UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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., SuiteA3-416
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, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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.
ARABESQUE SYSTEMATIC USA FUND
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Period Ended March 31, 2019 |
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Six Months† | 1 Year | Since Inception** | ||||||||||
Institutional Class* | -7.45% | 6.87% | 10.79% | |||||||||
MSCI USA Index (Net Returns) | -1.96% | 8.84% | 11.08%** |
† | Not annualized. |
* | The Arabesque Systematic USA Fund (the “Fund”) Institutional Class shares commenced operations on May 3, 2017. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recentmonth-end may be obtained by calling (844)567-2134. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
The Fund’s “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement”, are 1.73% and 0.95%, respectively, of the Fund’s average daily net assets for Institutional Class shares. These ratios are stated in the current prospectus dated February 1, 2019, and may differ from the actual expenses incurred by the Fund for the period covered by this report. Arabesque Asset Management Ltd (“Arabesque” 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 (excluding taxes, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 0.95% (on an annual basis) with respect to the Fund’s average daily net assets of the Institutional Class (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2021, 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 of the Trust, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount that was in effect at the time of the Expense Limitation.
A 1.00% redemption fee applies to shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above.
The Fund intends to evaluate performance as compared to that of the performance of the MSCI USA Index (Net Returns). The MSCI USA Index (Net Returns) is a widely recognized index, designed to measure the performance of the large andmid-cap segments of the US market. With 624 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US. You cannot invest directly into an index.
Mutual fund investing involves risk, including possible loss of principal.
1
ARABESQUE SYSTEMATIC USA FUND
Fund Expense Disclosure
March 31, 2019
(Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule12b-1) fees (if any) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the six month period from October 1, 2018 through March 31, 2019 and held for the entire period.
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on a 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.
2
ARABESQUE SYSTEMATIC USA FUND
Fund Expense Disclosure (Concluded)
March 31, 2019
(Unaudited)
Arabesque Systematic USA Fund | |||||||||||||||
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* | |||||||||||||
Institutional Class | |||||||||||||||
Actual | $ | 1,000.00 | $ | 925.50 | $ | 4.56 | |||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.19 | 4.78 |
* | Expenses are equal to an annualized expense ratio for thesix-month period ended March 31, 2019 of 0.95% for the Institutional Class of the Fund, 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. The Fund’s ending account value on the first line in the table is based on the actualsix-month total return for the Fund of (7.45)% for Institutional Class shares. |
3
ARABESQUE SYSTEMATIC USA FUND
Portfolio Holdings Summary Table
March 31, 2019
(Unaudited)
The following table presents a summary by sector of the portfolio holdings of the Fund:
% of Net Assets | Value | |||||||||
COMMON STOCKS: | ||||||||||
Technology | 30.7 | % | $ | 12,891,442 | ||||||
Utilities | 19.8 | 8,336,998 | ||||||||
Consumer,Non-cyclical | 17.4 | 7,331,270 | ||||||||
Consumer, Cyclical | 10.6 | 4,470,584 | ||||||||
Industrial | 8.4 | 3,531,575 | ||||||||
Financial | 5.8 | 2,439,702 | ||||||||
Communications | 3.3 | 1,376,186 | ||||||||
Other Assets In Excess of Liabilities | 4.0 | 1,696,018 | ||||||||
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NET ASSETS | 100.0 | % | $ | 42,073,775 | ||||||
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Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
4
ARABESQUE SYSTEMATIC USA FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 96.0% |
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Communications — 3.3% | ||||||||
Arista Networks, Inc.* | 2,600 | $ | 817,596 | |||||
Palo Alto Networks, Inc.* | 600 | 145,728 | ||||||
Proofpoint, Inc.* | 3,400 | 412,862 | ||||||
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1,376,186 | ||||||||
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Consumer, Cyclical — 10.6% |
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Callaway Golf Co. | 48,100 | 766,233 | ||||||
Darden Restaurants, Inc. | 8,000 | 971,760 | ||||||
Deckers Outdoor Corp.* | 5,500 | 808,445 | ||||||
O’Reilly Automotive, Inc.* | 2,380 | 924,154 | ||||||
TJX Cos, Inc. (The) | 15,400 | 819,434 | ||||||
WW Grainger, Inc. | 600 | 180,558 | ||||||
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4,470,584 | ||||||||
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Consumer,Non-cyclical — 17.4% |
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Automatic Data Processing, Inc. | 5,700 | 910,518 | ||||||
Baxter International, Inc. | 11,400 | 926,934 | ||||||
Eli Lilly & Co. | 7,100 | 921,296 | ||||||
Estee Lauder Cos, Inc. (The), Class A | 5,100 | 844,305 | ||||||
Euronet Worldwide, Inc.* | 6,600 | 941,094 | ||||||
Genomic Health, Inc.* | 5,100 | 357,255 | ||||||
Merck & Co., Inc. | 10,400 | 864,968 | ||||||
Tandem Diabetes Care, Inc.* | 11,900 | 755,650 | ||||||
WellCare Health Plans, Inc.* | 3,000 | 809,250 | ||||||
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7,331,270 | ||||||||
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Financial — 5.8% | ||||||||
Comerica, Inc. | 9,000 | 659,880 | ||||||
Mastercard, Inc., Class A | 2,900 | 682,805 | ||||||
McGrath RentCorp. | 4,100 | 231,937 | ||||||
Progressive Corp. (The) | 12,000 | 865,080 | ||||||
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2,439,702 | ||||||||
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Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Industrial — 8.4% | ||||||||
Exponent, Inc. | 6,000 | $ | 346,320 | |||||
Keysight Technologies, Inc.* | 10,500 | 915,600 | ||||||
Lennox International, Inc. | 3,500 | 925,400 | ||||||
Norfolk Southern Corp. | 2,300 | 429,847 | ||||||
Waste Management, Inc. | 8,800 | 914,408 | ||||||
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3,531,575 | ||||||||
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Technology — 30.7% | ||||||||
Analog Devices, Inc. | 7,600 | 800,052 | ||||||
Broadcom, Inc. | 2,800 | 841,988 | ||||||
Cadence Design Systems, Inc.* | 15,200 | 965,352 | ||||||
HubSpot, Inc.* | 5,000 | 831,050 | ||||||
Integrated Device Technology, Inc.* | 16,600 | 813,234 | ||||||
New Relic, Inc.* | 8,400 | 829,080 | ||||||
Paycom Software, Inc.* | 4,650 | 879,454 | ||||||
salesforce.com, Inc.* | 5,100 | 807,687 | ||||||
ServiceNow, Inc.* | 3,500 | 862,715 | ||||||
Silicon Laboratories, Inc.* | 4,000 | 323,440 | ||||||
Splunk, Inc.* | 5,900 | 735,140 | ||||||
SPS Commerce, Inc.* | 6,000 | 636,360 | ||||||
Veeva Systems, Inc., Class A* | 7,600 | 964,136 | ||||||
VMware, Inc., Class A | 4,900 | 884,499 | ||||||
Workday, Inc., Class A* | 4,450 | 858,182 | ||||||
Zebra Technologies Corp., Class A* | 4,100 | 859,073 | ||||||
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12,891,442 | ||||||||
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Utilities — 19.8% | ||||||||
American States Water Co. | 12,300 | 876,990 | ||||||
Atmos Energy Corp. | 8,500 | 874,905 |
The accompanying notes are an integral part of the financial statements.
5
ARABESQUE SYSTEMATIC USA FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
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Utilities — (Continued) |
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California Water Service Group | 7,500 | $ | 407,100 | |||||
IDACORP, Inc. | 8,400 | 836,136 | ||||||
MGE Energy, Inc. | 2,150 | 146,136 | ||||||
New Jersey Resources Corp. | 17,400 | 866,346 | ||||||
NextEra Energy, Inc. | 4,700 | 908,605 | ||||||
OGE Energy Corp. | 21,500 | 927,080 | ||||||
Southwest Gas Holdings, Inc. | 9,000 | 740,340 | ||||||
UGI Corp. | 14,800 | 820,216 | ||||||
WEC Energy Group, Inc. | 11,800 | 933,144 | ||||||
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8,336,998 | ||||||||
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TOTAL COMMON STOCKS |
| 40,377,757 | ||||||
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TOTAL INVESTMENTS - 96.0% |
| 40,377,757 | ||||||
OTHER ASSETS IN EXCESS OF |
| 1,696,018 | ||||||
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NET ASSETS - 100.0% | $ | 42,073,775 | ||||||
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* | Non-income producing. |
The accompanying notes are an integral part of the financial statements.
6
ARABESQUE SYSTEMATIC USA FUND
Statement of Assets and Liabilities
March 31, 2019
(Unaudited)
Assets | ||||
Investments, at value (Cost $36,312,896) | $ | 40,377,757 | ||
Cash | 2,563,695 | |||
Receivable for capital shares sold | 57,133 | |||
Dividends receivable | 30,136 | |||
Prepaid expenses and other assets | 16,448 | |||
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Total assets | 43,045,169 | |||
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Liabilities | ||||
Payable for investments purchased | 841,675 | |||
Payable for capital shares redeemed | 45,881 | |||
Payable for audit fees | 30,424 | |||
Payable for administration and accounting fees | 19,913 | |||
Payable to Investment Adviser | 15,478 | |||
Payable for printing fees | 7,024 | |||
Payable for transfer agent fees | 3,931 | |||
Payable for legal fees | 3,337 | |||
Payable for custodian fees | 3,226 | |||
Payable for Trustees and Officers | 454 | |||
Accrued expenses | 51 | |||
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Total liabilities | 971,394 | |||
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Net Assets | $ | 42,073,775 | ||
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Net Assets Consisted of: | ||||
Capital stock, $0.01 par value | $ | 35,422 | ||
Paid-in capital | 39,890,907 | |||
Total distributable earnings. | 2,147,446 | |||
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Net Assets | $ | 42,073,775 | ||
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Institutional Class: | ||||
Shares outstanding | 3,542,249 | |||
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Net asset value, offering and redemption price per share ($42,073,775 / 3,542,249 shares) | $ | 11.88 | ||
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The accompanying notes are an integral part of the financial statements.
7
ARABESQUE SYSTEMATIC USA FUND
Statement of Operations
For the Six Months Ended March 31, 2019
(Unaudited)
Investment Income | ||||
Dividends | $ | 392,550 | ||
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Total investment income. | 392,550 | |||
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Expenses | ||||
Advisory fees (Note 2) | 153,066 | |||
Administration and accounting fees (Note 2) | 32,365 | |||
Registration and filing fees | 22,111 | |||
Trustees’ and officers’ fees (Note 2) | 19,101 | |||
Legal fees | 16,330 | |||
Audit fees | 13,283 | |||
Transfer agent fees (Note 2) | 11,990 | |||
Custodian fees (Note 2) | 7,081 | |||
Printing and shareholder reporting fees | 6,494 | |||
Other expenses | 4,662 | |||
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Total expenses before waivers and reimbursements | 286,483 | |||
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Less: waivers and reimbursements (Note 2) | (92,599 | ) | ||
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Net expenses after waivers and reimbursements | 193,884 | |||
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Net investment income | 198,666 | |||
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Net realized and unrealized gain/(loss) from investments | ||||
Net realized loss from investments | (2,097,705 | ) | ||
Net change in unrealized appreciation/(depreciation) on investments | (1,655,898 | ) | ||
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Net realized and unrealized loss on investments | (3,753,603 | ) | ||
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Net decrease in net assets resulting from operations | $ | (3,554,937 | ) | |
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The accompanying notes are an integral part of the financial statements.
8
ARABESQUE SYSTEMATIC USA FUND
Statements of Changes in Net Assets
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||
Increase/(Decrease) in Net Assets from Operations: | ||||||||||
Net investment gain/(loss) | $ | 198,666 | $ | (55,234 | ) | |||||
Net realized gain/(loss) from investments | (2,097,705 | ) | 1,305,701 | |||||||
Net change in unrealized appreciation/(depreciation) on investments. | (1,655,898 | ) | 4,819,859 | |||||||
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Net increase/(decrease) in net assets resulting from operations | (3,554,937 | ) | 6,070,326 | |||||||
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Less Dividends and Distributions to Shareholders From: | ||||||||||
Total distributable earnings* | (985,769 | ) | (3,400 | ) | ||||||
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Net decrease in net assets from dividends and distributions to shareholders | (985,769 | ) | (3,400 | ) | ||||||
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Increase/(Decrease) in Net Assets Derived from Capital Share Transactions (Note 4) | 3,961,138 | 21,472,882 | ||||||||
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Total increase/(decrease) in net assets | (579,568 | ) | 27,539,808 | |||||||
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Net assets | ||||||||||
Beginning of period | 42,653,343 | 15,113,535 | ||||||||
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End of period** | $ | 42,073,775 | $ | 42,653,343 | ||||||
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* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and net realized gains were $3,400 and $0, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of year net assets included accumulated net investment income of $0. |
The accompanying notes are an integral part of the financial statements.
9
ARABESQUE SYSTEMATIC USA FUND
Financial Highlights
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
Institutional Class | |||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Period May 3, 2017*to September 30, 2017 | |||||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $ | 13.14 | $ | 10.54 | $ | 10.00 | |||||||||
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Net investment income/(loss)(1) | 0.06 | (0.02 | ) | (0.01 | ) | ||||||||||
Net realized and unrealized gain/(loss) on investments | (1.06 | ) | 2.62 | 0.55 | |||||||||||
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Net increase/(decrease) in net assets resulting from operations | (1.00 | ) | 2.60 | 0.54 | |||||||||||
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Dividends and distributions to shareholders from: | |||||||||||||||
Net investment income | — | (2) | — | (2) | — | ||||||||||
Net realized capital gains | (0.26 | ) | — | — | |||||||||||
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Total dividends and distributions to shareholders | (0.26 | ) | — | — | |||||||||||
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Net asset value, end of period | $ | 11.88 | $ | 13.14 | $ | 10.54 | |||||||||
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Total investment return(3) | (7.45 | )% | 24.69 | % | 5.40 | % | |||||||||
Ratios/Supplemental Data | |||||||||||||||
Net assets, end of period (in thousands) | $ | 42,074 | $ | 42,653 | $ | 15,114 | |||||||||
Ratio of expenses to average net assets | 0.95 | %(4) | 0.95 | % | 0.95 | %(4) | |||||||||
Ratio of expenses to average net assets without waivers and expense reimbursements(5) | 1.40 | %(4) | 1.73 | % | 3.25 | %(4) | |||||||||
Ratio of net investment income/(loss) to average net assets | 0.97 | %(4) | (0.20 | )% | (0.16 | )%(4) | |||||||||
Portfolio turnover rate | 174.11 | %(6) | 190.23 | % | 82.18 | %(6) |
* | Commencement of operations. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
10
ARABESQUE SYSTEMATIC USA FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
1. Organization and Significant Accounting Policies
The Arabesque Systematic USA Fund (the “Fund”) is a diversified,open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), which commenced investment operations on May 3, 2017. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers two separate classes of shares, Investor Class and Institutional Class shares. As of March 31, 2019, Investor Class shares have not been issued.
The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
Portfolio Valuation— The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Fund’s equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in theover-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 Trust’s Board of Trustees. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Investments in otheropen-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses). Securities that do not have a readily available current market value are valued in accordance with procedures adopted by the Trust’s Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Arabesque Asset Management Ltd (“Arabesque” or the “Adviser”) the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market
11
ARABESQUE SYSTEMATIC USA FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
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 the 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.
The following is a summary of the inputs used, as of March 31, 2019, in valuing the Fund’s investments carried at fair value:
Level 2 | ||||||||||||||||
Other | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Total Value at | Quoted | Observable | Unobservable | |||||||||||||
03/31/19 | Price | Inputs | Inputs | |||||||||||||
Common Stocks* | $ | 40,377,757 | $ | 40,377,757 | $ | — | $ | — | ||||||||
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* | Please refer to Portfolio of Investments for further details on portfolio holdings. |
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the 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 Fund
12
ARABESQUE SYSTEMATIC USA FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the six months ended March 31, 2019, there were no transfers between Levels.
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 theex-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 onex-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 may include the treatment ofnon-taxable dividends 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 the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.
13
ARABESQUE SYSTEMATIC USA FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
Other— In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
Recent Accounting Pronouncement— Effective November 5, 2018, the SEC amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to RegulationS-X which sets forth the form and content of financial statements. The amendment requires collapsing the components of distributable earnings on the Statement of Assets and Liabilities and collapsing the distributions paid to shareholders on the Statements of Changes in Net Assets. Management has evaluated the implications of adopting these amendments and there is no significant impact on the financial statements and accompanying notes.
2. Transactions with Related Parties and Other Service Providers
Arabesque serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust. For its services, the Adviser is paid a monthly fee at the annual rate of 0.75% of the Fund’s average daily net assets. 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 (excluding taxes, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 0.95% (on an annual basis) with respect to the Fund’s average daily net assets of the Institutional Class (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount that was in effect at the time of the Expense Limitation. As of March 31, 2019, the amount of potential recovery was as follows:
Expiration | ||||||
September 30, 2020 | September 30, 2021 | March 31, 2022 | Total | |||
$70,327 | $146,253 | $71,739 | $288,319 |
As of March 31, 2019, the Adviser earned advisory fees of $153,066 and waived fees and reimbursed expenses of $71,739.
14
ARABESQUE SYSTEMATIC USA FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the six months ended March 31, 2019, BNY Mellon accrued administration and accounting fees totaling $32,365 and waived fees totaling $13,396. For the six months ended March 31, 2019, BNY Mellon accrued custodian fees totaling $7,081 and waived fees totaling $2,871.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Fund. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the six months ended March 31, 2019, BNY Mellon accrued transfer agent fees totaling $11,990 and waived fees totaling $4,593.
BNY Mellon and the Transfer Agent have the ability to recover such amounts previously waived, if the Fund terminates its agreements with BNY Mellon and the Transfer Agent within three years of commencing operations. As of March 31, 2019, the amount of potential recovery was $122,590. The ability to recover such amounts previously waived expires on May 3, 2020.
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.
Trustees and Officers
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 Fund for the six months ended March 31, 2019 was $3,316. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. Duff & Phelps, LLC (“D&P”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and D&P are compensated for their services provided to the Trust.
15
ARABESQUE SYSTEMATIC USA FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
3. Investment in Securities
For the six months ended March 31, 2019, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:
Purchases | Sales | |||||||
Investment Securities | $ | 64,587,859 | $ | 61,382,809 |
4. Capital Share Transactions
For the six months ended March 31, 2019 and for the year ended September 30, 2018, transactions in capital shares of the Fund (authorized shares unlimited) were as follows:
For the Six Months Ended | For the Year Ended | |||||||||||||||
March 31, 2019 | September 30, 2018 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Institutional Class | ||||||||||||||||
Sales | 820,713 | $ | 9,745,273 | 2,175,693 | $ | 25,830,085 | ||||||||||
Reinvestments | 75,042 | 839,629 | 261 | 2,891 | ||||||||||||
Redemption Fees* | — | 858 | — | 642 | ||||||||||||
Redemptions | (598,744 | ) | (6,624,622 | ) | (365,221 | ) | (4,360,736 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 297,011 | $ | 3,961,138 | 1,810,733 | $ | 21,472,882 | ||||||||||
|
|
|
|
|
|
|
|
* | There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 30 days or less. The redemption fee is retained by the Fund for the benefit of the remaining shareholders and recorded aspaid-in capital. |
5. Federal Tax Information
The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet themore-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
16
ARABESQUE SYSTEMATIC USA FUND
Notes to Financial Statements (Concluded)
March 31, 2019
(Unaudited)
For the year ended September 30, 2018, the tax character of distributions paid by the Fund was $3,400 of ordinary income dividends. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.
As of September 30, 2018, the components of distributable earnings on a tax basis were as follows:
Capital Loss | Undistributed | Undistributed | Unrealized | Qualified | ||||
Carryforward | Ordinary Income | Long-Term Gain | Appreciation | Late-Year Losses | ||||
$ — | $748,562 | $218,831 | $5,720,759 | $— |
As of March 31, 2019, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:
| ||||||||
Federal tax cost* | $ | 36,312,896 | ||||||
|
| |||||||
Gross unrealized appreciation | $ | 4,397,539 | ||||||
Gross unrealized depreciation | (332,678 | ) | ||||||
|
| |||||||
Net unrealized appreciation | $ | 4,064,861 | ||||||
|
|
* | 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 Fund may elect to treat certain net capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2018. As of September 30, 2018, the Fund had no capital loss deferrals and no late year ordinary loss deferrals.
Accumulated capital losses represent net capital loss carryforwards as of September 30, 2018 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2018, the Fund had no capital loss carryforwards.
6. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
17
ARABESQUE SYSTEMATIC USA FUND
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent12-month period ended June 30 are available without charge, upon request, by calling (844)567-2134 and on the Securities and Exchange Commission’s (“SEC”) website athttp:// 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 FormN-Q. The Trust’s FormsN-Q are available on the SEC’s website athttp://www.sec.gov.FormN-Q is being rescinded. Once FormN-Q is rescinded, disclosure of the Fund’s complete holdings will be required to be made on FormN-PORT, with every third month made available to the public by the Commission upon filing.
18
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Investment Adviser
Arabesque Asset Management Ltd
43 Grosvenor Street
London W1K 3HL
England
The United Kingdom
Administrator
The Bank of New York Mellon
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581
Principal Underwriter
Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103-7096
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
ARA-0319
ARABESQUE
SYSTEMATIC USA
FUND
of
FundVantage Trust
Institutional Class
SEMI-ANNUAL
REPORT
March 31, 2019
(Unaudited)
IMPORTANT NOTE: Beginning on January 1, 2021, paper copies of the Arabesque Systematic Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from Arabesque Systematic Funds or from your financial intermediary. Instead, annual and semi-annual shareholder reports will be available on the Arabesque Systematic Funds’ website(https://arabesque.com/), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through Arabesque Systematic Funds, call Shareholder Services toll-free at (844)567-2134 or write to the Arabesque Systematic Funds at:
Arabesque Systematic Funds
FundVantage Trust
c/o BNY Mellon Investment Servicing
P.O. Box 9829
Providence, RI 02940-8029
Your election to receive shareholder reports in paper will apply to all Arabesque Systematic Funds that you hold through the financial intermediary, or directly with Arabesque Systematic Funds.
This report is submitted for the general information of the shareholders of the Arabesque Systematic USA Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Arabesque Systematic USA Fund.
GOTHAM FUNDS
of
FundVantage Trust
Gotham Absolute Return Fund
Gotham Enhanced Return Fund
Gotham Neutral Fund
Gotham Large Value Fund
Gotham Total Return Fund
SEMI-ANNUAL REPORT
March 31, 2019
(Unaudited)
Important Information on Paperless Delivery
Beginning on January 1, 2021, paper copies of the Gotham Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from the Gotham Funds or from your financial intermediary. Instead, annual and semi-annual shareholder reports will be available on the Gotham Funds’ website (www.GothamFunds.com),and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through the Gotham Funds, call the Gotham Funds toll-free at 1 (877)974-6852 or write to the Gotham Funds at Gotham Funds, FundVantage Trust, c/o BNY Mellon Investment Servicing, P.O. Box 9829, Providence, RI 02940-8029. Your election to receive shareholder reports in paper will apply to all Gotham Funds that you hold through the financial intermediary, or directly with the Gotham Funds.
This report is submitted for the general information of 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
SEMI-ANNUAL REPORT
AS OF MARCH 31, 2019
TABLE OF CONTENTS | ||||
1 | ||||
2 | ||||
7 | ||||
9 | ||||
14 | ||||
Financial Statements: | ||||
65 | ||||
67 | ||||
69 | ||||
72 | ||||
73 | ||||
79 | ||||
90 | ||||
91 |
GOTHAM FUNDS
The performance data quoted in this report represents past performance and does not guarantee future results. The investment return and principal value of an investment in a Gotham Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Performance data current to the most recentmonth-end may be obtained by calling (877)974-6852.
Each Gotham Fund covered by this report (each a, “Fund”) compares its performance to an unmanaged index. An index does not reflect operational and transactional costs which apply to a mutual fund. It is not possible to invest direct in an index.
Mutual fund investing involves risks, including possible loss of principal. Each Fund except Gotham Large Value Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Each Fund except Gotham Large Value will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. Gotham Total Return Fund will primarily engage in short sales and leverage through its investments in underlying funds. A Fund may invest in securities of large-,mid- andsmall-cap companies. The securities issued bysmall-cap andmid-cap companies tend to be more volatile and less liquid than those oflarge-cap issuers. A Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to a Fund. There can be no guarantee that a Fund will achieve its objectives.
A prospective investor should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The prospectus and summary prospectus contains this and other information about the Funds, and should be read carefully before investing. A copy of the prospectus or summary prospectus is available at www.GothamFunds.com or by calling (877)974-6852.
1
GOTHAM FUNDS
Gotham Absolute Return Fund
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||||||||
Six Months* | 1 Year | 3 Year | 5 Year | Since Inception | ||||||||||||||||
Institutional Class Shares | -1.08% | 0.41% | 5.33% | 2.72% | 7.33%** | |||||||||||||||
HFRX Equity Hedge Index | -3.15% | -5.14% | 2.87% | 0.66% | 2.65%** | * |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 2.63% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.56% 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 January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. Equity Hedge Index (“HFRX”). The HFRX is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX report net of all fees returns.
2
GOTHAM FUNDS
Gotham Enhanced Return Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||||||||
Six Months* | 1 Year | 3 Year | 5 Year | Since Inception | ||||||||||||||||
Institutional Class Shares | -1.65% | 3.55% | 10.17% | 6.77% | 10.22%** | |||||||||||||||
S&P 500®Total Return Index | -1.72% | 9.50% | 13.51% | 10.91% | 12.23%** | * |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 3.67% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.63% 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 January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
3
GOTHAM FUNDS
Gotham Neutral Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||||||||
Six Months* | 1 Year | 3 Year | 5 Year | Since Inception | ||||||||||||||||
Institutional Class Shares | -0.39% | -3.95% | 0.26% | -0.74% | 0.95%** | |||||||||||||||
BofA Merrill Lynch3-Month U.S. Treasury Bill Index | 1.17% | 2.12% | 1.19% | 0.74% | 0.67%** | * |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 2.73% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.61% 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 January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the BofA Merrill Lynch3-Month U.S. Treasury Bill Index (the “Index”). The Index is an index comprised of a single Treasury bill issue purchased at the beginning of the month and held for a full month, then sold and rolled into a newly selected Treasury bill issue.
4
GOTHAM FUNDS
Gotham Large Value Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||||
Six Months* | 1 Year | 3 Year | Since Inception | |||||||||||||
Institutional Class Shares | -1.47% | 8.53% | 12.99% | 13.16%** | ||||||||||||
S&P 500®Total Return Index | -1.72% | 9.50% | 13.51% | 12.87%** | * |
* | Not Annualized. |
** | The Gotham Large Value Fund (the “Fund”) commenced operations on December 31, 2015. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 2.19% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 0.75% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.75% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
5
GOTHAM FUNDS
Gotham Total Return Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
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Six Months* | 1 Year | 3 years | Since Inception | |||||||||||||
Institutional Class Shares | -2.74% | 4.27% | 9.21% | 7.46%** | ||||||||||||
Investor Class Shares | -2.87% | 3.99% | N/A | 2.32%** | ||||||||||||
HFRX Equity Hedge Index | -3.15% | -5.14% | 2.87% | 0.24%** | * |
* | Not Annualized. |
** | Institutional Class shares and Investor Class shares of the Gotham Total Return Fund (the “Fund”) incepted on March 31, 2015 and December 29, 2017, respectively. |
*** | Benchmark performance is from inception date of the Fund’s Institutional Class shares only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class and Investor Class to the value of the shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.63% and 3.12%, 3.88% and 3.37%, respectively, for the Institutional Class shares and Investor Class shares, respectively, of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any) and brokerage commissions), do not exceed 0.00% with respect to Institutional Class shares, (on an annual basis) and 0.25% with respect to Investor Class shares, (on an annual basis), of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The recoupment of fees waived or expenses reimbursed are limited to the lesser of (a) the Expense Limitation in effect at the time fees were waived or expenses were reimbursed, and (b) the Expense Limitation in effect at the time of recoupment.
The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. Equity Hedge Index (“HFRX”). The HFRX is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX report net of all fees returns.
The Fund normally allocates the majority of its assets among mutual funds advised by Gotham. Therefore, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of fees and expenses of the underlying funds in addition to the Fund’s own expenses. The Fund also is subject to the risks of the underlying funds, which may include any or all of the risks described in Important Information.
6
GOTHAM FUNDS
March 31, 2019
(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 thesix-month period from October 1, 2018, and held for the entire period through March 31, 2019.
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.
