 31,189 | 3,325,683 | ||||||
|
| |||||||
92,124,464 | ||||||||
|
| |||||||
Household & Personal Products — 1.0% |
| |||||||
Avon Products, Inc.† | 124,730 | 599,951 | ||||||
Church & Dwight Co., Inc.†(a)(b) | 9,223 | 850,176 | ||||||
Edgewell Personal Care Co.† | 11,981 | 964,830 | ||||||
Energizer Holdings, Inc.†(a) | 80,983 | 3,280,621 |
The accompanying notes are an integral part of the financial statements.
77 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Procter & Gamble Co. (The)† | 23,669 | $ | 1,948,195 | |||||
Spectrum Brands Holdings, Inc.† | 3,731 | 407,724 | ||||||
|
| |||||||
8,051,497 | ||||||||
|
| |||||||
Materials — 5.8% | ||||||||
Agrium, Inc. (Canada)†(b) | 30,522 | 2,694,787 | ||||||
Axalta Coating Systems Ltd. (Bermuda)* | 41 | 1,197 | ||||||
Axiall Corp.†(b) | 65,410 | 1,428,554 | ||||||
Boise Cascade Co.†* | 17,911 | 371,116 | ||||||
Cabot Corp.† | 4,782 | 231,114 | ||||||
Celanese Corp., Class A†(a) | 50,307 | 3,295,108 | ||||||
Chemours Co. (The)† | 134,293 | 940,051 | ||||||
Chemtura Corp.†*(a) | 45,024 | 1,188,634 | ||||||
Crown Holdings, Inc.†* | 15,779 | 782,481 | ||||||
Domtar Corp.† | 17,184 | 695,952 | ||||||
El du Pont de Nemours & Co.† | 83,915 | 5,313,498 | ||||||
FMC Corp.(b) | 7,635 | 308,225 | ||||||
Graphic Packaging Holding Co.†(a) | 141,626 | 1,819,894 | ||||||
Greif, Inc., Class A† | 8,647 | 283,189 | ||||||
HB Fuller Co.†(a)(b) | 14,391 | 610,898 | ||||||
Headwaters, Inc.†*(a) | 44,908 | 890,975 | ||||||
Innophos Holdings, Inc.†(b) | 25,110 | 776,150 | ||||||
Innospec, Inc.†(a)(b) | 23,839 | 1,033,659 | ||||||
KapStone Paper and Packaging Corp.†(a)(b) | 58,146 | 805,322 | ||||||
Kraton Performance Polymers, | 508 | 8,788 | ||||||
Martin Marietta Materials, Inc.(b) | 16,511 | 2,633,670 | ||||||
Minerals Technologies, Inc.†(b) | 26,118 | 1,484,808 | ||||||
Monsanto Co.† | 59,082 | 5,183,855 | ||||||
Packaging Corp. of America†(a) | 65,467 | 3,954,207 | ||||||
PH Glatfelter Co.(b) | 4,849 | 100,520 | ||||||
PolyOne Corp.†(b) | 26,292 | 795,333 | ||||||
Praxair, Inc.†(a) | 37,683 | 4,312,819 | ||||||
Silgan Holdings, Inc.†(b) | 31,859 | 1,693,943 | ||||||
Stepan Co.†(a)(b) | 5,332 | 294,806 | ||||||
Trinseo SA*(b) | 5,343 | 196,676 | ||||||
Tronox Ltd., Class A (Australia)†(b) | 108,721 | 694,727 | ||||||
Westlake Chemical Corp.† | 25,131 | 1,163,565 | ||||||
WestRock Co.† | 43,734 | 1,706,938 | ||||||
|
| |||||||
47,695,459 | ||||||||
|
| |||||||
Media — 3.7% | ||||||||
AMC Networks, Inc., Class A*(b) | 1,431 | 92,929 | ||||||
Carmike Cinemas, Inc.†* | 11,301 | 339,482 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) |
| |||||||
CBS Corp., Class B, non-voting shares† | 24,407 | $ | 1,344,582 | |||||
Comcast Corp., Class A† | 5,646 | 344,858 | ||||||
Crown Media Holdings, Inc., | 228 | 1,158 | ||||||
Discovery Communications, Inc., Class A†*(b) | 140,531 | 4,023,403 | ||||||
DISH Network Corp., Class A†* | 17,569 | 812,742 | ||||||
Gannett Co., Inc.† | 60,118 | 910,187 | ||||||
Hemisphere Media Group, Inc.* | 43 | 566 | ||||||
Interpublic Group of Cos, Inc. | 189,017 | 4,337,940 | ||||||
Loral Space & Communications, Inc.†*(b) | 11,006 | 386,641 | ||||||
MSG Networks, Inc., Class A†* | 151,623 | 2,621,562 | ||||||
New Media Investment Group, | 12,268 | 204,140 | ||||||
New York Times Co. (The), | 81,974 | 1,021,396 | ||||||
News Corp., Class A†(a)(b) | 44,989 | 574,510 | ||||||
Nexstar Broadcasting Group, Inc., Class A†(b) | 18,949 | 838,872 | ||||||
Omnicom Group, Inc.† | 17,851 | 1,485,739 | ||||||
Regal Entertainment Group, | 75,503 | 1,596,133 | ||||||
Starz, Class A†* | 89,190 | 2,348,373 | ||||||
TEGNA, Inc.†(a)(b) | 157,545 | 3,696,006 | ||||||
Time Warner, Inc.† | 22,335 | 1,620,404 | ||||||
Time, Inc.†(b) | 10,970 | 169,377 | ||||||
Viacom, Inc., Class B† | 51,117 | 2,110,110 | ||||||
|
| |||||||
30,881,110 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 10.2% |
| |||||||
AbbVie, Inc.† | 76,544 | 4,372,193 | ||||||
Achillion Pharmaceuticals, Inc.†*(b) | 106,026 | 818,521 | ||||||
Acorda Therapeutics, Inc.†*(b) | 10,552 | 279,100 | ||||||
Aduro Biotech, Inc.* | 125 | 1,601 | ||||||
Alexion Pharmaceuticals, Inc.†* | 4,151 | 577,902 | ||||||
AMAG Pharmaceuticals, Inc.†*(b) | 15,850 | 370,890 | ||||||
Amgen, Inc.† | 32,728 | 4,906,909 | ||||||
Baxalta, Inc.†(a) | 57,903 | 2,339,281 | ||||||
Biogen, Inc.†*(a) | 26,220 | 6,825,590 | ||||||
Bio-Rad Laboratories, Inc., | 7,394 | 1,010,908 | ||||||
Bruker Corp.†(a) | 47,730 | 1,336,440 | ||||||
Celgene Corp.†* | 19,978 | 1,999,598 |
The accompanying notes are an integral part of the financial statements.
78 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life |
| |||||||
Charles River Laboratories International, Inc.†*(b) | 9,203 | $ | 698,876 | |||||
Emergent Biosolutions, Inc.†*(a)(b) | 80,699 | 2,933,409 | ||||||
Enanta Pharmaceuticals, Inc.†*(b) | 13,128 | 385,569 | ||||||
Five Prime Therapeutics, Inc.* | 15,639 | 635,413 | ||||||
Gilead Sciences, Inc.† | 80,465 | 7,391,515 | ||||||
Horizon Pharma PLC (Ireland)†*(b) | 113,771 | 1,885,185 | ||||||
Impax Laboratories, Inc.†*(a)(b) | 37,977 | 1,216,024 | ||||||
Incyte Corp., Ltd.†*(a)(b) | 12,202 | 884,279 | ||||||
Insys Therapeutics, Inc.*(b) | 142,036 | 2,271,156 | ||||||
Intrexon Corp.†* | 11,737 | 397,767 | ||||||
Jazz Pharmaceuticals PLC (Ireland)†*(a) | 22,440 | 2,929,542 | ||||||
Johnson & Johnson† | 28,492 | 3,082,834 | ||||||
Lexicon Pharmaceuticals, Inc.*(b) | 29,388 | 351,187 | ||||||
Ligand Pharmaceuticals, Inc.†*(b) | 8,779 | 940,143 | ||||||
Luminex Corp.†* | 7,989 | 154,987 | ||||||
Mallinckrodt PLC (Ireland)†*(a) | 57,606 | 3,530,096 | ||||||
Medivation, Inc.†* | 50,895 | 2,340,152 | ||||||
Merck & Co, Inc.† | 124,313 | 6,577,401 | ||||||
MiMedx Group, Inc.* | 670 | 5,856 | ||||||
Mylan NV†*(b) | 92,966 | 4,308,974 | ||||||
Myriad Genetics, Inc.†*(b) | 47,298 | 1,770,364 | ||||||
PDL BioPharma, Inc.†(a)(b) | 602,192 | 2,005,299 | ||||||
Pfizer, Inc.† | 163,978 | 4,860,308 | ||||||
Phibro Animal Health Corp., Class A | 11 | 297 | ||||||
PRA Health Sciences, Inc.†*(b) | 6,740 | 288,202 | ||||||
Prestige Brands Holdings, Inc.†*(a) | 8,710 | 465,027 | ||||||
Quintiles Transnational Holdings, Inc.†* | 33,810 | 2,201,031 | ||||||
Regeneron Pharmaceuticals, Inc.†* | 883 | 318,269 | ||||||
Repligen Corp.†*(b) | 13,856 | 371,618 | ||||||
Sucampo Pharmaceuticals, Inc., Class A†* | 11,795 | 128,919 | ||||||
United Therapeutics Corp.†* | 36,009 | 4,012,483 | ||||||
Waters Corp.†* | 1,822 | 240,358 | ||||||
Zoetis, Inc.† | 6,922 | 306,852 | ||||||
|
| |||||||
84,728,325 | ||||||||
|
| |||||||
Retailing — 7.3% | ||||||||
1-800-Flowers.com, Inc., | 14,052 | 110,730 | ||||||
Aaron’s, Inc.† | 68 | 1,707 | ||||||
Abercrombie & Fitch Co., | 106,594 | 3,361,975 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Advance Auto Parts, Inc.†(a) | 18,251 | $ | 2,926,365 | |||||
American Eagle Outfitters, Inc.†(b) | 145,091 | 2,418,667 | ||||||
AutoNation, Inc.*(a)(b) | 30,509 | 1,424,160 | ||||||
AutoZone, Inc.†* | 3,384 | 2,695,999 | ||||||
Barnes & Noble Education, Inc.*(b) | 3,611 | 35,388 | ||||||
Barnes & Noble, Inc. | 31,487 | 389,179 | ||||||
Bed Bath & Beyond, Inc.†*(a)(b) | 37,587 | 1,865,819 | ||||||
Best Buy Co., Inc.(a)(b) | 25,864 | 839,028 | ||||||
Big Lots, Inc. | 5,798 | 262,591 | ||||||
Buckle, Inc. (The)†(b) | 57,199 | 1,937,330 | ||||||
Caleres, Inc.† | 6 | 170 | ||||||
Cato Corp. (The), Class A† | 5,953 | 229,488 | ||||||
Children’s Place, Inc. (The)† | 25,478 | 2,126,649 | ||||||
Dick’s Sporting Goods, Inc.†(a) | 7,879 | 368,343 | ||||||
Dillard’s, Inc., Class A(b) | 6,178 | 524,574 | ||||||
Dollar General Corp.(b) | 5,829 | 498,962 | ||||||
Express, Inc.* | 2,880 | 61,661 | ||||||
Fred’s, Inc., Class A(b) | 9,168 | 136,695 | ||||||
GameStop Corp., Class A | 6,224 | 197,488 | ||||||
Gap, Inc. (The)†(b) | 30,782 | 904,991 | ||||||
Genuine Parts Co.† | 39,043 | 3,879,312 | ||||||
GNC Holdings, Inc., Class A† | 26,645 | 845,979 | ||||||
Guess?, Inc.†(b) | 41,523 | 779,387 | ||||||
HSN, Inc.†(b) | 4,844 | 253,390 | ||||||
Kohl’s Corp.†(b) | 14,572 | 679,201 | ||||||
Krispy Kreme Doughnuts, Inc.*(b) | 2,689 | 41,922 | ||||||
L Brands, Inc.†(a)(b) | 22,404 | 1,967,295 | ||||||
Lands’ End, Inc.*(b) | 3,359 | 85,688 | ||||||
Lowe’s Cos., Inc.† | 14,372 | 1,088,679 | ||||||
Macy’s, Inc.† | 24,043 | 1,060,056 | ||||||
Mattress Firm Holding Corp.*(b) | 8,319 | 352,642 | ||||||
Michaels Cos., Inc. (The)*(b) | 3,613 | 101,056 | ||||||
Murphy USA, Inc.*(b) | 3,706 | 227,734 | ||||||
Nordstrom, Inc. | 16,001 | 915,417 | ||||||
Nutrisystem, Inc.† | 3,918 | 81,769 | ||||||
Office Depot, Inc.†* | 700,835 | 4,975,928 | ||||||
Outerwall, Inc.(b) | 87,653 | 3,242,284 | ||||||
Pool Corp.† | 2,652 | 232,686 | ||||||
Priceline Group, Inc. (The)†* | 2,381 | 3,069,014 | ||||||
Shutterfly, Inc.* | 3,459 | 160,394 | ||||||
Staples, Inc.† | 210,721 | 2,324,253 | ||||||
Target Corp.† | 33,864 | 2,786,330 | ||||||
Tiffany & Co.† | 9,836 | 721,766 | ||||||
TJX Cos, Inc. (The)†(a) | 10,645 | 834,036 |
The accompanying notes are an integral part of the financial statements.
79 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Urban Outfitters, Inc.†* | 114,791 | $ | 3,798,434 | |||||
Vitamin Shoppe, Inc.†* | 31,516 | 975,735 | ||||||
Williams-Sonoma, Inc.† | 30,799 | 1,685,937 | ||||||
|
| |||||||
60,484,283 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.5% |
| |||||||
Advanced Energy Industries, Inc.†* | 55,506 | 1,931,054 | ||||||
Ambarella, Inc. (Cayman | 29,387 | 1,313,599 | ||||||
Analog Devices, Inc.† | 24,407 | 1,444,650 | ||||||
Applied Materials, Inc.† | 48,814 | 1,033,881 | ||||||
First Solar, Inc.†* | 9,773 | 669,157 | ||||||
Integrated Device Technology, Inc.†* | 29,019 | 593,148 | ||||||
Intel Corp.† | 240,785 | 7,789,395 | ||||||
KLA-Tencor Corp.† | 7,286 | 530,494 | ||||||
Lam Research Corp.†(b) | 13,844 | 1,143,514 | ||||||
Linear Technology Corp.† | 26,964 | 1,201,516 | ||||||
MKS Instruments, Inc.†(a)(b) | 62,740 | 2,362,161 | ||||||
NVIDIA Corp.†(a)(b) | 161,674 | 5,760,445 | ||||||
Photronics, Inc.†*(b) | 117,587 | 1,224,081 | ||||||
Qorvo, Inc.†*(b) | 19,126 | 964,142 | ||||||
QUALCOMM, Inc.†(a) | 115,868 | 5,925,490 | ||||||
Rambus, Inc.†*(a) | 15,913 | 218,804 | ||||||
Skyworks Solutions, Inc.†*(b) | 14,572 | 1,135,159 | ||||||
Teradyne, Inc.† | 52,112 | 1,125,098 | ||||||
Tessera Technologies, Inc.† | 50,345 | 1,560,695 | ||||||
Texas Instruments, Inc.†(a) | 119,413 | 6,856,694 | ||||||
Xilinx, Inc.†(a)(b) | 22,669 | 1,075,191 | ||||||
|
| |||||||
45,858,368 | ||||||||
|
| |||||||
Software & Services — 11.3% | ||||||||
Accenture PLC, Class A (Ireland)† | 7,467 | 861,692 | ||||||
ACI Worldwide, Inc.†*(b) | 21,709 | 451,330 | ||||||
Activision Blizzard, Inc.† | 2,503 | 84,702 | ||||||
ANSYS, Inc.†*(b) | 12,668 | 1,133,279 | ||||||
Aspen Technology, Inc.†*(b) | 115,655 | 4,178,615 | ||||||
AVG Technologies NV (Netherlands)* | 13,328 | 276,556 | ||||||
Bankrate, Inc.†* | 53,317 | 488,917 | ||||||
CA, Inc.†(a) | 126,527 | 3,895,766 | ||||||
CACI International, Inc., Class A†* | 449 | 47,908 | ||||||
Cadence Design Systems, Inc.†* | 55,439 | 1,307,252 | ||||||
Cardtronics, Inc.*(b) | 4,422 | 159,148 | ||||||
CGI Group, Inc., Class A | 21,427 | 1,023,782 | ||||||
Cimpress NV (Netherlands)* | 15,364 | 1,393,361 | ||||||
Citrix Systems, Inc.†*(a) | 53,628 | 4,214,088 | ||||||
Computer Sciences Corp.†(b) | 144,481 | 4,968,702 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Convergys Corp.(b) | 3,260 | $ | 90,530 | |||||
CSG Systems International, | 54,807 | 2,475,084 | ||||||
DST Systems, Inc.†(a) | 17,976 | 2,027,154 | ||||||
EarthLink Holdings Corp.†(a) | 195,255 | 1,107,096 | ||||||
eBay, Inc.†*(a) | 309,792 | 7,391,637 | ||||||
Epiq Systems, Inc. | 219 | 3,289 | ||||||
GTT Communications, Inc.*(b) | 1,721 | 28,465 | ||||||
IAC/InterActiveCorp.†(a) | 66,684 | 3,139,483 | ||||||
International Business Machines Corp.† | 27,599 | 4,179,869 | ||||||
j2 Global, Inc.†(a)(b) | 24,994 | 1,539,131 | ||||||
Manhattan Associates, Inc.†* | 6,467 | 367,778 | ||||||
ManTech International Corp., | 10,756 | 344,084 | ||||||
Mentor Graphics Corp.†(a)(b) | 120,578 | 2,451,351 | ||||||
Microsoft Corp.† | 9,290 | 513,087 | ||||||
MicroStrategy, Inc., Class A†*(a) | 23,826 | 4,282,009 | ||||||
Monotype Imaging Holdings, Inc.† | 10,610 | 253,791 | ||||||
NIC, Inc.†(a)(b) | 40,147 | 723,850 | ||||||
Open Text Corp. (Canada)†(a) | 16,042 | 830,976 | ||||||
Oracle Corp.† | 59,784 | 2,445,763 | ||||||
Pegasystems, Inc.(b) | 7,118 | 180,655 | ||||||
Progress Software Corp.†*(a)(b) | 7,165 | 172,820 | ||||||
PTC, Inc.†* | 1,299 | 43,075 | ||||||
Rackspace Hosting, Inc.†*(a) | 84,047 | 1,814,575 | ||||||
Shutterstock, Inc.*(b) | 4,421 | 162,383 | ||||||
Stamps.com, Inc.†* | 2,818 | 299,497 | ||||||
Sykes Enterprises, Inc.†*(b) | 30,059 | 907,181 | ||||||
Symantec Corp.†(a) | 191,812 | 3,525,505 | ||||||
Synchronoss Technologies, | 1,384 | 44,759 | ||||||
Take-Two Interactive Software, Inc.†*(b) | 22,240 | 837,781 | ||||||
TeleTech Holdings, Inc.† | 10,927 | 303,334 | ||||||
Teradata Corp.†*(b) | 130,630 | 3,427,731 | ||||||
TiVo, Inc.†* | 188,335 | 1,791,066 | ||||||
Total System Services, Inc.† | 6,375 | 303,322 | ||||||
VASCO Data Security International, Inc.†* | 75,013 | 1,155,200 | ||||||
Verint Systems, Inc.* | 39 | 1,302 | ||||||
VeriSign, Inc.†*(b) | 26,004 | 2,302,394 | ||||||
Visa, Inc., Class A† | 3,279 | 250,778 | ||||||
VMware, Inc., Class A†*(b) | 86,142 | 4,506,088 | ||||||
Web.com Group, Inc.†*(a)(b) | 74,889 | 1,484,300 | ||||||
WebMD Health Corp.†* | 8,457 | 529,662 |
The accompanying notes are an integral part of the financial statements.
