UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22027
FundVantage Trust
(Exact name of registrant as specified in charter)
301 Bellevue Parkway
Wilmington, DE 19809
(Address of principal executive offices) (Zip code)
Joel L. Weiss
JW Fund Management LLC
100 Springdale Rd., Suite A3-416
Cherry Hill, NJ 08003
(Name and address of agent for service)
Registrant’s telephone number, including area code: 856-528-3500
Date of fiscal year end: September 30
Date of reporting period: March 31, 2017
EXPLANATORY NOTE: This filing covers the Gotham Absolute Return Fund, the Gotham Absolute 500 Fund, the Gotham Absolute 500 Core Fund, the Gotham Enhanced Return Fund, the Gotham Enhanced 500 Fund, the Gotham Enhanced 500 Core Fund, the Gotham Neutral Fund, the Gotham Neutral 500 Fund, the Gotham Index Plus Fund, the Gotham Index Core Fund, the Gotham Hedged Plus Fund, the Gotham Hedged Core Fund, the Gotham Institutional Value Fund, , the Gotham Enhanced S&P 500 Index Fund, the Gotham Defensive Long Fund, the Gotham Defensive Long 500 Fund and the Gotham Total Return Fund each of which has declared September 30as 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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
Gotham Asset Management
GOTHAM FUNDS
of
FundVantage Trust
Gotham Absolute Return Fund
Gotham Absolute 500 Fund
Gotham Absolute 500 Core Fund
Gotham Enhanced Return Fund
Gotham Enhanced 500 Fund
Gotham Enhanced 500 Core Fund
Gotham Neutral Fund
Gotham Neutral 500 Fund
Gotham Index Plus Fund
Gotham Index Core Fund
Gotham Hedged Plus Fund
Gotham Hedged Core Fund
Gotham Institutional Value Fund
Gotham Enhanced S&P 500 Index Fund
Gotham Defensive Long Fund
Gotham Defensive Long 500 Fund
Gotham Total Return Fund
Institutional Class Shares
SEMI-ANNUAL REPORT
March 31, 2017
(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, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||||
Six Months* | 1 Year | 3 Year | Since Inception | |||||
Institutional Class Shares | 7.09% | 8.11% | 1.89% | 8.83%** | ||||
HFRX Equity Hedge Index | 3.51% | 5.90% | 0.19% | 3.22%*** |
* | 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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.09% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 3.04% 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 2.15% (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, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||||
Six Months* | 1 Year | Since Inception | ||||||
Institutional Class Shares | 8.52% | 6.95% | 6.15%** | |||||
HFRX Equity Hedge Index | 3.51% | 5.90% | 0.79%*** |
* | 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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.85% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.47% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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 Absolute 500 Core Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Total Returns for the Period Ended March 31, 2017 | ||||||||
Six Months* | ||||||||
Institutional Class Shares | 7.70%** | |||||||
HFRX Equity Hedge Index | 3.51%*** |
* | Not Annualized. |
** | The Gotham Absolute 500 Core Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 2.07% 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 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, 2020, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.
3
GOTHAM FUNDS
Gotham Enhanced Return Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||||||||||||
Six Months* | 1 Year | 3 Year | Since Inception | |||||||||||||
Institutional Class Shares | 12.13% | 14.46% | 5.90% | 11.36%** | ||||||||||||
S&P 500® Total Return Index | 10.12% | 17.17% | 10.37% | 12.50%*** |
* | 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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.58% 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 2.15% (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, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
4
GOTHAM FUNDS
Gotham Enhanced 500 Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | 12.76% | 14.67% | 6.83%** | |||||||||
S&P 500® Total Return Index | 10.12% | 17.17% | 8.60%*** |
* | 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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 4.54% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.82% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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. There can be no guarantee that the Fund will achieve its objectives.
5
GOTHAM FUNDS
Gotham Enhanced 500 Core Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Total Returns for the Period Ended March 31, 2017 | ||||||||
Six Months* | ||||||||
Institutional Class Shares | 11.40%** | |||||||
S&P 500® Total Return Index | 10.12%*** |
* | Not Annualized. |
** | The Gotham Enhanced 500 Core Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 2.14% 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 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, 2020, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
6
GOTHAM FUNDS
Gotham Neutral Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||||
Six Months* | 1 Year | 3 Year | Since Inception | |||||
Institutional Class Shares | 4.54% | 2.27% | -0.75% | 1.89%** | ||||
BofA Merrill Lynch 3-Month | 0.19% | 0.36% | 0.17% | 0.15%*** |
* | 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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.56% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 3.54% 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 2.15% (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, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below 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 Neutral 500 Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Total Returns for the Period Ended March 31, 2017 | ||||||||
Six Months* | ||||||||
Institutional Class Shares | 5.80%** | |||||||
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | 0.19%*** |
* | Not Annualized. |
** | The Gotham Neutral 500 Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.34% 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 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below 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. 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
Gotham Index Plus Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||||
Six Months* | 1 Year | Since Inception | ||||||
Institutional Class Shares | 15.57% | 18.36% | 11.60%** | |||||
S&P 500® Total Return Index | 10.12% | 17.17% | 9.21%*** |
* | 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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.47% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.38% 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. 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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. There can be no guarantee that the Fund will achieve its objectives.
9
GOTHAM FUNDS
Gotham Index Core Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Total Returns for the Period Ended March 31, 2017 | ||||||||
Six Months* | ||||||||
Institutional Class Shares | �� | 12.70%** | ||||||
S&P 500® Total Return Index | 10.12%*** |
* | Not Annualized. |
** | The Gotham Index Core Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 1.97% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.85% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
10
GOTHAM FUNDS
Gotham Hedged Plus Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||||||
Six Months* | 1 Year | |||||||||
Institutional Class Shares | 10.78% | 11.67 | %** | |||||||
HFRX Equity Hedge Index | 3.51% | 5.90 | %*** |
* | Not Annualized. |
** | The Gotham Hedged Plus Fund (the “Fund”) commenced operations on March 31, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 8.17% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 3.13% 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, 2020, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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 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. 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.
11
GOTHAM FUNDS
Gotham Hedged Core Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Total Returns for the Period Ended March 31, 2017 | ||||||
Six Months* | ||||||
Institutional Class Shares | 8.20%** | |||||
HFRX Equity Hedge Index | 3.51%*** |
* | Not Annualized. |
** | The Gotham Hedged Core Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 1.65% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.85% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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 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. 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.
12
GOTHAM FUNDS
Gotham Institutional Value Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 10.35% | 15.78% | 15.67%** | |||
S&P 500® Total Return Index | 10.12% | 17.17% | 14.74%*** |
* | 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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 4.90% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 0.95% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.95% (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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
13
GOTHAM FUNDS
Gotham Enhanced S&P 500 Index Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Total Returns for the Period Ended March 31, 2017 | ||||||
Since Inception* | ||||||
Institutional Class Shares | 6.30%** | |||||
S&P 500® Total Return Index | 6.07%*** |
* | Not Annualized. |
** | The Gotham Enhanced S&P 500 Index Fund (the “Fund”) commenced operations on December 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 0.61% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 0.50% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s 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 0.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, 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 following the date in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
14
GOTHAM FUNDS
Gotham Defensive Long Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Total Returns for the Period Ended March 31, 2017 | ||||||
Six Months* | ||||||
Institutional Class Shares | 7.50%** | |||||
S&P 500® Total Return Index | 10.12%*** |
* | Not Annualized. |
** | The Gotham Defensive Long Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.73% 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 2.15% (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, 2020, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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 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. 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.
15
GOTHAM FUNDS
Gotham Defensive Long 500 Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Total Returns for the Period Ended March 31, 2017 | ||||
Six Months* | ||||
Institutional Class Shares | 11.00 | %** | ||
S&P 500® Total Return Index | 10.12 | %*** |
* | Not Annualized. |
** | The Gotham Defensive Long 500 Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017, the “Total Annual Fund Operating Expenses” are 3.63% 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 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2020, 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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 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. 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.
16
GOTHAM FUNDS
Gotham Total Return Fund
Semi-Annual Report
Performance Data
March 31, 2017
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2017 | ||||||
Six Months* | 1 Year | Since Inception | ||||
Institutional Class Shares | 10.83% | 10.72% | 6.48%** | |||
HFRX Equity Hedge Index | 3.51% | 5.90% | 0.29%*** |
* | Not Annualized. |
** | The Gotham Total Return 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. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated February 1, 2017 (as supplemented on April 24, 2017), the “Total Annual Fund Operating Expenses” are 5.07% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Reimbursements” are 3.52% 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 0.00% (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 January 1, 2017, the Expense Limitation was 0.17%. 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. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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 long-term capital appreciation. The Fund normally allocates the majority of its assets among 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. There can be no guarantee that the Fund will achieve its objectives.
17
GOTHAM FUNDS
Fund Expense Disclosure
March 31, 2017
(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, 2016, and held for the entire period through March 31, 2017.
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, 2016 | March 31, 2017 | Ratio* | During Period* | |||||||||||||||||
Gotham Absolute Return Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,070.90 | 2.86% | $14.76 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,010.68 | 2.86% | 14.33 | ||||||||||||||||
Gotham Absolute 500 Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,085.20 | 3.06% | $15.91 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,009.67 | 3.06% | 15.33 | ||||||||||||||||
Gotham Absolute 500 Core Fund** | ||||||||||||||||||||
Actual | $1,000.00 | $1,077.00 | 2.07% | $10.52 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,014.63 | 2.07% | 10.38 | ||||||||||||||||
Gotham Enhanced Return Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,121.30 | 3.49% | $18.46 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,007.53 | 3.49% | 17.47 |
18 |
GOTHAM FUNDS
Fund Expense Disclosure (Continued)
March 31, 2017
(Unaudited)
Gotham Funds - Institutional Class | ||||||||||||||||||||
Beginning Account Value | Ending Account Value | Annualized Expense | Expenses Paid | |||||||||||||||||
October 1, 2016 | March 31, 2017 | Ratio* | During Period* | |||||||||||||||||
Gotham Enhanced 500 Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,127.60 | 3.63% | $19.25 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,006.84 | 3.63% | 18.16 | ||||||||||||||||
Gotham Enhanced 500 Core Fund** | ||||||||||||||||||||
Actual | $1,000.00 | $1,114.00 | 2.10% | $10.90 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,014.45 | 2.10% | 10.56 | ||||||||||||||||
Gotham Neutral Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,045.40 | 3.27% | $16.68 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,008.63 | 3.27% | 16.38 | ||||||||||||||||
Gotham Neutral 500 Fund** | ||||||||||||||||||||
Actual | $1,000.00 | $1,058.00 | 3.15% | $15.90 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,009.22 | 3.15% | 15.78 | ||||||||||||||||
Gotham Index Plus Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,155.70 | 3.15% | $16.93 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,009.22 | 3.15% | 15.78 | ||||||||||||||||
Gotham Index Core Fund** | ||||||||||||||||||||
Actual | $1,000.00 | $1,127.00 | 1.74% | $9.07 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.26 | 1.74% | 8.74 | ||||||||||||||||
Gotham Hedged Plus Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,107.80 | 2.94% | $15.46 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,010.26 | 2.94% | 14.74 | ||||||||||||||||
Gotham Hedged Core Fund** | ||||||||||||||||||||
Actual | $1,000.00 | $1,082.00 | 1.35% | $6.89 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.20 | 1.35% | 6.79 | ||||||||||||||||
Gotham Institutional Value Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,103.50 | 0.95% | $4.99 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.19 | 0.95% | 4.79 | ||||||||||||||||
Gotham Enhanced S&P 500 Index | ||||||||||||||||||||
Fund*** | ||||||||||||||||||||
Actual | $1,000.00 | $1,063.00 | 0.50% | $1.23 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.44 | 0.50% | 2.52 | ||||||||||||||||
Gotham Defensive Long Fund** | ||||||||||||||||||||
Actual | $1,000.00 | $1,075.00 | 3.58% | $18.23 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,007.07 | 3.58% | 17.92 |
19 |
GOTHAM FUNDS
Fund Expense Disclosure (Concluded)
March 31, 2017
(Unaudited)
Gotham Funds - Institutional Class | ||||||||||||||||||||
Beginning Account Value | Ending Account Value | Annualized Expense | Expenses Paid | |||||||||||||||||
October 1, 2016 | March 31, 2017 | Ratio* | During Period* | |||||||||||||||||
Gotham Defensive Long 500 Fund** | ||||||||||||||||||||
Actual | $1,000.00 | $1,110.00 | 3.60% | $18.62 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,006.98 | 3.60% | 18.01 | ||||||||||||||||
Gotham Total Return Fund | ||||||||||||||||||||
Actual | $1,000.00 | $1,108.30 | 0.06% | $0.33 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.62 | 0.06% | 0.32 |
* | 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, 2017, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (182), then divided by 365 to reflect the period. A Fund’s ending account value on the first line is based on the actual six month returns for the Institutional Class Shares of 7.09% for the Gotham Absolute Return Fund, 8.52% for the Gotham Absolute 500 Fund, 12.13% for the Gotham Enhanced Return Fund, 12.76% for the Gotham Enhanced 500 Fund, 4.54% for the Gotham Neutral Fund, 15.57% for the Gotham Index Plus Fund, 10.78% for the Gotham Hedged Plus Fund, 10.35% for the Gotham Institutional Value Fund and 10.83% 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 0.71% of average net assets for the Gotham Absolute Return Fund, 1.56% for Gotham Absolute 500 Fund, 1.35% for the Gotham Enhanced Return Fund, 2.13% for the Gotham Enhanced 500 Fund, 1.12% for the Gotham Neutral Fund, 2.00% for the Gotham Index Plus Fund and 1.79% for the Gotham Hedged Plus Fund for the six-month period ended March 31, 2017. 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 (182), then divided by 365 to reflect the period. |
** | 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, 2017, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (179), then divided by 365 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 7.70% for the Gotham Absolute 500 Core Fund, 11.40% for the Gotham Enhanced 500 Core Fund, 5.80% for the Gotham Neutral 500 Fund, 12.70% for the Gotham Index Core Fund, 8.20% for the Gotham Hedged Core Fund, 7.50% for the Gotham Defensive Long Fund and 11.00% for the Gotham Defensive Long 500 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 0.92% for the Gotham Absolute 500 Core Fund, 0.95% for the Gotham Enhanced 500 Core Fund, 1.65% for the Gotham Neutral 500 Fund, 0.89% for the Gotham Index Core Fund, 0.50% for the Gotham Hedged Core Fund, 1.43% for the Gotham Defensive Long Fund and 2.10% for the Gotham Defensive Long 500 Fund for the six-month period ended March 31, 2017. 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 (182), then divided by 365 to reflect the period. |
*** | The Fund commenced operations on December 30, 2016. 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 30, 2016 to March 31, 2017, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (87), then divided by 365 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 6.30%. Hypothetical expenses are as if the Institutional Class Shares have been in existence since October 1, 2016, 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 (182), then divided by 365 to reflect the period. |
20 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(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 | 18.6 | % | $ | 173,159,864 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 12.1 | 112,325,826 | ||||||||
Health Care Equipment & Services | 9.9 | 92,071,675 | ||||||||
Technology Hardware & Equipment | 9.8 | 91,153,388 | ||||||||
Software & Services | 9.7 | 90,520,412 | ||||||||
Semiconductors & Semiconductor Equipment | 7.0 | 64,866,639 | ||||||||
Food, Beverage & Tobacco | 6.7 | 62,574,513 | ||||||||
Retailing | 6.5 | 60,217,123 | ||||||||
Transportation | 5.7 | 53,099,041 | ||||||||
Consumer Durables & Apparel | 5.7 | 52,852,583 | ||||||||
Media | 5.5 | 51,789,936 | ||||||||
Materials | 4.7 | 44,303,878 | ||||||||
Consumer Services | 4.7 | 43,420,003 | ||||||||
Food & Staples Retailing | 3.3 | 31,028,362 | ||||||||
Automobiles & Components | 3.1 | 28,587,276 | ||||||||
Commercial & Professional Services | 2.4 | 22,527,420 | ||||||||
Energy | 2.3 | 21,634,263 | ||||||||
Telecommunication Services | 1.3 | 12,655,902 | ||||||||
Household & Personal Products | 1.2 | 10,829,743 | ||||||||
Corporate Bonds and Notes: | ||||||||||
Capital Goods | 0.0 | 26,584 | ||||||||
|
|
|
| |||||||
Total Long Positions | 120.2 | 1,119,644,431 | ||||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (0.3 | )% | $ | (2,866,687 | ) | |||||
Telecommunication Services | (0.7 | ) | (6,061,392 | ) | ||||||
Food & Staples Retailing | (1.0 | ) | (9,480,550 | ) | ||||||
Consumer Durables & Apparel | (1.2 | ) | (11,343,579 | ) | ||||||
Media | (1.2 | ) | (11,381,067 | ) | ||||||
Automobiles & Components | (1.3 | ) | (11,913,121 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.9 | ) | (18,021,720 | ) | ||||||
Food, Beverage & Tobacco | (2.3 | ) | (21,410,382 | ) | ||||||
Energy | (2.5 | ) | (23,012,270 | ) | ||||||
Commercial & Professional Services | (2.7 | ) | (25,419,066 | ) | ||||||
Transportation | (2.9 | ) | (27,029,321 | ) | ||||||
Retailing | (3.7 | ) | (34,207,210 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (4.1 | ) | (38,107,619 | ) | ||||||
Consumer Services | (4.2 | ) | (38,899,607 | ) | ||||||
Technology Hardware & Equipment | (4.8 | ) | (44,873,396 | ) | ||||||
Health Care Equipment & Services | (5.4 | ) | (50,173,234 | ) | ||||||
Materials | (5.5 | ) | (50,954,055 | ) | ||||||
Capital Goods | (6.0 | ) | (56,152,450 | ) | ||||||
Software & Services | (8.5 | ) | (79,466,816 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (60.2 | ) | (560,773,542 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 40.0 | 372,397,102 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 931,267,991 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
21 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(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: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 15.8 | % | $ | 2,004,798 | ||||||
Health Care Equipment & Services | 15.5 | 1,958,917 | ||||||||
Capital Goods | 15.2 | 1,925,062 | ||||||||
Semiconductors & Semiconductor Equipment | 13.0 | 1,650,435 | ||||||||
Materials | 11.7 | 1,478,140 | ||||||||
Technology Hardware & Equipment | 10.5 | 1,333,701 | ||||||||
Food, Beverage & Tobacco | 7.6 | 959,082 | ||||||||
Media | 7.5 | 954,283 | ||||||||
Food & Staples Retailing | 7.1 | 897,325 | ||||||||
Retailing | 5.3 | 667,419 | ||||||||
Energy | 5.0 | 633,316 | ||||||||
Consumer Durables & Apparel | 4.9 | 619,301 | ||||||||
Transportation | 3.4 | 428,999 | ||||||||
Real Estate | 3.3 | 415,579 | ||||||||
Insurance | 3.3 | 415,133 | ||||||||
Software & Services | 3.2 | 413,018 | ||||||||
Automobiles & Components | 2.9 | 368,776 | ||||||||
Household & Personal Products | 1.8 | 233,580 | ||||||||
Consumer Services | 1.5 | 187,756 | ||||||||
Telecommunication Services | 1.5 | 185,981 | ||||||||
Commercial & Professional Services | 1.4 | 174,480 | ||||||||
Diversified Financials | 1.4 | 173,965 | ||||||||
Utilities | 0.7 | 93,351 | ||||||||
Banks | 0.0 | 5,351 | ||||||||
|
|
|
| |||||||
Total Long Positions | 143.5 | 18,177,748 | ||||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Automobiles & Components | (0.0 | )% | $ | (6,262 | ) | |||||
Media | (0.3 | ) | (39,808 | ) | ||||||
Commercial & Professional Services | (0.8 | ) | (107,478 | ) | ||||||
Telecommunication Services | (1.1 | ) | (140,672 | ) | ||||||
Consumer Durables & Apparel | (1.3 | ) | (162,659 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.3 | ) | (169,236 | ) | ||||||
Consumer Services | (1.9 | ) | (238,862 | ) | ||||||
Food & Staples Retailing | (1.9 | ) | (244,165 | ) | ||||||
Household & Personal Products | (2.0 | ) | (257,246 | ) | ||||||
Banks | (2.3 | ) | (292,720 | ) | ||||||
Diversified Financials | (2.8 | ) | (349,364 | ) | ||||||
Utilities | (3.1 | ) | (387,201 | ) | ||||||
Health Care Equipment & Services | (4.1 | ) | (518,912 | ) | ||||||
Real Estate | (4.2 | ) | (528,913 | ) | ||||||
Insurance | (4.6 | ) | (586,859 | ) | ||||||
Materials | (4.8 | ) | (609,601 | ) | ||||||
Transportation | (5.1 | ) | (646,996 | ) | ||||||
Capital Goods | (5.2 | ) | (652,930 | ) | ||||||
Retailing | (5.5 | ) | (691,399 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.3 | ) | (793,322 | ) | ||||||
Food, Beverage & Tobacco | (6.5 | ) | (817,681 | ) | ||||||
Energy | (8.1 | ) | (1,029,642 | ) | ||||||
Software & Services | (9.9 | ) | (1,250,284 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (83.1 | ) | (10,522,212 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 39.6 | 5,009,168 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 12,664,704 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
22 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Absolute 500 Core Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 12.7 | % | $ | 273,354 | ||||||
Capital Goods | 12.5 | 269,962 | ||||||||
Health Care Equipment & Services | 11.0 | 236,167 | ||||||||
Semiconductors & Semiconductor Equipment | 9.2 | 197,843 | ||||||||
Materials | 8.9 | 193,067 | ||||||||
Technology Hardware & Equipment | 8.3 | 179,475 | ||||||||
Food, Beverage & Tobacco | 6.5 | 139,994 | ||||||||
Media | 6.5 | 139,822 | ||||||||
Food & Staples Retailing | 6.0 | 129,013 | ||||||||
Consumer Durables & Apparel | 3.5 | 74,749 | ||||||||
Energy | 3.3 | 71,348 | ||||||||
Real Estate | 3.2 | 69,298 | ||||||||
Retailing | 3.2 | 68,277 | ||||||||
Transportation | 2.9 | 62,849 | ||||||||
Software & Services | 2.9 | 62,379 | ||||||||
Insurance | 2.4 | 51,139 | ||||||||
Automobiles & Components | 1.8 | 38,542 | ||||||||
Household & Personal Products | 1.5 | 32,832 | ||||||||
Telecommunication Services | 1.4 | 30,518 | ||||||||
Consumer Services | 1.3 | 27,669 | ||||||||
Commercial & Professional Services | 1.2 | 25,666 | ||||||||
Diversified Financials | 0.8 | 16,674 | ||||||||
Utilities | 0.5 | 11,133 | ||||||||
|
|
|
| |||||||
Total Long Positions | 111.5 | 2,401,770 | ||||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Automobiles & Components | (0.2 | )% | $ | (5,318 | ) | |||||
Technology Hardware & Equipment | (0.3 | ) | (5,433 | ) | ||||||
Media | (0.3 | ) | (6,920 | ) | ||||||
Commercial & Professional Services | (0.5 | ) | (10,177 | ) | ||||||
Telecommunication Services | (0.6 | ) | (13,582 | ) | ||||||
Consumer Durables & Apparel | (0.8 | ) | (16,676 | ) | ||||||
Food & Staples Retailing | (1.1 | ) | (23,666 | ) | ||||||
Consumer Services | (1.1 | ) | (24,486 | ) | ||||||
Household & Personal Products | (1.2 | ) | (26,354 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.3 | ) | (28,493 | ) | ||||||
Utilities | (1.8 | ) | (38,210 | ) | ||||||
Banks | (2.0 | ) | (42,743 | ) | ||||||
Real Estate | (2.2 | ) | (47,917 | ) | ||||||
Health Care Equipment & Services | (2.3 | ) | (49,327 | ) | ||||||
Diversified Financials | (2.4 | ) | (52,797 | ) | ||||||
Transportation | (2.7 | ) | (58,972 | ) | ||||||
Materials | (2.8 | ) | (59,782 | ) | ||||||
Retailing | (2.9 | ) | (61,686 | ) | ||||||
Insurance | (2.9 | ) | (62,286 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (3.5 | ) | (75,200 | ) | ||||||
Capital Goods | (3.6 | ) | (76,867 | ) | ||||||
Food, Beverage & Tobacco | (3.7 | ) | (79,102 | ) | ||||||
Energy | (4.8 | ) | (102,675 | ) | ||||||
Software & Services | (5.7 | ) | (122,847 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (50.7 | ) | (1,091,516 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 39.2 | 843,650 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,153,904 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
23 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(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 | 27.0 | % | $ | 273,475,390 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 16.5 | 166,979,471 | ||||||||
Technology Hardware & Equipment | 14.3 | 145,115,041 | ||||||||
Health Care Equipment & Services | 14.1 | 142,945,040 | ||||||||
Software & Services | 13.1 | 132,733,615 | ||||||||
Food, Beverage & Tobacco | 10.4 | 104,811,428 | ||||||||
Semiconductors & Semiconductor Equipment | 10.3 | 104,627,695 | ||||||||
Retailing | 9.6 | 97,205,032 | ||||||||
Media | 8.6 | 87,587,306 | ||||||||
Consumer Durables & Apparel | 8.4 | 85,148,151 | ||||||||
Transportation | 7.9 | 79,487,206 | ||||||||
Consumer Services | 6.7 | 68,186,481 | ||||||||
Materials | 5.9 | 59,571,101 | ||||||||
Food & Staples Retailing | 4.8 | 48,895,263 | ||||||||
Automobiles & Components | 4.4 | 44,858,123 | ||||||||
Commercial & Professional Services | 3.7 | 37,486,871 | ||||||||
Energy | 3.7 | 36,963,337 | ||||||||
Telecommunication Services | 2.3 | 23,186,728 | ||||||||
Household & Personal Products | 2.1 | 20,863,130 | ||||||||
Corporate Bonds and Notes: | ||||||||||
Capital Goods | 0.0 | 19,096 | ||||||||
|
|
|
| |||||||
Total Long Positions | 173.8 | 1,760,145,505 | ||||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (0.5 | )% | $ | (4,776,428 | ) | |||||
Telecommunication Services | (0.7 | ) | (7,225,068 | ) | ||||||
Automobiles & Components | (1.2 | ) | (11,818,053 | ) | ||||||
Food & Staples Retailing | (1.3 | ) | (12,944,835 | ) | ||||||
Media | (1.7 | ) | (17,412,387 | ) | ||||||
Consumer Durables & Apparel | (1.9 | ) | (19,137,832 | ) | ||||||
Semiconductors & Semiconductor Equipment | (2.6 | ) | (26,016,429 | ) | ||||||
Transportation | (3.0 | ) | (30,402,168 | ) | ||||||
Commercial & Professional Services | (3.3 | ) | (33,864,052 | ) | ||||||
Food, Beverage & Tobacco | (3.4 | ) | (34,955,777 | ) | ||||||
Energy | (3.9 | ) | (39,087,097 | ) | ||||||
Retailing | (4.6 | ) | (46,698,403 | ) | ||||||
Consumer Services | (4.6 | ) | (46,853,712 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (5.4 | ) | (54,523,288 | ) | ||||||
Materials | (5.6 | ) | (56,824,298 | ) | ||||||
Technology Hardware & Equipment | (5.8 | ) | (58,720,249 | ) | ||||||
Health Care Equipment & Services | (6.6 | ) | (66,645,593 | ) | ||||||
Capital Goods | (7.9 | ) | (79,727,541 | ) | ||||||
Software & Services | (10.2 | ) | (103,621,383 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (74.2 | ) | (751,254,593 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.4 | 4,018,174 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 1,012,909,086 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
24 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(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: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 20.9 | % | $ | 5,109,331 | ||||||
Capital Goods | 20.8 | 5,100,253 | ||||||||
Health Care Equipment & Services | 18.4 | 4,503,659 | ||||||||
Semiconductors & Semiconductor Equipment | 16.4 | 4,009,428 | ||||||||
Materials | 14.4 | 3,539,902 | ||||||||
Technology Hardware & Equipment | 13.9 | 3,412,146 | ||||||||
Food, Beverage & Tobacco | 10.3 | 2,511,609 | ||||||||
Media | 9.9 | 2,414,287 | ||||||||
Food & Staples Retailing | 9.5 | 2,317,567 | ||||||||
Retailing | 7.0 | 1,716,470 | ||||||||
Energy | 6.0 | 1,473,394 | ||||||||
Consumer Durables & Apparel | 5.9 | 1,444,049 | ||||||||
Real Estate | 4.2 | 1,020,138 | ||||||||
Software & Services | 4.0 | 983,445 | ||||||||
Transportation | 3.9 | 967,619 | ||||||||
Insurance | 3.9 | 958,286 | ||||||||
Automobiles & Components | 3.3 | 802,354 | ||||||||
Consumer Services | 2.9 | 699,199 | ||||||||
Diversified Financials | 2.4 | 586,642 | ||||||||
Household & Personal Products | 2.2 | 543,156 | ||||||||
Telecommunication Services | 2.2 | 537,218 | ||||||||
Commercial & Professional Services | 1.8 | 443,604 | ||||||||
Utilities | 0.8 | 206,818 | ||||||||
Banks | 0.1 | 29,939 | ||||||||
|
|
|
| |||||||
Total Long Positions | 185.1 | 45,330,513 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Automobiles & Components | (0.3 | )% | $ | (78,512 | ) | |||||
Media | (0.5 | ) | (127,742 | ) | ||||||
Commercial & Professional Services | (0.7 | ) | (161,453 | ) | ||||||
Telecommunication Services | (0.7 | ) | (164,592 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.3 | ) | (322,964 | ) | ||||||
Consumer Durables & Apparel | (1.5 | ) | (370,872 | ) | ||||||
Consumer Services | (1.7 | ) | (423,199 | ) | ||||||
Food & Staples Retailing | (2.1 | ) | (517,534 | ) | ||||||
Household & Personal Products | (2.3 | ) | (562,779 | ) | ||||||
Utilities | (3.3 | ) | (806,823 | ) | ||||||
Banks | (3.3 | ) | (813,247 | ) | ||||||
Diversified Financials | (3.5 | ) | (863,366 | ) | ||||||
Real Estate | (4.3 | ) | (1,052,002 | ) | ||||||
Materials | (4.4 | ) | (1,085,573 | ) | ||||||
Transportation | (4.5 | ) | (1,093,423 | ) | ||||||
Health Care Equipment & Services | (4.6 | ) | (1,123,551 | ) | ||||||
Retailing | (4.8 | ) | (1,161,327 | ) | ||||||
Insurance | (5.0 | ) | (1,225,271 | ) | ||||||
Capital Goods | (5.2 | ) | (1,261,760 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.1 | ) | (1,486,404 | ) | ||||||
Food, Beverage & Tobacco | (7.3 | ) | (1,792,542 | ) | ||||||
Energy | (8.3 | ) | (2,036,365 | ) | ||||||
Software & Services | (10.4 | ) | (2,543,362 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (86.1 | ) | (21,074,663 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 1.0 | 236,051 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 24,491,901 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
25 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Enhanced 500 Core Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 16.2 | % | $ | 361,655 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 16.1 | 358,292 | ||||||||
Health Care Equipment & Services | 13.2 | 294,377 | ||||||||
Materials | 11.6 | 258,502 | ||||||||
Semiconductors & Semiconductor Equipment | 11.2 | 249,622 | ||||||||
Technology Hardware & Equipment | 10.2 | 225,891 | ||||||||
Food, Beverage & Tobacco | 8.9 | 198,940 | ||||||||
Media | 7.9 | 175,390 | ||||||||
Food & Staples Retailing | 7.6 | 168,548 | ||||||||
Consumer Durables & Apparel | 4.3 | 96,103 | ||||||||
Retailing | 4.2 | 92,618 | ||||||||
Transportation | 3.6 | 80,844 | ||||||||
Energy | 3.6 | 80,607 | ||||||||
Software & Services | 3.5 | 78,064 | ||||||||
Real Estate | 3.4 | 74,565 | ||||||||
Insurance | 2.5 | 56,305 | ||||||||
Household & Personal Products | 2.2 | 49,750 | ||||||||
Automobiles & Components | 2.2 | 49,081 | ||||||||
Consumer Services | 2.1 | 46,715 | ||||||||
Telecommunication Services | 2.0 | 44,168 | ||||||||
Commercial & Professional Services | 1.5 | 33,419 | ||||||||
Utilities | 0.6 | 14,176 | ||||||||
Diversified Financials | 0.6 | 13,948 | ||||||||
|
|
|
| |||||||
Total Long Positions | 139.2 | 3,101,580 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Automobiles & Components | (0.3 | )% | $ | (5,928 | ) | |||||
Technology Hardware & Equipment | (0.3 | ) | (6,132 | ) | ||||||
Media | (0.3 | ) | (6,159 | ) | ||||||
Commercial & Professional Services | (0.4 | ) | (7,949 | ) | ||||||
Telecommunication Services | (0.5 | ) | (11,755 | ) | ||||||
Consumer Durables & Apparel | (0.6 | ) | (13,926 | ) | ||||||
Consumer Services | (0.8 | ) | (16,959 | ) | ||||||
Food & Staples Retailing | (0.9 | ) | (19,093 | ) | ||||||
Semiconductors & Semiconductor Equipment | (0.9 | ) | (21,147 | ) | ||||||
Household & Personal Products | (1.0 | ) | (22,626 | ) | ||||||
Utilities | (1.4 | ) | (31,762 | ) | ||||||
Real Estate | (1.7 | ) | (37,885 | ) | ||||||
Banks | (1.8 | ) | (39,800 | ) | ||||||
Health Care Equipment & Services | (1.8 | ) | (40,379 | ) | ||||||
Materials | (2.0 | ) | (45,104 | ) | ||||||
Retailing | (2.1 | ) | (47,548 | ) | ||||||
Transportation | (2.2 | ) | (48,434 | ) | ||||||
Diversified Financials | (2.2 | ) | (48,582 | ) | ||||||
Insurance | (2.4 | ) | (53,053 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (2.7 | ) | (61,133 | ) | ||||||
Capital Goods | (2.8 | ) | (62,201 | ) | ||||||
Food, Beverage & Tobacco | (3.0 | ) | (65,868 | ) | ||||||
Energy | (3.7 | ) | (83,242 | ) | ||||||
Software & Services | (4.3 | ) | (95,798 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (40.1 | ) | (892,463 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.9 | 19,458 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,228,575 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
26 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Neutral Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 17.0 | % | $ | 133,745,346 | ||||||
Software & Services | 12.7 | 99,595,288 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 11.8 | 92,680,587 | ||||||||
Health Care Equipment & Services | 10.7 | 83,578,769 | ||||||||
Technology Hardware & Equipment | 9.3 | 72,689,002 | ||||||||
Materials | 7.4 | 58,092,865 | ||||||||
Semiconductors & Semiconductor Equipment | 6.1 | 47,763,184 | ||||||||
Food, Beverage & Tobacco | 6.1 | 47,751,933 | ||||||||
Retailing | 6.0 | 47,381,764 | ||||||||
Consumer Services | 5.9 | 46,270,039 | ||||||||
Transportation | 4.9 | 38,307,681 | ||||||||
Consumer Durables & Apparel | 4.6 | 36,082,102 | ||||||||
Energy | 4.3 | 34,098,908 | ||||||||
Media | 4.3 | 33,776,097 | ||||||||
Commercial & Professional Services | 3.4 | 26,490,258 | ||||||||
Automobiles & Components | 2.5 | 19,553,433 | ||||||||
Food & Staples Retailing | 2.4 | 19,209,039 | ||||||||
Telecommunication Services | 1.9 | 14,665,295 | ||||||||
Household & Personal Products | 1.1 | 8,765,159 | ||||||||
Corporate Bonds and Notes: | ||||||||||
Capital Goods | 0.0 | 11,875 | ||||||||
|
|
|
| |||||||
Total Long Positions | 122.4 | 960,508,624 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (0.6 | )% | $ | (4,434,059 | ) | |||||
Telecommunication Services | (0.8 | ) | (6,369,872 | ) | ||||||
Food & Staples Retailing | (1.4 | ) | (11,039,520 | ) | ||||||
Automobiles & Components | (1.5 | ) | (11,864,219 | ) | ||||||
Media | (2.0 | ) | (16,079,585 | ) | ||||||
Consumer Durables & Apparel | (2.8 | ) | (22,163,828 | ) | ||||||
Semiconductors & Semiconductor Equipment | (3.6 | ) | (28,186,227 | ) | ||||||
Transportation | (4.0 | ) | (31,167,301 | ) | ||||||
Commercial & Professional Services | (4.0 | ) | (31,655,660 | ) | ||||||
Food, Beverage & Tobacco | (4.2 | ) | (33,135,597 | ) | ||||||
Energy | (5.5 | ) | (43,120,286 | ) | ||||||
Retailing | (5.6 | ) | (43,628,242 | ) | ||||||
Consumer Services | (5.8 | ) | (45,352,042 | ) | ||||||
Materials | (7.4 | ) | (58,224,704 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (7.5 | ) | (59,258,321 | ) | ||||||
Technology Hardware & Equipment | (7.7 | ) | (60,302,698 | ) | ||||||
Health Care Equipment & Services | (8.3 | ) | (65,271,483 | ) | ||||||
Capital Goods | (10.6 | ) | (83,111,976 | ) | ||||||
Software & Services | (13.9 | ) | (108,715,830 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (97.2 | ) | (763,081,450 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 74.8 | 587,402,557 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 784,829,731 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
27 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Neutral 500 Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 13.2 | % | $ | 279,746 | ||||||
Capital Goods | 13.2 | 278,347 | ||||||||
Health Care Equipment & Services | 12.6 | 267,716 | ||||||||
Semiconductors & Semiconductor Equipment | 10.7 | 225,835 | ||||||||
Technology Hardware & Equipment | 9.9 | 208,953 | ||||||||
Materials | 8.9 | 187,367 | ||||||||
Media | 7.0 | 147,521 | ||||||||
Food, Beverage & Tobacco | 6.7 | 142,830 | ||||||||
Food & Staples Retailing | 5.2 | 111,043 | ||||||||
Energy | 4.4 | 93,656 | ||||||||
Consumer Durables & Apparel | 4.4 | 92,133 | ||||||||
Retailing | 3.7 | 78,629 | ||||||||
Software & Services | 3.4 | 73,009 | ||||||||
Insurance | 3.4 | 72,783 | ||||||||
Transportation | 3.2 | 67,570 | ||||||||
Diversified Financials | 2.8 | 58,790 | ||||||||
Real Estate | 2.7 | 56,621 | ||||||||
Automobiles and Components | 2.0 | 42,574 | ||||||||
Banks | 1.0 | 20,374 | ||||||||
Commercial & Professional Services | 0.9 | 20,136 | ||||||||
Telecommunication Services | 0.9 | 20,085 | ||||||||
Consumer Services | 0.9 | 18,341 | ||||||||
Utilities | 0.8 | 16,565 | ||||||||
Household & Personal Products | 0.7 | 14,203 | ||||||||
|
|
|
| |||||||
Total Long Positions | 122.6 | 2,594,827 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Automobiles & Components | (0.2 | )% | $ | (5,142 | ) | |||||
Media | (0.3 | ) | (5,778 | ) | ||||||
Technology Hardware & Equipment | (0.3 | ) | (6,676 | ) | ||||||
Commercial & Professional Services | (1.0 | ) | (21,280 | ) | ||||||
Telecommunication Services | (1.4 | ) | (29,366 | ) | ||||||
Consumer Durables & Apparel | (1.6 | ) | (33,530 | ) | ||||||
Banks | (1.7 | ) | (35,183 | ) | ||||||
Consumer Services | (2.1 | ) | (45,515 | ) | ||||||
Food & Staples Retailing | (2.4 | ) | (51,349 | ) | ||||||
Household & Personal Products | (2.4 | ) | (51,367 | ) | ||||||
Semiconductors & Semiconductor Equipment | (2.8 | ) | (58,288 | ) | ||||||
Diversified Financials | (3.1 | ) | (65,355 | ) | ||||||
Utilities | (4.0 | ) | (84,922 | ) | ||||||
Insurance | (4.5 | ) | (96,002 | ) | ||||||
Materials | (4.8 | ) | (102,244 | ) | ||||||
Real Estate | (4.9 | ) | (103,361 | ) | ||||||
Health Care Equipment & Services | (5.0 | ) | (106,826 | ) | ||||||
Transportation | (5.3 | ) | (111,442 | ) | ||||||
Retailing | (6.1 | ) | (128,613 | ) | ||||||
Capital Goods | (6.6 | ) | (140,371 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.9 | ) | (146,209 | ) | ||||||
Food, Beverage & Tobacco | (8.0 | ) | (168,396 | ) | ||||||
Energy | (9.4 | ) | (199,112 | ) | ||||||
Software & Services | (12.4 | ) | (261,919 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (97.2 | ) | (2,058,246 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 74.6 | 1,579,542 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,116,123 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
28 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(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: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 20.4 | % | $ | 32,737,670 | ||||||
Health Care Equipment & Services | 16.8 | 26,839,877 | ||||||||
Capital Goods | 16.5 | 26,374,215 | ||||||||
Technology Hardware & Equipment | 14.6 | 23,394,738 | ||||||||
Semiconductors & Semiconductor Equipment | 13.7 | 21,878,805 | ||||||||
Materials | 9.9 | 15,817,161 | ||||||||
Media | 9.2 | 14,735,887 | ||||||||
Diversified Financials | 8.9 | 14,210,012 | ||||||||
Energy | 8.2 | 13,146,081 | ||||||||
Software & Services | 8.0 | 12,792,422 | ||||||||
Food, Beverage & Tobacco | 7.8 | 12,563,252 | ||||||||
Food & Staples Retailing | 7.4 | 11,881,638 | ||||||||
Retailing | 7.3 | 11,722,987 | ||||||||
Insurance | 5.9 | 9,386,259 | ||||||||
Real Estate | 5.4 | 8,719,828 | ||||||||
Consumer Durables & Apparel | 5.3 | 8,554,561 | ||||||||
Banks | 5.1 | 8,168,570 | ||||||||
Utilities | 4.3 | 6,833,264 | ||||||||
Transportation | 2.9 | 4,637,907 | ||||||||
Automobiles & Components | 2.5 | 4,047,649 | ||||||||
Telecommunication Services | 2.2 | 3,511,396 | ||||||||
Household & Personal Products | 2.1 | 3,378,745 | ||||||||
Consumer Services | 1.8 | 2,914,888 | ||||||||
Commercial & Professional Services | 1.4 | 2,215,177 | ||||||||
|
|
|
| |||||||
Total Long Positions | 187.6 | 300,462,989 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Automobiles & Components | (0.1 | )% | $ | (119,159 | ) | |||||
Media | (0.4 | ) | (668,232 | ) | ||||||
Telecommunication Services | (0.9 | ) | (1,366,116 | ) | ||||||
Commercial & Professional Services | (0.9 | ) | (1,413,716 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.9 | ) | (2,987,072 | ) | ||||||
Consumer Durables & Apparel | (2.0 | ) | (3,265,770 | ) | ||||||
Consumer Services | (2.3 | ) | (3,605,116 | ) | ||||||
Insurance | (2.4 | ) | (3,912,863 | ) | ||||||
Diversified Financials | (2.7 | ) | (4,303,763 | ) | ||||||
Household & Personal Products | (2.7 | ) | (4,385,360 | ) | ||||||
Food & Staples Retailing | (2.8 | ) | (4,533,884 | ) | ||||||
Materials | (4.6 | ) | (7,408,735 | ) | ||||||
Retailing | (4.7 | ) | (7,558,779 | ) | ||||||
Food, Beverage & Tobacco | (4.9 | ) | (7,807,511 | ) | ||||||
Transportation | (4.9 | ) | (7,929,018 | ) | ||||||
Real Estate | (5.0 | ) | (8,021,159 | ) | ||||||
Capital Goods | (5.6 | ) | (8,962,744 | ) | ||||||
Health Care Equipment & Services | (5.9 | ) | (9,426,848 | ) | ||||||
Utilities | (6.0 | ) | (9,593,523 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (8.1 | ) | (12,992,994 | ) | ||||||
Software & Services | (9.5 | ) | (15,183,512 | ) | ||||||
Energy | (10.3 | ) | (16,484,099 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (88.6 | ) | (141,929,973 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 1.0 | 1,635,140 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 160,168,156 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
29 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Index Core Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 14.3 | % | $ | 321,339 | ||||||
Capital Goods | 11.9 | 268,515 | ||||||||
Health Care Equipment & Services | 11.3 | 255,167 | ||||||||
Technology Hardware & Equipment | 11.0 | 248,662 | ||||||||
Software & Services | 10.2 | 228,882 | ||||||||
Semiconductors & Semiconductor Equipment | 8.5 | 192,757 | ||||||||
Diversified Financials | 7.4 | 166,302 | ||||||||
Media | 6.9 | 156,252 | ||||||||
Materials | 6.7 | 151,062 | ||||||||
Food, Beverage & Tobacco | 6.7 | 150,102 | ||||||||
Banks | 6.5 | 146,304 | ||||||||
Energy | 6.5 | 145,559 | ||||||||
Food & Staples Retailing | 4.9 | 109,614 | ||||||||
Retailing | 4.7 | 106,064 | ||||||||
Insurance | 4.1 | 91,652 | ||||||||
Real Estate | 3.5 | 79,478 | ||||||||
Consumer Durables & Apparel | 3.3 | 75,625 | ||||||||
Utilities | 2.9 | 66,308 | ||||||||
Transportation | 2.4 | 54,161 | ||||||||
Telecommunication Services | 2.1 | 48,269 | ||||||||
Automobiles & Components | 1.8 | 40,079 | ||||||||
Household & Personal Products | 1.7 | 37,796 | ||||||||
Consumer Services | 1.2 | 26,150 | ||||||||
Commercial & Professional Services | 0.9 | 20,072 | ||||||||
|
|
|
| |||||||
Total Long Positions | 141.4 | 3,186,171 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Media | (0.1 | )% | $ | (1,270 | ) | |||||
Automobiles & Components | (0.1 | ) | (2,904 | ) | ||||||
Technology Hardware & Equipment | (0.2 | ) | (3,783 | ) | ||||||
Telecommunication Services | (0.4 | ) | (9,177 | ) | ||||||
Commercial & Professional Services | (0.5 | ) | (11,914 | ) | ||||||
Consumer Durables & Apparel | (0.7 | ) | (16,912 | ) | ||||||
Diversified Financials | (0.8 | ) | (18,820 | ) | ||||||
Consumer Services | (0.9 | ) | (19,682 | ) | ||||||
Household & Personal Products | (1.1 | ) | (25,568 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.2 | ) | (27,190 | ) | ||||||
Insurance | (1.3 | ) | (28,936 | ) | ||||||
Food & Staples Retailing | (1.3 | ) | (30,225 | ) | ||||||
Retailing | (1.9 | ) | (42,080 | ) | ||||||
Materials | (2.4 | ) | (55,115 | ) | ||||||
Transportation | (2.5 | ) | (55,701 | ) | ||||||
Utilities | (2.5 | ) | (56,261 | ) | ||||||
Health Care Equipment & Services | (2.6 | ) | (58,710 | ) | ||||||
Real Estate | (2.6 | ) | (58,931 | ) | ||||||
Capital Goods | (2.7 | ) | (60,777 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (3.3 | ) | (73,680 | ) | ||||||
Food, Beverage & Tobacco | (3.3 | ) | (74,125 | ) | ||||||
Software & Services | (4.3 | ) | (96,030 | ) | ||||||
Energy | (4.5 | ) | (101,253 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (41.2 | ) | (929,044 | ) | ||||||
|
|
|
| |||||||
Liabilities in Excess of Other Assets | (0.2 | ) | (4,077 | ) | ||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,253,050 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
30 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Hedged Plus Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Technology Hardware & Equipment | 14.1 | % | $ | 314,526 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 14.0 | 312,679 | ||||||||
Capital Goods | 13.7 | 306,698 | ||||||||
Semiconductors & Semiconductor Equipment | 13.1 | 291,999 | ||||||||
Health Care Equipment & Services | 12.6 | 282,278 | ||||||||
Materials | 8.4 | 186,587 | ||||||||
Food, Beverage & Tobacco | 6.8 | 152,167 | ||||||||
Software & Services | 6.8 | 151,818 | ||||||||
Media | 6.8 | 151,310 | ||||||||
Energy | 6.2 | 138,894 | ||||||||
Food & Staples Retailing | 5.2 | 117,186 | ||||||||
Diversified Financials | 5.1 | 114,446 | ||||||||
Retailing | 4.7 | 105,676 | ||||||||
Banks | 4.5 | 99,385 | ||||||||
Transportation | 4.2 | 94,653 | ||||||||
Consumer Durables & Apparel | 4.2 | 93,858 | ||||||||
Insurance | 4.1 | 91,549 | ||||||||
Real Estate | 3.5 | 77,613 | ||||||||
Utilities | 2.8 | 61,561 | ||||||||
Automobiles & Components | 2.4 | 52,510 | ||||||||
Household & Personal Products | 1.3 | 29,369 | ||||||||
Telecommunication Services | 1.2 | 27,505 | ||||||||
Commercial & Professional Services | 1.0 | 22,830 | ||||||||
Consumer Services | 0.8 | 17,429 | ||||||||
|
|
|
| |||||||
Total Long Positions | 147.5 | 3,294,526 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Automobiles & Components | (0.1 | )% | $ | (2,747 | ) | |||||
Media | (0.4 | ) | (9,587 | ) | ||||||
Commercial & Professional Services | (0.8 | ) | (16,809 | ) | ||||||
Telecommunication Services | (0.8 | ) | (17,448 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.6 | ) | (36,399 | ) | ||||||
Consumer Durables & Apparel | (1.8 | ) | (39,038 | ) | ||||||
Consumer Services | (2.1 | ) | (45,874 | ) | ||||||
Household & Personal Products | (2.5 | ) | (56,606 | ) | ||||||
Food & Staples Retailing | (2.6 | ) | (57,770 | ) | ||||||
Diversified Financials | (2.9 | ) | (65,184 | ) | ||||||
Insurance | (3.5 | ) | (77,352 | ) | ||||||
Transportation | (4.0 | ) | (88,916 | ) | ||||||
Materials | (4.7 | ) | (104,328 | ) | ||||||
Utilities | (4.8 | ) | (108,078 | ) | ||||||
Capital Goods | (5.0 | ) | (111,676 | ) | ||||||
Health Care Equipment & Services | (5.1 | ) | (112,922 | ) | ||||||
Real Estate | (5.2 | ) | (116,008 | ) | ||||||
Retailing | (5.5 | ) | (123,862 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (7.3 | ) | (163,839 | ) | ||||||
Food, Beverage & Tobacco | (7.7 | ) | (172,763 | ) | ||||||
Software & Services | (9.5 | ) | (213,201 | ) | ||||||
Energy | (10.0 | ) | (223,391 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (87.9 | ) | (1,963,798 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 40.4 | 902,311 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,233,039 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
31 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Hedged Core Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 9.8 | % | $ | 212,021 | ||||||
Capital Goods | 8.4 | 181,366 | ||||||||
Health Care Equipment & Services | 8.1 | 175,659 | ||||||||
Technology Hardware & Equipment | 7.6 | 165,044 | ||||||||
Semiconductors & Semiconductor Equipment | 6.2 | 134,377 | ||||||||
Software & Services | 6.0 | 129,857 | ||||||||
Media | 4.9 | 106,814 | ||||||||
Materials | 4.9 | 105,526 | ||||||||
Diversified Financials | 4.8 | 103,780 | ||||||||
Food, Beverage & Tobacco | 4.6 | 98,937 | ||||||||
Energy | 4.4 | 94,107 | ||||||||
Banks | 4.0 | 86,571 | ||||||||
Food & Staples Retailing | 3.4 | 73,728 | ||||||||
Retailing | 3.0 | 64,185 | ||||||||
Insurance | 2.9 | 62,611 | ||||||||
Consumer Durables & Apparel | 2.4 | 52,791 | ||||||||
Real Estate | 2.4 | 52,154 | ||||||||
Utilities | 1.9 | 42,134 | ||||||||
Transportation | 1.8 | 38,658 | ||||||||
Automobiles & Components | 1.3 | 27,859 | ||||||||
Telecommunication Services | 1.3 | 27,606 | ||||||||
Household & Personal Products | 1.0 | 22,577 | ||||||||
Consumer Services | 0.7 | 15,642 | ||||||||
Commercial & Professional Services | 0.6 | 12,976 | ||||||||
|
|
|
| |||||||
Total Long Positions | 96.4 | 2,086,980 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Media | (0.1 | )% | $ | (1,587 | ) | |||||
Automobiles & Components | (0.1 | ) | (2,360 | ) | ||||||
Technology Hardware & Equipment | (0.1 | ) | (3,116 | ) | ||||||
Telecommunication Services | (0.3 | ) | (7,463 | ) | ||||||
Commercial & Professional Services | (0.5 | ) | (9,812 | ) | ||||||
Consumer Durables & Apparel | (0.7 | ) | (14,211 | ) | ||||||
Diversified Financials | (0.7 | ) | (15,749 | ) | ||||||
Household & Personal Products | (1.0 | ) | (21,628 | ) | ||||||
Consumer Services | (1.0 | ) | (22,559 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.1 | ) | (22,855 | ) | ||||||
Food & Staples Retailing | (1.1 | ) | (24,624 | ) | ||||||
Insurance | (1.2 | ) | (25,252 | ) | ||||||
Retailing | (1.6 | ) | (35,478 | ) | ||||||
Materials | (2.1 | ) | (44,656 | ) | ||||||
Utilities | (2.1 | ) | (45,736 | ) | ||||||
Transportation | (2.1 | ) | (46,021 | ) | ||||||
Health Care Equipment & Services | (2.2 | ) | (47,239 | ) | ||||||
Real Estate | (2.2 | ) | (47,265 | ) | ||||||
Capital Goods | (2.4 | ) | (52,084 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (2.8 | ) | (60,680 | ) | ||||||
Food, Beverage & Tobacco | (2.8 | ) | (60,802 | ) | ||||||
Software & Services | (3.6 | ) | (77,881 | ) | ||||||
Energy | (3.9 | ) | (84,014 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (35.7 | ) | (773,072 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 39.3 | 850,496 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,164,404 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
32 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(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 | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 11.5 | % | $ | 284,194 | ||||||
Materials | 9.5 | 233,211 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 9.3 | 230,035 | ||||||||
Health Care Equipment & Services | 9.3 | 229,657 | ||||||||
Retailing | 7.6 | 186,331 | ||||||||
Technology Hardware & Equipment | 6.5 | 160,310 | ||||||||
Semiconductors & Semiconductor Equipment | 6.4 | 158,473 | ||||||||
Food, Beverage & Tobacco | 5.9 | 144,933 | ||||||||
Food & Staples Retailing | 4.6 | 114,535 | ||||||||
Media | 4.3 | 106,375 | ||||||||
Consumer Durables & Apparel | 3.2 | 78,203 | ||||||||
Real Estate | 2.9 | 70,463 | ||||||||
Energy | 2.4 | 59,739 | ||||||||
Software & Services | 2.4 | 58,290 | ||||||||
Transportation | 2.3 | 55,885 | ||||||||
Automobiles & Components | 2.0 | 48,369 | ||||||||
Consumer Services | 1.8 | 45,289 | ||||||||
Insurance | 1.7 | 42,408 | ||||||||
Household & Personal Products | 1.5 | 38,212 | ||||||||
Telecommunication Services | 1.3 | 32,548 | ||||||||
Commercial & Professional Services | 1.2 | 28,894 | ||||||||
Diversified Financials | 1.0 | 25,141 | ||||||||
Utilities | 0.5 | 11,151 | ||||||||
|
|
|
| |||||||
Total Long Positions | 99.1 | 2,442,646 | ||||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.9 | 22,172 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,464,818 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
33 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Enhanced S&P 500 Index Fund
%of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 15.0 | % | $ | 318,613 | ||||||
Technology Hardware & Equipment | 11.2 | 239,118 | ||||||||
Health Care Equipment & Services | 9.0 | 192,072 | ||||||||
Semiconductors & Semiconductor Equipment | 8.4 | 178,046 | ||||||||
Capital Goods | 7.9 | 167,518 | ||||||||
Software & Services | 6.5 | 137,773 | ||||||||
Materials | 6.4 | 136,407 | ||||||||
Food & Staples Retailing | 5.2 | 110,571 | ||||||||
Energy | 4.6 | 96,786 | ||||||||
Retailing | 4.4 | 93,355 | ||||||||
Media | 3.6 | 76,916 | ||||||||
Food, Beverage & Tobacco | 3.3 | 71,045 | ||||||||
Consumer Durables & Apparel | 2.5 | 52,656 | ||||||||
Telecommunication Services | 2.1 | 44,268 | ||||||||
Automobiles & Components | 1.8 | 37,430 | ||||||||
Insurance | 1.6 | 33,791 | ||||||||
Transportation | 1.3 | 28,656 | ||||||||
Diversified Financials | 1.2 | 25,717 | ||||||||
Real Estate | 1.0 | 22,256 | ||||||||
Banks | 0.9 | 18,045 | ||||||||
Utilities | 0.6 | 13,581 | ||||||||
Commercial & Professional Services | 0.5 | 11,268 | ||||||||
Consumer Services | 0.5 | 9,575 | ||||||||
Household & Personal Products | 0.3 | 6,679 | ||||||||
|
|
|
| |||||||
Total Long Positions | 99.8 | 2,122,142 | ||||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.2 | 3,622 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,125,764 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
34 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Defensive Long Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 24.7 | % | $ | 532,076 | ||||||
Food, Beverage & Tobacco | 17.8 | 382,393 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 17.7 | 379,928 | ||||||||
Health Care Equipment & Services | 15.2 | 326,205 | ||||||||
Retailing | 10.9 | 235,480 | ||||||||
Software & Services | 10.9 | 234,608 | ||||||||
Technology Hardware & Equipment | 10.4 | 223,698 | ||||||||
Media | 9.7 | 208,115 | ||||||||
Food & Staples Retailing | 8.8 | 189,098 | ||||||||
Consumer Durables & Apparel | 7.9 | 168,956 | ||||||||
Consumer Services | 7.8 | 167,908 | ||||||||
Semiconductors & Semiconductor Equipment | 5.5 | 118,988 | ||||||||
Household & Personal Products | 5.3 | 114,823 | ||||||||
Materials | 5.3 | 113,022 | ||||||||
Commercial & Professional Services | 5.1 | 108,720 | ||||||||
Telecommunication Services | 4.1 | 87,939 | ||||||||
Transportation | 3.7 | 80,141 | ||||||||
Energy | 3.5 | 74,447 | ||||||||
Automobiles & Components | 1.5 | 31,880 | ||||||||
Corporate Bonds and Notes: | ||||||||||
Capital Goods | 0.0 | 273 | ||||||||
|
|
|
| |||||||
Total Long Positions | 175.8 | 3,778,698 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (0.3 | )% | $ | (5,657 | ) | |||||
Telecommunication Services | (0.8 | ) | (17,152 | ) | ||||||
Food & Staples Retailing | (1.0 | ) | (21,944 | ) | ||||||
Automobiles & Components | (1.3 | ) | (27,892 | ) | ||||||
Media | (1.6 | ) | (33,490 | ) | ||||||
Consumer Durables & Apparel | (1.9 | ) | (40,895 | ) | ||||||
Semiconductors & Semiconductor Equipment | (2.5 | ) | (54,925 | ) | ||||||
Transportation | (2.8 | ) | (60,355 | ) | ||||||
Food, Beverage & Tobacco | (3.3 | ) | (69,983 | ) | ||||||
Commercial & Professional Services | (3.5 | ) | (74,321 | ) | ||||||
Energy | (4.0 | ) | (86,177 | ) | ||||||
Consumer Services | (4.3 | ) | (91,707 | ) | ||||||
Retailing | (4.8 | ) | (103,130 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (5.9 | ) | (126,805 | ) | ||||||
Health Care Equipment & Services | (5.9 | ) | (127,725 | ) | ||||||
Technology Hardware & Equipment | (6.0 | ) | (129,239 | ) | ||||||
Materials | (6.6 | ) | (142,337 | ) | ||||||
Capital Goods | (9.2 | ) | (198,587 | ) | ||||||
Software & Services | (10.2 | ) | (219,987 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (75.9 | ) | (1,632,308 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.1 | 2,784 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,149,174 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
35 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Defensive Long 500 Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 22.0 | % | $ | 1,651,730 | ||||||
Capital Goods | 19.1 | 1,434,474 | ||||||||
Health Care Equipment & Services | 17.9 | 1,340,494 | ||||||||
Materials | 14.1 | 1,059,263 | ||||||||
Semiconductors & Semiconductor Equipment | 13.8 | 1,035,334 | ||||||||
Food, Beverage & Tobacco | 12.1 | 906,976 | ||||||||
Technology Hardware & Equipment | 11.6 | 867,066 | ||||||||
Food & Staples Retailing | 10.1 | 756,857 | ||||||||
Real Estate | 9.9 | 745,756 | ||||||||
Media | 9.6 | 718,269 | ||||||||
Consumer Durables & Apparel | 5.7 | 427,654 | ||||||||
Energy | 5.2 | 393,974 | ||||||||
Insurance | 4.8 | 360,730 | ||||||||
Retailing | 4.6 | 342,914 | ||||||||
Household & Personal Products | 3.6 | 273,562 | ||||||||
Transportation | 3.6 | 269,547 | ||||||||
Telecommunication Services | 3.1 | 232,976 | ||||||||
Consumer Services | 3.1 | 229,403 | ||||||||
Software & Services | 3.1 | 229,007 | ||||||||
Commercial & Professional Services | 3.0 | 222,303 | ||||||||
Automobiles & Components | 2.9 | 218,105 | ||||||||
Diversified Financials | 1.2 | 91,623 | ||||||||
Utilities | 0.8 | 63,282 | ||||||||
|
|
|
| |||||||
Total Long Positions | 184.9 | 13,871,299 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Media | (0.6 | )% | $ | (43,808 | ) | |||||
Automobiles & Components | (0.7 | ) | (50,077 | ) | ||||||
Telecommunication Services | (0.7 | ) | (50,226 | ) | ||||||
Commercial & Professional Services | (0.8 | ) | (57,041 | ) | ||||||
Technology Hardware & Equipment | (0.8 | ) | (63,871 | ) | ||||||
Consumer Services | (1.3 | ) | (95,695 | ) | ||||||
Food & Staples Retailing | (1.3 | ) | (96,448 | ) | ||||||
Consumer Durables & Apparel | (1.3 | ) | (98,859 | ) | ||||||
Household & Personal Products | (1.7 | ) | (129,200 | ) | ||||||
Utilities | (2.5 | ) | (190,296 | ) | ||||||
Semiconductors & Semiconductor Equipment | (2.8 | ) | (207,044 | ) | ||||||
Real Estate | (3.0 | ) | (222,428 | ) | ||||||
Health Care Equipment & Services | (3.5 | ) | (266,346 | ) | ||||||
Materials | (4.4 | ) | (333,174 | ) | ||||||
Retailing | (4.5 | ) | (334,461 | ) | ||||||
Transportation | (4.5 | ) | (339,270 | ) | ||||||
Insurance | (5.0 | ) | (373,535 | ) | ||||||
Food, Beverage & Tobacco | (5.0 | ) | (377,290 | ) | ||||||
Capital Goods | (5.4 | ) | (407,637 | ) | ||||||
Banks | (5.5 | ) | (416,331 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.0 | ) | (448,873 | ) | ||||||
Diversified Financials | (6.3 | ) | (469,267 | ) | ||||||
Energy | (8.7 | ) | (654,220 | ) | ||||||
Software & Services | (9.1 | ) | (682,489 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (85.4 | ) | (6,407,886 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.5 | 40,756 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 7,504,169 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
36 |
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2017
(Unaudited)
The following table presents a summary by security type of the portfolio holdings of the Fund:
Gotham Total Return Fund
% of Net Assets | Value | |||||||||
Affiliated Equity Registered Investment Companies | 99.7 | % | $ | 17,634,640 | ||||||
Other Assets in Excess of Liabilities | 0.3 | 47,418 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 17,682,058 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
37 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
LONG POSITIONS — 120.2% COMMON STOCKS — 120.2% | Number of Shares | Value | ||||||
Automobiles & Components — 3.1% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 7,013 | $ | 131,704 | |||||
BorgWarner, Inc.†(a) | 66,128 | 2,763,489 | ||||||
Cooper-Standard Holdings, Inc.†(a)* | 20,368 | 2,259,422 | ||||||
Delphi Automotive PLC (Jersey)† | 67,995 | 5,472,918 | ||||||
Ford Motor Co.†(b) | 250,536 | 2,916,239 | ||||||
General Motors Co.†(a) | 126,971 | 4,489,695 | ||||||
Goodyear Tire & Rubber Co. | 79,818 | 2,873,448 | ||||||
Harley-Davidson, Inc.(a)(b) | 44,599 | 2,698,240 | ||||||
Lear Corp.† | 3,175 | 449,516 | ||||||
Magna International, Inc. | 86,162 | 3,718,752 | ||||||
Standard Motor Products, Inc.(a) | 5,785 | 284,275 | ||||||
Tenneco, Inc.(a) | 6,517 | 406,791 | ||||||
Tower International, Inc.(a) | 1,063 | 28,807 | ||||||
Winnebago Industries, Inc.(a) | 3,213 | 93,980 | ||||||
|
| |||||||
28,587,276 | ||||||||
|
| |||||||
Capital Goods — 18.6% | ||||||||
3M Co.† | 16,361 | 3,130,350 | ||||||
Alamo Group, Inc. | 966 | 73,600 | ||||||
Albany International Corp., | 1,053 | 48,491 | ||||||
Allegion PLC (Ireland)†(a) | 23,142 | 1,751,849 | ||||||
American Woodmark Corp.†* | 850 | 78,030 | ||||||
AMETEK, Inc.†(a) | 55,523 | 3,002,684 | ||||||
Arconic, Inc.(a)(b) | 138,826 | 3,656,677 | ||||||
Argan, Inc.†(a) | 32,507 | 2,150,338 | ||||||
Atkore International Group, Inc.(a)* | 4,599 | 120,862 | ||||||
Boeing Co. (The)(b) | 71,006 | 12,558,121 | ||||||
Builders FirstSource, Inc.(a)* | 65,888 | 981,731 | ||||||
Carlisle Cos., Inc.† | 4,521 | 481,080 | ||||||
Caterpillar, Inc.(b) | 63,080 | 5,851,301 | ||||||
Chart Industries, Inc.†* | 75,842 | 2,649,920 | ||||||
Columbus McKinnon Corp. | 1,100 | 27,302 | ||||||
Continental Building Products, Inc.†* | 58,810 | 1,440,845 | ||||||
Crane Co.†(a) | 58,081 | 4,346,201 | ||||||
Cummins, Inc.(b) | 34,059 | 5,149,721 | ||||||
Curtiss-Wright Corp.† | 33,302 | 3,039,141 | ||||||
Deere & Co.(a)(b) | 17,672 | 1,923,774 | ||||||
Donaldson Co., Inc.† | 8,682 | 395,205 | ||||||
Dover Corp.(b) | 7,405 | 594,992 | ||||||
Eaton Corp. PLC (Ireland)† | 16,673 | 1,236,303 | ||||||
EMCOR Group, Inc.† | 45,720 | 2,878,074 | ||||||
Emerson Electric Co.†(b) | 160,625 | 9,615,012 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
EnerSys† | 7,765 | $ | 612,969 | |||||
Flowserve Corp.(a) | 15,388 | 745,087 | ||||||
Fluor Corp. | 65,779 | 3,461,291 | ||||||
Fortive Corp.(b) | 55,592 | 3,347,750 | ||||||
Fortune Brands Home & Security | 46,115 | 2,806,098 | ||||||
GATX Corp.(a) | 15,897 | 969,081 | ||||||
General Cable Corp.†(a) | 44,058 | 790,841 | ||||||
General Electric Co.†(a) | 69,835 | 2,081,083 | ||||||
Gibraltar Industries, Inc.†(a)* | 43,806 | 1,804,807 | ||||||
Global Brass & Copper Holdings, Inc. | 315 | 10,836 | ||||||
Harsco Corp.(b)* | 77,883 | 993,008 | ||||||
Honeywell International, Inc.† | 56,774 | 7,089,369 | ||||||
Illinois Tool Works, Inc.† | 23,029 | 3,050,652 | ||||||
Ingersoll-Rand PLC (Ireland)† | 95,225 | 7,743,697 | ||||||
ITT, Inc.† | 6,503 | 266,753 | ||||||
Jacobs Engineering Group, Inc.†(b) | 46,576 | 2,574,721 | ||||||
Joy Global, Inc.† | 57,052 | 1,611,719 | ||||||
Kaman Corp.(a) | 3,031 | 145,882 | ||||||
L3 Technologies, Inc.†(b) | 21,095 | 3,486,793 | ||||||
Lennox International, Inc.(a) | 667 | 111,589 | ||||||
Masco Corp.†(a) | 82,478 | 2,803,427 | ||||||
Meritor, Inc.(a)* | 16,323 | 279,613 | ||||||
MRC Global, Inc.†* | 37,517 | 687,687 | ||||||
Mueller Industries, Inc.(a) | 8,954 | 306,495 | ||||||
National Presto Industries, Inc.(a) | 1,216 | 124,275 | ||||||
Oshkosh Corp.(a)(b) | 44,833 | 3,075,095 | ||||||
PACCAR, Inc.† | 24,951 | 1,676,707 | ||||||
Patrick Industries, Inc.(a)* | 4,095 | 290,336 | ||||||
Pentair PLC (Ireland)(a)(b) | 58,873 | 3,696,047 | ||||||
Ply Gem Holdings, Inc.* | 1,534 | 30,220 | ||||||
Raytheon Co.†(b) | 20,840 | 3,178,100 | ||||||
Regal Beloit Corp.†(a) | 33,705 | 2,549,783 | ||||||
Rockwell Automation, Inc.(b) | 663 | 103,236 | ||||||
Rockwell Collins, Inc.† | 33,884 | 3,292,169 | ||||||
Snap-on, Inc.†(a) | 14,000 | 2,361,380 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 62,565 | 3,623,765 | ||||||
SPX Corp.†* | 72,708 | 1,763,169 | ||||||
Stanley Black & Decker, Inc.† | 37,933 | 5,040,158 | ||||||
Terex Corp.†(a) | 19,724 | 619,334 | ||||||
Textron, Inc.†(a)(b) | 72,155 | 3,433,856 | ||||||
TransDigm Group, Inc.(a) | 5,170 | 1,138,227 | ||||||
Trex Co., Inc.(a)* | 4,387 | 304,414 |
The accompanying notes are an integral part of the financial statements.
38 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Tutor Perini Corp.(a)* | 60,353 | $ | 1,919,225 | |||||
United Rentals, Inc.(b)* | 25,808 | 3,227,290 | ||||||
United Technologies Corp.† | 8,779 | 985,092 | ||||||
Univar, Inc.(b)* | 96,181 | 2,948,909 | ||||||
USG Corp.†(a)* | 126,580 | 4,025,244 | ||||||
Wabash National Corp.(a)(b) | 85,020 | 1,759,064 | ||||||
Watts Water Technologies, Inc., Class A(a) | 5,274 | 328,834 | ||||||
WESCO International, | 5,727 | 398,313 | ||||||
WW Grainger, Inc.†(a) | 27,087 | 6,304,770 | ||||||
|
| |||||||
173,159,864 | ||||||||
|
| |||||||
Commercial & Professional Services — 2.4% |
| |||||||
Dun & Bradstreet Corp. (The)† | 15,901 | 1,716,354 | ||||||
FTI Consulting, Inc.(a)(b)* | 34,713 | 1,429,134 | ||||||
ICF International, Inc.†(a)* | 9,976 | 412,009 | ||||||
LSC Communications, Inc.(a) | 15,763 | 396,597 | ||||||
ManpowerGroup, Inc.†(b) | 25,778 | 2,644,049 | ||||||
Matthews International Corp., Class A†(a) | 11,767 | 796,038 | ||||||
Navigant Consulting, Inc.†* | 17,361 | 396,872 | ||||||
Nielsen Holdings PLC (United Kingdom)† | 86,097 | 3,556,667 | ||||||
Quad/Graphics, Inc.† | 29,302 | 739,583 | ||||||
Republic Services, Inc.† | 25,909 | 1,627,344 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada) | 4,694 | 154,433 | ||||||
Robert Half International, Inc.† | 49,338 | 2,409,175 | ||||||
RR Donnelley & Sons Co.(a) | 71,383 | 864,448 | ||||||
SP Plus Corp.* | 49 | 1,654 | ||||||
Steelcase, Inc., Class A(a) | 41,050 | 687,588 | ||||||
Stericycle, Inc.(a)* | 11,719 | 971,388 | ||||||
Team, Inc.(a)* | 3,706 | 100,247 | ||||||
Tetra Tech, Inc.(a)(b) | 2,646 | 108,089 | ||||||
TrueBlue, Inc.†* | 25,831 | 706,478 | ||||||
UniFirst Corp.† | 7,036 | 995,242 | ||||||
Waste Management, Inc.† | 24,877 | 1,814,031 | ||||||
|
| |||||||
22,527,420 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 5.7% |
| |||||||
Callaway Golf Co.† | 42,399 | 469,357 | ||||||
Carter’s, Inc.(a) | 11,644 | 1,045,631 | ||||||
Cavco Industries, Inc.†* | 8,826 | 1,027,346 | ||||||
Coach, Inc.†(b) | 78,744 | 3,254,490 | ||||||
Deckers Outdoor Corp.(a)* | 14,280 | 852,944 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
DR Horton, Inc.† | 71,018 | $ | 2,365,610 | |||||
Fossil Group, Inc.(a)* | 61,882 | 1,079,841 | ||||||
Garmin Ltd. (Switzerland)†(a) | 126,003 | 6,440,013 | ||||||
Hanesbrands, Inc.(a) | 109,756 | 2,278,535 | ||||||
Hasbro, Inc.(a)(b) | 27,570 | 2,752,037 | ||||||
iRobot Corp.(a)* | 26,874 | 1,777,446 | ||||||
La-Z-Boy, Inc.(a)(b) | 64,945 | 1,753,515 | ||||||
Leggett & Platt, Inc.(a) | 27,834 | 1,400,607 | ||||||
Mattel, Inc.(a)(b) | 87,397 | 2,238,237 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†* | 70,820 | 2,698,950 | ||||||
Movado Group, Inc.(a) | 1,188 | 29,641 | ||||||
Newell Brands, Inc.† | 111,906 | 5,278,606 | ||||||
PulteGroup, Inc.(a)(b) | 83,640 | 1,969,722 | ||||||
Ralph Lauren Corp.†(a) | 29,044 | 2,370,571 | ||||||
TopBuild Corp.(a)(b)* | 40,684 | 1,912,148 | ||||||
Under Armour, Inc., Class C(a)* | 104,296 | 1,908,617 | ||||||
VF Corp.†(a)(b) | 94,388 | 5,188,508 | ||||||
Whirlpool Corp.(a)(b) | 15,934 | 2,729,972 | ||||||
Wolverine World Wide, Inc. | 1,211 | 30,239 | ||||||
|
| |||||||
52,852,583 | ||||||||
|
| |||||||
Consumer Services — 4.7% |
| |||||||
Bojangles’, Inc.(a)* | 19,685 | 403,542 | ||||||
Carnival Corp. (Panama)† | 25,226 | 1,486,064 | ||||||
Churchill Downs, Inc.† | 3,357 | 533,259 | ||||||
Cracker Barrel Old Country Store, Inc.(a) | 11,628 | 1,851,759 | ||||||
Darden Restaurants, Inc.(a)(b) | 9,704 | 811,934 | ||||||
DeVry Education Group, | 5,914 | 209,651 | ||||||
DineEquity, Inc.†(a) | 50,863 | 2,767,964 | ||||||
Eldorado Resorts, Inc.(a)* | 39,708 | 751,474 | ||||||
Graham Holdings Co., | 1,482 | 888,533 | ||||||
ILG, Inc.(a) | 28,732 | 602,223 | ||||||
Isle of Capri Casinos, Inc.(a)* | 5,753 | 151,649 | ||||||
Jack in the Box, Inc.†(a)(b) | 46,337 | 4,713,400 | ||||||
La Quinta Holdings, Inc.†* | 86,357 | 1,167,547 | ||||||
McDonald’s Corp.†(b) | 72,332 | 9,374,951 | ||||||
Monarch Casino & Resort, | 77 | 2,275 | ||||||
Restaurant Brands International, Inc. (Canada)† | 6,965 | 388,229 | ||||||
Royal Caribbean Cruises Ltd. (Liberia)† | 42,028 | 4,123,367 | ||||||
SeaWorld Entertainment, | 11,140 | 203,528 | ||||||
Service Corp. International(a) | 5,485 | 169,377 |
The accompanying notes are an integral part of the financial statements.
39 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Sonic Corp.†(a) | 102,130 | $ | 2,590,017 | |||||
Weight Watchers International, | 49,878 | 776,600 | ||||||
Wendy’s Co. (The)(a) | 57,493 | 782,480 | ||||||
Wyndham Worldwide Corp.(a)(b) | 42,654 | 3,595,306 | ||||||
Yum! Brands, Inc.† | 79,419 | 5,074,874 | ||||||
|
| |||||||
43,420,003 | ||||||||
|
| |||||||
Energy — 2.3% | ||||||||
Archrock, Inc.†(a) | 157,337 | 1,950,979 | ||||||
Atwood Oceanics, Inc.(a)* | 64,580 | 615,447 | ||||||
CONSOL Energy, Inc.†* | 7,464 | 125,246 | ||||||
CVR Energy, Inc.(a) | 13,948 | 280,076 | ||||||
Delek US Holdings, Inc.†(a) | 91,562 | 2,222,210 | ||||||
Diamond Offshore Drilling, Inc.(a)* | 9,767 | 163,207 | ||||||
Exterran Corp.* | 18,385 | 578,208 | ||||||
Exxon Mobil Corp.† | 4,031 | 330,582 | ||||||
Halliburton Co.† | 50,788 | 2,499,278 | ||||||
Imperial Oil Ltd. (Canada)(a) | 9,262 | 282,491 | ||||||
Kinder Morgan, Inc.† | 23,151 | 503,303 | ||||||
McDermott International, Inc. | 81,100 | 547,425 | ||||||
Oceaneering International, Inc.(a) | 16,563 | 448,526 | ||||||
Oil States International, Inc.(a)* | 11,034 | 365,777 | ||||||
REX American Resources | 8,715 | 788,620 | ||||||
Rowan Cos. PLC, Class A (United Kingdom)(a)* | 163,606 | 2,548,982 | ||||||
Ship Finance International Ltd. | 52,325 | 769,178 | ||||||
Suncor Energy, Inc. (Canada) | 4,717 | 145,048 | ||||||
Teekay Corp. (Marshall Island)(a) | 32,202 | 294,648 | ||||||
Valero Energy Corp.†(a) | 51,953 | 3,443,964 | ||||||
Williams Cos., Inc. (The)†(b) | 92,297 | 2,731,068 | ||||||
|
| |||||||
21,634,263 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.3% | ||||||||
CVS Health Corp.†(a)(b) | 148,779 | 11,679,152 | ||||||
Kroger Co. (The) | 246,971 | 7,283,175 | ||||||
SpartanNash Co.†(a) | 34,664 | 1,212,893 | ||||||
Walgreens Boots Alliance, Inc.† | 55,606 | 4,618,078 | ||||||
Wal-Mart Stores, Inc.† | 86,502 | 6,235,064 | ||||||
|
| |||||||
31,028,362 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.7% |
| |||||||
Altria Group, Inc.† | 27,889 | 1,991,832 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Archer-Daniels-Midland Co.†(a)(b) | 111,543 | $ | 5,135,440 | |||||
Brown-Forman Corp., Class B(a) | 47,234 | 2,181,266 | ||||||
Campbell Soup Co.(a) | 84,996 | 4,865,171 | ||||||
Coca-Cola Co. (The)† | 23,509 | 997,722 | ||||||
Conagra Brands, Inc.† | 107,969 | 4,355,469 | ||||||
Dr Pepper Snapple Group, Inc.† | 70,943 | 6,946,739 | ||||||
Fresh Del Monte Produce, Inc. (Cayman Islands)(a) | 6,222 | 368,529 | ||||||
General Mills, Inc.† | 50,374 | 2,972,570 | ||||||
Hershey Co. (The)† | 40,115 | 4,382,564 | ||||||
Hormel Foods Corp.†(a) | 137,159 | 4,749,816 | ||||||
JM Smucker Co. (The)(a) | 12,241 | 1,604,550 | ||||||
Kellogg Co.† | 5,653 | 410,464 | ||||||
McCormick & Co., Inc., non-voting shares† | 58,464 | 5,703,163 | ||||||
Mondelez International, Inc., | 13,708 | 590,541 | ||||||
Philip Morris International, Inc.†(a) | 16,654 | 1,880,237 | ||||||
Pilgrim’s Pride Corp.(a) | 10,099 | 227,278 | ||||||
Pinnacle Foods, Inc.†(b) | 62,412 | 3,611,782 | ||||||
Reynolds American, Inc.† | 14,886 | 938,116 | ||||||
Snyder’s-Lance, Inc.(a) | 10,498 | 423,174 | ||||||
Tyson Foods, Inc., Class A†(a)(b) | 120,076 | 7,409,890 | ||||||
Universal Corp.†(a) | 11,706 | 828,200 | ||||||
|
| |||||||
62,574,513 | ||||||||
|
| |||||||
Health Care Equipment & Services — 9.9% |
| |||||||
Abbott Laboratories(b) | 62,484 | 2,774,914 | ||||||
Acadia Healthcare Co., Inc.†(a)* | 141,753 | 6,180,431 | ||||||
Air Methods Corp.(a)* | 4,220 | 181,460 | ||||||
AmerisourceBergen Corp.(a) | 6,487 | 574,100 | ||||||
AMN Healthcare Services, Inc.(a)* | 36,889 | 1,497,693 | ||||||
Analogic Corp.(a) | 5,094 | 386,635 | ||||||
Anika Therapeutics, Inc.†* | 4,777 | 207,513 | ||||||
Baxter International, Inc.†(b) | 185,986 | 9,645,234 | ||||||
Boston Scientific Corp.†(a)(b)* | 303,762 | 7,554,561 | ||||||
Cerner Corp.(a)* | 31,142 | 1,832,707 | ||||||
Chemed Corp.† | 4,666 | 852,432 | ||||||
Community Health Systems, Inc.(a)* | 84,709 | 751,369 | ||||||
Cooper Cos., Inc. (The)(a)(b) | 1,381 | 276,048 | ||||||
Cotiviti Holdings, Inc.†* | 66,846 | 2,782,799 | ||||||
CR Bard, Inc.† | 1,664 | 413,571 | ||||||
Danaher Corp.†(a) | 39,895 | 3,412,219 | ||||||
DaVita, Inc.†* | 55,381 | 3,764,247 |
The accompanying notes are an integral part of the financial statements.
40 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Express Scripts Holding Co.†(b)* | 175,170 | $ | 11,545,455 | |||||
Globus Medical, Inc., Class A†* | 12,069 | 357,484 | ||||||
Halyard Health, Inc.†(a)* | 85,833 | 3,269,379 | ||||||
HCA Holdings, Inc.†(b)* | 53,105 | 4,725,814 | ||||||
Henry Schein, Inc.†(a)* | 9,984 | 1,696,980 | ||||||
Hill-Rom Holdings, Inc.† | 2,434 | 171,840 | ||||||
HMS Holdings Corp.†* | 23,784 | 483,529 | ||||||
Integer Holdings Corp.†(a)* | 24,405 | 981,081 | ||||||
Kindred Healthcare, Inc.† | 132,756 | 1,108,513 | ||||||
Laboratory Corp. of America Holdings†(a)* | 24,359 | 3,494,786 | ||||||
McKesson Corp.† | 22,639 | 3,356,458 | ||||||
MEDNAX, Inc.(a)* | 7,108 | 493,153 | ||||||
Medtronic PLC (Ireland)† | 49,720 | 4,005,443 | ||||||
Meridian Bioscience, Inc.†(a) | 50,633 | 698,735 | ||||||
Natus Medical, Inc.†* | 25,463 | 999,423 | ||||||
Owens & Minor, Inc.(a) | 41,267 | 1,427,838 | ||||||
Providence Service Corp. (The)* | 729 | 32,397 | ||||||
Quality Systems, Inc.* | 9,584 | 146,060 | ||||||
Quest Diagnostics, Inc.†(a) | 31,767 | 3,119,202 | ||||||
Select Medical Holdings Corp.(a)* | 54,628 | 729,284 | ||||||
Stryker Corp.(b) | 4,173 | 549,375 | ||||||
Tivity Health, Inc.(a)* | 17,733 | 516,030 | ||||||
Varian Medical Systems, Inc.†* | 21,081 | 1,921,112 | ||||||
Veeva Systems, Inc., Class A†* | 10,397 | 533,158 | ||||||
Zimmer Biomet Holdings, Inc.† | 21,466 | 2,621,213 | ||||||
|
| |||||||
92,071,675 | ||||||||
|
| |||||||
Household & Personal Products — 1.2% |
| |||||||
Avon Products, Inc.(b)* | 215,910 | 950,004 | ||||||
Central Garden & Pet Co., | 13,595 | 472,018 | ||||||
Church & Dwight Co., Inc.†(a)(b) | 47,397 | 2,363,688 | ||||||
Colgate-Palmolive Co.†(b) | 10,470 | 766,299 | ||||||
Inter Parfums, Inc. | 121 | 4,423 | ||||||
Kimberly-Clark Corp.† | 29,460 | 3,877,820 | ||||||
Procter & Gamble Co. (The)† | 26,661 | 2,395,491 | ||||||
|
| |||||||
10,829,743 | ||||||||
|
| |||||||
Materials — 4.7% |
| |||||||
Agrium, Inc. (Canada)†(a) | 14,128 | 1,349,930 | ||||||
Albemarle Corp.†(a) | 34,746 | 3,670,567 | ||||||
Axalta Coating Systems Ltd. (Bermuda)* | 16,464 | 530,141 | ||||||
Cabot Corp.†(a) | 11,596 | 694,716 | ||||||
Chemours Co. (The)† | 40,508 | 1,559,558 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Chemtura Corp.†* | 15,667 | $ | 523,278 | |||||
Domtar Corp.(a) | 31,193 | 1,139,168 | ||||||
Eagle Materials, Inc.†(a) | 63,443 | 6,162,853 | ||||||
EI du Pont de Nemours & Co.† | 48,396 | 3,887,651 | ||||||
FMC Corp.† | 2,689 | 187,128 | ||||||
FutureFuel Corp.(a) | 1,260 | 17,867 | ||||||
Graphic Packaging Holding Co. | 18,811 | 242,098 | ||||||
Greif, Inc., Class A†(a) | 32,257 | 1,777,038 | ||||||
Huntsman Corp.†(a) | 16,892 | 414,530 | ||||||
Ingevity Corp.(a)* | 6,446 | 392,239 | ||||||
Innophos Holdings, Inc.(a)(b) | 29,037 | 1,567,127 | ||||||
Koppers Holdings, Inc.†* | 15,752 | 667,097 | ||||||
Kraton Corp.†(a)* | 37,532 | 1,160,489 | ||||||
Kronos Worldwide, Inc. | 696 | 11,435 | ||||||
Louisiana-Pacific Corp.†(a)* | 94,493 | 2,345,316 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 38,550 | 3,515,374 | ||||||
Minerals Technologies, Inc.† | 11,696 | 895,914 | ||||||
Monsanto Co.†(b) | 9,538 | 1,079,702 | ||||||
Neenah Paper, Inc.(a) | 2,408 | 179,878 | ||||||
Owens-Illinois, Inc.†* | 23,128 | 471,349 | ||||||
PPG Industries, Inc.† | 15,737 | 1,653,644 | ||||||
Schweitzer-Mauduit International, Inc.(b) | 20,117 | 833,246 | ||||||
Sealed Air Corp.(a) | 14,352 | 625,460 | ||||||
Silgan Holdings, Inc.(a) | 32,077 | 1,904,091 | ||||||
Sonoco Products Co.(a) | 9,334 | 493,955 | ||||||
Stepan Co.(a) | 978 | 77,076 | ||||||
Summit Materials, Inc., Class A(a)(b)* | 93,007 | 2,298,203 | ||||||
Trinseo SA (Luxembourg)† | 29,445 | 1,975,760 | ||||||
|
| |||||||
44,303,878 | ||||||||
|
| |||||||
Media — 5.5% | ||||||||
AMC Networks, Inc., Class A†(a)* | 14,070 | 825,628 | ||||||
CBS Corp., Class B, non-voting shares†(a) | 85,870 | 5,955,943 | ||||||
Comcast Corp., Class A† | 49,437 | 1,858,337 | ||||||
Discovery Communications, Inc., Class A(a)* | 145,106 | 4,221,134 | ||||||
DISH Network Corp., Class A(a)* | 20,313 | 1,289,672 | ||||||
Gray Television, Inc.(a)* | 59,731 | 866,100 | ||||||
Interpublic Group of Cos., Inc. | 119,851 | 2,944,739 | ||||||
MSG Networks, Inc., Class A†(a)* | 74,698 | 1,744,198 | ||||||
News Corp., Class A(a)(b) | 146,345 | 1,902,485 |
The accompanying notes are an integral part of the financial statements.
41 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) | ||||||||
Omnicom Group, Inc.(a) | 58,238 | $ | 5,020,698 | |||||
Scholastic Corp.(a) | 8,058 | 343,029 | ||||||
Scripps Networks Interactive, Inc., Class A(a) | 33,637 | 2,636,132 | ||||||
Sinclair Broadcast Group, Inc., Class A(a) | 78,101 | 3,163,090 | ||||||
TEGNA, Inc.†(b) | 120,929 | 3,098,201 | ||||||
Time Warner, Inc.† | 46,910 | 4,583,576 | ||||||
Twenty-First Century Fox, Inc., Class A†(a) | 160,659 | 5,203,745 | ||||||
Viacom, Inc., Class B†(b) | 101,430 | 4,728,667 | ||||||
Walt Disney Co. (The)(b) | 12,387 | 1,404,562 | ||||||
|
| |||||||
51,789,936 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 12.1% |
| |||||||
AbbVie, Inc.† | 79,496 | 5,179,959 | ||||||
Acorda Therapeutics, Inc.(a)* | 7,543 | 158,403 | ||||||
Agilent Technologies, Inc.†(b) | 20,893 | 1,104,613 | ||||||
Alkermes PLC (Ireland)(a)* | 4,724 | 276,354 | ||||||
AMAG Pharmaceuticals, Inc.†(a)* | 121,918 | 2,749,251 | ||||||
Amgen, Inc.†(b) | 62,703 | 10,287,681 | ||||||
Biogen, Inc.†* | 41,339 | 11,302,909 | ||||||
Bioverativ, Inc.†* | 15,288 | 832,585 | ||||||
Bruker Corp.(a) | 3,648 | 85,108 | ||||||
Celgene Corp.†* | 27,849 | 3,465,251 | ||||||
Charles River Laboratories International, Inc.(a)* | 21,123 | 1,900,014 | ||||||
Coherus Biosciences, Inc.(a)* | 5,663 | 119,772 | ||||||
Cytokinetics, Inc.(a)* | 4,601 | 59,123 | ||||||
Eagle Pharmaceuticals, Inc.(a)* | 24,912 | 2,066,201 | ||||||
Eli Lilly & Co.† | 72,321 | 6,082,919 | ||||||
Emergent BioSolutions, Inc.†* | 40,275 | 1,169,586 | ||||||
Endo International PLC (Ireland)(a)* | 38,534 | 430,039 | ||||||
Exelixis, Inc.†(a)(b)* | 204,217 | 4,425,382 | ||||||
Gilead Sciences, Inc.† | 179,153 | 12,168,072 | ||||||
Heska Corp.* | 1,726 | 181,195 | ||||||
Horizon Pharma PLC (Ireland)(a)* | 6,240 | 92,227 | ||||||
Incyte Corp., Ltd.†* | 3,820 | 510,619 | ||||||
Insys Therapeutics, Inc.(a)* | 64,994 | 683,087 | ||||||
Ionis Pharmaceuticals, Inc.(a)* | 65,201 | 2,621,080 | ||||||
Ironwood Pharmaceuticals, Inc.(a)* | 44,787 | 764,066 | ||||||
Jazz Pharmaceuticals PLC | 653 | 94,770 | ||||||
Johnson & Johnson† | 38,995 | 4,856,827 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Lannett Co., Inc.(a)* | 123,885 | $ | 2,768,830 | |||||
Ligand Pharmaceuticals, Inc.(a)* | 20,855 | 2,207,293 | ||||||
Merck & Co., Inc.†(b) | 125,014 | 7,943,390 | ||||||
MiMedx Group, Inc.(a)* | 7,499 | 71,465 | ||||||
Mylan NV (Netherlands)* | 94,469 | 3,683,346 | ||||||
Myriad Genetics, Inc.†(a)* | 57,882 | 1,111,334 | ||||||
PerkinElmer, Inc.† | 30,298 | 1,759,102 | ||||||
Pfizer, Inc.† | 141,727 | 4,848,481 | ||||||
Phibro Animal Health Corp., Class A | 2,763 | 77,640 | ||||||
PRA Health Sciences, Inc.†* | 19,686 | 1,284,118 | ||||||
Prestige Brands Holdings, Inc.†(a)* | 18,965 | 1,053,695 | ||||||
Progenics Pharmaceuticals, Inc.(a)* | 147,546 | 1,392,834 | ||||||
QIAGEN NV (Netherlands) | 1,884 | 54,579 | ||||||
Quintiles IMS Holdings, Inc.†* | 21,627 | 1,741,622 | ||||||
Repligen Corp.(a)* | 10,694 | 376,429 | ||||||
Seattle Genetics, Inc.(a)* | 14,655 | 921,213 | ||||||
Sucampo Pharmaceuticals, Inc., Class A(a)* | 22,345 | 245,795 | ||||||
Supernus Pharmaceuticals, Inc.(a)* | 7,892 | 247,020 | ||||||
United Therapeutics Corp.†(a)* | 26,934 | 3,646,325 | ||||||
Vanda Pharmaceuticals, Inc.(a)* | 29,359 | 411,026 | ||||||
Waters Corp.†* | 7,045 | 1,101,204 | ||||||
Xencor, Inc.†* | 48,809 | 1,167,511 | ||||||
Zoetis, Inc.† | 10,202 | 544,481 | ||||||
|
| |||||||
112,325,826 | ||||||||
|
| |||||||
Retailing — 6.5% | ||||||||
1-800-Flowers.com, Inc., Class A* | 2,221 | 22,654 | ||||||
Aaron’s, Inc.†(a) | 61,572 | 1,831,151 | ||||||
Abercrombie & Fitch Co., Class A(a) | 110,608 | 1,319,553 | ||||||
Asbury Automotive Group, Inc.(a)(b)* | 10,477 | 629,668 | ||||||
Ascena Retail Group, Inc.†* | 87,483 | 372,678 | ||||||
AutoNation, Inc.(a)* | 75,243 | 3,182,027 | ||||||
AutoZone, Inc.†* | 3,974 | 2,873,401 | ||||||
Bed Bath & Beyond, Inc.(a) | 90,013 | 3,551,913 | ||||||
Best Buy Co., Inc.†(a) | 27,051 | 1,329,557 | ||||||
Buckle, Inc. (The)(a) | 48,218 | 896,855 | ||||||
Camping World Holdings, Inc., Class A(a) | 6,162 | 198,663 | ||||||
Dillard’s, Inc., Class A(a) | 19,035 | 994,388 | ||||||
Dollar General Corp.†(a) | 31,510 | 2,197,192 | ||||||
Dollar Tree, Inc.(b)* | 19,127 | 1,500,704 | ||||||
Foot Locker, Inc.(a) | 24,818 | 1,856,635 |
The accompanying notes are an integral part of the financial statements.
42 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
Gap, Inc. (The)(a) | 156,120 | $ | 3,792,155 | |||||
Genuine Parts Co.†(a) | 34,728 | 3,209,215 | ||||||
HSN, Inc.†(a) | 52,960 | 1,964,816 | ||||||
Kohl’s Corp.(a) | 8,906 | 354,548 | ||||||
L Brands, Inc.(a)(b) | 54,692 | 2,575,993 | ||||||
Macy’s, Inc.† | 9,514 | 281,995 | ||||||
Nordstrom, Inc.(a) | 12,679 | 590,461 | ||||||
Nutrisystem, Inc.(a)(b) | 42,326 | 2,349,093 | ||||||
Office Depot, Inc.†(a)(b) | 436,026 | 2,034,061 | ||||||
Pool Corp.† | 2,227 | 265,748 | ||||||
Priceline Group, Inc. (The)†* | 1,367 | 2,433,219 | ||||||
Ross Stores, Inc.† | 40,750 | 2,684,202 | ||||||
Signet Jewelers, Ltd. (Bermuda)(a) | 416 | 28,816 | ||||||
Staples, Inc.†(b) | 178,353 | 1,564,156 | ||||||
Tailored Brands, Inc.(a) | 9,490 | 141,781 | ||||||
Target Corp.†(a) | 92,142 | 5,085,317 | ||||||
Tiffany & Co.(a) | 9,859 | 939,563 | ||||||
TJX Cos., Inc. (The)†(b) | 69,720 | 5,513,458 | ||||||
Tractor Supply Co.†(b) | 23,945 | 1,651,487 | ||||||
|
| |||||||
60,217,123 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 7.0% |
| |||||||
Amkor Technology, Inc.(a)* | 133,597 | 1,548,389 | ||||||
Analog Devices, Inc.† | 73,410 | 6,015,951 | ||||||
Applied Materials, Inc.†(b) | 176,877 | 6,880,515 | ||||||
Cabot Microelectronics Corp.(a) | 4,189 | 320,919 | ||||||
Cirrus Logic, Inc.(a)(b)* | 70,108 | 4,254,855 | ||||||
Diodes, Inc.(a)* | 5,603 | 134,752 | ||||||
Exar Corp.(a)* | 6,690 | 87,037 | ||||||
Intel Corp.†(b) | 263,724 | 9,512,525 | ||||||
KLA-Tencor Corp.† | 29,165 | 2,772,717 | ||||||
Lam Research Corp.† | 37,729 | 4,842,894 | ||||||
Marvell Technology Group Ltd. (Bermuda) | 2,293 | 34,991 | ||||||
MaxLinear, Inc.†* | 66,066 | 1,853,151 | ||||||
Microchip Technology, Inc.(a) | 14,704 | 1,084,861 | ||||||
MKS Instruments, Inc.†(a) | 46,000 | 3,162,500 | ||||||
Photronics, Inc.†(a)* | 36,155 | 386,858 | ||||||
QUALCOMM, Inc.† | 154,144 | 8,838,617 | ||||||
Skyworks Solutions, Inc.(a)(b) | 49,657 | 4,865,393 | ||||||
Texas Instruments, Inc.† | 66,274 | 5,339,033 | ||||||
Xilinx, Inc.†(a)(b) | 50,625 | 2,930,681 | ||||||
|
| |||||||
64,866,639 | ||||||||
|
| |||||||
Software & Services — 9.7% | ||||||||
Accenture PLC, Class A (Ireland)† | 22,041 | 2,642,275 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Akamai Technologies, Inc.†(a)(b)* | 39,589 | $ | 2,363,463 | |||||
ANSYS, Inc.(a)* | 6,686 | 714,533 | ||||||
Aspen Technology, Inc.†(a)* | 41,687 | 2,456,198 | ||||||
Bankrate, Inc.†* | 7,797 | 75,241 | ||||||
Booz Allen Hamilton Holding Corp.† | 7,137 | 252,578 | ||||||
CA, Inc.† | 213,007 | 6,756,582 | ||||||
CDK Global, Inc.(b) | 57,309 | 3,725,658 | ||||||
Citrix Systems, Inc.†* | 46,867 | 3,908,239 | ||||||
Conduent, Inc.* | 113,252 | 1,900,369 | ||||||
Convergys Corp.(a) | 13,878 | 293,520 | ||||||
CSG Systems International, Inc.(a) | 16,521 | 624,659 | ||||||
CSRA, Inc.†(a) | 72,311 | 2,117,989 | ||||||
DST Systems, Inc.† | 8,714 | 1,067,465 | ||||||
eBay, Inc.†* | 118,706 | 3,984,960 | ||||||
Fidelity National Information Services, Inc.†(b) | 39,565 | 3,150,165 | ||||||
GTT Communications, Inc.(a)* | 2,820 | 68,667 | ||||||
IAC/InterActiveCorp.†(a)* | 34,982 | 2,578,873 | ||||||
International Business Machines Corp.† | 16,664 | 2,901,869 | ||||||
j2 Global, Inc.(a) | 51,918 | 4,356,439 | ||||||
LogMeIn, Inc.† | 7,139 | 696,052 | ||||||
Manhattan Associates, Inc.†* | 32,778 | 1,706,095 | ||||||
MicroStrategy, Inc., Class A†(a)* | 7,925 | 1,488,315 | ||||||
NIC, Inc.†(a) | 67,312 | 1,359,702 | ||||||
Open Text Corp. (Canada)† | 24,351 | 828,178 | ||||||
Oracle Corp.† | 12,215 | 544,911 | ||||||
Paychex, Inc.(a) | 47,827 | 2,817,010 | ||||||
Perficient, Inc.* | 213 | 3,698 | ||||||
Progress Software Corp.(a) | 19,171 | 556,918 | ||||||
QAD, Inc., Class A | 79 | 2,200 | ||||||
Science Applications International Corp.†(a) | 39,911 | 2,969,378 | ||||||
Stamps.com, Inc.(a)* | 37,320 | 4,416,822 | ||||||
Symantec Corp.(a)(b) | 155,887 | 4,782,613 | ||||||
Synchronoss Technologies, Inc.(a)* | 40,676 | 992,494 | ||||||
Synopsys, Inc.†* | 23,430 | 1,690,006 | ||||||
Teradata Corp.(a)* | 67,171 | 2,090,362 | ||||||
Trade Desk, Inc. (The), Class A(a)* | 57,152 | 2,128,912 | ||||||
VASCO Data Security International, Inc.* | 38,018 | 513,243 | ||||||
VeriSign, Inc.(a)* | 21,264 | 1,852,307 | ||||||
VMware, Inc., Class A(a)* | 38,100 | 3,510,534 | ||||||
Web.com Group, Inc.* | 1,710 | 33,003 |
The accompanying notes are an integral part of the financial statements.
43 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
WebMD Health Corp.†(a)* | 103,325 | $ | 5,443,161 | |||||
Western Union Co. (The)(a) | 169,926 | 3,457,994 | ||||||
WEX, Inc.(a)* | 6,732 | 696,762 | ||||||
|
| |||||||
90,520,412 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 9.8% |
| |||||||
Amphenol Corp., Class A(a) | 6,038 | 429,724 | ||||||
Anixter International, Inc.†(a)(b)* | 23,880 | 1,893,684 | ||||||
Apple, Inc.†(b) | 54,115 | 7,774,161 | ||||||
AVX Corp.†(a) | 45,620 | 747,256 | ||||||
Benchmark Electronics, Inc.†* | 67,203 | 2,137,055 | ||||||
CDW Corp.† | 2,747 | 158,529 | ||||||
Cisco Systems, Inc.†(a) | 280,461 | 9,479,582 | ||||||
CommScope Holding Co., Inc.†* | 45,975 | 1,917,617 | ||||||
Corning, Inc.†(b) | 253,351 | 6,840,477 | ||||||
F5 Networks, Inc.†(a)* | 16,345 | 2,330,307 | ||||||
FLIR Systems, Inc. | 58,843 | 2,134,824 | ||||||
Harris Corp.† | 5,747 | 639,469 | ||||||
Hewlett Packard Enterprise Co.† | 194,692 | 4,614,200 | ||||||
HP, Inc.† | 285,515 | 5,105,008 | ||||||
Insight Enterprises, Inc.* | 2,722 | 111,847 | ||||||
InterDigital, Inc.†(a)(b) | 69,329 | 5,983,093 | ||||||
Juniper Networks, Inc.†(a) | 213,264 | 5,935,137 | ||||||
Keysight Technologies, Inc.†* | 61,228 | 2,212,780 | ||||||
Motorola Solutions, Inc.†(a) | 59,021 | 5,088,791 | ||||||
NCR Corp.†(a)(b)* | 104,300 | 4,764,424 | ||||||
NetApp, Inc.(b) | 64,771 | 2,710,666 | ||||||
NETGEAR, Inc.(a)(b)* | 8,118 | 402,247 | ||||||
Plantronics, Inc.† | 22,756 | 1,231,327 | ||||||
Plexus Corp.(a)* | 10,601 | 612,738 | ||||||
Seagate Technology PLC (Ireland)(a) | 91,169 | 4,187,392 | ||||||
TE Connectivity Ltd. (Switzerland)† | 24,628 | 1,836,017 | ||||||
TTM Technologies, Inc.(a)* | 19,722 | 318,116 | ||||||
Vishay Intertechnology, Inc.(a) | 107,786 | 1,773,080 | ||||||
Western Digital Corp.† | 45,147 | 3,725,982 | ||||||
Xerox Corp.(a)(b) | 251,294 | 1,844,498 | ||||||
Zebra Technologies Corp., | 24,256 | 2,213,360 | ||||||
|
| |||||||
91,153,388 | ||||||||
|
| |||||||
Telecommunication Services — 1.3% |
| |||||||
AT&T, Inc.†(a) | 15,065 | 625,951 | ||||||
Frontier Communications Corp.(a) | 897,105 | 1,919,805 | ||||||
Intelsat SA (Luxembourg)* | 681 | 2,826 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Level 3 Communications, Inc.†(a)* | 63,512 | $ | 3,634,157 | |||||
Rogers Communications, Inc., Class B (Canada) | 10,339 | 457,191 | ||||||
Sprint Corp.(a)* | 13,362 | 115,982 | ||||||
Verizon Communications, Inc.† | 118,042 | 5,754,548 | ||||||
Vonage Holdings Corp.†* | 23,013 | 145,442 | ||||||
|
| |||||||
12,655,902 | ||||||||
|
| |||||||
Transportation — 5.7% | ||||||||
Alaska Air Group, Inc.(a)(b) | 26,197 | 2,415,887 | ||||||
Canadian Pacific Railway Ltd. (Canada)(b) | 2,333 | 342,764 | ||||||
CH Robinson Worldwide, Inc.†(a) | 25,517 | 1,972,209 | ||||||
CSX Corp.† | 28,617 | 1,332,121 | ||||||
Delta Air Lines, Inc.†(b) | 219,817 | 10,102,789 | ||||||
Expeditors International of Washington, Inc.† | 36,169 | 2,043,187 | ||||||
Forward Air Corp.(a) | 3,632 | 172,774 | ||||||
Hawaiian Holdings, Inc.(a)(b)* | 42,461 | 1,972,313 | ||||||
Heartland Express, Inc.(a) | 46,600 | 934,330 | ||||||
Norfolk Southern Corp.†(b) | 34,535 | 3,866,884 | ||||||
Old Dominion Freight Line, Inc.†(a) | 16,372 | 1,400,952 | ||||||
Ryder System, Inc.†(b) | 48,012 | 3,622,025 | ||||||
Saia, Inc.* | 9,076 | 402,067 | ||||||
Southwest Airlines Co.† | 29,031 | 1,560,707 | ||||||
Swift Transportation Co.†(a)* | 175,150 | 3,597,581 | ||||||
Union Pacific Corp.†(b) | 51,351 | 5,439,098 | ||||||
United Continental Holdings, Inc.†* | 81,093 | 5,728,410 | ||||||
XPO Logistics, Inc.†(a)* | 129,316 | 6,192,943 | ||||||
|
| |||||||
53,099,041 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,119,617,847 | |||||||
|
| |||||||
Par Value | ||||||||
CORPORATE BONDS AND NOTES — 0.0% |
| |||||||
Capital Goods — 0.0% | ||||||||
Mueller Industries, Inc. | ||||||||
6.00%, 03/01/2027 | $ | 26,785 | 26,584 | |||||
|
| |||||||
TOTAL CORPORATE BONDS AND NOTES | 26,584 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 120.2% |
| 1,119,644,431 | ||||||
|
| |||||||
(Cost $999,334,985) |
The accompanying notes are an integral part of the financial statements.
44 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
SHORT POSITIONS — (60.2)% |
| |||||||
COMMON STOCKS — (60.2)% |
| |||||||
Automobiles & Components — (1.3)% |
| |||||||
Adient PLC (Ireland) | (31,432 | ) | $ | (2,284,163 | ) | |||
Cooper Tire & Rubber Co. | (33,842 | ) | (1,500,893 | ) | ||||
Fox Factory Holding Corp.* | (31,892 | ) | (915,300 | ) | ||||
Gentherm, Inc.* | (11,850 | ) | (465,112 | ) | ||||
Metaldyne Performance Group, Inc. | (10,967 | ) | (250,596 | ) | ||||
Modine Manufacturing Co.* | (10,505 | ) | (128,161 | ) | ||||
Tesla, Inc.* | (22,885 | ) | (6,368,896 | ) | ||||
|
| |||||||
(11,913,121 | ) | |||||||
|
| |||||||
Capital Goods — (6.0)% | ||||||||
AAON, Inc. | (7,614 | ) | (269,155 | ) | ||||
AAR Corp. | (27,340 | ) | (919,444 | ) | ||||
Actuant Corp., Class A | (19,802 | ) | (521,783 | ) | ||||
AECOM* | (45,426 | ) | (1,616,711 | ) | ||||
Aerovironment, Inc.* | (37,987 | ) | (1,064,776 | ) | ||||
Altra Industrial Motion Corp. | (5,011 | ) | (195,178 | ) | ||||
American Railcar Industries, Inc. | (2,378 | ) | (97,736 | ) | ||||
Armstrong Flooring, Inc.* | (1,133 | ) | (20,870 | ) | ||||
Axon Enterprise, Inc.* | (57,683 | ) | (1,314,596 | ) | ||||
Beacon Roofing Supply, Inc.* | (7,645 | ) | (375,828 | ) | ||||
Briggs & Stratton Corp. | (38,144 | ) | (856,333 | ) | ||||
Chicago Bridge & Iron Co. NV (Netherlands) | (65,730 | ) | (2,021,198 | ) | ||||
CIRCOR International, Inc. | (3,855 | ) | (229,141 | ) | ||||
Cubic Corp. | (6,219 | ) | (328,363 | ) | ||||
Douglas Dynamics, Inc. | (14,397 | ) | (441,268 | ) | ||||
Dycom Industries, Inc.* | (10,279 | ) | (955,433 | ) | ||||
Encore Wire Corp. | (9,855 | ) | (453,330 | ) | ||||
Energy Recovery, Inc.* | (23,723 | ) | (197,375 | ) | ||||
EnPro Industries, Inc. | (5,479 | ) | (389,886 | ) | ||||
ESCO Technologies, Inc. | (825 | ) | (47,933 | ) | ||||
Federal Signal Corp. | (45,838 | ) | (633,023 | ) | ||||
GMS, Inc.* | (7,792 | ) | (273,032 | ) | ||||
Granite Construction, Inc. | (17,145 | ) | (860,508 | ) | ||||
HEICO Corp. | (1,598 | ) | (139,346 | ) | ||||
Herc Holdings, Inc.* | (60,635 | ) | (2,964,445 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (11,675 | ) | (658,353 | ) | ||||
Insteel Industries, Inc. | (23,697 | ) | (856,410 | ) | ||||
John Bean Technologies Corp. | (16,557 | ) | (1,456,188 | ) | ||||
KBR, Inc. | (111,421 | ) | (1,674,658 | ) | ||||
Kennametal, Inc. | (83,111 | ) | (3,260,445 | ) | ||||
KLX, Inc.* | (25,729 | ) | (1,150,086 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (28,060 | ) | (218,307 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Lydall, Inc.* | (6,598 | ) | $ | (353,653 | ) | |||
Manitowoc Co., Inc. (The)* | (445,147 | ) | (2,537,338 | ) | ||||
Masonite International Corp. (Canada)* | (14,053 | ) | (1,113,700 | ) | ||||
Mercury Systems, Inc.* | (61,524 | ) | (2,402,512 | ) | ||||
Milacron Holdings Corp.* | (8,600 | ) | (160,046 | ) | ||||
Mueller Water Products, Inc., Class A | (10,114 | ) | (119,547 | ) | ||||
MYR Group, Inc.* | (858 | ) | (35,178 | ) | ||||
Navistar International Corp.* | (36,350 | ) | (894,937 | ) | ||||
NCI Building Systems, Inc.* | (8,612 | ) | (147,696 | ) | ||||
Nexeo Solutions, Inc.* | (172 | ) | (1,524 | ) | ||||
NOW, Inc.* | (14,687 | ) | (249,092 | ) | ||||
PGT Innovations, Inc.* | (11,543 | ) | (124,087 | ) | ||||
Primoris Services Corp. | (18,205 | ) | (422,720 | ) | ||||
Proto Labs, Inc.* | (8,333 | ) | (425,816 | ) | ||||
Raven Industries, Inc. | (3,590 | ) | (104,290 | ) | ||||
RBC Bearings, Inc.* | (4,120 | ) | (400,011 | ) | ||||
Roper Technologies, Inc. | (10,957 | ) | (2,262,511 | ) | ||||
Sensata Technologies Holding NV (Netherlands)* | (4,610 | ) | (201,319 | ) | ||||
SiteOne Landscape Supply, Inc.* | (34,963 | ) | (1,692,559 | ) | ||||
SPX FLOW, Inc.* | (18,919 | ) | (656,678 | ) | ||||
Standex International Corp. | (2,397 | ) | (240,060 | ) | ||||
Sun Hydraulics Corp. | (1,262 | ) | (45,571 | ) | ||||
Sunrun, Inc.* | (349,294 | ) | (1,886,188 | ) | ||||
Tennant Co. | (8,656 | ) | (628,858 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda) | (16,337 | ) | (249,956 | ) | ||||
Thermon Group Holdings, Inc.* | (11,976 | ) | (249,580 | ) | ||||
Titan International, Inc. | (4,301 | ) | (44,472 | ) | ||||
Toro Co. (The) | (2,048 | ) | (127,918 | ) | ||||
Trinity Industries, Inc. | (92,555 | ) | (2,457,335 | ) | ||||
Triumph Group, Inc. | (52,497 | ) | (1,351,798 | ) | ||||
Universal Forest Products, Inc. | (16,269 | ) | (1,603,147 | ) | ||||
Vicor Corp.* | (96 | ) | (1,546 | ) | ||||
WABCO Holdings, Inc.* | (1,865 | ) | (218,988 | ) | ||||
Wabtec Corp. | (67,111 | ) | (5,234,658 | ) | ||||
Welbilt, Inc.* | (3,242 | ) | (63,640 | ) | ||||
Wesco Aircraft Holdings, Inc.* | (29,282 | ) | (333,815 | ) | ||||
Woodward, Inc. | (9,549 | ) | (648,568 | ) | ||||
|
| |||||||
(56,152,450 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (2.7)% |
| |||||||
Advisory Board Co. (The)* | (146,235 | ) | (6,843,798 | ) | ||||
CEB, Inc. | (28,459 | ) | (2,236,877 | ) |
The accompanying notes are an integral part of the financial statements.
45 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Clean Harbors, Inc.* | (86,724 | ) | $ | (4,823,589 | ) | |||
Covanta Holding Corp. | (95,447 | ) | (1,498,518 | ) | ||||
Equifax, Inc. | (8,949 | ) | (1,223,686 | ) | ||||
Healthcare Services Group, Inc. | (40,291 | ) | (1,736,139 | ) | ||||
Herman Miller, Inc. | (13,308 | ) | (419,867 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (18,379 | ) | (770,999 | ) | ||||
InnerWorkings, Inc.* | (7,176 | ) | (71,473 | ) | ||||
Insperity, Inc. | (4,886 | ) | (433,144 | ) | ||||
Korn/Ferry International | (40,314 | ) | (1,269,488 | ) | ||||
Mistras Group, Inc.* | (386 | ) | (8,253 | ) | ||||
Multi-Color Corp. | (16,317 | ) | (1,158,507 | ) | ||||
Rollins, Inc. | (3,062 | ) | (113,692 | ) | ||||
TransUnion* | (13,370 | ) | (512,740 | ) | ||||
US Ecology, Inc. | (2,553 | ) | (119,608 | ) | ||||
WageWorks, Inc.* | (30,134 | ) | (2,178,688 | ) | ||||
|
| |||||||
(25,419,066 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.2)% |
| |||||||
Columbia Sportswear Co. | (4,788 | ) | (281,295 | ) | ||||
Ethan Allen Interiors, Inc. | (5,837 | ) | (178,904 | ) | ||||
G-III Apparel Group Ltd.* | (109,003 | ) | (2,386,076 | ) | ||||
Gildan Activewear, Inc. (Canada) | (25,531 | ) | (690,358 | ) | ||||
Helen Of Troy Ltd. (Bermuda)* | (13,284 | ) | (1,251,353 | ) | ||||
Lululemon Athletica, Inc.* | (28,319 | ) | (1,468,907 | ) | ||||
Mohawk Industries, Inc.* | (416 | ) | (95,468 | ) | ||||
Nautilus, Inc.* | (23,267 | ) | (424,623 | ) | ||||
NIKE, Inc., Class B | (11,388 | ) | (634,653 | ) | ||||
Oxford Industries, Inc. | (8,659 | ) | (495,814 | ) | ||||
Polaris Industries, Inc. | (18,710 | ) | (1,567,898 | ) | ||||
PVH Corp. | (11,839 | ) | (1,224,981 | ) | ||||
Steven Madden Ltd.* | (9,936 | ) | (383,033 | ) | ||||
Vista Outdoor, Inc.* | (12,638 | ) | (260,216 | ) | ||||
|
| |||||||
(11,343,579 | ) | |||||||
|
| |||||||
Consumer Services — (4.2)% | ||||||||
BJ’s Restaurants, Inc.* | (32,275 | ) | (1,303,910 | ) | ||||
Bloomin’ Brands, Inc. | (111,416 | ) | (2,198,238 | ) | ||||
Boyd Gaming Corp.* | (165,974 | ) | (3,653,088 | ) | ||||
Bright Horizons Family Solutions, Inc.* | (13,528 | ) | (980,645 | ) | ||||
Career Education Corp.* | (5,475 | ) | (47,632 | ) | ||||
Carrols Restaurant Group, Inc.* | (18,624 | ) | (263,530 | ) | ||||
Chegg, Inc.* | (38,977 | ) | (328,966 | ) | ||||
Chipotle Mexican Grill, Inc.* | (17,302 | ) | (7,708,387 | ) | ||||
Chuy’s Holdings, Inc.* | (13,351 | ) | (397,860 | ) | ||||
ClubCorp Holdings, Inc. | (35,601 | ) | (571,396 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Dave & Buster’s Entertainment, Inc.* | (76,055 | ) | $ | (4,646,200 | ) | |||
Del Taco Restaurants, Inc.* | (1,631 | ) | (21,627 | ) | ||||
Fiesta Restaurant Group, Inc.* | (38,201 | ) | (924,464 | ) | ||||
Hyatt Hotels Corp., Class A* | (91,870 | ) | (4,959,143 | ) | ||||
K12, Inc.* | (5,716 | ) | (109,461 | ) | ||||
Marcus Corp. (The) | (1,182 | ) | (37,942 | ) | ||||
MGM Resorts International | (21,163 | ) | (579,866 | ) | ||||
Panera Bread Co., Class A* | (1,232 | ) | (322,624 | ) | ||||
Red Robin Gourmet Burgers, Inc.* | (38,607 | ) | (2,256,579 | ) | ||||
Red Rock Resorts, Inc., Class A | (10,765 | ) | (238,768 | ) | ||||
ServiceMaster Global Holdings, Inc.* | (6,245 | ) | (260,729 | ) | ||||
Shake Shack, Inc., Class A* | (151,341 | ) | (5,054,789 | ) | ||||
Texas Roadhouse, Inc. | (28,515 | ) | (1,269,773 | ) | ||||
Wynn Resorts Ltd. | (6,666 | ) | (763,990 | ) | ||||
|
| |||||||
(38,899,607 | ) | |||||||
|
| |||||||
Energy — (2.5)% | ||||||||
Basic Energy Services, Inc.* | (9,085 | ) | (303,076 | ) | ||||
Bristow Group, Inc. | (11,920 | ) | (181,303 | ) | ||||
C&J Energy Services, Inc.* | (14,735 | ) | (501,727 | ) | ||||
Cenovus Energy, Inc. (Canada) | (149,981 | ) | (1,694,785 | ) | ||||
Cheniere Energy, Inc.* | (21,480 | ) | (1,015,360 | ) | ||||
Frank’s International NV (Netherlands) | (52,086 | ) | (550,549 | ) | ||||
Green Plains, Inc. | (4,689 | ) | (116,053 | ) | ||||
Helix Energy Solutions Group, Inc.* | (222,459 | ) | (1,728,506 | ) | ||||
Newpark Resources, Inc.* | (24,522 | ) | (198,628 | ) | ||||
Noble Corp. PLC (United Kingdom) | (40,842 | ) | (252,812 | ) | ||||
Occidental Petroleum Corp. | (110,589 | ) | (7,006,919 | ) | ||||
Par Pacific Holdings, Inc.* | (22,712 | ) | (374,521 | ) | ||||
Pembina Pipeline Corp. (Canada) | (6,903 | ) | (218,894 | ) | ||||
Precision Drilling Corp. (Canada)* | (409,117 | ) | (1,931,032 | ) | ||||
SEACOR Holdings, Inc.* | (21,159 | ) | (1,463,991 | ) | ||||
SemGroup Corp., Class A | (10,209 | ) | (367,524 | ) | ||||
Superior Energy Services, Inc.* | (191,316 | ) | (2,728,166 | ) | ||||
US Silica Holdings, Inc. | (8,515 | ) | (408,635 | ) | ||||
World Fuel Services Corp. | (54,339 | ) | (1,969,789 | ) | ||||
|
| |||||||
(23,012,270 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.0)% |
| |||||||
Casey’s General Stores, Inc. | (21,717 | ) | (2,437,733 | ) | ||||
Performance Food Group Co.* | (103,310 | ) | (2,458,778 | ) | ||||
PriceSmart, Inc. | (5,553 | ) | (511,987 | ) | ||||
Rite Aid Corp.* | (593,958 | ) | (2,524,322 | ) | ||||
Smart & Final Stores, Inc.* | (76,094 | ) | (920,737 | ) | ||||
Sprouts Farmers Market, Inc.* | (6,001 | ) | (138,743 | ) |
The accompanying notes are an integral part of the financial statements.