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Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio* | Expenses Paid During Period** | |||||||||||||||||||
Gotham Absolute Return Fund | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 989.20 | 2.20 | % | $ | 10.93 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,013.94 | 2.20 | % | 11.07 | |||||||||||||||||
Gotham Enhanced Return Fund | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 983.50 | 3.68 | % | $ | 18.20 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,006.58 | 3.68 | % | 18.41 | |||||||||||||||||
Gotham Neutral Fund | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 996.10 | 1.89 | % | $ | 9.41 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,015.51 | 1.89 | % | 9.50 |
7
GOTHAM FUNDS
Fund Expense Disclosure (Concluded)
March 31, 2019
(Unaudited)
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Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio* | Expenses Paid During Period** | |||||||||||||||||||
Gotham Large Value Fund | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 985.30 | 0.75 | % | $ | 3.71 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.19 | 0.75 | % | 3.78 | |||||||||||||||||
Gotham Total Return Fund | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 972.60 | 0.00 | % | $ | — | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.93 | 0.00 | % | — | |||||||||||||||||
Investor Class | ||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 971.30 | 0.25 | % | $ | 1.23 | ||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.25 | % | 1.26 |
* | Annualized expense ratios include dividend expense on securities sold short and interest expense on securities sold short and borrowings. |
** | Expenses are equal to a Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for thesix-month period ended March 31, 2019, multiplied by the average account value over the period, multiplied by the number of days in the most recent period, then divided by 365 to reflect the period. Hypothetical expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recentsix-month period, then divided by 365 to reflect the period. |
8
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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 | 18.8 | % | $ | 180,303,704 | ||||||
Software & Services | 12.7 | 121,518,967 | ||||||||
Retailing | 10.9 | 104,850,273 | ||||||||
Technology Hardware & Equipment | 10.3 | 98,835,646 | ||||||||
Semiconductors & Semiconductor Equipment | 8.2 | 79,181,987 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 7.3 | 69,920,079 | ||||||||
Health Care Equipment & Services | 7.1 | 68,332,043 | ||||||||
Food, Beverage & Tobacco | 6.8 | 65,163,248 | ||||||||
Media & Entertainment | 6.6 | 63,567,346 | ||||||||
Consumer Durables & Apparel | 4.1 | 39,485,358 | ||||||||
Consumer Services | 4.1 | 39,128,332 | ||||||||
Energy | 3.9 | 37,907,136 | ||||||||
Transportation | 3.6 | 34,946,493 | ||||||||
Materials | 3.5 | 33,712,409 | ||||||||
Commercial & Professional Services | 3.2 | 30,611,951 | ||||||||
Household & Personal Products | 2.5 | 23,781,672 | ||||||||
Food & Staples Retailing | 2.4 | 22,629,827 | ||||||||
Automobiles & Components | 2.2 | 20,938,379 | ||||||||
Telecommunication Services | 2.1 | 20,367,497 | ||||||||
Corporate Bonds and Notes: | ||||||||||
Capital Goods | 0.0 | 769 | ||||||||
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Total Long Positions | 120.3 | 1,155,183,116 | ||||||||
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% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Telecommunication Services | (0.6 | )% | $ | (6,018,358 | ) | |||||
Household & Personal Products | (0.8 | ) | (7,360,161 | ) | ||||||
Food & Staples Retailing | (0.9 | ) | (8,638,602 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (1.5 | ) | (14,150,188 | ) | ||||||
Automobiles & Components | (1.6 | ) | (15,328,746 | ) | ||||||
Consumer Durables & Apparel | (1.6 | ) | (15,671,563 | ) | ||||||
Commercial & Professional Services | (2.5 | ) | (24,393,149 | ) | ||||||
Semiconductors & Semiconductor Equipment | (2.6 | ) | (25,035,547 | ) | ||||||
Transportation | (3.0 | ) | (28,844,027 | ) | ||||||
Media & Entertainment | (3.4 | ) | (32,188,282 | ) | ||||||
Materials | (3.5 | ) | (34,010,934 | ) | ||||||
Consumer Services | (3.7 | ) | (35,080,246 | ) | ||||||
Food, Beverage & Tobacco | (3.7 | ) | (35,393,197 | ) | ||||||
Energy | (4.0 | ) | (38,251,099 | ) | ||||||
Technology Hardware & Equipment | (4.1 | ) | (39,526,338 | ) | ||||||
Retailing | (4.3 | ) | (41,203,422 | ) | ||||||
Health Care Equipment & Services | (4.3 | ) | (41,499,598 | ) | ||||||
Software & Services | (5.4 | ) | (51,664,106 | ) | ||||||
Capital Goods | (8.6 | ) | (82,890,171 | ) | ||||||
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Total Short Positions | (60.1 | ) | (577,147,734 | ) | ||||||
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Other Assets in Excess of Liabilities | 39.8 | 382,377,396 | ||||||||
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NET ASSETS | 100.0 | % | $ | 960,412,778 | ||||||
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Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
9
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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 | 25.2 | % | $ | 156,457,006 | ||||||
Retailing | 18.1 | 112,094,242 | ||||||||
Software & Services | 18.0 | 111,731,128 | ||||||||
Technology Hardware & Equipment | 14.8 | 91,709,466 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 12.3 | 76,190,368 | ||||||||
Media & Entertainment | 11.1 | 69,133,633 | ||||||||
Semiconductors & Semiconductor Equipment | 10.8 | 66,987,240 | ||||||||
Health Care Equipment & Services | 10.2 | 63,170,850 | ||||||||
Food, Beverage & Tobacco | 9.7 | 60,243,184 | ||||||||
Consumer Durables & Apparel | 5.9 | 36,452,297 | ||||||||
Consumer Services | 5.1 | 31,391,712 | ||||||||
Commercial & Professional Services | 5.0 | 30,720,084 | ||||||||
Household & Personal Products | 4.9 | 30,701,691 | ||||||||
Transportation | 4.9 | 30,501,523 | ||||||||
Materials | 4.1 | 25,606,361 | ||||||||
Energy | 4.0 | 24,741,153 | ||||||||
Food & Staples Retailing | 3.2 | 20,134,756 | ||||||||
Telecommunication Services | 2.8 | 17,225,075 | ||||||||
Automobiles & Components | 2.4 | 15,192,839 | ||||||||
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Total Long Positions | 172.5 | 1,070,384,608 | ||||||||
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% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Telecommunication Services | (0.7 | )% | $ | (4,194,549 | ) | |||||
Household & Personal Products | (1.0 | ) | (6,177,918 | ) | ||||||
Food & Staples Retailing | (1.1 | ) | (6,946,543 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (1.6 | ) | (9,629,480 | ) | ||||||
Automobiles & Components | (1.7 | ) | (10,592,644 | ) | ||||||
Consumer Durables & Apparel | (2.5 | ) | (15,690,391 | ) | ||||||
Commercial & Professional Services | (3.2 | ) | (19,633,131 | ) | ||||||
Semiconductors & Semiconductor Equipment | (3.2 | ) | (19,842,740 | ) | ||||||
Transportation | (3.9 | ) | (24,145,535 | ) | ||||||
Energy | (4.0 | ) | (24,998,369 | ) | ||||||
Materials | (4.2 | ) | (25,818,102 | ) | ||||||
Consumer Services | (4.5 | ) | (28,119,884 | ) | ||||||
Media & Entertainment | (4.7 | ) | (29,104,835 | ) | ||||||
Health Care Equipment & Services | (4.7 | ) | (29,263,624 | ) | ||||||
Technology Hardware & Equipment | (4.9 | ) | (30,291,614 | ) | ||||||
Food, Beverage & Tobacco | (5.1 | ) | (31,958,192 | ) | ||||||
Retailing | (5.3 | ) | (32,779,936 | ) | ||||||
Software & Services | (6.1 | ) | (37,810,487 | ) | ||||||
Capital Goods | (11.0 | ) | (68,449,838 | ) | ||||||
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Total Short Positions | (73.4 | ) | (455,447,812 | ) | ||||||
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Other Assets in Excess of Liabilities | 0.9 | 5,356,903 | ||||||||
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NET ASSETS | 100.0 | % | $ | 620,293,699 | ||||||
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Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
10
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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 | 17.1 | % | $ | 42,958,600 | ||||||
Software & Services | 14.0 | 35,019,692 | ||||||||
Retailing | 10.2 | 25,696,453 | ||||||||
Health Care Equipment & Services | 9.4 | 23,651,861 | ||||||||
Technology Hardware & Equipment | 7.8 | 19,497,090 | ||||||||
Food, Beverage & Tobacco | 7.3 | 18,399,548 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 6.1 | 15,188,044 | ||||||||
Materials | 6.0 | 15,108,066 | ||||||||
Media & Entertainment | 5.8 | 14,626,016 | ||||||||
Energy | 5.8 | 14,525,721 | ||||||||
Consumer Services | 5.7 | 14,357,503 | ||||||||
Semiconductors & Semiconductor Equipment | 4.9 | 12,265,671 | ||||||||
Consumer Durables & Apparel | 4.5 | 11,320,659 | ||||||||
Transportation | 4.4 | 10,983,810 | ||||||||
Commercial & Professional Services | 4.2 | 10,449,593 | ||||||||
Automobiles & Components | 3.2 | 7,916,171 | ||||||||
Food & Staples Retailing | 1.8 | 4,580,480 | ||||||||
Telecommunication Services | 1.7 | 4,349,979 | ||||||||
Household & Personal Products | 1.6 | 4,134,543 | ||||||||
Corporate Bonds and Notes: | ||||||||||
Capital Goods | 0.0 | 701 | ||||||||
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Total Long Positions | 121.5 | 305,030,201 | ||||||||
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% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (0.6 | )% | $ | (1,393,232 | ) | |||||
Food & Staples Retailing | (0.8 | ) | (2,107,075 | ) | ||||||
Telecommunication Services | (0.9 | ) | (2,263,024 | ) | ||||||
Automobiles & Components | (2.5 | ) | (6,249,179 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (2.5 | ) | (6,279,035 | ) | ||||||
Consumer Durables & Apparel | (2.8 | ) | (6,936,842 | ) | ||||||
Transportation | (3.3 | ) | (8,226,051 | ) | ||||||
Commercial & Professional Services | (4.1 | ) | (10,260,675 | ) | ||||||
Semiconductors & Semiconductor Equipment | (4.6 | ) | (11,629,089 | ) | ||||||
Food, Beverage & Tobacco | (5.1 | ) | (12,693,537 | ) | ||||||
Media & Entertainment | (5.3 | ) | (13,214,286 | ) | ||||||
Consumer Services | (5.4 | ) | (13,573,934 | ) | ||||||
Energy | (5.8 | ) | (14,607,539 | ) | ||||||
Materials | (6.0 | ) | (15,138,680 | ) | ||||||
Retailing | (6.5 | ) | (16,310,891 | ) | ||||||
Technology Hardware & Equipment | (7.0 | ) | (17,466,253 | ) | ||||||
Health Care Equipment & Services | (8.0 | ) | (20,215,419 | ) | ||||||
Software & Services | (11.3 | ) | (28,412,638 | ) | ||||||
Capital Goods | (14.0 | ) | (35,192,296 | ) | ||||||
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Total Short Positions | (96.5 | ) | (242,169,675 | ) | ||||||
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Other Assets in Excess of Liabilities | 75.0 | 188,172,047 | ||||||||
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NET ASSETS | 100.0 | % | $ | 251,032,573 | ||||||
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Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
11
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Large Value Fund
% of Net Assets | Value | |||||||||
COMMON STOCKS: | ||||||||||
Capital Goods | 14.9 | % | $ | 8,117,726 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 9.9 | 5,385,615 | ||||||||
Energy | 8.9 | 4,833,628 | ||||||||
Diversified Financials | 6.6 | 3,590,428 | ||||||||
Technology Hardware & Equipment | 6.2 | 3,371,222 | ||||||||
Software & Services | 5.9 | 3,241,719 | ||||||||
Retailing | 5.7 | 3,136,264 | ||||||||
Banks | 5.1 | 2,801,300 | ||||||||
Food, Beverage & Tobacco | 5.0 | 2,722,933 | ||||||||
Semiconductors & Semiconductor Equipment | 4.8 | 2,643,158 | ||||||||
Materials | 4.2 | 2,283,540 | ||||||||
Health Care Equipment & Services | 3.9 | 2,141,034 | ||||||||
Insurance | 3.3 | 1,790,807 | ||||||||
Consumer Durables & Apparel | 2.6 | 1,449,285 | ||||||||
Food & Staples Retailing | 2.3 | 1,282,630 | ||||||||
Media & Entertainment | 2.2 | 1,182,486 | ||||||||
Transportation | 1.7 | 936,826 | ||||||||
Automobiles & Components | 1.6 | 861,739 | ||||||||
Telecommunication Services | 1.1 | 585,978 | ||||||||
Consumer Services | 0.9 | 480,682 | ||||||||
Household & Personal Products | 0.9 | 474,838 | ||||||||
Real Estate | 0.8 | 420,121 | ||||||||
Commercial & Professional Services | 0.7 | 366,543 | ||||||||
Utilities | 0.2 | 133,513 | ||||||||
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Total Common Stocks | 99.4 | 54,234,015 | ||||||||
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Other Assets in Excess of Liabilities | 0.6 | 339,592 | ||||||||
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NET ASSETS | 100.0 | % | $ | 54,573,607 | ||||||
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Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
12
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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 | 99.1 | % | $ | 32,658,282 | ||||||
Other Assets in Excess of Liabilities | 0.9 | 288,719 | ||||||||
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NET ASSETS | 100.0 | % | $ | 32,947,001 | ||||||
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Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
13
GOTHAM ABSOLUTE RETURN FUND
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 120.3% | ||||||||
COMMON STOCKS — 120.3% | ||||||||
Automobiles & Components — 2.2% |
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American Axle & Manufacturing Holdings, Inc.(a)* | 82,984 | $ | 1,187,501 | |||||
Aptiv PLC (Jersey)† | 30,246 | 2,404,255 | ||||||
BorgWarner, Inc.†(a) | 63,486 | 2,438,497 | ||||||
Dana, Inc.†(a) | 185,104 | 3,283,745 | ||||||
Delphi Technologies PLC | 54,006 | 1,040,156 | ||||||
Fiat Chrysler Automobiles NV (Netherlands)(a)* | 127,785 | 1,897,607 | ||||||
General Motors Co.(b) | 135,871 | 5,040,814 | ||||||
Lear Corp.(b) | 18,355 | 2,490,957 | ||||||
Magna International, Inc. (Canada) | 4,535 | 220,809 | ||||||
Tenneco, Inc., Class A†(a) | 34,072 | 755,036 | ||||||
Thor Industries, Inc.(a) | 2,870 | 179,002 | ||||||
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20,938,379 | ||||||||
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Capital Goods — 18.8% | ||||||||
3M Co.†(a)(b) | 26,169 | 5,437,395 | ||||||
A.O. Smith Corp.†(a) | 35,673 | 1,902,084 | ||||||
AECOM(a)* | 10,728 | 318,300 | ||||||
AGCO Corp.(a) | 14,007 | 974,187 | ||||||
Allegion PLC (Ireland)(a) | 5,591 | 507,160 | ||||||
Allison Transmission Holdings, | 59,130 | 2,656,120 | ||||||
Altra Industrial Motion Corp.† | 71,644 | 2,224,546 | ||||||
AMETEK, Inc.† | 17,157 | 1,423,516 | ||||||
Applied Industrial Technologies, | 2,547 | 151,470 | ||||||
Arconic, Inc.†(a) | 155,116 | 2,964,267 | ||||||
Armstrong World Industries, Inc.(b) | 2,958 | 234,924 | ||||||
AZZ, Inc. | 3,727 | 152,546 | ||||||
BMC Stock Holdings, Inc.(a)* | 26,199 | 462,936 | ||||||
Boeing Co. (The)† | 7,538 | 2,875,144 | ||||||
Carlisle Cos., Inc.(a) | 3,064 | 375,708 | ||||||
Caterpillar, Inc.† | 27,134 | 3,676,386 | ||||||
Colfax Corp.†(a)* | 122,198 | 3,626,837 | ||||||
Columbus McKinnon Corp.(a) | 6,775 | 232,721 | ||||||
Comfort Systems USA, Inc. | 5,984 | 313,502 | ||||||
Continental Building Products, | 43,750 | 1,084,562 | ||||||
Cummins, Inc.†(b) | 36,072 | 5,694,687 | ||||||
Curtiss-Wright Corp.(a) | 11,310 | 1,281,875 | ||||||
Dover Corp.† | 30,419 | 2,853,302 | ||||||
Eaton Corp. PLC (Ireland)†(b) | 98,292 | 7,918,404 | ||||||
EMCOR Group, Inc.(a) | 23,765 | 1,736,746 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Emerson Electric Co.†(a) | 29,347 | $ | 2,009,389 | |||||
Encore Wire Corp.(a) | 1,670 | 95,557 | ||||||
EnPro Industries, Inc. | 1,614 | 104,022 | ||||||
Flowserve Corp.(a) | 32,071 | 1,447,685 | ||||||
Fluor Corp.†(a) | 45,723 | 1,682,606 | ||||||
Fortive Corp.†(a) | 58,171 | 4,879,965 | ||||||
Fortune Brands Home & Security, Inc.(a) | 36,802 | 1,752,143 | ||||||
Gardner Denver Holdings, | 95,454 | 2,654,576 | ||||||
Generac Holdings, Inc.(a)* | 3,244 | 166,190 | ||||||
General Dynamics Corp.† | 65,141 | 11,027,068 | ||||||
General Electric Co.†(a) | 80,456 | 803,755 | ||||||
Gibraltar Industries, Inc.(a)* | 5,215 | 211,781 | ||||||
Global Brass & Copper Holdings, Inc. | 1,309 | 45,082 | ||||||
GrafTech International Ltd.†(a) | 298,252 | 3,814,643 | ||||||
Great Lakes Dredge & Dock Corp.* | 903 | 8,046 | ||||||
Harsco Corp.†* | 5,504 | 110,961 | ||||||
HD Supply Holdings, Inc.* | 608 | 26,357 | ||||||
Hexcel Corp.(a) | 16,722 | 1,156,494 | ||||||
Hillenbrand, Inc.† | 27,450 | 1,139,999 | ||||||
Honeywell International, Inc.† | 81,856 | 13,008,556 | ||||||
Hubbell, Inc.†(a) | 22,425 | 2,645,702 | ||||||
Huntington Ingalls Industries, Inc.† | 10,325 | 2,139,340 | ||||||
Illinois Tool Works, Inc.(a)(b) | 37,427 | 5,371,897 | ||||||
Ingersoll-Rand PLC (Ireland)† | 50,637 | 5,466,264 | ||||||
ITT, Inc.(a)(b) | 14,102 | 817,916 | ||||||
Johnson Controls International PLC (Ireland)† | 139,456 | 5,151,505 | ||||||
L3 Technologies, Inc.† | 12,450 | 2,569,306 | ||||||
Lockheed Martin Corp.†(b) | 17,163 | 5,151,646 | ||||||
Manitowoc Co., Inc. (The)†(a)* | 56,968 | 934,845 | ||||||
Masco Corp.†(a)(b) | 117,209 | 4,607,486 | ||||||
Meritor, Inc.†* | 59,418 | 1,209,156 | ||||||
Milacron Holdings Corp.†(a)* | 53,650 | 607,318 | ||||||
National Presto Industries, Inc.(a) | 2,965 | 321,851 | ||||||
Navistar International Corp.(a)* | 5,403 | 174,517 | ||||||
Northrop Grumman Corp.†(a) | 25,132 | 6,775,587 | ||||||
nVent Electric PLC (Ireland)† | 23,092 | 623,022 | ||||||
Oshkosh Corp.(b) | 6,248 | 469,412 | ||||||
Parker-Hannifin Corp.(a)(b) | 13,185 | 2,262,810 | ||||||
Pentair PLC (Ireland)† | 32,605 | 1,451,249 | ||||||
Quanta Services, Inc.(a) | 6,113 | 230,705 | ||||||
Raytheon Co.†(b) | 61,953 | 11,280,402 | ||||||
Regal Beloit Corp.(a) | 4,096 | 335,340 |
The accompanying notes are an integral part of the financial statements.
14
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Rexnord Corp.(a)* | 19,314 | $ | 485,554 | |||||
Rockwell Automation, Inc.† | 1,705 | 299,159 | ||||||
Snap-on, Inc.(a) | 15,751 | 2,465,347 | ||||||
Spirit AeroSystems Holdings, Inc., Class A(a)(b) | 29,724 | 2,720,638 | ||||||
SPX FLOW, Inc.(a)(b)* | 20,252 | 646,039 | ||||||
Stanley Black & Decker, Inc.†(a) | 27,235 | 3,708,590 | ||||||
Systemax, Inc.(a) | 7,668 | 173,604 | ||||||
Teledyne Technologies, Inc.†(a)* | 3,895 | 923,154 | ||||||
Textron, Inc.†(a) | 44,842 | 2,271,696 | ||||||
TransDigm Group, Inc.†(a)* | 4,482 | 2,034,783 | ||||||
Univar, Inc.(a)* | 80,793 | 1,790,383 | ||||||
Valmont Industries, Inc.(a) | 1,838 | 239,124 | ||||||
Wabash National Corp.†(a) | 33,033 | 447,597 | ||||||
Watts Water Technologies, Inc., Class A(a) | 7,586 | 613,101 | ||||||
WESCO International, Inc.(a)(b)* | 26,294 | 1,393,845 | ||||||
WW Grainger, Inc.(a) | 7,542 | 2,269,614 | ||||||
|
| |||||||
180,303,704 | ||||||||
|
| |||||||
Commercial & Professional Services — 3.2% |
| |||||||
ABM Industries, Inc.(a) | 12,631 | 459,137 | ||||||
Brink’s Co. (The)(a) | 7,781 | 586,765 | ||||||
CBIZ, Inc.(a)* | 7,983 | 161,576 | ||||||
Cintas Corp.†(a) | 6,635 | 1,341,000 | ||||||
Clean Harbors, Inc.(a)* | 19,444 | 1,390,829 | ||||||
Deluxe Corp.†(a) | 47,263 | 2,066,338 | ||||||
FTI Consulting, Inc.†(a)* | 48,116 | 3,696,271 | ||||||
Heidrick & Struggles International, Inc. | 6,569 | 251,790 | ||||||
Huron Consulting Group, Inc.(a)* | 1,117 | 52,745 | ||||||
ICF International, Inc.†(a) | 1,618 | 123,097 | ||||||
Kforce, Inc.(a) | 4,048 | 142,166 | ||||||
Korn Ferry(a) | 9,470 | 424,067 | ||||||
ManpowerGroup, Inc.† | 36,461 | 3,014,960 | ||||||
Navigant Consulting, Inc.(a) | 17,342 | 337,649 | ||||||
Nielsen Holdings PLC (United Kingdom)† | 62,526 | 1,479,990 | ||||||
Quad/Graphics, Inc.(a) | 9,129 | 108,635 | ||||||
Republic Services, Inc.†(b) | 60,138 | 4,833,892 | ||||||
Robert Half International, Inc.†(a) | 38,796 | 2,527,947 | ||||||
SP Plus Corp.* | 14,091 | 480,785 | ||||||
Steelcase, Inc., Class A(a) | 1,024 | 14,899 | ||||||
Tetra Tech, Inc.(b) | 20,717 | 1,234,526 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Thomson Reuters Corp. (Canada) | 13,112 | $ | 776,230 | |||||
TriNet Group, Inc.(b)* | 16,831 | 1,005,484 | ||||||
Verisk Analytics, Inc.† | 4,424 | 588,392 | ||||||
Waste Management, Inc.(b) | 33,806 | 3,512,781 | ||||||
|
| |||||||
30,611,951 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.1% |
| |||||||
Acushnet Holdings Corp.(a) | 6,497 | 150,341 | ||||||
Callaway Golf Co.(a) | 54,983 | 875,879 | ||||||
Capri Holdings Ltd. (British Virgin Islands)†* | 63,627 | 2,910,935 | ||||||
Carter’s, Inc.(a) | 6,983 | 703,817 | ||||||
Crocs, Inc.†(a)* | 68,087 | 1,753,240 | ||||||
Deckers Outdoor Corp.(a)* | 17,975 | 2,642,145 | ||||||
Ethan Allen Interiors, Inc. | 461 | 8,819 | ||||||
Fossil Group, Inc.(a)(b)* | 134,524 | 1,845,669 | ||||||
Garmin Ltd. (Switzerland)†(b) | 99,708 | 8,609,786 | ||||||
Hanesbrands, Inc.(a) | 60,269 | 1,077,610 | ||||||
Hasbro, Inc.(a) | 8,824 | 750,216 | ||||||
Leggett & Platt, Inc.(a) | 35,268 | 1,489,015 | ||||||
Newell Brands, Inc.(a) | 92,543 | 1,419,610 | ||||||
PVH Corp.†(a) | 14,306 | 1,744,617 | ||||||
Ralph Lauren Corp.(a) | 3,352 | 434,687 | ||||||
Skechers U.S.A., Inc., Class A(a)(b)* | 57,511 | 1,932,945 | ||||||
Sonos, Inc.* | 2,867 | 29,501 | ||||||
Sturm Ruger & Co., Inc.(a) | 6,571 | 348,394 | ||||||
Tapestry, Inc.†(a) | 74,091 | 2,407,217 | ||||||
TopBuild Corp.* | 2,119 | 137,354 | ||||||
Under Armour, Inc., Class C(a)* | 55,081 | 1,039,378 | ||||||
VF Corp.† | 58,613 | 5,094,056 | ||||||
Whirlpool Corp.†(a) | 15,653 | 2,080,127 | ||||||
|
| |||||||
39,485,358 | ||||||||
|
| |||||||
Consumer Services — 4.1% | ||||||||
Adtalem Global Education, Inc.(a)* | 2,994 | 138,682 | ||||||
Aramark† | 29,164 | 861,796 | ||||||
BJ’s Restaurants, Inc.†(a) | 16,290 | 770,191 | ||||||
Carnival Corp. (Panama)(a)(b) | 10,182 | 516,431 | ||||||
Choice Hotels International, Inc.†(a) | 12,163 | 945,552 | ||||||
Cracker Barrel Old Country Store, Inc.(a) | 9,886 | 1,597,676 | ||||||
Darden Restaurants, Inc.(a)(b) | 1,532 | 186,092 | ||||||
Dine Brands Global, Inc.(a) | 2,592 | 236,624 | ||||||
frontdoor, Inc.(a)* | 49,199 | 1,693,430 | ||||||
Graham Holdings Co., Class B† | 1,725 | 1,178,486 | ||||||
Hilton Worldwide Holdings, Inc.†(a) | 12,457 | 1,035,301 |
The accompanying notes are an integral part of the financial statements.
15
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
International Game Technology PLC (United Kingdom)(a) | 91,432 | $ | 1,187,702 | |||||
Jack in the Box, Inc.(a) | 5,552 | 450,045 | ||||||
Las Vegas Sands Corp.(b) | 19,620 | 1,196,035 | ||||||
McDonald’s Corp.† | 46,482 | 8,826,932 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 60,566 | 3,328,707 | ||||||
Scientific Games Corp.(a)* | 5,465 | 111,595 | ||||||
SeaWorld Entertainment, Inc.†(b)* | 88,331 | 2,275,407 | ||||||
Weight Watchers International, | 173,904 | 3,504,166 | ||||||
Wyndham Hotels & Resorts, Inc.(a) | 33,251 | 1,662,217 | ||||||
Yum! Brands, Inc.†(a) | 74,394 | 7,425,265 | ||||||
|
| |||||||
39,128,332 | ||||||||
|
| |||||||
Energy — 3.9% | ||||||||
Cameco Corp. (Canada)† | 3,541 | 41,748 | ||||||
Cenovus Energy, Inc. (Canada)(a) | 102,170 | 886,836 | ||||||
Chevron Corp. | 1,093 | 134,636 | ||||||
CONSOL Energy, Inc.†* | 3,816 | 130,584 | ||||||
Contura Energy, Inc.(a)* | 1,994 | 115,492 | ||||||
CVR Energy, Inc.†(a) | 27,946 | 1,151,375 | ||||||
Delek US Holdings, Inc.†(a) | 23,994 | 873,861 | ||||||
Frank’s International NV (Netherlands)(a)* | 2,788 | 17,313 | ||||||
FTS International, Inc.†(a)* | 139,712 | 1,397,120 | ||||||
Halliburton Co.† | 43,717 | 1,280,908 | ||||||
Helix Energy Solutions Group, | 137,670 | 1,088,970 | ||||||
Helmerich & Payne, Inc.(a) | 3,617 | 200,961 | ||||||
HollyFrontier Corp.†(a) | 39,100 | 1,926,457 | ||||||
Kinder Morgan, Inc.†(a) | 199,238 | 3,986,752 | ||||||
Mammoth Energy Services, Inc.† | 33,531 | 558,291 | ||||||
Matrix Service Co.(a)* | 7,339 | 143,698 | ||||||
Nabors Industries Ltd. | 1,225,133 | 4,214,458 | ||||||
National Oilwell Varco, Inc.(a) | 36,845 | 981,551 | ||||||
Newpark Resources, Inc.(a)* | 23,700 | 217,092 | ||||||
Oceaneering International, Inc.(a)* | 24,932 | 393,178 | ||||||
Patterson-UTI Energy, Inc.†(a) | 199,817 | 2,801,434 | ||||||
Phillips 66†(a) | 43,882 | 4,176,250 | ||||||
Precision Drilling Corp. (Canada)(a)* | 81,684 | 195,225 | ||||||
ProPetro Holding Corp.†(a)* | 78,394 | 1,767,001 | ||||||
Renewable Energy Group, Inc.(a)* | 36,550 | 802,638 | ||||||
RPC, Inc.(a) | 128,046 | 1,461,005 | ||||||
Schlumberger Ltd. (Curacao)†(b) | 88,597 | 3,860,171 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
TechnipFMC PLC (United | 13,201 | $ | 310,488 | |||||
Tidewater, Inc.(a)* | 4,279 | 99,230 | ||||||
Weatherford International PLC (Ireland)* | 1,704,683 | 1,189,869 | ||||||
Williams Cos., Inc. (The)† | 52,317 | 1,502,544 | ||||||
|
| |||||||
37,907,136 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.4% |
| |||||||
BJ’s Wholesale Club Holdings, | 4,409 | 120,807 | ||||||
Kroger Co. (The)† | 905 | 22,263 | ||||||
Sysco Corp.†(b) | 117,034 | 7,813,190 | ||||||
Walgreens Boots Alliance, Inc.(b) | 95,007 | 6,011,093 | ||||||
Walmart, Inc.†(b) | 88,747 | 8,655,495 | ||||||
Weis Markets, Inc.(a) | 171 | 6,979 | ||||||
|
| |||||||
22,629,827 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.8% |
| |||||||
Altria Group, Inc.† | 98,064 | 5,631,816 | ||||||
Archer-Daniels-Midland Co.† | 84,148 | 3,629,303 | ||||||
B&G Foods, Inc.(a) | 9,088 | 221,929 | ||||||
Campbell Soup Co.(a) | 57,677 | 2,199,224 | ||||||
Coca-Cola Co. (The)(b) | 59,746 | 2,799,698 | ||||||
Constellation Brands, Inc., | 26,516 | 4,649,050 | ||||||
General Mills, Inc.†(a) | 126,887 | 6,566,402 | ||||||
Hershey Co. (The)† | 40,399 | 4,639,017 | ||||||
Hormel Foods Corp.(a) | 49,212 | 2,202,729 | ||||||
JM Smucker Co. (The)(a) | 5,666 | 660,089 | ||||||
Kellogg Co.(a) | 24,726 | 1,418,778 | ||||||
Kraft Heinz Co. (The)†(b) | 112,449 | 3,671,460 | ||||||
McCormick & Co., Inc.,non-voting shares(a) | 13,092 | 1,972,048 | ||||||
Mondelez International, Inc., | 44,257 | 2,209,309 | ||||||
Monster Beverage Corp.* | 43,374 | 2,367,353 | ||||||
PepsiCo, Inc.† | 66,652 | 8,168,203 | ||||||
Philip Morris International, Inc.† | 44,137 | 3,901,269 | ||||||
Pilgrim’s Pride Corp.(b)* | 61,617 | 1,373,443 | ||||||
Post Holdings, Inc.(a)* | 1,011 | 110,603 | ||||||
Tootsie Roll Industries, Inc.(a) | 101 | 3,761 | ||||||
TreeHouse Foods, Inc.(a)* | 31,271 | 2,018,543 | ||||||
Tyson Foods, Inc., Class A†(a)(b) | 51,845 | 3,599,598 | ||||||
Universal Corp.(a) | 2,748 | 158,367 | ||||||
Vector Group Ltd.(a) | 91,868 | 991,256 | ||||||
|
| |||||||
65,163,248 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
16
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — 7.1% |
| |||||||
Abbott Laboratories†(a) | 41,871 | $ | 3,347,168 | |||||
Allscripts Healthcare Solutions, | 112,602 | 1,074,223 | ||||||
Avanos Medical, Inc.(b)* | 12,021 | 513,056 | ||||||
Baxter International, Inc.† | 19,864 | 1,615,142 | ||||||
Becton Dickinson and Co.(b) | 176 | 43,952 | ||||||
Cardinal Health, Inc.(b) | 69,143 | 3,329,235 | ||||||
Cerner Corp.†(a)* | 42,518 | 2,432,455 | ||||||
CONMED Corp.† | 5,151 | 428,460 | ||||||
Cooper Cos., Inc. (The)(a) | 902 | 267,145 | ||||||
CVS Health Corp.† | 83,448 | 4,500,351 | ||||||
Danaher Corp.† | 13,847 | 1,828,081 | ||||||
DENTSPLY SIRONA, Inc.†(a)(b) | 38,602 | 1,914,273 | ||||||
Globus Medical, Inc., Class A†* | 31,938 | 1,578,057 | ||||||
Haemonetics Corp.†* | 6,232 | 545,175 | ||||||
Hanger, Inc.* | 320 | 6,096 | ||||||
HCA Healthcare, Inc.† | 37,208 | 4,851,179 | ||||||
Henry Schein, Inc.(a)* | 22,721 | 1,365,759 | ||||||
Hill-Rom Holdings, Inc.†(a) | 24,934 | 2,639,513 | ||||||
HMS Holdings Corp.†(a)* | 89,672 | 2,655,188 | ||||||
Integer Holdings Corp.†(a)* | 44,556 | 3,360,414 | ||||||
Integra LifeSciences Holdings | 37,390 | 2,083,371 | ||||||
Laboratory Corp. of America Holdings†(b)* | 17,880 | 2,735,282 | ||||||
LivaNova PLC (United Kingdom)†* | 28,117 | 2,734,378 | ||||||
Masimo Corp.†(a)* | 4,973 | 687,666 | ||||||
McKesson Corp. | 5,279 | 617,960 | ||||||
MEDNAX, Inc.†(a)* | 47,909 | 1,301,688 | ||||||
Medtronic PLC (Ireland)† | 78,065 | 7,110,160 | ||||||
Natus Medical, Inc.(a)* | 8,590 | 218,014 | ||||||
NextGen Healthcare, Inc.(a)* | 16,421 | 276,365 | ||||||
NuVasive, Inc.(a)* | 6,716 | 381,402 | ||||||
Omnicell, Inc.(a)* | 9,025 | 729,581 | ||||||
Quest Diagnostics, Inc.†(a) | 20,853 | 1,875,102 | ||||||
ResMed, Inc.(b) | 1,736 | 180,492 | ||||||
Select Medical Holdings Corp.(a)* | 13,245 | 186,622 | ||||||
STERIS PLC (Ireland)†(a) | 17,531 | 2,244,494 | ||||||
Stryker Corp.(a) | 1,642 | 324,328 | ||||||
Tenet Healthcare Corp.†(a)* | 46,561 | 1,342,819 | ||||||
Tivity Health, Inc.(a)* | 81,743 | 1,435,407 | ||||||
Universal Health Services, Inc., Class B† | 722 | 96,582 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Veeva Systems, Inc., Class A(a)* | 4,321 | $ | 548,162 | |||||
West Pharmaceutical Services, | 2,256 | 248,611 | ||||||
Zimmer Biomet Holdings, Inc.†(a) | 20,976 | 2,678,635 | ||||||
|
| |||||||
68,332,043 | ||||||||
|
| |||||||
Household & Personal Products — 2.5% |
| |||||||
Avon Products, Inc.(b)* | 121,569 | 357,413 | ||||||
Church & Dwight Co., Inc.(b) | 48,067 | 3,423,812 | ||||||
Clorox Co. (The)†(a) | 6,297 | 1,010,417 | ||||||
Colgate-Palmolive Co.†(b) | 58,286 | 3,994,922 | ||||||
Edgewell Personal Care Co.(a)* | 22,350 | 980,942 | ||||||
elf Beauty, Inc.* | 880 | 9,328 | ||||||
Inter Parfums, Inc. | 1,629 | 123,592 | ||||||
Kimberly-Clark Corp.† | 40,322 | 4,995,896 | ||||||
Procter & Gamble Co. (The)†(b) | 85,395 | 8,885,350 | ||||||
|
| |||||||
23,781,672 | ||||||||
|
| |||||||
Materials — 3.5% | ||||||||
Air Products & Chemicals, Inc.(a) | 2,915 | 556,648 | ||||||
Ashland Global Holdings, Inc.† | 4,661 | 364,164 | ||||||
Axalta Coating Systems Ltd. (Bermuda)* | 81,620 | 2,057,640 | ||||||
Celanese Corp.†(a) | 2,470 | 243,567 | ||||||
CF Industries Holdings, Inc. | 35,751 | 1,461,501 | ||||||
Chemours Co. (The)†(a) | 75,081 | 2,790,010 | ||||||
Domtar Corp.†(a) | 35,755 | 1,775,236 | ||||||
Eagle Materials, Inc.(b) | 9,742 | 821,251 | ||||||
Eastman Chemical Co. | 29,826 | 2,263,197 | ||||||
FMC Corp.†(a) | 4,915 | 377,570 | ||||||
FutureFuel Corp.(a) | 9,104 | 121,994 | ||||||
Greif, Inc., Class A(a) | 7,626 | 314,572 | ||||||
H.B. Fuller Co.(a) | 66,677 | 3,243,169 | ||||||
Innospec, Inc.(a) | 4,363 | 363,656 | ||||||
International Paper Co.(a) | 26,473 | 1,224,906 | ||||||
Koppers Holdings, Inc.(a)* | 1,701 | 44,192 | ||||||
Kraton Corp.†(a)* | 55,566 | 1,788,114 | ||||||
Kronos Worldwide, Inc.(a) | 61,693 | 864,936 | ||||||
Livent Corp.(a)* | 2,661 | 32,677 | ||||||
Methanex Corp. (Canada)† | 7,407 | 421,162 | ||||||
Norbord, Inc. (Canada) | 14,439 | 397,794 | ||||||
Nutrien Ltd. (Canada) | 39,607 | 2,089,665 | ||||||
Olin Corp.(a) | 141,703 | 3,279,007 | ||||||
PolyOne Corp.†(a)(b) | 55,040 | 1,613,222 | ||||||
RPM International, Inc.†(a) | 20,481 | 1,188,717 | ||||||
ScottsMiracle-Gro Co. (The)(a) | 18,427 | 1,447,994 | ||||||
Silgan Holdings, Inc.(a) | 4,307 | 127,616 |
The accompanying notes are an integral part of the financial statements.
17
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Verso Corp., Class A(a)(b)* | 84,354 | $ | 1,806,863 | |||||
Westlake Chemical Corp.† | 9,304 | 631,369 | ||||||
|
| |||||||
33,712,409 | ||||||||
|
| |||||||
Media & Entertainment — 6.6% | ||||||||
Activision Blizzard, Inc.† | 93,053 | 4,236,703 | ||||||
Alphabet, Inc., Class A†* | 11,987 | 14,107,380 | ||||||
Cars.com, Inc.(a)* | 105,415 | 2,403,462 | ||||||
Comcast Corp., Class A† | 97,975 | 3,917,041 | ||||||
Discovery, Inc., Class A(a)* | 82,698 | 2,234,500 | ||||||
DISH Network Corp., Class A†(a)* | 90,111 | 2,855,618 | ||||||
Electronic Arts, Inc.†* | 36,041 | 3,662,847 | ||||||
Facebook, Inc., Class A†* | 43,501 | 7,251,182 | ||||||
Gannett Co., Inc.(a) | 14,059 | 148,182 | ||||||
Gray Television, Inc.†(a)* | 116,449 | 2,487,351 | ||||||
IAC/InterActiveCorp.†(b)* | 13,163 | 2,765,678 | ||||||
Interpublic Group of Cos., Inc. | 69,245 | 1,454,837 | ||||||
Marcus Corp. (The)(a) | 11,996 | 480,440 | ||||||
MSG Networks, Inc., Class A†(a)* | 27,712 | 602,736 | ||||||
New Media Investment Group, | 7,988 | 83,874 | ||||||
News Corp., Class A(a)(b) | 146,198 | 1,818,703 | ||||||
Omnicom Group, Inc.(a)(b) | 42,916 | 3,132,439 | ||||||
QuinStreet, Inc.(a)* | 64,721 | 866,614 | ||||||
TEGNA, Inc.†(a) | 98,584 | 1,390,034 | ||||||
Tribune Media Co., Class A(a) | 7,629 | 352,002 | ||||||
Viacom, Inc., Class B† | 80,868 | 2,269,965 | ||||||
Walt Disney Co. (The)†(a) | 45,445 | 5,045,758 | ||||||
|
| |||||||
63,567,346 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 7.3% |
| |||||||
AbbVie, Inc.† | 37,454 | 3,018,418 | ||||||
Agilent Technologies, Inc.† | 5,660 | 454,951 | ||||||
Amgen, Inc.† | 19,052 | 3,619,499 | ||||||
Amneal Pharmaceuticals, Inc.(a)* | 3,206 | 45,429 | ||||||
Biogen, Inc.†* | 20,967 | 4,956,179 | ||||||
Bio-Rad Laboratories, Inc., | 975 | 298,038 | ||||||
Bristol-Myers Squibb Co.† | 104,918 | 5,005,638 | ||||||
Bruker Corp.†(a) | 51,067 | 1,963,015 | ||||||
Celgene Corp.†(b)* | 120,715 | 11,388,253 | ||||||
Charles River Laboratories International, Inc.(a)* | 2,614 | 379,684 | ||||||
Corcept Therapeutics, Inc.(a)* | 9,056 | 106,317 | ||||||
Eagle Pharmaceuticals, Inc.* | 1,336 | 67,455 | ||||||
Eli Lilly & Co.† | 35,627 | 4,622,960 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Enanta Pharmaceuticals, Inc.(a)* | 7,010 | $ | 669,595 | |||||
Exelixis, Inc.†(a)* | 48,371 | 1,151,230 | ||||||
Genomic Health, Inc.* | 8,808 | 617,000 | ||||||
Gilead Sciences, Inc.† | 47,585 | 3,093,501 | ||||||
Innoviva, Inc.(a)* | 80,631 | 1,131,253 | ||||||
Johnson & Johnson† | 23,774 | 3,323,367 | ||||||
Ligand Pharmaceuticals, Inc.(a)* | 7,144 | 898,072 | ||||||
Mallinckrodt PLC (Ireland)* | 11,501 | 250,032 | ||||||
Medpace Holdings, Inc.†(a)* | 42,229 | 2,490,244 | ||||||
Merck & Co., Inc.†(a) | 68,484 | 5,695,814 | ||||||
Mylan NV (Netherlands)†* | 77,202 | 2,187,905 | ||||||
Neurocrine Biosciences, Inc.(a)* | 1,966 | 173,205 | ||||||
Pfizer, Inc.† | 142,142 | 6,036,771 | ||||||
PRA Health Sciences, Inc.†(a)(b)* | 12,507 | 1,379,397 | ||||||
QIAGEN NV (Netherlands)†* | 1,678 | 68,261 | ||||||
Regeneron Pharmaceuticals, Inc.(b)* | 1,784 | 732,546 | ||||||
REGENXBIO, Inc.(a)* | 12,055 | 690,872 | ||||||
Repligen Corp.(a)* | 4,109 | 242,760 | ||||||
Seattle Genetics, Inc.(a)* | 2,492 | 182,514 | ||||||
Supernus Pharmaceuticals, Inc.(a)* | 10,042 | 351,872 | ||||||
Thermo Fisher Scientific, Inc.(b) | 8,042 | 2,201,256 | ||||||
Waters Corp.(a)(b)* | 1,044 | 262,785 | ||||||
Zoetis, Inc.† | 1,629 | 163,991 | ||||||
|
| |||||||
69,920,079 | ||||||||
|
| |||||||
Retailing — 10.9% | ||||||||
Advance Auto Parts, Inc.†(b) | 44,687 | 7,620,474 | ||||||
Amazon.com, Inc.†(b)* | 8,920 | 15,884,290 | ||||||
Asbury Automotive Group, Inc.(a)* | 2,917 | 202,323 | ||||||
AutoZone, Inc.†(b)* | 6,916 | 7,082,814 | ||||||
Bed Bath & Beyond, Inc.(a) | 77,325 | 1,313,752 | ||||||
Best Buy Co., Inc.(a)(b) | 15,009 | 1,066,540 | ||||||
Booking Holdings, Inc.†(a)* | 2,994 | 5,224,261 | ||||||
Boot Barn Holdings, Inc.(a)* | 14,209 | 418,313 | ||||||
Core-Mark Holding Co., Inc.† | 4,564 | 169,461 | ||||||
Dillard’s, Inc., Class A(a) | 8,343 | 600,863 | ||||||
Dollar General Corp.(a)(b) | 31,633 | 3,773,817 | ||||||
Dollar Tree, Inc.(b)* | 384 | 40,335 | ||||||
eBay, Inc.†(a) | 174,261 | 6,472,054 | ||||||
Etsy, Inc.†(a)* | 90,507 | 6,083,881 | ||||||
Foot Locker, Inc.(a) | 12,772 | 773,983 | ||||||
Gap, Inc. (The)(a) | 30,003 | 785,479 | ||||||
Genesco, Inc.(a)* | 4,832 | 220,098 |
The accompanying notes are an integral part of the financial statements.