80 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Western Union Co. (The)†(a)(b) | 264,171 | $ | 5,095,859 | |||||
Xerox Corp.†(a)(b) | 522,739 | 5,833,767 | ||||||
|
| |||||||
93,652,559 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 9.7% |
| |||||||
Amphenol Corp., Class A† | 15,301 | 884,704 | ||||||
Apple, Inc.† | 63,611 | 6,932,963 | ||||||
Arris International PLC (United Kingdom)†* | 64,977 | 1,489,273 | ||||||
Arrow Electronics, Inc.†* | 10,503 | 676,498 | ||||||
AVX Corp.†(a)(b) | 59,303 | 745,439 | ||||||
Belden, Inc.†(a)(b) | 13,012 | 798,677 | ||||||
Benchmark Electronics, Inc.†*(a)(b) | 77,697 | 1,790,916 | ||||||
Brocade Communications Systems, Inc.† | 537,195 | 5,683,523 | ||||||
Celestica, Inc. (Canada)* | 133 | 1,460 | ||||||
Cisco Systems, Inc.† | 182,514 | 5,196,174 | ||||||
Cognex Corp.†(b) | 2,014 | 78,445 | ||||||
Coherent, Inc.†*(b) | 12,264 | 1,127,062 | ||||||
Corning, Inc.†(a) | 87,247 | 1,822,590 | ||||||
Cray, Inc.†*(a)(b) | 40,234 | 1,686,207 | ||||||
EMC Corp.† | 46,811 | 1,247,513 | ||||||
F5 Networks, Inc.†*(a)(b) | 5,465 | 578,470 | ||||||
FARO Technologies, Inc.*(b) | 2,855 | 91,960 | ||||||
Fitbit, Inc., Class A*(b) | 158,320 | 2,398,548 | ||||||
FLIR Systems, Inc.†(b) | 10,382 | 342,087 | ||||||
Harris Corp.† | 9,692 | 754,619 | ||||||
Hewlett Packard Enterprise Co.† | 116,208 | 2,060,368 | ||||||
HP, Inc.† | 135,516 | 1,669,557 | ||||||
II-VI, Inc.†*(a) | 17,435 | 378,514 | ||||||
Ingram Micro, Inc., Class A† | 202,833 | 7,283,733 | ||||||
Insight Enterprises, Inc.*(b) | 6,436 | 184,327 | ||||||
InterDigital, Inc.† | 64,086 | 3,566,386 | ||||||
InvenSense, Inc.†* | 335,568 | 2,818,771 | ||||||
Ixia†* | 1,761 | 21,942 | ||||||
Juniper Networks, Inc.† | 40,907 | 1,043,538 | ||||||
Methode Electronics, Inc.† | 19,712 | 576,379 | ||||||
Motorola Solutions, Inc.† | 42,680 | 3,230,876 | ||||||
MTS Systems Corp.† | 8,497 | 517,042 | ||||||
Multi-Fineline Electronix, Inc.†* | 15,064 | 349,635 | ||||||
NCR Corp.†*(a)(b) | 22,025 | 659,208 | ||||||
NetApp, Inc.†(b) | 35,508 | 969,013 | ||||||
NETGEAR, Inc.†*(a) | 78,015 | 3,149,466 | ||||||
Plantronics, Inc.† | 28,357 | 1,111,311 | ||||||
Polycom, Inc.†* | 119,136 | 1,328,366 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Seagate Technology PLC | 43,172 | $ | 1,487,275 | |||||
SYNNEX Corp.† | 20,884 | 1,933,650 | ||||||
TE Connectivity Ltd. (Switzerland)† | 29,325 | 1,815,804 | ||||||
Tech Data Corp.†* | 3,669 | 281,669 | ||||||
TTM Technologies, Inc.†*(b) | 28,430 | 189,060 | ||||||
Ubiquiti Networks, Inc.†*(b) | 67,153 | 2,234,180 | ||||||
Viavi Solutions, Inc.†*(b) | 36,531 | 250,603 | ||||||
Vishay Intertechnology, Inc.(b) | 35,357 | 431,709 | ||||||
Western Digital Corp.† | 138,273 | 6,532,017 | ||||||
|
| |||||||
80,401,527 | ||||||||
|
| |||||||
Telecommunication Services — 2.5% |
| |||||||
BCE, Inc. (Canada)† | 36,050 | 1,641,717 | ||||||
CenturyLink, Inc.†(a)(b) | 175,250 | 5,600,990 | ||||||
Cogent Communications Holdings, Inc.(b) | 2,370 | 92,501 | ||||||
Frontier Communications Corp.†(b) | 90,161 | 504,000 | ||||||
General Communication, Inc., Class A*(a) | 27,257 | 499,348 | ||||||
Inteliquent, Inc.†(a) | 9,675 | 155,284 | ||||||
Level 3 Communications, Inc.†* | 98,828 | 5,223,060 | ||||||
Rogers Communications, Inc., Class B (Canada)† | 12,158 | 486,563 | ||||||
Shenandoah Telecommunications Co.†(a)(b) | 39,363 | 1,052,960 | ||||||
Verizon Communications, Inc.† | 99,286 | 5,369,387 | ||||||
Vonage Holdings Corp.†*(a)(b) | 82,432 | 376,714 | ||||||
|
| |||||||
21,002,524 | ||||||||
|
| |||||||
Transportation — 4.8% | ||||||||
CH Robinson Worldwide, Inc.†(a) | 76,786 | 5,699,825 | ||||||
CSX Corp. | 1,275 | 32,831 | ||||||
Delta Air Lines, Inc.† | 97,189 | 4,731,161 | ||||||
Expeditors International of Washington, Inc.†(a) | 98,746 | 4,819,792 | ||||||
Hawaiian Holdings, Inc.†* | 12,534 | 591,479 | ||||||
Heartland Express, Inc.†(b) | 75,102 | 1,393,142 | ||||||
Hub Group, Inc., Class A*(a)(b) | 27,543 | 1,123,479 | ||||||
Landstar System, Inc.† | 64,749 | 4,183,433 | ||||||
Saia, Inc.†*(b) | 24,753 | 696,797 | ||||||
Southwest Airlines Co.† | 50,089 | 2,243,987 | ||||||
Swift Transportation Co.†*(b) | 192,763 | 3,591,175 | ||||||
Union Pacific Corp.† | 73,059 | 5,811,843 | ||||||
United Continental Holdings, Inc.†* | 70,658 | 4,229,588 |
The accompanying notes are an integral part of the financial statements.
81 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Wesco Aircraft Holdings, Inc.†* | 17,659 | $ | 254,113 | |||||
|
| |||||||
39,402,645 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 991,350,769 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 119.6% |
| 991,350,769 | ||||||
|
| |||||||
(Cost $917,261,173) | ||||||||
SHORT POSITIONS — (94.6)% |
| |||||||
COMMON STOCKS — (94.6)% |
| |||||||
Automobiles & Components — (1.3)% |
| |||||||
BorgWarner, Inc. | (80,844 | ) | (3,104,409 | ) | ||||
Delphi Automotive PLC (Jersey) | (13,486 | ) | (1,011,719 | ) | ||||
Drew Industries, Inc. | (30,212 | ) | (1,947,465 | ) | ||||
Federal-Mogul Holdings Corp.* | (50,162 | ) | (495,600 | ) | ||||
Fox Factory Holding Corp.* | (4,032 | ) | (63,746 | ) | ||||
Gentex Corp. | (64,709 | ) | (1,015,284 | ) | ||||
Gentherm, Inc.* | (16,275 | ) | (676,877 | ) | ||||
Goodyear Tire & Rubber Co. (The) | (9,717 | ) | (320,467 | ) | ||||
Johnson Controls, Inc. | (3,227 | ) | (125,756 | ) | ||||
Tesla Motors, Inc.* | (10,576 | ) | (2,430,048 | ) | ||||
|
| |||||||
(11,191,371 | ) | |||||||
|
| |||||||
Capital Goods — (12.1)% | ||||||||
AAON, Inc. | (29,205 | ) | (817,740 | ) | ||||
AAR Corp. | (23,072 | ) | (536,885 | ) | ||||
Acuity Brands, Inc. | (16,615 | ) | (3,624,396 | ) | ||||
AECOM* | (5,472 | ) | (168,483 | ) | ||||
Aerovironment, Inc.* | (26,842 | ) | (760,165 | ) | ||||
Allegion PLC (Ireland) | (9,074 | ) | (578,105 | ) | ||||
Allison Transmission Holdings, Inc. | (18,740 | ) | (505,604 | ) | ||||
Armstrong World Industries, Inc.* | (18,512 | ) | (895,425 | ) | ||||
Astec Industries, Inc. | (23,538 | ) | (1,098,518 | ) | ||||
AZZ, Inc. | (3,544 | ) | (200,590 | ) | ||||
B/E Aerospace, Inc. | (16,232 | ) | (748,620 | ) | ||||
Barnes Group, Inc. | (5,406 | ) | (189,372 | ) | ||||
Beacon Roofing Supply, Inc.* | (51,371 | ) | (2,106,725 | ) | ||||
Briggs & Stratton Corp. | (100,087 | ) | (2,394,081 | ) | ||||
Builders FirstSource, Inc.* | (340,010 | ) | (3,831,913 | ) | ||||
CLARCOR, Inc. | (723 | ) | (41,782 | ) | ||||
Cubic Corp. | (26,282 | ) | (1,050,229 | ) | ||||
Danaher Corp. | (55,624 | ) | (5,276,493 | ) | ||||
Donaldson Co., Inc. | (95,367 | ) | (3,043,161 | ) | ||||
Dycom Industries, Inc.* | (63,292 | ) | (4,093,094 | ) | ||||
EnerSys | (314 | ) | (17,496 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
EnPro Industries, Inc. | (19,225 | ) | $ | (1,108,898 | ) | |||
Fastenal Co. | (46,386 | ) | (2,272,914 | ) | ||||
Fortune Brands Home & Security, Inc. | (5,176 | ) | (290,063 | ) | ||||
Generac Holdings, Inc.* | (22,240 | ) | (828,218 | ) | ||||
General Dynamics Corp. | (27,935 | ) | (3,669,821 | ) | ||||
Gorman-Rupp Co. (The) | (1,048 | ) | (27,175 | ) | ||||
Graco, Inc. | (21,294 | ) | (1,787,844 | ) | ||||
Granite Construction, Inc. | (45,959 | ) | (2,196,840 | ) | ||||
Griffon Corp. | (24,336 | ) | (375,991 | ) | ||||
HEICO Corp. | (26,716 | ) | (1,606,433 | ) | ||||
Hillenbrand, Inc. | (20,539 | ) | (615,143 | ) | ||||
ITT Corp. | (48,173 | ) | (1,777,102 | ) | ||||
Jacobs Engineering Group, Inc.* | (16,250 | ) | (707,688 | ) | ||||
John Bean Technologies Corp. | (29,234 | ) | (1,649,090 | ) | ||||
Kaman Corp. | (5,294 | ) | (226,001 | ) | ||||
Lindsay Corp. | (406 | ) | (29,074 | ) | ||||
Lockheed Martin Corp. | (26,001 | ) | (5,759,222 | ) | ||||
Manitowoc Foodservice, Inc.* | (1,890 | ) | (27,859 | ) | ||||
Masonite International Corp. (Canada)* | (7,222 | ) | (473,041 | ) | ||||
Meritor, Inc.* | (139,186 | ) | (1,121,839 | ) | ||||
Middleby Corp. (The)* | (44,149 | ) | (4,713,789 | ) | ||||
Milacron Holdings Corp.* | (44,446 | ) | (732,915 | ) | ||||
Mueller Water Products, Inc., Class A | (13,525 | ) | (133,627 | ) | ||||
Navistar International Corp.* | (84,840 | ) | (1,062,197 | ) | ||||
Nordson Corp. | (23,918 | ) | (1,818,725 | ) | ||||
Northrop Grumman Corp. | (6,662 | ) | (1,318,410 | ) | ||||
Oshkosh Corp. | (2,550 | ) | (104,218 | ) | ||||
Patrick Industries, Inc.* | (8,488 | ) | (385,270 | ) | ||||
PGT, Inc.* | (3,712 | ) | (36,526 | ) | ||||
Primoris Services Corp. | (40,132 | ) | (975,208 | ) | ||||
Proto Labs, Inc.* | (38,964 | ) | (3,003,735 | ) | ||||
Quanex Building Products Corp. | (22,722 | ) | (394,454 | ) | ||||
Raven Industries, Inc. | (2,487 | ) | (39,842 | ) | ||||
RBC Bearings, Inc.* | (30,591 | ) | (2,241,097 | ) | ||||
Rockwell Collins, Inc. | (54,714 | ) | (5,045,178 | ) | ||||
Roper Technologies, Inc. | (302 | ) | (55,197 | ) | ||||
Rush Enterprises, Inc., Class A* | (54,390 | ) | (992,074 | ) | ||||
Sensata Technologies Holding NV (Netherlands)* | (78,445 | ) | (3,046,804 | ) | ||||
Sunrun, Inc.* | (203,781 | ) | (1,320,501 | ) | ||||
TASER International, Inc.* | (36,897 | ) | (724,288 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda) | (2 | ) | (30 | ) |
The accompanying notes are an integral part of the financial statements.
82 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Toro Co. (The) | (22,321 | ) | $ | (1,922,285 | ) | |||
TransDigm Group, Inc.* | (9,196 | ) | (2,026,247 | ) | ||||
TriMas Corp.* | (25,368 | ) | (444,447 | ) | ||||
Tutor Perini Corp.* | (71,830 | ) | (1,116,238 | ) | ||||
Veritiv Corp.* | (636 | ) | (23,697 | ) | ||||
WABCO Holdings, Inc.* | (29,677 | ) | (3,173,065 | ) | ||||
Woodward, Inc. | (91,978 | ) | (4,784,696 | ) | ||||
|
| |||||||
(100,163,893 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (4.3)% |
| |||||||
ADT Corp. (The) | (72,847 | ) | (3,005,667 | ) | ||||
Advisory Board Co. (The)* | (44,754 | ) | (1,443,316 | ) | ||||
Copart, Inc.* | (28,096 | ) | (1,145,474 | ) | ||||
Covanta Holding Corp. | (198,800 | ) | (3,351,768 | ) | ||||
Equifax, Inc. | (15,309 | ) | (1,749,666 | ) | ||||
Essendant, Inc. | (7,375 | ) | (235,484 | ) | ||||
Healthcare Services Group, Inc. | (46,790 | ) | (1,722,340 | ) | ||||
IHS, Inc., Class A* | (19,167 | ) | (2,379,775 | ) | ||||
Insperity, Inc. | (6,632 | ) | (343,073 | ) | ||||
Knoll, Inc. | (8,118 | ) | (175,755 | ) | ||||
Matthews International Corp., Class A | (9,102 | ) | (468,480 | ) | ||||
Mistras Group, Inc.* | (2,471 | ) | (61,207 | ) | ||||
MSA Safety, Inc. | (9,393 | ) | (454,152 | ) | ||||
Multi-Color Corp. | (13,552 | ) | (722,999 | ) | ||||
On Assignment, Inc.* | (21,866 | ) | (807,293 | ) | ||||
Pitney Bowes, Inc. | (1,412 | ) | (30,414 | ) | ||||
Rollins, Inc. | (12,667 | ) | (343,529 | ) | ||||
Stantec, Inc. (Canada) | (644 | ) | (16,332 | ) | ||||
Stericycle, Inc.* | (33,270 | ) | (4,198,341 | ) | ||||
Team, Inc.* | (8,507 | ) | (258,443 | ) | ||||
Transunion* | (55,994 | ) | (1,545,994 | ) | ||||
TriNet Group, Inc.* | (66,512 | ) | (954,447 | ) | ||||
TrueBlue, Inc.* | (31,973 | ) | (836,094 | ) | ||||
Verisk Analytics, Inc.* | (47,318 | ) | (3,781,655 | ) | ||||
Viad Corp. | (573 | ) | (16,709 | ) | ||||
WageWorks, Inc.* | (47,335 | ) | (2,395,624 | ) | ||||
Waste Connections, Inc. | (45,767 | ) | (2,956,091 | ) | ||||
|
| |||||||
(35,400,122 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (4.6)% |
| |||||||
CalAtlantic Group, Inc. | (159,066 | ) | (5,315,986 | ) | ||||
Coach, Inc. | (42,422 | ) | (1,700,698 | ) | ||||
Columbia Sportswear Co. | (14,792 | ) | (888,851 | ) | ||||
Crocs, Inc.* | (60,512 | ) | (582,125 | ) | ||||
G-III Apparel Group Ltd.* | (60,706 | ) | (2,967,916 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Gildan Activewear, Inc. (Canada) | (542 | ) | $ | (16,536 | ) | |||
GoPro, Inc., Class A* | (35,413 | ) | (423,539 | ) | ||||
Helen Of Troy Ltd.* | (24,057 | ) | (2,494,470 | ) | ||||
Installed Building Products, Inc.* | (3,522 | ) | (93,720 | ) | ||||
iRobot Corp.* | (20,537 | ) | (724,956 | ) | ||||
Jarden Corp.* | (47,105 | ) | (2,776,840 | ) | ||||
Leggett & Platt, Inc. | (1,610 | ) | (77,924 | ) | ||||
Lululemon Athletica, Inc.* | (77,628 | ) | (5,256,192 | ) | ||||
Mohawk Industries, Inc.* | (21,878 | ) | (4,176,510 | ) | ||||
Nautilus, Inc.* | (25,353 | ) | (489,820 | ) | ||||
NIKE, Inc., Class B | (26,617 | ) | (1,636,147 | ) | ||||
Oxford Industries, Inc. | (6,983 | ) | (469,467 | ) | ||||
PulteGroup, Inc. | (18,004 | ) | (336,855 | ) | ||||
Sturm Ruger & Co., Inc. | (5,036 | ) | (344,362 | ) | ||||
Under Armour, Inc., Class A* | (55,544 | ) | (4,711,798 | ) | ||||
Vista Outdoor, Inc.* | (50,816 | ) | (2,637,859 | ) | ||||
William Lyon Homes, Class A* | (697 | ) | (10,100 | ) | ||||
|
| |||||||
(38,132,671 | ) | |||||||
|
| |||||||
Consumer Services — (5.0)% | ||||||||
2U, Inc.* | (131,022 | ) | (2,961,097 | ) | ||||
Belmond Ltd., Class A (Bermuda)* | (10,127 | ) | (96,105 | ) | ||||
Bright Horizons Family Solutions, Inc.* | (17,084 | ) | (1,106,702 | ) | ||||
Buffalo Wild Wings, Inc.* | (22,425 | ) | (3,321,591 | ) | ||||
Cheesecake Factory, Inc. (The) | (11,535 | ) | (612,393 | ) | ||||
Chipotle Mexican Grill, Inc.* | (1,213 | ) | (571,287 | ) | ||||
Chuy’s Holdings, Inc.* | (5,867 | ) | (182,288 | ) | ||||
ClubCorp Holdings, Inc. | (22,984 | ) | (322,695 | ) | ||||
Dave & Buster’s Entertainment, Inc.* | (51,372 | ) | (1,992,206 | ) | ||||
Denny’s Corp.* | (7,345 | ) | (76,094 | ) | ||||
Fiesta Restaurant Group, Inc.* | (78,423 | ) | (2,570,706 | ) | ||||
Grand Canyon Education, Inc.* | (61,059 | ) | (2,609,662 | ) | ||||
Habit Restaurants, Inc. (The), Class A* | (12,948 | ) | (241,221 | ) | ||||
Houghton Mifflin Harcourt Co.* | (77,944 | ) | (1,554,203 | ) | ||||
Hyatt Hotels Corp., Class A* | (15,336 | ) | (758,979 | ) | ||||
International Speedway Corp., Class A | (26,502 | ) | (978,189 | ) | ||||
LifeLock, Inc.* | (68,222 | ) | (823,440 | ) | ||||
MGM Resorts International* | (53,802 | ) | (1,153,515 | ) | ||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | (98,825 | ) | (5,464,034 | ) | ||||
Planet Fitness, Inc., Class A* | (7,274 | ) | (118,130 | ) | ||||
Red Robin Gourmet Burgers, Inc.* | (50,597 | ) | (3,261,989 | ) |
The accompanying notes are an integral part of the financial statements.