46 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
United Natural Foods, Inc.* | (9,942 | ) | $ | (429,793 | ) | |||
Weis Markets, Inc. | (980 | ) | (58,457 | ) | ||||
|
| |||||||
(9,480,550 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (2.3)% |
| |||||||
B&G Foods, Inc. | (51,532 | ) | (2,074,163 | ) | ||||
Blue Buffalo Pet Products, Inc.* | (91,875 | ) | (2,113,125 | ) | ||||
Calavo Growers, Inc. | (10,567 | ) | (640,360 | ) | ||||
Coca-Cola Bottling Co. Consolidated | (8,574 | ) | (1,766,416 | ) | ||||
Cott Corp. (Canada) | (26,618 | ) | (328,999 | ) | ||||
Darling Ingredients, Inc.* | (114,330 | ) | (1,660,072 | ) | ||||
Farmer Brothers Co.* | (1,183 | ) | (41,819 | ) | ||||
Kraft Heinz Co. (The) | (5,083 | ) | (461,587 | ) | ||||
Lamb Weston Holdings, Inc. | (13,441 | ) | (565,328 | ) | ||||
Mead Johnson Nutrition Co. | (28,981 | ) | (2,581,627 | ) | ||||
MGP Ingredients, Inc. | (22,586 | ) | (1,224,839 | ) | ||||
National Beverage Corp. | (449 | ) | (37,954 | ) | ||||
Post Holdings, Inc.* | (42,375 | ) | (3,708,660 | ) | ||||
SunOpta, Inc. (Canada)* | (22,940 | ) | (159,433 | ) | ||||
Tootsie Roll Industries, Inc. | (6,519 | ) | (243,488 | ) | ||||
Vector Group Ltd. | (54,343 | ) | (1,130,334 | ) | ||||
WhiteWave Foods Co. (The)* | (47,590 | ) | (2,672,178 | ) | ||||
|
| |||||||
(21,410,382 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (5.4)% |
| |||||||
ABIOMED, Inc.* | (2,254 | ) | (282,201 | ) | ||||
Amedisys, Inc.* | (16,207 | ) | (828,016 | ) | ||||
athenahealth, Inc.* | (4,518 | ) | (509,133 | ) | ||||
AtriCure, Inc.* | (27,810 | ) | (532,562 | ) | ||||
BioTelemetry, Inc.* | (602 | ) | (17,428 | ) | ||||
Capital Senior Living Corp.* | (30,183 | ) | (424,373 | ) | ||||
Cardiovascular Systems, Inc.* | (41,255 | ) | (1,166,485 | ) | ||||
Cerus Corp.* | (192,995 | ) | (858,828 | ) | ||||
Cross Country Healthcare, Inc.* | (4,550 | ) | (65,338 | ) | ||||
DexCom, Inc.* | (66,604 | ) | (5,643,357 | ) | ||||
Diplomat Pharmacy, Inc.* | (184,503 | ) | (2,942,823 | ) | ||||
Endologix, Inc.* | (339,351 | ) | (2,456,901 | ) | ||||
Ensign Group, Inc. (The) | (77,977 | ) | (1,465,968 | ) | ||||
Envision Healthcare Corp.* | (108,834 | ) | (6,673,701 | ) | ||||
Evolent Health, Inc., Class A* | (77,193 | ) | (1,721,404 | ) | ||||
GenMark Diagnostics, Inc.* | (21,333 | ) | (273,489 | ) | ||||
HealthStream, Inc.* | (205 | ) | (4,967 | ) | ||||
Insulet Corp.* | (47,055 | ) | (2,027,600 | ) | ||||
iRhythm Technologies, Inc.* | (5,813 | ) | (218,569 | ) | ||||
K2M Group Holdings, Inc.* | (73,468 | ) | (1,506,829 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
LHC Group, Inc.* | (878 | ) | $ | (47,324 | ) | |||
Neogen Corp.* | (3,602 | ) | (236,111 | ) | ||||
Nevro Corp.* | (17,416 | ) | (1,631,879 | ) | ||||
Novocure Ltd. (Jersey)* | (42,801 | ) | (346,688 | ) | ||||
NxStage Medical, Inc.* | (18,702 | ) | (501,775 | ) | ||||
Omnicell, Inc.* | (9,572 | ) | (389,102 | ) | ||||
OraSure Technologies, Inc.* | (25,899 | ) | (334,874 | ) | ||||
Patterson Cos., Inc. | (69,163 | ) | (3,128,242 | ) | ||||
Penumbra, Inc.* | (33,990 | ) | (2,836,466 | ) | ||||
PharMerica Corp.* | (41,594 | ) | (973,300 | ) | ||||
Quidel Corp.* | (10,839 | ) | (245,395 | ) | ||||
Spectranetics Corp. (The)* | (85,219 | ) | (2,482,003 | ) | ||||
Surgery Partners, Inc.* | (10,377 | ) | (202,352 | ) | ||||
Teladoc, Inc.* | (8,684 | ) | (217,100 | ) | ||||
Tenet Healthcare Corp.* | (171,956 | ) | (3,045,341 | ) | ||||
Universal Health Services, Inc., Class B | (27,108 | ) | (3,373,591 | ) | ||||
VCA, Inc.* | (1,487 | ) | (136,060 | ) | ||||
Wright Medical Group NV (Netherlands)* | (13,678 | ) | (425,659 | ) | ||||
|
| |||||||
(50,173,234 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.3)% |
| |||||||
Clorox Co. (The) | (3,845 | ) | (518,421 | ) | ||||
Coty, Inc., Class A | (15,848 | ) | (287,324 | ) | ||||
Energizer Holdings, Inc. | (11,316 | ) | (630,867 | ) | ||||
Revlon, Inc., Class A* | (7,910 | ) | (220,294 | ) | ||||
WD-40 Co. | (11,104 | ) | (1,209,781 | ) | ||||
|
| |||||||
(2,866,687 | ) | |||||||
|
| |||||||
Materials — (5.5)% | ||||||||
Balchem Corp. | (27,100 | ) | (2,233,582 | ) | ||||
Ball Corp. | (6,067 | ) | (450,535 | ) | ||||
Calgon Carbon Corp. | (5,635 | ) | (82,271 | ) | ||||
Celanese Corp., Class A | (54,382 | ) | (4,886,223 | ) | ||||
CF Industries Holdings, Inc. | (220,850 | ) | (6,481,948 | ) | ||||
Clearwater Paper Corp.* | (2,766 | ) | (154,896 | ) | ||||
Crown Holdings, Inc.* | (78,130 | ) | (4,136,984 | ) | ||||
Eastman Chemical Co. | (100,568 | ) | (8,125,894 | ) | ||||
Ecolab, Inc. | (2,123 | ) | (266,097 | ) | ||||
Flotek Industries, Inc.* | (145,231 | ) | (1,857,504 | ) | ||||
Headwaters, Inc.* | (96,933 | ) | (2,275,987 | ) | ||||
Innospec, Inc. | (8,942 | ) | (578,994 | ) | ||||
International Paper Co. | (81,352 | ) | (4,131,055 | ) | ||||
Methanex Corp. (Canada) | (17,037 | ) | (799,035 | ) |
The accompanying notes are an integral part of the financial statements.
47 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Multi Packaging Solutions International Ltd. (Bermuda)* | (7,604 | ) | $ | (136,492 | ) | |||
NewMarket Corp. | (63 | ) | (28,553 | ) | ||||
PH Glatfelter Co. | (26,763 | ) | (581,828 | ) | ||||
Potash Corp. of Saskatchewan, Inc. (Canada) | (195,574 | ) | (3,340,404 | ) | ||||
Tredegar Corp. | (19 | ) | (333 | ) | ||||
Tronox Ltd., Class A (Australia) | (77,548 | ) | (1,430,761 | ) | ||||
US Concrete, Inc.* | (22,337 | ) | (1,441,853 | ) | ||||
Valspar Corp. (The) | (17,103 | ) | (1,897,407 | ) | ||||
Westlake Chemical Corp. | (24,591 | ) | (1,624,236 | ) | ||||
WR Grace & Co. | (57,541 | ) | (4,011,183 | ) | ||||
|
| |||||||
(50,954,055 | ) | |||||||
|
| |||||||
Media — (1.2)% | ||||||||
AMC Entertainment Holdings, Inc., Class A | (85,527 | ) | (2,689,824 | ) | ||||
Entravision Communications Corp., Class A | (6,565 | ) | (40,703 | ) | ||||
EW Scripps Co. (The), Class A* | (92,579 | ) | (2,170,052 | ) | ||||
Gannett Co., Inc. | (85,845 | ) | (719,381 | ) | ||||
John Wiley & Sons, Inc., Class A | (31,151 | ) | (1,675,924 | ) | ||||
Live Nation Entertainment, Inc.* | (57,888 | ) | (1,758,059 | ) | ||||
MDC Partners, Inc., Class A (Canada) | (1,675 | ) | (15,745 | ) | ||||
National CineMedia, Inc. | (44,265 | ) | (559,067 | ) | ||||
New Media Investment Group, Inc. | (22,690 | ) | (322,425 | ) | ||||
Shaw Communications, Inc., Class B (Canada) | (24,481 | ) | (507,246 | ) | ||||
World Wrestling Entertainment, Inc., Class A | (41,523 | ) | (922,641 | ) | ||||
|
| |||||||
(11,381,067 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (4.1)% |
| |||||||
Accelerate Diagnostics, Inc.* | (73,589 | ) | (1,780,854 | ) | ||||
Acceleron Pharma, Inc.* | (5,473 | ) | (144,870 | ) | ||||
Achaogen, Inc.* | (47,442 | ) | (1,196,962 | ) | ||||
Achillion Pharmaceuticals, Inc.* | (124,632 | ) | (524,701 | ) | ||||
Aclaris Therapeutics, Inc.* | (10,345 | ) | (308,488 | ) | ||||
Aduro Biotech, Inc.* | (7,082 | ) | (76,132 | ) | ||||
Agios Pharmaceuticals, Inc.* | (16,596 | ) | (969,206 | ) | ||||
Albany Molecular Research, Inc.* | (42,517 | ) | (596,513 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (125,337 | ) | (2,607,010 | ) | ||||
Amicus Therapeutics, Inc.* | (64,934 | ) | (462,979 | ) | ||||
Ardelyx, Inc.* | (228 | ) | (2,884 | ) | ||||
Atara Biotherapeutics, Inc.* | (2,851 | ) | (58,588 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Dermira, Inc.* | (42,753 | ) | $ | (1,458,305 | ) | |||
Epizyme, Inc.* | (17,807 | ) | (305,390 | ) | ||||
Five Prime Therapeutics, Inc.* | (20,412 | ) | (737,894 | ) | ||||
Heron Therapeutics, Inc.* | (139,422 | ) | (2,091,330 | ) | ||||
Illumina, Inc.* | (51,063 | ) | (8,713,390 | ) | ||||
Impax Laboratories, Inc.* | (8,855 | ) | (112,016 | ) | ||||
Insmed, Inc.* | (74,207 | ) | (1,299,365 | ) | ||||
Intra-Cellular Therapies, Inc.* | (92,225 | ) | (1,498,656 | ) | ||||
Karyopharm Therapeutics, Inc.* | (138 | ) | (1,772 | ) | ||||
Keryx Biopharmaceuticals, Inc.* | (27,466 | ) | (169,191 | ) | ||||
La Jolla Pharmaceutical Co.* | (1,535 | ) | (45,820 | ) | ||||
Lexicon Pharmaceuticals, Inc.* | (525 | ) | (7,528 | ) | ||||
Luminex Corp. | (10,580 | ) | (194,355 | ) | ||||
Medicines Co. (The)* | (45,280 | ) | (2,214,192 | ) | ||||
Momenta Pharmaceuticals, Inc.* | (13,671 | ) | (182,508 | ) | ||||
Nektar Therapeutics* | (113,801 | ) | (2,670,909 | ) | ||||
NeoGenomics, Inc.* | (74,050 | ) | (584,254 | ) | ||||
Pacific Biosciences of California, Inc.* | (49,522 | ) | (256,029 | ) | ||||
PAREXEL International Corp.* | (40,045 | ) | (2,527,240 | ) | ||||
Prothena Corp. PLC (Ireland)* | (4,973 | ) | (277,444 | ) | ||||
Puma Biotechnology, Inc.* | (4,667 | ) | (173,612 | ) | ||||
Radius Health, Inc.* | (10,170 | ) | (393,070 | ) | ||||
Revance Therapeutics, Inc.* | (19,486 | ) | (405,309 | ) | ||||
Synergy Pharmaceuticals, Inc.* | (1,704 | ) | (7,941 | ) | ||||
TherapeuticsMD, Inc.* | (182,654 | ) | (1,315,109 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (45,986 | ) | (1,693,205 | ) | ||||
WaVe Life Sciences Ltd. (Singapore)* | (1,549 | ) | (42,598 | ) | ||||
|
| |||||||
(38,107,619 | ) | |||||||
|
| |||||||
Retailing — (3.7)% | ||||||||
At Home Group, Inc.* | (2,298 | ) | (34,838 | ) | ||||
Barnes & Noble, Inc. | (71,032 | ) | (657,046 | ) | ||||
Caleres, Inc. | (6,609 | ) | (174,610 | ) | ||||
CarMax, Inc.* | (24,742 | ) | (1,465,221 | ) | ||||
Cato Corp. (The), Class A | (19,100 | ) | (419,436 | ) | ||||
Core-Mark Holding Co., Inc. | (66,972 | ) | (2,088,857 | ) | ||||
CST Brands, Inc. | (49,571 | ) | (2,383,869 | ) | ||||
Finish Line, Inc. (The), Class A | (221,529 | ) | (3,152,358 | ) | ||||
Five Below, Inc.* | (43,581 | ) | (1,887,493 | ) | ||||
Fred’s, Inc., Class A | (110,723 | ) | (1,450,471 | ) | ||||
Genesco, Inc.* | (44,652 | ) | (2,475,953 | ) | ||||
Groupon, Inc.* | (281,865 | ) | (1,107,729 | ) |
The accompanying notes are an integral part of the financial statements.
48 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Guess?, Inc. | (239,062 | ) | $ | (2,665,541 | ) | |||
Lithia Motors, Inc., Class A | (20,838 | ) | (1,784,775 | ) | ||||
Lumber Liquidators Holdings, Inc.* | (35,433 | ) | (743,739 | ) | ||||
MarineMax, Inc.* | (15,905 | ) | (344,343 | ) | ||||
Netflix, Inc.* | (12,661 | ) | (1,871,422 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (35,156 | ) | (1,177,726 | ) | ||||
RH* | (24,263 | ) | (1,122,406 | ) | ||||
Sonic Automotive, Inc., Class A | (12,303 | ) | (246,675 | ) | ||||
Tile Shop Holdings, Inc. | (40,631 | ) | (782,147 | ) | ||||
Wayfair, Inc., Class A* | (148,770 | ) | (6,023,697 | ) | ||||
Zumiez, Inc.* | (8,025 | ) | (146,858 | ) | ||||
|
| |||||||
(34,207,210 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.9)% |
| |||||||
Cavium, Inc.* | (7,395 | ) | (529,926 | ) | ||||
First Solar, Inc.* | (94,362 | ) | (2,557,210 | ) | ||||
FormFactor, Inc.* | (67,408 | ) | (798,785 | ) | ||||
Impinj, Inc.* | (78,831 | ) | (2,386,214 | ) | ||||
Inphi Corp.* | (59,291 | ) | (2,894,587 | ) | ||||
Lattice Semiconductor Corp.* | (181,574 | ) | (1,256,492 | ) | ||||
Micron Technology, Inc.* | (110,176 | ) | (3,184,086 | ) | ||||
PDF Solutions, Inc.* | (3,320 | ) | (75,098 | ) | ||||
Synaptics, Inc.* | (24,993 | ) | (1,237,403 | ) | ||||
Ultratech, Inc.* | (4,088 | ) | (121,087 | ) | ||||
Veeco Instruments, Inc.* | (54,472 | ) | (1,625,989 | ) | ||||
Xperi Corp. | (39,907 | ) | (1,354,843 | ) | ||||
|
| |||||||
(18,021,720 | ) | |||||||
|
| |||||||
Software & Services — (8.5)% | ||||||||
2U, Inc.* | (7,288 | ) | (289,042 | ) | ||||
ACI Worldwide, Inc.* | (33,875 | ) | (724,586 | ) | ||||
Acxiom Corp.* | (65,349 | ) | (1,860,486 | ) | ||||
Alliance Data Systems Corp. | (27,076 | ) | (6,741,924 | ) | ||||
Autodesk, Inc.* | (40,777 | ) | (3,525,987 | ) | ||||
Benefitfocus, Inc.* | (10,464 | ) | (292,469 | ) | ||||
Black Knight Financial Services, Inc., Class A* | (26,806 | ) | (1,026,670 | ) | ||||
Blackhawk Network Holdings, Inc.* | (94,502 | ) | (3,836,781 | ) | ||||
Blackline, Inc.* | (4,894 | ) | (145,645 | ) | ||||
Bottomline Technologies de, Inc.* | (6,470 | ) | (153,016 | ) | ||||
Box, Inc., Class A* | (42,623 | ) | (695,181 | ) | ||||
Callidus Software, Inc.* | (65,389 | ) | (1,396,055 | ) | ||||
Cornerstone OnDemand, Inc.* | (22,289 | ) | (866,819 | ) | ||||
FireEye, Inc.* | (410,644 | ) | (5,178,221 | ) | ||||
Gartner, Inc.* | (45,190 | ) | (4,880,068 | ) | ||||
Gogo, Inc.* | (140,318 | ) | (1,543,498 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Hortonworks, Inc.* | (73,666 | ) | $ | (722,663 | ) | |||
HubSpot, Inc.* | (25,803 | ) | (1,562,372 | ) | ||||
Imperva, Inc.* | (54,368 | ) | (2,231,806 | ) | ||||
Instructure, Inc.* | (26,701 | ) | (624,803 | ) | ||||
Leidos Holdings, Inc. | (3,026 | ) | (154,750 | ) | ||||
New Relic, Inc.* | (41,438 | ) | (1,536,107 | ) | ||||
Pandora Media, Inc.* | (532,285 | ) | (6,286,286 | ) | ||||
Paylocity Holding Corp.* | (19,698 | ) | (760,934 | ) | ||||
PayPal Holdings, Inc.* | (59,012 | ) | (2,538,696 | ) | ||||
PROS Holdings, Inc.* | (43,733 | ) | (1,057,901 | ) | ||||
Rapid7, Inc.* | (15,687 | ) | (234,991 | ) | ||||
RingCentral, Inc., Class A* | (24,653 | ) | (697,680 | ) | ||||
Sabre Corp. | (54,302 | ) | (1,150,659 | ) | ||||
salesforce.com, Inc.* | (9,931 | ) | (819,208 | ) | ||||
SecureWorks Corp., Class A* | (9,937 | ) | (94,402 | ) | ||||
Silver Spring Networks, Inc.* | (4,391 | ) | (49,574 | ) | ||||
Splunk, Inc.* | (45,000 | ) | (2,803,050 | ) | ||||
Square, Inc., Class A* | (152,237 | ) | (2,630,655 | ) | ||||
Sykes Enterprises, Inc.* | (1,826 | ) | (53,684 | ) | ||||
Tableau Software, Inc., Class A* | (57,393 | ) | (2,843,823 | ) | ||||
TeleTech Holdings, Inc. | (505 | ) | (14,948 | ) | ||||
TrueCar, Inc.* | (32,383 | ) | (500,965 | ) | ||||
Twilio, Inc., Class A* | (119,841 | ) | (3,459,810 | ) | ||||
Virtusa Corp.* | (24,425 | ) | (738,124 | ) | ||||
Workday, Inc., Class A* | (55,022 | ) | (4,582,232 | ) | ||||
Workiva, Inc.* | (16,400 | ) | (256,660 | ) | ||||
Zendesk, Inc.* | (76,573 | ) | (2,147,107 | ) | ||||
Zynga, Inc., Class A* | (2,019,817 | ) | (5,756,478 | ) | ||||
|
| |||||||
(79,466,816 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (4.8)% |
| |||||||
3D Systems Corp.* | (73,676 | ) | (1,102,193 | ) | ||||
Avnet, Inc. | (35,055 | ) | (1,604,117 | ) | ||||
CalAmp Corp.* | (33,516 | ) | (562,734 | ) | ||||
Celestica, Inc. (Canada)* | (33,905 | ) | (492,640 | ) | ||||
Ciena Corp.* | (137,058 | ) | (3,235,939 | ) | ||||
Coherent, Inc.* | (4,010 | ) | (824,616 | ) | ||||
Cray, Inc.* | (42,088 | ) | (921,727 | ) | ||||
Diebold Nixdorf, Inc. | (22,767 | ) | (698,947 | ) | ||||
EchoStar Corp., Class A* | (7,161 | ) | (407,819 | ) | ||||
ePlus, Inc.* | (2,996 | ) | (404,610 | ) | ||||
Fitbit, Inc., Class A* | (36,580 | ) | (216,554 | ) | ||||
II-VI, Inc.* | (30,627 | ) | (1,104,103 | ) | ||||
Infinera Corp.* | (359,183 | ) | (3,674,442 | ) | ||||
InvenSense, Inc.* | (79,411 | ) | (1,002,961 | ) |
The accompanying notes are an integral part of the financial statements.
49 |
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
IPG Photonics Corp.* | (11,665 | ) | $ | (1,407,966 | ) | |||
Lumentum Holdings, Inc.* | (6,354 | ) | (338,986 | ) | ||||
Nimble Storage, Inc.* | (141,577 | ) | (1,769,712 | ) | ||||
OSI Systems, Inc.* | (9,086 | ) | (663,187 | ) | ||||
Palo Alto Networks, Inc.* | (59,293 | ) | (6,681,135 | ) | ||||
Pure Storage, Inc., Class A* | (139,452 | ) | (1,370,813 | ) | ||||
Stratasys Ltd. (Israel)* | (14,365 | ) | (294,339 | ) | ||||
Super Micro Computer, Inc.* | (23,337 | ) | (591,593 | ) | ||||
SYNNEX Corp. | (2,566 | ) | (287,238 | ) | ||||
Tech Data Corp.* | (26,101 | ) | (2,450,884 | ) | ||||
Trimble, Inc.* | (127,157 | ) | (4,070,296 | ) | ||||
Universal Display Corp. | (46,064 | ) | (3,966,110 | ) | ||||
VeriFone Systems, Inc.* | (36,480 | ) | (683,270 | ) | ||||
ViaSat, Inc.* | (63,373 | ) | (4,044,465 | ) | ||||
|
| |||||||
(44,873,396 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.7)% |
| |||||||
ATN International, Inc. | (18,439 | ) | (1,298,474 | ) | ||||
Cincinnati Bell, Inc.* | (54,101 | ) | (957,588 | ) | ||||
Consolidated Communications Holdings, Inc. | (377 | ) | (8,829 | ) | ||||
General Communication, Inc., Class A* | (3,489 | ) | (72,571 | ) | ||||
Iridium Communications, Inc.* | (199,579 | ) | (1,925,937 | ) | ||||
ORBCOMM, Inc.* | (15,139 | ) | (144,577 | ) | ||||
Shenandoah Telecommunications Co. | (36,210 | ) | (1,015,690 | ) | ||||
Windstream Holdings, Inc. | (117,014 | ) | (637,726 | ) | ||||
|
| |||||||
(6,061,392 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (2.9)% |
| |||||||
Air Transport Services Group, Inc.* | (25,875 | ) | $ | (415,294 | ) | |||
Allegiant Travel Co. | (13,244 | ) | (2,122,351 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (28,610 | ) | (1,586,424 | ) | ||||
Echo Global Logistics, Inc.* | (22,937 | ) | (489,705 | ) | ||||
Genesee & Wyoming, Inc., Class A* | (76,383 | ) | (5,183,350 | ) | ||||
Hub Group, Inc., Class A* | (14,834 | ) | (688,298 | ) | ||||
Kansas City Southern | (67,365 | ) | (5,777,222 | ) | ||||
SkyWest, Inc. | (47,368 | ) | (1,622,354 | ) | ||||
Spirit Airlines, Inc.* | (67,982 | ) | (3,607,805 | ) | ||||
Student Transportation, Inc. (Canada) | (2,877 | ) | (16,859 | ) | ||||
Werner Enterprises, Inc. | (210,674 | ) | (5,519,659 | ) | ||||
|
| |||||||
(27,029,321 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $566,617,022) | (560,773,542 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (60.2)% |
| (560,773,542 | ) | |||||
|
| |||||||
(Proceeds $566,617,022) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 40.0% | 372,397,102 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 931,267,991 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(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. |
* | Non-income producing. |
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
50 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
LONG POSITIONS — 143.5% COMMON STOCKS — 143.5% | Number of Shares | Value | ||||||
Automobiles & Components — 2.9% |
| |||||||
BorgWarner, Inc.(a)(b) | 1,129 | $ | 47,181 | |||||
Delphi Automotive PLC (Jersey)†(b) | 1,201 | 96,668 | ||||||
General Motors Co.†(a) | 3,382 | 119,587 | ||||||
Goodyear Tire & Rubber Co. (The)(a) | 1,259 | 45,324 | ||||||
Harley-Davidson, Inc.(a) | 992 | 60,016 | ||||||
|
| |||||||
368,776 | ||||||||
|
| |||||||
Banks — 0.0% |
| |||||||
Huntington Bancshares, Inc. | 146 | 1,955 | ||||||
KeyCorp. | 191 | 3,396 | ||||||
|
| |||||||
5,351 | ||||||||
|
| |||||||
Capital Goods — 15.2% |
| |||||||
3M Co.† | 167 | 31,952 | ||||||
Allegion PLC (Ireland) | 420 | 31,794 | ||||||
AMETEK, Inc. | 451 | 24,390 | ||||||
Arconic, Inc.† | 2,214 | 58,317 | ||||||
Boeing Co. (The)(b) | 2,303 | 407,309 | ||||||
Caterpillar, Inc. | 829 | 76,898 | ||||||
Cummins, Inc. | 218 | 32,962 | ||||||
Emerson Electric Co.† | 2,176 | 130,255 | ||||||
Fluor Corp. | 615 | 32,361 | ||||||
Fortive Corp. | 788 | 47,453 | ||||||
Fortune Brands Home & Security, Inc. | 711 | 43,264 | ||||||
Honeywell International, Inc.† | 2,756 | 344,142 | ||||||
Illinois Tool Works, Inc.† | 189 | 25,037 | ||||||
Ingersoll-Rand PLC (Ireland)† | 1,456 | 118,402 | ||||||
Jacobs Engineering Group, Inc.† | 682 | 37,701 | ||||||
L3 Technologies, Inc.(b) | 341 | 56,364 | ||||||
Masco Corp.†(b) | 1,553 | 52,786 | ||||||
Parker-Hannifin Corp. | 100 | 16,032 | ||||||
Raytheon Co.† | 195 | 29,738 | ||||||
Rockwell Collins, Inc.† | 577 | 56,061 | ||||||
Snap-on, Inc.† | 243 | 40,987 | ||||||
Stanley Black & Decker, Inc.(b) | 673 | 89,421 | ||||||
Textron, Inc.† | 1,193 | 56,775 | ||||||
TransDigm Group, Inc.(a) | 79 | 17,393 | ||||||
WW Grainger, Inc.(a) | 289 | 67,268 | ||||||
|
| |||||||
1,925,062 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.4% |
| |||||||
Dun & Bradstreet Corp. (The)† | 208 | 22,451 | ||||||
Nielsen Holdings PLC (United Kingdom) | 1,580 | 65,270 | ||||||
Robert Half International, Inc.† | 715 | 34,913 | ||||||
Waste Management, Inc.† | 711 | 51,846 | ||||||
|
| |||||||
174,480 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — 4.9% |
| |||||||
Coach, Inc. | 1,239 | $ | 51,208 | |||||
DR Horton, Inc. | 162 | 5,396 | ||||||
Garmin Ltd. (Switzerland)† | 939 | 47,992 | ||||||
Hanesbrands, Inc.(a) | 1,768 | 36,704 | ||||||
Hasbro, Inc. | 550 | 54,901 | ||||||
Leggett & Platt, Inc.(a)(b) | 563 | 28,330 | ||||||
Mattel, Inc. | 1,513 | 38,748 | ||||||
Michael Kors Holdings Ltd. (British | 735 | 28,011 | ||||||
Newell Brands, Inc.† | 2,131 | 100,519 | ||||||
PulteGroup, Inc.(a) | 341 | 8,031 | ||||||
PVH Corp.† | 444 | 45,941 | ||||||
Ralph Lauren Corp.†(a)(b) | 463 | 37,790 | ||||||
Under Armour, Inc., Class C(a)* | 1,935 | 35,410 | ||||||
VF Corp.(a) | 1,825 | 100,320 | ||||||
|
| |||||||
619,301 | ||||||||
|
| |||||||
Consumer Services — 1.5% | ||||||||
McDonald’s Corp. | 689 | 89,301 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 299 | 29,335 | ||||||
Wyndham Worldwide Corp.(b) | 607 | 51,164 | ||||||
Yum! Brands, Inc.† | 281 | 17,956 | ||||||
|
| |||||||
187,756 | ||||||||
|
| |||||||
Diversified Financials — 1.4% | ||||||||
Berkshire Hathaway Inc., Class B* | 89 | 14,834 | ||||||
BlackRock, Inc.† | 3 | 1,151 | ||||||
CME Group, Inc.† | 335 | 39,798 | ||||||
Moody’s Corp.† | 611 | 68,456 | ||||||
Nasdaq, Inc.† | 716 | 49,726 | ||||||
|
| |||||||
173,965 | ||||||||
|
| |||||||
Energy — 5.0% | ||||||||
Apache Corp.(a) | 1,633 | 83,920 | ||||||
Exxon Mobil Corp. | 158 | 12,958 | ||||||
Halliburton Co. | 49 | 2,411 | ||||||
Kinder Morgan, Inc.† | 10,108 | 219,748 | ||||||
Newfield Exploration Co.* | 879 | 32,444 | ||||||
Southwestern Energy Co.(b)* | 2,770 | 22,631 | ||||||
Transocean Ltd. (Switzerland)(a)* | 1,677 | 20,879 | ||||||
Valero Energy Corp.†(b) | 2,494 | 165,327 | ||||||
Williams Cos., Inc. (The)† | 2,467 | 72,998 | ||||||
|
| |||||||
633,316 | ||||||||
|
| |||||||
Food & Staples Retailing — 7.1% | ||||||||
CVS Health Corp.†(b) | 4,869 | 382,216 |
The accompanying notes are an integral part of the financial statements.
51 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
Kroger Co. (The) | 1,861 | $ | 54,881 | |||||
Walgreens Boots Alliance, Inc.† | 1,511 | 125,489 | ||||||
Wal-Mart Stores, Inc.† | 4,644 | 334,739 | ||||||
|
| |||||||
897,325 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 7.6% |
| |||||||
Altria Group, Inc.† | 1,666 | 118,986 | ||||||
Archer-Daniels-Midland Co.† | 2,466 | 113,535 | ||||||
Campbell Soup Co. | 1,313 | 75,156 | ||||||
Conagra Brands, Inc.(b) | 2,123 | 85,642 | ||||||
Dr Pepper Snapple Group, Inc.† | 896 | 87,736 | ||||||
Hershey Co. (The)(b) | 953 | 104,115 | ||||||
Hormel Foods Corp.(a) | 2,450 | 84,844 | ||||||
McCormick & Co., Inc., non-voting shares(a) | 553 | 53,945 | ||||||
Philip Morris International, Inc.† | 973 | 109,852 | ||||||
Tyson Foods, Inc., Class A† | 2,030 | 125,271 | ||||||
|
| |||||||
959,082 | ||||||||
|
| |||||||
Health Care Equipment & Services — 15.5% |
| |||||||
Abbott Laboratories | 48 | 2,132 | ||||||
Aetna, Inc.† | 1,930 | 246,172 | ||||||
Anthem, Inc.† | 1,401 | 231,697 | ||||||
Baxter International, Inc.†(b) | 2,323 | 120,471 | ||||||
Boston Scientific Corp.* | 1,596 | 39,692 | ||||||
Centene Corp.†* | 905 | 64,490 | ||||||
Cigna Corp.† | 1,415 | 207,283 | ||||||
Danaher Corp.† | 1,349 | 115,380 | ||||||
DaVita, Inc.†* | 979 | 66,543 | ||||||
Express Scripts Holding Co.†(a)* | 2,879 | 189,755 | ||||||
HCA Holdings, Inc.†* | 1,588 | 141,316 | ||||||
Henry Schein, Inc.* | 12 | 2,040 | ||||||
Humana, Inc.† | 724 | 149,245 | ||||||
Laboratory Corp. of America Holdings†* | 526 | 75,465 | ||||||
McKesson Corp.† | 300 | 44,478 | ||||||
Quest Diagnostics, Inc.† | 391 | 38,392 | ||||||
UnitedHealth Group, Inc.† | 1,368 | 224,366 | ||||||
|
| |||||||
1,958,917 | ||||||||
|
| |||||||
Household & Personal Products — 1.8% |
| |||||||
Church & Dwight Co., Inc. | 920 | 45,880 | ||||||
Kimberly-Clark Corp.† | 1,413 | 185,993 | ||||||
Procter & Gamble Co. (The) | 19 | 1,707 | ||||||
|
| |||||||
233,580 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — 3.3% |
| |||||||
Aflac, Inc. | 114 | $ | 8,256 | |||||
Aon PLC (United Kingdom)(b) | 1,156 | 137,206 | ||||||
Chubb Ltd. (Switzerland) | 504 | 68,670 | ||||||
Marsh & McLennan Cos., Inc.† | 2,470 | 182,508 | ||||||
Progressive Corp. (The) | 472 | 18,493 | ||||||
|
| |||||||
415,133 | ||||||||
|
| |||||||
Materials — 11.7% |
| |||||||
Air Products & Chemicals, Inc.(b) | 937 | 126,767 | ||||||
Dow Chemical Co. (The)† | 3,009 | 191,192 | ||||||
EI du Pont de Nemours & Co.† | 3,228 | 259,305 | ||||||
Freeport-McMoRan, Inc.†* | 6,636 | 88,657 | ||||||
LyondellBasell Industries NV, Class A (Netherlands) | 1,739 | 158,579 | ||||||
Monsanto Co.†(b) | 2,137 | 241,908 | ||||||
Newmont Mining Corp.† | 2,587 | 85,267 | ||||||
PPG Industries, Inc.†(b) | 1,181 | 124,099 | ||||||
Sealed Air Corp. | 737 | 32,118 | ||||||
Sherwin-Williams Co. (The)†(b) | 337 | 104,534 | ||||||
WestRock Co.† | 1,263 | 65,714 | ||||||
|
| |||||||
1,478,140 | ||||||||
|
| |||||||
Media — 7.5% |
| |||||||
CBS Corp., Class B, non-voting shares†(a) | 1,798 | 124,709 | ||||||
Comcast Corp., Class A | 1,345 | 50,559 | ||||||
Discovery Communications, Inc., Class A(a)* | 2,595 | 75,489 | ||||||
Interpublic Group of Cos., Inc. (The)†(a) | 1,747 | 42,924 | ||||||
News Corp., Class A(b) | 3,279 | 42,627 | ||||||
Omnicom Group, Inc. | 1,036 | 89,314 | ||||||
Scripps Networks Interactive, Inc., Class A(a) | 647 | 50,705 | ||||||
TEGNA, Inc.† | 1,209 | 30,975 | ||||||
Time Warner, Inc.† | 879 | 85,887 | ||||||
Twenty-First Century Fox, Inc., Class A† | 7,633 | 247,233 | ||||||
Viacom, Inc., Class B† | 1,934 | 90,163 | ||||||
Walt Disney Co. (The)† | 209 | 23,698 | ||||||
|
| |||||||
954,283 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 15.8% |
| |||||||
AbbVie, Inc.†(b) | 3,951 | 257,447 | ||||||
Amgen, Inc.† | 2,212 | 362,923 | ||||||
Biogen, Inc.†(b)* | 1,046 | 285,997 | ||||||
Eli Lilly & Co.† | 1,986 | 167,042 |
The accompanying notes are an integral part of the financial statements.
52 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Gilead Sciences, Inc.†(b) | 5,522 | $ | 375,054 | |||||
Johnson & Johnson† | 1,602 | 199,529 | ||||||
Merck & Co., Inc.† | 3,180 | 202,057 | ||||||
Mylan NV (Netherlands)* | 526 | 20,509 | ||||||
Pfizer, Inc.† | 3,924 | 134,240 | ||||||
|
| |||||||
2,004,798 | ||||||||
|
| |||||||
Real Estate — 3.3% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT | 44 | 4,863 | ||||||
AvalonBay Communities, Inc., REIT(a) | 156 | 28,642 | ||||||
Digital Realty Trust, Inc., REIT(a) | 296 | 31,491 | ||||||
Essex Property Trust, Inc., REIT(a) | 71 | 16,439 | ||||||
Extra Space Storage, Inc., REIT(a) | 541 | 40,245 | ||||||
Iron Mountain, Inc., REIT | 1,135 | 40,485 | ||||||
Mid-America Apartment Communities, Inc., REIT | 479 | 48,733 | ||||||
Public Storage, REIT | 38 | 8,319 | ||||||
Realty Income Corp., REIT(a) | 373 | 22,205 | ||||||
Regency Centers Corp., REIT | 293 | 19,452 | ||||||
UDR, Inc., REIT | 996 | 36,115 | ||||||
Vornado Realty Trust, REIT | 63 | 6,320 | ||||||
Weyerhaeuser Co., REIT† | 3,304 | 112,270 | ||||||
|
| |||||||
415,579 | ||||||||
|
| |||||||
Retailing — 5.3% |
| |||||||
AutoNation, Inc.(a)* | 444 | 18,777 | ||||||
Bed Bath & Beyond, Inc.(a) | 847 | 33,423 | ||||||
Best Buy Co., Inc.(a) | 257 | 12,632 | ||||||
Dollar General Corp.† | 69 | 4,811 | ||||||
Dollar Tree, Inc.(b) * | 293 | 22,989 | ||||||
Foot Locker, Inc.(b) | 625 | 46,756 | ||||||
Genuine Parts Co.† | 511 | 47,221 | ||||||
Home Depot, Inc. (The)† | 884 | 129,798 | ||||||
Kohl’s Corp.(a) | 458 | 18,233 | ||||||
Nordstrom, Inc.(a) | 65 | 3,027 | ||||||
Priceline Group, Inc. (The)†* | 40 | 71,199 | ||||||
Ross Stores, Inc.† | 2,141 | 141,028 | ||||||
Staples, Inc. | 3,047 | 26,722 | ||||||
Target Corp.† | 453 | 25,001 | ||||||
Tiffany & Co.(a) | 325 | 30,972 | ||||||
Tractor Supply Co. | 505 | 34,830 | ||||||
|
| |||||||
667,419 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — 13.0% |
| |||||||
Analog Devices, Inc.† | 1,405 | $ | 115,140 | |||||
Applied Materials, Inc.†(b) | 4,691 | 182,480 | ||||||
Intel Corp.†(b) | 10,102 | 364,379 | ||||||
KLA-Tencor Corp.† | 782 | 74,345 | ||||||
Lam Research Corp. | 884 | 113,470 | ||||||
NVIDIA Corp. | 303 | 33,006 | ||||||
QUALCOMM, Inc.† | 6,529 | 374,376 | ||||||
Skyworks Solutions, Inc. | 816 | 79,952 | ||||||
Texas Instruments, Inc.† | 3,268 | 263,270 | ||||||
Xilinx, Inc.†(b) | 864 | 50,017 | ||||||
|
| |||||||
1,650,435 | ||||||||
|
| |||||||
Software & Services — 3.2% |
| |||||||
Accenture PLC, Class A (Ireland)† | 337 | 40,400 | ||||||
CA, Inc.† | 2,329 | 73,876 | ||||||
Citrix Systems, Inc.* | 686 | 57,206 | ||||||
CSRA, Inc.† | 869 | 25,453 | ||||||
eBay, Inc.†* | 1,385 | 46,494 | ||||||
Fidelity National Information Services, Inc. | 433 | 34,475 | ||||||
Paychex, Inc. | 503 | 29,627 | ||||||
Symantec Corp.† | 888 | 27,244 | ||||||
Teradata Corp.(a)(b) * | 731 | 22,749 | ||||||
Western Union Co. (The)(a) | 2,727 | 55,494 | ||||||
|
| |||||||
413,018 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.5% |
| |||||||
Apple, Inc.† | 2,797 | 401,817 | ||||||
Cisco Systems, Inc.† | 8,000 | 270,400 | ||||||
Corning, Inc.† | 4,090 | 110,430 | ||||||
F5 Networks, Inc.†(b)* | 273 | 38,922 | ||||||
FLIR Systems, Inc.(b) | 638 | 23,147 | ||||||
Harris Corp.† | 23 | 2,559 | ||||||
HP, Inc.† | 6,366 | 113,824 | ||||||
Juniper Networks, Inc.† | 2,145 | 59,695 | ||||||
Motorola Solutions, Inc.†(a) | 731 | 63,027 | ||||||
NetApp, Inc. | 1,166 | 48,797 | ||||||
Seagate Technology PLC (Ireland)(a) | 1,456 | 66,874 | ||||||
TE Connectivity Ltd. (Switzerland)† | 14 | 1,044 | ||||||
Western Digital Corp.† | 1,215 | 100,274 | ||||||
Xerox Corp. | 4,481 | 32,891 | ||||||
|
| |||||||
1,333,701 | ||||||||
|
| |||||||
Telecommunication Services — 1.5% |
| |||||||
Verizon Communications, Inc.† | 3,815 | 185,981 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
53 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — 3.4% |
| |||||||
Alaska Air Group, Inc.(a)(b) | 676 | $ | 62,341 | |||||
CH Robinson Worldwide, Inc.(a) | 576 | 44,519 | ||||||
Delta Air Lines, Inc.† | 3,932 | 180,715 | ||||||
Ryder System, Inc. | 236 | 17,804 | ||||||
United Continental Holdings, Inc.†* | 1,750 | 123,620 | ||||||
|
| |||||||
428,999 | ||||||||
|
| |||||||
Utilities — 0.7% |
| |||||||
Entergy Corp.† | 791 | 60,084 | ||||||
NRG Energy, Inc.(b) | 1,779 | 33,267 | ||||||
|
| |||||||
93,351 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 18,177,748 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 143.5% |
| 18,177,748 | ||||||
|
| |||||||
(Cost $16,471,548) | ||||||||
SHORT POSITIONS — (83.1)% |
| |||||||
COMMON STOCKS — (83.1)% |
| |||||||
Automobiles & Components — 0.0% |
| |||||||
Ford Motor Co. | (538 | ) | (6,262 | ) | ||||
|
| |||||||
Banks — (2.3)% |
| |||||||
Bank of America Corp. | (2,686 | ) | (63,363 | ) | ||||
Citigroup, Inc. | (1,986 | ) | (118,803 | ) | ||||
Comerica, Inc. | (422 | ) | (28,941 | ) | ||||
People’s United Financial, Inc. | (352 | ) | (6,406 | ) | ||||
PNC Financial Services Group, Inc. (The) | (205 | ) | (24,649 | ) | ||||
Regions Financial Corp. | (3,085 | ) | (44,825 | ) | ||||
Wells Fargo & Co. | (103 | ) | (5,733 | ) | ||||
|
| |||||||
(292,720 | ) | |||||||
|
| |||||||
Capital Goods — (5.2)% |
| |||||||
Acuity Brands, Inc. | (112 | ) | (22,848 | ) | ||||
Deere & Co. | (38 | ) | (4,137 | ) | ||||
Dover Corp. | (399 | ) | (32,060 | ) | ||||
Eaton Corp. PLC (Ireland) | (1,120 | ) | (83,048 | ) | ||||
Fastenal Co. | (815 | ) | (41,972 | ) | ||||
Flowserve Corp. | (296 | ) | (14,332 | ) | ||||
General Dynamics Corp. | (349 | ) | (65,333 | ) | ||||
General Electric Co. | (1,470 | ) | (43,806 | ) | ||||
Johnson Controls International PLC (Ireland) | (2,618 | ) | (110,270 | ) | ||||
Lockheed Martin Corp. | (4 | ) | (1,070 | ) | ||||
PACCAR, Inc. | (898 | ) | (60,346 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Pentair PLC (Ireland) | (17 | ) | $ | (1,069 | ) | |||
Quanta Services, Inc.* | (422 | ) | (15,660 | ) | ||||
Rockwell Automation, Inc. | (329 | ) | (51,229 | ) | ||||
Roper Technologies, Inc. | (55 | ) | (11,357 | ) | ||||
United Rentals, Inc.* | (114 | ) | (14,256 | ) | ||||
United Technologies Corp. | (498 | ) | (55,881 | ) | ||||
Xylem, Inc. | (483 | ) | (24,256 | ) | ||||
|
| |||||||
(652,930 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.8)% |
| |||||||
Cintas Corp. | (289 | ) | (36,570 | ) | ||||
Equifax, Inc. | (264 | ) | (36,099 | ) | ||||
Verisk Analytics, Inc.* | (429 | ) | (34,809 | ) | ||||
|
| |||||||
(107,478 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.3)% |
| |||||||
Mohawk Industries, Inc.* | (184 | ) | (42,226 | ) | ||||
NIKE, Inc., Class B | (2,161 | ) | (120,433 | ) | ||||
|
| |||||||
(162,659 | ) | |||||||
|
| |||||||
Consumer Services — (1.9)% |
| |||||||
Chipotle Mexican Grill, Inc.* | (95 | ) | (42,324 | ) | ||||
Darden Restaurants, Inc. | (209 | ) | (17,487 | ) | ||||
Marriott International, Inc., Class A | (1,101 | ) | (103,692 | ) | ||||
Starbucks Corp. | (637 | ) | (37,194 | ) | ||||
Wynn Resorts Ltd. | (333 | ) | (38,165 | ) | ||||
|
| |||||||
(238,862 | ) | |||||||
|
| |||||||
Diversified Financials — (2.8)% |
| |||||||
Affiliated Managers Group, Inc. | (142 | ) | (23,280 | ) | ||||
American Express Co. | (1,106 | ) | (87,496 | ) | ||||
Ameriprise Financial, Inc. | (396 | ) | (51,353 | ) | ||||
Bank of New York Mellon Corp. (The) | (606 | ) | (28,621 | ) | ||||
Franklin Resources, Inc. | (1,609 | ) | (67,803 | ) | ||||
Invesco, Ltd. (Bermuda) | (1,045 | ) | (32,008 | ) | ||||
Navient Corp. | (926 | ) | (13,668 | ) | ||||
S&P Global, Inc. | (49 | ) | (6,406 | ) | ||||
State Street Corp. | (418 | ) | (33,277 | ) | ||||
T Rowe Price Group, Inc. | (80 | ) | (5,452 | ) | ||||
|
| |||||||
(349,364) | ||||||||
|
| |||||||
Energy — (8.1)% |
| |||||||
Anadarko Petroleum Corp. | (1,409 | ) | (87,358 | ) | ||||
Baker Hughes, Inc. | (630 | ) | (37,687 | ) | ||||
Cabot Oil & Gas Corp. | (1,507 | ) | (36,032 | ) | ||||
Chesapeake Energy Corp.* | (2,376 | ) | (14,113 | ) | ||||
Cimarex Energy Co. | (311 | ) | (37,161 | ) | ||||
Concho Resources, Inc.* | (450 | ) | (57,753 | ) |
The accompanying notes are an integral part of the financial statements.
54 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
ConocoPhillips | (760 | ) | $ | (37,901 | ) | |||
EOG Resources, Inc. | (977 | ) | (95,306 | ) | ||||
EQT Corp. | (565 | ) | (34,522 | ) | ||||
Helmerich & Payne, Inc. | (304 | ) | (20,237 | ) | ||||
Hess Corp. | (1,035 | ) | (49,897 | ) | ||||
Marathon Oil Corp. | (2,111 | ) | (33,354 | ) | ||||
Marathon Petroleum Corp. | (1,274 | ) | (64,388 | ) | ||||
Murphy Oil Corp. | (441 | ) | (12,608 | ) | ||||
National Oilwell Varco, Inc. | (1,065 | ) | (42,696 | ) | ||||
Noble Energy, Inc. | (1,107 | ) | (38,014 | ) | ||||
Occidental Petroleum Corp. | (1,954 | ) | (123,805 | ) | ||||
Pioneer Natural Resources Co. | (344 | ) | (64,063 | ) | ||||
Range Resources Corp. | (616 | ) | (17,926 | ) | ||||
Schlumberger Ltd. (Curacao) | (1,291 | ) | (100,827 | ) | ||||
Tesoro Corp. | (296 | ) | (23,994 | ) | ||||
|
| |||||||
(1,029,642 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.9)% |
| |||||||
Costco Wholesale Corp. | (869 | ) | (145,723 | ) | ||||
Sysco Corp. | (1,382 | ) | (71,753 | ) | ||||
Whole Foods Market, Inc. | (898 | ) | (26,689 | ) | ||||
|
| |||||||
(244,165 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (6.5)% |
| |||||||
Brown-Forman Corp., Class B | (1,110 | ) | (51,260 | ) | ||||
Coca-Cola Co. (The) | (2,026 | ) | (85,983 | ) | ||||
Constellation Brands, Inc., Class A | (491 | ) | (79,576 | ) | ||||
General Mills, Inc. | (29 | ) | (1,711 | ) | ||||
JM Smucker Co. (The) | (130 | ) | (17,040 | ) | ||||
Kellogg Co. | (875 | ) | (63,534 | ) | ||||
Kraft Heinz Co. (The) | (2,367 | ) | (214,947 | ) | ||||
Mead Johnson Nutrition Co. | (470 | ) | (41,868 | ) | ||||
Molson Coors Brewing Co., Class B | (549 | ) | (52,545 | ) | ||||
Mondelez International, Inc., Class A | (3,540 | ) | (152,503 | ) | ||||
Monster Beverage Corp.* | (722 | ) | (33,335 | ) | ||||
PepsiCo, Inc. | (209 | ) | (23,379 | ) | ||||
|
| |||||||
(817,681 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (4.1)% |
| |||||||
AmerisourceBergen Corp. | (81 | ) | (7,168 | ) | ||||
Becton Dickinson and Co. | (544 | ) | (99,791 | ) | ||||
Cardinal Health, Inc. | (787 | ) | (64,180 | ) | ||||
Cerner Corp.* | (1,123 | ) | (66,089 | ) | ||||
Cooper Cos., Inc. (The) | (63 | ) | (12,593 | ) | ||||
DENTSPLY SIRONA, Inc. | (614 | ) | (38,338 | ) | ||||
Edwards Lifesciences Corp.* | (539 | ) | (50,704 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Envision Healthcare Corp.* | (292 | ) | $ | (17,905 | ) | |||
Hologic, Inc.* | (727 | ) | (30,934 | ) | ||||
IDEXX Laboratories, Inc.* | (230 | ) | (35,560 | ) | ||||
Intuitive Surgical, Inc.* | (37 | ) | (28,359 | ) | ||||
Medtronic PLC (Ireland) | (46 | ) | (3,706 | ) | ||||
Patterson Cos., Inc. | (276 | ) | (12,484 | ) | ||||
Universal Health Services, Inc., Class B | (240 | ) | (29,868 | ) | ||||
Varian Medical Systems, Inc.* | (233 | ) | (21,233 | ) | ||||
|
| |||||||
(518,912 | ) | |||||||
|
| |||||||
Household & Personal Products — (2.0)% |
| |||||||
Clorox Co. (The) | (327 | ) | (44,089 | ) | ||||
Colgate-Palmolive Co. | (1,306 | ) | (95,586 | ) | ||||
Coty, Inc., Class A | (1,911 | ) | (34,646 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (978 | ) | (82,925 | ) | ||||
|
| |||||||
(257,246 | ) | |||||||
|
| |||||||
Insurance — (4.6)% |
| |||||||
American International Group, Inc. | (1,552 | ) | (96,891 | ) | ||||
Arthur J Gallagher & Co. | (456 | ) | (25,782 | ) | ||||
Assurant, Inc. | (189 | ) | (18,082 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (917 | ) | (44,080 | ) | ||||
Lincoln National Corp. | (645 | ) | (42,215 | ) | ||||
Loews Corp. | (479 | ) | (22,403 | ) | ||||
MetLife, Inc. | (2,754 | ) | (145,466 | ) | ||||
Prudential Financial Group, Inc. | (1,091 | ) | (116,388 | ) | ||||
Unum Group | (584 | ) | (27,384 | ) | ||||
Willis Towers Watson PLC (Ireland) | (368 | ) | (48,168 | ) | ||||
|
| |||||||
(586,859 | ) | |||||||
|
| |||||||
Materials — (4.8)% |
| |||||||
Albemarle Corp. | (318 | ) | (33,594 | ) | ||||
Avery Dennison Corp. | (226 | ) | (18,216 | ) | ||||
Ball Corp. | (493 | ) | (36,610 | ) | ||||
CF Industries Holdings, Inc. | (762 | ) | (22,365 | ) | ||||
Eastman Chemical Co. | (366 | ) | (29,573 | ) | ||||
Ecolab, Inc. | (858 | ) | (107,542 | ) | ||||
FMC Corp. | (334 | ) | (23,243 | ) | ||||
International Flavors & Fragrances, Inc. | (198 | ) | (26,241 | ) | ||||
International Paper Co. | (1,051 | ) | (53,370 | ) | ||||
Martin Marietta Materials, Inc. | (178 | ) | (38,848 | ) | ||||
Mosaic Co. (The) | (988 | ) | (28,830 | ) |
The accompanying notes are an integral part of the financial statements.
55 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Nucor Corp. | (898 | ) | $ | (53,629 | ) | |||
Praxair, Inc. | (731 | ) | (86,697 | ) | ||||
Vulcan Materials Co. | (422 | ) | (50,843 | ) | ||||
|
| |||||||
(609,601) | ||||||||
|
| |||||||
Media — (0.3)% |
| |||||||
DISH Network Corp., Class A* | (627 | ) | (39,808 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.3)% |
| |||||||
Agilent Technologies, Inc. | (823 | ) | (43,512 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (733 | ) | (88,869 | ) | ||||
Allergan PLC (Ireland) | (490 | ) | (117,071 | ) | ||||
Illumina, Inc.* | (480 | ) | (81,907 | ) | ||||
Incyte Corp.* | (526 | ) | (70,310 | ) | ||||
Mallinckrodt PLC (Ireland)* | (267 | ) | (11,900 | ) | ||||
Mettler-Toledo International, Inc.* | (67 | ) | (32,087 | ) | ||||
PerkinElmer, Inc. | (274 | ) | (15,908 | ) | ||||
Perrigo Co. PLC (Ireland) | (371 | ) | (24,631 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (309 | ) | (119,741 | ) | ||||
Thermo Fisher Scientific, Inc. | (112 | ) | (17,203 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (833 | ) | (91,089 | ) | ||||
Zoetis, Inc. | (1,482 | ) | (79,094 | ) | ||||
|
| |||||||
(793,322 | ) | |||||||
|
| |||||||
Real Estate — (4.2)% |
| |||||||
American Tower Corp., REIT | (675 | ) | (82,040 | ) | ||||
Boston Properties, Inc., REIT | (69 | ) | (9,136 | ) | ||||
Crown Castle International Corp., REIT | (1,107 | ) | (104,556 | ) | ||||
Equinix, Inc., REIT | (229 | ) | (91,685 | ) | ||||
Equity Residential, REIT | (913 | ) | (56,807 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (1,888 | ) | (35,230 | ) | ||||
Kimco Realty Corp., REIT | (1,100 | ) | (24,299 | ) | ||||
Macerich Co. (The), REIT | (448 | ) | (28,851 | ) | ||||
Prologis, Inc., REIT | (1,283 | ) | (66,562 | ) | ||||
SL Green Realty Corp., REIT | (279 | ) | (29,747 | ) | ||||
|
| |||||||
(528,913) | ||||||||
|
| |||||||
Retailing — (5.5)% |
| |||||||
Advance Auto Parts, Inc. | (189 | ) | (28,021 | ) | ||||
Amazon.com, Inc.* | (222 | ) | (196,812 | ) | ||||
CarMax, Inc.* | (536 | ) | (31,742 | ) | ||||
Expedia, Inc. | (378 | ) | (47,692 | ) | ||||
Gap, Inc. (The) | (358 | ) | (8,696 | ) | ||||
L Brands, Inc | (477 | ) | (22,467 | ) | ||||
LKQ Corp.* | (513 | ) | (15,016 | ) | ||||
Netflix, Inc.* | (1,352 | ) | (199,839 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Signet Jewelers, Ltd. (Bermuda) | (19 | ) | $ | (1,316 | ) | |||
TJX Cos., Inc. | (866 | ) | (68,483 | ) | ||||
TripAdvisor, Inc.* | (476 | ) | (20,544 | ) | ||||
Ulta Beauty, Inc.* | (178 | ) | (50,771 | ) | ||||
|
| |||||||
(691,399 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.3)% |
| |||||||
Advanced Micro Devices, Inc.* | (2,330 | ) | (33,902 | ) | ||||
Broadcom Ltd. (Singapore) | (168 | ) | (36,785 | ) | ||||
Micron Technology, Inc.* | (3,410 | ) | (98,549 | ) | ||||
|
| |||||||
(169,236 | ) | |||||||
|
| |||||||
Software & Services — (9.9)% |
| |||||||
Activision Blizzard, Inc. | (793 | ) | (39,539 | ) | ||||
Adobe Systems, Inc.* | (800 | ) | (104,104 | ) | ||||
Akamai Technologies, Inc.* | (444 | ) | (26,507 | ) | ||||
Alliance Data Systems Corp. | (163 | ) | (40,587 | ) | ||||
Alphabet, Inc., Class A* | (78 | ) | (66,128 | ) | ||||
Autodesk, Inc.* | (727 | ) | (62,864 | ) | ||||
Automatic Data Processing, Inc. | (152 | ) | (15,563 | ) | ||||
Electronic Arts, Inc.* | (785 | ) | (70,273 | ) | ||||
Facebook, Inc., Class A* | (475 | ) | (67,474 | ) | ||||
Fiserv, Inc.* | (523 | ) | (60,307 | ) | ||||
Intuit, Inc. | (725 | ) | (84,093 | ) | ||||
Mastercard, Inc., Class A | (54 | ) | (6,073 | ) | ||||
Microsoft Corp. | (3,419 | ) | (225,175 | ) | ||||
Oracle Corp. | (1,038 | ) | (46,305 | ) | ||||
PayPal Holdings, Inc.* | (2,142 | ) | (92,149 | ) | ||||
Red Hat, Inc.* | (584 | ) | (50,516 | ) | ||||
salesforce.com, Inc.* | (2,016 | ) | (166,300 | ) | ||||
Synopsys, Inc.* | (365 | ) | (26,327 | ) | ||||
|
| |||||||
(1,250,284) | ||||||||
|
| |||||||
Telecommunication Services — (1.1)% |
| |||||||
AT&T, Inc. | (1,216 | ) | (50,525 | ) | ||||
CenturyLink, Inc. | (1,363 | ) | (32,126 | ) | ||||
Level 3 Communications, Inc.* | (1,014 | ) | (58,021 | ) | ||||
|
| |||||||
(140,672 | ) | |||||||
|
| |||||||
Transportation — (5.1)% |
| |||||||
American Airlines Group, Inc. | (1,298 | ) | (54,905 | ) | ||||
CSX Corp. | (1,758 | ) | (81,835 | ) | ||||
FedEx Corp. | (623 | ) | (121,578 | ) | ||||
JB Hunt Transport Services, Inc. | (316 | ) | (28,990 | ) | ||||
Kansas City Southern | (350 | ) | (30,016 | ) | ||||
Norfolk Southern Corp. | (743 | ) | (83,194 | ) | ||||
Southwest Airlines Co. | (1,573 | ) | (84,565 | ) |
The accompanying notes are an integral part of the financial statements.
56 |
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Union Pacific Corp. | (391 | ) | $ | (41,415 | ) | |||
United Parcel Service, Inc., Class B | (1,123 | ) | (120,498 | ) | ||||
|
| |||||||
(646,996 | ) | |||||||
|
| |||||||
Utilities — (3.1)% |
| |||||||
Consolidated Edison, Inc. | (21 | ) | (1,631 | ) | ||||
Duke Energy Corp. | (1,547 | ) | (126,869 | ) | ||||
FirstEnergy Corp. | (961 | ) | (30,579 | ) | ||||
NextEra Energy, Inc. | (1,030 | ) | (132,221 | ) | ||||
Public Service Enterprise Group, Inc. | (1,385 | ) | (61,425 | ) | ||||
Sempra Energy | (312 | ) | (34,476 | ) | ||||
|
| |||||||
(387,201 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK |
| (10,522,212 | ) | |||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (83.1)% |
| (10,522,212) | ||||||
|
| |||||||
(Proceeds $10,409,130) |
| |||||||
OTHER ASSETS IN EXCESS OF |
| 5,009,168 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 12,664,704 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(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. |
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
57 |
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
LONG POSITIONS — 111.5% | ||||||||
COMMON STOCKS — 111.5% | ||||||||
Automobiles & Components — 1.8% |
| |||||||
BorgWarner, Inc.†(a) | 122 | $ | 5,098 | |||||
Delphi Automotive PLC (Jersey)† | 156 | 12,556 | ||||||
General Motors Co.† | 438 | 15,488 | ||||||
Goodyear Tire & Rubber Co. (The) | 150 | 5,400 | ||||||
|
| |||||||
38,542 | ||||||||
|
| |||||||
Capital Goods — 12.5% | ||||||||
3M Co.† | 47 | 8,993 | ||||||
Allegion PLC (Ireland) | 55 | 4,164 | ||||||
AMETEK, Inc. | 81 | 4,380 | ||||||
Arconic, Inc. | 280 | 7,375 | ||||||
Boeing Co. (The)† | 314 | 55,534 | ||||||
Caterpillar, Inc.† | 188 | 17,439 | ||||||
Cummins, Inc.† | 95 | 14,364 | ||||||
Emerson Electric Co.† | 164 | 9,817 | ||||||
Fluor Corp. | 79 | 4,157 | ||||||
Fortive Corp. | 111 | 6,684 | ||||||
Fortune Brands Home & Security, Inc. | 89 | 5,416 | ||||||
Honeywell International, Inc.† | 383 | 47,825 | ||||||
Illinois Tool Works, Inc. | 25 | 3,312 | ||||||
Ingersoll-Rand PLC (Ireland)† | 148 | 12,035 | ||||||
Jacobs Engineering Group, Inc.† | 70 | 3,870 | ||||||
L3 Technologies, Inc. | 44 | 7,273 | ||||||
Masco Corp. | 186 | 6,322 | ||||||
Raytheon Co.�� | 68 | 10,370 | ||||||
Rockwell Collins, Inc. | 75 | 7,287 | ||||||
Snap-on, Inc.† | 31 | 5,229 | ||||||
Stanley Black & Decker, Inc.† | 86 | 11,427 | ||||||
Textron, Inc. | 152 | 7,234 | ||||||
TransDigm Group, Inc.(a) | 7 | 1,541 | ||||||
WW Grainger, Inc.†(a) | 34 | 7,914 | ||||||
|
| |||||||
269,962 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.2% |
| |||||||
Dun & Bradstreet Corp. (The) | 21 | 2,267 | ||||||
Nielsen Holdings PLC (United Kingdom) | 201 | 8,303 | ||||||
Republic Services, Inc. | 11 | 691 | ||||||
Robert Half International, Inc.† | 74 | 3,613 | ||||||
Waste Management, Inc.† | 148 | 10,792 | ||||||
|
| |||||||
25,666 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.5% |
| |||||||
Coach, Inc. | 158 | 6,530 | ||||||
Garmin Ltd. (Switzerland)(a) | 108 | 5,520 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Hanesbrands, Inc.(a) | 216 | $ | 4,484 | |||||
Hasbro, Inc. | 70 | 6,987 | ||||||
Leggett & Platt, Inc.† | 77 | 3,875 | ||||||
Mattel, Inc. | 192 | 4,917 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 94 | 3,582 | ||||||
Newell Brands, Inc.† | 271 | 12,783 | ||||||
PulteGroup, Inc. | 7 | 165 | ||||||
PVH Corp.† | 46 | 4,760 | ||||||
Ralph Lauren Corp. | 47 | 3,836 | ||||||
Under Armour, Inc., Class C(a)* | 246 | 4,502 | ||||||
VF Corp.†(a) | 233 | 12,808 | ||||||
|
| |||||||
74,749 | ||||||||
|
| |||||||
Consumer Services — 1.3% |
| |||||||
McDonald’s Corp.† | 147 | 19,053 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 30 | 2,943 | ||||||
Wyndham Worldwide Corp.† | 62 | 5,226 | ||||||
Yum! Brands, Inc.† | 7 | 447 | ||||||
|
| |||||||
27,669 | ||||||||
|
| |||||||
Diversified Financials — 0.8% |
| |||||||
Berkshire Hathaway Inc., Class B* | 11 | 1,833 | ||||||
CME Group, Inc. | 30 | 3,564 | ||||||
Moody’s Corp.† | 43 | 4,818 | ||||||
Nasdaq, Inc.† | 93 | 6,459 | ||||||
|
| |||||||
16,674 | ||||||||
|
| |||||||
Energy — 3.3% | ||||||||
Apache Corp. | 212 | 10,895 | ||||||
Exxon Mobil Corp. | 28 | 2,296 | ||||||
Kinder Morgan, Inc.† | 1,283 | 27,892 | ||||||
Newfield Exploration Co.* | 112 | 4,134 | ||||||
Southwestern Energy Co.* | 325 | 2,655 | ||||||
Transocean Ltd. (Switzerland)(a)* | 219 | 2,727 | ||||||
Valero Energy Corp.† | 259 | 17,169 | ||||||
Williams Cos., Inc. (The) | 121 | 3,580 | ||||||
|
| |||||||
71,348 | ||||||||
|
| |||||||
Food & Staples Retailing — 6.0% |
| |||||||
CVS Health Corp.† | 608 | 47,728 | ||||||
Kroger Co. (The)† | 464 | 13,683 | ||||||
Walgreens Boots Alliance, Inc.† | 216 | 17,939 | ||||||
Wal-Mart Stores, Inc.† | 689 | 49,663 | ||||||
|
| |||||||
129,013 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
58 |
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — 6.5% |
| |||||||
Altria Group, Inc.† | 294 | $ | 20,997 | |||||
Archer-Daniels-Midland Co. | 322 | 14,825 | ||||||
Campbell Soup Co.† | 171 | 9,788 | ||||||
Conagra Brands, Inc.† | 251 | 10,125 | ||||||
Dr Pepper Snapple Group, Inc.† | 106 | 10,380 | ||||||
General Mills, Inc.† | 79 | 4,662 | ||||||
Hershey Co. (The)† | 121 | 13,219 | ||||||
Hormel Foods Corp.†(a) | 301 | 10,424 | ||||||
McCormick & Co., Inc., non-voting shares | 71 | 6,926 | ||||||
Philip Morris International, Inc.† | 170 | 19,193 | ||||||
Reynolds American, Inc.† | 107 | 6,743 | ||||||
Tyson Foods, Inc., Class A† | 206 | 12,712 | ||||||
|
| |||||||
139,994 | ||||||||
|
| |||||||
Health Care Equipment & Services — 11.0% |
| |||||||
Abbott Laboratories | 1 | 44 | ||||||
Aetna, Inc.† | 201 | 25,638 | ||||||
Anthem, Inc.† | 151 | 24,972 | ||||||
Baxter International, Inc.† | 303 | 15,714 | ||||||
Boston Scientific Corp.* | 197 | 4,899 | ||||||
Centene Corp.†* | 98 | 6,983 | ||||||
Cigna Corp.† | 147 | 21,534 | ||||||
Danaher Corp.† | 195 | 16,678 | ||||||
DaVita, Inc.* | 115 | 7,817 | ||||||
Express Scripts Holding Co.†* | 360 | 23,728 | ||||||
HCA Holdings, Inc.†* | 207 | 18,421 | ||||||
Henry Schein, Inc.* | 4 | 680 | ||||||
Humana, Inc.† | 86 | 17,728 | ||||||
Laboratory Corp. of America Holdings†* | 61 | 8,752 | ||||||
McKesson Corp.† | 26 | 3,855 | ||||||
Quest Diagnostics, Inc.† | 72 | 7,070 | ||||||
UnitedHealth Group, Inc.† | 193 | 31,654 | ||||||
|
| |||||||
236,167 | ||||||||
|
| |||||||
Household & Personal Products — 1.5% |
| |||||||
Church & Dwight Co., Inc.† | 145 | 7,231 | ||||||
Kimberly-Clark Corp.† | 159 | 20,929 | ||||||
Procter & Gamble Co. (The) | 52 | 4,672 | ||||||
|
| |||||||
32,832 | ||||||||
|
| |||||||
Insurance — 2.4% | ||||||||
Aflac, Inc. | 13 | 941 | ||||||
Allstate Corp. (The) | 5 | 407 | ||||||
Aon PLC (United Kingdom)† | 147 | 17,447 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) | ||||||||
Chubb Ltd. (Switzerland) | 55 | $ | 7,494 | |||||
Marsh & McLennan Cos., Inc.† | 297 | 21,945 | ||||||
Progressive Corp. (The) | 68 | 2,664 | ||||||
Travelers Cos, Inc. (The) | 2 | 241 | ||||||
|
| |||||||
51,139 | ||||||||
|
| |||||||
Materials — 8.9% | ||||||||
Air Products & Chemicals, Inc.† | 123 | 16,641 | ||||||
Dow Chemical Co. (The)† | 467 | 29,673 | ||||||
EI du Pont de Nemours & Co.† | 478 | 38,398 | ||||||
Freeport-McMoRan, Inc.†* | 829 | 11,075 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 227 | 20,700 | ||||||
Monsanto Co.† | 250 | 28,300 | ||||||
Newmont Mining Corp.† | 303 | 9,987 | ||||||
PPG Industries, Inc.† | 151 | 15,867 | ||||||
Sherwin-Williams Co. (The)† | 52 | 16,130 | ||||||
WestRock Co.† | 121 | 6,296 | ||||||
|
| |||||||
193,067 | ||||||||
|
| |||||||
Media — 6.5% | ||||||||
CBS Corp., Class B, non-voting shares† | 231 | 16,022 | ||||||
Comcast Corp., Class A† | 242 | 9,097 | ||||||
Discovery Communications, Inc., Class A†* | 339 | 9,862 | ||||||
Interpublic Group of Cos., Inc. (The) | 226 | 5,553 | ||||||
News Corp., Class A† | 332 | 4,316 | ||||||
Omnicom Group, Inc.† | 135 | 11,638 | ||||||
Scripps Networks Interactive, Inc., Class A†(a) | 74 | 5,799 | ||||||
TEGNA, Inc.† | 123 | 3,151 | ||||||
Time Warner, Inc.† | 128 | 12,507 | ||||||
Twenty-First Century Fox, Inc., Class A† | 1,048 | 33,945 | ||||||
Viacom, Inc., Class B† | 227 | 10,583 | ||||||
Walt Disney Co. (The)† | 153 | 17,349 | ||||||
|
| |||||||
139,822 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 12.7% |
| |||||||
AbbVie, Inc.† | 530 | 34,535 | ||||||
Amgen, Inc.† | 293 | 48,073 | ||||||
Biogen, Inc.†* | 123 | 33,631 | ||||||
Eli Lilly & Co. | 288 | 24,224 | ||||||
Gilead Sciences, Inc.† | 715 | 48,563 | ||||||
Johnson & Johnson† | 257 | 32,009 | ||||||
Merck & Co., Inc.† | 468 | 29,737 |
The accompanying notes are an integral part of the financial statements.
59 |
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Mylan NV (Netherlands)* | 15 | $ | 585 | |||||
Pfizer, Inc.† | 643 | 21,997 | ||||||
|
| |||||||
273,354 | ||||||||
|
| |||||||
Real Estate — 3.2% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 5 | 553 | ||||||
AvalonBay Communities, Inc., REIT | 36 | 6,610 | ||||||
Digital Realty Trust, Inc., REIT(a) | 41 | 4,362 | ||||||
Essex Property Trust, Inc., REIT | 19 | 4,399 | ||||||
Extra Space Storage, Inc., REIT(a) | 70 | 5,207 | ||||||
Federal Realty Investment Trust, REIT | 1 | 134 | ||||||
HCP, Inc., REIT | 8 | 250 | ||||||
Iron Mountain, Inc., REIT | 148 | 5,279 | ||||||
Mid-America Apartment Communities, Inc., REIT | 63 | 6,410 | ||||||
Public Storage, REIT | 13 | 2,846 | ||||||
Realty Income Corp., REIT(a) | 107 | 6,370 | ||||||
Regency Centers Corp., REIT | 57 | 3,784 | ||||||
UDR, Inc., REIT | 149 | 5,403 | ||||||
Ventas, Inc., REIT | 15 | 976 | ||||||
Vornado Realty Trust, REIT | 6 | 602 | ||||||
Welltower, Inc., REIT | 26 | 1,841 | ||||||
Weyerhaeuser Co., REIT† | 420 | 14,272 | ||||||
|
| |||||||
69,298 | ||||||||
|
| |||||||
Retailing — 3.2% | ||||||||
AutoNation, Inc.(a)* | 57 | 2,411 | ||||||
AutoZone, Inc.†* | 1 | 723 | ||||||
Bed Bath & Beyond, Inc.†(a) | 87 | 3,433 | ||||||
Best Buy Co., Inc.†(a) | 182 | 8,945 | ||||||
Dollar Tree, Inc.†* | 47 | 3,688 | ||||||
Foot Locker, Inc. | 66 | 4,937 | ||||||
Gap, Inc. (The)† | 224 | 5,441 | ||||||
Genuine Parts Co.† | 68 | 6,284 | ||||||
Kohl’s Corp.†(a) | 73 | 2,906 | ||||||
L Brands, Inc. | 99 | 4,663 | ||||||
Macy’s, Inc. | 16 | 474 | ||||||
Priceline Group, Inc. (The)†* | 4 | 7,120 | ||||||
Staples, Inc. | 366 | 3,210 | ||||||
Target Corp.† | 93 | 5,133 | ||||||
Tiffany & Co.(a) | 45 | 4,288 | ||||||
Tractor Supply Co. | 67 | 4,621 | ||||||
|
| |||||||
68,277 | ||||||||
|
|
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — 9.2% |
| |||||||
Analog Devices, Inc. | 176 | $ | 14,423 | |||||
Applied Materials, Inc.† | 617 | 24,001 | ||||||
Intel Corp.† | 1,295 | 46,711 | ||||||
KLA-Tencor Corp.† | 90 | 8,556 | ||||||
Lam Research Corp.† | 105 | 13,478 | ||||||
QUALCOMM, Inc.† | 829 | 47,535 | ||||||
Skyworks Solutions, Inc.†(a) | 104 | 10,190 | ||||||
Texas Instruments, Inc.† | 409 | 32,949 | ||||||
|
| |||||||
197,843 | ||||||||
|
| |||||||
Software & Services — 2.9% | ||||||||
Accenture PLC, Class A (Ireland)† | 48 | 5,754 | ||||||
CA, Inc.† | 237 | 7,518 | ||||||
Citrix Systems, Inc.* | 88 | 7,338 | ||||||
CSRA, Inc.† | 94 | 2,753 | ||||||
eBay, Inc.†* | 186 | 6,244 | ||||||
Fidelity National Information Services, Inc. | 42 | 3,344 | ||||||
International Business Machines Corp.† | 93 | 16,195 | ||||||
Paychex, Inc. | 89 | 5,242 | ||||||
Teradata Corp.†(a)* | 75 | 2,334 | ||||||
Western Union Co. (The)†(a) | 278 | 5,657 | ||||||
|
| |||||||
62,379 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 8.3% |
| |||||||
Apple, Inc.† | 364 | 52,292 | ||||||
Cisco Systems, Inc.† | 1,551 | 52,424 | ||||||
Corning, Inc.† | 520 | 14,040 | ||||||
F5 Networks, Inc.†* | 36 | 5,132 | ||||||
FLIR Systems, Inc.† | 78 | 2,830 | ||||||
HP, Inc.† | 844 | 15,091 | ||||||
Juniper Networks, Inc.† | 218 | 6,067 | ||||||
Motorola Solutions, Inc.† | 93 | 8,018 | ||||||
NetApp, Inc. | 152 | 6,361 | ||||||
Seagate Technology PLC (Ireland) | 169 | 7,762 | ||||||
Western Digital Corp. | 64 | 5,282 | ||||||
Xerox Corp. | 569 | 4,176 | ||||||
|
| |||||||
179,475 | ||||||||
|
| |||||||
Telecommunication Services — 1.4% |
| |||||||
Verizon Communications, Inc.† | 626 | 30,518 | ||||||
|
| |||||||
Transportation — 2.9% |
| |||||||
Alaska Air Group, Inc.† | 39 | 3,597 | ||||||
CH Robinson Worldwide, Inc.†(a) | 80 | 6,183 | ||||||
Delta Air Lines, Inc.† | 421 | 19,349 |
The accompanying notes are an integral part of the financial statements.
60 |
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Ryder System, Inc. | 30 | $ | 2,263 | |||||
Southwest Airlines Co.† | 346 | 18,601 | ||||||
United Continental Holdings, Inc.†* | 182 | 12,856 | ||||||
|
| |||||||
62,849 | ||||||||
|
| |||||||
Utilities — 0.5% | ||||||||
Entergy Corp. | 102 | 7,748 | ||||||
NRG Energy, Inc.† | 181 | 3,385 | ||||||
|
| |||||||
11,133 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 2,401,770 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 111.5% |
| 2,401,770 | ||||||
|
| |||||||
(Cost $2,245,957) | ||||||||
SHORT POSITIONS — (50.7)% |
| |||||||
COMMON STOCKS — (50.7)% |
| |||||||
Automobiles & Components — (0.2)% |
| |||||||
Ford Motor Co. | (223 | ) | (2,596 | ) | ||||
Harley-Davidson, Inc. | (45 | ) | (2,722 | ) | ||||
|
| |||||||
(5,318 | ) | |||||||
|
| |||||||
Banks — (2.0)% | ||||||||
Bank of America Corp. | (415 | ) | (9,790 | ) | ||||
Citigroup, Inc. | (266 | ) | (15,912 | ) | ||||
Comerica, Inc. | (45 | ) | (3,086 | ) | ||||
People’s United Financial, Inc. | (79 | ) | (1,438 | ) | ||||
PNC Financial Services Group, Inc. (The) | (38 | ) | (4,569 | ) | ||||
Regions Financial Corp. | (310 | ) | (4,504 | ) | ||||
Wells Fargo & Co. | (40 | ) | (2,226 | ) | ||||
Zions Bancorporation | (29 | ) | (1,218 | ) | ||||
|
| |||||||
(42,743 | ) | |||||||
|
| |||||||
Capital Goods — (3.6)% | ||||||||
Acuity Brands, Inc. | (12 | ) | (2,448 | ) | ||||
Deere & Co. | (3 | ) | (327 | ) | ||||
Dover Corp. | (41 | ) | (3,294 | ) | ||||
Eaton Corp. PLC (Ireland) | (115 | ) | (8,527 | ) | ||||
Fastenal Co. | (76 | ) | (3,914 | ) | ||||
Flowserve Corp. | (34 | ) | (1,646 | ) | ||||
General Dynamics Corp. | (35 | ) | (6,552 | ) | ||||
General Electric Co. | (189 | ) | (5,632 | ) | ||||
Johnson Controls International PLC (Ireland) | (243 | ) | (10,235 | ) | ||||
PACCAR, Inc. | (90 | ) | (6,048 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Parker-Hannifin Corp. | (34 | ) | $ | (5,451 | ) | |||
Pentair PLC (Ireland) | (42 | ) | (2,637 | ) | ||||
Quanta Services, Inc.* | (39 | ) | (1,447 | ) | ||||
Rockwell Automation, Inc. | (33 | ) | (5,138 | ) | ||||
Roper Technologies, Inc. | (8 | ) | (1,652 | ) | ||||
United Rentals, Inc.* | (23 | ) | (2,876 | ) | ||||
United Technologies Corp. | (60 | ) | (6,733 | ) | ||||
Xylem, Inc. | (46 | ) | (2,310 | ) | ||||
|
| |||||||
(76,867 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.5)% |
| |||||||
Cintas Corp. | (28 | ) | (3,543 | ) | ||||
Equifax, Inc. | (23 | ) | (3,145 | ) | ||||
Verisk Analytics, Inc.* | (43 | ) | (3,489 | ) | ||||
|
| |||||||
(10,177 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (0.8)% |
| |||||||
Mohawk Industries, Inc.* | (19 | ) | (4,360 | ) | ||||
NIKE, Inc., Class B | (221 | ) | (12,316 | ) | ||||
|
| |||||||
(16,676 | ) | |||||||
|
| |||||||
Consumer Services — (1.1)% |
| |||||||
Carnival Corp. (Panama) | (73 | ) | (4,300 | ) | ||||
Chipotle Mexican Grill, Inc.* | (7 | ) | (3,119 | ) | ||||
Darden Restaurants, Inc. | (17 | ) | (1,422 | ) | ||||
Marriott International, Inc., Class A | (101 | ) | (9,512 | ) | ||||
Starbucks Corp. | (54 | ) | (3,153 | ) | ||||
Wynn Resorts Ltd. | (26 | ) | (2,980 | ) | ||||
|
| |||||||
(24,486 | ) | |||||||
|
| |||||||
Diversified Financials — (2.4)% |
| |||||||
Affiliated Managers Group, Inc. | (15 | ) | (2,459 | ) | ||||
American Express Co. | (138 | ) | (10,917 | ) | ||||
Ameriprise Financial, Inc. | (40 | ) | (5,187 | ) | ||||
Bank of New York Mellon Corp. (The) | (108 | ) | (5,101 | ) | ||||
BlackRock, Inc. | (22 | ) | (8,437 | ) | ||||
Franklin Resources, Inc. | (149 | ) | (6,279 | ) | ||||
Invesco, Ltd. (Bermuda) | (107 | ) | (3,277 | ) | ||||
Navient Corp. | (80 | ) | (1,181 | ) | ||||
S&P Global, Inc. | (16 | ) | (2,092 | ) | ||||
State Street Corp. | (74 | ) | (5,891 | ) | ||||
T Rowe Price Group, Inc. | (29 | ) | (1,976 | ) | ||||
|
| |||||||
(52,797 | ) | |||||||
|
| |||||||
Energy — (4.8)% |
| |||||||
Anadarko Petroleum Corp. | (140 | ) | (8,680 | ) | ||||
Baker Hughes, Inc. | (102 | ) | (6,102 | ) | ||||
Cabot Oil & Gas Corp. | (120 | ) | (2,869 | ) |
The accompanying notes are an integral part of the financial statements.
61 |
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Chesapeake Energy Corp.* | (228 | ) | $ | (1,354 | ) | |||
Cimarex Energy Co. | (24 | ) | (2,868 | ) | ||||
Concho Resources, Inc.* | (37 | ) | (4,749 | ) | ||||
ConocoPhillips | (102 | ) | (5,087 | ) | ||||
Devon Energy Corp. | (19 | ) | (793 | ) | ||||
EOG Resources, Inc. | (94 | ) | (9,170 | ) | ||||
EQT Corp. | (44 | ) | (2,688 | ) | ||||
Helmerich & Payne, Inc. | (29 | ) | (1,931 | ) | ||||
Hess Corp. | (82 | ) | (3,953 | ) | ||||
Marathon Oil Corp. | (215 | ) | (3,397 | ) | ||||
Marathon Petroleum Corp. | (134 | ) | (6,772 | ) | ||||
Murphy Oil Corp. | (44 | ) | (1,258 | ) | ||||
National Oilwell Varco, Inc. | (97 | ) | (3,889 | ) | ||||
Noble Energy, Inc. | (110 | ) | (3,777 | ) | ||||
Occidental Petroleum Corp. | (194 | ) | (12,292 | ) | ||||
Pioneer Natural Resources Co. | (30 | ) | (5,587 | ) | ||||
Range Resources Corp. | (64 | ) | (1,862 | ) | ||||
Schlumberger Ltd. (Curacao) | (144 | ) | (11,246 | ) | ||||
Tesoro Corp. | (29 | ) | (2,351 | ) | ||||
|
| |||||||
(102,675 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.1)% |
| |||||||
Costco Wholesale Corp. | (84 | ) | (14,086 | ) | ||||
Sysco Corp. | (137 | ) | (7,113 | ) | ||||
Whole Foods Market, Inc. | (83 | ) | (2,467 | ) | ||||
|
| |||||||
(23,666 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.7)% |
| |||||||
Brown-Forman Corp., Class B | (103 | ) | (4,757 | ) | ||||
Coca-Cola Co. (The) | (220 | ) | (9,337 | ) | ||||
Constellation Brands, Inc., Class A | (44 | ) | (7,131 | ) | ||||
JM Smucker Co. (The) | (8 | ) | (1,049 | ) | ||||
Kellogg Co. | (90 | ) | (6,535 | ) | ||||
Kraft Heinz Co. (The) | (242 | ) | (21,976 | ) | ||||
Mead Johnson Nutrition Co. | (47 | ) | (4,187 | ) | ||||
Molson Coors Brewing Co., Class B | (54 | ) | (5,168 | ) | ||||
Mondelez International, Inc., Class A | (390 | ) | (16,801 | ) | ||||
Monster Beverage Corp.* | (25 | ) | (1,154 | ) | ||||
PepsiCo, Inc. | (9 | ) | (1,007 | ) | ||||
|
| |||||||
(79,102 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (2.3)% |
| |||||||
AmerisourceBergen Corp. | (6 | ) | (531 | ) | ||||
Becton Dickinson and Co. | (54 | ) | (9,906 | ) | ||||
Cardinal Health, Inc. | (81 | ) | (6,606 | ) | ||||
Cerner Corp.* | (92 | ) | (5,414 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Cooper Cos., Inc. (The) | (6 | ) | $ | (1,199 | ) | |||
DENTSPLY SIRONA, Inc. | (58 | ) | (3,621 | ) | ||||
Edwards Lifesciences Corp.* | (54 | ) | (5,080 | ) | ||||
Envision Healthcare Corp.* | (29 | ) | (1,778 | ) | ||||
Hologic, Inc.* | (73 | ) | (3,106 | ) | ||||
IDEXX Laboratories, Inc.* | (22 | ) | (3,401 | ) | ||||
Intuitive Surgical, Inc.* | (3 | ) | (2,299 | ) | ||||
Medtronic PLC (Ireland) | (1 | ) | (81 | ) | ||||
Patterson Cos., Inc. | (25 | ) | (1,131 | ) | ||||
Universal Health Services, Inc., Class B | (24 | ) | (2,987 | ) | ||||
Varian Medical Systems, Inc.* | (24 | ) | (2,187 | ) | ||||
|
| |||||||
(49,327 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.2)% |
| |||||||
Clorox Co. (The) | (33 | ) | (4,449 | ) | ||||
Colgate-Palmolive Co. | (141 | ) | (10,320 | ) | ||||
Coty, Inc., Class A | (190 | ) | (3,445 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (96 | ) | (8,140 | ) | ||||
|
| |||||||
(26,354 | ) | |||||||
|
| |||||||
Insurance — (2.9)% |
| |||||||
American International Group, Inc. | (194 | ) | (12,111 | ) | ||||
Arthur J Gallagher & Co. | (45 | ) | (2,544 | ) | ||||
Assurant, Inc. | (16 | ) | (1,531 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (96 | ) | (4,615 | ) | ||||
Lincoln National Corp. | (60 | ) | (3,927 | ) | ||||
Loews Corp. | (76 | ) | (3,555 | ) | ||||
MetLife, Inc. | (280 | ) | (14,790 | ) | ||||
Prudential Financial Group, Inc. | (110 | ) | (11,735 | ) | ||||
Unum Group | (59 | ) | (2,766 | ) | ||||
Willis Towers Watson PLC (Ireland) | (36 | ) | (4,712 | ) | ||||
|
| |||||||
(62,286 | ) | |||||||
|
| |||||||
Materials — (2.8)% |
| |||||||
Albemarle Corp. | (30 | ) | (3,169 | ) | ||||
Avery Dennison Corp. | (23 | ) | (1,854 | ) | ||||
Ball Corp. | (45 | ) | (3,342 | ) | ||||
CF Industries Holdings, Inc. | (60 | ) | (1,761 | ) | ||||
Eastman Chemical Co. | (38 | ) | (3,070 | ) | ||||
Ecolab, Inc. | (77 | ) | (9,651 | ) | ||||
FMC Corp. | (35 | ) | (2,436 | ) | ||||
International Flavors & Fragrances, Inc. | (21 | ) | (2,783 | ) |
The accompanying notes are an integral part of the financial statements.
62 |
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
International Paper Co. | (104 | ) | $ | (5,281 | ) | |||
Martin Marietta Materials, Inc. | (17 | ) | (3,710 | ) | ||||
Mosaic Co. (The) | (91 | ) | (2,655 | ) | ||||
Nucor Corp. | (84 | ) | (5,016 | ) | ||||
Praxair, Inc. | (73 | ) | (8,658 | ) | ||||
Sealed Air Corp. | (50 | ) | (2,179 | ) | ||||
Vulcan Materials Co. | (35 | ) | (4,217 | ) | ||||
|
| |||||||
(59,782) | ||||||||
|
| |||||||
Media — (0.3)% |
| |||||||
DISH Network Corp., Class A* | (109 | ) | (6,920 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (3.5)% |
| |||||||
Agilent Technologies, Inc. | (82 | ) | (4,335 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (58 | ) | (7,032 | ) | ||||
Allergan PLC (Ireland) | (54 | ) | (12,902 | ) | ||||
Illumina, Inc.* | (38 | ) | (6,484 | ) | ||||
Incyte Corp.* | (53 | ) | (7,084 | ) | ||||
Mallinckrodt PLC (Ireland)* | (27 | ) | (1,203 | ) | ||||
Mettler-Toledo International, Inc.* | (7 | ) | (3,352 | ) | ||||
PerkinElmer, Inc. | (28 | ) | (1,626 | ) | ||||
Perrigo Co. PLC (Ireland) | (37 | ) | (2,456 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (31 | ) | (12,013 | ) | ||||
Thermo Fisher Scientific, Inc. | (17 | ) | (2,611 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (66 | ) | (7,217 | ) | ||||
Zoetis, Inc. | (129 | ) | (6,885 | ) | ||||
|
| |||||||
(75,200 | ) | |||||||
|
| |||||||
Real Estate — (2.2)% |
| |||||||
American Tower Corp., REIT | (53 | ) | (6,442 | ) | ||||
Boston Properties, Inc., REIT | (8 | ) | (1,059 | ) | ||||
Crown Castle International Corp., REIT | (91 | ) | (8,595 | ) | ||||
Equinix, Inc., REIT | (19 | ) | (7,607 | ) | ||||
Equity Residential, REIT | (94 | ) | (5,849 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (192 | ) | (3,583 | ) | ||||
Kimco Realty Corp., REIT | (111 | ) | (2,452 | ) | ||||
Macerich Co. (The), REIT | (38 | ) | (2,447 | ) | ||||
Prologis, Inc., REIT | (135 | ) | (7,004 | ) | ||||
SL Green Realty Corp., REIT | (27 | ) | (2,879 | ) | ||||
|
| |||||||
(47,917 | ) | |||||||
|
| |||||||
Retailing — (2.9)% |
| |||||||
Advance Auto Parts, Inc. | (19 | ) | (2,817 | ) | ||||
Amazon.com, Inc.* | (22 | ) | (19,504 | ) | ||||
CarMax, Inc.* | (50 | ) | (2,961 | ) | ||||
Expedia, Inc. | (35 | ) | (4,416 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Home Depot, Inc. (The) | (37 | ) | $ | (5,433 | ) | |||
LKQ Corp.* | (77 | ) | (2,254 | ) | ||||
Netflix, Inc.* | (111 | ) | (16,407 | ) | ||||
Ross Stores, Inc. | (12 | ) | (790 | ) | ||||
Signet Jewelers, Ltd. (Bermuda) | (13 | ) | (900 | ) | ||||
TripAdvisor, Inc.* | (38 | ) | (1,640 | ) | ||||
Ulta Beauty, Inc.* | (16 | ) | (4,564 | ) | ||||
|
| |||||||
(61,686) | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.3)% |
| |||||||
Advanced Micro Devices, Inc.* | (238 | ) | (3,463 | ) | ||||
Broadcom Ltd. (Singapore) | (19 | ) | (4,160 | ) | ||||
Micron Technology, Inc.* | (307 | ) | (8,872 | ) | ||||
NVIDIA Corp. | (74 | ) | (8,061 | ) | ||||
Xilinx, Inc. | (68 | ) | (3,937 | ) | ||||
|
| |||||||
(28,493 | ) | |||||||
|
| |||||||
Software & Services — (5.7)% |
| |||||||
Activision Blizzard, Inc. | (67 | ) | (3,341 | ) | ||||
Adobe Systems, Inc.* | (82 | ) | (10,671 | ) | ||||
Akamai Technologies, Inc.* | (45 | ) | (2,686 | ) | ||||
Alliance Data Systems Corp. | (15 | ) | (3,735 | ) | ||||
Alphabet, Inc., Class A* | (7 | ) | (5,935 | ) | ||||
Autodesk, Inc.* | (57 | ) | (4,929 | ) | ||||
Automatic Data Processing, Inc. | (15 | ) | (1,536 | ) | ||||
Electronic Arts, Inc.* | (78 | ) | (6,983 | ) | ||||
Facebook, Inc., Class A* | (35 | ) | (4,972 | ) | ||||
Fiserv, Inc.* | (55 | ) | (6,342 | ) | ||||
Intuit, Inc. | (66 | ) | (7,655 | ) | ||||
Mastercard, Inc., Class A | (4 | ) | (450 | ) | ||||
Microsoft Corp. | (345 | ) | (22,722 | ) | ||||
Oracle Corp. | (124 | ) | (5,532 | ) | ||||
PayPal Holdings, Inc.* | (203 | ) | (8,733 | ) | ||||
Red Hat, Inc.* | (47 | ) | (4,066 | ) | ||||
salesforce.com, Inc.* | (180 | ) | (14,848 | ) | ||||
Symantec Corp. | (162 | ) | (4,970 | ) | ||||
Synopsys, Inc.* | (38 | ) | (2,741 | ) | ||||
|
| |||||||
(122,847 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.3)% |
| |||||||
Harris Corp. | (32 | ) | (3,561 | ) | ||||
Hewlett Packard Enterprise Co. | (79 | ) | (1,872 | ) | ||||
|
| |||||||
(5,433 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.6)% |
| |||||||
AT&T, Inc. | (118 | ) | (4,903 | ) | ||||
CenturyLink, Inc. | (140 | ) | (3,300 | ) |
The accompanying notes are an integral part of the financial statements.
63 |
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Level 3 Communications, Inc.* | (94 | ) | $ | (5,379 | ) | |||
|
| |||||||
(13,582 | ) | |||||||
|
| |||||||
Transportation — (2.7)% | ||||||||
American Airlines Group, Inc. | (130 | ) | (5,499 | ) | ||||
CSX Corp. | (195 | ) | (9,077 | ) | ||||
FedEx Corp. | (65 | ) | (12,685 | ) | ||||
JB Hunt Transport Services, Inc. | (30 | ) | (2,752 | ) | ||||
Kansas City Southern | (28 | ) | (2,401 | ) | ||||
Norfolk Southern Corp. | (74 | ) | (8,286 | ) | ||||
Union Pacific Corp. | (56 | ) | (5,932 | ) | ||||
United Parcel Service, Inc., Class B | (115 | ) | (12,340 | ) | ||||
|
| |||||||
(58,972 | ) | |||||||
|
| |||||||
Utilities — (1.8)% | ||||||||
Duke Energy Corp. | (158 | ) | (12,958 | ) | ||||
FirstEnergy Corp. | (111 | ) | (3,532 | ) | ||||
NextEra Energy, Inc. | (105 | ) | (13,479 | ) | ||||
Public Service Enterprise Group, Inc. | (131 | ) | (5,810 | ) | ||||
Sempra Energy | (22 | ) | (2,431 | ) | ||||
|
| |||||||
(38,210 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $1,048,951) | (1,091,516 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (50.7)% |
| (1,091,516 | ) | |||||
|
| |||||||
(Proceeds $1,048,951) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 39.2% | 843,650 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,153,904 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC | Public Limited Company | |
REIT | RealEstate Investment Trust |
The accompanying notes are an integral part of the financial statements.
64 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 173.8% |
| |||||||
COMMON STOCKS — 173.8% |
| |||||||
Automobiles & Components — 4.4% |
| |||||||
BorgWarner, Inc.(a) | 115,607 | $ | 4,831,216 | |||||
Cooper Tire & Rubber Co.(a) | 1,008 | 44,705 | ||||||
Cooper-Standard Holdings, | 25,708 | 2,851,788 | ||||||
Delphi Automotive PLC (Jersey)† | 117,791 | 9,480,998 | ||||||
Ford Motor Co.(b) | 424,111 | 4,936,652 | ||||||
General Motors Co.† | 181,380 | 6,413,597 | ||||||
Goodyear Tire & Rubber Co. (The)(a) | 136,239 | 4,904,604 | ||||||
Harley-Davidson, Inc.(a) | 73,696 | 4,458,608 | ||||||
Lear Corp.† | 8,412 | 1,190,971 | ||||||
Magna International, Inc. (Canada)(b) | 77,706 | 3,353,791 | ||||||
Standard Motor Products, Inc. | 6,159 | 302,653 | ||||||
Tenneco, Inc. | 14,073 | 878,437 | ||||||
Thor Industries, Inc. | 7,454 | 716,553 | ||||||
Tower International, Inc. | 905 | 24,526 | ||||||
Winnebago Industries, Inc.† | 16,035 | 469,024 | ||||||
|
| |||||||
44,858,123 | ||||||||
|
| |||||||
Capital Goods — 27.0% |
| |||||||
3M Co.† | 29,365 | 5,618,405 | ||||||
Advanced Drainage Systems, Inc. | 685 | 15,002 | ||||||
AGCO Corp. | 14,912 | 897,404 | ||||||
Alamo Group, Inc. | 2,216 | 168,837 | ||||||
Allegion PLC (Ireland)† | 38,961 | 2,949,348 | ||||||
American Woodmark Corp.†* | 3,840 | 352,512 | ||||||
AMETEK, Inc.†(a) | 98,010 | 5,300,381 | ||||||
AO Smith Corp. | 5,464 | 279,538 | ||||||
Applied Industrial Technologies, Inc. | 3,015 | 186,478 | ||||||
Arconic, Inc.(a)(b) | 250,312 | 6,593,218 | ||||||
Argan, Inc.†(a) | 45,531 | 3,011,876 | ||||||
Astec Industries, Inc. | 5,917 | 363,866 | ||||||
Atkore International Group, Inc.* | 9,756 | 256,388 | ||||||
Barnes Group, Inc.† | 1,517 | 77,883 | ||||||
Boeing Co. (The)(a)(b) | 107,427 | 18,999,539 | ||||||
Builders FirstSource, Inc.* | 76,264 | 1,136,334 | ||||||
Carlisle Cos., Inc. | 10,219 | 1,087,404 | ||||||
Caterpillar, Inc.(a)(b) | 121,040 | 11,227,670 | ||||||
Chart Industries, Inc.†* | 82,537 | 2,883,843 | ||||||
Columbus McKinnon Corp. | 2,327 | 57,756 | ||||||
Continental Building Products, Inc.†* | 65,425 | 1,602,912 | ||||||
Crane Co.(b) | 51,844 | 3,879,486 | ||||||
CSW Industrials, Inc.* | 817 | 29,984 | ||||||
Cummins, Inc.(b) | 58,185 | 8,797,572 | ||||||
Curtiss-Wright Corp.† | 34,041 | 3,106,582 | ||||||
Deere & Co.(a) | 31,338 | 3,411,455 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Donaldson Co., Inc.(b) | 19,162 | $ | 872,254 | |||||
Dover Corp.† | 1,406 | 112,972 | ||||||
Eaton Corp. PLC (Ireland)† | 24,264 | 1,799,176 | ||||||
EMCOR Group, Inc.(b) | 40,411 | 2,543,872 | ||||||
Emerson Electric Co.† | 240,446 | 14,393,098 | ||||||
EnerSys† | 15,118 | 1,193,415 | ||||||
Engility Holdings, Inc.* | 4,628 | 133,934 | ||||||
Esterline Technologies Corp.* | 513 | 44,144 | ||||||
Flowserve Corp.(a) | 31,283 | 1,514,723 | ||||||
Fluor Corp.†(a)(b) | 99,110 | 5,215,168 | ||||||
Fortive Corp.(b) | 98,594 | 5,937,331 | ||||||
Fortune Brands Home & Security, Inc.† | 80,553 | 4,901,650 | ||||||
GATX Corp.(a) | 25,388 | 1,547,652 | ||||||
Generac Holdings, Inc.* | 5,149 | 191,955 | ||||||
General Cable Corp. | 61,850 | 1,110,208 | ||||||
General Electric Co.† | 125,125 | 3,728,725 | ||||||
Gibraltar Industries, Inc.†(a)* | 51,260 | 2,111,912 | ||||||
Global Brass & Copper Holdings, Inc. | 2,092 | 71,965 | ||||||
Gorman-Rupp Co. (The)(a) | 5,372 | 168,681 | ||||||
Harsco Corp.(b)* | 98,044 | 1,250,061 | ||||||
HD Supply Holdings, Inc.* | 4,459 | 183,376 | ||||||
Hillenbrand, Inc.† | 14,070 | 504,410 | ||||||
Honeywell International, Inc.†(a)(b) | 103,073 | 12,870,725 | ||||||
Hubbell, Inc.† | 4,495 | 539,625 | ||||||
Huntington Ingalls Industries, Inc.† | 4,490 | 899,078 | ||||||
IDEX Corp. | 1,838 | 171,871 | ||||||
Illinois Tool Works, Inc.† | 39,362 | 5,214,284 | ||||||
Ingersoll-Rand PLC (Ireland)† | 151,430 | 12,314,288 | ||||||
ITT, Inc.† | 27,469 | 1,126,778 | ||||||
Jacobs Engineering Group, Inc.†(b) | 79,898 | 4,416,761 | ||||||
Joy Global, Inc.(b) | 16,678 | 471,154 | ||||||
Kadant, Inc. | 324 | 19,229 | ||||||
Kaman Corp. | 4,082 | 196,467 | ||||||
L3 Technologies, Inc.† | 37,358 | 6,174,904 | ||||||
Lennox International, Inc.(a) | 8,035 | 1,344,256 | ||||||
Lydall, Inc.* | 7,431 | 398,302 | ||||||
Masco Corp.† | 134,682 | 4,577,841 | ||||||
Meritor, Inc.(a) * | 46,353 | 794,027 | ||||||
Moog, Inc., Class A†* | 1,743 | 117,391 | ||||||
MRC Global, Inc.†* | 22,299 | 408,741 | ||||||
Mueller Industries, Inc. | 8,501 | 290,989 | ||||||
National Presto Industries, Inc.† | 3,158 | 322,748 | ||||||
Oshkosh Corp.(b) | 54,433 | 3,733,559 |
The accompanying notes are an integral part of the financial statements.
65 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
PACCAR, Inc.(b) | 23,416 | $ | 1,573,555 | |||||
Parker-Hannifin Corp.† | 693 | 111,102 | ||||||
Patrick Industries, Inc.* | 1,534 | 108,761 | ||||||
Pentair PLC (Ireland)(a) | 92,384 | 5,799,867 | ||||||
Ply Gem Holdings, Inc.* | 1,764 | 34,751 | ||||||
Raytheon Co.†(b) | 47,371 | 7,224,078 | ||||||
Regal Beloit Corp.† | 40,078 | 3,031,901 | ||||||
Rockwell Automation, Inc.(b) | 22,112 | 3,443,059 | ||||||
Rockwell Collins, Inc.† | 59,368 | 5,768,195 | ||||||
Snap-on, Inc.(a) | 24,272 | 4,093,958 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 78,122 | 4,524,826 | ||||||
SPX Corp.(b)* | 66,795 | 1,619,779 | ||||||
Stanley Black & Decker, Inc.†(b) | 69,615 | 9,249,745 | ||||||
Terex Corp. | 51,530 | 1,618,042 | ||||||
Textron, Inc.(b) | 143,241 | 6,816,839 | ||||||
TransDigm Group, Inc.(a) | 9,525 | 2,097,024 | ||||||
Trex Co., Inc.(a)* | 7,377 | 511,890 | ||||||
TriMas Corp.* | 4,599 | 95,429 | ||||||
Tutor Perini Corp.(a)* | 66,046 | 2,100,263 | ||||||
United Rentals, Inc.†(b)* | 40,027 | 5,005,376 | ||||||
United Technologies Corp.† | 15,089 | 1,693,137 | ||||||
Univar, Inc.†* | 80,040 | 2,454,026 | ||||||
USG Corp.(a)* | 113,613 | 3,612,893 | ||||||
Veritiv Corp.* | 1,756 | 90,961 | ||||||
Wabash National Corp.(a) | 112,914 | 2,336,191 | ||||||
Watts Water Technologies, Inc., Class A(a) | 4,484 | 279,577 | ||||||
WESCO International, Inc.†* | 15,674 | 1,090,127 | ||||||
WW Grainger, Inc.(a) | 38,085 | 8,864,665 | ||||||
|
| |||||||
273,475,390 | ||||||||
|
| |||||||
Commercial & Professional Services — 3.7% |
| |||||||
Dun & Bradstreet Corp. (The)† | 19,501 | 2,104,938 | ||||||
Essendant, Inc. | 14,895 | 225,659 | ||||||
FTI Consulting, Inc.(a)* | 41,948 | 1,726,999 | ||||||
Huron Consulting Group, Inc.* | 4,831 | 203,385 | ||||||
ICF International, Inc.†* | 12,823 | 529,590 | ||||||
Kelly Services, Inc., Class A†(a) | 9,637 | 210,665 | ||||||
Kimball International, Inc., Class B | 2,135 | 35,228 | ||||||
LSC Communications, Inc. | 22,991 | 578,454 | ||||||
ManpowerGroup, Inc.† | 33,255 | 3,410,965 | ||||||
Matthews International Corp., Class A† | 19,480 | 1,317,822 | ||||||
Navigant Consulting, Inc.* | 21,509 | 491,696 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Nielsen Holdings PLC (United Kingdom)† | 175,227 | $ | 7,238,627 | |||||
Quad/Graphics, Inc.† | 61,761 | 1,558,848 | ||||||
Republic Services, Inc.† | 49,516 | 3,110,100 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada)(a) | 27,548 | 906,329 | ||||||
Robert Half International, Inc.† | 89,238 | 4,357,492 | ||||||
RR Donnelley & Sons Co.† | 82,702 | 1,001,521 | ||||||
SP Plus Corp.* | 264 | 8,910 | ||||||
Steelcase, Inc., Class A(a) | 43,690 | 731,808 | ||||||
Stericycle, Inc.(a)* | 31,946 | 2,648,004 | ||||||
Team, Inc.* | 4,258 | 115,179 | ||||||
Tetra Tech, Inc.(b) | 5,449 | 222,592 | ||||||
TrueBlue, Inc.†* | 35,181 | 962,200 | ||||||
UniFirst Corp.† | 4,504 | 637,091 | ||||||
Waste Management, Inc.†(b) | 43,236 | 3,152,769 | ||||||
|
| |||||||
37,486,871 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 8.4% |
| |||||||
Acushnet Holdings Corp.(a)* | 20,451 | 353,393 | ||||||
Callaway Golf Co.† | 51,589 | 571,090 | ||||||
Carter’s, Inc.(a) | 22,659 | 2,034,778 | ||||||
Cavco Industries, Inc.†* | 11,438 | 1,331,383 | ||||||
Coach, Inc.(b) | 135,296 | 5,591,784 | ||||||
Deckers Outdoor Corp.(a)* | 23,713 | 1,416,377 | ||||||
DR Horton, Inc.†(b) | 113,909 | 3,794,309 | ||||||
Fossil Group, Inc.†(a)* | 73,794 | 1,287,705 | ||||||
Garmin Ltd. (Switzerland)†(a) | 154,495 | 7,896,239 | ||||||
Hanesbrands, Inc.(a) | 187,891 | 3,900,617 | ||||||
Hasbro, Inc.(b) | 56,965 | 5,686,246 | ||||||
iRobot Corp.(a)* | 26,919 | 1,780,423 | ||||||
La-Z-Boy, Inc.(a)(b) | 52,909 | 1,428,543 | ||||||
Leggett & Platt, Inc.(a) | 49,318 | 2,481,682 | ||||||
Mattel, Inc.(a) | 182,059 | 4,662,531 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†(b)* | 118,317 | 4,509,061 | ||||||
Movado Group, Inc. | 1,156 | 28,842 | ||||||
Newell Brands, Inc. | 197,461 | 9,314,235 | ||||||
PulteGroup, Inc.(a) | 140,817 | 3,316,240 | ||||||
PVH Corp.† | 114 | 11,796 | ||||||
Ralph Lauren Corp.†(a) | 53,005 | 4,326,268 | ||||||
TopBuild Corp.(b)* | 28,112 | 1,321,264 | ||||||
Under Armour, Inc., Class C(a)* | 173,544 | 3,175,855 | ||||||
VF Corp.(a) | 172,338 | 9,473,420 | ||||||
Whirlpool Corp.†(a) | 27,612 | 4,730,764 |
The accompanying notes are an integral part of the financial statements.
66 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Wolverine World Wide, Inc.(a) | 28,967 | $ | 723,306 | |||||
|
| |||||||
85,148,151 | ||||||||
|
| |||||||
Consumer Services — 6.7% |
| |||||||
Amaya, Inc. (Canada)* | 72 | 1,224 | ||||||
Bojangles’, Inc.(a)* | 25,618 | 525,169 | ||||||
Brinker International, Inc.(a) | 27,916 | 1,227,187 | ||||||
Capella Education Co.† | 11,209 | 953,045 | ||||||
Carnival Corp. (Panama)(a)(b) | 61,464 | 3,620,844 | ||||||
Cheesecake Factory, Inc. (The)(a) | 11,195 | 709,315 | ||||||
Churchill Downs, Inc.† | 6,794 | 1,079,227 | ||||||
Cracker Barrel Old Country Store, Inc.(a) | 15,764 | 2,510,417 | ||||||
Darden Restaurants, Inc.†(b) | 24,172 | 2,022,471 | ||||||
Denny’s Corp.* | 612 | 7,570 | ||||||
DeVry Education Group, Inc.†(a) | 39,669 | 1,406,266 | ||||||
DineEquity, Inc.(b) | 50,359 | 2,740,537 | ||||||
Dunkin’ Brands Group, Inc. | 18,129 | 991,294 | ||||||
Eldorado Resorts, Inc.* | 49,072 | 928,688 | ||||||
Graham Holdings Co., Class B† | 1,848 | 1,107,968 | ||||||
Hilton Worldwide Holdings, Inc. | 10,094 | 590,095 | ||||||
ILG, Inc. | 43,874 | 919,599 | ||||||
Isle of Capri Casinos, Inc.* | 9,088 | 239,560 | ||||||
Jack in the Box, Inc.†(b) | 40,261 | 4,095,349 | ||||||
La Quinta Holdings, Inc.†* | 98,106 | 1,326,393 | ||||||
McDonald’s Corp.†(b) | 90,697 | 11,755,238 | ||||||
Monarch Casino & Resort, Inc.* | 253 | 7,474 | ||||||
Restaurant Brands International, Inc. (Canada)† | 12,604 | 702,547 | ||||||
Royal Caribbean Cruises Ltd. (Liberia)† | 73,657 | 7,226,488 | ||||||
SeaWorld Entertainment, Inc.(a) | 48,419 | 884,615 | ||||||
Service Corp. International | 18,674 | 576,653 | ||||||
Six Flags Entertainment Corp. | 2,972 | 176,804 | ||||||
Sonic Corp.†(a) | 119,034 | 3,018,702 | ||||||
Speedway Motorsports, Inc. | 306 | 5,765 | ||||||
Weight Watchers International, Inc.* | 82,915 | 1,290,987 | ||||||
Wendy’s Co. (The)(a) | 81,789 | 1,113,148 | ||||||
Wyndham Worldwide Corp.(a)(b) | 69,574 | 5,864,392 | ||||||
Yum! Brands, Inc.†(b) | 133,982 | �� | 8,561,450 | |||||
|
| |||||||
68,186,481 | ||||||||
|
| |||||||
Energy — 3.7% |
| |||||||
Archrock, Inc.† | 171,276 | 2,123,822 | ||||||
Atwood Oceanics, Inc.(a)* | 57,603 | 548,957 | ||||||
Baker Hughes, Inc. | 6,362 | 380,575 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
CONSOL Energy, Inc.†* | 52,043 | $ | 873,282 | |||||
CVR Energy, Inc.(a) | 19,077 | 383,066 | ||||||
Delek US Holdings, Inc.†(a) | 81,445 | 1,976,670 | ||||||
Diamond Offshore Drilling, Inc.(a)* | 46,594 | 778,586 | ||||||
Dorian LPG Ltd. (Marshall Island)* | 200 | 2,106 | ||||||
Dril-Quip, Inc.(a)* | 6,391 | 348,629 | ||||||
Exterran Corp.* | 19,276 | 606,230 | ||||||
Exxon Mobil Corp.† | 29,299 | 2,402,811 | ||||||
Halliburton Co.†(b) | 62,214 | 3,061,551 | ||||||
Imperial Oil Ltd. (Canada)(a) | 16,475 | 502,488 | ||||||
Kinder Morgan, Inc.† | 87,942 | 1,911,859 | ||||||
McDermott International, Inc. (Panama)(a)* | 133,122 | 898,574 | ||||||
Oceaneering International, Inc.(b) | 70,148 | 1,899,608 | ||||||
Oil States International, Inc.(a)* | 24,100 | 798,915 | ||||||
ONEOK, Inc.† | 19,144 | 1,061,343 | ||||||
REX American Resources Corp.†* | 9,601 | 868,794 | ||||||
Rowan Cos. PLC, Class A (United Kingdom)†(a)* | 200,133 | 3,118,072 | ||||||
Seadrill Ltd. (Bermuda)* | 15,871 | 26,187 | ||||||
Ship Finance International Ltd. (Bermuda)(a) | 85,165 | 1,251,926 | ||||||
Smart Sand, Inc.* | 11,903 | 193,424 | ||||||
Suncor Energy, Inc. (Canada) | 52,313 | 1,608,625 | ||||||
Teekay Corp. (Marshall Island)(a) | 27,331 | 250,079 | ||||||
Transocean Ltd. (Switzerland)(a)* | 52,195 | 649,828 | ||||||
Unit Corp.(a)* | 16,945 | 409,391 | ||||||
Valero Energy Corp.† | 56,677 | 3,757,118 | ||||||
Western Refining, Inc.† | 20,115 | 705,433 | ||||||
Williams Cos., Inc. (The)(b) | 120,493 | 3,565,388 | ||||||
|
| |||||||
36,963,337 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.8% |
| |||||||
CVS Health Corp.†(a)(b) | 242,484 | 19,034,994 | ||||||
Ingles Markets, Inc., Class A† | 12,039 | 519,483 | ||||||
Kroger Co. (The)†(b) | 272,461 | 8,034,875 | ||||||
SpartanNash Co.† | 39,967 | 1,398,445 | ||||||
Walgreens Boots Alliance, Inc.† | 99,979 | 8,303,256 | ||||||
Wal-Mart Stores, Inc.† | 159,660 | 11,508,293 | ||||||
Weis Markets, Inc.† | 1,608 | 95,917 | ||||||
|
| |||||||
48,895,263 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 10.4% |
| |||||||
Altria Group, Inc.† | 56,105 | 4,007,019 | ||||||
Archer-Daniels-Midland Co.†(b) | 201,259 | 9,265,964 | ||||||
Boston Beer Co., Inc., Class A(a)* | 1,862 | 269,338 |
The accompanying notes are an integral part of the financial statements.
67 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Brown-Forman Corp., Class B(a) | 44,971 | $ | 2,076,761 | |||||
Campbell Soup Co.(a)(b) | 147,703 | 8,454,520 | ||||||
Coca-Cola Co. (The)† | 65,280 | 2,770,483 | ||||||
Conagra Brands, | 193,809 | 7,818,255 | ||||||
Dr Pepper Snapple Group, Inc.† | 106,833 | 10,461,087 | ||||||
Fresh Del Monte Produce, Inc. (Cayman Islands)(a) | 9,218 | 545,982 | ||||||
General Mills, Inc.†(a) | 90,524 | 5,341,821 | ||||||
Hershey Co. (The)(b) | 74,053 | 8,090,290 | ||||||
Hormel Foods Corp.(a) | 266,187 | 9,218,056 | ||||||
Ingredion, Inc.† | 2,213 | 266,512 | ||||||
JM Smucker Co. | 23,654 | 3,100,566 | ||||||
John B Sanfilippo & Son, Inc.(a) | 4,122 | 301,689 | ||||||
Kellogg Co.† | 10,835 | 786,729 | ||||||
McCormick & Co., Inc., non-voting shares†(a) | 77,375 | 7,547,931 | ||||||
Mondelez International, Inc., Class A† | 19,266 | 829,979 | ||||||
Philip Morris International, Inc.† | 31,526 | 3,559,285 | ||||||
Pilgrim’s Pride Corp.(a) | 43,770 | 985,044 | ||||||
Pinnacle Foods, Inc.(b) | 59,137 | 3,422,258 | ||||||
Reynolds American, Inc.† | 25,900 | 1,632,218 | ||||||
Snyder’s-Lance, Inc. | 8,225 | 331,550 | ||||||
Tyson Foods, Inc., Class A†(a) | 196,342 | 12,116,265 | ||||||
Universal Corp.†(a) | 22,782 | 1,611,826 | ||||||
|
| |||||||
104,811,428 | ||||||||
|
| |||||||
Health Care Equipment & Services — 14.1% |
| |||||||
Abbott Laboratories(b) | 119,395 | 5,302,332 | ||||||
Acadia Healthcare Co., Inc.(a)* | 125,236 | 5,460,290 | ||||||
Air Methods Corp.†(a)* | 17,800 | 765,400 | ||||||
Alere, Inc.†* | 4,517 | 179,460 | ||||||
American Renal Associates Holdings, Inc.(a)* | 6,680 | 112,758 | ||||||
AmerisourceBergen Corp.(a) | 11,419 | 1,010,582 | ||||||
AMN Healthcare Services, Inc.(a)* | 60,239 | 2,445,703 | ||||||
Analogic Corp.† | 6,742 | 511,718 | ||||||
AngioDynamics, Inc.* | 11,860 | 205,771 | ||||||
Anika Therapeutics, Inc.†* | 5,444 | 236,487 | ||||||
Baxter International, Inc.(b) | 266,612 | 13,826,498 | ||||||
Boston Scientific | 324,509 | 8,070,539 | ||||||
Cerner Corp.(a)* | 55,065 | 3,240,575 | ||||||
Chemed Corp.† | 5,634 | 1,029,275 | ||||||
Community Health Systems, Inc.†* | 112,529 | 998,132 | ||||||
CONMED Corp.(a) | 10,848 | 481,760 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Cooper Cos., Inc. (The)† | 3,060 | $ | 611,663 | |||||
Cotiviti Holdings, Inc.(b)* | 67,232 | 2,798,868 | ||||||
CR Bard, Inc.† | 3,079 | 765,255 | ||||||
Danaher Corp.(b) | 70,268 | 6,010,022 | ||||||
DaVita, Inc.†(b)* | 95,597 | 6,497,728 | ||||||
Express Scripts Holding Co.†(a)* | 273,536 | 18,028,758 | ||||||
Globus Medical, Inc., Class A(a)* | 17,290 | 512,130 | ||||||
Haemonetics Corp.* | 3,639 | 147,634 | ||||||
Halyard Health, Inc.†* | 90,281 | 3,438,803 | ||||||
HCA Holdings, Inc.†(b)* | 95,118 | 8,464,551 | ||||||
Henry Schein, Inc.(a)* | 16,383 | 2,784,618 | ||||||
Hill-Rom Holdings, Inc.† | 5,636 | 397,902 | ||||||
HMS Holdings Corp.†* | 57,388 | 1,166,698 | ||||||
ICU Medical, Inc.†* | 5,798 | 885,355 | ||||||
Integer Holdings Corp.* | 38,138 | 1,533,148 | ||||||
Integra LifeSciences Holdings Corp.* | 8,307 | 349,974 | ||||||
Kindred Healthcare, Inc.†(a) | 175,888 | 1,468,665 | ||||||
Laboratory Corp. of America Holdings†* | 46,864 | 6,723,578 | ||||||
Masimo Corp.†* | 3,780 | 352,523 | ||||||
McKesson Corp.† | 38,958 | 5,775,913 | ||||||
MEDNAX, Inc.(a)* | 22,395 | 1,553,765 | ||||||
Medtronic PLC (Ireland)(a)(b) | 48,643 | 3,918,680 | ||||||
Meridian Bioscience, Inc.†(a) | 58,032 | 800,842 | ||||||
Natus Medical, Inc.†(b)* | 24,922 | 978,188 | ||||||
Owens & Minor, Inc.(a) | 46,677 | 1,615,024 | ||||||
Quality Systems, Inc.* | 12,189 | 185,760 | ||||||
Quest Diagnostics, Inc.† | 56,395 | 5,537,425 | ||||||
ResMed, Inc.†(a) | 6,526 | 469,676 | ||||||
Select Medical Holdings Corp.* | 107,163 | 1,430,626 | ||||||
STERIS PLC (United Kingdom)† | 12,460 | 865,472 | ||||||
Stryker Corp.(a) | 17,362 | 2,285,707 | ||||||
Tivity Health, Inc.* | 22,419 | 652,393 | ||||||
Varian Medical Systems, Inc.†(a)* | 30,803 | 2,807,077 | ||||||
Veeva Systems, Inc., Class A(a)* | 31,111 | 1,595,372 | ||||||
Zimmer Biomet Holdings, Inc.† | 46,335 | 5,657,967 | ||||||
|
| |||||||
142,945,040 | ||||||||
|
| |||||||
Household & Personal Products — 2.1% |
| |||||||
Avon Products, Inc.(a)* | 408,305 | 1,796,542 | ||||||
Central Garden & Pet Co., Class A†* | 21,466 | 745,299 | ||||||
Church & Dwight Co., Inc.† | 94,003 | 4,687,930 | ||||||
Colgate-Palmolive Co | 18,941 | 1,386,292 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 1,671 | 141,684 |
The accompanying notes are an integral part of the financial statements.