18
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
Genuine Parts Co.(a)(b) | 41,448 | $ | 4,643,419 | |||||
Group 1 Automotive, Inc.(a) | 19,886 | 1,286,624 | ||||||
Home Depot, Inc. (The)† | 33,120 | 6,355,397 | ||||||
Hudson Ltd., Class A (Bermuda)* | 11,763 | 161,741 | ||||||
J.C. Penney Co., Inc.(a)* | 67,427 | 100,466 | ||||||
Lowe’s Cos., Inc.†(b) | 59,915 | 6,558,895 | ||||||
Macy’s, Inc.(a) | 69,548 | 1,671,238 | ||||||
Murphy USA, Inc.(a)* | 13,110 | 1,122,478 | ||||||
Office Depot, Inc.†(a) | 758,432 | 2,753,108 | ||||||
O’Reilly Automotive, Inc.†(a)* | 2,195 | 852,318 | ||||||
Qurate Retail, Inc.(a)(b)* | 166,083 | 2,654,006 | ||||||
RH(a)* | 1,962 | 201,988 | ||||||
Ross Stores, Inc.†(a)(b) | 28,957 | 2,695,897 | ||||||
Stamps.com, Inc.(a)* | 16,593 | 1,350,836 | ||||||
Tailored Brands, Inc.(a) | 164,237 | 1,287,618 | ||||||
Target Corp.(b) | 21,915 | 1,758,898 | ||||||
Tiffany & Co.(a) | 6,845 | 722,490 | ||||||
TJX Cos., Inc. (The)†(b) | 115,621 | 6,152,193 | ||||||
Tractor Supply Co.†(a) | 21,522 | 2,103,991 | ||||||
Urban Outfitters, Inc.(a)(b)* | 70,213 | 2,081,113 | ||||||
Williams-Sonoma, Inc.(a) | 10,713 | 602,821 | ||||||
|
| |||||||
104,850,273 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 8.2% |
| |||||||
Advanced Energy Industries, | 5,508 | 273,637 | ||||||
Amkor Technology, Inc.(a)* | 60,524 | 516,875 | ||||||
Analog Devices, Inc.†(a)(b) | 14,024 | 1,476,306 | ||||||
Applied Materials, Inc.†(b) | 272,636 | 10,812,744 | ||||||
Axcelis Technologies, Inc.(a)* | 11,904 | 239,508 | ||||||
Cypress Semiconductor Corp.†(a) | 87,496 | 1,305,440 | ||||||
Diodes, Inc.†(a)* | 52,108 | 1,808,148 | ||||||
Intel Corp.†(a)(b) | 70,187 | 3,769,042 | ||||||
KLA-Tencor Corp.†(a) | 49,987 | 5,968,948 | ||||||
Lam Research Corp.†(a)(b) | 43,752 | 7,832,046 | ||||||
Microchip Technology, Inc.(a) | 47,444 | 3,935,954 | ||||||
Micron Technology, Inc.†* | 427,934 | 17,686,512 | ||||||
MKS Instruments, Inc.†(a) | 29,099 | 2,707,662 | ||||||
Nanometrics, Inc.(a)* | 49,035 | 1,514,201 | ||||||
ON Semiconductor Corp.†(a)* | 254,594 | 5,236,999 | ||||||
Qorvo, Inc.(a)* | 27,458 | 1,969,562 | ||||||
QUALCOMM, Inc.† | 7,514 | 428,523 | ||||||
Semtech Corp.(a)* | 1,489 | 75,805 | ||||||
Skyworks Solutions, Inc.(a)(b) | 57,512 | 4,743,590 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Teradyne, Inc.(a) | 28,831 | $ | 1,148,627 | |||||
Texas Instruments, Inc.† | 29,665 | 3,146,567 | ||||||
Versum Materials, Inc.† | 39,119 | 1,968,077 | ||||||
Xilinx, Inc. | 4,868 | 617,214 | ||||||
|
| |||||||
79,181,987 | ||||||||
|
| |||||||
Software & Services — 12.7% | ||||||||
Accenture PLC, Class A (Ireland)(b) | 27,800 | 4,893,356 | ||||||
ACI Worldwide, Inc.(a)* | 32,519 | 1,068,900 | ||||||
Akamai Technologies, Inc.†* | 2,322 | 166,511 | ||||||
Alarm.com Holdings, Inc.(a)* | 20,992 | 1,362,381 | ||||||
Altair Engineering, Inc., Class A* | 63 | 2,319 | ||||||
Alteryx, Inc., Class A(a)* | 15,573 | 1,306,108 | ||||||
Amdocs, Ltd. (Guernsey) | 5,916 | 320,115 | ||||||
ANSYS, Inc.†(a)* | 13,351 | 2,439,361 | ||||||
Appfolio, Inc., Class A†(a)* | 15,513 | 1,231,732 | ||||||
Aspen Technology, Inc.†(a)* | 25,650 | 2,674,269 | ||||||
Automatic Data Processing, Inc.† | 16,987 | 2,713,503 | ||||||
Avaya Holdings Corp.(a)* | 73,472 | 1,236,534 | ||||||
Blackbaud, Inc.(a) | 17,589 | 1,402,371 | ||||||
Booz Allen Hamilton Holding | 6,379 | 370,875 | ||||||
Cadence Design Systems, Inc.(a)* | 6,936 | 440,505 | ||||||
Cardtronics PLC, Class A (United Kingdom)†(a)* | 26,419 | 939,988 | ||||||
CDK Global, Inc.†(a) | 49,155 | 2,891,297 | ||||||
CGI, Inc. (Canada)* | 5,918 | 406,922 | ||||||
Cision Ltd. (Cayman Islands)†(a)* | 55,878 | 769,440 | ||||||
Citrix Systems, Inc.†(a) | 30,915 | 3,080,989 | ||||||
CommVault Systems, Inc.(a)* | 7,732 | 500,570 | ||||||
Conduent, Inc.(a)* | 75,785 | 1,048,107 | ||||||
Descartes Systems Group, Inc. (The) (Canada)* | 914 | 33,251 | ||||||
DXC Technology Co. | 54,862 | 3,528,175 | ||||||
Endurance International Group Holdings, Inc.(a)* | 45,902 | 332,790 | ||||||
Euronet Worldwide, Inc.(a)* | 915 | 130,470 | ||||||
Fair Isaac Corp.†* | 7,696 | 2,090,464 | ||||||
Fidelity National Information Services, Inc. | 6,137 | 694,095 | ||||||
Fortinet, Inc.†(a)(b)* | 66,965 | 5,623,051 | ||||||
Globant SA (Luxembourg)(a)* | 21,415 | 1,529,031 | ||||||
GoDaddy, Inc., Class A†* | 2,195 | 165,042 |
The accompanying notes are an integral part of the financial statements.
19
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
GTT Communications, Inc.(a)* | 14,056 | $ | 487,743 | |||||
International Business Machines Corp.†(b) | 65,460 | 9,236,406 | ||||||
j2 Global, Inc.(a) | 14,333 | 1,241,238 | ||||||
Jack Henry & Associates, Inc.(a) | 1,793 | 248,761 | ||||||
Leidos Holdings, Inc.†(a) | 5,468 | 350,444 | ||||||
LiveRamp Holdings, Inc.(a)* | 10,285 | 561,252 | ||||||
Manhattan Associates, Inc.†(a)* | 17,593 | 969,550 | ||||||
Mastercard, Inc., Class A† | 398 | 93,709 | ||||||
Microsoft Corp.(b) | 39,258 | 4,630,089 | ||||||
Monotype Imaging Holdings, Inc.(a) | 14,303 | 284,487 | ||||||
NIC, Inc.(a) | 19,475 | 332,828 | ||||||
Nuance Communications, Inc.†(a)* | 182,665 | 3,092,518 | ||||||
Open Text Corp. (Canada)†(a) | 44,366 | 1,704,985 | ||||||
Oracle Corp.†(a)(b) | 77,909 | 4,184,492 | ||||||
Palo Alto Networks, Inc.(a)* | 3,213 | 780,373 | ||||||
Paychex, Inc.†(a) | 68,788 | 5,516,798 | ||||||
Paycom Software, Inc.(a)* | 15,174 | 2,869,859 | ||||||
PayPal Holdings, Inc.†* | 108,206 | 11,236,111 | ||||||
Progress Software Corp.†(a)(b) | 46,164 | 2,048,297 | ||||||
Qualys, Inc.(a)* | 28,226 | 2,335,419 | ||||||
Red Hat, Inc.†(b)* | 19,135 | 3,495,965 | ||||||
salesforce.com, Inc.* | 5,460 | 864,700 | ||||||
SPS Commerce, Inc.†(a)* | 23,456 | 2,487,743 | ||||||
SS&C Technologies Holdings, Inc. | 60,858 | 3,876,046 | ||||||
Sykes Enterprises, Inc.(a)* | 797 | 22,539 | ||||||
Total System Services, Inc.(a) | 4,306 | 409,113 | ||||||
Tyler Technologies, Inc.†(a)* | 3,501 | 715,604 | ||||||
Verint Systems, Inc.(a)* | 18,190 | 1,088,853 | ||||||
VeriSign, Inc.†* | 17,573 | 3,190,554 | ||||||
Visa, Inc., Class A(a) | 9,530 | 1,488,491 | ||||||
VMware, Inc., Class A†(a) | 24,404 | 4,405,166 | ||||||
Western Union Co. (The)(a) | 101,587 | 1,876,312 | ||||||
|
| |||||||
121,518,967 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.3% |
| |||||||
Amphenol Corp., Class A†(a) | 33,919 | 3,203,310 | ||||||
Apple, Inc.†(b) | 78,403 | 14,892,650 | ||||||
ARRIS International PLC (United Kingdom)†(a)* | 60,316 | 1,906,589 | ||||||
Arrow Electronics, Inc.†* | 26,062 | 2,008,338 | ||||||
Avnet, Inc.(b) | 358 | 15,526 | ||||||
AVX Corp.(a) | 18,910 | 327,899 | ||||||
Badger Meter, Inc.(a) | 4,355 | 242,312 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Belden, Inc.(a) | 36,984 | $ | 1,986,041 | |||||
Casa Systems, Inc.(a)* | 61,012 | 506,400 | ||||||
Cisco Systems, Inc.† | 88,866 | 4,797,875 | ||||||
Coherent, Inc.(a)* | 16,807 | 2,381,888 | ||||||
CommScope Holding Co., Inc.†* | 131,973 | 2,867,773 | ||||||
Corning, Inc.† | 41,408 | 1,370,605 | ||||||
Diebold Nixdorf, Inc.(a)* | 59,160 | 654,901 | ||||||
EchoStar Corp., Class A†(a)* | 57,478 | 2,095,073 | ||||||
F5 Networks, Inc.†(a)* | 23,101 | 3,625,240 | ||||||
FLIR Systems, Inc.(b) | 44,496 | 2,117,120 | ||||||
Hewlett Packard Enterprise | 196,997 | 3,039,664 | ||||||
HP, Inc.† | 261,808 | 5,086,929 | ||||||
Insight Enterprises, Inc.†(a)* | 11,207 | 617,057 | ||||||
IPG Photonics Corp.(a)* | 12,756 | 1,936,106 | ||||||
Itron, Inc.(a)* | 28,405 | 1,325,093 | ||||||
Juniper Networks, Inc.†(a) | 121,290 | 3,210,546 | ||||||
Keysight Technologies, Inc.†* | 4,229 | 368,769 | ||||||
Motorola Solutions, Inc.†(a) | 56,510 | 7,935,134 | ||||||
NetApp, Inc.†(a) | 70,553 | 4,892,145 | ||||||
NETGEAR, Inc.(a)* | 7,826 | 259,197 | ||||||
OSI Systems, Inc.(a)* | 11,054 | 968,330 | ||||||
Seagate Technology PLC | 115,604 | 5,536,276 | ||||||
TE Connectivity Ltd. | 55,783 | 4,504,477 | ||||||
Vishay Intertechnology, Inc.(a) | 141,342 | 2,610,587 | ||||||
Western Digital Corp.†(a)(b) | 79,704 | 3,830,574 | ||||||
Xerox Corp.†(a)(b) | 162,301 | 5,190,386 | ||||||
Zebra Technologies Corp., Class A†* | 12,050 | 2,524,836 | ||||||
|
| |||||||
98,835,646 | ||||||||
|
| |||||||
Telecommunication Services — 2.1% |
| |||||||
AT&T, Inc.(b) | 53,297 | 1,671,394 | ||||||
CenturyLink, Inc.†(a) | 257,538 | 3,087,881 | ||||||
Intelsat SA (Luxembourg)(a)* | 64,666 | 1,012,670 | ||||||
Rogers Communications, Inc., Class B (Canada)† | 46,922 | 2,525,342 | ||||||
Verizon Communications, Inc.†(a)(b) | 203,268 | 12,019,237 | ||||||
Vonage Holdings Corp.(b)* | 5,077 | 50,973 | ||||||
|
| |||||||
20,367,497 | ||||||||
|
| |||||||
Transportation — 3.6% | ||||||||
American Airlines Group, Inc.(b) | 41,668 | 1,323,376 | ||||||
ArcBest Corp.(a)(b) | 51,961 | 1,599,879 | ||||||
CH Robinson Worldwide, Inc.†(a) | 20,090 | 1,747,629 | ||||||
CSX Corp.† | 123,261 | 9,222,388 | ||||||
Delta Air Lines, Inc.†(a) | 54,567 | 2,818,386 |
The accompanying notes are an integral part of the financial statements.
20
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Echo Global Logistics, Inc.(a)* | 28,370 | $ | 703,009 | |||||
Expeditors International of Washington, Inc.† | 6,081 | 461,548 | ||||||
Genesee & Wyoming, Inc., | 23,433 | 2,041,952 | ||||||
Golden Ocean Group Ltd. (Bermuda)(a) | 2,716 | 12,955 | ||||||
Landstar System, Inc.(a) | 11,460 | 1,253,609 | ||||||
Marten Transport Ltd. | 4,481 | 79,896 | ||||||
Norfolk Southern Corp.† | 12,421 | 2,321,361 | ||||||
Schneider National, Inc., | 63,269 | 1,331,812 | ||||||
Southwest Airlines Co.†(a) | 86,830 | 4,507,345 | ||||||
Union Pacific Corp. | 11,286 | 1,887,019 | ||||||
XPO Logistics, Inc.(a)* | 67,628 | 3,634,329 | ||||||
|
| |||||||
34,946,493 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $1,031,149,144) | 1,155,182,347 | |||||||
|
| |||||||
Par Value | ||||||||
CORPORATE BONDS AND NOTES — 0.0% |
| |||||||
Capital Goods — 0.0% | ||||||||
Mueller Industries, Inc. | $ | 785 | 769 | |||||
|
| |||||||
TOTAL CORPORATE BONDS AND NOTES | 769 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 120.3% |
| 1,155,183,116 | ||||||
|
| |||||||
(Cost $1,031,149,929) | ||||||||
Number of Shares | ||||||||
SHORT POSITIONS — (60.1)% |
| |||||||
COMMON STOCKS — (60.1)% |
| |||||||
Automobiles & Components — (1.6)% |
| |||||||
Adient PLC (Ireland) | (173,046 | ) | (2,242,676 | ) | ||||
Cooper-Standard Holding, Inc.* | (6,547 | ) | (307,447 | ) | ||||
Dorman Products, Inc.* | (25,552 | ) | (2,250,876 | ) | ||||
Ford Motor Co. | (354,307 | ) | (3,110,815 | ) | ||||
Fox Factory Holding Corp.* | (19,747 | ) | (1,380,118 | ) | ||||
Gentherm, Inc.* | (10,081 | ) | (371,586 | ) | ||||
Goodyear Tire & Rubber Co. (The) | (32,846 | ) | (596,155 | ) | ||||
LCI Industries | (41,313 | ) | (3,173,665 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Automobiles & Components — (Continued) |
| |||||||
Standard Motor Products, Inc. | (6,541 | ) | $ | (321,163 | ) | |||
Tesla, Inc.* | (4,849 | ) | (1,357,041 | ) | ||||
Visteon Corp.* | (3,225 | ) | (217,204 | ) | ||||
|
| |||||||
(15,328,746 | ) | |||||||
|
| |||||||
Capital Goods — (8.6)% | ||||||||
AAON, Inc. | (36,987 | ) | (1,708,060 | ) | ||||
AAR Corp. | (40,226 | ) | (1,307,747 | ) | ||||
Actuant Corp., Class A | (1,201 | ) | (29,268 | ) | ||||
Advanced Drainage Systems, Inc. | (9,214 | ) | (237,445 | ) | ||||
Aerovironment, Inc.* | (3,837 | ) | (262,489 | ) | ||||
Alamo Group, Inc. | (1,893 | ) | (189,186 | ) | ||||
American Woodmark Corp.* | (22,816 | ) | (1,885,286 | ) | ||||
Apogee Enterprises, Inc. | (10,282 | ) | (385,472 | ) | ||||
Arcosa, Inc. | (14,939 | ) | (456,386 | ) | ||||
Argan, Inc. | (15,462 | ) | (772,327 | ) | ||||
Astec Industries, Inc. | (20,958 | ) | (791,374 | ) | ||||
Astronics Corp.* | (14,445 | ) | (472,640 | ) | ||||
Atkore International Group, Inc.* | (843 | ) | (18,150 | ) | ||||
Axon Enterprise, Inc.* | (28,953 | ) | (1,575,333 | ) | ||||
Beacon Roofing Supply, Inc.* | (39,362 | ) | (1,265,882 | ) | ||||
Bloom Energy Corp., Class A* | (12,871 | ) | (166,293 | ) | ||||
Blue Bird Corp.* | (6,590 | ) | (111,569 | ) | ||||
Briggs & Stratton Corp. | (35,156 | ) | (415,895 | ) | ||||
Builders FirstSource, Inc.* | (120,380 | ) | (1,605,869 | ) | ||||
BWX Technologies, Inc. | (3,759 | ) | (186,371 | ) | ||||
CAE, Inc. (Canada) | (1,484 | ) | (32,871 | ) | ||||
Chart Industries, Inc.* | (21,926 | ) | (1,984,742 | ) | ||||
CIRCOR International, Inc.* | (39,365 | ) | (1,283,299 | ) | ||||
Crane Co. | (1,297 | ) | (109,752 | ) | ||||
Cubic Corp. | (13,661 | ) | (768,295 | ) | ||||
DMC Global, Inc. | (2,254 | ) | (111,889 | ) | ||||
Douglas Dynamics, Inc. | (6,772 | ) | (257,810 | ) | ||||
DXP Enterprises, Inc.* | (6,641 | ) | (258,468 | ) | ||||
Dycom Industries, Inc.* | (43,362 | ) | (1,992,050 | ) | ||||
EnerSys | (33,145 | ) | (2,159,728 | ) | ||||
Enphase Energy, Inc.* | (73,901 | ) | (682,106 | ) | ||||
ESCO Technologies, Inc. | (4,152 | ) | (278,309 | ) | ||||
Evoqua Water Technologies Corp.* | (126,530 | ) | (1,591,747 | ) | ||||
Fastenal Co. | (43,467 | ) | (2,795,363 | ) | ||||
Federal Signal Corp. | (2,626 | ) | (68,250 | ) | ||||
Gates Industrial Corp. PLC (United Kingdom)* | (37,159 | ) | (532,860 | ) | ||||
GMS, Inc.* | (22,144 | ) | (334,817 | ) | ||||
Gorman-Rupp Co. (The) | (910 | ) | (30,885 | ) |
The accompanying notes are an integral part of the financial statements.
21
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Granite Construction, Inc. | (18,466 | ) | $ | (796,808 | ) | |||
Harris Corp. | (9,213 | ) | (1,471,408 | ) | ||||
HEICO Corp. | (12,386 | ) | (1,175,060 | ) | ||||
Herc Holdings, Inc.* | (2,957 | ) | (115,264 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (7,749 | ) | (483,228 | ) | ||||
Jacobs Engineering Group, Inc. | (28,756 | ) | (2,162,164 | ) | ||||
JELD-WEN Holding, Inc.* | (92,979 | ) | (1,642,009 | ) | ||||
John Bean Technologies Corp. | (6,982 | ) | (641,576 | ) | ||||
Kennametal, Inc. | (54,038 | ) | (1,985,896 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (67,671 | ) | (1,057,698 | ) | ||||
Lindsay Corp. | (3,914 | ) | (378,836 | ) | ||||
Mercury Systems, Inc.* | (23,556 | ) | (1,509,468 | ) | ||||
Middleby Corp. (The)* | (13,306 | ) | (1,730,179 | ) | ||||
MRC Global, Inc.* | (52,041 | ) | (909,677 | ) | ||||
Mueller Water Products, Inc., Class A | (108,145 | ) | (1,085,776 | ) | ||||
MYR Group, Inc.* | (1,409 | ) | (48,794 | ) | ||||
Nordson Corp. | (18,260 | ) | (2,419,815 | ) | ||||
NOW, Inc.* | (91,945 | ) | (1,283,552 | ) | ||||
NV5 Global, Inc.* | (1,530 | ) | (90,821 | ) | ||||
Patrick Industries, Inc.* | (34,404 | ) | (1,559,189 | ) | ||||
PGT Innovations, Inc.* | (105,584 | ) | (1,462,338 | ) | ||||
Plug Power, Inc.* | (12,164 | ) | (29,194 | ) | ||||
Primoris Services Corp. | (40,565 | ) | (838,884 | ) | ||||
Proto Labs, Inc.* | (7,121 | ) | (748,702 | ) | ||||
Quanex Building Products Corp. | (846 | ) | (13,443 | ) | ||||
Raven Industries, Inc. | (13,650 | ) | (523,750 | ) | ||||
RBC Bearings, Inc.* | (7,412 | ) | (942,584 | ) | ||||
REV Group, Inc. | (76,319 | ) | (835,693 | ) | ||||
Roper Technologies, Inc. | (2,884 | ) | (986,241 | ) | ||||
SiteOne Landscape Supply, Inc.* | (9,865 | ) | (563,785 | ) | ||||
SPX Corp.* | (19,136 | ) | (665,741 | ) | ||||
Sun Hydraulics Corp. | (14,159 | ) | (658,535 | ) | ||||
Sunrun, Inc.* | (77,912 | ) | (1,095,443 | ) | ||||
Terex Corp. | (5,103 | ) | (163,959 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda)* | (15,496 | ) | (149,536 | ) | ||||
Thermon Group Holdings, Inc.* | (16,587 | ) | (406,547 | ) | ||||
Timken Co. (The) | (13,586 | ) | (592,621 | ) | ||||
Toro Co. (The) | (19,022 | ) | (1,309,474 | ) | ||||
Triumph Group, Inc. | (80,564 | ) | (1,535,550 | ) | ||||
United Rentals, Inc.* | (19,826 | ) | (2,265,120 | ) | ||||
United Technologies Corp. | (7,875 | ) | (1,015,009 | ) | ||||
Universal Forest Products, Inc. | (30,067 | ) | (898,703 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
USG Corp. | (101,833 | ) | $ | (4,409,369 | ) | |||
Veritiv Corp.* | (1,832 | ) | (48,218 | ) | ||||
Vicor Corp.* | (7,990 | ) | (247,850 | ) | ||||
Vivint Solar, Inc.* | (48,043 | ) | (238,774 | ) | ||||
WABCO Holdings, Inc.* | (13,037 | ) | (1,718,668 | ) | ||||
Wabtec Corp. | (7,728 | ) | (569,708 | ) | ||||
Welbilt, Inc.* | (113,562 | ) | (1,860,146 | ) | ||||
Wesco Aircraft Holdings, Inc.* | (88,669 | ) | (779,401 | ) | ||||
WillScot Corp.* | (99,205 | ) | (1,100,183 | ) | ||||
Woodward, Inc. | (15,127 | ) | (1,435,401 | ) | ||||
Xylem, Inc. | (14,146 | ) | (1,118,100 | ) | ||||
|
| |||||||
(82,890,171 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (2.5)% |
| |||||||
ACCO Brands Corp. | (15,353 | ) | (131,422 | ) | ||||
ADT, Inc. | (106,376 | ) | (679,743 | ) | ||||
Advanced Disposal Services, Inc.* | (58,806 | ) | (1,646,568 | ) | ||||
ASGN, Inc.* | (12,321 | ) | (782,260 | ) | ||||
Barrett Business Services, Inc. | (2,474 | ) | (191,314 | ) | ||||
BrightView Holdings, Inc.* | (15,251 | ) | (219,614 | ) | ||||
Casella Waste Systems, Inc., | (51,891 | ) | (1,845,244 | ) | ||||
Cimpress NV (Netherlands)* | (24,227 | ) | (1,941,310 | ) | ||||
Copart, Inc.* | (67,479 | ) | (4,088,553 | ) | ||||
CoStar Group, Inc.* | (6,917 | ) | (3,226,227 | ) | ||||
Ennis, Inc. | (9,326 | ) | (193,608 | ) | ||||
Equifax, Inc. | (8,453 | ) | (1,001,680 | ) | ||||
Healthcare Services Group, Inc. | (10,732 | ) | (354,049 | ) | ||||
Heritage-Crystal Clean, Inc.* | (5,450 | ) | (149,602 | ) | ||||
Herman Miller, Inc. | (23,042 | ) | (810,618 | ) | ||||
HNI Corp. | (5,245 | ) | (190,341 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (16,441 | ) | (894,062 | ) | ||||
Insperity, Inc. | (8,384 | ) | (1,036,765 | ) | ||||
Interface, Inc. | (27,247 | ) | (417,424 | ) | ||||
Kelly Services, Inc., Class A | (7,305 | ) | (161,148 | ) | ||||
MSA Safety, Inc. | (10,096 | ) | (1,043,926 | ) | ||||
Multi-Color Corp. | (18,715 | ) | (933,691 | ) | ||||
Resources Connection, Inc. | (8,251 | ) | (136,472 | ) | ||||
Team, Inc.* | (67,580 | ) | (1,182,650 | ) | ||||
UniFirst Corp. | (803 | ) | (123,260 | ) | ||||
Upwork, Inc.* | (10,151 | ) | (194,290 | ) | ||||
US Ecology, Inc. | (14,600 | ) | (817,308 | ) | ||||
|
| |||||||
(24,393,149 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.6)% |
| |||||||
American Outdoor Brands Corp.* | (131,420 | ) | (1,227,463 | ) |
The accompanying notes are an integral part of the financial statements.
22
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Canada Goose Holdings, Inc. (Canada)* | (21,213 | ) | $ | (1,018,648 | ) | |||
Columbia Sportswear Co. | (1,230 | ) | (128,141 | ) | ||||
G-III Apparel Group Ltd.* | (70,391 | ) | (2,812,824 | ) | ||||
Gildan Activewear, Inc. (Canada) | (7,135 | ) | (256,646 | ) | ||||
GoPro, Inc., Class A* | (43,154 | ) | (280,501 | ) | ||||
Installed Building Products, Inc.* | (18,993 | ) | (921,160 | ) | ||||
iRobot Corp.* | (10,105 | ) | (1,189,257 | ) | ||||
Johnson Outdoors, Inc., Class A | (2,460 | ) | (175,546 | ) | ||||
Lululemon Athletica, Inc.* | (6,459 | ) | (1,058,436 | ) | ||||
Malibu Boats, Inc., Class A* | (15,614 | ) | (618,002 | ) | ||||
Mattel, Inc.* | (9,202 | ) | (119,626 | ) | ||||
NIKE, Inc., Class B | (11,529 | ) | (970,857 | ) | ||||
Oxford Industries, Inc. | (717 | ) | (53,961 | ) | ||||
Polaris Industries, Inc. | (20,933 | ) | (1,767,373 | ) | ||||
Tempur Sealy International, Inc.* | (2,973 | ) | (171,453 | ) | ||||
Wolverine World Wide, Inc. | (81,211 | ) | (2,901,669 | ) | ||||
|
| |||||||
(15,671,563 | ) | |||||||
|
| |||||||
Consumer Services — (3.7)% | ||||||||
Belmond Ltd., Class A (Bermuda)* | (63,152 | ) | (1,574,379 | ) | ||||
Carrols Restaurant Group, Inc.* | (2,534 | ) | (25,264 | ) | ||||
Chipotle Mexican Grill, Inc.* | (4,119 | ) | (2,925,767 | ) | ||||
Churchill Downs, Inc. | (13,004 | ) | (1,173,741 | ) | ||||
Dave & Buster’s Entertainment, Inc. | (34,126 | ) | (1,701,864 | ) | ||||
Domino’s Pizza, Inc. | (1,360 | ) | (351,016 | ) | ||||
El Pollo Loco Holdings, Inc.* | (14,839 | ) | (193,055 | ) | ||||
Eldorado Resorts, Inc.* | (33,364 | ) | (1,557,765 | ) | ||||
Fiesta Restaurant Group, Inc.* | (3,034 | ) | (39,776 | ) | ||||
Grand Canyon Education, Inc.* | (2,502 | ) | (286,504 | ) | ||||
Hyatt Hotels Corp., Class A | (28,730 | ) | (2,084,936 | ) | ||||
International Speedway Corp., Class A | (13,467 | ) | (587,565 | ) | ||||
K12, Inc.* | (28,821 | ) | (983,661 | ) | ||||
MGM Resorts International | (30,061 | ) | (771,365 | ) | ||||
Monarch Casino & Resort, Inc.* | (9,310 | ) | (408,895 | ) | ||||
Papa John’s International, Inc. | (56,147 | ) | (2,972,984 | ) | ||||
PlayAGS, Inc.* | (3,587 | ) | (85,837 | ) | ||||
Red Rock Resorts, Inc., Class A | (42,772 | ) | (1,105,656 | ) | ||||
Regis Corp.* | (12,764 | ) | (251,068 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (32,008 | ) | (3,668,757 | ) | ||||
Ruth’s Hospitality Group, Inc. | (12,206 | ) | (312,352 | ) | ||||
Service Corp. International | (13,408 | ) | (538,331 | ) | ||||
ServiceMaster Global Holdings, Inc.* | (7,839 | ) | (366,081 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Shake Shack, Inc., Class A* | (61,870 | ) | $ | (3,659,610 | ) | |||
Six Flags Entertainment Corp. | (6,339 | ) | (312,830 | ) | ||||
Speedway Motorsports, Inc. | (310 | ) | (4,486 | ) | ||||
Strategic Education, Inc. | (9,404 | ) | (1,234,839 | ) | ||||
Texas Roadhouse, Inc. | (10,328 | ) | (642,298 | ) | ||||
Vail Resorts, Inc. | (3,706 | ) | (805,314 | ) | ||||
Wingstop, Inc. | (35,379 | ) | (2,689,865 | ) | ||||
Wynn Resorts Ltd. | (14,787 | ) | (1,764,385 | ) | ||||
|
| |||||||
(35,080,246 | ) | |||||||
|
| |||||||
Energy — (4.0)% | ||||||||
Archrock, Inc. | (45,437 | ) | (444,374 | ) | ||||
Cactus, Inc., Class A* | (13,561 | ) | (482,772 | ) | ||||
Cheniere Energy, Inc.* | (22,236 | ) | (1,520,053 | ) | ||||
Clean Energy Fuels Corp.* | (1,143 | ) | (3,532 | ) | ||||
Covia Holdings Corp.* | (2,078 | ) | (11,616 | ) | ||||
DHT Holdings, Inc. (Marshall Islands) | (124,606 | ) | (555,743 | ) | ||||
Dril-Quip, Inc.* | (14,794 | ) | (678,305 | ) | ||||
Exterran Corp.* | (4,983 | ) | (83,964 | ) | ||||
Exxon Mobil Corp. | (23,948 | ) | (1,934,998 | ) | ||||
Forum Energy Technologies, Inc.* | (214,288 | ) | (1,095,012 | ) | ||||
Green Plains, Inc. | (102,638 | ) | (1,712,002 | ) | ||||
KLX Energy Services Holdings, Inc.* | (542 | ) | (13,626 | ) | ||||
Liberty Oilfield Services, Inc., Class A | (62,562 | ) | (962,829 | ) | ||||
Marathon Petroleum Corp. | (48,316 | ) | (2,891,713 | ) | ||||
McDermott International, Inc. (Panama)* | (182,478 | ) | (1,357,636 | ) | ||||
NexGen Energy Ltd. (Canada)* | (17,879 | ) | (28,964 | ) | ||||
Nine Energy Service, Inc.* | (16,879 | ) | (382,309 | ) | ||||
Noble Corp. PLC (United Kingdom)* | (269,869 | ) | (774,524 | ) | ||||
Oil States International, Inc.* | (21,447 | ) | (363,741 | ) | ||||
Par Pacific Holdings, Inc.* | (34,810 | ) | (619,966 | ) | ||||
Rowan Cos. PLC, Class A (United Kingdom)* | (215,086 | ) | (2,320,778 | ) | ||||
Seadrill Ltd. (Bermuda)* | (1,175 | ) | (9,764 | ) | ||||
Select Energy Services, Inc., | (46,573 | ) | (559,807 | ) | ||||
Ship Finance International Ltd. (Bermuda) | (139,828 | ) | (1,725,478 | ) | ||||
Solaris Oilfield Infrastructure, Inc., Class A | (100,080 | ) | (1,645,315 | ) | ||||
Suncor Energy, Inc. (Canada) | (19,292 | ) | (625,640 | ) | ||||
Superior Energy Services, Inc.* | (66,184 | ) | (309,079 | ) | ||||
Targa Resources Corp. | (94,933 | ) | (3,944,466 | ) | ||||
TransCanada Corp. (Canada) | (2,643 | ) | (118,776 | ) |
The accompanying notes are an integral part of the financial statements.
23
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Transocean Ltd. (Switzerland)* | (321,334 | ) | $ | (2,798,819 | ) | |||
Unit Corp.* | (4,401 | ) | (62,670 | ) | ||||
US Silica Holdings, Inc. | (249,008 | ) | (4,322,779 | ) | ||||
Valero Energy Corp. | (45,857 | ) | (3,890,049 | ) | ||||
|
| |||||||
(38,251,099 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.9)% |
| |||||||
Costco Wholesale Corp. | (777 | ) | (188,143 | ) | ||||
Ingles Markets, Inc., Class A | (5,433 | ) | (150,059 | ) | ||||
Performance Food Group Co.* | (73,946 | ) | (2,931,219 | ) | ||||
PriceSmart, Inc. | (28,716 | ) | (1,690,798 | ) | ||||
Rite Aid Corp.* | (1,342,174 | ) | (852,280 | ) | ||||
Sprouts Farmers Market, Inc.* | (33,326 | ) | (717,842 | ) | ||||
United Natural Foods, Inc.* | (159,475 | ) | (2,108,261 | ) | ||||
|
| |||||||
(8,638,602 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.7)% |
| |||||||
Brown-Forman Corp., Class B | (30,971 | ) | (1,634,649 | ) | ||||
Bunge Ltd. (Bermuda) | (46,433 | ) | (2,464,199 | ) | ||||
Calavo Growers, Inc. | (26,585 | ) | (2,229,152 | ) | ||||
Coca-Cola Consolidated, Inc. | (5,180 | ) | (1,490,959 | ) | ||||
Conagra Brands, Inc. | (53,030 | ) | (1,471,052 | ) | ||||
Cott Corp. (Canada) | (83,806 | ) | (1,224,406 | ) | ||||
Darling Ingredients, Inc.* | (121,343 | ) | (2,627,076 | ) | ||||
Flowers Foods, Inc. | (170,419 | ) | (3,633,333 | ) | ||||
Fresh Del Monte Produce, Inc. (Cayman Islands) | (31,193 | ) | (843,147 | ) | ||||
Freshpet, Inc.* | (40,363 | ) | (1,706,951 | ) | ||||
Hain Celestial Group, Inc. (The)* | (100,046 | ) | (2,313,064 | ) | ||||
Hostess Brands, Inc.* | (34,602 | ) | (432,525 | ) | ||||
J&J Snack Foods Corp. | (8,743 | ) | (1,388,738 | ) | ||||
John B. Sanfilippo & Son, Inc. | (1,464 | ) | (105,218 | ) | ||||
Lancaster Colony Corp. | (2,706 | ) | (424,003 | ) | ||||
MGP Ingredients, Inc. | (36,909 | ) | (2,847,529 | ) | ||||
National Beverage Corp. | (3,102 | ) | (179,078 | ) | ||||
Primo Water Corp.* | (37,077 | ) | (573,210 | ) | ||||
Sanderson Farms, Inc. | (53,887 | ) | (7,104,462 | ) | ||||
Simply Good Foods Co. (The)* | (18,101 | ) | (372,700 | ) | ||||
Turning Point Brands, Inc. | (7,111 | ) | (327,746 | ) | ||||
|
| |||||||
(35,393,197 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (4.3)% |
| |||||||
Acadia Healthcare Co., Inc.* | (114,898 | ) | (3,367,660 | ) | ||||
Addus HomeCare Corp.* | (19,492 | ) | (1,239,496 | ) | ||||
Align Technology, Inc.* | (2,860 | ) | (813,184 | ) | ||||
AMN Healthcare Services, Inc.* | (5,564 | ) | (262,009 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
AngioDynamics, Inc.* | (1,898 | ) | $ | (43,388 | ) | |||
Antares Pharma, Inc.* | (9,907 | ) | (30,018 | ) | ||||
AtriCure, Inc.* | (20,288 | ) | (543,516 | ) | ||||
Axogen, Inc.* | (59,193 | ) | (1,246,605 | ) | ||||
Axonics Modulation Technologies, Inc.* | (1,033 | ) | (24,740 | ) | ||||
BioTelemetry, Inc.* | (970 | ) | (60,741 | ) | ||||
Brookdale Senior Living, Inc.* | (125,038 | ) | (822,750 | ) | ||||
Cantel Medical Corp. | (11,117 | ) | (743,616 | ) | ||||
Cardiovascular Systems, Inc.* | (12,568 | ) | (485,879 | ) | ||||
Castlight Health, Inc., Class B* | (3,234 | ) | (12,129 | ) | ||||
Chemed Corp. | (2,190 | ) | (700,953 | ) | ||||
Cigna Corp. | (39,040 | ) | (6,278,413 | ) | ||||
Diplomat Pharmacy, Inc.* | (158,529 | ) | (921,053 | ) | ||||
Ensign Group, Inc. (The) | (13,506 | ) | (691,372 | ) | ||||
Evolent Health, Inc., Class A* | (148,352 | ) | (1,866,268 | ) | ||||
Glaukos Corp.* | (16,215 | ) | (1,270,770 | ) | ||||
Guardant Health, Inc.* | (11,644 | ) | (893,095 | ) | ||||
HealthStream, Inc.* | (3,622 | ) | (101,633 | ) | ||||
Inspire Medical Systems, Inc.* | (20,036 | ) | (1,137,644 | ) | ||||
Insulet Corp.* | (22,668 | ) | (2,155,500 | ) | ||||
iRhythm Technologies, Inc.* | (20,106 | ) | (1,507,146 | ) | ||||
Medidata Solutions, Inc.* | (1,134 | ) | (83,054 | ) | ||||
Merit Medical Systems, Inc.* | (4,544 | ) | (280,956 | ) | ||||
National Research Corp. | (3,282 | ) | (126,685 | ) | ||||
Neogen Corp.* | (162 | ) | (9,297 | ) | ||||
Nevro Corp.* | (88,431 | ) | (5,527,822 | ) | ||||
OraSure Technologies, Inc.* | (25,308 | ) | (282,184 | ) | ||||
PetIQ, Inc.* | (62,766 | ) | (1,971,480 | ) | ||||
Providence Service Corp. (The)* | (5,719 | ) | (381,000 | ) | ||||
RadNet, Inc.* | (40,484 | ) | (501,597 | ) | ||||
Senseonics Holdings, Inc.* | (218,962 | ) | (536,457 | ) | ||||
STAAR Surgical Co.* | (16,398 | ) | (560,648 | ) | ||||
Surgery Partners, Inc.* | (28,989 | ) | (326,996 | ) | ||||
Surmodics, Inc.* | (2,207 | ) | (95,960 | ) | ||||
Teladoc Health, Inc.* | (11,036 | ) | (613,602 | ) | ||||
US Physical Therapy, Inc. | (6,886 | ) | (723,237 | ) | ||||
ViewRay, Inc.* | (194,030 | ) | (1,433,882 | ) | ||||
Vocera Communications, Inc.* | (26,088 | ) | (825,163 | ) | ||||
|
| |||||||
(41,499,598 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.8)% |
| |||||||
Central Garden & Pet Co., Class A* | (31,049 | ) | (721,889 | ) | ||||
Coty, Inc., Class A | (199,214 | ) | (2,290,961 | ) | ||||
Energizer Holdings, Inc. | (20,588 | ) | (925,019 | ) |
The accompanying notes are an integral part of the financial statements.