83 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Regis Corp.* | (2,655 | ) | $ | (40,329 | ) | |||
Starbucks Corp. | (3,323 | ) | (198,383 | ) | ||||
Texas Roadhouse, Inc. | (87,627 | ) | (3,818,785 | ) | ||||
Vail Resorts, Inc. | (12,739 | ) | (1,703,204 | ) | ||||
Wingstop, Inc.* | (5,885 | ) | (133,472 | ) | ||||
Wynn Resorts Ltd. | (48,552 | ) | (4,536,213 | ) | ||||
|
| |||||||
(41,206,912 | ) | |||||||
|
| |||||||
Energy — (5.7)% | ||||||||
Alon USA Energy, Inc. | (1,997 | ) | (20,609 | ) | ||||
Bristow Group, Inc. | (74,814 | ) | (1,415,481 | ) | ||||
Cameco Corp. (Canada) | (35,267 | ) | (452,828 | ) | ||||
Cenovus Energy, Inc. (Canada) | (27,093 | ) | (352,209 | ) | ||||
Cheniere Energy, Inc.* | (113,146 | ) | (3,827,729 | ) | ||||
Chevron Corp. | (61,262 | ) | (5,844,395 | ) | ||||
Core Laboratories NV | (32,918 | ) | (3,700,312 | ) | ||||
Delek US Holdings, Inc. | (35,428 | ) | (539,923 | ) | ||||
Dorian LPG Ltd. (Maldives)* | (54,057 | ) | (508,136 | ) | ||||
Ensco PLC, Class A (United Kingdom) | (125,058 | ) | (1,296,851 | ) | ||||
Gener8 Maritime, Inc. (Maldives)* | (13,299 | ) | (93,891 | ) | ||||
Green Plains, Inc. | (76,839 | ) | (1,226,350 | ) | ||||
Halliburton Co. | (26,414 | ) | (943,508 | ) | ||||
Helix Energy Solutions Group, Inc.* | (47,296 | ) | (264,858 | ) | ||||
Helmerich & Payne, Inc. | (34,984 | ) | (2,054,260 | ) | ||||
Marathon Petroleum Corp. | (174,763 | ) | (6,497,688 | ) | ||||
Occidental Petroleum Corp. | (28,676 | ) | (1,962,299 | ) | ||||
Oil States International, Inc.* | (86,372 | ) | (2,722,445 | ) | ||||
Par Pacific Holdings, Inc.* | (13,390 | ) | (251,196 | ) | ||||
Patterson-UTI Energy, Inc. | (291,979 | ) | (5,144,670 | ) | ||||
RPC, Inc. | (58,115 | ) | (824,071 | ) | ||||
SEACOR Holdings, Inc.* | (22,544 | ) | (1,227,521 | ) | ||||
SemGroup Corp., Class A | (9,259 | ) | (207,402 | ) | ||||
Ship Finance International Ltd. (Bermuda) | (10,745 | ) | (149,248 | ) | ||||
Teekay Corp. | (13,733 | ) | (118,928 | ) | ||||
Teekay Tankers Ltd., Class A (Maldives) | (355,601 | ) | (1,305,056 | ) | ||||
Unit Corp.* | (14,531 | ) | (128,018 | ) | ||||
US Silica Holdings, Inc. | (175,956 | ) | (3,997,720 | ) | ||||
|
| |||||||
(47,077,602 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.5)% |
| |||||||
Casey’s General Stores, Inc. | (7,747 | ) | (877,890 | ) | ||||
Kroger Co. (The) | (88,519 | ) | (3,385,852 | ) | ||||
Performance Food Group Co.* | (33,440 | ) | (780,824 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
PriceSmart, Inc. | (18,368 | ) | $ | (1,553,565 | ) | |||
Rite Aid Corp.* | (384,978 | ) | (3,137,571 | ) | ||||
Smart & Final Stores, Inc.* | (46,909 | ) | (759,926 | ) | ||||
Sprouts Farmers Market, Inc.* | (4,872 | ) | (141,483 | ) | ||||
SUPERVALU, Inc.* | (1,211 | ) | (6,975 | ) | ||||
Sysco Corp. | (30,794 | ) | (1,439,004 | ) | ||||
Walgreens Boots Alliance, Inc. | (5,058 | ) | (426,086 | ) | ||||
|
| |||||||
(12,509,176 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.9)% |
| |||||||
Amplify Snack Brands, Inc.* | (34,142 | ) | (488,913 | ) | ||||
B&G Foods, Inc. | (16,165 | ) | (562,704 | ) | ||||
Blue Buffalo Pet Products, Inc.* | (24,130 | ) | (619,176 | ) | ||||
Brown-Forman Corp., Class B | (7,419 | ) | (730,549 | ) | ||||
Calavo Growers, Inc. | (4,237 | ) | (241,763 | ) | ||||
Coca-Cola Bottling Co. Consolidated | (11,548 | ) | (1,844,908 | ) | ||||
ConAgra Foods, Inc. | (18,849 | ) | (841,042 | ) | ||||
Darling Ingredients, Inc.* | (104,951 | ) | (1,382,205 | ) | ||||
Dean Foods Co. | (32,423 | ) | (561,566 | ) | ||||
Flowers Foods, Inc. | (119,654 | ) | (2,208,813 | ) | ||||
Hain Celestial Group, Inc. (The)* | (28,884 | ) | (1,181,644 | ) | ||||
J&J Snack Foods Corp. | (4,779 | ) | (517,470 | ) | ||||
Kellogg Co. | (11,262 | ) | (862,106 | ) | ||||
Kraft Heinz Co. (The) | (9,280 | ) | (729,037 | ) | ||||
Mead Johnson Nutrition Co. | (20,552 | ) | (1,746,303 | ) | ||||
Molson Coors Brewing Co., | (36,767 | ) | (3,536,250 | ) | ||||
Monster Beverage Corp.* | (18,460 | ) | (2,462,195 | ) | ||||
National Beverage Corp.* | (6,919 | ) | (292,812 | ) | ||||
Pinnacle Foods, Inc. | (19,627 | ) | (876,934 | ) | ||||
Reynolds American, Inc. | (97,001 | ) | (4,880,120 | ) | ||||
Snyders-Lance, Inc. | (25,084 | ) | (789,644 | ) | ||||
Tootsie Roll Industries, Inc. | (6,275 | ) | (219,248 | ) | ||||
Vector Group Ltd. | (18,299 | ) | (417,949 | ) | ||||
WhiteWave Foods Co., (The)* | (104,663 | ) | (4,253,504 | ) | ||||
|
| |||||||
(32,246,855 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (9.5)% |
| |||||||
Abaxis, Inc. | (3,774 | ) | (171,302 | ) | ||||
Abiomed, Inc.* | (23,753 | ) | (2,252,022 | ) | ||||
Acadia Healthcare Co., Inc.* | (61,778 | ) | (3,404,586 | ) | ||||
Aceto Corp. | (26,144 | ) | (615,953 | ) | ||||
Air Methods Corp* | (67,295 | ) | (2,437,425 | ) | ||||
Alere, Inc.* | (883 | ) | (44,689 | ) | ||||
AmerisourceBergen Corp. | (7,021 | ) | (607,668 | ) | ||||
AMN Healthcare Services, Inc.* | (3,024 | ) | (101,637 | ) |
The accompanying notes are an integral part of the financial statements.
84 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
athenahealth, Inc.* | (40,465 | ) | $ | (5,615,733 | ) | |||
AtriCure, Inc.* | (5,453 | ) | (91,774 | ) | ||||
Cantel Medical Corp. | (21,635 | ) | (1,543,874 | ) | ||||
Capital Senior Living Corp.* | (19,737 | ) | (365,529 | ) | ||||
Cerner Corp.* | (46,505 | ) | (2,462,905 | ) | ||||
Cerus Corp.* | (166,052 | ) | (984,688 | ) | ||||
Civitas Solutions, Inc.* | (4,691 | ) | (81,764 | ) | ||||
Community Health Systems, Inc.* | (22,489 | ) | (416,271 | ) | ||||
CONMED Corp. | (4,443 | ) | (186,339 | ) | ||||
CorVel Corp.* | (610 | ) | (24,046 | ) | ||||
DexCom, Inc.* | (51,861 | ) | (3,521,881 | ) | ||||
Endologix, Inc.* | (164,985 | ) | (1,379,275 | ) | ||||
Ensign Group, Inc. (The) | (73,111 | ) | (1,655,233 | ) | ||||
Envision Healthcare Holdings, Inc.* | (225,668 | ) | (4,603,627 | ) | ||||
Evolent Health, Inc., Class A* | (40,827 | ) | (431,133 | ) | ||||
ExamWorks Group, Inc.* | (52,288 | ) | (1,545,633 | ) | ||||
Glaukos Corp.* | (7,570 | ) | (127,630 | ) | ||||
Greatbatch, Inc.* | (20,758 | ) | (739,815 | ) | ||||
Haemonetics Corp.* | (12,233 | ) | (427,910 | ) | ||||
HealthSouth Corp. | (40,315 | ) | (1,517,053 | ) | ||||
HealthStream, Inc.* | (669 | ) | (14,778 | ) | ||||
HeartWare International, Inc.* | (10,683 | ) | (335,660 | ) | ||||
Hill-Rom Holdings, Inc. | (19,915 | ) | (1,001,724 | ) | ||||
Insulet Corp.* | (37,877 | ) | (1,256,001 | ) | ||||
K2M Group Holdings, Inc.* | (38,041 | ) | (564,148 | ) | ||||
LDR Holding Corp.* | (66,302 | ) | (1,690,038 | ) | ||||
LHC Group, Inc.* | (1,720 | ) | (61,163 | ) | ||||
LifePoint Hospitals, Inc.* | (470 | ) | (32,548 | ) | ||||
Medidata Solutions, Inc.* | (82,178 | ) | (3,181,110 | ) | ||||
Merit Medical Systems, Inc.* | (18,116 | ) | (334,965 | ) | ||||
Neogen Corp.* | (17,308 | ) | (871,458 | ) | ||||
Nevro Corp.* | (66,128 | ) | (3,720,361 | ) | ||||
Novadaq Technologies, Inc. (Canada)* | (43,217 | ) | (479,277 | ) | ||||
NxStage Medical, Inc.* | (35,493 | ) | (532,040 | ) | ||||
Omnicell, Inc.* | (18,358 | ) | (511,637 | ) | ||||
Owens & Minor, Inc. | (23,390 | ) | (945,424 | ) | ||||
Patterson Cos, Inc. | (120,720 | ) | (5,617,102 | ) | ||||
Penumbra, Inc.* | (9,058 | ) | (416,668 | ) | ||||
PharMerica Corp.* | (16,498 | ) | (364,771 | ) | ||||
Press Ganey Holdings, Inc.* | (16,652 | ) | (500,892 | ) | ||||
Providence Service Corp. (The)* | (15,743 | ) | (803,995 | ) | ||||
Quidel Corp.* | (18,219 | ) | (314,460 | ) | ||||
Select Medical Holdings Corp. | (158,261 | ) | (1,869,062 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Spectranetics Corp. (The)* | (134,293 | ) | $ | (1,949,934 | ) | |||
Steris PLC (United Kingdom) | (66,643 | ) | (4,734,985 | ) | ||||
Surgery Partners, Inc.* | (1,257 | ) | (16,668 | ) | ||||
Surgical Care Affiliates, Inc.* | (38,162 | ) | (1,766,137 | ) | ||||
Veeva Systems, Inc., Class A* | (66,461 | ) | (1,664,183 | ) | ||||
Wright Medical Group NV (Netherlands)* | (157,100 | ) | (2,607,860 | ) | ||||
Zeltiq Aesthetics, Inc.* | (115,897 | ) | (3,147,763 | ) | ||||
|
| |||||||
(78,664,207 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.0)% |
| |||||||
Central Garden & Pet Co., Class A* | (8,573 | ) | (139,654 | ) | ||||
Clorox Co. (The) | (31,727 | ) | (3,999,506 | ) | ||||
Colgate-Palmolive Co. | (18,202 | ) | (1,285,971 | ) | ||||
Coty, Inc., Class A | (14,806 | ) | (412,051 | ) | ||||
Estee Lauder Cos, Inc., Class A (The) | (16,273 | ) | (1,534,707 | ) | ||||
Inter Parfums, Inc. | (15,090 | ) | (466,281 | ) | ||||
Revlon, Inc., Class A* | (7,911 | ) | (288,040 | ) | ||||
WD-40 Co. | (2,103 | ) | (227,145 | ) | ||||
|
| |||||||
(8,353,355 | ) | |||||||
|
| |||||||
Materials — (6.3)% | ||||||||
A Schulman, Inc. | (9,010 | ) | (245,252 | ) | ||||
Airgas, Inc. | (37,863 | ) | (5,362,915 | ) | ||||
Albemarle Corp. | (46,563 | ) | (2,976,773 | ) | ||||
AptarGroup, Inc. | (10,034 | ) | (786,766 | ) | ||||
Ashland, Inc. | (31,578 | ) | (3,472,317 | ) | ||||
Avery Dennison Corp. | (18,036 | ) | (1,300,576 | ) | ||||
Balchem Corp. | (18,685 | ) | (1,158,844 | ) | ||||
Bemis Co., Inc. | (2,045 | ) | (105,890 | ) | ||||
Berry Plastics Group, Inc.* | (116,875 | ) | (4,225,031 | ) | ||||
Calgon Carbon Corp. | (27,872 | ) | (390,765 | ) | ||||
CF Industries Holdings, Inc. | (156,738 | ) | (4,912,169 | ) | ||||
Clearwater Paper Corp.* | (6,658 | ) | (322,980 | ) | ||||
Ecolab, Inc. | (1,781 | ) | (198,617 | ) | ||||
Ferro Corp.* | (72,164 | ) | (856,587 | ) | ||||
Huntsman Corp. | (103,983 | ) | (1,382,974 | ) | ||||
Kronos Worldwide, Inc. | (2,917 | ) | (16,685 | ) | ||||
Louisiana-Pacific Corp.* | (60,164 | ) | (1,030,008 | ) | ||||
Methanex Corp. (Canada) | (115,494 | ) | (3,709,667 | ) | ||||
Multi Packaging Solutions International Ltd. (Bermuda)* | (8,086 | ) | (131,236 | ) | ||||
Neenah Paper, Inc. | (12,524 | ) | (797,278 | ) | ||||
NewMarket Corp. | (4,758 | ) | (1,885,405 | ) | ||||
Olin Corp. | (210,526 | ) | (3,656,837 | ) |
The accompanying notes are an integral part of the financial statements.
85 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Owens-Illinois, Inc.* | (24,680 | ) | $ | (393,893 | ) | |||
Platform Specialty Products Corp.* | (190,164 | ) | (1,635,410 | ) | ||||
Quaker Chemical Corp. | (188 | ) | (15,954 | ) | ||||
Scotts Miracle-Gro Co. (The), Class A | (24,903 | ) | (1,812,191 | ) | ||||
Sealed Air Corp. | (103,021 | ) | (4,946,038 | ) | ||||
Sensient Technologies Corp. | (17,538 | ) | (1,112,961 | ) | ||||
Summit Materials, Inc., Class A* | (28,973 | ) | (563,525 | ) | ||||
Valspar Corp. (The) | (3,654 | ) | (391,051 | ) | ||||
Vulcan Materials Co. | (20,021 | ) | (2,113,617 | ) | ||||
|
| |||||||
(51,910,212 | ) | |||||||
|
| |||||||
Media — (2.6)% | ||||||||
AMC Entertainment Holdings, Inc., Class A | (3,362 | ) | (94,102 | ) | ||||
Cable One, Inc. | (1,724 | ) | (753,612 | ) | ||||
Cablevision Systems Corp., Class A | (82,140 | ) | (2,710,620 | ) | ||||
Charter Communications, Inc., Class A* | (22,501 | ) | (4,554,877 | ) | ||||
Entravision Communications Corp., Class A | (23,560 | ) | (175,286 | ) | ||||
EW Scripps Co. (The), Class A* | (74,306 | ) | (1,158,431 | ) | ||||
Global Eagle Entertainment, Inc.* | (76,014 | ) | (647,639 | ) | ||||
Gray Television, Inc.* | (1,818 | ) | (21,307 | ) | ||||
John Wiley & Sons, Inc., Class A | (2,503 | ) | (122,372 | ) | ||||
Live Nation Entertainment, Inc.* | (110,746 | ) | (2,470,743 | ) | ||||
MDC Partners, Inc., Class A | (5,168 | ) | (121,965 | ) | ||||
Meredith Corp. | (11,076 | ) | (526,110 | ) | ||||
National CineMedia, Inc. | (57,291 | ) | (871,396 | ) | ||||
Scholastic Corp. | (31,108 | ) | (1,162,506 | ) | ||||
Scripps Networks Interactive, Inc., Class A | (51,381 | ) | (3,365,456 | ) | ||||
Thomson Reuters Corp. (Canada) | (54,855 | ) | (2,220,530 | ) | ||||
Twenty-First Century Fox, Inc., Class A | (37,933 | ) | (1,057,572 | ) | ||||
|
| |||||||
(22,034,524 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.8)% |
| |||||||
Aerie Pharmaceuticals, Inc.* | (9,205 | ) | (111,933 | ) | ||||
Affymetrix, Inc.* | (129,482 | ) | (1,814,043 | ) | ||||
Agilent Technologies, Inc. | (38,758 | ) | (1,544,506 | ) | ||||
Aimmune Therapeutics, Inc.* | (365 | ) | (4,949 | ) | ||||
Albany Molecular Research, Inc.* | (68,731 | ) | (1,050,897 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (17,414 | ) | (426,469 | ) | ||||
Amphastar Pharmaceuticals, Inc.* | (11,947 | ) | (143,364 | ) | ||||
ARIAD Pharmaceuticals, Inc.* | (226,705 | ) | (1,448,645 | ) | ||||
Atara Biotherapeutics, Inc.* | (6,088 | ) | (115,855 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life |
| |||||||
Axovant Sciences Ltd. (Bermuda)* | (7,046 | ) | $ | (80,888 | ) | |||
Bio-Techne Corp. | (35,896 | ) | (3,392,890 | ) | ||||
Bluebird Bio, Inc.* | (1,898 | ) | (80,665 | ) | ||||
Cambrex Corp.* | (51,788 | ) | (2,278,672 | ) | ||||
Catalent, Inc.* | (2,277 | ) | (60,728 | ) | ||||
Celldex Therapeutics, Inc.* | (17,435 | ) | (65,904 | ) | ||||
Cempra, Inc.* | (144,014 | ) | (2,523,125 | ) | ||||
Clovis Oncology, Inc.* | (57,665 | ) | (1,107,168 | ) | ||||
Coherus Biosciences, Inc.* | (29,663 | ) | (629,745 | ) | ||||
Depomed, Inc.* | (29,446 | ) | (410,183 | ) | ||||
Dermira, Inc.* | (28,403 | ) | (587,374 | ) | ||||
Dynavax Technologies Corp.* | (99,937 | ) | (1,922,788 | ) | ||||
Exact Sciences Corp.* | (99,839 | ) | (672,915 | ) | ||||
Fibrogen, Inc.* | (12,458 | ) | (265,231 | ) | ||||
Foundation Medicine, Inc.* | (13,409 | ) | (243,776 | ) | ||||
Heron Therapeutics, Inc.* | (42,355 | ) | (804,321 | ) | ||||
Illumina, Inc.* | (20,787 | ) | (3,369,781 | ) | ||||
ImmunoGen, Inc.* | (98,658 | ) | (840,566 | ) | ||||
Innoviva, Inc. | (9,372 | ) | (117,993 | ) | ||||
Insmed, Inc.* | (76,665 | ) | (971,346 | ) | ||||
Intersect ENT, Inc.* | (6,402 | ) | (121,638 | ) | ||||
Intra-Cellular Therapies, Inc.* | (92,702 | ) | (2,577,116 | ) | ||||
Lannett Co., Inc.* | (89,950 | ) | (1,612,804 | ) | ||||
MacroGenics, Inc.* | (39,398 | ) | (738,712 | ) | ||||
Medicines Co. (The)* | (93,306 | ) | (2,964,332 | ) | ||||
Merrimack Pharmaceuticals, Inc.* | (47,480 | ) | (397,408 | ) | ||||
Momenta Pharmaceuticals, Inc.* | (73,396 | ) | (678,179 | ) | ||||
Nektar Therapeutics* | (136,758 | ) | (1,880,422 | ) | ||||
Novavax, Inc.* | (110,669 | ) | (571,052 | ) | ||||
Ophthotech Corp.* | (1,496 | ) | (63,236 | ) | ||||
Pacific Biosciences of California, Inc.* | (326,260 | ) | (2,773,210 | ) | ||||
Pacira Pharmaceuticals, Inc.* | (30,357 | ) | (1,608,314 | ) | ||||
PAREXEL International Corp.* | (70,891 | ) | (4,446,992 | ) | ||||
PerkinElmer, Inc. | (308 | ) | (15,234 | ) | ||||
Portola Pharmaceuticals, Inc.* | (48,924 | ) | (998,050 | ) | ||||
Qiagen NV* | (87,627 | ) | (1,957,587 | ) | ||||
Relypsa, Inc.* | (97,817 | ) | (1,325,420 | ) | ||||
Revance Therapeutics, Inc.* | (16,811 | ) | (293,520 | ) | ||||
Sage Therapeutics, Inc.* | (558 | ) | (17,889 | ) | ||||
Sagent Pharmaceuticals, Inc.* | (4,053 | ) | (49,325 | ) | ||||
Sarepta Therapeutics, Inc.* | (53,185 | ) | (1,038,171 | ) | ||||
TESARO, Inc.* | (29,133 | ) | (1,282,726 | ) |
The accompanying notes are an integral part of the financial statements.