68 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Inter Parfums, Inc. | 717 | $ | 26,206 | |||||
Kimberly-Clark Corp.† | 52,949 | 6,969,677 | ||||||
Procter & Gamble Co. (The)†(b) | 56,867 | 5,109,500 | ||||||
|
| |||||||
20,863,130 | ||||||||
|
| |||||||
Materials — 5.9% |
| |||||||
Agrium, Inc. (Canada)(a) | 14,250 | 1,361,588 | ||||||
Air Products & Chemicals, Inc. | 1,610 | 217,817 | ||||||
Albemarle Corp.(b) | 25,342 | 2,677,129 | ||||||
Axalta Coating Systems Ltd. (Bermuda)* | 31,445 | 1,012,529 | ||||||
Cabot Corp.† | 22,828 | 1,367,625 | ||||||
Chemours Co. (The)† | 58,621 | 2,256,908 | ||||||
Chemtura Corp.†* | 34,499 | 1,152,267 | ||||||
Domtar Corp. | 25,094 | 916,433 | ||||||
Eagle Materials, Inc.(b) | 56,769 | 5,514,541 | ||||||
EI du Pont de Nemours & Co.† | 48,498 | 3,895,844 | ||||||
FMC Corp.† | 11,010 | 766,186 | ||||||
FutureFuel Corp.(a) | 6,600 | 93,588 | ||||||
Graphic Packaging Holding Co. | 97,221 | 1,251,234 | ||||||
Greif, Inc., Class A(b) | 39,699 | 2,187,018 | ||||||
Headwaters, Inc.†* | 40,320 | 946,714 | ||||||
Huntsman Corp.†(b) | 47,090 | 1,155,589 | ||||||
Ingevity Corp.* | 16,654 | 1,013,396 | ||||||
Innophos Holdings, Inc.† | 31,940 | 1,723,802 | ||||||
Koppers Holdings, Inc.†* | 21,457 | 908,704 | ||||||
Kraton Corp.†(a)* | 53,913 | 1,666,990 | ||||||
Louisiana-Pacific Corp.†(a)(b)* | 125,540 | 3,115,903 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 43,281 | 3,946,794 | ||||||
Minerals Technologies, Inc.† | 15,418 | 1,181,019 | ||||||
Monsanto Co.† | 24,873 | 2,815,624 | ||||||
Neenah Paper, Inc. | 3,322 | 248,153 | ||||||
Olin Corp. | 6,847 | 225,061 | ||||||
Owens-Illinois, Inc.†* | 51,782 | 1,055,317 | ||||||
Platform Specialty Products Corp.* | 13,901 | 180,991 | ||||||
PolyOne Corp. | 8,556 | 291,674 | ||||||
PPG Industries, Inc.†(a) | 27,910 | 2,932,783 | ||||||
RPM International, Inc.† | 2,583 | 142,142 | ||||||
Schweitzer-Mauduit International, Inc.† | 34,588 | 1,432,635 | ||||||
Sealed Air Corp. | 35,729 | 1,557,070 | ||||||
Silgan Holdings, Inc.(a) | 23,568 | 1,398,996 | ||||||
Sonoco Products Co.†(a) | 21,783 | 1,152,756 | ||||||
Stepan Co. | 1,238 | 97,567 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Summit Materials, Inc., | 93,735 | $ | 2,316,192 | |||||
Trinseo SA (Luxembourg)† | 50,589 | 3,394,522 | ||||||
|
| |||||||
59,571,101 | ||||||||
|
| |||||||
Media — 8.6% |
| |||||||
AMC Networks, Inc., Class A†* | 26,206 | 1,537,768 | ||||||
CBS Corp., Class B, non-voting shares†(a) | 150,037 | 10,406,566 | ||||||
Comcast Corp., Class A†(b) | 127,500 | 4,792,725 | ||||||
Discovery Communications, Inc., Class A(a)* | 248,482 | 7,228,341 | ||||||
DISH Network Corp., Class A(a)* | 36,062 | 2,289,576 | ||||||
Gray Television, Inc.* | 65,717 | 952,896 | ||||||
Interpublic Group of Cos., Inc. (The)†(a) | 213,493 | 5,245,523 | ||||||
MSG Networks, Inc., Class A†(a)* | 109,046 | 2,546,224 | ||||||
News Corp., Class A(b) | 237,424 | 3,086,512 | ||||||
Omnicom Group, Inc.(a)(b) | 102,597 | 8,844,887 | ||||||
Scholastic Corp. | 9,673 | 411,780 | ||||||
Scripps Networks Interactive, Inc., Class A(a) | 60,496 | 4,741,071 | ||||||
Sinclair Broadcast Group, Inc., Class A† | 53,669 | 2,173,594 | ||||||
TEGNA, Inc.†(b) | 182,392 | 4,672,883 | ||||||
Time Warner, Inc.†(b) | 69,905 | 6,830,418 | ||||||
Twenty-First Century Fox, Inc., Class A†(a)(b) | 301,273 | 9,758,232 | ||||||
Viacom, Inc., Class B†(b) | 176,102 | 8,209,875 | ||||||
Walt Disney Co. (The)(b) | 34,028 | 3,858,435 | ||||||
|
| |||||||
87,587,306 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 16.5% |
| |||||||
AbbVie, Inc.†(b) | 147,873 | 9,635,405 | ||||||
Acorda Therapeutics, Inc.(a)* | 44,095 | 925,995 | ||||||
Agilent Technologies, Inc.† | 21,243 | 1,123,117 | ||||||
Akorn, Inc.(b)* | 22,387 | 539,079 | ||||||
Alexion Pharmaceuticals, Inc.* | 4,195 | 508,602 | ||||||
Alkermes PLC (Ireland)(a)* | 15,583 | 911,606 | ||||||
AMAG Pharmaceuticals, Inc.†(a)* | 130,901 | 2,951,818 | ||||||
Amgen, Inc.† | 88,889 | 14,584,018 | ||||||
BioCryst Pharmaceuticals, Inc.(a)* | 22,350 | 187,740 | ||||||
Biogen, Inc.†* | 60,938 | 16,661,668 | ||||||
Bioverativ, Inc.†* | 29,367 | 1,599,327 | ||||||
Blueprint Medicines Corp.* | 4,675 | 186,953 | ||||||
Bruker Corp. | 15,709 | 366,491 | ||||||
Celgene Corp.†* | 32,467 | 4,039,869 |
The accompanying notes are an integral part of the financial statements.
69 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Charles River Laboratories International, Inc.†* | 22,325 | $ | 2,008,134 | |||||
Coherus Biosciences, Inc.†* | 11,255 | 238,043 | ||||||
Cytokinetics, Inc.* | 5,409 | 69,506 | ||||||
Eagle Pharmaceuticals, Inc.(a)* | 27,122 | 2,249,499 | ||||||
Eli Lilly & Co.†(b) | 104,167 | 8,761,486 | ||||||
Emergent BioSolutions, Inc.(b)* | 25,429 | 738,458 | ||||||
Enanta Pharmaceuticals, Inc.†* | 8,521 | 262,447 | ||||||
Endo International PLC (Ireland)* | 129,827 | 1,448,869 | ||||||
Exelixis, Inc.(a)* | 181,770 | 3,938,956 | ||||||
Gilead Sciences, Inc.† | 275,358 | 18,702,315 | ||||||
Heska Corp.* | 2,055 | 215,734 | ||||||
Horizon Pharma PLC (Ireland)(a)* | 13,606 | 201,097 | ||||||
INC Research Holdings, Inc., Class A†* | 4,412 | 202,290 | ||||||
Incyte Corp., Ltd.†* | 16,246 | 2,171,603 | ||||||
Insys Therapeutics, Inc.(a)* | 46,221 | 485,783 | ||||||
Ionis Pharmaceuticals, Inc.†(a)* | 69,791 | 2,805,598 | ||||||
Ironwood Pharmaceuticals, | 91,264 | 1,556,964 | ||||||
Jazz Pharmaceuticals PLC (Ireland)†* | 4,076 | 591,550 | ||||||
Johnson & Johnson†(b) | 75,415 | 9,392,938 | ||||||
Lannett Co., Inc.(a)* | 137,936 | 3,082,870 | ||||||
Ligand Pharmaceuticals, Inc.†(a)* | 24,385 | 2,580,908 | ||||||
Merck & Co., Inc.†(b) | 193,807 | 12,314,497 | ||||||
MiMedx Group, Inc.(a)* | 32,939 | 313,909 | ||||||
Mylan NV (Netherlands)* | 127,023 | 4,952,627 | ||||||
Myriad Genetics, Inc.(a)* | 89,351 | 1,715,539 | ||||||
PerkinElmer, Inc.† | 47,112 | 2,735,323 | ||||||
Pfizer, Inc.† | 271,882 | 9,301,083 | ||||||
Phibro Animal Health Corp., Class A | 3,417 | 96,018 | ||||||
PRA Health Sciences, Inc.†* | 33,885 | 2,210,319 | ||||||
Prestige Brands Holdings, | 31,138 | 1,730,027 | ||||||
Progenics Pharmaceuticals, | 166,476 | 1,571,533 | ||||||
QIAGEN NV (Netherlands) | 6,327 | 183,293 | ||||||
Quintiles IMS Holdings, Inc.†* | 18,510 | 1,490,610 | ||||||
Repligen Corp.†(a)* | 38,059 | 1,339,677 | ||||||
Seattle Genetics, Inc.(a)* | 21,980 | 1,381,663 | ||||||
Sucampo Pharmaceuticals, Inc., Class A(a)* | 39,039 | 429,429 | ||||||
Supernus Pharmaceuticals, | 20,139 | 630,351 | ||||||
Thermo Fisher Scientific, Inc.† | 3,783 | 581,069 | ||||||
United Therapeutics Corp.†(a)(b)* | 22,149 | 2,998,532 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Vanda Pharmaceuticals, Inc.* | 42,818 | $ | 599,452 | |||||
VWR Corp.(a)* | 10,617 | 299,399 | ||||||
Waters Corp.†(b)* | 11,387 | 1,779,902 | ||||||
Xencor, Inc.†* | 65,556 | 1,568,099 | ||||||
Zoetis, Inc.† | 15,559 | 830,384 | ||||||
|
| |||||||
166,979,471 | ||||||||
|
| |||||||
Retailing — 9.6% |
| |||||||
1-800-Flowers.com, Inc., Class A* | 2,326 | 23,725 | ||||||
Aaron’s, Inc.†(a) | 75,168 | 2,235,496 | ||||||
Abercrombie & Fitch Co., | 94,141 | 1,123,102 | ||||||
American Eagle Outfitters, Inc.(a) | 44,010 | 617,460 | ||||||
Asbury Automotive Group, Inc.* | 21,756 | 1,307,536 | ||||||
Ascena Retail Group, Inc.(a)* | 40,657 | 173,199 | ||||||
AutoNation, Inc.(a)* | 100,529 | 4,251,371 | ||||||
AutoZone, Inc.†(a)(b)* | 7,263 | 5,251,512 | ||||||
Bed Bath & Beyond, Inc.(a) | 124,288 | 4,904,404 | ||||||
Best Buy Co., Inc.(a) | 45,697 | 2,246,008 | ||||||
Buckle, Inc. (The)(a) | 73,670 | 1,370,262 | ||||||
Camping World Holdings, Inc., Class A(a) | 13,181 | 424,955 | ||||||
Dick’s Sporting Goods, Inc.(b) | 4,018 | 195,516 | ||||||
Dillard’s, Inc., Class A(a) | 15,791 | 824,922 | ||||||
Dollar General Corp.† | 44,227 | 3,083,949 | ||||||
Dollar Tree, Inc.†* | 29,818 | 2,339,520 | ||||||
Expedia, Inc.† | 2,694 | 339,902 | ||||||
Foot Locker, Inc.†(b) | 37,581 | 2,811,435 | ||||||
Gap, Inc. (The)(a) | 214,923 | 5,220,480 | ||||||
Genuine Parts Co.†(a) | 61,368 | 5,671,017 | ||||||
Group 1 Automotive, Inc.† | 5,630 | 417,070 | ||||||
Home Depot, Inc. (The) | 1,092 | 160,338 | ||||||
HSN, Inc.† | 64,871 | 2,406,714 | ||||||
Kohl’s Corp.†(a) | 17,306 | 688,952 | ||||||
L Brands, Inc.(a) | 86,079 | 4,054,321 | ||||||
Liberty Interactive Corp. QVC Group, Class A†* | 36,920 | 739,138 | ||||||
Lowe’s Cos., Inc.(b) | 6,186 | 508,551 | ||||||
Macy’s, Inc. | 16,717 | 495,492 | ||||||
Monro Muffler Brake, Inc. | 1,071 | 55,799 | ||||||
Nordstrom, Inc.(a) | 26,769 | 1,246,632 | ||||||
Nutrisystem, Inc.(b) | 54,669 | 3,034,130 | ||||||
Office Depot, Inc.(a) | 448,006 | 2,089,948 | ||||||
O’Reilly Automotive, Inc.* | 1,709 | 461,157 | ||||||
Pool Corp.† | 7,525 | 897,958 |
The accompanying notes are an integral part of the financial statements.
70 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Priceline Group, Inc. (The)†* | 2,364 | $ | 4,207,849 | |||||
Ross Stores, Inc.†(b) | 70,342 | 4,633,428 | ||||||
Signet Jewelers, Ltd. (Bermuda)(a) | 9,525 | 659,797 | ||||||
Staples, Inc.†(b) | 346,772 | 3,041,190 | ||||||
Target Corp.†(a) | 152,514 | 8,417,248 | ||||||
Tiffany & Co.(a) | 28,939 | 2,757,887 | ||||||
TJX Cos., Inc. (The)†(b) | 105,324 | 8,329,022 | ||||||
Tractor Supply Co.(a) | 50,553 | 3,486,640 | ||||||
|
| |||||||
97,205,032 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 10.3% |
| |||||||
Amkor Technology, Inc.(a)* | 143,014 | 1,657,532 | ||||||
Analog Devices, Inc.† | 123,109 | 10,088,783 | ||||||
Applied Materials, Inc.†(b) | 334,414 | 13,008,705 | ||||||
Broadcom Ltd. (Singapore) | 3 | 657 | ||||||
Cabot Microelectronics Corp. | 9,853 | 754,838 | ||||||
Cirrus Logic, Inc.(a)* | 62,782 | 3,810,240 | ||||||
Diodes, Inc.* | 6,211 | 149,375 | ||||||
Exar Corp.* | 7,100 | 92,371 | ||||||
Intel Corp.†(b) | 398,742 | 14,382,624 | ||||||
KLA-Tencor Corp. | 56,483 | 5,369,839 | ||||||
Lam Research Corp. | 63,618 | 8,166,006 | ||||||
Marvell Technology Group Ltd. (Bermuda) | 55,042 | 839,941 | ||||||
Maxim Integrated Products, Inc.† | 9,889 | 444,609 | ||||||
MaxLinear, Inc.†* | 23,613 | 662,345 | ||||||
Microchip Technology, Inc.(a) | 33,670 | 2,484,173 | ||||||
MKS Instruments, Inc.†(a) | 39,669 | 2,727,244 | ||||||
Nanometrics, Inc.* | 7,303 | 222,449 | ||||||
Photronics, Inc.†* | 47,285 | 505,950 | ||||||
QUALCOMM, Inc.†(b) | 272,063 | 15,600,092 | ||||||
Skyworks Solutions, Inc.(a)(b) | 94,250 | 9,234,615 | ||||||
Teradyne, Inc.† | 37,196 | 1,156,796 | ||||||
Texas Instruments, Inc.† | 128,367 | 10,341,245 | ||||||
Xilinx, Inc.† | 50,566 | 2,927,266 | ||||||
|
| |||||||
104,627,695 | ||||||||
|
| |||||||
Software & Services — 13.1% | ||||||||
Accenture PLC, Class A (Ireland)† | 37,334 | 4,475,600 | ||||||
Adobe Systems, Inc.* | 5,482 | 713,373 | ||||||
Akamai Technologies, Inc.†(a)(b)* | 85,688 | 5,115,574 | ||||||
Alphabet, Inc., Class A* | 1,406 | 1,192,007 | ||||||
ANSYS, Inc.†(a)* | 18,473 | 1,974,209 | ||||||
Aspen Technology, Inc.†(a)* | 48,249 | 2,842,831 | ||||||
Automatic Data Processing, Inc.(a) | 5,822 | 596,115 | ||||||
Bankrate, Inc.†* | 80,826 | 779,971 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Software & Services — (Continued) |
| |||||||
Booz Allen Hamilton Holding Corp.† | 22,574 | $ | 798,894 | |||||
CA, Inc.† | 277,581 | 8,804,869 | ||||||
CACI International, Inc., Class A†* | 2,115 | 248,090 | ||||||
Cadence Design Systems, Inc.†* | 17,639 | 553,865 | ||||||
Cardtronics PLC, Class A (United Kingdom)(a)* | 5,361 | 250,627 | ||||||
CDK Global, Inc.(b) | 56,442 | 3,669,294 | ||||||
Citrix Systems, Inc.†(a)* | 88,384 | 7,370,342 | ||||||
CommerceHub, Inc., Class A* | 70 | 1,084 | ||||||
Conduent, Inc.* | 81,742 | 1,371,631 | ||||||
Convergys Corp.(a) | 26,739 | 565,530 | ||||||
CoreLogic, Inc.* | 11,914 | 485,138 | ||||||
CSG Systems International, Inc.† | 13,499 | 510,397 | ||||||
CSRA, Inc.† | 123,396 | 3,614,269 | ||||||
DST Systems, Inc.† | 13,762 | 1,685,845 | ||||||
eBay, Inc.†* | 233,454 | 7,837,051 | ||||||
Facebook, Inc., Class A(b)* | 8,708 | 1,236,971 | ||||||
Fidelity National Information Services, Inc.†(b) | 59,841 | 4,764,540 | ||||||
Gigamon, Inc.* | 26,925 | 957,184 | ||||||
Globant SA (Luxembourg)(a)* | 11,738 | 427,263 | ||||||
GrubHub, Inc.(a)* | 9,041 | 297,358 | ||||||
GTT Communications, Inc.(a)* | 12,039 | 293,150 | ||||||
IAC/InterActiveCorp.†* | 33,752 | 2,488,197 | ||||||
International Business Machines Corp.† | 29,188 | 5,082,798 | ||||||
j2 Global, Inc.(a) | 43,778 | 3,673,412 | ||||||
LogMeIn, Inc. | 18,883 | 1,841,092 | ||||||
Manhattan Associates, Inc.†* | 52,982 | 2,757,713 | ||||||
MAXIMUS, Inc.† | 8,121 | 505,126 | ||||||
MicroStrategy, Inc., Class A†* | 7,158 | 1,344,272 | ||||||
NIC, Inc.†(a)(b) | 66,899 | 1,351,360 | ||||||
Nuance Communications, Inc.†* | 31,745 | 549,506 | ||||||
Open Text Corp. (Canada)† | 49,806 | 1,693,902 | ||||||
Oracle Corp.† | 29,497 | 1,315,861 | ||||||
Paychex, Inc.(a) | 62,033 | 3,653,744 | ||||||
Perficient, Inc.* | 2,264 | 39,303 | ||||||
Progress Software Corp. | 26,283 | 763,521 | ||||||
QAD, Inc., Class A | 106 | 2,952 | ||||||
Qualys, Inc.* | 9,572 | 362,779 | ||||||
Science Applications International Corp.(a)(b) | 34,197 | 2,544,257 | ||||||
SS&C Technologies Holdings, Inc. | 907 | 32,108 | ||||||
Stamps.com, Inc.(a)* | 36,740 | 4,348,179 |
The accompanying notes are an integral part of the financial statements.
71 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) | ||||||||
Sykes Enterprises, Inc.†* | 5,958 | $ | 175,165 | |||||
Symantec Corp.(b) | 106,812 | 3,276,992 | ||||||
Synchronoss Technologies, Inc.(a)* | 25,479 | 621,688 | ||||||
Synopsys, Inc.(b)* | 41,948 | 3,025,709 | ||||||
Teradata Corp.(a)* | 91,632 | 2,851,588 | ||||||
TiVo Corp. | 48,378 | 907,088 | ||||||
Trade Desk, Inc. (The), Class A* | 66,928 | 2,493,068 | ||||||
Travelport Worldwide Ltd. | ||||||||
(Bermuda)† | 61,392 | 722,584 | ||||||
Tyler Technologies, Inc.(a)* | 3,546 | 548,070 | ||||||
VASCO Data Security International, Inc.* | 34,288 | 462,888 | ||||||
VeriSign, Inc.(a)* | 35,511 | 3,093,363 | ||||||
Visa, Inc., Class A(a) | 2,647 | 235,239 | ||||||
VMware, Inc., Class A(a)* | 40,450 | 3,727,063 | ||||||
Web.com Group, Inc.* | 16,965 | 327,424 | ||||||
WebMD Health Corp.(a)* | 84,863 | 4,470,583 | ||||||
Western Union Co. (The)(a)(b) | 315,612 | 6,422,704 | ||||||
WEX, Inc.(a)* | 15,355 | 1,589,245 | ||||||
|
| |||||||
132,733,615 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 14.3% |
| |||||||
Amphenol Corp., Class A(a) | 12,338 | 878,095 | ||||||
Anixter International, Inc.(b)* | 28,391 | 2,251,406 | ||||||
Apple, Inc.†(b) | 100,532 | 14,442,427 | ||||||
Applied Optoelectronics, Inc.(a)* | 7,698 | 432,243 | ||||||
AVX Corp.(a) | 46,775 | 766,174 | ||||||
Belden, Inc.†(a) | 16,069 | 1,111,814 | ||||||
Benchmark Electronics, Inc.†* | 78,621 | 2,500,148 | ||||||
CDW Corp. | 8,312 | 479,685 | ||||||
Cisco Systems, Inc.† | 438,005 | 14,804,569 | ||||||
CommScope Holding Co., Inc.†* | 101,322 | 4,226,141 | ||||||
Corning, Inc.† | 457,963 | 12,365,001 | ||||||
F5 Networks, Inc.†(b)* | 31,262 | 4,457,023 | ||||||
FLIR Systems, Inc.(b) | 87,860 | 3,187,561 | ||||||
Harris Corp.(b) | 27,872 | 3,101,317 | ||||||
Hewlett Packard Enterprise Co.†(b) | 337,824 | 8,006,429 | ||||||
HP, Inc.† | 487,296 | 8,712,852 | ||||||
Insight Enterprises, Inc.* | 2,993 | 122,982 | ||||||
InterDigital, Inc.† | 58,479 | 5,046,738 | ||||||
Juniper Networks, Inc.†(a) | 280,329 | 7,801,556 | ||||||
Keysight Technologies, Inc.†* | 63,545 | 2,296,516 | ||||||
Motorola Solutions, Inc.†(a)(b) | 99,077 | 8,542,419 | ||||||
NCR Corp.(a)(b)* | 87,877 | 4,014,221 | ||||||
NetApp, Inc.† | 112,746 | 4,718,420 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
NETGEAR, Inc.†* | 5,318 | $ | 263,507 | |||||
Novanta, Inc. (Canada)* | 2,552 | 67,756 | ||||||
Plantronics, Inc.†(b) | 32,787 | 1,774,105 | ||||||
Plexus Corp.†* | 15,678 | 906,188 | ||||||
Sanmina Corp.†* | 32,159 | 1,305,655 | ||||||
Seagate Technology PLC (Ireland)(a) | 161,897 | 7,435,929 | ||||||
TE Connectivity Ltd. (Switzerland)† | 37,323 | 2,782,430 | ||||||
TTM Technologies, Inc.†(a)* | 95,928 | 1,547,319 | ||||||
Vishay Intertechnology, Inc.(a) | 152,995 | 2,516,768 | ||||||
Western Digital Corp.†(a)(b) | 74,034 | 6,110,026 | ||||||
Xerox Corp.†(b) | 563,183 | 4,133,763 | ||||||
Zebra Technologies Corp., Class A†* . | 21,982 | 2,005,858 | ||||||
|
| |||||||
145,115,041 | ||||||||
|
| |||||||
Telecommunication Services — 2.3% |
| |||||||
AT&T, Inc.† | 50,944 | 2,116,723 | ||||||
Frontier Communications Corp.(a) | 936,200 | 2,003,468 | ||||||
Intelsat SA (Luxembourg)* | 657 | 2,727 | ||||||
Level 3 Communications, Inc.†* | 58,532 | 3,349,201 | ||||||
Rogers Communications, Inc., Class B (Canada)(a) | 16,202 | 716,452 | ||||||
Sprint Corp.(a)* | 360,605 | 3,130,051 | ||||||
Verizon Communications, Inc.† | 218,620 | 10,657,725 | ||||||
Vonage Holdings Corp.†(a)* | 191,516 | 1,210,381 | ||||||
|
| |||||||
23,186,728 | ||||||||
|
| |||||||
Transportation — 7.9% |
| |||||||
Alaska Air Group, Inc.(a)(b) | 42,451 | 3,914,831 | ||||||
American Airlines Group, Inc.(a)(b) | 7,641 | 323,214 | ||||||
Canadian Pacific Railway Ltd. (Canada) | 9,738 | 1,430,707 | ||||||
CH Robinson Worldwide, Inc.†(a) | 45,371 | 3,506,725 | ||||||
CSX Corp.† | 42,650 | 1,985,358 | ||||||
Delta Air Lines, Inc.† | 355,826 | 16,353,763 | ||||||
Expeditors International of Washington, Inc.† | 58,076 | 3,280,713 | ||||||
Forward Air Corp. | 7,936 | 377,515 | ||||||
Hawaiian Holdings, Inc.(a)* | 49,066 | 2,279,116 | ||||||
Heartland Express, Inc.†(a) | 82,707 | 1,658,275 | ||||||
Kirby Corp.(a)* | 7,596 | 535,898 | ||||||
Norfolk Southern Corp.†(b) | 52,999 | 5,934,298 | ||||||
Old Dominion Freight Line, Inc | 23,440 | 2,005,761 | ||||||
Ryder System, Inc.†(b) | 60,051 | 4,530,247 | ||||||
Saia, Inc.* | 11,832 | 524,158 | ||||||
Southwest Airlines Co.† | 121,189 | 6,515,121 | ||||||
Swift Transportation Co.(a)* | 116,080 | 2,384,283 |
The accompanying notes are an integral part of the financial statements.
72 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Union Pacific Corp.† | 61,936 | $ | 6,560,261 | |||||
United Continental Holdings, Inc.†* | 139,462 | 9,851,596 | ||||||
XPO Logistics, Inc.†(a) * | 115,585 | 5,535,366 | ||||||
|
| |||||||
79,487,206 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $1,576,047,714) | 1,760,126,409 | |||||||
|
| |||||||
Par Value | ||||||||
CORPORATE BONDS AND NOTES — 0.0% |
| |||||||
Capital Goods — 0.0% |
| |||||||
Mueller Industries, Inc. 6.00%, 03/01/2027 | $ | 19,240 | 19,096 | |||||
|
| |||||||
TOTAL CORPORATE BONDS AND NOTES | 19,096 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 173.8% (Cost $1,576,066,954) | 1,760,145,505 | |||||||
|
| |||||||
Number of Shares | ||||||||
SHORT POSITIONS — (74.2)% |
| |||||||
COMMON STOCKS — (74.2)% |
| |||||||
Automobiles & Components — (1.2)% |
| |||||||
Adient PLC (Ireland) | (45,220 | ) | (3,286,137 | ) | ||||
Dana, Inc. | (11,450 | ) | (221,100 | ) | ||||
Fox Factory Holding Corp.* | (45,669 | ) | (1,310,700 | ) | ||||
Gentherm, Inc.* | (13,170 | ) | (516,922 | ) | ||||
LCI Industries | (1,373 | ) | (137,025 | ) | ||||
Metaldyne Performance Group, Inc. | (15,049 | ) | (343,870 | ) | ||||
Modine Manufacturing Co.* | (16,750 | ) | (204,350 | ) | ||||
Superior Industries International, Inc. | (4,517 | ) | (114,506 | ) | ||||
Tesla, Inc.* | (20,422 | ) | (5,683,443 | ) | ||||
|
| |||||||
(11,818,053 | ) | |||||||
|
| |||||||
Capital Goods — (7.9)% | ||||||||
AAON, Inc. | (19,995 | ) | (706,823 | ) | ||||
AAR Corp. | (36,020 | ) | (1,211,353 | ) | ||||
Actuant Corp., Class A | (41,327 | ) | (1,088,966 | ) | ||||
Acuity Brands, Inc. | (7,340 | ) | (1,497,360 | ) | ||||
AECOM* | (63,978 | ) | (2,276,977 | ) | ||||
Aegion Corp.* | (2,653 | ) | (60,780 | ) | ||||
Aerovironment, Inc.* | (40,006 | ) | (1,121,368 | ) | ||||
Albany International Corp., Class A | (4,091 | ) | (188,391 | ) | ||||
Altra Industrial Motion Corp. | (5,546 | ) | (216,017 | ) | ||||
American Railcar Industries, Inc. | (2,703 | ) | (111,093 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Armstrong Flooring, Inc.* | (1,211 | ) | $ | (22,307 | ) | |||
Axon Enterprise, Inc.* | (77,556 | ) | (1,767,501 | ) | ||||
AZZ, Inc. | (981 | ) | (58,370 | ) | ||||
Babcock & Wilcox Enterprises, Inc.* | (50,793 | ) | (474,407 | ) | ||||
Beacon Roofing Supply, Inc.* | (10,393 | ) | (510,920 | ) | ||||
Blue Bird Corp.* | (46 | ) | (789 | ) | ||||
Briggs & Stratton Corp. | (29,968 | ) | (672,782 | ) | ||||
BWX Technologies, Inc. | (19,311 | ) | (919,204 | ) | ||||
CAE, Inc. (Canada) | (7,538 | ) | (115,256 | ) | ||||
Chicago Bridge & Iron Co. NV (Netherlands) | (67,688 | ) | (2,081,406 | ) | ||||
CIRCOR International, Inc. | (4,417 | ) | (262,547 | ) | ||||
Comfort Systems USA, Inc. | (15,317 | ) | (561,368 | ) | ||||
Cubic Corp. | (9,619 | ) | (507,883 | ) | ||||
Douglas Dynamics, Inc. | (21,833 | ) | (669,181 | ) | ||||
Dycom Industries, Inc.* | (15,079 | ) | (1,401,593 | ) | ||||
Encore Wire Corp. | (11,722 | ) | (539,212 | ) | ||||
Energy Recovery, Inc.* | (53,038 | ) | (441,276 | ) | ||||
EnPro Industries, Inc. | (14,305 | ) | (1,017,944 | ) | ||||
ESCO Technologies, Inc. | (4,943 | ) | (287,188 | ) | ||||
Fastenal Co. | (8,509 | ) | (438,214 | ) | ||||
Federal Signal Corp. | (52,403 | ) | (723,685 | ) | ||||
GMS, Inc.* | (11,375 | ) | (398,580 | ) | ||||
Granite Construction, Inc. | (23,909 | ) | (1,199,993 | ) | ||||
Herc Holdings, Inc.* | (73,849 | ) | (3,610,478 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (13,011 | ) | (733,690 | ) | ||||
Insteel Industries, Inc. | (25,676 | ) | (927,931 | ) | ||||
John Bean Technologies Corp. | (20,474 | ) | (1,800,688 | ) | ||||
KBR, Inc. | (119,626 | ) | (1,797,979 | ) | ||||
Kennametal, Inc. | (94,303 | ) | (3,699,507 | ) | ||||
KLX, Inc.* | (58,376 | ) | (2,609,407 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (59,202 | ) | (460,592 | ) | ||||
Lockheed Martin Corp. | (1,039 | ) | (278,036 | ) | ||||
Manitowoc Co., Inc. (The)* | (465,043 | ) | (2,650,745 | ) | ||||
Masonite International Corp. | (24,349 | ) | (1,929,658 | ) | ||||
Mercury Systems, Inc.* | (74,212 | ) | (2,897,979 | ) | ||||
Mueller Water Products, Inc., Class A | (26,546 | ) | (313,774 | ) | ||||
MYR Group, Inc.* | (10,742 | ) | (440,422 | ) | ||||
Navistar International Corp.* | (65,376 | ) | (1,609,557 | ) | ||||
NCI Building Systems, Inc.* | (7,319 | ) | (125,521 | ) | ||||
Nexeo Solutions, Inc.* | (2,675 | ) | (23,700 | ) | ||||
PGT Innovations, Inc.* | (26,720 | ) | (287,240 | ) |
The accompanying notes are an integral part of the financial statements.
73 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Primoris Services Corp. | (11,262 | ) | $ | (261,504 | ) | |||
Proto Labs, Inc.* | (14,719 | ) | (752,141 | ) | ||||
Quanex Building Products Corp. | (1,942 | ) | (39,326 | ) | ||||
Raven Industries, Inc. | (4,067 | ) | (118,146 | ) | ||||
RBC Bearings, Inc.* | (7,777 | ) | (755,069 | ) | ||||
Rexnord Corp.* | (10,719 | ) | (247,395 | ) | ||||
Roper Technologies, Inc. | (15,361 | ) | (3,171,893 | ) | ||||
Sensata Technologies Holding NV (Netherlands)* | (36,088 | ) | (1,575,963 | ) | ||||
SiteOne Landscape Supply, Inc.* | (49,377 | ) | (2,390,341 | ) | ||||
Standex International Corp. | (2,577 | ) | (258,087 | ) | ||||
Sun Hydraulics Corp. | (5,115 | ) | (184,703 | ) | ||||
Sunrun, Inc.* | (331,924 | ) | (1,792,390 | ) | ||||
Teledyne Technologies, Inc.* | (1,734 | ) | (219,282 | ) | ||||
Tennant Co. | (10,535 | ) | (765,368 | ) | ||||
Textainer Group Holdings Ltd. | (22,354 | ) | (342,016 | ) | ||||
Thermon Group Holdings, Inc.* | (16,420 | ) | (342,193 | ) | ||||
Timken Co. (The) | (8,341 | ) | (377,013 | ) | ||||
Titan International, Inc. | (15,477 | ) | (160,032 | ) | ||||
Toro Co. (The) | (17,590 | ) | (1,098,671 | ) | ||||
Trinity Industries, Inc. | (115,537 | ) | (3,067,507 | ) | ||||
Triumph Group, Inc. | (84,808 | ) | (2,183,806 | ) | ||||
Universal Forest Products, Inc. | (20,300 | ) | (2,000,362 | ) | ||||
Valmont Industries, Inc. | (1,766 | ) | (274,613 | ) | ||||
Vicor Corp.* | (545 | ) | (8,774 | ) | ||||
WABCO Holdings, Inc.* | (4,173 | ) | (489,994 | ) | ||||
Wabtec Corp. | (63,960 | ) | (4,988,880 | ) | ||||
Welbilt, Inc.* | (37,264 | ) | (731,492 | ) | ||||
Wesco Aircraft Holdings, Inc.* | (21,062 | ) | (240,107 | ) | ||||
Woodward, Inc. | (14,852 | ) | (1,008,748 | ) | ||||
Xylem, Inc. | (2,670 | ) | (134,087 | ) | ||||
|
| |||||||
(79,727,541 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (3.3)% |
| |||||||
ABM Industries, Inc. | (8,140 | ) | (354,904 | ) | ||||
Advanced Disposal Services, Inc.* | (6,247 | ) | (141,182 | ) | ||||
Advisory Board Co. (The)* | (122,827 | ) | (5,748,304 | ) | ||||
Brady Corp., Class A | (7,065 | ) | (273,062 | ) | ||||
CEB, Inc. | (43,883 | ) | (3,449,204 | ) | ||||
Clean Harbors, Inc.* | (87,797 | ) | (4,883,269 | ) | ||||
Copart, Inc.* | (319 | ) | (19,756 | ) | ||||
Covanta Holding Corp. | (99,298 | ) | (1,558,979 | ) | ||||
Equifax, Inc. | (17,374 | ) | (2,375,721 | ) | ||||
Healthcare Services Group, Inc. | (55,227 | ) | (2,379,731 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Herman Miller, Inc. | (28,020 | ) | $ | (884,031 | ) | |||
HNI Corp. | (8,194 | ) | (377,661 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (37,287 | ) | (1,564,190 | ) | ||||
InnerWorkings, Inc.* | (7,708 | ) | (76,772 | ) | ||||
Insperity, Inc. | (10,153 | ) | (900,063 | ) | ||||
Knoll, Inc. | (328 | ) | (7,810 | ) | ||||
Korn/Ferry International | (41,147 | ) | (1,295,719 | ) | ||||
Mistras Group, Inc.* | (2,358 | ) | (50,414 | ) | ||||
MSA Safety, Inc. | (2,927 | ) | (206,910 | ) | ||||
Multi-Color Corp. | (21,738 | ) | (1,543,398 | ) | ||||
Rollins, Inc. | (16,260 | ) | (603,734 | ) | ||||
RPX Corp.* | (997 | ) | (11,964 | ) | ||||
TransUnion* | (32,599 | ) | (1,250,172 | ) | ||||
TriNet Group, Inc.* | (7,919 | ) | (228,859 | ) | ||||
US Ecology, Inc. | (12,671 | ) | (593,636 | ) | ||||
WageWorks, Inc.* | (42,664 | ) | (3,084,607 | ) | ||||
|
| |||||||
(33,864,052 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.9)% |
| |||||||
Columbia Sportswear Co. | (12,331 | ) | (724,446 | ) | ||||
Ethan Allen Interiors, Inc. | (12,722 | ) | (389,929 | ) | ||||
G-III Apparel Group Ltd.* | (138,866 | ) | (3,039,777 | ) | ||||
Gildan Activewear, Inc. (Canada) | (49,867 | ) | (1,348,404 | ) | ||||
Helen Of Troy Ltd. (Bermuda)* | (20,269 | ) | (1,909,340 | ) | ||||
Lululemon Athletica, Inc.* | (45,594 | ) | (2,364,961 | ) | ||||
Mohawk Industries, Inc.* | (6,725 | ) | (1,543,320 | ) | ||||
Nautilus, Inc.* | (30,315 | ) | (553,249 | ) | ||||
NIKE, Inc., Class B | (46,727 | ) | (2,604,096 | ) | ||||
Oxford Industries, Inc. | (11,371 | ) | (651,103 | ) | ||||
Polaris Industries, Inc. | (23,729 | ) | (1,988,490 | ) | ||||
Skechers U.S.A., Inc., Class A* | (18,704 | ) | (513,425 | ) | ||||
Steven Madden Ltd.* | (18,319 | ) | (706,197 | ) | ||||
Vista Outdoor, Inc.* | (38,907 | ) | (801,095 | ) | ||||
|
| |||||||
(19,137,832 | ) | |||||||
|
| |||||||
Consumer Services — (4.6)% |
| |||||||
BJ’s Restaurants, Inc.* | (55,973 | ) | (2,261,309 | ) | ||||
Bloomin’ Brands, Inc. | (128,698 | ) | (2,539,212 | ) | ||||
Bob Evans Farms, Inc. | (4,425 | ) | (287,050 | ) | ||||
Boyd Gaming Corp.* | (186,712 | ) | (4,109,531 | ) | ||||
Bright Horizons Family Solutions, | ||||||||
Inc.* | (21,647 | ) | (1,569,191 | ) | ||||
Buffalo Wild Wings, Inc.* | (1,138 | ) | (173,830 | ) | ||||
Career Education Corp.* | (6,416 | ) | (55,819 | ) | ||||
Carrols Restaurant Group, Inc.* | (21,713 | ) | (307,239 | ) | ||||
Chegg, Inc.* | (82,298 | ) | (694,595 | ) |
The accompanying notes are an integral part of the financial statements.
74 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Chipotle Mexican Grill, Inc.* | (15,063 | ) | $ | (6,710,868 | ) | |||
Chuy’s Holdings, Inc.* | (22,638 | ) | (674,612 | ) | ||||
ClubCorp Holdings, Inc. | (54,492 | ) | (874,597 | ) | ||||
Dave & Buster’s Entertainment, Inc.* | (70,641 | ) | (4,315,459 | ) | ||||
Del Taco Restaurants, Inc.* | (2,596 | ) | (34,423 | ) | ||||
Fiesta Restaurant Group, Inc.* | (22,686 | ) | (549,001 | ) | ||||
Grand Canyon Education, Inc.* | (2,969 | ) | (212,610 | ) | ||||
Houghton Mifflin Harcourt Co.* | (14,605 | ) | (148,241 | ) | ||||
Hyatt Hotels Corp., Class A* | (77,593 | ) | (4,188,470 | ) | ||||
Intrawest Resorts Holdings, Inc.* | (6,616 | ) | (165,466 | ) | ||||
K12, Inc.* | (11,600 | ) | (222,140 | ) | ||||
Marcus Corp. (The) | (1,301 | ) | (41,762 | ) | ||||
MGM Resorts International | (73,807 | ) | (2,022,312 | ) | ||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | (4,959 | ) | (251,570 | ) | ||||
Panera Bread Co., Class A* | (7,160 | ) | (1,874,989 | ) | ||||
Planet Fitness, Inc., Class A | (23,334 | ) | (449,646 | ) | ||||
Red Robin Gourmet Burgers, Inc.* | (45,229 | ) | (2,643,635 | ) | ||||
Red Rock Resorts, Inc., Class A | (11,521 | ) | (255,536 | ) | ||||
Ruth’s Hospitality Group, Inc. | (3,663 | ) | (73,443 | ) | ||||
ServiceMaster Global Holdings, Inc.* . | (9,198 | ) | (384,016 | ) | ||||
Shake Shack, Inc., Class A* | (149,213 | ) | (4,983,714 | ) | ||||
Texas Roadhouse, Inc. | (52,408 | ) | (2,333,728 | ) | ||||
Wingstop, Inc. | (16,450 | ) | (465,209 | ) | ||||
Wynn Resorts Ltd. | (8,555 | ) | (980,489 | ) | ||||
|
| |||||||
(46,853,712 | ) | |||||||
|
| |||||||
Energy — (3.9)% | ||||||||
Basic Energy Services, Inc.* | (30,631 | ) | (1,021,850 | ) | ||||
Bristow Group, Inc. | (42,675 | ) | (649,087 | ) | ||||
C&J Energy Services, Inc.* | (21,353 | ) | (727,070 | ) | ||||
Cameco Corp. (Canada) | (43,194 | ) | (478,158 | ) | ||||
Cenovus Energy, Inc. (Canada) | (157,771 | ) | (1,782,812 | ) | ||||
Cheniere Energy, Inc.* | (52,250 | ) | (2,469,858 | ) | ||||
Enbridge, Inc. (Canada) | (14,495 | ) | (606,471 | ) | ||||
Forum Energy Technologies, Inc.* | (55,961 | ) | (1,158,393 | ) | ||||
Frank’s International NV (Netherlands) | (56,918 | ) | (601,623 | ) | ||||
Green Plains, Inc. | (32,580 | ) | (806,355 | ) | ||||
Helix Energy Solutions Group, Inc.* | (249,369 | ) | (1,937,597 | ) | ||||
Helmerich & Payne, Inc. | (17,619 | ) | (1,172,897 | ) | ||||
Marathon Petroleum Corp. | (13,238 | ) | (669,049 | ) | ||||
National Oilwell Varco, Inc. | (31,352 | ) | (1,256,902 | ) | ||||
Newpark Resources, Inc.* | (30,090 | ) | (243,729 | ) | ||||
Noble Corp. PLC (United Kingdom) | (393,997 | ) | (2,438,841 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Occidental Petroleum Corp. | (98,244 | ) | $ | (6,224,740 | ) | |||
Par Pacific Holdings, Inc.* | (27,796 | ) | (458,356 | ) | ||||
Pembina Pipeline Corp. (Canada) | (25,067 | ) | (794,875 | ) | ||||
Precision Drilling Corp. | (572,552 | ) | (2,702,445 | ) | ||||
RPC, Inc. | (35,144 | ) | (643,487 | ) | ||||
SEACOR Holdings, Inc.* | (29,123 | ) | (2,015,020 | ) | ||||
SemGroup Corp., Class A | (20,159 | ) | (725,724 | ) | ||||
Superior Energy Services, Inc.* | (220,334 | ) | (3,141,963 | ) | ||||
TransCanada Corp. (Canada) | (5,711 | ) | (263,563 | ) | ||||
US Silica Holdings, Inc. | (35,035 | ) | (1,681,330 | ) | ||||
World Fuel Services Corp. | (66,618 | ) | (2,414,902 | ) | ||||
|
| |||||||
(39,087,097 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.3)% |
| |||||||
Casey’s General Stores, Inc. | (22,402 | ) | (2,514,624 | ) | ||||
Costco Wholesale Corp. | (4,825 | ) | (809,104 | ) | ||||
Performance Food Group Co.* | (112,617 | ) | (2,680,285 | ) | ||||
PriceSmart, Inc. | (7,776 | ) | (716,947 | ) | ||||
Rite Aid Corp.* | (800,641 | ) | (3,402,724 | ) | ||||
Smart & Final Stores, Inc.* | (90,876 | ) | (1,099,600 | ) | ||||
Sprouts Farmers Market, Inc.* | (26,744 | ) | (618,321 | ) | ||||
United Natural Foods, Inc.* | (25,520 | ) | (1,103,230 | ) | ||||
|
| |||||||
(12,944,835 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.4)% |
| |||||||
B&G Foods, Inc. | (66,450 | ) | (2,674,612 | ) | ||||
Blue Buffalo Pet Products, Inc.* | (92,623 | ) | (2,130,329 | ) | ||||
Calavo Growers, Inc. | (11,268 | ) | (682,841 | ) | ||||
Coca-Cola Bottling Co. Consolidated | (9,359 | ) | (1,928,141 | ) | ||||
Constellation Brands, Inc., Class A | (11,939 | ) | (1,934,954 | ) | ||||
Cott Corp. (Canada) | (66,603 | ) | (823,213 | ) | ||||
Darling Ingredients, Inc.* | (142,617 | ) | (2,070,799 | ) | ||||
Farmer Brothers Co.* | (1,262 | ) | (44,612 | ) | ||||
Kraft Heinz Co. (The) | (28,942 | ) | (2,628,223 | ) | ||||
Lamb Weston Holdings, Inc. | (58,803 | ) | (2,473,254 | ) | ||||
Mead Johnson Nutrition Co. | (44,915 | ) | (4,001,028 | ) | ||||
MGP Ingredients, Inc. | (36,821 | ) | (1,996,803 | ) | ||||
Molson Coors Brewing Co., Class B | (9,665 | ) | (925,037 | ) | ||||
Monster Beverage Corp.* | (16,056 | ) | (741,306 | ) | ||||
National Beverage Corp. | (3,283 | ) | (277,512 | ) | ||||
Post Holdings, Inc.* | (46,472 | ) | (4,067,229 | ) | ||||
SunOpta, Inc. (Canada)* | (20,550 | ) | (142,822 | ) | ||||
Tootsie Roll Industries, Inc. | (12,897 | ) | (481,716 | ) | ||||
Vector Group Ltd. | (59,874 | ) | (1,245,379 | ) |
The accompanying notes are an integral part of the financial statements.
75 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
WhiteWave Foods Co. (The)* | (65,645 | ) | $ | (3,685,967 | ) | |||
|
| |||||||
(34,955,777 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (6.6)% |
| |||||||
Abaxis, Inc. | (5,587 | ) | (270,970 | ) | ||||
ABIOMED, Inc.* | (11,888 | ) | (1,488,378 | ) | ||||
Amedisys, Inc.* | (36,145 | ) | (1,846,648 | ) | ||||
athenahealth, Inc.* | (17,593 | ) | (1,982,555 | ) | ||||
AtriCure, Inc.* | (32,463 | ) | (621,666 | ) | ||||
BioTelemetry, Inc.* | (32,414 | ) | (938,385 | ) | ||||
Capital Senior Living Corp.* | (30,146 | ) | (423,853 | ) | ||||
Cardiovascular Systems, Inc.* | (51,365 | ) | (1,452,345 | ) | ||||
Cerus Corp.* | (176,886 | ) | (787,143 | ) | ||||
Civitas Solutions, Inc.* | (245 | ) | (4,496 | ) | ||||
Cross Country Healthcare, Inc.* | (4,951 | ) | (71,096 | ) | ||||
DENTSPLY SIRONA, Inc. | (8,108 | ) | (506,264 | ) | ||||
DexCom, Inc.* | (61,872 | ) | (5,242,415 | ) | ||||
Diplomat Pharmacy, Inc.* | (210,034 | ) | (3,350,042 | ) | ||||
Endologix, Inc.* | (364,046 | ) | (2,635,693 | ) | ||||
Ensign Group, Inc. (The) | (82,548 | ) | (1,551,902 | ) | ||||
Envision Healthcare Corp.* | (86,097 | ) | (5,279,468 | ) | ||||
Evolent Health, Inc., Class A* | (103,267 | ) | (2,302,854 | ) | ||||
GenMark Diagnostics, Inc.* | (25,103 | ) | (321,820 | ) | ||||
Glaukos Corp.* | (10,762 | ) | (552,091 | ) | ||||
HealthStream, Inc.* | (3,670 | ) | (88,924 | ) | ||||
Inogen, Inc.* | (1,955 | ) | (151,630 | ) | ||||
Insulet Corp.* | (61,798 | ) | (2,662,876 | ) | ||||
iRhythm Technologies, Inc.* | (9,942 | ) | (373,819 | ) | ||||
K2M Group Holdings, Inc.* | (82,549 | ) | (1,693,080 | ) | ||||
LHC Group, Inc.* | (3,236 | ) | (174,420 | ) | ||||
Merit Medical Systems, Inc.* | (21,030 | ) | (607,767 | ) | ||||
Neogen Corp.* | (10,270 | ) | (673,198 | ) | ||||
Nevro Corp.* | (29,179 | ) | (2,734,072 | ) | ||||
Novocure Ltd. (Jersey)* | (59,654 | ) | (483,197 | ) | ||||
NxStage Medical, Inc.* | (69,345 | ) | (1,860,526 | ) | ||||
Omnicell, Inc.* | (29,640 | ) | (1,204,866 | ) | ||||
OraSure Technologies, Inc.* | (28,729 | ) | (371,466 | ) | ||||
Patterson Cos., Inc. | (68,271 | ) | (3,087,897 | ) | ||||
Penumbra, Inc.* | (44,506 | ) | (3,714,026 | ) | ||||
PharMerica Corp.* | (49,037 | ) | (1,147,466 | ) | ||||
Providence Service Corp. (The)* | (3,660 | ) | (162,650 | ) | ||||
Quidel Corp.* | (27,413 | ) | (620,630 | ) | ||||
Spectranetics Corp. (The)* | (99,596 | ) | (2,900,734 | ) | ||||
Surgery Partners, Inc.* | (13,804 | ) | (269,178 | ) | ||||
Teladoc, Inc.* | (31,025 | ) | (775,625 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Tenet Healthcare Corp.* | (178,794 | ) | $ | (3,166,442 | ) | |||
Universal Health Services, Inc., Class B | (24,406 | ) | (3,037,327 | ) | ||||
US Physical Therapy, Inc. | (4,524 | ) | (295,417 | ) | ||||
VCA, Inc.* | (12,749 | ) | (1,166,534 | ) | ||||
West Pharmaceutical Services, Inc. | (2,286 | ) | (186,560 | ) | ||||
Wright Medical Group NV (Netherlands)* | (22,479 | ) | (699,547 | ) | ||||
Zeltiq Aesthetics, Inc.* | (12,689 | ) | (705,635 | ) | ||||
|
| |||||||
(66,645,593 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.5)% |
| |||||||
Clorox Co. (The) | (9,930 | ) | (1,338,862 | ) | ||||
Coty, Inc., Class A | (96,260 | ) | (1,745,194 | ) | ||||
Revlon, Inc., Class A* | (12,759 | ) | (355,338 | ) | ||||
WD-40 Co. | (12,272 | ) | (1,337,034 | ) | ||||
|
| |||||||
(4,776,428 | ) | |||||||
|
| |||||||
Materials — (5.6)% | ||||||||
AdvanSix, Inc.* | (116 | ) | (3,169 | ) | ||||
Ashland Global Holdings, Inc. | (6,189 | ) | (766,260 | ) | ||||
Avery Dennison Corp. | (4,917 | ) | (396,310 | ) | ||||
Balchem Corp. | (29,207 | ) | (2,407,241 | ) | ||||
Ball Corp. | (15,401 | ) | (1,143,678 | ) | ||||
Calgon Carbon Corp. | (6,232 | ) | (90,987 | ) | ||||
Celanese Corp., Class A | (51,082 | ) | (4,589,718 | ) | ||||
CF Industries Holdings, Inc. | (200,734 | ) | (5,891,543 | ) | ||||
Chase Corp. | (29 | ) | (2,767 | ) | ||||
Clearwater Paper Corp.* | (3,022 | ) | (169,232 | ) | ||||
Crown Holdings, Inc.* | (81,878 | ) | (4,335,440 | ) | ||||
Deltic Timber Corp. | (4,326 | ) | (337,947 | ) | ||||
Eastman Chemical Co. | (85,849 | ) | (6,936,599 | ) | ||||
Ecolab, Inc. | (9,072 | ) | (1,137,085 | ) | ||||
Ferro Corp.* | (4,749 | ) | (72,137 | ) | ||||
Flotek Industries, Inc.* | (155,938 | ) | (1,994,447 | ) | ||||
HB Fuller Co. | (828 | ) | (42,692 | ) | ||||
Innospec, Inc. | (9,802 | ) | (634,680 | ) | ||||
International Flavors & Fragrances, Inc. | (2,841 | ) | (376,518 | ) | ||||
International Paper Co. | (95,969 | ) | (4,873,306 | ) | ||||
Kronos Worldwide, Inc. | (19,655 | ) | (322,932 | ) | ||||
Methanex Corp. (Canada) | (42,451 | ) | (1,990,952 | ) | ||||
Multi Packaging Solutions International Ltd. (Bermuda)* | (8,427 | ) | (151,265 | ) | ||||
NewMarket Corp. | (3,124 | ) | (1,415,891 | ) | ||||
Packaging Corp. of America | (8,349 | ) | (764,935 | ) |
The accompanying notes are an integral part of the financial statements.
76 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
PH Glatfelter Co. | (39,542 | ) | $ | (859,643 | ) | |||
Potash Corp. of Saskatchewan, Inc. (Canada) | (278,180 | ) | (4,751,314 | ) | ||||
Sensient Technologies Corp. | (1,769 | ) | (140,211 | ) | ||||
Tredegar Corp. | (539 | ) | (9,459 | ) | ||||
Tronox Ltd., Class A (Australia) | (34,582 | ) | (638,038 | ) | ||||
US Concrete, Inc.* | (32,427 | ) | (2,093,163 | ) | ||||
Valspar Corp. (The) | (20,088 | ) | (2,228,563 | ) | ||||
Westlake Chemical Corp. | (23,092 | ) | (1,525,227 | ) | ||||
WR Grace & Co. | (53,521 | ) | (3,730,949 | ) | ||||
|
| |||||||
(56,824,298 | ) | |||||||
|
| |||||||
Media — (1.7)% |
| |||||||
AMC Entertainment Holdings, Inc., Class A | (101,332 | ) | (3,186,891 | ) | ||||
Cinemark Holdings, Inc. | (10,829 | ) | (480,158 | ) | ||||
Entravision Communications Corp., Class A | (7,282 | ) | (45,148 | ) | ||||
EW Scripps Co. (The), Class A* | (95,102 | ) | (2,229,191 | ) | ||||
Gannett Co., Inc. | (173,544 | ) | (1,454,299 | ) | ||||
John Wiley & Sons, Inc., Class A | (48,339 | ) | (2,600,638 | ) | ||||
Live Nation Entertainment, Inc.* | (69,549 | ) | (2,112,203 | ) | ||||
MDC Partners, Inc., Class A | (2,272 | ) | (21,357 | ) | ||||
Meredith Corp. | (1,156 | ) | (74,678 | ) | ||||
National CineMedia, Inc. | (54,383 | ) | (686,857 | ) | ||||
New Media Investment Group, Inc. | (27,148 | ) | (385,773 | ) | ||||
New York Times Co. (The), Class A | (11,189 | ) | (161,122 | ) | ||||
Regal Entertainment Group, Class A | (1,651 | ) | (37,280 | ) | ||||
Shaw Communications, Inc., Class B (Canada) | (70,137 | ) | (1,453,239 | ) | ||||
Sirius XM Holdings, Inc. | (160,062 | ) | (824,319 | ) | ||||
Time, Inc. | (8,199 | ) | (158,651 | ) | ||||
World Wrestling Entertainment, Inc., Class A | (67,533 | ) | (1,500,583 | ) | ||||
|
| |||||||
(17,412,387 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (5.4)% |
| |||||||
Accelerate Diagnostics, Inc.* | (79,194 | ) | (1,916,495 | ) | ||||
Acceleron Pharma, Inc.* | (23,597 | ) | (624,613 | ) | ||||
Achaogen, Inc.* | (33,304 | ) | (840,260 | ) | ||||
Achillion Pharmaceuticals, Inc.* | (233,293 | ) | (982,164 | ) | ||||
Aclaris Therapeutics, Inc.* | (18,583 | ) | (554,145 | ) | ||||
Aduro Biotech, Inc.* | (9,673 | ) | (103,985 | ) | ||||
Aerie Pharmaceuticals, Inc.* | (18,840 | ) | (854,394 | ) | ||||
Agios Pharmaceuticals, Inc.* | (23,427 | ) | (1,368,137 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Albany Molecular Research, Inc.* | (43,909 | ) | $ | (616,043 | ) | |||
Alder Biopharmaceuticals, Inc.* | (132,668 | ) | (2,759,494 | ) | ||||
Alnylam Pharmaceuticals, Inc.* | (5,474 | ) | (280,542 | ) | ||||
Amicus Therapeutics, Inc.* | (144,114 | ) | (1,027,533 | ) | ||||
Amphastar Pharmaceuticals, Inc.* | (28,451 | ) | (412,540 | ) | ||||
Ardelyx, Inc.* | (3,825 | ) | (48,386 | ) | ||||
Atara Biotherapeutics, Inc.* | (3,750 | ) | (77,062 | ) | ||||
Bio-Rad Laboratories, Inc., Class A* | (2,439 | ) | (486,190 | ) | ||||
Bio-Techne Corp. | (4,299 | ) | (436,993 | ) | ||||
Dermira, Inc.* | (46,215 | ) | (1,576,394 | ) | ||||
Epizyme, Inc.* | (24,447 | ) | (419,266 | ) | ||||
Five Prime Therapeutics, Inc.* | (27,617 | ) | (998,355 | ) | ||||
Foundation Medicine, Inc.* | (13,152 | ) | (424,152 | ) | ||||
Heron Therapeutics, Inc.* | (162,762 | ) | (2,441,430 | ) | ||||
Illumina, Inc.* | (46,049 | ) | (7,857,801 | ) | ||||
Impax Laboratories, Inc.* | (45,896 | ) | (580,584 | ) | ||||
Insmed, Inc.* | (82,892 | ) | (1,451,439 | ) | ||||
Intellia Therapeutics, Inc.* | (136 | ) | (1,916 | ) | ||||
Intercept Pharmaceuticals, Inc.* | (1,392 | ) | (157,435 | ) | ||||
Intra-Cellular Therapies, Inc.* | (115,880 | ) | (1,883,050 | ) | ||||
Juno Therapeutics, Inc.* | (13,694 | ) | (303,870 | ) | ||||
Karyopharm Therapeutics, Inc.* | (163 | ) | (2,093 | ) | ||||
Keryx Biopharmaceuticals, Inc.* | (46,668 | ) | (287,475 | ) | ||||
La Jolla Pharmaceutical Co.* | (2,540 | ) | (75,819 | ) | ||||
Lexicon Pharmaceuticals, Inc.* | (17,910 | ) | (256,829 | ) | ||||
Luminex Corp. | (27,044 | ) | (496,798 | ) | ||||
MacroGenics, Inc.* | (222 | ) | (4,129 | ) | ||||
Medicines Co. (The)* | (66,369 | ) | (3,245,444 | ) | ||||
Medpace Holdings, Inc.* | (521 | ) | (15,552 | ) | ||||
Momenta Pharmaceuticals, Inc.* | (13,146 | ) | (175,499 | ) | ||||
Nektar Therapeutics* | (217,587 | ) | (5,106,767 | ) | ||||
NeoGenomics, Inc.* | (82,558 | ) | (651,383 | ) | ||||
Pacific Biosciences of California, | (50,658 | ) | (261,902 | ) | ||||
PAREXEL International Corp.* | (61,245 | ) | (3,865,172 | ) | ||||
Portola Pharmaceuticals, Inc.* | (5,776 | ) | (226,361 | ) | ||||
Prothena Corp. PLC (Ireland)* | (9,924 | ) | (553,660 | ) | ||||
Puma Biotechnology, Inc.* | (16,708 | ) | (621,538 | ) | ||||
Radius Health, Inc.* | (18,446 | ) | (712,938 | ) | ||||
REGENXBIO, Inc.* | (40 | ) | (772 | ) | ||||
Revance Therapeutics, Inc.* | (24,203 | ) | (503,422 | ) | ||||
Synergy Pharmaceuticals, Inc.* | (24,350 | ) | (113,471 | ) | ||||
TherapeuticsMD, Inc.* | (334,141 | ) | (2,405,815 | ) |
The accompanying notes are an integral part of the financial statements.
77 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life |
| |||||||
Theravance Biopharma, Inc. (Cayman Islands)* | (63,054 | ) | $ | (2,321,648 | ) | |||
Ultragenyx Pharmaceutical, Inc.* | (526 | ) | (35,652 | ) | ||||
Valeant Pharmaceuticals International, Inc. | (95,681 | ) | (1,055,361 | ) | ||||
WaVe Life Sciences Ltd. (Singapore)* | (1,568 | ) | (43,120 | ) | ||||
|
| |||||||
(54,523,288 | ) | |||||||
|
| |||||||
Retailing — (4.6)% | ||||||||
At Home Group, Inc.* | (6,008 | ) | (91,081 | ) | ||||
Barnes & Noble, Inc. | (74,147 | ) | (685,860 | ) | ||||
Burlington Stores, Inc.* | (20,936 | ) | (2,036,863 | ) | ||||
Caleres, Inc. | (6,448 | ) | (170,356 | ) | ||||
CarMax, Inc.* | (39,013 | ) | (2,310,350 | ) | ||||
Cato Corp. (The), Class A | (25,372 | ) | (557,169 | ) | ||||
Core-Mark Holding Co., Inc. | (75,618 | ) | (2,358,525 | ) | ||||
CST Brands, Inc. | (66,772 | ) | (3,211,066 | ) | ||||
Finish Line, Inc. (The), Class A | (232,819 | ) | (3,313,014 | ) | ||||
Five Below, Inc.* | (66,113 | ) | (2,863,354 | ) | ||||
Fred’s, Inc., Class A | (174,841 | ) | (2,290,417 | ) | ||||
Genesco, Inc.* | (52,002 | ) | (2,883,511 | ) | ||||
Groupon, Inc.* | (328,817 | ) | (1,292,251 | ) | ||||
Guess?, Inc. | (263,669 | ) | (2,939,909 | ) | ||||
Hibbett Sports, Inc.* | (5,733 | ) | (169,124 | ) | ||||
Lithia Motors, Inc., Class A | (28,263 | ) | (2,420,726 | ) | ||||
Lumber Liquidators Holdings, Inc.* | (38,934 | ) | (817,225 | ) | ||||
MarineMax, Inc.* | (17,680 | ) | (382,772 | ) | ||||
Murphy USA, Inc.* | (1,761 | ) | (129,293 | ) | ||||
Netflix, Inc.* | (23,485 | ) | (3,471,318 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (65,805 | ) | (2,204,468 | ) | ||||
RH* | (50,458 | ) | (2,334,187 | ) | ||||
Sonic Automotive, Inc., Class A | (22,733 | ) | (455,797 | ) | ||||
Tile Shop Holdings, Inc. | (62,324 | ) | (1,199,737 | ) | ||||
Ulta Beauty, Inc.* | (977 | ) | (278,670 | ) | ||||
Wayfair, Inc., Class A* | (133,254 | ) | (5,395,454 | ) | ||||
Zumiez, Inc.* | (23,820 | ) | (435,906 | ) | ||||
|
| |||||||
(46,698,403 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (2.6)% |
| |||||||
Brooks Automation, Inc. | (15,448 | ) | (346,035 | ) | ||||
Cavium, Inc.* | (16,037 | ) | (1,149,211 | ) | ||||
Cree, Inc.* | (7,415 | ) | (198,203 | ) | ||||
Entegris, Inc.* | (12,606 | ) | (294,980 | ) | ||||
First Solar, Inc.* | (150,935 | ) | (4,090,338 | ) | ||||
FormFactor, Inc.* | (86,415 | ) | (1,024,018 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Impinj, Inc.* | (92,699 | ) | $ | (2,805,999 | ) | |||
Inphi Corp.* | (63,087 | ) | (3,079,907 | ) | ||||
Integrated Device Technology, Inc.* | (6,429 | ) | (152,174 | ) | ||||
Lattice Semiconductor Corp.* | (231,870 | ) | (1,604,540 | ) | ||||
MACOM Technology Solutions Holdings, Inc.* | (12,205 | ) | (589,502 | ) | ||||
Micron Technology, Inc.* | (122,546 | ) | (3,541,579 | ) | ||||
Monolithic Power Systems, Inc. | (1,354 | ) | (124,703 | ) | ||||
PDF Solutions, Inc.* | (4,548 | ) | (102,876 | ) | ||||
Synaptics, Inc.* | (49,008 | ) | (2,426,386 | ) | ||||
Ultratech, Inc.* | (7,050 | ) | (208,821 | ) | ||||
Veeco Instruments, Inc.* | (74,160 | ) | (2,213,676 | ) | ||||
Xperi Corp. | (60,780 | ) | (2,063,481 | ) | ||||
|
| |||||||
(26,016,429 | ) | |||||||
|
| |||||||
Software & Services — (10.2)% |
| |||||||
2U, Inc.* | (7,879 | ) | (312,481 | ) | ||||
8x8, Inc.* | (7,982 | ) | (121,726 | ) | ||||
ACI Worldwide, Inc.* | (58,756 | ) | (1,256,791 | ) | ||||
Acxiom Corp.* | (77,204 | ) | (2,197,998 | ) | ||||
Alliance Data Systems Corp. | (21,737 | ) | (5,412,513 | ) | ||||
Apptio, Inc., Class A* | (14,731 | ) | (172,795 | ) | ||||
Autodesk, Inc.* | (50,869 | ) | (4,398,642 | ) | ||||
Benefitfocus, Inc.* | (29,465 | ) | (823,547 | ) | ||||
Black Knight Financial Services, Inc., Class A* | (40,019 | ) | (1,532,728 | ) | ||||
Blackhawk Network Holdings, Inc.* | (111,480 | ) | (4,526,088 | ) | ||||
Blackline, Inc.* | (12,035 | ) | (358,162 | ) | ||||
Bottomline Technologies de, Inc.* | (13,393 | ) | (316,744 | ) | ||||
Box, Inc., Class A* | (82,317 | ) | (1,342,590 | ) | ||||
BroadSoft, Inc.* | (4,194 | ) | (168,599 | ) | ||||
Callidus Software, Inc.* | (105,588 | ) | (2,254,304 | ) | ||||
Cornerstone OnDemand, Inc.* | (23,767 | ) | (924,299 | ) | ||||
Coupa Software, Inc.* | (4,403 | ) | (111,836 | ) | ||||
Euronet Worldwide, Inc.* | (1,861 | ) | (159,153 | ) | ||||
Everbridge, Inc.* | (1,246 | ) | (25,580 | ) | ||||
FireEye, Inc.* | (424,169 | ) | (5,348,771 | ) | ||||
Gartner, Inc.* | (44,279 | ) | (4,781,689 | ) | ||||
Gogo, Inc.* | (159,708 | ) | (1,756,788 | ) | ||||
Hortonworks, Inc.* | (95,731 | ) | (939,121 | ) | ||||
HubSpot, Inc.* | (40,765 | ) | (2,468,321 | ) | ||||
Imperva, Inc.* | (84,569 | ) | (3,471,557 | ) | ||||
Instructure, Inc.* | (37,191 | ) | (870,269 | ) | ||||
Leidos Holdings, Inc. | (11,572 | ) | (591,792 | ) | ||||
ManTech International Corp., Class A | (4,063 | ) | (140,702 | ) |
The accompanying notes are an integral part of the financial statements.
78 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
New Relic, Inc.* | (64,728 | ) | $ | (2,399,467 | ) | |||
Pandora Media, Inc.* | (464,304 | ) | (5,483,430 | ) | ||||
Paycom Software, Inc.* | (7,810 | ) | (449,153 | ) | ||||
Paylocity Holding Corp.* | (39,429 | ) | (1,523,142 | ) | ||||
PayPal Holdings, Inc.* | (90,707 | ) | (3,902,215 | ) | ||||
Proofpoint, Inc.* | (486 | ) | (36,139 | ) | ||||
PROS Holdings, Inc.* | (48,475 | ) | (1,172,610 | ) | ||||
Q2 Holdings, Inc.* | (16,553 | ) | (576,872 | ) | ||||
Quotient Technology, Inc.* | (18,548 | ) | (177,133 | ) | ||||
Rapid7, Inc.* | (26,811 | ) | (401,629 | ) | ||||
RingCentral, Inc., Class A* | (54,702 | ) | (1,548,067 | ) | ||||
Sabre Corp. | (139,455 | ) | (2,955,051 | ) | ||||
salesforce.com, Inc.* | (29,625 | ) | (2,443,766 | ) | ||||
SecureWorks Corp., Class A* | (17,283 | ) | (164,188 | ) | ||||
Silver Spring Networks, Inc.* | (5,890 | ) | (66,498 | ) | ||||
Splunk, Inc.* | (55,798 | ) | (3,475,657 | ) | ||||
Square, Inc., Class A* | (233,490 | ) | (4,034,707 | ) | ||||
Tableau Software, Inc., Class A* | (69,669 | ) | (3,452,099 | ) | ||||
TeleTech Holdings, Inc. | (554 | ) | (16,398 | ) | ||||
TrueCar, Inc.* | (67,552 | ) | (1,045,029 | ) | ||||
Twilio, Inc., Class A* | (122,067 | ) | (3,524,074 | ) | ||||
Twitter, Inc.* | (87,755 | ) | (1,311,937 | ) | ||||
Ultimate Software Group, Inc. (The)* | (2,624 | ) | (512,231 | ) | ||||
Vantiv, Inc., Class A* | (13,486 | ) | (864,722 | ) | ||||
Verint Systems, Inc.* | (6,027 | ) | (261,421 | ) | ||||
Virtusa Corp.* | (36,597 | ) | (1,105,961 | ) | ||||
Workday, Inc., Class A* | (54,974 | ) | (4,578,235 | ) | ||||
Workiva, Inc.* | (24,940 | ) | (390,311 | ) | ||||
Zendesk, Inc.* | (110,271 | ) | (3,091,999 | ) | ||||
Zynga, Inc., Class A* | (2,060,230 | ) | (5,871,656 | ) | ||||
|
| |||||||
(103,621,383 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (5.8)% |
| |||||||
3D Systems Corp.* | (140,495 | ) | (2,101,805 | ) | ||||
Arista Networks, Inc.* | (7,209 | ) | (953,534 | ) | ||||
Avnet, Inc. | (61,441 | ) | (2,811,540 | ) | ||||
BlackBerry Ltd. (Canada)* | (4,999 | ) | (38,742 | ) | ||||
CalAmp Corp.* | (36,238 | ) | (608,436 | ) | ||||
Celestica, Inc. (Canada)* | (36,889 | ) | (535,997 | ) | ||||
Ciena Corp.* | (126,607 | ) | (2,989,191 | ) | ||||
Coherent, Inc.* | (10,156 | ) | (2,088,480 | ) | ||||
Cray, Inc.* | (46,360 | ) | (1,015,284 | ) | ||||
CTS Corp. | (2,597 | ) | (55,316 | ) | ||||
Diebold Nixdorf, Inc. | (23,895 | ) | (733,576 | ) | ||||
Dolby Laboratories, Inc., Class A | (2,512 | ) | (131,654 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
EchoStar Corp., Class A* | (13,512 | ) | $ | (769,508 | ) | |||
ePlus, Inc.* | (5,998 | ) | (810,030 | ) | ||||
Extreme Networks, Inc.* | (33,531 | ) | (251,818 | ) | ||||
FARO Technologies, Inc.* | (92 | ) | (3,289 | ) | ||||
Fitbit, Inc., Class A* | (75,425 | ) | (446,516 | ) | ||||
II-VI, Inc.* | (44,596 | ) | (1,607,686 | ) | ||||
Infinera Corp.* | (413,324 | ) | (4,228,305 | ) | ||||
InvenSense, Inc.* | (93,181 | ) | (1,176,876 | ) | ||||
IPG Photonics Corp.* | (18,644 | ) | (2,250,331 | ) | ||||
Lumentum Holdings, Inc.* | (27,530 | ) | (1,468,726 | ) | ||||
Nimble Storage, Inc.* | (173,150 | ) | (2,164,375 | ) | ||||
OSI Systems, Inc.* | (13,470 | ) | (983,175 | ) | ||||
Palo Alto Networks, Inc.* | (49,214 | ) | (5,545,434 | ) | ||||
PC Connection, Inc. | (408 | ) | (12,154 | ) | ||||
Pure Storage, Inc., Class A* | (199,018 | ) | (1,956,347 | ) | ||||
Rogers Corp.* | (205 | ) | (17,603 | ) | ||||
Stratasys Ltd. (Israel)* | (71,111 | ) | (1,457,064 | ) | ||||
Super Micro Computer, Inc.* | (38,416 | ) | (973,846 | ) | ||||
SYNNEX Corp. | (9,956 | ) | (1,114,475 | ) | ||||
Tech Data Corp.* | (26,676 | ) | (2,504,876 | ) | ||||
Trimble, Inc.* | (143,015 | ) | (4,577,910 | ) | ||||
Universal Display Corp. | (55,267 | ) | (4,758,489 | ) | ||||
VeriFone Systems, Inc.* | (58,896 | ) | (1,103,122 | ) | ||||
ViaSat, Inc.* | (70,115 | ) | (4,474,739 | ) | ||||
|
| |||||||
(58,720,249 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.7)% |
| |||||||
ATN International, Inc. | (19,763 | ) | (1,391,710 | ) | ||||
Cincinnati Bell, Inc.* | (55,012 | ) | (973,712 | ) | ||||
Consolidated Communications Holdings, Inc. | (6,648 | ) | (155,696 | ) | ||||
General Communication, Inc., Class A* | (3,570 | ) | (74,256 | ) | ||||
Iridium Communications, Inc.* | (228,420 | ) | (2,204,253 | ) | ||||
ORBCOMM, Inc.* | (39,088 | ) | (373,290 | ) | ||||
Shenandoah Telecommunications Co. | (45,279 | ) | (1,270,076 | ) | ||||
Windstream Holdings, Inc. | (143,500 | ) | (782,075 | ) | ||||
|
| |||||||
(7,225,068 | ) | |||||||
|
| |||||||
Transportation — (3.0)% | ||||||||
Air Transport Services Group, Inc.* | (64,592 | ) | (1,036,702 | ) | ||||
Allegiant Travel Co. | (14,612 | ) | (2,341,573 | ) | ||||
ArcBest Corp. | (8,206 | ) | (213,356 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (28,989 | ) | (1,607,440 | ) | ||||
Echo Global Logistics, Inc.* | (30,641 | ) | (654,185 | ) |
The accompanying notes are an integral part of the financial statements.
79 |
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Genesee & Wyoming, Inc., Class A* | (65,792 | ) | $ | (4,464,645 | ) | |||
Hub Group, Inc., Class A* | (17,947 | ) | (832,741 | ) | ||||
JetBlue Airways Corp.* | (31,619 | ) | (651,668 | ) | ||||
Kansas City Southern | (66,355 | ) | (5,690,605 | ) | ||||
Marten Transport Ltd. | (2,136 | ) | (50,089 | ) | ||||
Matson, Inc. | (8,663 | ) | (275,137 | ) | ||||
SkyWest, Inc. | (78,256 | ) | (2,680,268 | ) | ||||
Spirit Airlines, Inc.* | (79,883 | ) | (4,239,391 | ) | ||||
Student Transportation, Inc. (Canada) | (4,271 | ) | (25,028 | ) | ||||
Werner Enterprises, Inc. | (215,242 | ) | (5,639,340 | ) | ||||
|
| |||||||
(30,402,168 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $745,258,685) | (751,254,593 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD |
| (751,254,593 | ) | |||||
|
| |||||||
(Proceeds $745,258,685) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 4,018,174 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 1,012,909,086 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(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. |
* | Non-income producing. |
PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
80 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 185.1% |
| |||||||
COMMON STOCKS — 185.1% |
| |||||||
Automobiles & Components — 3.3% |
| |||||||
BorgWarner, Inc.(a)(b) | 2,252 | $ | 94,111 | |||||
Delphi Automotive PLC | 2,861 | 230,282 | ||||||
General Motors Co.†(a) | 8,151 | 288,219 | ||||||
Goodyear Tire & Rubber Co. | 2,738 | 98,568 | ||||||
Harley-Davidson, Inc.(a) | 1,507 | 91,174 | ||||||
|
| |||||||
802,354 | ||||||||
|
| |||||||
Banks — 0.1% | ||||||||
Huntington Bancshares, Inc. | 932 | 12,479 | ||||||
KeyCorp. | 982 | 17,460 | ||||||
|
| |||||||
29,939 | ||||||||
|
| |||||||
Capital Goods — 20.8% | ||||||||
3M Co.† | 839 | 160,526 | ||||||
Allegion PLC (Ireland) | 1,010 | 76,457 | ||||||
AMETEK, Inc.† | 2,126 | 114,974 | ||||||
Arconic, Inc.(a) | 4,985 | 131,305 | ||||||
Boeing Co. (The) | 5,505 | 973,614 | ||||||
Caterpillar, Inc.† | 3,064 | 284,217 | ||||||
Cummins, Inc.† | 1,108 | 167,530 | ||||||
Emerson Electric Co.† | 4,558 | 272,842 | ||||||
Fluor Corp. | 1,466 | 77,141 | ||||||
Fortive Corp.† | 2,250 | 135,495 | ||||||
Fortune Brands Home & Security, Inc. | 1,637 | 99,611 | ||||||
Honeywell International, Inc.† | 7,219 | 901,437 | ||||||
Illinois Tool Works, Inc.† | 882 | 116,839 | ||||||
Ingersoll-Rand PLC (Ireland)† | 2,748 | 223,467 | ||||||
Jacobs Engineering Group, Inc.(b) | 1,285 | 71,035 | ||||||
L3 Technologies, Inc.† | 819 | 135,372 | ||||||
Masco Corp.† | 3,404 | 115,702 | ||||||
PACCAR, Inc.(b) | 429 | 28,829 | ||||||
Parker-Hannifin Corp. | 193 | 30,942 | ||||||
Pentair PLC (Ireland)(a) | 669 | 42,000 | ||||||
Raytheon Co.† | 934 | 142,435 | ||||||
Rockwell Automation, Inc.† | 2 | 311 | ||||||
Rockwell Collins, Inc.† | 1,387 | 134,761 | ||||||
Snap-on, Inc.† | 609 | 102,720 | ||||||
Stanley Black & Decker, Inc.†(b) | 1,618 | 214,984 | ||||||
Textron, Inc.† | 2,866 | 136,393 | ||||||
TransDigm Group, Inc.(a) | 224 | 49,316 | ||||||
United Rentals, Inc.†* | 118 | 14,756 | ||||||
WW Grainger, Inc.(a) | 624 | 145,242 | ||||||
|
| |||||||
5,100,253 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — 1.8% |
| |||||||
Cintas Corp. | 82 | $ | 10,376 | |||||
Dun & Bradstreet Corp. (The)(b) | 390 | 42,097 | ||||||
Nielsen Holdings PLC (United Kingdom) | 3,766 | 155,573 | ||||||
Robert Half International, Inc.†(b) | 1,355 | 66,165 | ||||||
Waste Management, Inc.† | 2,323 | 169,393 | ||||||
|
| |||||||
443,604 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 5.9% |
| |||||||
Coach, Inc. | 2,977 | 123,039 | ||||||
DR Horton, Inc. | 549 | 18,287 | ||||||
Garmin Ltd. (Switzerland)(a) | 1,998 | 102,118 | ||||||
Hanesbrands, Inc.(a) | 4,017 | 83,393 | ||||||
Hasbro, Inc.(b) | 1,325 | 132,262 | ||||||
Leggett & Platt, Inc.†(a)(b) | 1,407 | 70,800 | ||||||
Mattel, Inc. | 3,635 | 93,092 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 1,767 | 67,340 | ||||||
Newell Brands, Inc.† | 5,117 | 241,369 | ||||||
PulteGroup, Inc.(a) | 967 | 22,773 | ||||||
PVH Corp.† | 842 | 87,122 | ||||||
Ralph Lauren Corp.(a)(b) | 872 | 71,173 | ||||||
Under Armour, Inc., Class C(a)* | 4,647 | 85,040 | ||||||
VF Corp.(a) | 4,358 | 239,559 | ||||||
Whirlpool Corp. | 39 | 6,682 | ||||||
|
| |||||||
1,444,049 | ||||||||
|
| |||||||
Consumer Services — 2.9% | ||||||||
Carnival Corp. (Panama)† | 1,443 | 85,007 | ||||||
Darden Restaurants, Inc.† | 246 | 20,583 | ||||||
McDonald’s Corp.(b) | 2,180 | 282,550 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 1,175 | 115,279 | ||||||
Wyndham Worldwide Corp.(a)(b) | 1,134 | 95,585 | ||||||
Yum! Brands, Inc.† | 1,568 | 100,195 | ||||||
|
| |||||||
699,199 | ||||||||
|
| |||||||
Diversified Financials — 2.4% | ||||||||
Berkshire Hathaway Inc., Class B* | 341 | 56,838 | ||||||
BlackRock, Inc.† | 18 | 6,903 | ||||||
CME Group, Inc.†(b) | 1,439 | 170,953 | ||||||
Goldman Sachs Group, Inc. (The) | 95 | 21,823 | ||||||
Moody’s Corp.† | 1,700 | 190,468 | ||||||
Nasdaq, Inc.†(b) | 1,753 | 121,746 | ||||||
S&P Global, Inc.† | 137 | 17,911 | ||||||
|
| |||||||
586,642 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
81 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — 6.0% |
| |||||||
Apache Corp.(a) | 3,993 | $ | 205,200 | |||||
Exxon Mobil Corp. | 715 | 58,637 | ||||||
Halliburton Co. | 311 | 15,304 | ||||||
Kinder Morgan, Inc.† | 24,269 | 527,608 | ||||||
Newfield Exploration Co.†* | 2,094 | 77,290 | ||||||
Southwestern Energy Co.†* | 6,029 | 49,257 | ||||||
Transocean Ltd. (Switzerland)(a)* | 4,098 | 51,020 | ||||||
Valero Energy Corp.† | 4,784 | 317,131 | ||||||
Williams Cos., Inc. (The)† | 5,811 | 171,947 | ||||||
|
| |||||||
1,473,394 | ||||||||
|
| |||||||
Food & Staples Retailing — 9.5% | ||||||||
CVS Health Corp.† | 11,254 | 883,439 | ||||||
Kroger Co. (The) | 4,739 | 139,753 | ||||||
Walgreens Boots Alliance, Inc.† | 4,872 | 404,620 | ||||||
Wal-Mart Stores, Inc.† | 12,344 | 889,755 | ||||||
|
| |||||||
2,317,567 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 10.3% |
| |||||||
Altria Group, Inc.† | 5,966 | 426,092 | ||||||
Archer-Daniels-Midland Co.† | 6,031 | 277,667 | ||||||
Campbell Soup Co.(b) | 3,211 | 183,798 | ||||||
Conagra Brands, Inc.† | 4,617 | 186,250 | ||||||
Dr Pepper Snapple Group, Inc.† | 1,942 | 190,161 | ||||||
General Mills, Inc. | 1,143 | 67,448 | ||||||
Hershey Co. (The)† | 2,271 | 248,107 | ||||||
Hormel Foods Corp.(a) | 5,605 | 194,101 | ||||||
McCormick & Co., Inc., non-voting shares(a)(b) | 1,328 | 129,546 | ||||||
Philip Morris International, Inc.† | 3,047 | 344,006 | ||||||
Reynolds American, Inc.† | 381 | 24,011 | ||||||
Tyson Foods, Inc., Class A† | 3,896 | 240,422 | ||||||
|
| |||||||
2,511,609 | ||||||||
|
| |||||||
Health Care Equipment & Services — 18.4% |
| |||||||
Abbott Laboratories | 686 | 30,465 | ||||||
Aetna, Inc.†(b) | 3,730 | 475,761 | ||||||
Anthem, Inc.†(b) | 2,778 | 459,426 | ||||||
Baxter International, Inc.†(b) | 5,680 | 294,565 | ||||||
Boston Scientific Corp.†* | 4,083 | 101,544 | ||||||
Centene Corp.†(b)* | 1,823 | 129,907 | ||||||
Cigna Corp.†(b) | 2,724 | 399,039 | ||||||
Danaher Corp.† | 3,602 | 308,079 | ||||||
DaVita, Inc.†(b)* | 2,127 | 144,572 | ||||||
Express Scripts Holding Co.†(a)* | 6,602 | 435,138 | ||||||
HCA Holdings, Inc.†* | 3,908 | 347,773 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Henry Schein, Inc.†* | 257 | $ | 43,682 | |||||
Humana, Inc.†(b) | 1,583 | 326,320 | ||||||
Laboratory Corp. of America Holdings†(b)* | 1,129 | 161,978 | ||||||
McKesson Corp.† | 1,024 | 151,818 | ||||||
Quest Diagnostics, Inc.† | 1,246 | 122,345 | ||||||
UnitedHealth Group, Inc.† | 3,483 | 571,247 | ||||||
|
| |||||||
4,503,659 | ||||||||
|
| |||||||
Household & Personal Products — 2.2% |
| |||||||
Church & Dwight Co., Inc.† | 2,672 | 133,253 | ||||||
Kimberly-Clark Corp.† | 2,712 | 356,981 | ||||||
Procter & Gamble Co. (The)† | 589 | 52,922 | ||||||
|
| |||||||
543,156 | ||||||||
|
| |||||||
Insurance — 3.9% | ||||||||
Aflac, Inc. | 355 | 25,709 | ||||||
Allstate Corp. (The) | 20 | 1,630 | ||||||
Aon PLC (United Kingdom)† | 2,755 | 326,991 | ||||||
Chubb Ltd. (Switzerland)† | 1,093 | 148,921 | ||||||
Marsh & McLennan Cos., Inc.† | 5,451 | 402,774 | ||||||
Principal Financial Group, Inc. | 66 | 4,165 | ||||||
Progressive Corp. (The) | 1,110 | 43,490 | ||||||
Travelers Cos, Inc. (The) | 23 | 2,772 | ||||||
XL Group Ltd. (Bermuda) | 46 | 1,834 | ||||||
|
| |||||||
958,286 | ||||||||
|
| |||||||
Materials — 14.4% | ||||||||
Air Products & Chemicals, Inc.† | 2,216 | 299,803 | ||||||
Dow Chemical Co. (The)† | 8,783 | 558,072 | ||||||
EI du Pont de Nemours & Co.†(b) | 8,897 | 714,696 | ||||||
FMC Corp.† | 85 | 5,915 | ||||||
Freeport-McMoRan, Inc.†* | 15,679 | 209,471 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 4,253 | 387,831 | ||||||
Monsanto Co.†(b) | 4,651 | 526,493 | ||||||
Newmont Mining Corp.† | 5,630 | 185,565 | ||||||
PPG Industries, Inc.†(b) | 2,709 | 284,662 | ||||||
Sherwin-Williams Co. (The)†(b) | 779 | 241,638 | ||||||
WestRock Co.†(b) | 2,417 | 125,756 | ||||||
|
| |||||||
3,539,902 | ||||||||
|
| |||||||
Media — 9.9% | ||||||||
CBS Corp., Class B, non-voting shares†(a)(b) | 4,332 | 300,467 | ||||||
Comcast Corp., Class A† | 4,205 | 158,066 |
The accompanying notes are an integral part of the financial statements.
82 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) |
| |||||||
Discovery Communications, Inc., Class A(a)(b)* | 6,222 | $ | 180,998 | |||||
Interpublic Group of Cos., Inc. (The)(a) | 4,211 | 103,464 | ||||||
News Corp., Class A†(b) | 6,167 | 80,171 | ||||||
Omnicom Group, Inc. | 2,489 | 214,577 | ||||||
Scripps Networks Interactive, Inc., Class A(a)(b) | 1,371 | 107,445 | ||||||
TEGNA, Inc.†(b) | 2,275 | 58,286 | ||||||
Time Warner, Inc.† | 2,353 | 229,912 | ||||||
Twenty-First Century Fox, Inc., Class A† | 17,288 | 559,958 | ||||||
Viacom, Inc., Class B† | 4,211 | 196,317 | ||||||
Walt Disney Co. (The)† | 1,981 | 224,626 | ||||||
|
| |||||||
2,414,287 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 20.9% |
| |||||||
AbbVie, Inc.† | 10,395 | 677,338 | ||||||
Amgen, Inc.† | 5,517 | 905,174 | ||||||
Biogen, Inc.†* | 2,290 | 626,132 | ||||||
Eli Lilly & Co.†(b) | 5,000 | 420,550 | ||||||
Gilead Sciences, Inc.†(b) | 13,482 | 915,697 | ||||||
Johnson & Johnson† | 4,496 | 559,977 | ||||||
Merck & Co., Inc.†(b) | 8,807 | 559,597 | ||||||
Mylan NV (Netherlands)* | 1,188 | 46,320 | ||||||
Pfizer, Inc.† | 11,650 | 398,546 | ||||||
|
| |||||||
5,109,331 | ||||||||
|
| |||||||
Real Estate — 4.2% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 126 | 13,926 | ||||||
AvalonBay Communities, Inc., REIT(a) | 381 | 69,952 | ||||||
Digital Realty Trust, Inc., REIT(a) | 701 | 74,579 | ||||||
Essex Property Trust, Inc., REIT | 184 | 42,601 | ||||||
Extra Space Storage, Inc., REIT(a) | 1,324 | 98,492 | ||||||
Federal Realty Investment Trust, REIT | 27 | 3,604 | ||||||
GGP, Inc., REIT | 34 | 788 | ||||||
Iron Mountain, Inc., REIT | 2,776 | 99,020 | ||||||
Mid-America Apartment Communities, Inc., REIT† | 1,108 | 112,728 | ||||||
Public Storage, REIT | 128 | 28,020 | ||||||
Realty Income Corp., REIT(a) | 945 | 56,256 | ||||||
Regency Centers Corp., REIT | 633 | 42,025 | ||||||
UDR, Inc., REIT† | 2,088 | 75,711 | ||||||
Ventas, Inc., REIT | 89 | 5,789 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Vornado Realty Trust, REIT | 180 | $ | 18,056 | |||||
Welltower, Inc., REIT | 127 | 8,994 | ||||||
Weyerhaeuser Co., REIT† | 7,934 | 269,597 | ||||||
|
| |||||||
1,020,138 | ||||||||
|
| |||||||
Retailing — 7.0% | ||||||||
AutoNation, Inc.(a)* | 1,060 | 44,827 | ||||||
Bed Bath & Beyond, Inc.(a)(b) | 1,595 | 62,939 | ||||||
Best Buy Co., Inc.(a)(b) | 867 | 42,613 | ||||||
Dollar General Corp. | 135 | 9,414 | ||||||
Dollar Tree, Inc.(b)* | 821 | 64,416 | ||||||
Foot Locker, Inc.(b) | 1,106 | 82,740 | ||||||
Gap, Inc. (The)(a)(b) | 1,237 | 30,047 | ||||||
Genuine Parts Co.†(b) | 1,465 | 135,381 | ||||||
Home Depot, Inc. (The)† | 3,121 | 458,256 | ||||||
Kohl’s Corp.(a) | 1,007 | 40,089 | ||||||
Macy’s, Inc. | 321 | 9,514 | ||||||
Nordstrom, Inc.(a) | 298 | 13,878 | ||||||
Priceline Group, Inc. (The)†* | 116 | 206,477 | ||||||
Ross Stores, Inc.† | 3,278 | 215,922 | ||||||
Signet Jewelers, Ltd. (Bermuda)(a) | 65 | 4,503 | ||||||
Staples, Inc.† | 6,867 | 60,224 | ||||||
Target Corp.† | 1,616 | 89,187 | ||||||
Tiffany & Co.(a) | 719 | 68,521 | ||||||
Tractor Supply Co. | 1,124 | 77,522 | ||||||
|
| |||||||
1,716,470 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 16.4% |
| |||||||
Analog Devices, Inc.†(b) | 3,449 | 282,646 | ||||||
Applied Materials, Inc.†(b) | 11,366 | 442,137 | ||||||
Intel Corp.†(b) | 25,489 | 919,388 | ||||||
KLA-Tencor Corp.† | 1,662 | 158,006 | ||||||
Lam Research Corp. | 1,941 | 249,147 | ||||||
NVIDIA Corp.(b) | 752 | 81,915 | ||||||
Qorvo, Inc.†* | 2 | 137 | ||||||
QUALCOMM, Inc.† | 15,625 | 895,938 | ||||||
Skyworks Solutions, Inc.† | 1,961 | 192,139 | ||||||
Texas Instruments, Inc.† | 8,482 | 683,310 | ||||||
Xilinx, Inc.† | 1,808 | 104,665 | ||||||
|
| |||||||
4,009,428 | ||||||||
|
| |||||||
Software & Services — 4.0% | ||||||||
Accenture PLC, Class A (Ireland)† | 1,247 | 149,490 | ||||||
Akamai Technologies, Inc.†(b)* | 752 | 44,894 | ||||||
CA, Inc.†(b) | 4,383 | 139,029 | ||||||
Citrix Systems, Inc.* | 1,645 | 137,177 |
The accompanying notes are an integral part of the financial statements.
83 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
CSRA, Inc.(b) | 1,715 | $ | 50,232 | |||||
eBay, Inc.†* | 5,075 | 170,368 | ||||||
Fidelity National Information Services, Inc. | 907 | 72,215 | ||||||
Paychex, Inc. | 742 | 43,704 | ||||||
Symantec Corp.(b) | 961 | 29,483 | ||||||
Teradata Corp.(a)* | 1,380 | 42,946 | ||||||
Western Union Co. (The)(a)(b) | 5,106 | 103,907 | ||||||
|
| |||||||
983,445 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 13.9% |
| |||||||
Apple, Inc.† | 6,718 | 965,108 | ||||||
Cisco Systems, Inc.† | 21,864 | 739,003 | ||||||
Corning, Inc.† | 9,821 | 265,167 | ||||||
F5 Networks, Inc.†(b) * | 681 | 97,090 | ||||||
FLIR Systems, Inc.(b) | 1,445 | 52,425 | ||||||
Harris Corp.† | 168 | 18,693 | ||||||
Hewlett Packard Enterprise Co.† | 4,261 | 100,986 | ||||||
HP, Inc.† | 17,733 | 317,066 | ||||||
Juniper Networks, Inc.† | 4,030 | 112,155 | ||||||
Motorola Solutions, Inc.†(a) | 1,760 | 151,747 | ||||||
NetApp, Inc.†(b) | 2,855 | 119,482 | ||||||
Seagate Technology PLC | 3,131 | 143,807 | ||||||
TE Connectivity Ltd. (Switzerland) | 4 | 298 | ||||||
Western Digital Corp.†(b) | 3,031 | 250,148 | ||||||
Xerox Corp.† | 10,759 | 78,971 | ||||||
|
| |||||||
3,412,146 | ||||||||
|
| |||||||
Telecommunication Services — 2.2% |
| |||||||
AT&T, Inc.† | 1 | 42 | ||||||
Verizon Communications, Inc.† | 11,019 | 537,176 | ||||||
|
| |||||||
537,218 | ||||||||
|
| |||||||
Transportation — 3.9% | ||||||||
Alaska Air Group, Inc.†(a)(b) | 1,137 | 104,854 | ||||||
CH Robinson Worldwide, Inc.(a) | 1,486 | 114,853 | ||||||
Delta Air Lines, Inc.†(b) | 7,751 | 356,236 | ||||||
Expeditors International of Washington, Inc.† | 245 | 13,840 | ||||||
Ryder System, Inc. | 563 | 42,473 | ||||||
Southwest Airlines Co.† | 1,701 | 91,446 | ||||||
Union Pacific Corp.† | 74 | 7,838 | ||||||
United Continental Holdings, Inc.†* | 3,342 | 236,079 | ||||||
|
| |||||||
967,619 | ||||||||
|
| |||||||
Utilities — 0.8% | ||||||||
Entergy Corp.† | 1,899 | 144,248 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
NRG Energy, Inc.†(b) | 3,346 | $ | 62,570 | |||||
|
| |||||||
206,818 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 45,330,513 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 185.1% | 45,330,513 | |||||||
|
| |||||||
(Cost $41,475,922) | ||||||||
SHORT POSITIONS — (86.1)% | ||||||||
COMMON STOCKS — (86.1)% | ||||||||
Automobiles & Components — (0.3)% |
| |||||||
Ford Motor Co. | (6,745 | ) | (78,512 | ) | ||||
|
| |||||||
Banks — (3.3)% | ||||||||
Bank of America Corp. | (7,521 | ) | (177,420 | ) | ||||
Citigroup, Inc. | (5,002 | ) | (299,220 | ) | ||||
Comerica, Inc. | (865 | ) | (59,322 | ) | ||||
People’s United Financial, Inc. | (1,524 | ) | (27,737 | ) | ||||
PNC Financial Services Group, Inc. (The) | (806 | ) | (96,913 | ) | ||||
Regions Financial Corp. | (5,991 | ) | (87,049 | ) | ||||
Wells Fargo & Co. | (1,041 | ) | (57,942 | ) | ||||
Zions Bancorporation | (182 | ) | (7,644 | ) | ||||
|
| |||||||
(813,247 | ) | |||||||
|
| |||||||
Capital Goods — (5.2)% | ||||||||
Acuity Brands, Inc. | (217 | ) | (44,268 | ) | ||||
Deere & Co. | (562 | ) | (61,179 | ) | ||||
Dover Corp. | (782 | ) | (62,834 | ) | ||||
Eaton Corp. PLC (Ireland) | (2,199 | ) | (163,056 | ) | ||||
Fastenal Co. | (1,426 | ) | (73,439 | ) | ||||
Flowserve Corp. | (641 | ) | (31,037 | ) | ||||
General Dynamics Corp. | (912 | ) | (170,726 | ) | ||||
General Electric Co. | (4,989 | ) | (148,672 | ) | ||||
Johnson Controls International PLC (Ireland) | (4,614 | ) | (194,342 | ) | ||||
Lockheed Martin Corp. | (73 | ) | (19,535 | ) | ||||
Quanta Services, Inc.* | (740 | ) | (27,461 | ) | ||||
Roper Technologies, Inc. | (262 | ) | (54,100 | ) | ||||
United Technologies Corp. | (1,488 | ) | (166,968 | ) | ||||
Xylem, Inc. | (879 | ) | (44,143 | ) | ||||
|
| |||||||
(1,261,760 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.7)% |
| |||||||
Equifax, Inc. | (587 | ) | (80,266 | ) | ||||
Stericycle, Inc.* | (166 | ) | (13,760 | ) |
The accompanying notes are an integral part of the financial statements.
84 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Verisk Analytics, Inc.* | (831 | ) | $ | (67,427 | ) | |||
|
| |||||||
(161,453 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.5)% |
| |||||||
Mohawk Industries, Inc.* | (363 | ) | (83,305 | ) | ||||
NIKE, Inc., Class B | (5,160 | ) | (287,567 | ) | ||||
|
| |||||||
(370,872 | ) | |||||||
|
| |||||||
Consumer Services — (1.7)% | ||||||||
Chipotle Mexican Grill, Inc.* | (142 | ) | (63,264 | ) | ||||
Marriott International, Inc., Class A | (1,925 | ) | (181,296 | ) | ||||
Starbucks Corp. | (2,078 | ) | (121,334 | ) | ||||
Wynn Resorts Ltd. | (500 | ) | (57,305 | ) | ||||
|
| |||||||
(423,199 | ) | |||||||
|
| |||||||
Diversified Financials — (3.5)% | ||||||||
Affiliated Managers Group, Inc. | (278 | ) | (45,575 | ) | ||||
American Express Co. | (2,983 | ) | (235,985 | ) | ||||
Ameriprise Financial, Inc. | (769 | ) | (99,724 | ) | ||||
Bank of New York Mellon Corp. (The) | (2,212 | ) | (104,473 | ) | ||||
CBOE Holdings, Inc. | (116 | ) | (9,404 | ) | ||||
Franklin Resources, Inc. | (2,790 | ) | (117,571 | ) | ||||
Invesco, Ltd. (Bermuda) | (2,015 | ) | (61,719 | ) | ||||
Navient Corp. | (1,478 | ) | (21,815 | ) | ||||
State Street Corp. | (1,415 | ) | (112,648 | ) | ||||
T Rowe Price Group, Inc. | (799 | ) | (54,452 | ) | ||||
|
| |||||||
(863,366 | ) | |||||||
|
| |||||||
Energy — (8.3)% | ||||||||
Anadarko Petroleum Corp. | (2,717 | ) | (168,454 | ) | ||||
Baker Hughes, Inc. | (1,984 | ) | (118,683 | ) | ||||
Cabot Oil & Gas Corp. | (2,293 | ) | (54,826 | ) | ||||
Chesapeake Energy Corp.* | (4,379 | ) | (26,011 | ) | ||||
Cimarex Energy Co. | (469 | ) | (56,041 | ) | ||||
Concho Resources, Inc.* | (714 | ) | (91,635 | ) | ||||
ConocoPhillips | (1,822 | ) | (90,863 | ) | ||||
EOG Resources, Inc. | (1,990 | ) | (194,124 | ) | ||||
EQT Corp. | (852 | ) | (52,057 | ) | ||||
Helmerich & Payne, Inc. | (531 | ) | (35,349 | ) | ||||
Hess Corp. | (1,561 | ) | (75,256 | ) | ||||
Marathon Oil Corp. | (4,143 | ) | (65,459 | ) | ||||
Marathon Petroleum Corp. | (2,575 | ) | (130,140 | ) | ||||
Murphy Oil Corp. | (850 | ) | (24,302 | ) | ||||
National Oilwell Varco, Inc. | (1,852 | ) | (74,247 | ) | ||||
Noble Energy, Inc. | (2,118 | ) | (72,732 | ) | ||||
Occidental Petroleum Corp. | (3,767 | ) | (238,677 | ) | ||||
Pioneer Natural Resources Co. | (689 | ) | (128,312 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Range Resources Corp. | (1,209 | ) | $ | (35,182 | ) | |||
Schlumberger Ltd. (Curacao) | (3,300 | ) | (257,730 | ) | ||||
Tesoro Corp. | (571 | ) | (46,285 | ) | ||||
|
| |||||||
(2,036,365 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (2.1)% |
| |||||||
Costco Wholesale Corp. | (1,983 | ) | (332,529 | ) | ||||
Sysco Corp. | (2,664 | ) | (138,315 | ) | ||||
Whole Foods Market, Inc. | (1,571 | ) | (46,690 | ) | ||||
|
| |||||||
(517,534 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (7.3)% |
| |||||||
Brown-Forman Corp., Class B | (1,903 | ) | (87,881 | ) | ||||
Coca-Cola Co. (The) | (5,664 | ) | (240,380 | ) | ||||
Constellation Brands, Inc., Class A | (973 | ) | (157,694 | ) | ||||
JM Smucker Co. (The) | (570 | ) | (74,716 | ) | ||||
Kellogg Co. | (1,718 | ) | (124,744 | ) | ||||
Kraft Heinz Co. (The) | (4,626 | ) | (420,087 | ) | ||||
Mead Johnson Nutrition Co. | (905 | ) | (80,617 | ) | ||||
Molson Coors Brewing Co., Class B | (1,051 | ) | (100,591 | ) | ||||
Mondelez International, Inc., Class A | (7,486 | ) | (322,497 | ) | ||||
Monster Beverage Corp.* | (1,943 | ) | (89,708 | ) | ||||
PepsiCo, Inc. | (837 | ) | (93,627 | ) | ||||
|
| |||||||
(1,792,542 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (4.6)% |
| |||||||
AmerisourceBergen Corp. | (650 | ) | (57,525 | ) | ||||
Becton Dickinson and Co. | (1,049 | ) | (192,429 | ) | ||||
Cardinal Health, Inc. | (1,547 | ) | (126,158 | ) | ||||
Cerner Corp.* | (1,717 | ) | (101,045 | ) | ||||
Cooper Cos., Inc. (The) | (239 | ) | (47,774 | ) | ||||
DENTSPLY SIRONA, Inc. | (1,140 | ) | (71,182 | ) | ||||
Edwards Lifesciences Corp.* | (1,040 | ) | (97,833 | ) | ||||
Envision Healthcare Corp.* | (574 | ) | (35,198 | ) | ||||
Hologic, Inc.* | (1,369 | ) | (58,251 | ) | ||||
IDEXX Laboratories, Inc.* | (440 | ) | (68,028 | ) | ||||
Intuitive Surgical, Inc.* | (120 | ) | (91,976 | ) | ||||
Medtronic PLC (Ireland) | (671 | ) | (54,056 | ) | ||||
Patterson Cos., Inc. | (482 | ) | (21,801 | ) | ||||
Universal Health Services, Inc., Class B | (472 | ) | (58,740 | ) | ||||
Varian Medical Systems, Inc.* | (456 | ) | (41,555 | ) | ||||
|
| |||||||
(1,123,551 | ) | |||||||
|
| |||||||
Household & Personal Products — (2.3)% |
| |||||||
Clorox Co. (The) | (632 | ) | (85,213 | ) | ||||
Colgate-Palmolive Co. | (3,466 | ) | (253,677 | ) |
The accompanying notes are an integral part of the financial statements.
85 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Coty, Inc., Class A | (3,683 | ) | $ | (66,773 | ) | |||
Estee Lauder Cos., Inc. (The), Class A | (1,853 | ) | (157,116 | ) | ||||
|
| |||||||
(562,779 | ) | |||||||
|
| |||||||
Insurance — (5.0)% | ||||||||
American International Group, Inc. | (4,080 | ) | (254,714 | ) | ||||
Arthur J Gallagher & Co. | (879 | ) | (49,699 | ) | ||||
Assurant, Inc. | (283 | ) | (27,075 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (1,844 | ) | (88,641 | ) | ||||
Lincoln National Corp. | (1,116 | ) | (73,042 | ) | ||||
Loews Corp. | (1,647 | ) | (77,030 | ) | ||||
MetLife, Inc. | (5,402 | ) | (285,334 | ) | ||||
Prudential Financial Group, Inc. | (2,119 | ) | (226,055 | ) | ||||
Torchmark Corp. | (28 | ) | (2,157 | ) | ||||
Unum Group | (1,134 | ) | (53,173 | ) | ||||
Willis Towers Watson PLC (Ireland) | (675 | ) | (88,351 | ) | ||||
|
| |||||||
(1,225,271 | ) | |||||||
|
| |||||||
Materials — (4.4)% | ||||||||
Albemarle Corp. | (555 | ) | (58,630 | ) | ||||
Avery Dennison Corp. | (435 | ) | (35,061 | ) | ||||
Ball Corp. | (862 | ) | (64,012 | ) | ||||
CF Industries Holdings, Inc. | (1,149 | ) | (33,723 | ) | ||||
Eastman Chemical Co. | (717 | ) | (57,934 | ) | ||||
Ecolab, Inc. | (1,471 | ) | (184,375 | ) | ||||
International Flavors & Fragrances, Inc. | (388 | ) | (51,422 | ) | ||||
International Paper Co. | (2,011 | ) | (102,119 | ) | ||||
Martin Marietta Materials, Inc. | (310 | ) | (67,658 | ) | ||||
Mosaic Co. (The) | (1,726 | ) | (50,365 | ) | ||||
Nucor Corp. | (1,559 | ) | (93,103 | ) | ||||
Praxair, Inc. | (1,409 | ) | (167,107 | ) | ||||
Sealed Air Corp. | (947 | ) | (41,270 | ) | ||||
Vulcan Materials Co. | (654 | ) | (78,794 | ) | ||||
|
| |||||||
(1,085,573 | ) | |||||||
|
| |||||||
Media — (0.5)% | ||||||||
DISH Network Corp., Class A* | (2,012 | ) | (127,742 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.1)% |
| |||||||
Agilent Technologies, Inc. | (1,587 | ) | (83,905 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (1,108 | ) | (134,334 | ) | ||||
Allergan PLC (Ireland) | (1,127 | ) | (269,263 | ) | ||||
Illumina, Inc.* | (720 | ) | (122,861 | ) | ||||
Incyte Corp.* | (1,033 | ) | (138,081 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Mallinckrodt PLC | (517 | ) | $ | (23,043 | ) | |||
Mettler-Toledo International, Inc.* | (129 | ) | (61,779 | ) | ||||
PerkinElmer, Inc. | (540 | ) | (31,352 | ) | ||||
Perrigo Co. PLC (Ireland) | (707 | ) | (46,938 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (597 | ) | (231,343 | ) | ||||
Thermo Fisher Scientific, Inc. | (470 | ) | (72,192 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (1,257 | ) | (137,453 | ) | ||||
Waters Corp.* | (26 | ) | (4,064 | ) | ||||
Zoetis, Inc. | (2,432 | ) | (129,796 | ) | ||||
|
| |||||||
(1,486,404 | ) | |||||||
|
| |||||||
Real Estate — (4.3)% | ||||||||
American Tower Corp., REIT | (1,529 | ) | (185,835 | ) | ||||
Apartment Investment & Management Co., Class A, REIT | (705 | ) | (31,267 | ) | ||||
Boston Properties, Inc., REIT | (500 | ) | (66,205 | ) | ||||
Crown Castle International Corp., REIT | (1,777 | ) | (167,838 | ) | ||||
Equinix, Inc., REIT | (351 | ) | (140,530 | ) | ||||
Equity Residential, REIT | (1,804 | ) | (112,245 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (3,640 | ) | (67,922 | ) | ||||
Kimco Realty Corp., REIT | (2,096 | ) | (46,301 | ) | ||||
Macerich Co. (The), REIT | (710 | ) | (45,724 | ) | ||||
Prologis, Inc., REIT | (2,607 | ) | (135,251 | ) | ||||
SL Green Realty Corp., REIT | (496 | ) | (52,884 | ) | ||||
|
| |||||||
(1,052,002 | ) | |||||||
|
| |||||||
Retailing — (4.8)% | ||||||||
Advance Auto Parts, Inc. | (364 | ) | (53,967 | ) | ||||
Amazon.com, Inc.* | (465 | ) | (412,241 | ) | ||||
AutoZone, Inc.* | (17 | ) | (12,292 | ) | ||||
CarMax, Inc.* | (923 | ) | (54,660 | ) | ||||
Expedia, Inc. | (762 | ) | (96,142 | ) | ||||
L Brands, Inc. | (105 | ) | (4,945 | ) | ||||
LKQ Corp.* | (1,272 | ) | (37,231 | ) | ||||
Netflix, Inc.* | (2,120 | ) | (313,357 | ) | ||||
TJX Cos., Inc. | (737 | ) | (58,282 | ) | ||||
TripAdvisor, Inc.* | (710 | ) | (30,644 | ) | ||||
Ulta Beauty, Inc.* | (307 | ) | (87,566 | ) | ||||
|
| |||||||
(1,161,327 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.3)% |
| |||||||
Advanced Micro Devices, Inc.* | (4,574 | ) | (66,552 | ) | ||||
Broadcom Ltd. (Singapore) | (391 | ) | (85,613 | ) |
The accompanying notes are an integral part of the financial statements.
86 |
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor |
| |||||||
Micron Technology, Inc.* | (5,910 | ) | $ | (170,799 | ) | |||
|
| |||||||
(322,964 | ) | |||||||
|
| |||||||
Software & Services — (10.4)% |
| |||||||
Activision Blizzard, Inc. | (1,907 | ) | (95,083 | ) | ||||
Adobe Systems, Inc.* | (1,763 | ) | (229,419 | ) | ||||
Alliance Data Systems Corp. | (283 | ) | (70,467 | ) | ||||
Alphabet, Inc., Class A* | (182 | ) | (154,300 | ) | ||||
Autodesk, Inc.* | (1,097 | ) | (94,858 | ) | ||||
Automatic Data Processing, Inc. | (654 | ) | (66,963 | ) | ||||
Electronic Arts, Inc.* | (1,513 | ) | (135,444 | ) | ||||
Facebook, Inc., Class A* | (1,082 | ) | (153,698 | ) | ||||
Fiserv, Inc.* | (1,055 | ) | (121,652 | ) | ||||
International Business Machines Corp. | (137 | ) | (23,857 | ) | ||||
Intuit, Inc. | (1,267 | ) | (146,959 | ) | ||||
Mastercard, Inc., Class A | (400 | ) | (44,988 | ) | ||||
Microsoft Corp. | (6,576 | ) | (433,095 | ) | ||||
Oracle Corp. | (3,283 | ) | (146,455 | ) | ||||
PayPal Holdings, Inc.* | (4,827 | ) | (207,658 | ) | ||||
Red Hat, Inc.* | (881 | ) | (76,206 | ) | ||||
salesforce.com, Inc.* | (3,461 | ) | (285,498 | ) | ||||
Synopsys, Inc.* | (735 | ) | (53,016 | ) | ||||
Verisign, Inc.* | (43 | ) | (3,746 | ) | ||||
|
| |||||||
(2,543,362 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.7)% |
| |||||||
CenturyLink, Inc. | (2,674 | ) | (63,026 | ) | ||||
Level 3 Communications, Inc.* | (1,775 | ) | (101,566 | ) | ||||
|
| |||||||
(164,592 | ) | |||||||
|
| |||||||
Transportation — (4.5)% |
| |||||||
American Airlines Group, Inc. | (2,500 | ) | (105,750 | ) | ||||
CSX Corp. | (4,168 | ) | (194,020 | ) | ||||
FedEx Corp. | (1,306 | ) | (254,866 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
JB Hunt Transport Services, Inc. | (549 | ) | $ | (50,365 | ) | |||
Kansas City Southern | (525 | ) | (45,024 | ) | ||||
Norfolk Southern Corp. | (1,432 | ) | (160,341 | ) | ||||
United Parcel Service, Inc., Class B | (2,638 | ) | (283,057 | ) | ||||
|
| |||||||
(1,093,423 | ) | |||||||
|
| |||||||
Utilities — (3.3)% | ||||||||
Consolidated Edison, Inc. | (113 | ) | (8,776 | ) | ||||
Duke Energy Corp. | (3,341 | ) | (273,995 | ) | ||||
FirstEnergy Corp. | (2,153 | ) | (68,508 | ) | ||||
NextEra Energy, Inc. | (2,189 | ) | (281,002 | ) | ||||
Pinnacle West Capital Corp. | (18 | ) | (1,501 | ) | ||||
Public Service Enterprise Group, Inc. | (2,489 | ) | (110,387 | ) | ||||
Sempra Energy | (567 | ) | (62,654 | ) | ||||
|
| |||||||
(806,823 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $20,222,671) |
| (21,074,663 | ) | |||||
|
| |||||||
TOTAL SECURITIES SOLD |
| (21,074,663 | ) | |||||
|
| |||||||
(Proceeds $20,222,671) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 236,051 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 24,491,901 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(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. |
* | Non-income producing. |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
87 |
GOTHAM ENHANCED 500 CORE FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 139.2% |
| |||||||
COMMON STOCKS — 139.2% | ||||||||
Automobiles & Components — 2.2% |
| |||||||
BorgWarner, Inc.†(a) | 155 | $ | 6,477 | |||||
Delphi Automotive PLC (Jersey)† | 197 | 15,857 | ||||||
General Motors Co.† | 564 | 19,943 | ||||||
Goodyear Tire & Rubber Co. (The) | 189 | 6,804 | ||||||
|
| |||||||
49,081 | ||||||||
|
| |||||||
Capital Goods — 16.2% | ||||||||
3M Co.† | 75 | 14,350 | ||||||
Allegion PLC (Ireland)† | 70 | 5,299 | ||||||
AMETEK, Inc.† | 158 | 8,545 | ||||||
Arconic, Inc. | 360 | 9,482 | ||||||
Boeing Co. (The)† | 399 | 70,567 | ||||||
Caterpillar, Inc.† | 281 | 26,066 | ||||||
Cummins, Inc.† | 118 | 17,842 | ||||||
Emerson Electric Co.† | 268 | 16,042 | ||||||
Fluor Corp. | 102 | 5,367 | ||||||
Fortive Corp. | 141 | 8,491 | ||||||
Fortune Brands Home & Security, Inc. | 113 | 6,876 | ||||||
Honeywell International, Inc.† | 498 | 62,185 | ||||||
Illinois Tool Works, Inc. | 37 | 4,901 | ||||||
Ingersoll-Rand PLC (Ireland)† | 189 | 15,369 | ||||||
Jacobs Engineering Group, Inc.† | 89 | 4,920 | ||||||
L3 Technologies, Inc. | 56 | 9,256 | ||||||
Masco Corp. | 236 | 8,022 | ||||||
Pentair PLC (Ireland) | 6 | 377 | ||||||
Raytheon Co.† | 118 | 17,995 | ||||||
Rockwell Collins, Inc. | 95 | 9,230 | ||||||
Snap-on, Inc.† | 37 | 6,241 | ||||||
Stanley Black & Decker, Inc. | 110 | 14,616 | ||||||
Textron, Inc. | 197 | 9,375 | ||||||
WW Grainger, Inc.†(a) | 44 | 10,241 | ||||||
|
| |||||||
361,655 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.5% |
| |||||||
Dun & Bradstreet Corp. (The) | 27 | 2,914 | ||||||
Nielsen Holdings PLC (United Kingdom) | 260 | 10,741 | ||||||
Republic Services, Inc. | 21 | 1,319 | ||||||
Robert Half International, Inc.† | 94 | 4,590 | ||||||
Waste Management, Inc.† | 190 | 13,855 | ||||||
|
| |||||||
33,419 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.3% |
| |||||||
Coach, Inc. | 205 | 8,473 | ||||||
Garmin Ltd. (Switzerland)†(a) | 137 | 7,002 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Hanesbrands, Inc.(a) | 276 | $ | 5,730 | |||||
Hasbro, Inc. | 91 | 9,084 | ||||||
Leggett & Platt, Inc.† | 96 | 4,831 | ||||||
Mattel, Inc. | 250 | 6,402 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 122 | 4,649 | ||||||
Newell Brands, Inc.† | 350 | 16,510 | ||||||
PVH Corp.† | 59 | 6,105 | ||||||
Ralph Lauren Corp.† | 60 | 4,897 | ||||||
Under Armour, Inc., Class C(a)* | 318 | 5,819 | ||||||
VF Corp.(a) | 302 | 16,601 | ||||||
|
| |||||||
96,103 | ||||||||
|
| |||||||
Consumer Services — 2.1% | ||||||||
McDonald’s Corp.† | 231 | 29,940 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 51 | 5,004 | ||||||
Wyndham Worldwide Corp.† | 79 | 6,659 | ||||||
Yum! Brands, Inc.† | 80 | 5,112 | ||||||
|
| |||||||
46,715 | ||||||||
|
| |||||||
Diversified Financials — 0.6% | ||||||||
Berkshire Hathaway Inc., Class B* | 4 | 667 | ||||||
CME Group, Inc. | 9 | 1,069 | ||||||
Moody’s Corp.† | 34 | 3,809 | ||||||
Nasdaq, Inc.† | 121 | 8,403 | ||||||
|
| |||||||
13,948 | ||||||||
|
| |||||||
Energy — 3.6% | ||||||||
Apache Corp. | 202 | 10,381 | ||||||
Kinder Morgan, Inc.† | 1,664 | 36,175 | ||||||
Newfield Exploration Co.* | 144 | 5,315 | ||||||
Southwestern Energy Co.†* | 415 | 3,391 | ||||||
Transocean Ltd. (Switzerland)(a) * | 284 | 3,536 | ||||||
Valero Energy Corp.† | 329 | 21,809 | ||||||
|
| |||||||
80,607 | ||||||||
|
| |||||||
Food & Staples Retailing — 7.6% |
| |||||||
CVS Health Corp.† | 775 | 60,838 | ||||||
Kroger Co. (The) | 559 | 16,485 | ||||||
Walgreens Boots Alliance, Inc.† | 326 | 27,074 | ||||||
Wal-Mart Stores, Inc.† | 890 | 64,151 | ||||||
|
| |||||||
168,548 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 8.9% |
| |||||||
Altria Group, Inc.† | 507 | 36,210 | ||||||
Archer-Daniels-Midland Co. | 416 | 19,153 | ||||||
Campbell Soup Co. | 222 | 12,707 |
The accompanying notes are an integral part of the financial statements.
88 |
GOTHAM ENHANCED 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Conagra Brands, Inc.† | 317 | $ | 12,788 | |||||
Dr Pepper Snapple Group, Inc.† | 134 | 13,121 | ||||||
General Mills, Inc.† | 209 | 12,333 | ||||||
Hershey Co. (The) | 156 | 17,043 | ||||||
Hormel Foods Corp.(a) | 384 | 13,298 | ||||||
McCormick & Co., Inc., non-voting shares | 91 | 8,877 | ||||||
Philip Morris International, Inc.† | 225 | 25,402 | ||||||
Reynolds American, Inc.† | 182 | 11,470 | ||||||
Tyson Foods, Inc., Class A† | 268 | 16,538 | ||||||
|
| |||||||
198,940 | ||||||||
|
| |||||||
Health Care Equipment & Services — 13.2% |
| |||||||
Abbott Laboratories | 18 | 799 | ||||||
Aetna, Inc.† | 255 | 32,525 | ||||||
Anthem, Inc.† | 192 | 31,753 | ||||||
Baxter International, Inc.† | 392 | 20,329 | ||||||
Boston Scientific Corp.* | 127 | 3,158 | ||||||
Centene Corp.†* | 125 | 8,908 | ||||||
Cigna Corp.† | 186 | 27,247 | ||||||
Danaher Corp.† | 232 | 19,843 | ||||||
DaVita, Inc.* | 146 | 9,924 | ||||||
Express Scripts Holding Co.†* | 458 | 30,187 | ||||||
HCA Holdings, Inc.* | 269 | 23,938 | ||||||
Humana, Inc.† | 109 | 22,469 | ||||||
Laboratory Corp. of America Holdings* | 77 | 11,047 | ||||||
McKesson Corp.† | 28 | 4,151 | ||||||
Quest Diagnostics, Inc.† | 99 | 9,721 | ||||||
UnitedHealth Group, Inc.† | 234 | 38,378 | ||||||
|
| |||||||
294,377 | ||||||||
|
| |||||||
Household & Personal Products — 2.2% |
| |||||||
Church & Dwight Co., Inc.† | 188 | 9,376 | ||||||
Kimberly-Clark Corp.† | 233 | 30,670 | ||||||
Procter & Gamble Co. (The) | 108 | 9,704 | ||||||
|
| |||||||
49,750 | ||||||||
|
| |||||||
Insurance — 2.5% | ||||||||
Aflac, Inc. | 8 | 579 | ||||||
Allstate Corp. (The) | 7 | 570 | ||||||
Aon PLC (United Kingdom) | 190 | 22,551 | ||||||
Chubb Ltd. (Switzerland) | 25 | 3,406 | ||||||
Marsh & McLennan Cos., Inc.† | 377 | 27,857 | ||||||
Progressive Corp. (The) | 25 | 980 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) |
| |||||||
Travelers Cos, Inc. (The) | 3 | $ | 362 | |||||
|
| |||||||
56,305 | ||||||||
|
| |||||||
Materials — 11.6% | ||||||||
Air Products & Chemicals, Inc.† | 159 | 21,511 | ||||||
Dow Chemical Co. (The)† | 629 | 39,967 | ||||||
EI du Pont de Nemours & Co.† | 628 | 50,447 | ||||||
FMC Corp.† | 5 | 348 | ||||||
Freeport-McMoRan, Inc.†* | 1,076 | 14,375 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 293 | 26,719 | ||||||
Monsanto Co.† | 320 | 36,224 | ||||||
Newmont Mining Corp.† | 387 | 12,755 | ||||||
PPG Industries, Inc.† | 192 | 20,175 | ||||||
Sealed Air Corp. | 141 | 6,145 | ||||||
Sherwin-Williams Co. (The)† | 67 | 20,783 | ||||||
WestRock Co.† | 174 | 9,053 | ||||||
|
| |||||||
258,502 | ||||||||
|
| |||||||
Media — 7.9% | ||||||||
CBS Corp., Class B, non-voting shares† | 299 | 20,739 | ||||||
Comcast Corp., Class A† | 227 | 8,533 | ||||||
Discovery Communications, Inc., Class A†(a)* | 430 | 12,509 | ||||||
Interpublic Group of Cos., Inc. (The)† | 288 | 7,076 | ||||||
News Corp., Class A† | 423 | 5,499 | ||||||
Omnicom Group, Inc.† | 171 | 14,742 | ||||||
Scripps Networks Interactive, Inc., Class A†(a) | 94 | 7,367 | ||||||
TEGNA, Inc.† | 156 | 3,997 | ||||||
Time Warner, Inc.† | 128 | 12,507 | ||||||
Twenty-First Century Fox, Inc., Class A† | 1,306 | 42,301 | ||||||
Viacom, Inc., Class B | 289 | 13,473 | ||||||
Walt Disney Co. (The)† | 235 | 26,647 | ||||||
|
| |||||||
175,390 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 16.1% |
| |||||||
AbbVie, Inc.† | 670 | 43,657 | ||||||
Amgen, Inc.† | 371 | 60,870 | ||||||
Biogen, Inc.†* | 157 | 42,927 | ||||||
Eli Lilly & Co. | 345 | 29,018 | ||||||
Gilead Sciences, Inc.† | 929 | 63,098 | ||||||
Johnson & Johnson† | 354 | 44,091 | ||||||
Merck & Co., Inc.† | 656 | 41,682 | ||||||
Mylan NV (Netherlands)* | 1 | 39 |
The accompanying notes are an integral part of the financial statements.