24
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Revlon, Inc., Class A* | (426 | ) | $ | (8,256 | ) | |||
Spectrum Brands Holdings, Inc. | (30,572 | ) | (1,674,734 | ) | ||||
WD-40 Co. | (10,265 | ) | (1,739,302 | ) | ||||
|
| |||||||
(7,360,161 | ) | |||||||
|
| |||||||
Materials — (3.5)% | ||||||||
A. Schulman, Inc. CVR(c) | (6,743 | ) | (3,527 | ) | ||||
Albemarle Corp. | (43,091 | ) | (3,532,600 | ) | ||||
AptarGroup, Inc. | (6,765 | ) | (719,728 | ) | ||||
Balchem Corp. | (1,643 | ) | (152,470 | ) | ||||
Cabot Corp. | (51,927 | ) | (2,161,721 | ) | ||||
Chase Corp. | (1,412 | ) | (130,666 | ) | ||||
DowDuPont, Inc. | (41,200 | ) | (2,196,372 | ) | ||||
Element Solutions, Inc.* | (151,118 | ) | (1,526,292 | ) | ||||
Ferro Corp.* | (28,117 | ) | (532,255 | ) | ||||
GCP Applied Technologies, Inc.* | (45,349 | ) | (1,342,330 | ) | ||||
Graphic Packaging Holding Co. | (86,095 | ) | (1,087,380 | ) | ||||
Huntsman Corp. | (69,099 | ) | (1,554,037 | ) | ||||
Ingevity Corp.* | (2,032 | ) | (214,600 | ) | ||||
Innophos Holdings, Inc. | (18,954 | ) | (571,274 | ) | ||||
International Flavors & Fragrances, Inc. | (24,751 | ) | (3,187,681 | ) | ||||
Linde PLC (Ireland) | (10,948 | ) | (1,926,082 | ) | ||||
Louisiana-Pacific Corp. | (9,461 | ) | (230,659 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (16,310 | ) | (1,371,345 | ) | ||||
Minerals Technologies, Inc. | (4,669 | ) | (274,491 | ) | ||||
PH Glatfelter Co. | (36,612 | ) | (516,961 | ) | ||||
PQ Group Holdings, Inc.* | (11,191 | ) | (169,767 | ) | ||||
Quaker Chemical Corp. | (947 | ) | (189,713 | ) | ||||
Rayonier Advanced Materials, Inc. | (21,782 | ) | (295,364 | ) | ||||
Schweitzer-Mauduit International, Inc. | (890 | ) | (34,461 | ) | ||||
Sensient Technologies Corp. | (17,073 | ) | (1,157,379 | ) | ||||
Sonoco Products Co. | (10,845 | ) | (667,293 | ) | ||||
Summit Materials, Inc., Class A* | (5,249 | ) | (83,302 | ) | ||||
Tredegar Corp. | (23 | ) | (371 | ) | ||||
Tronox Holdings PLC, Class A (United Kingdom) | (158,681 | ) | (2,086,655 | ) | ||||
US Concrete, Inc.* | (34,637 | ) | (1,434,665 | ) | ||||
Valvoline, Inc. | (68,567 | ) | (1,272,604 | ) | ||||
Venator Materials PLC (United Kingdom)* | (48,400 | ) | (272,008 | ) | ||||
Vulcan Materials Co. | (13,655 | ) | (1,616,752 | ) | ||||
Westrock Co. | (32,329 | ) | (1,239,817 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
WR Grace & Co. | (3,310 | ) | $ | (258,312 | ) | |||
|
| |||||||
(34,010,934 | ) | |||||||
|
| |||||||
Media & Entertainment — (3.4)% | ||||||||
AMC Entertainment Holdings, Inc., | (11,679 | ) | (173,433 | ) | ||||
Boston Omaha Corp., Class A* | (3,244 | ) | (80,905 | ) | ||||
Cable One, Inc. | (425 | ) | (417,086 | ) | ||||
Care.com, Inc.* | (13,498 | ) | (266,720 | ) | ||||
Cargurus, Inc.* | (1,667 | ) | (66,780 | ) | ||||
CBS Corp., Class B,non-voting shares | (121,325 | ) | (5,766,577 | ) | ||||
Charter Communications, Inc., | (4,182 | ) | (1,450,778 | ) | ||||
comScore, Inc.* | (12,204 | ) | (247,131 | ) | ||||
Entercom Communications Corp., Class A | (116,954 | ) | (614,008 | ) | ||||
Eventbrite, Inc., Class A* | (4,129 | ) | (79,153 | ) | ||||
EW Scripps Co. (The), Class A | (36,960 | ) | (776,160 | ) | ||||
Lions Gate Entertainment Corp., Class B (Canada) | (26,871 | ) | (405,752 | ) | ||||
Live Nation Entertainment, Inc.* | (5,759 | ) | (365,927 | ) | ||||
Madison Square Garden Co. (The), Class A* | (5,887 | ) | (1,725,656 | ) | ||||
Meredith Corp. | (11,969 | ) | (661,407 | ) | ||||
National CineMedia, Inc. | (19,608 | ) | (138,236 | ) | ||||
New York Times Co. (The), Class A | (134,394 | ) | (4,414,843 | ) | ||||
Sirius XM Holdings, Inc. | (110,877 | ) | (628,673 | ) | ||||
Snap, Inc., Class A* | (328,800 | ) | (3,623,376 | ) | ||||
Take-Two Interactive Software, Inc.* | (11,936 | ) | (1,126,400 | ) | ||||
TrueCar, Inc.* | (189,307 | ) | (1,256,998 | ) | ||||
WideOpenWest, Inc.* | (52,051 | ) | (473,664 | ) | ||||
Yelp, Inc.* | (77,465 | ) | (2,672,542 | ) | ||||
Zillow Group, Inc., Class C* | (107,170 | ) | (3,723,086 | ) | ||||
Zynga, Inc., Class A* | (193,807 | ) | (1,032,991 | ) | ||||
|
| |||||||
(32,188,282 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (1.5)% |
| |||||||
Aerie Pharmaceuticals, Inc.* | (3,706 | ) | (176,035 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (33,936 | ) | (463,226 | ) | ||||
Cambrex Corp.* | (64,404 | ) | (2,502,095 | ) | ||||
Codexis, Inc.* | (31,195 | ) | (640,433 | ) | ||||
Coherus Biosciences, Inc.* | (17,050 | ) | (232,562 | ) | ||||
Cymabay Therapeutics, Inc.* | (12,318 | ) | (163,583 | ) | ||||
CytomX Therapeutics, Inc.* | (1,161 | ) | (12,481 | ) | ||||
Dynavax Technologies Corp.* | (22,469 | ) | (164,248 | ) |
The accompanying notes are an integral part of the financial statements.
25
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Epizyme, Inc.* | (12,622 | ) | $ | (156,387 | ) | |||
Esperion Therapeutics, Inc.* | (829 | ) | (33,284 | ) | ||||
Flexion Therapeutics, Inc.* | (46,661 | ) | (582,329 | ) | ||||
Intra-Cellular Therapies, Inc.* | (47,213 | ) | (575,054 | ) | ||||
Intrexon Corp.* | (23,833 | ) | (125,362 | ) | ||||
Luminex Corp. | (51,657 | ) | (1,188,628 | ) | ||||
MacroGenics, Inc.* | (15,596 | ) | (280,416 | ) | ||||
NanoString Technologies, Inc.* | (15,411 | ) | (368,785 | ) | ||||
NeoGenomics, Inc.* | (44,600 | ) | (912,516 | ) | ||||
Omeros Corp.* | (48,904 | ) | (849,462 | ) | ||||
Pacific Biosciences of California, Inc.* | (345,314 | ) | (2,496,620 | ) | ||||
Portola Pharmaceuticals, Inc.* | (1,794 | ) | (62,252 | ) | ||||
Quanterix Corp.* | (523 | ) | (13,509 | ) | ||||
Radius Health, Inc.* | (20,753 | ) | (413,815 | ) | ||||
Revance Therapeutics, Inc.* | (31,367 | ) | (494,344 | ) | ||||
TherapeuticsMD, Inc.* | (83,778 | ) | (407,999 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (35,537 | ) | (805,624 | ) | ||||
WaVe Life Sciences Ltd. (Singapore)* | (750 | ) | (29,139 | ) | ||||
|
| |||||||
(14,150,188 | ) | |||||||
|
| |||||||
Retailing — (4.3)% | ||||||||
Aaron’s, Inc. | (39,227 | ) | (2,063,340 | ) | ||||
Abercrombie & Fitch Co., Class A | (41,608 | ) | (1,140,475 | ) | ||||
At Home Group, Inc.* | (111,745 | ) | (1,995,766 | ) | ||||
Barnes & Noble, Inc. | (4,316 | ) | (23,436 | ) | ||||
Big Lots, Inc. | (129,999 | ) | (4,942,562 | ) | ||||
Burlington Stores, Inc.* | (4,840 | ) | (758,331 | ) | ||||
Caleres, Inc. | (51,875 | ) | (1,280,794 | ) | ||||
Camping World Holdings, Inc., Class A | (20,639 | ) | (287,088 | ) | ||||
CarMax, Inc.* | (30,315 | ) | (2,115,987 | ) | ||||
Carvana Co.* | (46,457 | ) | (2,697,293 | ) | ||||
Chico’s FAS, Inc. | (206,432 | ) | (881,465 | ) | ||||
Children’s Place, Inc. (The) | (25,331 | ) | (2,464,200 | ) | ||||
Designer Brands, Inc. | (67,875 | ) | (1,508,182 | ) | ||||
Duluth Holdings, Inc., Class B* | (8,528 | ) | (203,308 | ) | ||||
Farfetch Ltd., Class A (Cayman Islands)* | (4,564 | ) | (122,817 | ) | ||||
Five Below, Inc.* | (17,494 | ) | (2,173,631 | ) | ||||
Floor & Decor Holdings, Inc., | (56,212 | ) | (2,317,059 | ) | ||||
Funko, Inc., Class A* | (43,968 | ) | (954,985 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
GrubHub, Inc.* | (2,755 | ) | $ | (191,390 | ) | |||
Guess?, Inc. | (119,202 | ) | (2,336,359 | ) | ||||
Kohl’s Corp. | (8,976 | ) | (617,280 | ) | ||||
L Brands, Inc. | (22,386 | ) | (617,406 | ) | ||||
Lands’ End, Inc.* | (15,142 | ) | (251,509 | ) | ||||
Lithia Motors, Inc., Class A | (8,685 | ) | (805,534 | ) | ||||
LKQ Corp.* | (24,471 | ) | (694,487 | ) | ||||
Michaels Cos., Inc. (The)* | (10,361 | ) | (118,323 | ) | ||||
Monro, Inc. | (6,200 | ) | (536,424 | ) | ||||
National Vision Holdings, Inc.* | (32,130 | ) | (1,009,846 | ) | ||||
Nordstrom, Inc. | (40,037 | ) | (1,776,842 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (7,662 | ) | (653,798 | ) | ||||
Party City Holdco, Inc.* | (156,290 | ) | (1,240,943 | ) | ||||
Penske Automotive Group, Inc. | (24,563 | ) | (1,096,738 | ) | ||||
Quotient Technology, Inc.* | (29,234 | ) | (288,540 | ) | ||||
Shutterfly, Inc.* | (14,966 | ) | (608,218 | ) | ||||
Sonic Automotive, Inc., Class A | (858 | ) | (12,707 | ) | ||||
Stitch Fix, Inc., Class A* | (10,524 | ) | (297,093 | ) | ||||
Ulta Beauty, Inc.* | (342 | ) | (119,266 | ) | ||||
|
| |||||||
(41,203,422 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (2.6)% |
| |||||||
Ambarella, Inc. (Cayman Islands)* | (130,218 | ) | (5,625,418 | ) | ||||
Brooks Automation, Inc. | (66,519 | ) | (1,951,002 | ) | ||||
Cabot Microelectronics Corp. | (10,286 | ) | (1,151,621 | ) | ||||
CEVA, Inc.* | (14,745 | ) | (397,525 | ) | ||||
Cohu, Inc. | (2,372 | ) | (34,987 | ) | ||||
First Solar, Inc.* | (19,529 | ) | (1,031,912 | ) | ||||
FormFactor, Inc.* | (101,337 | ) | (1,630,512 | ) | ||||
Inphi Corp.* | (65,822 | ) | (2,879,054 | ) | ||||
MACOM Technology Solutions Holdings, Inc.* | (57,583 | ) | (962,212 | ) | ||||
MaxLinear, Inc.* | (78,578 | ) | (2,006,096 | ) | ||||
Photronics, Inc.* | (26,398 | ) | (249,461 | ) | ||||
Rambus, Inc.* | (119,518 | ) | (1,248,963 | ) | ||||
Rudolph Technologies, Inc.* | (10,201 | ) | (232,583 | ) | ||||
Synaptics, Inc.* | (90,446 | ) | (3,595,228 | ) | ||||
Universal Display Corp. | (9,893 | ) | (1,512,145 | ) | ||||
Xperi Corp. | (22,514 | ) | (526,828 | ) | ||||
|
| |||||||
(25,035,547 | ) | |||||||
|
| |||||||
Software & Services — (5.4)% | ||||||||
8x8, Inc.* | (125,230 | ) | (2,529,646 | ) | ||||
Alliance Data Systems Corp. | (3,375 | ) | (590,559 | ) | ||||
Appian Corp.* | (23,227 | ) | (799,706 | ) | ||||
Avalara, Inc.* | (15,989 | ) | (892,026 | ) |
The accompanying notes are an integral part of the financial statements.
26
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Benefitfocus, Inc.* | (15,116 | ) | $ | (748,544 | ) | |||
Black Knight, Inc.* | (15,770 | ) | (859,465 | ) | ||||
BlackBerry Ltd. (Canada)* | (125,943 | ) | (1,270,765 | ) | ||||
Box, Inc., Class A* | (118,471 | ) | (2,287,675 | ) | ||||
Broadridge Financial Solutions, Inc. | (2,109 | ) | (218,682 | ) | ||||
CACI International, Inc., Class A* | (11,762 | ) | (2,140,919 | ) | ||||
Carbon Black, Inc.* | (48,460 | ) | (676,017 | ) | ||||
Cloudera, Inc.* | (316,040 | ) | (3,457,478 | ) | ||||
CoreLogic, Inc.* | (6,642 | ) | (247,481 | ) | ||||
CSG Systems International, Inc. | (20,279 | ) | (857,802 | ) | ||||
DocuSign, Inc.* | (30,680 | ) | (1,590,451 | ) | ||||
Domo, Inc., Class B* | (31,186 | ) | (1,257,731 | ) | ||||
Ellie Mae, Inc.* | (403 | ) | (39,772 | ) | ||||
Exela Technologies, Inc.* | (11,161 | ) | (37,278 | ) | ||||
FireEye, Inc.* | (222,011 | ) | (3,727,565 | ) | ||||
Fiserv, Inc.* | (5,432 | ) | (479,537 | ) | ||||
ForeScout Technologies, Inc.* | (34,041 | ) | (1,426,658 | ) | ||||
Global Payments, Inc. | (29,113 | ) | (3,974,507 | ) | ||||
Guidewire Software, Inc.* | (13,383 | ) | (1,300,292 | ) | ||||
Hackett Group, Inc. (The) | (5,225 | ) | (82,555 | ) | ||||
I3 Verticals, Inc., Class A* | (1,687 | ) | (40,522 | ) | ||||
Instructure, Inc.* | (27,090 | ) | (1,276,481 | ) | ||||
ManTech International Corp., Class A | (8,244 | ) | (445,341 | ) | ||||
MAXIMUS, Inc. | (27,982 | ) | (1,986,162 | ) | ||||
MobileIron, Inc.* | (8,169 | ) | (44,684 | ) | ||||
Nutanix, Inc., Class A* | (50,754 | ) | (1,915,456 | ) | ||||
OneSpan, Inc.* | (6,104 | ) | (117,319 | ) | ||||
Pivotal Software, Inc., Class A* | (94,615 | ) | (1,972,723 | ) | ||||
Presidio, Inc. | (8,627 | ) | (127,680 | ) | ||||
PROS Holdings, Inc.* | (50,176 | ) | (2,119,434 | ) | ||||
Science Applications International Corp. | (1,907 | ) | (146,744 | ) | ||||
Square, Inc., Class A* | (12,830 | ) | (961,224 | ) | ||||
Switch, Inc., Class A | (279,928 | ) | (2,886,058 | ) | ||||
Tenable Holdings, Inc.* | (35,627 | ) | (1,127,951 | ) | ||||
TiVo Corp. | (109,263 | ) | (1,018,331 | ) | ||||
Travelport Worldwide Ltd. (Bermuda) | (82,452 | ) | (1,296,970 | ) | ||||
WEX, Inc.* | (898 | ) | (172,407 | ) | ||||
Workiva, Inc.* | (13,765 | ) | (697,887 | ) | ||||
Worldpay, Inc., Class A* | (3,781 | ) | (429,145 | ) | ||||
Yext, Inc.* | (18,277 | ) | (399,535 | ) | ||||
Zuora, Inc., Class A* | (49,373 | ) | (988,941 | ) | ||||
|
| |||||||
(51,664,106 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (4.1)% |
| |||||||
3D Systems Corp.* | (210,291 | ) | $ | (2,262,731 | ) | |||
ADTRAN, Inc. | (19,480 | ) | (266,876 | ) | ||||
Benchmark Electronics, Inc. | (50,853 | ) | (1,334,891 | ) | ||||
CalAmp Corp.* | (18,269 | ) | (229,824 | ) | ||||
Celestica, Inc. (Canada)* | (47,233 | ) | (399,119 | ) | ||||
Ciena Corp.* | (4,597 | ) | (171,652 | ) | ||||
Cognex Corp. | (12,029 | ) | (611,795 | ) | ||||
Comtech Telecommunications Corp. | (8,827 | ) | (204,963 | ) | ||||
Control4 Corp.* | (13,383 | ) | (226,574 | ) | ||||
Cray, Inc.* | (6,589 | ) | (171,643 | ) | ||||
Dolby Laboratories, Inc., Class A | (23,429 | ) | (1,475,324 | ) | ||||
Electronics For Imaging, Inc.* | (32,319 | ) | (869,381 | ) | ||||
ePlus, Inc.* | (4,246 | ) | (375,941 | ) | ||||
Extreme Networks, Inc.* | (92,793 | ) | (695,020 | ) | ||||
FARO Technologies, Inc.* | (9,724 | ) | (426,981 | ) | ||||
Finisar Corp.* | (58,217 | ) | (1,348,888 | ) | ||||
Fitbit, Inc., Class A* | (366,895 | ) | (2,172,018 | ) | ||||
II-VI, Inc.* | (2,634 | ) | (98,090 | ) | ||||
Infinera Corp.* | (651,938 | ) | (2,829,411 | ) | ||||
Littelfuse, Inc. | (4,921 | ) | (897,984 | ) | ||||
Lumentum Holdings, Inc.(a)* | (78,386 | ) | (4,431,944 | ) | ||||
Methode Electronics, Inc. | (6,798 | ) | (195,646 | ) | ||||
NetScout Systems, Inc.* | (132,980 | ) | (3,732,749 | ) | ||||
nLight, Inc.* | (46,921 | ) | (1,045,400 | ) | ||||
Plexus Corp.* | (27,534 | ) | (1,678,197 | ) | ||||
Pure Storage, Inc., Class A* | (22,595 | ) | (492,345 | ) | ||||
Quantenna Communications, Inc.* | (5,544 | ) | (134,886 | ) | ||||
Rogers Corp.* | (6,644 | ) | (1,055,599 | ) | ||||
Sanmina Corp.* | (67,974 | ) | (1,961,050 | ) | ||||
ScanSource, Inc.* | (5,420 | ) | (194,144 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (13,028 | ) | (161,156 | ) | ||||
Stratasys Ltd. (Israel)* | (36,884 | ) | (878,577 | ) | ||||
SYNNEX Corp. | (28,096 | ) | (2,680,077 | ) | ||||
TTM Technologies, Inc.* | (118,475 | ) | (1,389,712 | ) | ||||
ViaSat, Inc.* | (31,300 | ) | (2,425,750 | ) | ||||
|
| |||||||
(39,526,338 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.6)% |
| |||||||
ATN International, Inc. | (11,232 | ) | (633,372 | ) | ||||
Bandwidth, Inc., Class A* | (3,954 | ) | (264,760 | ) | ||||
Boingo Wireless, Inc.* | (109,809 | ) | (2,556,354 | ) | ||||
Cincinnati Bell, Inc.* | (34,029 | ) | (324,637 | ) | ||||
Consolidated Communications Holdings, Inc. | (91,657 | ) | (999,978 | ) | ||||
Iridium Communications, Inc.* | (23,980 | ) | (634,031 | ) |
The accompanying notes are an integral part of the financial statements.
27
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
ORBCOMM, Inc.* | (79,294 | ) | $ | (537,613 | ) | |||
pdvWireless, Inc.* | (1,923 | ) | (67,613 | ) | ||||
|
| |||||||
(6,018,358 | ) | |||||||
|
| |||||||
Transportation — (3.0)% | ||||||||
Air Transport Services Group, Inc.* | (105,890 | ) | (2,440,764 | ) | ||||
Alaska Air Group, Inc. | (53,367 | ) | (2,994,956 | ) | ||||
Allegiant Travel Co. | (11,561 | ) | (1,496,803 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (46,850 | ) | (2,368,736 | ) | ||||
Canadian National Railway Co. (Canada) | (31,797 | ) | (2,845,196 | ) | ||||
Canadian Pacific Railway Ltd. (Canada) | (6,656 | ) | (1,371,336 | ) | ||||
Hawaiian Holdings, Inc. | (77,819 | ) | (2,042,749 | ) | ||||
Hub Group, Inc., Class A* | (2,956 | ) | (120,753 | ) | ||||
JB Hunt Transport Services, Inc. | (6,713 | ) | (679,960 | ) | ||||
JetBlue Airways Corp.* | (18,095 | ) | (296,034 | ) | ||||
Matson, Inc. | (16,138 | ) | (582,420 | ) | ||||
Ryder System, Inc. | (81,876 | ) | (5,075,493 | ) | ||||
Saia, Inc.* | (16,141 | ) | (986,215 | ) | ||||
SkyWest, Inc. | (49,054 | ) | (2,663,142 | ) | ||||
Spirit Airlines, Inc.* | (17,426 | ) | (921,138 | ) | ||||
Werner Enterprises, Inc. | (57,345 | ) | (1,958,332 | ) | ||||
|
| |||||||
(28,844,027 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $640,234,549) | (577,147,734 | ) | ||||||
|
|
Value | ||||
TOTAL SECURITIES SOLD SHORT - (60.1)% | $ | (577,147,734 | ) | |
|
| |||
(Proceeds $640,234,549) | ||||
OTHER ASSETS IN EXCESS OF | 382,377,396 | |||
|
| |||
NET ASSETS - 100.0% | $ | 960,412,778 | ||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(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. (See Note 5 of the Notes to Financial Statements) |
(c) | Security is fair valued by the Adviser under direction of the Board of Trustees. |
* | Non-income producing. |
CVR Contingent Value Rights
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
28
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 172.5% |
| |||||||
COMMON STOCKS — 172.5% |
| |||||||
Automobiles & Components — 2.4% |
| |||||||
American Axle & Manufacturing Holdings, Inc.(a)* | 119,410 | $ | 1,708,757 | |||||
Aptiv PLC (Jersey)† | 24,207 | 1,924,214 | ||||||
BorgWarner, Inc.(a) | 47,885 | 1,839,263 | ||||||
Dana, Inc.† | 100,965 | 1,791,119 | ||||||
Delphi Technologies PLC (Jersey)(a) | 27,986 | 539,010 | ||||||
Fiat Chrysler Automobiles NV (Netherlands)(a)* | 84,141 | 1,249,494 | ||||||
Garrett Motion, Inc.* | 16,168 | 238,155 | ||||||
General Motors Co.†(b) | 108,005 | 4,006,986 | ||||||
Lear Corp.(b) | 8,464 | 1,148,649 | ||||||
Magna International, Inc. (Canada) | 4,099 | 199,580 | ||||||
Tenneco, Inc., Class A(a) | 20,580 | 456,053 | ||||||
Thor Industries, Inc. | 1,468 | 91,559 | ||||||
|
| |||||||
15,192,839 | ||||||||
|
| |||||||
Capital Goods — 25.2% | ||||||||
3M Co.†(a)(b) | 31,573 | 6,560,238 | ||||||
A.O. Smith Corp.†(a) | 31,886 | 1,700,162 | ||||||
Acuity Brands, Inc. | 701 | 84,127 | ||||||
AECOM(a)* | 4,501 | 133,545 | ||||||
AGCO Corp. | 7,160 | 497,978 | ||||||
Allegion PLC (Ireland) | 4,045 | 366,922 | ||||||
Allison Transmission Holdings, | 74,010 | 3,324,529 | ||||||
Altra Industrial Motion Corp.† | 42,148 | 1,308,695 | ||||||
AMETEK, Inc.† | 12,833 | 1,064,754 | ||||||
Applied Industrial Technologies, | 4,144 | 246,444 | ||||||
Arconic, Inc.† | 115,838 | 2,213,664 | ||||||
Armstrong World Industries, Inc.(b) | 2,286 | 181,554 | ||||||
Atkore International Group, Inc.* | 7,399 | 159,300 | ||||||
AZZ, Inc. | 2,018 | 82,597 | ||||||
BMC Stock Holdings, Inc.(a)* | 16,562 | 292,651 | ||||||
Boeing Co. (The)†(b) | 7,346 | 2,801,911 | ||||||
Carlisle Cos., Inc.(a) | 1,436 | 176,082 | ||||||
Caterpillar, Inc.†(a) | 31,570 | 4,277,419 | ||||||
Colfax Corp.(a)* | 82,108 | 2,436,965 | ||||||
Columbus McKinnon Corp.(a) | 1,517 | 52,109 | ||||||
Comfort Systems USA, Inc. | 3,049 | 159,737 | ||||||
Continental Building Products, | 26,532 | 657,728 | ||||||
Crane Co.† | 14,660 | 1,240,529 | ||||||
Cummins, Inc.†(b) | 35,940 | 5,673,848 | ||||||
Curtiss-Wright Corp. | 5,703 | 646,378 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Deere & Co.† | 2,737 | $ | 437,482 | |||||
Dover Corp.† | 33,586 | 3,150,367 | ||||||
Eaton Corp. PLC (Ireland)†(b) | 84,483 | 6,805,950 | ||||||
EMCOR Group, Inc.(a) | 11,315 | 826,900 | ||||||
Emerson Electric Co.†(b) | 31,034 | 2,124,898 | ||||||
Encore Wire Corp. | 531 | 30,384 | ||||||
Fluor Corp.(a) | 33,780 | 1,243,104 | ||||||
Fortive Corp.†(a) | 47,101 | 3,951,303 | ||||||
Fortune Brands Home & Security, Inc.†(b) | 27,331 | 1,301,229 | ||||||
Gardner Denver Holdings, Inc.†* | 73,333 | 2,039,391 | ||||||
Generac Holdings, Inc.(b)* | 11,089 | 568,089 | ||||||
General Dynamics Corp. | 44,272 | 7,494,364 | ||||||
General Electric Co.† | 4,696 | 46,913 | ||||||
Gibraltar Industries, Inc.†(a)* | 6,207 | 252,066 | ||||||
Global Brass & Copper Holdings, Inc. | 1,203 | 41,431 | ||||||
GrafTech International Ltd.(a) | 174,612 | 2,233,287 | ||||||
Great Lakes Dredge & Dock Corp.* | 78 | 695 | ||||||
Harsco Corp.(b)* | 54,691 | 1,102,571 | ||||||
HD Supply Holdings, Inc.* | 705 | 30,562 | ||||||
Hexcel Corp. | 8,970 | 620,365 | ||||||
Hillenbrand, Inc.† | 29,857 | 1,239,961 | ||||||
Honeywell International, Inc.(a) | 71,241 | 11,321,620 | ||||||
Hubbell, Inc.(a) | 18,518 | 2,184,754 | ||||||
Illinois Tool Works, Inc.(a)(b) | 39,355 | 5,648,623 | ||||||
Ingersoll-Rand PLC (Ireland)† | 55,628 | 6,005,043 | ||||||
ITT, Inc. | 13,777 | 799,066 | ||||||
Johnson Controls International PLC (Ireland) | 130,275 | 4,812,359 | ||||||
Kaman Corp.(a) | 1,074 | 62,765 | ||||||
KBR, Inc.(a) | 22,226 | 424,294 | ||||||
L3 Technologies, Inc.(b) | 9,081 | 1,874,046 | ||||||
Lincoln Electric Holdings, Inc.† | 1,639 | 137,463 | ||||||
Lockheed Martin Corp.†(b) | 17,713 | 5,316,734 | ||||||
Manitowoc Co., Inc. (The)†(a)* | 49,338 | 809,637 | ||||||
Masco Corp.† | 113,750 | 4,471,513 | ||||||
MasTec, Inc.* | 969 | 46,609 | ||||||
Milacron Holdings Corp.* | 24,883 | 281,676 | ||||||
National Presto Industries, Inc.(a) | 1,425 | 154,684 | ||||||
Northrop Grumman Corp.(a) | 18,726 | 5,048,530 | ||||||
nVent Electric PLC (Ireland)† | 20,920 | 564,422 | ||||||
Oshkosh Corp.(a)(b) | 2,993 | 224,864 | ||||||
Parker-Hannifin Corp.(b) | 12,648 | 2,170,650 | ||||||
Pentair PLC (Ireland)† | 21,968 | 977,796 |
The accompanying notes are an integral part of the financial statements.
29
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Quanta Services, Inc. | 2,290 | $ | 86,425 | |||||
Raytheon Co.†(b) | 53,623 | 9,763,676 | ||||||
Regal Beloit Corp.(a) | 5,046 | 413,116 | ||||||
Rexnord Corp.†(a)* | 22,865 | 574,826 | ||||||
Rockwell Automation, Inc.(b) | 2,533 | 444,440 | ||||||
Snap-on, Inc.(a) | 9,978 | 1,561,757 | ||||||
Spirit AeroSystems Holdings, Inc., Class A(a) | 20,102 | 1,839,936 | ||||||
SPX FLOW, Inc.†* | 14,106 | 449,981 | ||||||
Stanley Black & Decker, Inc.(a) | 21,772 | 2,964,693 | ||||||
Systemax, Inc. | 12,646 | 286,305 | ||||||
Teledyne Technologies, Inc.†* | 10,902 | 2,583,883 | ||||||
Tennant Co. | 1 | 62 | ||||||
Textron, Inc.† | 42,748 | 2,165,614 | ||||||
TransDigm Group, Inc.* | 3,230 | 1,466,388 | ||||||
TriMas Corp.* | 9,546 | 288,576 | ||||||
Univar, Inc.(a)* | 35,295 | 782,137 | ||||||
Watts Water Technologies, Inc., Class A(a) | 4,079 | 329,665 | ||||||
WESCO International, Inc.* | 11,986 | 635,378 | ||||||
WW Grainger, Inc.(a) | 15,292 | 4,601,822 | ||||||
|
| |||||||
156,457,006 | ||||||||
|
| |||||||
Commercial & Professional Services — 5.0% |
| |||||||
Brink’s Co. (The)(a) | 3,958 | 298,473 | ||||||
CBIZ, Inc.* | 5,771 | 116,805 | ||||||
Cintas Corp.(b) | 7,583 | 1,532,600 | ||||||
Clean Harbors, Inc.* | 11,145 | 797,202 | ||||||
Copart, Inc.†* | 23,085 | 1,398,720 | ||||||
Deluxe Corp.† | 28,741 | 1,256,557 | ||||||
FTI Consulting, Inc.†(a)* | 35,412 | 2,720,350 | ||||||
Heidrick & Struggles International, Inc. | 5,962 | 228,523 | ||||||
Huron Consulting Group, Inc.* | 2,083 | 98,359 | ||||||
ICF International, Inc.† | 1,082 | 82,319 | ||||||
Kforce, Inc. | 2,919 | 102,515 | ||||||
Korn Ferry†(a) | 8,740 | 391,377 | ||||||
ManpowerGroup, Inc.† | 27,553 | 2,278,358 | ||||||
Navigant Consulting, Inc.(a) | 24,087 | 468,974 | ||||||
Nielsen Holdings PLC (United Kingdom)† | 50,629 | 1,198,388 | ||||||
Quad/Graphics, Inc.(a) | 2,552 | 30,369 | ||||||
Republic Services, Inc.†(b) | 94,473 | 7,593,740 | ||||||
Robert Half International, Inc.†(a) | 46,692 | 3,042,451 | ||||||
SP Plus Corp.†* | 5,400 | 184,248 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Steelcase, Inc., Class A | 795 | $ | 11,567 | |||||
Tetra Tech, Inc.(b) | 14,940 | 890,275 | ||||||
Thomson Reuters Corp. (Canada) | 4,419 | 261,605 | ||||||
TriNet Group, Inc.* | 6,467 | 386,339 | ||||||
Verisk Analytics, Inc.†(a)(b) | 5,778 | 768,474 | ||||||
Waste Management, Inc.(b) | 44,091 | 4,581,496 | ||||||
|
| |||||||
30,720,084 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 5.9% |
| |||||||
Acushnet Holdings Corp.(a) | 8,398 | 194,330 | ||||||
Callaway Golf Co.(a) | 33,197 | 528,828 | ||||||
Capri Holdings Ltd. (British Virgin Islands)†* | 79,066 | 3,617,270 | ||||||
Carter’s, Inc.(a) | 1,646 | 165,900 | ||||||
Cavco Industries, Inc.†* | 438 | 51,478 | ||||||
Crocs, Inc.†(a)* | 78,395 | 2,018,671 | ||||||
Deckers Outdoor Corp.†* | 21,176 | 3,112,660 | ||||||
Fossil Group, Inc.(a)* | 118,766 | 1,629,470 | ||||||
Garmin Ltd. (Switzerland)(b) | 99,562 | 8,597,179 | ||||||
Hanesbrands, Inc.(a) | 50,974 | 911,415 | ||||||
Hasbro, Inc.(a) | 8,003 | 680,415 | ||||||
Helen of Troy Ltd. (Bermuda)†(a)* | 9,581 | 1,111,013 | ||||||
Leggett & Platt, Inc.(a) | 21,293 | 898,990 | ||||||
Newell Brands, Inc.(a) | 61,779 | 947,690 | ||||||
PVH Corp.† | 8,455 | 1,031,087 | ||||||
Ralph Lauren Corp.†(a) | 8,907 | 1,155,060 | ||||||
Sonos, Inc.* | 2,671 | 27,485 | ||||||
Sturm Ruger & Co., Inc. | 4,990 | 264,570 | ||||||
Tapestry, Inc.(b) | 53,932 | 1,752,251 | ||||||
TopBuild Corp.†(a)* | 10,935 | 708,807 | ||||||
Under Armour, Inc., Class C(a)* | 66,271 | 1,250,534 | ||||||
VF Corp. | 50,656 | 4,402,513 | ||||||
Whirlpool Corp. | 10,495 | 1,394,681 | ||||||
|
| |||||||
36,452,297 | ||||||||
|
| |||||||
Consumer Services — 5.1% |
| |||||||
Adtalem Global Education, Inc.(a)* | 10,934 | 506,463 | ||||||
BJ’s Restaurants, Inc.(a) | 11,924 | 563,767 | ||||||
Boyd Gaming Corp.(b) | 1,379 | 37,729 | ||||||
Brinker International, Inc.(a) | 315 | 13,980 | ||||||
Career Education Corp.* | 268 | 4,427 | ||||||
Carnival Corp. (Panama)(a)(b) | 15,783 | 800,514 | ||||||
Choice Hotels International, Inc.(a) | 9,927 | 771,725 | ||||||
Cracker Barrel Old Country Store, Inc. | 3,332 | 538,485 | ||||||
Denny’s Corp.* | 6 | 110 |
The accompanying notes are an integral part of the financial statements.