86 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life |
| |||||||
TG Therapeutics, Inc.* | (2,310 | ) | $ | (19,681 | ) | |||
TherapeuticsMD, Inc.* | (214,244 | ) | (1,371,162 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (45,537 | ) | (856,096 | ) | ||||
|
| |||||||
(56,744,996 | ) | |||||||
|
| |||||||
Retailing — (5.5)% | ||||||||
Asbury Automotive Group, Inc.* | (14,522 | ) | (868,996 | ) | ||||
Ascena Retail Group, Inc.* | (402,051 | ) | (4,446,684 | ) | ||||
CarMax, Inc.* | (105,159 | ) | (5,373,625 | ) | ||||
Chico’s FAS, Inc. | (11,837 | ) | (157,077 | ) | ||||
Core-Mark Holding Co., Inc. | (18,352 | ) | (1,496,789 | ) | ||||
Dollar Tree, Inc.* | (1,073 | ) | (88,480 | ) | ||||
DSW, Inc., Class A | (4,454 | ) | (123,109 | ) | ||||
Duluth Holdings, Inc.* | (1,228 | ) | (23,934 | ) | ||||
Finish Line, Inc. (The), Class A | (73,459 | ) | (1,549,985 | ) | ||||
Five Below, Inc.* | (102,561 | ) | (4,239,872 | ) | ||||
Francesca’s Holdings Corp.* | (16,179 | ) | (309,990 | ) | ||||
Genesco, Inc.* | (28,107 | ) | (2,030,731 | ) | ||||
Group 1 Automotive, Inc. | (2,149 | ) | (126,125 | ) | ||||
Groupon, Inc.* | (434,029 | ) | (1,731,776 | ) | ||||
Kate Spade & Co.* | (3,471 | ) | (88,580 | ) | ||||
Liberty Interactive Corp. QVC Group, Class A* | (67,050 | ) | (1,693,012 | ) | ||||
LKQ Corp.* | (54,462 | ) | (1,738,972 | ) | ||||
Monro Muffler Brake, Inc. | (7,292 | ) | (521,159 | ) | ||||
Netflix, Inc.* | (23,672 | ) | (2,419,989 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (64,968 | ) | (1,522,200 | ) | ||||
Party City Holdco, Inc.* | (59,161 | ) | (889,781 | ) | ||||
Penske Automotive Group, Inc. | (27,385 | ) | (1,037,892 | ) | ||||
Restoration Hardware Holdings, Inc.* | (47,887 | ) | (2,006,465 | ) | ||||
Ross Stores, Inc. | (17,762 | ) | (1,028,420 | ) | ||||
Sally Beauty Holdings, Inc.* | (11,418 | ) | (369,715 | ) | ||||
Select Comfort Corp.* | (2,642 | ) | (51,228 | ) | ||||
Signet Jewelers Ltd. (Bermuda) | (27,898 | ) | (3,460,189 | ) | ||||
Sonic Automotive, Inc., Class A | (9,399 | ) | (173,694 | ) | ||||
Sportsman’s Warehouse Holdings, Inc.* | (16,904 | ) | (212,990 | ) | ||||
Tailored Brands, Inc. | (10,755 | ) | (192,514 | ) | ||||
Tile Shop Holdings, Inc.* | (35,753 | ) | (533,077 | ) | ||||
Tractor Supply Co. | (18,270 | ) | (1,652,704 | ) | ||||
Ulta Salon Cosmetics & Fragrance, Inc.* | (17,064 | ) | (3,305,979 | ) | ||||
|
| |||||||
(45,465,733 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (3.0)% |
| |||||||
Amkor Technology, Inc.* | (1,041 | ) | $ | (6,131 | ) | |||
Atmel Corp. | (318,704 | ) | (2,587,876 | ) | ||||
Brooks Automation, Inc. | (31,802 | ) | (330,741 | ) | ||||
Cabot Microelectronics Corp. | (706 | ) | (28,882 | ) | ||||
Cavium, Inc.* | (59,773 | ) | (3,655,717 | ) | ||||
Cree, Inc.* | (33,737 | ) | (981,747 | ) | ||||
Cypress Semiconductor Corp. | (347,440 | ) | (3,008,830 | ) | ||||
Diodes, Inc.* | (44,135 | ) | (887,114 | ) | ||||
Fairchild Semiconductor International, Inc.* | (48,567 | ) | (971,340 | ) | ||||
Lattice Semiconductor Corp.* | (301,407 | ) | (1,711,992 | ) | ||||
M/A-COM Technology Solutions Holdings, Inc.* | (87,673 | ) | (3,839,201 | ) | ||||
Marvell Technology Group Ltd. (Bermuda) | (151,631 | ) | (1,563,316 | ) | ||||
MaxLinear, Inc.* | (27,038 | ) | (500,203 | ) | ||||
Microchip Technology, Inc. | (3,268 | ) | (157,518 | ) | ||||
Micron Technology, Inc.* | (212,729 | ) | (2,227,273 | ) | ||||
Monolithic Power Systems, Inc. | (21,450 | ) | (1,365,078 | ) | ||||
Silicon Laboratories, Inc.* | (11,163 | ) | (501,888 | ) | ||||
Ultratech, Inc.* | (22,262 | ) | (486,202 | ) | ||||
Veeco Instruments, Inc.* | (12,584 | ) | (245,136 | ) | ||||
|
| |||||||
(25,056,185 | ) | |||||||
|
| |||||||
Software & Services — (9.0)% | ||||||||
Acxiom Corp.* | (95,577 | ) | (2,049,171 | ) | ||||
Alliance Data Systems Corp.* | (27,000 | ) | (5,940,000 | ) | ||||
Amdocs Ltd. | (8,093 | ) | (488,979 | ) | ||||
Autodesk, Inc.* | (20,368 | ) | (1,187,658 | ) | ||||
Automatic Data Processing, Inc. | (37,066 | ) | (3,325,191 | ) | ||||
Benefitfocus, Inc.* | (11,418 | ) | (380,790 | ) | ||||
Black Knight Financial Services, Inc., Class A* | (13,789 | ) | (427,873 | ) | ||||
Blackbaud, Inc. | (2,963 | ) | (186,343 | ) | ||||
Booz Allen Hamilton Holding Corp. | (27,307 | ) | (826,856 | ) | ||||
Bottomline Technologies de, Inc.* | (47,094 | ) | (1,435,896 | ) | ||||
BroadSoft, Inc.* | (25,867 | ) | (1,043,733 | ) | ||||
Callidus Software, Inc.* | (33,150 | ) | (552,942 | ) | ||||
CommVault Systems, Inc.* | (20,247 | ) | (874,063 | ) | ||||
comScore, Inc.* | — | (6 | ) | |||||
CoreLogic, Inc.* | (8,605 | ) | (298,594 | ) | ||||
Cornerstone OnDemand, Inc.* | (16,968 | ) | (556,041 | ) | ||||
CSRA, Inc. | (36,949 | ) | (993,928 | ) | ||||
Ellie Mae, Inc.* | (2,694 | ) | (244,184 | ) |
The accompanying notes are an integral part of the financial statements.
87 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Fidelity National Information Services, Inc. | (39,029 | ) | $ | (2,470,926 | ) | |||
FireEye, Inc.* | (69,797 | ) | (1,255,648 | ) | ||||
Forrester Research, Inc. | (3,708 | ) | (124,626 | ) | ||||
Gartner, Inc.* | (37,982 | ) | (3,393,692 | ) | ||||
Gogo, Inc.* | (55,338 | ) | (609,271 | ) | ||||
Guidewire Software, Inc.* | (16,291 | ) | (887,534 | ) | ||||
Heartland Payment Systems, Inc. | (12,694 | ) | (1,225,860 | ) | ||||
Hortonworks, Inc.* | (6,747 | ) | (76,241 | ) | ||||
HubSpot, Inc.* | (33,065 | ) | (1,442,295 | ) | ||||
Imperva, Inc.* | (12,867 | ) | (649,784 | ) | ||||
Interactive Intelligence Group, Inc.* | (5,713 | ) | (208,067 | ) | ||||
Intuit, Inc. | (41,450 | ) | (4,311,214 | ) | ||||
Marketo, Inc.* | (47,064 | ) | (921,042 | ) | ||||
MAXIMUS, Inc. | (47,719 | ) | (2,511,928 | ) | ||||
NetSuite, Inc.* | (26,125 | ) | (1,789,301 | ) | ||||
New Relic, Inc.* | (32,807 | ) | (855,607 | ) | ||||
Pandora Media, Inc.* | (138,123 | ) | (1,236,201 | ) | ||||
Paylocity Holding Corp.* | (15,213 | ) | (498,074 | ) | ||||
PayPal Holdings, Inc.* | (76,922 | ) | (2,969,189 | ) | ||||
Perficient, Inc.* | (12,216 | ) | (265,332 | ) | ||||
Proofpoint, Inc.* | (49,550 | ) | (2,664,799 | ) | ||||
PROS Holdings, Inc.* | (32,095 | ) | (378,400 | ) | ||||
Q2 Holdings, Inc.* | (10,561 | ) | (253,886 | ) | ||||
Rapid7, Inc.* | (8,157 | ) | (106,612 | ) | ||||
RealPage, Inc.* | (1,562 | ) | (32,552 | ) | ||||
RingCentral, Inc., Class A* | (70,526 | ) | (1,110,784 | ) | ||||
Rubicon Project, Inc. (The)* | (1,827 | ) | (33,398 | ) | ||||
Sabre Corp. | (137,194 | ) | (3,967,650 | ) | ||||
Science Applications International Corp. | (1,256 | ) | (66,995 | ) | ||||
ServiceNow, Inc.* | (954 | ) | (58,366 | ) | ||||
Silver Spring Networks, Inc.* | (4,561 | ) | (67,275 | ) | ||||
Splunk, Inc.* | (79,367 | ) | (3,883,427 | ) | ||||
Twitter, Inc.* | (74,433 | ) | (1,231,866 | ) | ||||
Ultimate Software Group, Inc. (The)* | (2,760 | ) | (534,060 | ) | ||||
Vantiv, Inc., Class A* | (62,219 | ) | (3,352,360 | ) | ||||
Workday, Inc., Class A* | (51,898 | ) | (3,987,842 | ) | ||||
Workiva, Inc.* | (2,146 | ) | (25,001 | ) | ||||
Xura, Inc.* | (1,048 | ) | (20,614 | ) | ||||
Zendesk, Inc.* | (99,391 | ) | (2,080,254 | ) | ||||
Zillow Group, Inc., Class C* | (2,217 | ) | (52,609 | ) | ||||
Zynga, Inc. Class A* | (897,212 | ) | (2,045,643 | ) | ||||
|
| |||||||
(74,468,473 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (6.9)% |
| |||||||
3D Systems Corp.* | (28,629 | ) | $ | (442,891 | ) | |||
ADTRAN, Inc. | (85,735 | ) | (1,733,562 | ) | ||||
Anixter International, Inc.* | (3,044 | ) | (158,623 | ) | ||||
Avnet, Inc. | (6,349 | ) | (281,261 | ) | ||||
Badger Meter, Inc. | (20,289 | ) | (1,349,421 | ) | ||||
BlackBerry Ltd. (Canada)* | (215,385 | ) | (1,742,465 | ) | ||||
CDW Corp. | (2,876 | ) | (119,354 | ) | ||||
Ciena Corp.* | (88,854 | ) | (1,690,003 | ) | ||||
CommScope Holding Co., Inc.* | (23,953 | ) | (668,768 | ) | ||||
Diebold, Inc. | (45,834 | ) | (1,325,061 | ) | ||||
Dolby Laboratories, Inc., Class A | (87,532 | ) | (3,804,141 | ) | ||||
EchoStar Corp., Class A* | (2,811 | ) | (124,499 | ) | ||||
Electronics For Imaging, Inc.* | (39,392 | ) | (1,669,827 | ) | ||||
Finisar Corp.* | (136,674 | ) | (2,492,934 | ) | ||||
Infinera Corp.* | (49,578 | ) | (796,223 | ) | ||||
Itron, Inc.* | (23,285 | ) | (971,450 | ) | ||||
Jabil Circuit, Inc. | (187,391 | ) | (3,611,025 | ) | ||||
Knowles Corp.* | (168,612 | ) | (2,222,306 | ) | ||||
Mercury Systems, Inc.* | (2,741 | ) | (55,642 | ) | ||||
Mitel Networks Corp. (Canada)* | (68,816 | ) | (562,915 | ) | ||||
National Instruments Corp. | (11,861 | ) | (357,135 | ) | ||||
Nimble Storage, Inc.* | (95,814 | ) | (751,182 | ) | ||||
OSI Systems, Inc.* | (10,651 | ) | (697,534 | ) | ||||
Palo Alto Networks, Inc.* | (24,853 | ) | (4,054,518 | ) | ||||
Plexus Corp.* | (15,400 | ) | (608,608 | ) | ||||
Rofin-Sinar Technologies, Inc.* | (60 | ) | (1,933 | ) | ||||
Rogers Corp.* | (7,938 | ) | (475,248 | ) | ||||
Ruckus Wireless, Inc.* | (235,221 | ) | (2,307,518 | ) | ||||
Sanmina Corp.* | (121,033 | ) | (2,829,752 | ) | ||||
ScanSource, Inc.* | (40,988 | ) | (1,655,095 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (53,917 | ) | (783,953 | ) | ||||
Stratasys Ltd. (Israel)* | (98,043 | ) | (2,541,275 | ) | ||||
Trimble Navigation Ltd.* | (113,056 | ) | (2,803,789 | ) | ||||
Universal Display Corp.* | (38,143 | ) | (2,063,536 | ) | ||||
VeriFone Systems, Inc.* | (47,677 | ) | (1,346,398 | ) | ||||
ViaSat, Inc.* | (56,440 | ) | (4,147,211 | ) | ||||
Zebra Technologies Corp., | (55,772 | ) | (3,848,268 | ) | ||||
|
| |||||||
(57,095,324 | ) | |||||||
|
| |||||||
Telecommunication Services — (2.1)% |
| |||||||
8x8, Inc.* | (66,460 | ) | (668,588 | ) | ||||
AT&T, Inc. | (137,628 | ) | (5,390,889 | ) | ||||
Atlantic Tele-Network, Inc. | (2,399 | ) | (181,916 | ) | ||||
Cincinnati Bell, Inc.* | (159,485 | ) | (617,207 | ) |
The accompanying notes are an integral part of the financial statements.
88 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Concluded)
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Consolidated Communications Holdings, Inc. | (15,011 | ) | $ | (386,683 | ) | |||
Globalstar, Inc.* | (456,831 | ) | (671,542 | ) | ||||
inContact, Inc.* | (28,606 | ) | (254,307 | ) | ||||
Iridium Communications, Inc.* | (174,182 | ) | (1,370,812 | ) | ||||
ORBCOMM, Inc.* | (50,704 | ) | (513,632 | ) | ||||
SBA Communications Corp., Class A* | (43,858 | ) | (4,393,256 | ) | ||||
Sprint Corp.* | (172,820 | ) | (601,414 | ) | ||||
TELUS Corp. (Canada) | (2,576 | ) | (83,797 | ) | ||||
United States Cellular Corp.* | (5,646 | ) | (257,966 | ) | ||||
Zayo Group Holdings, Inc.* | (83,285 | ) | (2,018,828 | ) | ||||
|
| |||||||
(17,410,837 | ) | |||||||
|
| |||||||
Transportation — (3.5)% | ||||||||
Air Transport Services Group, Inc.* | (11,307 | ) | (173,902 | ) | ||||
Allegiant Travel Co. | (1,782 | ) | (317,303 | ) | ||||
American Airlines Group, Inc. | (36,034 | ) | (1,477,754 | ) | ||||
ArcBest Corp. | (17,542 | ) | (378,732 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (24,672 | ) | (1,042,885 | ) | ||||
Echo Global Logistics, Inc.* | (9,752 | ) | (264,864 | ) | ||||
Genesee & Wyoming, Inc., | (29,562 | ) | (1,853,537 | ) | ||||
JetBlue Airways Corp.* | (3,059 | ) | (64,606 | ) | ||||
Kansas City Southern | (54,482 | ) | (4,655,487 | ) | ||||
Kirby Corp.* | (1,150 | ) | (69,334 | ) | ||||
Knight Transportation, Inc. | (2,919 | ) | (76,332 | ) | ||||
Marten Transport Ltd. | (20,450 | ) | (382,824 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Ryder System, Inc. | (55,249 | ) | $ | (3,579,030 | ) | |||
SkyWest, Inc. | (16,726 | ) | (334,353 | ) | ||||
Spirit Airlines, Inc.* | (107,855 | ) | (5,174,883 | ) | ||||
Virgin America, Inc.* | (130,023 | ) | (5,013,687 | ) | ||||
Werner Enterprises, Inc. | (44,934 | ) | (1,220,407 | ) | ||||
XPO Logistics, Inc.* | (104,667 | ) | (3,213,277 | ) | ||||
|
| |||||||
(29,293,197 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $779,940,950) | (784,425,645 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD |
| (784,425,645 | ) | |||||
|
| |||||||
(Proceeds $779,940,950) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 75.0% | 621,946,632 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 828,871,756 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
* | Non-income producing. |
(a) | Security position is either entirely or partially designated as collateral for securities on loan. |
(b) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
89 |
GOTHAM TOTAL RETURN FUND
Portfolio of Investments
March 31, 2016
(Unaudited)
Number of Shares | Value | |||||||
AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES(a) — 99.9% |
| |||||||
Gotham Absolute 500 Fund | 309,690 | $ | 3,208,390 | |||||
Gotham Enhanced 500 Fund | 175,693 | 1,765,715 | ||||||
Gotham Index Plus Fund | 176,388 | 1,823,854 | ||||||
Gotham Neutral Fund | 117,932 | 1,194,655 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY |
| 7,992,614 | ||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF |
| 11,055 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 8,003,669 | ||||||
|
|
(a) | All affiliated fund investments are in Institutional Class shares. The financial statements of the affiliated funds accompany this report. |
The accompanying notes are an integral part of the financial statements.
90 |
[THIS PAGE INTENTIONALLY LEFT BLANK.]
GOTHAM FUNDS
Statements of Assets and Liabilities
March 31, 2016
(Unaudited)
Gotham Absolute Return Fund | Gotham Absolute 500 Fund | |||||||||
Assets | ||||||||||
Non-affiliated investments, at value†,W,€ | $ | 2,100,458,168 | $ | 22,691,605 | ||||||
Affiliated investments, at value‡ | — | — | ||||||||
Cash | 18,113,735 | 533,228 | ||||||||
Deposits with brokers for securities sold short | 1,012,505,607 | 8,642,771 | ||||||||
Receivables: | ||||||||||
Investments sold | 92,477,642 | 402,375 | ||||||||
Capital shares sold | 3,891,549 | 850,000 | ||||||||
Dividends and interest | 2,300,258 | 29,293 | ||||||||
Investment Adviser | — | — | ||||||||
Prepaid expenses and other assets | 146,686 | 11,771 | ||||||||
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|
|
| |||||||
Total assets | 3,229,893,645 | 33,161,043 | ||||||||
|
|
|
| |||||||
Liabilities | ||||||||||
Securities sold short, at value* | 1,047,807,095 | 12,875,563 | ||||||||
Payables: | ||||||||||
Securities lending collateral | 333,134,424 | 2,970,749 | ||||||||
Investments purchased | 87,527,795 | 899,567 | ||||||||
Capital shares redeemed | 6,502,075 | 250,000 | ||||||||
Investment Adviser | 2,977,764 | 18,993 | ||||||||
Dividends and fees on securities sold short | 841,366 | 16,867 | ||||||||
Administration and accounting fees | 138,988 | 27,006 | ||||||||
Custodian fees | 23,485 | 906 | ||||||||
Accrued expenses | 1,152,878 | 24,300 | ||||||||
|
|
|
| |||||||
Total liabilities | 1,480,105,870 | 17,083,951 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 1,749,787,775 | $ | 16,077,092 | ||||||
|
|
|
| |||||||
Net Assets Consisted of: | ||||||||||
Capital stock, $0.01 par value | $ | 1,391,293 | $ | 15,519 | ||||||
Paid-in capital | 1,955,423,873 | 16,154,165 | ||||||||
Accumulated net investment income/(loss) | (17,922,087 | ) | (19,233 | ) | ||||||
Accumulated net realized loss from investments and securities sold short | (356,109,812 | ) | (1,993,913 | ) | ||||||
Net unrealized appreciation/(depreciation) on investments and securities sold short | 167,004,508 | 1,920,554 | ||||||||
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|
| |||||||
Net Assets | $ | 1,749,787,775 | $ | 16,077,092 | ||||||
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| |||||||
Institutional Class Shares: | ||||||||||
Net assets | $ | 1,749,787,775 | $ | 16,077,092 | ||||||
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| |||||||
Shares Outstanding | 139,129,314 | 1,551,927 | ||||||||
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|
| |||||||
Net asset value, offering and redemption price per share | $ | 12.58 | $ | 10.36 | ||||||
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| |||||||
† Non-affiliated investments, at cost | $ | 1,943,008,423 | $ | 21,326,719 | ||||||
W Includes market value of securities on loan | $ | 326,495,632 | $ | 2,902,800 | ||||||
€ Includes market value of securities designated as collateral for securities on loan | $ | 369,640,440 | $ | 3,299,195 | ||||||
‡ Affiliated investments, at cost | $ | — | $ | — | ||||||
* Proceeds received, securities sold short | $ | 1,057,361,858 | $ | 13,431,231 |
The accompanying notes are an integral part of the financial statements.