89 |
GOTHAM ENHANCED 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Pfizer, Inc.† | 962 | $ | 32,910 | |||||
|
| |||||||
358,292 | ||||||||
|
| |||||||
Real Estate — 3.4% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 3 | 332 | ||||||
Apartment Investment & Management Co., Class A, REIT | 3 | 133 | ||||||
AvalonBay Communities, Inc., REIT | 33 | 6,059 | ||||||
Digital Realty Trust, Inc., REIT(a) | 17 | 1,809 | ||||||
Essex Property Trust, Inc., REIT | 18 | 4,168 | ||||||
Extra Space Storage, Inc., REIT(a) | 90 | 6,695 | ||||||
Federal Realty Investment Trust, REIT | 2 | 267 | ||||||
HCP, Inc., REIT | 14 | 438 | ||||||
Iron Mountain, Inc., REIT | 191 | 6,813 | ||||||
Mid-America Apartment Communities, Inc., REIT | 81 | 8,241 | ||||||
Public Storage, REIT | 14 | 3,065 | ||||||
Realty Income Corp., REIT(a) | 106 | 6,310 | ||||||
Regency Centers Corp., REIT | 43 | 2,855 | ||||||
UDR, Inc., REIT | 153 | 5,548 | ||||||
Ventas, Inc., REIT | 18 | 1,171 | ||||||
Vornado Realty Trust, REIT | 3 | 301 | ||||||
Welltower, Inc., REIT | 26 | 1,841 | ||||||
Weyerhaeuser Co., REIT | 545 | 18,519 | ||||||
|
| |||||||
74,565 | ||||||||
|
| |||||||
Retailing — 4.2% | ||||||||
AutoNation, Inc.(a)* | 73 | 3,087 | ||||||
AutoZone, Inc.†* | 5 | 3,615 | ||||||
Bed Bath & Beyond, Inc.†(a) | 111 | 4,380 | ||||||
Best Buy Co., Inc.†(a) | 230 | 11,304 | ||||||
Dollar Tree, Inc.* | 58 | 4,551 | ||||||
Foot Locker, Inc. | 93 | 6,957 | ||||||
Gap, Inc. (The)† | 288 | 6,995 | ||||||
Genuine Parts Co.† | 94 | 8,687 | ||||||
Kohl’s Corp.†(a) | 100 | 3,981 | ||||||
L Brands, Inc. | 171 | 8,054 | ||||||
Macy’s, Inc. | 47 | 1,393 | ||||||
Priceline Group, Inc. (The)†* | 2 | 3,560 | ||||||
Signet Jewelers, Ltd. (Bermuda) | 5 | 346 | ||||||
Staples, Inc. | 470 | 4,122 | ||||||
Target Corp.† | 180 | 9,934 | ||||||
Tiffany & Co.(a) | 52 | 4,956 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
TJX Cos., Inc. (The)† | 21 | $ | 1,661 | |||||
Tractor Supply Co. | 73 | 5,035 | ||||||
|
| |||||||
92,618 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 11.2% |
| |||||||
Analog Devices, Inc. | 229 | 18,767 | ||||||
Applied Materials, Inc.† | 785 | 30,536 | ||||||
Intel Corp.† | 1,577 | 56,882 | ||||||
KLA-Tencor Corp.† | 114 | 10,838 | ||||||
Lam Research Corp.† | 133 | 17,072 | ||||||
QUALCOMM, Inc.† | 1,076 | 61,698 | ||||||
Skyworks Solutions, Inc.(a) | 135 | 13,227 | ||||||
Texas Instruments, Inc.† | 504 | 40,602 | ||||||
|
| |||||||
249,622 | ||||||||
|
| |||||||
Software & Services — 3.5% | ||||||||
Accenture PLC, Class A (Ireland)† | 56 | 6,713 | ||||||
CA, Inc.† | 300 | 9,516 | ||||||
Citrix Systems, Inc.* | 113 | 9,423 | ||||||
CSRA, Inc.† | 119 | 3,485 | ||||||
eBay, Inc.†* | 255 | 8,560 | ||||||
Fidelity National Information Services, Inc. | 14 | 1,115 | ||||||
International Business Machines Corp.† | 136 | 23,683 | ||||||
Paychex, Inc. | 92 | 5,419 | ||||||
Teradata Corp.†(a)* | 96 | 2,987 | ||||||
Western Union Co. (The)†(a) | 352 | 7,163 | ||||||
|
| |||||||
78,064 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.2% |
| |||||||
Apple, Inc.† | 467 | 67,089 | ||||||
Cisco Systems, Inc.† | 1,989 | 67,228 | ||||||
Corning, Inc.† | 673 | 18,171 | ||||||
F5 Networks, Inc.†* | 47 | 6,701 | ||||||
FLIR Systems, Inc.† | 99 | 3,592 | ||||||
HP, Inc.† | 1,091 | 19,507 | ||||||
Juniper Networks, Inc.† | 278 | 7,737 | ||||||
Motorola Solutions, Inc. | 120 | 10,346 | ||||||
NetApp, Inc. | 197 | 8,244 | ||||||
Seagate Technology PLC | 215 | 9,875 | ||||||
TE Connectivity Ltd. (Switzerland)† | 10 | 746 | ||||||
Western Digital Corp. | 15 | 1,238 | ||||||
Xerox Corp. | 738 | 5,417 | ||||||
|
| |||||||
225,891 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
90 |
GOTHAM ENHANCED 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — 2.0% |
| |||||||
Verizon Communications, Inc.† | 906 | $ | 44,168 | |||||
|
| |||||||
Transportation — 3.6% | ||||||||
Alaska Air Group, Inc.† | 63 | 5,810 | ||||||
CH Robinson Worldwide, | 103 | 7,961 | ||||||
Delta Air Lines, Inc.† | 535 | 24,589 | ||||||
Ryder System, Inc. | 39 | 2,942 | ||||||
Southwest Airlines Co.† | 432 | 23,224 | ||||||
United Continental Holdings, Inc.†* | 231 | 16,318 | ||||||
|
| |||||||
80,844 | ||||||||
|
| |||||||
Utilities — 0.6% | ||||||||
Entergy Corp. | 130 | 9,875 | ||||||
NRG Energy, Inc.† | 230 | 4,301 | ||||||
|
| |||||||
14,176 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $2,899,631) | 3,101,580 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 139.2% |
| 3,101,580 | ||||||
|
| |||||||
(Cost $2,899,631) | ||||||||
SHORT POSITIONS — (40.1)% | ||||||||
COMMON STOCKS — (40.1)% | ||||||||
Automobiles & Components — (0.3)% |
| |||||||
Ford Motor Co. | (317 | ) | (3,690 | ) | ||||
Harley-Davidson, Inc. | (37 | ) | (2,238 | ) | ||||
|
| |||||||
(5,928 | ) | |||||||
|
| |||||||
Banks — (1.8)% | ||||||||
Bank of America Corp. | (396 | ) | (9,342 | ) | ||||
Citigroup, Inc. | (251 | ) | (15,015 | ) | ||||
Comerica, Inc. | (37 | ) | (2,537 | ) | ||||
People’s United Financial, Inc. | (65 | ) | (1,183 | ) | ||||
PNC Financial Services Group, Inc. (The) | (37 | ) | (4,449 | ) | ||||
Regions Financial Corp. | (255 | ) | (3,705 | ) | ||||
Wells Fargo & Co. | (43 | ) | (2,393 | ) | ||||
Zions Bancorporation | (28 | ) | (1,176 | ) | ||||
|
| |||||||
(39,800 | ) | |||||||
|
| |||||||
Capital Goods — (2.8)% | ||||||||
Acuity Brands, Inc. | (10 | ) | (2,040 | ) | ||||
Deere & Co. | (6 | ) | (653 | ) | ||||
Dover Corp. | (34 | ) | (2,732 | ) | ||||
Eaton Corp. PLC (Ireland) | (95 | ) | (7,044 | ) | ||||
Fastenal Co. | (61 | ) | (3,142 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Flowserve Corp. | (28 | ) | $ | (1,356 | ) | |||
General Dynamics Corp. | (28 | ) | (5,242 | ) | ||||
General Electric Co. | (181 | ) | (5,394 | ) | ||||
Johnson Controls International PLC (Ireland) | (196 | ) | (8,256 | ) | ||||
PACCAR, Inc. | (74 | ) | (4,973 | ) | ||||
Parker-Hannifin Corp. | (28 | ) | (4,489 | ) | ||||
Quanta Services, Inc.* | (32 | ) | (1,188 | ) | ||||
Rockwell Automation, Inc. | (27 | ) | (4,204 | ) | ||||
Roper Technologies, Inc. | (5 | ) | (1,032 | ) | ||||
United Rentals, Inc.* | (19 | ) | (2,376 | ) | ||||
United Technologies Corp. | (55 | ) | (6,172 | ) | ||||
Xylem, Inc. | (38 | ) | (1,908 | ) | ||||
|
| |||||||
(62,201 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.4)% |
| |||||||
Cintas Corp. | (22 | ) | (2,784 | ) | ||||
Equifax, Inc. | (17 | ) | (2,325 | ) | ||||
Verisk Analytics, Inc.* | (35 | ) | (2,840 | ) | ||||
|
| |||||||
(7,949 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (0.6)% |
| |||||||
Mohawk Industries, Inc.* | (16 | ) | (3,672 | ) | ||||
NIKE, Inc., Class B | (184 | ) | (10,254 | ) | ||||
|
| |||||||
(13,926 | ) | |||||||
|
| |||||||
Consumer Services — (0.8)% | ||||||||
Chipotle Mexican Grill, Inc.* | (6 | ) | (2,673 | ) | ||||
Darden Restaurants, Inc. | (18 | ) | (1,506 | ) | ||||
Marriott International, Inc., Class A | (81 | ) | (7,629 | ) | ||||
Starbucks Corp. | (47 | ) | (2,744 | ) | ||||
Wynn Resorts Ltd. | (21 | ) | (2,407 | ) | ||||
|
| |||||||
(16,959 | ) | |||||||
|
| |||||||
Diversified Financials — (2.2)% | ||||||||
Affiliated Managers Group, Inc. | (12 | ) | (1,967 | ) | ||||
American Express Co. | (131 | ) | (10,363 | ) | ||||
Ameriprise Financial, Inc. | (33 | ) | (4,279 | ) | ||||
Bank of New York Mellon Corp. (The) | (107 | ) | (5,054 | ) | ||||
BlackRock, Inc. | (20 | ) | (7,670 | ) | ||||
Franklin Resources, Inc. | (120 | ) | (5,057 | ) | ||||
Invesco, Ltd. (Bermuda) | (86 | ) | (2,634 | ) | ||||
Navient Corp. | (64 | ) | (945 | ) | ||||
S&P Global, Inc. | (19 | ) | (2,484 | ) | ||||
State Street Corp. | (73 | ) | (5,812 | ) | ||||
T Rowe Price Group, Inc. | (34 | ) | (2,317 | ) | ||||
|
| |||||||
(48,582 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
91 |
GOTHAM ENHANCED 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (3.7)% |
| |||||||
Anadarko Petroleum Corp. | (115 | ) | $ | (7,130 | ) | |||
Baker Hughes, Inc. | (88 | ) | (5,264 | ) | ||||
Cabot Oil & Gas Corp. | (86 | ) | (2,056 | ) | ||||
Chesapeake Energy Corp.* | (188 | ) | (1,117 | ) | ||||
Cimarex Energy Co. | (19 | ) | (2,270 | ) | ||||
Concho Resources, Inc.* | (30 | ) | (3,850 | ) | ||||
ConocoPhillips | (69 | ) | (3,441 | ) | ||||
Devon Energy Corp. | (32 | ) | (1,335 | ) | ||||
EOG Resources, Inc. | (65 | ) | (6,341 | ) | ||||
EQT Corp. | (36 | ) | (2,200 | ) | ||||
Helmerich & Payne, Inc. | (23 | ) | (1,531 | ) | ||||
Hess Corp. | (66 | ) | (3,182 | ) | ||||
Marathon Oil Corp. | (178 | ) | (2,812 | ) | ||||
Marathon Petroleum Corp. | (110 | ) | (5,559 | ) | ||||
Murphy Oil Corp. | (37 | ) | (1,058 | ) | ||||
National Oilwell Varco, Inc. | (79 | ) | (3,167 | ) | ||||
Noble Energy, Inc. | (90 | ) | (3,091 | ) | ||||
Occidental Petroleum Corp. | (160 | ) | (10,138 | ) | ||||
Pioneer Natural Resources Co. | (20 | ) | (3,725 | ) | ||||
Range Resources Corp. | (51 | ) | (1,484 | ) | ||||
Schlumberger Ltd. (Curacao) | (134 | ) | (10,465 | ) | ||||
Tesoro Corp. | (25 | ) | (2,026 | ) | ||||
|
| |||||||
(83,242 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.9)% |
| |||||||
Costco Wholesale Corp. | (67 | ) | (11,235 | ) | ||||
Sysco Corp. | (113 | ) | (5,867 | ) | ||||
Whole Foods Market, Inc. | (67 | ) | (1,991 | ) | ||||
|
| |||||||
(19,093 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.0)% |
| |||||||
Brown-Forman Corp., Class B | (83 | ) | (3,833 | ) | ||||
Coca-Cola Co. (The) | (205 | ) | (8,700 | ) | ||||
Constellation Brands, Inc., Class A | (33 | ) | (5,348 | ) | ||||
JM Smucker Co. (The) | (14 | ) | (1,835 | ) | ||||
Kellogg Co. | (74 | ) | (5,373 | ) | ||||
Kraft Heinz Co. (The) | (200 | ) | (18,162 | ) | ||||
Mead Johnson Nutrition Co. | (39 | ) | (3,474 | ) | ||||
Molson Coors Brewing Co., Class B | (45 | ) | (4,307 | ) | ||||
Mondelez International, Inc., Class A | (321 | ) | (13,829 | ) | ||||
PepsiCo, Inc. | (9 | ) | (1,007 | ) | ||||
|
| |||||||
(65,868 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (1.8)% |
| |||||||
AmerisourceBergen Corp. | (7 | ) | (620 | ) | ||||
Becton Dickinson and Co. | (44 | ) | (8,071 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Cardinal Health, Inc. | (67 | ) | $ | (5,464 | ) | |||
Cerner Corp.* | (74 | ) | (4,355 | ) | ||||
Cooper Cos., Inc. (The) | (4 | ) | (800 | ) | ||||
DENTSPLY SIRONA, Inc. | (49 | ) | (3,060 | ) | ||||
Edwards Lifesciences Corp.* | (45 | ) | (4,233 | ) | ||||
Envision Healthcare Corp.* | (25 | ) | (1,533 | ) | ||||
Hologic, Inc.* | (59 | ) | (2,510 | ) | ||||
IDEXX Laboratories, Inc.* | (19 | ) | (2,938 | ) | ||||
Intuitive Surgical, Inc.* | (2 | ) | (1,533 | ) | ||||
Patterson Cos., Inc. | (21 | ) | (950 | ) | ||||
Universal Health Services, Inc., Class B | (20 | ) | (2,489 | ) | ||||
Varian Medical Systems, Inc.* | (20 | ) | (1,823 | ) | ||||
|
| |||||||
(40,379 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.0)% |
| |||||||
Clorox Co. (The) | (27 | ) | (3,640 | ) | ||||
Colgate-Palmolive Co. | (129 | ) | (9,442 | ) | ||||
Coty Inc., Class A | (157 | ) | (2,846 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (79 | ) | (6,698 | ) | ||||
|
| |||||||
(22,626 | ) | |||||||
|
| |||||||
Insurance — (2.4)% | ||||||||
American International Group, Inc. | (186 | ) | (11,612 | ) | ||||
Arthur J Gallagher & Co. | (37 | ) | (2,092 | ) | ||||
Assurant, Inc. | (13 | ) | (1,244 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (79 | ) | (3,798 | ) | ||||
Lincoln National Corp. | (48 | ) | (3,142 | ) | ||||
Loews Corp. | (71 | ) | (3,321 | ) | ||||
MetLife, Inc. | (230 | ) | (12,149 | ) | ||||
Prudential Financial Group, Inc. | (90 | ) | (9,601 | ) | ||||
Unum Group | (49 | ) | (2,298 | ) | ||||
Willis Towers Watson PLC (Ireland) | (29 | ) | (3,796 | ) | ||||
|
| |||||||
(53,053 | ) | |||||||
|
| |||||||
Materials — (2.0)% | ||||||||
Albemarle Corp. | (24 | ) | (2,535 | ) | ||||
Avery Dennison Corp. | (19 | ) | (1,531 | ) | ||||
Ball Corp. | (37 | ) | (2,748 | ) | ||||
CF Industries Holdings, Inc. | (49 | ) | (1,438 | ) | ||||
Eastman Chemical Co. | (31 | ) | (2,505 | ) | ||||
Ecolab, Inc. | (64 | ) | (8,022 | ) | ||||
International Flavors & Fragrances, Inc. | (17 | ) | (2,253 | ) |
The accompanying notes are an integral part of the financial statements.
92 |
GOTHAM ENHANCED 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
International Paper Co. | (86 | ) | $ | (4,367 | ) | |||
Martin Marietta Materials, Inc. | (14 | ) | (3,056 | ) | ||||
Mosaic Co. (The) | (74 | ) | (2,159 | ) | ||||
Nucor Corp. | (67 | ) | (4,001 | ) | ||||
Praxair, Inc. | (60 | ) | (7,116 | ) | ||||
Vulcan Materials Co. | (28 | ) | (3,373 | ) | ||||
|
| |||||||
(45,104 | ) | |||||||
|
| |||||||
Media — (0.3)% | ||||||||
DISH Network Corp., Class A* | (97 | ) | (6,159 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (2.7)% |
| |||||||
Agilent Technologies, Inc. | (68 | ) | (3,595 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (46 | ) | (5,577 | ) | ||||
Allergan PLC (Ireland) | (44 | ) | (10,512 | ) | ||||
Illumina, Inc.* | (31 | ) | (5,290 | ) | ||||
Incyte Corp.* | (44 | ) | (5,881 | ) | ||||
Mallinckrodt PLC (Ireland)* | (22 | ) | (981 | ) | ||||
Mettler-Toledo International, Inc.* | (6 | ) | (2,873 | ) | ||||
PerkinElmer, Inc. | (23 | ) | (1,335 | ) | ||||
Perrigo Co. PLC (Ireland) | (31 | ) | (2,058 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (25 | ) | (9,688 | ) | ||||
Thermo Fisher Scientific, Inc. | (13 | ) | (1,997 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (53 | ) | (5,796 | ) | ||||
Zoetis, Inc. | (104 | ) | (5,550 | ) | ||||
|
| |||||||
(61,133 | ) | |||||||
|
| |||||||
Real Estate — (1.7)% | ||||||||
American Tower Corp., REIT | (35 | ) | (4,254 | ) | ||||
Boston Properties, Inc., REIT | (9 | ) | (1,192 | ) | ||||
Crown Castle International Corp., REIT | (75 | ) | (7,084 | ) | ||||
Equinix, Inc., REIT | (14 | ) | (5,605 | ) | ||||
Equity Residential, REIT | (77 | ) | (4,791 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (155 | ) | (2,892 | ) | ||||
Kimco Realty Corp., REIT | (89 | ) | (1,966 | ) | ||||
Macerich Co. (The), REIT | (31 | ) | (1,996 | ) | ||||
Prologis, Inc., REIT | (111 | ) | (5,759 | ) | ||||
SL Green Realty Corp., REIT | (22 | ) | (2,346 | ) | ||||
|
| |||||||
(37,885 | ) | |||||||
|
| |||||||
Retailing — (2.1)% | ||||||||
Advance Auto Parts, Inc. | (16 | ) | (2,372 | ) | ||||
Amazon.com, Inc.* | (17 | ) | (15,071 | ) | ||||
CarMax, Inc.* | (40 | ) | (2,369 | ) | ||||
Expedia, Inc. | (24 | ) | (3,028 | ) | ||||
Home Depot, Inc. (The) | (30 | ) | (4,405 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
LKQ Corp.* | (63 | ) | $ | (1,844 | ) | |||
Netflix, Inc.* | (90 | ) | (13,303 | ) | ||||
Ross Stores, Inc. | (6 | ) | (395 | ) | ||||
TripAdvisor, Inc.* | (31 | ) | (1,338 | ) | ||||
Ulta Beauty, Inc.* | (12 | ) | (3,423 | ) | ||||
|
| |||||||
(47,548 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (0.9)% |
| |||||||
Advanced Micro Devices, Inc.* | (194 | ) | (2,823 | ) | ||||
Broadcom Ltd. (Singapore) | (12 | ) | (2,628 | ) | ||||
Micron Technology, Inc.* | (250 | ) | (7,225 | ) | ||||
NVIDIA Corp. | (48 | ) | (5,229 | ) | ||||
Xilinx, Inc. | (56 | ) | (3,242 | ) | ||||
|
| |||||||
(21,147 | ) | |||||||
|
| |||||||
Software & Services — (4.3)% | ||||||||
Activision Blizzard, Inc. | (27 | ) | (1,346 | ) | ||||
Adobe Systems, Inc.* | (61 | ) | (7,938 | ) | ||||
Akamai Technologies, Inc.* | (37 | ) | (2,209 | ) | ||||
Alliance Data Systems Corp. | (12 | ) | (2,988 | ) | ||||
Alphabet, Inc., Class A* | (5 | ) | (4,239 | ) | ||||
Autodesk, Inc.* | (46 | ) | (3,978 | ) | ||||
Automatic Data Processing, Inc. | (11 | ) | (1,126 | ) | ||||
Electronic Arts, Inc.* | (64 | ) | (5,729 | ) | ||||
Facebook, Inc., Class A* | (19 | ) | (2,699 | ) | ||||
Fiserv, Inc.* | (46 | ) | (5,304 | ) | ||||
Intuit, Inc. | (53 | ) | (6,147 | ) | ||||
Mastercard, Inc., Class A | (2 | ) | (225 | ) | ||||
Microsoft Corp. | (283 | ) | (18,638 | ) | ||||
Oracle Corp. | (112 | ) | (4,996 | ) | ||||
PayPal Holdings, Inc.* | (151 | ) | (6,496 | ) | ||||
Red Hat, Inc.* | (38 | ) | (3,287 | ) | ||||
salesforce.com, Inc.* | (147 | ) | (12,126 | ) | ||||
Symantec Corp. | (131 | ) | (4,019 | ) | ||||
Synopsys, Inc.* | (32 | ) | (2,308 | ) | ||||
|
| |||||||
(95,798 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.3)% |
| |||||||
Harris Corp. | (27 | ) | (3,004 | ) | ||||
Hewlett Packard Enterprise Co. | (132 | ) | (3,128 | ) | ||||
|
| |||||||
(6,132 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.5)% |
| |||||||
AT&T, Inc. | (113 | ) | (4,695 | ) | ||||
CenturyLink, Inc. | (115 | ) | (2,711 | ) | ||||
Level 3 Communications, Inc.* | (76 | ) | (4,349 | ) | ||||
|
| |||||||
(11,755 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
93 |
GOTHAM ENHANCED 500 CORE FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (2.2)% |
| |||||||
American Airlines Group, Inc. | (107 | ) | $ | (4,526 | ) | |||
CSX Corp. | (155 | ) | (7,215 | ) | ||||
FedEx Corp. | (49 | ) | (9,562 | ) | ||||
JB Hunt Transport Services, Inc. | (24 | ) | (2,202 | ) | ||||
Kansas City Southern | (23 | ) | (1,972 | ) | ||||
Norfolk Southern Corp. | (61 | ) | (6,830 | ) | ||||
Union Pacific Corp. | (55 | ) | (5,826 | ) | ||||
United Parcel Service, Inc., Class B | (96 | ) | (10,301 | ) | ||||
|
| |||||||
(48,434 | ) | |||||||
|
| |||||||
Utilities — (1.4)% | ||||||||
Duke Energy Corp. | (138 | ) | (11,317 | ) | ||||
FirstEnergy Corp. | (92 | ) | (2,927 | ) | ||||
NextEra Energy, Inc. | (89 | ) | (11,425 | ) | ||||
Public Service Enterprise Group, Inc. | (105 | ) | (4,657 | ) | ||||
Sempra Energy | (13 | ) | (1,436 | ) | ||||
|
| |||||||
(31,762 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $859,235) | (892,463 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (40.1)% |
| (892,463 | ) | |||||
|
| |||||||
(Proceeds $859,235) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | 19,458 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,228,575 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
94 |
GOTHAM NEUTRAL FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 122.4% | ||||||||
COMMON STOCKS — 122.4% | ||||||||
Automobiles & Components — 2.5% |
| |||||||
BorgWarner, Inc.† | 40,839 | $ | 1,706,662 | |||||
Cooper Tire & Rubber Co.† | 6,459 | 286,457 | ||||||
Cooper-Standard Holdings, Inc.†(a)(b) * | 23,499 | 2,606,744 | ||||||
Delphi Automotive PLC (Jersey)†(b) | 26,052 | 2,096,925 | ||||||
Ford Motor Co.†(a)(b) | 102,140 | 1,188,910 | ||||||
General Motors Co.†(a)(b) | 68,472 | 2,421,170 | ||||||
Goodyear Tire & Rubber Co. (The)† | 49,077 | 1,766,772 | ||||||
Harley-Davidson, Inc.†(a)(b) | 17,845 | 1,079,622 | ||||||
Lear Corp.† | 4,224 | 598,034 | ||||||
Magna International, Inc. (Canada)†(b) | 80,650 | 3,480,854 | ||||||
Standard Motor Products, Inc.(a) | 4,421 | 217,248 | ||||||
Superior Industries International, Inc. | 43 | 1,090 | ||||||
Tenneco, Inc.† | 13,974 | 872,257 | ||||||
Thor Industries, Inc.†(a) | 8,481 | 815,279 | ||||||
Winnebago Industries, Inc.† | 14,202 | 415,409 | ||||||
|
| |||||||
19,553,433 | ||||||||
|
| |||||||
Capital Goods — 17.0% | ||||||||
3M Co.† | 7,293 | 1,395,370 | ||||||
Advanced Drainage Systems, Inc.(a) | 519 | 11,366 | ||||||
AGCO Corp.†(a)(b) | 15,809 | 951,386 | ||||||
Alamo Group, Inc. | 1,545 | 117,714 | ||||||
Allegion PLC (Ireland)† | 6,670 | 504,919 | ||||||
American Woodmark Corp.†* | 2,551 | 234,182 | ||||||
AMETEK, Inc.†(a)(b) | 26,655 | 1,441,502 | ||||||
AO Smith Corp.†(b) | 5,936 | 303,686 | ||||||
Applied Industrial Technologies, Inc.(a)(b) | 3,742 | 231,443 | ||||||
Arconic, Inc.†(a)(b) | 105,169 | 2,770,151 | ||||||
Argan, Inc.†(a)(b) | 38,798 | 2,566,488 | ||||||
Astec Industries, Inc.† | 5,775 | 355,134 | ||||||
Atkore International Group, Inc.†* | 8,117 | 213,315 | ||||||
Barnes Group, Inc.† | 2,489 | 127,785 | ||||||
Boeing Co. (The)(a)(b) | 41,086 | 7,266,470 | ||||||
Builders FirstSource, Inc.(b) * | 59,592 | 887,921 | ||||||
Carlisle Cos., Inc.† | 11,290 | 1,201,369 | ||||||
Caterpillar, Inc.† | 35,741 | 3,315,335 | ||||||
Chart Industries, Inc.†* | 64,873 | 2,266,663 | ||||||
Columbus McKinnon Corp | 1,777 | 44,105 | ||||||
Continental Building Products, Inc.��(b) * | 51,114 | 1,252,293 | ||||||
Crane Co.†(b) | 51,861 | 3,880,759 | ||||||
CSW Industrials, Inc.* | 1,159 | 42,535 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Cummins, Inc.†(b) | 13,368 | $ | 2,021,242 | |||||
Curtiss-Wright Corp.†(b) | 34,446 | 3,143,542 | ||||||
Deere & Co.(a)(b) | 9,001 | 979,849 | ||||||
Donaldson Co., Inc.† | 20,419 | 929,473 | ||||||
Dover Corp.† | 891 | 71,592 | ||||||
Eaton Corp. PLC (Ireland)† | 9,301 | 689,669 | ||||||
EMCOR Group, Inc.† | 41,573 | 2,617,020 | ||||||
Emerson Electric Co.† | 90,680 | 5,428,105 | ||||||
EnerSys† | 13,757 | 1,085,978 | ||||||
Esterline Technologies Corp.(a) * | 326 | 28,052 | ||||||
Flowserve Corp. | 4,197 | 203,219 | ||||||
Fluor Corp.†(b) | 63,306 | 3,331,162 | ||||||
Fortive Corp.†(b) | 22,727 | 1,368,620 | ||||||
Fortune Brands Home & Security, Inc.† | 29,936 | 1,821,606 | ||||||
GATX Corp.†(a) | 21,383 | 1,303,508 | ||||||
Generac Holdings, Inc.(a) * | 5,039 | 187,854 | ||||||
General Cable Corp.†(a) | 39,402 | 707,266 | ||||||
General Electric Co.† | 30,030 | 894,894 | ||||||
Gibraltar Industries, Inc.†(a)(b) * | 45,035 | 1,855,442 | ||||||
Global Brass & Copper Holdings, Inc.(a)(b) | 2,249 | 77,366 | ||||||
Gorman-Rupp Co. (The)†(a) | 4,388 | 137,783 | ||||||
Harsco Corp.†(b) * | 59,846 | 763,037 | ||||||
HD Supply Holdings, Inc.†(a) * | 5,242 | 215,577 | ||||||
Hillenbrand, Inc.† | 9,985 | 357,962 | ||||||
Honeywell International, Inc.† | 24,390 | 3,045,579 | ||||||
Hubbell, Inc.†(a) | 5,456 | 654,993 | ||||||
Huntington Ingalls Industries, Inc.† | 7,975 | 1,596,914 | ||||||
IDEX Corp† | 2,397 | 224,143 | ||||||
Illinois Tool Works, Inc.† | 11,217 | 1,485,916 | ||||||
Ingersoll-Rand PLC (Ireland)† | 67,726 | 5,507,478 | ||||||
ITT, Inc.†(b) | 21,793 | 893,949 | ||||||
Jacobs Engineering Group, Inc.† | 41,763 | 2,308,659 | ||||||
Joy Global, Inc.† | 48,244 | 1,362,893 | ||||||
Kadant, Inc.(a) | 238 | 14,125 | ||||||
Kaman Corp.(a)(b) | 3,590 | 172,787 | ||||||
L3 Technologies, Inc.† | 13,177 | 2,178,026 | ||||||
Lennox International, Inc.†(a)(b) | 9,921 | 1,659,783 | ||||||
Lydall, Inc.†* | 8,311 | 445,470 | ||||||
Masco Corp. | 2,209 | 75,084 | ||||||
Meritor, Inc.†* | 18,688 | 320,125 | ||||||
Moog, Inc., Class A†* | 1,905 | 128,302 | ||||||
MRC Global, Inc.†* | 33,234 | 609,179 |
The accompanying notes are an integral part of the financial statements.
95 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Mueller Industries, Inc.† | 5,858 | $ | 200,519 | |||||
National Presto Industries, Inc.†(a) | 3,091 | 315,900 | ||||||
NOW, Inc.†* | 12,425 | 210,728 | ||||||
Oshkosh Corp.†(a)(b) | 52,781 | 3,620,249 | ||||||
Owens Corning† | 1,698 | 104,206 | ||||||
PACCAR, Inc.(a) | 3,137 | 210,806 | ||||||
Parker-Hannifin Corp.† | 6,209 | 995,427 | ||||||
Pentair PLC (Ireland)†(a)(b) | 29,827 | 1,872,539 | ||||||
Ply Gem Holdings, Inc.* | 1,149 | 22,635 | ||||||
Raytheon Co.† | 22,412 | 3,417,830 | ||||||
Regal Beloit Corp.†(b) | 38,534 | 2,915,097 | ||||||
Rockwell Automation, Inc.† | 7,181 | 1,118,153 | ||||||
Rockwell Collins, Inc.† | 15,914 | 1,546,204 | ||||||
Snap-on, Inc.†(a) | 7,040 | 1,187,437 | ||||||
Spirit AeroSystems Holdings, Inc., Class A†(a)(b) | 71,713 | 4,153,617 | ||||||
SPX Corp.†(b)* | 57,046 | 1,383,366 | ||||||
SPX FLOW, Inc.†* | 2,811 | 97,570 | ||||||
Standex International Corp.† | 2 | 200 | ||||||
Stanley Black & Decker, Inc.† | 20,866 | 2,772,465 | ||||||
Terex Corp.† | 43,941 | 1,379,747 | ||||||
Textron, Inc.†(a)(b) | 66,219 | 3,151,362 | ||||||
TransDigm Group, Inc.†(a) | 2,779 | 611,825 | ||||||
Trex Co., Inc.†* | 7,283 | 505,367 | ||||||
TriMas Corp.(a)* | 3,403 | 70,612 | ||||||
Tutor Perini Corp.†(a)* | 44,889 | 1,427,470 | ||||||
United Rentals, Inc.†(b)* | 9,699 | 1,212,860 | ||||||
United Technologies Corp.† | 5,262 | 590,449 | ||||||
Univar, Inc.†(b)* | 81,982 | 2,513,568 | ||||||
USG Corp.†(a)* | 119,379 | 3,796,252 | ||||||
Veritiv Corp.* | 1,443 | 74,747 | ||||||
Wabash National Corp.†(a) | 98,874 | 2,045,703 | ||||||
Watts Water Technologies, Inc., | 2,736 | 170,590 | ||||||
WESCO International, Inc.†* | 12,854 | 893,996 | ||||||
WW Grainger, Inc.†(a) | 20,926 | 4,870,736 | ||||||
|
| |||||||
133,745,346 | ||||||||
|
| |||||||
Commercial & Professional Services — 3.4% |
| |||||||
Dun & Bradstreet Corp. (The)† | 9,588 | 1,034,929 | ||||||
Essendant, Inc.† | 8,395 | 127,184 | ||||||
FTI Consulting, Inc.†(a)(b)* | 38,645 | 1,591,015 | ||||||
Huron Consulting Group, Inc.†* | 18,536 | 780,366 | ||||||
ICF International, Inc.†(a)(b)* | 10,093 | 416,841 | ||||||
Kelly Services, Inc., Class A†(a) | 12,934 | 282,737 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Commercial & Professional Services — (Continued) |
| |||||||
Kimball International, Inc., Class B | 2,146 | $ | 35,409 | |||||
LSC Communications, Inc.† | 18,965 | 477,159 | ||||||
ManpowerGroup, Inc.† | 33,105 | 3,395,580 | ||||||
Matthews International Corp., | 16,484 | 1,115,143 | ||||||
Navigant Consulting, Inc.†(b)* | 17,662 | 403,753 | ||||||
Nielsen Holdings PLC (United Kingdom)† | 75,133 | 3,103,744 | ||||||
Quad/Graphics, Inc.† | 54,773 | 1,382,471 | ||||||
Republic Services, Inc.† | 23,328 | 1,465,232 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada)†(a) | 34,194 | 1,124,983 | ||||||
Robert Half International, Inc.†(b) | 67,373 | 3,289,824 | ||||||
RR Donnelley & Sons Co.†(a) | 61,917 | 749,815 | ||||||
SP Plus Corp.(a)* | 2,490 | 84,038 | ||||||
Steelcase, Inc., Class A†(a) | 39,046 | 654,021 | ||||||
Stericycle, Inc.†(b)* | 19,782 | 1,639,730 | ||||||
Team, Inc.(a)* | 3,174 | 85,857 | ||||||
Tetra Tech, Inc.† | 6,132 | 250,492 | ||||||
TrueBlue, Inc.†* | 27,898 | 763,010 | ||||||
UniFirst Corp.† | 5,441 | 769,629 | ||||||
Waste Management, Inc.† | 20,122 | 1,467,296 | ||||||
|
| |||||||
26,490,258 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.6% |
| |||||||
Acushnet Holdings Corp.†(a)* | 16,300 | 281,664 | ||||||
Callaway Golf Co.† | 40,274 | 445,833 | ||||||
Carter’s, Inc.†(a)(b) | 25,434 | 2,283,973 | ||||||
Cavco Industries, Inc.†(b)* | 8,994 | 1,046,902 | ||||||
Coach, Inc.(b) | 6,135 | 253,560 | ||||||
Deckers Outdoor Corp.†(a)* | 20,739 | 1,238,740 | ||||||
DR Horton, Inc.† | 31,181 | 1,038,639 | ||||||
Fossil Group, Inc.†(a)* | 69,663 | 1,215,619 | ||||||
Garmin Ltd. (Switzerland)†(a) | 99,698 | 5,095,565 | ||||||
Hanesbrands, Inc.† | 65,679 | 1,363,496 | ||||||
Hasbro, Inc.†(b) | 20,871 | 2,083,343 | ||||||
iRobot Corp.(a)* | 28,084 | 1,857,476 | ||||||
La-Z-Boy, Inc.(a)(b) | 46,606 | 1,258,362 | ||||||
Leggett & Platt, Inc.†(a) | 11,303 | 568,767 | ||||||
Mattel, Inc.†(a)(b) | 79,814 | 2,044,037 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†(b)* | 65,788 | 2,507,181 | ||||||
Movado Group, Inc.(a) | 716 | 17,864 | ||||||
Newell Brands, Inc.† | 44,147 | 2,082,414 | ||||||
PulteGroup, Inc.†(a)(b) | 37,616 | 885,857 |
The accompanying notes are an integral part of the financial statements.
96 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Ralph Lauren Corp.†(a)(b) | 27,382 | $ | 2,234,919 | |||||
TopBuild Corp.†(a)(b)* | 29,503 | 1,386,641 | ||||||
Tupperware Brands Corp.(a)(b) | 1,579 | 99,035 | ||||||
Under Armour, Inc., Class C(a)(b)* | 57,968 | 1,060,814 | ||||||
VF Corp.† | 42,384 | 2,329,848 | ||||||
Whirlpool Corp.(a)(b) | 4,276 | 732,607 | ||||||
Wolverine World Wide, Inc.(a)(b) | 26,790 | 668,946 | ||||||
|
| |||||||
36,082,102 | ||||||||
|
| |||||||
Consumer Services — 5.9% | ||||||||
Amaya, Inc. (Canada)(a)* | 304 | 5,168 | ||||||
Aramark† | 4,533 | 167,132 | ||||||
Belmond Ltd., Class A (Bermuda)* | 1,460 | 17,666 | ||||||
Bojangles’, Inc.(a)* | 21,932 | 449,606 | ||||||
Brinker International, Inc.†(a) | 33,491 | 1,472,264 | ||||||
Capella Education Co.†(a) | 11,477 | 975,832 | ||||||
Cheesecake Factory, Inc. (The)†(a) | 16,339 | 1,035,239 | ||||||
Churchill Downs, Inc.† | 6,454 | 1,025,218 | ||||||
Cracker Barrel Old Country Store, | 18,202 | 2,898,668 | ||||||
Darden Restaurants, Inc.†(a) | 10,748 | 899,285 | ||||||
Denny’s Corp.* | 598 | 7,397 | ||||||
DeVry Education Group, Inc.†(a) | 45,430 | 1,610,494 | ||||||
DineEquity, Inc.†(a)(b) | 45,539 | 2,478,232 | ||||||
Dunkin’ Brands Group, Inc.†(a) | 22,497 | 1,230,136 | ||||||
Eldorado Resorts, Inc.(a)* | 41,034 | 776,568 | ||||||
Graham Holdings Co., Class B† | 2,343 | 1,404,746 | ||||||
Hilton Worldwide Holdings, Inc.(a)(b) | 14,950 | 873,977 | ||||||
Isle of Capri Casinos, Inc.†* | 7,056 | 185,996 | ||||||
Jack in the Box, Inc.†(a)(b) | 45,075 | 4,585,029 | ||||||
La Quinta Holdings, Inc.†* | 101,664 | 1,374,497 | ||||||
McDonald’s Corp.†(b) | 50,125 | 6,496,701 | ||||||
Monarch Casino & Resort, Inc.* | 182 | 5,376 | ||||||
Restaurant Brands International, Inc. (Canada)† | 12,615 | 703,160 | ||||||
Royal Caribbean Cruises Ltd. | 16,600 | 1,628,626 | ||||||
SeaWorld Entertainment, Inc.(a) | 55,374 | 1,011,683 | ||||||
Service Corp. International†(a)(b) | 22,382 | 691,156 | ||||||
Six Flags Entertainment Corp.†(b) | 7,257 | 431,719 | ||||||
Sonic Corp.†(a)(b) | 122,940 | 3,117,758 | ||||||
Speedway Motorsports, Inc.(a) | 355 | 6,688 | ||||||
Weight Watchers International, Inc.* | 69,240 | 1,078,067 | ||||||
Wendy’s Co. (The)†(a)(b) | 86,207 | 1,173,277 | ||||||
Wyndham Worldwide Corp.†(a)(b) | 38,863 | 3,275,762 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Consumer Services — (Continued) | ||||||||
Yum! Brands, Inc.† | 49,717 | $ | 3,176,916 | |||||
|
| |||||||
46,270,039 | ||||||||
|
| |||||||
Energy — 4.3% | ||||||||
Archrock, Inc.† | 134,036 | 1,662,046 | ||||||
Atwood Oceanics, Inc.†* | 31,494 | 300,138 | ||||||
Baker Hughes, Inc.† | 4,609 | 275,710 | ||||||
CONSOL Energy, Inc.†* | 54,195 | 909,392 | ||||||
CVR Energy, Inc.(a) | 7,491 | 150,419 | ||||||
Delek US Holdings, Inc.† | 75,101 | 1,822,701 | ||||||
Diamond Offshore Drilling, Inc.(a)* | 34,358 | 574,122 | ||||||
Dorian LPG Ltd.* | 113 | 1,190 | ||||||
Dril-Quip, Inc.†* | 7,870 | 429,308 | ||||||
Exterran Corp.†(b)* | 12,486 | 392,685 | ||||||
Exxon Mobil Corp.† | 26,994 | 2,213,778 | ||||||
Halliburton Co.†(b) | 62,345 | 3,067,997 | ||||||
Imperial Oil Ltd. (Canada)(a) | 11,518 | 351,299 | ||||||
Kinder Morgan, Inc.† | 75,939 | 1,650,914 | ||||||
McDermott International, Inc. (Panama)†* | 132,161 | 892,087 | ||||||
Oceaneering International, Inc.† | 65,458 | 1,772,603 | ||||||
Oil States International, Inc.(a)(b)* | 22,832 | 756,881 | ||||||
ONEOK, Inc.† | 19,060 | 1,056,686 | ||||||
REX American Resources Corp.†(a)* | 7,025 | 635,692 | ||||||
Rowan Cos. PLC, Class A (United Kingdom)†(a)* | 188,730 | 2,940,413 | ||||||
Seadrill Ltd. (Bermuda)(a)* | 101,697 | 167,800 | ||||||
Ship Finance International Ltd. (Bermuda)(a) | 67,978 | 999,277 | ||||||
Smart Sand, Inc.(a)* | 12,094 | 196,528 | ||||||
Suncor Energy, Inc. (Canada)† | 55,553 | 1,708,255 | ||||||
Teekay Corp. (Marshall Island)(a) | 17,237 | 157,719 | ||||||
Transocean Ltd. (Switzerland)(a)* | 25,742 | 320,488 | ||||||
Unit Corp.(a)* | 10,872 | 262,668 | ||||||
Valero Energy Corp.†(b) | 61,198 | 4,056,815 | ||||||
Western Refining, Inc.†(b) | 18,291 | 641,465 | ||||||
Williams Cos., Inc. (The)† | 126,118 | 3,731,832 | ||||||
|
| |||||||
34,098,908 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.4% | ||||||||
CVS Health Corp.†(b) | 94,062 | 7,383,867 | ||||||
Ingles Markets, Inc., Class A†(a) | 11,588 | 500,022 | ||||||
Kroger Co. (The)†(b) | 206,046 | 6,076,297 | ||||||
SpartanNash Co.†(b) | 34,331 | 1,201,242 | ||||||
Walgreens Boots Alliance, Inc.† | 15,286 | 1,269,502 | ||||||
Wal-Mart Stores, Inc.† | 34,679 | 2,499,662 |
The accompanying notes are an integral part of the financial statements.
97 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Food & Staples Retailing — (Continued) |
| |||||||
Weis Markets, Inc.† | 1,840 | $ | 109,756 | |||||
Whole Foods Market, Inc.(a) | 5,676 | 168,691 | ||||||
|
| |||||||
19,209,039 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.1% | ||||||||
Altria Group, Inc.† | 19,543 | 1,395,761 | ||||||
Archer-Daniels-Midland Co.†(b) | 45,439 | 2,092,012 | ||||||
Boston Beer Co., Inc., Class A†(a)* | 3,220 | 465,773 | ||||||
Brown-Forman Corp., Class B†(a)(b) | 49,429 | 2,282,631 | ||||||
Campbell Soup Co.†(a) | 66,228 | 3,790,891 | ||||||
Coca-Cola Co. (The)† | 36,378 | 1,543,882 | ||||||
Conagra Brands, Inc.† | 62,949 | 2,539,363 | ||||||
Dean Foods Co.† | 17,776 | 349,476 | ||||||
Dr Pepper Snapple Group, Inc.† | 57,038 | 5,585,161 | ||||||
Fresh Del Monte Produce, Inc. (Cayman Islands)† | 11,159 | 660,948 | ||||||
General Mills, Inc.† | 23,470 | 1,384,965 | ||||||
Hershey Co. (The)†(b) | 16,925 | 1,849,056 | ||||||
Hormel Foods Corp.†(a) | 111,808 | 3,871,911 | ||||||
Ingredion, Inc.† | 4,286 | 516,163 | ||||||
JM Smucker Co. (The)†(a)(b) | 6,300 | 825,804 | ||||||
John B Sanfilippo & Son, Inc.(a) | 3,570 | 261,288 | ||||||
Kellogg Co.† | 6,562 | 476,467 | ||||||
McCormick & Co., Inc., | 43,309 | 4,224,793 | ||||||
Mondelez International, Inc., Class A | 4,200 | 180,936 | ||||||
Philip Morris International, Inc.† | 7,941 | 896,539 | ||||||
Pilgrim’s Pride Corp.† | 53,680 | 1,208,068 | ||||||
Pinnacle Foods, Inc.†(b) | 65,398 | 3,784,582 | ||||||
Snyder’s-Lance, Inc. | 5,859 | 236,176 | ||||||
Tyson Foods, Inc., Class A†(a) | 87,231 | 5,383,025 | ||||||
Universal Corp.†(a) | 27,509 | 1,946,262 | ||||||
|
| |||||||
47,751,933 | ||||||||
|
| |||||||
Health Care Equipment & Services — 10.7% |
| |||||||
Abbott Laboratories†(b) | 45,907 | 2,038,730 | ||||||
Acadia Healthcare Co., Inc.†(a)* | 126,763 | 5,526,867 | ||||||
Air Methods Corp.†(a)* | 13,775 | 592,325 | ||||||
Alere, Inc.†* | 9,376 | 372,508 | ||||||
American Renal Associates Holdings, Inc.(a)* | 5,892 | 99,457 | ||||||
AmerisourceBergen Corp.†(a) | 5,106 | 451,881 | ||||||
AMN Healthcare Services, Inc.†(a)(b)* | 60,255 | 2,446,353 | ||||||
Analogic Corp.†(a)(b) | 7,396 | 561,356 | ||||||
AngioDynamics, Inc.(a)(b)* | 10,508 | 182,314 | ||||||
Anika Therapeutics, Inc.†* | 7,658 | 332,664 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Baxter International, Inc.†(b) | 119,837 | $ | 6,214,747 | |||||
Boston Scientific Corp.†(a)* | 243,229 | 6,049,105 | ||||||
Cerner Corp.†(a)(b)* | 55,745 | 3,280,593 | ||||||
Chemed Corp.† | 6,368 | 1,163,370 | ||||||
Community Health Systems, Inc.†* | 63,460 | 562,890 | ||||||
CONMED Corp.†(a) | 7,673 | 340,758 | ||||||
Cooper Cos., Inc. (The)† | 3,510 | 701,614 | ||||||
Cotiviti Holdings, Inc.†(a)(b)* | 56,432 | 2,349,264 | ||||||
CR Bard, Inc.† | 3,324 | 826,147 | ||||||
Danaher Corp.† | 17,661 | 1,510,545 | ||||||
DaVita, Inc.†* | 33,867 | 2,301,940 | ||||||
Express Scripts Holding Co.†(a)(b)* | 102,458 | 6,753,007 | ||||||
Globus Medical, Inc., Class A†* | 6,647 | 196,884 | ||||||
Haemonetics Corp.(a)* | 3,407 | 138,222 | ||||||
Halyard Health, Inc.†(b)* | 81,895 | 3,119,381 | ||||||
HCA Holdings, Inc.†(b)* | 23,272 | 2,070,975 | ||||||
Henry Schein, Inc.†* | 6,352 | 1,079,649 | ||||||
Hill-Rom Holdings, Inc.† | 6,989 | 493,423 | ||||||
HMS Holdings Corp.†* | 64,831 | 1,318,014 | ||||||
ICU Medical, Inc.†* | 9,450 | 1,443,015 | ||||||
Integer Holdings Corp.†(b)* | 29,150 | 1,171,830 | ||||||
Integra LifeSciences Holdings Corp.†* | 10,909 | 459,596 | ||||||
Kindred Healthcare, Inc.† | 133,480 | 1,114,558 | ||||||
Laboratory Corp. of America Holdings†* | 13,327 | 1,912,025 | ||||||
Masimo Corp.†* | 4,867 | 453,896 | ||||||
McKesson Corp.† | 9,604 | 1,423,889 | ||||||
MEDNAX, Inc.†(a)* | 25,657 | 1,780,083 | ||||||
Medtronic PLC (Ireland)† | 52,230 | 4,207,649 | ||||||
Meridian Bioscience, Inc.†(a) | 52,667 | 726,805 | ||||||
National HealthCare Corp. | 8 | 570 | ||||||
Natus Medical, Inc.†* | 30,122 | 1,182,289 | ||||||
Owens & Minor, Inc.†(a) | 45,820 | 1,585,372 | ||||||
Quality Systems, Inc.†(b)* | 18,459 | 281,315 | ||||||
Quest Diagnostics, Inc.† | 15,487 | 1,520,669 | ||||||
Select Medical Holdings Corp.†(a)(b)* | 88,424 | 1,180,460 | ||||||
STERIS PLC (United Kingdom)† | 12,058 | 837,549 | ||||||
Stryker Corp.† | 19,080 | 2,511,882 | ||||||
Tivity Health, Inc.†(b)* | 17,252 | 502,033 | �� | |||||
Varian Medical Systems, Inc.†* | 13,214 | 1,204,192 | ||||||
Veeva Systems, Inc., Class A†(a)* | 30,464 | 1,562,194 | ||||||
Zimmer Biomet Holdings, Inc.† | 28,187 | 3,441,915 | ||||||
|
| |||||||
83,578,769 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
98 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Household & Personal Products — 1.1% |
| |||||||
Avon Products, Inc.†(b)* | 282,364 | $ | 1,242,402 | |||||
Central Garden & Pet Co., Class A†* | 10,542 | 366,018 | ||||||
Church & Dwight Co., Inc.†(a)(b) | 22,748 | 1,134,443 | ||||||
Colgate-Palmolive Co.† | 6,705 | 490,739 | ||||||
Edgewell Personal Care Co.†* | 1,711 | 125,143 | ||||||
Energizer Holdings, Inc.†(a) | 28,858 | 1,608,834 | ||||||
Estee Lauder Cos., Inc. (The), Class A† | 2,438 | 206,718 | ||||||
Inter Parfums, Inc.(a) | 514 | 18,787 | ||||||
Kimberly-Clark Corp.† | 13,542 | 1,782,533 | ||||||
Procter & Gamble Co. (The)† | 19,917 | 1,789,542 | ||||||
|
| |||||||
8,765,159 | ||||||||
|
| |||||||
Materials — 7.4% | ||||||||
Agrium, Inc. (Canada)†(a) | 15,375 | 1,469,081 | ||||||
Air Products & Chemicals, Inc.† | 1,160 | 156,936 | ||||||
Albemarle Corp.†(b) | 24,029 | 2,538,424 | ||||||
Axalta Coating Systems Ltd. | 33,933 | 1,092,643 | ||||||
Cabot Corp.† | 23,460 | 1,405,489 | ||||||
Chemours Co. (The)† | 53,642 | 2,065,217 | ||||||
Chemtura Corp.†* | 35,121 | 1,173,041 | ||||||
Domtar Corp.†(a)(b) | 20,467 | 747,455 | ||||||
Eagle Materials, Inc.†(a)(b) | 58,137 | 5,647,428 | ||||||
EI du Pont de Nemours & Co.† | 48,395 | 3,887,570 | ||||||
FMC Corp.† | 24,506 | 1,705,373 | ||||||
FutureFuel Corp.(a) | 4,191 | 59,428 | ||||||
Graphic Packaging Holding Co.† | 102,983 | 1,325,391 | ||||||
Greif, Inc., Class A† | 36,550 | 2,013,540 | ||||||
Headwaters, Inc.†* | 37,369 | 877,424 | ||||||
Huntsman Corp.† | 9,064 | 222,431 | ||||||
Ingevity Corp.(b)* | 20,744 | 1,262,272 | ||||||
Innophos Holdings, Inc.† | 29,275 | 1,579,972 | ||||||
KapStone Paper and Packaging Corp.† | 4,120 | 95,172 | ||||||
Koppers Holdings, Inc.†* | 14,563 | 616,743 | ||||||
Kraton Corp.†(a)* | 34,641 | 1,071,100 | ||||||
Louisiana-Pacific Corp.†(a)* | 125,314 | 3,110,293 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 43,841 | 3,997,861 | ||||||
Minerals Technologies, Inc.† | 17,717 | 1,357,122 | ||||||
Monsanto Co.† | 26,777 | 3,031,156 | ||||||
Neenah Paper, Inc.(b) | 2,877 | 214,912 | ||||||
Owens-Illinois, Inc.†* | 39,749 | 810,085 | ||||||
PolyOne Corp.† | 7,540 | 257,039 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Materials — (Continued) | ||||||||
PPG Industries, Inc.† | 26,857 | $ | 2,822,134 | |||||
RPM International, Inc.† | 4,504 | 247,855 | ||||||
Schweitzer-Mauduit International, Inc.†(b) | 30,523 | 1,264,263 | ||||||
Sealed Air Corp.(b) | 35,531 | 1,548,441 | ||||||
Silgan Holdings, Inc.†(a) | 26,515 | 1,573,930 | ||||||
Sonoco Products Co.†(a) | 24,018 | 1,271,033 | ||||||
Stepan Co. | 884 | 69,668 | ||||||
Summit Materials, Inc., Class A(b)* | 84,061 | 2,077,147 | ||||||
Trinseo SA (Luxembourg)†(b) | 50,874 | 3,413,645 | ||||||
Tronox Ltd., Class A (Australia)† | 767 | 14,151 | ||||||
|
| |||||||
58,092,865 | ||||||||
|
| |||||||
Media — 4.3% | ||||||||
AMC Networks, Inc., Class A†* | 26,856 | 1,575,910 | ||||||
CBS Corp., Class B, non-voting shares† | 25,696 | 1,782,275 | ||||||
Comcast Corp., Class A† | 68,041 | 2,557,661 | ||||||
Discovery Communications, Inc., | 56,688 | 1,649,054 | ||||||
DISH Network Corp., Class A†(a)* | 9,067 | 575,664 | ||||||
Gray Television, Inc.†* | 50,149 | 727,161 | ||||||
Interpublic Group of Cos., Inc. | 92,054 | 2,261,767 | ||||||
Lions Gate Entertainment Corp., Class B (Canada)†* | 4,138 | 100,884 | ||||||
MSG Networks, Inc., Class A†(a)* | 110,075 | 2,570,251 | ||||||
News Corp., Class A†(a) | 29,600 | 384,800 | ||||||
Omnicom Group, Inc.†(b) | 26,519 | 2,286,203 | ||||||
Scholastic Corp.(a)(b) | 9,079 | 386,493 | ||||||
Scripps Networks Interactive, Inc., | 13,624 | 1,067,713 | ||||||
Sinclair Broadcast Group, Inc., Class A† | 46,753 | 1,893,497 | ||||||
TEGNA, Inc.†(b) | 117,722 | 3,016,038 | ||||||
Time Warner, Inc.† | 43,481 | 4,248,528 | ||||||
Twenty-First Century Fox, Inc., | 75,445 | 2,443,664 | ||||||
Viacom, Inc., Class B† | 40,434 | 1,885,033 | ||||||
Walt Disney Co. (The)† | 20,844 | 2,363,501 | ||||||
|
| |||||||
33,776,097 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 11.8% |
| |||||||
AbbVie, Inc.† | 45,043 | 2,935,002 | ||||||
Acorda Therapeutics, Inc.†* | 38,983 | 818,643 | ||||||
Akorn, Inc.†* | 15,473 | 372,590 |
The accompanying notes are an integral part of the financial statements.
99 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Alexion Pharmaceuticals, Inc.* | 3,516 | $ | 426,280 | |||||
Alkermes PLC (Ireland)†(a)* | 14,226 | 832,221 | ||||||
AMAG Pharmaceuticals, Inc.†(a)* | 125,695 | 2,834,422 | ||||||
Amgen, Inc.†(b) | 35,122 | 5,762,467 | ||||||
BioCryst Pharmaceuticals, Inc.(a)* | 16,159 | 135,736 | ||||||
Biogen, Inc.†(b)* | 21,734 | 5,942,510 | ||||||
Bioverativ, Inc.†* | 23,202 | 1,263,581 | ||||||
Blueprint Medicines Corp.(a)* | 4,324 | 172,917 | ||||||
Bruker Corp.(a) | 11,762 | 274,407 | ||||||
Celgene Corp.†* | 26,844 | 3,340,199 | ||||||
Charles River Laboratories International, Inc.†* | 23,263 | 2,092,507 | ||||||
Cytokinetics, Inc.(a)* | 4,148 | 53,302 | ||||||
Eagle Pharmaceuticals, Inc.(a)* | 26,734 | 2,217,318 | ||||||
Eli Lilly & Co.† | 50,332 | 4,233,425 | ||||||
Emergent BioSolutions, Inc.†* | 30,922 | 897,975 | ||||||
Enanta Pharmaceuticals, Inc.†* | 8,433 | 259,736 | ||||||
Endo International PLC (Ireland)†(a)* | 116,986 | 1,305,564 | ||||||
Exelixis, Inc.†(a)(b)* | 186,704 | 4,045,876 | ||||||
Gilead Sciences, Inc.† | 89,048 | 6,048,140 | ||||||
Heska Corp.†* | 1,970 | 206,811 | ||||||
Horizon Pharma PLC (Ireland)†* | 7,257 | 107,258 | ||||||
INC Research Holdings, Inc., Class A†* | 6,109 | 280,098 | ||||||
Incyte Corp., Ltd.†(b)* | 12,263 | 1,639,195 | ||||||
Insys Therapeutics, Inc.(a)* | 38,946 | 409,322 | ||||||
Ionis Pharmaceuticals, Inc.†(a)* | 62,590 | 2,516,118 | ||||||
Ironwood Pharmaceuticals, Inc.†(a)* | 86,202 | 1,470,606 | ||||||
Jazz Pharmaceuticals PLC (Ireland)†* | 4,315 | 626,236 | ||||||
Johnson & Johnson† | 23,201 | 2,889,685 | ||||||
Lannett Co., Inc.(a)* | 131,242 | 2,933,259 | ||||||
Ligand Pharmaceuticals, Inc.†(a)* | 25,230 | 2,670,343 | ||||||
Merck & Co., Inc.† | 69,795 | 4,434,774 | ||||||
MiMedx Group, Inc.(a)* | 25,966 | 247,456 | ||||||
Mylan NV (Netherlands)†(b)* | 81,481 | 3,176,944 | ||||||
Myriad Genetics, Inc.†(a)* | 87,414 | 1,678,349 | ||||||
PerkinElmer, Inc.†(b) | 22,804 | 1,324,000 | ||||||
Pfizer, Inc.† | 79,205 | 2,709,603 | ||||||
Phibro Animal Health Corp., Class A | 3,025 | 85,002 | ||||||
PRA Health Sciences, Inc.†* | 36,189 | 2,360,608 | ||||||
Prestige Brands Holdings, Inc.†(a)(b)* | 32,895 | 1,827,646 | ||||||
Progenics Pharmaceuticals, Inc.†(a)* | 104,777 | 989,095 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
QIAGEN NV (Netherlands) | 1,518 | $ | 43,976 | |||||
Quintiles IMS Holdings, Inc.†* | 19,117 | 1,539,492 | ||||||
Repligen Corp.†(a)(b)* | 36,570 | 1,287,264 | ||||||
Seattle Genetics, Inc.†(a)* | 20,206 | 1,270,149 | ||||||
Sucampo Pharmaceuticals, Inc., | 31,836 | 350,196 | ||||||
Supernus Pharmaceuticals, Inc.(a)* | 17,743 | 555,356 | ||||||
Thermo Fisher Scientific, Inc.† | 2,130 | 327,168 | ||||||
United Therapeutics Corp.†(a)* | 22,622 | 3,062,566 | ||||||
Vanda Pharmaceuticals, Inc.†* | 34,122 | 477,708 | ||||||
VWR Corp.(a)* | 13,183 | 371,761 | ||||||
Waters Corp.†* | 5,018 | 784,364 | ||||||
Xencor, Inc.†* | 46,512 | 1,112,567 | ||||||
Zoetis, Inc.† | 12,194 | 650,794 | ||||||
|
| |||||||
92,680,587 | ||||||||
|
| |||||||
Retailing — 6.0% | ||||||||
1-800-Flowers.com, Inc., Class A* | 2,562 | 26,132 | ||||||
Aaron’s, Inc.† | 67,450 | 2,005,963 | ||||||
Abercrombie & Fitch Co., Class A(a) | 132,752 | 1,583,731 | ||||||
American Eagle Outfitters, Inc.†(a) | 88,053 | 1,235,384 | ||||||
Asbury Automotive Group, Inc.†(b)* | 19,127 | 1,149,533 | ||||||
Ascena Retail Group, Inc.†* | 51,187 | 218,057 | ||||||
AutoNation, Inc.†(a)(b)* | 66,528 | 2,813,469 | ||||||
AutoZone, Inc.†* | 4,783 | 3,458,348 | ||||||
Bed Bath & Beyond, Inc.†(a) | 73,372 | 2,895,259 | ||||||
Best Buy Co., Inc.† | 10,876 | 534,555 | ||||||
Big Lots, Inc.(a) | 3,918 | 190,728 | ||||||
Buckle, Inc. (The)(a) | 76,877 | 1,429,912 | ||||||
Camping World Holdings, Inc., Class A† | 9,842 | 317,306 | ||||||
Dick’s Sporting Goods, Inc.(b) | 13,405 | 652,287 | ||||||
Dillard’s, Inc., Class A†(a) | 26,790 | 1,399,510 | ||||||
Dollar General Corp.† | 2,520 | 175,720 | ||||||
Dollar Tree, Inc.†* | 13,986 | 1,097,342 | ||||||
DSW, Inc., Class A(a) | 4,104 | 84,871 | ||||||
Expedia, Inc.† | 3,134 | 395,417 | ||||||
Foot Locker, Inc.†(a) | 11,835 | 885,376 | ||||||
Francesca’s Holdings Corp.* | 2,951 | 45,298 | ||||||
Gap, Inc. (The)†(a) | 132,585 | 3,220,490 | ||||||
Genuine Parts Co.† | 16,448 | 1,519,960 | ||||||
Group 1 Automotive, Inc.† | 4,386 | 324,915 | ||||||
Home Depot, Inc. (The) | 1,256 | 184,418 | ||||||
HSN, Inc.†(a)(b) | 61,062 | 2,265,400 |
The accompanying notes are an integral part of the financial statements.
100 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Retailing — (Continued) | ||||||||
Kohl’s Corp.† | 10,932 | $ | 435,203 | |||||
L Brands, Inc.†(a) | 24,420 | 1,150,182 | ||||||
Liberty Interactive Corp. QVC Group, Class A†* | 39,297 | 786,726 | ||||||
Lowe’s Cos., Inc.† | 4,538 | 373,069 | ||||||
Nutrisystem, Inc.†(a)(b) | 46,475 | 2,579,362 | ||||||
Office Depot, Inc.†(a)(b) | 436,319 | 2,035,428 | ||||||
O’Reilly Automotive, Inc.†* | 1,511 | 407,728 | ||||||
Pool Corp.† | 8,205 | 979,103 | ||||||
Priceline Group, Inc. (The)†* | 533 | 948,724 | ||||||
Ross Stores, Inc.† | 16,926 | 1,114,916 | ||||||
Signet Jewelers, Ltd. (Bermuda) | 778 | 53,892 | ||||||
Staples, Inc.†(b) | 139,137 | 1,220,231 | ||||||
Tailored Brands, Inc.† | 11,631 | 173,767 | ||||||
Target Corp.†(a) | 62,178 | 3,431,604 | ||||||
Tiffany & Co.(a) | 3,416 | 325,545 | ||||||
TJX Cos., Inc. (The) | 627 | 49,583 | ||||||
Tractor Supply Co.† | 17,505 | 1,207,320 | ||||||
|
| |||||||
47,381,764 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.1% |
| |||||||
Amkor Technology, Inc.†(a)* | 129,617 | 1,502,261 | ||||||
Analog Devices, Inc.† | 53,386 | 4,374,983 | ||||||
Applied Materials, Inc.† | 63,934 | 2,487,033 | ||||||
Broadcom Ltd. (Singapore) | 2 | 438 | ||||||
Cabot Microelectronics Corp.†(a)(b) | 9,521 | 729,404 | ||||||
Cirrus Logic, Inc.†(a)(b)* | 61,438 | 3,728,672 | ||||||
Diodes, Inc.(a)* | 4,109 | 98,821 | ||||||
Exar Corp.(a)* | 4,681 | 60,900 | ||||||
Intel Corp.† | 162,235 | 5,851,816 | ||||||
KLA-Tencor Corp.† | 16,626 | 1,580,634 | ||||||
Lam Research Corp.† | 15,064 | 1,933,615 | ||||||
Marvell Technology Group Ltd. (Bermuda)† | 57,185 | 872,643 | ||||||
Maxim Integrated Products, Inc.† | 24,469 | 1,100,126 | ||||||
MaxLinear, Inc.†* | 41,401 | 1,161,298 | ||||||
Microchip Technology, Inc.†(a) | 32,933 | 2,429,797 | ||||||
MKS Instruments, Inc.†(a)(b) | 39,854 | 2,739,963 | ||||||
Nanometrics, Inc.(b)* | 5,994 | 182,577 | ||||||
NVIDIA Corp.† | 2 | 218 | ||||||
Photronics, Inc.†(a)* | 51,333 | 549,263 | ||||||
QUALCOMM, Inc.† | 86,350 | 4,951,309 | ||||||
Skyworks Solutions, Inc.† | 32,141 | 3,149,175 | ||||||
Teradyne, Inc.†(b) | 54,487 | 1,694,546 | ||||||
Texas Instruments, Inc.† | 41,306 | 3,327,611 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Xilinx, Inc.† | 56,246 | $ | 3,256,081 | |||||
|
| |||||||
47,763,184 | ||||||||
|
| |||||||
Software & Services — 12.7% | ||||||||
Accenture PLC, Class A (Ireland)† | 10,099 | 1,210,668 | ||||||
Adobe Systems, Inc.†* | 5,718 | 744,083 | ||||||
Akamai Technologies, Inc.†(a)* | 52,295 | 3,122,012 | ||||||
Alphabet, Inc., Class A†* | 1,496 | 1,268,309 | ||||||
ANSYS, Inc.†* | 17,848 | 1,907,416 | ||||||
Aspen Technology, Inc.†(a)* | 50,298 | 2,963,558 | ||||||
Automatic Data Processing, Inc.† | 4,613 | 472,325 | ||||||
Bankrate, Inc.†* | 92,583 | 893,426 | ||||||
Booz Allen Hamilton Holding Corp.† | 25,090 | 887,935 | ||||||
CA, Inc.†(a) | 145,512 | 4,615,641 | ||||||
CACI International, Inc., Class A†(a)* | 2,310 | 270,963 | ||||||
Cadence Design Systems, Inc.†* | 17,910 | 562,374 | ||||||
Cardtronics PLC, Class A (United Kingdom)†* | 8,062 | 376,898 | ||||||
CDK Global, Inc.†(b) | 57,804 | 3,757,838 | ||||||
CGI Group, Inc., Class A (Canada)†* | 4,704 | 225,463 | ||||||
Citrix Systems, Inc.†* | 37,094 | 3,093,269 | ||||||
CommerceHub, Inc., Class A(a)* | 129 | 1,997 | ||||||
Conduent, Inc.* | 57,791 | 969,733 | ||||||
Convergys Corp.†(a)(b) | 32,195 | 680,924 | ||||||
CoreLogic, Inc.†(a)(b)* | 15,228 | 620,084 | ||||||
CSG Systems International, Inc.† | 16,959 | 641,220 | ||||||
CSRA, Inc.† | 61,850 | 1,811,586 | ||||||
DST Systems, Inc.† | 12,141 | 1,487,273 | ||||||
eBay, Inc.†* | 101,179 | 3,396,579 | ||||||
Facebook, Inc., Class A†* | 9,315 | 1,323,196 | ||||||
Fidelity National Information Services, Inc.†(b) | 46,092 | 3,669,845 | ||||||
Gigamon, Inc.†* | 22,451 | 798,133 | ||||||
Globant SA (Luxembourg)(a)* | 9,463 | 344,453 | ||||||
GrubHub, Inc.(a)* | 9,661 | 317,750 | ||||||
GTT Communications, Inc.†(a)* | 12,838 | 312,605 | ||||||
IAC/InterActiveCorp.†* | 36,079 | 2,659,744 | ||||||
International Business Machines Corp.† | 6,908 | 1,202,959 | ||||||
j2 Global, Inc.†(b) | 55,361 | 4,645,341 | ||||||
LogMeIn, Inc.†(a) | 17,863 | 1,741,643 | ||||||
Manhattan Associates, Inc.†(b)* | 49,685 | 2,586,104 | ||||||
MAXIMUS, Inc.† | 7,936 | 493,619 | ||||||
MicroStrategy, Inc., Class A†(a)(b)* | 6,373 | 1,196,849 | ||||||
NIC, Inc.†(a)(b) | 58,466 | 1,181,013 |
The accompanying notes are an integral part of the financial statements.
101 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Nuance Communications, Inc.†* | 32,027 | $ | 554,387 | |||||
Open Text Corp. (Canada)† | 52,230 | 1,776,342 | ||||||
Oracle Corp.† | 14,338 | 639,618 | ||||||
Paychex, Inc.† | 33,890 | 1,996,121 | ||||||
Perficient, Inc.* | 1,820 | 31,595 | ||||||
Progress Software Corp.†(a)(b) | 22,510 | 653,916 | ||||||
QAD, Inc., Class A | 140 | 3,899 | ||||||
Qualys, Inc.†(a)* | 10,101 | 382,828 | ||||||
Science Applications International Corp.†(a) | 33,912 | 2,523,053 | ||||||
SS&C Technologies Holdings, Inc. | 692 | 24,497 | ||||||
Stamps.com, Inc.†(a)(b)* | 42,403 | 5,018,395 | ||||||
Sykes Enterprises, Inc.†* | 6,098 | 179,281 | ||||||
Symantec Corp.† | 94,300 | 2,893,124 | ||||||
Synchronoss Technologies, Inc.(a)* | 12,551 | 306,244 | ||||||
Synopsys, Inc.†* | 42,090 | 3,035,952 | ||||||
Teradata Corp.†* | 40,433 | 1,258,275 | ||||||
TiVo Corp.†(a)(b) | 54,263 | 1,017,431 | ||||||
Trade Desk, Inc. (The), Class A* | 52,913 | 1,971,009 | ||||||
Travelport Worldwide Ltd. (Bermuda)†(b) | 56,337 | 663,086 | ||||||
Tyler Technologies, Inc.†* | 3,909 | 604,175 | ||||||
VASCO Data Security International, Inc.†* | 41,368 | 558,468 | ||||||
VeriSign, Inc.†* | 16,728 | 1,457,176 | ||||||
VMware, Inc., Class A(a)* | 41,572 | 3,830,444 | ||||||
Web.com Group, Inc.†(b)* | 14,130 | 272,709 | ||||||
WebMD Health Corp.†(a)* | 89,286 | 4,703,586 | ||||||
Western Union Co. (The)†(a) | 156,544 | 3,185,670 | ||||||
WEX, Inc.†(a)* | 15,451 | 1,599,179 | ||||||
|
| |||||||
99,595,288 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 9.3% |
| |||||||
Amphenol Corp., Class A† | 7,340 | 522,388 | ||||||
Anixter International, Inc.†* | 21,386 | 1,695,910 | ||||||
Apple, Inc.† | 23,694 | 3,403,880 | ||||||
Applied Optoelectronics, Inc.(a)* | 6,920 | 388,558 | ||||||
AVX Corp.†(a) | 39,768 | 651,400 | ||||||
Belden, Inc.†(a) | 11,844 | 819,486 | ||||||
Benchmark Electronics, Inc.†(a)(b)* | 68,180 | 2,168,124 | ||||||
CDW Corp.† | 10,426 | 601,684 | ||||||
Cisco Systems, Inc.†(b) | 167,042 | 5,646,020 | ||||||
CommScope Holding Co., Inc.†* | 107,397 | 4,479,529 | ||||||
Corning, Inc.† | 168,102 | 4,538,754 | ||||||
F5 Networks, Inc.†* | 9,402 | 1,340,443 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
FLIR Systems, Inc.†(b) | 44,103 | $ | 1,600,057 | |||||
Harris Corp.† | 14,610 | 1,625,655 | ||||||
Hewlett Packard Enterprise Co.† | 76,690 | 1,817,553 | ||||||
HP, Inc.† | 115,786 | 2,070,254 | ||||||
Insight Enterprises, Inc.* | 2,501 | 102,766 | ||||||
InterDigital, Inc.†(a)(b) | 60,174 | 5,193,016 | ||||||
Juniper Networks, Inc.†(a) | 161,759 | 4,501,753 | ||||||
Keysight Technologies, Inc.†* | 60,595 | 2,189,903 | ||||||
Motorola Solutions, Inc.†(a)(b) | 50,506 | 4,354,627 | ||||||
NCR Corp.†(a)* | 86,118 | 3,933,870 | ||||||
NetApp, Inc.† | 33,505 | 1,402,184 | ||||||
NETGEAR, Inc.†* | 7,844 | 388,670 | ||||||
Novanta, Inc. (Canada)* | 2,160 | 57,348 | ||||||
Plantronics, Inc.† | 27,205 | 1,472,063 | ||||||
Plexus Corp.†(a)(b)* | 13,933 | 805,327 | ||||||
Rogers Corp.†* | 1,647 | 141,428 | ||||||
Sanmina Corp.†* | 37,645 | 1,528,387 | ||||||
Seagate Technology PLC | 65,769 | 3,020,770 | ||||||
TE Connectivity Ltd. (Switzerland)† | 5,365 | 399,961 | ||||||
TTM Technologies, Inc.†(a)* | 112,319 | 1,811,705 | ||||||
Vishay Intertechnology, Inc.†(a)(b) | 140,067 | 2,304,102 | ||||||
Western Digital Corp.† | 19,911 | 1,643,255 | ||||||
Xerox Corp.†(b) | 273,075 | 2,004,371 | ||||||
Zebra Technologies Corp., | 22,617 | 2,063,801 | ||||||
|
| |||||||
72,689,002 | ||||||||
|
| |||||||
Telecommunication Services — 1.9% |
| |||||||
AT&T, Inc.† | 31,185 | 1,295,737 | ||||||
BCE, Inc. (Canada)† | 3,044 | 134,758 | ||||||
Frontier Communications Corp.(a) | 782,756 | 1,675,098 | ||||||
Intelsat SA (Luxembourg)* | 247 | 1,025 | ||||||
Level 3 Communications, Inc.†* | 57,248 | 3,275,731 | ||||||
Rogers Communications, Inc., Class B (Canada)†(a)(b) | 17,225 | 761,690 | ||||||
Sprint Corp.†(a)* | 349,556 | 3,034,146 | ||||||
Verizon Communications, Inc.† | 70,104 | 3,417,570 | ||||||
Vonage Holdings Corp.†(b)* | 169,231 | 1,069,540 | ||||||
|
| |||||||
14,665,295 | ||||||||
|
| |||||||
Transportation — 4.9% | ||||||||
Alaska Air Group, Inc.† | 13,259 | 1,222,745 | ||||||
Canadian Pacific Railway Ltd. (Canada)†(b) | 8,765 | 1,287,754 | ||||||
CH Robinson Worldwide, Inc.†(a) | 12,751 | 985,525 |
The accompanying notes are an integral part of the financial statements.
102 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
CSX Corp.† | 3,383 | $ | 157,479 | |||||
Delta Air Lines, Inc.†(b) | 122,268 | 5,619,437 | ||||||
Expeditors International of Washington, Inc.† | 24,876 | 1,405,245 | ||||||
Forward Air Corp.†(a) | 6,282 | 298,835 | ||||||
Hawaiian Holdings, Inc.†(a)* | 50,185 | 2,331,093 | ||||||
Heartland Express, Inc.†(a) | 80,855 | 1,621,143 | ||||||
Kirby Corp.†(a)* | 7,133 | 503,233 | ||||||
Landstar System, Inc.† | 26 | 2,227 | ||||||
Norfolk Southern Corp.† | 19,406 | 2,172,890 | ||||||
Old Dominion Freight Line, | 23,320 | 1,995,492 | ||||||
Ryder System, Inc.†(b) | 45,087 | 3,401,363 | ||||||
Saia, Inc.†* | 8,626 | 382,132 | ||||||
Southwest Airlines Co.† | 6,884 | 370,084 | ||||||
Swift Transportation Co.†* | 135,224 | 2,777,501 | ||||||
Union Pacific Corp.† | 41,647 | 4,411,250 | ||||||
United Continental Holdings, Inc.†* | 32,177 | 2,272,983 | ||||||
XPO Logistics, Inc.†(a)(b)* | 106,270 | 5,089,270 | ||||||
|
| |||||||
38,307,681 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 960,496,749 | |||||||
|
| |||||||
Par Value | ||||||||
CORPORATE BONDS AND NOTES — 0.0% |
| |||||||
Capital Goods — 0.0% | ||||||||
Mueller Industries, Inc. | $ | 11,965 | 11,875 | |||||
|
| |||||||
TOTAL CORPORATE BONDS AND NOTES | 11,875 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 122.4% (Cost $862,616,982) | 960,508,624 | |||||||
|
| |||||||
Number of Shares | ||||||||
SHORT POSITIONS — (97.2)% |
| |||||||
COMMON STOCKS — (97.2)% |
| |||||||
Automobiles & Components — (1.5)% |
| |||||||
Adient PLC (Ireland) | (50,420 | ) | (3,664,021 | ) | ||||
Dana, Inc. | (36,103 | ) | (697,149 | ) | ||||
Fox Factory Holding Corp.* | (34,553 | ) | (991,671 | ) | ||||
Gentherm, Inc.* | (16,898 | ) | (663,247 | ) | ||||
LCI Industries | (441 | ) | (44,012 | ) | ||||
Metaldyne Performance Group, Inc. | (11,498 | ) | (262,729 | ) | ||||
Modine Manufacturing Co.* | (17,187 | ) | (209,681 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Automobiles & Components — (Continued) |
| |||||||
Tesla, Inc.* | (19,100 | ) | $ | (5,315,530 | ) | |||
Tower International, Inc. | (597 | ) | (16,179 | ) | ||||
|
| |||||||
(11,864,219 | ) | |||||||
|
| |||||||
Capital Goods — (10.6)% | ||||||||
AAON, Inc. | (22,132 | ) | (782,366 | ) | ||||
AAR Corp. | (29,727 | ) | (999,719 | ) | ||||
Actuant Corp., Class A | (44,377 | ) | (1,169,334 | ) | ||||
Acuity Brands, Inc. | (8,837 | ) | (1,802,748 | ) | ||||
AECOM* | (79,608 | ) | (2,833,249 | ) | ||||
Aegion Corp.* | (3,324 | ) | (76,153 | ) | ||||
Aerovironment, Inc.* | (31,456 | ) | (881,712 | ) | ||||
Albany International Corp., Class A | (6,774 | ) | (311,943 | ) | ||||
Altra Industrial Motion Corp. | (4,550 | ) | (177,223 | ) | ||||
American Railcar Industries, Inc. | (2,564 | ) | (105,380 | ) | ||||
Armstrong Flooring, Inc.* | (1,008 | ) | (18,567 | ) | ||||
Axon Enterprise, Inc.* | (69,054 | ) | (1,573,741 | ) | ||||
AZZ, Inc. | (1,816 | ) | (108,052 | ) | ||||
Babcock & Wilcox Enterprises, Inc.* | (40,263 | ) | (376,056 | ) | ||||
Beacon Roofing Supply, Inc.* | (17,765 | ) | (873,327 | ) | ||||
Blue Bird Corp.* | (43 | ) | (737 | ) | ||||
Briggs & Stratton Corp. | (20,229 | ) | (454,141 | ) | ||||
BWX Technologies, Inc. | (22,946 | ) | (1,092,230 | ) | ||||
Chicago Bridge & Iron Co. NV (Netherlands) | (79,775 | ) | (2,453,081 | ) | ||||
CIRCOR International, Inc. | (3,634 | ) | (216,005 | ) | ||||
Colfax Corp.* | (13,884 | ) | (545,086 | ) | ||||
Comfort Systems USA, Inc. | (15,205 | ) | (557,263 | ) | ||||
Cubic Corp. | (8,402 | ) | (443,626 | ) | ||||
Douglas Dynamics, Inc. | (17,461 | ) | (535,180 | ) | ||||
Dycom Industries, Inc.* | (17,946 | ) | (1,668,081 | ) | ||||
Encore Wire Corp. | (9,258 | ) | (425,868 | ) | ||||
Energy Recovery, Inc.* | (70,014 | ) | (582,516 | ) | ||||
EnPro Industries, Inc. | (16,302 | ) | (1,160,050 | ) | ||||
ESCO Technologies, Inc. | (3,640 | ) | (211,484 | ) | ||||
Fastenal Co. | (5,805 | ) | (298,958 | ) | ||||
Federal Signal Corp. | (38,347 | ) | (529,572 | ) | ||||
GMS, Inc.* | (10,770 | ) | (377,381 | ) | ||||
Granite Construction, Inc. | (27,450 | ) | (1,377,716 | ) | ||||
Herc Holdings, Inc.* | (70,174 | ) | (3,430,807 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (10,025 | ) | (565,310 | ) | ||||
Insteel Industries, Inc. | (19,138 | ) | (691,647 | ) | ||||
John Bean Technologies Corp. | (22,132 | ) | (1,946,509 | ) | ||||
KBR, Inc. | (103,519 | ) | (1,555,891 | ) | ||||
Kennametal, Inc. | (112,722 | ) | (4,422,084 | ) |
The accompanying notes are an integral part of the financial statements.
103 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
KLX, Inc.* | (59,586 | ) | $ | (2,663,494 | ) | |||
Kratos Defense & Security Solutions, Inc.* | (61,859 | ) | (481,263 | ) | ||||
Lockheed Martin Corp. | (1,647 | ) | (440,737 | ) | ||||
Manitowoc Co., Inc. (The)* | (389,439 | ) | (2,219,802 | ) | ||||
Masonite International Corp. (Canada)* | (22,722 | ) | (1,800,719 | ) | ||||
MasTec, Inc.* | (2,817 | ) | (112,821 | ) | ||||
Mercury Systems, Inc.* | (66,648 | ) | (2,602,604 | ) | ||||
Milacron Holdings Corp.* | (4,706 | ) | (87,579 | ) | ||||
Mueller Water Products, Inc., Class A | (28,922 | ) | (341,858 | ) | ||||
MYR Group, Inc.* | (7,922 | ) | (324,802 | ) | ||||
Navistar International Corp.* | (87,725 | ) | (2,159,790 | ) | ||||
NCI Building Systems, Inc.* | (4,634 | ) | (79,473 | ) | ||||
Nexeo Solutions, Inc.* | (2,012 | ) | (17,826 | ) | ||||
PGT Innovations.* | (21,560 | ) | (231,770 | ) | ||||
Primoris Services Corp. | (10,731 | ) | (249,174 | ) | ||||
Proto Labs, Inc.* | (20,793 | ) | (1,062,522 | ) | ||||
Quanex Building Products Corp. | (1,777 | ) | (35,984 | ) | ||||
Raven Industries, Inc. | (3,701 | ) | (107,514 | ) | ||||
RBC Bearings, Inc.* | (6,633 | ) | (643,998 | ) | ||||
Rexnord Corp.* | (18,803 | ) | (433,973 | ) | ||||
Roper Technologies, Inc. | (16,115 | ) | (3,327,586 | ) | ||||
Rush Enterprises, Inc., Class A* | (2,711 | ) | (89,680 | ) | ||||
Sensata Technologies Holding NV (Netherlands)* | (46,543 | ) | (2,032,533 | ) | ||||
SiteOne Landscape Supply, Inc.* | (43,187 | ) | (2,090,683 | ) | ||||
Sun Hydraulics Corp. | (3,987 | ) | (143,971 | ) | ||||
Sunrun, Inc.* | (258,642 | ) | (1,396,667 | ) | ||||
Teledyne Technologies, Inc.* | (2,053 | ) | (259,622 | ) | ||||
Tennant Co. | (9,877 | ) | (717,564 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda) | (25,906 | ) | (396,362 | ) | ||||
Thermon Group Holdings, Inc.* | (11,916 | ) | (248,329 | ) | ||||
Timken Co. (The) | (19,559 | ) | (884,067 | ) | ||||
Titan International, Inc. | (17,352 | ) | (179,420 | ) | ||||
Toro Co. (The) | (17,439 | ) | (1,089,240 | ) | ||||
Trinity Industries, Inc. | (139,589 | ) | (3,706,088 | ) | ||||
Triumph Group, Inc. | (77,130 | ) | (1,986,098 | ) | ||||
Universal Forest Products, Inc. | (18,174 | ) | (1,790,866 | ) | ||||
Valmont Industries, Inc. | (2,541 | ) | (395,126 | ) | ||||
Vicor Corp.* | (971 | ) | (15,633 | ) | ||||
WABCO Holdings, Inc.* | (7,479 | ) | (878,184 | ) | ||||
Wabtec Corp. | (72,417 | ) | (5,648,526 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Welbilt, Inc.* | (43,723 | ) | $ | (858,283 | ) | |||
Wesco Aircraft Holdings, Inc.* | (14,922 | ) | (170,111 | ) | ||||
Woodward, Inc. | (14,349 | ) | (974,584 | ) | ||||
Xylem, Inc. | (2,076 | ) | (104,257 | ) | ||||
|
| |||||||
(83,111,976 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (4.0)% |
| |||||||
ABM Industries, Inc. | (361 | ) | (15,740 | ) | ||||
Advanced Disposal Services, Inc.* | (5,632 | ) | (127,283 | ) | ||||
Advisory Board Co. (The)* | (122,283 | ) | (5,722,844 | ) | ||||
Brady Corp., Class A | (6,983 | ) | (269,893 | ) | ||||
CEB, Inc. | (42,635 | ) | (3,351,111 | ) | ||||
Clean Harbors, Inc.* | (81,212 | ) | (4,517,011 | ) | ||||
Copart, Inc.* | (74 | ) | (4,583 | ) | ||||
Covanta Holding Corp. | (98,144 | ) | (1,540,861 | ) | ||||
Equifax, Inc. | (17,465 | ) | (2,388,164 | ) | ||||
Healthcare Services Group, Inc. | (50,881 | ) | (2,192,462 | ) | ||||
Herman Miller, Inc. | (26,324 | ) | (830,522 | ) | ||||
HNI Corp. | (10,012 | ) | (461,453 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (34,019 | ) | (1,427,097 | ) | ||||
InnerWorkings, Inc.* | (5,309 | ) | (52,878 | ) | ||||
Insperity, Inc. | (9,243 | ) | (819,392 | ) | ||||
Knoll, Inc. | (201 | ) | (4,786 | ) | ||||
Korn/Ferry International | (40,295 | ) | (1,268,890 | ) | ||||
Mistras Group, Inc.* | (1,367 | ) | (29,226 | ) | ||||
MSA Safety, Inc. | (3,546 | ) | (250,667 | ) | ||||
Multi-Color Corp. | (17,695 | ) | (1,256,345 | ) | ||||
Rollins, Inc. | (14,721 | ) | (546,591 | ) | ||||
RPX Corp.* | (2,598 | ) | (31,176 | ) | ||||
TransUnion* | (36,001 | ) | (1,380,638 | ) | ||||
TriNet Group, Inc.* | (12,567 | ) | (363,186 | ) | ||||
US Ecology, Inc. | (2,423 | ) | (113,518 | ) | ||||
WageWorks, Inc.* | (37,197 | ) | (2,689,343 | ) | ||||
|
| |||||||
(31,655,660 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.8)% |
| |||||||
Columbia Sportswear Co. | (11,711 | ) | (688,021 | ) | ||||
Crocs, Inc.* | (13,394 | ) | (94,696 | ) | ||||
Ethan Allen Interiors, Inc. | (9,120 | ) | (279,528 | ) | ||||
G-III Apparel Group Ltd.* | (120,298 | ) | (2,633,323 | ) | ||||
Gildan Activewear, Inc. (Canada) | (47,173 | ) | (1,275,558 | ) | ||||
Helen Of Troy Ltd. (Bermuda)* | (18,282 | ) | (1,722,164 | ) | ||||
Lululemon Athletica, Inc.* | (46,518 | ) | (2,412,889 | ) | ||||
Mohawk Industries, Inc.* | (10,209 | ) | (2,342,863 | ) | ||||
Nautilus, Inc.* | (26,958 | ) | (491,984 | ) |
The accompanying notes are an integral part of the financial statements.
104 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
NIKE, Inc., Class B | (40,985 | ) | $ | (2,284,094 | ) | |||
Oxford Industries, Inc. | (9,154 | ) | (524,158 | ) | ||||
Polaris Industries, Inc. | (23,696 | ) | (1,985,725 | ) | ||||
PVH Corp. | (34,354 | ) | (3,554,608 | ) | ||||
Skechers U.S.A., Inc., Class A* | (22,162 | ) | (608,347 | ) | ||||
Steven Madden Ltd.* | (16,074 | ) | (619,653 | ) | ||||
Vista Outdoor, Inc.* | (31,385 | ) | (646,217 | ) | ||||
|
| |||||||
(22,163,828 | ) | |||||||
|
| |||||||
Consumer Services — (5.8)% | ||||||||
BJ’s Restaurants, Inc.* | (45,611 | ) | (1,842,684 | ) | ||||
Bloomin’ Brands, Inc. | (122,564 | ) | (2,418,188 | ) | ||||
Bob Evans Farms, Inc. | (4,522 | ) | (293,342 | ) | ||||
Boyd Gaming Corp.* | (198,963 | ) | (4,379,176 | ) | ||||
Bright Horizons Family Solutions, Inc.* | (21,617 | ) | (1,567,016 | ) | ||||
Buffalo Wild Wings, Inc.* | (949 | ) | (144,960 | ) | ||||
Career Education Corp.* | (6,907 | ) | (60,091 | ) | ||||
Carrols Restaurant Group, Inc.* | (13,496 | ) | (190,968 | ) | ||||
Chegg, Inc.* | (69,717 | ) | (588,411 | ) | ||||
Chipotle Mexican Grill, Inc.* | (14,763 | ) | (6,577,212 | ) | ||||
Chuy’s Holdings, Inc.* | (17,028 | ) | (507,434 | ) | ||||
ClubCorp Holdings, Inc. | (47,607 | ) | (764,092 | ) | ||||
Dave & Buster’s Entertainment, Inc.* | (74,889 | ) | (4,574,969 | ) | ||||
Del Taco Restaurants, Inc.* | (1,395 | ) | (18,498 | ) | ||||
Fiesta Restaurant Group, Inc.* | (21,711 | ) | (525,406 | ) | ||||
Grand Canyon Education, Inc.* | (2,788 | ) | (199,649 | ) | ||||
Houghton Mifflin Harcourt Co.* | (15,181 | ) | (154,087 | ) | ||||
Hyatt Hotels Corp., Class A* | (84,330 | ) | (4,552,133 | ) | ||||
ILG, Inc. | (20,342 | ) | (426,368 | ) | ||||
Intrawest Resorts Holdings, Inc.* | (1,126 | ) | (28,161 | ) | ||||
K12, Inc.* | (12,119 | ) | (232,079 | ) | ||||
Marcus Corp. (The) | (1,050 | ) | (33,705 | ) | ||||
MGM Resorts International | (75,996 | ) | (2,082,290 | ) | ||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | (8,807 | ) | (446,779 | ) | ||||
Panera Bread Co., Class A* | (6,381 | ) | (1,670,992 | ) | ||||
Planet Fitness, Inc., Class A | (25,263 | ) | (486,818 | ) | ||||
Red Robin Gourmet Burgers, Inc.* | (37,422 | ) | (2,187,316 | ) | ||||
Red Rock Resorts, Inc., Class A | (8,551 | ) | (189,661 | ) | ||||
Ruth’s Hospitality Group, Inc. | (2,810 | ) | (56,341 | ) | ||||
ServiceMaster Global Holdings, Inc.* | (8,903 | ) | (371,700 | ) | ||||
Shake Shack, Inc., Class A* | (133,872 | ) | (4,471,325 | ) | ||||
Texas Roadhouse, Inc. | (54,070 | ) | (2,407,737 | ) | ||||
Wingstop, Inc. | (14,805 | ) | (418,685 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Wynn Resorts Ltd. | (4,221 | ) | $ | (483,769 | ) | |||
|
| |||||||
(45,352,042 | ) | |||||||
|
| |||||||
Energy — (5.5)% | ||||||||
Alon USA Energy, Inc. | (9,316 | ) | (113,562 | ) | ||||
Basic Energy Services, Inc.* | (36,624 | ) | (1,221,777 | ) | ||||
Bristow Group, Inc. | (47,962 | ) | (729,502 | ) | ||||
C&J Energy Services, Inc.* | (19,176 | ) | (652,943 | ) | ||||
Cameco Corp. (Canada) | (55,580 | ) | (615,271 | ) | ||||
Cenovus Energy, Inc. (Canada) | (158,782 | ) | (1,794,237 | ) | ||||
Cheniere Energy, Inc.* | (60,591 | ) | (2,864,137 | ) | ||||
Enbridge, Inc. (Canada) | (13,089 | ) | (547,644 | ) | ||||
Fairmount Santrol Holdings, Inc.* | (25,363 | ) | (185,911 | ) | ||||
Forum Energy Technologies, Inc.* | (76,422 | ) | (1,581,935 | ) | ||||
Frank’s International NV (Netherlands) | (45,078 | ) | (476,474 | ) | ||||
Green Plains, Inc. | (38,755 | ) | (959,186 | ) | ||||
Helix Energy Solutions Group, Inc.* | (217,672 | ) | (1,691,311 | ) | ||||
Helmerich & Payne, Inc. | (22,090 | ) | (1,470,531 | ) | ||||
Marathon Petroleum Corp. | (19,328 | ) | (976,837 | ) | ||||
National Oilwell Varco, Inc. | (43,615 | ) | (1,748,525 | ) | ||||
Newpark Resources, Inc.* | (29,393 | ) | (238,083 | ) | ||||
Noble Corp. PLC (United Kingdom) | (515,804 | ) | (3,192,827 | ) | ||||
Occidental Petroleum Corp. | (103,520 | ) | (6,559,027 | ) | ||||
Par Pacific Holdings, Inc.* | (18,704 | ) | (308,429 | ) | ||||
Pembina Pipeline Corp. (Canada) | (22,444 | ) | (711,699 | ) | ||||
Precision Drilling Corp. (Canada)* | (554,798 | ) | (2,618,647 | ) | ||||
RPC, Inc. | (47,250 | ) | (865,148 | ) | ||||
SEACOR Holdings, Inc.* | (25,590 | ) | (1,770,572 | ) | ||||
SemGroup Corp., Class A | (24,686 | ) | (888,696 | ) | ||||
Superior Energy Services, Inc.* | (270,414 | ) | (3,856,104 | ) | ||||
TransCanada Corp. (Canada) | (4,293 | ) | (198,122 | ) | ||||
US Silica Holdings, Inc. | (45,874 | ) | (2,201,493 | ) | ||||
World Fuel Services Corp. | (57,425 | ) | (2,081,656 | ) | ||||
|
| |||||||
(43,120,286 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.4)% |
| |||||||
Casey’s General Stores, Inc. | (23,013 | ) | (2,583,209 | ) | ||||
Costco Wholesale Corp. | (1,139 | ) | (190,999 | ) | ||||
Performance Food Group Co.* | (84,940 | ) | (2,021,572 | ) | ||||
PriceSmart, Inc. | (4,341 | ) | (400,240 | ) | ||||
Rite Aid Corp.* | (792,681 | ) | (3,368,894 | ) | ||||
Smart & Final Stores, Inc.* | (72,013 | ) | (871,357 | ) | ||||
Sprouts Farmers Market, Inc.* | (20,049 | ) | (463,533 | ) |
The accompanying notes are an integral part of the financial statements.
105 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
United Natural Foods, Inc.* | (26,364 | ) | $ | (1,139,716 | ) | |||
|
| |||||||
(11,039,520 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (4.2)% |
| |||||||
B&G Foods, Inc. | (61,398 | ) | (2,471,270 | ) | ||||
Blue Buffalo Pet Products, Inc.* | (87,070 | ) | (2,002,610 | ) | ||||
Calavo Growers, Inc. | (8,370 | ) | (507,222 | ) | ||||
Coca-Cola Bottling Co. Consolidated | (7,287 | ) | (1,501,268 | ) | ||||
Constellation Brands, Inc., Class A | (12,890 | ) | (2,089,082 | ) | ||||
Darling Ingredients, Inc.* | (144,493 | ) | (2,098,038 | ) | ||||
Farmer Brothers Co.* | (851 | ) | (30,083 | ) | ||||
Kraft Heinz Co. (The) | (28,707 | ) | (2,606,883 | ) | ||||
Lamb Weston Holdings, Inc. | (63,195 | ) | (2,657,982 | ) | ||||
Mead Johnson Nutrition Co. | (46,021 | ) | (4,099,551 | ) | ||||
MGP Ingredients, Inc. | (28,915 | ) | (1,568,060 | ) | ||||
Molson Coors Brewing Co., Class B | (7,943 | ) | (760,225 | ) | ||||
Monster Beverage Corp.* | (9,747 | ) | (450,019 | ) | ||||
National Beverage Corp. | (3,393 | ) | (286,810 | ) | ||||
Post Holdings, Inc.* | (50,432 | ) | (4,413,809 | ) | ||||
Reynolds American, Inc. | (7,798 | ) | (491,430 | ) | ||||
SunOpta, Inc. (Canada)* | (2,358 | ) | (16,388 | ) | ||||
Tootsie Roll Industries, Inc. | (8,280 | ) | (309,273 | ) | ||||
Vector Group Ltd. | (47,902 | ) | (996,362 | ) | ||||
WhiteWave Foods Co. (The)* | (67,306 | ) | (3,779,232 | ) | ||||
|
| |||||||
(33,135,597 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (8.3)% |
| |||||||
Abaxis, Inc. | (5,573 | ) | (270,291 | ) | ||||
ABIOMED, Inc.* | (14,034 | ) | (1,757,057 | ) | ||||
Aceto Corp. | (5,661 | ) | (89,500 | ) | ||||
Amedisys, Inc.* | (31,828 | ) | (1,626,093 | ) | ||||
athenahealth, Inc.* | (18,717 | ) | (2,109,219 | ) | ||||
AtriCure, Inc.* | (24,995 | ) | (478,654 | ) | ||||
BioTelemetry, Inc.* | (25,557 | ) | (739,875 | ) | ||||
Capital Senior Living Corp.* | (23,012 | ) | (323,549 | ) | ||||
Cardiovascular Systems, Inc.* | (45,460 | ) | (1,285,382 | ) | ||||
Cerus Corp.* | (161,912 | ) | (720,508 | ) | ||||
Civitas Solutions, Inc.* | (218 | ) | (4,000 | ) | ||||
Cross Country Healthcare, Inc.* | (4,010 | ) | (57,584 | ) | ||||
DENTSPLY SIRONA, Inc. | (6,313 | ) | (394,184 | ) | ||||
DexCom, Inc.* | (66,159 | ) | (5,605,652 | ) | ||||
Diplomat Pharmacy, Inc.* | (171,141 | ) | (2,729,699 | ) | ||||
Endologix, Inc.* | (279,588 | ) | (2,024,217 | ) | ||||
Ensign Group, Inc. (The) | (62,612 | ) | (1,177,106 | ) | ||||
Envision Healthcare Corp.* | (92,869 | ) | (5,694,727 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Evolent Health, Inc., Class A* | (92,749 | ) | $ | (2,068,303 | ) | |||
GenMark Diagnostics, Inc.* | (20,395 | ) | (261,464 | ) | ||||
Glaukos Corp.* | (12,219 | ) | (626,835 | ) | ||||
HealthStream, Inc.* | (3,325 | ) | (80,565 | ) | ||||
Inogen, Inc.* | (3,444 | ) | (267,117 | ) | ||||
Insulet Corp.* | (65,052 | ) | (2,803,091 | ) | ||||
iRhythm Technologies, Inc.* | (7,755 | ) | (291,588 | ) | ||||
K2M Group Holdings, Inc.* | (67,658 | ) | (1,387,666 | ) | ||||
LHC Group, Inc.* | (2,269 | ) | (122,299 | ) | ||||
Medidata Solutions, Inc.* | (3,833 | ) | (221,126 | ) | ||||
Merit Medical Systems, Inc.* | (23,973 | ) | (692,820 | ) | ||||
Neogen Corp.* | (9,542 | ) | (625,478 | ) | ||||
Nevro Corp.* | (33,886 | ) | (3,175,118 | ) | ||||
Novocure Ltd. (Jersey)* | (54,588 | ) | (442,163 | ) | ||||
NxStage Medical, Inc.* | (69,982 | ) | (1,877,617 | ) | ||||
Omnicell, Inc.* | (22,980 | ) | (934,137 | ) | ||||
OraSure Technologies, Inc.* | (22,580 | ) | (291,959 | ) | ||||
Patterson Cos., Inc. | (67,572 | ) | (3,056,282 | ) | ||||
Penumbra, Inc.* | (40,797 | ) | (3,404,510 | ) | ||||
PharMerica Corp.* | (40,745 | ) | (953,433 | ) | ||||
Providence Service Corp. (The)* | (2,885 | ) | (128,209 | ) | ||||
Quidel Corp.* | (23,055 | ) | (521,965 | ) | ||||
Spectranetics Corp. (The)* | (77,917 | ) | (2,269,333 | ) | ||||
Surgery Partners, Inc.* | (9,583 | ) | (186,869 | ) | ||||
Teladoc, Inc.* | (33,021 | ) | (825,525 | ) | ||||
Tenet Healthcare Corp.* | (209,739 | ) | (3,714,478 | ) | ||||
Universal Health Services, Inc., Class B | (30,927 | ) | (3,848,865 | ) | ||||
US Physical Therapy, Inc. | (2,373 | ) | (154,957 | ) | ||||
VCA, Inc.* | (12,847 | ) | (1,175,501 | ) | ||||
West Pharmaceutical Services, Inc. | (2,598 | ) | (212,023 | ) | ||||
Wright Medical Group NV | ||||||||
(Netherlands)* | (24,332 | ) | (757,212 | ) | ||||
Zeltiq Aesthetics, Inc.* | (14,488 | ) | (805,678 | ) | ||||
|
| |||||||
(65,271,483 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.6)% |
| |||||||
Clorox Co. (The) | (6,946 | ) | (936,529 | ) | ||||
Coty, Inc., Class A | (115,858 | ) | (2,100,506 | ) | ||||
Revlon, Inc., Class A* | (10,870 | ) | (302,730 | ) | ||||
WD-40 Co. | (10,044 | ) | (1,094,294 | ) | ||||
|
| |||||||
(4,434,059 | ) | |||||||
|
| |||||||
Materials — (7.4)% |
| |||||||
AdvanSix, Inc.* | (157 | ) | (4,289 | ) | ||||
Ashland Global Holdings, Inc. | (7,169 | ) | (887,594 | ) |
The accompanying notes are an integral part of the financial statements.
106 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Avery Dennison Corp. | (2,938 | ) | $ | (236,803 | ) | |||
Balchem Corp. | (22,547 | ) | (1,858,324 | ) | ||||
Ball Corp. | (12,709 | ) | (943,770 | ) | ||||
Calgon Carbon Corp. | (5,010 | ) | (73,146 | ) | ||||
Celanese Corp., Class A | (51,246 | ) | (4,604,453 | ) | ||||
CF Industries Holdings, Inc. | (225,988 | ) | (6,632,748 | ) | ||||
Chase Corp. | (37 | ) | (3,530 | ) | ||||
Clearwater Paper Corp.* | (2,171 | ) | (121,576 | ) | ||||
Crown Holdings, Inc.* | (89,917 | ) | (4,761,105 | ) | ||||
Deltic Timber Corp. | (2,513 | ) | (196,316 | ) | ||||
Eastman Chemical Co. | (92,353 | ) | (7,462,122 | ) | ||||
Ecolab, Inc. | (9,733 | ) | (1,219,934 | ) | ||||
Ferro Corp.* | (7,630 | ) | (115,900 | ) | ||||
Flotek Industries, Inc.* | (140,123 | ) | (1,792,173 | ) | ||||
HB Fuller Co. | (690 | ) | (35,576 | ) | ||||
Innospec, Inc. | (7,683 | ) | (497,474 | ) | ||||
International Flavors & Fragrances, Inc. | (3,156 | ) | (418,265 | ) | ||||
International Paper Co. | (103,918 | ) | (5,276,956 | ) | ||||
Kronos Worldwide, Inc. | (26,194 | ) | (430,367 | ) | ||||
Methanex Corp. (Canada) | (47,694 | ) | (2,236,849 | ) | ||||
Mosaic Co. (The) | (5,086 | ) | (148,409 | ) | ||||
Multi Packaging Solutions International Ltd. (Bermuda)* | (6,726 | ) | (120,732 | ) | ||||
NewMarket Corp. | (2,984 | ) | (1,352,438 | ) | ||||
Packaging Corp. of America | (5,919 | ) | (542,299 | ) | ||||
PH Glatfelter Co. | (32,341 | ) | (703,093 | ) | ||||
Potash Corp. of Saskatchewan, Inc. (Canada) | (297,773 | ) | (5,085,963 | ) | ||||
Rayonier Advanced Materials, Inc. | (100 | ) | (1,345 | ) | ||||
Sensient Technologies Corp. | (2,540 | ) | (201,320 | ) | ||||
Tredegar Corp. | (853 | ) | (14,970 | ) | ||||
US Concrete, Inc.* | (35,206 | ) | (2,272,547 | ) | ||||
Valspar Corp. (The) | (20,535 | ) | (2,278,153 | ) | ||||
Valvoline, Inc. | (4,959 | ) | (121,743 | ) | ||||
Westlake Chemical Corp. | (26,471 | ) | (1,748,410 | ) | ||||
WR Grace & Co. | (54,856 | ) | (3,824,012 | ) | ||||
|
| |||||||
(58,224,704 | ) | |||||||
|
| |||||||
Media — (2.0)% | ||||||||
AMC Entertainment Holdings, Inc., Class A | (93,342 | ) | (2,935,606 | ) | ||||
Cinemark Holdings, Inc. | (12,682 | ) | (562,320 | ) | ||||
Entravision Communications Corp., Class A | (6,763 | ) | (41,931 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) |
| |||||||
EW Scripps Co. (The), Class A* | (80,301 | ) | $ | (1,882,255 | ) | |||
Gannett Co., Inc. | (155,026 | ) | (1,299,118 | ) | ||||
John Wiley & Sons, Inc., Class A | (41,243 | ) | (2,218,873 | ) | ||||
Live Nation Entertainment, Inc.* | (78,789 | ) | (2,392,822 | ) | ||||
MDC Partners, Inc., Class A (Canada) | (1,604 | ) | (15,078 | ) | ||||
Meredith Corp. | (831 | ) | (53,683 | ) | ||||
National CineMedia, Inc. | (46,060 | ) | (581,738 | ) | ||||
New Media Investment Group, Inc. | (20,938 | ) | (297,529 | ) | ||||
New York Times Co. (The), Class A | (9,183 | ) | (132,235 | ) | ||||
Regal Entertainment Group, Class A | (707 | ) | (15,964 | ) | ||||
Shaw Communications, Inc., Class B (Canada) | (60,256 | ) | (1,248,504 | ) | ||||
Sirius XM Holdings, Inc. | (163,853 | ) | (843,843 | ) | ||||
Time, Inc. | (15,067 | ) | (291,546 | ) | ||||
World Wrestling Entertainment, Inc., Class A | (57,000 | ) | (1,266,540 | ) | ||||
|
| |||||||
(16,079,585 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (7.5)% |
| |||||||
Accelerate Diagnostics, Inc.* | (59,962 | ) | (1,451,080 | ) | ||||
Acceleron Pharma, Inc.* | (27,015 | ) | (715,087 | ) | ||||
Achaogen, Inc.* | (33,474 | ) | (844,549 | ) | ||||
Achillion Pharmaceuticals, Inc.* | (244,500 | ) | (1,029,345 | ) | ||||
Aclaris Therapeutics, Inc.* | (13,583 | ) | (405,045 | ) | ||||
Aduro Biotech, Inc.* | (12,505 | ) | (134,429 | ) | ||||
Aerie Pharmaceuticals, Inc.* | (28,817 | ) | (1,306,851 | ) | ||||
Agios Pharmaceuticals, Inc.* | (34,983 | ) | (2,043,007 | ) | ||||
Albany Molecular Research, Inc.* | (37,233 | ) | (522,379 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (123,572 | ) | (2,570,298 | ) | ||||
Alnylam Pharmaceuticals, Inc.* | (11,502 | ) | (589,478 | ) | ||||
Amicus Therapeutics, Inc.* | (228,688 | ) | (1,630,545 | ) | ||||
Amphastar Pharmaceuticals, Inc.* | (27,568 | ) | (399,736 | ) | ||||
Ardelyx, Inc.* | (5,066 | ) | (64,085 | ) | ||||
Atara Biotherapeutics, Inc.* | (4,251 | ) | (87,358 | ) | ||||
Axovant Sciences Ltd. | (20,130 | ) | (300,742 | ) | ||||
Bio-Rad Laboratories, Inc., Class A* | (2,766 | ) | (551,374 | ) | ||||
Bio-Techne Corp. | (4,009 | ) | (407,515 | ) | ||||
Dermira, Inc.* | (38,059 | ) | (1,298,192 | ) | ||||
Epizyme, Inc.* | (30,612 | ) | (524,996 | ) | ||||
Five Prime Therapeutics, Inc.* | (11,181 | ) | (404,193 | ) | ||||
Flexion Therapeutics, Inc.* | (9,922 | ) | (267,001 | ) | ||||
Foundation Medicine, Inc.* | (16,104 | ) | (519,354 | ) | ||||
Heron Therapeutics, Inc.* | (150,761 | ) | (2,261,415 | ) | ||||
Illumina, Inc.* | (49,570 | ) | (8,458,625 | ) |
The accompanying notes are an integral part of the financial statements.
107 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Impax Laboratories, Inc.* | (47,935 | ) | $ | (606,378 | ) | |||
Inovio Pharmaceuticals, Inc.* | (47,953 | ) | (317,449 | ) | ||||
Insmed, Inc.* | (71,321 | ) | (1,248,831 | ) | ||||
Intellia Therapeutics, Inc.* | (97 | ) | (1,367 | ) | ||||
Intercept Pharmaceuticals, Inc.* | (4,323 | ) | (488,931 | ) | ||||
Intra-Cellular Therapies, Inc.* | (117,595 | ) | (1,910,919 | ) | ||||
Juno Therapeutics, Inc.* | (20,712 | ) | (459,599 | ) | ||||
Karyopharm Therapeutics, Inc.* | (144 | ) | (1,849 | ) | ||||
Keryx Biopharmaceuticals, Inc.* | (55,563 | ) | (342,268 | ) | ||||
La Jolla Pharmaceutical Co.* | (2,279 | ) | (68,028 | ) | ||||
Lexicon Pharmaceuticals, Inc.* | (15,787 | ) | (226,386 | ) | ||||
Luminex Corp. | (25,449 | ) | (467,498 | ) | ||||
MacroGenics, Inc.* | (304 | ) | (5,654 | ) | ||||
Medicines Co. (The)* | (68,133 | ) | (3,331,704 | ) | ||||
Medpace Holdings, Inc.* | (3,225 | ) | (96,266 | ) | ||||
Momenta Pharmaceuticals, Inc.* | (17,364 | ) | (231,809 | ) | ||||
Nektar Therapeutics* | (217,265 | ) | (5,099,210 | ) | ||||
NeoGenomics, Inc.* | (65,156 | ) | (514,081 | ) | ||||
Pacific Biosciences of California, Inc.* | (47,022 | ) | (243,104 | ) | ||||
PAREXEL International Corp.* | (69,661 | ) | (4,396,306 | ) | ||||
Portola Pharmaceuticals, Inc.* | (14,887 | ) | (583,422 | ) | ||||
Prothena Corp. PLC (Ireland)* | (21,343 | ) | (1,190,726 | ) | ||||
Puma Biotechnology, Inc.* | (27,136 | ) | (1,009,459 | ) | ||||
Radius Health, Inc.* | (30,923 | ) | (1,195,174 | ) | ||||
REGENXBIO, Inc.* | (59 | ) | (1,139 | ) | ||||
Revance Therapeutics, Inc.* | (23,222 | ) | (483,018 | ) | ||||
Synergy Pharmaceuticals, Inc.* | (85,300 | ) | (397,498 | ) | ||||
TherapeuticsMD, Inc.* | (299,390 | ) | (2,155,608 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (54,350 | ) | (2,001,167 | ) | ||||
Ultragenyx Pharmaceutical, Inc.* | (817 | ) | (55,376 | ) | ||||
Valeant Pharmaceuticals International, Inc. (Canada)* | (118,828 | ) | (1,310,673 | ) | ||||
Wave Life Sciences Ltd. (Singapore)* | (1,118 | ) | (30,745 | ) | ||||
|
| |||||||
(59,258,321 | ) | |||||||
|
| |||||||
Retailing — (5.6)% | ||||||||
At Home Group, Inc.* | (12,344 | ) | (187,135 | ) | ||||
Barnes & Noble, Inc. | (50,669 | ) | (468,688 | ) | ||||
Burlington Stores, Inc.* | (14,281 | ) | (1,389,398 | ) | ||||
Caleres, Inc. | (817 | ) | (21,585 | ) | ||||
CarMax, Inc.* | (43,273 | ) | (2,562,627 | ) | ||||
Cato Corp. (The), Class A | (15,679 | ) | (344,311 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
Core-Mark Holding Co., Inc. | (55,291 | ) | $ | (1,724,526 | ) | |||
CST Brands, Inc. | (67,170 | ) | (3,230,205 | ) | ||||
Finish Line, Inc. (The), Class A | (149,132 | ) | (2,122,148 | ) | ||||
Five Below, Inc.* | (64,383 | ) | (2,788,428 | ) | ||||
Fred’s, Inc., Class A | (120,578 | ) | (1,579,572 | ) | ||||
Genesco, Inc.* | (36,785 | ) | (2,039,728 | ) | ||||
Groupon, Inc.* | (434,280 | ) | (1,706,720 | ) | ||||
Guess?, Inc. | (192,540 | ) | (2,146,821 | ) | ||||
Hibbett Sports, Inc.* | (3,867 | ) | (114,076 | ) | ||||
Lithia Motors, Inc., Class A | (30,597 | ) | (2,620,633 | ) | ||||
Lumber Liquidators Holdings, Inc.* | (32,776 | ) | (687,968 | ) | ||||
Macy’s, Inc. | (28,352 | ) | (840,353 | ) | ||||
MarineMax, Inc.* | (15,277 | ) | (330,747 | ) | ||||
Monro Muffler Brake, Inc. | (2,481 | ) | (129,260 | ) | ||||
Murphy USA, Inc.* | (2,595 | ) | (190,525 | ) | ||||
Netflix, Inc.* | (22,720 | ) | (3,358,243 | ) | ||||
Nordstrom, Inc. | (7,297 | ) | (339,821 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (46,829 | ) | (1,568,772 | ) | ||||
Penske Automotive Group, Inc. | (3,089 | ) | (144,596 | ) | ||||
Pier 1 Imports, Inc. | (48,966 | ) | (350,597 | ) | ||||
RH* | (64,142 | ) | (2,967,209 | ) | ||||
Sonic Automotive, Inc., Class A | (13,774 | ) | (276,169 | ) | ||||
Tile Shop Holdings, Inc. | (49,806 | ) | (958,766 | ) | ||||
Ulta Beauty, Inc.* | (596 | ) | (169,997 | ) | ||||
Wayfair, Inc., Class A* | (146,736 | ) | (5,941,341 | ) | ||||
Zumiez, Inc.* | (17,884 | ) | (327,277 | ) | ||||
|
| |||||||
(43,628,242 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (3.6)% |
| |||||||
Brooks Automation, Inc. | (15,850 | ) | (355,040 | ) | ||||
Cavium, Inc.* | (17,186 | ) | (1,231,549 | ) | ||||
Cree, Inc.* | (13,900 | ) | (371,547 | ) | ||||
Entegris, Inc.* | (16,367 | ) | (382,988 | ) | ||||
First Solar, Inc.* | (166,009 | ) | (4,498,844 | ) | ||||
FormFactor, Inc.* | (66,540 | ) | (788,499 | ) | ||||
Impinj, Inc.* | (90,063 | ) | (2,726,207 | ) | ||||
Inphi Corp.* | (73,943 | ) | (3,609,897 | ) | ||||
Integrated Device Technology, Inc.* | (13,507 | ) | (319,711 | ) | ||||
Lattice Semiconductor Corp.* | (205,447 | ) | (1,421,693 | ) | ||||
MACOM Technology Solutions Holdings, Inc.* | (19,461 | ) | (939,966 | ) | ||||
Micron Technology, Inc.* | (131,808 | ) | (3,809,251 | ) | ||||
Monolithic Power Systems, Inc. | (3,914 | ) | (360,479 | ) | ||||
ON Semiconductor Corp.* | (17,334 | ) | (268,504 | ) | ||||
PDF Solutions, Inc.* | (4,139 | ) | (93,624 | ) |
The accompanying notes are an integral part of the financial statements.
108 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Rambus, Inc.* | (9,744 | ) | $ | (128,036 | ) | |||
Synaptics, Inc.* | (58,768 | ) | (2,909,604 | ) | ||||
Ultratech, Inc.* | (6,053 | ) | (179,290 | ) | ||||
Veeco Instruments, Inc.* | (64,804 | ) | (1,934,399 | ) | ||||
Xperi Corp. | (54,701 | ) | (1,857,099 | ) | ||||
|
| |||||||
(28,186,227 | ) | |||||||
|
| |||||||
Software & Services — (13.9)% | ||||||||
2U, Inc.* | (19,338 | ) | (766,945 | ) | ||||
8x8, Inc.* | (10,660 | ) | (162,565 | ) | ||||
A10 Networks, Inc.* | (18,277 | ) | (167,235 | ) | ||||
ACI Worldwide, Inc.* | (52,420 | ) | (1,121,264 | ) | ||||
Acxiom Corp.* | (64,035 | ) | (1,823,076 | ) | ||||
Alliance Data Systems Corp. | (23,453 | ) | (5,839,797 | ) | ||||
Amdocs Ltd. | (1,757 | ) | (107,159 | ) | ||||
Apptio, Inc., Class A* | (9,772 | ) | (114,626 | ) | ||||
Autodesk, Inc.* | (58,601 | ) | (5,067,228 | ) | ||||
Benefitfocus, Inc.* | (30,677 | ) | (857,422 | ) | ||||
Black Knight Financial Services, Inc., Class A* | (33,076 | ) | (1,266,811 | ) | ||||
Blackhawk Network Holdings, Inc.* | (110,359 | ) | (4,480,575 | ) | ||||
Blackline, Inc.* | (8,769 | ) | (260,965 | ) | ||||
Bottomline Technologies de, Inc.* | (18,249 | ) | (431,589 | ) | ||||
Box, Inc., Class A* | (81,614 | ) | (1,331,124 | ) | ||||
BroadSoft, Inc.* | (5,766 | ) | (231,793 | ) | ||||
Callidus Software, Inc.* | (90,705 | ) | (1,936,552 | ) | ||||
Cornerstone OnDemand, Inc.* | (27,194 | ) | (1,057,575 | ) | ||||
Coupa Software, Inc.* | (4,216 | ) | (107,086 | ) | ||||
Euronet Worldwide, Inc.* | (2,327 | ) | (199,005 | ) | ||||
Everbridge, Inc.* | (1,117 | ) | (22,932 | ) | ||||
FireEye, Inc.* | (472,592 | ) | (5,959,385 | ) | ||||
Forrester Research, Inc. | (2,320 | ) | (92,220 | ) | ||||
Gartner, Inc.* | (47,511 | ) | (5,130,713 | ) | ||||
Gogo, Inc.* | (152,633 | ) | (1,678,963 | ) | ||||
Hortonworks, Inc.* | (97,397 | ) | (955,465 | ) | ||||
HubSpot, Inc.* | (48,034 | ) | (2,908,459 | ) | ||||
Imperva, Inc.* | (89,810 | ) | (3,686,701 | ) | ||||
Instructure, Inc.* | (29,911 | ) | (699,917 | ) | ||||
Leidos Holdings, Inc. | (12,946 | ) | (662,058 | ) | ||||
ManTech International Corp., Class A | (3,488 | ) | (120,789 | ) | ||||
New Relic, Inc.* | (66,475 | ) | (2,464,228 | ) | ||||
Pandora Media, Inc.* | (488,042 | ) | (5,763,776 | ) | ||||
Paycom Software, Inc.* | (9,668 | ) | (556,007 | ) | ||||
Paylocity Holding Corp.* | (40,344 | ) | (1,558,489 | ) | ||||
PayPal Holdings, Inc.* | (90,892 | ) | (3,910,174 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Proofpoint, Inc.* | (523 | ) | $ | (38,890 | ) | |||
PROS Holdings, Inc.* | (38,164 | ) | (923,187 | ) | ||||
Q2 Holdings, Inc.* | (18,165 | ) | (633,050 | ) | ||||
Quotient Technology, Inc.* | (27,923 | ) | (266,665 | ) | ||||
Rapid7, Inc.* | (28,662 | ) | (429,357 | ) | ||||
RingCentral, Inc., Class A* | (59,624 | ) | (1,687,359 | ) | ||||
Sabre Corp. | (142,834 | ) | (3,026,652 | ) | ||||
salesforce.com, Inc.* | (26,771 | ) | (2,208,340 | ) | ||||
SecureWorks Corp., Class A* | (13,917 | ) | (132,212 | ) | ||||
Silver Spring Networks, Inc.* | (5,963 | ) | (67,322 | ) | ||||
Splunk, Inc.* | (65,780 | ) | (4,097,436 | ) | ||||
Square, Inc., Class A* | (230,818 | ) | (3,988,535 | ) | ||||
Tableau Software, Inc., Class A* | (80,355 | ) | (3,981,590 | ) | ||||
TeleTech Holdings, Inc. | (397 | ) | (11,751 | ) | ||||
TrueCar, Inc.* | (71,076 | ) | (1,099,546 | ) | ||||
Twilio, Inc., Class A* | (140,753 | ) | (4,063,539 | ) | ||||
Twitter, Inc.* | (72,662 | ) | (1,086,297 | ) | ||||
Ultimate Software Group, Inc. (The)* | (2,688 | ) | (524,725 | ) | ||||
Vantiv, Inc., Class A* | (11,630 | ) | (745,716 | ) | ||||
Verint Systems, Inc.* | (6,110 | ) | (265,021 | ) | ||||
Virtusa Corp.* | (34,141 | ) | (1,031,741 | ) | ||||
Workday, Inc., Class A* | (60,143 | ) | (5,008,709 | ) | ||||
Workiva, Inc.* | (21,125 | ) | (330,606 | ) | ||||
Zendesk, Inc.* | (128,599 | ) | (3,605,916 | ) | ||||
Zynga, Inc., Class A* | (2,091,579 | ) | (5,961,000 | ) | ||||
|
| |||||||
(108,715,830 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (7.7)% |
| |||||||
3D Systems Corp.* | (175,363 | ) | (2,623,430 | ) | ||||
Arista Networks, Inc.* | (7,171 | ) | (948,508 | ) | ||||
Avnet, Inc. | (70,048 | ) | (3,205,396 | ) | ||||
BlackBerry Ltd. (Canada)* | (5,182 | ) | (40,161 | ) | ||||
CalAmp Corp.* | (26,193 | ) | (439,780 | ) | ||||
Celestica, Inc. (Canada)* | (29,583 | ) | (429,841 | ) | ||||
Ciena Corp.* | (143,330 | ) | (3,384,021 | ) | ||||
Coherent, Inc.* | (10,843 | ) | (2,229,755 | ) | ||||
Cray, Inc.* | (38,779 | ) | (849,260 | ) | ||||
CTS Corp. | (2,168 | ) | (46,178 | ) | ||||
Diebold Nixdorf, Inc. | (33,249 | ) | (1,020,744 | ) | ||||
Dolby Laboratories, Inc., Class A | (3,279 | ) | (171,852 | ) | ||||
EchoStar Corp., Class A* | (11,876 | ) | (676,338 | ) | ||||
ePlus, Inc.* | (5,066 | ) | (684,163 | ) | ||||
Extreme Networks, Inc.* | (48,006 | ) | (360,525 | ) | ||||
FARO Technologies, Inc.* | (61 | ) | (2,181 | ) | ||||
Fitbit, Inc., Class A* | (129,688 | ) | (767,753 | ) |
The accompanying notes are an integral part of the financial statements.