30
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Dine Brands Global, Inc.(a) | 2,099 | $ | 191,618 | |||||
frontdoor, Inc.* | 47,220 | 1,625,312 | ||||||
Graham Holdings Co., Class B† | 878 | 599,832 | ||||||
Grand Canyon Education, Inc.†* | 1,008 | 115,426 | ||||||
Hilton Worldwide Holdings, Inc.† | 9,195 | 764,196 | ||||||
International Game Technology PLC (United Kingdom)(a) | 52,940 | 687,691 | ||||||
Jack in the Box, Inc.(a) | 1,126 | 91,274 | ||||||
Las Vegas Sands Corp. | 8,793 | 536,021 | ||||||
McDonald’s Corp.†(b) | 51,590 | 9,796,941 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)(a)* | 41,199 | 2,264,297 | ||||||
Planet Fitness, Inc., Class A(a) | 9,901 | 680,397 | ||||||
Scientific Games Corp.(a)* | 9,803 | 200,177 | ||||||
SeaWorld Entertainment, Inc.(a)* | 58,945 | 1,518,423 | ||||||
Wyndham Destinations, Inc.† | 1,561 | 63,205 | ||||||
Wyndham Hotels & Resorts, Inc. | 16,106 | 805,139 | ||||||
Yum! Brands, Inc.† | 82,302 | 8,214,563 | ||||||
|
| |||||||
31,391,712 | ||||||||
|
| |||||||
Energy — 4.0% | ||||||||
Cameco Corp. (Canada)† | 14,518 | 171,167 | ||||||
Cenovus Energy, Inc. (Canada) | 93,701 | 813,325 | ||||||
Chevron Corp. | 5,687 | 700,525 | ||||||
CONSOL Energy, Inc.†* | 9,877 | 337,991 | ||||||
Contura Energy, Inc.* | 1,125 | 65,160 | ||||||
CVR Energy, Inc.† | 44,428 | 1,830,434 | ||||||
Delek US Holdings, Inc.† | 24,294 | 884,787 | ||||||
Diamond Offshore Drilling, Inc.(a)* | 8,574 | 89,941 | ||||||
Equitrans Midstream Corp.(a) | 3,933 | 85,661 | ||||||
Frank’s International NV (Netherlands)(a)* | 4,088 | 25,386 | ||||||
FTS International, Inc.(a)* | 67,752 | 677,520 | ||||||
Halliburton Co.† | 37,699 | 1,104,581 | ||||||
Helix Energy Solutions Group, | 121,052 | 957,521 | ||||||
Helmerich & Payne, Inc. | 7,885 | 438,091 | ||||||
HollyFrontier Corp. | 29,940 | 1,475,144 | ||||||
Kinder Morgan, Inc.†(a) | 120,761 | 2,416,428 | ||||||
KLX Energy Services Holdings, | 4,898 | 123,136 | ||||||
National Oilwell Varco, Inc.(a) | 41,201 | 1,097,595 | ||||||
Noble Corp. PLC (United | 162,176 | 465,445 | ||||||
Oceaneering International, Inc.(a)* | 18,067 | 284,917 | ||||||
Pembina Pipeline Corp. (Canada) | 7,699 | 283,015 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Phillips 66(a)(b) | 24,102 | $ | 2,293,787 | |||||
Precision Drilling Corp. (Canada)* | 15,164 | 36,242 | ||||||
ProPetro Holding Corp.†* | 71,148 | 1,603,676 | ||||||
Renewable Energy Group, Inc.(a)* | 29,009 | 637,038 | ||||||
Rowan Cos. PLC, Class A (United Kingdom)* | 6,782 | 73,178 | ||||||
RPC, Inc.(a) | 108,890 | 1,242,435 | ||||||
Schlumberger Ltd. (Curacao)†(b) | 49,056 | 2,137,370 | ||||||
TechnipFMC PLC (United Kingdom)† | 6,146 | 144,554 | ||||||
Tidewater, Inc.* | 7,029 | 163,003 | ||||||
Weatherford International PLC (Ireland)* | 1,317,150 | 919,371 | ||||||
Williams Cos., Inc. (The)† | 40,485 | 1,162,729 | ||||||
|
| |||||||
24,741,153 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.2% |
| |||||||
BJ’s Wholesale Club Holdings, | 4,162 | 114,039 | ||||||
Sysco Corp.†(b) | 103,474 | 6,907,924 | ||||||
Walgreens Boots Alliance, Inc.(a)(b) | 73,390 | 4,643,385 | ||||||
Walmart, Inc.†(b) | 86,839 | 8,469,408 | ||||||
|
| |||||||
20,134,756 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 9.7% |
| |||||||
Altria Group, Inc.† | 72,692 | 4,174,702 | ||||||
Archer-Daniels-Midland Co.† | 67,348 | 2,904,719 | ||||||
Campbell Soup Co.(a) | 37,740 | 1,439,026 | ||||||
Coca-Cola Co. (The)†(b) | 61,299 | 2,872,471 | ||||||
Constellation Brands, Inc., Class A(b) | 17,984 | 3,153,135 | ||||||
General Mills, Inc.†(a) | 146,084 | 7,559,847 | ||||||
Hershey Co. (The)†(a) | 34,420 | 3,952,449 | ||||||
Hormel Foods Corp.(a) | 40,271 | 1,802,530 | ||||||
JM Smucker Co. (The)(a) | 5,622 | 654,963 | ||||||
Kellogg Co.(a)(b) | 16,369 | 939,253 | ||||||
Kraft Heinz Co. (The)(a)(b) | 82,883 | 2,706,130 | ||||||
McCormick & Co., Inc.,non-voting shares(a) | 24,384 | 3,672,962 | ||||||
Mondelez International, Inc., | 72,882 | 3,638,269 | ||||||
Monster Beverage Corp.* | 17,924 | 978,292 | ||||||
PepsiCo, Inc.† | 74,075 | 9,077,891 | ||||||
Philip Morris International, Inc.† | 50,514 | 4,464,932 | ||||||
Pilgrim’s Pride Corp.†* | 38,899 | 867,059 | ||||||
Post Holdings, Inc.* | 563 | 61,592 | ||||||
TreeHouse Foods, Inc.* | 15,286 | 986,711 |
The accompanying notes are an integral part of the financial statements.
31
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Tyson Foods, Inc., Class A(b) | 58,206 | $ | 4,041,243 | |||||
Universal Corp.† | 5,119 | 295,008 | ||||||
|
| |||||||
60,243,184 | ||||||||
|
| |||||||
Health Care Equipment & Services — 10.2% |
| |||||||
Abbott Laboratories† | 45,149 | 3,609,211 | ||||||
Allscripts Healthcare Solutions, | 52,577 | 501,585 | ||||||
Avanos Medical, Inc.(a)(b)* | 10,466 | 446,689 | ||||||
Baxter International, Inc. | 9,377 | 762,444 | ||||||
Boston Scientific Corp.* | 7,937 | 304,622 | ||||||
Brookdale Senior Living, Inc.* | 66,555 | 437,932 | ||||||
Cardinal Health, Inc.(a)(b) | 53,664 | 2,583,922 | ||||||
Cerner Corp.†* | 20,896 | 1,195,460 | ||||||
CONMED Corp.† | 6,193 | 515,134 | ||||||
Cooper Cos., Inc. (The) | 296 | 87,666 | ||||||
CryoLife, Inc.(a)* | 3,222 | 93,986 | ||||||
CVS Health Corp.† | 66,033 | 3,561,160 | ||||||
Danaher Corp.(a)(b) | 7,399 | 976,816 | ||||||
DENTSPLY SIRONA, Inc.(a)(b) | 48,304 | 2,395,395 | ||||||
Globus Medical, Inc., Class A†* | 61,331 | 3,030,365 | ||||||
Haemonetics Corp.(b)* | 11,781 | 1,030,602 | ||||||
HCA Healthcare, Inc.† | 31,045 | 4,047,647 | ||||||
Henry Schein, Inc.(a)* | 16,395 | 985,503 | ||||||
Hill-Rom Holdings, Inc.† | 16,396 | 1,735,681 | ||||||
HMS Holdings Corp.†* | 61,722 | 1,827,588 | ||||||
Integer Holdings Corp.†* | 41,190 | 3,106,550 | ||||||
Integra LifeSciences Holdings | 24,211 | 1,349,037 | ||||||
Laboratory Corp. of America Holdings†* | 21,253 | 3,251,284 | ||||||
LivaNova PLC (United Kingdom)†* | 17,003 | 1,653,542 | ||||||
Masimo Corp.†* | 9,358 | 1,294,024 | ||||||
MEDNAX, Inc.†(a)* | 23,366 | 634,854 | ||||||
Medtronic PLC (Ireland)† | 110,453 | 10,060,059 | ||||||
Meridian Bioscience, Inc.† | 2,830 | 49,836 | ||||||
Natus Medical, Inc.* | 3,950 | 100,251 | ||||||
NextGen Healthcare, Inc.(a)* | 29,981 | 504,580 | ||||||
NuVasive, Inc.* | 2,647 | 150,323 | ||||||
Omnicell, Inc.* | 4,480 | 362,163 | ||||||
Quest Diagnostics, Inc.†(b) | 15,124 | 1,359,950 | ||||||
ResMed, Inc.(b) | 3,958 | 411,513 | ||||||
STERIS PLC (Ireland)†(a) | 11,850 | 1,517,156 | ||||||
Tabula Rasa HealthCare, Inc.(a)* | 2,048 | 115,548 | ||||||
Tenet Healthcare Corp.(a)* | 65,717 | 1,895,278 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Tivity Health, Inc.†(a)* | 41,998 | $ | 737,485 | |||||
Varex Imaging Corp.* | 644 | 21,819 | ||||||
Varian Medical Systems, Inc.(b)* | 11,404 | 1,616,175 | ||||||
Veeva Systems, Inc., Class A* | 8,990 | 1,140,471 | ||||||
West Pharmaceutical Services, Inc. | 1,261 | 138,962 | ||||||
Zimmer Biomet Holdings, Inc.† | 12,299 | 1,570,582 | ||||||
|
| |||||||
63,170,850 | ||||||||
|
| |||||||
Household & Personal Products — 4.9% |
| |||||||
Avon Products, Inc.(a)* | 128,195 | 376,893 | ||||||
Church & Dwight Co., Inc.(a)(b) | 67,748 | 4,825,690 | ||||||
Clorox Co. (The)†(b) | 16,873 | 2,707,442 | ||||||
Colgate-Palmolive Co.† | 67,147 | 4,602,255 | ||||||
Edgewell Personal Care Co.(a)* | 20,864 | 915,721 | ||||||
elf Beauty, Inc.* | 366 | 3,880 | ||||||
Energizer Holdings, Inc.(a) | 8,299 | 372,874 | ||||||
Inter Parfums, Inc. | 480 | 36,418 | ||||||
Kimberly-Clark Corp.† | 47,011 | 5,824,663 | ||||||
Procter & Gamble Co. (The)† | 106,063 | 11,035,855 | ||||||
|
| |||||||
30,701,691 | ||||||||
|
| |||||||
Materials — 4.1% | ||||||||
AdvanSix, Inc.* | 241 | 6,885 | ||||||
Air Products & Chemicals, Inc.(a) | 2,621 | 500,506 | ||||||
Ashland Global Holdings, Inc.† | 1,709 | 133,524 | ||||||
Celanese Corp.(b) | 731 | 72,084 | ||||||
CF Industries Holdings, Inc.†(a) | 35,175 | 1,437,954 | ||||||
Chemours Co. (The)(a) | 65,446 | 2,431,973 | ||||||
Crown Holdings, Inc.* | 3,946 | 215,333 | ||||||
Domtar Corp.† | 31,920 | 1,584,828 | ||||||
Eagle Materials, Inc.(a) | 12,455 | 1,049,956 | ||||||
Eastman Chemical Co. | 17,532 | 1,330,328 | ||||||
FMC Corp.† | 5,458 | 419,284 | ||||||
FutureFuel Corp. | 9,952 | 133,357 | ||||||
Greif, Inc., Class A | 2,345 | 96,731 | ||||||
H.B. Fuller Co.(a) | 38,914 | 1,892,777 | ||||||
Innospec, Inc. | 2,547 | 212,292 | ||||||
International Paper Co.(a) | 23,276 | 1,076,981 | ||||||
Koppers Holdings, Inc.* | 771 | 20,031 | ||||||
Kraton Corp.* | 29,191 | 939,366 | ||||||
Kronos Worldwide, Inc.(a) | 25,152 | 352,631 | ||||||
Livent Corp.* | 696 | 8,547 | ||||||
Methanex Corp. (Canada)† | 55,360 | 3,147,770 | ||||||
Minerals Technologies, Inc.† | 7,860 | 462,089 | ||||||
Norbord, Inc. (Canada) | 14,074 | 387,739 |
The accompanying notes are an integral part of the financial statements.
32
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Nutrien Ltd. (Canada) | 25,608 | $ | 1,351,078 | |||||
PolyOne Corp.(a) | 33,874 | 992,847 | ||||||
RPM International, Inc.(a)(b) | 36,485 | 2,117,589 | ||||||
Schweitzer-Mauduit International, Inc.(a) | 1,742 | 67,450 | ||||||
ScottsMiracle-Gro Co. (The)(a) | 10,677 | 838,999 | ||||||
Stepan Co. | 19 | 1,663 | ||||||
Verso Corp., Class A†(a)* | 66,376 | 1,421,774 | ||||||
Westlake Chemical Corp.†(b) | 13,292 | 901,995 | ||||||
|
| |||||||
25,606,361 | ||||||||
|
| |||||||
Media & Entertainment — 11.1% | ||||||||
Activision Blizzard, Inc. | 54,311 | 2,472,780 | ||||||
Alphabet, Inc., Class A†(b)* | 12,790 | 15,052,423 | ||||||
Cars.com, Inc.(a)* | 63,683 | 1,451,972 | ||||||
Comcast Corp., Class A† | 134,550 | 5,379,309 | ||||||
Discovery, Inc., Class A(a)* | 66,505 | 1,796,965 | ||||||
DISH Network Corp., Class A†(b)* | 80,895 | 2,563,563 | ||||||
Electronic Arts, Inc.†* | 43,553 | 4,426,291 | ||||||
Facebook, Inc., Class A†* | 35,010 | 5,835,817 | ||||||
Fox Corp., Class A* | 8,105 | 297,535 | ||||||
Gannett Co., Inc.(a) | 25,429 | 268,022 | ||||||
Gray Television, Inc.†* | 73,865 | 1,577,756 | ||||||
IAC/InterActiveCorp.†* | 8,372 | 1,759,041 | ||||||
Interpublic Group of Cos., Inc. | 125,586 | 2,638,562 | ||||||
Marcus Corp. (The) | 5,947 | 238,177 | ||||||
MSG Networks, Inc., Class A†(a)* | 48,163 | 1,047,545 | ||||||
New Media Investment Group, | 7,289 | 76,534 | ||||||
News Corp., Class A(b) | 143,551 | 1,785,774 | ||||||
Omnicom Group, Inc.(a) | 48,766 | 3,559,430 | ||||||
QuinStreet, Inc.(a)* | 34,658 | 464,071 | ||||||
TEGNA, Inc.(a) | 83,793 | 1,181,481 | ||||||
Tribune Media Co., Class A | 2,389 | 110,228 | ||||||
TripAdvisor, Inc.(a)* | 20,530 | 1,056,268 | ||||||
Viacom, Inc., Class B† | 61,810 | 1,735,007 | ||||||
Walt Disney Co. (The)† | 111,313 | 12,359,082 | ||||||
|
| |||||||
69,133,633 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 12.3% |
| |||||||
AbbVie, Inc.(b) | 28,427 | 2,290,932 | ||||||
Agilent Technologies, Inc.† | 4,484 | 360,424 | ||||||
Amgen, Inc.† | 22,464 | 4,267,711 | ||||||
Amneal Pharmaceuticals, Inc.(a)* | 2,457 | 34,816 | ||||||
Biogen, Inc.†* | 17,231 | 4,073,064 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Bio-Rad Laboratories, Inc., Class A* | 1,064 | $ | 325,244 | |||||
Bristol-Myers Squibb Co.†(a) | 81,662 | 3,896,094 | ||||||
Bruker Corp.† | 32,582 | 1,252,452 | ||||||
Celgene Corp.†(b)* | 129,911 | 12,255,804 | ||||||
Charles River Laboratories International, Inc.* | 3,733 | 542,218 | ||||||
Eagle Pharmaceuticals, Inc.* | 159 | 8,028 | ||||||
Eli Lilly & Co. | 33,474 | 4,343,586 | ||||||
Exact Sciences Corp.(a)* | 42,971 | 3,722,148 | ||||||
Exelixis, Inc.(a)* | 9,141 | 217,556 | ||||||
Genomic Health, Inc.* | 3,336 | 233,687 | ||||||
Gilead Sciences, Inc.(b) | 36,979 | 2,404,005 | ||||||
Innoviva, Inc.(a)* | 79,525 | 1,115,736 | ||||||
Johnson & Johnson† | 19,123 | 2,673,204 | ||||||
Ligand Pharmaceuticals, Inc.(a)* | 2,147 | 269,899 | ||||||
Mallinckrodt PLC (Ireland)* | 6,745 | 146,636 | ||||||
Medpace Holdings, Inc.†* | 33,249 | 1,960,694 | ||||||
Merck & Co., Inc.† | 128,975 | 10,726,851 | ||||||
Mettler-Toledo International, Inc.* | 312 | 225,576 | ||||||
Mylan NV (Netherlands)†* | 58,159 | 1,648,226 | ||||||
Neurocrine Biosciences, Inc.* | 11 | 969 | ||||||
Pfizer, Inc.† | 234,744 | 9,969,578 | ||||||
PRA Health Sciences, Inc.(b)* | 13,804 | 1,522,443 | ||||||
QIAGEN NV (Netherlands)* | 716 | 29,127 | ||||||
Regeneron Pharmaceuticals, Inc.†* | 7,034 | 2,888,301 | ||||||
Supernus Pharmaceuticals, Inc.(a)* | 3,647 | 127,791 | ||||||
Thermo Fisher Scientific, Inc. | 5,032 | 1,377,359 | ||||||
Waters Corp.†* | 2,544 | 640,350 | ||||||
Zoetis, Inc.† | 6,356 | 639,859 | ||||||
|
| |||||||
76,190,368 | ||||||||
|
| |||||||
Retailing — 18.1% | ||||||||
1-800-Flowers.com, Inc., Class A* | 501 | 9,133 | ||||||
Advance Auto Parts, Inc.†(b) | 54,994 | 9,378,127 | ||||||
Amazon.com, Inc.†* | 10,183 | 18,133,377 | ||||||
Asbury Automotive Group, Inc.(a)* | 5,020 | 348,187 | ||||||
AutoZone, Inc.†(a)(b)* | 12,238 | 12,533,181 | ||||||
Bed Bath & Beyond, Inc.(a) | 71,807 | 1,220,001 | ||||||
Best Buy Co., Inc.(b) | 16,804 | 1,194,092 | ||||||
Booking Holdings, Inc.†* | 2,536 | 4,425,092 | ||||||
Boot Barn Holdings, Inc.(a)* | 6,660 | 196,070 | ||||||
Dillard’s, Inc., Class A(a) | 1,813 | 130,572 | ||||||
Dollar General Corp.(b) | 25,263 | 3,013,876 |
The accompanying notes are an integral part of the financial statements.
33
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Dollar Tree, Inc.†* | 557 | $ | 58,507 | |||||
eBay, Inc.† | 265,038 | 9,843,511 | ||||||
Etsy, Inc.(a)(b)* | 102,262 | 6,874,052 | ||||||
Foot Locker, Inc.(a)(b) | 7,435 | 450,561 | ||||||
Gap, Inc. (The) | 22,299 | 583,788 | ||||||
Genesco, Inc.(a)* | 1,530 | 69,692 | ||||||
Genuine Parts Co.(b) | 42,280 | 4,736,628 | ||||||
Group 1 Automotive, Inc.(a) | 15,197 | 983,246 | ||||||
Groupon, Inc.(a)* | 25,092 | 89,077 | ||||||
Home Depot, Inc. (The)†(b) | 27,091 | 5,198,492 | ||||||
Hudson Ltd., Class A (Bermuda)* | 8,310 | 114,262 | ||||||
Kohl’s Corp.(a) | 7,043 | 484,347 | ||||||
Lowe’s Cos., Inc.† | 65,260 | 7,144,012 | ||||||
Macy’s, Inc.(a) | 25,658 | 616,562 | ||||||
Murphy USA, Inc.(a)* | 6,525 | 558,670 | ||||||
Office Depot, Inc.(a) | 781,967 | 2,838,540 | ||||||
O’Reilly Automotive, Inc.(b)* | 8,861 | 3,440,726 | ||||||
Qurate Retail, Inc.†* | 95,591 | 1,527,544 | ||||||
RH(a)* | 14,690 | 1,512,336 | ||||||
Ross Stores, Inc.† | 8,802 | 819,466 | ||||||
Stamps.com, Inc.(a)* | 8,334 | 678,471 | ||||||
Tailored Brands, Inc.(a) | 97,638 | 765,482 | ||||||
Target Corp.(a)(b) | 23,200 | 1,862,032 | ||||||
Tiffany & Co.(a) | 3,202 | 337,971 | ||||||
TJX Cos., Inc. (The)†(b) | 131,163 | 6,979,183 | ||||||
Tractor Supply Co.(b) | 15,739 | 1,538,645 | ||||||
Urban Outfitters, Inc.(b)* | 37,264 | 1,104,505 | ||||||
Williams-Sonoma, Inc.(a) | 5,371 | 302,226 | ||||||
|
| |||||||
112,094,242 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 10.8% |
| |||||||
Amkor Technology, Inc.(a)* | 32,630 | 278,660 | ||||||
Analog Devices, Inc. | 7,009 | 737,837 | ||||||
Applied Materials, Inc.†(b) | 280,263 | 11,115,231 | ||||||
Axcelis Technologies, Inc.* | 6,311 | 126,977 | ||||||
Cabot Microelectronics Corp.(a) | 164 | 18,361 | ||||||
Cohu, Inc.† | 8,990 | 132,602 | ||||||
Cypress Semiconductor Corp.†(a) | 107,696 | 1,606,824 | ||||||
Diodes, Inc.(a)* | 38,315 | 1,329,530 | ||||||
Intel Corp.†(b) | 56,039 | 3,009,294 | ||||||
KLA-Tencor Corp.(b) | 50,530 | 6,033,787 | ||||||
Lam Research Corp.†(a) | 43,438 | 7,775,836 | ||||||
Lattice Semiconductor Corp.* | 167 | 1,992 | ||||||
Maxim Integrated Products, Inc. | 4,255 | 226,238 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Microchip Technology, Inc.(a) | 28,763 | $ | 2,386,178 | |||||
Micron Technology, Inc.†(a)(b)* | 351,364 | 14,521,874 | ||||||
MKS Instruments, Inc.† | 24,480 | 2,277,864 | ||||||
Nanometrics, Inc.(a)* | 8,273 | 255,470 | ||||||
ON Semiconductor Corp.(a)* | 228,509 | 4,700,430 | ||||||
Qorvo, Inc.(a)* | 20,435 | 1,465,803 | ||||||
QUALCOMM, Inc.† | 4,883 | 278,477 | ||||||
Semtech Corp.* | 4,607 | 234,542 | ||||||
Skyworks Solutions, Inc. | 38,633 | 3,186,450 | ||||||
Teradyne, Inc.(a) | 22,115 | 881,062 | ||||||
Texas Instruments, Inc.†(a) | 25,787 | 2,735,227 | ||||||
Versum Materials, Inc.† | 33,208 | 1,670,694 | ||||||
|
| |||||||
66,987,240 | ||||||||
|
| |||||||
Software & Services — 18.0% | ||||||||
Accenture PLC, Class A (Ireland)†(b) | 24,328 | 4,282,215 | ||||||
ACI Worldwide, Inc.* | 15,194 | 499,427 | ||||||
Akamai Technologies, Inc.(b)* | 2,822 | 202,366 | ||||||
Alarm.com Holdings, Inc.(a)* | 10,515 | 682,424 | ||||||
Altair Engineering, Inc., Class A* | 216 | 7,951 | ||||||
Alteryx, Inc., Class A(a)* | 14,506 | 1,216,618 | ||||||
Amdocs, Ltd. (Guernsey) | 2,045 | 110,655 | ||||||
ANSYS, Inc.†* | 8,372 | 1,529,648 | ||||||
Appfolio, Inc., Class A(a)* | 20,362 | 1,616,743 | ||||||
Aspen Technology, Inc.†* | 20,931 | 2,182,266 | ||||||
Autodesk, Inc.* | 2,297 | 357,919 | ||||||
Automatic Data Processing, Inc.† | 13,014 | 2,078,856 | ||||||
Avaya Holdings Corp.(a)* | 29,412 | 495,004 | ||||||
Blackbaud, Inc.(a) | 17,038 | 1,358,440 | ||||||
Booz Allen Hamilton Holding Corp. | 4,031 | 234,362 | ||||||
Cadence Design Systems, Inc.†* | 17,247 | 1,095,357 | ||||||
Cardtronics PLC, Class A (United Kingdom)†(a)* | 40,708 | 1,448,391 | ||||||
CDK Global, Inc.(b) | 22,646 | 1,332,038 | ||||||
CGI, Inc. (Canada)* | 4,791 | 329,429 | ||||||
Cision Ltd. (Cayman Islands)(a)* | 30,926 | 425,851 | ||||||
Citrix Systems, Inc.† | 19,447 | 1,938,088 | ||||||
CommVault Systems, Inc.(a)* | 6,312 | 408,639 | ||||||
Conduent, Inc.* | 28,036 | 387,738 | ||||||
Descartes Systems Group, Inc. (The) (Canada)* | 1,007 | 36,635 | ||||||
DXC Technology Co.† | 81,107 | 5,215,991 | ||||||
Endurance International Group Holdings, Inc.(a)* | 27,346 | 198,258 | ||||||
Euronet Worldwide, Inc.(a)* | 2,262 | 322,539 |
The accompanying notes are an integral part of the financial statements.
34
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Fair Isaac Corp.†* | 8,552 | $ | 2,322,980 | |||||
Fidelity National Information Services, Inc. | 3,321 | 375,605 | ||||||
Fortinet, Inc.(b)* | 49,203 | 4,131,576 | ||||||
Globant SA (Luxembourg)* | 15,716 | 1,122,122 | ||||||
GoDaddy, Inc., Class A(b)* | 3,327 | 250,157 | ||||||
GTT Communications, Inc.(a)* | 7,806 | 270,868 | ||||||
International Business Machines Corp.†(a)(b) | 74,389 | 10,496,288 | ||||||
j2 Global, Inc.(a) | 18,014 | 1,560,012 | ||||||
LiveRamp Holdings, Inc.* | 6,599 | 360,107 | ||||||
Manhattan Associates, Inc.†(a)* | 21,401 | 1,179,409 | ||||||
ManTech International Corp., | 2,339 | 126,353 | ||||||
Mastercard, Inc., Class A(b) | 1,703 | 400,971 | ||||||
Microsoft Corp.† | 20,735 | 2,445,486 | ||||||
Monotype Imaging Holdings, Inc. | 3,891 | 77,392 | ||||||
NIC, Inc.(a) | 6,416 | 109,649 | ||||||
Nuance Communications, Inc.(a)* | 113,350 | 1,919,016 | ||||||
Open Text Corp. (Canada)† | 42,043 | 1,615,712 | ||||||
Oracle Corp.† | 68,466 | 3,677,309 | ||||||
Palo Alto Networks, Inc.(a)* | 4,392 | 1,066,729 | ||||||
Paychex, Inc.(b) | 76,403 | 6,127,521 | ||||||
Paycom Software, Inc.(a)* | 18,449 | 3,489,259 | ||||||
PayPal Holdings, Inc.†(a)* | 112,996 | 11,733,505 | ||||||
Progress Software Corp.(b) | 51,731 | 2,295,304 | ||||||
Qualys, Inc.(a)* | 26,286 | 2,174,904 | ||||||
Red Hat, Inc.(a)* | 6,843 | 1,250,216 | ||||||
salesforce.com, Inc.(a)* | 4,805 | 760,968 | ||||||
SPS Commerce, Inc.†* | 15,820 | 1,677,869 | ||||||
SS&C Technologies Holdings, Inc.† | 30,134 | 1,919,234 | ||||||
Sykes Enterprises, Inc.* | 149 | 4,214 | ||||||
Synopsys, Inc.* | 1,843 | 212,221 | ||||||
Tableau Software, Inc., Class A(a)* | 1,809 | 230,250 | ||||||
Trade Desk, Inc. (The), Class A* | 10,798 | 2,137,464 | ||||||
Tyler Technologies, Inc.(a)* | 3,186 | 651,218 | ||||||
Verint Systems, Inc.(a)* | 17,972 | 1,075,804 | ||||||
VeriSign, Inc.* | 41,035 | 7,450,315 | ||||||
Visa, Inc., Class A(a) | 6,224 | 972,127 | ||||||
VMware, Inc., Class A† | 15,967 | 2,882,203 | ||||||
Western Union Co. (The)(a) | 64,155 | 1,184,943 | ||||||
|
| |||||||
111,731,128 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 14.8% |
| |||||||
Amphenol Corp., Class A† | 33,745 | 3,186,878 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Apple, Inc.†(b) | 59,171 | $ | 11,239,531 | |||||
ARRIS International PLC (United Kingdom)* | 24,931 | 788,069 | ||||||
Arrow Electronics, Inc.(a)* | 12,987 | 1,000,778 | ||||||
Avnet, Inc. | 1,173 | 50,873 | ||||||
AVX Corp.† | 9,350 | 162,129 | ||||||
Badger Meter, Inc.(a) | 1,759 | 97,871 | ||||||
Belden, Inc.(a) | 26,299 | 1,412,256 | ||||||
Casa Systems, Inc.* | 24,353 | 202,130 | ||||||
CDW Corp.(b) | 22,944 | 2,211,113 | ||||||
Ciena Corp.* | 11,142 | 416,042 | ||||||
Cisco Systems, Inc.† | 44,027 | 2,377,018 | ||||||
Coherent, Inc.(a)* | 12,784 | 1,811,748 | ||||||
CommScope Holding Co., Inc.†* | 102,172 | 2,220,198 | ||||||
Corning, Inc.(b) | 11,361 | 376,049 | ||||||
Diebold Nixdorf, Inc.* | 44,380 | 491,287 | ||||||
EchoStar Corp., Class A†* | 32,854 | 1,197,528 | ||||||
F5 Networks, Inc.†(a)* | 22,670 | 3,557,603 | ||||||
FLIR Systems, Inc.(b) | 35,920 | 1,709,074 | ||||||
Hewlett Packard Enterprise Co.(b) | 153,996 | 2,376,158 | ||||||
HP, Inc.†(b) | 281,872 | 5,476,773 | ||||||
Insight Enterprises, Inc.* | 10,408 | 573,064 | ||||||
IPG Photonics Corp.(a)* | 12,889 | 1,956,292 | ||||||
Itron, Inc.(a)* | 23,468 | 1,094,782 | ||||||
Juniper Networks, Inc.† | 81,121 | 2,147,273 | ||||||
KEMET Corp.† | 54,771 | 929,464 | ||||||
Keysight Technologies, Inc.* | 7,612 | 663,766 | ||||||
Knowles Corp.(a) | 36,222 | 638,594 | ||||||
Motorola Solutions, Inc.† | 51,416 | 7,219,835 | ||||||
NetApp, Inc.†(a) | 96,709 | 6,705,802 | ||||||
NETGEAR, Inc.(a)* | 3,608 | 119,497 | ||||||
OSI Systems, Inc.(a)* | 14,466 | 1,267,222 | ||||||
Seagate Technology PLC (Ireland)(a) | 140,650 | 6,735,728 | ||||||
TE Connectivity Ltd. | 96,421 | 7,785,996 | ||||||
Tech Data Corp.(a)* | 2,419 | 247,730 | ||||||
Ubiquiti Networks, Inc. | 3,539 | 529,824 | ||||||
Vishay Intertechnology, Inc.(a) | 94,281 | 1,741,370 | ||||||
Western Digital Corp.†(a)(b) | 61,814 | 2,970,781 | ||||||
Xerox Corp. | 125,799 | 4,023,052 | ||||||
Zebra Technologies Corp., | 9,537 | 1,998,288 | ||||||
|
| |||||||
91,709,466 | ||||||||
|
| |||||||
Telecommunication Services — 2.8% |
| |||||||
AT&T, Inc.(a) | 45,011 | 1,411,545 |
The accompanying notes are an integral part of the financial statements.