92 |
GOTHAM FUNDS
Statements of Assets and Liabilities (Concluded)
March 31, 2016
(Unaudited)
Gotham Enhanced Return Fund | Gotham Enhanced 500 Fund | Gotham Hedged Plus Fund | Gotham Index Plus Fund | Gotham Institutional Value Fund | Gotham Neutral Fund | Gotham Total Return Fund | |||||||||||||||||||||||||||
$ | 1,719,873,421 | $ | 29,618,979 | $ | 1,206,906 | $ | 29,064,609 | $ | 2,053,409 | $ | 991,350,769 | $ | — | ||||||||||||||||||||
— | — | — | — | — | — | 7,992,614 | |||||||||||||||||||||||||||
16,496,026 | 257,571 | 2,000,000 | 532,058 | 9,356 | 9,848,867 | 19,005 | |||||||||||||||||||||||||||
331,064,512 | 2,879,189 | — | 3,580,097 | — | 690,908,775 | — | |||||||||||||||||||||||||||
62,060,111 | 301,191 | — | 2,478,840 | 24,025 | 56,857,138 | — | |||||||||||||||||||||||||||
4,079,472 | 2,600,000 | — | 500,000 | — | 1,162,970 | — | |||||||||||||||||||||||||||
1,985,114 | 31,815 | — | 28,363 | 2,571 | 1,079,458 | — | |||||||||||||||||||||||||||
— | — | — | 113 | 12,147 | — | 3,008 | |||||||||||||||||||||||||||
96,816 | 29,714 | — | 33,708 | 20,181 | 126,873 | 17,563 | |||||||||||||||||||||||||||
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| ||||||||||||||||||||
2,135,655,472 | 35,718,459 | 3,206,906 | 36,217,788 | 2,121,689 | 1,751,334,850 | 8,032,190 | |||||||||||||||||||||||||||
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| ||||||||||||||||||||
720,646,559 | 12,608,920 | — | 13,149,760 | — | 784,425,645 | — | |||||||||||||||||||||||||||
339,115,292 | 2,999,995 | — | 2,973,798 | — | 73,746,644 | — | |||||||||||||||||||||||||||
60,176,580 | 2,867,038 | 1,199,272 | 3,976,947 | 23,691 | 61,091,790 | — | |||||||||||||||||||||||||||
1,447,227 | — | — | — | — | 982,881 | — | |||||||||||||||||||||||||||
1,679,681 | 10,846 | — | — | — | 1,391,912 | — | |||||||||||||||||||||||||||
710,833 | 17,422 | — | 15,357 | — | 518,381 | — | |||||||||||||||||||||||||||
89,382 | 3,239 | — | 4,014 | 9,736 | 84,764 | 4,248 | |||||||||||||||||||||||||||
16,350 | 1,020 | — | 88 | 34 | 7,502 | 481 | |||||||||||||||||||||||||||
276,884 | 4,459 | — | 544 | 17,182 | 213,575 | 23,792 | |||||||||||||||||||||||||||
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1,124,158,788 | 18,512,939 | 1,199,272 | 20,120,508 | 50,643 | 922,463,094 | 28,521 | |||||||||||||||||||||||||||
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| ||||||||||||||||||||
$ | 1,011,496,684 | $ | 17,205,520 | $ | 2,007,634 | $ | 16,097,280 | $ | 2,071,046 | $ | 828,871,756 | $ | 8,003,669 | ||||||||||||||||||||
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| ||||||||||||||||||||
$ | 875,695 | $ | 17,120 | $ | 2,000 | $ | 15,562 | $ | 2,000 | $ | 818,134 | $ | 7,983 | ||||||||||||||||||||
1,017,626,059 | 16,571,666 | 1,998,000 | 15,474,251 | 1,997,917 | 918,372,081 | 8,048,587 | |||||||||||||||||||||||||||
(424,663 | ) | 42,883 | — | 31,577 | 8,842 | (7,447,255 | ) | (3,972 | ) | ||||||||||||||||||||||||
(149,989,292 | ) | (619,645 | ) | — | (946,276 | ) | (66,849 | ) | (152,476,105 | ) | (32,606 | ) | |||||||||||||||||||||
| 143,408,885 |
| 1,193,496 | 7,634 | 1,522,166 | 129,136 | 69,604,901 | (16,323 | ) | ||||||||||||||||||||||||
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| ||||||||||||||||||||
$ | 1,011,496,684 | $ | 17,205,520 | $ | 2,007,634 | $ | 16,097,280 | $ | 2,071,046 | $ | 828,871,756 | $ | 8,003,669 | ||||||||||||||||||||
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| ||||||||||||||||||||
$ | 1,011,496,684 | $ | 17,205,520 | $ | 2,007,634 | $ | 16,097,280 | $ | 2,071,046 | $ | 828,871,756 | $ | 8,003,669 | ||||||||||||||||||||
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| ||||||||||||||||||||
87,569,484 | 1,712,000 | 200,000 | 1,556,167 | 200,000 | 81,813,364 | 798,301 | |||||||||||||||||||||||||||
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$ | 11.55 | $ | 10.05 | $ | 10.04 | $ | 10.34 | $ | 10.36 | $ | 10.13 | $ | 10.03 | ||||||||||||||||||||
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| ||||||||||||||||||||
$ | 1,575,853,626 | $ | 28,206,283 | $ | 1,199,272 | $ | 27,572,467 | $ | 1,924,273 | $ | 917,261,173 | $ | — | ||||||||||||||||||||
$ | 332,787,988 | $ | 2,935,724 | $ | — | $ | 2,899,736 | $ | — | $ | 72,734,069 | $ | — | ||||||||||||||||||||
$ | 388,943,244 | $ | 3,295,998 | $ | — | $ | 3,231,087 | $ | — | $ | 82,123,054 | $ | — | ||||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,008,937 | ||||||||||||||||||||
$ | 720,035,649 | $ | 12,389,720 | $ | — | $ | 13,179,784 | $ | — | $ | 779,940,950 | $ | — |
The accompanying notes are an integral part of the financial statements.
93 |
GOTHAM FUNDS
Statements of Operations
For the Six Months/Period Ended March 31, 2016
(Unaudited)
Gotham Absolute Return Fund | Gotham Absolute 500 Fund | |||||||||
Investment Income | ||||||||||
Dividends from non-affiliated securities | $ | 27,341,947 | $ | 361,909 | ||||||
Dividends from affiliated securities | — | — | ||||||||
Less: foreign taxes withheld | (48,906 | ) | — | |||||||
Interest | 1,108 | — | ||||||||
Income from securities loaned (Note 5) | 1,642,951 | 1,099 | ||||||||
|
|
|
| |||||||
Total investment income | 28,937,100 | 363,008 | ||||||||
|
|
|
| |||||||
Expenses | ||||||||||
Advisory fees (Note 2) | 21,290,964 | 147,971 | ||||||||
Dividends and fees on securities sold short | 8,852,197 | 172,067 | ||||||||
Transfer agent fees (Note 2) | 1,898,582 | 281 | ||||||||
Fees on cash collateral (Note 5) | 802,091 | 8,711 | ||||||||
Administration and accounting fees (Note 2) | 359,563 | 12,391 | ||||||||
Custodian fees (Note 2) | 77,026 | 654 | ||||||||
Registration and filing fees | 74,143 | 1,125 | ||||||||
Legal fees | 57,038 | 60 | ||||||||
Trustees’ and officers’ fees (Note 2) | 56,379 | 260 | ||||||||
Printing and shareholder reporting fees | 53,416 | 44 | ||||||||
Audit fees | 9,278 | 14,264 | ||||||||
Offering fees | — | — | ||||||||
Other expenses | 68,410 | 1,797 | ||||||||
|
|
|
| |||||||
Total expenses before waivers and reimbursements | 33,599,087 | 359,625 | ||||||||
|
|
|
| |||||||
Recoupments and/or waivers, reimbursements (Note 2) | — | (8,934 | ) | |||||||
|
|
|
| |||||||
Net expenses after waivers and reimbursements | 33,599,087 | 350,691 | ||||||||
|
|
|
| |||||||
Net investment income/(loss) | (4,661,987 | ) | 12,317 | |||||||
|
|
|
| |||||||
Net realized and unrealized gain/(loss) from investments: | ||||||||||
Net realized loss from non-affiliated investments | (143,799,639 | ) | (1,307,657 | ) | ||||||
Net realized loss from affiliated investments | — | — | ||||||||
Net realized gain from securities sold short | 140,086,435 | 604,705 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments | 252,207,275 | 2,573,834 | ||||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | (211,754,052 | ) | (629,697 | ) | ||||||
|
|
|
| |||||||
Net realized and unrealized gain on investments | 36,740,019 | 1,241,185 | ||||||||
|
|
|
| |||||||
Net increase in net assets resulting from operations | $ | 32,078,032 | $ | 1,253,502 | ||||||
|
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|
|
* | The Fund commenced operations on March 31, 2016. |
** | The Fund commenced operations on December 31, 2015. |
The accompanying notes are an integral part of the financial statements.
94 |
GOTHAM FUNDS
Statements of Operations (Concluded)
For the Six Months/Period Ended March 31, 2016
(Unaudited)
Gotham Enhanced Return Fund | Gotham Enhanced 500 Fund | Gotham Hedged Plus Fund* | Gotham Index Plus Fund | Gotham Institutional Value Fund** | Gotham Neutral Fund | Gotham Total Return Fund | |||||||||||||||||||||||||||
$ | 20,924,157 | $ | 216,749 | $ | — | $ | 214,292 | $ | 13,184 | $ | 9,957,219 | $ | — | ||||||||||||||||||||
— | — | — | — | — | — | 151,677 | |||||||||||||||||||||||||||
(34,769 | ) | — | — | (5 | ) | — | (28,964 | ) | — | ||||||||||||||||||||||||
6,797 | 18 | — | 18 | 1 | 722 | 101 | |||||||||||||||||||||||||||
1,064,153 | 644 | — | 355 | — | 568,107 | — | |||||||||||||||||||||||||||
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21,960,338 | 217,411 | — | 214,660 | 13,185 | 10,497,084 | 151,778 | |||||||||||||||||||||||||||
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10,465,407 | 65,985 | — | 50,221 | 3,657 | 7,460,918 | — | |||||||||||||||||||||||||||
6,521,248 | 91,173 | — | 102,500 | — | 5,307,887 | — | |||||||||||||||||||||||||||
528,552 | 5,824 | — | 5,037 | 5,517 | 420,415 | 2,341 | |||||||||||||||||||||||||||
853,711 | 7,363 | — | 2,633 | — | 108,621 | — | |||||||||||||||||||||||||||
210,319 | 10,892 | — | 10,017 | 9,791 | 167,736 | 11,534 | |||||||||||||||||||||||||||
39,245 | 300 | — | 339 | 34 | 27,979 | 5,286 | |||||||||||||||||||||||||||
48,323 | 1,422 | — | 1,717 | 10,826 | 5,070 | 2,146 | |||||||||||||||||||||||||||
23,796 | 949 | — | 893 | 1,639 | 17,929 | 13,493 | |||||||||||||||||||||||||||
25,839 | 726 | — | 806 | 808 | 19,691 | 849 | |||||||||||||||||||||||||||
22,127 | 902 | — | 1,150 | 4,247 | 19,042 | 5,366 | |||||||||||||||||||||||||||
17,992 | 8,205 | — | 6,496 | 5,866 | 16,249 | 14,414 | |||||||||||||||||||||||||||
— | — | — | 6,714 | 2,623 | — | 5,929 | |||||||||||||||||||||||||||
27,767 | 1,527 | — | 1,590 | 1,004 | 25,761 | 602 | |||||||||||||||||||||||||||
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18,784,326 | 195,268 | — | 190,113 | 46,012 | 13,597,298 | 61,960 | |||||||||||||||||||||||||||
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| ||||||||||||||||||||
— | (20,740 | ) | — | (27,073 | ) | (41,669 | ) | — | (55,485 | ) | |||||||||||||||||||||||
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| ||||||||||||||||||||
18,784,326 | 174,528 | — | 163,040 | 4,343 | 13,597,298 | 6,475 | |||||||||||||||||||||||||||
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| ||||||||||||||||||||
3,176,012 | 42,883 | — | 51,620 | 8,842 | (3,100,214 | ) | 145,303 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||
(45,040,231 | ) | (568,150 | ) | — | (928,612 | ) | (66,849 | ) | (18,227,842 | ) | — | ||||||||||||||||||||||
— | — | — | — | — | — | (28,725 | ) | ||||||||||||||||||||||||||
80,069,248 | 290,021 | — | 255,298 | — | 45,713,023 | — | |||||||||||||||||||||||||||
136,690,435 | 2,320,181 | 7,634 | 2,683,400 | 129,136 | 98,983,912 | 578,829 | |||||||||||||||||||||||||||
(119,014,669 | ) | (747,540 | ) | — | (685,721 | ) | — | (106,780,918 | ) | — | |||||||||||||||||||||||
|
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| ||||||||||||||||||||
52,704,783 | 1,294,512 | 7,634 | 1,324,365 | 62,287 | 19,688,175 | 550,104 | |||||||||||||||||||||||||||
|
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|
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|
| ||||||||||||||||||||
$ | 55,880,795 | $ | 1,337,395 | $ | 7,634 | $ | 1,375,985 | $ | 71,129 | $ | 16,587,961 | $ | 695,407 | ||||||||||||||||||||
|
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|
|
The accompanying notes are an integral part of the financial statements.
95 |
GOTHAM FUNDS
Statements of Changes in Net Assets
Gotham Absolute Return Fund | |||||||||||||||
For the Six Months Ended March 31, 2016 (Unaudited) | For the Period Ended September 30, 2015* | For the Year Ended April 30, 2015 | |||||||||||||
Net increase/(decrease) in net assets from operations: | |||||||||||||||
Net investment income/(loss) | $ | (4,661,987 | ) | $ | (13,911,864 | ) | $ | (21,089,259 | ) | ||||||
Net realized gain/(loss) from investments and securities sold | (3,713,204 | ) | (99,824,228 | )(a) | (162,961,929 | ) | |||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short(1) | 40,453,223 | (146,982,813 | )(d) | 212,411,733 | |||||||||||
|
|
|
|
|
| ||||||||||
Net increase/(decrease) in net assets resulting from operations | 32,078,032 | (260,718,905 | ) | 28,360,545 | |||||||||||
|
|
|
|
|
| ||||||||||
Less Dividends and Distributions to Shareholders from: | |||||||||||||||
Institutional Class Shares: | |||||||||||||||
Net realized capital gains | (29,543,843 | ) | — | (55,752,862 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (29,543,843 | ) | — | (55,752,862 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Increase/(decrease) in Net Assets Derived from Capital Share Transactions (Note 4) | (818,844,685 | ) | (830,945,748 | ) | 2,134,945,533 | ||||||||||
|
|
|
|
|
| ||||||||||
Total increase/(decrease) in net assets | (816,310,496 | ) | (1,091,664,653 | ) | 2,107,553,216 | ||||||||||
|
|
|
|
|
| ||||||||||
Net assets | |||||||||||||||
Beginning of period | 2,566,098,271 | 3,657,762,924 | 1,550,209,708 | ||||||||||||
|
|
|
|
|
| ||||||||||
End of period | $ | 1,749,787,775 | $ | 2,566,098,271 | $ | 3,657,762,924 | |||||||||
|
|
|
|
|
| ||||||||||
Accumulated net investment loss, end of period | $ | (17,922,087 | ) | $ | (13,260,100 | ) | $ | (5,670,454 | ) | ||||||
|
|
|
|
|
|
* | The Fund changed its fiscal year end from April 30 to September 30. See Note 1 in the Notes to Financial Statements. |
** | The Fund commenced operations on July 31, 2014. |
(1) | Revised for the period ended September 30, 2015. See Note 1 in the Notes to Financial Statements. |
(a) | Previously $11,937,644. |
(b) | Previously $37,751. |
(c) | Previously $30,369,744. |
(d) | Previously $(258,744,685). |
(e) | Previously $(920,458). |
(f) | Previously $(169,557,310). |
(g) | Previously $0. |
The accompanying notes are an integral part of the financial statements.
96 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Absolute 500 Fund | Gotham Enhanced Return Fund | ||||||||||||||||||||||||||||
For the Six Months Ended March 31, 2016 (Unaudited) | For the Period Ended September 30, 2015* | For the Period Ended April 30, 2015** | For the Six Months Ended March 31, 2016 (Unaudited) | For the Period Ended September 30, 2015* | For the Year Ended April 30, 2015 | ||||||||||||||||||||||||
$ | 12,317 | $ | (37,474 | ) | $ | (63,578 | ) | $ | 3,176,012 | $ | (3,776,186 | ) | $ | (3,970,995 | ) | ||||||||||||||
| (702,952 | ) | (404,546 | )(b) | 33,770 | 35,029,017 | (28,026,492 | )(c) | (60,202,331 | ) | |||||||||||||||||||
| 1,944,137 |
| (478,161 | )(e) | 454,578 | 17,675,766 | (111,161,074 | )(f) | 131,582,206 | ||||||||||||||||||||
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|
|
| ||||||||||||||||||
1,253,502 | (920,181 | ) | 424,770 | 55,880,795 | (142,963,752 | ) | 67,408,880 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
(698,234 | ) | — | (168,661 | ) | (18,962,062 | ) | — | (102,523,021 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
| (698,234 | ) | — | (168,661 | ) | (18,962,062 | ) | — | (102,523,021 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
| (279,498 | ) | 6,138,271 | 10,327,123 | (151,686,434 | ) | (288,850,175 | ) | 790,275,574 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
275,770 | 5,218,090 | 10,583,232 | (114,767,701 | ) | (431,813,927 | ) | 755,161,433 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
15,801,322 | 10,583,232 | — | 1,126,264,385 | 1,558,078,312 | 802,916,879 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 16,077,092 | $ | 15,801,322 | $ | 10,583,232 | $ | 1,011,496,684 | $ | 1,126,264,385 | $ | 1,558,078,312 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | (19,233 | ) | $ | (31,550 | )(g) | $ | — | $ | (424,663 | ) | $ | (3,600,675 | ) | $ | (13,046 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
97 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Enhanced 500 Fund | ||||||||||
For the Six Months Ended March 31, 2016 (Unaudited) | For the Period Ended September 30, 2015* | |||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||
Net investment income/(loss) | $ | 42,883 | $ | (10,430 | ) | |||||
Net realized loss from investments and securities sold short | (278,129 | ) | (302,659 | ) | ||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 1,572,641 | (379,145 | ) | |||||||
|
|
|
| |||||||
Net increase/(decrease) in net assets resulting from operations | 1,337,395 | (692,234 | ) | |||||||
|
|
|
| |||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||
Institutional Class Shares: | ||||||||||
Net investment income | (9,997 | ) | — | |||||||
Net realized capital gains | (32,499 | ) | — | |||||||
|
|
|
| |||||||
Net decrease in net assets from dividends and distributions to shareholders | (42,496 | ) | — | |||||||
|
|
|
| |||||||
Increase in Net Assets Derived from Capital Share | 9,843,941 | 6,758,914 | ||||||||
|
|
|
| |||||||
Total increase in net assets | 11,138,840 | 6,066,680 | ||||||||
|
|
|
| |||||||
Net assets | ||||||||||
Beginning of period | 6,066,680 | — | ||||||||
|
|
|
| |||||||
End of period | $ | 17,205,520 | $ | 6,066,680 | ||||||
|
|
|
| |||||||
Accumulated net investment income, end of period | $ | 42,883 | $ | 9,997 | ||||||
|
|
|
|
* | The Fund commenced operations on December 31, 2014. |
** | The Fund commenced operations on March 31, 2016. |
*** | The Fund commenced operations on March 31, 2015. |
**** | The Fund commenced operations on December 31, 2015. |
The accompanying notes are an integral part of the financial statements.