109 |
GOTHAM NEUTRAL FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
II-VI, Inc.* | (45,185 | ) | $ | (1,628,919 | ) | |||
Infinera Corp.* | (356,581 | ) | (3,647,824 | ) | ||||
InvenSense, Inc.* | (83,371 | ) | (1,052,976 | ) | ||||
IPG Photonics Corp.* | (18,572 | ) | (2,241,640 | ) | ||||
Ixia* | (8,274 | ) | (162,584 | ) | ||||
Lumentum Holdings, Inc.* | (29,173 | ) | (1,556,380 | ) | ||||
Nimble Storage, Inc.* | (168,692 | ) | (2,108,650 | ) | ||||
OSI Systems, Inc.* | (9,680 | ) | (706,543 | ) | ||||
Palo Alto Networks, Inc.* | (52,328 | ) | (5,896,319 | ) | ||||
PC Connection, Inc. | (299 | ) | (8,907 | ) | ||||
Pure Storage, Inc., Class A* | (184,700 | ) | (1,815,601 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (3,719 | ) | (98,739 | ) | ||||
Stratasys Ltd. (Israel)* | (85,754 | ) | (1,757,099 | ) | ||||
Super Micro Computer, Inc.* | (33,607 | ) | (851,937 | ) | ||||
SYNNEX Corp. | (9,191 | ) | (1,028,841 | ) | ||||
Tech Data Corp.* | (27,123 | ) | (2,546,850 | ) | ||||
Trimble, Inc.* | (157,076 | ) | (5,028,003 | ) | ||||
Universal Display Corp. | (59,999 | ) | (5,165,914 | ) | ||||
VeriFone Systems, Inc.* | (49,902 | ) | (934,664 | ) | ||||
ViaSat, Inc.* | (65,566 | ) | (4,184,422 | ) | ||||
|
| |||||||
(60,302,698 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.8)% |
| |||||||
ATN International, Inc. | (15,001 | ) | (1,056,370 | ) | ||||
CenturyLink, Inc. | (20,726 | ) | (488,512 | ) | ||||
Cincinnati Bell, Inc.* | (45,254 | ) | (800,996 | ) | ||||
Consolidated Communications Holdings, Inc. | (15,202 | ) | (356,031 | ) | ||||
General Communication, Inc., Class A* | (2,863 | ) | (59,550 | ) | ||||
Iridium Communications, Inc.* | (188,259 | ) | (1,816,699 | ) | ||||
ORBCOMM, Inc.* | (32,299 | ) | (308,455 | ) | ||||
Shenandoah Telecommunications Co. | (28,670 | ) | (804,194 | ) | ||||
Windstream Holdings, Inc. | (124,599 | ) | (679,065 | ) | ||||
|
| |||||||
(6,369,872 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (4.0)% | ||||||||
Air Transport Services Group, Inc.* | (56,338 | ) | $ | (904,225 | ) | |||
Allegiant Travel Co. | (14,957 | ) | (2,396,859 | ) | ||||
ArcBest Corp. | (15,790 | ) | (410,540 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (25,334 | ) | (1,404,770 | ) | ||||
Echo Global Logistics, Inc.* | (23,279 | ) | (497,007 | ) | ||||
Genesee & Wyoming, Inc., Class A* | (77,270 | ) | (5,243,542 | ) | ||||
Hub Group, Inc., Class A* | (15,726 | ) | (729,686 | ) | ||||
JetBlue Airways Corp.* | (54,880 | ) | (1,131,077 | ) | ||||
Kansas City Southern | (73,069 | ) | (6,266,397 | ) | ||||
Marten Transport Ltd. | (2,286 | ) | (53,607 | ) | ||||
Matson, Inc. | (6,124 | ) | (194,498 | ) | ||||
SkyWest, Inc. | (71,068 | ) | (2,434,079 | ) | ||||
Spirit Airlines, Inc.* | (89,947 | ) | (4,773,487 | ) | ||||
Student Transportation, Inc. | (2,745 | ) | (16,086 | ) | ||||
Werner Enterprises, Inc. | (179,826 | ) | (4,711,441 | ) | ||||
|
| |||||||
(31,167,301 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK | (763,081,450 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (97.2)% |
| (763,081,450 | ) | |||||
|
| |||||||
(Proceeds $759,312,885) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 74.8% | 587,402,557 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 784,829,731 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(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. |
* | Non-income producing. |
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
110 |
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 122.6% | ||||||||
COMMON STOCKS — 122.6% | ||||||||
Automobiles & Components — 2.0% |
| |||||||
BorgWarner, Inc.†(a) | 137 | $ | 5,725 | |||||
Delphi Automotive PLC (Jersey)† | 174 | 14,005 | ||||||
General Motors Co.† | 475 | 16,796 | ||||||
Goodyear Tire & Rubber Co. (The)† | 168 | 6,048 | ||||||
|
| |||||||
42,574 | ||||||||
|
| |||||||
Banks — 1.0% | ||||||||
Citizens Financial Group, Inc. | 19 | 656 | ||||||
Huntington Bancshares, Inc.† | 660 | 8,837 | ||||||
KeyCorp.† | 612 | 10,881 | ||||||
|
| |||||||
20,374 | ||||||||
|
| |||||||
Capital Goods — 13.2% | ||||||||
3M Co.† | 12 | 2,296 | ||||||
Allegion PLC (Ireland)† | 61 | 4,618 | ||||||
AMETEK, Inc.(a) | 62 | 3,353 | ||||||
Arconic, Inc.† | 315 | 8,297 | ||||||
Boeing Co. (The)† | 351 | 62,078 | ||||||
Caterpillar, Inc.† | 189 | 17,532 | ||||||
Cummins, Inc.† | 107 | 16,178 | ||||||
Emerson Electric Co.† | 199 | 11,912 | ||||||
Fluor Corp.† | 85 | 4,473 | ||||||
Fortive Corp.† | 130 | 7,829 | ||||||
Fortune Brands Home & Security, Inc.† | 99 | 6,024 | ||||||
Honeywell International, Inc.†(a) | 375 | 46,826 | ||||||
Illinois Tool Works, Inc.†(a) | 35 | 4,637 | ||||||
Ingersoll-Rand PLC (Ireland)† | 166 | 13,499 | ||||||
Jacobs Engineering Group, Inc.† | 78 | 4,312 | ||||||
L3 Technologies, Inc.† | 48 | 7,934 | ||||||
Masco Corp.† | 208 | 7,070 | ||||||
Pentair PLC (Ireland)† | 11 | 691 | ||||||
Raytheon Co. | 1 | 152 | ||||||
Rockwell Collins, Inc.† | 84 | 8,161 | ||||||
Snap-on, Inc.† | 35 | 5,904 | ||||||
Stanley Black & Decker, Inc.† | 93 | 12,357 | ||||||
Textron, Inc.† | 165 | 7,852 | ||||||
TransDigm Group, Inc.(a) | 24 | 5,284 | ||||||
WW Grainger, Inc.†(a) | 39 | 9,078 | ||||||
|
| |||||||
278,347 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.9% |
| |||||||
Dun & Bradstreet Corp. (The) | 23 | 2,483 | ||||||
Nielsen Holdings PLC (United Kingdom)† | 218 | 9,006 | ||||||
Robert Half International, Inc.† | 83 | 4,053 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Commercial & Professional Services — (Continued) |
| |||||||
Waste Management, Inc.† | 63 | $ | 4,594 | |||||
|
| |||||||
20,136 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.4% |
| |||||||
Coach, Inc.† | 171 | 7,067 | ||||||
DR Horton, Inc. | 210 | 6,995 | ||||||
Garmin Ltd. (Switzerland)†(a) | 121 | 6,184 | ||||||
Hanesbrands, Inc.†(a) | 242 | 5,024 | ||||||
Hasbro, Inc.† | 76 | 7,586 | ||||||
Leggett & Platt, Inc.† | 68 | 3,422 | ||||||
Mattel, Inc.† | 209 | 5,353 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†* | 102 | 3,887 | ||||||
Newell Brands, Inc.† | 294 | 13,868 | ||||||
PulteGroup, Inc.† | 194 | 4,569 | ||||||
PVH Corp.† | 51 | 5,277 | ||||||
Ralph Lauren Corp.† | 51 | 4,163 | ||||||
Under Armour, Inc., Class C†(a)* | 267 | 4,886 | ||||||
VF Corp.(a) | 252 | 13,852 | ||||||
|
| |||||||
92,133 | ||||||||
|
| |||||||
Consumer Services — 0.9% | ||||||||
McDonald’s Corp. | 43 | 5,573 | ||||||
Royal Caribbean Cruises Ltd. (Liberia)† | 70 | 6,868 | ||||||
Wyndham Worldwide Corp.† | 70 | 5,900 | ||||||
|
| |||||||
18,341 | ||||||||
|
| |||||||
Diversified Financials — 2.8% | ||||||||
Berkshire Hathaway Inc., Class B†* | 40 | 6,667 | ||||||
Charles Schwab Corp. (The) | 151 | 6,162 | ||||||
CME Group, Inc. | 47 | 5,584 | ||||||
E*TRADE Financial Corp.* | 37 | 1,291 | ||||||
Goldman Sachs Group, Inc. (The)† | 36 | 8,270 | ||||||
Moody’s Corp.† | 115 | 12,885 | ||||||
Morgan Stanley† | 187 | 8,011 | ||||||
Nasdaq, Inc.† | 103 | 7,153 | ||||||
Raymond James Financial, Inc. | 12 | 915 | ||||||
Synchrony Financial | 54 | 1,852 | ||||||
|
| |||||||
58,790 | ||||||||
|
| |||||||
Energy — 4.4% | ||||||||
Apache Corp. | 230 | 11,820 | ||||||
Exxon Mobil Corp. | 55 | 4,511 | ||||||
Halliburton Co. | 34 | 1,673 | ||||||
Kinder Morgan, Inc.† | 1,430 | 31,088 | ||||||
Newfield Exploration Co.†* | 122 | 4,503 |
The accompanying notes are an integral part of the financial statements.
111 |
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Energy — (Continued) | ||||||||
Southwestern Energy Co.†(a)* | 363 | $ | 2,966 | |||||
Transocean Ltd. (Switzerland)†(a)* | 237 | 2,951 | ||||||
Valero Energy Corp.† | 291 | 19,290 | ||||||
Williams Cos., Inc. (The)† | 502 | 14,854 | ||||||
|
| |||||||
93,656 | ||||||||
|
| |||||||
Food & Staples Retailing — 5.2% |
| |||||||
CVS Health Corp.† | 680 | 53,380 | ||||||
Kroger Co. (The) | 125 | 3,686 | ||||||
Walgreens Boots Alliance, Inc.† | 137 | 11,378 | ||||||
Wal-Mart Stores, Inc.† | 591 | 42,599 | ||||||
|
| |||||||
111,043 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.7% |
| |||||||
Altria Group, Inc.† | 392 | 27,997 | ||||||
Archer-Daniels-Midland Co.† | 349 | 16,068 | ||||||
Campbell Soup Co.† | 186 | 10,647 | ||||||
Conagra Brands, Inc.† | 281 | 11,336 | ||||||
Dr Pepper Snapple Group, Inc.† | 117 | 11,457 | ||||||
Hershey Co. (The)† | 132 | 14,421 | ||||||
Hormel Foods Corp.†(a) | 337 | 11,670 | ||||||
McCormick & Co., Inc., non-voting shares† | 75 | 7,316 | ||||||
Philip Morris International, Inc.† | 157 | 17,725 | ||||||
Tyson Foods, Inc., Class A† | 230 | 14,193 | ||||||
|
| |||||||
142,830 | ||||||||
|
| |||||||
Health Care Equipment & Services — 12.6% |
| |||||||
Abbott Laboratories | 18 | 799 | ||||||
Aetna, Inc.† | 226 | 28,826 | ||||||
Anthem, Inc.† | 169 | 27,949 | ||||||
Baxter International, Inc.† | 329 | 17,062 | ||||||
Boston Scientific Corp.†* | 362 | 9,003 | ||||||
Centene Corp.†* | 110 | 7,839 | ||||||
Cigna Corp.† | 165 | 24,171 | ||||||
Danaher Corp.† | 212 | 18,132 | ||||||
DaVita, Inc.†* | 129 | 8,768 | ||||||
Express Scripts Holding Co.†* | 404 | 26,628 | ||||||
HCA Holdings, Inc.†* | 226 | 20,112 | ||||||
Henry Schein, Inc.†* | 20 | 3,399 | ||||||
Humana, Inc.† | 96 | 19,789 | ||||||
Laboratory Corp. of America Holdings†* | 68 | 9,756 | ||||||
McKesson Corp.† | 67 | 9,933 | ||||||
Quest Diagnostics, Inc.† | 33 | 3,240 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Health Care Equipment & Services — (Continued) |
| |||||||
UnitedHealth Group, Inc.† | 197 | $ | 32,310 | |||||
|
| |||||||
267,716 | ||||||||
|
| |||||||
Household & Personal Products — 0.7% |
| |||||||
Church & Dwight Co., Inc.† | 71 | 3,541 | ||||||
Kimberly-Clark Corp.† | 81 | 10,662 | ||||||
|
| |||||||
14,203 | ||||||||
|
| |||||||
Insurance — 3.4% | ||||||||
Aflac, Inc. | 49 | 3,549 | ||||||
Aon PLC (United Kingdom)† | 160 | 18,990 | ||||||
Chubb Ltd. (Switzerland)† | 114 | 15,532 | ||||||
Marsh & McLennan Cos., Inc.† | 332 | 24,532 | ||||||
Principal Financial Group, Inc.† | 88 | 5,554 | ||||||
Progressive Corp. (The)† | 113 | 4,427 | ||||||
XL Group Ltd. (Bermuda) | 5 | 199 | ||||||
|
| |||||||
72,783 | ||||||||
|
| |||||||
Materials — 8.9% | ||||||||
Air Products & Chemicals, Inc.† | 98 | 13,258 | ||||||
Dow Chemical Co. (The)†(a) | 367 | 23,319 | ||||||
EI du Pont de Nemours & Co.† | 314 | 25,224 | ||||||
FMC Corp.† | 31 | 2,157 | ||||||
Freeport-McMoRan, Inc.†* | 902 | 12,051 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 246 | 22,433 | ||||||
Monsanto Co.† | 280 | 31,696 | ||||||
Newmont Mining Corp.† | 338 | 11,141 | ||||||
PPG Industries, Inc.† | 151 | 15,867 | ||||||
Sealed Air Corp. | 110 | 4,794 | ||||||
Sherwin-Williams Co. (The)† | 60 | 18,611 | ||||||
WestRock Co.† | 131 | 6,816 | ||||||
|
| |||||||
187,367 | ||||||||
|
| |||||||
Media — 7.0% | ||||||||
CBS Corp., Class B, non-voting shares† | 251 | 17,409 | ||||||
Comcast Corp., Class A† | 238 | 8,946 | ||||||
Discovery Communications, Inc., Class A†* | 380 | 11,054 | ||||||
Interpublic Group of Cos., Inc. (The)† | 254 | 6,241 | ||||||
News Corp., Class A† | 372 | 4,836 | ||||||
Omnicom Group, Inc.† | 151 | 13,018 | ||||||
Scripps Networks Interactive, Inc., Class A†(a) | 83 | 6,505 | ||||||
TEGNA, Inc.† | 138 | 3,536 | ||||||
Time Warner, Inc.† | 154 | 15,047 |
The accompanying notes are an integral part of the financial statements.
112 |
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Media — (Continued) | ||||||||
Twenty-First Century Fox, Inc., Class A†(a) | 1,171 | $ | 37,929 | |||||
Viacom, Inc., Class B† | 255 | 11,888 | ||||||
Walt Disney Co. (The)† | 98 | 11,112 | ||||||
|
| |||||||
147,521 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 13.2% |
| |||||||
AbbVie, Inc.† | 579 | 37,728 | ||||||
Amgen, Inc.† | 316 | 51,846 | ||||||
Biogen, Inc.†* | 139 | 38,005 | ||||||
Celgene Corp.* | 1 | 124 | ||||||
Eli Lilly & Co.† | 287 | 24,140 | ||||||
Gilead Sciences, Inc.† | 774 | 52,570 | ||||||
Johnson & Johnson† | 186 | 23,166 | ||||||
Merck & Co., Inc.† | 414 | 26,306 | ||||||
Mylan NV (Netherlands)* | 286 | 11,151 | ||||||
Pfizer, Inc.† | 430 | 14,710 | ||||||
|
| |||||||
279,746 | ||||||||
|
| |||||||
Real Estate — 2.7% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 10 | 1,105 | ||||||
AvalonBay Communities, Inc., REIT(a) . | 10 | 1,836 | ||||||
Digital Realty Trust, Inc., REIT†(a) | 64 | 6,809 | ||||||
Essex Property Trust, Inc., REIT | 3 | 695 | ||||||
Extra Space Storage, Inc., REIT†(a) | 76 | 5,654 | ||||||
Iron Mountain, Inc., REIT† | 161 | 5,743 | ||||||
Mid-America Apartment Communities, Inc., REIT | 68 | 6,918 | ||||||
Realty Income Corp., REIT(a) | 26 | 1,548 | ||||||
Regency Centers Corp., REIT | 42 | 2,788 | ||||||
UDR, Inc., REIT | 156 | 5,657 | ||||||
Vornado Realty Trust, REIT | 24 | 2,407 | ||||||
Weyerhaeuser Co., REIT† | 455 | 15,461 | ||||||
|
| |||||||
56,621 | ||||||||
|
| |||||||
Retailing — 3.7% | ||||||||
AutoNation, Inc.(a)* | 62 | 2,622 | ||||||
Bed Bath & Beyond, Inc.†(a) | 98 | 3,867 | ||||||
Best Buy Co., Inc.†(a) | 204 | 10,027 | ||||||
Dollar General Corp.† | 9 | 628 | ||||||
Dollar Tree, Inc.†* | 35 | 2,746 | ||||||
Foot Locker, Inc. | 41 | 3,067 | ||||||
Gap, Inc. (The)† | 244 | 5,927 | ||||||
Genuine Parts Co.† | 75 | 6,931 | ||||||
Kohl’s Corp.† | 30 | 1,194 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Retailing — (Continued) | ||||||||
L Brands, Inc. | 62 | $ | 2,920 | |||||
Nordstrom, Inc.† | 17 | 792 | ||||||
Priceline Group, Inc. (The)†(a)* | 14 | 24,920 | ||||||
Staples, Inc.† | 397 | 3,482 | ||||||
Target Corp.† | 13 | 718 | ||||||
Tiffany & Co.(a) | 43 | 4,098 | ||||||
Tractor Supply Co.† | 68 | 4,690 | ||||||
|
| |||||||
78,629 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 10.7% |
| |||||||
Analog Devices, Inc.† | 192 | 15,734 | ||||||
Applied Materials, Inc.† | 692 | 26,919 | ||||||
Intel Corp.† | 1,502 | 54,177 | ||||||
KLA-Tencor Corp.† | 101 | 9,602 | ||||||
Lam Research Corp.† | 117 | 15,018 | ||||||
QUALCOMM, Inc.† | 901 | 51,663 | ||||||
Skyworks Solutions, Inc.† | 113 | 11,072 | ||||||
Texas Instruments, Inc.† | 517 | 41,650 | ||||||
|
| |||||||
225,835 | ||||||||
|
| |||||||
Software & Services — 3.4% | ||||||||
Accenture PLC, Class A (Ireland)† | 62 | 7,432 | ||||||
CA, Inc.† | 265 | 8,406 | ||||||
Citrix Systems, Inc.†* | 96 | 8,005 | ||||||
CSRA, Inc.† | 104 | 3,046 | ||||||
eBay, Inc.†* | 243 | 8,157 | ||||||
Fidelity National Information Services, Inc.† | 122 | 9,714 | ||||||
International Business Machines Corp.† | 76 | 13,235 | ||||||
Paychex, Inc. | 84 | 4,948 | ||||||
Teradata Corp.†(a)* | 84 | 2,614 | ||||||
Total System Services, Inc.† | 21 | 1,123 | ||||||
Western Union Co. (The)†(a) | 311 | 6,329 | ||||||
|
| |||||||
73,009 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 9.9% |
| |||||||
Apple, Inc.† | 394 | 56,602 | ||||||
Cisco Systems, Inc.† | 1,621 | 54,790 | ||||||
Corning, Inc.† | 565 | 15,255 | ||||||
F5 Networks, Inc.†* | 41 | 5,845 | ||||||
FLIR Systems, Inc.† | 87 | 3,156 | ||||||
HP, Inc.† | 1,084 | 19,382 | ||||||
Juniper Networks, Inc.† | 244 | 6,790 | ||||||
Motorola Solutions, Inc.† | 102 | 8,794 | ||||||
NetApp, Inc.† | 165 | 6,905 |
The accompanying notes are an integral part of the financial statements.
113 |
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Seagate Technology PLC (Ireland)† | 190 | $ | 8,727 | |||||
TE Connectivity Ltd. (Switzerland)† | 50 | 3,728 | ||||||
Western Digital Corp.† | 175 | 14,443 | ||||||
Xerox Corp.† | 618 | 4,536 | ||||||
|
| |||||||
208,953 | ||||||||
|
| |||||||
Telecommunication Services — 0.9% |
| |||||||
Verizon Communications, Inc.† | 412 | 20,085 | ||||||
|
| |||||||
Transportation — 3.2% | ||||||||
Alaska Air Group, Inc.† | 40 | 3,689 | ||||||
CH Robinson Worldwide, Inc.(a) | 58 | 4,483 | ||||||
Delta Air Lines, Inc.† | 472 | 21,693 | ||||||
Ryder System, Inc | 33 | 2,489 | ||||||
Southwest Airlines Co.† | 387 | 20,805 | ||||||
United Continental Holdings, Inc.†* | 204 | 14,411 | ||||||
|
| |||||||
67,570 | ||||||||
|
| |||||||
Utilities — 0.8% | ||||||||
Entergy Corp.† | 114 | 8,659 | ||||||
Exelon Corp.† | 108 | 3,886 | ||||||
NRG Energy, Inc.† | 203 | 3,796 | ||||||
PPL Corp. | 6 | 224 | ||||||
|
| |||||||
16,565 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $2,427,633) | 2,594,827 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 122.6% |
| 2,594,827 | ||||||
|
| |||||||
(Cost $2,427,633) | ||||||||
SHORT POSITIONS — (97.2)% | ||||||||
COMMON STOCKS — (97.2)% | ||||||||
Automobiles & Components — (0.2)% |
| |||||||
Harley-Davidson, Inc. | (85 | ) | (5,142 | ) | ||||
|
| |||||||
Banks — (1.7)% | ||||||||
Bank of America Corp. | (356 | ) | (8,398 | ) | ||||
Citigroup, Inc. | (303 | ) | (18,125 | ) | ||||
Comerica, Inc. | (8 | ) | (549 | ) | ||||
PNC Financial Services Group, Inc. (The) | (28 | ) | (3,367 | ) | ||||
Regions Financial Corp. | (315 | ) | (4,577 | ) | ||||
Wells Fargo & Co. | (3 | ) | (167 | ) | ||||
|
| |||||||
(35,183 | ) | |||||||
|
| |||||||
Capital Goods — (6.6)% | ||||||||
Acuity Brands, Inc. | (22 | ) | (4,488 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Deere & Co. | (26 | ) | $ | (2,830 | ) | |||
Dover Corp. | (57 | ) | (4,580 | ) | ||||
Eaton Corp. PLC (Ireland) | (217 | ) | (16,090 | ) | ||||
Fastenal Co. | (147 | ) | (7,570 | ) | ||||
General Dynamics Corp. | (85 | ) | (15,912 | ) | ||||
General Electric Co. | (295 | ) | (8,791 | ) | ||||
Johnson Controls International PLC (Ireland) | (475 | ) | (20,007 | ) | ||||
Lockheed Martin Corp. | (21 | ) | (5,620 | ) | ||||
PACCAR, Inc. | (170 | ) | (11,424 | ) | ||||
Parker-Hannifin Corp. | (65 | ) | (10,421 | ) | ||||
Quanta Services, Inc.* | (73 | ) | (2,709 | ) | ||||
Rockwell Automation, Inc. | (63 | ) | (9,810 | ) | ||||
Roper Technologies, Inc. | (18 | ) | (3,717 | ) | ||||
United Technologies Corp. | (105 | ) | (11,782 | ) | ||||
Xylem, Inc. | (92 | ) | (4,620 | ) | ||||
|
| |||||||
(140,371 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (1.0)% |
| |||||||
Cintas Corp. | (54 | ) | (6,833 | ) | ||||
Equifax, Inc. | (57 | ) | (7,794 | ) | ||||
Verisk Analytics, Inc.* | (82 | ) | (6,653 | ) | ||||
|
| |||||||
(21,280 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.6)% |
| |||||||
Mohawk Industries, Inc.* | (31 | ) | (7,114 | ) | ||||
NIKE, Inc., Class B | (474 | ) | (26,416 | ) | ||||
|
| |||||||
(33,530 | ) | |||||||
|
| |||||||
Consumer Services — (2.1)% | ||||||||
Chipotle Mexican Grill, Inc.* | (14 | ) | (6,237 | ) | ||||
Darden Restaurants, Inc. | (49 | ) | (4,100 | ) | ||||
Marriott International, Inc., Class A | (198 | ) | (18,648 | ) | ||||
Starbucks Corp. | (183 | ) | (10,685 | ) | ||||
Wynn Resorts Ltd. | (51 | ) | (5,845 | ) | ||||
|
| |||||||
(45,515 | ) | |||||||
|
| |||||||
Diversified Financials — (3.1)% | ||||||||
Affiliated Managers Group, Inc. | (28 | ) | (4,590 | ) | ||||
American Express Co. | (194 | ) | (15,347 | ) | ||||
Ameriprise Financial, Inc. | (75 | ) | (9,726 | ) | ||||
Bank of New York Mellon Corp. (The) | (59 | ) | (2,787 | ) | ||||
BlackRock, Inc. | (19 | ) | (7,287 | ) | ||||
CBOE Holdings, Inc. | (28 | ) | (2,270 | ) | ||||
Franklin Resources, Inc. | (290 | ) | (12,221 | ) | ||||
Invesco, Ltd. (Bermuda) | (208 | ) | (6,371 | ) | ||||
Navient Corp. | (155 | ) | (2,288 | ) |
The accompanying notes are an integral part of the financial statements.
114 |
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Diversified Financials — (Continued) |
| |||||||
State Street Corp. | (31 | ) | $ | (2,468 | ) | |||
|
| |||||||
(65,355 | ) | |||||||
|
| |||||||
Energy — (9.4)% |
| |||||||
Anadarko Petroleum Corp. | (266 | ) | (16,492 | ) | ||||
Baker Hughes, Inc. | (124 | ) | (7,418 | ) | ||||
Cabot Oil & Gas Corp. | (236 | ) | (5,643 | ) | ||||
Chesapeake Energy Corp.* | (432 | ) | (2,566 | ) | ||||
Cimarex Energy Co. | (48 | ) | (5,735 | ) | ||||
Concho Resources, Inc.* | (72 | ) | (9,240 | ) | ||||
ConocoPhillips | (150 | ) | (7,480 | ) | ||||
EOG Resources, Inc. | (237 | ) | (23,119 | ) | ||||
EQT Corp. | (87 | ) | (5,316 | ) | ||||
Helmerich & Payne, Inc. | (54 | ) | (3,595 | ) | ||||
Hess Corp. | (161 | ) | (7,762 | ) | ||||
Marathon Oil Corp. | (408 | ) | (6,446 | ) | ||||
Marathon Petroleum Corp. | (254 | ) | (12,837 | ) | ||||
Murphy Oil Corp. | (83 | ) | (2,373 | ) | ||||
National Oilwell Varco, Inc. | (191 | ) | (7,657 | ) | ||||
Noble Energy, Inc. | (208 | ) | (7,143 | ) | ||||
Occidental Petroleum Corp. | (368 | ) | (23,316 | ) | ||||
Pioneer Natural Resources Co. | (81 | ) | (15,085 | ) | ||||
Range Resources Corp. | (125 | ) | (3,638 | ) | ||||
Schlumberger Ltd. (Curacao) | (278 | ) | (21,712 | ) | ||||
Tesoro Corp. | (56 | ) | (4,539 | ) | ||||
|
| |||||||
(199,112 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (2.4)% |
| |||||||
Costco Wholesale Corp. | (197 | ) | (33,035 | ) | ||||
Sysco Corp. | (260 | ) | (13,499 | ) | ||||
Whole Foods Market, Inc. | (162 | ) | (4,815 | ) | ||||
|
| |||||||
(51,349 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (8.0)% |
| |||||||
Brown-Forman Corp., Class B | (202 | ) | (9,328 | ) | ||||
Coca-Cola Co. (The) | (433 | ) | (18,376 | ) | ||||
Constellation Brands, Inc., Class A | (96 | ) | (15,559 | ) | ||||
General Mills, Inc. | (8 | ) | (472 | ) | ||||
JM Smucker Co. (The) | (42 | ) | (5,505 | ) | ||||
Kellogg Co. | (170 | ) | (12,344 | ) | ||||
Kraft Heinz Co. (The) | (458 | ) | (41,591 | ) | ||||
Mead Johnson Nutrition Co. | (90 | ) | (8,017 | ) | ||||
Molson Coors Brewing Co., Class B | (103 | ) | (9,858 | ) | ||||
Mondelez International, Inc., Class A | (633 | ) | (27,270 | ) | ||||
Monster Beverage Corp.* | (241 | ) | (11,127 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
PepsiCo, Inc. | (80 | ) | $ | (8,949 | ) | |||
|
| |||||||
(168,396 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (5.0)% |
| |||||||
AmerisourceBergen Corp. | (35 | ) | (3,098 | ) | ||||
Becton Dickinson and Co. | (102 | ) | (18,711 | ) | ||||
Cardinal Health, Inc. | (153 | ) | (12,477 | ) | ||||
Cerner Corp.* | (180 | ) | (10,593 | ) | ||||
Cooper Cos., Inc. (The) | (19 | ) | (3,798 | ) | ||||
DENTSPLY SIRONA, Inc. | (118 | ) | (7,368 | ) | ||||
Edwards Lifesciences Corp.* | (102 | ) | (9,595 | ) | ||||
Envision Healthcare Corp.* | (56 | ) | (3,434 | ) | ||||
Hologic, Inc.* | (142 | ) | (6,042 | ) | ||||
IDEXX Laboratories, Inc.* | (43 | ) | (6,648 | ) | ||||
Intuitive Surgical, Inc.* | (12 | ) | (9,198 | ) | ||||
Medtronic PLC (Ireland) | (48 | ) | (3,867 | ) | ||||
Patterson Cos., Inc. | (48 | ) | (2,171 | ) | ||||
Universal Health Services, Inc., Class B | (46 | ) | (5,725 | ) | ||||
Varian Medical Systems, Inc.* | (45 | ) | (4,101 | ) | ||||
|
| |||||||
(106,826 | ) | |||||||
|
| |||||||
Household & Personal Products — (2.4)% |
| |||||||
Clorox Co. (The) | (61 | ) | (8,225 | ) | ||||
Colgate-Palmolive Co. | (279 | ) | (20,420 | ) | ||||
Coty, Inc., Class A | (360 | ) | (6,527 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (191 | ) | (16,195 | ) | ||||
|
| |||||||
(51,367 | ) | |||||||
|
| |||||||
Insurance — (4.5)% |
| |||||||
American International Group, Inc. | (264 | ) | (16,481 | ) | ||||
Arthur J Gallagher & Co. | (86 | ) | (4,862 | ) | ||||
Assurant, Inc. | (31 | ) | (2,966 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (165 | ) | (7,931 | ) | ||||
Lincoln National Corp. | (79 | ) | (5,170 | ) | ||||
Loews Corp. | (87 | ) | (4,069 | ) | ||||
MetLife, Inc. | (445 | ) | (23,505 | ) | ||||
Prudential Financial Group, Inc. | (185 | ) | (19,736 | ) | ||||
Unum Group | (48 | ) | (2,251 | ) | ||||
Willis Towers Watson PLC (Ireland) | (69 | ) | (9,031 | ) | ||||
|
| |||||||
(96,002 | ) | |||||||
|
| |||||||
Materials — (4.8)% |
| |||||||
Albemarle Corp. | (30 | ) | (3,169 | ) | ||||
Avery Dennison Corp. | (43 | ) | (3,466 | ) |
The accompanying notes are an integral part of the financial statements.
115 |
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Ball Corp. | (88 | ) | $ | (6,535 | ) | |||
CF Industries Holdings, Inc. | (118 | ) | (3,463 | ) | ||||
Eastman Chemical Co. | (71 | ) | (5,737 | ) | ||||
Ecolab, Inc. | (146 | ) | (18,300 | ) | ||||
International Flavors & Fragrances, Inc. | (39 | ) | (5,169 | ) | ||||
International Paper Co. | (198 | ) | (10,054 | ) | ||||
Martin Marietta Materials, Inc. | (32 | ) | (6,984 | ) | ||||
Mosaic Co. (The) | (178 | ) | (5,194 | ) | ||||
Nucor Corp. | (163 | ) | (9,734 | ) | ||||
Praxair, Inc. | (138 | ) | (16,367 | ) | ||||
Vulcan Materials Co. | (67 | ) | (8,072 | ) | ||||
|
| |||||||
(102,244 | ) | |||||||
|
| |||||||
Media — (0.3)% |
| |||||||
DISH Network Corp., Class A* | (91 | ) | (5,778 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.9)% |
| |||||||
Agilent Technologies, Inc. | (155 | ) | (8,195 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (113 | ) | (13,700 | ) | ||||
Allergan PLC (Ireland) | (102 | ) | (24,370 | ) | ||||
Bristol-Myers Squibb Co. | (48 | ) | (2,610 | ) | ||||
Illumina, Inc.* | (74 | ) | (12,627 | ) | ||||
Incyte Corp.* | (101 | ) | (13,501 | ) | ||||
Mallinckrodt PLC (Ireland)* | (51 | ) | (2,273 | ) | ||||
Mettler-Toledo International, Inc.* | (14 | ) | (6,705 | ) | ||||
PerkinElmer, Inc. | (53 | ) | (3,077 | ) | ||||
Perrigo Co. PLC (Ireland) | (73 | ) | (4,846 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (59 | ) | (22,863 | ) | ||||
Thermo Fisher Scientific, Inc. | (26 | ) | (3,994 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (129 | ) | (14,106 | ) | ||||
Zoetis, Inc. | (250 | ) | (13,342 | ) | ||||
|
| |||||||
(146,209 | ) | |||||||
|
| |||||||
Real Estate — (4.9)% |
| |||||||
American Tower Corp., REIT | (172 | ) | (20,905 | ) | ||||
Apartment Investment & Management Co., Class A, REIT | (55 | ) | (2,439 | ) | ||||
Boston Properties, Inc., REIT | (24 | ) | (3,178 | ) | ||||
Crown Castle International Corp., REIT | (174 | ) | (16,434 | ) | ||||
Equinix, Inc., REIT | (36 | ) | (14,413 | ) | ||||
Equity Residential, REIT | (185 | ) | (11,511 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (357 | ) | (6,662 | ) | ||||
Kimco Realty Corp., REIT | (215 | ) | (4,749 | ) | ||||
Macerich Co. (The), REIT | (74 | ) | (4,766 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Prologis, Inc., REIT | (248 | ) | $ | (12,866 | ) | |||
SL Green Realty Corp., REIT | (51 | ) | (5,438 | ) | ||||
|
| |||||||
(103,361 | ) | |||||||
|
| |||||||
Retailing — (6.1)% |
| |||||||
Advance Auto Parts, Inc. | (37 | ) | (5,486 | ) | ||||
Amazon.com, Inc.* | (47 | ) | (41,667 | ) | ||||
CarMax, Inc.* | (98 | ) | (5,804 | ) | ||||
Expedia, Inc. | (75 | ) | (9,463 | ) | ||||
Home Depot, Inc. (The) | (94 | ) | (13,802 | ) | ||||
LKQ Corp.* | (99 | ) | (2,898 | ) | ||||
Netflix, Inc.* | (217 | ) | (32,075 | ) | ||||
Ross Stores, Inc. | (80 | ) | (5,270 | ) | ||||
Signet Jewelers, Ltd. (Bermuda) | (1 | ) | (69 | ) | ||||
TripAdvisor, Inc.* | (75 | ) | (3,237 | ) | ||||
Ulta Beauty, Inc.* | (31 | ) | (8,842 | ) | ||||
|
| |||||||
(128,613 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (2.8)% |
| |||||||
Advanced Micro Devices, Inc.* | (451 | ) | (6,562 | ) | ||||
Broadcom Ltd. (Singapore) | (35 | ) | (7,664 | ) | ||||
Micron Technology, Inc.* | (582 | ) | (16,820 | ) | ||||
NVIDIA Corp. | (181 | ) | (19,716 | ) | ||||
Xilinx, Inc. | (130 | ) | (7,526 | ) | ||||
|
| |||||||
(58,288 | ) | |||||||
|
| |||||||
Software & Services — (12.4)% |
| |||||||
Activision Blizzard, Inc. | (199 | ) | (9,922 | ) | ||||
Adobe Systems, Inc.* | (175 | ) | (22,773 | ) | ||||
Akamai Technologies, Inc.* | (84 | ) | (5,015 | ) | ||||
Alliance Data Systems Corp. | (29 | ) | (7,221 | ) | ||||
Alphabet, Inc., Class A* | (19 | ) | (16,108 | ) | ||||
Autodesk, Inc.* | (112 | ) | (9,685 | ) | ||||
Automatic Data Processing, Inc. | (51 | ) | (5,222 | ) | ||||
Electronic Arts, Inc.* | (148 | ) | (13,249 | ) | ||||
Facebook, Inc., Class A* | (123 | ) | (17,472 | ) | ||||
Fiserv, Inc.* | (104 | ) | (11,992 | ) | ||||
Intuit, Inc. | (129 | ) | (14,963 | ) | ||||
Mastercard, Inc., Class A | (27 | ) | (3,037 | ) | ||||
Microsoft Corp. | (648 | ) | (42,677 | ) | ||||
Oracle Corp. | (230 | ) | (10,260 | ) | ||||
PayPal Holdings, Inc.* | (480 | ) | (20,650 | ) | ||||
Red Hat, Inc.* | (91 | ) | (7,872 | ) | ||||
salesforce.com, Inc.* | (351 | ) | (28,954 | ) | ||||
Symantec Corp. | (317 | ) | (9,726 | ) |
The accompanying notes are an integral part of the financial statements.
116 |
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Synopsys, Inc.* | (71 | ) | $ | (5,121 | ) | |||
|
| |||||||
(261,919 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.3)% |
| |||||||
Harris Corp. | (60 | ) | (6,676 | ) | ||||
|
| |||||||
Telecommunication Services — (1.4)% |
| |||||||
AT&T, Inc. | (305 | ) | (12,673 | ) | ||||
CenturyLink, Inc. | (264 | ) | (6,222 | ) | ||||
Level 3 Communications, Inc.* | (183 | ) | (10,471 | ) | ||||
|
| |||||||
(29,366 | ) | |||||||
|
| |||||||
Transportation — (5.3)% |
| |||||||
American Airlines Group, Inc. | (245 | ) | (10,364 | ) | ||||
CSX Corp. | (362 | ) | (16,851 | ) | ||||
FedEx Corp. | (133 | ) | (25,955 | ) | ||||
JB Hunt Transport Services, Inc. | (56 | ) | (5,137 | ) | ||||
Kansas City Southern | (55 | ) | (4,717 | ) | ||||
Norfolk Southern Corp. | (140 | ) | (15,676 | ) | ||||
Union Pacific Corp. | (67 | ) | (7,097 | ) | ||||
United Parcel Service, Inc., Class B | (239 | ) | (25,645 | ) | ||||
|
| |||||||
(111,442 | ) | |||||||
|
| |||||||
Utilities — (4.0)% |
| |||||||
American Water Works Co., Inc. | (4 | ) | (311 | ) | ||||
Consolidated Edison, Inc. | (24 | ) | (1,864 | ) | ||||
Duke Energy Corp. | (327 | ) | (26,817 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
FirstEnergy Corp. | (188 | ) | $ | (5,982 | ) | |||
NextEra Energy, Inc. | (218 | ) | (27,985 | ) | ||||
Pinnacle West Capital Corp. | (4 | ) | (333 | ) | ||||
Public Service Enterprise Group, Inc. | (256 | ) | (11,354 | ) | ||||
Sempra Energy | (93 | ) | (10,276 | ) | ||||
|
| |||||||
(84,922 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK | (2,058,246 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD |
| (2,058,246 | ) | |||||
|
| |||||||
(Proceeds $1,978,426) | ||||||||
OTHER ASSETS IN EXCESS OF | 1,579,542 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,116,123 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
117 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 187.6% |
| |||||||
COMMON STOCKS — 187.6% |
| |||||||
Automobiles & Components — 2.5% |
| |||||||
BorgWarner, Inc.†(a) | 11,773 | $ | 491,994 | |||||
Delphi Automotive PLC | 14,963 | 1,204,372 | ||||||
General Motors Co.†(a)(b) | 47,776 | 1,689,359 | ||||||
Goodyear Tire & Rubber Co. | 13,977 | 503,172 | ||||||
Harley-Davidson, Inc.(a) | 2,624 | 158,752 | ||||||
|
| |||||||
4,047,649 | ||||||||
|
| |||||||
Banks — 5.1% |
| |||||||
Bank of America Corp.† | 14,292 | 337,148 | ||||||
BB&T Corp.†(b) | 7,358 | 328,903 | ||||||
Citigroup, Inc.† | 780 | 46,660 | ||||||
Citizens Financial Group, Inc.† | 11,001 | 380,085 | ||||||
Comerica, Inc.(b) | 266 | 18,242 | ||||||
Fifth Third Bancorp† | 8,355 | 212,217 | ||||||
Huntington Bancshares, Inc.†(a)(b) | 60,213 | 806,252 | ||||||
JPMorgan Chase & Co.†(b) | 27,412 | 2,407,870 | ||||||
KeyCorp.† | 59,860 | 1,064,311 | ||||||
M&T Bank Corp. | 1,501 | 232,250 | ||||||
People’s United Financial, Inc.(b) | 194 | 3,531 | ||||||
PNC Financial Services Group, Inc. (The)† | 30 | 3,607 | ||||||
Regions Financial Corp.† | 2,352 | 34,175 | ||||||
SunTrust Banks, Inc.†(b) | 5,231 | 289,274 | ||||||
US Bancorp†(b) | 12,198 | 628,197 | ||||||
Wells Fargo & Co.† | 23,024 | 1,281,516 | ||||||
Zions Bancorporation†(a) | 2,246 | 94,332 | ||||||
|
| |||||||
8,168,570 | ||||||||
|
| |||||||
Capital Goods — 16.5% |
| |||||||
3M Co.† | 5,353 | 1,024,189 | ||||||
Allegion PLC (Ireland) | 5,284 | 399,999 | ||||||
AMETEK, Inc.†(a) | 6,604 | 357,144 | ||||||
Arconic, Inc.†(a) | 26,066 | 686,578 | ||||||
Boeing Co. (The)†(a)(b) | 27,958 | 4,944,652 | ||||||
Caterpillar, Inc.† | 13,902 | 1,289,549 | ||||||
Cummins, Inc.(b) | 3,807 | 575,618 | ||||||
Dover Corp.(b) | 565 | 45,398 | ||||||
Emerson Electric Co.† | 20,157 | 1,206,598 | ||||||
Fluor Corp.(a) | 7,724 | 406,437 | ||||||
Fortive Corp.(b) | 14,072 | 847,416 | ||||||
Fortune Brands Home & Security, Inc. | 8,490 | 516,616 | ||||||
General Electric Co.† | 13,386 | 398,903 | ||||||
Honeywell International, Inc.†(a)(b) | 34,904 | 4,358,462 | ||||||
Illinois Tool Works, Inc.†(a)(b) | 6,218 | 823,698 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Ingersoll-Rand PLC (Ireland)†(b) | 14,365 | $ | 1,168,162 | |||||
Jacobs Engineering Group, Inc.† | 6,721 | 371,537 | ||||||
L3 Technologies, Inc.†(b) | 4,287 | 708,598 | ||||||
Masco Corp.†(b) | 17,636 | 599,448 | ||||||
Northrop Grumman Corp.†(b) | 1,259 | 299,441 | ||||||
PACCAR, Inc.(b) | 1,125 | 75,600 | ||||||
Parker-Hannifin Corp.(b) | 1,283 | 205,691 | ||||||
Pentair PLC (Ireland)(a) | 1,162 | 72,950 | ||||||
Raytheon Co.† | 2,692 | 410,530 | ||||||
Rockwell Automation, Inc.† | 64 | 9,965 | ||||||
Rockwell Collins, Inc.† | 7,254 | 704,799 | ||||||
Snap-on, Inc.(a)(b) | 3,213 | 541,937 | ||||||
Stanley Black & Decker, Inc.†(b) | 8,462 | 1,124,347 | ||||||
Textron, Inc.†(b) | 14,983 | 713,041 | ||||||
TransDigm Group, Inc.(a) | 2,961 | 651,894 | ||||||
United Rentals, Inc.(b)* | 605 | 75,655 | ||||||
WW Grainger, Inc.(a) | 3,262 | 759,263 | ||||||
Xylem, Inc.† | 2 | 100 | ||||||
|
| |||||||
26,374,215 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.4% |
| |||||||
Cintas Corp. | 2 | 253 | ||||||
Dun & Bradstreet Corp. (The)(b) | 2,041 | 220,306 | ||||||
Nielsen Holdings PLC (United Kingdom) | 19,842 | 819,673 | ||||||
Republic Services, Inc. | 1,079 | 67,772 | ||||||
Robert Half International, Inc.†(b) | 7,088 | 346,107 | ||||||
Waste Management, Inc.†(b) | 10,437 | 761,066 | ||||||
|
| |||||||
2,215,177 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 5.3% |
| |||||||
Coach, Inc.† | 15,563 | 643,219 | ||||||
DR Horton, Inc.†(b) | 20,705 | 689,684 | ||||||
Garmin Ltd. (Switzerland)(a) | 10,459 | 534,559 | ||||||
Hanesbrands, Inc.(a) | 21,003 | 436,022 | ||||||
Hasbro, Inc.† | 6,905 | 689,257 | ||||||
Leggett & Platt, Inc.†(a)(b) | 5,706 | 287,126 | ||||||
Lennar Corp., Class A(b) | 1,718 | 87,944 | ||||||
Mattel, Inc.(a)(b) | 18,991 | 486,359 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†* | 9,236 | 351,984 | ||||||
Newell Brands, Inc.(a) | 26,755 | 1,262,033 | ||||||
PulteGroup, Inc.(a)(b) | 17,697 | 416,764 | ||||||
PVH Corp.†(b) | 4,357 | 450,819 | ||||||
Ralph Lauren Corp.(a)(b) | 4,559 | 372,106 |
The accompanying notes are an integral part of the financial statements.
118 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Under Armour, Inc., Class C(a)* | 24,317 | $ | 445,001 | |||||
VF Corp.†(a) | 22,962 | 1,262,221 | ||||||
Whirlpool Corp.† | 814 | 139,463 | ||||||
|
| |||||||
8,554,561 | ||||||||
|
| |||||||
Consumer Services — 1.8% |
| |||||||
Carnival Corp. (Panama)(b) | 2,084 | 122,768 | ||||||
Darden Restaurants, Inc.† | 1,267 | 106,010 | ||||||
H&R Block, Inc.(a)(b) | 1,518 | 35,294 | ||||||
McDonald’s Corp.† | 9,923 | 1,286,120 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 6,818 | 668,914 | ||||||
Wyndham Worldwide Corp.(a)(b) | 5,856 | 493,602 | ||||||
Yum! Brands, Inc.† | 3,164 | 202,180 | ||||||
|
| |||||||
2,914,888 | ||||||||
|
| |||||||
Diversified Financials — 8.9% |
| |||||||
Ameriprise Financial, Inc.† | 3 | 389 | ||||||
Bank of New York Mellon Corp. (The)† | 286 | 13,508 | ||||||
Berkshire Hathaway Inc., | 22,789 | 3,798,470 | ||||||
Capital One Financial Corp.† | 4,289 | 371,685 | ||||||
Charles Schwab Corp. (The)†(b) | 31,646 | 1,291,473 | ||||||
CME Group, Inc.† | 10,245 | 1,217,106 | ||||||
Discover Financial Services†(b) | 3,957 | 270,619 | ||||||
E*TRADE Financial Corp.†(b)* | 13,699 | 477,958 | ||||||
Goldman Sachs Group, Inc. (The)† | 7,691 | 1,766,777 | ||||||
Intercontinental Exchange, Inc.† | 1,323 | 79,208 | ||||||
Leucadia National Corp.(b) | 5,732 | 149,032 | ||||||
Moody’s Corp.†(b) | 10,576 | 1,184,935 | ||||||
Morgan Stanley† | 37,937 | 1,625,221 | ||||||
Nasdaq, Inc.†(b) | 9,238 | 641,579 | ||||||
Navient Corp. | 11 | 162 | ||||||
Northern Trust Corp.† | 2,029 | 175,671 | ||||||
Raymond James Financial, Inc. | 3,201 | 244,108 | ||||||
S&P Global, Inc.† | 1,502 | 196,371 | ||||||
State Street Corp.† | 335 | 26,669 | ||||||
Synchrony Financial†(b) | 19,798 | 679,071 | ||||||
|
| |||||||
14,210,012 | ||||||||
|
| |||||||
Energy — 8.2% |
| |||||||
Apache Corp.†(a) | 21,044 | 1,081,451 | ||||||
Chevron Corp.† | 7,333 | 787,344 | ||||||
Devon Energy Corp. | 4,956 | 206,764 | ||||||
Exxon Mobil Corp. | 41,301 | 3,387,095 | ||||||
Halliburton Co.†(b) | 16,658 | 819,740 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Helmerich & Payne, Inc.(a) | 2 | $ | 133 | |||||
Kinder Morgan, Inc.†(b) | 126,905 | 2,758,915 | ||||||
National Oilwell Varco, Inc.(a) | 2 | 80 | ||||||
Newfield Exploration Co.(b)* | 11,035 | 407,302 | ||||||
ONEOK, Inc. | 1,679 | 93,084 | ||||||
Phillips 66† | 452 | 35,807 | ||||||
Southwestern Energy Co.†* | 31,626 | 258,384 | ||||||
TechnipFMC PLC | 795 | 25,838 | ||||||
Transocean Ltd. (Switzerland)(a)* | 21,595 | 268,858 | ||||||
Valero Energy Corp.†(b) | 25,042 | 1,660,034 | ||||||
Williams Cos., Inc. (The)†(b) | 45,801 | 1,355,252 | ||||||
|
| |||||||
13,146,081 | ||||||||
|
| |||||||
Food & Staples Retailing — 7.4% |
| |||||||
CVS Health Corp.†(a)(b) | 58,845 | 4,619,332 | ||||||
Kroger Co. (The)(a) | 23,230 | 685,053 | ||||||
Walgreens Boots Alliance, Inc.† | 19,274 | 1,600,706 | ||||||
Wal-Mart Stores, Inc.† | 69,042 | 4,976,547 | ||||||
|
| |||||||
11,881,638 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 7.8% |
| |||||||
Altria Group, Inc.† | 13,970 | 997,737 | ||||||
Archer-Daniels-Midland Co.†(b) | 31,779 | 1,463,105 | ||||||
Campbell Soup Co.†(a) | 16,916 | 968,272 | ||||||
Conagra Brands, Inc.†(b) | 23,528 | 949,119 | ||||||
Dr Pepper Snapple Group, Inc.† | 10,156 | 994,476 | ||||||
Hershey Co. (The)(b) | 11,966 | 1,307,286 | ||||||
Hormel Foods Corp.(a) | 29,329 | 1,015,663 | ||||||
Kraft Heinz Co. (The)† | 2 | 182 | ||||||
McCormick & Co., Inc., non-voting shares(a) | 6,938 | 676,802 | ||||||
Philip Morris International, Inc.†(a) | 21,362 | 2,411,770 | ||||||
Reynolds American, Inc.†(b) | 8,281 | 521,869 | ||||||
Tyson Foods, Inc., Class A†(b) | 20,369 | 1,256,971 | ||||||
|
| |||||||
12,563,252 | ||||||||
|
| |||||||
Health Care Equipment & Services — 16.8% |
| |||||||
Abbott Laboratories†(b) | 15,390 | 683,470 | ||||||
Aetna, Inc.†(b) | 19,506 | 2,487,990 | ||||||
AmerisourceBergen Corp.†(a) | 596 | 52,746 | ||||||
Anthem, Inc.† | 14,627 | 2,419,013 | ||||||
Baxter International, Inc.†(b) | 29,928 | 1,552,066 | ||||||
Boston Scientific Corp.†(a)* | 48,475 | 1,205,573 | ||||||
Centene Corp.†(b)* | 9,535 | 679,464 | ||||||
Cigna Corp.†(b) | 14,247 | 2,087,043 | ||||||
Danaher Corp.†(b) | 24,125 | 2,063,411 |
The accompanying notes are an integral part of the financial statements.
119 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
DaVita, Inc.†(b)* | 10,790 | $ | 733,396 | |||||
Express Scripts Holding Co.†(a)* | 34,298 | 2,260,581 | ||||||
HCA Holdings, Inc.†(b)* | 20,550 | 1,828,744 | ||||||
Henry Schein, Inc.(a)(b)* | 2,752 | 467,757 | ||||||
Humana, Inc.† | 8,281 | 1,707,045 | ||||||
Laboratory Corp. of America Holdings†(b)* | 5,815 | 834,278 | ||||||
McKesson Corp.† | 7,996 | 1,185,487 | ||||||
Quest Diagnostics, Inc.† | 4,183 | 410,729 | ||||||
UnitedHealth Group, Inc.† | 24,420 | 4,005,124 | ||||||
Zimmer Biomet Holdings, Inc.† | 1,441 | 175,960 | ||||||
|
| |||||||
26,839,877 | ||||||||
|
| |||||||
Household & Personal Products — 2.1% |
| |||||||
Church & Dwight Co., Inc.† | 7,976 | 397,763 | ||||||
Kimberly-Clark Corp.†(b) | 11,233 | 1,478,600 | ||||||
Procter & Gamble Co. (The)(b) | 16,721 | 1,502,382 | ||||||
|
| |||||||
3,378,745 | ||||||||
|
| |||||||
Insurance — 5.9% |
| |||||||
Aflac, Inc.† | 11,803 | 854,773 | ||||||
Allstate Corp. (The)† | 2,632 | 214,482 | ||||||
Aon PLC (United Kingdom)(b) | 14,515 | 1,722,785 | ||||||
Assurant, Inc. | 2 | 191 | ||||||
Chubb Ltd. (Switzerland)†(b) | 15,423 | 2,101,384 | ||||||
Cincinnati Financial Corp. | 2 | 145 | ||||||
Lincoln National Corp.(b) | 273 | 17,868 | ||||||
Marsh & McLennan Cos., Inc.† | 28,535 | 2,108,451 | ||||||
MetLife, Inc.† | 2 | 106 | ||||||
Principal Financial Group, Inc.†(a)(b) | 14,790 | 933,397 | ||||||
Progressive Corp. (The)†(b) | 21,627 | 847,346 | ||||||
Prudential Financial, Inc.† | 1,078 | 115,001 | ||||||
Torchmark Corp.† | 61 | 4,699 | ||||||
Travelers Cos, Inc. (The)† | 2,347 | 282,907 | ||||||
Unum Group(b) | 307 | 14,395 | ||||||
XL Group Ltd. (Bermuda) | 4,223 | 168,329 | ||||||
|
| |||||||
9,386,259 | ||||||||
|
| |||||||
Materials — 9.9% |
| |||||||
Air Products & Chemicals, Inc.† | 9,795 | 1,325,166 | ||||||
Dow Chemical Co. (The)†(a) | 42,920 | 2,727,137 | ||||||
EI du Pont de Nemours & Co.† | 29,680 | 2,384,194 | ||||||
FMC Corp. | 346 | 24,078 | ||||||
Freeport-McMoRan, Inc.†(b)* | 81,983 | 1,095,293 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
LyondellBasell Industries NV, Class A (Netherlands) | 22,410 | $ | 2,043,568 | |||||
Monsanto Co.†(b) | 24,320 | 2,753,024 | ||||||
Newmont Mining Corp.† | 29,459 | 970,969 | ||||||
Nucor Corp.† | 2 | 119 | ||||||
PPG Industries, Inc.†(b) | 12,453 | 1,308,561 | ||||||
Sealed Air Corp. | 9,304 | 405,468 | ||||||
Sherwin-Williams Co. (The)(b) | 1,847 | 572,921 | ||||||
WestRock Co.† | 3,972 | 206,663 | ||||||
|
| |||||||
15,817,161 | ||||||||
|
| |||||||
Media — 9.2% |
| |||||||
CBS Corp., Class B, non-voting shares†(a)(b) | 22,219 | 1,541,110 | ||||||
Charter Communications, Inc., Class A†* | 1,899 | 621,581 | ||||||
Comcast Corp., Class A† | 60,943 | 2,290,847 | ||||||
Discovery Communications, Inc., Class A(a)(b)* | 32,537 | 946,501 | ||||||
Interpublic Group of Cos., Inc. | 21,719 | 533,636 | ||||||
News Corp., Class A†(b) | 32,246 | 419,198 | ||||||
Omnicom Group, Inc.(a) | 13,016 | 1,122,109 | ||||||
Scripps Networks Interactive, Inc., Class A(a)(b) | 7,173 | 562,148 | ||||||
TEGNA, Inc.(b) | 11,896 | 304,775 | ||||||
Time Warner, Inc.† | 21,014 | 2,053,278 | ||||||
Twenty-First Century Fox, Inc., Class A†(a)(b) | 79,622 | 2,578,957 | ||||||
Viacom, Inc., Class B† | 22,019 | 1,026,526 | ||||||
Walt Disney Co. (The)†(b) | 6,484 | 735,221 | ||||||
|
| |||||||
14,735,887 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 20.4% |
| |||||||
AbbVie, Inc.†(b) | 59,583 | 3,882,428 | ||||||
Amgen, Inc.†(b) | 30,766 | 5,047,778 | ||||||
Biogen Inc.†(b)* | 11,980 | 3,275,572 | ||||||
Celgene Corp.†(b)* | 8,731 | 1,086,398 | ||||||
Eli Lilly & Co.†(b) | 32,542 | 2,737,108 | ||||||
Gilead Sciences, Inc.† | 70,901 | 4,815,596 | ||||||
Johnson & Johnson† | 36,107 | 4,497,127 | ||||||
Merck & Co., Inc.† | 54,402 | 3,456,703 | ||||||
Mylan NV (Netherlands)* | 29,690 | 1,157,613 | ||||||
Pfizer, Inc.† | 81,293 | 2,781,034 | ||||||
Waters Corp.†* | 2 | 313 | ||||||
|
| |||||||
32,737,670 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
120 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — 5.4% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT | 2,498 | $ | 276,079 | |||||
Apartment Investment & Management Co., Class A, REIT | 2 | 89 | ||||||
AvalonBay Communities, Inc., | 3,789 | 695,660 | ||||||
CBRE Group, Inc., Class A, | 2,473 | 86,036 | ||||||
Digital Realty Trust, Inc., REIT(a)(b) | 8,819 | 938,253 | ||||||
Essex Property Trust, Inc., REIT(a) | 1,704 | 394,527 | ||||||
Extra Space Storage, Inc., REIT(a) | 6,981 | 519,317 | ||||||
Federal Realty Investment Trust, REIT(b) | 680 | 90,780 | ||||||
GGP, Inc., REIT | 7,348 | 170,327 | ||||||
HCP, Inc., REIT | 1,497 | 46,826 | ||||||
Iron Mountain, Inc., REIT† | 14,624 | 521,638 | ||||||
Mid-America Apartment Communities, Inc., REIT(b) | 6,295 | 640,453 | ||||||
Prologis, Inc., REIT† | 336 | 17,432 | ||||||
Public Storage, REIT(b) | 2,092 | 457,960 | ||||||
Realty Income Corp., REIT(a) | 8,473 | 504,398 | ||||||
Regency Centers Corp., REIT† | 5,776 | 383,469 | ||||||
Simon Property Group, Inc., REIT | 765 | 131,603 | ||||||
UDR, Inc., REIT(b) | 14,822 | 537,446 | ||||||
Ventas, Inc., REIT | 1,170 | 76,097 | ||||||
Vornado Realty Trust, REIT† | 6,343 | 636,266 | ||||||
Welltower, Inc., REIT†(b) | 2,619 | 185,478 | ||||||
Weyerhaeuser Co., REIT† | 41,486 | 1,409,694 | ||||||
|
| |||||||
8,719,828 | ||||||||
|
| |||||||
Retailing — 7.3% |
| |||||||
AutoNation, Inc.(a)* | 5,582 | 236,063 | ||||||
Bed Bath & Beyond, Inc.(a) | 8,337 | 328,978 | ||||||
Best Buy Co., Inc.(a) | 4,630 | 227,565 | ||||||
Dollar General Corp.† | 2,107 | 146,921 | ||||||
Dollar Tree, Inc.†* | 3,606 | 282,927 | ||||||
Foot Locker, Inc.(b) | 2,206 | 165,031 | ||||||
Gap, Inc. (The)(a)(b) | 9,472 | 230,075 | ||||||
Genuine Parts Co.†(a)(b) | 6,815 | 629,774 | ||||||
Home Depot, Inc. (The)†(b) | 17,573 | 2,580,244 | ||||||
Kohl’s Corp.(a)(b) | 2,710 | 107,885 | ||||||
L Brands, Inc. | 967 | 45,546 | ||||||
Lowe’s Cos., Inc.†(b) | 25,798 | 2,120,854 | ||||||
Macy’s, Inc. | 266 | 7,884 | ||||||
Nordstrom, Inc.(a) | 2,894 | 134,774 | ||||||
Priceline Group, Inc. (The)†(a)* | 1,425 | 2,536,457 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Ross Stores, Inc.†(b) | 5,442 | $ | 358,465 | |||||
Staples, Inc.(b) | 36,187 | 317,361 | ||||||
Target Corp. | 2,582 | 142,501 | ||||||
Tiffany & Co.† | 5,016 | 478,025 | ||||||
TJX Cos., Inc. (The)(b) | 1,838 | 145,349 | ||||||
Tractor Supply Co.(b) | 7,254 | 500,308 | ||||||
|
| |||||||
11,722,987 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 13.7% |
| |||||||
Analog Devices, Inc.† | 17,460 | 1,430,847 | ||||||
Applied Materials, Inc.†(b) | 59,898 | 2,330,032 | ||||||
Intel Corp.†(b) | 150,476 | 5,427,669 | ||||||
KLA-Tencor Corp. | 8,692 | 826,348 | ||||||
Lam Research Corp. | 10,151 | 1,302,982 | ||||||
Microchip Technology, Inc.(a) | 2,429 | 179,212 | ||||||
NVIDIA Corp.(b) | 3,672 | 399,991 | ||||||
Qorvo, Inc.(a)* | 909 | 62,321 | ||||||
QUALCOMM, Inc.†(b) | 81,973 | 4,700,332 | ||||||
Skyworks Solutions, Inc.(a) | 10,250 | 1,004,295 | ||||||
Texas Instruments, Inc.† | 50,001 | 4,028,081 | ||||||
Xilinx, Inc.† | 3,225 | 186,695 | ||||||
|
| |||||||
21,878,805 | ||||||||
|
| |||||||
Software & Services — 8.0% |
| |||||||
Accenture PLC, Class A | 11,075 | 1,327,671 | ||||||
Akamai Technologies, Inc.†(a)* | 2,495 | 148,952 | ||||||
Alphabet, Inc., Class A†* | 1,994 | 1,690,513 | ||||||
CA, Inc.†(b) | 22,921 | 727,054 | ||||||
Citrix Systems, Inc.†* | 8,668 | 722,825 | ||||||
Cognizant Technology Solutions Corp., Class A†(b)* | 4,458 | 265,340 | ||||||
CSRA, Inc.†(b) | 9,039 | 264,752 | ||||||
eBay, Inc.†* | 31,308 | 1,051,010 | ||||||
Facebook, Inc., Class A†* | 2,253 | 320,039 | ||||||
Fidelity National Information Services, Inc.†(b) | 17,368 | 1,382,840 | ||||||
International Business Machines Corp.† | 5,326 | 927,470 | ||||||
Mastercard, Inc., Class A†(b) | 2,197 | 247,097 | ||||||
Microsoft Corp.† | 448 | 29,505 | ||||||
Paychex, Inc. | 2,973 | 175,110 | ||||||
Symantec Corp.(b) | 5,277 | 161,898 | ||||||
Teradata Corp.(a)* | 7,244 | 225,433 | ||||||
Total System Services, Inc.(a) | 8,264 | 441,793 | ||||||
VeriSign, Inc.(a)* | 843 | 73,434 | ||||||
Visa, Inc., Class A(a) | 19,593 | 1,741,230 |
The accompanying notes are an integral part of the financial statements.
121 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Western Union Co. (The)(a) | 26,705 | $ | 543,447 | |||||
Yahoo!, Inc.†(b)* | 7,003 | 325,009 | ||||||
|
| |||||||
12,792,422 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 14.6% |
| |||||||
Amphenol Corp., Class A(a) | 3,452 | 245,679 | ||||||
Apple, Inc.† | 67,501 | 9,697,194 | ||||||
Cisco Systems, Inc.† | 124,027 | 4,192,113 | ||||||
Corning, Inc.† | 51,358 | 1,386,666 | ||||||
F5 Networks, Inc.†(b)* | 3,593 | 512,254 | ||||||
FLIR Systems, Inc.†(b) | 7,561 | 274,313 | ||||||
Harris Corp.†(b) | 1,155 | 128,517 | ||||||
Hewlett Packard Enterprise Co.† | 15,405 | 365,098 | ||||||
HP, Inc.†(b) | 93,917 | 1,679,236 | ||||||
Juniper Networks, Inc.†(a)(b) | 21,137 | 588,243 | ||||||
Motorola Solutions, Inc.†(a)(b) | 9,137 | 787,792 | ||||||
NetApp, Inc.† | 15,030 | 629,006 | ||||||
Seagate Technology PLC | 16,362 | 751,507 | ||||||
TE Connectivity Ltd. | 5,710 | 425,680 | ||||||
Western Digital Corp.†(a) | 15,976 | 1,318,499 | ||||||
Xerox Corp.(b) | 56,259 | 412,941 | ||||||
|
| |||||||
23,394,738 | ||||||||
|
| |||||||
Telecommunication Services — 2.2% |
| |||||||
AT&T, Inc.† | 9,617 | 399,586 | ||||||
Verizon Communications, Inc.† | 63,832 | 3,111,810 | ||||||
|
| |||||||
3,511,396 | ||||||||
|
| |||||||
Transportation — 2.9% |
| |||||||
Alaska Air Group, Inc.(a) | 1,910 | 176,140 | ||||||
CH Robinson Worldwide, Inc.†(a) | 7,834 | 605,490 | ||||||
Delta Air Lines, Inc.†(b) | 40,528 | 1,862,667 | ||||||
Expeditors International of Washington, Inc.† | 1,763 | 99,592 | ||||||
Norfolk Southern Corp. | 36 | 4,031 | ||||||
Ryder System, Inc. | 2,966 | 223,755 | ||||||
Southwest Airlines Co.† | 7,215 | 387,878 | ||||||
Union Pacific Corp.† | 432 | 45,757 | ||||||
United Continental Holdings, | 17,449 | 1,232,597 | ||||||
|
| |||||||
4,637,907 | ||||||||
|
| |||||||
Utilities — 4.3% |
| |||||||
AES Corp.†(b) | 4,833 | 54,033 | ||||||
Ameren Corp. | 335 | 18,288 | ||||||
American Electric Power Co., Inc.† | 3,535 | 237,305 | ||||||
CenterPoint Energy, Inc.† | 14,763 | 407,016 | ||||||
Dominion Resources, Inc. | 160 | 12,411 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
DTE Energy Co.(a) | 785 | $ | 80,156 | |||||
Edison International† | 9,218 | 733,845 | ||||||
Entergy Corp.†(b) | 9,934 | 754,587 | ||||||
Eversource Energy† | 8,876 | 521,731 | ||||||
Exelon Corp.† | 47,122 | 1,695,450 | ||||||
NiSource, Inc. | 8,653 | 205,855 | ||||||
NRG Energy, Inc.†(b) | 17,495 | 327,156 | ||||||
PG&E Corp.†(a) | 7,484 | 496,638 | ||||||
PPL Corp.(b) | 23,003 | 860,082 | ||||||
Southern Co. (The) | 4,460 | 222,019 | ||||||
Xcel Energy, Inc.(a) | 4,650 | 206,692 | ||||||
|
| |||||||
6,833,264 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 300,462,989 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 187.6% |
| 300,462,989 | ||||||
|
| |||||||
(Cost $284,831,621) | ||||||||
SHORT POSITIONS — (88.6)% |
| |||||||
COMMON STOCKS — (88.6)% |
| |||||||
Automobiles & Components — (0.1)% |
| |||||||
Ford Motor Co. | (10,237 | ) | (119,159 | ) | ||||
|
| |||||||
Capital Goods — (5.6)% | ||||||||
Acuity Brands, Inc. | (1,788 | ) | (364,752 | ) | ||||
Deere & Co. | (5,852 | ) | (637,049 | ) | ||||
Eaton Corp. PLC (Ireland) | (18,336 | ) | (1,359,614 | ) | ||||
Fastenal Co. | (11,798 | ) | (607,597 | ) | ||||
Flowserve Corp. | (3,508 | ) | (169,857 | ) | ||||
General Dynamics Corp. | (8,789 | ) | (1,645,301 | ) | ||||
Johnson Controls International PLC (Ireland) | (38,181 | ) | (1,608,184 | ) | ||||
Lockheed Martin Corp. | (2,653 | ) | (709,943 | ) | ||||
Quanta Services, Inc.* | (6,171 | ) | (229,006 | ) | ||||
Roper Technologies, Inc. | (3,491 | ) | (720,857 | ) | ||||
United Technologies Corp. | (8,115 | ) | (910,584 | ) | ||||
|
| |||||||
(8,962,744 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.9)% |
| |||||||
Equifax, Inc. | (4,892 | ) | (668,932 | ) | ||||
Stericycle, Inc.* | (2,318 | ) | (192,139 | ) | ||||
Verisk Analytics, Inc.* | (6,811 | ) | (552,645 | ) | ||||
|
| |||||||
(1,413,716 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.0)% |
| |||||||
Mohawk Industries, Inc.* | (3,027 | ) | (694,666 | ) |
The accompanying notes are an integral part of the financial statements.
122 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
NIKE, Inc., Class B | (46,135 | ) | $ | (2,571,104 | ) | |||
|
| |||||||
(3,265,770 | ) | |||||||
|
| |||||||
Consumer Services — (2.3)% |
| |||||||
Chipotle Mexican Grill, Inc.* | (1,175 | ) | (523,486 | ) | ||||
Marriott International, Inc., Class A | (15,649 | ) | (1,473,823 | ) | ||||
Starbucks Corp. | (19,384 | ) | (1,131,832 | ) | ||||
Wynn Resorts Ltd. | (4,153 | ) | (475,975 | ) | ||||
|
| |||||||
(3,605,116 | ) | |||||||
|
| |||||||
Diversified Financials — (2.7)% |
| |||||||
Affiliated Managers Group, Inc. | (2,314 | ) | (379,357 | ) | ||||
American Express Co. | (16,827 | ) | (1,331,185 | ) | ||||
BlackRock, Inc. | (1,376 | ) | (527,710 | ) | ||||
CBOE Holdings, Inc. | (3,317 | ) | (268,909 | ) | ||||
Franklin Resources, Inc. | (23,080 | ) | (972,591 | ) | ||||
Invesco, Ltd. (Bermuda) | (16,476 | ) | (504,660 | ) | ||||
T Rowe Price Group, Inc. | (4,686 | ) | (319,351 | ) | ||||
|
| |||||||
(4,303,763 | ) | |||||||
|
| |||||||
Energy — (10.3)% |
| |||||||
Anadarko Petroleum Corp. | (22,489 | ) | (1,394,318 | ) | ||||
Baker Hughes, Inc. | (12,823 | ) | (767,072 | ) | ||||
Cabot Oil & Gas Corp. | (18,978 | ) | (453,764 | ) | ||||
Chesapeake Energy Corp.* | (36,518 | ) | (216,917 | ) | ||||
Cimarex Energy Co. | (3,881 | ) | (463,741 | ) | ||||
Concho Resources, Inc.* | (5,959 | ) | (764,778 | ) | ||||
ConocoPhillips | (17,600 | ) | (877,712 | ) | ||||
EOG Resources, Inc. | (23,529 | ) | (2,295,254 | ) | ||||
EQT Corp. | (7,051 | ) | (430,816 | ) | ||||
Hess Corp. | (12,914 | ) | (622,584 | ) | ||||
Marathon Oil Corp. | (34,557 | ) | (546,001 | ) | ||||
Marathon Petroleum Corp. | (21,542 | ) | (1,088,733 | ) | ||||
Murphy Oil Corp. | (7,026 | ) | (200,873 | ) | ||||
Noble Energy, Inc. | (17,666 | ) | (606,650 | ) | ||||
Occidental Petroleum Corp. | (31,181 | ) | (1,975,628 | ) | ||||
Pioneer Natural Resources Co. | (6,924 | ) | (1,289,457 | ) | ||||
Range Resources Corp. | (10,083 | ) | (293,415 | ) | ||||
Schlumberger Ltd. (Curacao) | (23,173 | ) | (1,809,811 | ) | ||||
Tesoro Corp. | (4,769 | ) | (386,575 | ) | ||||
|
| |||||||
(16,484,099 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (2.8)% |
| |||||||
Costco Wholesale Corp. | (17,908 | ) | (3,002,993 | ) | ||||
Sysco Corp. | (22,047 | ) | (1,144,680 | ) | ||||
Whole Foods Market, Inc. | (12,995 | ) | (386,211 | ) | ||||
|
| |||||||
(4,533,884 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (4.9)% |
| |||||||
Brown-Forman Corp., Class B | (15,689 | ) | $ | (724,518 | ) | |||
Coca-Cola Co. (The) | (20,402 | ) | (865,861 | ) | ||||
Constellation Brands, Inc., Class A | (8,120 | ) | (1,316,008 | ) | ||||
JM Smucker Co. (The) | (4,404 | ) | (577,276 | ) | ||||
Kellogg Co. | (14,324 | ) | (1,040,066 | ) | ||||
Mead Johnson Nutrition Co. | (7,484 | ) | (666,675 | ) | ||||
Molson Coors Brewing Co., Class B | (8,770 | ) | (839,377 | ) | ||||
Mondelez International, Inc., Class A | (8,889 | ) | (382,938 | ) | ||||
Monster Beverage Corp.* | (23,116 | ) | (1,067,266 | ) | ||||
PepsiCo, Inc. | (2,928 | ) | (327,526 | ) | ||||
|
| |||||||
(7,807,511 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (5.9)% |
| |||||||
Becton Dickinson and Co. | (8,683 | ) | (1,592,810 | ) | ||||
Cardinal Health, Inc. | (12,893 | ) | (1,051,424 | ) | ||||
Cerner Corp.* | (13,966 | ) | (821,899 | ) | ||||
Cooper Cos., Inc. (The) | (1,996 | ) | (398,980 | ) | ||||
CR Bard, Inc. | (230 | ) | (57,164 | ) | ||||
DENTSPLY SIRONA, Inc. | (9,388 | ) | (586,187 | ) | ||||
Edwards Lifesciences Corp.* | (8,633 | ) | (812,106 | ) | ||||
Envision Healthcare Corp.* | (4,793 | ) | (293,907 | ) | ||||
Hologic, Inc.* | (11,331 | ) | (482,134 | ) | ||||
IDEXX Laboratories, Inc.* | (3,589 | ) | (554,895 | ) | ||||
Intuitive Surgical, Inc.* | (1,584 | ) | (1,214,088 | ) | ||||
Medtronic PLC (Ireland) | (4,317 | ) | (347,778 | ) | ||||
Patterson Cos., Inc. | (3,963 | ) | (179,247 | ) | ||||
Stryker Corp. | (1,497 | ) | (197,080 | ) | ||||
Universal Health Services, Inc., Class B | (3,942 | ) | (490,582 | ) | ||||
Varian Medical Systems, Inc.* | (3,803 | ) | (346,567 | ) | ||||
|
| |||||||
(9,426,848 | ) | |||||||
|
| |||||||
Household & Personal Products — (2.7)% |
| |||||||
Clorox Co. (The) | (5,229 | ) | (705,026 | ) | ||||
Colgate-Palmolive Co. | (24,972 | ) | (1,827,701 | ) | ||||
Coty, Inc., Class A | (30,477 | ) | (552,548 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (15,333 | ) | (1,300,085 | ) | ||||
|
| |||||||
(4,385,360 | ) | |||||||
|
| |||||||
Insurance — (2.4)% |
| |||||||
American International Group, Inc. | (24,630 | ) | (1,537,651 | ) | ||||
Arthur J Gallagher & Co. | (7,275 | ) | (411,328 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (15,258 | ) | (733,452 | ) | ||||
Loews Corp. | (10,748 | ) | (502,684 | ) |
The accompanying notes are an integral part of the financial statements.
123 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) |
| |||||||
Willis Towers Watson PLC (Ireland) | (5,560 | ) | $ | (727,748 | ) | |||
|
| |||||||
(3,912,863 | ) | |||||||
|
| |||||||
Materials — (4.6)% |
| |||||||
Albemarle Corp. | (1 | ) | (106 | ) | ||||
Avery Dennison Corp. | (3,604 | ) | (290,482 | ) | ||||
Ball Corp. | (7,134 | ) | (529,771 | ) | ||||
CF Industries Holdings, Inc. | (9,511 | ) | (279,148 | ) | ||||
Eastman Chemical Co. | (5,977 | ) | (482,942 | ) | ||||
Ecolab, Inc. | (12,263 | ) | (1,537,044 | ) | ||||
International Flavors & Fragrances, Inc. | (3,232 | ) | (428,337 | ) | ||||
International Paper Co. | (16,778 | ) | (851,987 | ) | ||||
Martin Marietta Materials, Inc. | (2,578 | ) | (562,648 | ) | ||||
Mosaic Co. (The) | (14,289 | ) | (416,953 | ) | ||||
Praxair, Inc. | (11,625 | ) | (1,378,725 | ) | ||||
Vulcan Materials Co. | (5,400 | ) | (650,592 | ) | ||||
|
| |||||||
(7,408,735 | ) | |||||||
|
| |||||||
Media — (0.4)% |
| |||||||
DISH Network Corp., Class A* | (10,525 | ) | (668,232 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (8.1)% |
| |||||||
Agilent Technologies, Inc. | (13,137 | ) | (694,553 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (9,139 | ) | (1,108,012 | ) | ||||
Allergan PLC (Ireland) | (10,182 | ) | (2,432,683 | ) | ||||
Bristol-Myers Squibb Co. | (7,592 | ) | (412,854 | ) | ||||
Illumina, Inc.* | (5,964 | ) | (1,017,697 | ) | ||||
Incyte Corp.* | (8,622 | ) | (1,152,503 | ) | ||||
Mallinckrodt PLC (Ireland)* | (4,271 | ) | (190,358 | ) | ||||
Mettler-Toledo International, Inc.* | (1,062 | ) | (508,602 | ) | ||||
PerkinElmer, Inc. | (4,473 | ) | (259,702 | ) | ||||
Perrigo Co. PLC (Ireland) | (5,851 | ) | (388,448 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (4,942 | ) | (1,915,074 | ) | ||||
Thermo Fisher Scientific, Inc. | (4,550 | ) | (698,880 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (10,429 | ) | (1,140,411 | ) | ||||
Zoetis, Inc. | (20,109 | ) | (1,073,217 | ) | ||||
|
| |||||||
(12,992,994 | ) | |||||||
|
| |||||||
Real Estate — (5.0)% |
| |||||||
American Tower Corp., REIT | (17,425 | ) | (2,117,834 | ) | ||||
Boston Properties, Inc., REIT | (4,972 | ) | (658,343 | ) | ||||
Crown Castle International Corp., REIT | (14,709 | ) | (1,389,265 | ) | ||||
Equinix, Inc., REIT | (2,913 | ) | (1,166,278 | ) | ||||
Equity Residential, REIT | (14,928 | ) | (928,820 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (30,103 | ) | (561,722 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Kimco Realty Corp., REIT | (17,342 | ) | $ | (383,085 | ) | |||
Macerich Co. (The), REIT | (5,875 | ) | (378,350 | ) | ||||
SL Green Realty Corp., REIT | (4,103 | ) | (437,462 | ) | ||||
|
| |||||||
(8,021,159 | ) | |||||||
|
| |||||||
Retailing — (4.7)% |
| |||||||
Advance Auto Parts, Inc. | (3,009 | ) | (446,114 | ) | ||||
Amazon.com, Inc.* | (1,402 | ) | (1,242,929 | ) | ||||
AutoZone, Inc.* | (271 | ) | (195,947 | ) | ||||
CarMax, Inc.* | (7,643 | ) | (452,618 | ) | ||||
Expedia, Inc. | (6,356 | ) | (801,937 | ) | ||||
LKQ Corp.* | (12,547 | ) | (367,251 | ) | ||||
Netflix, Inc.* | (17,546 | ) | (2,593,474 | ) | ||||
O’Reilly Automotive, Inc.* | (1,355 | ) | (365,633 | ) | ||||
Signet Jewelers, Ltd. (Bermuda) | (1,614 | ) | (111,802 | ) | ||||
TripAdvisor, Inc.* | (5,879 | ) | (253,738 | ) | ||||
Ulta Beauty, Inc.* | (2,550 | ) | (727,336 | ) | ||||
|
| |||||||
(7,558,779 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.9)% |
| |||||||
Advanced Micro Devices, Inc.* | (38,148 | ) | (555,053 | ) | ||||
Broadcom Ltd. (Singapore) | (4,602 | ) | (1,007,654 | ) | ||||
Micron Technology, Inc.* | (49,286 | ) | (1,424,365 | ) | ||||
|
| |||||||
(2,987,072 | ) | |||||||
|
| |||||||
Software & Services — (9.5)% |
| |||||||
Activision Blizzard, Inc. | (29,561 | ) | (1,473,911 | ) | ||||
Adobe Systems, Inc.* | (18,213 | ) | (2,370,058 | ) | ||||
Alliance Data Systems Corp. | (2,341 | ) | (582,909 | ) | ||||
Autodesk, Inc.* | (8,988 | ) | (777,192 | ) | ||||
Automatic Data Processing, Inc. | (7,864 | ) | (805,195 | ) | ||||
Electronic Arts, Inc.* | (12,525 | ) | (1,121,238 | ) | ||||
Fiserv, Inc.* | (8,793 | ) | (1,013,921 | ) | ||||
Intuit, Inc. | (10,444 | ) | (1,211,400 | ) | ||||
Oracle Corp. | (5,862 | ) | (261,504 | ) | ||||
PayPal Holdings, Inc.* | (49,245 | ) | (2,118,520 | ) | ||||
Red Hat, Inc.* | (7,214 | ) | (624,011 | ) | ||||
salesforce.com, Inc.* | (28,864 | ) | (2,380,991 | ) | ||||
Synopsys, Inc.* | (6,137 | ) | (442,662 | ) | ||||
|
| |||||||
(15,183,512 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.9)% |
| |||||||
CenturyLink, Inc. | (22,300 | ) | (525,611 | ) | ||||
Level 3 Communications, Inc.* | (14,689 | ) | (840,505 | ) | ||||
|
| |||||||
(1,366,116 | ) | |||||||
|
| |||||||
Transportation — (4.9)% |
| |||||||
American Airlines Group, Inc. | (20,698 | ) | (875,525 | ) |
The accompanying notes are an integral part of the financial statements.
124 |
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) | ||||||||
CSX Corp. | (37,870 | ) | $ | (1,762,848 | ) | |||
FedEx Corp. | (10,908 | ) | (2,128,696 | ) | ||||
JB Hunt Transport Services, Inc. | (4,542 | ) | (416,683 | ) | ||||
Kansas City Southern | (4,349 | ) | (372,970 | ) | ||||
United Parcel Service, Inc., Class B | (22,109 | ) | (2,372,296 | ) | ||||
|
| |||||||
(7,929,018 | ) | |||||||
|
| |||||||
Utilities — (6.0)% |
| |||||||
Alliant Energy Corp. | (6,782 | ) | (268,635 | ) | ||||
American Water Works Co., Inc. | (5,900 | ) | (458,843 | ) | ||||
CMS Energy Corp. | (6,805 | ) | (304,456 | ) | ||||
Consolidated Edison, Inc. | (5,135 | ) | (398,784 | ) | ||||
Duke Energy Corp. | (28,560 | ) | (2,342,206 | ) | ||||
FirstEnergy Corp. | (18,047 | ) | (574,256 | ) | ||||
NextEra Energy, Inc. | (19,094 | ) | (2,451,097 | ) | ||||
Pinnacle West Capital Corp. | (4,353 | ) | (362,953 | ) | ||||
Public Service Enterprise Group, Inc. | (20,598 | ) | (913,521 | ) | ||||
SCANA Corp. | (5,056 | ) | (330,410 | ) | ||||
Sempra Energy | (10,130 | ) | (1,119,365 | ) | ||||
WEC Energy Group, Inc. | (1,138 | ) | (68,997 | ) | ||||
|
| |||||||
(9,593,523 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK | (141,929,973 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD |
| (141,929,973 | ) | |||||
|
| |||||||
(Proceeds $137,472,822) | ||||||||
OTHER ASSETS IN EXCESS OF | 1,635,140 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 160,168,156 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(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. |
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
125 |
GOTHAM INDEX CORE FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 141.4% | ||||||||
COMMON STOCKS — 141.4% | ||||||||
Automobiles & Components — 1.8% |
| |||||||
BorgWarner, Inc.†(a) | 103 | $ | 4,304 | |||||
Delphi Automotive PLC (Jersey)† | 131 | 10,544 | ||||||
Ford Motor Co. | 414 | 4,819 | ||||||
General Motors Co.† | 450 | 15,912 | ||||||
Goodyear Tire & Rubber Co. (The) | 125 | 4,500 | ||||||
|
| |||||||
40,079 | ||||||||
|
| |||||||
Banks — 6.5% | ||||||||
Bank of America Corp.† | 1,025 | 24,180 | ||||||
BB&T Corp.† | 90 | 4,023 | ||||||
Citigroup, Inc.† | 109 | 6,520 | ||||||
Citizens Financial Group, Inc.† | 121 | 4,181 | ||||||
Comerica, Inc.† | 19 | 1,303 | ||||||
Fifth Third Bancorp. | 97 | 2,464 | ||||||
Huntington Bancshares, Inc.† | 524 | 7,016 | ||||||
JPMorgan Chase & Co.† | 374 | 32,852 | ||||||
KeyCorp.† | 521 | 9,263 | ||||||
M&T Bank Corp.† | 23 | 3,559 | ||||||
People’s United Financial, Inc.† | 32 | 582 | ||||||
PNC Financial Services Group, Inc. | 49 | 5,892 | ||||||
Regions Financial Corp.† | 126 | 1,831 | ||||||
SunTrust Banks, Inc.† | 59 | 3,263 | ||||||
US Bancorp† | 177 | 9,116 | ||||||
Wells Fargo & Co.† | 521 | 28,999 | ||||||
Zions Bancorporation† | 30 | 1,260 | ||||||
|
| |||||||
146,304 | ||||||||
|
| |||||||
Capital Goods — 11.9% | ||||||||
3M Co.† | 64 | 12,245 | ||||||
Allegion PLC (Ireland) | 46 | 3,482 | ||||||
AMETEK, Inc.† | 72 | 3,894 | ||||||
Arconic, Inc. | 228 | 6,005 | ||||||
Boeing Co. (The)† | 261 | 46,160 | ||||||
Caterpillar, Inc.† | 163 | 15,120 | ||||||
Cummins, Inc.† | 73 | 11,038 | ||||||
Deere & Co. | 7 | 762 | ||||||
Emerson Electric Co.† | 125 | 7,482 | ||||||
Flowserve Corp.(a) | 14 | 678 | ||||||
Fluor Corp. | 68 | 3,578 | ||||||
Fortive Corp.† | 142 | 8,551 | ||||||
Fortune Brands Home & Security, Inc. | 75 | 4,564 | ||||||
General Electric Co.† | 694 | 20,681 | ||||||
Honeywell International, Inc.† | 316 | 39,459 | ||||||
Illinois Tool Works, Inc.† | 60 | 7,948 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Ingersoll-Rand PLC (Ireland)† | 126 | $ | 10,246 | |||||
Jacobs Engineering Group, Inc.† | 59 | 3,262 | ||||||
L3 Technologies, Inc. | 37 | 6,116 | ||||||
Lockheed Martin Corp.† | 3 | 803 | ||||||
Masco Corp.† | 155 | 5,268 | ||||||
Northrop Grumman Corp.† | 19 | 4,519 | ||||||
Pentair PLC (Ireland) | 18 | 1,130 | ||||||
Raytheon Co. | 30 | 4,575 | ||||||
Rockwell Collins, Inc. | 63 | 6,121 | ||||||
Snap-on, Inc.† | 28 | 4,723 | ||||||
Stanley Black & Decker, Inc. | 74 | 9,832 | ||||||
Textron, Inc. | 131 | 6,234 | ||||||
TransDigm Group, Inc.(a) | 25 | 5,504 | ||||||
United Rentals, Inc.* | 8 | 1,000 | ||||||
United Technologies Corp.† | 7 | 785 | ||||||
WW Grainger, Inc.†(a) | 29 | 6,750 | ||||||
|
| |||||||
268,515 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.9% |
| |||||||
Dun & Bradstreet Corp. (The) | 18 | 1,943 | ||||||
Nielsen Holdings PLC (United Kingdom) | 173 | 7,147 | ||||||
Republic Services, Inc.† | 36 | 2,261 | ||||||
Robert Half International, Inc.† | 62 | 3,027 | ||||||
Stericycle, Inc.* | 8 | 663 | ||||||
Waste Management, Inc. | 69 | 5,031 | ||||||
|
| |||||||
20,072 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.3% | ||||||||
Coach, Inc. | 136 | 5,621 | ||||||
DR Horton, Inc.† | 180 | 5,996 | ||||||
Garmin Ltd. (Switzerland)(a) | 92 | 4,702 | ||||||
Hanesbrands, Inc.(a) | 183 | 3,799 | ||||||
Hasbro, Inc. | 61 | 6,089 | ||||||
Leggett & Platt, Inc.† | 49 | 2,466 | ||||||
Lennar Corp., Class A† | 25 | 1,280 | ||||||
Mattel, Inc. | 166 | 4,251 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 81 | 3,087 | ||||||
Newell Brands, Inc. | 233 | 10,991 | ||||||
PulteGroup, Inc.† | 154 | 3,627 | ||||||
PVH Corp.† | 39 | 4,035 | ||||||
Ralph Lauren Corp.† | 40 | 3,265 | ||||||
Under Armour, Inc., Class C(a) * | 212 | 3,880 | ||||||
VF Corp.(a) | 200 | 10,994 |
The accompanying notes are an integral part of the financial statements.
126 |
GOTHAM INDEX CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Whirlpool Corp.† | 9 | $ | 1,542 | |||||
|
| |||||||
75,625 | ||||||||
|
| |||||||
Consumer Services — 1.2% | ||||||||
H&R Block, Inc.†(a) | 22 | 512 | ||||||
McDonald’s Corp.† | 104 | 13,479 | ||||||
Royal Caribbean Cruises Ltd. | 76 | 7,456 | ||||||
Wyndham Worldwide Corp.† | 52 | 4,383 | ||||||
Yum! Brands, Inc.† | 5 | 320 | ||||||
|
| |||||||
26,150 | ||||||||
|
| |||||||
Diversified Financials — 7.4% | ||||||||
Ameriprise Financial, Inc.† | 10 | 1,297 | ||||||
Bank of New York Mellon Corp. | 89 | 4,203 | ||||||
Berkshire Hathaway Inc., Class B†* | 292 | 48,671 | ||||||
BlackRock, Inc.† | 5 | 1,918 | ||||||
Capital One Financial Corp.† | 55 | 4,766 | ||||||
Charles Schwab Corp. (The)† | 331 | 13,508 | ||||||
CME Group, Inc.† | 85 | 10,098 | ||||||
Discover Financial Services† | 46 | 3,146 | ||||||
E*TRADE Financial Corp.†* | 131 | 4,571 | ||||||
Goldman Sachs Group, Inc. (The)† | 75 | 17,229 | ||||||
Intercontinental Exchange, Inc.† | 62 | 3,712 | ||||||
Leucadia National Corp. | 70 | 1,820 | ||||||
Moody’s Corp.† | 92 | 10,308 | ||||||
Morgan Stanley† | 391 | 16,750 | ||||||
Nasdaq, Inc.† | 80 | 5,556 | ||||||
Northern Trust Corp.† | 26 | 2,251 | ||||||
Raymond James Financial, Inc. | 38 | 2,898 | ||||||
S&P Global, Inc.† | 26 | 3,399 | ||||||
State Street Corp.† | 24 | 1,911 | ||||||
Synchrony Financial† | 192 | 6,586 | ||||||
T Rowe Price Group, Inc.† | 25 | 1,704 | ||||||
|
| |||||||
166,302 | ||||||||
|
| |||||||
Energy — 6.5% | ||||||||
Apache Corp. | 182 | 9,353 | ||||||
Chevron Corp. | 183 | 19,649 | ||||||
Devon Energy Corp. | 64 | 2,670 | ||||||
Exxon Mobil Corp.† | 492 | 40,349 | ||||||
Halliburton Co. | 163 | 8,021 | ||||||
Kinder Morgan, Inc.† | 1,105 | 24,023 | ||||||
Newfield Exploration Co.* | 97 | 3,580 | ||||||
ONEOK, Inc.† | 22 | 1,220 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Phillips 66 | 54 | $ | 4,278 | |||||
Southwestern Energy Co.* | 276 | 2,255 | ||||||
TechnipFMC PLC (United Kingdom)* | 49 | 1,592 | ||||||
Transocean Ltd. (Switzerland)(a) * | 188 | 2,341 | ||||||
Valero Energy Corp.† | �� | 218 | 14,451 | |||||
Williams Cos., Inc. (The)† | 398 | 11,777 | ||||||
|
| |||||||
145,559 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.9% | ||||||||
CVS Health Corp.† | 513 | 40,270 | ||||||
Kroger Co. (The) | 165 | 4,866 | ||||||
Walgreens Boots Alliance, Inc.† | 194 | 16,112 | ||||||
Wal-Mart Stores, Inc.† | 671 | 48,366 | ||||||
|
| |||||||
109,614 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.7% | ||||||||
Altria Group, Inc.† | 271 | 19,355 | ||||||
Archer-Daniels-Midland Co. | 276 | 12,707 | ||||||
Campbell Soup Co. | 148 | 8,471 | ||||||
Coca-Cola Co. (The)† | 142 | 6,026 | ||||||
Conagra Brands, Inc.† | 211 | 8,512 | ||||||
Dr Pepper Snapple Group, Inc.† | 88 | 8,617 | ||||||
General Mills, Inc. | 57 | 3,364 | ||||||
Hershey Co. (The) | 104 | 11,362 | ||||||
Hormel Foods Corp.†(a) | 256 | 8,865 | ||||||
McCormick & Co., Inc., non-voting shares | 61 | 5,951 | ||||||
PepsiCo, Inc.† | 78 | 8,725 | ||||||
Philip Morris International, Inc.† | 246 | 27,773 | ||||||
Reynolds American, Inc.† | 149 | 9,390 | ||||||
Tyson Foods, Inc., Class A | 178 | 10,984 | ||||||
|
| |||||||
150,102 | ||||||||
|
| |||||||
Health Care Equipment & Services — 11.3% |
| |||||||
Abbott Laboratories | 176 | 7,816 | ||||||
Aetna, Inc.† | 170 | 21,684 | ||||||
Anthem, Inc.† | 127 | 21,003 | ||||||
Baxter International, Inc. | 261 | 13,535 | ||||||
Boston Scientific Corp.* | 441 | 10,968 | ||||||
Centene Corp.†* | 84 | 5,986 | ||||||
Cigna Corp.† | 124 | 18,165 | ||||||
CR Bard, Inc. | 7 | 1,740 | ||||||
Danaher Corp.† | 223 | 19,073 | ||||||
DaVita, Inc.†* | 96 | 6,525 | ||||||
Express Scripts Holding Co.†* | 300 | 19,773 | ||||||
HCA Holdings, Inc.†* | 178 | 15,840 |
The accompanying notes are an integral part of the financial statements.
127 |
GOTHAM INDEX CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Henry Schein, Inc.†* | 24 | $ | 4,079 | |||||
Humana, Inc.† | 73 | 15,048 | ||||||
Laboratory Corp. of America Holdings†* | 51 | 7,317 | ||||||
McKesson Corp.† | 72 | 10,675 | ||||||
Medtronic PLC (Ireland) | 92 | 7,412 | ||||||
Quest Diagnostics, Inc.† | 32 | 3,142 | ||||||
Stryker Corp. | 35 | 4,608 | ||||||
UnitedHealth Group, Inc.† | 233 | 38,214 | ||||||
Zimmer Biomet Holdings, Inc. | 21 | 2,564 | ||||||
|
| |||||||
255,167 | ||||||||
|
| |||||||
Household & Personal Products — 1.7% |
| |||||||
Church & Dwight Co., Inc.† | 49 | 2,444 | ||||||
Kimberly-Clark Corp.† | 87 | 11,452 | ||||||
Procter & Gamble Co. (The)† | 266 | 23,900 | ||||||
|
| |||||||
37,796 | ||||||||
|
| |||||||
Insurance — 4.1% | ||||||||
Aflac, Inc.† | 96 | 6,952 | ||||||
Allstate Corp. (The) | 38 | 3,097 | ||||||
Aon PLC (United Kingdom) | 127 | 15,074 | ||||||
Chubb Ltd. (Switzerland)† | 137 | 18,666 | ||||||
Cincinnati Financial Corp.† | 17 | 1,229 | ||||||
Lincoln National Corp.† | 7 | 458 | ||||||
Marsh & McLennan Cos., Inc.† | 249 | 18,399 | ||||||
Principal Financial Group, Inc. | 137 | 8,646 | ||||||
Progressive Corp. (The)† | 174 | 6,817 | ||||||
Prudential Financial, Inc.† | 50 | 5,334 | ||||||
Torchmark Corp.† | 12 | 924 | ||||||
Travelers Cos, Inc. (The)† | 29 | 3,496 | ||||||
Unum Group† | 24 | 1,125 | ||||||
XL Group Ltd. (Bermuda) | 36 | 1,435 | ||||||
|
| |||||||
91,652 | ||||||||
|
| |||||||
Materials — 6.7% | ||||||||
Air Products & Chemicals, Inc.† | 83 | 11,229 | ||||||
Albemarle Corp. | 12 | 1,268 | ||||||
Dow Chemical Co. (The)† | 363 | 23,065 | ||||||
EI du Pont de Nemours & Co.† | 269 | 21,609 | ||||||
FMC Corp.† | 19 | 1,322 | ||||||
Freeport-McMoRan, Inc.†* | 715 | 9,552 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 196 | 17,873 | ||||||
Monsanto Co.† | 212 | 23,998 | ||||||
Newmont Mining Corp.† | 257 | 8,471 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
PPG Industries, Inc.† | 112 | $ | 11,769 | |||||
Sealed Air Corp. | 90 | 3,922 | ||||||
Sherwin-Williams Co. (The) | 41 | 12,718 | ||||||
WestRock Co.† | 82 | 4,266 | ||||||
|
| |||||||
151,062 | ||||||||
|
| |||||||
Media — 6.9% | ||||||||
CBS Corp., Class B, non-voting shares† | 197 | 13,664 | ||||||
Charter Communications, Inc., Class A* | 28 | 9,165 | ||||||
Comcast Corp., Class A† | 663 | 24,922 | ||||||
Discovery Communications, Inc., Class A†(a) * | 284 | 8,262 | ||||||
Interpublic Group of Cos., Inc. (The) | 190 | 4,668 | ||||||
News Corp., Class A† | 281 | 3,653 | ||||||
Omnicom Group, Inc.†(a) | 114 | 9,828 | ||||||
Scripps Networks Interactive, Inc., Class A†(a) | 62 | 4,859 | ||||||
TEGNA, Inc.† | 104 | 2,664 | ||||||
Time Warner, Inc.† | 190 | 18,565 | ||||||
Twenty-First Century Fox, Inc., Class A† | 805 | 26,074 | ||||||
Viacom, Inc., Class B† | 192 | 8,951 | ||||||
Walt Disney Co. (The)† | 185 | 20,977 | ||||||
|
| |||||||
156,252 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 14.3% |
| |||||||
AbbVie, Inc.† | 537 | 34,991 | ||||||
Amgen, Inc.† | 275 | 45,119 | ||||||
Biogen, Inc.†* | 105 | 28,709 | ||||||
Bristol-Myers Squibb Co.† | 73 | 3,970 | ||||||
Celgene Corp.†* | 99 | 12,319 | ||||||
Eli Lilly & Co.† | 304 | 25,569 | ||||||
Gilead Sciences, Inc.† | 620 | 42,110 | ||||||
Johnson & Johnson† | 398 | 49,571 | ||||||
Merck & Co., Inc.† | 548 | 34,820 | ||||||
Mylan NV (Netherlands)* | 257 | 10,020 | ||||||
Pfizer, Inc.† | 885 | 30,276 | ||||||
Thermo Fisher Scientific, Inc. | 16 | 2,458 | ||||||
Waters Corp.†* | 9 | 1,407 | ||||||
|
| |||||||
321,339 | ||||||||
|
| |||||||
Real Estate — 3.5% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 20 | 2,210 | ||||||
AvalonBay Communities, Inc., REIT† | 24 | 4,406 |
The accompanying notes are an integral part of the financial statements.
128 |
GOTHAM INDEX CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
CBRE Group, Inc., Class A, REIT†* | 36 | $ | 1,252 | |||||
Digital Realty Trust, Inc., REIT†(a) | 69 | 7,341 | ||||||
Essex Property Trust, Inc., REIT† | 8 | 1,852 | ||||||
Extra Space Storage, Inc., REIT†(a) | 60 | 4,463 | ||||||
Federal Realty Investment Trust, REIT† | 9 | 1,202 | ||||||
GGP, Inc., REIT | 92 | 2,133 | ||||||
HCP, Inc., REIT | 49 | 1,533 | ||||||
Iron Mountain, Inc., REIT | 128 | 4,566 | ||||||
Mid-America Apartment Communities, Inc., REIT | 54 | 5,494 | ||||||
Public Storage, REIT | 19 | 4,159 | ||||||
Realty Income Corp., REIT(a) | 49 | 2,917 | ||||||
Regency Centers Corp., REIT | 49 | 3,253 | ||||||
Simon Property Group, Inc., REIT† | 32 | 5,505 | ||||||
UDR, Inc., REIT† | 129 | 4,678 | ||||||
Ventas, Inc., REIT† | 37 | 2,406 | ||||||
Vornado Realty Trust, REIT† | 51 | 5,116 | ||||||
Welltower, Inc., REIT† | 38 | 2,691 | ||||||
Weyerhaeuser Co., REIT | 362 | 12,301 | ||||||
|
| |||||||
79,478 | ||||||||
|
| |||||||
Retailing — 4.7% | ||||||||
Amazon.com, Inc.†* | 9 | 7,979 | ||||||
AutoNation, Inc.(a) * | 49 | 2,072 | ||||||
AutoZone, Inc.†* | 3 | 2,169 | ||||||
Bed Bath & Beyond, Inc.†(a) | 73 | 2,881 | ||||||
Best Buy Co., Inc.†(a) | 142 | 6,979 | ||||||
Dollar General Corp.† | 29 | 2,022 | ||||||
Dollar Tree, Inc.* | 32 | 2,511 | ||||||
Foot Locker, Inc. | 43 | 3,217 | ||||||
Gap, Inc. (The)† | 191 | 4,639 | ||||||
Genuine Parts Co.† | 60 | 5,545 | ||||||
Home Depot, Inc. (The)† | 42 | 6,167 | ||||||
Kohl’s Corp.† | 23 | 916 | ||||||
L Brands, Inc. | 70 | 3,297 | ||||||
Lowe’s Cos., Inc.† | 90 | 7,399 | ||||||
Macy’s, Inc. | 32 | 948 | ||||||
Nordstrom, Inc.† | 27 | 1,257 | ||||||
O’Reilly Automotive, Inc.†* | 5 | 1,349 | ||||||
Priceline Group, Inc. (The)†* | 14 | 24,920 | ||||||
Signet Jewelers, Ltd. (Bermuda) | 8 | 554 | ||||||
Staples, Inc.† | 313 | 2,745 | ||||||
Target Corp.† | 59 | 3,256 | ||||||
Tiffany & Co.(a) | 42 | 4,003 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
TJX Cos., Inc. (The)† | 68 | $ | 5,377 | |||||
Tractor Supply Co. | 56 | 3,862 | ||||||
|
| |||||||
106,064 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 8.5% |
| |||||||
Analog Devices, Inc.† | 155 | 12,702 | ||||||
Applied Materials, Inc.† | 521 | 20,267 | ||||||
Broadcom Ltd. (Singapore) | 6 | 1,314 | ||||||
Intel Corp.† | 1,436 | 51,797 | ||||||
KLA-Tencor Corp.† | 75 | 7,130 | ||||||
Lam Research Corp.† | 88 | 11,296 | ||||||
Microchip Technology, Inc.(a) | 25 | 1,844 | ||||||
Qorvo, Inc.* | 14 | 960 | ||||||
QUALCOMM, Inc.† | 714 | 40,941 | ||||||
Skyworks Solutions, Inc.† | 90 | 8,818 | ||||||
Texas Instruments, Inc.† | 443 | 35,688 | ||||||
|
| |||||||
192,757 | ||||||||
|
| |||||||
Software & Services — 10.2% | ||||||||
Accenture PLC, Class A (Ireland) | 109 | 13,067 | ||||||
Alphabet, Inc., Class A†* | 53 | 44,933 | ||||||
CA, Inc.† | 200 | 6,344 | ||||||
Citrix Systems, Inc.†* | 75 | 6,254 | ||||||
Cognizant Technology Solutions Corp., Class A†* | 64 | 3,809 | ||||||
CSRA, Inc.† | 79 | 2,314 | ||||||
eBay, Inc.†* | 282 | 9,467 | ||||||
Facebook, Inc., Class A†* | 187 | 26,563 | ||||||
Fidelity National Information Services, Inc.† | 145 | 11,545 | ||||||
International Business Machines Corp.† | 99 | 17,240 | ||||||
Mastercard, Inc., Class A† | 80 | 8,998 | ||||||
Microsoft Corp.† | 300 | 19,758 | ||||||
Oracle Corp.† | 275 | 12,268 | ||||||
Paychex, Inc. | 128 | 7,539 | ||||||
Teradata Corp.†(a) * | 64 | 1,992 | ||||||
Total System Services, Inc. | 66 | 3,528 | ||||||
VeriSign, Inc.†* | 15 | 1,307 | ||||||
Visa, Inc., Class A† | 254 | 22,573 | ||||||
Western Union Co. (The)†(a) | 233 | 4,742 | ||||||
Yahoo!, Inc.†* | 100 | 4,641 | ||||||
|
| |||||||
228,882 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 11.0% |
| |||||||
Amphenol Corp., Class A | 34 | 2,420 |
The accompanying notes are an integral part of the financial statements.
129 |
GOTHAM INDEX CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Apple, Inc.† | 791 | $ | 113,635 | |||||
Cisco Systems, Inc.† | 1,504 | 50,835 | ||||||
Corning, Inc. | 447 | 12,069 | ||||||
F5 Networks, Inc.†* | 31 | 4,420 | ||||||
FLIR Systems, Inc.† | 66 | 2,394 | ||||||
Hewlett Packard Enterprise Co. | 174 | 4,124 | ||||||
HP, Inc.† | 821 | 14,679 | ||||||
Juniper Networks, Inc.† | 185 | 5,149 | ||||||
Motorola Solutions, Inc. | 80 | 6,898 | ||||||
NetApp, Inc. | 131 | 5,482 | ||||||
Seagate Technology PLC (Ireland) | 143 | 6,568 | ||||||
TE Connectivity Ltd. (Switzerland) | 66 | 4,920 | ||||||
Western Digital Corp. | 139 | 11,472 | ||||||
Xerox Corp. | 490 | 3,597 | ||||||
|
| |||||||
248,662 | ||||||||
|
| |||||||
Telecommunication Services — 2.1% |
| |||||||
AT&T, Inc.† | 385 | 15,997 | ||||||
Verizon Communications, Inc.† | 662 | 32,272 | ||||||
|
| |||||||
48,269 | ||||||||
|
| |||||||
Transportation — 2.4% | ||||||||
Alaska Air Group, Inc.† | 15 | 1,383 | ||||||
CH Robinson Worldwide, Inc.†(a) | 57 | 4,406 | ||||||
Delta Air Lines, Inc.† | 353 | 16,224 | ||||||
Expeditors International of Washington, Inc.†(a) | 19 | 1,073 | ||||||
Ryder System, Inc. | 26 | 1,961 | ||||||
Southwest Airlines Co.† | 265 | 14,246 | ||||||
Union Pacific Corp. | 39 | 4,131 | ||||||
United Continental Holdings, Inc.†* | 152 | 10,737 | ||||||
|
| |||||||
54,161 | ||||||||
|
| |||||||
Utilities — 2.9% | ||||||||
AES Corp.† | 69 | 771 | ||||||
Ameren Corp. | 25 | 1,365 | ||||||
American Electric Power Co., Inc. | 52 | 3,491 | ||||||
CenterPoint Energy, Inc.† | 70 | 1,930 | ||||||
CMS Energy Corp. | 2 | 89 | ||||||
Dominion Resources, Inc. | 65 | 5,042 | ||||||
DTE Energy Co.† | 18 | 1,838 | ||||||
Edison International | 62 | 4,936 | ||||||
Entergy Corp. | 86 | 6,533 | ||||||
Eversource Energy† | 43 | 2,528 | ||||||
Exelon Corp.† | 368 | 13,241 | ||||||
NiSource, Inc. | 41 | 975 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
NRG Energy, Inc.† | 153 | $ | 2,861 | |||||
PG&E Corp. | 57 | 3,783 | ||||||
PPL Corp.† | 199 | 7,441 | ||||||
Southern Co. (The) | 103 | 5,127 | ||||||
WEC Energy Group, Inc.† | 33 | 2,001 | ||||||
Xcel Energy, Inc.† | 53 | 2,356 | ||||||
|
| |||||||
66,308 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,186,171 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 141.4% (Cost $2,944,456) |
| 3,186,171 | ||||||
|
| |||||||
SHORT POSITIONS — (41.2)% | ||||||||
COMMON STOCKS — (41.2)% | ||||||||
Automobiles & Components — (0.1)% |
| |||||||
Harley-Davidson, Inc. | (48 | ) | (2,904 | ) | ||||
|
| |||||||
Capital Goods — (2.7)% | ||||||||
Acuity Brands, Inc. | (12 | ) | (2,448 | ) | ||||
Dover Corp. | (26 | ) | (2,089 | ) | ||||
Eaton Corp. PLC (Ireland) | (123 | ) | (9,120 | ) | ||||
Fastenal Co. | (79 | ) | (4,068 | ) | ||||
General Dynamics Corp. | (44 | ) | (8,237 | ) | ||||
Johnson Controls International PLC (Ireland) | (255 | ) | (10,741 | ) | ||||
PACCAR, Inc. | (96 | ) | (6,451 | ) | ||||
Parker-Hannifin Corp. | (37 | ) | (5,932 | ) | ||||
Quanta Services, Inc.* | (42 | ) | (1,559 | ) | ||||
Rockwell Automation, Inc. | (36 | ) | (5,606 | ) | ||||
Roper Technologies, Inc. | (10 | ) | (2,065 | ) | ||||
Xylem, Inc. | (49 | ) | (2,461 | ) | ||||
|
| |||||||
(60,777 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.5)% |
| |||||||
Cintas Corp. | (29 | ) | (3,670 | ) | ||||
Equifax, Inc. | (33 | ) | (4,512 | ) | ||||
Verisk Analytics, Inc.* | (46 | ) | (3,732 | ) | ||||
|
| |||||||
(11,914 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (0.7)% |
| |||||||
Mohawk Industries, Inc.* | (21 | ) | (4,819 | ) | ||||
NIKE, Inc., Class B | (217 | ) | (12,093 | ) | ||||
|
| |||||||
(16,912 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
130 |
GOTHAM INDEX CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (0.9)% |
| |||||||
Chipotle Mexican Grill, Inc.* | (8 | ) | $ | (3,564 | ) | |||
Darden Restaurants, Inc. | (27 | ) | (2,259 | ) | ||||
Marriott International, Inc., Class A | (105 | ) | (9,889 | ) | ||||
Starbucks Corp. | (15 | ) | (876 | ) | ||||
Wynn Resorts Ltd. | (27 | ) | (3,094 | ) | ||||
|
| |||||||
(19,682 | ) | |||||||
|
| |||||||
Diversified Financials — (0.8)% | ||||||||
Affiliated Managers Group, Inc. | (16 | ) | (2,623 | ) | ||||
American Express Co. | (42 | ) | (3,323 | ) | ||||
CBOE Holdings, Inc. | (23 | ) | (1,865 | ) | ||||
Franklin Resources, Inc. | (155 | ) | (6,532 | ) | ||||
Invesco, Ltd. (Bermuda) | (111 | ) | (3,400 | ) | ||||
Navient Corp. | (73 | ) | (1,077 | ) | ||||
|
| |||||||
(18,820 | ) | |||||||
|
| |||||||
Energy — (4.5)% | ||||||||
Anadarko Petroleum Corp. | (150 | ) | (9,300 | ) | ||||
Baker Hughes, Inc. | (39 | ) | (2,333 | ) | ||||
Cabot Oil & Gas Corp. | (127 | ) | (3,037 | ) | ||||
Chesapeake Energy Corp.* | (244 | ) | (1,449 | ) | ||||
Cimarex Energy Co. | (26 | ) | (3,107 | ) | ||||
Concho Resources, Inc.* | (39 | ) | (5,005 | ) | ||||
ConocoPhillips | (26 | ) | (1,297 | ) | ||||
EOG Resources, Inc. | (156 | ) | (15,218 | ) | ||||
EQT Corp. | (47 | ) | (2,872 | ) | ||||
Helmerich & Payne, Inc. | (30 | ) | (1,997 | ) | ||||
Hess Corp. | (86 | ) | (4,146 | ) | ||||
Marathon Oil Corp. | (230 | ) | (3,634 | ) | ||||
Marathon Petroleum Corp. | (144 | ) | (7,278 | ) | ||||
Murphy Oil Corp. | (17 | ) | (486 | ) | ||||
National Oilwell Varco, Inc. | (103 | ) | (4,129 | ) | ||||
Noble Energy, Inc. | (118 | ) | (4,052 | ) | ||||
Occidental Petroleum Corp. | (208 | ) | (13,179 | ) | ||||
Pioneer Natural Resources Co. | (46 | ) | (8,567 | ) | ||||
Range Resources Corp. | (67 | ) | (1,950 | ) | ||||
Schlumberger Ltd. (Curacao) | (72 | ) | (5,623 | ) | ||||
Tesoro Corp. | (32 | ) | (2,594 | ) | ||||
|
| |||||||
(101,253 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.3)% | ||||||||
Costco Wholesale Corp. | (119 | ) | (19,955 | ) | ||||
Sysco Corp. | (148 | ) | (7,684 | ) | ||||
Whole Foods Market, Inc. | (87 | ) | (2,586 | ) | ||||
|
| |||||||
(30,225 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (3.3)% |
| |||||||
Brown-Forman Corp., Class B | (106 | ) | $ | (4,895 | ) | |||
Constellation Brands, Inc., Class A | (55 | ) | (8,914 | ) | ||||
JM Smucker Co. (The) | (18 | ) | (2,359 | ) | ||||
Kellogg Co. | (96 | ) | (6,971 | ) | ||||
Kraft Heinz Co. (The) | (233 | ) | (21,159 | ) | ||||
Mead Johnson Nutrition Co. | (50 | ) | (4,454 | ) | ||||
Molson Coors Brewing Co., Class B | (58 | ) | (5,551 | ) | ||||
Mondelez International, Inc., Class A . | (294 | ) | (12,666 | ) | ||||
Monster Beverage Corp.* | (155 | ) | (7,156 | ) | ||||
|
| |||||||
(74,125 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (2.6)% |
| |||||||
AmerisourceBergen Corp. | (14 | ) | (1,239 | ) | ||||
Becton Dickinson and Co. | (58 | ) | (10,639 | ) | ||||
Cardinal Health, Inc. | (87 | ) | (7,095 | ) | ||||
Cerner Corp.* | (95 | ) | (5,591 | ) | ||||
Cooper Cos., Inc. (The) | (14 | ) | (2,798 | ) | ||||
DENTSPLY SIRONA, Inc. | (63 | ) | (3,934 | ) | ||||
Edwards Lifesciences Corp.* | (58 | ) | (5,456 | ) | ||||
Envision Healthcare Corp.* | (31 | ) | (1,901 | ) | ||||
Hologic, Inc.* | (76 | ) | (3,234 | ) | ||||
IDEXX Laboratories, Inc.* | (25 | ) | (3,865 | ) | ||||
Intuitive Surgical, Inc.* | (8 | ) | (6,132 | ) | ||||
Patterson Cos., Inc. | (27 | ) | (1,221 | ) | ||||
Universal Health Services, Inc., Class B | (26 | ) | (3,236 | ) | ||||
Varian Medical Systems, Inc.* | (26 | ) | (2,369 | ) | ||||
|
| |||||||
(58,710 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.1)% |
| |||||||
Clorox Co. (The) | (35 | ) | (4,719 | ) | ||||
Colgate-Palmolive Co. | (115 | ) | (8,417 | ) | ||||
Coty, Inc., Class A | (204 | ) | (3,699 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (103 | ) | (8,733 | ) | ||||
|
| |||||||
(25,568 | ) | |||||||
|
| |||||||
Insurance — (1.3)% | ||||||||
American International Group, Inc. | (79 | ) | (4,932 | ) | ||||
Arthur J Gallagher & Co. | (49 | ) | (2,770 | ) | ||||
Assurant, Inc. | (16 | ) | (1,531 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (82 | ) | (3,942 | ) | ||||
Loews Corp. | (33 | ) | (1,543 | ) | ||||
MetLife, Inc. | (175 | ) | (9,244 | ) |
The accompanying notes are an integral part of the financial statements.