35
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
CenturyLink, Inc.(a) | 167,721 | $ | 2,010,975 | |||||
Intelsat SA (Luxembourg)(a)* | 72,552 | 1,136,164 | ||||||
Rogers Communications, Inc., Class B (Canada)† | 28,068 | 1,510,620 | ||||||
Verizon Communications, | 176,554 | 10,439,638 | ||||||
Vonage Holdings Corp.* | 71,328 | 716,133 | ||||||
|
| |||||||
17,225,075 | ||||||||
|
| |||||||
Transportation — 4.9% | ||||||||
American Airlines Group, Inc.(a) | 28,453 | 903,667 | ||||||
ArcBest Corp.(a) | 22,389 | 689,357 | ||||||
CH Robinson Worldwide, Inc.(a) | 14,140 | 1,230,039 | ||||||
CSX Corp.(a) | 95,090 | 7,114,634 | ||||||
Delta Air Lines, Inc. | 59,322 | 3,063,981 | ||||||
Echo Global Logistics, Inc.(a)* | 24,335 | 603,021 | ||||||
Expeditors International of Washington, Inc.(b) | 4,443 | 337,224 | ||||||
Forward Air Corp. | 229 | 14,823 | ||||||
Genesee & Wyoming, Inc., | 15,933 | 1,388,402 | ||||||
Golden Ocean Group Ltd. (Bermuda)(a) | 1,368 | 6,525 | ||||||
Landstar System, Inc.(a) | 11,905 | 1,302,288 | ||||||
Marten Transport Ltd. | 1,003 | 17,883 | ||||||
Norfolk Southern Corp.† | 36,717 | 6,862,040 | ||||||
Schneider National, Inc., | 25,200 | 530,460 | ||||||
Southwest Airlines Co.(a)(b) | 63,053 | 3,273,081 | ||||||
Union Pacific Corp.† | 8,132 | 1,359,670 | ||||||
XPO Logistics, Inc.(a)* | 33,577 | 1,804,428 | ||||||
|
| |||||||
30,501,523 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 1,070,384,608 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 172.5% |
| $ | 1,070,384,608 | |||||
|
| |||||||
(Cost $888,315,139) | ||||||||
SHORT POSITIONS — (73.4)% |
| |||||||
COMMON STOCKS — (73.4)% |
| |||||||
Automobiles & Components — (1.7)% |
| |||||||
Adient PLC (Ireland) | (117,791 | ) | (1,526,571 | ) | ||||
Cooper-Standard Holding, Inc.* | (5,632 | ) | (264,479 | ) | ||||
Dorman Products, Inc.* | (21,906 | ) | (1,929,700 | ) | ||||
Ford Motor Co. | (240,904 | ) | (2,115,137 | ) | ||||
Fox Factory Holding Corp.* | (7,301 | ) | (510,267 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Automobiles & Components — (Continued) |
| |||||||
Gentherm, Inc.* | (3,891 | ) | $ | (143,422 | ) | |||
Goodyear Tire & Rubber Co. (The) | (44,294 | ) | (803,936 | ) | ||||
LCI Industries | (34,672 | ) | (2,663,503 | ) | ||||
Standard Motor Products, Inc. | (2,537 | ) | (124,567 | ) | ||||
Tesla, Inc.* | (954 | ) | (266,986 | ) | ||||
Visteon Corp.* | (3,624 | ) | (244,076 | ) | ||||
|
| |||||||
(10,592,644 | ) | |||||||
|
| |||||||
Capital Goods — (11.0)% | ||||||||
AAON, Inc. | (29,007 | ) | (1,339,543 | ) | ||||
AAR Corp. | (27,317 | ) | (888,076 | ) | ||||
Actuant Corp., Class A | (7,127 | ) | (173,685 | ) | ||||
Advanced Drainage Systems, Inc. | (8,053 | ) | (207,526 | ) | ||||
Aegion Corp.* | (1,437 | ) | (25,248 | ) | ||||
Aerovironment, Inc.* | (3,851 | ) | (263,447 | ) | ||||
Alamo Group, Inc. | (2,905 | ) | (290,326 | ) | ||||
American Woodmark Corp.* | (24,243 | ) | (2,003,199 | ) | ||||
Apogee Enterprises, Inc. | (10,392 | ) | (389,596 | ) | ||||
Arcosa, Inc. | (9,775 | ) | (298,626 | ) | ||||
Argan, Inc. | (12,490 | ) | (623,875 | ) | ||||
Astec Industries, Inc. | (15,906 | ) | (600,611 | ) | ||||
Astronics Corp.* | (3,196 | ) | (104,573 | ) | ||||
Axon Enterprise, Inc.* | (25,414 | ) | (1,382,776 | ) | ||||
Beacon Roofing Supply, Inc.* | (33,347 | ) | (1,072,440 | ) | ||||
Bloom Energy Corp., Class A* | (8,031 | ) | (103,761 | ) | ||||
Blue Bird Corp.* | (6,880 | ) | (116,478 | ) | ||||
Briggs & Stratton Corp. | (25,969 | ) | (307,213 | ) | ||||
Builders FirstSource, Inc.* | (105,415 | ) | (1,406,236 | ) | ||||
BWX Technologies, Inc. | (16,812 | ) | (833,539 | ) | ||||
CAE, Inc. (Canada) | (3,251 | ) | (72,010 | ) | ||||
Chart Industries, Inc.* | (12,622 | ) | (1,142,543 | ) | ||||
CIRCOR International, Inc.* | (30,326 | ) | (988,628 | ) | ||||
Construction Partners, Inc., | (193 | ) | (2,465 | ) | ||||
Cubic Corp. | (9,063 | ) | (509,703 | ) | ||||
DMC Global, Inc. | (1,283 | ) | (63,688 | ) | ||||
Douglas Dynamics, Inc. | (6,187 | ) | (235,539 | ) | ||||
DXP Enterprises, Inc.* | (7,192 | ) | (279,913 | ) | ||||
Dycom Industries, Inc.* | (40,402 | ) | (1,856,068 | ) | ||||
EnerSys | (19,008 | ) | (1,238,561 | ) | ||||
Enphase Energy, Inc.* | (49,392 | ) | (455,888 | ) | ||||
EnPro Industries, Inc. | (2,044 | ) | (131,736 | ) | ||||
ESCO Technologies, Inc. | (4,892 | ) | (327,911 | ) | ||||
Evoqua Water Technologies Corp.* | (120,687 | ) | (1,518,242 | ) | ||||
Fastenal Co. | (28,723 | ) | (1,847,176 | ) |
The accompanying notes are an integral part of the financial statements.
36
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Federal Signal Corp. | (4,256 | ) | $ | (110,613 | ) | |||
Flowserve Corp. | (4,726 | ) | (213,332 | ) | ||||
Gates Industrial Corp. PLC (United Kingdom)* | (37,138 | ) | (532,559 | ) | ||||
GMS, Inc.* | (25,825 | ) | (390,474 | ) | ||||
Gorman-Rupp Co. (The) | (782 | ) | (26,541 | ) | ||||
Granite Construction, Inc. | (14,582 | ) | (629,213 | ) | ||||
Griffon Corp. | (672 | ) | (12,419 | ) | ||||
Harris Corp. | (8,238 | ) | (1,315,691 | ) | ||||
HEICO Corp. | (8,249 | ) | (782,583 | ) | ||||
Herc Holdings, Inc.* | (3,595 | ) | (140,133 | ) | ||||
Huntington Ingalls Industries, Inc. | (332 | ) | (68,790 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (6,001 | ) | (374,222 | ) | ||||
Jacobs Engineering Group, Inc. | (18,332 | ) | (1,378,383 | ) | ||||
JELD-WEN Holding, Inc.* | (78,078 | ) | (1,378,857 | ) | ||||
John Bean Technologies Corp. | (9,704 | ) | (891,701 | ) | ||||
Kennametal, Inc. | (30,657 | ) | (1,126,645 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (41,283 | ) | (645,253 | ) | ||||
Lindsay Corp. | (2,917 | ) | (282,336 | ) | ||||
Mercury Systems, Inc.* | (16,523 | ) | (1,058,794 | ) | ||||
Meritor, Inc.* | (31,848 | ) | (648,107 | ) | ||||
Middleby Corp. (The)* | (11,404 | ) | (1,482,862 | ) | ||||
MRC Global, Inc.* | (57,045 | ) | (997,147 | ) | ||||
Mueller Water Products, Inc., Class A | (74,278 | ) | (745,751 | ) | ||||
MYR Group, Inc.* | (802 | ) | (27,773 | ) | ||||
Navistar International Corp.* | (4,901 | ) | (158,302 | ) | ||||
Nordson Corp. | (11,850 | ) | (1,570,362 | ) | ||||
NOW, Inc.* | (94,096 | ) | (1,313,580 | ) | ||||
NV5 Global, Inc.* | (1,007 | ) | (59,776 | ) | ||||
Patrick Industries, Inc.* | (32,892 | ) | (1,490,665 | ) | ||||
PGT Innovations, Inc.* | (78,263 | ) | (1,083,943 | ) | ||||
Plug Power, Inc.* | (16,959 | ) | (40,702 | ) | ||||
Primoris Services Corp. | (26,483 | ) | (547,668 | ) | ||||
Proto Labs, Inc.* | (4,275 | ) | (449,473 | ) | ||||
Quanex Building Products Corp. | (342 | ) | (5,434 | ) | ||||
Raven Industries, Inc. | (2,427 | ) | (93,124 | ) | ||||
RBC Bearings, Inc.* | (6,280 | ) | (798,628 | ) | ||||
REV Group, Inc. | (92,256 | ) | (1,010,203 | ) | ||||
Roper Technologies, Inc. | (4,077 | ) | (1,394,212 | ) | ||||
Rush Enterprises, Inc., Class A | (219 | ) | (9,156 | ) | ||||
SiteOne Landscape Supply, Inc.* | (15,641 | ) | (893,883 | ) | ||||
SPX Corp.* | (17,445 | ) | (606,912 | ) | ||||
Sun Hydraulics Corp. | (10,163 | ) | (472,681 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Sunrun, Inc.* | (53,181 | ) | $ | (747,725 | ) | |||
Terex Corp. | (4,530 | ) | (145,549 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda)* | (9,896 | ) | (95,496 | ) | ||||
Thermon Group Holdings, Inc.* | (8,250 | ) | (202,208 | ) | ||||
Timken Co. (The) | (13,576 | ) | (592,185 | ) | ||||
Toro Co. (The) | (15,361 | ) | (1,057,451 | ) | ||||
TPI Composites, Inc.* | (5,808 | ) | (166,225 | ) | ||||
Triumph Group, Inc. | (77,523 | ) | (1,477,588 | ) | ||||
United Rentals, Inc.* | (10,660 | ) | (1,217,905 | ) | ||||
United Technologies Corp. | (7,529 | ) | (970,413 | ) | ||||
Universal Forest Products, Inc. | (27,740 | ) | (829,149 | ) | ||||
USG Corp. | (64,647 | ) | (2,799,215 | ) | ||||
Veritiv Corp.* | (853 | ) | (22,451 | ) | ||||
Vicor Corp.* | (8,501 | ) | (263,701 | ) | ||||
Vivint Solar, Inc.* | (31,861 | ) | (158,349 | ) | ||||
Wabash National Corp. | (4,597 | ) | (62,289 | ) | ||||
WABCO Holdings, Inc.* | (9,453 | ) | (1,246,189 | ) | ||||
Wabtec Corp. | (8,455 | ) | (623,303 | ) | ||||
Welbilt, Inc.* | (109,959 | ) | (1,801,128 | ) | ||||
Wesco Aircraft Holdings, Inc.* | (75,488 | ) | (663,540 | ) | ||||
WillScot Corp.* | (74,800 | ) | (829,532 | ) | ||||
Woodward, Inc. | (11,899 | ) | (1,129,096 | ) | ||||
Xylem, Inc. | (12,518 | ) | (989,423 | ) | ||||
|
| |||||||
(68,449,838 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (3.2)% |
| |||||||
ABM Industries, Inc. | (12,598 | ) | (457,937 | ) | ||||
ACCO Brands Corp. | (10,308 | ) | (88,236 | ) | ||||
ADT, Inc. | (113,982 | ) | (728,345 | ) | ||||
Advanced Disposal Services, Inc.* | (64,551 | ) | (1,807,428 | ) | ||||
ASGN, Inc.* | (14,490 | ) | (919,970 | ) | ||||
Barrett Business Services, Inc. | (1,766 | ) | (136,565 | ) | ||||
Brady Corp., Class A | (5,959 | ) | (276,557 | ) | ||||
BrightView Holdings, Inc.* | (9,669 | ) | (139,234 | ) | ||||
Casella Waste Systems, Inc., | (26,533 | ) | (943,513 | ) | ||||
Cimpress NV (Netherlands)* | (19,446 | ) | (1,558,208 | ) | ||||
CoStar Group, Inc.* | (4,148 | ) | (1,934,710 | ) | ||||
Covanta Holding Corp. | (47,927 | ) | (829,616 | ) | ||||
Ennis, Inc. | (5,906 | ) | (122,609 | ) | ||||
Equifax, Inc. | (11,064 | ) | (1,311,084 | ) | ||||
Forrester Research, Inc. | (6,450 | ) | (311,858 | ) | ||||
Healthcare Services Group, Inc. | (12,246 | ) | (403,996 | ) | ||||
Heritage-Crystal Clean, Inc.* | (4,361 | ) | (119,709 | ) |
The accompanying notes are an integral part of the financial statements.
37
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Herman Miller, Inc. | (20,456 | ) | $ | (719,642 | ) | |||
HNI Corp. | (9,682 | ) | (351,360 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (11,222 | ) | (610,252 | ) | ||||
Insperity, Inc. | (5,847 | ) | (723,040 | ) | ||||
Interface, Inc. | (21,826 | ) | (334,374 | ) | ||||
Matthews International Corp., Class A | (764 | ) | (28,230 | ) | ||||
MSA Safety, Inc. | (6,817 | ) | (704,878 | ) | ||||
Multi-Color Corp. | (20,036 | ) | (999,596 | ) | ||||
Pitney Bowes, Inc. | (77,386 | ) | (531,642 | ) | ||||
Resources Connection, Inc. | (4,239 | ) | (70,113 | ) | ||||
Team, Inc.* | (55,326 | ) | (968,205 | ) | ||||
TransUnion | (7,951 | ) | (531,445 | ) | ||||
UniFirst Corp. | (1,987 | ) | (305,004 | ) | ||||
Upwork, Inc.* | (6,192 | ) | (118,515 | ) | ||||
US Ecology, Inc. | (9,776 | ) | (547,260 | ) | ||||
|
| |||||||
(19,633,131 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.5)% |
| |||||||
American Outdoor Brands Corp.* | (136,279 | ) | (1,272,846 | ) | ||||
Canada Goose Holdings, Inc. (Canada)* | (16,375 | ) | (786,328 | ) | ||||
Columbia Sportswear Co. | (735 | ) | (76,572 | ) | ||||
G-III Apparel Group Ltd.* | (41,097 | ) | (1,642,236 | ) | ||||
Gildan Activewear, Inc. (Canada) | (13,318 | ) | (479,048 | ) | ||||
Installed Building Products, Inc.* | (21,314 | ) | (1,033,729 | ) | ||||
iRobot Corp.* | (6,623 | ) | (779,461 | ) | ||||
Johnson Outdoors, Inc., Class A(b) | (1,446 | ) | (103,187 | ) | ||||
Lululemon Athletica, Inc.* | (5,789 | ) | (948,643 | ) | ||||
Malibu Boats, Inc., Class A* | (9,536 | ) | (377,435 | ) | ||||
Mattel, Inc.* | (6,145 | ) | (79,885 | ) | ||||
Mohawk Industries, Inc.* | (6,506 | ) | (820,732 | ) | ||||
NIKE, Inc., Class B | (8,643 | ) | (727,827 | ) | ||||
Oxford Industries, Inc. | (2,347 | ) | (176,635 | ) | ||||
Polaris Industries, Inc. | (26,217 | ) | (2,213,501 | ) | ||||
Skechers U.S.A., Inc., Class A* | (56,507 | ) | (1,899,200 | ) | ||||
Skyline Champion Corp. | (1,271 | ) | (24,149 | ) | ||||
Tempur Sealy International, Inc.* | (3,150 | ) | (181,660 | ) | ||||
Vista Outdoor, Inc.* | (15,650 | ) | (125,356 | ) | ||||
Wolverine World Wide, Inc. | (54,351 | ) | (1,941,961 | ) | ||||
|
| |||||||
(15,690,391 | ) | |||||||
|
| |||||||
Consumer Services — (4.5)% | ||||||||
Aramark | (5,810 | ) | (171,686 | ) | ||||
Belmond Ltd., Class A (Bermuda)* | (48,033 | ) | (1,197,463 | ) | ||||
Bloomin’ Brands, Inc. | (13,075 | ) | (267,384 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Carrols Restaurant Group, Inc.* | (9,687 | ) | $ | (96,579 | ) | |||
Cheesecake Factory, Inc. (The) | (2,323 | ) | (113,641 | ) | ||||
Chipotle Mexican Grill, Inc.* | (2,786 | ) | (1,978,924 | ) | ||||
Churchill Downs, Inc. | (9,690 | ) | (874,619 | ) | ||||
Dave & Buster’s Entertainment, Inc. | (32,979 | ) | (1,644,663 | ) | ||||
Domino’s Pizza, Inc. | (1,369 | ) | (353,339 | ) | ||||
El Pollo Loco Holdings, Inc.* | (16,159 | ) | (210,229 | ) | ||||
Eldorado Resorts, Inc.* | (17,897 | ) | (835,611 | ) | ||||
Fiesta Restaurant Group, Inc.* | (1,970 | ) | (25,827 | ) | ||||
Hyatt Hotels Corp., Class A | (20,783 | ) | (1,508,222 | ) | ||||
International Speedway Corp., | (14,993 | ) | (654,145 | ) | ||||
K12, Inc.* | (25,133 | ) | (857,789 | ) | ||||
Lindblad Expeditions Holdings, Inc.* | (4,471 | ) | (68,183 | ) | ||||
MGM Resorts International | (36,648 | ) | (940,388 | ) | ||||
Monarch Casino & Resort, Inc.* | (7,190 | ) | (315,785 | ) | ||||
Papa John’s International, Inc. | (48,517 | ) | (2,568,975 | ) | ||||
PlayAGS, Inc.* | (4,507 | ) | (107,853 | ) | ||||
Red Rock Resorts, Inc., Class A | (44,047 | ) | (1,138,615 | ) | ||||
Regis Corp.* | (7,722 | ) | (151,892 | ) | ||||
Restaurant Brands International, Inc. (Canada) | (1,194 | ) | (77,741 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (19,304 | ) | (2,212,624 | ) | ||||
Ruth’s Hospitality Group, Inc. | (14,121 | ) | (361,356 | ) | ||||
Service Corp. International | (13,269 | ) | (532,750 | ) | ||||
ServiceMaster Global Holdings, Inc.* | (10,554 | ) | (492,872 | ) | ||||
Shake Shack, Inc., Class A* | (39,206 | ) | (2,319,035 | ) | ||||
Six Flags Entertainment Corp. | (16,179 | ) | (798,434 | ) | ||||
Speedway Motorsports, Inc. | (201 | ) | (2,908 | ) | ||||
Strategic Education, Inc. | (5,870 | ) | (770,790 | ) | ||||
Texas Roadhouse, Inc. | (8,693 | ) | (540,618 | ) | ||||
Vail Resorts, Inc. | (2,443 | ) | (530,864 | ) | ||||
Weight Watchers International, Inc.* | (795 | ) | (16,019 | ) | ||||
Wingstop, Inc. | (21,790 | ) | (1,656,694 | ) | ||||
Wynn Resorts Ltd. | (14,460 | ) | (1,725,367 | ) | ||||
|
| |||||||
(28,119,884 | ) | |||||||
|
| |||||||
Energy — (4.0)% | ||||||||
Archrock, Inc. | (21,515 | ) | (210,417 | ) | ||||
Cactus, Inc., Class A* | (9,348 | ) | (332,789 | ) | ||||
Cheniere Energy, Inc.* | (11,585 | ) | (791,951 | ) | ||||
Covia Holdings Corp.* | (309 | ) | (1,727 | ) | ||||
DHT Holdings, Inc. (Marshall Islands) | (69,441 | ) | (309,707 | ) |
The accompanying notes are an integral part of the financial statements.
38
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Dril-Quip, Inc.* | (8,182 | ) | $ | (375,145 | ) | |||
Exterran Corp.* | (5,185 | ) | (87,367 | ) | ||||
Exxon Mobil Corp. | (11,548 | ) | (933,078 | ) | ||||
Forum Energy Technologies, Inc.* | (171,798 | ) | (877,888 | ) | ||||
Green Plains, Inc. | (117,615 | ) | (1,961,818 | ) | ||||
Keane Group, Inc.* | (78,012 | ) | (849,551 | ) | ||||
Liberty Oilfield Services, Inc., Class A | (53,300 | ) | (820,287 | ) | ||||
Mammoth Energy Services, Inc. | (4,188 | ) | (69,730 | ) | ||||
Marathon Petroleum Corp. | (40,223 | ) | (2,407,347 | ) | ||||
McDermott International, Inc. (Panama)* | (83,815 | ) | (623,584 | ) | ||||
Nabors Industries Ltd. (Bermuda) | (81,661 | ) | (280,914 | ) | ||||
Newpark Resources, Inc.* | (6,040 | ) | (55,326 | ) | ||||
NexGen Energy Ltd. (Canada)* | (12,175 | ) | (19,724 | ) | ||||
Nine Energy Service, Inc.* | (3,743 | ) | (84,779 | ) | ||||
Oil States International, Inc.* | (23,079 | ) | (391,420 | ) | ||||
Par Pacific Holdings, Inc.* | (31,724 | ) | (565,004 | ) | ||||
Patterson-UTI Energy, Inc. | (11,988 | ) | (168,072 | ) | ||||
Seadrill Ltd. (Bermuda)* | (66 | ) | (548 | ) | ||||
Select Energy Services, Inc., | (49,535 | ) | (595,411 | ) | ||||
SemGroup Corp., Class A | (97,345 | ) | (1,434,865 | ) | ||||
Ship Finance International Ltd. (Bermuda) | (97,239 | ) | (1,199,929 | ) | ||||
Solaris Oilfield Infrastructure, Inc., Class A | (75,381 | ) | (1,239,264 | ) | ||||
Suncor Energy, Inc. (Canada) | (37,826 | ) | (1,226,697 | ) | ||||
Superior Energy Services, Inc.* | (59,823 | ) | (279,373 | ) | ||||
Targa Resources Corp. | (49,457 | ) | (2,054,938 | ) | ||||
TransCanada Corp. (Canada) | (3,298 | ) | (148,212 | ) | ||||
Transocean Ltd. (Switzerland)* | (136,267 | ) | (1,186,886 | ) | ||||
Unit Corp.* | (875 | ) | (12,460 | ) | ||||
US Silica Holdings, Inc. | (195,977 | ) | (3,402,161 | ) | ||||
|
| |||||||
(24,998,369 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.1)% |
| |||||||
Costco Wholesale Corp. | (941 | ) | (227,854 | ) | ||||
Ingles Markets, Inc., Class A | (4,248 | ) | (117,330 | ) | ||||
Performance Food Group Co.* | (50,197 | ) | (1,989,809 | ) | ||||
PriceSmart, Inc. | (29,908 | ) | (1,760,983 | ) | ||||
Rite Aid Corp.* | (1,293,198 | ) | (821,181 | ) | ||||
Sprouts Farmers Market, Inc.* | (21,320 | ) | (459,233 | ) | ||||
United Natural Foods, Inc.* | (118,771 | ) | (1,570,153 | ) | ||||
|
| |||||||
(6,946,543 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (5.1)% |
| |||||||
B&G Foods, Inc. | (54,840 | ) | $ | (1,339,193 | ) | |||
Brown-Forman Corp., Class B | (23,127 | ) | (1,220,643 | ) | ||||
Bunge Ltd. (Bermuda) | (55,884 | ) | (2,965,764 | ) | ||||
Calavo Growers, Inc. | (22,850 | ) | (1,915,972 | ) | ||||
Coca-Cola Consolidated, Inc. | (5,987 | ) | (1,723,238 | ) | ||||
Conagra Brands, Inc. | (34,444 | ) | (955,477 | ) | ||||
Cott Corp. (Canada) | (75,581 | ) | (1,104,238 | ) | ||||
Darling Ingredients, Inc.* | (90,281 | ) | (1,954,584 | ) | ||||
Flowers Foods, Inc. | (125,021 | ) | (2,665,448 | ) | ||||
Fresh Del Monte Produce, Inc. (Cayman Islands) | (38,903 | ) | (1,051,548 | ) | ||||
Freshpet, Inc.* | (27,377 | ) | (1,157,773 | ) | ||||
Hain Celestial Group, Inc. (The)* | (152,212 | ) | (3,519,141 | ) | ||||
Hostess Brands, Inc.* | (56,817 | ) | (710,212 | ) | ||||
J&J Snack Foods Corp. | (5,886 | ) | (934,932 | ) | ||||
John B. Sanfilippo & Son, Inc. | (3,228 | ) | (231,996 | ) | ||||
Lancaster Colony Corp. | (2,413 | ) | (378,093 | ) | ||||
MGP Ingredients, Inc. | (16,678 | ) | (1,286,708 | ) | ||||
National Beverage Corp. | (7,893 | ) | (455,663 | ) | ||||
Primo Water Corp.* | (39,828 | ) | (615,741 | ) | ||||
Sanderson Farms, Inc. | (34,479 | ) | (4,545,711 | ) | ||||
Simply Good Foods Co. (The)* | (14,054 | ) | (289,372 | ) | ||||
Tootsie Roll Industries, Inc. | (8,063 | ) | (300,266 | ) | ||||
Turning Point Brands, Inc. | (9,335 | ) | (430,250 | ) | ||||
Vector Group Ltd. | (19,113 | ) | (206,229 | ) | ||||
|
| |||||||
(31,958,192 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (4.7)% |
| |||||||
Acadia Healthcare Co., Inc.* | (84,714 | ) | (2,482,967 | ) | ||||
Addus HomeCare Corp.* | (19,094 | ) | (1,214,187 | ) | ||||
Align Technology, Inc.* | (1,598 | ) | (454,359 | ) | ||||
AMN Healthcare Services, Inc.* | (4,439 | ) | (209,033 | ) | ||||
AngioDynamics, Inc.* | (1,776 | ) | (40,599 | ) | ||||
Antares Pharma, Inc.* | (4,933 | ) | (14,947 | ) | ||||
AtriCure, Inc.* | (3,570 | ) | (95,640 | ) | ||||
Axogen, Inc.* | (45,867 | ) | (965,959 | ) | ||||
Axonics Modulation Technologies, Inc.* | (556 | ) | (13,316 | ) | ||||
Cantel Medical Corp. | (7,310 | ) | (488,966 | ) | ||||
Cardiovascular Systems, Inc.* | (7,371 | ) | (284,963 | ) | ||||
Castlight Health, Inc., Class B* | (1,540 | ) | (5,775 | ) | ||||
Chemed Corp. | (2,185 | ) | (699,353 | ) | ||||
Cigna Corp. | (22,815 | ) | (3,669,108 | ) | ||||
Diplomat Pharmacy, Inc.* | (111,255 | ) | (646,392 | ) |
The accompanying notes are an integral part of the financial statements.
39
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Ensign Group, Inc. (The) | (8,652 | ) | $ | (442,896 | ) | |||
Evolent Health, Inc., Class A* | (94,421 | ) | (1,187,816 | ) | ||||
Glaukos Corp.* | (7,222 | ) | (565,988 | ) | ||||
Guardant Health, Inc.* | (7,296 | ) | (559,603 | ) | ||||
HealthStream, Inc.* | (2,332 | ) | (65,436 | ) | ||||
Heska Corp.* | (1,197 | ) | (101,889 | ) | ||||
Inspire Medical Systems, Inc.* | (12,999 | ) | (738,083 | ) | ||||
Insulet Corp.* | (17,297 | ) | (1,644,772 | ) | ||||
Intuitive Surgical, Inc.* | (63 | ) | (35,947 | ) | ||||
iRhythm Technologies, Inc.* | (11,847 | ) | (888,051 | ) | ||||
McKesson Corp. | (1,408 | ) | (164,820 | ) | ||||
Medidata Solutions, Inc.* | (2,207 | ) | (161,641 | ) | ||||
Merit Medical Systems, Inc.* | (2,129 | ) | (131,636 | ) | ||||
National Research Corp. | (3,484 | ) | (134,482 | ) | ||||
Neogen Corp.* | (251 | ) | (14,405 | ) | ||||
Nevro Corp.* | (70,681 | ) | (4,418,269 | ) | ||||
OraSure Technologies, Inc.* | (37,317 | ) | (416,085 | ) | ||||
PetIQ, Inc.* | (46,966 | ) | (1,475,202 | ) | ||||
Providence Service Corp. (The)* | (6,741 | ) | (449,085 | ) | ||||
RadNet, Inc.* | (17,900 | ) | (221,781 | ) | ||||
Select Medical Holdings Corp.* | (10,419 | ) | (146,804 | ) | ||||
Senseonics Holdings, Inc.* | (128,127 | ) | (313,911 | ) | ||||
STAAR Surgical Co.* | (9,217 | ) | (315,129 | ) | ||||
Surgery Partners, Inc.* | (20,701 | ) | (233,507 | ) | ||||
Surmodics, Inc.* | (2,099 | ) | (91,265 | ) | ||||
Teladoc Health, Inc.* | (7,503 | ) | (417,167 | ) | ||||
US Physical Therapy, Inc. | (8,409 | ) | (883,197 | ) | ||||
ViewRay, Inc.* | (145,750 | ) | (1,077,092 | ) | ||||
Vocera Communications, Inc.* | (21,565 | ) | (682,101 | ) | ||||
|
| |||||||
(29,263,624 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.0)% |
| |||||||
Central Garden & Pet Co., Class A* | (28,762 | ) | (668,716 | ) | ||||
Coty, Inc., Class A | (282,418 | ) | (3,247,807 | ) | ||||
Revlon, Inc., Class A* | (91 | ) | (1,764 | ) | ||||
Spectrum Brands Holdings, Inc. | (24,033 | ) | (1,316,528 | ) | ||||
WD-40 Co. | (5,566 | ) | (943,103 | ) | ||||
|
| |||||||
(6,177,918 | ) | |||||||
|
| |||||||
Materials — (4.2)% |
| |||||||
A. Schulman, Inc. CVR(c) | (10,821 | ) | (5,659 | ) | ||||
Albemarle Corp. | (26,357 | ) | (2,160,747 | ) | ||||
AptarGroup, Inc. | (3,867 | ) | (411,410 | ) | ||||
Axalta Coating Systems Ltd. (Bermuda)* | (11,831 | ) | (298,260 | ) | ||||
Balchem Corp. | (1,061 | ) | (98,461 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Ball Corp. | (7,071 | ) | $ | (409,128 | ) | |||
Boise Cascade Co. | (4,886 | ) | (130,749 | ) | ||||
Cabot Corp. | (39,550 | ) | (1,646,466 | ) | ||||
Chase Corp. | (854 | ) | (79,029 | ) | ||||
DowDuPont, Inc. | (22,682 | ) | (1,209,177 | ) | ||||
Ecolab, Inc. | (1,611 | ) | (284,406 | ) | ||||
Element Solutions, Inc.* | (78,259 | ) | (790,416 | ) | ||||
Ferro Corp.* | (17,011 | ) | (322,018 | ) | ||||
GCP Applied Technologies, Inc.* | (30,999 | ) | (917,570 | ) | ||||
Graphic Packaging Holding Co. | (58,226 | ) | (735,394 | ) | ||||
Huntsman Corp. | (69,021 | ) | (1,552,282 | ) | ||||
Ingevity Corp.* | (1,101 | ) | (116,277 | ) | ||||
Innophos Holdings, Inc. | (16,574 | ) | (499,540 | ) | ||||
International Flavors & Fragrances, Inc. | (13,533 | ) | (1,742,915 | ) | ||||
Linde PLC (Ireland) | (5,500 | ) | (967,615 | ) | ||||
Louisiana-Pacific Corp. | (5,802 | ) | (141,453 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (10,164 | ) | (854,589 | ) | ||||
Neenah, Inc. | (232 | ) | (14,932 | ) | ||||
Olin Corp. | (18,026 | ) | (417,122 | ) | ||||
Packaging Corp. of America | (63 | ) | (6,261 | ) | ||||
PH Glatfelter Co. | (36,066 | ) | (509,252 | ) | ||||
PQ Group Holdings, Inc.* | (8,479 | ) | (128,626 | ) | ||||
Quaker Chemical Corp. | (842 | ) | (168,678 | ) | ||||
Rayonier Advanced Materials, Inc. | (29,304 | ) | (397,362 | ) | ||||
Sensient Technologies Corp. | (16,367 | ) | (1,109,519 | ) | ||||
Silgan Holdings, Inc. | (2,120 | ) | (62,816 | ) | ||||
Sonoco Products Co. | (8,552 | ) | (526,205 | ) | ||||
Summit Materials, Inc., Class A* | (22,013 | ) | (349,346 | ) | ||||
Tronox Holdings PLC, Class A (United Kingdom) | (45,055 | ) | (592,473 | ) | ||||
US Concrete, Inc.* | (65,851 | ) | (2,727,548 | ) | ||||
Valvoline, Inc. | (54,625 | ) | (1,013,840 | ) | ||||
Venator Materials PLC (United Kingdom)* | (100,587 | ) | (565,299 | ) | ||||
Vulcan Materials Co. | (7,820 | ) | (925,888 | ) | ||||
Westrock Co. | (20,972 | ) | (804,276 | ) | ||||
WR Grace & Co. | (1,603 | ) | (125,098 | ) | ||||
|
| |||||||
(25,818,102 | ) | |||||||
|
| |||||||
Media & Entertainment — (4.7)% |
| |||||||
Altice USA, Inc., Class A | (3,650 | ) | (78,402 | ) |
The accompanying notes are an integral part of the financial statements.
40
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
AMC Entertainment Holdings, Inc., Class A | (17,163 | ) | $ | (254,871 | ) | |||
AMC Networks, Inc., Class A* | (2,916 | ) | (165,512 | ) | ||||
Boston Omaha Corp., Class A* | (3,451 | ) | (86,068 | ) | ||||
Cable One, Inc. | (535 | ) | (525,038 | ) | ||||
Care.com, Inc.* | (7,673 | ) | (151,618 | ) | ||||
Cargurus, Inc.* | (8,536 | ) | (341,952 | ) | ||||
CBS Corp., Class B,non-voting shares | (75,087 | ) | (3,568,885 | ) | ||||
Charter Communications, Inc., Class A* | (3,918 | ) | (1,359,193 | ) | ||||
comScore, Inc.* | (21,870 | ) | (442,868 | ) | ||||
Entercom Communications Corp., Class A | (240,169 | ) | (1,260,887 | ) | ||||
Eventbrite, Inc., Class A* | (2,299 | ) | (44,072 | ) | ||||
EW Scripps Co. (The), Class A | (35,666 | ) | (748,986 | ) | ||||
Glu Mobile, Inc.* | (7,501 | ) | (82,061 | ) | ||||
Lions Gate Entertainment Corp., Class B (Canada) | (32,920 | ) | (497,092 | ) | ||||
Live Nation Entertainment, Inc.* | (6,560 | ) | (416,822 | ) | ||||
Madison Square Garden Co. (The), Class A* | (4,649 | ) | (1,362,761 | ) | ||||
Meredith Corp. | (18,894 | ) | (1,044,082 | ) | ||||
National CineMedia, Inc. | (33,616 | ) | (236,993 | ) | ||||
New York Times Co. (The), Class A | (86,467 | ) | (2,840,441 | ) | ||||
Scholastic Corp. | (2,175 | ) | (86,478 | ) | ||||
Shaw Communications, Inc., Class B (Canada) | (7,948 | ) | (165,636 | ) | ||||
Sirius XM Holdings, Inc. | (435,234 | ) | (2,467,777 | ) | ||||
Snap, Inc., Class A* | (254,291 | ) | (2,802,287 | ) | ||||
Take-Two Interactive Software, Inc.* | (8,995 | ) | (848,858 | ) | ||||
TrueCar, Inc.* | (126,428 | ) | (839,482 | ) | ||||
WideOpenWest, Inc.* | (43,669 | ) | (397,388 | ) | ||||
Yelp, Inc.* | (73,714 | ) | (2,543,133 | ) | ||||
Zillow Group, Inc., Class C* | (65,415 | ) | (2,272,517 | ) | ||||
Zynga, Inc., Class A* | (220,014 | ) | (1,172,675 | ) | ||||
|
| |||||||
(29,104,835 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (1.6)% |
| |||||||
Aerie Pharmaceuticals, Inc.* | (2,381 | ) | (113,098 | ) | ||||
Aimmune Therapeutics, Inc.* | (6,249 | ) | (139,665 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (22,667 | ) | (309,405 | ) | ||||
Cambrex Corp.* | (30,814 | ) | (1,197,124 | ) | ||||
Codexis, Inc.* | (26,138 | ) | (536,613 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Coherus Biosciences, Inc.* | (16,302 | ) | $ | (222,359 | ) | |||
Cymabay Therapeutics, Inc.* | (13,088 | ) | (173,809 | ) | ||||
CytomX Therapeutics, Inc.* | (406 | ) | (4,364 | ) | ||||
Deciphera Pharmaceuticals, Inc.* | (44 | ) | (1,021 | ) | ||||
Dynavax Technologies Corp.* | (22,863 | ) | (167,129 | ) | ||||
Epizyme, Inc.* | (17,648 | ) | (218,659 | ) | ||||
Esperion Therapeutics, Inc.* | (68 | ) | (2,730 | ) | ||||
Flexion Therapeutics, Inc.* | (37,296 | ) | (465,454 | ) | ||||
Intra-Cellular Therapies, Inc.* | (16,734 | ) | (203,820 | ) | ||||
Intrexon Corp.* | (12,381 | ) | (65,124 | ) | ||||
Luminex Corp. | (49,602 | ) | (1,141,342 | ) | ||||
MacroGenics, Inc.* | (7,991 | ) | (143,678 | ) | ||||
Medicines Co. (The)* | (9,080 | ) | (253,786 | ) | ||||
NanoString Technologies, Inc.* | (12,115 | ) | (289,912 | ) | ||||
NeoGenomics, Inc.* | (22,901 | ) | (468,554 | ) | ||||
Omeros Corp.* | (22,552 | ) | (391,728 | ) | ||||
Pacific Biosciences of California, Inc.* | (226,145 | ) | (1,635,028 | ) | ||||
Portola Pharmaceuticals, Inc.* | (763 | ) | (26,476 | ) | ||||
Quanterix Corp.* | (250 | ) | (6,458 | ) | ||||
Radius Health, Inc.* | (15,501 | ) | (309,090 | ) | ||||
Revance Therapeutics, Inc.* | (27,985 | ) | (441,044 | ) | ||||
TherapeuticsMD, Inc.* | (74,884 | ) | (364,685 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (14,268 | ) | (323,456 | ) | ||||
UroGen Pharma Ltd. (Israel)* | (204 | ) | (7,536 | ) | ||||
WaVe Life Sciences Ltd. (Singapore)* | (163 | ) | (6,333 | ) | ||||
|
| |||||||
(9,629,480 | ) | |||||||
|
| |||||||
Retailing — (5.3)% | ||||||||
Aaron’s, Inc. | (25,303 | ) | (1,330,938 | ) | ||||
Abercrombie & Fitch Co., Class A | (19,848 | ) | (544,034 | ) | ||||
At Home Group, Inc.* | (78,674 | ) | (1,405,118 | ) | ||||
Barnes & Noble, Inc. | (2,857 | ) | (15,514 | ) | ||||
Big Lots, Inc. | (120,303 | ) | (4,573,920 | ) | ||||
Burlington Stores, Inc.* | (4,612 | ) | (722,608 | ) | ||||
Caleres, Inc. | (37,678 | ) | (930,270 | ) | ||||
Camping World Holdings, Inc., | (13,303 | ) | (185,045 | ) | ||||
CarMax, Inc.* | (22,942 | ) | (1,601,352 | ) | ||||
Carvana Co.* | (22,396 | ) | (1,300,312 | ) | ||||
Chico’s FAS, Inc. | (260,275 | ) | (1,111,374 | ) | ||||
Children’s Place, Inc. (The) | (16,506 | ) | (1,605,704 | ) | ||||
Core-Mark Holding Co., Inc. | (8,787 | ) | (326,261 | ) |
The accompanying notes are an integral part of the financial statements.