98 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Hedged Plus Fund | Gotham Index Plus Fund | Gotham Institutional Value Fund | |||||||||||||||||
For the Period Ended March 31, 2016 (Unaudited)** | For the Six Months Ended March 31, 2016 (Unaudited) | For the Period Ended September 30, 2015*** | For the Period Ended March 31, 2016 (Unaudited)**** | ||||||||||||||||
$ | — | $ | 51,620 | $ | 20,585 | $ | 8,842 | ||||||||||||
— | (673,314 | ) | (177,648 | ) | (66,849 | ) | |||||||||||||
| 7,634 |
| 1,997,679 | (475,513 | ) | 129,136 | |||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
7,634 | 1,375,985 | (632,576 | ) | 71,129 | |||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
— | (54,282 | ) | — | — | |||||||||||||||
— | (90,322 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
— | (144,604 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
| 2,000,000 |
| 7,197,087 | 8,301,388 | 1,999,917 | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
2,007,634 | 8,428,468 | 7,668,812 | 2,071,046 | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
— | 7,668,812 | — | — | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
$ | 2,007,634 | $ | 16,097,280 | $ | 7,668,812 | $ | 2,071,046 | ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
$ | — | $ | 31,577 | $ | 34,239 | $ | 8,842 | ||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
99 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Neutral Fund | |||||||||||||||
For the Six Months Ended March 31, 2016 (Unaudited) | For the Period Ended September 30, 2015* | For the Year Ended April 30, 2015 | |||||||||||||
Net increase/(decrease) in net assets from operations: | |||||||||||||||
Net investment income/(loss) | $ | (3,100,214 | ) | $ | (4,636,647 | ) | $ | (8,246,724 | ) | ||||||
Net realized gain/(loss) from investments and securities sold | 27,485,181 | (55,196,144 | )(a) | (95,265,698 | ) | ||||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short(1) | (7,797,006 | ) | 23,937,061 | (b) | 45,123,204 | ||||||||||
|
|
|
|
|
| ||||||||||
Net increase/(decrease) in net assets resulting from operations | 16,587,961 | (35,895,730 | ) | (58,389,218 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Less Dividends and Distributions to Shareholders from: | |||||||||||||||
Institutional Class Shares: | |||||||||||||||
Net investment income | — | — | — | ||||||||||||
Net realized capital gains | (4,408,426 | ) | — | (20,618,661 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets from dividends and distributions to | (4,408,426 | ) | — | (20,618,661 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Increase/(Decrease) in Net Assets Derived from Capital Share | 60,984,737 | (140,831,187 | ) | 782,970,680 | |||||||||||
|
|
|
|
|
| ||||||||||
Total increase/(decrease) in net assets. | 73,164,272 | (176,726,917 | ) | 703,962,801 | |||||||||||
|
|
|
|
|
| ||||||||||
Net assets | |||||||||||||||
Beginning of period | 755,707,484 | 932,434,401 | 228,471,600 | ||||||||||||
|
|
|
|
|
| ||||||||||
End of period | $ | 828,871,756 | $ | 755,707,484 | $ | 932,434,401 | |||||||||
|
|
|
|
|
| ||||||||||
Accumulated net investment loss, end of period | $ | (7,447,255 | ) | $ | (4,347,041 | ) | $ | (2,449,271 | ) | ||||||
|
|
|
|
|
|
* | The Fund changed its fiscal year end from April 30 to September 30. See Note 1 in the Notes to Financial Statements. |
** | The Fund commenced operations on March 31, 2015. |
(1) | Revised for the period ended September 30, 2015. See Note 1 in the Notes to Financial Statements. |
(a) | Previously $(24,239,378). |
(b) | Previously $(7,019,705). |
The accompanying notes are an integral part of the financial statements.
100 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Concluded)
Gotham Total Return Fund | |||||||||
For the Six Months Ended March 31, 2016 (Unaudited) | For the Period Ended September 30, 2015** | ||||||||
$ | 145,303 | $ | (4,880 | ) | |||||
| (28,725 | ) | 13,741 | ||||||
| 578,829 |
| (595,152 | ) | |||||
|
|
|
| ||||||
695,407 | (586,291 | ) | |||||||
|
|
|
| ||||||
(149,275 | ) | — | |||||||
(13,742 | ) | — | |||||||
|
|
|
| ||||||
| (163,017 | ) | — | ||||||
|
|
|
| ||||||
| 461,007 |
| 7,596,563 | ||||||
|
|
|
| ||||||
993,397 | 7,010,272 | ||||||||
|
|
|
| ||||||
7,010,272 | — | ||||||||
|
|
|
| ||||||
$ | 8,003,669 | $ | 7,010,272 | ||||||
|
|
|
| ||||||
$ | (3,972 | ) | $ | — | |||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
101 |
GOTHAM FUNDS
Statements of Cash Flow
(Unaudited)
Gotham Absolute Return Fund | Gotham Absolute 500 Fund | Gotham Enhanced Return Fund | |||||||||||||
For the Six Months Ended March 31, 2016 | For the Six Months Ended March 31, 2016 | For the Six Months Ended March 31, 2016 | |||||||||||||
Cash flows provided by (used in) operating activities: | |||||||||||||||
Net increase in net assets resulting from operations | $ | 32,078,032 | $ | 1,253,502 | $ | 55,880,795 | |||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||||||
Purchases of long-term portfolio investments | (3,927,485,639 | ) | (44,405,366 | ) | (2,597,132,140 | ) | |||||||||
Proceeds from disposition of long-term portfolio investments | 5,039,463,028 | 45,490,231 | 2,920,715,785 | ||||||||||||
Purchases to cover securities sold short | (2,864,122,022 | ) | (23,201,032 | ) | (1,575,708,235 | ) | |||||||||
Proceeds from securities sold short | 2,279,109,718 | 23,081,977 | 1,421,144,431 | ||||||||||||
Net realized gain/(loss) on investments and securities sold short | 3,713,204 | 702,952 | (35,029,017 | ) | |||||||||||
Net change in unrealized (appreciation)/depreciation on investments and securities sold short | (40,453,223 | ) | (1,944,137 | ) | (17,675,766 | ) | |||||||||
Increase/(decrease) in deposits with brokers for securities sold short | 459,739,494 | 162,326 | 37,202,191 | ||||||||||||
Increase/(decrease) in receivable for securities sold | 76,099,931 | 360,888 | 8,730,533 | ||||||||||||
Increase/(decrease) in dividend and interest receivable | 749,962 | (4,547 | ) | (199,000 | ) | ||||||||||
Increase in investment adviser receivable | — | — | — | ||||||||||||
Increase in prepaid expenses and other assets | (39,581 | ) | (269 | ) | (5,690 | ) | |||||||||
Increase/(decrease) in payable for investments purchased | (56,621,470 | ) | 204,163 | (2,752,300 | ) | ||||||||||
Increase/(decrease) in use of cash collateral from securities lending | (152,359,221 | ) | 80,792 | (49,279,921 | ) | ||||||||||
Increase/(decrease) in dividends and fees payable for securities sold short | (376,420 | ) | 2,776 | (38,860 | ) | ||||||||||
Increase/(decrease) in payable for investment advisor | (1,513,060 | ) | (9,127 | ) | (257,264 | ) | |||||||||
Increase/(decrease) in accrued expense payable | 687,838 | (41,630 | ) | 110,720 | |||||||||||
|
|
|
|
|
| ||||||||||
Net cash provided by (used in) operating activities | 848,670,571 | 1,733,499 | 165,706,262 | ||||||||||||
|
|
|
|
|
| ||||||||||
Cash flows from financing activities: | |||||||||||||||
Net payment from Fund share activity | (844,518,692 | ) | (1,569,282 | ) | (177,029,691 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Dividends and Distributions to Shareholders | (13,766,473 | ) | (8,450 | ) | (2,475,703 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net cash provided by (used in) financing activities | (858,285,165 | ) | (1,577,732 | ) | (179,505,394 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net increase/(decrease) in cash | (9,614,594 | ) | 155,767 | (13,799,132 | ) | ||||||||||
Cash at beginning of period | 27,728,329 | 377,461 | 30,295,158 | ||||||||||||
|
|
|
|
|
| ||||||||||
Cash at end of period | $ | 18,113,735 | $ | 533,228 | $ | 16,496,026 | |||||||||
|
|
|
|
|
| ||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||
Cash paid during the period for financing charges | $ | 4,033,973 | $ | 30,480 | $ | 4,069,689 |
* | The Fund commenced operations on December 31, 2015. |
The accompanying notes are an integral part of the financial statements.
102 |
GOTHAM FUNDS
Statements of Cash Flow (Concluded)
(Unaudited)
Gotham Enhanced 500 Fund | Gotham Index Plus Fund | Gotham Institutional Value Fund | Gotham Neutral Fund | Gotham Total Return Fund | ||||||||||||||||||||
For the Six Months Ended March 31, 2016 | For the Six Months Ended March 31, 2016 | For the Period Ended March 31, 2016* | For the Six Months Ended March 31, 2016 | For the Six Months Ended March 31, 2016 | ||||||||||||||||||||
$ | 1,337,395 | $ | 1,375,985 | $ | 71,129 | $ | 16,587,961 | $ | 695,407 | |||||||||||||||
|
|
| ||||||||||||||||||||||
(41,002,822 | ) | (41,213,416 | ) | (5,147,958 | ) | (1,651,263,442 | ) | (905,904 | ) | |||||||||||||||
24,391,124 | 28,412,074 | 3,156,836 | 1,661,642,825 | 455,546 | ||||||||||||||||||||
(6,865,159 | ) | (8,923,079 | ) | — | (1,493,252,212 | ) | — | |||||||||||||||||
13,813,213 | 14,774,059 | — | 1,480,369,567 | — | ||||||||||||||||||||
| 278,129 |
| 673,314 | 66,849 | (27,485,181 | ) | 28,725 | |||||||||||||||||
| (1,572,641 | ) | (1,997,679 | ) | (129,136 | ) | 7,797,006 | (578,829 | ) | |||||||||||||||
| (1,348,570 | ) | (815,522 | ) | — | (93,819,641 | ) | — | ||||||||||||||||
(17,738 | ) | (2,100,486 | ) | (24,025 | ) | 15,959,766 | — | |||||||||||||||||
(18,753 | ) | 18,983 | (2,571 | ) | (175,390 | ) | — | |||||||||||||||||
— | (113 | ) | (12,147 | ) | — | (3,008 | ) | |||||||||||||||||
(13,721 | ) | (17,389 | ) | (20,181 | ) | (37,086 | ) | (17,071 | ) | |||||||||||||||
2,589,004 | 3,630,515 | 23,691 | (553,517 | ) | — | |||||||||||||||||||
| 1,294,072 |
| 210,534 | — | 7,544,497 | — | ||||||||||||||||||
| 11,682 |
| 7,947 | — | 89,914 | (95 | ) | |||||||||||||||||
(28,831 | ) | (37,158 | ) | — | 149,043 | (19,367 | ) | |||||||||||||||||
(22,904 | ) | (22,351 | ) | 26,952 | 131,646 | 4,807 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(7,176,520 | ) | (6,023,782 | ) | (1,990,561 | ) | (76,314,244 | ) | (339,789 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
7,201,445 | 6,552,483 | 1,999,917 | 62,088,831 | 297,990 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | — | — | (765,898 | ) | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
7,201,445 | 6,552,483 | 1,999,917 | 61,322,933 | 297,990 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
24,925 | 528,701 | 9,356 | (14,991,311 | ) | (41,799 | ) | ||||||||||||||||||
232,646 | 3,357 | — | 24,840,178 | 60,804 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 257,571 | $ | 532,058 | $ | 9,356 | $ | 9,848,867 | $ | 19,005 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 25,222 | $ | 23,422 | $ | — | $ | 2,204,961 | $ | — |
The accompanying notes are an integral part of the financial statements.
103 |
GOTHAM FUNDS
Financial Highlights
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
Investment Activities | Dividends and Distributions | |||||||||||||
Net Asset Value, Beginning of Year/Period | Net Investment Income (Loss) (1) | Net Realized and Unrealized Gain/(Loss) on Investments | Total from Investment Operations | Distributions from Net Investment Income | Distribution from Capital Gains | Total Distributions | ||||||||
Gotham Absolute Return Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
10/01/2015-03/31/2016(5) | $12.48 | $(0.03) | $ 0.30 | $ 0.27 | $ — | $(0.17) | $(0.17) | |||||||
05/01/2015-09/30/2015* | 13.54 | (0.06) | (1.00) | (1.06) | — | — | — | |||||||
05/01/2014-04/30/2015 | 13.45 | (0.10) | 0.43 | 0.33 | — | (0.24) | (0.24) | |||||||
05/01/2013-04/30/2014 | 11.40 | (0.16) | 2.77 | 2.61 | — | (0.56) | (0.56) | |||||||
08/31/2012**-04/30/2013 | 10.00 | (0.08) | 1.53 | 1.45 | (0.01) | (0.05) | (0.06) | |||||||
Gotham Absolute 500 Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
10/01/2015-03/31/2016(5) | $9.80 | $ 0.01 | $ 0.89 | $ 0.90 | $ — | $(0.35) | $(0.35) | |||||||
05/01/2015-09/30/2015* | 10.47 | (0.03) | (0.64) | (0.67) | — | — | — | |||||||
07/31/2014**-04/30/2015 | 10.00 | (0.09) | 0.78 | 0.69 | — | (0.23) | (0.23) | |||||||
Gotham Enhanced Return Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
10/01/2015-03/31/2016(5) | $11.10 | $ 0.03 | $ 0.62 | $ 0.65 | $ — | $(0.20) | $(0.20) | |||||||
05/01/2015-09/30/2015* | 12.38 | (0.03) | (1.25) | (1.28) | — | — | — | |||||||
05/01/2014-04/30/2015 | 12.39 | (0.04) | 0.97 | 0.93 | — | (0.94) | (0.94) | |||||||
05/31/2013**-04/30/2014 | 10.00 | (0.07) | 2.96 | 2.89 | — | (0.50) | (0.50) | |||||||
Gotham Enhanced 500 Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
10/01/2015-03/31/2016(5) | $8.99 | $ 0.05 | $ 1.07 | $ 1.12 | $(0.01) | $(0.05) | $(0.06) | |||||||
12/31/2014**-9/30/2015 | 10.00 | (0.02) | (0.99) | (1.01) | — | — | — |
* | The Fund changed its fiscal year end from April 30 to September 30. See Note 1 in the Notes to Financial Statements. |
** | Commencement of operations. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the Gotham Absolute Return Fund would be 2.25%, 2.15%, 2.15%, 2.20% and 2.25%, for the six months ended March 31, 2016, the period ended September 30, 2015, the years ended April 30, 2015 and 2014 and the period ended April 30, 2013, respectively; for the Gotham Absolute 500 Fund, they would be 1.95%, 2.25% and 2.25% for the six months ended March 31, 2016, the periods ended September 30, 2015 and April 30, 2015, respectively; for the Gotham Enhanced Return Fund, they would be 2.18%, 2.14%, 2.16% and 2.25% for the six months ended March 31, 2016, the period ended September 30, 2015, the year ended April 30, 2015 and the period ended April 30, 2014, respectively, and for the Gotham Enhanced 500 Fund, they would be 1.90% and 2.25% for the six months ended March 31, 2016 and the period ended September 30, 2015, respectively. |
(4) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as indicated (See Note 2). |
(5) | Unaudited. |
(6) | Amount is less than $0.005 per share. |
(7) | Annualized. |
(8) | Not annualized. |
(9) | Portfolio turnover excludes the purchases and sales of the Formula Investing U.S. Value 1000 Fund and the Formula Investing U.S. Value Select Fund merger on February 7, 2014. If these transactions were included, portfolio turnover would have been higher. |
The accompanying notes are an integral part of the financial statements.
104 |
GOTHAM FUNDS
Financial Highlights (Continued)
| ||||||||||||||||||||
Redemption Fees | Net Asset Value, End of Year/Period | Total Return(2) | Net Assets, End of Year/Period (000s) | Ratio of Expenses to Average Net Assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(3) | Ratio of Expenses to Average Net Assets without waivers, expense reimbursements, and recoupments if any(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets (including dividend and interest expense) | Portfolio Turnover Rate | |||||||||||||
$0.00(6) | $12.58 | 2.17% | $1,749,788 | 3.16%(7) | 3.16%(7) | (0.44)%(7) | 152.44%(8) | |||||||||||||
0.00(6) | 12.48 | (7.83)% | 2,566,098 | 2.95%(7) | 2.95%(7) | (1.03)%(7) | 134.07%(8) | |||||||||||||
0.00(6) | 13.54 | 2.44% | 3,657,763 | 2.81% | 2.81% | (0.75)% | 336.09% | |||||||||||||
0.00(6) | 13.45 | 23.21% | 1,550,210 | 2.98% | 2.96% | (1.23)% | 399.16% | |||||||||||||
0.01 | 11.40 | 14.67% | 53,680 | 3.24%(7) | 4.18%(7) | (1.13)%(7) | 279.84%(8) | |||||||||||||
$0.01 | $10.36 | 9.47% | $ 16,077 | 4.02%(7) | 4.12%(7) | 0.14%(7) | 171.89%(8) | |||||||||||||
— | 9.80 | (6.40)% | 15,801 | 4.22%(7) | 4.75%(7) | (0.69)%(7) | 126.07%(8) | |||||||||||||
0.01 | 10.47 | 6.98% | 10,583 | 4.13%(7) | 5.92%(7) | (1.15)%(7) | 327.45%(8) | |||||||||||||
$0.00(6) | $11.55 | 5.98% | $1,011,497 | 3.59%(7) | 3.59%(7) | 0.61%(7) | 142.86%(8) | |||||||||||||
0.00(6) | 11.10 | (10.34)% | 1,126,264 | 3.36%(7) | 3.36%(7) | (0.66)%(7) | 85.25%(8) | |||||||||||||
0.00(6) | 12.38 | 7.34% | 1,558,078 | 3.23% | 3.23% | (0.31)% | 274.67% | |||||||||||||
0.00(6) | 12.39 | 29.36% | 802,917 | 3.54%(7) | 3.54%(7) | (0.63)%(7) | 364.77%(8)(9) | |||||||||||||
$ — | $10.05 | 12.41% | $ 17,206 | 4.36%(7) | 4.88%(7) | 1.07%(7) | 157.56%(8) | |||||||||||||
— | 8.99 | (10.10)% | 6,067 | 4.40%(7) | 5.54%(7) | (0.24)%(7) | 355.33%(8) |
The accompanying notes are an integral part of the financial statements.