131 |
GOTHAM INDEX CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) |
| |||||||
Willis Towers Watson PLC (Ireland) | (38 | ) | $ | (4,974 | ) | |||
|
| |||||||
(28,936 | ) | |||||||
|
| |||||||
Materials — (2.4)% | ||||||||
Avery Dennison Corp. | (25 | ) | (2,015 | ) | ||||
Ball Corp. | (48 | ) | (3,564 | ) | ||||
CF Industries Holdings, Inc. | (63 | ) | (1,849 | ) | ||||
Eastman Chemical Co. | (40 | ) | (3,232 | ) | ||||
Ecolab, Inc. | (82 | ) | (10,278 | ) | ||||
International Flavors & Fragrances, Inc. | (22 | ) | (2,916 | ) | ||||
International Paper Co. | (112 | ) | (5,687 | ) | ||||
Martin Marietta Materials, Inc. | (18 | ) | (3,928 | ) | ||||
Mosaic Co. (The) | (96 | ) | (2,801 | ) | ||||
Nucor Corp. | (88 | ) | (5,255 | ) | ||||
Praxair, Inc. | (77 | ) | (9,132 | ) | ||||
Vulcan Materials Co. | (37 | ) | (4,458 | ) | ||||
|
| |||||||
(55,115 | ) | |||||||
|
| |||||||
Media — (0.1)% | ||||||||
DISH Network Corp., Class A* | (20 | ) | (1,270 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (3.3)% |
| |||||||
Agilent Technologies, Inc. | (88 | ) | (4,653 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (61 | ) | (7,396 | ) | ||||
Allergan PLC (Ireland) | (47 | ) | (11,229 | ) | ||||
Illumina, Inc.* | (40 | ) | (6,826 | ) | ||||
Incyte Corp.* | (57 | ) | (7,619 | ) | ||||
Mallinckrodt PLC (Ireland)* | (29 | ) | (1,293 | ) | ||||
Mettler-Toledo International, Inc.* | (8 | ) | (3,831 | ) | ||||
PerkinElmer, Inc. | (11 | ) | (639 | ) | ||||
Perrigo Co. PLC (Ireland) | (40 | ) | (2,656 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (33 | ) | (12,788 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (69 | ) | (7,545 | ) | ||||
Zoetis, Inc. | (135 | ) | (7,205 | ) | ||||
|
| |||||||
(73,680 | ) | |||||||
|
| |||||||
Real Estate — (2.6)% | ||||||||
American Tower Corp., REIT | (114 | ) | (13,856 | ) | ||||
Apartment Investment & Management Co., Class A, REIT | (41 | ) | (1,818 | ) | ||||
Boston Properties, Inc., REIT | (8 | ) | (1,059 | ) | ||||
Crown Castle International Corp., REIT | (99 | ) | (9,351 | ) | ||||
Equinix, Inc., REIT | (20 | ) | (8,007 | ) | ||||
Equity Residential, REIT | (100 | ) | (6,222 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (201 | ) | (3,751 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Kimco Realty Corp., REIT | (116 | ) | $ | (2,562 | ) | |||
Macerich Co. (The), REIT | (40 | ) | (2,576 | ) | ||||
Prologis, Inc., REIT | (130 | ) | (6,744 | ) | ||||
SL Green Realty Corp., REIT | (28 | ) | (2,985 | ) | ||||
|
| |||||||
(58,931 | ) | |||||||
|
| |||||||
Retailing — (1.9)% | ||||||||
Advance Auto Parts, Inc. | (21 | ) | (3,113 | ) | ||||
CarMax, Inc.* | (52 | ) | (3,079 | ) | ||||
Expedia, Inc. | (43 | ) | (5,425 | ) | ||||
LKQ Corp.* | (76 | ) | (2,225 | ) | ||||
Netflix, Inc.* | (117 | ) | (17,294 | ) | ||||
Ross Stores, Inc. | (62 | ) | (4,084 | ) | ||||
TripAdvisor, Inc.* | (40 | ) | (1,726 | ) | ||||
Ulta Beauty, Inc.* | (18 | ) | (5,134 | ) | ||||
|
| |||||||
(42,080 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.2)% |
| |||||||
Advanced Micro Devices, Inc.* | (253 | ) | (3,681 | ) | ||||
Micron Technology, Inc.* | (326 | ) | (9,421 | ) | ||||
NVIDIA Corp. | (90 | ) | (9,804 | ) | ||||
Xilinx, Inc. | (74 | ) | (4,284 | ) | ||||
|
| |||||||
(27,190 | ) | |||||||
|
| |||||||
Software & Services — (4.3)% | ||||||||
Activision Blizzard, Inc. | (131 | ) | (6,532 | ) | ||||
Adobe Systems, Inc.* | (103 | ) | (13,403 | ) | ||||
Akamai Technologies, Inc.* | (48 | ) | (2,866 | ) | ||||
Alliance Data Systems Corp. | (15 | ) | (3,735 | ) | ||||
Autodesk, Inc.* | (60 | ) | (5,188 | ) | ||||
Automatic Data Processing, Inc. | (7 | ) | (717 | ) | ||||
Electronic Arts, Inc.* | (83 | ) | (7,430 | ) | ||||
Fiserv, Inc.* | (59 | ) | (6,803 | ) | ||||
Intuit, Inc. | (69 | ) | (8,003 | ) | ||||
PayPal Holdings, Inc.* | (307 | ) | (13,207 | ) | ||||
Red Hat, Inc.* | (49 | ) | (4,238 | ) | ||||
salesforce.com, Inc.* | (192 | ) | (15,838 | ) | ||||
Symantec Corp. | (169 | ) | (5,185 | ) | ||||
Synopsys, Inc.* | (40 | ) | (2,885 | ) | ||||
|
| |||||||
(96,030 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.2)% |
| |||||||
Harris Corp. | (34 | ) | (3,783 | ) | ||||
|
| |||||||
Telecommunication Services — (0.4)% |
| |||||||
CenturyLink, Inc. | (149 | ) | (3,512 | ) | ||||
Level 3 Communications, Inc.* | (99 | ) | (5,665 | ) | ||||
|
| |||||||
(9,177 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
132 |
GOTHAM INDEX CORE FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (2.5)% |
| |||||||
American Airlines Group, Inc. | (139 | ) | $ | (5,880 | ) | |||
CSX Corp. | (214 | ) | (9,962 | ) | ||||
FedEx Corp. | (73 | ) | (14,246 | ) | ||||
JB Hunt Transport Services, Inc. | (31 | ) | (2,844 | ) | ||||
Kansas City Southern | (30 | ) | (2,573 | ) | ||||
Norfolk Southern Corp. | (74 | ) | (8,286 | ) | ||||
United Parcel Service, Inc., Class B | (111 | ) | (11,910 | ) | ||||
|
| |||||||
(55,701 | ) | |||||||
|
| |||||||
Utilities — (2.5)% | ||||||||
Alliant Energy Corp. | (8 | ) | (317 | ) | ||||
American Water Works Co., Inc. | (14 | ) | (1,089 | ) | ||||
Consolidated Edison, Inc. | (24 | ) | (1,864 | ) | ||||
Duke Energy Corp. | (190 | ) | (15,582 | ) | ||||
FirstEnergy Corp. | (119 | ) | (3,787 | ) | ||||
NextEra Energy, Inc. | (127 | ) | (16,303 | ) | ||||
Pinnacle West Capital Corp. | (22 | ) | (1,834 | ) | ||||
Public Service Enterprise Group, Inc. | (137 | ) | (6,076 | ) | ||||
SCANA Corp. | (29 | ) | (1,895 | ) | ||||
Sempra Energy | (68 | ) | (7,514 | ) | ||||
|
| |||||||
(56,261 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK | (929,044 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (41.2)% |
| (929,044 | ) | |||||
|
| |||||||
(Proceeds $895,425) | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% |
| (4,077 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,253,050 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
133 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 147.5% | ||||||||
COMMON STOCKS — 147.5% | ||||||||
Automobiles & Components — 2.4% |
| |||||||
BorgWarner, Inc.(a) | 141 | $ | 5,892 | |||||
Delphi Automotive PLC (Jersey)† | 179 | 14,408 | ||||||
General Motors Co.† | 538 | 19,024 | ||||||
Goodyear Tire & Rubber Co. (The) | 173 | 6,228 | ||||||
Harley-Davidson, Inc.† | 115 | 6,958 | ||||||
|
| |||||||
52,510 | ||||||||
|
| |||||||
Banks — 4.5% | ||||||||
Bank of America Corp.† | 617 | 14,555 | ||||||
BB&T Corp. | 51 | 2,280 | ||||||
Citigroup, Inc.† | 134 | 8,016 | ||||||
Citizens Financial Group, Inc. | 33 | 1,140 | ||||||
Comerica, Inc. | 12 | 823 | ||||||
Fifth Third Bancorp. | 46 | 1,168 | ||||||
Huntington Bancshares, Inc. | 633 | 8,476 | ||||||
JPMorgan Chase & Co.† | 221 | 19,413 | ||||||
KeyCorp.† | 550 | 9,779 | ||||||
M&T Bank Corp. | 11 | 1,702 | ||||||
People’s United Financial, Inc. | 18 | 328 | ||||||
PNC Financial Services Group, Inc. (The)† | 30 | 3,607 | ||||||
Regions Financial Corp. | 76 | 1,104 | ||||||
SunTrust Banks, Inc. | 32 | 1,770 | ||||||
US Bancorp† | 105 | 5,408 | ||||||
Wells Fargo & Co.† | 313 | 17,422 | ||||||
Zions Bancorporation† | 57 | 2,394 | ||||||
|
| |||||||
99,385 | ||||||||
|
| |||||||
Capital Goods — 13.7% | ||||||||
3M Co.† | 38 | 7,271 | ||||||
Allegion PLC (Ireland) | 63 | 4,769 | ||||||
AMETEK, Inc.† | 14 | 757 | ||||||
Arconic, Inc. | 323 | 8,508 | ||||||
Boeing Co. (The)† | 334 | 59,071 | ||||||
Caterpillar, Inc.† | 78 | 7,235 | ||||||
Cummins, Inc.† | 131 | 19,807 | ||||||
Dover Corp.† | 7 | 562 | ||||||
Emerson Electric Co.† | 250 | 14,965 | ||||||
Fluor Corp. | 89 | 4,683 | ||||||
Fortive Corp. | 66 | 3,975 | ||||||
Fortune Brands Home & Security, Inc. | 102 | 6,207 | ||||||
General Electric Co. | 23 | 685 | ||||||
Honeywell International, Inc.† | 338 | 42,206 | ||||||
Illinois Tool Works, Inc.† | 54 | 7,153 | ||||||
Ingersoll-Rand PLC (Ireland)† | 171 | 13,906 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Capital Goods — (Continued) | ||||||||
Jacobs Engineering Group, Inc.† | 81 | $ | 4,478 | |||||
L3 Technologies, Inc.† | 54 | 8,926 | ||||||
Masco Corp.† | 214 | 7,274 | ||||||
Northrop Grumman Corp. | 10 | 2,378 | ||||||
PACCAR, Inc.† | 97 | 6,518 | ||||||
Parker-Hannifin Corp.† | 86 | 13,788 | ||||||
Raytheon Co. | 18 | 2,745 | ||||||
Rockwell Automation, Inc.† | 9 | 1,401 | ||||||
Rockwell Collins, Inc. | 84 | 8,161 | ||||||
Snap-on, Inc.† | 28 | 4,723 | ||||||
Stanley Black & Decker, Inc.† | 97 | 12,888 | ||||||
Textron, Inc. | 172 | 8,185 | ||||||
TransDigm Group, Inc.(a) | 24 | 5,284 | ||||||
United Rentals, Inc.†* | 71 | 8,879 | ||||||
WW Grainger, Inc.†(a) | 40 | 9,310 | ||||||
|
| |||||||
306,698 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.0% |
| |||||||
Cintas Corp.† | 4 | 506 | ||||||
Dun & Bradstreet Corp. (The)† | 24 | 2,591 | ||||||
Nielsen Holdings PLC (United Kingdom) | 227 | 9,377 | ||||||
Republic Services, Inc. | 21 | 1,319 | ||||||
Robert Half International, Inc.† | 85 | 4,151 | ||||||
Waste Management, Inc.† | 67 | 4,886 | ||||||
|
| |||||||
22,830 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.2% |
| |||||||
Coach, Inc. | 178 | 7,357 | ||||||
DR Horton, Inc. | 184 | 6,129 | ||||||
Garmin Ltd. (Switzerland)(a) | 128 | 6,542 | ||||||
Hanesbrands, Inc.(a) | 249 | 5,169 | ||||||
Hasbro, Inc. | 79 | 7,886 | ||||||
Leggett & Platt, Inc. | 8 | 403 | ||||||
Lennar Corp., Class A | 14 | 717 | ||||||
Mattel, Inc. | 217 | 5,557 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 106 | 4,040 | ||||||
Newell Brands, Inc.† | 306 | 14,434 | ||||||
PulteGroup, Inc. | 202 | 4,757 | ||||||
PVH Corp.† | 61 | 6,312 | ||||||
Ralph Lauren Corp.† | 53 | 4,326 | ||||||
Under Armour, Inc., Class C(a)* | 278 | 5,087 | ||||||
VF Corp.†(a) | 263 | 14,457 | ||||||
Whirlpool Corp. | 4 | 685 | ||||||
|
| |||||||
93,858 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
134 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Consumer Services — 0.8% | ||||||||
Darden Restaurants, Inc.† | 22 | $ | 1,841 | |||||
H&R Block, Inc.† | 12 | 279 | ||||||
McDonald’s Corp. | 53 | 6,869 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 13 | 1,275 | ||||||
Wyndham Worldwide Corp.† | 85 | 7,165 | ||||||
|
| |||||||
17,429 | ||||||||
|
| |||||||
Diversified Financials — 5.1% | ||||||||
Ameriprise Financial, Inc. | 10 | 1,297 | ||||||
Bank of New York Mellon Corp. (The) | 65 | 3,070 | ||||||
Berkshire Hathaway Inc., Class B†* | 181 | 30,169 | ||||||
Capital One Financial Corp. | 31 | 2,686 | ||||||
Charles Schwab Corp. (The)† | 178 | 7,264 | ||||||
CME Group, Inc.† | 112 | 13,306 | ||||||
Discover Financial Services† | 25 | 1,710 | ||||||
E*TRADE Financial Corp.* | 18 | 628 | ||||||
Goldman Sachs Group, Inc. (The)† | 48 | 11,027 | ||||||
Intercontinental Exchange, Inc.† | 37 | 2,215 | ||||||
Leucadia National Corp. | 22 | 572 | ||||||
Moody’s Corp.† | 110 | 12,324 | ||||||
Morgan Stanley | 201 | 8,611 | ||||||
Nasdaq, Inc.† | 105 | 7,292 | ||||||
Navient Corp. | 14 | 207 | ||||||
Northern Trust Corp. | 14 | 1,212 | ||||||
Raymond James Financial, Inc. | 11 | 839 | ||||||
S&P Global, Inc.† | 46 | 6,014 | ||||||
State Street Corp. | 24 | 1,911 | ||||||
Synchrony Financial | 61 | 2,092 | ||||||
|
| |||||||
114,446 | ||||||||
|
| |||||||
Energy — 6.2% | ||||||||
Apache Corp. | 239 | 12,282 | ||||||
Chevron Corp. | 106 | 11,381 | ||||||
Devon Energy Corp. | 32 | 1,335 | ||||||
Exxon Mobil Corp.† | 323 | 26,489 | ||||||
Halliburton Co. | 53 | 2,608 | ||||||
Kinder Morgan, Inc.† | 1,472 | 32,001 | ||||||
Newfield Exploration Co.* | 127 | 4,688 | ||||||
ONEOK, Inc. | 66 | 3,659 | ||||||
Phillips 66† | 32 | 2,535 | ||||||
Southwestern Energy Co.* | 374 | 3,056 | ||||||
TechnipFMC PLC (United Kingdom)* | 15 | 488 | ||||||
Transocean Ltd. (Switzerland)* | 247 | 3,075 | ||||||
Valero Energy Corp.† | 299 | 19,821 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Energy — (Continued) | ||||||||
Williams Cos., Inc. (The)† | 523 | $ | 15,476 | |||||
|
| |||||||
138,894 | ||||||||
|
| |||||||
Food & Staples Retailing — 5.2% | ||||||||
CVS Health Corp.† | 700 | 54,950 | ||||||
Kroger Co. (The) | 169 | 4,984 | ||||||
Walgreens Boots Alliance, Inc.† | 107 | 8,886 | ||||||
Wal-Mart Stores, Inc.† | 671 | 48,366 | ||||||
|
| |||||||
117,186 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.8% | ||||||||
Altria Group, Inc.† | 409 | 29,211 | ||||||
Archer-Daniels-Midland Co. | 252 | 11,602 | ||||||
Campbell Soup Co. | 193 | 11,047 | ||||||
Conagra Brands, Inc.† | 289 | 11,658 | ||||||
Dr Pepper Snapple Group, Inc.† | 115 | 11,261 | ||||||
General Mills, Inc. | 7 | 413 | ||||||
Hershey Co. (The)† | 137 | 14,967 | ||||||
Hormel Foods Corp.†(a) | 343 | 11,878 | ||||||
McCormick & Co., Inc., non-voting shares(a) | 75 | 7,316 | ||||||
Philip Morris International, Inc.† | 200 | 22,580 | ||||||
Reynolds American, Inc.† | 89 | 5,609 | ||||||
Tyson Foods, Inc., Class A† | 237 | 14,625 | ||||||
|
| |||||||
152,167 | ||||||||
|
| |||||||
Health Care Equipment & Services — 12.6% |
| |||||||
Abbott Laboratories | 90 | 3,997 | ||||||
Aetna, Inc.† | 232 | 29,592 | ||||||
AmerisourceBergen Corp.† | 15 | 1,328 | ||||||
Anthem, Inc.† | 174 | 28,776 | ||||||
Baxter International, Inc.† | 341 | 17,684 | ||||||
Boston Scientific Corp.* | 354 | 8,804 | ||||||
Centene Corp.†* | 113 | 8,052 | ||||||
Cigna Corp.† | 170 | 24,903 | ||||||
CR Bard, Inc. | 4 | 994 | ||||||
Danaher Corp.† | 201 | 17,192 | ||||||
DaVita, Inc.†* | 133 | 9,040 | ||||||
Express Scripts Holding Co.†* | 437 | 28,803 | ||||||
HCA Holdings, Inc.†* | 233 | 20,735 | ||||||
Henry Schein, Inc.* | 13 | 2,210 | ||||||
Humana, Inc.† | 99 | 20,408 | ||||||
Laboratory Corp. of America Holdings†* | 70 | 10,043 | ||||||
McKesson Corp.† | 31 | 4,596 | ||||||
Quest Diagnostics, Inc.† | 35 | 3,437 |
The accompanying notes are an integral part of the financial statements.
135 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Stryker Corp. | 9 | $ | 1,185 | |||||
UnitedHealth Group, Inc.† | 238 | 39,034 | ||||||
Zimmer Biomet Holdings, Inc. | 12 | 1,465 | ||||||
|
| |||||||
282,278 | ||||||||
|
| |||||||
Household & Personal Products — 1.3% |
| |||||||
Church & Dwight Co., Inc.† | 21 | 1,047 | ||||||
Kimberly-Clark Corp.† | 108 | 14,216 | ||||||
Procter & Gamble Co. (The)† | 157 | 14,106 | ||||||
|
| |||||||
29,369 | ||||||||
|
| |||||||
Insurance — 4.1% | ||||||||
Aflac, Inc.† | 61 | 4,418 | ||||||
Allstate Corp. (The) | 22 | 1,793 | ||||||
Aon PLC (United Kingdom) | 166 | 19,703 | ||||||
Chubb Ltd. (Switzerland) | 151 | 20,574 | ||||||
Cincinnati Financial Corp.† | 9 | 650 | ||||||
Hartford Financial Services Group, Inc. (The) | 12 | 577 | ||||||
Lincoln National Corp. | 16 | 1,047 | ||||||
Marsh & McLennan Cos., Inc.† | 342 | 25,270 | ||||||
Principal Financial Group, Inc. | 73 | 4,607 | ||||||
Progressive Corp. (The) | 150 | 5,877 | ||||||
Prudential Financial, Inc. | 28 | 2,987 | ||||||
Torchmark Corp.† | 8 | 616 | ||||||
Travelers Cos, Inc. (The) | 17 | 2,049 | ||||||
Unum Group | 15 | 703 | ||||||
XL Group Ltd. (Bermuda) | 17 | 678 | ||||||
|
| |||||||
91,549 | ||||||||
|
| |||||||
Materials — 8.4% | ||||||||
Air Products & Chemicals, Inc. | 73 | 9,876 | ||||||
Albemarle Corp. | 3 | 317 | ||||||
Dow Chemical Co. (The)† | 469 | 29,800 | ||||||
EI du Pont de Nemours & Co.† | 275 | 22,091 | ||||||
FMC Corp.† | 100 | 6,959 | ||||||
Freeport-McMoRan, Inc.†* | 937 | 12,518 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 256 | 23,345 | ||||||
Monsanto Co.† | 289 | 32,715 | ||||||
Newmont Mining Corp.† | 337 | 11,108 | ||||||
PPG Industries, Inc.† | 86 | 9,037 | ||||||
Sealed Air Corp. | 29 | 1,264 | ||||||
Sherwin-Williams Co. (The)† | 62 | 19,232 | ||||||
WestRock Co.† | 160 | 8,325 | ||||||
|
| |||||||
186,587 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Media — 6.8% | ||||||||
CBS Corp., Class B, non-voting shares† | 192 | $ | 13,317 | |||||
Charter Communications, Inc., Class A* | 16 | 5,237 | ||||||
Comcast Corp., Class A† | 477 | 17,930 | ||||||
Discovery Communications, Inc., Class A†* | 401 | 11,665 | ||||||
Interpublic Group of Cos., Inc. (The) | 262 | 6,437 | ||||||
News Corp., Class A† | 426 | 5,538 | ||||||
Omnicom Group, Inc.†(a) | 156 | 13,449 | ||||||
Scripps Networks Interactive, Inc., Class A†(a) | 86 | 6,740 | ||||||
TEGNA, Inc.† | 166 | 4,253 | ||||||
Time Warner, Inc.† | 178 | 17,392 | ||||||
Twenty-First Century Fox, Inc., Class A† | 758 | 24,552 | ||||||
Viacom, Inc., Class B† | 262 | 12,214 | ||||||
Walt Disney Co. (The)† | 111 | 12,586 | ||||||
|
| |||||||
151,310 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 14.0% |
| |||||||
AbbVie, Inc.† | 590 | 38,444 | ||||||
Amgen, Inc.† | 342 | 56,112 | ||||||
Biogen, Inc.†* | 139 | 38,005 | ||||||
Celgene Corp.†* | 48 | 5,973 | ||||||
Eli Lilly & Co. | 314 | 26,411 | ||||||
Gilead Sciences, Inc.† | 772 | 52,434 | ||||||
Johnson & Johnson† | 310 | 38,610 | ||||||
Merck & Co., Inc.† | 432 | 27,449 | ||||||
Mylan NV (Netherlands)* | 262 | 10,215 | ||||||
Pfizer, Inc.† | 547 | 18,713 | ||||||
Waters Corp.†* | 2 | 313 | ||||||
|
| |||||||
312,679 | ||||||||
|
| |||||||
Real Estate — 3.5% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 13 | 1,437 | ||||||
AvalonBay Communities, Inc., REIT† . | 22 | 4,039 | ||||||
CBRE Group, Inc., Class A, REIT†* | 20 | 696 | ||||||
Digital Realty Trust, Inc., REIT(a) | 73 | 7,766 | ||||||
Essex Property Trust, Inc., REIT†(a) | 6 | 1,389 | ||||||
Extra Space Storage, Inc., REIT | 79 | 5,877 | ||||||
Federal Realty Investment Trust, REIT† | 4 | 534 | ||||||
GGP, Inc., REIT | 54 | 1,252 | ||||||
HCP, Inc., REIT | 29 | 907 |
The accompanying notes are an integral part of the financial statements.
136 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Real Estate — (Continued) | ||||||||
Iron Mountain, Inc., REIT | 167 | $ | 5,957 | |||||
Mid-America Apartment Communities, Inc., REIT | 71 | 7,224 | ||||||
Public Storage, REIT | 12 | 2,627 | ||||||
Realty Income Corp., REIT(a) | 49 | 2,917 | ||||||
Regency Centers Corp., REIT | 53 | 3,519 | ||||||
Simon Property Group, Inc., REIT | 19 | 3,269 | ||||||
UDR, Inc., REIT | 168 | 6,092 | ||||||
Ventas, Inc., REIT | 21 | 1,366 | ||||||
Vornado Realty Trust, REIT | 30 | 3,009 | ||||||
Welltower, Inc., REIT | 23 | 1,629 | ||||||
Weyerhaeuser Co., REIT† | 474 | 16,107 | ||||||
|
| |||||||
77,613 | ||||||||
|
| |||||||
Retailing — 4.7% | ||||||||
AutoNation, Inc.(a) * | 64 | 2,707 | ||||||
AutoZone, Inc.†* | 1 | 723 | ||||||
Bed Bath & Beyond, Inc.(a) | 114 | 4,498 | ||||||
Best Buy Co., Inc.† | 243 | 11,943 | ||||||
Dollar General Corp.† | 22 | 1,534 | ||||||
Dollar Tree, Inc.†* | 19 | 1,491 | ||||||
Foot Locker, Inc.† | 54 | 4,040 | ||||||
Gap, Inc. (The) | 18 | 437 | ||||||
Genuine Parts Co.† | 33 | 3,050 | ||||||
Home Depot, Inc. (The)† | 82 | 12,040 | ||||||
Kohl’s Corp.† | 23 | 916 | ||||||
Lowe’s Cos., Inc.† | 53 | 4,357 | ||||||
Macy’s, Inc. | 18 | 534 | ||||||
Nordstrom, Inc.(a) | 16 | 745 | ||||||
Priceline Group, Inc. (The)†* | 14 | 24,920 | ||||||
Ross Stores, Inc.† | 251 | 16,533 | ||||||
Signet Jewelers, Ltd. (Bermuda) | 4 | 277 | ||||||
Staples, Inc. | 412 | 3,613 | ||||||
Target Corp.† | 34 | 1,876 | ||||||
Tiffany & Co.(a) | 39 | 3,717 | ||||||
Tractor Supply Co. | 83 | 5,725 | ||||||
|
| |||||||
105,676 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 13.1% |
| |||||||
Analog Devices, Inc.† | 229 | 18,767 | ||||||
Applied Materials, Inc.† | 713 | 27,736 | ||||||
Intel Corp.† | 1,676 | 60,453 | ||||||
KLA-Tencor Corp. | 104 | 9,887 | ||||||
Lam Research Corp.† | 121 | 15,532 | ||||||
Microchip Technology, Inc.(a) | 14 | 1,033 | ||||||
NVIDIA Corp.† | 403 | 43,899 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Qorvo, Inc.* | 7 | $ | 480 | |||||
QUALCOMM, Inc.† | 933 | 53,498 | ||||||
Skyworks Solutions, Inc.†(a) | 118 | 11,562 | ||||||
Texas Instruments, Inc.† | 493 | 39,716 | ||||||
Xilinx, Inc.† | 163 | 9,436 | ||||||
|
| |||||||
291,999 | ||||||||
|
| |||||||
Software & Services — 6.8% | ||||||||
Accenture PLC, Class A (Ireland)† | 64 | 7,672 | ||||||
Akamai Technologies, Inc.†* | 95 | 5,672 | ||||||
Alphabet, Inc., Class A†* | 15 | 12,717 | ||||||
CA, Inc.† | 273 | 8,660 | ||||||
Citrix Systems, Inc.†* | 73 | 6,087 | ||||||
Cognizant Technology Solutions Corp., Class A†* | 37 | 2,202 | ||||||
CSRA, Inc.† | 108 | 3,163 | ||||||
eBay, Inc.†* | 884 | 29,676 | ||||||
Facebook, Inc., Class A* | 3 | 426 | ||||||
Fidelity National Information Services, Inc.† | 153 | 12,182 | ||||||
International Business Machines Corp.† | 88 | 15,324 | ||||||
Mastercard, Inc., Class A† | 25 | 2,812 | ||||||
Paychex, Inc. | 56 | 3,298 | ||||||
Symantec Corp.† | 418 | 12,824 | ||||||
Teradata Corp.†* | 98 | 3,050 | ||||||
Total System Services, Inc. | 41 | 2,192 | ||||||
VeriSign, Inc.(a) * | 9 | 784 | ||||||
Visa, Inc., Class A† | 143 | 12,708 | ||||||
Western Union Co. (The)† | 375 | 7,631 | ||||||
Yahoo!, Inc.†* | 59 | 2,738 | ||||||
|
| |||||||
151,818 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 14.1% |
| |||||||
Amphenol Corp., Class A | 20 | 1,423 | ||||||
Apple, Inc.† | 697 | 100,131 | ||||||
Cisco Systems, Inc.† | 1,882 | 63,612 | ||||||
Corning, Inc.† | 587 | 15,849 | ||||||
F5 Networks, Inc.†* | 49 | 6,986 | ||||||
FLIR Systems, Inc.† | 90 | 3,265 | ||||||
Harris Corp.† | 80 | 8,902 | ||||||
Hewlett Packard Enterprise Co.† | 1,105 | 26,188 | ||||||
HP, Inc.† | 1,296 | 23,172 | ||||||
Juniper Networks, Inc.† | 287 | 7,987 | ||||||
Motorola Solutions, Inc. | 105 | 9,053 | ||||||
NetApp, Inc.† | 218 | 9,123 |
The accompanying notes are an integral part of the financial statements.
137 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Seagate Technology PLC (Ireland) | 195 | $ | 8,956 | |||||
TE Connectivity Ltd. (Switzerland)† | 136 | 10,139 | ||||||
Western Digital Corp.† | 182 | 15,020 | ||||||
Xerox Corp. | 643 | 4,720 | ||||||
|
| |||||||
314,526 | ||||||||
|
| |||||||
Telecommunication Services — 1.2% | ||||||||
AT&T, Inc.† | 73 | 3,033 | ||||||
Verizon Communications, Inc.† | 502 | 24,472 | ||||||
|
| |||||||
27,505 | ||||||||
|
| |||||||
Transportation — 4.2% | ||||||||
Alaska Air Group, Inc.† | 78 | 7,193 | ||||||
American Airlines Group, Inc.† | 8 | 338 | ||||||
CH Robinson Worldwide, Inc.(a) | 46 | 3,555 | ||||||
Delta Air Lines, Inc.† | 581 | 26,703 | ||||||
Expeditors International of Washington, Inc.† | 122 | 6,892 | ||||||
Norfolk Southern Corp. | 11 | 1,232 | ||||||
Ryder System, Inc. | 34 | 2,565 | ||||||
Southwest Airlines Co.† | 403 | 21,665 | ||||||
Union Pacific Corp.† | 54 | 5,720 | ||||||
United Continental Holdings, Inc.†* | 266 | 18,790 | ||||||
|
| |||||||
94,653 | ||||||||
|
| |||||||
Utilities — 2.8% | ||||||||
AES Corp.† | 40 | 447 | ||||||
Ameren Corp. | 14 | 764 | ||||||
American Electric Power Co., Inc. | 30 | 2,014 | ||||||
CenterPoint Energy, Inc. | 54 | 1,489 | ||||||
CMS Energy Corp. | 15 | 671 | ||||||
Dominion Resources, Inc. | 39 | 3,025 | ||||||
DTE Energy Co.† | 11 | 1,123 | ||||||
Edison International | 86 | 6,846 | ||||||
Entergy Corp.† | 118 | 8,963 | ||||||
Eversource Energy | 29 | 1,705 | ||||||
Exelon Corp.† | 450 | 16,191 | ||||||
NiSource, Inc. | 35 | 833 | ||||||
NRG Energy, Inc.† | 235 | 4,394 | ||||||
PG&E Corp. | 48 | 3,185 | ||||||
PPL Corp. | 115 | 4,300 | ||||||
Southern Co. (The) | 61 | 3,037 | ||||||
WEC Energy Group, Inc.† | 19 | 1,152 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Utilities — (Continued) | ||||||||
Xcel Energy, Inc. | 32 | $ | 1,422 | |||||
|
| |||||||
61,561 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,294,526 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 147.5% | 3,294,526 | |||||||
|
| |||||||
(Cost $2,933,574) | ||||||||
SHORT POSITIONS — (87.9)% | ||||||||
COMMON STOCKS — (87.9)% | ||||||||
Automobiles & Components — (0.1)% |
| |||||||
Ford Motor Co. | (236 | ) | (2,747 | ) | ||||
|
| |||||||
Capital Goods — (5.0)% | ||||||||
Acuity Brands, Inc. | (23 | ) | (4,692 | ) | ||||
Deere & Co. | (55 | ) | (5,987 | ) | ||||
Eaton Corp. PLC (Ireland) | (229 | ) | (16,980 | ) | ||||
Fastenal Co. | (154 | ) | (7,931 | ) | ||||
Flowserve Corp. | (62 | ) | (3,002 | ) | ||||
General Dynamics Corp. | (111 | ) | (20,779 | ) | ||||
Johnson Controls International PLC (Ireland) | (495 | ) | (20,849 | ) | ||||
Lockheed Martin Corp. | (16 | ) | (4,282 | ) | ||||
Pentair PLC (Ireland) | (27 | ) | (1,695 | ) | ||||
Quanta Services, Inc.* | (80 | ) | (2,969 | ) | ||||
Roper Technologies, Inc. | (37 | ) | (7,640 | ) | ||||
United Technologies Corp. | (90 | ) | (10,099 | ) | ||||
Xylem, Inc. | (95 | ) | (4,771 | ) | ||||
|
| |||||||
(111,676 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.8)% |
| |||||||
Equifax, Inc. | (61 | ) | (8,341 | ) | ||||
Stericycle, Inc.* | (17 | ) | (1,409 | ) | ||||
Verisk Analytics, Inc.* | (87 | ) | (7,059 | ) | ||||
|
| |||||||
(16,809 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.8)% |
| |||||||
Mohawk Industries, Inc.* | (38 | ) | (8,721 | ) | ||||
NIKE, Inc., Class B | (544 | ) | (30,317 | ) | ||||
|
| |||||||
(39,038 | ) | |||||||
|
| |||||||
Consumer Services — (2.1)% | ||||||||
Chipotle Mexican Grill, Inc.* | (19 | ) | (8,465 | ) | ||||
Marriott International, Inc., Class A | (199 | ) | (18,742 | ) | ||||
Starbucks Corp. | (198 | ) | (11,561 | ) |
The accompanying notes are an integral part of the financial statements.
138 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) | ||||||||
Wynn Resorts Ltd. | (62 | ) | $ | (7,106 | ) | |||
|
| |||||||
(45,874 | ) | |||||||
|
| |||||||
Diversified Financials — (2.9)% | ||||||||
Affiliated Managers Group, Inc. | (30 | ) | (4,918 | ) | ||||
American Express Co. | (257 | ) | (20,331 | ) | ||||
BlackRock, Inc. | (33 | ) | (12,656 | ) | ||||
CBOE Holdings, Inc. | (41 | ) | (3,324 | ) | ||||
Franklin Resources, Inc. | (299 | ) | (12,600 | ) | ||||
Invesco, Ltd. (Bermuda) | (215 | ) | (6,585 | ) | ||||
T Rowe Price Group, Inc. | (70 | ) | (4,770 | ) | ||||
|
| |||||||
(65,184 | ) | |||||||
|
| |||||||
Energy — (10.0)% | ||||||||
Anadarko Petroleum Corp. | (280 | ) | (17,360 | ) | ||||
Baker Hughes, Inc. | (194 | ) | (11,605 | ) | ||||
Cabot Oil & Gas Corp. | (256 | ) | (6,121 | ) | ||||
Chesapeake Energy Corp.* | (456 | ) | (2,709 | ) | ||||
Cimarex Energy Co. | (58 | ) | (6,930 | ) | ||||
Concho Resources, Inc.* | (80 | ) | (10,267 | ) | ||||
ConocoPhillips | (219 | ) | (10,922 | ) | ||||
EOG Resources, Inc. | (289 | ) | (28,192 | ) | ||||
EQT Corp. | (94 | ) | (5,743 | ) | ||||
Helmerich & Payne, Inc. | (56 | ) | (3,728 | ) | ||||
Hess Corp. | (177 | ) | (8,533 | ) | ||||
Marathon Oil Corp. | (430 | ) | (6,794 | ) | ||||
Marathon Petroleum Corp. | (268 | ) | (13,545 | ) | ||||
Murphy Oil Corp. | (88 | ) | (2,516 | ) | ||||
National Oilwell Varco, Inc. | (199 | ) | (7,978 | ) | ||||
Noble Energy, Inc. | (220 | ) | (7,555 | ) | ||||
Occidental Petroleum Corp. | (389 | ) | (24,647 | ) | ||||
Pioneer Natural Resources Co. | (86 | ) | (16,016 | ) | ||||
Range Resources Corp. | (130 | ) | (3,783 | ) | ||||
Schlumberger Ltd. (Curacao) | (303 | ) | (23,664 | ) | ||||
Tesoro Corp. | (59 | ) | (4,783 | ) | ||||
|
| |||||||
(223,391 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (2.6)% | ||||||||
Costco Wholesale Corp. | (226 | ) | (37,898 | ) | ||||
Sysco Corp. | (286 | ) | (14,849 | ) | ||||
Whole Foods Market, Inc. | (169 | ) | (5,023 | ) | ||||
|
| |||||||
(57,770 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (7.7)% | ||||||||
Brown-Forman Corp., Class B | (210 | ) | (9,698 | ) | ||||
Coca-Cola Co. (The) | (325 | ) | (13,793 | ) | ||||
Constellation Brands, Inc., Class A | (101 | ) | (16,369 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
JM Smucker Co. (The) | (54 | ) | $ | (7,078 | ) | |||
Kellogg Co. | (179 | ) | (12,997 | ) | ||||
Kraft Heinz Co. (The) | (469 | ) | (42,590 | ) | ||||
Mead Johnson Nutrition Co. | (95 | ) | (8,463 | ) | ||||
Molson Coors Brewing Co., Class B | (109 | ) | (10,432 | ) | ||||
Mondelez International, Inc., Class A | (769 | ) | (33,129 | ) | ||||
Monster Beverage Corp.* | (300 | ) | (13,851 | ) | ||||
PepsiCo, Inc. | (39 | ) | (4,363 | ) | ||||
|
| |||||||
(172,763 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (5.1)% |
| |||||||
Becton Dickinson and Co. | (108 | ) | (19,812 | ) | ||||
Cardinal Health, Inc. | (161 | ) | (13,130 | ) | ||||
Cerner Corp.* | (187 | ) | (11,005 | ) | ||||
Cooper Cos., Inc. (The) | (25 | ) | (4,997 | ) | ||||
DENTSPLY SIRONA, Inc. | (122 | ) | (7,618 | ) | ||||
Edwards Lifesciences Corp.* | (110 | ) | (10,348 | ) | ||||
Envision Healthcare Corp.* | (59 | ) | (3,618 | ) | ||||
Hologic, Inc.* | (147 | ) | (6,255 | ) | ||||
IDEXX Laboratories, Inc.* | (46 | ) | (7,112 | ) | ||||
Intuitive Surgical, Inc.* | (18 | ) | (13,796 | ) | ||||
Medtronic PLC (Ireland) | (31 | ) | (2,497 | ) | ||||
Patterson Cos., Inc. | (50 | ) | (2,262 | ) | ||||
Universal Health Services, Inc., Class B | (49 | ) | (6,098 | ) | ||||
Varian Medical Systems, Inc.* | (48 | ) | (4,374 | ) | ||||
|
| |||||||
(112,922 | ) | |||||||
|
| |||||||
Household & Personal Products — (2.5)% |
| |||||||
Clorox Co. (The) | (65 | ) | (8,764 | ) | ||||
Colgate-Palmolive Co. | (329 | ) | (24,080 | ) | ||||
Coty, Inc., Class A | (380 | ) | (6,889 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (199 | ) | (16,873 | ) | ||||
|
| |||||||
(56,606 | ) | |||||||
|
| |||||||
Insurance — (3.5)% | ||||||||
American International Group, Inc. | (359 | ) | (22,412 | ) | ||||
Arthur J Gallagher & Co. | (90 | ) | (5,089 | ) | ||||
Assurant, Inc. | (32 | ) | (3,061 | ) | ||||
Loews Corp. | (171 | ) | (7,998 | ) | ||||
MetLife, Inc. | (556 | ) | (29,368 | ) | ||||
Willis Towers Watson PLC (Ireland) | (72 | ) | (9,424 | ) | ||||
|
| |||||||
(77,352 | ) | |||||||
|
| |||||||
Materials — (4.7)% | ||||||||
Avery Dennison Corp. | (45 | ) | (3,627 | ) |
The accompanying notes are an integral part of the financial statements.
139 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Ball Corp. | (92 | ) | $ | (6,832 | ) | |||
CF Industries Holdings, Inc. | (144 | ) | (4,226 | ) | ||||
Eastman Chemical Co. | (75 | ) | (6,060 | ) | ||||
Ecolab, Inc. | (154 | ) | (19,302 | ) | ||||
International Flavors & Fragrances, Inc. | (41 | ) | (5,434 | ) | ||||
International Paper Co. | (209 | ) | (10,613 | ) | ||||
Martin Marietta Materials, Inc. | (33 | ) | (7,202 | ) | ||||
Mosaic Co. (The) | (186 | ) | (5,427 | ) | ||||
Nucor Corp. | (169 | ) | (10,093 | ) | ||||
Praxair, Inc. | (144 | ) | (17,078 | ) | ||||
Vulcan Materials Co. | (70 | ) | (8,434 | ) | ||||
|
| |||||||
(104,328 | ) | |||||||
|
| |||||||
Media — (0.4)% | ||||||||
DISH Network Corp., Class A* | (151 | ) | (9,587 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (7.3)% |
| |||||||
Agilent Technologies, Inc. | (163 | ) | (8,618 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (123 | ) | (14,913 | ) | ||||
Allergan PLC (Ireland) | (124 | ) | (29,626 | ) | ||||
Bristol-Myers Squibb Co. | (24 | ) | (1,305 | ) | ||||
Illumina, Inc.* | (82 | ) | (13,992 | ) | ||||
Incyte Corp.* | (107 | ) | (14,303 | ) | ||||
Mallinckrodt PLC (Ireland)* | (54 | ) | (2,407 | ) | ||||
Mettler-Toledo International, Inc.* | (14 | ) | (6,705 | ) | ||||
PerkinElmer, Inc. | (56 | ) | (3,251 | ) | ||||
Perrigo Co. PLC (Ireland) | (83 | ) | (5,510 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (62 | ) | (24,026 | ) | ||||
Thermo Fisher Scientific, Inc. | (53 | ) | (8,141 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (156 | ) | (17,059 | ) | ||||
Zoetis, Inc. | (262 | ) | (13,983 | ) | ||||
|
| |||||||
(163,839 | ) | |||||||
|
| |||||||
Real Estate — (5.2)% | ||||||||
American Tower Corp., REIT | (214 | ) | (26,010 | ) | ||||
Apartment Investment & Management Co., Class A, REIT | (79 | ) | (3,504 | ) | ||||
Boston Properties, Inc., REIT | (57 | ) | (7,547 | ) | ||||
Crown Castle International Corp., REIT | (186 | ) | (17,568 | ) | ||||
Equinix, Inc., REIT | (38 | ) | (15,214 | ) | ||||
Equity Residential, REIT | (194 | ) | (12,071 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (376 | ) | (7,016 | ) | ||||
Kimco Realty Corp., REIT | (224 | ) | (4,948 | ) | ||||
Macerich Co. (The), REIT | (77 | ) | (4,959 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) | ||||||||
Prologis, Inc., REIT | (220 | ) | $ | (11,414 | ) | |||
SL Green Realty Corp., REIT | (54 | ) | (5,757 | ) | ||||
|
| |||||||
(116,008 | ) | |||||||
|
| |||||||
Retailing — (5.5)% | ||||||||
Advance Auto Parts, Inc. | (39 | ) | (5,781 | ) | ||||
Amazon.com, Inc.* | (33 | ) | (29,256 | ) | ||||
CarMax, Inc.* | (102 | ) | (6,040 | ) | ||||
Expedia, Inc. | (96 | ) | (12,112 | ) | ||||
L Brands, Inc. | (44 | ) | (2,072 | ) | ||||
LKQ Corp.* | (155 | ) | (4,537 | ) | ||||
Netflix, Inc.* | (265 | ) | (39,170 | ) | ||||
O’Reilly Automotive, Inc.* | (4 | ) | (1,079 | ) | ||||
TJX Cos., Inc. | (133 | ) | (10,518 | ) | ||||
TripAdvisor, Inc.* | (90 | ) | (3,884 | ) | ||||
Ulta Beauty, Inc.* | (33 | ) | (9,413 | ) | ||||
|
| |||||||
(123,862 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.6)% |
| |||||||
Advanced Micro Devices, Inc.* | (474 | ) | (6,897 | ) | ||||
Broadcom Ltd. (Singapore) | (50 | ) | (10,948 | ) | ||||
Micron Technology, Inc.* | (642 | ) | (18,554 | ) | ||||
|
| |||||||
(36,399 | ) | |||||||
|
| |||||||
Software & Services — (9.5)% | ||||||||
Activision Blizzard, Inc. | (317 | ) | (15,806 | ) | ||||
Adobe Systems, Inc.* | (227 | ) | (29,540 | ) | ||||
Alliance Data Systems Corp. | (30 | ) | (7,470 | ) | ||||
Autodesk, Inc.* | (139 | ) | (12,019 | ) | ||||
Automatic Data Processing, Inc. | (90 | ) | (9,215 | ) | ||||
Electronic Arts, Inc.* | (156 | ) | (13,965 | ) | ||||
Fiserv, Inc.* | (110 | ) | (12,684 | ) | ||||
Intuit, Inc. | (135 | ) | (15,659 | ) | ||||
Microsoft Corp. | (300 | ) | (19,758 | ) | ||||
Oracle Corp. | (120 | ) | (5,353 | ) | ||||
PayPal Holdings, Inc.* | (613 | ) | (26,371 | ) | ||||
Red Hat, Inc.* | (112 | ) | (9,688 | ) | ||||
salesforce.com, Inc.* | (366 | ) | (30,191 | ) | ||||
Synopsys, Inc.* | (76 | ) | (5,482 | ) | ||||
|
| |||||||
(213,201 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.8)% |
| |||||||
CenturyLink, Inc. | (279 | ) | (6,576 | ) | ||||
Level 3 Communications, Inc.* | (190 | ) | (10,872 | ) | ||||
|
| |||||||
(17,448 | ) | |||||||
|
| |||||||
Transportation — (4.0)% | ||||||||
CSX Corp. | (473 | ) | (22,018 | ) |
The accompanying notes are an integral part of the financial statements.
140 |
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) | ||||||||
FedEx Corp. | (140 | ) | $ | (27,321 | ) | |||
JB Hunt Transport Services, Inc. | (60 | ) | (5,504 | ) | ||||
Kansas City Southern | (67 | ) | (5,746 | ) | ||||
United Parcel Service, Inc., Class B | (264 | ) | (28,327 | ) | ||||
|
| |||||||
(88,916 | ) | |||||||
|
| |||||||
Utilities — (4.8)% | ||||||||
Alliant Energy Corp. | (38 | ) | (1,505 | ) | ||||
American Water Works Co., Inc. | (46 | ) | (3,577 | ) | ||||
Consolidated Edison, Inc. | (44 | ) | (3,417 | ) | ||||
Duke Energy Corp. | (356 | ) | (29,196 | ) | ||||
FirstEnergy Corp. | (224 | ) | (7,128 | ) | ||||
NextEra Energy, Inc. | (238 | ) | (30,552 | ) | ||||
Pinnacle West Capital Corp. | (40 | ) | (3,335 | ) | ||||
Public Service Enterprise Group, Inc. | (267 | ) | (11,841 | ) | ||||
SCANA Corp. | (45 | ) | (2,941 | ) | ||||
Sempra Energy | (132 | ) | (14,586 | ) | ||||
|
| |||||||
(108,078 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK | (1,963,798 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (87.9)% |
| (1,963,798 | ) | |||||
|
| |||||||
(Proceeds $1,867,758) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 40.4% | 902,311 | |||||||
NET ASSETS - 100.0% | $ | 2,233,039 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
141 |
GOTHAM HEDGED CORE FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 96.4% | ||||||||
COMMON STOCKS — 96.4% | ||||||||
Automobiles & Components — 1.3% |
| |||||||
BorgWarner, Inc.(a) | 75 | $ | 3,134 | |||||
Delphi Automotive PLC (Jersey) | 95 | 7,647 | ||||||
Ford Motor Co. | 241 | 2,805 | ||||||
General Motors Co. | 311 | 10,997 | ||||||
Goodyear Tire & Rubber Co. (The) | 91 | 3,276 | ||||||
|
| |||||||
27,859 | ||||||||
|
| |||||||
Banks — 4.0% | ||||||||
Bank of America Corp. | 621 | 14,649 | ||||||
BB&T Corp. | 51 | 2,280 | ||||||
Citigroup, Inc. | 36 | 2,154 | ||||||
Citizens Financial Group, Inc. | 73 | 2,522 | ||||||
Comerica, Inc. | 11 | 754 | ||||||
Fifth Third Bancorp | 54 | 1,372 | ||||||
Huntington Bancshares, Inc. | 371 | 4,968 | ||||||
JPMorgan Chase & Co. | 219 | 19,237 | ||||||
KeyCorp. | 369 | 6,561 | ||||||
M&T Bank Corp. | 14 | 2,166 | ||||||
People’s United Financial, Inc. | 18 | 328 | ||||||
PNC Financial Services Group, Inc. (The) | 30 | 3,607 | ||||||
Regions Financial Corp. | 76 | 1,104 | ||||||
SunTrust Banks, Inc. | 36 | 1,991 | ||||||
US Bancorp | 104 | 5,356 | ||||||
Wells Fargo & Co. | 305 | 16,976 | ||||||
Zions Bancorporation | 13 | 546 | ||||||
|
| |||||||
86,571 | ||||||||
|
| |||||||
Capital Goods — 8.4% | ||||||||
3M Co. | 36 | 6,888 | ||||||
Allegion PLC (Ireland) | 34 | 2,574 | ||||||
AMETEK, Inc. | 44 | 2,379 | ||||||
Arconic, Inc. | 173 | 4,557 | ||||||
Boeing Co. (The) | 195 | 34,488 | ||||||
Caterpillar, Inc. | 118 | 10,946 | ||||||
Cummins, Inc. | 58 | 8,770 | ||||||
Deere & Co. | 3 | 327 | ||||||
Emerson Electric Co. | 54 | 3,232 | ||||||
Flowserve Corp.(a) | 7 | 339 | ||||||
Fluor Corp. | 48 | 2,526 | ||||||
Fortive Corp. | 96 | 5,781 | ||||||
Fortune Brands Home & Security, Inc. | 54 | 3,286 | ||||||
General Electric Co. | 371 | 11,056 | ||||||
Honeywell International, Inc. | 217 | 27,097 | ||||||
Illinois Tool Works, Inc. | 34 | 4,504 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Capital Goods — (Continued) | ||||||||
Ingersoll-Rand PLC (Ireland) | 90 | $ | 7,319 | |||||
Jacobs Engineering Group, Inc. | 43 | 2,377 | ||||||
L3 Technologies, Inc. | 27 | 4,463 | ||||||
Masco Corp. | 113 | 3,841 | ||||||
Northrop Grumman Corp. | 10 | 2,378 | ||||||
Pentair PLC (Ireland) | 11 | 691 | ||||||
Raytheon Co. | 17 | 2,592 | ||||||
Rockwell Collins, Inc. | 46 | 4,469 | ||||||
Snap-on, Inc. | 21 | 3,542 | ||||||
Stanley Black & Decker, Inc. | 53 | 7,042 | ||||||
Textron, Inc. | 93 | 4,426 | ||||||
TransDigm Group, Inc.(a) | 18 | 3,963 | ||||||
United Rentals, Inc.* | 5 | 625 | ||||||
WW Grainger, Inc.(a) | 21 | 4,888 | ||||||
|
| |||||||
181,366 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.6% |
| |||||||
Dun & Bradstreet Corp. (The) | 13 | 1,403 | ||||||
Nielsen Holdings PLC (United Kingdom) | 123 | 5,081 | ||||||
Republic Services, Inc. | 21 | 1,319 | ||||||
Robert Half International, Inc. | 45 | 2,197 | ||||||
Stericycle, Inc.* | 6 | 497 | ||||||
Waste Management, Inc. | 34 | 2,479 | ||||||
|
| |||||||
12,976 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 2.4% |
| |||||||
Coach, Inc. | 96 | 3,968 | ||||||
DR Horton, Inc. | 127 | 4,230 | ||||||
Garmin Ltd. (Switzerland)(a) | 66 | 3,373 | ||||||
Hanesbrands, Inc.(a) | 132 | 2,740 | ||||||
Hasbro, Inc. | 43 | 4,292 | ||||||
Leggett & Platt, Inc. | 23 | 1,157 | ||||||
Lennar Corp., Class A | 15 | 768 | ||||||
Mattel, Inc. | 118 | 3,022 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 57 | 2,172 | ||||||
Newell Brands, Inc. | 166 | 7,830 | ||||||
PulteGroup, Inc. | 109 | 2,567 | ||||||
PVH Corp. | 28 | 2,897 | ||||||
Ralph Lauren Corp. | 29 | 2,367 | ||||||
Under Armour, Inc., Class C(a) * | 150 | 2,745 | ||||||
VF Corp.(a) | 142 | 7,806 | ||||||
Whirlpool Corp. | 5 | 857 | ||||||
|
| |||||||
52,791 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
142 |
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Consumer Services — 0.7% | ||||||||
H&R Block, Inc. | 12 | $ | 279 | |||||
McDonald’s Corp. | 59 | 7,647 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 46 | 4,513 | ||||||
Wyndham Worldwide Corp. | 38 | 3,203 | ||||||
|
| |||||||
15,642 | ||||||||
|
| |||||||
Diversified Financials — 4.8% |
| |||||||
Ameriprise Financial, Inc. | 4 | 519 | ||||||
Bank of New York Mellon Corp. (The) | 49 | 2,314 | ||||||
Berkshire Hathaway Inc., Class B* | 173 | 28,836 | ||||||
BlackRock, Inc. | 1 | 383 | ||||||
Capital One Financial Corp. | 31 | 2,686 | ||||||
Charles Schwab Corp. (The) | 219 | 8,937 | ||||||
CME Group, Inc. | 56 | 6,653 | ||||||
Discover Financial Services | 26 | 1,778 | ||||||
E*TRADE Financial Corp.* | 93 | 3,245 | ||||||
Goldman Sachs Group, Inc. (The) | 48 | 11,027 | ||||||
Intercontinental Exchange, Inc. | 36 | 2,155 | ||||||
Leucadia National Corp. | 36 | 936 | ||||||
Moody’s Corp. | 66 | 7,395 | ||||||
Morgan Stanley | 255 | 10,924 | ||||||
Nasdaq, Inc. | 57 | 3,959 | ||||||
Northern Trust Corp. | 15 | 1,299 | ||||||
Raymond James Financial, Inc. | 32 | 2,440 | ||||||
S&P Global, Inc. | 15 | 1,961 | ||||||
State Street Corp. | 15 | 1,194 | ||||||
Synchrony Financial | 122 | 4,185 | ||||||
T Rowe Price Group, Inc. | 14 | 954 | ||||||
|
| |||||||
103,780 | ||||||||
|
| |||||||
Energy — 4.4% |
| |||||||
Apache Corp. | 130 | 6,681 | ||||||
Chevron Corp. | 107 | 11,489 | ||||||
Devon Energy Corp. | 36 | 1,502 | ||||||
Exxon Mobil Corp. | 290 | 23,783 | ||||||
Halliburton Co. | 99 | 4,872 | ||||||
Kinder Morgan, Inc. | 783 | 17,022 | ||||||
Newfield Exploration Co.* | 69 | 2,547 | ||||||
ONEOK, Inc. | 13 | 721 | ||||||
Phillips 66 | 31 | 2,456 | ||||||
Southwestern Energy Co.* | 198 | 1,618 | ||||||
TechnipFMC PLC (United Kingdom)* | 29 | 942 | ||||||
Transocean Ltd. (Switzerland)(a)* | 133 | 1,656 | ||||||
Valero Energy Corp. | 158 | 10,474 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Energy — (Continued) | ||||||||
Williams Cos., Inc. (The) | 282 | $ | 8,344 | |||||
|
| |||||||
94,107 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.4% |
| |||||||
CVS Health Corp. | 370 | 29,045 | ||||||
Kroger Co. (The) | 99 | 2,919 | ||||||
Walgreens Boots Alliance, Inc. | 121 | 10,049 | ||||||
Wal-Mart Stores, Inc. | 440 | 31,715 | ||||||
|
| |||||||
73,728 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 4.6% | �� | |||||||
Altria Group, Inc. | 226 | 16,141 | ||||||
Archer-Daniels-Midland Co. | 196 | 9,024 | ||||||
Campbell Soup Co. | 105 | 6,010 | ||||||
Coca-Cola Co. (The) | 25 | 1,061 | ||||||
Conagra Brands, Inc. | 153 | 6,172 | ||||||
Dr Pepper Snapple Group, Inc. | 62 | 6,071 | ||||||
General Mills, Inc. | 34 | 2,006 | ||||||
Hershey Co. (The) | 74 | 8,084 | ||||||
Hormel Foods Corp.(a) | 184 | 6,372 | ||||||
McCormick & Co., Inc., non-voting shares | 41 | 4,000 | ||||||
PepsiCo, Inc. | 34 | 3,803 | ||||||
Philip Morris International, Inc. | 150 | 16,935 | ||||||
Reynolds American, Inc. | 87 | 5,483 | ||||||
Tyson Foods, Inc., Class A | 126 | 7,775 | ||||||
|
| |||||||
98,937 | ||||||||
|
| |||||||
Health Care Equipment & Services — 8.1% |
| |||||||
Abbott Laboratories | 94 | 4,175 | ||||||
Aetna, Inc. | 123 | 15,689 | ||||||
Anthem, Inc. | 92 | 15,215 | ||||||
Baxter International, Inc. | 185 | 9,594 | ||||||
Boston Scientific Corp.* | 312 | 7,759 | ||||||
Centene Corp.* | 60 | 4,276 | ||||||
Cigna Corp. | 90 | 13,184 | ||||||
CR Bard, Inc. | 4 | 994 | ||||||
Danaher Corp. | 153 | 13,086 | ||||||
DaVita, Inc.* | 70 | 4,758 | ||||||
Express Scripts Holding Co.* | 220 | 14,500 | ||||||
HCA Holdings, Inc.* | 127 | 11,302 | ||||||
Henry Schein, Inc.* | 14 | 2,380 | ||||||
Humana, Inc. | 52 | 10,719 | ||||||
Laboratory Corp. of America Holdings* | 37 | 5,308 | ||||||
McKesson Corp. | 48 | 7,116 |
The accompanying notes are an integral part of the financial statements.
143 |
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Medtronic PLC (Ireland) | 48 | $ | 3,867 | |||||
Quest Diagnostics, Inc. | 22 | 2,160 | ||||||
Stryker Corp. | 22 | 2,896 | ||||||
UnitedHealth Group, Inc. | 153 | 25,094 | ||||||
Zimmer Biomet Holdings, Inc. | 13 | 1,587 | ||||||
|
| |||||||
175,659 | ||||||||
|
| |||||||
Household & Personal Products — 1.0% |
| |||||||
Church & Dwight Co., Inc. | 23 | 1,147 | ||||||
Kimberly-Clark Corp. | 57 | 7,503 | ||||||
Procter & Gamble Co. (The) | 155 | 13,927 | ||||||
|
| |||||||
22,577 | ||||||||
|
| |||||||
Insurance — 2.9% |
| |||||||
Aflac, Inc. | 63 | 4,562 | ||||||
Allstate Corp. (The) | 22 | 1,793 | ||||||
Aon PLC (United Kingdom) | 90 | 10,682 | ||||||
Chubb Ltd. (Switzerland) | 95 | 12,944 | ||||||
Cincinnati Financial Corp. | 10 | 723 | ||||||
Marsh & McLennan Cos., Inc. | 181 | 13,374 | ||||||
Principal Financial Group, Inc. | 98 | 6,185 | ||||||
Progressive Corp. (The) | 118 | 4,623 | ||||||
Prudential Financial, Inc. | 33 | 3,520 | ||||||
Torchmark Corp. | 8 | 616 | ||||||
Travelers Cos, Inc. (The) | 17 | 2,049 | ||||||
Unum Group | 15 | 703 | ||||||
XL Group Ltd. (Bermuda) | 21 | 837 | ||||||
|
| |||||||
62,611 | ||||||||
|
| |||||||
Materials — 4.9% |
| |||||||
Air Products & Chemicals, Inc. | 55 | 7,441 | ||||||
Albemarle Corp. | 7 | 739 | ||||||
Dow Chemical Co. (The) | 242 | 15,377 | ||||||
EI du Pont de Nemours & Co. | 181 | 14,540 | ||||||
FMC Corp. | 9 | 626 | ||||||
Freeport-McMoRan, Inc.* | 506 | 6,760 | ||||||
LyondellBasell Industries NV, Class A (Netherlands) | 138 | 12,584 | ||||||
Monsanto Co. | 153 | 17,320 | ||||||
Newmont Mining Corp. | 185 | 6,098 | ||||||
PPG Industries, Inc. | 73 | 7,671 | ||||||
Sealed Air Corp. | 56 | 2,440 | ||||||
Sherwin-Williams Co. (The) | 33 | 10,236 | ||||||
WestRock Co. | 71 | 3,694 | ||||||
|
| |||||||
105,526 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — 4.9% |
| |||||||
CBS Corp., Class B, non-voting shares | 132 | $ | 9,155 | |||||
Charter Communications, Inc., Class A* | 16 | 5,237 | ||||||
Comcast Corp., Class A | 403 | 15,149 | ||||||
Discovery Communications, Inc., Class A* | 207 | 6,022 | ||||||
Interpublic Group of Cos., Inc. (The) | 139 | 3,415 | ||||||
News Corp., Class A | 203 | 2,639 | ||||||
Omnicom Group, Inc. | 83 | 7,155 | ||||||
Scripps Networks Interactive, Inc., Class A(a) | 45 | 3,527 | ||||||
TEGNA, Inc. | 75 | 1,922 | ||||||
Time Warner, Inc. | 124 | 12,116 | ||||||
Twenty-First Century Fox, Inc., Class A | 640 | 20,730 | ||||||
Viacom, Inc., Class B | 139 | 6,480 | ||||||
Walt Disney Co. (The) | 117 | 13,267 | ||||||
|
| |||||||
106,814 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 9.8% |
| |||||||
AbbVie, Inc. | 365 | 23,783 | ||||||
Amgen, Inc. | 192 | 31,501 | ||||||
Biogen, Inc.* | 76 | 20,780 | ||||||
Bristol-Myers Squibb Co. | 30 | 1,631 | ||||||
Celgene Corp.* | 56 | 6,968 | ||||||
Eli Lilly & Co. | 205 | 17,243 | ||||||
Gilead Sciences, Inc. | 438 | 29,749 | ||||||
Johnson & Johnson | 244 | 30,390 | ||||||
Merck & Co., Inc. | 354 | 22,493 | ||||||
Mylan NV (Netherlands)* | 183 | 7,135 | ||||||
Pfizer, Inc. | 536 | 18,337 | ||||||
Thermo Fisher Scientific, Inc. | 8 | 1,229 | ||||||
Waters Corp.* | 5 | 782 | ||||||
|
| |||||||
212,021 | ||||||||
|
| |||||||
Real Estate — 2.4% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT | 13 | 1,437 | ||||||
AvalonBay Communities, Inc., REIT | 14 | 2,570 | ||||||
CBRE Group, Inc., Class A, REIT* | 21 | 731 | ||||||
Digital Realty Trust, Inc., REIT(a) | 48 | 5,107 | ||||||
Essex Property Trust, Inc., REIT | 5 | 1,158 | ||||||
Extra Space Storage, Inc., REIT(a) | 43 | 3,199 | ||||||
Federal Realty Investment Trust, REIT | 5 | 668 |
The accompanying notes are an integral part of the financial statements.
144 |
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Real Estate — (Continued) | ||||||||
GGP, Inc., REIT | 54 | $ | 1,252 | |||||
HCP, Inc., REIT | 28 | 876 | ||||||
Iron Mountain, Inc., REIT | 91 | 3,246 | ||||||
Mid-America Apartment Communities, Inc., REIT | 38 | 3,866 | ||||||
Public Storage, REIT | 11 | 2,408 | ||||||
Realty Income Corp., REIT(a) | 31 | 1,845 | ||||||
Regency Centers Corp., REIT | 35 | 2,324 | ||||||
Simon Property Group, Inc., REIT | 19 | 3,269 | ||||||
UDR, Inc., REIT | 91 | 3,300 | ||||||
Ventas, Inc., REIT | 22 | 1,431 | ||||||
Vornado Realty Trust, REIT | 32 | 3,210 | ||||||
Welltower, Inc., REIT | 22 | 1,558 | ||||||
Weyerhaeuser Co., REIT | 256 | 8,699 | ||||||
|
| |||||||
52,154 | ||||||||
|
| |||||||
Retailing — 3.0% |
| |||||||
AutoNation, Inc.(a)* | 35 | 1,480 | ||||||
AutoZone, Inc.* | 2 | 1,446 | ||||||
Bed Bath & Beyond, Inc.(a) | 53 | 2,091 | ||||||
Best Buy Co., Inc.(a) | 111 | 5,456 | ||||||
Dollar General Corp. | 17 | 1,185 | ||||||
Dollar Tree, Inc.* | 20 | 1,569 | ||||||
Foot Locker, Inc. | 31 | 2,319 | ||||||
Gap, Inc. (The) | 137 | 3,328 | ||||||
Genuine Parts Co. | 40 | 3,696 | ||||||
Home Depot, Inc. (The) | 12 | 1,762 | ||||||
Kohl’s Corp. | 15 | 597 | ||||||
L Brands, Inc. | 49 | 2,308 | ||||||
Lowe’s Cos., Inc. | 53 | 4,357 | ||||||
Macy’s, Inc. | 19 | 563 | ||||||
Nordstrom, Inc.(a) | 16 | 745 | ||||||
O’Reilly Automotive, Inc.* | 3 | 810 | ||||||
Priceline Group, Inc. (The)* | 10 | 17,800 | ||||||
Signet Jewelers, Ltd. (Bermuda) | 5 | 346 | ||||||
Staples, Inc. | 223 | 1,956 | ||||||
Target Corp. | 34 | 1,876 | ||||||
Tiffany & Co.(a) | 30 | 2,859 | ||||||
TJX Cos., Inc. (The) | 39 | 3,084 | ||||||
Tractor Supply Co. | 37 | 2,552 | ||||||
|
| |||||||
64,185 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.2% |
| |||||||
Analog Devices, Inc. | 109 | 8,933 | ||||||
Applied Materials, Inc. | 377 | 14,665 | ||||||
Intel Corp. | 986 | 35,565 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Semiconductors & Semiconductor |
| |||||||
KLA-Tencor Corp. | 55 | $ | 5,229 | |||||
Lam Research Corp. | 64 | 8,215 | ||||||
Microchip Technology, Inc.(a) | 15 | 1,107 | ||||||
Qorvo, Inc.* | 8 | 548 | ||||||
QUALCOMM, Inc. | 506 | 29,014 | ||||||
Skyworks Solutions, Inc.(a) | 65 | 6,369 | ||||||
Texas Instruments, Inc. | 307 | 24,732 | ||||||
|
| |||||||
134,377 | ||||||||
|
| |||||||
Software & Services — 6.0% |
| |||||||
Accenture PLC, Class A (Ireland) | 65 | 7,792 | ||||||
Alphabet, Inc., Class A* | 28 | 23,738 | ||||||
CA, Inc. | 144 | 4,568 | ||||||
Citrix Systems, Inc.* | 54 | 4,503 | ||||||
Cognizant Technology Solutions Corp., Class A* | 37 | 2,202 | ||||||
CSRA, Inc. | 57 | 1,670 | ||||||
eBay, Inc.* | 178 | 5,975 | ||||||
Facebook, Inc., Class A* | 93 | 13,211 | ||||||
Fidelity National Information Services, Inc. | 103 | 8,201 | ||||||
International Business Machines Corp. | 67 | 11,667 | ||||||
Mastercard, Inc., Class A | 43 | 4,836 | ||||||
Microsoft Corp. | 91 | 5,993 | ||||||
Oracle Corp. | 134 | 5,978 | ||||||
Paychex, Inc. | 99 | 5,831 | ||||||
Teradata Corp.(a)* | 46 | 1,432 | ||||||
Total System Services, Inc | 41 | 2,192 | ||||||
VeriSign, Inc.* | 9 | 784 | ||||||
Visa, Inc., Class A | 148 | 13,153 | ||||||
Western Union Co. (The)(a) | 169 | 3,439 | ||||||
Yahoo!, Inc.* | 58 | 2,692 | ||||||
|
| |||||||
129,857 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 7.6% |
| |||||||
Amphenol Corp., Class A | 20 | 1,423 | ||||||
Apple, Inc. | 504 | 72,405 | ||||||
Cisco Systems, Inc. | 1,013 | 34,239 | ||||||
Corning, Inc. | 317 | 8,559 | ||||||
F5 Networks, Inc.* | 23 | 3,279 | ||||||
FLIR Systems, Inc. | 48 | 1,741 | ||||||
Hewlett Packard Enterprise Co. | 101 | 2,394 | ||||||
HP, Inc. | 588 | 10,513 | ||||||
Juniper Networks, Inc. | 133 | 3,701 | ||||||
Motorola Solutions, Inc. | 57 | 4,915 |
The accompanying notes are an integral part of the financial statements.
145 |
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
NetApp, Inc. | 93 | $ | 3,892 | |||||
Seagate Technology PLC (Ireland) | 103 | 4,731 | ||||||
TE Connectivity Ltd. (Switzerland) | 34 | 2,535 | ||||||
Western Digital Corp. | 99 | 8,170 | ||||||
Xerox Corp. | 347 | 2,547 | ||||||
|
| |||||||
165,044 | ||||||||
|
| |||||||
Telecommunication Services — 1.3% |
| |||||||
AT&T, Inc. | 181 | 7,521 | ||||||
Verizon Communications, Inc. | 412 | 20,085 | ||||||
|
| |||||||
27,606 | ||||||||
|
| |||||||
Transportation — 1.8% |
| |||||||
Alaska Air Group, Inc. | 10 | 922 | ||||||
CH Robinson Worldwide, Inc.(a) | 38 | 2,937 | ||||||
Delta Air Lines, Inc. | 257 | 11,812 | ||||||
Expeditors International of Washington, Inc. | 11 | 621 | ||||||
Ryder System, Inc. | 19 | 1,433 | ||||||
Southwest Airlines Co. | 212 | 11,397 | ||||||
Union Pacific Corp. | 16 | 1,695 | ||||||
United Continental Holdings, Inc.* | 111 | 7,841 | ||||||
|
| |||||||
38,658 | ||||||||
|
| |||||||
Utilities — 1.9% |
| |||||||
AES Corp. | 41 | 458 | ||||||
Alliant Energy Corp. | 1 | 40 | ||||||
Ameren Corp. | 15 | 819 | ||||||
American Electric Power Co., Inc. | 30 | 2,014 | ||||||
CenterPoint Energy, Inc. | 47 | 1,296 | ||||||
CMS Energy Corp. | 8 | 358 | ||||||
Dominion Resources, Inc. | 38 | 2,948 | ||||||
DTE Energy Co. | 10 | 1,021 | ||||||
Edison International | 41 | 3,264 | ||||||
Entergy Corp. | 62 | 4,710 | ||||||
Eversource Energy | 22 | 1,293 | ||||||
Exelon Corp. | 252 | 9,067 | ||||||
NiSource, Inc. | 25 | 595 | ||||||
NRG Energy, Inc. | 110 | 2,057 | ||||||
PG&E Corp. | 33 | 2,190 | ||||||
PPL Corp. | 120 | 4,487 | ||||||
Southern Co. (The) | 60 | 2,987 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
WEC Energy Group, Inc. | 19 | $ | 1,152 | |||||
Xcel Energy, Inc. | 31 | 1,378 | ||||||
|
| |||||||
42,134 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,086,980 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 96.4% |
| 2,086,980 | ||||||
|
| |||||||
(Cost $1,927,538) | ||||||||
SHORT POSITIONS — (35.7)% |
| |||||||
COMMON STOCKS — (35.7)% |
| |||||||
Automobiles & Components — (0.1)% |
| |||||||
Harley-Davidson, Inc. | (39 | ) | (2,360 | ) | ||||
|
| |||||||
Capital Goods — (2.4)% |
| |||||||
Acuity Brands, Inc. | (10 | ) | (2,040 | ) | ||||
Dover Corp. | (21 | ) | (1,687 | ) | ||||
Eaton Corp. PLC (Ireland) | (99 | ) | (7,341 | ) | ||||
Fastenal Co. | (65 | ) | (3,348 | ) | ||||
General Dynamics Corp. | (37 | ) | (6,926 | ) | ||||
Johnson Controls International PLC (Ireland) | (209 | ) | (8,803 | ) | ||||
Lockheed Martin Corp. | (4 | ) | (1,070 | ) | ||||
PACCAR, Inc. | (78 | ) | (5,242 | ) | ||||
Parker-Hannifin Corp. | (30 | ) | (4,810 | ) | ||||
Quanta Services, Inc.* | (34 | ) | (1,262 | ) | ||||
Rockwell Automation, Inc. | (29 | ) | (4,516 | ) | ||||
Roper Technologies, Inc. | (9 | ) | (1,858 | ) | ||||
United Technologies Corp. | (10 | ) | (1,122 | ) | ||||
Xylem, Inc. | (41 | ) | (2,059 | ) | ||||
|
| |||||||
(52,084 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.5)% |
| |||||||
Cintas Corp. | (24 | ) | (3,037 | ) | ||||
Equifax, Inc. | (27 | ) | (3,692 | ) | ||||
Verisk Analytics, Inc.* | (38 | ) | (3,083 | ) | ||||
|
| |||||||
(9,812 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (0.7)% |
| |||||||
Mohawk Industries, Inc.* | (17 | ) | (3,901 | ) | ||||
NIKE, Inc., Class B | (185 | ) | (10,310 | ) | ||||
|
| |||||||
(14,211 | ) | |||||||
|
| |||||||
Consumer Services — (1.0)% |
| |||||||
Carnival Corp. (Panama) | (65 | ) | (3,829 | ) | ||||
Chipotle Mexican Grill, Inc.* | (7 | ) | (3,119 | ) |
The accompanying notes are an integral part of the financial statements.
146 |
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Darden Restaurants, Inc. | (21 | ) | $ | (1,757 | ) | |||
Marriott International, Inc., Class A | (87 | ) | (8,194 | ) | ||||
Starbucks Corp. | (31 | ) | (1,810 | ) | ||||
Wynn Resorts Ltd. | (23 | ) | (2,636 | ) | ||||
Yum! Brands, Inc. | (19 | ) | (1,214 | ) | ||||
|
| |||||||
(22,559 | ) | |||||||
|
| |||||||
Diversified Financials — (0.7)% |
| |||||||
Affiliated Managers Group, Inc. | (13 | ) | (2,131 | ) | ||||
American Express Co. | (42 | ) | (3,323 | ) | ||||
CBOE Holdings, Inc. | (18 | ) | (1,459 | ) | ||||
Franklin Resources, Inc. | (125 | ) | (5,267 | ) | ||||
Invesco, Ltd. (Bermuda) | (90 | ) | (2,757 | ) | ||||
Navient Corp. | (55 | ) | (812 | ) | ||||
|
| |||||||
(15,749 | ) | |||||||
|
| |||||||
Energy — (3.9)% |
| |||||||
Anadarko Petroleum Corp. | (121 | ) | (7,502 | ) | ||||
Baker Hughes, Inc. | (42 | ) | (2,512 | ) | ||||
Cabot Oil & Gas Corp. | (104 | ) | (2,487 | ) | ||||
Chesapeake Energy Corp.* | (197 | ) | (1,170 | ) | ||||
Cimarex Energy Co. | (21 | ) | (2,509 | ) | ||||
Concho Resources, Inc.* | (32 | ) | (4,107 | ) | ||||
ConocoPhillips | (37 | ) | (1,845 | ) | ||||
EOG Resources, Inc. | (124 | ) | (12,096 | ) | ||||
EQT Corp. | (38 | ) | (2,322 | ) | ||||
Helmerich & Payne, Inc. | (24 | ) | (1,598 | ) | ||||
Hess Corp. | (70 | ) | (3,375 | ) | ||||
Marathon Oil Corp. | (186 | ) | (2,939 | ) | ||||
Marathon Petroleum Corp. | (115 | ) | (5,812 | ) | ||||
Murphy Oil Corp. | (8 | ) | (229 | ) | ||||
National Oilwell Varco, Inc. | (84 | ) | (3,368 | ) | ||||
Noble Energy, Inc. | (95 | ) | (3,262 | ) | ||||
Occidental Petroleum Corp. | (167 | ) | (10,581 | ) | ||||
Pioneer Natural Resources Co. | (37 | ) | (6,891 | ) | ||||
Range Resources Corp. | (55 | ) | (1,600 | ) | ||||
Schlumberger Ltd. (Curacao) | (73 | ) | (5,701 | ) | ||||
Tesoro Corp. | (26 | ) | (2,108 | ) | ||||
|
| |||||||
(84,014 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.1)% |
| |||||||
Costco Wholesale Corp. | (96 | ) | (16,098 | ) | ||||
Sysco Corp. | (123 | ) | (6,386 | ) | ||||
Whole Foods Market, Inc. | (72 | ) | (2,140 | ) | ||||
|
| |||||||
(24,624 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (2.8)% |
| |||||||
Brown-Forman Corp., Class B | (89 | ) | $ | (4,110 | ) | |||
Constellation Brands, Inc., Class A | (44 | ) | (7,131 | ) | ||||
JM Smucker Co. (The) | (14 | ) | (1,835 | ) | ||||
Kellogg Co. | (78 | ) | (5,664 | ) | ||||
Kraft Heinz Co. (The) | (194 | ) | (17,617 | ) | ||||
Mead Johnson Nutrition Co. | (41 | ) | (3,652 | ) | ||||
Molson Coors Brewing Co., Class B | (47 | ) | (4,498 | ) | ||||
Mondelez International, Inc., Class A | (240 | ) | (10,339 | ) | ||||
Monster Beverage Corp.* | (129 | ) | (5,956 | ) | ||||
|
| |||||||
(60,802 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (2.2)% |
| |||||||
AmerisourceBergen Corp. | (13 | ) | (1,150 | ) | ||||
Becton Dickinson and Co. | (46 | ) | (8,438 | ) | ||||
Cardinal Health, Inc. | (70 | ) | (5,708 | ) | ||||
Cerner Corp.* | (79 | ) | (4,649 | ) | ||||
Cooper Cos., Inc. (The) | (11 | ) | (2,199 | ) | ||||
DENTSPLY SIRONA, Inc. | (52 | ) | (3,247 | ) | ||||
Edwards Lifesciences Corp.* | (47 | ) | (4,421 | ) | ||||
Envision Healthcare Corp.* | (25 | ) | (1,533 | ) | ||||
Hologic, Inc.* | (63 | ) | (2,681 | ) | ||||
IDEXX Laboratories, Inc.* | (20 | ) | (3,092 | ) | ||||
Intuitive Surgical, Inc.* | (6 | ) | (4,599 | ) | ||||
Patterson Cos., Inc. | (22 | ) | (995 | ) | ||||
Universal Health Services, Inc., Class B | (21 | ) | (2,613 | ) | ||||
Varian Medical Systems, Inc.* | (21 | ) | (1,914 | ) | ||||
|
| |||||||
(47,239 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.0)% |
| |||||||
Clorox Co. (The) | (28 | ) | (3,775 | ) | ||||
Colgate-Palmolive Co. | (106 | ) | (7,758 | ) | ||||
Coty, Inc., Class A | (164 | ) | (2,973 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (84 | ) | (7,122 | ) | ||||
|
| |||||||
(21,628 | ) | |||||||
|
| |||||||
Insurance — (1.2)% |
| |||||||
American International Group, Inc. | (71 | ) | (4,433 | ) | ||||
Arthur J Gallagher & Co. | (39 | ) | (2,205 | ) | ||||
Assurant, Inc. | (14 | ) | (1,339 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (71 | ) | (3,413 | ) | ||||
Lincoln National Corp. | (5 | ) | (327 | ) | ||||
Loews Corp. | (40 | ) | (1,871 | ) | ||||
MetLife, Inc. | (144 | ) | (7,606 | ) |
The accompanying notes are an integral part of the financial statements.
147 |
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) |
| |||||||
Willis Towers Watson PLC (Ireland) | (31 | ) | $ | (4,058 | ) | |||
|
| |||||||
(25,252 | ) | |||||||
|
| |||||||
Materials — (2.1)% |
| |||||||
Avery Dennison Corp. | (20 | ) | (1,612 | ) | ||||
Ball Corp. | (39 | ) | (2,896 | ) | ||||
CF Industries Holdings, Inc. | (52 | ) | (1,526 | ) | ||||
Eastman Chemical Co. | (33 | ) | (2,666 | ) | ||||
Ecolab, Inc. | (66 | ) | (8,272 | ) | ||||
International Flavors & Fragrances, Inc. | (18 | ) | (2,386 | ) | ||||
International Paper Co. | (90 | ) | (4,570 | ) | ||||
Martin Marietta Materials, Inc. | (15 | ) | (3,274 | ) | ||||
Mosaic Co. (The) | (79 | ) | (2,305 | ) | ||||
Nucor Corp. | (72 | ) | (4,300 | ) | ||||
Praxair, Inc. | (61 | ) | (7,235 | ) | ||||
Vulcan Materials Co. | (30 | ) | (3,614 | ) | ||||
|
| |||||||
(44,656 | ) | |||||||
|
| |||||||
Media — (0.1)% |
| |||||||
DISH Network Corp., Class A* | (25 | ) | (1,587 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (2.8)% |
| |||||||
Agilent Technologies, Inc. | (71 | ) | (3,754 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (50 | ) | (6,062 | ) | ||||
Allergan PLC (Ireland) | (41 | ) | (9,796 | ) | ||||
Illumina, Inc.* | (33 | ) | (5,631 | ) | ||||
Incyte Corp.* | (46 | ) | (6,149 | ) | ||||
Mallinckrodt PLC (Ireland)* | (23 | ) | (1,025 | ) | ||||
Mettler-Toledo International, Inc.* | (6 | ) | (2,873 | ) | ||||
PerkinElmer, Inc. | (13 | ) | (755 | ) | ||||
Perrigo Co. PLC (Ireland) | (32 | ) | (2,124 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (27 | ) | (10,463 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (56 | ) | (6,124 | ) | ||||
Zoetis, Inc. | (111 | ) | (5,924 | ) | ||||
|
| |||||||
(60,680 | ) | |||||||
|
| |||||||
Real Estate — (2.2)% |
| |||||||
American Tower Corp., REIT | (91 | ) | (11,060 | ) | ||||
Apartment Investment & Management Co., Class A, REIT | (31 | ) | (1,375 | ) | ||||
Boston Properties, Inc., REIT | (5 | ) | (662 | ) | ||||
Crown Castle International Corp., REIT | (79 | ) | (7,462 | ) | ||||
Equinix, Inc., REIT | (16 | ) | (6,406 | ) | ||||
Equity Residential, REIT | (82 | ) | (5,102 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (162 | ) | (3,023 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Kimco Realty Corp., REIT | (95 | ) | $ | (2,099 | ) | |||
Macerich Co. (The), REIT | (33 | ) | (2,125 | ) | ||||
Prologis, Inc., REIT | (106 | ) | (5,499 | ) | ||||
SL Green Realty Corp., REIT | (23 | ) | (2,452 | ) | ||||
|
| |||||||
(47,265 | ) | |||||||
|
| |||||||
Retailing — (1.6)% |
| |||||||
Advance Auto Parts, Inc. | (17 | ) | (2,520 | ) | ||||
Amazon.com, Inc.* | (1 | ) | (887 | ) | ||||
CarMax, Inc.* | (43 | ) | (2,546 | ) | ||||
Expedia, Inc. | (35 | ) | (4,416 | ) | ||||
LKQ Corp.* | (67 | ) | (1,961 | ) | ||||
Netflix, Inc.* | (95 | ) | (14,042 | ) | ||||
Ross Stores, Inc. | (56 | ) | (3,689 | ) | ||||
TripAdvisor, Inc.* | (33 | ) | (1,424 | ) | ||||
Ulta Beauty, Inc.* | (14 | ) | (3,993 | ) | ||||
|
| |||||||
(35,478 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.1)% |
| |||||||
Advanced Micro Devices, Inc.* | (205 | ) | (2,983 | ) | ||||
Broadcom Ltd. (Singapore) | (2 | ) | (438 | ) | ||||
Micron Technology, Inc.* | (264 | ) | (7,630 | ) | ||||
NVIDIA Corp. | (77 | ) | (8,388 | ) | ||||
Xilinx, Inc. | (59 | ) | (3,416 | ) | ||||
|
| |||||||
(22,855 | ) | |||||||
|
| |||||||
Software & Services — (3.6)% |
| |||||||
Activision Blizzard, Inc. | (99 | ) | (4,936 | ) | ||||
Adobe Systems, Inc.* | (82 | ) | (10,671 | ) | ||||
Akamai Technologies, Inc.* | (39 | ) | (2,328 | ) | ||||
Alliance Data Systems Corp. | (12 | ) | (2,988 | ) | ||||
Autodesk, Inc.* | (49 | ) | (4,237 | ) | ||||
Automatic Data Processing, Inc. | (13 | ) | (1,331 | ) | ||||
Electronic Arts, Inc.* | (67 | ) | (5,998 | ) | ||||
Fiserv, Inc.* | (48 | ) | (5,535 | ) | ||||
Intuit, Inc. | (57 | ) | (6,611 | ) | ||||
PayPal Holdings, Inc.* | (240 | ) | (10,325 | ) | ||||
Red Hat, Inc.* | (40 | ) | (3,460 | ) | ||||
salesforce.com, Inc.* | (155 | ) | (12,786 | ) | ||||
Symantec Corp. | (140 | ) | (4,295 | ) | ||||
Synopsys, Inc.* | (33 | ) | (2,380 | ) | ||||
|
| |||||||
(77,881 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.1)% |
| |||||||
Harris Corp. | (28 | ) | (3,116 | ) | ||||
|
| |||||||
Telecommunication Services — (0.3)% |
| |||||||
CenturyLink, Inc. | (120 | ) | (2,828 | ) |
The accompanying notes are an integral part of the financial statements.
148 |
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Level 3 Communications, Inc.* | (81 | ) | $ | (4,635 | ) | |||
|
| |||||||
(7,463 | ) | |||||||
|
| |||||||
Transportation — (2.1)% |
| |||||||
American Airlines Group, Inc. | (112 | ) | (4,738 | ) | ||||
CSX Corp. | (172 | ) | (8,007 | ) | ||||
FedEx Corp. | (59 | ) | (11,514 | ) | ||||
JB Hunt Transport Services, Inc. | (26 | ) | (2,385 | ) | ||||
Kansas City Southern | (25 | ) | (2,144 | ) | ||||
Norfolk Southern Corp. | (60 | ) | (6,718 | ) | ||||
United Parcel Service, Inc., Class B | (98 | ) | (10,515 | ) | ||||
|
| |||||||
(46,021 | ) | |||||||
|
| |||||||
Utilities — (2.1)% |
| |||||||
American Water Works Co., Inc. | (14 | ) | (1,089 | ) | ||||
Consolidated Edison, Inc. | (27 | ) | (2,097 | ) | ||||
Duke Energy Corp. | (153 | ) | (12,548 | ) | ||||
FirstEnergy Corp. | (96 | ) | (3,055 | ) | ||||
NextEra Energy, Inc. | (102 | ) | (13,094 | ) | ||||
Pinnacle West Capital Corp. | (18 | ) | (1,501 | ) | ||||
Public Service Enterprise Group, Inc. | (112 | ) | (4,967 | ) | ||||
SCANA Corp. | (20 | ) | (1,307 | ) | ||||
Sempra Energy | (55 | ) | (6,078 | ) | ||||
|
| |||||||
(45,736 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK |
| (773,072 | ) | |||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (35.7)% |
| (773,072 | ) | |||||
(Proceeds $743,988) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 850,496 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,164,404 | ||||||
|
|
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
149 |
GOTHAM INSTITUTIONAL VALUE FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 99.1% |
| |||||||
Automobiles & Components — 2.0% |
| |||||||
BorgWarner, Inc. | 123 | $ | 5,140 | |||||
Delphi Automotive PLC (Jersey) | 156 | 12,556 | ||||||
Ford Motor Co. | 648 | 7,543 | ||||||
General Motors Co. | 332 | 11,740 | ||||||
Goodyear Tire & Rubber Co. (The) | 150 | 5,400 | ||||||
Harley-Davidson, Inc. | 99 | 5,990 | ||||||
|
| |||||||
48,369 | ||||||||
|
| |||||||
Capital Goods — 11.5% | ||||||||
3M Co. | 68 | 13,010 | ||||||
Allegion PLC (Ireland) | 54 | 4,088 | ||||||
AMETEK, Inc. | 130 | 7,030 | ||||||
Arconic, Inc. | 283 | 7,454 | ||||||
Boeing Co. (The) | 255 | 45,099 | ||||||
Caterpillar, Inc. | 219 | 20,314 | ||||||
Cummins, Inc. | 95 | 14,364 | ||||||
Deere & Co. | 5 | 544 | ||||||
Dover Corp. | 2 | 161 | ||||||
Emerson Electric Co. | 199 | 11,912 | ||||||
Flowserve Corp. | 74 | 3,583 | ||||||
Fluor Corp. | 79 | 4,157 | ||||||
Fortive Corp. | 174 | 10,478 | ||||||
Fortune Brands Home & Security, Inc. | 88 | 5,355 | ||||||
Honeywell International, Inc. | 295 | 36,837 | ||||||
Illinois Tool Works, Inc. | 56 | 7,418 | ||||||
Ingersoll-Rand PLC (Ireland) | 149 | 12,117 | ||||||
Jacobs Engineering Group, Inc. | 70 | 3,870 | ||||||
L3 Technologies, Inc. | 43 | 7,107 | ||||||
Masco Corp. | 187 | 6,356 | ||||||
Parker-Hannifin Corp. | 3 | 481 | ||||||
Pentair PLC (Ireland) | 102 | 6,404 | ||||||
Raytheon Co. | 102 | 15,555 | ||||||
Rockwell Automation, Inc. | 2 | 311 | ||||||
Rockwell Collins, Inc. | 75 | 7,287 | ||||||
Snap-on, Inc. | 32 | 5,397 | ||||||
Stanley Black & Decker, Inc. | 87 | 11,560 | ||||||
Textron, Inc. | 153 | 7,281 | ||||||
United Rentals, Inc.* | 6 | 750 | ||||||
WW Grainger, Inc. | 34 | 7,914 | ||||||
|
| |||||||
284,194 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.2% |
| |||||||
Cintas Corp. | 2 | 253 | ||||||
Dun & Bradstreet Corp. (The) | 21 | 2,267 | ||||||
Nielsen Holdings PLC (United Kingdom) | 202 | 8,345 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Republic Services, Inc. | 78 | $ | 4,899 | |||||
Robert Half International, Inc. | 74 | 3,613 | ||||||
Stericycle, Inc.* | 33 | 2,735 | ||||||
Waste Management, Inc. | 93 | 6,782 | ||||||
|
| |||||||
28,894 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.2% |
| |||||||
Coach, Inc. | 159 | 6,571 | ||||||
Garmin Ltd. (Switzerland) | 108 | 5,520 | ||||||
Hanesbrands, Inc. | 216 | 4,484 | ||||||
Hasbro, Inc. | 71 | 7,087 | ||||||
Leggett & Platt, Inc. | 76 | 3,824 | ||||||
Mattel, Inc. | 194 | 4,968 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 95 | 3,620 | ||||||
Newell Brands, Inc. | 273 | 12,877 | ||||||
PVH Corp. | 46 | 4,760 | ||||||
Ralph Lauren Corp. | 47 | 3,836 | ||||||
Under Armour, Inc., Class C* | 248 | 4,538 | ||||||
VF Corp. | 234 | 12,863 | ||||||
Whirlpool Corp. | 19 | 3,255 | ||||||
|
| |||||||
78,203 | ||||||||
|
| |||||||
Consumer Services — 1.8% | ||||||||
Darden Restaurants, Inc. | 9 | 753 | ||||||
McDonald’s Corp. | 170 | 22,034 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 114 | 11,185 | ||||||
Wyndham Worldwide Corp. | 63 | 5,310 | ||||||
Yum! Brands, Inc. | 94 | 6,007 | ||||||
|
| |||||||
45,289 | ||||||||
|
| |||||||
Diversified Financials — 1.0% | ||||||||
BlackRock, Inc. | 2 | 767 | ||||||
CME Group, Inc. | 85 | 10,098 | ||||||
Moody’s Corp. | 43 | 4,818 | ||||||
Nasdaq, Inc. | 91 | 6,320 | ||||||
S&P Global, Inc. | 24 | 3,138 | ||||||
|
| |||||||
25,141 | ||||||||
|
| |||||||
Energy — 2.4% | ||||||||
Apache Corp. | 49 | 2,518 | ||||||
Halliburton Co. | 45 | 2,214 | ||||||
Kinder Morgan, Inc. | 1,294 | 28,132 | ||||||
Newfield Exploration Co.* | 113 | 4,171 | ||||||
Southwestern Energy Co.* | 326 | 2,663 | ||||||
Transocean Ltd. (Switzerland)* | 220 | 2,739 |
The accompanying notes are an integral part of the financial statements.
150 |
GOTHAM INSTITUTIONAL VALUE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Valero Energy Corp. | 261 | $ | 17,302 | |||||
|
| |||||||
59,739 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.6% |
| |||||||
CVS Health Corp. | 600 | 47,100 | ||||||
Kroger Co. (The) | 363 | 10,705 | ||||||
Walgreens Boots Alliance, Inc. | 250 | 20,762 | ||||||
Wal-Mart Stores, Inc. | 499 | 35,968 | ||||||
|
| |||||||
114,535 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 5.9% |
| |||||||
Altria Group, Inc. | 196 | 13,998 | ||||||
Archer-Daniels-Midland Co. | 324 | 14,917 | ||||||
Campbell Soup Co. | 173 | 9,903 | ||||||
Coca-Cola Co. (The) | 13 | 552 | ||||||
Conagra Brands, Inc. | 252 | 10,166 | ||||||
Dr Pepper Snapple Group, Inc. | 106 | 10,380 | ||||||
General Mills, Inc. | 217 | 12,805 | ||||||
Hershey Co. (The) | 122 | 13,328 | ||||||
Hormel Foods Corp. | 300 | 10,389 | ||||||
JM Smucker Co. (The) | 63 | 8,258 | ||||||
McCormick & Co., Inc., non-voting shares | 70 | 6,828 | ||||||
Philip Morris International, Inc. | 113 | 12,758 | ||||||
Reynolds American, Inc. | 124 | 7,815 | ||||||
Tyson Foods, Inc., Class A | 208 | 12,836 | ||||||
|
| |||||||
144,933 | ||||||||
|
| |||||||
Health Care Equipment & Services — 9.3% |
| |||||||
Abbott Laboratories | 125 | 5,551 | ||||||
Aetna, Inc. | 202 | 25,765 | ||||||
Anthem, Inc. | 149 | 24,642 | ||||||
Baxter International, Inc. | 305 | 15,817 | ||||||
Boston Scientific Corp.* | 119 | 2,960 | ||||||
Centene Corp.* | 99 | 7,055 | ||||||
Cigna Corp. | 147 | 21,534 | ||||||
Danaher Corp. | 152 | 13,001 | ||||||
DaVita, Inc.* | 116 | 7,885 | ||||||
Express Scripts Holding Co.* | 362 | 23,859 | ||||||
HCA Holdings, Inc.* | 209 | 18,599 | ||||||
Henry Schein, Inc.* | 2 | 340 | ||||||
Humana, Inc. | 86 | 17,728 | ||||||
Laboratory Corp. of America Holdings* | 61 | 8,752 | ||||||
McKesson Corp. | 50 | 7,413 | ||||||
Quest Diagnostics, Inc. | 78 | 7,659 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
UnitedHealth Group, Inc. | 113 | $ | 18,533 | |||||
Zimmer Biomet Holdings, Inc. | 21 | 2,564 | ||||||
|
| |||||||
229,657 | ||||||||
|
| |||||||
Household & Personal Products — 1.5% |
| |||||||
Church & Dwight Co., Inc. | 148 | 7,381 | ||||||
Kimberly-Clark Corp. | 153 | 20,139 | ||||||
Procter & Gamble Co. (The) | 119 | 10,692 | ||||||
|
| |||||||
38,212 | ||||||||
|
| |||||||
Insurance — 1.7% | ||||||||
Allstate Corp. (The) | 20 | 1,630 | ||||||
Aon PLC (United Kingdom) | 148 | 17,566 | ||||||
Marsh & McLennan Cos., Inc. | 298 | 22,019 | ||||||
Progressive Corp. (The) | 12 | 470 | ||||||
Travelers Cos, Inc. (The) | 6 | 723 | ||||||
|
| |||||||
42,408 | ||||||||
|
| |||||||
Materials — 9.5% | ||||||||
Air Products & Chemicals, Inc. | 123 | 16,641 | ||||||
Albemarle Corp. | 64 | 6,761 | ||||||
Dow Chemical Co. (The) | 492 | 31,262 | ||||||
Eastman Chemical Co. | 18 | 1,454 | ||||||
EI du Pont de Nemours & Co. | 488 | 39,201 | ||||||
FMC Corp. | 67 | 4,663 | ||||||
Freeport-McMoRan, Inc.* | 836 | 11,169 | ||||||
International Flavors & Fragrances, Inc. | 45 | 5,964 | ||||||
LyondellBasell Industries NV, Class A (Netherlands) | 229 | 20,883 | ||||||
Martin Marietta Materials, Inc. | 2 | 436 | ||||||
Monsanto Co. | 248 | 28,074 | ||||||
Newmont Mining Corp. | 302 | 9,954 | ||||||
PPG Industries, Inc. | 152 | 15,972 | ||||||
Praxair, Inc. | 99 | 11,741 | ||||||
Sealed Air Corp. | 110 | 4,794 | ||||||
Sherwin-Williams Co. (The) | 54 | 16,750 | ||||||
WestRock Co. | 144 | 7,492 | ||||||
|
| |||||||
233,211 | ||||||||
|
| |||||||
Media — 4.3% | ||||||||
CBS Corp., Class B, non-voting shares | 233 | 16,161 | ||||||
Comcast Corp., Class A | 132 | 4,962 | ||||||
Discovery Communications, Inc., Class A* | 339 | 9,862 | ||||||
Interpublic Group of Cos., Inc. (The) | 227 | 5,577 |
The accompanying notes are an integral part of the financial statements.
151 |
GOTHAM INSTITUTIONAL VALUE FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Media — (Continued) | ||||||||
News Corp., Class A | 333 | $ | 4,329 | |||||
Omnicom Group, Inc. | 135 | 11,638 | ||||||
Scripps Networks Interactive, Inc., Class A | 74 | 5,799 | ||||||
TEGNA, Inc. | 124 | 3,177 | ||||||
Time Warner, Inc. | 66 | 6,449 | ||||||
Twenty-First Century Fox, Inc., Class A | 613 | 19,855 | ||||||
Viacom, Inc., Class B | 228 | 10,629 | ||||||
Walt Disney Co. (The) | 70 | 7,937 | ||||||
|
| |||||||
106,375 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 9.3% |
| |||||||
AbbVie, Inc. | 345 | 22,480 | ||||||
Amgen, Inc. | 186 | 30,517 | ||||||
Biogen, Inc.* | 122 | 33,357 | ||||||
Eli Lilly & Co. | 186 | 15,644 | ||||||
Gilead Sciences, Inc. | 729 | 49,514 | ||||||
Johnson & Johnson | 200 | 24,910 | ||||||
Merck & Co., Inc. | 423 | 26,877 | ||||||
PerkinElmer, Inc. | 61 | 3,542 | ||||||
Pfizer, Inc. | 678 | 23,194 | ||||||
|
| |||||||
230,035 | ||||||||
|
| |||||||
Real Estate — 2.9% | ||||||||
Apartment Investment & Management Co., Class A, REIT | 59 | 2,617 | ||||||
AvalonBay Communities, Inc., REIT | 21 | 3,856 | ||||||
Digital Realty Trust, Inc., REIT | 9 | 958 | ||||||
Equity Residential, REIT | 83 | 5,164 | ||||||
Essex Property Trust, Inc., REIT | 15 | 3,473 | ||||||
Extra Space Storage, Inc., REIT | 49 | 3,645 | ||||||
Federal Realty Investment Trust, REIT | 8 | 1,068 | ||||||
GGP, Inc., REIT | 5 | 116 | ||||||
HCP, Inc., REIT | 61 | 1,908 | ||||||
Iron Mountain, Inc., REIT | 149 | 5,315 | ||||||
Kimco Realty Corp., REIT | 47 | 1,038 | ||||||
Mid-America Apartment Communities, Inc., REIT | 39 | 3,968 | ||||||
Public Storage, REIT | 17 | 3,721 | ||||||
Realty Income Corp., REIT | 85 | 5,060 | ||||||
Regency Centers Corp., REIT | 29 | 1,925 | ||||||
Simon Property Group, Inc., REIT | 6 | 1,032 | ||||||
UDR, Inc., REIT | 87 | 3,155 | ||||||
Ventas, Inc., REIT | 62 | 4,033 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Real Estate — (Continued) | ||||||||
Welltower, Inc., REIT | 57 | $ | 4,037 | |||||
Weyerhaeuser Co., REIT | 423 | 14,374 | ||||||
|
| |||||||
70,463 | ||||||||
|
| |||||||
Retailing — 7.6% | ||||||||
AutoNation, Inc.* | 57 | 2,411 | ||||||
AutoZone, Inc.* | 10 | 7,230 | ||||||
Bed Bath & Beyond, Inc. | 90 | 3,551 | ||||||
Best Buy Co., Inc. | 183 | 8,994 | ||||||
Dollar General Corp. | 161 | 11,227 | ||||||
Dollar Tree, Inc.* | 134 | 10,514 | ||||||
Foot Locker, Inc. | 75 | 5,611 | ||||||
Gap, Inc. (The) | 229 | 5,562 | ||||||
Genuine Parts Co. | 83 | 7,670 | ||||||
Home Depot, Inc. (The) | 156 | 22,906 | ||||||
Kohl’s Corp. | 102 | 4,061 | ||||||
L Brands, Inc. | 162 | 7,630 | ||||||
Macy’s, Inc. | 172 | 5,098 | ||||||
Nordstrom, Inc. | 98 | 4,564 | ||||||
Ross Stores, Inc. | 221 | 14,557 | ||||||
Signet Jewelers, Ltd. (Bermuda) | 39 | 2,702 | ||||||
Staples, Inc. | 372 | 3,262 | ||||||
Target Corp. | 327 | 18,047 | ||||||
Tiffany & Co. | 71 | 6,766 | ||||||
TJX Cos., Inc. (The) | 365 | 28,864 | ||||||
Tractor Supply Co. | 74 | 5,104 | ||||||
|
| |||||||
186,331 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.4% |
| |||||||
Analog Devices, Inc. | 175 | 14,341 | ||||||
Applied Materials, Inc. | 550 | 21,395 | ||||||
Intel Corp. | 760 | 27,413 | ||||||
KLA-Tencor Corp. | 90 | 8,556 | ||||||
Lam Research Corp. | 105 | 13,478 | ||||||
NVIDIA Corp. | 6 | 654 | ||||||
Qorvo, Inc.* | 2 | 137 | ||||||
QUALCOMM, Inc. | 668 | 38,303 | ||||||
Skyworks Solutions, Inc. | 105 | 10,288 | ||||||
Texas Instruments, Inc. | 263 | 21,187 | ||||||
Xilinx, Inc. | 47 | 2,721 | ||||||
|
| |||||||
158,473 | ||||||||
|
| |||||||
Software & Services — 2.4% | ||||||||
Accenture PLC, Class A (Ireland) | 60 | 7,193 | ||||||
Akamai Technologies, Inc.* | 13 | 776 | ||||||
CA, Inc. | 237 | 7,518 |
The accompanying notes are an integral part of the financial statements.
152 |
GOTHAM INSTITUTIONAL VALUE FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Software & Services — (Continued) | ||||||||
Citrix Systems, Inc.* | 89 | $ | 7,422 | |||||
CSRA, Inc. | 94 | 2,753 | ||||||
eBay, Inc.* | 310 | 10,407 | ||||||
International Business Machines Corp. | 46 | 8,010 | ||||||
Paychex, Inc. | 103 | 6,067 | ||||||
Symantec Corp. | 5 | 153 | ||||||
Teradata Corp.* | 75 | 2,334 | ||||||
Western Union Co. (The) | 278 | 5,657 | ||||||
|
| |||||||
58,290 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 6.5% |
| |||||||
Apple, Inc. | 311 | 44,678 | ||||||
Cisco Systems, Inc. | 964 | 32,583 | ||||||
Corning, Inc. | 523 | 14,121 | ||||||
F5 Networks, Inc.* | 38 | 5,418 | ||||||
FLIR Systems, Inc. | 78 | 2,830 | ||||||
Harris Corp. | 3 | 334 | ||||||
Hewlett Packard Enterprise Co. | 548 | 12,988 | ||||||
HP, Inc. | 771 | 13,786 | ||||||
Juniper Networks, Inc. | 219 | 6,095 | ||||||
Motorola Solutions, Inc. | 94 | 8,105 | ||||||
NetApp, Inc. | 153 | 6,403 | ||||||
Seagate Technology PLC (Ireland) | 169 | 7,762 | ||||||
TE Connectivity Ltd. (Switzerland) | 10 | 746 | ||||||
Western Digital Corp. | 3 | 248 | ||||||
Xerox Corp. | 574 | 4,213 | ||||||
|
| |||||||
160,310 | ||||||||
|
| |||||||
Telecommunication Services — 1.3% |
| |||||||
AT&T, Inc. | 131 | 5,443 | ||||||
Verizon Communications, Inc. | 556 | 27,105 | ||||||
|
| |||||||
32,548 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Transportation — 2.3% | ||||||||
Alaska Air Group, Inc. | 71 | $ | 6,548 | |||||
CH Robinson Worldwide, Inc. | 81 | 6,261 | ||||||
Delta Air Lines, Inc. | 423 | 19,441 | ||||||
Expeditors International of Washington, Inc. | 66 | 3,728 | ||||||
Norfolk Southern Corp. | 4 | 448 | ||||||
Ryder System, Inc. | 31 | 2,339 | ||||||
Southwest Airlines Co. | 11 | 591 | ||||||
Union Pacific Corp. | 24 | 2,542 | ||||||
United Continental Holdings, Inc.* | 198 | 13,987 | ||||||
|
| |||||||
55,885 | ||||||||
|
| |||||||
Utilities — 0.5% | ||||||||
Entergy Corp. | 102 | 7,748 | ||||||
NRG Energy, Inc. | 182 | 3,403 | ||||||
|
| |||||||
11,151 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS - 99.1% |
| 2,442,646 | ||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | 22,172 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,464,818 | ||||||
|
|
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
153 |
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Automobiles & Components — 1.8% | ||||||||
BorgWarner, Inc. | 84 | $ | 3,510 | |||||
Delphi Automotive PLC (Jersey) | 107 | 8,612 | ||||||
Ford Motor Co. | 56 | 652 | ||||||
General Motors Co. | 589 | 20,827 | ||||||
Goodyear Tire & Rubber Co. (The) | 103 | 3,708 | ||||||
Harley-Davidson, Inc. | 2 | 121 | ||||||
|
| |||||||
37,430 | ||||||||
|
| |||||||
Banks — 0.9% | ||||||||
Bank of America Corp. | 142 | 3,350 | ||||||
BB&T Corp. | 12 | 536 | ||||||
Citigroup, Inc. | 27 | 1,615 | ||||||
Citizens Financial Group, Inc. | 8 | 276 | ||||||
Comerica, Inc. | 2 | 137 | ||||||
Fifth Third Bancorp | 8 | 203 | ||||||
Huntington Bancshares, Inc. | 15 | 201 | ||||||
JPMorgan Chase & Co. | 50 | 4,392 | ||||||
KeyCorp. | 15 | 267 | ||||||
M&T Bank Corp. | 3 | 464 | ||||||
People’s United Financial, Inc. | 3 | 55 | ||||||
PNC Financial Services Group, Inc. (The) | 5 | 601 | ||||||
Regions Financial Corp. | 17 | 247 | ||||||
SunTrust Banks, Inc. | 7 | 387 | ||||||
US Bancorp | 24 | 1,236 | ||||||
Wells Fargo & Co. | 71 | 3,952 | ||||||
Zions Bancorporation | 3 | 126 | ||||||
|
| |||||||
18,045 | ||||||||
|
| |||||||
Capital Goods — 7.9% | ||||||||
3M Co. | 8 | 1,531 | ||||||
Acuity Brands, Inc. | 1 | 204 | ||||||
Allegion PLC (Ireland) | 38 | 2,877 | ||||||
AMETEK, Inc. | 3 | 162 | ||||||
Arconic, Inc. | 188 | 4,952 | ||||||
Boeing Co. (The) | 243 | 42,977 | ||||||
Caterpillar, Inc. | 146 | 13,543 | ||||||
Cummins, Inc. | 3 | 454 | ||||||
Deere & Co. | 3 | 327 | ||||||
Dover Corp. | 3 | 241 | ||||||
Eaton Corp. PLC (Ireland) | 6 | 445 | ||||||
Emerson Electric Co. | 19 | 1,137 | ||||||
Fastenal Co. | 2 | 103 | ||||||
Flowserve Corp. | 1 | 48 | ||||||
Fluor Corp. | 55 | 2,894 | ||||||
Fortive Corp. | 4 | 241 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Capital Goods — (Continued) | ||||||||
Fortune Brands Home & Security, Inc. | 61 | $ | 3,712 | |||||
General Dynamics Corp. | 3 | 562 | ||||||
General Electric Co. | 124 | 3,695 | ||||||
Honeywell International, Inc. | 300 | 37,461 | ||||||
Illinois Tool Works, Inc. | 4 | 530 | ||||||
Ingersoll-Rand PLC (Ireland) | 102 | 8,295 | ||||||
Jacobs Engineering Group, Inc. | 48 | 2,653 | ||||||
Johnson Controls International PLC (Ireland) | 8 | 337 | ||||||
L3 Technologies, Inc. | 30 | 4,959 | ||||||
Lockheed Martin Corp. | 5 | 1,338 | ||||||
Masco Corp. | 127 | 4,317 | ||||||
Northrop Grumman Corp. | 3 | 714 | ||||||
PACCAR, Inc. | 5 | 336 | ||||||
Parker-Hannifin Corp. | 2 | 321 | ||||||
Pentair PLC (Ireland) | 2 | 126 | ||||||
Quanta Services, Inc.* | 2 | 74 | ||||||
Raytheon Co. | 4 | 610 | ||||||
Rockwell Automation, Inc. | 2 | 311 | ||||||
Rockwell Collins, Inc. | 42 | 4,081 | ||||||
Roper Technologies, Inc. | 1 | 206 | ||||||
Snap-on, Inc. | 1 | 169 | ||||||
Stanley Black & Decker, Inc. | 61 | 8,105 | ||||||
Textron, Inc. | 107 | 5,092 | ||||||
TransDigm Group, Inc. | 1 | 220 | ||||||
United Rentals, Inc.* | 1 | 125 | ||||||
United Technologies Corp. | 12 | 1,347 | ||||||
WW Grainger, Inc. | 24 | 5,586 | ||||||
Xylem, Inc. | 2 | 100 | ||||||
|
| |||||||
167,518 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.5% |
| |||||||
Cintas Corp. | 1 | 127 | ||||||
Dun & Bradstreet Corp. (The) | 15 | 1,619 | ||||||
Equifax, Inc. | 2 | 273 | ||||||
Nielsen Holdings PLC (United Kingdom) | 141 | 5,825 | ||||||
Republic Services, Inc. | 4 | 251 | ||||||
Robert Half International, Inc. | 51 | 2,490 | ||||||
Stericycle, Inc.* | 1 | 83 | ||||||
Verisk Analytics, Inc.* | 2 | 162 | ||||||
Waste Management, Inc. | 6 | 438 | ||||||
|
| |||||||
11,268 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 2.5% |
| |||||||
Coach, Inc. | 111 | 4,588 |
The accompanying notes are an integral part of the financial statements.
154 |
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
DR Horton, Inc. | 6 | $ | 200 | |||||
Garmin Ltd. (Switzerland) | 75 | 3,833 | ||||||
Hanesbrands, Inc. | 150 | 3,114 | ||||||
Hasbro, Inc. | 50 | 4,991 | ||||||
Leggett & Platt, Inc. | 1 | 50 | ||||||
Lennar Corp., Class A | 23 | 1,177 | ||||||
Mattel, Inc. | 135 | 3,457 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)* | 66 | 2,515 | ||||||
Mohawk Industries, Inc.* | 2 | 459 | ||||||
Newell Brands, Inc. | 190 | 8,962 | ||||||
NIKE, Inc., Class B | 15 | 836 | ||||||
PulteGroup, Inc. | 5 | 118 | ||||||
PVH Corp. | 32 | 3,311 | ||||||
Ralph Lauren Corp. | 33 | 2,693 | ||||||
Under Armour, Inc., Class C* | 173 | 3,166 | ||||||
VF Corp. | 164 | 9,015 | ||||||
Whirlpool Corp. | 1 | 171 | ||||||
|
| |||||||
52,656 | ||||||||
|
| |||||||
Consumer Services — 0.5% | ||||||||
Carnival Corp. (Panama) | 11 | 648 | ||||||
Chipotle Mexican Grill, Inc.* | 1 | 446 | ||||||
Darden Restaurants, Inc. | 2 | 167 | ||||||
H&R Block, Inc. | 20 | 465 | ||||||
Marriott International, Inc., Class A | 3 | 283 | ||||||
McDonald’s Corp. | 18 | 2,333 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 3 | 294 | ||||||
Starbucks Corp. | 14 | 817 | ||||||
Wyndham Worldwide Corp. | 43 | 3,624 | ||||||
Wynn Resorts, Ltd. | 1 | 115 | ||||||
Yum! Brands, Inc. | 6 | 383 | ||||||
|
| |||||||
9,575 | ||||||||
|
| |||||||
Diversified Financials — 1.2% | ||||||||
Affiliated Managers Group, Inc. | 2 | 328 | ||||||
American Express Co. | 9 | 712 | ||||||
Ameriprise Financial, Inc. | 2 | 259 | ||||||
Bank of New York Mellon Corp. (The) . | 10 | 472 | ||||||
Berkshire Hathaway Inc., Class B* | 72 | 12,001 | ||||||
BlackRock, Inc. | 2 | 767 | ||||||
Capital One Financial Corp. | 7 | 607 | ||||||
CBOE Holdings, Inc. | 1 | 81 | ||||||
Charles Schwab Corp. (The) | 19 | 775 | ||||||
CME Group, Inc. | 5 | 594 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Diversified Financials — (Continued) | ||||||||
Discover Financial Services | 6 | $ | 410 | |||||
E*TRADE Financial Corp.* | 3 | 105 | ||||||
Franklin Resources, Inc. | 6 | 253 | ||||||
Goldman Sachs Group, Inc. (The) | 6 | 1,378 | ||||||
Intercontinental Exchange, Inc. | 6 | 359 | ||||||
Invesco, Ltd. (Bermuda) | 4 | 123 | ||||||
Leucadia National Corp. | 5 | 130 | ||||||
Moody’s Corp. | 30 | 3,361 | ||||||
Morgan Stanley | 27 | 1,157 | ||||||
Nasdaq, Inc. | 2 | 139 | ||||||
Navient Corp. | 3 | 44 | ||||||
Northern Trust Corp. | 3 | 260 | ||||||
Raymond James Financial, Inc. | 1 | 76 | ||||||
S&P Global, Inc. | 3 | 392 | ||||||
State Street Corp. | 4 | 318 | ||||||
Synchrony Financial | 12 | 412 | ||||||
T Rowe Price Group, Inc. | 3 | 204 | ||||||
|
| |||||||
25,717 | ||||||||
|
| |||||||
Energy — 4.6% | ||||||||
Anadarko Petroleum Corp. | 8 | 496 | ||||||
Apache Corp. | 149 | 7,657 | ||||||
Baker Hughes, Inc. | 6 | 359 | ||||||
Cabot Oil & Gas Corp. | 5 | 120 | ||||||
Chesapeake Energy Corp.* | 9 | 53 | ||||||
Chevron Corp. | 140 | 15,032 | ||||||
Cimarex Energy Co. | 1 | 119 | ||||||
Concho Resources, Inc.* | 1 | 128 | ||||||
ConocoPhillips | 12 | 598 | ||||||
Devon Energy Corp. | 5 | 209 | ||||||
EOG Resources, Inc. | 5 | 488 | ||||||
EQT Corp. | 1 | 61 | ||||||
Exxon Mobil Corp. | 352 | 28,867 | ||||||
Halliburton Co. | 9 | 443 | ||||||
Helmerich & Payne, Inc. | 1 | 67 | ||||||
Hess Corp. | 2 | 96 | ||||||
Kinder Morgan, Inc. | 901 | 19,588 | ||||||
Marathon Oil Corp. | 8 | 126 | ||||||
Marathon Petroleum Corp. | 5 | 253 | ||||||
Murphy Oil Corp. | 3 | 86 | ||||||
National Oilwell Varco, Inc. | 4 | 160 | ||||||
Newfield Exploration Co.* | 79 | 2,916 | ||||||
Noble Energy, Inc. | 5 | 172 | ||||||
Occidental Petroleum Corp. | 7 | 444 | ||||||
ONEOK, Inc. | 1 | 55 |
The accompanying notes are an integral part of the financial statements.
155 |
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Energy — (Continued) | ||||||||
Phillips 66 | 8 | $ | 634 | |||||
Pioneer Natural Resources Co | 1 | 186 | ||||||
Range Resources Corp. | 2 | 58 | ||||||
Schlumberger Ltd. (Curacao) | 13 | 1,015 | ||||||
Southwestern Energy Co.* | 225 | 1,838 | ||||||
TechnipFMC PLC (United Kingdom)* . | 7 | 228 | ||||||
Tesoro Corp. | 2 | 162 | ||||||
Transocean Ltd. (Switzerland)* | 154 | 1,917 | ||||||
Valero Energy Corp. | 178 | 11,800 | ||||||
Williams Cos., Inc. (The) | 12 | 355 | ||||||
|
| |||||||
96,786 | ||||||||
|
| |||||||
Food & Staples Retailing — 5.2% | ||||||||
Costco Wholesale Corp. | 4 | 671 | ||||||
CVS Health Corp. | 418 | 32,813 | ||||||
Kroger Co. (The) | 9 | 265 | ||||||
Sysco Corp. | 5 | 260 | ||||||
Walgreens Boots Alliance, Inc. | 131 | 10,880 | ||||||
Wal-Mart Stores, Inc. | 910 | 65,593 | ||||||
Whole Foods Market, Inc. | 3 | 89 | ||||||
|
| |||||||
110,571 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 3.3% | ||||||||
Altria Group, Inc. | 27 | 1,928 | ||||||
Archer-Daniels-Midland Co. | 226 | 10,405 | ||||||
Brown-Forman Corp., Class B | 3 | 139 | ||||||
Campbell Soup Co. | 121 | 6,926 | ||||||
Coca-Cola Co. (The) | 64 | 2,716 | ||||||
Conagra Brands, Inc. | 172 | 6,938 | ||||||
Constellation Brands, Inc., Class A | 2 | 324 | ||||||
Dr Pepper Snapple Group, Inc. | 40 | 3,917 | ||||||
General Mills, Inc. | 8 | 472 | ||||||
Hershey Co. (The) | 85 | 9,286 | ||||||
Hormel Foods Corp. | 209 | 7,238 | ||||||
JM Smucker Co. (The) | 1 | 131 | ||||||
Kellogg Co. | 4 | 290 | ||||||
Kraft Heinz Co. (The) | 12 | 1,090 | ||||||
McCormick & Co., Inc., non-voting shares | 31 | 3,024 | ||||||
Mead Johnson Nutrition Co. | 2 | 178 | ||||||
Molson Coors Brewing Co., Class B | 2 | 191 | ||||||
Mondelez International, Inc., Class A . | 15 | 646 | ||||||
Monster Beverage Corp.* | 6 | 277 | ||||||
PepsiCo, Inc. | 20 | 2,237 | ||||||
Philip Morris International, Inc. | 22 | 2,484 | ||||||
Reynolds American, Inc. | 20 | 1,260 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Tyson Foods, Inc., Class A | 145 | $ | 8,948 | |||||
|
| |||||||
71,045 | ||||||||
|
| |||||||
Health Care Equipment & Services — 9.0% |
| |||||||
Abbott Laboratories | 20 | 888 | ||||||
Aetna, Inc. | 139 | 17,729 | ||||||
AmerisourceBergen Corp. | 4 | 354 | ||||||
Anthem, Inc. | 104 | 17,199 | ||||||
Baxter International, Inc. | 213 | 11,046 | ||||||
Becton Dickinson and Co. | 2 | 367 | ||||||
Boston Scientific Corp.* | 13 | 323 | ||||||
Cardinal Health, Inc. | 5 | 408 | ||||||
Centene Corp.* | 68 | 4,846 | ||||||
Cerner Corp.* | 3 | 177 | ||||||
Cigna Corp. | 102 | 14,942 | ||||||
Cooper Cos., Inc. (The) | 2 | 400 | ||||||
CR Bard, Inc. | 1 | 249 | ||||||
Danaher Corp. | 148 | 12,658 | ||||||
DaVita, Inc.* | 79 | 5,370 | ||||||
DENTSPLY SIRONA, Inc | 2 | 125 | ||||||
Edwards Lifesciences Corp.* | 1 | 94 | ||||||
Envision Healthcare Corp.* | 1 | 61 | ||||||
Express Scripts Holding Co.* | 246 | 16,214 | ||||||
HCA Holdings, Inc.* | 145 | 12,904 | ||||||
Henry Schein, Inc.* | 2 | 340 | ||||||
Hologic, Inc.* | 3 | 128 | ||||||
Humana, Inc. | 59 | 12,162 | ||||||
IDEXX Laboratories, Inc.* | 1 | 155 | ||||||
Intuitive Surgical, Inc.* | 1 | 766 | ||||||
Laboratory Corp. of America Holdings* | 42 | 6,026 | ||||||
McKesson Corp. | 20 | 2,965 | ||||||
Medtronic PLC (Ireland) | 13 | 1,047 | ||||||
Patterson Cos., Inc. | 1 | 45 | ||||||
Quest Diagnostics, Inc. | 1 | 98 | ||||||
Stryker Corp. | 3 | 395 | ||||||
UnitedHealth Group, Inc. | 311 | 51,007 | ||||||
Universal Health Services, Inc., Class B | 2 | 249 | ||||||
Varian Medical Systems, Inc.* | 1 | 91 | ||||||
Zimmer Biomet Holdings, Inc. | 2 | 244 | ||||||
|
| |||||||
192,072 | ||||||||
|
| |||||||
Household & Personal Products — 0.3% |
| |||||||
Church & Dwight Co., Inc. | 3 | 150 | ||||||
Clorox Co. (The) | 2 | 270 |
The accompanying notes are an integral part of the financial statements.
156 |
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Household & Personal Products — (Continued) |
| |||||||
Colgate-Palmolive Co. | 13 | $ | 951 | |||||
Coty, Inc., Class A | 7 | 127 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 3 | 254 | ||||||
Kimberly-Clark Corp. | 19 | 2,501 | ||||||
Procter & Gamble Co. (The) | 27 | 2,426 | ||||||
|
| |||||||
6,679 | ||||||||
|
| |||||||
Insurance — 1.6% | ||||||||
Aflac, Inc. | 5 | 362 | ||||||
Allstate Corp. (The) | 4 | 326 | ||||||
American International Group, Inc. | 14 | 874 | ||||||
Aon PLC (United Kingdom) | 104 | 12,344 | ||||||
Arthur J Gallagher & Co. | 3 | 170 | ||||||
Assurant, Inc. | 2 | 191 | ||||||
Chubb Ltd. (Switzerland) | 7 | 954 | ||||||
Cincinnati Financial Corp. | 3 | 217 | ||||||
Hartford Financial Services Group, Inc. (The) | 4 | 192 | ||||||
Lincoln National Corp. | 3 | 196 | ||||||
Loews Corp. | 4 | 187 | ||||||
Marsh & McLennan Cos., Inc. | 203 | 15,000 | ||||||
MetLife, Inc. | 11 | 581 | ||||||
Principal Financial Group, Inc. | 3 | 189 | ||||||
Progressive Corp. (The) | 9 | 353 | ||||||
Prudential Financial, Inc. | 7 | 747 | ||||||
Torchmark Corp. | 2 | 154 | ||||||
Travelers Cos, Inc. (The) | 3 | 362 | ||||||
Unum Group | 3 | 141 | ||||||
Willis Towers Watson PLC (Ireland) | 1 | 131 | ||||||
XL Group Ltd. (Bermuda) | 3 | 120 | ||||||
|
| |||||||
33,791 | ||||||||
|
| |||||||
Materials — 6.4% | ||||||||
Air Products & Chemicals, Inc. | 86 | 11,635 | ||||||
Albemarle Corp. | 12 | 1,268 | ||||||
Avery Dennison Corp. | 2 | 161 | ||||||
Ball Corp. | 1 | 74 | ||||||
CF Industries Holdings, Inc. | 3 | 88 | ||||||
Dow Chemical Co. (The) | 477 | 30,309 | ||||||
Eastman Chemical Co. | 2 | 162 | ||||||
Ecolab, Inc. | 3 | 376 | ||||||
EI du Pont de Nemours & Co. | 340 | 27,312 | ||||||
FMC Corp. | 1 | 70 | ||||||
Freeport-McMoRan, Inc.* | 583 | 7,789 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Materials — (Continued) | ||||||||
International Flavors & Fragrances, Inc. | 1 | $ | 133 | |||||
International Paper Co. | 5 | 254 | ||||||
LyondellBasell Industries NV, Class A (Netherlands) | 160 | 14,590 | ||||||
Martin Marietta Materials, Inc. | 1 | 218 | ||||||
Monsanto Co. | 173 | 19,584 | ||||||
Mosaic Co. (The) | 4 | 117 | ||||||
Newmont Mining Corp. | 210 | 6,922 | ||||||
Nucor Corp. | 2 | 119 | ||||||
PPG Industries, Inc. | 104 | 10,928 | ||||||
Praxair, Inc. | 3 | 356 | ||||||
Sealed Air Corp. | 77 | 3,356 | ||||||
Sherwin-Williams Co. (The) | 1 | 310 | ||||||
Vulcan Materials Co. | 1 | 120 | ||||||
WestRock Co. | 3 | 156 | ||||||
|
| |||||||
136,407 | ||||||||
|
| |||||||
Media — 3.6% | ||||||||
CBS Corp., Class B, non-voting shares | 162 | 11,236 | ||||||
Charter Communications, Inc., Class A* | 2 | 655 | ||||||
Comcast Corp., Class A | 67 | 2,519 | ||||||
Discovery Communications, Inc., Class A* | 232 | 6,749 | ||||||
DISH Network Corp., Class A* | 5 | 317 | ||||||
Interpublic Group of Cos., Inc. (The) | 156 | 3,833 | ||||||
News Corp., Class A | 229 | 2,977 | ||||||
Omnicom Group, Inc. | 93 | 8,018 | ||||||
Scripps Networks Interactive, Inc., Class A | 51 | 3,997 | ||||||
TEGNA, Inc. | 85 | 2,178 | ||||||
Time Warner, Inc. | 12 | 1,173 | ||||||
Twenty-First Century Fox, Inc., Class A | 724 | 23,450 | ||||||
Viacom, Inc., Class B | 157 | 7,319 | ||||||
Walt Disney Co. (The) | 22 | 2,495 | ||||||
|
| |||||||
76,916 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 15.0% |
| |||||||
AbbVie, Inc. | 635 | 41,377 | ||||||
Agilent Technologies, Inc. | 4 | 211 | ||||||
Alexion Pharmaceuticals, Inc.* | 2 | 242 | ||||||
Allergan PLC (Ireland) | 6 | 1,434 | ||||||
Amgen, Inc. | 291 | 47,744 |
The accompanying notes are an integral part of the financial statements.