41
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Designer Brands, Inc. | (38,274 | ) | $ | (850,448 | ) | |||
Duluth Holdings, Inc., Class B* | (4,552 | ) | (108,520 | ) | ||||
Farfetch Ltd., Class A (Cayman Islands)* | (2,827 | ) | (76,075 | ) | ||||
Five Below, Inc.* | (11,675 | ) | (1,450,619 | ) | ||||
Floor & Decor Holdings, Inc., | (41,935 | ) | (1,728,561 | ) | ||||
Funko, Inc., Class A* | (41,335 | ) | (897,796 | ) | ||||
GrubHub, Inc.* | (1,951 | ) | (135,536 | ) | ||||
Guess?, Inc. | (88,357 | ) | (1,731,797 | ) | ||||
L Brands, Inc. | (14,844 | ) | (409,398 | ) | ||||
Lands’ End, Inc.* | (8,387 | ) | (139,308 | ) | ||||
Lithia Motors, Inc., Class A | (18,077 | ) | (1,676,642 | ) | ||||
LKQ Corp.* | (32,168 | ) | (912,928 | ) | ||||
Michaels Cos., Inc. (The)* | (8,006 | ) | (91,429 | ) | ||||
Monro, Inc. | (4,922 | ) | (425,851 | ) | ||||
National Vision Holdings, Inc.* | (19,959 | ) | (627,311 | ) | ||||
Nordstrom, Inc. | (27,805 | ) | (1,233,986 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (4,544 | ) | (387,740 | ) | ||||
Party City Holdco, Inc.* | (154,336 | ) | (1,225,428 | ) | ||||
Penske Automotive Group, Inc. | (18,566 | ) | (828,972 | ) | ||||
Quotient Technology, Inc.* | (29,427 | ) | (290,444 | ) | ||||
Shutterfly, Inc.* | (27,111 | ) | (1,101,791 | ) | ||||
Sonic Automotive, Inc., Class A | (5,295 | ) | (78,419 | ) | ||||
Stitch Fix, Inc., Class A* | (10,195 | ) | (287,805 | ) | ||||
Ulta Beauty, Inc.* | (1,235 | ) | (430,682 | ) | ||||
|
| |||||||
(32,779,936 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (3.2)% |
| |||||||
Ambarella, Inc. (Cayman Islands)* | (103,190 | ) | (4,457,808 | ) | ||||
Broadcom, Inc. | (710 | ) | (213,504 | ) | ||||
Brooks Automation, Inc. | (42,027 | ) | (1,232,652 | ) | ||||
CEVA, Inc.* | (13,289 | ) | (358,271 | ) | ||||
First Solar, Inc.* | (18,613 | ) | (983,511 | ) | ||||
FormFactor, Inc.* | (73,438 | ) | (1,181,617 | ) | ||||
Inphi Corp.* | (65,366 | ) | (2,859,109 | ) | ||||
MACOM Technology Solutions Holdings, Inc.* | (47,227 | ) | (789,163 | ) | ||||
MaxLinear, Inc.* | (70,835 | ) | (1,808,418 | ) | ||||
Photronics, Inc.* | (16,189 | ) | (152,986 | ) | ||||
Power Integrations, Inc. | (2,439 | ) | (170,584 | ) | ||||
Rambus, Inc.* | (105,955 | ) | (1,107,230 | ) | ||||
Rudolph Technologies, Inc.* | (10,418 | ) | (237,530 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
SMART Global Holdings, Inc. (Cayman Islands)* | (65 | ) | $ | (1,248 | ) | |||
Synaptics, Inc.* | (72,370 | ) | (2,876,708 | ) | ||||
Universal Display Corp. | (6,304 | ) | (963,566 | ) | ||||
Xperi Corp. | (19,181 | ) | (448,835 | ) | ||||
|
| |||||||
(19,842,740 | ) | |||||||
|
| |||||||
Software & Services — (6.1)% | ||||||||
8x8, Inc.* | (58,293 | ) | (1,177,519 | ) | ||||
Alliance Data Systems Corp. | (1,584 | ) | (277,168 | ) | ||||
Appian Corp.* | (14,816 | ) | (510,115 | ) | ||||
Avalara, Inc.* | (15,630 | ) | (871,998 | ) | ||||
Benefitfocus, Inc.* | (11,621 | ) | (575,472 | ) | ||||
Black Knight, Inc.* | (12,808 | ) | (698,036 | ) | ||||
BlackBerry Ltd. (Canada)* | (173,139 | ) | (1,746,973 | ) | ||||
Box, Inc., Class A* | (83,734 | ) | (1,616,904 | ) | ||||
Broadridge Financial Solutions, Inc. | (5,157 | ) | (534,729 | ) | ||||
CACI International, Inc., Class A* | (7,775 | ) | (1,415,206 | ) | ||||
Carbon Black, Inc.* | (35,327 | ) | (492,812 | ) | ||||
Cloudera, Inc.* | (244,719 | ) | (2,677,226 | ) | ||||
CoreLogic, Inc.* | (5,592 | ) | (208,358 | ) | ||||
CSG Systems International, Inc. | (18,140 | ) | (767,322 | ) | ||||
DocuSign, Inc.* | (17,956 | ) | (930,839 | ) | ||||
Domo, Inc., Class B* | (18,541 | ) | (747,759 | ) | ||||
Ellie Mae, Inc.* | (2,294 | ) | (226,395 | ) | ||||
Everi Holdings, Inc.* | (132 | ) | (1,389 | ) | ||||
Exela Technologies, Inc.* | (9,285 | ) | (31,012 | ) | ||||
FireEye, Inc.* | (130,327 | ) | (2,188,190 | ) | ||||
First Data Corp., Class A* | (14,878 | ) | (390,845 | ) | ||||
Fiserv, Inc.* | (7,965 | ) | (703,150 | ) | ||||
ForeScout Technologies, Inc.* | (27,465 | ) | (1,151,058 | ) | ||||
Gartner, Inc.* | (642 | ) | (97,379 | ) | ||||
Global Payments, Inc. | (18,742 | ) | (2,558,658 | ) | ||||
Guidewire Software, Inc.* | (9,217 | ) | (895,524 | ) | ||||
Hackett Group, Inc. (The) | (5,232 | ) | (82,666 | ) | ||||
I3 Verticals, Inc., Class A* | (765 | ) | (18,375 | ) | ||||
Instructure, Inc.* | (13,779 | ) | (649,266 | ) | ||||
Leidos Holdings, Inc. | (6,160 | ) | (394,794 | ) | ||||
MAXIMUS, Inc. | (19,425 | ) | (1,378,786 | ) | ||||
MicroStrategy, Inc., Class A* | (679 | ) | (97,946 | ) | ||||
MobileIron, Inc.* | (4,267 | ) | (23,340 | ) | ||||
Nutanix, Inc., Class A* | (27,505 | ) | (1,038,039 | ) | ||||
OneSpan, Inc.* | (7,610 | ) | (146,264 | ) | ||||
Perficient, Inc.* | (4,897 | ) | (134,129 | ) | ||||
Pivotal Software, Inc., Class A* | (62,991 | ) | (1,313,362 | ) |
The accompanying notes are an integral part of the financial statements.
42
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Presidio, Inc. | (10,227 | ) | $ | (151,360 | ) | |||
PROS Holdings, Inc.* | (10,760 | ) | (454,502 | ) | ||||
Science Applications International Corp. | (2,995 | ) | (230,465 | ) | ||||
Square, Inc., Class A* | (7,912 | ) | (592,767 | ) | ||||
Switch, Inc., Class A | (214,881 | ) | (2,215,423 | ) | ||||
Tenable Holdings, Inc.* | (37,692 | ) | (1,193,329 | ) | ||||
TiVo Corp. | (123,454 | ) | (1,150,591 | ) | ||||
Travelport Worldwide Ltd. (Bermuda) . | (67,260 | ) | (1,058,000 | ) | ||||
TTEC Holdings, Inc. | (2,755 | ) | (99,814 | ) | ||||
Tucows, Inc., Class A* | (2,073 | ) | (168,286 | ) | ||||
WEX, Inc.* | (540 | ) | (103,675 | ) | ||||
Worldpay, Inc., Class A* | (8,054 | ) | (914,129 | ) | ||||
Yext, Inc.* | (7,706 | ) | (168,453 | ) | ||||
Zuora, Inc., Class A* | (26,994 | ) | (540,690 | ) | ||||
|
| |||||||
(37,810,487 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (4.9)% |
| |||||||
3D Systems Corp.* | (131,494 | ) | (1,414,875 | ) | ||||
ADTRAN, Inc. | (26,554 | ) | (363,790 | ) | ||||
Benchmark Electronics, Inc. | (48,532 | ) | (1,273,965 | ) | ||||
CalAmp Corp.* | (23,170 | ) | (291,479 | ) | ||||
Celestica, Inc. (Canada)* | (74,335 | ) | (628,131 | ) | ||||
Cognex Corp. | (13,094 | ) | (665,961 | ) | ||||
Comtech Telecommunications Corp. | (5,382 | ) | (124,970 | ) | ||||
Control4 Corp.* | (15,009 | ) | (254,102 | ) | ||||
Cray, Inc.* | (5,523 | ) | (143,874 | ) | ||||
Dolby Laboratories, Inc., Class A | (17,452 | ) | (1,098,952 | ) | ||||
Electronics For Imaging, Inc.* | (42,220 | ) | (1,135,718 | ) | ||||
ePlus, Inc.* | (4,003 | ) | (354,426 | ) | ||||
Extreme Networks, Inc.* | (91,665 | ) | (686,571 | ) | ||||
FARO Technologies, Inc.* | (9,142 | ) | (401,425 | ) | ||||
Finisar Corp.* | (73,962 | ) | (1,713,700 | ) | ||||
Fitbit, Inc., Class A* | (242,383 | ) | (1,434,907 | ) | ||||
II-VI, Inc.* | (3,917 | ) | (145,869 | ) | ||||
Infinera Corp.* | (451,470 | ) | (1,959,380 | ) | ||||
Littelfuse, Inc. | (4,580 | ) | (835,758 | ) | ||||
Lumentum Holdings, Inc.* | (43,656 | ) | (2,468,310 | ) | ||||
Methode Electronics, Inc. | (4,038 | ) | (116,214 | ) | ||||
NetScout Systems, Inc.* | (95,500 | ) | (2,680,685 | ) | ||||
nLight, Inc.* | (37,884 | ) | (844,056 | ) | ||||
Novanta, Inc. (Canada)* | (110 | ) | (9,320 | ) | ||||
Plexus Corp.* | (19,667 | ) | (1,198,704 | ) | ||||
Pure Storage, Inc., Class A* | (22,118 | ) | (481,951 | ) | ||||
Quantenna Communications, Inc.* | (4,931 | ) | (119,971 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Ribbon Communications, Inc.* | (3,124 | ) | $ | (16,089 | ) | |||
Rogers Corp.* | (5,516 | ) | (876,382 | ) | ||||
Sanmina Corp.* | (46,954 | ) | (1,354,623 | ) | ||||
ScanSource, Inc.* | (2,975 | ) | (106,564 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (31,236 | ) | (386,389 | ) | ||||
Stratasys Ltd. (Israel)* | (28,363 | ) | (675,607 | ) | ||||
SYNNEX Corp. | (16,662 | ) | (1,589,388 | ) | ||||
Trimble, Inc.* | (2,476 | ) | (100,030 | ) | ||||
TTM Technologies, Inc.* | (20,976 | ) | (246,048 | ) | ||||
ViaSat, Inc.* | (27,012 | ) | (2,093,430 | ) | ||||
|
| |||||||
(30,291,614 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.7)% |
| |||||||
ATN International, Inc. | (5,941 | ) | (335,013 | ) | ||||
Bandwidth, Inc., Class A* | (2,889 | ) | (193,447 | ) | ||||
Boingo Wireless, Inc.* | (45,930 | ) | (1,069,250 | ) | ||||
Cincinnati Bell, Inc.* | (73,301 | ) | (699,292 | ) | ||||
Consolidated Communications Holdings, Inc. | (89,300 | ) | (974,263 | ) | ||||
Iridium Communications, Inc.* | (11,058 | ) | (292,374 | ) | ||||
ORBCOMM, Inc.* | (87,568 | ) | (593,711 | ) | ||||
pdvWireless, Inc.* | (1,058 | ) | (37,199 | ) | ||||
|
| |||||||
(4,194,549 | ) | |||||||
|
| |||||||
Transportation — (3.9)% | ||||||||
Air Transport Services Group, Inc.* | (73,506 | ) | (1,694,313 | ) | ||||
Alaska Air Group, Inc. | (31,321 | ) | (1,757,735 | ) | ||||
Allegiant Travel Co. | (10,413 | ) | (1,348,171 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (32,035 | ) | (1,619,690 | ) | ||||
Canadian National Railway Co. (Canada) | (21,718 | ) | (1,943,327 | ) | ||||
Canadian Pacific Railway Ltd. (Canada) | (5,446 | ) | (1,122,039 | ) | ||||
Hawaiian Holdings, Inc. | (71,139 | ) | (1,867,399 | ) | ||||
Hub Group, Inc., Class A* | (5,996 | ) | (244,937 | ) | ||||
JB Hunt Transport Services, Inc. | (5,340 | ) | (540,889 | ) | ||||
JetBlue Airways Corp.* | (65,905 | ) | (1,078,206 | ) | ||||
Kirby Corp.* | (1,384 | ) | (103,952 | ) | ||||
Knight-Swift Transportation Holdings, Inc. | (5,117 | ) | (167,224 | ) | ||||
Matson, Inc. | (10,758 | ) | (388,256 | ) | ||||
Ryder System, Inc. | (60,196 | ) | (3,731,550 | ) | ||||
Saia, Inc.* | (17,841 | ) | (1,090,085 | ) | ||||
SkyWest, Inc. | (34,854 | ) | (1,892,224 | ) | ||||
Spirit Airlines, Inc.* | (27,108 | ) | (1,432,929 | ) |
The accompanying notes are an integral part of the financial statements.
43
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
United Parcel Service, Inc., Class B | (4,560 | ) | $ | (509,534 | ) | |||
Werner Enterprises, Inc. | (47,235 | ) | (1,613,075 | ) | ||||
|
| |||||||
(24,145,535 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $539,793,835) | (455,447,812 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (73.4)% |
| (455,447,812 | ) | |||||
|
| |||||||
(Proceeds $539,793,835) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | 5,356,903 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 620,293,699 | ||||||
|
|
† | Security position is either entirely or partially held in a |
segregated account as collateral for securities sold short. |
(See Note 1 of the Notes to Financial Statements) |
(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. (See Note 5 of the Notes to |
Financial Statements) |
(c) | Security is fair valued by the Adviser under direction of the |
Board of Trustees |
* | Non-income producing. |
CVR Contingent Value Rights
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
44
GOTHAM NEUTRAL FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 121.5% | ||||||||
COMMON STOCKS — 121.5% | ||||||||
Automobiles & Components — 3.2% |
| |||||||
American Axle & Manufacturing Holdings, Inc.†(a)* | 26,296 | $ | 376,296 | |||||
Aptiv PLC (Jersey)†(a) | 5,164 | 410,486 | ||||||
BorgWarner, Inc.†(a)(b) | 23,088 | 886,810 | ||||||
Cooper Tire & Rubber Co.(a) | 1,794 | 53,623 | ||||||
Dana, Inc.†(b) | 77,971 | 1,383,206 | ||||||
Delphi Technologies PLC | 36,960 | 711,850 | ||||||
Fiat Chrysler Automobiles NV (Netherlands)(a)* | 62,643 | 930,249 | ||||||
General Motors Co.†(a) | 22,193 | 823,360 | ||||||
Lear Corp.† | 10,354 | 1,405,141 | ||||||
Magna International, Inc. | 6,219 | 302,803 | ||||||
Tenneco, Inc., Class A†(b) | 20,728 | 459,333 | ||||||
Thor Industries, Inc.(a) | 2,774 | 173,014 | ||||||
|
| |||||||
7,916,171 | ||||||||
|
| |||||||
Capital Goods — 17.1% | ||||||||
3M Co.†(b) | 2,010 | 417,638 | ||||||
A.O. Smith Corp.† | 2,460 | 131,167 | ||||||
Acuity Brands, Inc.(a) | 719 | 86,287 | ||||||
AECOM†(b)* | 5,956 | 176,715 | ||||||
Aegion Corp.†(a)* | 1,665 | 29,254 | ||||||
AGCO Corp.†(a) | 9,022 | 627,480 | ||||||
Allegion PLC (Ireland)† | 1,179 | 106,947 | ||||||
Allison Transmission Holdings, | 13,396 | 601,748 | ||||||
Altra Industrial Motion Corp.† | 27,093 | 841,238 | ||||||
AMETEK, Inc.† | 1,467 | 121,717 | ||||||
Applied Industrial Technologies, Inc.† | 2,710 | 161,164 | ||||||
Arconic, Inc.† | 52,258 | 998,650 | ||||||
AZZ, Inc. | 2,020 | 82,679 | ||||||
BMC Stock Holdings, Inc.†(a)* | 10,980 | 194,017 | ||||||
Builders FirstSource, Inc.†(a)* | 26,779 | 357,232 | ||||||
BWX Technologies, Inc. | 3,012 | 149,335 | ||||||
Carlisle Cos., Inc.(a) | 2,243 | 275,037 | ||||||
Caterpillar, Inc.†(a) | 2,381 | 322,602 | ||||||
Colfax Corp.†(b)* | 42,410 | 1,258,729 | ||||||
Columbus McKinnon Corp.†(a) | 1,793 | 61,590 | ||||||
Comfort Systems USA, Inc.† | 3,488 | 182,736 | ||||||
Continental Building Products, | 18,501 | 458,640 | ||||||
Crane Co.†(a) | 10,836 | 916,942 | ||||||
Cummins, Inc.† | 4,370 | 689,892 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Curtiss-Wright Corp.†(b) | 6,688 | $ | 758,018 | |||||
Dover Corp.† | 5,886 | 552,107 | ||||||
Eaton Corp. PLC (Ireland)†(b) | 16,221 | 1,306,764 | ||||||
EMCOR Group, Inc.†(a) | 13,354 | 975,910 | ||||||
Emerson Electric Co. | 25 | 1,712 | ||||||
Encore Wire Corp.(a) | 611 | 34,961 | ||||||
EnPro Industries, Inc.† | 1,602 | 103,249 | ||||||
Flowserve Corp.†(a) | 4,030 | 181,914 | ||||||
Fluor Corp.(a) | 2,345 | 86,296 | ||||||
Fortive Corp.†(a) | 10,517 | 882,271 | ||||||
Fortune Brands Home & Security, Inc.†(b) | 9,944 | 473,434 | ||||||
Franklin Electric Co., Inc. | 14 | 715 | ||||||
Gardner Denver Holdings, Inc.†(b)* | 21,773 | 605,507 | ||||||
General Dynamics Corp.† | 18,746 | 3,173,323 | ||||||
Gibraltar Industries, Inc.(a)* | 2,726 | 110,703 | ||||||
Global Brass & Copper Holdings, Inc. | 427 | 14,706 | ||||||
GMS, Inc.(a)* | 6,193 | 93,638 | ||||||
GrafTech International Ltd.†(a) | 94,818 | 1,212,722 | ||||||
Great Lakes Dredge & Dock Corp.* | 571 | 5,088 | ||||||
Harsco Corp.†* | 1,245 | 25,099 | ||||||
HD Supply Holdings, Inc.* | 4,971 | 215,493 | ||||||
Hexcel Corp.†(a) | 10,612 | 733,926 | ||||||
Hillenbrand, Inc.† | 10,312 | 428,257 | ||||||
Honeywell International, Inc.† | 14,923 | 2,371,563 | ||||||
Hubbell, Inc.†(a)(b) | 9,077 | 1,070,904 | ||||||
Huntington Ingalls Industries, Inc.†(b) | 4,045 | 838,124 | ||||||
Illinois Tool Works, Inc.†(a)(b) | 4,701 | 674,735 | ||||||
Ingersoll-Rand PLC (Ireland)† | 7,045 | 760,508 | ||||||
ITT, Inc.†(b) | 4,660 | 270,280 | ||||||
JELD-WEN Holding, Inc.†(a)* | 33,173 | 585,835 | ||||||
Johnson Controls International PLC (Ireland)†(b) | 19,724 | 728,605 | ||||||
Kaman Corp.†(a) | 2,606 | 152,295 | ||||||
KBR, Inc.†(a) | 2,393 | 45,682 | ||||||
L3 Technologies, Inc.†(b) | 2,744 | 566,279 | ||||||
Lincoln Electric Holdings, Inc.(b) | 930 | 77,999 | ||||||
Lockheed Martin Corp.(b) | 2,192 | 657,951 | ||||||
Manitowoc Co., Inc. (The)†(a)* | 13,055 | 214,233 | ||||||
Masco Corp.† | 11,937 | 469,243 | ||||||
Milacron Holdings Corp.†* | 15,859 | 179,524 | ||||||
National Presto Industries, Inc.†(a) | 1,747 | 189,637 | ||||||
Navistar International Corp.(a)* | 3,637 | 117,475 | ||||||
Northrop Grumman Corp.† | 7,132 | 1,922,787 |
The accompanying notes are an integral part of the financial statements.
45
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
nVent Electric PLC (Ireland)†(b) | 7,413 | $ | 200,003 | |||||
Parker-Hannifin Corp. | 295 | 50,628 | ||||||
Quanta Services, Inc.† | 2,290 | 86,425 | ||||||
Raytheon Co.†(b) | 12,703 | 2,312,962 | ||||||
Regal Beloit Corp.†(a)(b) | 4,827 | 395,186 | ||||||
Resideo Technologies, Inc.* | 74 | 1,427 | ||||||
Rexnord Corp.†(a)* | 10,236 | 257,333 | ||||||
Snap-on, Inc.†(a)(b) | 2,394 | 374,709 | ||||||
SPX FLOW, Inc.†(a)* | 4,200 | 133,980 | ||||||
Stanley Black & Decker, Inc.† | 6,276 | 854,603 | ||||||
Teledyne Technologies, Inc.†* | 619 | 146,709 | ||||||
Tennant Co. | 20 | 1,242 | ||||||
Textron, Inc.†(a) | 7,316 | 370,629 | ||||||
Timken Co. (The)(a) | 3,127 | 136,400 | ||||||
TransDigm Group, Inc.†(a)* | 698 | 316,885 | ||||||
TriMas Corp.†* | 1,608 | 48,610 | ||||||
Univar, Inc.†(a)* | 41,595 | 921,755 | ||||||
Universal Forest Products, Inc.† | 3,617 | 108,112 | ||||||
Valmont Industries, Inc.†(a) | 1,352 | 175,895 | ||||||
Wabash National Corp.†(a)(b) | 16,085 | 217,952 | ||||||
Wabtec Corp.† | 8,584 | 632,812 | ||||||
Watts Water Technologies, Inc., Class A†(a) | 2,916 | 235,671 | ||||||
Welbilt, Inc.†(a)(b)* | 44,163 | 723,390 | ||||||
WESCO International, Inc.†(b)* | 14,392 | 762,920 | ||||||
WW Grainger, Inc.†(a)(b) | 1,241 | 373,454 | ||||||
|
| |||||||
42,958,600 | ||||||||
|
| |||||||
Commercial & Professional Services — 4.2% |
| |||||||
ABM Industries, Inc.†(a) | 13,888 | 504,829 | ||||||
ACCO Brands Corp.(a) | 7,552 | 64,645 | ||||||
Brink’s Co. (The)†(a) | 6,365 | 479,985 | ||||||
CBIZ, Inc.†(a)* | 5,286 | 106,989 | ||||||
Cintas Corp. | 24 | 4,851 | ||||||
Clean Harbors, Inc.†* | 14,641 | 1,047,271 | ||||||
Deluxe Corp.†(a) | 26,207 | 1,145,770 | ||||||
FTI Consulting, Inc.†(a)(b)* | 21,520 | 1,653,166 | ||||||
Healthcare Services Group, Inc.(a) | 1,017 | 33,551 | ||||||
Heidrick & Struggles International, Inc.† | 1,972 | 75,587 | ||||||
Huron Consulting Group, Inc.†* | 2,132 | 100,673 | ||||||
ICF International, Inc.† | 1,190 | 90,535 | ||||||
KAR Auction Services, Inc.†(b) | 3,246 | 166,552 | ||||||
Kforce, Inc.† | 1,427 | 50,116 | ||||||
Korn Ferry(a) | 2,692 | 120,548 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
ManpowerGroup, Inc.†(b) | 14,703 | $ | 1,215,791 | |||||
Matthews International Corp., | 925 | 34,179 | ||||||
Navigant Consulting, Inc.†(a)(b) | 12,450 | 242,402 | ||||||
Nielsen Holdings PLC (United | ||||||||
Kingdom)†(a)(b) | 11,144 | 263,779 | ||||||
Quad/Graphics, Inc.(a) | 4,592 | 54,645 | ||||||
Republic Services, Inc.†(b) | 5,569 | 447,636 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada) | 2,846 | 96,764 | ||||||
Robert Half International, Inc.†(a)(b) | 4,720 | 307,555 | ||||||
SP Plus Corp.†* | 5,822 | 198,647 | ||||||
Steelcase, Inc., Class A(a) | 1,525 | 22,189 | ||||||
Tetra Tech, Inc.†(b) | 7,828 | 466,471 | ||||||
Thomson Reuters Corp. (Canada)† | 10,927 | 646,878 | ||||||
Waste Management, Inc.† | 7,772 | 807,589 | ||||||
|
| |||||||
10,449,593 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.5% |
| |||||||
Acushnet Holdings Corp.(a) | 5,457 | 126,275 | ||||||
Callaway Golf Co.† | 22,553 | 359,269 | ||||||
Capri Holdings Ltd. (British Virgin Islands)†(b)* | 10,123 | 463,127 | ||||||
Carter’s, Inc.(a) | 6,369 | 641,932 | ||||||
Crocs, Inc.†(b)* | 1,585 | 40,814 | ||||||
Deckers Outdoor Corp.†(a)* | 9,803 | 1,440,943 | ||||||
Ethan Allen Interiors, Inc. | 365 | 6,982 | ||||||
Fossil Group, Inc.†(a)(b)* | 40,785 | 559,570 | ||||||
Garmin Ltd. (Switzerland)†(b) | 22,352 | 1,930,095 | ||||||
Hanesbrands, Inc.† | 46,118 | 824,590 | ||||||
Hasbro, Inc.(a) | 2,734 | 232,445 | ||||||
Helen of Troy Ltd. (Bermuda)†(a)* | 589 | 68,300 | ||||||
Installed Building Products, Inc.†(a)* | 5,256 | 254,916 | ||||||
Leggett & Platt, Inc.†(a) | 14,600 | 616,412 | ||||||
Mattel, Inc.(a)* | 36,673 | 476,749 | ||||||
Movado Group, Inc.† | 1,455 | 52,933 | ||||||
Sonos, Inc.* | 4,201 | 43,228 | ||||||
Sturm Ruger & Co., Inc.† | 7,904 | 419,070 | ||||||
Tapestry, Inc.†(a)(b) | 25,274 | 821,152 | ||||||
TopBuild Corp.†(a)* | 6,770 | 438,831 | ||||||
Tupperware Brands Corp.†(b) | 9,302 | 237,945 | ||||||
Under Armour, Inc., Class C(a)* | 7,021 | 132,486 | ||||||
VF Corp.† | 9,226 | 801,832 | ||||||
Whirlpool Corp.†(a) | 2,489 | 330,763 | ||||||
|
| |||||||
11,320,659 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
46
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — 5.7% | ||||||||
Aramark† | 25,268 | $ | 746,669 | |||||
BJ’s Restaurants, Inc.† | 15,447 | 730,334 | ||||||
Career Education Corp.†(a)* | 2,757 | 45,546 | ||||||
Cheesecake Factory, Inc. (The)†(a) | 4,333 | 211,970 | ||||||
Choice Hotels International, Inc.†(a) | 8,827 | 686,211 | ||||||
Cracker Barrel Old Country Store, Inc.†(a) | 7,467 | 1,206,742 | ||||||
Darden Restaurants, Inc.(a) | 760 | 92,317 | ||||||
Denny’s Corp.(a)* | 3,709 | 68,060 | ||||||
frontdoor, Inc.(b)* | 4,125 | 141,982 | ||||||
Graham Holdings Co., Class B† | 650 | 444,067 | ||||||
Houghton Mifflin Harcourt Co.(a)* | 301 | 2,188 | ||||||
International Game Technology PLC (United Kingdom)†(a) | 32,394 | 420,798 | ||||||
Jack in the Box, Inc.†(a) | 10,723 | 869,206 | ||||||
Las Vegas Sands Corp.† | 7,449 | 454,091 | ||||||
McDonald’s Corp.† | 2,025 | 384,548 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)†* | 24,398 | 1,340,914 | ||||||
PlayAGS, Inc.* | 1,799 | 43,050 | ||||||
Regis Corp.†* | 1,426 | 28,049 | ||||||
Scientific Games Corp.(a)* | 3,793 | 77,453 | ||||||
SeaWorld Entertainment, Inc.†* | 47,105 | 1,213,425 | ||||||
Six Flags Entertainment Corp.(a)(b) | 7,115 | 351,125 | ||||||
Stars Group, Inc. (The) (Canada)†* | 16,611 | 290,859 | ||||||
Weight Watchers International, Inc.†(a)(b)* | 74,661 | 1,504,419 | ||||||
Wyndham Hotels & Resorts, Inc.†(b) | 21,102 | 1,054,889 | ||||||
Yum! Brands, Inc.† | 19,523 | 1,948,591 | ||||||
|
| |||||||
14,357,503 | ||||||||
|
| |||||||
Energy — 5.8% | ||||||||
Cameco Corp. (Canada)† | 1,167 | 13,759 | ||||||
Chevron Corp.† | 3,715 | 457,614 | ||||||
CONSOL Energy, Inc.†(a)* | 2,583 | 88,390 | ||||||
Contura Energy, Inc.(a)* | 1,267 | 73,385 | ||||||
CVR Energy, Inc.† | 1,837 | 75,684 | ||||||
Delek US Holdings, Inc.† | 4,307 | 156,861 | ||||||
FTS International, Inc.†(a)(b)* | 43,701 | 437,010 | ||||||
Halliburton Co.† | 19,953 | 584,623 | ||||||
Helix Energy Solutions Group, | 22,252 | 176,013 | ||||||
Helmerich & Payne, Inc.† | 1,287 | 71,506 | ||||||
HollyFrontier Corp.†(a) | 18,778 | 925,192 | ||||||
Imperial Oil Ltd. (Canada)† | 2,574 | 70,450 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Kinder Morgan, Inc.†(a)(b) | 84,500 | $ | 1,690,845 | |||||
KLX Energy Services Holdings, | 2,369 | 59,557 | ||||||
Liberty Oilfield Services, Inc., | 3,472 | 53,434 | ||||||
Mammoth Energy Services, Inc.† | 9,065 | 150,932 | ||||||
Nabors Industries Ltd. | 500,179 | 1,720,616 | ||||||
National Oilwell Varco, Inc.†(b) | 25,822 | 687,898 | ||||||
Newpark Resources, Inc.* | 1,059 | 9,700 | ||||||
Nine Energy Service, Inc.(a)* | 357 | 8,086 | ||||||
Oil States International, Inc.* | 45 | 763 | ||||||
Patterson-UTI Energy, Inc.†(a) | 79,117 | 1,109,220 | ||||||
Pembina Pipeline Corp. (Canada)† | 7,253 | 266,620 | ||||||
Phillips 66†(a) | 20,067 | 1,909,776 | ||||||
Precision Drilling Corp. (Canada)†* | 17,003 | 40,637 | ||||||
ProPetro Holding Corp.†* | 15,733 | 354,622 | ||||||
Renewable Energy Group, Inc.†* | 26,690 | 586,112 | ||||||
RPC, Inc.†(a) | 45,453 | 518,619 | ||||||
Schlumberger Ltd. | 38,293 | 1,668,426 | ||||||
SEACOR Holdings, Inc.(b)* | 849 | 35,896 | ||||||
Select Energy Services, Inc., | 2,448 | 29,425 | ||||||
Superior Energy Services, | 18,016 | 84,135 | ||||||
Tidewater, Inc.†* | 4,096 | 94,986 | ||||||
Weatherford International PLC (Ireland)†* | 412,757 | 288,104 | ||||||
Williams Cos., Inc. (The)† | 934 | 26,825 | ||||||
|
| |||||||
14,525,721 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.8% |
| |||||||
BJ’s Wholesale Club Holdings, | 6,440 | 176,456 | ||||||
Casey’s General Stores, | 358 | 46,100 | ||||||
Rite Aid Corp.* | 22,704 | 14,417 | ||||||
Sysco Corp.†(b) | 37,548 | 2,506,705 | ||||||
Walgreens Boots Alliance, | 9,544 | 603,849 | ||||||
Walmart, Inc.† | 11,984 | 1,168,800 | ||||||
Weis Markets, Inc.(a) | 1,572 | 64,153 | ||||||
|
| |||||||
4,580,480 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 7.3% |
| |||||||
Altria Group, Inc.†(b) | 17,475 | 1,003,589 | ||||||
Archer-Daniels-Midland Co.†(a) | 19,959 | 860,832 | ||||||
B&G Foods, Inc.(a) | 14,810 | 361,660 | ||||||
Bunge Ltd. (Bermuda)† | 22,368 | 1,187,070 |
The accompanying notes are an integral part of the financial statements.