105 |
GOTHAM FUNDS
Financial Highlights (Continued)
Investment Activities | Dividends and Distributions | |||||||||||||
Net Asset Value, Beginning of Year/Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain/(Loss) on Investments | Total from Investment Operations | Distributions from Net Investment Income | Distribution from Capital Gains | Total Distributions | ||||||||
Gotham Hedged Plus Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
03/31/2016* -03/31/2016(6) | $10.00 | $ — | $ 0.04 | $ 0.04 | $ — | $ — | $ — | |||||||
Gotham Index Plus Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
10/01/2015-03/31/2016(6) | $ 9.28 | $ 0.06 | $ 1.18 | $ 1.24 | $(0.07) | $(0.11) | $(0.18) | |||||||
03/31/2015** -9/30/2015 | 10.00 | 0.03 | (0.75) | (0.72) | — | — | — | |||||||
Gotham Institutional Value Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
12/31/2015*** -03/31/2016(6) | $10.00 | $ 0.04 | $ 0.32 | $ 0.36 | $ — | $ — | $ — | |||||||
Gotham Neutral Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
10/01/2015-03/31/2016(6) | $ 9.99 | $(0.04) | $ 0.24 | $ 0.20 | $ — | $(0.06) | $(0.06) | |||||||
05/01/2015-09/30/2015**** | 10.42 | (0.06) | (0.37) | (0.43) | — | — | — | |||||||
05/01/2014-04/30/2015 | 11.21 | (0.12) | (0.43) | (0.55) | — | (0.24) | (0.24) | |||||||
08/30/2013*****-04/30/2014 | 10.00 | (0.12) | 1.37 | 1.25 | — | (0.04) | (0.04) | |||||||
Gotham Total Return Fund | ||||||||||||||
Institutional Class Shares | ||||||||||||||
10/01/2015-03/31/2016(6) | $ 9.33 | $ 0.18 | $ 0.72 | $ 0.90 | $(0.18) | $(0.02) | $(0.20) | |||||||
03/31/2015**-9/30/2015 | 10.00 | (0.01) | (0.66) | (0.67) | — | — | — |
* | Commencement of operations. Initial seed capital was issued at $10.00 per share on March 31, 2016. |
** | Commencement of operations. Initial seed capital was issued at $10.00 per share on March 31, 2015. |
*** | Commencement of operations. Initial seed capital was issued at $10.00 per share on December 31, 2015. |
**** | The Fund changed its fiscal year end from April 30 to September 30. See Note 1 in the Notes to Financial Statements. |
***** | Commencement of operations. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the Gotham Index Plus Fund would be 1.28% and 1.50% for the six months ended March 31, 2016 and the period ended September 30, 2015, respectively, and for the Gotham Neutral Fund, they would be 2.19%, 2.16%, 2.18% and 2.25% for the six months ended March 31, 2016, the period ended September 30, 2015, the year ended April 30, 2015 and the period ended April 30, 2014, respectively. |
(4) | The Gotham Total Return Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio. |
(5) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Unaudited. |
(7) | Amount is less than $0.005 per share. |
(8) | Annualized. |
(9) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
106 |
GOTHAM FUNDS
Financial Highlights (Concluded)
| ||||||||||||||||||||
Redemption Fees | Net Asset Value, End of Year/Period | Total Return(2) | Net Assets, End of Year/Period (000s) | Ratio of Expenses to Average Net Assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(3)(4) | Ratio of Expenses to Average Net Assets without waivers, expense reimbursements, and recoupments if any(3)(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets (including dividend and interest expense) | Portfolio Turnover Rate | |||||||||||||
$ — | $10.04 | 0.40% | $ 2,008 | — | — | — | — | |||||||||||||
$0.00(7) | $10.34 | 13.40% | $ 16,097 | 3.60%(8) | 4.20%(8) | 1.14%(8) | 156.39%(9) | |||||||||||||
— | 9.28 | (7.20)% | 7,669 | 3.63%(8) | 4.75%(8) | 0.62%(8) | 94.47%(9) | |||||||||||||
$ — | $10.36 | 3.60% | $ 2,071 | 0.95%(8) | 10.07%(8) | 1.93%(8) | 218.30%(9) | |||||||||||||
$0.00(7) | $10.13 | 2.06% | $828,872 | 3.65%(8) | 3.65%(8) | (0.83)%(8) | 181.44%(9) | |||||||||||||
0.00(7) | 9.99 | (4.13)% | 755,707 | 3.38%(8) | 3.38%(8) | (1.38)%(8) | 141.02%(9) | |||||||||||||
0.00(7) | 10.42 | (5.00)% | 932,434 | 3.20% | 3.19% | (1.11)% | 377.72% | |||||||||||||
0.00(7) | 11.21 | 12.50% | 228,472 | 3.43%(8) | 3.57%(8) | (1.64)%(8) | 191.65%(9) | |||||||||||||
$ — | $10.03 | 9.76% | $ 8,004 | 0.17%(8) | 1.63%(8) | 3.81%(8) | 5.97%(9) | |||||||||||||
0.00(7) | 9.33 | (6.70)% | 7,010 | 0.18%(8) | 1.57%(8) | (0.18)%(8) | 42.30%(9) |
The accompanying notes are an integral part of the financial statements.
107 |
GOTHAM FUNDS
Notes to Financial Statements
March 31, 2016
(Unaudited)
1. Organization and Significant Accounting Policies
The Gotham Absolute Return Fund, the Gotham Absolute 500 Fund, the Gotham Enhanced Return Fund, the Gotham Enhanced 500 Fund, the Gotham Hedged Plus Fund, the Gotham Index Plus Fund, the Gotham Institutional Value Fund, the Gotham Neutral Fund and the Gotham Total Return Fund (each a “Fund” and together, the “Funds”) are each a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Gotham Absolute Return Fund commenced investment operations on August 31, 2012. The Gotham Absolute 500 Fund commenced operations on July 31, 2014. The Gotham Enhanced Return Fund commenced investment operations on May 31, 2013. The Gotham Enhanced 500 Fund commenced operations on December 31, 2014. The Gotham Hedged Plus Fund commenced operations on March 31, 2016. The Gotham Index Plus Fund commenced operations on March 31, 2015. The Gotham Institutional Value Fund commenced operations on December 31, 2015. The Gotham Neutral Fund commenced investment operations on August 30, 2013. The Gotham Total Return Fund operates as a “Fund of Funds” and commenced operations on March 31, 2015. The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds offers one class of shares, Institutional Class.
All the Funds except for the Gotham Institutional Value Fund and the Gotham Total Return Fund seek to achieve their investment objectives by primarily investing in long and short positions of U.S. equity securities. Equity securities include common and preferred stocks. The Gotham Institutional Value Fund seeks to achieve its investment objective by primarily investing in long positions of U.S. equity securities listed in the S&P 500® Index, but may invest in other large capitalization companies, primarily selected from the largest 500-700 U.S. companies based on market capitalization. The Gotham Total Return Fund seeks to achieve its investment objective by primarily investing in the other funds advised by Gotham.
Effective May 1, 2015, each of the Gotham Absolute Return Fund, the Gotham Absolute 500 Fund, the Gotham Enhanced Return Fund and the Gotham Neutral Fund changed its fiscal year end from April 30 to September 30.
The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Each Fund’s equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Board of Trustees (the “Board”). Any assets held by a Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that a Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when a Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of a Fund. Securities that do not have a readily available current market value are valued in good faith under the direction of the Board. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to the Adviser the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser.
108 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
Fair Value Measurements — The inputs and valuation techniques used to measure fair value of a Fund’s investments are summarized into three levels as described in the hierarchy below:
● Level 1 — | quoted prices in active markets for identical securities; | |
● Level 2 — | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and | |
● Level 3 — | significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets.
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Funds had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the period ended March 31, 2016, there were no transfers between Levels 1, 2 and 3 for the Funds.
Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.
Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
109 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
General expenses of the Trust are generally allocated to each Fund in proportion to its relative daily net assets. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund.
Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.
U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.
Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. A Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
Short Sales — Certain Funds may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Security and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.
As of March 31, 2016, the following Funds had securities sold short, securities pledged as collateral and deposits with brokers for securities sold short:
Value of Securities Sold Short | Securities Pledged as Collateral | Deposits with Brokers for Securities Sold Short | |||||||||||||
Gotham Absolute Return Fund | $ | 1,047,807,095 | $ | 1,129,558,202 | $ | 1,012,505,607 | |||||||||
Gotham Absolute 500 Fund | 12,875,563 | 13,882,583 | 8,642,771 | ||||||||||||
Gotham Enhanced Return Fund | 720,646,559 | 774,222,294 | 331,064,512 | ||||||||||||
Gotham Enhanced 500 Fund | 12,608,920 | 15,938,085 | 2,879,189 | ||||||||||||
Gotham Index Plus Fund | 13,149,760 | 14,223,147 | 3,580,097 | ||||||||||||
Gotham Neutral Fund | 784,425,645 | 811,829,390 | 690,908,775 |
In accordance with the terms of its prime brokerage agreements, the Funds may receive rebate income or be charged fees on securities sold short. Such income or fee is calculated on a daily basis based upon the market value of securities sold short and a variable rate that is dependent upon the availability of such security. These amounts are included in dividends and fees on securities sold short on the Statement of Operations. On the ex-dividend date, dividends on short
110 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
sales are recorded as an expense to the Fund. The following Funds had net charges as shown in the table below for the six months ended March 31, 2016:
Net Charges | |||||
Gotham Absolute Return Fund | $ | 3,051,350 | |||
Gotham Absolute 500 Fund | 5,542 | ||||
Gotham Enhanced Return Fund | 1,830,220 | ||||
Gotham Enhanced 500 Fund | 1,657 | ||||
Gotham Index Plus Fund | 2,292 | ||||
Gotham Neutral Fund | 1,480,078 |
The following Funds utilized short sales proceeds and incurred financing charges to finance purchases of long securities in order to accomplish the Funds’ respective investment objectives. A financing fee is charged to the Funds based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short and are as follows for the six months ended March 31, 2016:
Short Sales Proceeds | Financing Charges | |||||||||
Gotham Absolute Return Fund | $ | 64,209,186 | $ | 180,532 | ||||||
Gotham Absolute 500 Fund | 4,283,220 | 16,227 | ||||||||
Gotham Enhanced Return Fund | 401,824,286 | 1,385,758 | ||||||||
Gotham Enhanced 500 Fund | 9,633,309 | 16,203 | ||||||||
Gotham Index Plus Fund | 8,507,514 | 18,497 | ||||||||
Gotham Neutral Fund | 116,723,443 | 615,054 |
Revisions to Certain Prior Year Information — Included in the Statement of Changes in Net Assets and Note 6 of the Notes to Financial Statements for each of the Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund are revisions to correct the allocation between net realized gain/(loss) and net unrealized appreciation/(depreciation) for the period ended September 30, 2015. These revisions did not impact net assets, results of operations or total distributions and are not material to the financial statements taken as a whole.
2. Transactions with Affiliates and Related Parties
Gotham Asset Management, LLC (“Gotham” or the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services as the investment adviser, each Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below:
Effective December 7, 2015 | Prior to December 7, 2015 | |||||||||
Gotham Absolute Return Fund | 2.00 | % | 2.00 | % | ||||||
Gotham Absolute 500 Fund | 1.50 | % | 2.00 | % | ||||||
Gotham Enhanced Return Fund | 2.00 | % | 2.00 | % | ||||||
Gotham Enhanced 500 Fund | 1.50 | % | 2.00 | % | ||||||
Gotham Hedged Plus Fund* | 1.00 | % | N/A | |||||||
Gotham Index Plus Fund | 1.00 | % | 1.33 | % | ||||||
Gotham Institutional Value Fund** | 0.80 | % | N/A | |||||||
Gotham Neutral Fund | 2.00 | % | 2.00 | % | ||||||
Gotham Total Return Fund | — | %*** | — | %*** |
* | The Fund commenced operations on March 31, 2016. |
** | The Fund commenced operations on December 31, 2015. |
111 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
*** | For the Gotham Total Return Fund, Gotham is not entitled to receive an investment advisory fee on assets invested in mutual funds advised by Gotham (each an “underlying fund” and collectively, the “underlying funds”), but is entitled to receive an investment advisory fee of 2.00% of the Gotham Total Return Fund’s average net assets invested in investments other than an underlying fund. Gotham does not receive an investment advisory fee from the Gotham Total Return Fund on assets invested in an underlying fund, but does receive an investment advisory fee from each underlying fund as investment adviser to such funds. The Gotham Total Return Fund does not currently expect to invest in assets other than underlying funds; however, to the extent it does, the Fund will pay a management fee on such assets. |
The Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed the percentages set forth in the table below (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until the termination date set forth below, unless the Board approves its earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the six month period ended March 31, 2016.
Effective December 7, 2015 | Prior to December 7, 2015 | Termination Date | |||||||||||||
Gotham Absolute Return Fund | 2.25 | % | 2.25 | % | August 31, 2017 | ||||||||||
Gotham Absolute 500 Fund | 1.75 | % | 2.25 | % | January 31, 2019 | ||||||||||
Gotham Enhanced Return Fund | 2.25 | % | 2.25 | % | August 31, 2017 | ||||||||||
Gotham Enhanced 500 Fund | 1.75 | % | 2.25 | % | January 31, 2019 | ||||||||||
Gotham Hedged Plus Fund* | 1.15 | % | N/A | January 31, 2020 | |||||||||||
Gotham Index Plus Fund | 1.17 | %** | 1.50 | % | January 31, 2019 | ||||||||||
Gotham Institutional Value Fund*** | 0.95 | % | N/A | January 31, 2019 | |||||||||||
Gotham Neutral Fund | 2.25 | % | 2.25 | % | August 31, 2017 | ||||||||||
Gotham Total Return Fund | 0.17 | % | 0.17 | %**** | January 31, 2019 |
* | The Fund commenced operations on March 31, 2016. |
** | Effective March 31, 2016, the Expense Limitation is 1.15%. |
*** | The Fund commenced operations on December 31, 2015. |
**** | Prior to June 1, 2015, the Expense Limitation was 0.25%. |
For the period ended March 31, 2016, investment advisory fees accrued and waivers were as follows:
Gross Advisory Fee | Waiver/ Reimbursements | Net Advisory Fee (Reimbursement) | |||||||||||||
Gotham Absolute Return Fund | $ | 21,290,964 | $ | — | $ | 21,290,964 | |||||||||
Gotham Absolute 500 Fund | 147,971 | (8,934 | ) | 139,037 | |||||||||||
Gotham Enhanced Return Fund | 10,465,407 | — | 10,465,407 | ||||||||||||
Gotham Enhanced 500 Fund | 65,985 | (20,740 | ) | 45,245 | |||||||||||
Gotham Index Plus Fund | 50,221 | (27,073 | ) | 23,148 | |||||||||||
Gotham Institutional Value Fund | 3,657 | (41,669 | ) | (38,012 | ) | ||||||||||
Gotham Neutral Fund | 7,460,918 | — | 7,460,918 | ||||||||||||
Gotham Total Return Fund | — | (55,485 | ) | (55,485 | ) |
112 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
The Adviser is entitled to recover, subject to approval by the Board, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. As of March 31, 2016, the amount of potential reimbursement from the Funds to the Adviser are as follows:
Expiration 04/30/2018 | Expiration 09/30/2018 | Expiration 03/31/2019 | |||||||||||||
Gotham Absolute 500 Fund | $ | 99,209 | $ | 29,092 | $ | 8,934 | |||||||||
Gotham Enhanced 500 Fund | N/A | 48,788 | 20,740 | ||||||||||||
Gotham Index Plus Fund | N/A | 37,317 | 27,073 | ||||||||||||
Gotham Institutional Value Fund | N/A | N/A | 41,669 | ||||||||||||
Gotham Total Return Fund | N/A | 36,613 | 55,485 |
BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.
The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees, for their services as a Trustee. The remuneration paid to the Trustees by the Funds during the six months ended March 31, 2016 was $101,193. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Funds or the Trust.