157 |
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Biogen, Inc.* | 86 | $ | 23,514 | |||||
Bristol-Myers Squibb Co. | 16 | 870 | ||||||
Celgene Corp.* | 8 | 995 | ||||||
Eli Lilly & Co. | 315 | 26,495 | ||||||
Gilead Sciences, Inc. | 517 | 35,115 | ||||||
Illumina, Inc.* | 1 | 171 | ||||||
Incyte Corp., Ltd.* | 1 | 134 | ||||||
Johnson & Johnson | 447 | 55,674 | ||||||
Mallinckrodt PLC (Ireland)* | 1 | 45 | ||||||
Merck & Co., Inc. | 830 | 52,738 | ||||||
Mettler-Toledo International, Inc.* | 1 | 479 | ||||||
Mylan NV (Netherlands)* | 7 | 273 | ||||||
PerkinElmer, Inc. | 1 | 58 | ||||||
Perrigo Co. PLC (Ireland) | 2 | 133 | ||||||
Pfizer, Inc. | 857 | 29,318 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1 | 387 | ||||||
Thermo Fisher Scientific, Inc. | 3 | 461 | ||||||
Vertex Pharmaceuticals, Inc.* | 2 | 219 | ||||||
Waters Corp.* | 2 | 313 | ||||||
Zoetis, Inc. | 4 | 213 | ||||||
|
| |||||||
318,613 | ||||||||
|
| |||||||
Real Estate — 1.0% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 1 | 111 | ||||||
American Tower Corp., REIT | 3 | 365 | ||||||
Apartment Investment & Management, Class A, REIT | 2 | 89 | ||||||
AvalonBay Communities, Inc., REIT | 2 | 367 | ||||||
Boston Properties, Inc., REIT | 2 | 265 | ||||||
CBRE Group, Inc., Class A, REIT* | 33 | 1,148 | ||||||
Crown Castle International Corp., REIT | 3 | 283 | ||||||
Digital Realty Trust, Inc., REIT | 3 | 319 | ||||||
Equinix, Inc., REIT | 1 | 400 | ||||||
Equity Residential, REIT | 4 | 249 | ||||||
Essex Property Trust, Inc., REIT | 2 | 463 | ||||||
Extra Space Storage, Inc., REIT | 2 | 149 | ||||||
Federal Realty Investment Trust, REIT | 2 | 267 | ||||||
GGP, Inc., REIT | 9 | 209 | ||||||
HCP, Inc., REIT | 5 | 156 | ||||||
Host Hotels & Resorts, Inc., REIT | 7 | 131 | ||||||
Iron Mountain, Inc., REIT | 103 | 3,674 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Real Estate — (Continued) | ||||||||
Kimco Realty Corp., REIT | 4 | $ | 88 | |||||
Macerich Co. (The) REIT | 2 | 129 | ||||||
Mid-America Apartment Communities, Inc., REIT | 2 | 203 | ||||||
Prologis, Inc., REIT | 8 | 415 | ||||||
Public Storage, REIT | 3 | 657 | ||||||
Realty Income Corp., REIT | 4 | 238 | ||||||
Regency Centers Corp., REIT | 2 | 133 | ||||||
Simon Property Group, Inc., REIT | 3 | 516 | ||||||
SL Green Realty Corp., REIT | 2 | 213 | ||||||
UDR, Inc., REIT | 3 | 109 | ||||||
Ventas, Inc., REIT | 4 | 260 | ||||||
Vornado Realty Trust, REIT | 2 | 201 | ||||||
Welltower, Inc., REIT | 6 | 425 | ||||||
Weyerhaeuser Co., REIT | 295 | 10,024 | ||||||
|
| |||||||
22,256 | ||||||||
|
| |||||||
Retailing — 4.4% | ||||||||
Advance Auto Parts, Inc. | 2 | 297 | ||||||
Amazon.com, Inc.* | 40 | 35,462 | ||||||
AutoNation, Inc.* | 40 | 1,692 | ||||||
AutoZone, Inc.* | 1 | 723 | ||||||
Bed Bath & Beyond, Inc. | 60 | 2,368 | ||||||
Best Buy Co., Inc. | 122 | 5,996 | ||||||
CarMax, Inc.* | 1 | 59 | ||||||
Dollar General Corp. | 3 | 209 | ||||||
Dollar Tree, Inc.* | 59 | 4,629 | ||||||
Expedia, Inc. | 1 | 126 | ||||||
Foot Locker, Inc. | 46 | 3,441 | ||||||
Gap, Inc. (The) | 158 | 3,838 | ||||||
Genuine Parts Co. | 2 | 185 | ||||||
Home Depot, Inc. (The) | 18 | 2,643 | ||||||
Kohl’s Corp. | 69 | 2,747 | ||||||
L Brands, Inc. | 110 | 5,181 | ||||||
LKQ Corp.* | 3 | 88 | ||||||
Lowe’s Cos., Inc. | 13 | 1,069 | ||||||
Macy’s, Inc. | 11 | 326 | ||||||
Netflix, Inc.* | 4 | 591 | ||||||
Nordstrom, Inc. | 19 | 885 | ||||||
O’Reilly Automotive, Inc.* | 2 | 540 | ||||||
Priceline Group, Inc. (The)* | 5 | 8,900 | ||||||
Ross Stores, Inc. | 5 | 329 | ||||||
Signet Jewelers, Ltd. (Bermuda) | 1 | 69 | ||||||
Staples, Inc. | 257 | 2,254 | ||||||
Target Corp. | 60 | 3,311 |
The accompanying notes are an integral part of the financial statements.
158 |
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Retailing — (Continued) | ||||||||
Tiffany & Co. | 45 | $ | 4,288 | |||||
TJX Cos., Inc. (The) | 9 | 712 | ||||||
Tractor Supply Co. | 1 | 69 | ||||||
TripAdvisor, Inc.* | 1 | 43 | ||||||
Ulta Beauty, Inc.* | 1 | 285 | ||||||
|
| |||||||
93,355 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 8.4% |
| |||||||
Advanced Micro Devices, Inc.* | 9 | 131 | ||||||
Analog Devices, Inc. | 124 | 10,162 | ||||||
Applied Materials, Inc. | 425 | 16,532 | ||||||
Broadcom Ltd. (Singapore) | 4 | 876 | ||||||
Intel Corp. | 1,690 | 60,958 | ||||||
KLA-Tencor Corp. | 62 | 5,894 | ||||||
Lam Research Corp. | 72 | 9,242 | ||||||
Microchip Technology, Inc. | 2 | 148 | ||||||
Micron Technology, Inc.* | 11 | 318 | ||||||
NVIDIA Corp. | 6 | 654 | ||||||
Qorvo, Inc.* | 1 | 69 | ||||||
QUALCOMM, Inc. | 582 | 33,372 | ||||||
Skyworks Solutions, Inc. | 73 | 7,153 | ||||||
Texas Instruments, Inc. | 401 | 32,305 | ||||||
Xilinx, Inc. | 4 | 232 | ||||||
|
| |||||||
178,046 | ||||||||
|
| |||||||
Software & Services — 6.5% | ||||||||
Accenture PLC, Class A (Ireland) | 8 | 959 | ||||||
Activision Blizzard, Inc. | 6 | 299 | ||||||
Adobe Systems, Inc.* | 4 | 521 | ||||||
Akamai Technologies, Inc.* | 3 | 179 | ||||||
Alliance Data Systems Corp. | 1 | 249 | ||||||
Alphabet, Inc., Class A* | 61 | 51,716 | ||||||
Autodesk, Inc.* | 2 | 173 | ||||||
Automatic Data Processing, Inc. | 5 | 512 | ||||||
CA, Inc. | 163 | 5,170 | ||||||
Citrix Systems, Inc.* | 62 | 5,170 | ||||||
Cognizant Technology Solutions Corp., Class A* | 59 | 3,512 | ||||||
CSRA, Inc. | 65 | 1,904 | ||||||
eBay, Inc.* | 15 | 504 | ||||||
Electronic Arts, Inc.* | 3 | 269 | ||||||
Facebook, Inc., Class A* | 246 | 34,944 | ||||||
Fidelity National Information Services, Inc. | 4 | 318 | ||||||
Fiserv, Inc.* | 3 | 346 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Software & Services — (Continued) | ||||||||
International Business Machines Corp. | 13 | $ | 2,264 | |||||
Intuit, Inc. | 2 | 232 | ||||||
Mastercard, Inc., Class A | 16 | 1,800 | ||||||
Microsoft Corp. | 72 | 4,742 | ||||||
Oracle Corp. | 62 | 2,766 | ||||||
Paychex, Inc. | 99 | 5,831 | ||||||
PayPal Holdings, Inc.* | 11 | 473 | ||||||
Red Hat, Inc.* | 1 | 86 | ||||||
salesforce.com, Inc.* | 6 | 495 | ||||||
Symantec Corp. | 6 | 184 | ||||||
Synopsys, Inc.* | 1 | 72 | ||||||
Teradata Corp.* | 52 | 1,618 | ||||||
Total System Services, Inc | 2 | 107 | ||||||
VeriSign, Inc.* | 2 | 174 | ||||||
Visa, Inc., Class A | 22 | 1,955 | ||||||
Western Union Co. (The) | 190 | 3,866 | ||||||
Yahoo!, Inc.* | 94 | 4,363 | ||||||
|
| |||||||
137,773 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 11.2% |
| |||||||
Amphenol Corp., Class A | 3 | 213 | ||||||
Apple, Inc. | 830 | 119,238 | ||||||
Cisco Systems, Inc. | 1,842 | 62,260 | ||||||
Corning, Inc. | 365 | 9,855 | ||||||
F5 Networks, Inc.* | 4 | 570 | ||||||
FLIR Systems, Inc. | 54 | 1,959 | ||||||
Harris Corp. | 2 | 223 | ||||||
Hewlett Packard Enterprise Co. | 23 | 545 | ||||||
HP, Inc. | 669 | 11,962 | ||||||
Juniper Networks, Inc. | 151 | 4,202 | ||||||
Motorola Solutions, Inc. | 65 | 5,604 | ||||||
NetApp, Inc. | 107 | 4,478 | ||||||
Seagate Technology PLC (Ireland) | 117 | 5,374 | ||||||
TE Connectivity Ltd. (Switzerland) | 5 | 373 | ||||||
Western Digital Corp. | 113 | 9,326 | ||||||
Xerox Corp. | 400 | 2,936 | ||||||
|
| |||||||
239,118 | ||||||||
|
| |||||||
Telecommunication Services — 2.1% |
| |||||||
AT&T, Inc. | 87 | 3,615 | ||||||
CenturyLink, Inc. | 7 | 165 | ||||||
Level 3 Communications, Inc.* | 3 | 172 | ||||||
Verizon Communications, Inc. | 827 | 40,316 | ||||||
|
| |||||||
44,268 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
159 |
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Transportation — 1.3% | ||||||||
Alaska Air Group, Inc. | 2 | $ | 184 | |||||
American Airlines Group, Inc. | 8 | 338 | ||||||
CH Robinson Worldwide, Inc. | 2 | 155 | ||||||
CSX Corp. | 9 | 419 | ||||||
Delta Air Lines, Inc. | 288 | 13,236 | ||||||
Expeditors International of Washington, Inc. | 2 | 113 | ||||||
FedEx Corp. | 2 | 390 | ||||||
JB Hunt Transport Services, Inc. | 2 | 183 | ||||||
Kansas City Southern | 1 | 86 | ||||||
Norfolk Southern Corp. | 3 | 336 | ||||||
Ryder System, Inc. | 22 | 1,660 | ||||||
Southwest Airlines Co. | 9 | 484 | ||||||
Union Pacific Corp. | 8 | 847 | ||||||
United Continental Holdings, Inc.* | 125 | 8,830 | ||||||
United Parcel Service, Inc., Class B | 13 | 1,395 | ||||||
|
| |||||||
28,656 | ||||||||
|
| |||||||
Utilities — 0.6% | ||||||||
AES Corp. | 64 | 715 | ||||||
Alliant Energy Corp. | 2 | 79 | ||||||
Ameren Corp. | 2 | 109 | ||||||
American Electric Power Co., Inc. | 4 | 269 | ||||||
American Water Works Co., Inc. | 1 | 78 | ||||||
CenterPoint Energy, Inc. | 5 | 138 | ||||||
CMS Energy Corp. | 2 | 89 | ||||||
Consolidated Edison, Inc. | 2 | 155 | ||||||
Dominion Resources, Inc. | 5 | 388 | ||||||
DTE Energy Co. | 1 | 102 | ||||||
Duke Energy Corp. | 6 | 492 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Utilities — (Continued) | ||||||||
Edison International | 3 | $ | 239 | |||||
Entergy Corp. | 71 | 5,393 | ||||||
Eversource Energy | 2 | 118 | ||||||
Exelon Corp. | 9 | 324 | ||||||
FirstEnergy Corp. | 4 | 127 | ||||||
NextEra Energy, Inc. | 4 | 513 | ||||||
NiSource, Inc. | 4 | 95 | ||||||
NRG Energy, Inc. | 125 | 2,338 | ||||||
PG&E Corp. | 4 | 265 | ||||||
Pinnacle West Capital Corp. | 1 | 83 | ||||||
PPL Corp. | 7 | 262 | ||||||
Public Service Enterprise Group, Inc. | 4 | 177 | ||||||
SCANA Corp. | 1 | 65 | ||||||
Sempra Energy | 2 | 221 | ||||||
Southern Co. (The) | 9 | 448 | ||||||
WEC Energy Group, Inc. | 2 | 121 | ||||||
Xcel Energy, Inc. | 4 | 178 | ||||||
|
| |||||||
13,581 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS - 99.8% |
| 2,122,142 | ||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% | 3,622 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,125,764 | ||||||
|
|
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
160 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 175.8% | ||||||||
COMMON STOCKS — 175.8% | ||||||||
Automobiles & Components — 1.5% |
| |||||||
BorgWarner, Inc.(a) | 54 | $ | 2,257 | |||||
Cooper-Standard Holdings, Inc.* | 27 | 2,995 | ||||||
General Motors Co.† | 171 | 6,047 | ||||||
Goodyear Tire & Rubber Co. (The)† | 299 | 10,764 | ||||||
LCI Industries, Inc.† | 4 | 399 | ||||||
Magna International, Inc. (Canada) | 164 | 7,078 | ||||||
Tenneco, Inc. | 19 | 1,186 | ||||||
Thor Industries, Inc.(a) | 12 | 1,154 | ||||||
|
| |||||||
31,880 | ||||||||
|
| |||||||
Capital Goods — 24.7% | ||||||||
3M Co.† | 119 | 22,768 | ||||||
AGCO Corp. | 26 | 1,565 | ||||||
Allegion PLC (Ireland) | 76 | 5,753 | ||||||
American Woodmark Corp.†* | 28 | 2,570 | ||||||
AMETEK, Inc.† | 116 | 6,273 | ||||||
AO Smith Corp. | 13 | 665 | ||||||
Applied Industrial Technologies, Inc.† . | 15 | 928 | ||||||
Arconic, Inc.† | 567 | 14,935 | ||||||
Argan, Inc.† | 90 | 5,954 | ||||||
AZZ, Inc.† | 15 | 892 | ||||||
Barnes Group, Inc.† | 43 | 2,208 | ||||||
Boeing Co. (The)† | 217 | 38,379 | ||||||
Builders FirstSource, Inc.* | 137 | 2,041 | ||||||
Carlisle Cos., Inc. | 30 | 3,192 | ||||||
Caterpillar, Inc.† | 41 | 3,803 | ||||||
Chart Industries, Inc.†* | 161 | 5,625 | ||||||
Continental Building Products, Inc.†* | 141 | 3,453 | ||||||
Crane Co.† | 108 | 8,082 | ||||||
Cummins, Inc.† | 11 | 1,663 | ||||||
Curtiss-Wright Corp.† | 67 | 6,114 | ||||||
Deere & Co.†(a) | 143 | 15,567 | ||||||
Donaldson Co., Inc.† | 70 | 3,186 | ||||||
EMCOR Group, Inc. | 82 | 5,162 | ||||||
Emerson Electric Co.† | 276 | 16,521 | ||||||
EnerSys† | 17 | 1,342 | ||||||
Fluor Corp.† | 200 | 10,524 | ||||||
Fortive Corp.† | 148 | 8,913 | ||||||
Fortune Brands Home & Security, Inc.† | 189 | 11,501 | ||||||
GATX Corp.(a) | 38 | 2,317 | ||||||
Generac Holdings, Inc.* | 7 | 261 | ||||||
General Cable Corp. | 74 | 1,328 | ||||||
General Electric Co.† | 349 | 10,400 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Capital Goods — (Continued) | ||||||||
Gibraltar Industries, Inc.* | 40 | $ | 1,648 | |||||
Gorman-Rupp Co. (The)† | 17 | 534 | ||||||
Harsco Corp.* | 119 | 1,517 | ||||||
HD Supply Holdings, Inc.* | 11 | 452 | ||||||
Hillenbrand, Inc.† | 51 | 1,828 | ||||||
Honeywell International, Inc.† | 249 | 31,093 | ||||||
Hubbell, Inc. | 6 | 720 | ||||||
Huntington Ingalls Industries, Inc.† | 6 | 1,201 | ||||||
IDEX Corp. | 10 | 935 | ||||||
Illinois Tool Works, Inc.† | 53 | 7,021 | ||||||
Ingersoll-Rand PLC (Ireland)† | 207 | 16,833 | ||||||
ITT, Inc. | 38 | 1,559 | ||||||
Jacobs Engineering Group, Inc.† | 152 | 8,403 | ||||||
Kaman Corp. | 6 | 289 | ||||||
L3 Technologies, Inc.† | 91 | 15,041 | ||||||
Lennox International, Inc.(a) | 16 | 2,677 | ||||||
Lockheed Martin Corp.† | 46 | 12,310 | ||||||
Lydall, Inc.†* | 30 | 1,608 | ||||||
Moog, Inc., Class A†* | 57 | 3,839 | ||||||
Northrop Grumman Corp.† | 80 | 19,027 | ||||||
Oshkosh Corp.† | 124 | 8,505 | ||||||
Owens Corning | 9 | 552 | ||||||
Pentair PLC (Ireland)† | 40 | 2,511 | ||||||
Raytheon Co.† | 250 | 38,125 | ||||||
Regal Beloit Corp.† | 70 | 5,296 | ||||||
Rockwell Collins, Inc.† | 143 | 13,894 | ||||||
Snap-on, Inc.† | 32 | 5,397 | ||||||
Spirit AeroSystems Holdings, Inc., Class A†. | 161 | 9,325 | ||||||
Standex International Corp.† | 29 | 2,904 | ||||||
Stanley Black & Decker, Inc.† | 139 | 18,469 | ||||||
Terex Corp. | 62 | 1,947 | ||||||
Textron, Inc.† | 324 | 15,419 | ||||||
TransDigm Group, Inc.(a) | 12 | 2,642 | ||||||
Trex Co., Inc.†* | 30 | 2,082 | ||||||
Tutor Perini Corp.†* | 131 | 4,166 | ||||||
United Technologies Corp.† | 59 | 6,620 | ||||||
Univar, Inc.* | 172 | 5,274 | ||||||
USG Corp.(a) * | 252 | 8,014 | ||||||
Veritiv Corp.†* | 32 | 1,658 | ||||||
Wabash National Corp.(a) | 133 | 2,752 | ||||||
Wesco Aircraft Holdings, Inc.†* | 45 | 513 | ||||||
WESCO International, Inc.* | 38 | 2,643 |
The accompanying notes are an integral part of the financial statements.
161 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
WW Grainger, Inc.†(a) | 90 | $ | 20,948 | |||||
|
| |||||||
532,076 | ||||||||
|
| |||||||
Commercial & Professional Services — 5.1% |
| |||||||
Dun & Bradstreet Corp. (The) | 21 | 2,267 | ||||||
FTI Consulting, Inc.†* | 97 | 3,994 | ||||||
ICF International, Inc.†* | 10 | 413 | ||||||
Kelly Services, Inc., Class A | 1 | 22 | ||||||
Kimball International, Inc., Class B | 1 | 16 | ||||||
LSC Communications, Inc. | 29 | 730 | ||||||
ManpowerGroup, Inc.† | 66 | 6,770 | ||||||
Matthews International Corp., Class A† | 21 | 1,421 | ||||||
Mistras Group, Inc.†* | 44 | 941 | ||||||
Navigant Consulting, Inc.* | 11 | 251 | ||||||
Nielsen Holdings PLC (United Kingdom)† | 417 | 17,226 | ||||||
Quad/Graphics, Inc.†(a) | 120 | 3,029 | ||||||
Republic Services, Inc.† | 346 | 21,732 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada) | 55 | 1,810 | ||||||
RR Donnelley & Sons Co. | 129 | 1,562 | ||||||
Steelcase, Inc., Class A | 124 | 2,077 | ||||||
Stericycle, Inc.* | 76 | 6,300 | ||||||
Team, Inc.(a) * | 1 | 27 | ||||||
Tetra Tech, Inc.† | 32 | 1,307 | ||||||
TrueBlue, Inc.* | 32 | 875 | ||||||
UniFirst Corp.† | 23 | 3,253 | ||||||
Waste Management, Inc.† | 434 | 31,647 | ||||||
West Corp.† | 43 | 1,050 | ||||||
|
| |||||||
108,720 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 7.9% |
| |||||||
Callaway Golf Co. | 107 | 1,185 | ||||||
Carter’s, Inc. | 56 | 5,029 | ||||||
Cavco Industries, Inc.†* | 25 | 2,910 | ||||||
Coach, Inc.† | 279 | 11,531 | ||||||
Deckers Outdoor Corp.(a)* | 46 | 2,748 | ||||||
Fossil Group, Inc.(a) * | 121 | 2,111 | ||||||
Garmin Ltd. (Switzerland)†(a) | 347 | 17,735 | ||||||
Hanesbrands, Inc.† | 451 | 9,363 | ||||||
Hasbro, Inc.† | 134 | 13,376 | ||||||
iRobot Corp.(a)* | 65 | 4,299 | ||||||
La-Z-Boy, Inc.† | 69 | 1,863 | ||||||
Leggett & Platt, Inc. | 108 | 5,435 | ||||||
Mattel, Inc.† | 418 | 10,705 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†* | 264 | $ | 10,061 | |||||
Newell Brands, Inc.† | 348 | 16,415 | ||||||
NVR, Inc.†* | 6 | 12,641 | ||||||
Oxford Industries, Inc.† | 21 | 1,202 | ||||||
Ralph Lauren Corp.† | 124 | 10,121 | ||||||
Sturm Ruger & Co., Inc.† | 35 | 1,874 | ||||||
TopBuild Corp.* | 11 | 517 | ||||||
Under Armour, Inc., Class C(a)* | 242 | 4,429 | ||||||
VF Corp.(a) | 399 | 21,933 | ||||||
Wolverine World Wide, Inc.(a) | 59 | 1,473 | ||||||
|
| |||||||
168,956 | ||||||||
|
| |||||||
Consumer Services — 7.8% |
| |||||||
Aramark† | 14 | 516 | ||||||
Brinker International, Inc.† | 78 | 3,429 | ||||||
Carnival Corp. (Panama)† | 88 | 5,184 | ||||||
Cheesecake Factory, Inc. (The)† | 16 | 1,014 | ||||||
Churchill Downs, Inc.†(a) | 39 | 6,195 | ||||||
Cracker Barrel Old Country Store, Inc.(a) | 36 | 5,733 | ||||||
Darden Restaurants, Inc.† | 134 | 11,212 | ||||||
Denny’s Corp.†* | 104 | 1,287 | ||||||
DeVry Education Group, Inc.(a) | 37 | 1,312 | ||||||
DineEquity, Inc.†(a) | 113 | 6,149 | ||||||
Dunkin’ Brands Group, Inc.† | 51 | 2,789 | ||||||
Eldorado Resorts, Inc.†* | 136 | 2,574 | ||||||
Graham Holdings Co., Class B† | 10 | 5,996 | ||||||
Hilton Worldwide Holdings, Inc. | 27 | 1,578 | ||||||
Jack in the Box, Inc.† | 85 | 8,646 | ||||||
La Quinta Holdings, Inc.†* | 143 | 1,933 | ||||||
McDonald’s Corp.† | 382 | 49,511 | ||||||
Restaurant Brands International, Inc. (Canada)† | 36 | 2,007 | ||||||
SeaWorld Entertainment, Inc.(a) | 103 | 1,882 | ||||||
Service Corp. International | 49 | 1,513 | ||||||
Six Flags Entertainment Corp. | 19 | 1,130 | ||||||
Sonic Corp.†(a) | 286 | 7,253 | ||||||
Speedway Motorsports, Inc.† | 12 | 226 | ||||||
Starbucks Corp. | 72 | 4,204 | ||||||
Weight Watchers International, Inc.(a)* | 280 | 4,360 | ||||||
Wendy’s Co. (The)(a) | 191 | 2,600 | ||||||
Wyndham Worldwide Corp.† | 157 | 13,234 |
The accompanying notes are an integral part of the financial statements.
162 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Yum! Brands, Inc.† | 226 | $ | 14,441 | |||||
|
| |||||||
167,908 | ||||||||
|
| |||||||
Energy — 3.5% |
| |||||||
Archrock, Inc.† | 203 | 2,517 | ||||||
Baker Hughes, Inc. | 17 | 1,017 | ||||||
CVR Energy, Inc.(a) | 36 | 723 | ||||||
Delek US Holdings, Inc.(a) | 166 | 4,029 | ||||||
Diamond Offshore Drilling, Inc.(a)* | 93 | 1,554 | ||||||
Dril-Quip, Inc.†* | 46 | 2,509 | ||||||
Exterran Corp.* | 12 | 377 | ||||||
Exxon Mobil Corp.† | 84 | 6,889 | ||||||
Halliburton Co.† | 150 | 7,382 | ||||||
Imperial Oil Ltd. (Canada)(a) | 16 | 488 | ||||||
Kinder Morgan, Inc.† | 209 | 4,544 | ||||||
McDermott International, Inc. (Panama)* | 46 | 310 | ||||||
Oceaneering International, Inc.† | 90 | 2,437 | ||||||
Oil States International, Inc.(a)* | 37 | 1,227 | ||||||
ONEOK, Inc.† | 45 | 2,495 | ||||||
REX American Resources Corp.* | 23 | 2,081 | ||||||
Rowan Cos PLC, Class A(a)* | 325 | 5,064 | ||||||
Ship Finance International Ltd. (Bermuda)(a) | 160 | 2,352 | ||||||
Smart Sand, Inc.(a)* | 26 | 422 | ||||||
Suncor Energy, Inc. (Canada) | 141 | 4,336 | ||||||
Teekay Corp. (Marshall Islands)† | 173 | 1,583 | ||||||
Transocean Ltd. (Switzerland)* | 54 | 672 | ||||||
Valero Energy Corp.† | 148 | 9,811 | ||||||
Western Refining, Inc. | 29 | 1,017 | ||||||
Williams Cos., Inc. (The)† | 291 | 8,611 | ||||||
|
| |||||||
74,447 | ||||||||
|
| |||||||
Food & Staples Retailing — 8.8% |
| |||||||
Costco Wholesale Corp.† | 25 | 4,192 | ||||||
CVS Health Corp.† | 865 | 67,902 | ||||||
Ingles Markets, Inc., Class A† | 29 | 1,251 | ||||||
Kroger Co. (The)† | 1,264 | 37,275 | ||||||
Walgreens Boots Alliance, Inc.† | 271 | 22,507 | ||||||
Wal-Mart Stores, Inc.† | 652 | 46,996 | ||||||
Whole Foods Market, Inc.†(a) | 302 | 8,975 | ||||||
|
| |||||||
189,098 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 17.8% |
| |||||||
Altria Group, Inc.† | 511 | 36,496 | ||||||
Archer-Daniels-Midland Co.† | 318 | 14,641 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Brown-Forman Corp., Class B | 106 | $ | 4,895 | |||||
Calavo Growers, Inc.† | 10 | 606 | ||||||
Campbell Soup Co.† | 376 | 21,522 | ||||||
Coca-Cola Co. (The)† | 508 | 21,560 | ||||||
Conagra Brands, Inc.† | 446 | 17,992 | ||||||
Dean Foods Co.† | 61 | 1,199 | ||||||
Dr Pepper Snapple Group, Inc.† | 273 | 26,732 | ||||||
Fresh Del Monte Produce, Inc. (Cayman Islands)† | 55 | 3,258 | ||||||
General Mills, Inc.† | 441 | 26,023 | ||||||
Hershey Co. (The)† | 188 | 20,539 | ||||||
Hormel Foods Corp.†(a) | 643 | 22,267 | ||||||
Ingredion, Inc. | 10 | 1,204 | ||||||
JM Smucker Co. (The)† | 104 | 13,632 | ||||||
John B Sanfilippo & Son, Inc.(a) | 6 | 439 | ||||||
Kellogg Co.† | 240 | 17,426 | ||||||
McCormick & Co., Inc., non-voting shares† | 184 | 17,949 | ||||||
Monster Beverage Corp.* | 73 | 3,370 | ||||||
PepsiCo, Inc.† | 158 | 17,674 | ||||||
Philip Morris International, Inc.† | 177 | 19,983 | ||||||
Pilgrim’s Pride Corp.† | 126 | 2,836 | ||||||
Pinnacle Foods, Inc. | 137 | 7,928 | ||||||
Reynolds American, Inc.† | 510 | 32,140 | ||||||
Snyder’s-Lance, Inc. | 7 | 282 | ||||||
Tyson Foods, Inc., Class A† | 468 | 28,880 | ||||||
Universal Corp.(a) | 13 | 920 | ||||||
|
| |||||||
382,393 | ||||||||
|
| |||||||
Health Care Equipment & Services — 15.2% |
| |||||||
Abbott Laboratories | 79 | 3,508 | ||||||
Acadia Healthcare Co., Inc.†(a)* | 265 | 11,554 | ||||||
Air Methods Corp.(a)* | 61 | 2,623 | ||||||
Alere, Inc.†* | 50 | 1,986 | ||||||
AmerisourceBergen Corp.† | 67 | 5,930 | ||||||
AMN Healthcare Services, Inc.†(a)* | 121 | 4,913 | ||||||
Baxter International, Inc.† | 659 | 34,176 | ||||||
Boston Scientific Corp.†* | 744 | 18,503 | ||||||
Cerner Corp.†(a)* | 132 | 7,768 | ||||||
Chemed Corp.†(a) | 31 | 5,663 | ||||||
Community Health Systems, Inc.* | 189 | 1,676 | ||||||
Cooper Cos., Inc. (The)† | 12 | 2,399 | ||||||
Cotiviti Holdings, Inc.†* | 123 | 5,121 | ||||||
CR Bard, Inc.† | 43 | 10,687 | ||||||
Danaher Corp.† | 173 | 14,797 |
The accompanying notes are an integral part of the financial statements.
163 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
DaVita, Inc.†* | 233 | $ | 15,837 | |||||
Express Scripts Holding Co.†* | 603 | 39,744 | ||||||
Haemonetics Corp.* | 6 | 243 | ||||||
Halyard Health, Inc.†* | 174 | 6,628 | ||||||
HCA Holdings, Inc.†* | 223 | 19,845 | ||||||
Henry Schein, Inc.†* | 41 | 6,969 | ||||||
Hill-Rom Holdings, Inc.† | 24 | 1,694 | ||||||
HMS Holdings Corp.†* | 183 | 3,720 | ||||||
ICU Medical, Inc.†* | 12 | 1,832 | ||||||
Integer Holdings Corp.†* | 119 | 4,784 | ||||||
Integra LifeSciences Holdings Corp.* . | 30 | 1,264 | ||||||
Kindred Healthcare, Inc.†(a) | 322 | 2,689 | ||||||
Laboratory Corp. of America Holdings†* | 106 | 15,208 | ||||||
Masimo Corp.†* | 18 | 1,679 | ||||||
McKesson Corp.† | 10 | 1,483 | ||||||
MEDNAX, Inc.(a)* | 50 | 3,469 | ||||||
Medtronic PLC (Ireland)† | 217 | 17,482 | ||||||
Meridian Bioscience, Inc.† | 105 | 1,449 | ||||||
Natus Medical, Inc.(a)* | 8 | 314 | ||||||
Owens & Minor, Inc.(a) | 112 | 3,875 | ||||||
Quality Systems, Inc.†* | 148 | 2,256 | ||||||
Quest Diagnostics, Inc.† | 148 | 14,532 | ||||||
Select Medical Holdings Corp.(a)* | 146 | 1,949 | ||||||
STERIS PLC (United Kingdom) | 37 | 2,570 | ||||||
Stryker Corp.† | 60 | 7,899 | ||||||
Teleflex, Inc. | 6 | 1,162 | ||||||
Tivity Health, Inc.(a)* | 35 | 1,018 | ||||||
Veeva Systems, Inc., Class A(a)* | 69 | 3,538 | ||||||
Zimmer Biomet Holdings, Inc.† | 80 | 9,769 | ||||||
|
| |||||||
326,205 | ||||||||
|
| |||||||
Household & Personal Products — 5.3% |
| |||||||
Avon Products, Inc.(a)* | 361 | 1,588 | ||||||
Central Garden & Pet Co., Class A†* | 94 | 3,264 | ||||||
Church & Dwight Co., Inc.† | 245 | 12,218 | ||||||
Clorox Co. (The)† | 98 | 13,213 | ||||||
Colgate-Palmolive Co.† | 233 | 17,053 | ||||||
Edgewell Personal Care Co.†* | 18 | 1,317 | ||||||
Energizer Holdings, Inc. | 2 | 112 | ||||||
Kimberly-Clark Corp.† | 271 | 35,672 | ||||||
Procter & Gamble Co. (The)† | 332 | 29,830 | ||||||
Spectrum Brands Holdings, Inc.†(a) | 4 | 556 | ||||||
|
| |||||||
114,823 | ||||||||
|
|
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — 5.3% |
| |||||||
Agrium, Inc. (Canada) | 36 | $ | 3,440 | |||||
Air Products & Chemicals, Inc. | 9 | 1,218 | ||||||
Albemarle Corp. | 53 | 5,599 | ||||||
Axalta Coating Systems Ltd. (Bermuda)* | 77 | 2,479 | ||||||
Cabot Corp.† | 36 | 2,157 | ||||||
Chemours Co. (The) | 5 | 192 | ||||||
Chemtura Corp.†* | 118 | 3,941 | ||||||
Clearwater Paper Corp.†* | 27 | 1,512 | ||||||
Domtar Corp. | 64 | 2,337 | ||||||
Eagle Materials, Inc.†(a) | 95 | 9,228 | ||||||
EI du Pont de Nemours & Co.† | 119 | 9,559 | ||||||
FMC Corp. | 27 | 1,879 | ||||||
Graphic Packaging Holding Co. | 244 | 3,140 | ||||||
Greif, Inc., Class A† | 41 | 2,259 | ||||||
Huntsman Corp. | 21 | 515 | ||||||
Ingevity Corp.†* | 64 | 3,894 | ||||||
Innophos Holdings, Inc.† | 59 | 3,184 | ||||||
Koppers Holdings, Inc.* | 2 | 85 | ||||||
Kraton Corp.* | 91 | 2,814 | ||||||
Louisiana-Pacific Corp.†* | 254 | 6,304 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 100 | 9,119 | ||||||
Monsanto Co.† | 70 | 7,924 | ||||||
Multi Packaging Solutions International Ltd. (Bermuda)†* | 18 | 323 | ||||||
Neenah Paper, Inc.† | 28 | 2,092 | ||||||
Owens-Illinois, Inc.* | 85 | 1,732 | ||||||
PolyOne Corp. | 19 | 648 | ||||||
PPG Industries, Inc.† | 62 | 6,515 | ||||||
Schweitzer-Mauduit International, Inc.† | 71 | 2,941 | ||||||
Sealed Air Corp. | 81 | 3,530 | ||||||
Silgan Holdings, Inc. | 44 | 2,612 | ||||||
Sonoco Products Co.(a) | 42 | 2,223 | ||||||
Summit Materials, Inc., Class A* | 143 | 3,534 | ||||||
Trinseo SA (Luxembourg)† | 61 | 4,093 | ||||||
|
| |||||||
113,022 | ||||||||
|
| |||||||
Media — 9.7% |
| |||||||
AMC Networks, Inc., Class A†* | 75 | 4,401 | ||||||
CBS Corp., Class B, non-voting shares† | 362 | 25,108 | ||||||
Charter Communications, Inc., Class A* | 2 | 655 |
The accompanying notes are an integral part of the financial statements.
164 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media — (Continued) |
| |||||||
Comcast Corp., Class A† | 607 | $ | 22,817 | |||||
Discovery Communications, Inc., Class A†(a)* | 447 | 13,003 | ||||||
Gray Television, Inc.* | 131 | 1,900 | ||||||
Interpublic Group of Cos., Inc. (The)† . | 483 | 11,867 | ||||||
Loral Space & Communications, Inc.†* | 31 | 1,221 | ||||||
MSG Networks, Inc., Class A†* | 293 | 6,842 | ||||||
News Corp., Class A | 416 | 5,408 | ||||||
Omnicom Group, Inc.†(a) | 233 | 20,087 | ||||||
Scripps Networks Interactive, Inc., Class A†. | 94 | 7,367 | ||||||
Sinclair Broadcast Group, Inc., Class A | 112 | 4,536 | ||||||
TEGNA, Inc.† | 403 | 10,325 | ||||||
Time Warner, Inc.† | 232 | 22,669 | ||||||
tronc, Inc.†* | 76 | 1,058 | ||||||
Twenty-First Century Fox, Inc., Class A† | 493 | 15,968 | ||||||
Viacom, Inc., Class B† | 287 | 13,380 | ||||||
Walt Disney Co. (The)† | 172 | 19,503 | ||||||
|
| |||||||
208,115 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 17.7% |
| |||||||
AbbVie, Inc.† | 396 | 25,803 | ||||||
Acorda Therapeutics, Inc.(a)* | 46 | 966 | ||||||
Akorn, Inc.(a)* | 22 | 530 | ||||||
Alexion Pharmaceuticals, Inc.* | 9 | 1,091 | ||||||
Alkermes PLC (Ireland)(a)* | 28 | 1,638 | ||||||
AMAG Pharmaceuticals, Inc.†(a)* | 236 | 5,322 | ||||||
Amgen, Inc.† | 142 | 23,298 | ||||||
Biogen, Inc.†* | 108 | 29,529 | ||||||
Bioverativ, Inc.†* | 57 | 3,104 | ||||||
Blueprint Medicines Corp.* | 3 | 120 | ||||||
Bristol-Myers Squibb Co.† | 190 | 10,332 | ||||||
Bruker Corp. | 19 | 443 | ||||||
Celgene Corp.†* | 65 | 8,088 | ||||||
Charles River Laboratories International, Inc.* | 44 | 3,958 | ||||||
Coherus Biosciences, Inc.(a)* | 23 | 486 | ||||||
Cytokinetics, Inc.* | 3 | 38 | ||||||
Eagle Pharmaceuticals, Inc.(a)* | 47 | 3,898 | ||||||
Eli Lilly & Co.† | 392 | 32,971 | ||||||
Emergent BioSolutions, Inc.* | 13 | 378 | ||||||
Endo International PLC (Ireland)* | 208 | 2,321 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Exelixis, Inc.†(a)* | 414 | $ | 8,971 | |||||
Gilead Sciences, Inc.† | 575 | 39,054 | ||||||
Horizon Pharma PLC (Ireland)(a)* | 18 | 266 | ||||||
Incyte Corp., Ltd.†* | 15 | 2,005 | ||||||
Ionis Pharmaceuticals, Inc.(a)* | 109 | 4,382 | ||||||
Ironwood Pharmaceuticals, Inc.(a)* | 141 | 2,406 | ||||||
Jazz Pharmaceuticals PLC (Ireland)* | 15 | 2,177 | ||||||
Johnson & Johnson† | 358 | 44,589 | ||||||
Lannett Co., Inc.†(a)* | 362 | 8,091 | ||||||
Ligand Pharmaceuticals, Inc.†(a)* | 46 | 4,869 | ||||||
Merck & Co., Inc.† | 464 | 29,483 | ||||||
MiMedx Group, Inc.(a)* | 48 | 457 | ||||||
Mylan NV (Netherlands)* | 153 | 5,966 | ||||||
Myriad Genetics, Inc.†(a)* | 247 | 4,742 | ||||||
PerkinElmer, Inc. | 43 | 2,497 | ||||||
Pfizer, Inc.† | 893 | 30,550 | ||||||
PRA Health Sciences, Inc.†* | 39 | 2,544 | ||||||
Prestige Brands Holdings, Inc.†* | 107 | 5,945 | ||||||
Progenics Pharmaceuticals, Inc.(a)* | 281 | 2,653 | ||||||
QIAGEN NV (Netherlands) | 12 | 348 | ||||||
Repligen Corp.†* | 107 | 3,766 | ||||||
Seattle Genetics, Inc.(a)* | 35 | 2,200 | ||||||
Sucampo Pharmaceuticals, Inc., Class A(a)* | 68 | 748 | ||||||
Supernus Pharmaceuticals, Inc.(a)* | 37 | 1,158 | ||||||
United Therapeutics Corp.†* | 45 | 6,092 | ||||||
Vanda Pharmaceuticals, Inc.* | 79 | 1,106 | ||||||
VWR Corp.†* | 46 | 1,297 | ||||||
Xencor, Inc.†* | 147 | 3,516 | ||||||
Zoetis, Inc. | 70 | 3,736 | ||||||
|
| |||||||
379,928 | ||||||||
|
| |||||||
Retailing — 10.9% |
| |||||||
Aaron’s, Inc.† | 168 | 4,996 | ||||||
Abercrombie & Fitch Co., Class A(a) | 79 | 943 | ||||||
American Eagle Outfitters, Inc. | 25 | 351 | ||||||
Asbury Automotive Group, Inc.†* | 62 | 3,726 | ||||||
AutoNation, Inc.(a)* | 175 | 7,401 | ||||||
AutoZone, Inc.†* | 34 | 24,584 | ||||||
Bed Bath & Beyond, Inc.†(a) | 285 | 11,246 | ||||||
Best Buy Co., Inc.†(a) | 99 | 4,866 | ||||||
Buckle, Inc. (The)(a) | 77 | 1,432 | ||||||
Camping World Holdings, Inc., Class A(a) | 13 | 419 |
The accompanying notes are an integral part of the financial statements.
165 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Dick’s Sporting Goods, Inc.(a) | 7 | $ | 341 | |||||
Dillard’s, Inc., Class A(a) | 38 | 1,985 | ||||||
Dollar General Corp.† | 96 | 6,694 | ||||||
Dollar Tree, Inc.†* | 65 | 5,100 | ||||||
Expedia, Inc. | 2 | 252 | ||||||
Foot Locker, Inc.† | 60 | 4,489 | ||||||
Gap, Inc. (The)†(a) | 392 | 9,522 | ||||||
Genuine Parts Co.† | 115 | 10,627 | ||||||
Group 1 Automotive, Inc.† | 29 | 2,148 | ||||||
Home Depot, Inc. (The) | 9 | 1,322 | ||||||
HSN, Inc.† | 184 | 6,826 | ||||||
Kohl’s Corp.† | 46 | 1,831 | ||||||
L Brands, Inc.† | 142 | 6,688 | ||||||
Liberty Interactive Corp. QVC Group, Class A†* | 113 | 2,262 | ||||||
Lowe’s Cos., Inc. | 5 | 411 | ||||||
Macy’s, Inc. | 37 | 1,097 | ||||||
Nordstrom, Inc.† | 47 | 2,189 | ||||||
Nutrisystem, Inc.† | 115 | 6,382 | ||||||
Office Depot, Inc. | 891 | 4,157 | ||||||
O’Reilly Automotive, Inc.†* | 53 | 14,302 | ||||||
Pool Corp. | 33 | 3,938 | ||||||
Priceline Group, Inc. (The)†* | 2 | 3,560 | ||||||
Ross Stores, Inc.† | 266 | 17,521 | ||||||
Signet Jewelers, Ltd. (Bermuda) | 17 | 1,178 | ||||||
Staples, Inc.† | 707 | 6,200 | ||||||
Target Corp.† | 353 | 19,482 | ||||||
Tiffany & Co.(a) | 58 | 5,527 | ||||||
TJX Cos., Inc. (The)† | 248 | 19,612 | ||||||
Tractor Supply Co.† | 123 | 8,483 | ||||||
Vitamin Shoppe, Inc.†* | 69 | 1,390 | ||||||
|
| |||||||
235,480 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.5% |
| |||||||
Amkor Technology, Inc.* | 298 | 3,454 | ||||||
Analog Devices, Inc.† | 115 | 9,424 | ||||||
Applied Materials, Inc.† | 19 | 739 | ||||||
Cabot Microelectronics Corp. | 1 | 77 | ||||||
Cirrus Logic, Inc.†(a) * | 130 | 7,890 | ||||||
Diodes, Inc.* | 3 | 72 | ||||||
Exar Corp.* | 3 | 39 | ||||||
Intel Corp.† | 747 | 26,944 | ||||||
KLA-Tencor Corp.† | 147 | 13,975 | ||||||
Lam Research Corp.† | 9 | 1,155 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Marvell Technology Group Ltd. (Bermuda) | 153 | $ | 2,335 | |||||
Microchip Technology, Inc.†(a) | 81 | 5,976 | ||||||
MKS Instruments, Inc. | 65 | 4,469 | ||||||
QUALCOMM, Inc.† | 422 | 24,198 | ||||||
Skyworks Solutions, Inc.† | 39 | 3,821 | ||||||
Texas Instruments, Inc.† | 179 | 14,420 | ||||||
|
| |||||||
118,988 | ||||||||
|
| |||||||
Software & Services — 10.9% |
| |||||||
Accenture PLC, Class A (Ireland) | 76 | 9,111 | ||||||
Adobe Systems, Inc.* | 10 | 1,301 | ||||||
Akamai Technologies, Inc.†* | 11 | 657 | ||||||
Alphabet, Inc., Class A* | 3 | 2,543 | ||||||
ANSYS, Inc.†(a)* | 46 | 4,916 | ||||||
Aspen Technology, Inc.†* | 100 | 5,892 | ||||||
Automatic Data Processing, Inc. | 3 | 307 | ||||||
Bankrate, Inc.* | 6 | 58 | ||||||
Booz Allen Hamilton Holding Corp.† | 73 | 2,584 | ||||||
CA, Inc.† | 649 | 20,586 | ||||||
CACI International, Inc., Class A* | 1 | 117 | ||||||
Cadence Design Systems, Inc.* | 50 | 1,570 | ||||||
CDK Global, Inc.† | 129 | 8,386 | ||||||
CGI Group, Inc., Class A (Canada)†* | 62 | 2,972 | ||||||
Citrix Systems, Inc.†* | 60 | 5,003 | ||||||
CommerceHub, Inc., Class A†* | 45 | 697 | ||||||
Conduent, Inc.* | 183 | 3,071 | ||||||
Convergys Corp.†(a) | 78 | 1,650 | ||||||
CoreLogic, Inc.* | 29 | 1,181 | ||||||
CSG Systems International, Inc.† | 52 | 1,966 | ||||||
CSRA, Inc.† | 126 | 3,690 | ||||||
DST Systems, Inc. | 28 | 3,430 | ||||||
eBay, Inc.†* | 334 | 11,212 | ||||||
Facebook, Inc., Class A†* | 26 | 3,693 | ||||||
Fair Isaac Corp.† | 23 | 2,966 | ||||||
Fidelity National Information Services, Inc.† | 168 | 13,376 | ||||||
Gigamon, Inc.* | 48 | 1,706 | ||||||
Globant SA (Luxembourg)(a)* | 8 | 291 | ||||||
GrubHub, Inc.* | 2 | 66 | ||||||
IAC/InterActiveCorp.* | 65 | 4,792 | ||||||
International Business Machines Corp.† | 56 | 9,752 | ||||||
j2 Global, Inc.† | 31 | 2,601 | ||||||
LogMeIn, Inc. | 28 | 2,730 |
The accompanying notes are an integral part of the financial statements.
166 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Manhattan Associates, Inc.†* | 108 | $ | 5,621 | |||||
MAXIMUS, Inc.† | 21 | 1,306 | ||||||
Monotype Imaging Holdings, Inc.† | 63 | 1,266 | ||||||
NIC, Inc.† | 124 | 2,505 | ||||||
Nuance Communications, Inc.* | 75 | 1,298 | ||||||
Open Text Corp. (Canada) | 85 | 2,891 | ||||||
Oracle Corp.† | 57 | 2,543 | ||||||
Paychex, Inc.† | 148 | 8,717 | ||||||
Progress Software Corp.† | 110 | 3,196 | ||||||
Qualys, Inc.* | 9 | 341 | ||||||
Science Applications International Corp.(a) | 62 | 4,613 | ||||||
Shutterstock, Inc.* | 6 | 248 | ||||||
SS&C Technologies Holdings, Inc. | 1 | 35 | ||||||
Stamps.com, Inc.†(a)* | 44 | 5,207 | ||||||
Synchronoss Technologies, Inc.(a)* | 63 | 1,537 | ||||||
Synopsys, Inc.†* | 103 | 7,429 | ||||||
Teradata Corp.†(a)* | 106 | 3,299 | ||||||
TiVo Corp. | 111 | 2,081 | ||||||
Trade Desk, Inc. (The), Class A* | 102 | 3,800 | ||||||
Travelport Worldwide Ltd. (Bermuda)† | 107 | 1,259 | ||||||
Tyler Technologies, Inc.(a)* | 5 | 773 | ||||||
VeriSign, Inc.†* | 29 | 2,526 | ||||||
VMware, Inc., Class A†(a)* | 95 | 8,753 | ||||||
Web.com Group, Inc.* | 25 | 482 | ||||||
WebMD Health Corp.†(a)* | 210 | 11,063 | ||||||
Western Union Co. (The)†(a) | 731 | 14,876 | ||||||
WEX, Inc.* | 20 | 2,070 | ||||||
|
| |||||||
234,608 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.4% |
| |||||||
Amphenol Corp., Class A | 23 | 1,637 | ||||||
Anixter International, Inc.* | 27 | 2,141 | ||||||
Apple, Inc.† | 281 | 40,369 | ||||||
Applied Optoelectronics, Inc.(a)* | 10 | 562 | ||||||
AVX Corp.† | 95 | 1,556 | ||||||
Belden, Inc. | 4 | 277 | ||||||
Benchmark Electronics, Inc.†* | 141 | 4,484 | ||||||
CDW Corp.† | 28 | 1,616 | ||||||
Cisco Systems, Inc.† | 924 | 31,231 | ||||||
CommScope Holding Co., Inc.†* | 38 | 1,585 | ||||||
Corning, Inc.† | 728 | 19,656 | ||||||
F5 Networks, Inc.†* | 52 | 7,414 | ||||||
FLIR Systems, Inc.† | 223 | 8,090 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Harris Corp.† | 13 | $ | 1,447 | |||||
HP, Inc.† | 95 | 1,699 | ||||||
Insight Enterprises, Inc.* | 10 | 411 | ||||||
InterDigital, Inc.†(a) | 121 | 10,442 | ||||||
Itron, Inc.* | 4 | 243 | ||||||
Juniper Networks, Inc.† | 641 | 17,839 | ||||||
Keysight Technologies, Inc.†* | 135 | 4,879 | ||||||
Motorola Solutions, Inc.† | 236 | 20,348 | ||||||
NCR Corp.†* | 176 | 8,040 | ||||||
NetApp, Inc. | 47 | 1,967 | ||||||
NETGEAR, Inc.†* | 34 | 1,685 | ||||||
Plantronics, Inc.† | 70 | 3,788 | ||||||
Plexus Corp.* | 7 | 405 | ||||||
ScanSource, Inc.†* | 59 | 2,316 | ||||||
Seagate Technology PLC (Ireland)† | 80 | 3,674 | ||||||
TTM Technologies, Inc.(a)* | 149 | 2,403 | ||||||
Vishay Intertechnology, Inc.† | 371 | 6,103 | ||||||
Western Digital Corp.† | 23 | 1,898 | ||||||
Xerox Corp.† | 1,341 | 9,843 | ||||||
Zebra Technologies Corp., Class A* | 40 | 3,650 | ||||||
|
| |||||||
223,698 | ||||||||
|
| |||||||
Telecommunication Services — 4.1% |
| |||||||
AT&T, Inc.† | 643 | 26,717 | ||||||
BCE, Inc. (Canada) | 11 | 487 | ||||||
Frontier Communications Corp.(a) | 1,878 | 4,019 | ||||||
Intelsat SA (Luxembourg)* | 1 | 4 | ||||||
Level 3 Communications, Inc.†* | 127 | 7,267 | ||||||
Rogers Communications, Inc., Class B (Canada) | 26 | 1,150 | ||||||
Sprint Corp.(a)* | 166 | 1,441 | ||||||
United States Cellular Corp.†* | 38 | 1,419 | ||||||
Verizon Communications, Inc.† | 911 | 44,411 | ||||||
Vonage Holdings Corp.* | 162 | 1,024 | ||||||
|
| |||||||
87,939 | ||||||||
|
| |||||||
Transportation — 3.7% |
| |||||||
Canadian Pacific Railway Ltd. (Canada) | 22 | 3,232 | ||||||
CH Robinson Worldwide, Inc.†(a) | 134 | 10,357 | ||||||
Delta Air Lines, Inc.† | 175 | 8,043 | ||||||
Expeditors International of Washington, Inc.† | 201 | 11,355 | ||||||
Hawaiian Holdings, Inc.†* | 113 | 5,249 | ||||||
Heartland Express, Inc.† | 186 | 3,729 | ||||||
Kirby Corp.(a)* | 11 | 776 |
The accompanying notes are an integral part of the financial statements.
167 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Matson, Inc.† | 31 | $ | 985 | |||||
Norfolk Southern Corp. | 38 | 4,255 | ||||||
Old Dominion Freight Line, Inc. | 47 | 4,022 | ||||||
Ryder System, Inc.† | 84 | 6,337 | ||||||
Saia, Inc.* | 10 | 443 | ||||||
Union Pacific Corp.† | 95 | 10,062 | ||||||
United Continental Holdings, Inc.†* | 25 | 1,766 | ||||||
XPO Logistics, Inc.†* | 199 | 9,530 | ||||||
|
| |||||||
80,141 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,778,425 | |||||||
|
| |||||||
Par Value | ||||||||
CORPORATE BONDS AND NOTES — 0.0% |
| |||||||
Capital Goods — 0.0% |
| |||||||
Mueller Industries, Inc. | $ | 275 | 273 | |||||
|
| |||||||
TOTAL CORPORATE BONDS AND NOTES | 273 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 175.8% |
| 3,778,698 | ||||||
|
| |||||||
(Cost $3,577,767) | ||||||||
Number of Shares | ||||||||
SHORT POSITIONS — (75.9)% |
| |||||||
COMMON STOCKS — (75.9)% |
| |||||||
Automobiles & Components — (1.3)% |
| |||||||
Adient PLC (Ireland) | (88 | ) | (6,395 | ) | ||||
Cooper Tire & Rubber Co. | (40 | ) | (1,774 | ) | ||||
Dana, Inc. | (80 | ) | (1,545 | ) | ||||
Fox Factory Holding Corp.* | (108 | ) | (3,100 | ) | ||||
Gentherm, Inc.* | (79 | ) | (3,101 | ) | ||||
Metaldyne Performance Group, Inc. | (14 | ) | (320 | ) | ||||
Modine Manufacturing Co.* | (45 | ) | (549 | ) | ||||
Superior Industries International, Inc. | (10 | ) | (254 | ) | ||||
Tesla, Inc.* | (39 | ) | (10,854 | ) | ||||
|
| |||||||
(27,892 | ) | |||||||
|
| |||||||
Capital Goods — (9.2)% |
| |||||||
AAON, Inc. | (56 | ) | (1,980 | ) | ||||
AAR Corp. | (119 | ) | (4,002 | ) | ||||
Actuant Corp., Class A | (86 | ) | (2,266 | ) | ||||
Acuity Brands, Inc. | (17 | ) | (3,468 | ) | ||||
AECOM* | (150 | ) | (5,338 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Aegion Corp.* | (100 | ) | $ | (2,291 | ) | |||
Albany International Corp., Class A | (37 | ) | (1,704 | ) | ||||
Apogee Enterprises, Inc. | (10 | ) | (596 | ) | ||||
Axon Enterprise, Inc.* | (153 | ) | (3,487 | ) | ||||
Babcock & Wilcox Enterprises, Inc.* | (25 | ) | (234 | ) | ||||
Beacon Roofing Supply, Inc.* | (40 | ) | (1,966 | ) | ||||
Briggs & Stratton Corp. | (46 | ) | (1,033 | ) | ||||
BWX Technologies, Inc. | (24 | ) | (1,142 | ) | ||||
CAE, Inc. (Canada) | (47 | ) | (719 | ) | ||||
Chicago Bridge & Iron Co. NV (Netherlands) | (144 | ) | (4,428 | ) | ||||
CIRCOR International, Inc. | (26 | ) | (1,545 | ) | ||||
Colfax Corp.* | (30 | ) | (1,178 | ) | ||||
Comfort Systems USA, Inc. | (7 | ) | (256 | ) | ||||
Cubic Corp. | (14 | ) | (739 | ) | ||||
Douglas Dynamics, Inc. | (58 | ) | (1,778 | ) | ||||
Dover Corp. | (45 | ) | (3,616 | ) | ||||
Dycom Industries, Inc.* | (44 | ) | (4,090 | ) | ||||
Encore Wire Corp. | (1 | ) | (46 | ) | ||||
Energy Recovery, Inc.* | (170 | ) | (1,414 | ) | ||||
EnPro Industries, Inc. | (56 | ) | (3,985 | ) | ||||
Esterline Technologies Corp.* | (13 | ) | (1,119 | ) | ||||
Fastenal Co. | (22 | ) | (1,133 | ) | ||||
Federal Signal Corp. | (157 | ) | (2,168 | ) | ||||
Flowserve Corp. | (9 | ) | (436 | ) | ||||
Franklin Electric Co., Inc. | (31 | ) | (1,335 | ) | ||||
GMS, Inc.* | (68 | ) | (2,383 | ) | ||||
Granite Construction, Inc. | (64 | ) | (3,212 | ) | ||||
Herc Holdings, Inc.* | (177 | ) | (8,653 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (27 | ) | (1,522 | ) | ||||
Insteel Industries, Inc. | (10 | ) | (361 | ) | ||||
John Bean Technologies Corp. | (55 | ) | (4,837 | ) | ||||
Johnson Controls International PLC (Ireland) | (10 | ) | (421 | ) | ||||
Joy Global, Inc. | (37 | ) | (1,045 | ) | ||||
KBR, Inc. | (282 | ) | (4,238 | ) | ||||
Kennametal, Inc. | (212 | ) | (8,317 | ) | ||||
KLX, Inc.* | (163 | ) | (7,286 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (120 | ) | (934 | ) | ||||
Manitowoc Co., Inc. (The)* | (1,089 | ) | (6,207 | ) | ||||
Masonite International Corp. (Canada)* | (44 | ) | (3,487 | ) | ||||
MasTec, Inc.* | (20 | ) | (801 | ) |
The accompanying notes are an integral part of the financial statements.
168 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Mercury Systems, Inc.* | (124 | ) | $ | (4,842 | ) | |||
Meritor, Inc.* | (133 | ) | (2,278 | ) | ||||
Mueller Industries, Inc. | (33 | ) | (1,130 | ) | ||||
Mueller Water Products, Inc., Class A | (9 | ) | (106 | ) | ||||
National Presto Industries, Inc. | (4 | ) | (409 | ) | ||||
Navistar International Corp.* | (201 | ) | (4,949 | ) | ||||
NCI Building Systems, Inc.* | (9 | ) | (154 | ) | ||||
NOW, Inc.* | (38 | ) | (644 | ) | ||||
Patrick Industries, Inc.* | (44 | ) | (3,120 | ) | ||||
PGT Innovations.* | (15 | ) | (161 | ) | ||||
Ply Gem Holdings, Inc.* | (53 | ) | (1,044 | ) | ||||
Primoris Services Corp. | (34 | ) | (789 | ) | ||||
Proto Labs, Inc.* | (46 | ) | (2,351 | ) | ||||
Quanta Services, Inc.* | (42 | ) | (1,559 | ) | ||||
Raven Industries, Inc. | (5 | ) | (145 | ) | ||||
Rexnord Corp.* | (83 | ) | (1,916 | ) | ||||
Roper Technologies, Inc. | (35 | ) | (7,227 | ) | ||||
Sensata Technologies Holding NV (Netherlands)* | (84 | ) | (3,668 | ) | ||||
SiteOne Landscape Supply, Inc.* | (97 | ) | (4,696 | ) | ||||
SPX Corp.* | (19 | ) | (461 | ) | ||||
SPX FLOW, Inc.* | (64 | ) | (2,221 | ) | ||||
Sunrun, Inc.* | (643 | ) | (3,472 | ) | ||||
Tennant Co. | (29 | ) | (2,107 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda) | (38 | ) | (581 | ) | ||||
Thermon Group Holdings, Inc.* | (60 | ) | (1,250 | ) | ||||
Timken Co. (The) | (30 | ) | (1,356 | ) | ||||
Titan International, Inc. | (26 | ) | (269 | ) | ||||
Toro Co. (The) | (17 | ) | (1,062 | ) | ||||
Trinity Industries, Inc. | (268 | ) | (7,115 | ) | ||||
Triumph Group, Inc. | (218 | ) | (5,614 | ) | ||||
Universal Forest Products, Inc. | (10 | ) | (985 | ) | ||||
Valmont Industries, Inc. | (11 | ) | (1,710 | ) | ||||
WABCO Holdings, Inc.* | (18 | ) | (2,114 | ) | ||||
Wabtec Corp. | (129 | ) | (10,062 | ) | ||||
Welbilt, Inc.* | (46 | ) | (903 | ) | ||||
Woodward, Inc. | (43 | ) | (2,921 | ) | ||||
|
| |||||||
(198,587 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (3.5)% |
| |||||||
ABM Industries, Inc. | (1 | ) | (44 | ) | ||||
Acco Brands Corp.* | (104 | ) | (1,368 | ) | ||||
Advanced Disposal Services, Inc.* | (13 | ) | (294 | ) | ||||
Advisory Board Co. (The)* | (230 | ) | (10,764 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Brady Corp., Class A | (16 | ) | $ | (618 | ) | |||
CEB, Inc. | (80 | ) | (6,288 | ) | ||||
Clean Harbors, Inc.* | (161 | ) | (8,955 | ) | ||||
Covanta Holding Corp. | (177 | ) | (2,779 | ) | ||||
Equifax, Inc. | (32 | ) | (4,376 | ) | ||||
Exponent, Inc. | (13 | ) | (774 | ) | ||||
Healthcare Services Group, Inc. | (129 | ) | (5,559 | ) | ||||
Herman Miller, Inc. | (72 | ) | (2,272 | ) | ||||
HNI Corp. | (64 | ) | (2,950 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (69 | ) | (2,895 | ) | ||||
Insperity, Inc. | (1 | ) | (89 | ) | ||||
Korn/Ferry International | (192 | ) | (6,046 | ) | ||||
MSA Safety, Inc. | (12 | ) | (848 | ) | ||||
Multi-Color Corp. | (50 | ) | (3,550 | ) | ||||
Rollins, Inc. | (26 | ) | (965 | ) | ||||
TransUnion* | (59 | ) | (2,263 | ) | ||||
TriNet Group, Inc.* | (58 | ) | (1,676 | ) | ||||
US Ecology, Inc. | (49 | ) | (2,296 | ) | ||||
WageWorks, Inc.* | (92 | ) | (6,652 | ) | ||||
|
| |||||||
(74,321 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.9)% |
| |||||||
Brunswick Corp. | (8 | ) | (490 | ) | ||||
Columbia Sportswear Co. | (22 | ) | (1,292 | ) | ||||
Ethan Allen Interiors, Inc. | (18 | ) | (552 | ) | ||||
G-III Apparel Group Ltd.* | (320 | ) | (7,005 | ) | ||||
Gildan Activewear, Inc. (Canada) | (99 | ) | (2,677 | ) | ||||
Helen Of Troy Ltd. (Bermuda)* | (33 | ) | (3,109 | ) | ||||
Lululemon Athletica, Inc.* | (88 | ) | (4,565 | ) | ||||
Mohawk Industries, Inc.* | (20 | ) | (4,590 | ) | ||||
Nautilus, Inc.* | (50 | ) | (912 | ) | ||||
NIKE, Inc., Class B | (82 | ) | (4,570 | ) | ||||
Polaris Industries, Inc. | (51 | ) | (4,274 | ) | ||||
PVH Corp. | (31 | ) | (3,208 | ) | ||||
Skechers U.S.A., Inc., Class A* | (38 | ) | (1,043 | ) | ||||
Steven Madden Ltd.* | (34 | ) | (1,311 | ) | ||||
Vista Outdoor, Inc.* | (63 | ) | (1,297 | ) | ||||
|
| |||||||
(40,895 | ) | |||||||
|
| |||||||
Consumer Services — (4.3)% |
| |||||||
BJ’s Restaurants, Inc.* | (119 | ) | (4,808 | ) | ||||
Bloomin’ Brands, Inc. | (253 | ) | (4,992 | ) | ||||
Bob Evans Farms, Inc. | (9 | ) | (584 | ) | ||||
Boyd Gaming Corp.* | (405 | ) | (8,914 | ) | ||||
Bright Horizons Family Solutions, Inc.* | (28 | ) | (2,030 | ) |
The accompanying notes are an integral part of the financial statements.
169 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Career Education Corp.* | (3 | ) | $ | (26 | ) | |||
Chegg, Inc.* | (147 | ) | (1,241 | ) | ||||
Chipotle Mexican Grill, Inc.* | (29 | ) | (12,920 | ) | ||||
ClubCorp Holdings, Inc. | (117 | ) | (1,878 | ) | ||||
Dave & Buster’s Entertainment, Inc.* | (151 | ) | (9,225 | ) | ||||
Del Taco Restaurants, Inc.* | (2 | ) | (25 | ) | ||||
Fiesta Restaurant Group, Inc.* | (73 | ) | (1,767 | ) | ||||
Grand Canyon Education, Inc.* | (9 | ) | (644 | ) | ||||
Houghton Mifflin Harcourt Co.* | (78 | ) | (792 | ) | ||||
Hyatt Hotels Corp., Class A* | (160 | ) | (8,637 | ) | ||||
ILG, Inc. | (89 | ) | (1,865 | ) | ||||
K12, Inc.* | (1 | ) | (19 | ) | ||||
Marcus Corp. (The) | (7 | ) | (225 | ) | ||||
MGM Resorts International | (180 | ) | (4,932 | ) | ||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | (16 | ) | (812 | ) | ||||
Panera Bread Co., Class A* | (12 | ) | (3,142 | ) | ||||
Planet Fitness, Inc., Class A | (42 | ) | (809 | ) | ||||
Red Robin Gourmet Burgers, Inc.* | (19 | ) | (1,111 | ) | ||||
Red Rock Resorts, Inc., Class A | (18 | ) | (399 | ) | ||||
Ruth’s Hospitality Group, Inc. | (1 | ) | (20 | ) | ||||
ServiceMaster Global Holdings, Inc.* | (14 | ) | (584 | ) | ||||
Shake Shack, Inc., Class A* | (314 | ) | (10,488 | ) | ||||
Texas Roadhouse, Inc. | (92 | ) | (4,097 | ) | ||||
Wingstop, Inc. | (94 | ) | (2,658 | ) | ||||
Wynn Resorts Ltd. | (18 | ) | (2,063 | ) | ||||
|
| |||||||
(91,707 | ) | |||||||
|
| |||||||
Energy — (4.0)% |
| |||||||
Alon USA Energy, Inc. | (259 | ) | (3,157 | ) | ||||
Atwood Oceanics, Inc.* | (217 | ) | (2,068 | ) | ||||
Basic Energy Services, Inc.* | (51 | ) | (1,701 | ) | ||||
Bristow Group, Inc. | (116 | ) | (1,764 | ) | ||||
C&J Energy Services, Inc.* | (36 | ) | (1,226 | ) | ||||
Cameco Corp. (Canada) | (69 | ) | (764 | ) | ||||
Cenovus Energy, Inc. (Canada) | (336 | ) | (3,797 | ) | ||||
Cheniere Energy, Inc.* | (124 | ) | (5,861 | ) | ||||
Enbridge, Inc. (Canada) | (20 | ) | (837 | ) | ||||
Forum Energy Technologies, Inc.* | (136 | ) | (2,815 | ) | ||||
Frank’s International NV (Netherlands) | (70 | ) | (740 | ) | ||||
Green Plains, Inc. | (76 | ) | (1,881 | ) | ||||
Helix Energy Solutions Group, Inc.* | (559 | ) | (4,343 | ) | ||||
Helmerich & Payne, Inc. | (39 | ) | (2,596 | ) | ||||
Marathon Petroleum Corp. | (40 | ) | (2,022 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
National Oilwell Varco, Inc. | (69 | ) | $ | (2,766 | ) | |||
Newpark Resources, Inc.* | (66 | ) | (535 | ) | ||||
Noble Corp. PLC (United Kingdom) | (1,189 | ) | (7,360 | ) | ||||
Occidental Petroleum Corp. | (191 | ) | (12,102 | ) | ||||
Pembina Pipeline Corp. (Canada) | (69 | ) | (2,188 | ) | ||||
Precision Drilling Corp. (Canada)* | (1,441 | ) | (6,801 | ) | ||||
RPC, Inc. | (84 | ) | (1,538 | ) | ||||
SemGroup Corp., Class A | (41 | ) | (1,476 | ) | ||||
Superior Energy Services, Inc.* | (530 | ) | (7,558 | ) | ||||
US Silica Holdings, Inc. | (94 | ) | (4,511 | ) | ||||
World Fuel Services Corp. | (104 | ) | (3,770 | ) | ||||
|
| |||||||
(86,177 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.0)% |
| |||||||
Casey’s General Stores, Inc. | (42 | ) | (4,714 | ) | ||||
Performance Food Group Co.* | (191 | ) | (4,546 | ) | ||||
PriceSmart, Inc. | (6 | ) | (553 | ) | ||||
Rite Aid Corp.* | (1,492 | ) | (6,341 | ) | ||||
Smart & Final Stores, Inc.* | (188 | ) | (2,275 | ) | ||||
Sprouts Farmers Market, Inc.* | (41 | ) | (948 | ) | ||||
United Natural Foods, Inc.* | (58 | ) | (2,507 | ) | ||||
Weis Markets, Inc. | (1 | ) | (60 | ) | ||||
|
| |||||||
(21,944 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.3)% |
| |||||||
B&G Foods, Inc. | (104 | ) | (4,186 | ) | ||||
Blue Buffalo Pet Products, Inc.* | (202 | ) | (4,646 | ) | ||||
Coca-Cola Bottling Co. Consolidated | (21 | ) | (4,326 | ) | ||||
Constellation Brands, Inc., Class A | (27 | ) | (4,376 | ) | ||||
Cott Corp. (Canada) | (149 | ) | (1,842 | ) | ||||
Darling Ingredients, Inc.* | (348 | ) | (5,053 | ) | ||||
Farmer Brothers Co.* | (13 | ) | (460 | ) | ||||
Kraft Heinz Co. (The) | (60 | ) | (5,449 | ) | ||||
Lamb Weston Holdings, Inc. | (131 | ) | (5,510 | ) | ||||
Mead Johnson Nutrition Co. | (90 | ) | (8,017 | ) | ||||
MGP Ingredients, Inc. | (91 | ) | (4,935 | ) | ||||
Molson Coors Brewing Co., Class B | (22 | ) | (2,106 | ) | ||||
National Beverage Corp. | (1 | ) | (84 | ) | ||||
Post Holdings, Inc.* | (90 | ) | (7,877 | ) | ||||
Tootsie Roll Industries, Inc. | (34 | ) | (1,277 | ) | ||||
Vector Group Ltd. | (114 | ) | (2,371 | ) | ||||
WhiteWave Foods Co. (The)* | (133 | ) | (7,468 | ) | ||||
|
| |||||||
(69,983 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (5.9)% |
| |||||||
ABIOMED, Inc.* | (23 | ) | (2,880 | ) |
The accompanying notes are an integral part of the financial statements.
170 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Amedisys, Inc.* | (61 | ) | $ | (3,116 | ) | |||
athenahealth, Inc.* | (29 | ) | (3,268 | ) | ||||
AtriCure, Inc.* | (6 | ) | (115 | ) | ||||
BioTelemetry, Inc.* | (24 | ) | (695 | ) | ||||
Cardiovascular Systems, Inc.* | (134 | ) | (3,789 | ) | ||||
Cerus Corp.* | (347 | ) | (1,544 | ) | ||||
DENTSPLY SIRONA, Inc. | (16 | ) | (999 | ) | ||||
DexCom, Inc.* | (128 | ) | (10,845 | ) | ||||
Diplomat Pharmacy, Inc.* | (424 | ) | (6,763 | ) | ||||
Endologix, Inc.* | (547 | ) | (3,960 | ) | ||||
Ensign Group, Inc. (The) | (149 | ) | (2,801 | ) | ||||
Envision Healthcare Corp.* | (174 | ) | (10,670 | ) | ||||
Evolent Health, Inc., Class A* | (204 | ) | (4,549 | ) | ||||
GenMark Diagnostics, Inc.* | (1 | ) | (13 | ) | ||||
Glaukos Corp.* | (23 | ) | (1,180 | ) | ||||
Globus Medical, Inc., Class A* | (27 | ) | (800 | ) | ||||
Insulet Corp.* | (167 | ) | (7,196 | ) | ||||
K2M Group Holdings, Inc.* | (148 | ) | (3,035 | ) | ||||
Medidata Solutions, Inc.* | (11 | ) | (635 | ) | ||||
Merit Medical Systems, Inc.* | (67 | ) | (1,936 | ) | ||||
National Healthcare Corp. | (14 | ) | (998 | ) | ||||
Nevro Corp.* | (71 | ) | (6,653 | ) | ||||
Novocure Ltd. (Jersey)* | (157 | ) | (1,272 | ) | ||||
NxStage Medical, Inc.* | (155 | ) | (4,159 | ) | ||||
Omnicell, Inc.* | (71 | ) | (2,886 | ) | ||||
OraSure Technologies, Inc.* | (48 | ) | (621 | ) | ||||
Patterson Cos., Inc. | (143 | ) | (6,468 | ) | ||||
Penumbra, Inc.* | (85 | ) | (7,093 | ) | ||||
PharMerica Corp.* | (19 | ) | (445 | ) | ||||
Quidel Corp.* | (71 | ) | (1,607 | ) | ||||
Spectranetics Corp. (The)* | (210 | ) | (6,116 | ) | ||||
Surgery Partners, Inc.* | (60 | ) | (1,170 | ) | ||||
Teladoc, Inc.* | (57 | ) | (1,425 | ) | ||||
Tenet Healthcare Corp.* | (430 | ) | (7,615 | ) | ||||
Universal Health Services, Inc., Class B | (43 | ) | (5,351 | ) | ||||
VCA, Inc.* | (17 | ) | (1,556 | ) | ||||
Zeltiq Aesthetics, Inc.* | (27 | ) | (1,501 | ) | ||||
|
| |||||||
(127,725 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.3)% |
| |||||||
Coty, Inc., Class A | (206 | ) | (3,735 | ) | ||||
Revlon, Inc., Class A* | (26 | ) | (724 | ) | ||||
WD-40 Co. | (11 | ) | (1,198 | ) | ||||
|
| |||||||
(5,657 | ) | |||||||
|
|
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (6.6)% |
| |||||||
Ashland Global Holdings, Inc. | (10 | ) | $ | (1,238 | ) | |||
Avery Dennison Corp. | (15 | ) | (1,209 | ) | ||||
Balchem Corp. | (78 | ) | (6,429 | ) | ||||
Ball Corp. | (36 | ) | (2,673 | ) | ||||
Calgon Carbon Corp. | (2 | ) | (29 | ) | ||||
Celanese Corp., Class A | (114 | ) | (10,243 | ) | ||||
CF Industries Holdings, Inc. | (448 | ) | (13,149 | ) | ||||
Chase Corp. | (11 | ) | (1,049 | ) | ||||
Crown Holdings, Inc.* | (170 | ) | (9,002 | ) | ||||
Eastman Chemical Co. | (176 | ) | (14,221 | ) | ||||
Ecolab, Inc. | (18 | ) | (2,256 | ) | ||||
Ferro Corp.* | (17 | ) | (258 | ) | ||||
Flotek Industries, Inc.* | (361 | ) | (4,617 | ) | ||||
HB Fuller Co. | (2 | ) | (103 | ) | ||||
Headwaters, Inc.* | (215 | ) | (5,048 | ) | ||||
International Flavors & Fragrances, Inc. | (4 | ) | (530 | ) | ||||
International Paper Co. | (203 | ) | (10,308 | ) | ||||
Kronos Worldwide, Inc. | (83 | ) | (1,364 | ) | ||||
Methanex Corp. (Canada) | (127 | ) | (5,956 | ) | ||||
Mosaic Co. (The) | (16 | ) | (467 | ) | ||||
NewMarket Corp. | (17 | ) | (7,705 | ) | ||||
Packaging Corp. of America | (18 | ) | (1,649 | ) | ||||
PH Glatfelter Co. | (97 | ) | (2,109 | ) | ||||
Potash Corp. of Saskatchewan, Inc. (Canada) | (571 | ) | (9,753 | ) | ||||
RPM International, Inc. | (3 | ) | (165 | ) | ||||
Sensient Technologies Corp. | (4 | ) | (317 | ) | ||||
Tredegar Corp. | (34 | ) | (597 | ) | ||||
Tronox Ltd., Class A (Australia) | (509 | ) | (9,391 | ) | ||||
US Concrete, Inc.* | (85 | ) | (5,487 | ) | ||||
Valspar Corp. (The) | (26 | ) | (2,884 | ) | ||||
Valvoline, Inc. | (12 | ) | (295 | ) | ||||
Westlake Chemical Corp. | (61 | ) | (4,029 | ) | ||||
WR Grace & Co. | (112 | ) | (7,807 | ) | ||||
|
| |||||||
(142,337 | ) | |||||||
|
| |||||||
Media — (1.6)% |
| |||||||
AMC Entertainment Holdings, Inc., Class A | (180 | ) | (5,661 | ) | ||||
Cinemark Holdings, Inc. | (17 | ) | (754 | ) | ||||
Entravision Communications Corp., Class A | (143 | ) | (887 | ) | ||||
EW Scripps Co. (The), Class A* | (190 | ) | (4,454 | ) | ||||
Gannett Co., Inc. | (362 | ) | (3,034 | ) |
The accompanying notes are an integral part of the financial statements.
171 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Media — (Continued) | ||||||||
John Wiley & Sons, Inc., Class A | (68 | ) | $ | (3,658 | ) | |||
Live Nation Entertainment, Inc.* | (139 | ) | (4,221 | ) | ||||
MDC Partners, Inc., Class A (Canada) | (2 | ) | (19 | ) | ||||
Meredith Corp. | (1 | ) | (65 | ) | ||||
National CineMedia, Inc. | (99 | ) | (1,250 | ) | ||||
New Media Investment Group, Inc. | (38 | ) | (540 | ) | ||||
New York Times Co. (The), Class A | (23 | ) | (331 | ) | ||||
Scholastic Corp. | (7 | ) | (298 | ) | ||||
Shaw Communications, Inc., Class B (Canada) | (177 | ) | (3,667 | ) | ||||
Sirius XM Holdings, Inc. | (312 | ) | (1,607 | ) | ||||
World Wrestling Entertainment, Inc., Class A | (137 | ) | (3,044 | ) | ||||
|
| |||||||
(33,490 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (5.9)% |
| |||||||
Accelerate Diagnostics, Inc.* | (54 | ) | (1,307 | ) | ||||
Acceleron Pharma, Inc.* | (50 | ) | (1,324 | ) | ||||
Achaogen, Inc.* | (45 | ) | (1,135 | ) | ||||
Achillion Pharmaceuticals, Inc.* | (601 | ) | (2,530 | ) | ||||
Aclaris Therapeutics, Inc.* | (2 | ) | (60 | ) | ||||
Aduro Biotech, Inc.* | (3 | ) | (32 | ) | ||||
Aerie Pharmaceuticals, Inc.* | (100 | ) | (4,535 | ) | ||||
Agios Pharmaceuticals, Inc.* | (74 | ) | (4,322 | ) | ||||
Aimmune Therapeutics, Inc.* | (42 | ) | (913 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (290 | ) | (6,032 | ) | ||||
Alnylam Pharmaceuticals, Inc.* | (30 | ) | (1,538 | ) | ||||
Amicus Therapeutics, Inc.* | (626 | ) | (4,463 | ) | ||||
Amphastar Pharmaceuticals, Inc.* | (30 | ) | (435 | ) | ||||
Atara Biotherapeutics, Inc.* | (1 | ) | (21 | ) | ||||
Bio-Rad Laboratories, Inc., Class A* | (13 | ) | (2,591 | ) | ||||
Bio-Techne Corp. | (7 | ) | (712 | ) | ||||
Dermira, Inc.* | (105 | ) | (3,582 | ) | ||||
Five Prime Therapeutics, Inc.* | (48 | ) | (1,735 | ) | ||||
Foundation Medicine, Inc.* | (70 | ) | (2,258 | ) | ||||
Heron Therapeutics, Inc.* | (321 | ) | (4,815 | ) | ||||
Illumina, Inc.* | (97 | ) | (16,552 | ) | ||||
Impax Laboratories, Inc.* | (54 | ) | (683 | ) | ||||
Inovio Pharmaceuticals, Inc.* | (63 | ) | (417 | ) | ||||
Insmed, Inc.* | (163 | ) | (2,854 | ) | ||||
Intercept Pharmaceuticals, Inc.* | (13 | ) | (1,470 | ) | ||||
Intra-Cellular Therapies, Inc.* | (284 | ) | (4,615 | ) | ||||
Juno Therapeutics, Inc.* | (27 | ) | (599 | ) | ||||
Keryx Biopharmaceuticals, Inc.* | (112 | ) | (690 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Pharmaceuticals, Biotechnology & Life |
| |||||||
La Jolla Pharmaceutical Co.* | (1 | ) | $ | (30 | ) | |||
Lexicon Pharmaceuticals, Inc.* | (17 | ) | (244 | ) | ||||
Luminex Corp. | (96 | ) | (1,763 | ) | ||||
Medicines Co. (The)* | (136 | ) | (6,650 | ) | ||||
Momenta Pharmaceuticals, Inc.* | (42 | ) | (561 | ) | ||||
Nektar Therapeutics* | (503 | ) | (11,805 | ) | ||||
NeoGenomics, Inc.* | (151 | ) | (1,191 | ) | ||||
PAREXEL International Corp.* | (115 | ) | (7,258 | ) | ||||
Prothena Corp. PLC (Ireland)* | (39 | ) | (2,176 | ) | ||||
Puma Biotechnology, Inc.* | (27 | ) | (1,004 | ) | ||||
Quintiles IMS Holdings, Inc.* | (91 | ) | (7,328 | ) | ||||
Radius Health, Inc.* | (40 | ) | (1,546 | ) | ||||
Synergy Pharmaceuticals, Inc.* | (160 | ) | (746 | ) | ||||
TherapeuticsMD, Inc.* | (722 | ) | (5,198 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (116 | ) | (4,271 | ) | ||||
Ultragenyx Pharmaceutical, Inc.* | (1 | ) | (68 | ) | ||||
Valeant Pharmaceuticals International, Inc. (Canada)* | (249 | ) | (2,746 | ) | ||||
|
| |||||||
(126,805 | ) | |||||||
|
| |||||||
Retailing — (4.8)% | ||||||||
1-800-Flowers.com, Inc., Class A* | (52 | ) | (530 | ) | ||||
Ascena Retail Group, Inc.* | (199 | ) | (848 | ) | ||||
Barnes & Noble, Inc. | (284 | ) | (2,627 | ) | ||||
Burlington Stores, Inc.* | (40 | ) | (3,892 | ) | ||||
Caleres, Inc. | (11 | ) | (291 | ) | ||||
CarMax, Inc.* | (98 | ) | (5,804 | ) | ||||
Cato Corp. (The), Class A | (28 | ) | (615 | ) | ||||
Core-Mark Holding Co., Inc. | (123 | ) | (3,836 | ) | ||||
CST Brands, Inc. | (121 | ) | (5,819 | ) | ||||
Finish Line, Inc. (The), Class A | (423 | ) | (6,019 | ) | ||||
Five Below, Inc.* | (139 | ) | (6,020 | ) | ||||
Francesca’s Holdings Corp.* | (21 | ) | (322 | ) | ||||
Fred’s, Inc., Class A | (383 | ) | (5,017 | ) | ||||
Genesco, Inc.* | (128 | ) | (7,098 | ) | ||||
Groupon, Inc.* | (875 | ) | (3,439 | ) | ||||
Guess?, Inc. | (558 | ) | (6,222 | ) | ||||
Hibbett Sports, Inc.* | (25 | ) | (738 | ) | ||||
Lithia Motors, Inc., Class A | (61 | ) | (5,225 | ) | ||||
Lumber Liquidators Holdings, Inc.* | (74 | ) | (1,553 | ) | ||||
MarineMax, Inc.* | (20 | ) | (433 | ) | ||||
Monro Muffler Brake, Inc. | (20 | ) | (1,042 | ) | ||||
Netflix, Inc.* | (50 | ) | (7,390 | ) |
The accompanying notes are an integral part of the financial statements.
172 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Retailing — (Continued) | ||||||||
Ollie’s Bargain Outlet Holdings, Inc.* | (178 | ) | $ | (5,963 | ) | |||
Pier 1 Imports, Inc. | (82 | ) | (587 | ) | ||||
RH* | (119 | ) | (5,505 | ) | ||||
Sonic Automotive, Inc., Class A | (19 | ) | (381 | ) | ||||
Tile Shop Holdings, Inc. | (190 | ) | (3,658 | ) | ||||
Ulta Beauty, Inc.* | (1 | ) | (285 | ) | ||||
Wayfair, Inc., Class A* | (283 | ) | (11,459 | ) | ||||
Zumiez, Inc.* | (28 | ) | (512 | ) | ||||
|
| |||||||
(103,130 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (2.5)% |
| |||||||
Cavium, Inc.* | (44 | ) | (3,153 | ) | ||||
Entegris, Inc.* | (17 | ) | (398 | ) | ||||
First Solar, Inc.* | (328 | ) | (8,889 | ) | ||||
FormFactor, Inc.* | (233 | ) | (2,761 | ) | ||||
Impinj, Inc.* | (197 | ) | (5,963 | ) | ||||
Inphi Corp.* | (143 | ) | (6,981 | ) | ||||
Integrated Device Technology, Inc.* | (24 | ) | (568 | ) | ||||
Lattice Semiconductor Corp.* | (368 | ) | (2,547 | ) | ||||
MACOM Technology Solutions Holdings, Inc., Class H* | (19 | ) | (918 | ) | ||||
MaxLinear, Inc., Class A* | (18 | ) | (505 | ) | ||||
Micron Technology, Inc.* | (280 | ) | (8,092 | ) | ||||
ON Semiconductor Corp.* | (41 | ) | (635 | ) | ||||
Synaptics, Inc.* | (102 | ) | (5,050 | ) | ||||
Veeco Instruments, Inc.* | (155 | ) | (4,627 | ) | ||||
Xilinx, Inc. | (10 | ) | (579 | ) | ||||
Xperi Corp. | (96 | ) | (3,259 | ) | ||||
|
| |||||||
(54,925 | ) | |||||||
|
| |||||||
Software & Services — (10.2)% | ||||||||
2U, Inc.* | (8 | ) | (317 | ) | ||||
8x8, Inc.* | (32 | ) | (488 | ) | ||||
A10 Networks, Inc.* | (133 | ) | (1,217 | ) | ||||
Aci Worldwide, Inc.* | (143 | ) | (3,059 | ) | ||||
Acxiom Corp.* | (161 | ) | (4,584 | ) | ||||
Alliance Data Systems Corp. | (41 | ) | (10,209 | ) | ||||
Autodesk, Inc.* | (124 | ) | (10,722 | ) | ||||
Benefitfocus, Inc.* | (63 | ) | (1,761 | ) | ||||
Black Knight Financial Services, Inc., Class A* | (66 | ) | (2,528 | ) | ||||
Blackhawk Network Holdings, Inc.* | (242 | ) | (9,825 | ) | ||||
Blackline, Inc.* | (11 | ) | (327 | ) | ||||
Box, Inc., Class A* | (234 | ) | (3,816 | ) | ||||
Callidus Software, Inc.* | (240 | ) | (5,124 | ) | ||||
Computer Sciences Corp. | (7 | ) | (483 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Software & Services — (Continued) | ||||||||
Cornerstone OnDemand, Inc.* | (50 | ) | $ | (1,944 | ) | |||
Coupa Software, Inc.* | (5 | ) | (127 | ) | ||||
FireEye, Inc.* | (979 | ) | (12,345 | ) | ||||
FleetCor Technologies, Inc.* | (2 | ) | (303 | ) | ||||
Gartner, Inc.* | (78 | ) | (8,423 | ) | ||||
Gogo, Inc.* | (432 | ) | (4,752 | ) | ||||
Hortonworks, Inc.* | (143 | ) | (1,403 | ) | ||||
HubSpot, Inc.* | (115 | ) | (6,963 | ) | ||||
Imperva, Inc.* | (152 | ) | (6,240 | ) | ||||
Instructure, Inc.* | (81 | ) | (1,895 | ) | ||||
Leidos Holdings, Inc. | (28 | ) | (1,432 | ) | ||||
New Relic, Inc.* | (131 | ) | (4,856 | ) | ||||
Pandora Media, Inc.* | (923 | ) | (10,901 | ) | ||||
Paycom Software, Inc.* | (17 | ) | (978 | ) | ||||
Paylocity Holding Corp.* | (77 | ) | (2,974 | ) | ||||
PayPal Holdings, Inc.* | (173 | ) | (7,442 | ) | ||||
Proofpoint, Inc.* | (1 | ) | (74 | ) | ||||
PROS Holdings, Inc.* | (86 | ) | (2,080 | ) | ||||
Q2 Holdings, Inc.* | (23 | ) | (802 | ) | ||||
Quotient Technology, Inc.* | (209 | ) | (1,996 | ) | ||||
Rapid7, Inc.* | (113 | ) | (1,693 | ) | ||||
RingCentral, Inc., Class A* | (100 | ) | (2,830 | ) | ||||
Sabre Corp. | (257 | ) | (5,446 | ) | ||||
salesforce.com, Inc.* | (54 | ) | (4,454 | ) | ||||
SecureWorks Corp., Class A* | (36 | ) | (342 | ) | ||||
Silver Spring Networks, Inc.* | (1 | ) | (11 | ) | ||||
Splunk, Inc.* | (137 | ) | (8,534 | ) | ||||
Square, Inc., Class A* | (449 | ) | (7,759 | ) | ||||
Sykes Enterprises, Inc.* | (1 | ) | (29 | ) | ||||
Tableau Software, Inc., Class A* | (154 | ) | (7,631 | ) | ||||
TrueCar, Inc.* | (201 | ) | (3,109 | ) | ||||
Twilio, Inc., Class A* | (288 | ) | (8,315 | ) | ||||
Twitter, Inc.* | (101 | ) | (1,510 | ) | ||||
Ultimate Software Group, Inc. (The)* | (4 | ) | (781 | ) | ||||
Vantiv, Inc., Class A* | (23 | ) | (1,475 | ) | ||||
Virtusa Corp.* | (111 | ) | (3,354 | ) | ||||
Workday, Inc., Class A* | (123 | ) | (10,243 | ) | ||||
Workiva, Inc.* | (58 | ) | (908 | ) | ||||
Zendesk, Inc.* | (266 | ) | (7,459 | ) | ||||
Zynga, Inc., Class A* | (4,110 | ) | (11,714 | ) | ||||
|
| |||||||
(219,987 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (6.0)% |
| |||||||
3D Systems Corp.* | (363 | ) | (5,430 | ) | ||||
Arista Networks, Inc.* | (17 | ) | (2,249 | ) |
The accompanying notes are an integral part of the financial statements.
173 |
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Avnet, Inc. | (128 | ) | $ | (5,857 | ) | |||
BlackBerry Ltd. (Canada)* | (10 | ) | (78 | ) | ||||
CalAmp Corp.* | (77 | ) | (1,293 | ) | ||||
Celestica, Inc. (Canada)* | (87 | ) | (1,264 | ) | ||||
Ciena Corp.* | (282 | ) | (6,658 | ) | ||||
Coherent, Inc.* | (33 | ) | (6,786 | ) | ||||
Cray, Inc.* | (167 | ) | (3,657 | ) | ||||
CTS Corp. | (19 | ) | (405 | ) | ||||
Diebold Nixdorf, Inc. | (61 | ) | (1,873 | ) | ||||
EchoStar Corp., Class A* | (56 | ) | (3,189 | ) | ||||
ePlus, Inc.* | (27 | ) | (3,646 | ) | ||||
Extreme Networks, Inc.* | (58 | ) | (436 | ) | ||||
Fitbit, Inc., Class A* | (238 | ) | (1,409 | ) | ||||
II-VI, Inc.* | (74 | ) | (2,668 | ) | ||||
Infinera Corp.* | (884 | ) | (9,043 | ) | ||||
InvenSense, Inc.* | (243 | ) | (3,069 | ) | ||||
IPG Photonics Corp.* | (33 | ) | (3,983 | ) | ||||
Ixia* | (51 | ) | (1,002 | ) | ||||
Lumentum Holdings, Inc.* | (54 | ) | (2,881 | ) | ||||
Nimble Storage, Inc.* | (261 | ) | (3,262 | ) | ||||
OSI Systems, Inc.* | (12 | ) | (876 | ) | ||||
Palo Alto Networks, Inc.* | (96 | ) | (10,817 | ) | ||||
Pure Storage, Inc., Class A* | (353 | ) | (3,470 | ) | ||||
Sanmina Corp.* | (6 | ) | (244 | ) | ||||
Stratasys Ltd. (Israel)* | (154 | ) | (3,155 | ) | ||||
Super Micro Computer, Inc.* | (47 | ) | (1,191 | ) | ||||
SYNNEX Corp. | (34 | ) | (3,806 | ) | ||||
TE Connectivity Ltd. (Switzerland) | (8 | ) | (596 | ) | ||||
Tech Data Corp.* | (47 | ) | (4,413 | ) | ||||
Trimble, Inc.* | (294 | ) | (9,411 | ) | ||||
Universal Display Corp. | (125 | ) | (10,762 | ) | ||||
VeriFone Systems, Inc.* | (117 | ) | (2,191 | ) | ||||
ViaSat, Inc.* | (128 | ) | (8,169 | ) | ||||
|
| |||||||
(129,239 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.8)% |
| |||||||
ATN International, Inc. | (42 | ) | (2,958 | ) | ||||
Cincinnati Bell, Inc.* | (136 | ) | (2,407 | ) | ||||
Consolidated Communications Holdings, Inc. | (10 | ) | (234 | ) | ||||
General Communication, Inc., Class A* | (1 | ) | (21 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Telecommunication Services — (Continued) |
| |||||||
Iridium Communications, Inc.* | (456 | ) | $ | (4,400 | ) | |||
ORBCOMM, Inc.* | (61 | ) | (583 | ) | ||||
Shenandoah Telecommunications Co. | (134 | ) | (3,759 | ) | ||||
Windstream Holdings, Inc. | (512 | ) | (2,790 | ) | ||||
|
| |||||||
(17,152 | ) | |||||||
|
| |||||||
Transportation — (2.8)% | ||||||||
Air Transport Services Group, Inc.* | (136 | ) | (2,183 | ) | ||||
Allegiant Travel Co. | (11 | ) | (1,763 | ) | ||||
ArcBest Corp. | (31 | ) | (806 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (84 | ) | (4,658 | ) | ||||
Echo Global Logistics, Inc.* | (21 | ) | (448 | ) | ||||
Genesee & Wyoming, Inc., Class A* | (144 | ) | (9,772 | ) | ||||
Hub Group, Inc., Class A* | (20 | ) | (928 | ) | ||||
JetBlue Airways Corp.* | (77 | ) | (1,587 | ) | ||||
Kansas City Southern | (134 | ) | (11,492 | ) | ||||
Marten Transport Ltd. | (1 | ) | (23 | ) | ||||
SkyWest, Inc. | (188 | ) | (6,439 | ) | ||||
Spirit Airlines, Inc.* | (162 | ) | (8,597 | ) | ||||
Werner Enterprises, Inc. | (445 | ) | (11,659 | ) | ||||
|
| |||||||
(60,355 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK | (1,632,308 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (75.9)% |
| (1,632,308 | ) | |||||
|
| |||||||
(Proceeds $1,578,781) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% | 2,784 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,149,174 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
174 |
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 184.9% | ||||||||
COMMON STOCKS — 184.9% | ||||||||
Automobiles & Components — 2.9% |
| |||||||
BorgWarner, Inc.†(a) | 689 | $ | 28,793 | |||||
Delphi Automotive PLC (Jersey)† | 876 | 70,509 | ||||||
General Motors Co. | 2,527 | 89,355 | ||||||
Goodyear Tire & Rubber Co. (The)† | 818 | 29,448 | ||||||
|
| |||||||
218,105 | ||||||||
|
| |||||||
Capital Goods — 19.1% | ||||||||
3M Co.† | 426 | 81,507 | ||||||
Allegion PLC (Ireland)† | 309 | 23,391 | ||||||
AMETEK, Inc. | 54 | 2,920 | ||||||
Arconic, Inc.† | 1,524 | 40,142 | ||||||
Boeing Co. (The)† | 1,599 | 282,799 | ||||||
Caterpillar, Inc.† | 103 | 9,554 | ||||||
Cummins, Inc.† | 158 | 23,890 | ||||||
Emerson Electric Co.† | 1,130 | 67,642 | ||||||
Fluor Corp. | 452 | 23,784 | ||||||
Fortive Corp.† | 437 | 26,316 | ||||||
Fortune Brands Home & Security, Inc.† | 500 | 30,425 | ||||||
Honeywell International, Inc.† | 2,185 | 272,841 | ||||||
Illinois Tool Works, Inc.† | 113 | 14,969 | ||||||
Ingersoll-Rand PLC (Ireland)† | 841 | 68,390 | ||||||
Jacobs Engineering Group, Inc.† | 394 | 21,780 | ||||||
L3 Technologies, Inc.† | 250 | 41,322 | ||||||
Masco Corp.† | 1,031 | 35,044 | ||||||
Northrop Grumman Corp.† | 148 | 35,200 | ||||||
Raytheon Co.† | 767 | 116,968 | ||||||
Rockwell Collins, Inc.† | 424 | 41,196 | ||||||
Snap-on, Inc.† | 92 | 15,518 | ||||||
Stanley Black & Decker, Inc.† | 494 | 65,638 | ||||||
Textron, Inc.† | 877 | 41,736 | ||||||
TransDigm Group, Inc.(a) | 32 | 7,045 | ||||||
WW Grainger, Inc.†(a) | 191 | 44,457 | ||||||
|
| |||||||
1,434,474 | ||||||||
|
| |||||||
Commercial & Professional Services — 3.0% |
| |||||||
Dun & Bradstreet Corp. (The) | 120 | 12,953 | ||||||
Nielsen Holdings PLC (United Kingdom)† | 1,161 | 47,961 | ||||||
Republic Services, Inc.† | 591 | 37,121 | ||||||
Robert Half International, Inc.† | 415 | 20,264 | ||||||
Stericycle, Inc.* | 2 | 166 | ||||||
Waste Management, Inc.† | 1,424 | 103,838 | ||||||
|
| |||||||
222,303 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Consumer Durables & Apparel — 5.7% |
| |||||||
Coach, Inc.† | 911 | $ | 37,652 | |||||
Garmin Ltd. (Switzerland)†(a) | 612 | 31,279 | ||||||
Hanesbrands, Inc.†(a) | 1,229 | 25,514 | ||||||
Hasbro, Inc.† | 404 | 40,327 | ||||||
Leggett & Platt, Inc.† | 430 | 21,638 | ||||||
Mattel, Inc.† | 1,111 | 28,453 | ||||||
Michael Kors Holdings Ltd. (British Virgin Islands)†* | 541 | 20,617 | ||||||
Newell Brands, Inc.† | 1,566 | 73,868 | ||||||
PVH Corp.† | 257 | 26,592 | ||||||
Ralph Lauren Corp.† | 267 | 21,793 | ||||||
Under Armour, Inc., Class C†(a)* | 1,423 | 26,041 | ||||||
VF Corp.†(a) | 1,344 | 73,880 | ||||||
|
| |||||||
427,654 | ||||||||
|
| |||||||
Consumer Services — 3.1% | ||||||||
Carnival Corp. (Panama)† | 299 | 17,614 | ||||||
McDonald’s Corp.† | 1,269 | 164,475 | ||||||
Wyndham Worldwide Corp.† | 343 | 28,911 | ||||||
Yum! Brands, Inc.† | 288 | 18,403 | ||||||
|
| |||||||
229,403 | ||||||||
|
| |||||||
Diversified Financials — 1.2% | ||||||||
Berkshire Hathaway Inc., Class B* | 51 | 8,501 | ||||||
CME Group, Inc.† | 384 | 45,619 | ||||||
Nasdaq, Inc.† | 540 | 37,503 | ||||||
|
| |||||||
91,623 | ||||||||
|
| |||||||
Energy — 5.2% | ||||||||
Apache Corp. | 673 | 34,585 | ||||||
Exxon Mobil Corp. | 563 | 46,172 | ||||||
Kinder Morgan, Inc.† | 7,424 | 161,398 | ||||||
Newfield Exploration Co.* | 646 | 23,844 | ||||||
Southwestern Energy Co.†* | 1,851 | 15,123 | ||||||
Transocean Ltd. (Switzerland)(a)* | 1,264 | 15,737 | ||||||
Valero Energy Corp.† | 1,465 | 97,115 | ||||||
|
| |||||||
393,974 | ||||||||
|
| |||||||
Food & Staples Retailing — 10.1% | ||||||||
CVS Health Corp.† | 3,443 | 270,276 | ||||||
Kroger Co. (The) | 2,997 | 88,382 | ||||||
Walgreens Boots Alliance, Inc.† | 1,330 | 110,456 | �� | |||||
Wal-Mart Stores, Inc.† | 3,992 | 287,743 | ||||||
|
| |||||||
756,857 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 12.1% | ||||||||
Altria Group, Inc.† | 1,564 | 111,701 | ||||||
Archer-Daniels-Midland Co. | 1,791 | 82,458 |
The accompanying notes are an integral part of the financial statements.
175 |
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Campbell Soup Co. | 990 | $ | 56,668 | |||||
Conagra Brands, Inc.† | 1,412 | 56,960 | ||||||
Dr Pepper Snapple Group, Inc.† | 594 | 58,164 | ||||||
General Mills, Inc.† | 1,141 | 67,330 | ||||||
Hershey Co. (The)† | 700 | 76,475 | ||||||
Hormel Foods Corp.†(a) | 1,716 | 59,425 | ||||||
JM Smucker Co. (The) | 167 | 21,890 | ||||||
McCormick & Co., Inc., non-voting shares† | 407 | 39,703 | ||||||
Philip Morris International, Inc.† | 923 | 104,207 | ||||||
Reynolds American, Inc.† | 1,562 | 98,437 | ||||||
Tyson Foods, Inc., Class A† | 1,192 | 73,558 | ||||||
|
| |||||||
906,976 | ||||||||
|
| |||||||
Health Care Equipment & Services — 17.9% |
| |||||||
Aetna, Inc.† | 1,142 | 145,662 | ||||||
Anthem, Inc.† | 855 | 141,400 | ||||||
Baxter International, Inc.† | 1,751 | 90,807 | ||||||
Boston Scientific Corp.* | 881 | 21,910 | ||||||
Centene Corp.†* | 558 | 39,763 | ||||||
Cigna Corp.† | 834 | 122,173 | ||||||
Danaher Corp.† | 1,061 | 90,747 | ||||||
DaVita, Inc.†* | 639 | 43,433 | ||||||
Express Scripts Holding Co.†* | 2,007 | 132,281 | ||||||
HCA Holdings, Inc.†* | 1,202 | 106,966 | ||||||
Henry Schein, Inc.†* | 41 | 6,969 | ||||||
Humana, Inc.† | 485 | 99,978 | ||||||
Laboratory Corp. of America Holdings†* | 345 | 49,497 | ||||||
McKesson Corp. | 2 | 297 | ||||||
Quest Diagnostics, Inc.† | 434 | 42,614 | ||||||
UnitedHealth Group, Inc.† | 1,256 | 205,997 | ||||||
|
| |||||||
1,340,494 | ||||||||
|
| |||||||
Household & Personal Products — 3.6% |
| |||||||
Church & Dwight Co., Inc.† | 838 | 41,791 | ||||||
Kimberly-Clark Corp.† | 1,156 | 152,164 | ||||||
Procter & Gamble Co. (The)† | 886 | 79,607 | ||||||
|
| |||||||
273,562 | ||||||||
|
| |||||||
Insurance — 4.8% | ||||||||
Aflac, Inc. | 138 | 9,994 | ||||||
Allstate Corp. (The)† | 273 | 22,247 | ||||||
Aon PLC (United Kingdom)† | 850 | 100,886 | ||||||
Chubb Ltd. (Switzerland)† | 402 | 54,772 | ||||||
Marsh & McLennan Cos., Inc.† | 1,670 | 123,396 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Insurance — (Continued) | ||||||||
Progressive Corp. (The)† | 911 | $ | 35,693 | |||||
Travelers Cos, Inc. (The)† | 114 | 13,742 | ||||||
|
| |||||||
360,730 | ||||||||
|
| |||||||
Materials — 14.1% | ||||||||
Air Products & Chemicals, Inc.† | 707 | 95,650 | ||||||
Dow Chemical Co. (The)† | 3,161 | 200,850 | ||||||
EI du Pont de Nemours & Co.† | 2,800 | 224,924 | ||||||
Freeport-McMoRan, Inc.†* | 2,513 | 33,574 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 1,186 | 108,151 | ||||||
Monsanto Co.† | 1,423 | 161,084 | ||||||
Newmont Mining Corp.† | 1,724 | 56,823 | ||||||
PPG Industries, Inc.† | 834 | 87,637 | ||||||
Sealed Air Corp. | 628 | 27,368 | ||||||
Sherwin-Williams Co. (The)† | 164 | 50,871 | ||||||
WestRock Co.† | 237 | 12,331 | ||||||
|
| |||||||
1,059,263 | ||||||||
|
| |||||||
Media — 9.6% | ||||||||
CBS Corp., Class B, non-voting shares† | 1,335 | 92,596 | ||||||
Comcast Corp., Class A† | 2,296 | 86,307 | ||||||
Discovery Communications, Inc., Class A†(a)* | 1,904 | 55,387 | ||||||
Interpublic Group of Cos., Inc. (The)† . | 1,271 | 31,228 | ||||||
News Corp., Class A† | 1,887 | 24,531 | ||||||
Omnicom Group, Inc.† | 761 | 65,606 | ||||||
Scripps Networks Interactive, Inc., Class A†(a) | 419 | 32,837 | ||||||
TEGNA, Inc.† | 696 | 17,832 | ||||||
Time Warner, Inc.† | 954 | 93,215 | ||||||
Twenty-First Century Fox, Inc., Class A† | 3,914 | 126,774 | ||||||
Viacom, Inc., Class B† | 1,289 | 60,093 | ||||||
Walt Disney Co. (The)† | 281 | 31,863 | ||||||
|
| |||||||
718,269 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 22.0% |
| |||||||
AbbVie, Inc.† | 3,181 | 207,274 | ||||||
Amgen, Inc.† | 1,488 | 244,136 | ||||||
Biogen, Inc.†* | 701 | 191,667 | ||||||
Eli Lilly & Co.† | 2,005 | 168,641 | ||||||
Gilead Sciences, Inc.† | 4,128 | 280,374 | ||||||
Johnson & Johnson† | 2,017 | 251,217 | ||||||
Merck & Co., Inc.† | 2,569 | 163,234 |
The accompanying notes are an integral part of the financial statements.
176 |
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Pharmaceuticals, Biotechnology & Life |
| |||||||
Pfizer, Inc.† | 4,244 | $ | 145,187 | |||||
|
| |||||||
1,651,730 | ||||||||
|
| |||||||
Real Estate — 9.9% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 84 | 9,284 | ||||||
Apartment Investment & Management Co., Class A, REIT† | 200 | 8,870 | ||||||
AvalonBay Communities, Inc., REIT† | 445 | 81,702 | ||||||
Digital Realty Trust, Inc., REIT†(a) | 515 | 54,791 | ||||||
Essex Property Trust, Inc., REIT†(a) | 212 | 49,084 | ||||||
Extra Space Storage, Inc., REIT†(a) | 408 | 30,351 | ||||||
Federal Realty Investment Trust, REIT† | 169 | 22,562 | ||||||
GGP, Inc., REIT | 77 | 1,785 | ||||||
HCP, Inc., REIT | 428 | 13,388 | ||||||
Iron Mountain, Inc., REIT | 855 | 30,498 | ||||||
Mid-America Apartment Communities, Inc., REIT† | 368 | 37,440 | ||||||
Public Storage, REIT† | 375 | 82,091 | ||||||
Realty Income Corp., REIT†(a) | 844 | 50,243 | ||||||
Regency Centers Corp., REIT | 337 | 22,373 | ||||||
Simon Property Group, Inc., REIT | 38 | 6,537 | ||||||
UDR, Inc., REIT† | 867 | 31,437 | ||||||
Ventas, Inc., REIT† | 879 | 57,170 | ||||||
Vornado Realty Trust, REIT | 61 | 6,119 | ||||||
Welltower, Inc., REIT† | 954 | 67,562 | ||||||
Weyerhaeuser Co., REIT† | 2,427 | 82,469 | ||||||
|
| |||||||
745,756 | ||||||||
|
| |||||||
Retailing — 4.6% | ||||||||
AutoNation, Inc.(a)* | 326 | 13,787 | ||||||
AutoZone, Inc.†* | 61 | 44,106 | ||||||
Bed Bath & Beyond, Inc.†(a) | 488 | 19,257 | ||||||
Best Buy Co., Inc.† | 307 | 15,089 | ||||||
Dollar General Corp.† | 140 | 9,762 | ||||||
Dollar Tree, Inc.* | 178 | 13,966 | ||||||
Foot Locker, Inc. | 357 | 26,707 | ||||||
Gap, Inc. (The)†(a) | 1,279 | 31,067 | ||||||
Genuine Parts Co.† | 374 | 34,561 | ||||||
Kohl’s Corp.†(a) | 442 | 17,596 | ||||||
L Brands, Inc. | 351 | 16,532 | ||||||
Macy’s, Inc. | 48 | 1,423 | ||||||
Staples, Inc.† | 1,903 | 16,689 | ||||||
Target Corp.† | 486 | 26,822 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Retailing — (Continued) | ||||||||
Tiffany & Co.(a) | 208 | $ | 19,822 | |||||
TJX Cos., Inc. (The)† | 82 | 6,485 | ||||||
Tractor Supply Co.† | 424 | 29,243 | ||||||
|
| |||||||
342,914 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 13.8% |
| |||||||
Analog Devices, Inc.† | 1,021 | 83,671 | ||||||
Applied Materials, Inc.† | 2,048 | 79,667 | ||||||
Intel Corp.† | 6,909 | 249,208 | ||||||
KLA-Tencor Corp.† | 508 | 48,296 | ||||||
Lam Research Corp.† | 593 | 76,117 | ||||||
QUALCOMM, Inc.† | 4,796 | 275,003 | ||||||
Skyworks Solutions, Inc.† | 600 | 58,788 | ||||||
Texas Instruments, Inc.† | 2,043 | 164,584 | ||||||
|
| |||||||
�� | 1,035,334 | |||||||
|
| |||||||
Software & Services — 3.1% | ||||||||
Accenture PLC, Class A (Ireland)† | 282 | 33,806 | ||||||
CA, Inc.† | 1,341 | 42,537 | ||||||
Citrix Systems, Inc.* | 56 | 4,670 | ||||||
CSRA, Inc.† | 528 | 15,465 | ||||||
eBay, Inc.†* | 596 | 20,008 | ||||||
Fidelity National Information Services, Inc. | 303 | 24,125 | ||||||
International Business Machines Corp.† | 144 | 25,076 | ||||||
Paychex, Inc. | 311 | 18,318 | ||||||
Teradata Corp.†(a)* | 424 | 13,195 | ||||||
Western Union Co. (The)†(a) | 1,563 | 31,807 | ||||||
|
| |||||||
229,007 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 11.6% |
| |||||||
Apple, Inc.† | 2,051 | 294,647 | ||||||
Cisco Systems, Inc.† | 6,817 | 230,415 | ||||||
Corning, Inc.† | 3,005 | 81,135 | ||||||
F5 Networks, Inc.†* | 208 | 29,655 | ||||||
FLIR Systems, Inc.† | 442 | 16,036 | ||||||
HP, Inc.† | 3,085 | 55,160 | ||||||
Juniper Networks, Inc.† | 1,237 | 34,426 | ||||||
Motorola Solutions, Inc.† | 535 | 46,128 | ||||||
NetApp, Inc. | 270 | 11,300 | ||||||
Seagate Technology PLC (Ireland)† | 958 | 44,001 | ||||||
Xerox Corp.† | 3,292 | 24,163 | ||||||
|
| |||||||
867,066 | ||||||||
|
| |||||||
Telecommunication Services — 3.1% | ||||||||
Verizon Communications, Inc.† | 4,779 | 232,976 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
177 |
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — 3.6% |
| |||||||
Alaska Air Group, Inc.† | 63 | $ | 5,810 | |||||
CH Robinson Worldwide, Inc.†(a) | 460 | 35,553 | ||||||
Delta Air Lines, Inc.† | 2,371 | 108,971 | ||||||
Expeditors International of Washington, Inc.† | 296 | 16,721 | ||||||
Ryder System, Inc. | 174 | 13,127 | ||||||
Southwest Airlines Co.† | 573 | 30,804 | ||||||
United Continental Holdings, Inc.†* | 829 | 58,561 | ||||||
|
| |||||||
269,547 | ||||||||
|
| |||||||
Utilities — 0.8% | ||||||||
Entergy Corp.† | 581 | 44,133 | ||||||
NRG Energy, Inc.† | 1,024 | 19,149 | ||||||
|
| |||||||
63,282 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 13,871,299 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 184.9% |
| 13,871,299 | ||||||
|
| |||||||
(Cost $13,374,124) | ||||||||
SHORT POSITIONS — (85.4)% |
| |||||||
COMMON STOCKS — (85.4)% |
| |||||||
Automobiles & Components — (0.7)% |
| |||||||
Ford Motor Co. | (2,930 | ) | (34,105 | ) | ||||
Harley-Davidson, Inc. | (264 | ) | (15,972 | ) | ||||
|
| |||||||
(50,077 | ) | |||||||
|
| |||||||
Banks — (5.5)% | ||||||||
Bank of America Corp. | (4,153 | ) | (97,969 | ) | ||||
Citigroup, Inc. | (2,244 | ) | (134,236 | ) | ||||
Citizens Financial Group, Inc. | (646 | ) | (22,319 | ) | ||||
Comerica, Inc. | (263 | ) | (18,037 | ) | ||||
Fifth Third Bancorp | (794 | ) | (20,168 | ) | ||||
People’s United Financial, Inc. | (464 | ) | (8,445 | ) | ||||
PNC Financial Services Group, Inc. (The) | (358 | ) | (43,046 | ) | ||||
Regions Financial Corp. | (1,821 | ) | (26,459 | ) | ||||
SunTrust Banks, Inc. | (147 | ) | (8,129 | ) | ||||
Wells Fargo & Co. | (444 | ) | (24,713 | ) | ||||
Zions Bancorporation | (305 | ) | (12,810 | ) | ||||
|
| |||||||
(416,331 | ) | |||||||
|
| |||||||
Capital Goods — (5.4)% | ||||||||
Acuity Brands, Inc. | (66 | ) | (13,464 | ) | ||||
Dover Corp. | (240 | ) | (19,284 | ) | ||||
Eaton Corp. PLC (Ireland) | (674 | ) | (49,977 | ) |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Fastenal Co. | (434 | ) | $ | (22,351 | ) | |||
Flowserve Corp. | (195 | ) | (9,442 | ) | ||||
General Dynamics Corp. | (119 | ) | (22,277 | ) | ||||
General Electric Co. | (816 | ) | (24,317 | ) | ||||
Johnson Controls International PLC (Ireland) | (1,403 | ) | (59,094 | ) | ||||
PACCAR, Inc. | (527 | ) | (35,414 | ) | ||||
Parker-Hannifin Corp. | (200 | ) | (32,064 | ) | ||||
Pentair PLC (Ireland) | (273 | ) | (17,139 | ) | ||||
Quanta Services, Inc.* | (227 | ) | (8,424 | ) | ||||
Rockwell Automation, Inc. | (193 | ) | (30,052 | ) | ||||
Roper Technologies, Inc. | (25 | ) | (5,162 | ) | ||||
United Rentals, Inc.* | (127 | ) | (15,881 | ) | ||||
United Technologies Corp. | (265 | ) | (29,736 | ) | ||||
Xylem, Inc. | (270 | ) | (13,559 | ) | ||||
|
| |||||||
(407,637 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.8)% |
| |||||||
Cintas Corp. | (158 | ) | (19,993 | ) | ||||
Equifax, Inc. | (122 | ) | (16,682 | ) | ||||
Verisk Analytics, Inc.* | (251 | ) | (20,366 | ) | ||||
|
| |||||||
(57,041 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.3)% |
| |||||||
Mohawk Industries, Inc.* | (112 | ) | (25,703 | ) | ||||
NIKE, Inc., Class B | (1,036 | ) | (57,736 | ) | ||||
Whirlpool Corp. | (90 | ) | (15,420 | ) | ||||
|
| |||||||
(98,859 | ) | |||||||
|
| |||||||
Consumer Services — (1.3)% |
| |||||||
Chipotle Mexican Grill, Inc.* | (43 | ) | (19,157 | ) | ||||
Marriott International, Inc., Class A | (575 | ) | (54,154 | ) | ||||
Starbucks Corp. | (85 | ) | (4,963 | ) | ||||
Wynn Resorts Ltd. | (152 | ) | (17,421 | ) | ||||
|
| |||||||
(95,695 | ) | |||||||
|
| |||||||
Diversified Financials — (6.3)% |
| |||||||
Affiliated Managers Group, Inc. | (85 | ) | (13,935 | ) | ||||
American Express Co. | (932 | ) | (73,731 | ) | ||||
Ameriprise Financial, Inc. | (232 | ) | (30,086 | ) | ||||
Bank of New York Mellon Corp. (The) | (1,212 | ) | (57,243 | ) | ||||
BlackRock, Inc. | (199 | ) | (76,319 | ) | ||||
Capital One Financial Corp. | (73 | ) | (6,326 | ) | ||||
Charles Schwab Corp. (The) | (366 | ) | (14,936 | ) | ||||
E*TRADE Financial Corp.* | (410 | ) | (14,305 | ) | ||||
Franklin Resources, Inc. | (848 | ) | (35,735 | ) | ||||
Invesco, Ltd. (Bermuda) | (613 | ) | (18,776 | ) |
The accompanying notes are an integral part of the financial statements.