The following table lists each issuer owned by Gotham Total Return Fund that may be deemed an “affiliated company” under the 1940 Act, as well as transactions that occurred in the security of such issuers during the six months ended March 31, 2016:
Gotham Total Return Fund | ||||||||||||||||||||||||||||||||||||||||
Dividend | Net Realized | |||||||||||||||||||||||||||||||||||||||
Income | Loss | |||||||||||||||||||||||||||||||||||||||
for the | for the | |||||||||||||||||||||||||||||||||||||||
Shares | Shares | period | period | |||||||||||||||||||||||||||||||||||||
Held at | Value at | Purchase | Sales | Value at | Held at | ended | ended | |||||||||||||||||||||||||||||||||
Name of Issuer | 9/30/15 | 9/30/15 | Cost | Proceeds | 3/31/16 | 3/31/16 | 3/31/16 | 3/31/16 | ||||||||||||||||||||||||||||||||
Gotham Absolute | 287,183 | $ | 2,814,394 | $ | 405,333 | $ | 182,216 | $ | 3,208,390 | 309,690 | $ | 103,637 | $ | (11,797 | ) | |||||||||||||||||||||||||
Gotham Enhanced | 167,456 | 1,507,104 | 180,514 | 102,498 | 1,765,715 | 175,693 | 10,819 | (8,230 | ) | |||||||||||||||||||||||||||||||
Gotham Index | 166,597 | 1,546,020 | 199,556 | 102,499 | 1,823,854 | 176,388 | 29,852 | (5,275 | ) | |||||||||||||||||||||||||||||||
Gotham Neutral | 112,576 | 1,124,634 | 120,502 | 68,333 | 1,194,655 | 117,932 | 7,369 | (3,423 | ) |
113 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
3. Investment in Securities
For the six months ended March 31, 2016 (with respect to Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Enhanced Return Fund, Gotham Enhanced 500 Fund, Gotham Index Plus Fund, Gotham Neutral Fund and Gotham Total Return Fund) and from the commencement of operations of the Gotham Hedged Plus Fund on March 31, 2016 and the Gotham Institutional Value Fund on December 31, 2015 through March 31, 2016, aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:
Purchases | Sales | |||||||
Gotham Absolute Return Fund | $ | 3,900,306,508 | $ | 5,012,283,898 | ||||
Gotham Absolute 500 Fund | 43,712,239 | 44,797,105 | ||||||
Gotham Enhanced Return Fund | 2,576,827,884 | 2,900,410,314 | ||||||
Gotham Enhanced 500 Fund | 40,649,703 | 24,038,005 | ||||||
Gotham Hedged Plus Fund | 1,199,272 | — | ||||||
Gotham Index Plus Fund | 41,008,927 | 28,207,584 | ||||||
Gotham Institutional Value Fund | 5,142,867 | 3,151,745 | ||||||
Gotham Neutral Fund | 1,641,120,803 | 1,651,498,933 | ||||||
Gotham Total Return Fund | 905,905 | 455,546 |
4. Capital Share Transactions
For the periods ended March 31, 2016, September 30, 2015 and April 30, 2015, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:
For the Period Ended | ||||||||||||||||||||||||
March 31, 2016 | For the Period Ended | For the Period Ended | ||||||||||||||||||||||
(Unaudited) | September 30, 2015 | April 30, 2015 | ||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||
Gotham Absolute Return Fund:* | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 21,324,676 | $ | 266,115,134 | 33,663,073 | $ | 441,504,937 | 215,551,538 | $ | 2,966,057,341 | |||||||||||||||
Reinvestments | 1,281,671 | 15,777,370 | — | — | 2,085,226 | 28,838,677 | ||||||||||||||||||
Redemption Fees** | — | 355,610 | — | 105,622 | — | 264,109 | ||||||||||||||||||
Redemptions | (89,045,870 | ) | (1,101,092,799 | ) | (98,279,485 | ) | (1,272,556,307 | ) | (62,720,044 | ) | (860,214,594 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) | (66,439,523 | ) | $ | (818,844,685 | ) | (64,616,412 | ) | $ | (830,945,748 | ) | 154,916,720 | $ | 2,134,945,533 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gotham Absolute 500 Fund:*(1) | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 754,361 | $ | 7,712,451 | 658,503 | $ | 6,740,370 | 1,121,170 | $ | 11,474,896 | |||||||||||||||
Reinvestments | 70,100 | 689,784 | — | — | 15,987 | 168,661 | ||||||||||||||||||
Redemption Fees | — | 14,033 | — | — | — | 5,948 | ||||||||||||||||||
Redemptions** | (884,303 | ) | (8,695,766 | ) | (57,562 | ) | (602,099 | ) | (126,329 | ) | (1,322,382 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) | (59,842 | ) | $ | (279,498 | ) | 600,941 | $ | 6,138,271 | 1,010,828 | $ | 10,327,123 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
114 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
For the Period Ended | ||||||||||||||||||||||||
March 31, 2016 | For the Period Ended | For the Period Ended | ||||||||||||||||||||||
(Unaudited) | September 30, 2015 | April 30, 2015 | ||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||
Gotham Enhanced Return Fund:* | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 9,294,660 | $ | 103,015,695 | 6,602,243 | $ | 79,119,696 | 78,071,406 | $ | 1,005,549,363 | |||||||||||||||
Reinvestments | 1,489,283 | 16,486,359 | — | — | 6,630,274 | 84,204,481 | ||||||||||||||||||
Redemption Fees** | — | 10,601 | — | 10,519 | — | 245,378 | ||||||||||||||||||
Redemptions | (24,671,597 | ) | (271,199,089 | ) | (31,040,545 | ) | (367,980,390 | ) | (23,587,091 | ) | (299,723,648 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) | (13,887,654 | ) | $ | (151,686,434 | ) | (24,438,302 | ) | $ | (288,850,175 | ) | 61,114,589 | $ | 790,275,574 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gotham Enhanced 500 Fund:(2) | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 1,043,446 | $ | 9,903,942 | 690,009 | $ | 6,917,559 | — | $ | — | |||||||||||||||
Reinvestments | 4,502 | 42,497 | — | — | — | — | ||||||||||||||||||
Redemption Fees** | — | — | — | — | — | — | ||||||||||||||||||
Redemptions | (10,688 | ) | (102,498 | ) | (15,269 | ) | (158,645 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase | 1,037,260 | $ | 9,843,941 | 674,740 | $ | 6,758,914 | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gotham Hedged Plus Fund:(3) | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 200,000 | $ | 2,000,000 | — | $ | — | — | $ | — | |||||||||||||||
Reinvestments | — | — | — | — | — | — | ||||||||||||||||||
Redemption Fees** | — | — | — | — | — | — | ||||||||||||||||||
Redemptions | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase | 200,000 | $ | 2,000,000 | — | $ | — | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gotham Index Plus Fund:(4) | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 772,176 | $ | 7,612,609 | 826,186 | $ | 8,301,388 | — | $ | — | |||||||||||||||
Reinvestments | 14,755 | 144,604 | — | — | — | — | ||||||||||||||||||
Redemption Fees** | 1,771 | — | — | — | — | |||||||||||||||||||
Redemptions | (56,950 | ) | (561,897 | ) | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase | 729,981 | $ | 7,197,087 | 826,186 | $ | 8,301,388 | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gotham Institutional Value Fund:(5) | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 200,000 | $ | 1,999,917 | — | $ | — | — | $ | — | |||||||||||||||
Reinvestments | — | — | — | — | — | — | ||||||||||||||||||
Redemption Fees** | — | — | — | — | — | — | ||||||||||||||||||
Redemptions | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase | 200,000 | $ | 1,999,917 | — | $ | — | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
115 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
For the Period Ended | ||||||||||||||||||||||||
March 31, 2016 | For the Period Ended | For the Period Ended | ||||||||||||||||||||||
(Unaudited) | September 30, 2015 | April 30, 2015 | ||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||
Gotham Neutral Fund:* | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 32,597,318 | $ | 323,614,580 | 16,276,350 | $ | 161,816,119 | 101,376,317 | $ | 1,132,773,493 | |||||||||||||||
Reinvestments | 370,929 | 3,642,528 | — | — | 1,692,457 | 18,532,401 | ||||||||||||||||||
Redemption Fees** | — | 60,899 | — | 23,837 | — | 258,989 | ||||||||||||||||||
Redemptions | (26,765,750 | ) | (266,333,270 | ) | (30,132,986 | ) | (302,671,143 | ) | (33,988,109 | ) | (368,594,203 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase (Decrease) | 6,202,497 | $ | 60,984,737 | (13,856,636 | ) | $ | (140,831,187 | ) | 69,080,665 | $ | 782,970,680 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gotham Total Return Fund:(4) | ||||||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||||||
Sales | 76,924 | $ | 758,052 | 751,884 | $ | 7,599,493 | — | $ | — | |||||||||||||||
Reinvestments | 17,268 | 163,017 | — | — | — | — | ||||||||||||||||||
Redemption Fees** | — | — | — | 29 | — | — | ||||||||||||||||||
Redemptions | (47,478 | ) | (460,062 | ) | (297 | ) | (2,959 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Increase | 46,714 | $ | 461,007 | 751,587 | $ | 7,596,563 | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Each of the Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund changed its year end from April 30 to September 30. |
** | There is a 1.00% redemption fee that may be charged on shares redeemed within 30 days of purchase. The redemption fees are retained by each Fund for the benefit of the remaining shareholders and recorded as paid-in-capital. (Prior to February 1, 2016, the redemption fee was charged on shares redeemed within 90 days of purchase.) |
(1) | Commencement of operations July 31, 2014. |
(2) | Commencement of operations December 31, 2014. |
(3) | Commencement of operations March 31, 2016. |
(4) | Commencement of operations March 31, 2015. |
(5) | Commencement of operations December 31, 2015. |
As of March 31, 2016, the following Funds had shareholders that held 10% or more of the outstanding shares of the Fund:
Gotham Absolute 500 Fund | ||||
Affiliated Shareholders | 35 | % | ||
Affiliated Fund | 21 | % | ||
Gotham Enhanced 500 Fund | ||||
Affiliated Shareholders | 79 | % | ||
Affiliated Fund | 12 | % | ||
Gotham Index Plus Fund | ||||
Affiliated Shareholders | 64 | % | ||
Affiliated Fund | 12 | % | ||
Gotham Institutional Value Fund | ||||
Affiliated Shareholders | 100 | % | ||
Gotham Total Return Fund | ||||
Affiliated Shareholders | 89 | % |
116 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
5. Securities Lending
Securities may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. During the six month period ended March 31, 2016, the Funds listed below each had securities lending programs. The market value of securities on loan and cash collateral received as of March 31, 2016 and the income generated from the programs during the six month period ended March 31, 2016, with respect to such loans are as follows:
Market Value | Income Received | |||||||||||||||||||
of Securities | Cash Collateral | Market Value | from Securities | |||||||||||||||||
Loaned | Received | of Non-cash Collateral | Lending | |||||||||||||||||
Gotham Absolute Return Fund | $ | 326,495,632 | $333,134,424 | $— | $1,642,951 | |||||||||||||||
Gotham Absolute 500 Fund | 2,902,800 | 2,970,749 | — | 1,099 | ||||||||||||||||
Gotham Enhanced Return Fund | 332,787,988 | 339,115,292 | — | 1,064,153 | ||||||||||||||||
Gotham Enhanced 500 Fund | 2,935,724 | 2,999,995 | — | 644 | ||||||||||||||||
Gotham Index Plus Fund | 2,899,736 | 2,973,798 | — | 355 | ||||||||||||||||
Gotham Neutral Fund | 72,734,069 | 73,746,644 | — | 568,107 |
Securities lending transactions are entered into by the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received from that counterparty and create one single net payment due to or from the Funds. The following table is a summary of each of the Fund’s open securities lending transactions which are subject to a MSLA as of March 31, 2016:
Gross Amount Not Offset in the Statement of Assets and Liabilities | ||||||||||||
Gross Amounts | Net Amounts of | |||||||||||
Offset in the | Assets Presented | |||||||||||
Statement of | in the Statement of | Cash | ||||||||||
Gross Amounts of | Assets and | Assets and | Financial | Collateral | Net | |||||||
Recognized Assets | Liabilities | Liabilities | Instruments | Received* | Amount** | |||||||
Gotham Absolute | $326,495,632 | $— | $326,495,632 | $— | $(326,495,632) | $— | ||||||
Gotham Absolute | 2,902,800 | — | 2,902,800 | — | (2,902,800) | — | ||||||
Gotham Enhanced | 332,787,988 | — | 332,787,988 | — | (332,787,988) | — | ||||||
Gotham Enhanced | 2,935,724 | — | 2,935,724 | — | (2,935,724) | — |
117 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
Gross Amount Not Offset in the | ||||||||||||||||
Statement of Assets and Liabilities | ||||||||||||||||
Gross Amounts | Net Amounts of | |||||||||||||||
Offset in the | Assets Presented | |||||||||||||||
Statement of | in the Statement of | Cash | ||||||||||||||
Gross Amounts of | Assets and | Assets and | Financial | Collateral | Net | |||||||||||
Recognized Assets | Liabilities | Liabilities | Instruments | Received* | Amount** | |||||||||||
Gotham Index Plus | $ | 2,899,736 | $— | $ | 2,899,736 | $— | $ (2,899,736) | $— | ||||||||
Gotham Neutral | 72,734,069 | — | 72,734,069 | — | (72,734,069) | — |
* | Amount disclosed is limited to the amount of assets presented in each Statement of Assets and Liabilities. Actual collateral received may be more than the amount shown. |
** | Net amount represents the net receivable from the counterparty in the event of a default. |
6. Federal Tax Information
The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds had determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
There were no dividends or distributions paid by the Funds during the period ended September 30, 2015.
The tax character of distributions paid by the Funds during the year/period ended April 30, 2015 were as follows:
Ordinary | Long-Term | |||||||||
Income | Capital Gain | |||||||||
Dividend | Dividend | |||||||||
Gotham Absolute Return Fund | $ | 46,471,975 | $ | 9,280,887 | ||||||
Gotham Absolute 500 Fund | 168,661 | — | ||||||||
Gotham Enhanced Return Fund | 48,414,982 | 54,108,039 | ||||||||
Gotham Neutral Fund | 20,413,423 | 205,238 |
The tax character of distributions paid by the Funds during the year/period ended April 30, 2014 were as follows:
Ordinary | Long-Term | |||||||||
Income | Capital Gain | |||||||||
Dividend | Dividend | |||||||||
Gotham Absolute Return Fund | $ | 13,141,291 | $50,047 | |||||||
Gotham Enhanced Return Fund | 4,952,065 | — | ||||||||
Gotham Neutral Fund | 116,920 | — |
Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.
118 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2016
(Unaudited)
As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:
Undistributed | Unrealized | Qualified | Other | |||||||||||||||||||||||||||
Capital Loss | Ordinary | Undistributed | Appreciation/ | Late-Year | Temporary | |||||||||||||||||||||||||
Carryforward | Income | Long-Term Gain | (Depreciation) | Losses | Differences | |||||||||||||||||||||||||
Gotham Absolute | $ | (108,164,168 | ) | $ | — | $ | 29,543,774 | $ | (9,436,531 | )(a) | $ | (121,504,655 | )(a) | $ | — | |||||||||||||||
Gotham Absolute | — | 196,192 | (a) | — | (a) | (757,208 | )(a) | (86,815 | )(a) | — | ||||||||||||||||||||
Gotham Enhanced | (100,437,228 | )(a) | — | 18,962,018 | 77,579,160 | (a) | (40,015,106 | )(a) | (12,647 | ) | ||||||||||||||||||||
Gotham Enhanced | — | 42,495 | — | (720,660 | ) | — | — | |||||||||||||||||||||||
Gotham Index Plus | — | 88,068 | — | (711,982 | ) | — | — | |||||||||||||||||||||||
Gotham Neutral | (74,492,004 | ) | — | 4,408,402 | 34,069,176 | (a) | (66,483,569 | )(a) | — | |||||||||||||||||||||
Gotham Total Return | — | 9,861 | — | (595,152 | ) | — | — |
(a) | Revised to correct the allocation between net realized gain/(loss) and net unrealized appreciation/(depreciation). See Note 1 to the Financial Statements for further details. These revisions did not impact net assets or total distributions. |
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.
As of March 31, 2016, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:
Net Unrealized | ||||||||||||||||||||
Federal | Unrealized | Unrealized | Appreciation/ | |||||||||||||||||
Tax Cost | Appreciation | (Depreciation) | (Depreciation) | |||||||||||||||||
Gotham Absolute Return Fund | $ | 1,943,008,423 | $ | 206,348,529 | $ | (48,898,784 | ) | $ | 157,449,745 | |||||||||||
Gotham Absolute 500 Fund | 21,326,719 | 1,857,963 | (493,077 | ) | 1,364,886 | |||||||||||||||
Gotham Enhanced Return Fund | 1,575,853,626 | 174,823,372 | (30,803,577 | ) | 144,019,795 | |||||||||||||||
Gotham Enhanced 500 Fund | 28,206,283 | 1,739,422 | (326,726 | ) | 1,412,696 | |||||||||||||||
Gotham Hedged Plus Fund | 1,199,272 | 7,634 | — | 7,634 | ||||||||||||||||
Gotham Index Plus Fund | 27,572,467 | 1,639,067 | (146,925 | ) | 1,492,142 | |||||||||||||||
Gotham Institutional Value Fund | 1,924,273 | 153,874 | (24,738 | ) | 129,136 | |||||||||||||||
Gotham Neutral Fund | 917,261,173 | 94,980,258 | (20,890,662 | ) | 74,089,596 | |||||||||||||||
Gotham Total Return Fund | 8,008,937 | 14,156 | (30,479 | ) | (16,323 | ) |
Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the period ended September 30, 2015, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2015. For the period ended September 30, 2015, the Funds deferred to October 1, 2015 the following losses:
119 |
GOTHAM FUNDS
Notes to Financial Statements (Concluded)
March 31, 2016
(Unaudited)
Late-Year Ordinary | Short-Term Capital | Long-Term Capital | |||||||||||||
Losses Deferral | Loss Deferral | Loss Deferral | |||||||||||||
Gotham Absolute Return Fund | $13,260,110 | $176,130,648(a) | $(67,886,103)(a) | ||||||||||||
Gotham Absolute 500 Fund | 31,550(a) | 87,897(a) | (32,632)(a) | ||||||||||||
Gotham Enhanced Return Fund | 3,588,029 | 107,955,407(a) | (71,528,330)(a) | ||||||||||||
Gotham Neutral Fund | 4,347,041 | 73,686,064(a) | (11,549,536)(a) |
(a) | Revised to correct the allocation between net realized gain/(loss) and net unrealized appreciation/(depreciation). See Note 1 to the Financial Statements for further details. These revisions did not impact net assets or total distributions. |
Accumulated capital losses represent net capital loss carryforwards as of September 30, 2015 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of September 30, 2015, the Gotham Absolute Return Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund had short-term capital loss carryforwards in the amount of $108,164,168, $100,437,228(a), and $74,492,004, respectively. The Gotham Absolute 500 Fund, Gotham Enhanced 500 Fund, Gotham Index Plus Fund and Gotham Total Return Fund did not have any capital loss carryforwards.
(a) | Revised to correct the allocation between net realized gain/(loss) and net unrealized appreciation/(depreciation). See Note 1 to the Financial Statements for further details. These revisions did not impact net assets or total distributions. |
7. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
120 |
GOTHAM FUNDS
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how a Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (877) 974-6852 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Quarterly Portfolio Schedules
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended December 31 and June 30) on Form N-Q. The Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.
Approval of Advisory Agreement
At in-person meetings held on September 21-22, 2016 and March 22-23, 2016, respectively, (the “Meetings”), the Board of Trustees (the “Board” or “Trustees”) of FundVantage Trust (“Trust”), including a majority of the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the advisory agreement between Gotham Asset Management, LLC (“Gotham” or the “Adviser”) and the Trust (the “Agreement”), (i) with respect to the Gotham Institutional Value Fund (the “Institutional Value Fund,”) and (ii) with respect to the Gotham Hedged Plus Fund (the “Hedged Plus Fund,”) (each a “Fund,” and together with the Institutional Value Fund, the “Funds”), for an initial two-year period.
In determining whether to approve the Agreement, the Trustees considered information provided by the Adviser in accordance with Section 15(c) of the 1940 Act. The Trustees considered information that the Adviser provided regarding (i) the services to be performed for the Funds, (ii) the size and qualifications of the Adviser’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of a Fund, (iv) investment performance, (v) the capitalization and financial condition of the Adviser, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Funds and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on the Adviser’s ability to service a Fund; and (x) compliance with federal securities laws and other regulatory requirements. The Trustees noted that each year, they receive a memorandum from legal counsel regarding the legal standard applicable to their review of the Agreement.
Representatives from Gotham attended the Meetings via teleconference. The representatives from Gotham discussed the firm’s history, performance and investment strategies in connection with the proposed approval of the Agreement and answered questions from the Board.
The Trustees considered that the proposed strategies for the Funds were new, and therefore did not have historical performance. However, at each Meeting, the Trustees received performance information for the other series of the Trust advised by Gotham (each a “Gotham Fund” and collectively, the “Gotham Funds”), which was representative of the Adviser’s performance in implementing certain types of strategies to be employed for the proposed Funds. With respect to the Institutional Value Fund, at the September 21-22, 2016 Meeting, the Trustees were provided with the performance information of the for the Gotham Institutional Select U.S. portfolio, a private account managed by Gotham with a value-weighted U.S. equity strategy, which was representative of Gotham’s performance in implementing a long-only investment strategy. The Trustees reviewed the performance of the Gotham Institutional Select U.S. Fund (gross and net) for the one-month, three-month, one-year and since inception (both cumulative and annualized) periods ended July 31, 2015, as compared to the S&P 500 Index and Russell 1000 Index.
121 |
GOTHAM FUNDS
Other Information (Continued)
(Unaudited)
With respect to the Hedged Plus Fund, at the March 22-23, 2016 Meeting, the Trustees were provided with the performance information of a private account managed by Gotham with a similar strategy. The Trustees reviewed the performance of the private account for the period since its inception on January 1, 2016 through March 4, 2016.
The Adviser provided information regarding its advisory fees and an analysis of these fees in relation to the services proposed to be provided to the Funds and any other ancillary benefits resulting from the Adviser’s relationship with the Funds. The Trustees reviewed information regarding the fees the Adviser charges to the other Gotham Funds, including a comparison to such Gotham Funds’ respective Lipper peer groups. The Trustees also discussed the limitations of the comparative expense information, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Gotham Funds’ respective Lipper categories.
The Trustees also evaluated explanations provided by the Adviser as to differences in fees proposed to be charged to the Funds and other similarly managed accounts or funds. The Trustees also evaluated explanations provided by Gotham regarding its belief that the proposed advisory fee is within the normal range of fees and expenses for funds of similar size, composition and type of investment product. With respect to the Institutional Value Fund, the Trustees evaluated information provided by the Adviser that the Morningstar Large Blend Category Average expense ratio was 1.04% as of September 3, 2015 and 1.06% for 2014. With respect to the Hedged Plus Fund, the Trustees considered that the proposed contractual advisory fee of 1.00% of average daily net assets is the same as the contractual advisory fee for another Gotham Fund, the Gotham Index Plus Fund, which is the most comparable of the other Gotham Funds. The Trustees concluded that the advisory fees and services proposed to be provided by the Adviser are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Funds as measured by the information provided by Gotham.
The Trustees then considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of senior personnel. In evaluating the quality of services to be provided by the Adviser, the Board took into account its familiarity with the Adviser’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account Gotham’s compliance policies and procedures and reports regarding the Adviser’s compliance operations from the Trust’s CCO. The Board also considered any potential conflicts of interest that may arise in a portfolio manager’s management of the Funds’ investments on the one hand, and the investments of other accounts, on the other. The Trustees reviewed the services proposed to be provided to each Fund by the Adviser and concluded that the nature, extent and quality of the services provided were appropriate and consistent with the terms of the Agreement, that the quality of the proposed services appeared to be consistent with industry norms and that the Funds are likely to benefit from the provision of those services. They also concluded that the Adviser has sufficient personnel, with the appropriate education and experience, to serve the Funds effectively and had demonstrated its ability to attract and retain qualified personnel.
The Trustees considered the costs of the services provided by the Adviser, the compensation and benefits to be received by the Adviser in providing services to the Funds, as well as the Adviser’s profitability. The Trustees considered any direct or indirect revenues which would be received by the Adviser. The Trustees noted that the level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that Gotham’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Funds specifically. Based on the information provided, the Trustees concluded that the Adviser’s advisory fee level was reasonable in relation to the nature and quality of the services to be provided, taking into account the projected growth of the Funds.
122 |
GOTHAM FUNDS
Other Information (Concluded)
(Unaudited)
The Trustees considered the extent to which economies of scale would be realized relative to fee levels as each Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The
Board noted that economies of scale may be achieved at higher asset levels for each of the Funds for the benefit of fund shareholders but the advisory fee structure for the Fund did not currently include breakpoint reductions as asset levels increase.
In voting to approve the Agreement, the Board considered all factors it deemed relevant and the information presented to the Board by the Adviser. In arriving at its decision, the Board did not identify any single factor as being of paramount importance and each member of the Board gave varying weights to each factor according to his or her own judgment. The Board determined that the approval of the Agreement would be in the best interest of each Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, unanimously approved the Agreement with respect to the Institutional Value Fund, the Hedged Plus Fund, and the Total Return Fund, each for an initial two year period.
123 |
GOTHAM FUNDS
Privacy Notice
(Unaudited)
The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.
We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within FundVantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.
To ensure the highest degree of security and confidentiality, FundVantage Trust and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site www.gothamfunds.com.
If you have questions or comments about our privacy practices, please call us at 1-877-974-6852.
124 |
Investment Adviser
Gotham Asset Management, LLC
535 Madison Avenue, 30th Floor
New York, NY 10022
Administrator
BNY Mellon Investment Servicing (US) Inc.
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581
Principal Underwriter
Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103-7042
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
GOT-0316
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Exhibits. |
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | FundVantage Trust |
By (Signature and Title)* | /s/ Joel L. Weiss | |
Joel L. Weiss, President and Chief Executive Officer (principal executive officer) |
Date | May 27, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Joel L. Weiss | |
Joel L. Weiss, President and Chief Executive Officer (principal executive officer) |
Date | May 27, 2016 |
By (Signature and Title)* | /s/ James G. Shaw | |
James G. Shaw, Treasurer and Chief Financial Officer (principal financial officer) |
Date | May 27, 2016 |
* Print the name and title of each signing officer under his or her signature.