178 |
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Diversified Financials — (Continued) | ||||||||
Leucadia National Corp. | (517 | ) | $ | (13,442 | ) | |||
Navient Corp. | (436 | ) | (6,435 | ) | ||||
Northern Trust Corp. | (113 | ) | (9,784 | ) | ||||
S&P Global, Inc. | (211 | ) | (27,586 | ) | ||||
State Street Corp. | (573 | ) | (45,617 | ) | ||||
T Rowe Price Group, Inc. | (367 | ) | (25,011 | ) | ||||
|
| |||||||
(469,267 | ) | |||||||
|
| |||||||
Energy — (8.7)% | ||||||||
Anadarko Petroleum Corp. | (826 | ) | (51,212 | ) | ||||
Baker Hughes, Inc. | (627 | ) | (37,507 | ) | ||||
Cabot Oil & Gas Corp. | (668 | ) | (15,972 | ) | ||||
Chesapeake Energy Corp.* | (1,341 | ) | (7,966 | ) | ||||
Cimarex Energy Co. | (142 | ) | (16,968 | ) | ||||
Concho Resources, Inc.* | (218 | ) | (27,978 | ) | ||||
ConocoPhillips | (982 | ) | (48,972 | ) | ||||
Devon Energy Corp. | (784 | ) | (32,708 | ) | ||||
EOG Resources, Inc. | (589 | ) | (57,457 | ) | ||||
EQT Corp. | (259 | ) | (15,825 | ) | ||||
Helmerich & Payne, Inc. | (162 | ) | (10,784 | ) | ||||
Hess Corp. | (474 | ) | (22,852 | ) | ||||
Marathon Oil Corp. | (1,269 | ) | (20,050 | ) | ||||
Marathon Petroleum Corp. | (791 | ) | (39,977 | ) | ||||
Murphy Oil Corp. | (259 | ) | (7,405 | ) | ||||
National Oilwell Varco, Inc. | (567 | ) | (22,731 | ) | ||||
Noble Energy, Inc. | (648 | ) | (22,252 | ) | ||||
Occidental Petroleum Corp. | (1,145 | ) | (72,547 | ) | ||||
Pioneer Natural Resources Co. | (211 | ) | (39,295 | ) | ||||
Range Resources Corp. | (370 | ) | (10,767 | ) | ||||
Schlumberger Ltd. (Curacao) | (753 | ) | (58,809 | ) | ||||
Tesoro Corp. | (175 | ) | (14,186 | ) | ||||
|
| |||||||
(654,220 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.3)% | ||||||||
Costco Wholesale Corp. | (305 | ) | (51,146 | ) | ||||
Sysco Corp. | (809 | ) | (42,003 | ) | ||||
Whole Foods Market, Inc. | (111 | ) | (3,299 | ) | ||||
|
| |||||||
(96,448 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (5.0)% | ||||||||
Brown-Forman Corp., Class B | (578 | ) | (26,692 | ) | ||||
Coca-Cola Co. (The) | (656 | ) | (27,841 | ) | ||||
Constellation Brands, Inc., Class A | (165 | ) | (26,742 | ) | ||||
Kellogg Co. | (228 | ) | (16,555 | ) | ||||
Kraft Heinz Co. (The) | (1,380 | ) | (125,318 | ) | ||||
Mead Johnson Nutrition Co. | (275 | ) | (24,497 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Molson Coors Brewing Co., Class B | (322 | ) | $ | (30,819 | ) | |||
Mondelez International, Inc., Class A | (2,294 | ) | (98,826 | ) | ||||
|
| |||||||
(377,290 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (3.5)% |
| |||||||
Becton Dickinson and Co. | (318 | ) | (58,334 | ) | ||||
Cardinal Health, Inc. | (474 | ) | (38,655 | ) | ||||
Cerner Corp.* | (513 | ) | (30,190 | ) | ||||
DENTSPLY SIRONA, Inc. | (344 | ) | (21,479 | ) | ||||
Edwards Lifesciences Corp.* | (317 | ) | (29,820 | ) | ||||
Envision Healthcare Corp.* | (176 | ) | (10,792 | ) | ||||
Hologic, Inc.* | (417 | ) | (17,743 | ) | ||||
IDEXX Laboratories, Inc.* | (133 | ) | (20,563 | ) | ||||
Intuitive Surgical, Inc.* | (2 | ) | (1,533 | ) | ||||
Patterson Cos., Inc. | (145 | ) | (6,558 | ) | ||||
Universal Health Services, Inc., Class B | (144 | ) | (17,921 | ) | ||||
Varian Medical Systems, Inc.* | (140 | ) | (12,758 | ) | ||||
|
| |||||||
(266,346 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.7)% |
| |||||||
Clorox Co. (The) | (192 | ) | (25,887 | ) | ||||
Colgate-Palmolive Co. | (481 | ) | (35,204 | ) | ||||
Coty, Inc., Class A | (1,119 | ) | (20,287 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (564 | ) | (47,822 | ) | ||||
|
| |||||||
(129,200 | ) | |||||||
|
| |||||||
Insurance — (5.0)% | ||||||||
American International Group, Inc. | (1,385 | ) | (86,466 | ) | ||||
Arthur J Gallagher & Co. | (267 | ) | (15,096 | ) | ||||
Assurant, Inc. | (84 | ) | (8,036 | ) | ||||
Hartford Financial Services Group, Inc. (The) | (561 | ) | (26,967 | ) | ||||
Lincoln National Corp. | (340 | ) | (22,253 | ) | ||||
Loews Corp. | (348 | ) | (16,276 | ) | ||||
MetLife, Inc. | (1,642 | ) | (86,730 | ) | ||||
Prudential Financial Group, Inc. | �� | (644 | ) | (68,702 | ) | |||
Unum Group | (345 | ) | (16,177 | ) | ||||
Willis Towers Watson PLC (Ireland) | (205 | ) | (26,832 | ) | ||||
|
| |||||||
(373,535 | ) | |||||||
|
| |||||||
Materials — (4.4)% | ||||||||
Albemarle Corp. | (169 | ) | (17,853 | ) | ||||
Avery Dennison Corp. | (133 | ) | (10,720 | ) | ||||
Ball Corp. | (263 | ) | (19,530 | ) | ||||
CF Industries Holdings, Inc. | (349 | ) | (10,243 | ) |
The accompanying notes are an integral part of the financial statements.
179 |
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Eastman Chemical Co. | (220 | ) | $ | (17,776 | ) | |||
Ecolab, Inc. | (451 | ) | (56,528 | ) | ||||
FMC Corp. | (201 | ) | (13,988 | ) | ||||
International Flavors & Fragrances, Inc. | (119 | ) | (15,771 | ) | ||||
International Paper Co. | (616 | ) | (31,280 | ) | ||||
Martin Marietta Materials, Inc. | (95 | ) | (20,734 | ) | ||||
Mosaic Co. (The) | (524 | ) | (15,290 | ) | ||||
Nucor Corp. | (479 | ) | (28,606 | ) | ||||
Praxair, Inc. | (429 | ) | (50,879 | ) | ||||
Vulcan Materials Co. | (199 | ) | (23,976 | ) | ||||
|
| |||||||
(333,174 | ) | |||||||
|
| |||||||
Media — (0.6)% | ||||||||
DISH Network Corp., Class A* | (690 | ) | (43,808 | ) | ||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.0)% |
| |||||||
Agilent Technologies, Inc. | (483 | ) | (25,536 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (335 | ) | (40,615 | ) | ||||
Allergan PLC (Ireland) | (322 | ) | (76,932 | ) | ||||
Illumina, Inc.* | (219 | ) | (37,370 | ) | ||||
Incyte Corp.* | (316 | ) | (42,240 | ) | ||||
Mallinckrodt PLC (Ireland)* | (157 | ) | (6,998 | ) | ||||
Mettler-Toledo International, Inc.* | (39 | ) | (18,678 | ) | ||||
PerkinElmer, Inc. | (165 | ) | (9,580 | ) | ||||
Perrigo Co. PLC (Ireland) | (215 | ) | (14,274 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (181 | ) | (70,139 | ) | ||||
Thermo Fisher Scientific, Inc. | (164 | ) | (25,190 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (383 | ) | (41,881 | ) | ||||
Zoetis, Inc. | (739 | ) | (39,440 | ) | ||||
|
| |||||||
(448,873 | ) | |||||||
|
| |||||||
Real Estate — (3.0)% | ||||||||
American Tower Corp., REIT | (142 | ) | (17,259 | ) | ||||
Crown Castle International Corp., REIT | (540 | ) | (51,003 | ) | ||||
Equinix, Inc., REIT | (107 | ) | (42,840 | ) | ||||
Equity Residential, REIT | (95 | ) | (5,911 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (1,106 | ) | (20,638 | ) | ||||
Kimco Realty Corp., REIT | (638 | ) | (14,093 | ) | ||||
Macerich Co. (The), REIT | (216 | ) | (13,910 | ) | ||||
Prologis, Inc., REIT | (784 | ) | (40,674 | ) | ||||
SL Green Realty Corp., REIT | (151 | ) | (16,100 | ) | ||||
|
| |||||||
(222,428 | ) | |||||||
|
| |||||||
Retailing — (4.5)% | ||||||||
Advance Auto Parts, Inc. | (111 | ) | (16,457 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
Amazon.com, Inc.* | (124 | ) | $ | (109,931 | ) | |||
CarMax, Inc.* | (280 | ) | (16,582 | ) | ||||
Expedia, Inc | (233 | ) | (29,398 | ) | ||||
Home Depot, Inc. (The) | (105 | ) | (15,417 | ) | ||||
LKQ Corp.* | (460 | ) | (13,464 | ) | ||||
Netflix, Inc.* | (644 | ) | (95,190 | ) | ||||
Signet Jewelers, Ltd. (Bermuda) | (32 | ) | (2,217 | ) | ||||
TripAdvisor, Inc.* | (215 | ) | (9,279 | ) | ||||
Ulta Beauty, Inc.* | (93 | ) | (26,526 | ) | ||||
|
| |||||||
(334,461 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (2.8)% |
| |||||||
Advanced Micro Devices, Inc.* | (1,401 | ) | (20,385 | ) | ||||
Broadcom Ltd. (Singapore) | (205 | ) | (44,887 | ) | ||||
Micron Technology, Inc.* | (1,810 | ) | (52,309 | ) | ||||
NVIDIA Corp. | (487 | ) | (53,049 | ) | ||||
Qorvo, Inc.* | (190 | ) | (13,026 | ) | ||||
Xilinx, Inc. | (404 | ) | (23,388 | ) | ||||
|
| |||||||
(207,044 | ) | |||||||
|
| |||||||
Software & Services — (9.1)% | ||||||||
Activision Blizzard, Inc. | (521 | ) | (25,977 | ) | ||||
Adobe Systems, Inc.* | (528 | ) | (68,709 | ) | ||||
Akamai Technologies, Inc.* | (260 | ) | (15,522 | ) | ||||
Alliance Data Systems Corp. | (86 | ) | (21,414 | ) | ||||
Alphabet, Inc., Class A* | (35 | ) | (29,673 | ) | ||||
Autodesk, Inc.* | (333 | ) | (28,795 | ) | ||||
Automatic Data Processing, Inc. | (2 | ) | (205 | ) | ||||
Electronic Arts, Inc.* | (460 | ) | (41,179 | ) | ||||
Facebook, Inc., Class A* | (129 | ) | (18,324 | ) | ||||
Fiserv, Inc.* | (224 | ) | (25,829 | ) | ||||
Intuit, Inc. | (383 | ) | (44,424 | ) | ||||
Mastercard, Inc., Class A | (10 | ) | (1,125 | ) | ||||
Microsoft Corp. | (2,019 | ) | (132,971 | ) | ||||
Oracle Corp. | (598 | ) | (26,677 | ) | ||||
PayPal Holdings, Inc.* | (1,085 | ) | (46,677 | ) | ||||
Red Hat, Inc.* | (267 | ) | (23,096 | ) | ||||
salesforce.com, Inc.* | (1,060 | ) | (87,439 | ) | ||||
Symantec Corp. | (927 | ) | (28,440 | ) | ||||
Synopsys, Inc.* | (222 | ) | (16,013 | ) | ||||
|
| |||||||
(682,489 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.8)% |
| |||||||
Harris Corp. | (187 | ) | (20,808 | ) | ||||
Hewlett Packard Enterprise Co. | (1,817 | ) | (43,063 | ) | ||||
|
| |||||||
(63,871 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
180 |
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Concluded)
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (0.7)% |
| |||||||
CenturyLink, Inc. | (820 | ) | $ | (19,327 | ) | |||
Level 3 Communications, Inc.* | (540 | ) | (30,899 | ) | ||||
|
| |||||||
(50,226 | ) | |||||||
|
| |||||||
Transportation — (4.5)% | ||||||||
American Airlines Group, Inc. | (761 | ) | (32,190 | ) | ||||
CSX Corp. | (1,290 | ) | (60,050 | ) | ||||
FedEx Corp. | (385 | ) | (75,133 | ) | ||||
JB Hunt Transport Services, Inc. | (167 | ) | (15,321 | ) | ||||
Kansas City Southern | (159 | ) | (13,636 | ) | ||||
Norfolk Southern Corp. | (436 | ) | (48,819 | ) | ||||
Union Pacific Corp. | (375 | ) | (39,720 | ) | ||||
United Parcel Service, Inc., Class B | (507 | ) | (54,401 | ) | ||||
|
| |||||||
(339,270 | ) | |||||||
|
| |||||||
Utilities — (2.5)% | ||||||||
Duke Energy Corp. | (729 | ) | (59,785 | ) | ||||
FirstEnergy Corp. | (654 | ) | (20,810 | ) | ||||
NextEra Energy, Inc. | (503 | ) | (64,570 | ) | ||||
Public Service Enterprise Group, Inc. | (756 | ) | (33,529 | ) | ||||
Sempra Energy | (105 | ) | (11,602 | ) | ||||
|
| |||||||
(190,296 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK | (6,407,886 | ) | ||||||
|
| |||||||
TOTAL SECURITES SOLD SHORT - (85.4)% |
| (6,407,886 | ) | |||||
|
| |||||||
(Proceeds $6,305,900) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 40,756 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 7,504,169 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
181 |
GOTHAM TOTAL RETURN FUND
Portfolio of Investments
March 31, 2017
(Unaudited)
Number of Shares | Value | |||||||
AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES(a) — 99.7% |
| |||||||
Gotham Absolute 500 Fund | 318,055 | $ | 3,524,051 | |||||
Gotham Defensive Long 500 Fund | 475,767 | 5,281,014 | ||||||
Gotham Enhanced 500 Fund | 230,623 | 2,649,859 | ||||||
Gotham Index Plus Fund | 289,682 | 3,528,329 | ||||||
Gotham Neutral Fund | 255,925 | 2,651,387 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES | 17,634,640 | |||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% | 47,418 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 17,682,058 | ||||||
|
|
(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.
182 |
[This page has been intentionally left blank.]
183
GOTHAM FUNDS
Statements of Assets and Liabilities
March 31, 2017
(Unaudited)
Gotham Absolute Return Fund | Gotham Absolute 500 Fund | |||||||||
Assets | ||||||||||
Non-affiliated investments, at value1,2,3 | $ | 1,119,644,431 | $ | 18,177,748 | ||||||
Cash | 60,103,998 | 791,140 | ||||||||
Deposits with brokers for securities sold short | 517,529,435 | 5,596,671 | ||||||||
Receivables: | ||||||||||
Investments sold | 40,235,079 | 390,924 | ||||||||
Capital shares sold | 5,291,476 | — | ||||||||
Dividends and interest | 1,055,129 | 21,018 | ||||||||
Offering cost | — | — | ||||||||
Prepaid expenses and other assets | 133,526 | 11,203 | ||||||||
|
|
|
| |||||||
Total assets | 1,743,993,074 | 24,988,704 | ||||||||
|
|
|
| |||||||
Liabilities | ||||||||||
Securities sold short, at value4 | 560,773,542 | 10,522,212 | ||||||||
Payables: | ||||||||||
Securities lending collateral | 176,415,351 | 1,303,621 | ||||||||
Investments purchased | 71,225,642 | 434,814 | ||||||||
Capital shares redeemed | 1,963,751 | — | ||||||||
Investment Adviser | 1,570,203 | 8,053 | ||||||||
Dividends and fees on securities sold short | 509,551 | 11,744 | ||||||||
Administration and accounting fees | 95,739 | 16,771 | ||||||||
Custodian fees | 38,397 | 1,823 | ||||||||
Accrued expenses | 132,907 | 24,962 | ||||||||
|
|
|
| |||||||
Total liabilities | 812,725,083 | 12,324,000 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 931,267,991 | $ | 12,664,704 | ||||||
|
|
|
| |||||||
Net Assets Consisted of: | ||||||||||
Capital stock, $0.01 par value | $ | 684,846 | $ | 11,427 | ||||||
Paid-in capital | 1,037,153,445 | 11,515,728 | ||||||||
Accumulated net investment income/(loss) | (4,597,840 | ) | (13,640 | ) | ||||||
Accumulated net realized gain/(loss) from investments and securities sold short | (228,125,386 | ) | (441,929 | ) | ||||||
Net unrealized appreciation/(depreciation) on investments and securities sold short | 126,152,926 | 1,593,118 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 931,267,991 | $ | 12,664,704 | ||||||
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||
Net assets | $ | 931,267,991 | $ | 12,664,704 | ||||||
|
|
|
| |||||||
Shares Outstanding | 68,484,607 | 1,142,716 | ||||||||
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 13.60 | $ | 11.08 | ||||||
|
|
|
| |||||||
1Non-affiliated investments, at cost | $ | 999,334,985 | $ | 16,471,548 | ||||||
2Includes market value of securities on loan | $ | 172,254,043 | $ | 1,275,518 | ||||||
3Includes market value of securities designated as collateral for securities on loan | $ | 180,126,191 | $ | 2,034,137 | ||||||
4Proceeds received, securities sold short | $ | 566,617,022 | $ | 10,409,130 |
The accompanying notes are an integral part of the financial statements.
184 |
GOTHAM FUNDS
Statements of Assets and Liabilities (Continued)
March 31, 2017
(Unaudited)
Gotham Absolute 500 Core Fund | Gotham Enhanced Return Fund | Gotham Enhanced 500 Fund | Gotham Enhanced 500 Core Fund | Gotham Neutral Fund | Gotham Neutral 500 Fund | ||||||||||||||||||||||||
$ | 2,401,770 | $ | 1,760,145,505 | $ | 45,330,513 | $ | 3,101,580 | $ | 960,508,624 | $ | 2,594,827 | ||||||||||||||||||
316,493 | 27,817,887 | 483,977 | 94,421 | 13,077,831 | 212,820 | ||||||||||||||||||||||||
595,171 | 348,361,357 | 2,815,507 | 11,389 | 659,024,539 | 1,453,950 | ||||||||||||||||||||||||
44,735 | 48,285,290 | 755,838 | 50,506 | 56,001,664 | 54,794 | ||||||||||||||||||||||||
— | 892,625 | 43,000 | — | 10,904,463 | — | ||||||||||||||||||||||||
2,869 | 1,656,637 | 52,650 | 3,779 | 728,981 | 2,903 | ||||||||||||||||||||||||
12,274 | — | — | 12,192 | — | 13,173 | ||||||||||||||||||||||||
3 | 129,826 | 27,743 | — | 149,710 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
3,373,315 | 2,187,289,127 | 49,509,228 | 3,273,867 | 1,700,395,812 | 4,332,467 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
1,091,516 | 751,254,593 | 21,074,663 | 892,463 | 763,081,450 | 2,058,246 | ||||||||||||||||||||||||
35,772 | 351,246,903 | 3,030,667 | 58,974 | 75,632,087 | 45,159 | ||||||||||||||||||||||||
50,274 | 63,500,622 | 804,927 | 52,549 | 58,828,526 | 71,827 | ||||||||||||||||||||||||
— | 5,529,938 | — | — | 15,888,247 | — | ||||||||||||||||||||||||
5,344 | 1,751,560 | 21,258 | 5,415 | 1,370,731 | 6,164 | ||||||||||||||||||||||||
1,018 | 879,495 | 28,600 | 1,011 | 506,393 | 1,903 | ||||||||||||||||||||||||
14,946 | 102,638 | 20,878 | 14,950 | 91,660 | 14,947 | ||||||||||||||||||||||||
77 | 35,902 | 1,309 | 78 | 35,047 | 77 | ||||||||||||||||||||||||
20,464 | 78,390 | 35,025 | 19,852 | 131,940 | 18,021 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
1,219,411 | 1,174,380,041 | 25,017,327 | 1,045,292 | 915,566,081 | 2,216,344 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 2,153,904 | $ | 1,012,909,086 | $ | 24,491,901 | $ | 2,228,575 | $ | 784,829,731 | $ | 2,116,123 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 2,000 | $ | 766,483 | $ | 21,307 | $ | 2,000 | $ | 757,312 | $ | 2,000 | ||||||||||||||||||
1,998,000 | 885,474,852 | 20,931,791 | 1,998,000 | 850,482,290 | 1,998,000 | ||||||||||||||||||||||||
3,537 | (1,267,648 | ) | 44,861 | 9,951 | (10,045,362 | ) | (5,634 | ) | |||||||||||||||||||||
37,119 | (50,147,244 | ) | 491,343 | 49,903 | (150,487,586 | ) | 34,383 | ||||||||||||||||||||||
113,248 | 178,082,643 | 3,002,599 | 168,721 | 94,123,077 | 87,374 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 2,153,904 | $ | 1,012,909,086 | $ | 24,491,901 | $ | 2,228,575 | $ | 784,829,731 | $ | 2,116,123 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 2,153,904 | $ | 1,012,909,086 | $ | 24,491,901 | $ | 2,228,575 | $ | 784,829,731 | $ | 2,116,123 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
200,000 | 76,648,254 | 2,130,700 | 200,000 | 75,731,181 | 200,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 10.77 | $ | 13.22 | $ | 11.49 | $ | 11.14 | $ | 10.36 | $ | 10.58 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 2,245,957 | $ | 1,576,066,954 | $ | 41,475,922 | $ | 2,899,631 | $ | 862,616,982 | $ | 2,427,633 | ||||||||||||||||||
$ | 43,444 | $ | 343,900,188 | $ | 2,963,172 | $ | 68,085 | $ | 73,838,381 | $ | 48,271 | ||||||||||||||||||
$ | — | $ | 363,748,259 | $ | 4,605,650 | $ | — | $ | 77,547,113 | $ | — | ||||||||||||||||||
$ | 1,048,951 | $ | 745,258,685 | $ | 20,222,671 | $ | 859,235 | $ | 759,312,885 | $ | 1,978,426 |
The accompanying notes are an integral part of the financial statements.
185 |
GOTHAM FUNDS
Statements of Assets and Liabilities (Continued)
March 31, 2017
(Unaudited)
Gotham Index Plus Fund | Gotham Index Core Fund | Gotham Hedged Plus Fund | |||||||||||||
Assets | |||||||||||||||
Non-affiliated investments, at value1,2,3 | $ | 300,462,989 | $ | 3,186,171 | $ | 3,294,526 | |||||||||
Affiliated investments, at value4 | — | — | — | ||||||||||||
Cash | — | 62,777 | 186,641 | ||||||||||||
Deposits with brokers for securities sold short | 32,287,632 | 15,005 | 773,377 | ||||||||||||
Receivables: | |||||||||||||||
Investments sold | 7,736,516 | 39,793 | 52,227 | ||||||||||||
Capital shares sold | 3,226,727 | — | — | ||||||||||||
Dividends and interest | 294,477 | 3,455 | 3,408 | ||||||||||||
Investment Adviser | — | — | 7,137 | ||||||||||||
Offering cost | — | 12,258 | 17,353 | ||||||||||||
Prepaid expenses and other assets | 38,357 | — | 29,153 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 344,046,698 | 3,319,459 | 4,363,822 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities | |||||||||||||||
Securities sold short, at value5 | 141,929,973 | 929,044 | 1,963,798 | ||||||||||||
Due to custodian | 370,707 | — | — | ||||||||||||
Payables: | |||||||||||||||
Securities lending collateral | 29,070,683 | 52,609 | 70,296 | ||||||||||||
Investments purchased. | 12,073,598 | 44,244 | 54,804 | ||||||||||||
Dividends and fees on securities sold short | 188,927 | 1,085 | 2,293 | ||||||||||||
Investment Adviser | 123,583 | 4,882 | — | ||||||||||||
Capital shares redeemed | 57,627 | — | — | ||||||||||||
Administration and accounting fees | 25,784 | 14,952 | 16,697 | ||||||||||||
Custodian fees | 3,301 | 78 | 66 | ||||||||||||
Accrued expenses | 34,359 | 19,515 | 22,829 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 183,878,542 | 1,066,409 | 2,130,783 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 160,168,156 | $ | 2,253,050 | $ | 2,233,039 | |||||||||
|
|
|
|
|
| ||||||||||
Net Assets Consisted of: | |||||||||||||||
Capital stock, $0.01 par value | $ | 131,480 | $ | 2,000 | $ | 2,029 | |||||||||
Paid-in capital | 147,635,798 | 1,998,000 | 2,014,099 | ||||||||||||
Accumulated net investment income/(loss) | 308,514 | 13,778 | (2,935 | ) | |||||||||||
Accumulated net realized gain/(loss) from investments and securities sold short | 918,147 | 31,176 | (45,066 | ) | |||||||||||
Net unrealized appreciation/(depreciation) on investments and securities sold short | 11,174,217 | 208,096 | 264,912 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 160,168,156 | $ | 2,253,050 | $ | 2,233,039 | |||||||||
|
|
|
|
|
| ||||||||||
Institutional Class Shares: | |||||||||||||||
Net assets | $ | 160,168,156 | $ | 2,253,050 | $ | 2,233,039 | |||||||||
|
|
|
|
|
| ||||||||||
Shares Outstanding | 13,148,001 | 200,000 | 202,851 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, offering and redemption price per share | $ | 12.18 | $ | 11.27 | $ | 11.01 | |||||||||
|
|
|
|
|
| ||||||||||
1Non-affiliated investments, at cost | $ | 284,831,621 | $ | 2,944,456 | $ | 2,933,574 | |||||||||
2Includes market value of securities on loan | $ | 28,423,305 | $ | 61,979 | $ | 68,663 | |||||||||
3Includes market value of securities designated as collateral for securities on loan. | $ | 41,734,671 | $ | — | $ | — | |||||||||
4Affiliated investments, at cost | $ | — | $ | — | $ | — | |||||||||
5Proceeds received, securities sold short | $ | 137,472,822 | $ | 895,425 | $ | 1,867,758 |
The accompanying notes are an integral part of the financial statements.
186 |
GOTHAM FUNDS
Statements of Assets and Liabilities (Concluded)
March 31, 2017
(Unaudited)
Gotham Hedged | Gotham Institutional Value Fund | Gotham Enhanced S&P 500 Index Fund | Gotham Defensive Long Fund | Gotham Defensive Long 500 Fund | Gotham Total Return Fund | |||||||||||||||||||||||
$ | 2,086,980 | $ | 2,442,646 | $ | 2,122,142 | $ | 3,778,698 | $ | 13,871,299 | $ | — | |||||||||||||||||
— | — | — | — | — | 17,634,640 | |||||||||||||||||||||||
220,886 | 9,859 | 6,670 | 225,174 | 330,669 | 64,905 | |||||||||||||||||||||||
700,148 | — | — | 7,636 | 34,866 | — | |||||||||||||||||||||||
31,992 | 29,431 | 19,655 | 97,963 | 274,327 | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
2,272 | 2,850 | 2,166 | 4,115 | 17,602 | — | |||||||||||||||||||||||
— | 5,881 | 1,539 | — | — | 10,473 | |||||||||||||||||||||||
12,312 | 17,314 | 7,848 | 13,109 | 13,003 | — | |||||||||||||||||||||||
— | 24,130 | — | — | — | 23,925 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,054,590 | 2,532,111 | 2,160,020 | 4,126,695 | 14,541,766 | 17,733,943 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
773,072 | — | — | 1,632,308 | 6,407,886 | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
47,996 | — | — | 188,202 | 281,876 | — | |||||||||||||||||||||||
28,855 | 29,199 | 17,158 | 113,418 | 293,473 | — | |||||||||||||||||||||||
623 | — | — | 1,494 | 6,985 | — | |||||||||||||||||||||||
4,825 | — | — | 7,203 | 12,695 | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
14,948 | 11,438 | 7,252 | 14,946 | 15,122 | 28,189 | |||||||||||||||||||||||
77 | 123 | 37 | 77 | 140 | 458 | |||||||||||||||||||||||
19,790 | 26,533 | 9,809 | 19,873 | 19,420 | 23,238 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
890,186 | 67,293 | 34,256 | 1,977,521 | 7,037,597 | 51,885 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 2,164,404 | $ | 2,464,818 | $ | 2,125,764 | $ | 2,149,174 | $ | 7,504,169 | $ | 17,682,058 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 2,000 | $ | 2,104 | $ | 2,000 | $ | 2,000 | $ | 6,758 | $ | 15,926 | |||||||||||||||||
1,998,000 | 2,088,819 | 1,998,000 | 1,998,000 | 7,073,504 | 16,645,469 | |||||||||||||||||||||||
7,787 | 5,670 | 9,477 | (1,734 | ) | 14,701 | 1,964 | ||||||||||||||||||||||
26,259 | 155,249 | 36,191 | 3,504 | 14,017 | 2,451 | |||||||||||||||||||||||
130,358 | 212,976 | 80,096 | 147,404 | 395,189 | 1,016,248 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 2,164,404 | $ | 2,464,818 | $ | 2,125,764 | $ | 2,149,174 | $ | 7,504,169 | $ | 17,682,058 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 2,164,404 | $ | 2,464,818 | $ | 2,125,764 | $ | 2,149,174 | $ | 7,504,169 | $ | 17,682,058 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
200,000 | 210,396 | 200,000 | 200,000 | 675,767 | 1,592,615 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 10.82 | $ | 11.72 | $ | 10.63 | $ | 10.75 | $ | 11.10 | $ | 11.10 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 1,927,538 | $ | 2,229,670 | $ | 2,042,046 | $ | 3,577,767 | $ | 13,374,124 | $ | — | |||||||||||||||||
$ | 54,129 | $ | — | $ | — | $ | 218,677 | $ | 295,255 | $ | — | |||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 16,618,392 | |||||||||||||||||
$ | 743,988 | $ | — | $ | — | $ | 1,578,781 | $ | 6,305,900 | $ | — |
The accompanying notes are an integral part of the financial statements.
187 |
GOTHAM FUNDS
Statements of Operations
For the Six Months Ended March 31, 2017
(Unaudited)
Gotham Absolute Return Fund | Gotham Absolute 500 Fund | |||||||||
Investment Income | ||||||||||
Dividends from non-affiliated securities | $ | 10,757,204 | $ | 196,407 | ||||||
Less: foreign taxes withheld | (9,022 | ) | — | |||||||
Interest | 609 | — | ||||||||
Income from securities loaned (Note 5) | 311,981 | 16 | ||||||||
|
|
|
| |||||||
Total investment income | 11,060,772 | 196,423 | ||||||||
|
|
|
| |||||||
Expenses | ||||||||||
Advisory fees (Note 2) | 9,591,964 | 87,780 | ||||||||
Dividends and fees on securities sold short | 2,709,003 | 92,191 | ||||||||
Transfer agent fees (Note 2) | 695,592 | 3,869 | ||||||||
Fees on cash collateral (Note 5) | 689,504 | 9,283 | ||||||||
Administration and accounting fees (Note 2) | 132,000 | 16,020 | ||||||||
Printing and shareholder reporting fees | 90,352 | 3,072 | ||||||||
Trustees’ and officers’ fees (Note 2) | 50,833 | 1,137 | ||||||||
Legal fees | 45,271 | 4,014 | ||||||||
Custodian fees (Note 2) | 35,970 | 487 | ||||||||
Registration and filing fees | 33,755 | 8,249 | ||||||||
Audit fees | 14,999 | 6,360 | ||||||||
Offering fees | — | — | ||||||||
Other expenses | 55,410 | 2,460 | ||||||||
|
|
|
| |||||||
Total expenses before waivers and reimbursements | 14,144,653 | 234,922 | ||||||||
|
|
|
| |||||||
Recoupments and/or waivers, reimbursements (Note 2) | (434,785 | ) | (35,915 | ) | ||||||
|
|
|
| |||||||
Net expenses after waivers and reimbursements | 13,709,868 | 199,007 | ||||||||
|
|
|
| |||||||
Net investment income/(loss) | (2,649,096 | ) | (2,584 | ) | ||||||
|
|
|
| |||||||
Net realized and unrealized gain/(loss) from investments: | ||||||||||
Net realized gain from non-affiliated investments | 134,858,961 | 1,542,275 | ||||||||
Net realized loss from securities sold short | (47,290,716 | ) | (336,366 | ) | ||||||
Net change in unrealized appreciation/(depreciation) on investments | (21,392,239 | ) | 81,006 | |||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | 2,629,730 | (236,935 | ) | |||||||
|
|
|
| |||||||
Net realized and unrealized gain/(loss) on investments | 68,805,736 | 1,049,980 | ||||||||
|
|
|
| |||||||
Net increase in net assets resulting from operations | $ | 66,156,640 | $ | 1,047,396 | ||||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
188 |
GOTHAM FUNDS
Statements of Operations (Continued)
For the Six Months Ended March 31, 2017
(Unaudited)
Gotham Absolute | Gotham Enhanced Return Fund | Gotham Enhanced 500 Fund | Gotham Enhanced 500 Core Fund | Gotham Neutral Fund | Gotham Neutral 500 Fund | |||||||||||||||||||||||
$24,609 | $ | 15,823,852 | $ | 455,891 | $ | 31,732 | $ | 7,648,919 | $ | 26,513 | ||||||||||||||||||
— | (11,693 | ) | — | — | (12,577 | ) | — | |||||||||||||||||||||
10 | 669 | 37 | 1 | 808 | 4 | |||||||||||||||||||||||
— | 299,919 | 25 | — | 337,064 | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
24,619 | 16,112,747 | 455,953 | 31,733 | 7,974,214 | 26,517 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
10,204 | 9,954,371 | 149,671 | 10,361 | 7,898,091 | 13,774 | |||||||||||||||||||||||
9,348 | 5,214,187 | 213,030 | 9,866 | 4,217,663 | 16,847 | |||||||||||||||||||||||
3,679 | 324,279 | 6,968 | 3,679 | 346,560 | 3,679 | |||||||||||||||||||||||
— | 1,482,933 | 22,959 | — | 212,716 | — | |||||||||||||||||||||||
14,946 | 147,170 | 20,586 | 14,950 | 129,397 | 14,947 | |||||||||||||||||||||||
3,593 | 43,417 | 2,544 | 3,594 | 33,822 | 3,603 | |||||||||||||||||||||||
1,179 | 41,211 | 2,202 | 1,179 | 33,909 | 1,177 | |||||||||||||||||||||||
493 | 28,283 | 7,072 | 493 | 33,363 | 491 | |||||||||||||||||||||||
77 | 37,329 | 831 | 78 | 29,618 | 77 | |||||||||||||||||||||||
2,595 | 29,875 | 10,088 | 2,595 | 45,337 | 2,618 | |||||||||||||||||||||||
10,301 | 13,268 | 15,428 | 10,301 | 13,991 | 8,831 | |||||||||||||||||||||||
134 | — | — | 133 | — | 144 | |||||||||||||||||||||||
1,655 | 52,378 | 3,227 | 1,657 | 40,746 | 1,656 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
58,204 | 17,368,701 | 454,606 | 58,886 | 13,035,213 | 67,844 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(37,122) | — | (52,284 | ) | (37,104 | ) | (114,386 | ) | (35,693 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
21,082 | 17,368,701 | 402,322 | 21,782 | 12,920,827 | 32,151 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,537 | (1,255,954 | ) | 53,631 | 9,951 | (4,946,613 | ) | (5,634 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
60,290 | 125,453,001 | 2,067,931 | 69,189 | 96,015,898 | 73,963 | |||||||||||||||||||||||
(23,171) | (62,546,293 | ) | (639,797 | ) | (19,286 | ) | (70,859,661 | ) | (39,580 | ) | ||||||||||||||||||
156,722 | 45,938,953 | 1,637,893 | 203,449 | 4,625,924 | 167,194 | |||||||||||||||||||||||
(42,565) | 5,509,890 | (450,490 | ) | (33,228 | ) | 11,085,058 | (79,820 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
151,276 | 114,355,551 | 2,615,537 | 220,124 | 40,867,219 | 121,757 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$154,813 | $ | 113,099,597 | $ | 2,669,168 | $ | 230,075 | $ | 35,920,606 | $ | 116,123 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
189 |
GOTHAM FUNDS
Statements of Operations (Continued)
For the Six Months/Period Ended March 31, 2017
(Unaudited)
Gotham Index Plus Fund | Gotham Index Core Fund | Gotham Hedged Plus Fund | |||||||||||||
Investment Income | |||||||||||||||
Dividends from non-affiliated securities | $ | 1,885,276 | $ | 31,980 | $ | 35,268 | |||||||||
Dividends from affiliated securities | — | — | — | ||||||||||||
Interest | 92 | 1 | 3 | ||||||||||||
Income from securities loaned (Note 5) | 326 | — | 6 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 1,885,694 | 31,981 | 35,277 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses | |||||||||||||||
Advisory fees (Note 2) | 455,219 | 7,329 | 10,720 | ||||||||||||
Dividends and fees on securities sold short | 810,758 | 9,302 | 19,208 | ||||||||||||
Fees on cash collateral (Note 5) | 99,899 | — | — | ||||||||||||
Administration and accounting fees (Note 2) | 28,291 | 14,952 | 15,573 | ||||||||||||
Audit fees | 15,817 | 10,301 | 14,663 | ||||||||||||
Transfer agent fees (Note 2) | 12,921 | 3,679 | 1,995 | ||||||||||||
Registration and filing fees | 9,511 | 2,576 | 6,807 | ||||||||||||
Legal fees | 6,978 | 491 | 1,216 | ||||||||||||
Printing and shareholder reporting fees | 4,399 | 3,602 | 2,203 | ||||||||||||
Custodian fees (Note 2) | 3,414 | 78 | 81 | ||||||||||||
Trustees’ and officers’ fees (Note 2) | 2,478 | 1,178 | 412 | ||||||||||||
Offering fees | — | 134 | 7,798 | ||||||||||||
Other expenses | 6,053 | 1,659 | 2,643 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses before waivers and reimbursements | 1,455,738 | 55,281 | 83,319 | ||||||||||||
|
|
|
|
|
| ||||||||||
Recoupments and/or waivers, reimbursements (Note 2) | (21,580 | ) | (37,078 | ) | (51,782 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses after waivers and reimbursements | 1,434,158 | 18,203 | 31,537 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income/(loss) | 451,536 | 13,778 | 3,740 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain/(loss) from investments: | |||||||||||||||
Net realized gain from investments | 3,031,532 | 43,879 | 31,301 | ||||||||||||
Net realized gain from affiliated investments | — | — | — | ||||||||||||
Net realized loss from securities sold short | (958,666 | ) | (12,703 | ) | (39,072 | ) | |||||||||
Net change in unrealized appreciation/(depreciation) on investments | 11,949,817 | 243,215 | 266,212 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | (3,709,846 | ) | (33,619 | ) | (44,256 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain/(loss) on investments | 10,312,837 | 240,772 | 214,185 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | $ | 10,764,373 | $ | 254,550 | $ | 217,925 | |||||||||
|
|
|
|
|
|
* | The Fund commenced operations on December 30, 2016. |
(a) | Includes $1,030,548 from affiliated investments. |
The accompanying notes are an integral part of the financial statements.
190 |
GOTHAM FUNDS
Statements of Operations (Concluded)
For the Six Months/Period Ended March 31, 2017
(Unaudited)
Gotham Hedged | Gotham Institutional Value Fund | Gotham Enhanced S&P 500 Index Fund* | Gotham Defensive Long Fund | Gotham Defensive Long 500 Fund | Gotham Total Return Fund | |||||||||||||||||||||||
$ | 21,622 | $ | 25,592 | $ | 11,955 | $ | 34,544 | $ | 81,825 | $ | — | |||||||||||||||||
— | — | — | — | — | 16,082 | |||||||||||||||||||||||
7 | — | 3 | — | 7 | 2 | |||||||||||||||||||||||
— | — | — | 300 | 4 | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
21,629 | 25,592 | 11,958 | 34,844 | 81,836 | 16,084 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
7,182 | 9,328 | 2,481 | 20,422 | 25,180 | — | |||||||||||||||||||||||
5,121 | — | — | 14,624 | 39,157 | — | |||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||
14,948 | 9,199 | 7,252 | 14,946 | 15,122 | 23,755 | |||||||||||||||||||||||
10,301 | 13,697 | 4,478 | 10,253 | 10,253 | 12,767 | |||||||||||||||||||||||
3,679 | 9,288 | 1,789 | 3,679 | 3,679 | 6,988 | |||||||||||||||||||||||
2,576 | 4,868 | 566 | 2,618 | 2,618 | 5,149 | |||||||||||||||||||||||
491 | 370 | 243 | 492 | 491 | 2,254 | |||||||||||||||||||||||
3,594 | 1,099 | 1,741 | 3,603 | 3,603 | 556 | |||||||||||||||||||||||
77 | 87 | 37 | 77 | 140 | 429 | |||||||||||||||||||||||
1,177 | 479 | 565 | 1,178 | 1,178 | 986 | |||||||||||||||||||||||
135 | 189 | 86 | 143 | 142 | — | |||||||||||||||||||||||
1,656 | 2,686 | 762 | 1,655 | 1,726 | 2,471 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
50,937 | 51,290 | 20,000 | 73,690 | 103,289 | 55,355 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(37,095) | (40,196 | ) | (17,519 | ) | (37,112 | ) | (36,154 | ) | (51,729 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
13,842 | 11,094 | 2,481 | 36,578 | 67,135 | 3,626 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
7,787 | 14,498 | 9,477 | (1,734 | ) | 14,701 | 12,458 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
35,989 | 186,672 | 36,191 | 107,662 | 98,164 | — | |||||||||||||||||||||||
— | — | — | — | — | 31,177 | |||||||||||||||||||||||
(9,730) | — | — | (104,158 | ) | (84,147 | ) | — | |||||||||||||||||||||
160,351 | 28,020 | 80,096 | 202,431 | 498,675 | 1,030,548 | (a) | ||||||||||||||||||||||
(29,084) | — | — | (53,527 | ) | (101,986 | ) | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
157,526 | 214,692 | 116,287 | 152,408 | 410,706 | 1,061,725 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 165,313 | $ | 229,190 | $ | 125,764 | $ | 150,674 | $ | 425,407 | $ | 1,074,183 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
191 |
GOTHAM FUNDS
Statements of Changes in Net Assets
Gotham Absolute Return Fund | ||||||||||
For the Six Months Ended March 31, 2017 (Unaudited) | For the Year Ended September 30, 2016 | |||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||
Net investment income/(loss) | $ | (2,649,096 | ) | $ | (9,831,418 | ) | ||||
Net realized gain/(loss) from investments and securities sold short | 87,568,245 | 37,539,144 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | (18,762,509 | ) | 18,364,150 | |||||||
|
|
|
| |||||||
Net increase/(decrease) in net assets resulting from operations | 66,156,640 | 46,071,876 | ||||||||
|
|
|
| |||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||
Institutional Class Shares: | ||||||||||
Net realized capital gains | — | (29,543,843 | ) | |||||||
Return of capital | — | — | ||||||||
|
|
|
| |||||||
Net decrease in net assets from dividends and distributions to shareholders | — | (29,543,843 | ) | |||||||
|
|
|
| |||||||
Increase/(decrease) in Net Assets Derived from Capital Share Transactions (Note 4) | (117,875,854 | ) | (1,599,639,099 | ) | ||||||
|
|
|
| |||||||
Total increase/(decrease) in net assets | (51,719,214 | ) | (1,583,111,066 | ) | ||||||
|
|
|
| |||||||
Net assets | ||||||||||
Beginning of period | 982,987,205 | 2,566,098,271 | ||||||||
|
|
|
| |||||||
End of period | $ | 931,267,991 | $ | 982,987,205 | ||||||
|
|
|
| |||||||
Accumulated net investment income/(loss), end of period | $ | (4,597,840 | ) | $ | (1,948,744 | ) | ||||
|
|
|
|
* | The Fund commenced operations on September 30, 2016. |
The accompanying notes are an integral part of the financial statements.
192 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Absolute 500 Fund | Gotham Absolute 500 Core Fund | Gotham Enhanced Return Fund | ||||||||||||||||||||||||||||||||
For the Six Months Ended March 31, 2017 (Unaudited) | For the Year Ended September 30, 2016 | For the Six Months Ended March 31, 2017 (Unaudited) | For the Period Ended September 30, 2016* | For the Six Months Ended March 31, 2017 (Unaudited) | For the Year Ended September 30, 2016 | |||||||||||||||||||||||||||||
$ | (2,584 | ) | $ | (30,215 | ) | $ | 3,537 | $ | — | $ | (1,255,954 | ) | $ | 1,611,898 | ||||||||||||||||||||
1,205,909 | (723,122 | ) | 37,119 | — | 62,906,708 | 72,482,135 | ||||||||||||||||||||||||||||
(155,929 | ) | 1,772,630 | 114,157 | (909 | ) | 51,448,843 | 900,681 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,047,396 | 1,019,293 | 154,813 | (909 | ) | 113,099,597 | 74,994,714 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
— | (317,388 | ) | — | — | — | (18,962,062 | ) | |||||||||||||||||||||||||||
— | (380,847 | ) | — | — | — | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
— | (698,235 | ) | — | — | — | (18,962,062 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(1,828,518 | ) | (2,676,554 | ) | — | 2,000,000 | (50,392,882 | ) | (232,094,666 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(781,122 | ) | (2,355,496 | ) | 154,813 | 1,999,091 | 62,706,715 | (176,062,014 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
13,445,826 | 15,801,322 | 1,999,091 | — | 950,202,371 | 1,126,264,385 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 12,664,704 | $ | 13,445,826 | $ | 2,153,904 | $ | 1,999,091 | $ | 1,012,909,086 | $ | 950,202,371 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | (13,640 | ) | $ | (11,056 | ) | $ | 3,537 | $ | — | $ | (1,267,648 | ) | $ | (11,694 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
193 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Enhanced 500 Fund | ||||||||||
For the Six Months Ended March 31, 2017 (Unaudited) | For the Year Ended September 30, 2016 | |||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||
Net income/(loss) | $ | 53,631 | $ | 36,652 | ||||||
Net realized gain/(loss) from investments and securities sold short | 1,428,134 | (586,199 | ) | |||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 1,187,403 | 2,194,341 | ||||||||
|
|
|
| |||||||
Net increase/(decrease) in net assets resulting from operations | 2,669,168 | 1,644,794 | ||||||||
|
|
|
| |||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||
Institutional Class Shares: | ||||||||||
Net investment income | (66,405 | ) | (9,998 | ) | ||||||
Net realized capital gains | — | (32,499 | ) | |||||||
|
|
|
| |||||||
Net decrease in net assets from dividends and distributions to shareholders | (66,405 | ) | (42,497 | ) | ||||||
|
|
|
| |||||||
Increase/(decrease) in Net Assets Derived from Capital Share Transactions (Note 4) | 2,024,236 | 12,195,925 | ||||||||
|
|
|
| |||||||
Total increase in net assets | 4,626,999 | 13,798,222 | ||||||||
|
|
|
| |||||||
Net assets | ||||||||||
Beginning of period | 19,864,902 | 6,066,680 | ||||||||
|
|
|
| |||||||
End of period | $ | 24,491,901 | $ | 19,864,902 | ||||||
|
|
|
| |||||||
Accumulated net investment income/(loss), end of period | $ | 44,861 | $ | 57,635 | ||||||
|
|
|
|
* | The Fund commenced operations on September 30, 2016. |
The accompanying notes are an integral part of the financial statements.
194 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Enhanced 500 Core Fund | Gotham Neutral Fund | Gotham Neutral 500 Fund | |||||||||||||||||||||||||||
For the Six Months Ended March 31, 2017 (Unaudited) | For the Period Ended September 30, 2016* | For the Six Months Ended March 31, 2017 (Unaudited) | For the Year Ended September 30, 2016 | For the Six Months Ended March 31, 2017 (Unaudited)* | |||||||||||||||||||||||||
$ | 9,951 | $ | — | $ | (4,946,613 | ) | $ | (7,950,828 | ) | $ | (5,634 | ) | |||||||||||||||||
49,903 | — | 25,156,237 | 4,949,085 | 34,383 | |||||||||||||||||||||||||
170,221 | (1,500 | ) | 15,710,982 | 1,010,188 | 87,374 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
230,075 | (1,500 | ) | 35,920,606 | (1,991,555 | ) | 116,123 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
— | — | — | — | — | |||||||||||||||||||||||||
— | — | — | (4,408,426 | ) | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
— | — | — | (4,408,426 | ) | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
— | 2,000,000 | (34,114,776 | ) | 33,716,398 | 2,000,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
230,075 | 1,998,500 | 1,805,830 | 27,316,417 | 2,116,123 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
1,998,500 | — | 783,023,901 | 755,707,484 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 2,228,575 | $ | 1,998,500 | $ | 784,829,731 | $ | 783,023,901 | $ | 2,116,123 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 9,951 | $ | — | $ | (10,045,362 | ) | $ | (5,098,749 | ) | $ | (5,634 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
195 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Index Plus Fund | ||||||||||
For the Six Months Ended March 31, 2017 (Unaudited) | For the Year Ended September 30, 2016 | |||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||
Net investment income | $ | 451,536 | $ | 165,208 | ||||||
Net realized gain/(loss) from investments and securities sold short | 2,072,866 | (853,687 | ) | |||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 8,239,971 | 3,409,759 | ||||||||
|
|
|
| |||||||
Net increase/(decrease) in net assets resulting from operations | 10,764,373 | 2,721,280 | ||||||||
|
|
|
| |||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||
Institutional Class Shares: | ||||||||||
Net investment income | (316,257 | ) | (54,282 | ) | ||||||
Net realized capital gains | — | (90,322 | ) | |||||||
|
|
|
| |||||||
Net decrease in net assets from dividends and distributions to shareholders | (316,257 | ) | (144,604 | ) | ||||||
|
|
|
| |||||||
Increase in Net Assets Derived from Capital Share Transactions (Note 4) | 105,530,212 | 33,944,340 | ||||||||
|
|
|
| |||||||
Total increase in net assets | 115,978,328 | 36,521,016 | ||||||||
|
|
|
| |||||||
Net assets | ||||||||||
Beginning of period | 44,189,828 | 7,668,812 | ||||||||
|
|
|
| |||||||
End of period | $ | 160,168,156 | $ | 44,189,828 | ||||||
|
|
|
| |||||||
Accumulated net investment income/(loss), end of period | $ | 308,514 | $ | 173,235 | ||||||
|
|
|
|
* | The Fund commenced operations on September 30, 2016. |
** | The Fund commenced operations on March 31, 2016. |
The accompanying notes are an integral part of the financial statements.
196 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Index Core Fund | Gotham Hedged Plus Fund | Gotham Hedged Core Fund | ||||||||||||||||||||||||||||||||
For the Six Months Ended March 31, 2017 (Unaudited) | For the Period Ended September 30, 2016* | For the Six Months Ended March 31, 2017 (Unaudited) | For the Period Ended September 30, 2016** | For the Six Months Ended March 31, 2017 (Unaudited) | For the Period Ended September 30, 2016* | |||||||||||||||||||||||||||||
$ | 13,778 | $ | — | $ | 3,740 | $ | 46 | $ | 7,787 | $ | — | |||||||||||||||||||||||
31,176 | — | (7,771 | ) | (27,888 | ) | 26,259 | — | |||||||||||||||||||||||||||
209,596 | (1,500 | ) | 221,956 | 42,956 | 131,267 | (909 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
254,550 | (1,500 | ) | 217,925 | 15,114 | 165,313 | (909 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
— | — | (21,994 | ) | — | — | — | ||||||||||||||||||||||||||||
— | — | (8,651 | ) | — | — | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
— | — | (30,645 | ) | — | — | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
— | 2,000,000 | 30,645 | 2,000,000 | — | 2,000,000 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
254,550 | 1,998,500 | 217,925 | 2,015,114 | 165,313 | 1,999,091 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,998,500 | — | 2,015,114 | — | 1,999,091 | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 2,253,050 | $ | 1,998,500 | $ | 2,233,039 | $ | 2,015,114 | $ | 2,164,404 | $ | 1,999,091 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 13,778 | $ | — | $ | (2,935 | ) | $ | 15,319 | $ | 7,787 | $ | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
197 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Institutional Value Fund | Gotham Enhanced S&P 500 Index Fund | ||||||||||||||
For the Six Months Ended March 31, 2017 (Unaudited) | For the Period Ended September 30, 2016* | For the Period Ended March 31, 2017 (Unaudited)** | |||||||||||||
Net increase/(decrease) in net assets from operations: | |||||||||||||||
Net investment income/(loss) | $ | 14,498 | $ | 21,280 | $ | 9,477 | |||||||||
Net realized gain/(loss) from investments and securities sold short | 186,672 | (31,423 | ) | 36,191 | |||||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 28,020 | 184,956 | 80,096 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase/(decrease) in net assets resulting from operations | 229,190 | 174,813 | 125,764 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less Dividends and Distributions to Shareholders from: | |||||||||||||||
Institutional Class Shares: | |||||||||||||||
Net investment income | (53,698 | ) | — | — | |||||||||||
Net realized capital gains | — | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (53,698 | ) | — | — | |||||||||||
|
|
|
|
|
| ||||||||||
Increase in Net Assets Derived from Capital Share Transactions (Note 4) | 53,440 | 2,061,073 | 2,000,000 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total increase in net assets | 228,932 | 2,235,886 | 2,125,764 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net assets | |||||||||||||||
Beginning of period | 2,235,886 | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
End of period | $ | 2,464,818 | $ | 2,235,886 | $ | 2,125,764 | |||||||||
|
|
|
|
|
| ||||||||||
Accumulated net investment income/(loss), end of period | $ | 5,670 | $ | 44,870 | $ | 9,477 | |||||||||
|
|
|
|
|
|
* | The Fund commenced operations on December 31, 2015. |
** | The Fund commenced operations on December 30, 2016. |
*** | The Fund commenced operations on September 30, 2016. |
The accompanying notes are an integral part of the financial statements.
198 |
GOTHAM FUNDS
Statements of Changes in Net Assets (Concluded)
Gotham Defensive Long Fund | Gotham Defensive Long 500 Fund | Gotham Total Return Fund | ||||||||||||||||||||||||||||||||
For the Six Months Ended March 31, 2017 (Unaudited) | For the Period Ended September 30, 2016*** | For the Six Months Ended March 31, 2017 (Unaudited) | For the Period Ended September 30, 2016*** | For the Six Months Ended March 31, 2017 (Unaudited) | For the Year Ended September 30, 2016 | |||||||||||||||||||||||||||||
$ | (1,734 | ) | $ | — | $ | 14,701 | $ | — | $ | 12,458 | $ | 138,914 | ||||||||||||||||||||||
3,504 | — | 14,017 | — | 31,177 | (28,726 | ) | ||||||||||||||||||||||||||||
148,904 | (1,500 | ) | 396,689 | (1,500 | ) | 1,030,548 | 580,852 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
150,674 | (1,500 | ) | 425,407 | (1,500 | ) | 1,074,183 | 691,040 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
— | — | — | — | (4,144 | ) | (149,275 | ) | |||||||||||||||||||||||||||
— | — | — | — | — | (13,741 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
— | — | — | — | (4,144 | ) | (163,016 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
— | 2,000,000 | 5,080,262 | 2,000,000 | 8,550,141 | 523,582 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
150,674 | 1,998,500 | 5,505,669 | 1,998,500 | 9,620,180 | 1,051,606 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,998,500 | — | 1,998,500 | — | 8,061,878 | 7,010,272 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 2,149,174 | $ | 1,998,500 | $ | 7,504,169 | $ | 1,998,500 | $ | 17,682,058 | $ | 8,061,878 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | (1,734 | ) | $ | — | $ | 14,701 | $ | — | $ | 1,964 | $ | (6,350 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
199 |
GOTHAM FUNDS
Statements of Cash Flow
(Unaudited)
Gotham Absolute Return Fund | Gotham Absolute 500 Fund | Gotham Absolute 500 Core Fund | |||||||||||||
For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | |||||||||||||
Cash flows provided by (used in) operating activities: | |||||||||||||||
Net increase in net assets resulting from operations | $ | 66,156,640 | $ | 1,047,396 | $ | 154,813 | |||||||||
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 | (1,346,547,663 | ) | (19,623,779 | ) | (4,517,926 | ) | |||||||||
Proceeds from disposition of long-term portfolio investments | 1,526,569,050 | 22,366,428 | 3,529,523 | ||||||||||||
Purchases to cover securities sold short | (971,716,214 | ) | (15,617,861 | ) | (1,322,536 | ) | |||||||||
Proceeds from securities sold short | 895,539,543 | 14,379,646 | 2,348,316 | ||||||||||||
Net realized gain/(loss) on investments and securities sold short | (87,568,245 | ) | (1,205,909 | ) | (37,119 | ) | |||||||||
Net change in unrealized (appreciation)/depreciation on investments and securities sold short | 18,762,509 | 155,929 | (114,157 | ) | |||||||||||
Increase/(decrease) in deposits with brokers for securities sold short | 44,915,888 | 1,557,301 | (595,171 | ) | |||||||||||
Increase/(decrease) in receivable for securities sold | (9,543,783 | ) | (116,752 | ) | (44,735 | ) | |||||||||
Increase/(decrease) in dividend and interest receivable | 140,549 | (3,769 | ) | (2,869 | ) | ||||||||||
Increase/(decrease) in prepaid expenses and other assets | (40,927 | ) | 5,901 | (12,277 | ) | ||||||||||
Increase/(decrease) in payable for investments purchased | 38,962,570 | 197,130 | (1,146,990 | ) | |||||||||||
Increase/(decrease) in use of cash collateral from securities lending | (8,887,669 | ) | (790,364 | ) | 35,772 | ||||||||||
Increase/(decrease) in dividends and fees payable for securities sold short | (254,187 | ) | (5,061 | ) | 1,018 | ||||||||||
Increase/(decrease) in payable for investment advisor | (61,467 | ) | (8,513 | ) | 5,344 | ||||||||||
Litigation losses | 109 | — | — | ||||||||||||
Increase/(decrease) in accrued expense payable | (376,726 | ) | (10,768 | ) | 35,487 | ||||||||||
|
|
|
|
|
| ||||||||||
Net cash provided by (used in) operating activities | 166,049,977 | 2,326,955 | (1,683,507 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from shares sold | 105,599,314 | 2,423,365 | 2,000,000 | ||||||||||||
Payment of shares redeemed | (228,215,746 | ) | (4,251,883 | ) | — | ||||||||||
Dividends and Distributions to Shareholders | — | — | — | ||||||||||||
Decrease in due to custodian | — | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Net cash provided by (used in) financing activities | (122,616,432 | ) | (1,828,518 | ) | 2,000,000 | ||||||||||
|
|
|
|
|
| ||||||||||
Net increase in cash | 43,433,545 | 498,437 | 316,493 | ||||||||||||
Cash at beginning of period | 16,670,453 | 292,703 | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Cash at end of period | $ | 60,103,998 | $ | 791,140 | $ | 316,493 | |||||||||
|
|
|
|
|
| ||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||
Cash paid during the period for financing charges | $ | 920,970 | $ | 16,685 | $ | 772 |
The accompanying notes are an integral part of the financial statements.
200 |
GOTHAM FUNDS
Statements of Cash Flow (Continued)
(Unaudited)
Gotham Enhanced | Gotham Enhanced 500 Fund | Gotham Enhanced 500 Core Fund | Gotham Neutral Fund | Gotham Neutral 500 Fund | ||||||||||||||||||||
For the | For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | ||||||||||||||||||||
$ | 113,099,597 | $ | 2,669,168 | $ | 230,075 | $ | 35,920,606 | $ | 116,123 | |||||||||||||||
|
|
| ||||||||||||||||||||||
(1,777,978,440 | ) | (41,173,150 | ) | (5,538,820 | ) | (1,208,431,665 | ) | (4,930,169 | ) | |||||||||||||||
1,827,382,137 | 36,119,716 | 4,683,831 | 1,293,457,330 | 2,576,498 | ||||||||||||||||||||
(1,036,984,250 | ) | (21,126,988 | ) | (1,079,276 | ) | (1,176,064,609 | ) | (2,374,135 | ) | |||||||||||||||
1,039,061,138 | 24,248,435 | 1,919,226 | 1,130,787,085 | 4,312,981 | ||||||||||||||||||||
(62,906,708 | ) | (1,428,134 | ) | (49,903 | ) | (25,156,237 | ) | (34,383 | ) | |||||||||||||||
(51,448,843 | ) | (1,187,403 | ) | (170,221 | ) | (15,710,982 | ) | (87,374 | ) | |||||||||||||||
(19,542,754 | ) | 2,774,967 | (11,389 | ) | (10,335,025 | ) | (1,453,950 | ) | ||||||||||||||||
(15,406,785 | ) | 168,945 | (50,506 | ) | (12,004,889 | ) | (54,794 | ) | ||||||||||||||||
(13,805 | ) | (23,816 | ) | (3,779 | ) | 79,777 | (2,903 | ) | ||||||||||||||||
(47,162 | ) | (5,685 | ) | (12,192 | ) | (37,088 | ) | (13,173 | ) | |||||||||||||||
26,672,760 | (535,358 | ) | (1,922,905 | ) | 20,773,036 | 71,827 | ||||||||||||||||||
31,900,534 | (1,699,101 | ) | 58,974 | 3,943,844 | 45,159 | |||||||||||||||||||
(166,067 | ) | 1,093 | 1,011 | (161,678 | ) | 1,903 | ||||||||||||||||||
188,828 | 6,943 | 5,415 | 66,354 | 6,164 | ||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||
(55,857 | ) | 10,365 | 34,880 | 12,203 | 33,046 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
73,754,323 | (1,180,003 | ) | (1,905,579 | ) | 37,138,062 | (1,787,180 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
70,428,230 | 4,704,512 | 2,000,000 | 162,737,527 | 2,000,000 | ||||||||||||||||||||
(119,161,534 | ) | (2,444,503 | ) | — | (193,326,240 | ) | — | |||||||||||||||||
— | (3,679 | ) | — | — | — | |||||||||||||||||||
— | (592,350 | ) | — | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(48,733,304 | ) | 1,663,980 | 2,000,000 | (30,588,713 | ) | 2,000,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
25,021,019 | 483,977 | 94,421 | 6,549,349 | 212,820 | ||||||||||||||||||||
2,796,868 | — | — | 6,528,482 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 27,817,887 | $ | 483,977 | $ | 94,421 | $ | 13,077,831 | $ | 212,820 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 3,397,259 | $ | 70,450 | $ | 2,926 | $ | 976,624 | $ | 213 |
The accompanying notes are an integral part of the financial statements.
201 |
GOTHAM FUNDS
Statements of Cash Flow
(Unaudited)
Gotham Index Plus Fund | Gotham Index Core Fund | Gotham Hedged Plus Fund | |||||||||||||
For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | |||||||||||||
Cash flows provided by (used in) operating activities: | |||||||||||||||
Net Increase in net assets resulting from operations | $ | 10,764,373 | $ | 254,550 | $ | 217,925 | |||||||||
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 | (415,631,099 | ) | (5,714,141 | ) | (2,677,721 | ) | |||||||||
Proceeds from disposition of long-term portfolio investments | 210,382,629 | 4,789,018 | 2,657,417 | ||||||||||||
Purchases to cover securities sold short | (67,752,630 | ) | (893,760 | ) | (2,019,656 | ) | |||||||||
Proceeds from securities sold short | 168,606,581 | 1,776,482 | 2,135,312 | ||||||||||||
Net realized gain/(loss) on investments and securities sold short | (2,072,866 | ) | (31,176 | ) | 7,771 | ||||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | (8,239,971 | ) | (209,596 | ) | (221,956 | ) | |||||||||
Increase/(decrease) in deposits with brokers for securities sold short | (20,373,077 | ) | (15,005 | ) | (110,539 | ) | |||||||||
Increase/(decrease) in receivable for securities sold | (6,877,248 | ) | (39,793 | ) | 29,360 | ||||||||||
Increase in dividend and interest receivable | (228,940 | ) | (3,455 | ) | (852 | ) | |||||||||
Increase/(decrease) in receivable from investment advisor | — | 4,882 | (1,653 | ) | |||||||||||
Increase in prepaid expenses and other assets | (17,339 | ) | (12,258 | ) | (21,390 | ) | |||||||||
Increase/(decrease) in payable for investments purchased | 10,759,684 | (1,931,210 | ) | (20,362 | ) | ||||||||||
Increase/(decrease) in use of cash collateral from securities lending | 17,069,154 | 52,609 | 6,718 | ||||||||||||
Increase/(decrease) in dividends and fees payable for securities sold short | 125,043 | 1,085 | (348 | ) | |||||||||||
Increase/(decrease) in payable for investment advisor | 93,638 | — | — | ||||||||||||
Increase/(decrease) in accrued expense payable | 13,736 | 34,545 | 6,738 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net cash provided by (used in) operating activities | (103,378,332 | ) | (1,937,223 | ) | (13,236 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Proceeds from shares sold | 103,865,507 | 2,000,000 | — | ||||||||||||
Payment of shares redeemed | (1,374,852 | ) | — | — | |||||||||||
Dividends and Distributions to Shareholders | (1,230 | ) | — | — | |||||||||||
Increase in due to custodian | 370,707 | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Net cash provided by (used in) financing activities | 102,860,132 | 2,000,000 | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase/(decrease) in cash | (518,200 | ) | 62,777 | (13,236 | ) | ||||||||||
Cash at beginning of period | 518,200 | — | 199,877 | ||||||||||||
|
|
|
|
|
| ||||||||||
Cash at end of period | $ | — | $ | 62,777 | $ | 186,641 | |||||||||
|
|
|
|
|
| ||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||
Cash paid during the period for financing charges | $ | 269,986 | $ | 2,920 | $ | 3,340 |
* | The Fund commenced operations on December 30, 2016. |
The accompanying notes are an integral part of the financial statements.
202 |
GOTHAM FUNDS
Statements of Cash Flow (Continued)
(Unaudited)
Gotham Hedged Core Fund | Gotham Institutional Value Fund | Gotham Enhanced S&P 500 Index Fund | Gotham Defensive Long Fund | Gotham Defensive Long 500 Fund | Gotham Total Return Fund | ||||||||||||||||||||||||
For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | For the Period Ended March 31, 2017* | For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | For the Six Months Ended March 31, 2017 | ||||||||||||||||||||||||
$ | 165,313 | $ | 229,190 | $ | 125,764 | $ | 150,674 | $ | 425,407 | $ | 1,074,183 | ||||||||||||||||||
|
|
| |||||||||||||||||||||||||||
(4,010,623 | ) | (1,878,127 | ) | (5,387,074 | ) | (7,386,018 | ) | (26,039,442 | ) | (12,200,012 | ) | ||||||||||||||||||
3,316,338 | 1,898,011 | 3,381,219 | 5,891,368 | 14,738,935 | 3,683,963 | ||||||||||||||||||||||||
(847,525 | ) | — | — | (1,843,006 | ) | (3,921,731 | ) | — | |||||||||||||||||||||
1,581,783 | — | — | 3,317,628 | 10,143,484 | — | ||||||||||||||||||||||||
(26,259 | ) | (186,672 | ) | (36,191 | ) | (3,504 | ) | (14,017 | ) | (31,177 | ) | ||||||||||||||||||
(131,267 | ) | (28,020 | ) | (80,096 | ) | (148,904 | ) | (396,689 | ) | (1,030,548 | ) | ||||||||||||||||||
| (700,148 | ) | — | — | (7,636 | ) | (34,866 | ) | — | ||||||||||||||||||||
| (31,992 | ) | (21,621 | ) | (19,655 | ) | (97,963 | ) | (274,327 | ) | — | ||||||||||||||||||
(2,272 | ) | (766 | ) | (2,166 | ) | (4,115 | ) | (17,602 | ) | — | |||||||||||||||||||
— | (5,881 | ) | (1,539 | ) | — | — | 13,487 | ||||||||||||||||||||||
(12,312 | ) | (28,993 | ) | (7,848 | ) | (13,109 | ) | (13,003 | ) | (12,010 | ) | ||||||||||||||||||
(1,168,409 | ) | 20,216 | 17,158 | (1,862,036 | ) | (1,681,981 | ) | — | |||||||||||||||||||||
| 47,996 | — | — | 188,202 | 281,876 | — | |||||||||||||||||||||||
| 623 | — | — | 1,494 | 6,985 | — | |||||||||||||||||||||||
4,825 | (7,419 | ) | — | 7,203 | 12,695 | — | |||||||||||||||||||||||
34,815 | 8,478 | 17,098 | 34,896 | 34,682 | (5,726 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
(1,779,114 | ) | (1,604 | ) | (1,993,330 | ) | (1,774,826 | ) | (6,749,594 | ) | (8,507,840 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
2,000,000 | 26,117 | 2,000,000 | 2,000,000 | 7,103,791 | 8,548,056 | ||||||||||||||||||||||||
— | (258 | ) | — | — | (23,528 | ) | (20 | ) | |||||||||||||||||||||
— | (26,117 | ) | — | — | — | (2,039 | ) | ||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
2,000,000 | (258 | ) | 2,000,000 | 2,000,000 | 7,080,263 | 8,545,997 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
220,886 | (1,862 | ) | 6,670 | 225,174 | 330,669 | 38,157 | |||||||||||||||||||||||
| — | 11,721 | — | — | — | 26,748 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | 220,886 | $ | 9,859 | $ | 6,670 | $ | 225,174 | $ | 330,669 | $ | 64,905 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
$ | (610 | ) | $ | — | $ | — | $ | 7,603 | $ | 10,792 | $ | — |
The accompanying notes are an integral part of the financial statements.
203 |
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 | Return of Capital | |||||||||||||||||||||||||||||
Gotham Absolute Return Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $ | 12.70 | $ | (0.04 | ) | $ | 0.94 | $ | 0.90 | $ | — | $ | — | $ | — | ||||||||||||||||||||
10/01/2015-09/30/2016 | 12.48 | (0.07 | ) | 0.46 | 0.39 | — | (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 | ) | — | ||||||||||||||||||||||||||
05/01/2013-04/30/2014 | 11.40 | (0.16 | ) | 2.77 | 2.61 | — | �� | (0.56 | ) | — | |||||||||||||||||||||||||
08/31/2012**-04/30/2013 | 10.00 | (0.08 | ) | 1.53 | 1.45 | (0.01 | ) | (0.05 | ) | — | |||||||||||||||||||||||||
Gotham Absolute 500 Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $ | 10.21 | $ | (0.00 | )(6) | $ | 0.87 | $ | 0.87 | $ | — | $ | — | $ | — | ||||||||||||||||||||
10/01/2015-09/30/2016 | 9.80 | (0.02 | ) | 0.77 | 0.75 | — | (0.16 | ) | (0.19 | ) | |||||||||||||||||||||||||
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 | ) | — | ||||||||||||||||||||||||||
Gotham Absolute 500 Core Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $ | 10.00 | $ | 0.02 | $ | 0.75 | $ | 0.77 | $ | — | $ | — | $ | — | |||||||||||||||||||||
09/30/2016***-09/30/2016 | 10.00 | — | (0.00 | )(6) | (0.00 | )(6) | — | — | — |
* | 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. |
*** | Commencement of operations. Initial seed capital was issued at $10.00 per share on September 30, 2016. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Expense ratio includes dividend and 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 2.15%, 2.20%, 2.15%, 2.15%, 2.20% and 2.25%, for the six months ended March 31, 2017, the year ended September 30, 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 1.50%, 1.84%, 2.25% and 2.25% for the six months ended March 31, 2017, the year ended September 30, 2016, the periods ended September 30, 2015 and April 30, 2015, respectively, and for the Gotham Absolute 500 Core Fund, it would be 1.15% for the period ended March 31, 2017. |
(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. |
The accompanying notes are an integral part of the financial statements.
204 |
GOTHAM FUNDS
Financial Highlights (Continued)
| ||||||||||||||||||||||||||||||||||||||||||||
Total Distributions | 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) | $ | 13.60 | 7.09 | % | $ | 931,268 | 2.86 | %(7) | 2.95 | %(7) | (0.55 | )%(7) | 116.65 | %(8) | ||||||||||||||||||||||||||
(0.17 | ) | 0.00 | (6) | 12.70 | 3.14 | % | 982,987 | 3.09 | % | 3.09 | % | (0.56 | )% | 272.37 | % | |||||||||||||||||||||||||||||
— | 0.00 | (6) | 12.48 | (7.83 | )% | 2,566,098 | 2.95 | %(7) | 2.95 | %(7) | (1.03 | )%(7) | 134.07 | %(8) | ||||||||||||||||||||||||||||||
(0.24 | ) | 0.00 | (6) | 13.54 | 2.44 | % | 3,657,763 | 2.81 | % | 2.81 | % | (0.75 | )% | 336.09 | % | |||||||||||||||||||||||||||||
(0.56 | ) | 0.00 | (6) | 13.45 | 23.21 | % | 1,550,210 | 2.98 | % | 2.96 | % | (1.23 | )% | 399.16 | % | |||||||||||||||||||||||||||||
(0.06 | ) | 0.01 | 11.40 | 14.67 | % | 53,680 | 3.24 | %(7) | 4.18 | %(7) | (1.13 | )%(7) | 279.84 | %(8) | ||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 11.08 | 8.52 | % | $ | 12,665 | 3.06 | %(7) | 3.61 | %(7) | (0.14 | )%(7) | 107.00 | %(8) | |||||||||||||||||||||||||||
(0.35 | ) | 0.01 | 10.21 | 7.88 | % | 13,446 | 3.80 | % | 4.00 | % | (0.19 | )% | 251.62 | % | ||||||||||||||||||||||||||||||
— | — | 9.80 | (6.40 | )% | 15,801 | 4.22 | %(7) | 4.75 | %(7) | (0.69 | )%(7) | 126.07 | %(8) | |||||||||||||||||||||||||||||||
(0.23 | ) | 0.01 | 10.47 | 6.98 | % | 10,583 | 4.13 | %(7) | 5.92 | %(7) | (1.15 | )%(7) | 327.45 | %(8) | ||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 10.77 | 7.70 | % | $ | 2,154 | 2.07 | %(7) | 5.70 | %(7) | 0.35 | %(7) | 163.89 | %(8) | |||||||||||||||||||||||||||
— | — | 10.00 | 0.00 | % | 1,999 | — | — | — | — |
The accompanying notes are an integral part of the financial statements.
205 |
GOTHAM FUNDS
Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in 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 Enhanced Return Fund | ||||||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $11.79 | $(0.02) | $ 1.45 | $ 1.43 | $ — | $ — | $ — | |||||||||||||||||||||
10/01/2015-09/30/2016 | 11.10 | 0.02 | 0.87 | 0.89 | — | (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 | ||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $10.22 | $ 0.03 | $ 1.27 | $ 1.30 | $(0.03) | $ — | $(0.03) | |||||||||||||||||||||
10/01/2015-09/30/2016 | 8.99 | 0.03 | 1.26 | 1.29 | (0.01) | (0.05) | (0.06) | |||||||||||||||||||||
12/31/2014**-09/30/2015 | 10.00 | (0.02) | (0.99) | (1.01) | — | — | — | |||||||||||||||||||||
Gotham Enhanced 500 Core Fund | ||||||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $ 9.99 | $ 0.05 | $ 1.10 | $ 1.15 | $ — | $ — | $ — | |||||||||||||||||||||
09/30/2016***-09/30/2016 | 10.00 | — | (0.01) | (0.01) | — | — | — |
* | 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. |
*** | Commencement of operations. Initial seed capital was issued at $10.00 per share on September 30, 2016. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the Gotham Enhanced Return Fund would be 2.14%, 2.15%, 2.14%, 2.16% and 2.25% for the six months ended March 31, 2017, year ended September 30, 2016, the period ended September 30, 2015, the year ended April 30, 2015 and the period ended April 30, 2014, respectively; for the Gotham Enhanced 500 Fund, they would be 1.50%, 1.77% and 2.25% for the six months ended March 31, 2017, year ended September 30, 2016 and the period ended September 30, 2015, respectively, and for the Gotham Enhanced 500 Core Fund, they would be 1.15% for the period ended March 31, 2017. |
(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. |
(10) | The performance data includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
The accompanying notes are an integral part of the financial statements.
206 |
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 with waivers, reimbursements, and recoupments (excluding dividend and interest expense)(3)(4) | Ratio of Net Investment Income to Average Net Assets without waivers, expense reimbursements, and recoupments if any | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||
$ | 0.00 | (6) | $ | 13.22 | 12.13 | % | $ | 1,012,909 | 3.49 | %(7) | 3.49 | %(7) | (0.25 | )%(7) | 103.72 | %(8) | |||||||||||||||||||||||
0.00 | (6) | 11.79 | 8.18 | % | 950,202 | 3.58 | % | 3.58 | % | 0.16 | % | 247.97 | % | ||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||
$ | — | $ | 11.49 | 12.76 | % | $ | 24,492 | 3.63 | %(7) | 4.10 | %(7) | 0.48 | %(7) | 88.36 | %(8) | ||||||||||||||||||||||||
0.00 | (6) | 10.22 | 14.43 | %(10) | 19,865 | 4.09 | % | 4.69 | % | 0.29 | % | 219.41 | % | ||||||||||||||||||||||||||
— | 8.99 | (10.10 | )% | 6,067 | 4.40 | %(7) | 5.54 | %(7) | (0.24 | )%(7) | 355.33 | %(8) | |||||||||||||||||||||||||||
$ | — | $ | 11.14 | 11.40 | % | $ | 2,229 | 2.10 | %(7) | 5.68 | %(7) | 0.96 | %(7) | 165.82 | %(8) | ||||||||||||||||||||||||
— | 9.99 | (0.10 | )% | 1,999 | — | — | — | — |
The accompanying notes are an integral part of the financial statements.
207 |
GOTHAM FUNDS
Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in 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 Neutral Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $ | 9.91 | $ | (0.06 | ) | $ | 0.51 | $ | 0.45 | $ | — | $ | — | $ | — | ||||||||||||||||||||
10/01/2015-09/30/2016 | 9.99 | (0.10 | ) | 0.08 | (0.02 | ) | — | (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 Neutral 500 Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016***-03/31/2017(5) | $ | 10.00 | $ | (0.03 | ) | $ | 0.61 | $ | 0.58 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Gotham Index Plus Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $ | 10.59 | $ | 0.06 | $ | 1.59 | $ | 1.65 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | |||||||||||||||||||
10/01/2015-09/30/2016 | 9.28 | 0.07 | 1.42 | 1.49 | (0.07 | ) | (0.11 | ) | (0.18 | ) | |||||||||||||||||||||||||
03/31/2015****-09/30/2015 | 10.00 | 0.03 | (0.75 | ) | (0.72 | ) | — | — | — | ||||||||||||||||||||||||||
Gotham Index Core Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $ | 9.99 | $ | 0.07 | $ | 1.21 | $ | 1.28 | $ | — | $ | — | $ | — | |||||||||||||||||||||
09/30/2016***-09/30/2016 | 10.00 | — | (0.01 | ) | (0.01 | ) | — | — | — |
* | 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. |
*** | Commencement of operations. Initial seed capital was issued at $10.00 per share on September 30, 2016. |
**** | Commencement of operations. Initial seed capital was issued at $10.00 per share on March 31, 2015. |
(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 Neutral Fund would be 2.15%, 2.16%, 2.16%, 2.18% and 2.25% for the six months ended March 31, 2017, the year ended September 30, 2016, the period ended September 30, 2015, the year ended April 30, 2015 and the period ended April 30, 2014, respectively; for the Gotham Neutral 500 Fund, it would be 1.50% for the period ended March 31, 2017; for the Gotham Index Plus Fund, they would be 1.15%, 1.18% and 1.50% for the six months ended March 31, 2017, the year ended September 30, 2016 and the period ended September 30, 2015, respectively, and for the Gotham Index Core Fund, it would be 0.85% for the period ended March 31, 2017. |
(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. |
The accompanying notes are an integral part of the financial statements.
208 |
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) | $ | 10.36 | 4.54 | % | $ | 784,830 | 3.27 | %(7) | 3.30 | %(7) | (1.25 | )%(7) | 126.57 | %(8) | |||||||||||||||||||||||
0.00 | (6) | 9.91 | (0.16 | )% | 783,024 | 3.56 | % | 3.56 | % | (1.02 | )% | 303.46 | % | ||||||||||||||||||||||||||
0.00 | (6) | 9.99 | (4.13 | )% | 755,707 | 3.38 | %(7) | 3.38 | %(7) | (1.38 | )%(7) | 141.02 | %(8) | ||||||||||||||||||||||||||
0.00 | (6) | 10.42 | (5.00 | )% | 932,434 | 3.20 | % | 3.19 | % | (1.11 | )% | 377.72 | % | ||||||||||||||||||||||||||
0.00 | (6) | 11.21 | 12.50 | % | 228,472 | 3.43 | %(7) | 3.57 | %(7) | (1.64 | )%(7) | 191.65 | %(8) | ||||||||||||||||||||||||||
$ | — | $ | 10.58 | 5.80 | % | $ | 2,116 | 3.15 | %(7) | 6.65 | %(7) | (0.55 | )%(7) | 118.28 | %(8) | ||||||||||||||||||||||||
$ | 0.00 | (6) | $ | 12.18 | 15.57 | % | $ | 160,168 | 3.15 | %(7) | 3.20 | %(7) | 0.99 | %(7) | 119.73 | %(8) | |||||||||||||||||||||||
0.00 | (6) | 10.59 | 16.14 | % | 44,190 | 3.41 | % | 3.80 | % | 0.72 | % | 234.14 | % | ||||||||||||||||||||||||||
— | 9.28 | (7.20 | )% | 7,669 | 3.63 | %(7) | 4.75 | %(7) | 0.62 | %(7) | 94.47 | %(8) | |||||||||||||||||||||||||||
$ | — | $ | 11.27 | 12.70 | % | $ | 2,253 | 1.74 | %(7) | 5.28 | %(7) | 1.32 | %(7) | 168.79 | %(8) | ||||||||||||||||||||||||
— | 9.99 | (0.10 | )% | 1,999 | — | — | — | — |
The accompanying notes are an integral part of the financial statements.
209 |
GOTHAM FUNDS
Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in 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 Hedged Plus Fund | ||||||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $10.08 | $0.02 | $ 1.06 | $ 1.08 | $(0.11) | $(0.04) | $(0.15) | |||||||||||||||||||||
03/31/2016*-09/30/2016 | 10.00 | 0.00(8) | 0.08 | 0.08 | — | — | — | |||||||||||||||||||||
Gotham Hedged Core Fund | ||||||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $10.00 | $0.04 | $ 0.78 | $ 0.82 | $ — | $ — | $ — | |||||||||||||||||||||
09/30/2016**-09/30/2016 | 10.00 | — | (0.00)(8) | (0.00)(8) | — | — | — | |||||||||||||||||||||
Gotham Institutional Value Fund | ||||||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||
10/01/2016-03/31/2017(5) | $10.87 | $0.07 | $ 1.04 | $ 1.11 | $(0.26) | $ — | $(0.26) | |||||||||||||||||||||
12/31/2015***-09/30/2016 | 10.00 | 0.11 | 0.76 | 0.87 | — | — | — | |||||||||||||||||||||
Gotham Enhanced S&P 500 Index Fund | ||||||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||
12/30/2016****-03/31/2017(5) | $10.00 | $0.05 | $ 0.58 | $ 0.63 | $ — | $ — | $ — |
* | 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 September 30, 2016. |
*** | Commencement of operations. Initial seed capital was issued at $10.00 per share on December 31, 2015. |
**** | Commencement of operations. Initial seed capital was issued at $10.00 per share on December 30, 2016. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | 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 Hedged Plus Fund would be 1.15% and 1.15% for the six months ended March 31, 2017 and the period ended September 30, 2016, respectively, and for the Gotham Hedged Core Fund, it would be 0.85% for the period ended March 31, 2017. |
(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) | Annualized. |
(7) | Not annualized. |
(8) | Amount is less than $0.005 per share. |
(9) | Amount is less than 0.005%. |
The accompanying notes are an integral part of the financial statements.
210 |
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 | ||||||||||||||||||||||||||||||||
$ | — | $ | 11.01 | 10.78 | % | $ | 2,233 | 2.94 | %(6) | 7.77 | %(6) | 0.35 | %(6) | 83.92 | %(7) | ||||||||||||||||||||||||
— | 10.08 | 0.80 | % | 2,015 | 3.13 | %(6) | 8.17 | %(6) | 0.00 | %(6)(9) | 151.89 | %(7) | |||||||||||||||||||||||||||
$ | — | $ | 10.82 | 8.20 | % | $ | 2,164 | 1.35 | %(6) | 4.96 | %(6) | 0.76 | %(6) | 174.85 | %(7) | ||||||||||||||||||||||||
— | 10.00 | 0.00 | % | 1,999 | — | — | — | — | |||||||||||||||||||||||||||||||
$ | — | $ | 11.72 | 10.35 | % | $ | 2,465 | 0.95 | %(6) | 4.40 | %(6) | 1.24 | %(6) | 80.50 | %(7) | ||||||||||||||||||||||||
— | 10.87 | 8.70 | % | 2,236 | 0.95 | %(6) | 4.90 | %(6) | 1.41 | %(6) | 243.77 | %(7) | |||||||||||||||||||||||||||
$ | — | $ | 10.63 | 6.30 | % | $ | 2,126 | 0.50 | %(6) | 4.03 | %(6) | 1.91 | %(6) | 216.46 | %(7) |
The accompanying notes are an integral part of the financial statements.
211 |
GOTHAM FUNDS
Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in 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 Defensive Long Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(6) | $ | 9.99 | $ | (0.01 | ) | $ | 0.77 | $ | 0.76 | $ | — | $ | — | $ | — | ||||||||||||||||||||
09/30/2016*-09/30/2016 | 10.00 | — | (0.01 | ) | (0.01 | ) | — | — | — | ||||||||||||||||||||||||||
Gotham Defensive Long 500 Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(6) | $ | 9.99 | $ | 0.04 | $ | 1.07 | $ | 1.11 | $ | — | $ | — | $ | — | |||||||||||||||||||||
09/30/2016*-09/30/2016 | 10.00 | — | (0.01 | ) | (0.01 | ) | — | — | — | ||||||||||||||||||||||||||
Gotham Total Return Fund | |||||||||||||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||||
10/01/2016-03/31/2017(6) | $ | 10.02 | $ | 0.01 | $ | 1.08 | $ | 1.09 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||||||||||
10/01/2015-09/30/2016 | 9.33 | 0.17 | 0.72 | 0.89 | (0.18 | ) | (0.02 | ) | (0.20 | ) | |||||||||||||||||||||||||
03/31/2015**-09/30/2015 | 10.00 | (0.01 | ) | (0.66 | ) | (0.67 | ) | — | — | — |
* | Commencement of operations. Initial seed capital was issued at $10.00 per share on September 30, 2016. |
** | Commencement of operations. Initial seed capital was issued at $10.00 per share on March 31, 2015. |
(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 Defensive Long Fund would be 2.15% for the period ended March 31, 2017 and for the Gotham Defensive Long 500 Fund, it would be 1.50% for the period ended March 31, 2017. |
(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) | 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. |
(6) | Unaudited. |
(7) | Annualized. |
(8) | Not annualized. |
(9) | Amount is less than $0.005 per share. |
The accompanying notes are an integral part of the financial statements.
212 |
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) | 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 | ||||||||||||||||||||||||||||||||
$ | — | $ | 10.75 | 7.50 | % | $ | 2,149 | 3.58 | %(7) | 7.22 | %(7) | (0.16 | )%(7) | 172.75 | %(8) | ||||||||||||||||||||||||
— | 9.99 | (0.10 | )% | 1,999 | — | — | — | — | |||||||||||||||||||||||||||||||
$ | — | $ | 11.10 | 11.00 | % | $ | 7,504 | 3.60 | %(7) | 5.54 | %(7) | 0.79 | %(7) | 200.09 | %(8) | ||||||||||||||||||||||||
— | 9.99 | (0.10 | )% | 1,999 | — | — | — | — | |||||||||||||||||||||||||||||||
$ | — | $ | 11.10 | 10.83 | % | $ | 17,682 | 0.06 | %(7) | 0.97 | %(7) | 0.22 | %(7) | 31.84 | %(8) | ||||||||||||||||||||||||
— | 10.02 | 9.65 | % | 8,062 | 0.17 | % | 1.55 | % | 1.78 | % | 5.85 | % | |||||||||||||||||||||||||||
0.00 | (9) | 9.33 | (6.70 | )% | 7,010 | 0.18 | %(7) | 1.57 | %(7) | (0.18 | )%(7) | 42.30 | %(8) |
The accompanying notes are an integral part of the financial statements.
213 |
GOTHAM FUNDS
Notes to Financial Statements
March 31, 2017
(Unaudited)
1. Organization and Significant Accounting Policies
The Gotham Absolute Return Fund, the Gotham Absolute 500 Fund, the Gotham Absolute 500 Core Fund, the Gotham Enhanced Return Fund, the Gotham Enhanced 500 Fund, the Gotham Enhanced 500 Core Fund, the Gotham Neutral Fund, the Gotham Neutral 500 Fund, the Gotham Index Plus Fund, the Gotham Index Core Fund, the Gotham Hedged Plus Fund, the Gotham Hedged Core Fund, the Gotham Institutional Value Fund, the Gotham Enhanced S&P 500 Index Fund, the Gotham Defensive Long Fund, the Gotham Defensive Long 500 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 Fund’s commencement of operations are as follows:
Gotham Absolute Return Fund | August 31, 2012 | |
Gotham Absolute 500 Fund | July 31, 2014 | |
Gotham Absolute 500 Core Fund | September 30, 2016 | |
Gotham Enhanced Return Fund | May 31, 2013 | |
Gotham Enhanced 500 Fund | December 31, 2014 | |
Gotham Enhanced 500 Core Fund | September 30, 2016 | |
Gotham Neutral Fund | August 30, 2013 | |
Gotham Neutral 500 Fund | September 30, 2016 | |
Gotham Index Plus Fund | March 31, 2015 | |
Gotham Index Core Fund | September 30, 2016 | |
Gotham Hedged Plus Fund | March 31, 2016 | |
Gotham Hedged Core Fund | September 30, 2016 | |
Gotham Institutional Value Fund | December 31, 2015 | |
Gotham Enhanced S&P 500 Index Fund | December 30, 2016 | |
Gotham Defensive Long Fund | September 30, 2016 | |
Gotham Defensive Long 500 Fund | September 30, 2016 | |
Gotham Total Return Fund | ||
(operates as a “Fund of Funds”) | 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, Gotham Enhanced S&P 500 Index 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 Enhanced S&P 500 Index Fund seeks to achieve its investment objective by generally investing at least 80% of its assets in U.S. equity securities listed in the S&P 500® Index. The Gotham Total Return Fund seeks to achieve its investment objective by primarily investing in the other funds advised by Gotham.
The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
214 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Each Fund’s equity securities, including exchange-traded funds, listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Board of Trustees (the “Board”). Any assets held by a Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that a Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when a Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of a Fund. Certain Funds invest in securities of other investment companies, which are valued at their respective NAVs as determined by those investment companies each business day. Securities that do not have a readily available current market value are valued in good faith under the direction of the Board. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Gotham Asset Management, LLC (“Gotham” or “the Adviser”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.
Fair Value Measurements — The inputs and 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, except for a corporate debt security with end of period value of $26,584, $19,096, $11,875 and $273 held by Gotham Absolute Return Fund, Gotham Enhanced Return Fund, Gotham Neutral Fund and Gotham Defensive Long Fund, respectively, which is considered Level 2 for the period ended March 31, 2017. This security was obtained through a corporate action event and has subsequently been sold.
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.
215 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
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, 2017, 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. 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
216 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.
As of March 31, 2017, 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 | $ | 560,773,542 | $ | 636,446,172 | $ | 517,529,435 | |||||||||
Gotham Absolute 500 Fund | 10,522,212 | 10,964,486 | 5,596,671 | ||||||||||||
Gotham Absolute 500 Core Fund | 1,091,516 | 1,774,041 | 595,171 | ||||||||||||
Gotham Enhanced Return Fund | 751,254,593 | 782,151,326 | 348,361,357 | ||||||||||||
Gotham Enhanced 500 Fund | 21,074,663 | 30,419,187 | 2,815,507 | ||||||||||||
Gotham Enhanced 500 Core Fund | 892,463 | 2,168,073 | 11,389 | ||||||||||||
Gotham Neutral Fund | 763,081,450 | 767,326,330 | 659,024,539 | ||||||||||||
Gotham Neutral 500 Fund | 2,058,246 | 2,210,301 | 1,453,950 | ||||||||||||
Gotham Index Plus Fund | 141,929,973 | 170,520,234 | 32,287,632 | ||||||||||||
Gotham Index Core Fund | 929,044 | 2,111,262 | 15,005 | ||||||||||||
Gotham Hedged Plus Fund | 1,963,798 | 2,407,411 | 773,377 | ||||||||||||
Gotham Hedged Core Fund | 773,072 | — | 700,148 | ||||||||||||
Gotham Defensive Long Fund | 1,632,308 | 2,866,760 | 7,636 | ||||||||||||
Gotham Defensive Long 500 Fund | 6,407,886 | 10,034,799 | 34,866 |
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 sales are recorded as an expense to the Fund. The following Funds had net charges as shown in the table below for the period ended March 31, 2017:
Rebate (Income)/Fees | |||||
Gotham Absolute Return Fund | $ | 218,507 | |||
Gotham Absolute 500 Fund | (11,869 | ) | |||
Gotham Absolute 500 Core Fund | (1,216 | ) | |||
Gotham Enhanced Return Fund | 226,925 | ||||
Gotham Enhanced 500 Fund | (22,857 | ) | |||
Gotham Enhanced 500 Core Fund | (994 | ) | |||
Gotham Neutral Fund | 234,694 | ||||
Gotham Neutral 500 Fund | (2,325 | ) | |||
Gotham Index Plus Fund | (114,031 | ) | |||
Gotham Index Core Fund | (988 | ) | |||
Gotham Hedged Plus Fund | (2,151 | ) | |||
Gotham Hedged Core Fund | (833 | ) | |||
Gotham Defensive Long Fund | 383 | ||||
Gotham Defensive Long 500 Fund | (4,730 | ) |
217 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
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 period ended March 31, 2017:
Short Sales Proceeds | Financing Charges | |||||||||
Gotham Absolute Return Fund | $ | 48,880,081 | $ | 12,959 | ||||||
Gotham Absolute 500 Fund | 5,042,070 | 19,271 | ||||||||
Gotham Absolute 500 Core Fund | 509,839 | 1,988 | ||||||||
Gotham Enhanced Return Fund | 408,874,828 | 1,687,400 | ||||||||
Gotham Enhanced 500 Fund | 18,458,334 | 70,348 | ||||||||
Gotham Enhanced 500 Core Fund | 889,309 | 3,919 | ||||||||
Gotham Neutral Fund | 133,131,519 | 529,214 | ||||||||
Gotham Neutral 500 Fund | 633,995 | 2,538 | ||||||||
Gotham Index Plus Fund | 107,480,578 | 284,118 | ||||||||
Gotham Index Core Fund | 918,183 | 3,908 | ||||||||
Gotham Hedged Plus Fund | 1,210,125 | 5,491 | ||||||||
Gotham Hedged Core Fund | 77,311 | 223 | ||||||||
Gotham Defensive Long Fund | 1,637,823 | 7,220 | ||||||||
Gotham Defensive Long 500 Fund | 6,465,807 | 15,522 |
2. Transactions with Related Parties and Other Service Providers
Gotham Asset Management, LLC (“Gotham” or the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services as the investment adviser, each Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below:
Gotham Absolute Return Fund | 2.00 | % | ||
Gotham Absolute 500 Fund | 1.35 | % | ||
Gotham Absolute 500 Core Fund | 1.00 | % | ||
Gotham Enhanced Return Fund | 2.00 | % | ||
Gotham Enhanced 500 Fund | 1.35 | % | ||
Gotham Enhanced 500 Core Fund | 1.00 | % | ||
Gotham Neutral Fund | 2.00 | % | ||
Gotham Neutral 500 Fund | 1.35 | % | ||
Gotham Index Plus Fund | 1.00 | % | ||
Gotham Index Core Fund | 0.70 | % | ||
Gotham Hedged Plus Fund | 1.00 | % | ||
Gotham Hedged Core Fund | 0.70 | % | ||
Gotham Institutional Value Fund | 0.80 | % | ||
Gotham Enhanced S&P 500 Index Fund(1) | 0.50 | % | ||
Gotham Defensive Long Fund | 2.00 | % | ||
Gotham Defensive Long 500 Fund | 1.35 | % | ||
Gotham Total Return Fund(2) | — | % |
(1) | The Fund commenced operations on December 30, 2016. |
(2) | 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. |
218 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
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 period ended March 31, 2017.
Termination Date | ||||||||||
Gotham Absolute Return Fund | 2.15 | % | August 31, 2019 | |||||||
Gotham Absolute 500 Fund | 1.50 | % | January 31, 2019 | |||||||
Gotham Absolute 500 Core Fund | 1.15 | % | January 31, 2020 | |||||||
Gotham Enhanced Return Fund | 2.15 | % | August 31, 2019 | |||||||
Gotham Enhanced 500 Fund | 1.50 | % | January 31, 2019 | |||||||
Gotham Enhanced 500 Core Fund | 1.15 | % | January 31, 2020 | |||||||
Gotham Neutral Fund | 2.15 | % | August 31, 2019 | |||||||
Gotham Neutral 500 Fund | 1.50 | % | January 31, 2020 | |||||||
Gotham Index Plus Fund | 1.15 | % | January 31, 2019 | |||||||
Gotham Index Core Fund | 0.85 | % | January 31, 2020 | |||||||
Gotham Hedged Plus Fund | 1.15 | % | January 31, 2020 | |||||||
Gotham Hedged Core Fund | 0.85 | % | January 31, 2020 | |||||||
Gotham Institutional Value Fund | 0.95 | % | January 31, 2019 | |||||||
Gotham Enhanced S&P 500 Index Fund(1) | 0.50 | % | January 31, 2020 | |||||||
Gotham Defensive Long Fund | 2.15 | % | January 31, 2020 | |||||||
Gotham Defensive Long 500 Fund | 1.50 | % | January 31, 2020 | |||||||
Gotham Total Return Fund(2) | 0.00 | % | January 31, 2019 |
(1) | The Fund commenced operations on December 30, 2016. |
(2) | Prior to January 1, 2017, the Expense Limitation was 0.17%. |
For the period ended March 31, 2017, investment advisory fees accrued and waivers were as follows:
Gross Advisory Fee | Waiver/ Reimbursements | Net Advisory Fee (Reimbursement) | |||||||||||||
Gotham Absolute Return Fund | $ | 9,591,964 | $ | (434,785 | ) | $ | 9,157,179 | ||||||||
Gotham Absolute 500 Fund | 87,780 | (35,915 | ) | 51,865 | |||||||||||
Gotham Absolute 500 Core Fund | 10,204 | (37,122 | ) | (26,918 | ) | ||||||||||
Gotham Enhanced Return Fund | 9,954,371 | — | 9,954,371 | ||||||||||||
Gotham Enhanced 500 Fund | 149,671 | (52,284 | ) | 97,387 | |||||||||||
Gotham Enhanced 500 Core Fund | 10,361 | (37,104 | ) | (26,743 | ) | ||||||||||
Gotham Neutral Fund | 7,898,091 | (114,386 | ) | 7,783,705 | |||||||||||
Gotham Neutral 500 Fund | 13,774 | (35,693 | ) | (21,919 | ) | ||||||||||
Gotham Index Plus Fund | 455,219 | (21,580 | ) | 433,639 | |||||||||||
Gotham Index Core Fund | 7,329 | (37,078 | ) | (29,749 | ) | ||||||||||
Gotham Hedged Plus Fund | 10,720 | (51,782 | ) | (41,062 | ) | ||||||||||
Gotham Hedged Core Fund | 7,182 | (37,095 | ) | (29,913 | ) | ||||||||||
Gotham Institutional Value Fund | 9,328 | (40,196 | ) | (30,868 | ) | ||||||||||
Gotham Enhanced S&P 500 Index Fund | 2,481 | (17,519 | ) | (15,038 | ) | ||||||||||
Gotham Defensive Long Fund | 20,422 | (37,112 | ) | (16,690 | ) | ||||||||||
Gotham Defensive Long 500 Fund | 25,180 | (36,154 | ) | (10,974 | ) | ||||||||||
Gotham Total Return Fund | — | (51,729 | ) | (51,729 | ) |
219 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
For all funds except for the Gotham Enhanced S&P 500 Index Funds, 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. For the Gotham Enhanced S&P 500 Index Fund, 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 following the date in which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. As of March 31, 2017, the amount of potential reimbursement from the Funds to the Adviser are as follows:
Expiration 04/30/2018 | Expiration 09/30/2018 | Expiration 09/30/2019 | Expiration 03/31/2020 | |||||||||||||||||
Gotham Absolute Return Fund | N/A | N/A | N/A | $ | 434,785 | |||||||||||||||
Gotham Absolute 500 Fund | $ | 99,209 | $ | 29,092 | $ | 32,059 | 35,915 | |||||||||||||
Gotham Absolute 500 Core Fund | N/A | N/A | N/A | 37,122 | ||||||||||||||||
Gotham Enhanced 500 Fund | N/A | 48,788 | 76,809 | 52,284 | ||||||||||||||||
Gotham Enhanced 500 Core Fund | N/A | N/A | N/A | 37,104 | ||||||||||||||||
Gotham Neutral Fund | N/A | N/A | N/A | 114,386 | ||||||||||||||||
Gotham Neutral 500 Fund | N/A | N/A | N/A | 35,693 | ||||||||||||||||
Gotham Index Plus Fund | N/A | 37,317 | 89,405 | 21,580 | ||||||||||||||||
Gotham Index Core Fund | N/A | N/A | N/A | 37,078 | ||||||||||||||||
Gotham Hedged Plus Fund | N/A | N/A | 49,689 | 51,782 | ||||||||||||||||
Gotham Hedged Core Fund | N/A | N/A | N/A | 37,095 | ||||||||||||||||
Gotham Institutional Value Fund | N/A | N/A | 59,712 | 40,196 | ||||||||||||||||
Gotham Enhanced S&P 500 Index Fund | N/A | N/A | N/A | 17,519 | ||||||||||||||||
Gotham Defensive Long Fund | N/A | N/A | N/A | 37,112 | ||||||||||||||||
Gotham Defensive Long 500 Fund | 36,154 | N/A | N/A | 36,154 | ||||||||||||||||
Gotham Total Return Fund | N/A | 36,613 | 107,341 | 51,729 |
Other Service Providers
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.
Pershing LLC provides prime brokerage services to the Funds under an Agreement for Prime Brokerage Services.
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.
Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. The remuneration paid to the Trustees by the Funds during the period ended March 31, 2017 was $150,518. An employee of BNY Mellon serves as an Officer of the Trust. They are not compensated by the Funds or the Trust.
220 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. JWFM is compensated for the services provided to the Trust.
Freeh Group International Solutions, LLC provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer.
Investment in Affiliated Funds
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 six months ended March 31, 2017:
Gotham Total Return Fund | ||||||||||||||||||||||||||||||||
Name of Issuer | Shares Held at 9/30/16 | Value at 9/30/16 | Purchase Cost | Sales Proceeds | Shares Held at 3/31/17 | Value at 3/31/17 | Dividend Income for the Period ended 3/31/17 | Net Realized Gain for the Period ended 3/31/17 | ||||||||||||||||||||||||
Gotham Absolute 500 Fund | 312,114 | $ | 3,186,686 | $ | 2,378,365 | $ | 2,295,514 | 318,055 | $ | 3,524,051 | $ | — | $ | 8,589 | ||||||||||||||||||
Gotham Defensive Long 500 Fund | — | — | 5,103,790 | 23,529 | 475,767 | 5,281,014 | — | 486 | ||||||||||||||||||||||||
Gotham Enhanced 500 Fund | 177,091 | 1,809,871 | 1,518,525 | 918,149 | 230,623 | 2,649,859 | 5,942 | 18,602 | ||||||||||||||||||||||||
Gotham Index Plus Fund | 177,748 | 1,882,353 | 1,777,218 | 446,770 | 289,682 | 3,528,329 | 10,140 | 3,500 | ||||||||||||||||||||||||
Gotham Neutral Fund | 118,865 | 1,177,956 | 1,422,114 | — | 255,925 | 2,651,387 | — | — |
221 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
3. Investment in Securities
For the six months ended March 31, 2017 for all funds, except for Gotham Enhanced S&P 500 Index Fund, which commenced operations on December 30, 2016, the aggregated purchases and sales of investment securities (excluding short-term investments) were as follows:
Purchases | Sales | |||||||
Gotham Absolute Return Fund | $ | 1,341,106,612 | $ | 1,521,127,999 | ||||
Gotham Absolute 500 Fund. | 19,560,062 | 22,302,711 | ||||||
Gotham Absolute 500 Core Fund | 4,511,348 | 3,522,945 | ||||||
Gotham Enhanced Return Fund | 1,772,225,523 | 1,821,629,220 | ||||||
Gotham Enhanced 500 Fund | 41,079,364 | 36,025,930 | ||||||
Gotham Enhanced 500 Core Fund | 5,530,615 | 4,675,625 | ||||||
Gotham Neutral Fund | 1,204,255,835 | 1,289,281,500 | ||||||
Gotham Neutral 500 Fund | 4,922,977 | 2,569,306 | ||||||
Gotham Index Plus Fund | 415,419,571 | 210,171,100 | ||||||
Gotham Index Core Fund | 5,709,067 | 4,783,944 | ||||||
Gotham Hedged Plus Fund | 2,664,009 | 2,643,706 | ||||||
Gotham Hedged Core Fund | 5,203,846 | 3,312,296 | ||||||
Gotham Institutional Value Fund | 1,867,823 | 1,887,707 | ||||||
Gotham Enhanced S&P 500 Index Fund | 5,386,824 | 3,380,970 | ||||||
Gotham Defensive Long Fund | 7,376,660 | 5,882,010 | ||||||
Gotham Defensive Long 500 Fund | 26,032,433 | 14,731,928 | ||||||
Gotham Total Return Fund | 12,200,012 | 3,683,962 |
4. Capital Share Transactions
For the periods ended March 31, 2017 and September 30, 2016, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:
For the Period Ended | For the Period Ended | |||||||||||||||
March 31, 2017 | September 30, 2016 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Gotham Absolute Return Fund: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 8,247,609 | $ | 110,281,690 | 28,752,517 | $ | 358,931,969 | ||||||||||
Reinvestments | — | — | 1,281,671 | 15,777,370 | ||||||||||||
Redemption Fees* | — | 910 | — | 362,242 | ||||||||||||
Redemptions | (17,184,336 | ) | (228,158,454 | ) | (158,181,691 | ) | (1,974,710,680 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (8,936,727 | ) | $ | (117,875,854 | ) | (128,147,503 | ) | $ | (1,599,639,099 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Absolute 500 Fund: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 223,962 | $ | 2,423,365 | 779,096 | $ | 7,965,630 | ||||||||||
Reinvestments | — | — | 70,100 | 689,784 | ||||||||||||
Redemption Fees* | — | — | — | 11,561 | ||||||||||||
Redemptions | (397,972 | ) | (4,251,883 | ) | (1,144,239 | ) | (11,343,529 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (174,010 | ) | $ | (1,828,518 | ) | (295,043 | ) | $ | (2,676,554 | ) | ||||||
|
|
|
|
|
|
|
|
222 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
For the Period Ended | For the Period Ended | |||||||||||||||
March 31, 2017 | September 30, 2016 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Gotham Absolute 500 Core Fund:(1) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Enhanced Return Fund: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 5,528,253 | $ | 69,907,565 | 14,187,433 | $ | 160,146,876 | ||||||||||
Reinvestments | — | — | 1,489,283 | 16,486,359 | ||||||||||||
Redemption Fees* | — | 2,353 | — | 12,274 | ||||||||||||
Redemptions | (9,486,765 | ) | (120,302,800 | ) | (36,527,088 | ) | (408,740,175 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Decrease | (3,958,512 | ) | $ | (50,392,882 | ) | (20,850,372 | ) | $ | (232,094,666 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Enhanced 500 Fund: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 403,201 | $ | 4,406,013 | 1,286,383 | $ | 12,360,586 | ||||||||||
Reinvestments | 5,728 | 62,726 | 4,502 | 42,497 | ||||||||||||
Redemption Fees* | — | — | — | 330 | ||||||||||||
Redemptions | (222,387 | ) | (2,444,503 | ) | (21,467 | ) | (207,488 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 186,542 | $ | 2,024,236 | 1,269,418 | $ | 12,195,925 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Enhanced 500 Core Fund:(1) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Neutral Fund: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 16,104,558 | $ | 166,658,614 | 49,086,285 | $ | 488,625,057 | ||||||||||
Reinvestments | — | — | 370,929 | 3,642,528 | ||||||||||||
Redemption Fees* | — | 1,287 | — | 71,028 | ||||||||||||
Redemptions | (19,408,509 | ) | (200,774,677 | ) | (46,032,949 | ) | (458,622,215 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) | (3,303,951 | ) | $ | (34,114,776 | ) | 3,424,265 | $ | 33,716,398 | ||||||||
|
|
|
|
|
|
|
|
223 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
For the Period Ended | For the Period Ended | |||||||||||||||
March 31, 2017 | September 30, 2016 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Gotham Neutral 500 Fund:(1) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 200,000 | $ | 2,000,000 | — | $ | — | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 200,000 | $ | 2,000,000 | — | $ | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Index Plus Fund: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 9,069,216 | $ | 106,647,663 | 3,411,887 | $ | 34,596,267 | ||||||||||
Reinvestments | 27,088 | 315,027 | 14,755 | 144,604 | ||||||||||||
Redemption Fees* | — | 136 | — | 1,796 | ||||||||||||
Redemptions | (122,109 | ) | (1,432,614 | ) | (79,022 | ) | (798,327 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 8,974,195 | $ | 105,530,212 | 3,347,620 | $ | 33,944,340 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Index Core Fund:(1) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Hedged Plus Fund:(2) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
Reinvestments | 2,851 | 30,645 | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 2,851 | $ | 30,645 | 200,000 | $ | 2,000,000 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Hedged Core Fund:(1) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
|
|
|
|
|
|
|
|
224 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
For the Period Ended | For the Period Ended | |||||||||||||||
March 31, 2017 | September 30, 2016 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Gotham Institutional Value Fund: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 2,342 | $ | 26,117 | 205,603 | $ | 2,061,073 | ||||||||||
Reinvestments | 2,474 | 27,581 | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | (23 | ) | (258 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 4,793 | $ | 53,440 | 205,603 | $ | 2,061,073 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Enhanced S&P 500 Index Fund:(3) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 200,000 | $ | 2,000,000 | — | $ | — | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 200,000 | $ | 2,000,000 | — | $ | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Defensive Long Fund:(1) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | — | $ | — | 200,000 | $ | 2,000,000 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Defensive Long 500 Fund:(1) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 477,881 | $ | 5,103,791 | 200,000 | $ | 2,000,000 | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | (2,114 | ) | (23,529 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 475,767 | $ | 5,080,262 | 200,000 | $ | 2,000,000 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gotham Total Return Fund: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 787,832 | $ | 8,548,056 | 83,211 | $ | 820,628 | ||||||||||
Reinvestments | 195 | 2,105 | 17,269 | 163,016 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | (1 | ) | (20 | ) | (47,478 | ) | (460,062 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 788,026 | $ | 8,550,141 | 53,002 | $ | 523,582 | ||||||||||
|
|
|
|
|
|
|
|
* | 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 September 30, 2016. |
(2) | Commencement of operations March 31, 2016. |
(3) | Commencement of operations December 30, 2016. |
225 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
As of March 31, 2017, the following Funds had shareholders that held 10% or more of the outstanding shares of the Fund:
Gotham Absolute 500 Fund | ||||
Affiliated Shareholders | 23 | % | ||
Affiliated Fund | 28 | % | ||
Gotham Absolute 500 Core Fund | ||||
Affiliated Shareholders | 50 | % | ||
Gotham Enhanced 500 Fund | ||||
Affiliated Shareholders | 35 | % | ||
Affiliated Fund | 11 | % | ||
Gotham Enhanced 500 Core Fund | ||||
Affiliated Shareholders | 50 | % | ||
Gotham Neutral 500 Fund | ||||
Affiliated Shareholders | 50 | % | ||
Gotham Index Core Fund | ||||
Affiliated Shareholders | 50 | % | ||
Gotham Hedged Plus Fund | ||||
Affiliated Shareholders | 50 | % | ||
Gotham Hedged Core Fund | ||||
Affiliated Shareholders | 50 | % | ||
Gotham Institutional Value Fund | ||||
Affiliated Shareholders | 49 | % | ||
Gotham Enhanced S&P 500 Index Fund | ||||
Affiliated Shareholders | 100 | % | ||
Gotham Defensive Long Fund | ||||
Affiliated Shareholders | 50 | % | ||
Gotham Defensive Long 500 Fund | ||||
Affiliated Shareholders | 15 | % | ||
Affiliated Fund | 70 | % | ||
Gotham Total Return Fund | ||||
Affiliated Shareholders | 19 | % |
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. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. These fees are included in the fees on cash collateral on the Statement of Operations. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss
226 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. During the period ended March 31, 2017, the Funds listed below each had securities lending programs. The market value of securities on loan and cash collateral received as of March 31, 2017 and the income generated from the programs during the period ended March 31, 2017, with respect to such loans are as follows:
Market Value | Market Value | Income Received | ||||||||||||||||||
of Securities | Cash Collateral | of Non-cash | from Securities | |||||||||||||||||
Loaned | Received | Collateral | Lending | |||||||||||||||||
Gotham Absolute Return Fund | $ | 172,254,043 | $ | 176,415,351 | $ | — | $ | 311,981 | ||||||||||||
Gotham Absolute 500 Fund | 1,275,518 | 1,303,621 | — | 16 | ||||||||||||||||
Gotham Absolute 500 Core Fund | 43,444 | 35,772 | 8,634 | — | ||||||||||||||||
Gotham Enhanced Return Fund | 343,900,188 | 351,246,903 | — | 299,919 | ||||||||||||||||
Gotham Enhanced 500 Fund | 2,963,172 | 3,030,667 | — | 25 | ||||||||||||||||
Gotham Enhanced 500 Core Fund | 68,085 | 58,974 | 10,225 | — | ||||||||||||||||
Gotham Neutral Fund | 73,838,381 | 75,632,087 | — | 337,064 | ||||||||||||||||
Gotham Neutral 500 Fund | 48,271 | 45,159 | 4,051 | — | ||||||||||||||||
Gotham Index Plus Fund | 28,423,305 | 29,070,683 | — | 326 | ||||||||||||||||
Gotham Index Core Fund | 61,979 | 52,609 | 10,540 | — | ||||||||||||||||
Gotham Hedged Plus Fund | 68,663 | 70,296 | — | 6 | ||||||||||||||||
Gotham Hedged Core Fund | 54,129 | 47,996 | 7,133 | — | ||||||||||||||||
Gotham Defensive Long Fund | 218,677 | 188,202 | 35,956 | 300 | ||||||||||||||||
Gotham Defensive Long 500 Fund | 295,255 | 281,876 | 19,755 | 4 |
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, 2017:
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 | $ | 172,254,043 | $ | — | $ | 172,254,043 | $ | — | $ | (172,254,043 | ) | $ | — | |||||||||||||||||
Gotham Absolute | 1,275,518 | — | 1,275,518 | — | (1,275,518 | ) | — | |||||||||||||||||||||||
Gotham Absolute | 43,444 | — | 43,444 | — | (43,444 | ) | — | |||||||||||||||||||||||
Gotham Enhanced | 343,900,188 | — | 343,900,188 | — | (343,900,188 | ) | — | |||||||||||||||||||||||
Gotham Enhanced | 2,963,172 | — | 2,963,172 | — | (2,963,172 | ) | — |
227 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(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 Enhanced | $ | 68,085 | $— | $ | 68,085 | $— | $ | (68,085 | ) | $— | ||||||||||||||||||||
Gotham Neutral | 73,838,381 | — | 73,838,381 | — | (73,838,381 | ) | — | |||||||||||||||||||||||
Gotham Neutral 500 | 48,271 | — | 48,271 | — | (48,271 | ) | — | |||||||||||||||||||||||
Gotham Index Plus | 28,423,305 | — | 28,423,305 | — | (28,423,305 | ) | — | |||||||||||||||||||||||
Gotham Index Core | 61,979 | — | 61,979 | — | (61,979 | ) | — | |||||||||||||||||||||||
Gotham Hedged Plus | 68,663 | — | 68,663 | — | (68,663 | ) | — | |||||||||||||||||||||||
Gotham Hedged | 54,129 | — | 54,129 | — | (54,129 | ) | — | |||||||||||||||||||||||
Gotham Defensive | 218,677 | — | 218,677 | — | (218,677 | ) | — | |||||||||||||||||||||||
Gotham Defensive | 295,255 | — | 295,255 | — | (295,255 | ) | — |
* | 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.
228 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
The tax character of distributions paid by the Funds during the year/period ended September 30, 2016 were as follows:
Ordinary | Long-Term | ||||||||||||||
Income | Capital Gain | Return | |||||||||||||
Dividend | Dividend | of Capital | |||||||||||||
Gotham Absolute Return Fund | $ | — | $ | 29,543,842 | $ | — | |||||||||
Gotham Absolute 500 Fund | 196,162 | 121,226 | 380,847 | ||||||||||||
Gotham Enhanced Return Fund | — | 18,962,062 | — | ||||||||||||
Gotham Enhanced 500 Fund | 42,497 | — | — | ||||||||||||
Gotham Neutral Fund | — | 4,408,426 | — | ||||||||||||
Gotham Index Plus Fund | 131,388 | 13,216 | — | ||||||||||||
Gotham Total Return Fund | 163,016 | — | — |
Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.
As of September 30, 2016, 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 | $ | (212,053,350 | ) | $ | — | $ | — | $ | 85,044,533 | $ | (45,718,122 | ) | $ | (1 | ) | |||||||||||||||
Gotham Absolute | — | — | — | 867,896 | (777,743 | ) | — | |||||||||||||||||||||||
Gotham Enhanced | (60,397,895 | ) | — | — | 73,977,742 | — | (11,693 | ) | ||||||||||||||||||||||
Gotham Enhanced | — | 57,635 | — | 986,872 | (108,467 | ) | — | |||||||||||||||||||||||
Gotham Neutral | (127,372,348 | ) | — | — | 33,021,683 | (7,979,812 | ) | — | ||||||||||||||||||||||
Gotham Index Plus | — | 173,235 | — | 1,871,217 | (91,690 | ) | — | |||||||||||||||||||||||
Gotham Hedged Plus | — | 15,319 | — | 18,443 | (4,131 | ) | — | |||||||||||||||||||||||
Gotham Institutional | — | 44,870 | — | 173,046 | (19,513 | ) | — | |||||||||||||||||||||||
Gotham Total Return | — | — | — | (17,358 | ) | (32,018 | ) | — |
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.
229 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2017
(Unaudited)
As of March 31, 2017, 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 | $ | 999,334,985 | $ | 131,658,300 | $ | (11,348,854 | ) | $ | 120,309,446 | |||||||||||
Gotham Absolute 500 Fund | 16,471,548 | 1,990,328 | (284,128 | ) | 1,706,200 | |||||||||||||||
Gotham Absolute 500 Core Fund | 2,245,957 | 186,958 | (31,145 | ) | 155,813 | |||||||||||||||
Gotham Enhanced Return Fund | 1,576,066,954 | 202,722,257 | (18,643,706 | ) | 184,078,551 | |||||||||||||||
Gotham Enhanced 500 Fund | 41,475,922 | 4,410,221 | (555,630 | ) | 3,854,591 | |||||||||||||||
Gotham Enhanced 500 Core Fund | 2,899,631 | 244,029 | (42,081 | ) | 201,948 | |||||||||||||||
Gotham Neutral Fund | 862,616,982 | 108,131,078 | (10,239,436 | ) | 97,891,642 | |||||||||||||||
Gotham Neutral 500 Fund | 2,427,633 | 202,510 | (35,316 | ) | 167,194 | |||||||||||||||
Gotham Index Plus Fund | 284,831,621 | 17,789,210 | (2,157,842 | ) | 15,631,368 | |||||||||||||||
Gotham Index Core Fund | 2,944,456 | 272,674 | (30,960 | ) | 241,714 | |||||||||||||||
Gotham Hedged Plus Fund | 2,933,574 | 393,812 | (32,860 | ) | 360,952 | |||||||||||||||
Gotham Hedged Core Fund | 1,927,538 | 180,961 | (21,519 | ) | 159,442 | |||||||||||||||
Gotham Institutional Value Fund | 2,229,670 | 251,916 | (38,940 | ) | 212,976 | |||||||||||||||
Gotham Enhanced S&P 500 Index Fund | 2,042,046 | 110,098 | (30,002 | ) | 80,096 | |||||||||||||||
Gotham Defensive Long Fund | 3,577,767 | 251,402 | (50,471 | ) | 200,931 | |||||||||||||||
Gotham Defensive Long 500 Fund | 13,374,124 | 605,816 | (108,641 | ) | 497,175 | |||||||||||||||
Gotham Total Return Fund | 16,618,392 | 1,016,248 | — | 1,016,248 |
* | Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report. |
Pursuant to federal income tax rules applicable to regulated investment companies, the 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, 2016, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2016. For the period ended September 30, 2016, the Funds deferred to October 1, 2016 the following losses:
Late-Year Ordinary | Short-Term Capital | Long-Term Capital | |||||||||||||
Losses Deferral | Loss Deferral | Loss Deferral | |||||||||||||
Gotham Absolute Return Fund | $ | 1,948,743 | $ | 93,587,593 | $ | (49,818,214 | ) | ||||||||
Gotham Absolute 500 Fund | 11,056 | 1,006,880 | (240,193 | ) | |||||||||||
Gotham Enhanced 500 Fund | — | 108,467 | — | ||||||||||||
Gotham Neutral Fund | 5,098,749 | 22,610,655 | (19,729,592 | ) | |||||||||||
Gotham Index Plus Fund | — | 91,690 | — | ||||||||||||
Gotham Hedged Plus Fund | — | 4,131 | — | ||||||||||||
Gotham Institutional Value Fund | — | 19,513 | — | ||||||||||||
Gotham Total Return Fund | 6,350 | 25,668 | — |
Accumulated capital losses represent net capital loss carryforwards as of September 30, 2016 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, 2016, the Gotham Absolute Return Fund,
230 |
GOTHAM FUNDS
Notes to Financial Statements (Concluded)
March 31, 2017
(Unaudited)
Gotham Enhanced Return Fund and Gotham Neutral Fund had short-term capital loss carryforwards in the amount of $212,053,350, $60,397,895, and $127,372,348, respectively. The Gotham Absolute 500 Fund, Gotham Enhanced 500 Fund, Gotham Index Plus Fund, Gotham Hedged Plus Fund, Gotham Institutional Value Fund; and Gotham Total Return Fund did not have any capital loss carryforwards.
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 was the following subsequent event:
Reduction in Advisory Fee for the Gotham Total Return Fund
At a meeting held on March 29-30, 2017, the Board of Trustees of FundVantage Trust unanimously approved Gotham Asset Management, LLC’s (“Gotham”) proposal to reduce the investment advisory fee payable by the Gotham Total Return Fund (the “Fund”) to Gotham from 2.00% to 1.00% of the average daily net assets of the Fund, excluding assets invested in other mutual funds advised by Gotham, effective May, 1, 2017.
231 |
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 a meeting held on December 8-9, 2016 (the “December Meeting”), 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”), with respect to the Gotham Enhanced S&P 500 Index Fund (the “ Fund,”) 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 Fund, (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 the 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 Fund 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 the Fund; and (x) compliance with federal securities laws and other regulatory requirements. Representatives from Gotham attended the December Meeting 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 strategy if the Fund was new, and therefore did not have historical performance. However, at the December Meeting, the Trustees received performance information for another series of the Trust advised by Gotham, Gotham Institutional Value Fund, which was managed in a similar manner to the Fund.
The Trustees also noted that the representatives of the Adviser had provided information regarding its proposed advisory fee and an analysis of the fee in relation to the services proposed to be provided to the Fund and any other ancillary benefits resulting from the Adviser’s relationship with the Fund. The Trustees also 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 advisers to other portfolios included in the Gotham Funds’ respective Lipper categories.
232 |
GOTHAM FUNDS
Other Information (Concluded)
(Unaudited)
The Trustees evaluated explanations provided by Gotham regarding its belief that the proposed advisory fee of 0.50% of average daily net assets is within the normal range of fees and expenses for funds of similar size, composition and type of investment product. The Trustees concluded that the advisory fees and services 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 Fund 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 Fund’s investments on the one hand, and the investments of other accounts, on the other hand. The Trustees reviewed the services proposed to be provided to the 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 Fund is 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 Fund effectively and had demonstrated its ability to attract and retain qualified personnel.
The Trustees also considered the costs of the services to be provided by the Adviser, the compensation and benefits to be received by the Adviser in providing services to the Fund, as well as the Adviser’s profitability. 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 Fund. 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 Fund.
The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Fund is anticipated to grow, 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 the Fund for the benefit of fund shareholders but the advisory fee structure of the Fund did not currently include breakpoint reductions as asset levels increase.
At this time, the Trustees determined to approve the Gotham Agreement with regard to the New Gotham Fund for an initial two-year term. 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.
233 |
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.
234 |
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 1800
2001 Market Street
Philadelphia, PA 19103-7042
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
GOT-0317
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 31, 2017
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 31, 2017
By (Signature and Title)* /s/ T. Richard Keyes
T. Richard Keyes, Treasurer and
Chief Financial Officer
(principal financial officer)
Date May 31, 2017
* | Print the name and title of each signing officer under his or her signature. |