47
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Campbell Soup Co.†(a) | 37,570 | $ | 1,432,544 | |||||
Coca-Cola Co. (The)†(b) | 18,865 | 884,014 | ||||||
Constellation Brands, Inc., | 9,500 | 1,665,635 | ||||||
Fresh Del Monte Produce, Inc. (Cayman Islands)(b) | 1,406 | 38,004 | ||||||
General Mills, Inc.†(a)(b) | 16,304 | 843,732 | ||||||
Hershey Co. (The)† | 12,281 | 1,410,227 | ||||||
Hormel Foods Corp.†(a) | 15,267 | 683,351 | ||||||
JM Smucker Co. (The)†(a) | 3,468 | 404,022 | ||||||
Kellogg Co.† | 7,387 | 423,866 | ||||||
Kraft Heinz Co. (The)† | 21,991 | 718,006 | ||||||
Lancaster Colony Corp.† | 522 | 81,792 | ||||||
McCormick & Co., Inc.,non-voting shares† | 4,013 | 604,478 | ||||||
Molson Coors Brewing Co., Class B† | 1,375 | 82,019 | ||||||
Mondelez International, Inc., Class A† | 7,479 | 373,352 | ||||||
Monster Beverage Corp.†* | 25,811 | 1,408,764 | ||||||
PepsiCo, Inc.† | 11,563 | 1,417,046 | ||||||
Pilgrim’s Pride Corp.†(b)* | 19,000 | 423,510 | ||||||
Tootsie Roll Industries, Inc.(a) | 352 | 13,109 | ||||||
TreeHouse Foods, Inc.†(a)* | 19,052 | 1,229,807 | ||||||
Vector Group Ltd.†(a) | 78,695 | 849,119 | ||||||
|
| |||||||
18,399,548 | ||||||||
|
| |||||||
Health Care Equipment & Services — 9.4% |
| |||||||
Abbott Laboratories† | 11,959 | 956,002 | ||||||
Allscripts Healthcare Solutions, Inc.†(a)* | 57,675 | 550,220 | ||||||
Avanos Medical, Inc.†* | 8,940 | 381,559 | ||||||
Baxter International, Inc.† | 11,939 | 970,760 | ||||||
Cardinal Health, Inc.† | 24,323 | 1,171,152 | ||||||
Cerner Corp.†(a)* | 22,701 | 1,298,724 | ||||||
CryoLife, Inc.(a)* | 341 | 9,947 | ||||||
CVS Health Corp.† | 23,305 | 1,256,839 | ||||||
Danaher Corp.†(a) | 4,073 | 537,717 | ||||||
DENTSPLY SIRONA, Inc.† | 3,432 | 170,193 | ||||||
Hanger, Inc.* | 439 | 8,363 | ||||||
HCA Healthcare, Inc.†(b) | 9,316 | 1,214,620 | ||||||
Henry Schein, Inc.(a)* | 4,831 | 290,391 | ||||||
Hill-Rom Holdings, Inc.†(b) | 8,783 | 929,768 | ||||||
HMS Holdings Corp.†(a)(b)* | 37,508 | 1,110,612 | ||||||
Integer Holdings Corp.†(b)* | 15,037 | 1,134,091 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Integra LifeSciences Holdings | 15,372 | $ | 856,528 | |||||
Laboratory Corp. of America Holdings†(b)* | 3,605 | 551,493 | ||||||
LivaNova PLC (United Kingdom)†(b)* | 13,849 | 1,346,815 | ||||||
Masimo Corp.†* | 895 | 123,761 | ||||||
MEDNAX, Inc.†(b)* | 34,887 | 947,880 | ||||||
Medtronic PLC (Ireland)† | 18,522 | 1,686,984 | ||||||
Meridian Bioscience, Inc.†(a) | 9,186 | 161,766 | ||||||
National HealthCare Corp.(a) | 22 | 1,669 | ||||||
Natus Medical, Inc.†(a)* | 5,102 | 129,489 | ||||||
NextGen Healthcare, Inc.(a)(b)* | 15,685 | 263,979 | ||||||
NuVasive, Inc.†(a)* | 8,643 | 490,836 | ||||||
Omnicell, Inc.†* | 6,153 | 497,409 | ||||||
OraSure Technologies, Inc.(a)* | 6,648 | 74,125 | ||||||
Quest Diagnostics, Inc.†(a)(b) | 5,039 | 453,107 | ||||||
Select Medical Holdings Corp.†(a)* | 19,225 | 270,880 | ||||||
STERIS PLC (Ireland)†(b) | 10,219 | 1,308,339 | ||||||
Stryker Corp.† | 1,088 | 214,902 | ||||||
Tivity Health, Inc.†(a)* | 39,777 | 698,484 | ||||||
Universal Health Services, Inc., | 453 | 60,598 | ||||||
Varex Imaging Corp.(a)* | 1,638 | 55,495 | ||||||
West Pharmaceutical Services, Inc.† | 2,533 | 279,137 | ||||||
Zimmer Biomet Holdings, Inc.† | 9,297 | 1,187,227 | ||||||
|
| |||||||
23,651,861 | ||||||||
|
| |||||||
Household & Personal Products — 1.6% |
| |||||||
Avon Products, Inc.†* | 10,667 | 31,361 | ||||||
Central Garden & Pet Co., Class A* | 333 | 7,742 | ||||||
Church & Dwight Co., Inc.†(a) | 4,638 | 330,365 | ||||||
Clorox Co. (The)†(a) | 1,411 | 226,409 | ||||||
Colgate-Palmolive Co.†(a) | 9,214 | 631,528 | ||||||
Edgewell Personal Care Co.†(a)(b)* | 19,502 | 855,943 | ||||||
elf Beauty, Inc.* | 243 | 2,576 | ||||||
Energizer Holdings, Inc.(a) | 16,759 | 752,982 | ||||||
Inter Parfums, Inc. | 1,024 | 77,691 | ||||||
Kimberly-Clark Corp.(a)(b) | 1,323 | 163,920 | ||||||
Procter & Gamble Co. (The)†(b) | 10,130 | 1,054,026 | ||||||
|
| |||||||
4,134,543 | ||||||||
|
| |||||||
Materials — 6.0% | ||||||||
AdvanSix, Inc.* | 87 | 2,486 | ||||||
Air Products & Chemicals, Inc.†(a) | 2,301 | 439,399 | ||||||
Ashland Global Holdings, Inc.†(b) | 1,194 | 93,287 |
The accompanying notes are an integral part of the financial statements.
48
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Axalta Coating Systems Ltd. (Bermuda)†* | 44,351 | $ | 1,118,089 | |||||
Bemis Co., Inc.† | 1,543 | 85,606 | ||||||
CF Industries Holdings, Inc.† | 16,159 | 660,580 | ||||||
Crown Holdings, Inc.(b)* | 3,809 | 207,857 | ||||||
Domtar Corp.† | 7,341 | 364,481 | ||||||
Eagle Materials, Inc.(b) | 2,156 | 181,751 | ||||||
Eastman Chemical Co.† | 12,650 | 959,882 | ||||||
Ferro Corp.(a)(b)* | 10,528 | 199,295 | ||||||
FutureFuel Corp.† | 3,784 | 50,706 | ||||||
Graphic Packaging Holding Co.†(a) | 91,471 | 1,155,279 | ||||||
Greif, Inc., Class A†(a) | 1,853 | 76,436 | ||||||
H.B. Fuller Co.†(a)(b) | 26,154 | 1,272,131 | ||||||
Huntsman Corp.†(a) | 19,323 | 434,574 | ||||||
Innophos Holdings, Inc. | 548 | 16,517 | ||||||
Innospec, Inc.(a) | 131 | 10,919 | ||||||
International Paper Co.†(a) | 15,637 | 723,524 | ||||||
Koppers Holdings, Inc.* | 431 | 11,197 | ||||||
Kraton Corp.†(b)* | 15,781 | 507,833 | ||||||
Kronos Worldwide, Inc.†(a) | 14,151 | 198,397 | ||||||
Minerals Technologies, Inc.† | 2,221 | 130,573 | ||||||
Norbord, Inc. (Canada)†(a) | 6,942 | 191,252 | ||||||
Nutrien Ltd. (Canada)† | 28,022 | 1,478,441 | ||||||
Olin Corp.†(a) | 59,987 | 1,388,099 | ||||||
PolyOne Corp.†(a) | 24,185 | 708,862 | ||||||
Rayonier Advanced Materials, | 38,886 | 527,294 | ||||||
Stepan Co. | 16 | 1,400 | ||||||
Summit Materials, Inc., Class A†(a)* | 36,318 | 576,367 | ||||||
Tronox Holdings PLC(a) | 9,631 | 126,648 | ||||||
US Concrete, Inc.†* | 15,098 | 625,359 | ||||||
Verso Corp., Class A†(a)(b)* | 27,243 | 583,545 | ||||||
|
| |||||||
15,108,066 | ||||||||
|
| |||||||
Media & Entertainment — 5.8% |
| |||||||
Activision Blizzard, Inc.† | 35,296 | 1,607,027 | ||||||
Alphabet, Inc., Class A†* | 944 | 1,110,984 | ||||||
ANGI Homeservices, Inc., Class A†* | 5,137 | 79,315 | ||||||
Cars.com, Inc.†(a)* | 54,351 | 1,239,203 | ||||||
Discovery, Inc., Class A†(a)* | 14,797 | 399,815 | ||||||
DISH Network Corp., Class A†(a)(b)* | 10,815 | 342,727 | ||||||
Facebook, Inc., Class A†(b)* | 9,085 | 1,514,379 | ||||||
Gannett Co., Inc.†(a) | 16,995 | 179,127 | ||||||
Gray Television, Inc.†(b)* | 41,951 | 896,073 | ||||||
IAC/InterActiveCorp.†* | 3,048 | 640,415 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Interpublic Group of Cos., Inc. | 19,170 | $ | 402,762 | |||||
Loral Space & Communications, | 1,816 | 65,467 | ||||||
Marcus Corp. (The)†(a) | 5,821 | 233,131 | ||||||
MSG Networks, Inc., Class A†(a)* | 22,721 | 494,182 | ||||||
New Media Investment Group, | 16,870 | 177,135 | ||||||
News Corp., Class A†(b) | 43,173 | 537,072 | ||||||
Omnicom Group, Inc.†(a)(b) | 15,493 | 1,130,834 | ||||||
QuinStreet, Inc.†(a)* | 18,419 | 246,630 | ||||||
Sirius XM Holdings, Inc.† | 25,810 | 146,343 | ||||||
TEGNA, Inc.†(a)(b) | 65,266 | 920,251 | ||||||
Tribune Media Co., Class A†(a) | 5,207 | 240,251 | ||||||
TripAdvisor, Inc.†(a)* | 8,875 | 456,619 | ||||||
Viacom, Inc., Class B† | 29,139 | 817,932 | ||||||
Walt Disney Co. (The)† | 6,740 | 748,342 | ||||||
|
| |||||||
14,626,016 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 6.1% |
| |||||||
AbbVie, Inc.† | 7,580 | 610,872 | ||||||
Amgen, Inc.† | 3,930 | 746,621 | ||||||
Amneal Pharmaceuticals, Inc.(a)* | 4,809 | 68,144 | ||||||
Biogen, Inc.†(b)* | 3,990 | 943,156 | ||||||
Bristol-Myers Squibb Co.† | 20,421 | 974,286 | ||||||
Bruker Corp.† | 19,370 | 744,583 | ||||||
Celgene Corp.†(b)* | 10,575 | 997,646 | ||||||
Corcept Therapeutics, Inc.(a)* | 5,010 | 58,817 | ||||||
Eagle Pharmaceuticals, Inc.†* | 4,166 | 210,341 | ||||||
Eli Lilly & Co.† | 2,758 | 357,878 | ||||||
Enanta Pharmaceuticals, Inc.†(a)(b)* | 2,891 | 276,148 | ||||||
Exelixis, Inc.†(a)* | 10,195 | 242,641 | ||||||
Genomic Health, Inc.†(b)* | 3,478 | 243,634 | ||||||
Gilead Sciences, Inc.†(a)(b) | 9,994 | 649,710 | ||||||
Innoviva, Inc.†(a)* | 22,214 | 311,662 | ||||||
Ionis Pharmaceuticals, Inc.(a)* | 35 | 2,841 | ||||||
Jazz Pharmaceuticals PLC | 1,530 | 218,714 | ||||||
Johnson & Johnson† | 4,413 | 616,893 | ||||||
Ligand Pharmaceuticals, Inc.†(a)* | 3,242 | 407,552 | ||||||
Mallinckrodt PLC (Ireland)†* | 8,574 | 186,399 | ||||||
Medpace Holdings, Inc.†* | 13,657 | 805,353 | ||||||
Merck & Co., Inc.†(a) | 6,420 | 533,951 | ||||||
Mylan NV (Netherlands)†(b)* | 15,567 | 441,169 | ||||||
Myriad Genetics, Inc.(b)* | 1,927 | 63,976 | ||||||
Neurocrine Biosciences, Inc.†(a)* | 3,224 | 284,034 |
The accompanying notes are an integral part of the financial statements.
49
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
PerkinElmer, Inc.†(a) | 1,437 | $ | 138,469 | |||||
Pfizer, Inc.† | 25,115 | 1,066,634 | ||||||
Phibro Animal Health Corp., Class A† | 3,882 | 128,106 | ||||||
PRA Health Sciences, Inc.†(a)* | 3,975 | 438,403 | ||||||
Prestige Consumer Healthcare, Inc.†(a)* | 4,970 | 148,653 | ||||||
Regeneron Pharmaceuticals, Inc.†* | 731 | 300,163 | ||||||
REGENXBIO, Inc.†(a)* | 2,545 | 145,854 | ||||||
Repligen Corp.†* | 4,522 | 267,160 | ||||||
Seattle Genetics, Inc.†(a)* | 538 | 39,403 | ||||||
Supernus Pharmaceuticals, | 9,988 | 349,980 | ||||||
Thermo Fisher Scientific, Inc.† | 3,557 | 973,622 | ||||||
Vanda Pharmaceuticals, Inc.†(a)* | 4,241 | 78,034 | ||||||
Waters Corp.(a)* | 463 | 116,542 | ||||||
|
| |||||||
15,188,044 | ||||||||
|
| |||||||
Retailing — 10.2% | ||||||||
1-800-Flowers.com, Inc., Class A* | 1,229 | 22,405 | ||||||
Advance Auto Parts, Inc.† | 2,302 | 392,560 | ||||||
Amazon.com, Inc.†* | 632 | 1,125,434 | ||||||
Asbury Automotive Group, Inc.(a)* | 1,540 | 106,814 | ||||||
AutoZone, Inc.†(a)* | 609 | 623,689 | ||||||
Bed Bath & Beyond, Inc.(a) | 10,095 | 171,514 | ||||||
Booking Holdings, Inc.†(a)* | 973 | 1,697,797 | ||||||
Boot Barn Holdings, Inc.†(a)* | 5,234 | 154,089 | ||||||
Buckle, Inc. (The)†(a) | 2,528 | 47,324 | ||||||
Children’s Place, Inc. (The)†(b) | 3,491 | 339,604 | ||||||
Core-Mark Holding Co., Inc.† | 7,839 | 291,062 | ||||||
Dick’s Sporting Goods, Inc.(a) | 1,188 | 43,730 | ||||||
Dillard’s, Inc., Class A†(a) | 8,666 | 624,125 | ||||||
Dollar General Corp.† | 10,597 | 1,264,222 | ||||||
eBay, Inc.† | 26,543 | 985,807 | ||||||
Etsy, Inc.†* | 669 | 44,970 | ||||||
Foot Locker, Inc.(a) | 1,793 | 108,656 | ||||||
Gap, Inc. (The)(a) | 5,804 | 151,949 | ||||||
Genesco, Inc.(a)* | 1,492 | 67,961 | ||||||
Genuine Parts Co.† | 6,248 | 699,963 | ||||||
Group 1 Automotive, Inc.†(a)(b) | 12,190 | 788,693 | ||||||
Groupon, Inc.(a)* | 34,324 | 121,850 | ||||||
Home Depot, Inc. (The)†(b) | 9,598 | 1,841,760 | ||||||
Hudson Ltd., Class A | 10,625 | 146,094 | ||||||
J.C. Penney Co., Inc.(a)* | 108,708 | 161,975 | ||||||
Lithia Motors, Inc., Class A†(a)(b) | 4,446 | 412,366 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
LKQ Corp.†(a)* | 68,959 | $ | 1,957,056 | |||||
Macy’s, Inc.†(a) | 33,864 | 813,752 | ||||||
Michaels Cos., Inc. (The)†(a)* | 21,815 | 249,127 | ||||||
Murphy USA, Inc.(a)* | 9,431 | 807,482 | ||||||
Office Depot, Inc.† | 290,518 | 1,054,580 | ||||||
O’Reilly Automotive, Inc.†* | 520 | 201,916 | ||||||
PetMed Express, Inc.†(a) | 1,373 | 31,277 | ||||||
Quotient Technology, Inc.* | 176 | 1,737 | ||||||
Qurate Retail, Inc.†(a)(b)* | 89,905 | 1,436,682 | ||||||
Shoe Carnival, Inc.†(a) | 1,659 | 56,456 | ||||||
Shutterfly, Inc.†(a)* | 29,817 | 1,211,763 | ||||||
Shutterstock, Inc.(a)(b) | 1,084 | 50,547 | ||||||
Signet Jewelers Ltd. (Bermuda)†(a) | 1,605 | 43,592 | ||||||
Sonic Automotive, Inc., Class A(a) | 885 | 13,107 | ||||||
Stamps.com, Inc.†(a)* | 9,856 | 802,377 | ||||||
Tailored Brands, Inc.†(a) | 65,507 | 513,575 | ||||||
Target Corp.†(b) | 8,019 | 643,605 | ||||||
Tiffany & Co. | 467 | 49,292 | ||||||
TJX Cos., Inc. (The)† | 18,571 | 988,163 | ||||||
Tractor Supply Co.†(b) | 6,532 | 638,568 | ||||||
Urban Outfitters, Inc.†(b)* | 42,809 | 1,268,859 | ||||||
Williams-Sonoma, Inc.(a) | 7,580 | 426,527 | ||||||
|
| |||||||
25,696,453 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.9% |
| |||||||
Amkor Technology, Inc.†(a)* | 42,575 | 363,590 | ||||||
Applied Materials, Inc.†(b) | 18,291 | 725,421 | ||||||
Axcelis Technologies, Inc.* | 2,288 | 46,035 | ||||||
Diodes, Inc.†(a)* | 16,742 | 580,947 | ||||||
Integrated Device Technology, Inc.†(a)* | 4,927 | 241,374 | ||||||
Intel Corp.†(a) | 5,110 | 274,407 | ||||||
KLA-Tencor Corp.†(a) | 3,839 | 458,415 | ||||||
Lam Research Corp.† | 2,418 | 432,846 | ||||||
Lattice Semiconductor Corp.(a)* | 742 | 8,852 | ||||||
Microchip Technology, Inc.†(a) | 20,170 | 1,673,303 | ||||||
Micron Technology, Inc.†(a)(b)* | 38,779 | 1,602,736 | ||||||
MKS Instruments, Inc.†(b) | 5,379 | 500,516 | ||||||
Nanometrics, Inc.(b)* | 13,587 | 419,567 | ||||||
ON Semiconductor Corp.†(b)* | 85,258 | 1,753,757 | ||||||
Qorvo, Inc.†(a)* | 6,539 | 469,042 | ||||||
Skyworks Solutions, Inc.† | 18,572 | 1,531,819 | ||||||
Teradyne, Inc.†(a)(b) | 20,388 | 812,258 | ||||||
Texas Instruments, Inc.† | 2,945 | 312,376 |
The accompanying notes are an integral part of the financial statements.
50
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Versum Materials, Inc.(b) | 1,161 | $ | 58,410 | |||||
|
| |||||||
12,265,671 | ||||||||
|
| |||||||
Software & Services — 14.0% | ||||||||
Accenture PLC, Class A | 2,337 | 411,359 | ||||||
ACI Worldwide, Inc.†(a)* | 15,967 | 524,835 | ||||||
Alarm.com Holdings, Inc.†(a)* | 11,484 | 745,312 | ||||||
Altair Engineering, Inc., Class A* | 130 | 4,785 | ||||||
Alteryx, Inc., Class A(a)* | 5,384 | 451,556 | ||||||
Amdocs, Ltd. (Guernsey)† | 10,099 | 546,457 | ||||||
ANSYS, Inc.†(b)* | 7,258 | 1,326,109 | ||||||
Appfolio, Inc., Class A(a)(b)* | 6,144 | 487,834 | ||||||
Aspen Technology, Inc.†* | 9,190 | 958,149 | ||||||
Autodesk, Inc.* | 233 | 36,306 | ||||||
Automatic Data Processing, Inc.† | 1,396 | 222,997 | ||||||
Avaya Holdings Corp.†(a)* | 48,089 | 809,338 | ||||||
Blackbaud, Inc.† | 4,459 | 355,516 | ||||||
Cadence Design Systems, Inc.†(a)* | 8,228 | 522,560 | ||||||
Cardtronics PLC, Class A (United Kingdom)†* | 9,495 | 337,832 | ||||||
CDK Global, Inc.†(b) | 28,622 | 1,683,546 | ||||||
CGI, Inc. (Canada)†* | 4,450 | 305,982 | ||||||
Cision Ltd. (Cayman Islands)†(a)(b)* | 27,376 | 376,968 | ||||||
Citrix Systems, Inc.†(a)(b) | 16,492 | 1,643,593 | ||||||
CommVault Systems, Inc.†(b)* | 5,821 | 376,852 | ||||||
Conduent, Inc.†(b)* | 53,063 | 733,861 | ||||||
DXC Technology Co.† | 14,950 | 961,434 | ||||||
Endurance International Group Holdings, Inc.†(a)* | 20,285 | 147,066 | ||||||
Fidelity National Information Services, Inc.† | 1,292 | 146,125 | ||||||
Fortinet, Inc.†(a)(b)* | 24,427 | 2,051,135 | ||||||
Globant SA (Luxembourg)†* | 10,767 | 768,764 | ||||||
GTT Communications, Inc.(a)* | 3,304 | 114,649 | ||||||
International Business Machines Corp.† | 8,231 | 1,161,394 | ||||||
j2 Global, Inc.†(a)(b) | 7,004 | 606,546 | ||||||
Jack Henry & Associates, Inc.†(a) | 303 | 42,038 | ||||||
LiveRamp Holdings, Inc.(a)* | 3,692 | 201,472 | ||||||
Manhattan Associates, Inc.†(a)* | 9,202 | 507,122 | ||||||
MAXIMUS, Inc.† | 1,531 | 108,670 | ||||||
Microsoft Corp.†(b) | 9,436 | 1,112,882 | ||||||
Monotype Imaging Holdings, Inc.†(a) | 8,224 | 163,575 | ||||||
NIC, Inc.†. | 25,848 | 441,742 | ||||||
Nuance Communications, Inc.†(a)(b)* | 87,831 | 1,486,979 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Open Text Corp. (Canada)†(b) | 29,401 | $ | 1,129,880 | |||||
Oracle Corp.†(a)(b) | 16,868 | 905,980 | ||||||
Paychex, Inc.†(a)(b) | 9,999 | 801,920 | ||||||
Paycom Software, Inc.†(a)* | 1,023 | 193,480 | ||||||
PayPal Holdings, Inc.†* | 7,265 | 754,398 | ||||||
Progress Software Corp.† | 17,640 | 782,687 | ||||||
QAD, Inc., Class A(a) | 33 | 1,421 | ||||||
Qualys, Inc.†* | 7,503 | 620,798 | ||||||
salesforce.com, Inc.†* | 2,819 | 446,445 | ||||||
SPS Commerce, Inc.†* | 11,154 | 1,182,993 | ||||||
SS&C Technologies Holdings, Inc.† | 29,791 | 1,897,389 | ||||||
Sykes Enterprises, Inc.(a)* | 369 | 10,435 | ||||||
Synopsys, Inc.†(a)* | 2,141 | 246,536 | ||||||
TiVo Corp.(a) | 8,615 | 80,292 | ||||||
Travelport Worldwide Ltd. (Bermuda) | 991 | 15,588 | ||||||
Tyler Technologies, Inc.†* | 3,105 | 634,662 | ||||||
Verint Systems, Inc.†(a)(b)* | 6,742 | 403,576 | ||||||
VeriSign, Inc.†* | 2,174 | 394,711 | ||||||
VMware, Inc., Class A† | 4,596 | 829,624 | ||||||
Western Union Co. (The)† | 43,505 | 803,537 | ||||||
|
| |||||||
35,019,692 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 7.8% |
| |||||||
Amphenol Corp., Class A†(a) | 5,088 | 480,511 | ||||||
Apple, Inc.†(b) | 5,292 | 1,005,215 | ||||||
ARRIS International PLC (United Kingdom)†(a)* | 42,944 | 1,357,460 | ||||||
Arrow Electronics, Inc.†* | 13,567 | 1,045,473 | ||||||
AVX Corp.†(a) | 10,053 | 174,319 | ||||||
Badger Meter, Inc.(a) | 1,826 | 101,599 | ||||||
Belden, Inc.†(a) | 16,874 | 906,134 | ||||||
Casa Systems, Inc.†* | 27,183 | 225,619 | ||||||
Cisco Systems, Inc.†(b) | 6,212 | 335,386 | ||||||
Coherent, Inc.(a)* | 1,147 | 162,553 | ||||||
CommScope Holding Co., | 32,632 | 709,093 | ||||||
Diebold Nixdorf, Inc.†(a)* | 26,673 | 295,270 | ||||||
EchoStar Corp., Class A†(b)* | 21,404 | 780,176 | ||||||
F5 Networks, Inc.†(a)(b)* | 8,597 | 1,349,127 | ||||||
FLIR Systems, Inc.†(b) | 17,919 | 852,586 | ||||||
Hewlett Packard Enterprise Co.†(b) | 30,154 | 465,276 | ||||||
HP,Inc.†(a) | 38,566 | 749,337 | ||||||
Itron, Inc.†* | 8,830 | 411,920 | ||||||
Jabil, Inc.† | 2,204 | 58,604 | ||||||
Juniper Networks, Inc.†(a) | 46,847 | 1,240,040 | ||||||
Motorola Solutions, Inc.†(b) | 10,324 | 1,449,696 |
The accompanying notes are an integral part of the financial statements.
51
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
NetApp, Inc.†(a) | 5,381 | $ | 373,119 | |||||
NETGEAR, Inc.†(a)* | 6,312 | 209,053 | ||||||
OSI Systems, Inc.†* | 1,195 | 104,682 | ||||||
Plantronics, Inc.(a) | 102 | 4,703 | ||||||
Seagate Technology PLC (Ireland)† | 9,558 | 457,733 | ||||||
TE Connectivity Ltd. (Switzerland)† | 9,756 | 787,797 | ||||||
Tech Data Corp.†(a)* | 838 | 85,820 | ||||||
TTM Technologies, Inc.(a)* | 5,707 | 66,943 | ||||||
Vishay Intertechnology, Inc.†(a)(b) | 61,968 | 1,144,549 | ||||||
Western Digital Corp.(b) | 3,995 | 192,000 | ||||||
Xerox Corp.†(a)(b) | 42,161 | 1,348,309 | ||||||
Zebra Technologies Corp., Class A†* . | 2,706 | 566,988 | ||||||
|
| |||||||
19,497,090 | ||||||||
|
| |||||||
Telecommunication Services — 1.7% |
| |||||||
AT&T, Inc.†(a) | 10,756 | 337,308 | ||||||
CenturyLink, Inc.†(a) | 70,984 | 851,098 | ||||||
Cogent Communications Holdings, Inc.(a) | 1,731 | 93,907 | ||||||
Intelsat SA (Luxembourg)†(a)* | 20,310 | 318,055 | ||||||
Rogers Communications, Inc., Class B (Canada)† | 23,933 | 1,288,074 | ||||||
United States Cellular Corp.†* | 2,519 | 115,647 | ||||||
Verizon Communications, Inc.† | 21,891 | 1,294,415 | ||||||
Vonage Holdings Corp.†(b)* | 5,127 | 51,475 | ||||||
|
| |||||||
4,349,979 | ||||||||
|
| |||||||
Transportation — 4.4% |
| |||||||
American Airlines Group, Inc.†(a)(b) | 14,189 | 450,643 | ||||||
ArcBest Corp.†(a)(b) | 16,450 | 506,496 | ||||||
CH Robinson Worldwide, Inc.†(a) | 4,781 | 415,899 | ||||||
CSX Corp.†(b) | 22,402 | 1,676,118 | ||||||
Delta Air Lines, Inc.†(b) | 14,588 | 753,470 | ||||||
Echo Global Logistics, Inc.†(a)* | 11,122 | 275,603 | ||||||
Expeditors International of Washington, Inc.† | 847 | 64,287 | ||||||
Forward Air Corp.(b) | 654 | 42,333 | ||||||
Genesee & Wyoming, Inc., | 10,166 | 885,865 | ||||||
Golden Ocean Group Ltd. (Bermuda)(a) | 677 | 3,229 | ||||||
Heartland Express, Inc.†(a) | 8,150 | 157,132 | ||||||
Hub Group, Inc., Class A†* | 2,453 | 100,205 | ||||||
Landstar System, Inc.†(a)(b) | 8,754 | 957,600 | ||||||
Marten Transport Ltd. | 1,678 | 29,919 | ||||||
Norfolk Southern Corp.† | 1,449 | 270,804 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Schneider National, Inc., Class B† | 28,649 | $ | 603,061 | |||||
Southwest Airlines Co.†(a)(b) | 35,532 | 1,844,466 | ||||||
Union Pacific Corp.† | 1,729 | 289,089 | ||||||
United Continental Holdings, Inc.* | 185 | 14,759 | ||||||
XPO Logistics, Inc.†(a)* | 30,570 | 1,642,832 | ||||||
|
| |||||||
10,983,810 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 305,029,500 | |||||||
|
| |||||||
Par Value | ||||||||
CORPORATE BONDS AND NOTES — 0.0% |
| |||||||
Capital Goods — 0.0% | ||||||||
Mueller Industries, Inc. | $ | 715 | 701 | |||||
|
| |||||||
TOTAL CORPORATE BONDS AND NOTES |
| 701 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 121.5% |
| 305,030,201 | ||||||
|
| |||||||
(Cost $289,500,805) |
| |||||||
Number of Shares | ||||||||
SHORT POSITIONS — (96.5)% | ||||||||
COMMON STOCKS — (96.5)% | ||||||||
Automobiles & Components — (2.5)% |
| |||||||
Adient PLC (Ireland) | (88,873 | ) | (1,151,794 | ) | ||||
Cooper-Standard Holding, Inc.* | (3,353 | ) | (157,457 | ) | ||||
Dorman Products, Inc.* | (11,310 | ) | (996,298 | ) | ||||
Ford Motor Co. | (116,833 | ) | (1,025,794 | ) | ||||
Fox Factory Holding Corp.* | (10,128 | ) | (707,846 | ) | ||||
Gentherm, Inc.* | (3,805 | ) | (140,252 | ) | ||||
Goodyear Tire & Rubber Co. (The) | (29,609 | ) | (537,403 | ) | ||||
LCI Industries | (14,530 | ) | (1,116,195 | ) | ||||
Standard Motor Products, Inc. | (621 | ) | (30,491 | ) | ||||
Tesla, Inc.* | (1,024 | ) | (286,577 | ) | ||||
Visteon Corp.* | (1,471 | ) | (99,072 | ) | ||||
|
| |||||||
(6,249,179 | ) | |||||||
|
| |||||||
Capital Goods — (14.0)% | ||||||||
AAON, Inc. | (11,948 | ) | (551,759 | ) | ||||
AAR Corp. | (11,558 | ) | (375,751 | ) | ||||
Actuant Corp., Class A | (4,199 | ) | (102,330 | ) | ||||
Advanced Drainage Systems, Inc. | (2,078 | ) | (53,550 | ) | ||||
Aerovironment, Inc.* | (3,446 | ) | (235,741 | ) | ||||
Alamo Group, Inc. | (67 | ) | (6,696 | ) | ||||
American Woodmark Corp.* | (349 | ) | (28,838 | ) |
The accompanying notes are an integral part of the financial statements.
52
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Apogee Enterprises, Inc. | (2,870 | ) | $ | (107,596 | ) | |||
Arcosa, Inc. | (4,165 | ) | (127,241 | ) | ||||
Argan, Inc. | (1,165 | ) | (58,192 | ) | ||||
Armstrong World Industries, Inc. | (720 | ) | (57,182 | ) | ||||
Astec Industries, Inc. | (9,658 | ) | (364,686 | ) | ||||
Astronics Corp.* | (7,856 | ) | (257,048 | ) | ||||
Atkore International Group, Inc.* | (2,682 | ) | (57,743 | ) | ||||
Axon Enterprise, Inc.* | (6,434 | ) | (350,074 | ) | ||||
Bloom Energy Corp., Class A* | (9,305 | ) | (120,221 | ) | ||||
Briggs & Stratton Corp. | (9,454 | ) | (111,841 | ) | ||||
CAE, Inc. (Canada) | (938 | ) | (20,777 | ) | ||||
Chart Industries, Inc.* | (12,107 | ) | (1,095,926 | ) | ||||
CIRCOR International, Inc.* | (7,511 | ) | (244,859 | ) | ||||
Construction Partners, Inc., Class A* | (44 | ) | (562 | ) | ||||
Cubic Corp. | (6,750 | ) | (379,620 | ) | ||||
DMC Global, Inc. | (455 | ) | (22,586 | ) | ||||
Douglas Dynamics, Inc. | (884 | ) | (33,654 | ) | ||||
DXP Enterprises, Inc.* | (4,088 | ) | (159,105 | ) | ||||
Dycom Industries, Inc.* | (13,874 | ) | (637,372 | ) | ||||
EnerSys | (11,293 | ) | (735,852 | ) | ||||
Enphase Energy, Inc.* | (41,951 | ) | (387,208 | ) | ||||
ESCO Technologies, Inc. | (1,766 | ) | (118,375 | ) | ||||
Evoqua Water Technologies Corp.* | (38,233 | ) | (480,971 | ) | ||||
Fastenal Co. | (22,179 | ) | (1,426,331 | ) | ||||
Federal Signal Corp. | (2,154 | ) | (55,982 | ) | ||||
Gates Industrial Corp. PLC (United Kingdom)* | (17,932 | ) | (257,145 | ) | ||||
Gorman-Rupp Co. (The) | (217 | ) | (7,365 | ) | ||||
Granite Construction, Inc. | (12,967 | ) | (559,526 | ) | ||||
Griffon Corp. | (549 | ) | (10,147 | ) | ||||
Harris Corp. | (4,079 | ) | (651,457 | ) | ||||
HEICO Corp. | (6,268 | ) | (594,645 | ) | ||||
Herc Holdings, Inc.* | (6,577 | ) | (256,371 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (3,065 | ) | (191,133 | ) | ||||
Jacobs Engineering Group, Inc. | (17,232 | ) | (1,295,674 | ) | ||||
John Bean Technologies Corp. | (4,039 | ) | (371,144 | ) | ||||
Kennametal, Inc. | (28,309 | ) | (1,040,356 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (50,724 | ) | (792,816 | ) | ||||
Lindsay Corp. | (1,470 | ) | (142,281 | ) | ||||
MasTec, Inc.* | (12,480 | ) | (600,288 | ) | ||||
Mercury Systems, Inc.* | (14,416 | ) | (923,777 | ) | ||||
Middleby Corp. (The)* | (3,348 | ) | (435,340 | ) | ||||
MRC Global, Inc.* | (14,324 | ) | (250,385 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Mueller Water Products, Inc., Class A | (20,437 | ) | $ | (205,187 | ) | |||
MYR Group, Inc.* | (222 | ) | (7,688 | ) | ||||
Nordson Corp. | (10,041 | ) | (1,330,633 | ) | ||||
NOW, Inc.* | (16,794 | ) | (234,444 | ) | ||||
NV5 Global, Inc.* | (680 | ) | (40,365 | ) | ||||
Oshkosh Corp. | (21,049 | ) | (1,581,411 | ) | ||||
Patrick Industries, Inc.* | (9,659 | ) | (437,746 | ) | ||||
Pentair PLC (Ireland) | (1,336 | ) | (59,465 | ) | ||||
PGT Innovations, Inc.* | (28,094 | ) | (389,102 | ) | ||||
Plug Power, Inc.* | (15,312 | ) | (36,749 | ) | ||||
Primoris Services Corp. | (8,059 | ) | (166,660 | ) | ||||
Proto Labs, Inc.* | (7,859 | ) | (826,295 | ) | ||||
Quanex Building Products Corp. | (134 | ) | (2,129 | ) | ||||
Raven Industries, Inc. | (7,211 | ) | (276,686 | ) | ||||
RBC Bearings, Inc.* | (4,474 | ) | (568,959 | ) | ||||
REV Group, Inc. | (17,534 | ) | (191,997 | ) | ||||
Roper Technologies, Inc. | (2,895 | ) | (990,003 | ) | ||||
Rush Enterprises, Inc., Class A | (141 | ) | (5,895 | ) | ||||
SiteOne Landscape Supply, Inc.* | (3,938 | ) | (225,057 | ) | ||||
SPX Corp.* | (10,110 | ) | (351,727 | ) | ||||
Sun Hydraulics Corp. | (5,738 | ) | (266,874 | ) | ||||
Sunrun, Inc.* | (67,713 | ) | (952,045 | ) | ||||
Systemax, Inc. | (100 | ) | (2,264 | ) | ||||
Terex Corp. | (12,314 | ) | (395,649 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda)* | (9,366 | ) | (90,382 | ) | ||||
Thermon Group Holdings, Inc.* | (5,353 | ) | (131,202 | ) | ||||
Toro Co. (The) | (8,492 | ) | (584,589 | ) | ||||
Trex Co., Inc.* | (6,353 | ) | (390,837 | ) | ||||
Triumph Group, Inc. | (24,650 | ) | (469,829 | ) | ||||
United Rentals, Inc.* | (13,233 | ) | (1,511,870 | ) | ||||
United Technologies Corp. | (3,941 | ) | (507,955 | ) | ||||
USG Corp. | (41,275 | ) | (1,787,208 | ) | ||||
Vicor Corp.* | (10,485 | ) | (325,245 | ) | ||||
Vivint Solar, Inc.* | (7,574 | ) | (37,643 | ) | ||||
WABCO Holdings, Inc.* | (7,070 | ) | (932,038 | ) | ||||
Wesco Aircraft Holdings, Inc.* | (16,883 | ) | (148,402 | ) | ||||
WillScot Corp.* | (25,497 | ) | (282,762 | ) | ||||
Woodward, Inc. | (4,004 | ) | (379,940 | ) | ||||
Xylem, Inc. | (11,663 | ) | (921,845 | ) | ||||
|
| |||||||
(35,192,296 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (4.1)% |
| |||||||
ADT, Inc. | (33,793 | ) | (215,937 | ) | ||||
Advanced Disposal Services, Inc.* | (19,673 | ) | (550,844 | ) |
The accompanying notes are an integral part of the financial statements.
53
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Brady Corp., Class A | (1,140 | ) | $ | (52,907 | ) | |||
BrightView Holdings, Inc.* | (9,376 | ) | (135,014 | ) | ||||
Casella Waste Systems, Inc., Class A* | (14,505 | ) | (515,798 | ) | ||||
Cimpress NV (Netherlands)* | (4,730 | ) | (379,015 | ) | ||||
Copart, Inc.* | (33,223 | ) | (2,012,982 | ) | ||||
CoStar Group, Inc.* | (3,153 | ) | (1,470,622 | ) | ||||
Ennis, Inc. | (925 | ) | (19,203 | ) | ||||
Equifax, Inc. | (6,068 | ) | (719,058 | ) | ||||
Forrester Research, Inc. | (2,966 | ) | (143,406 | ) | ||||
Heritage-Crystal Clean, Inc.* | (166 | ) | (4,557 | ) | ||||
Herman Miller, Inc. | (15,078 | ) | (530,444 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (5,906 | ) | (321,168 | ) | ||||
Insperity, Inc. | (5,017 | ) | (620,402 | ) | ||||
Interface, Inc. | (9,366 | ) | (143,487 | ) | ||||
MSA Safety, Inc. | (4,564 | ) | (471,918 | ) | ||||
Resources Connection, Inc. | (1,275 | ) | (21,088 | ) | ||||
Team, Inc.* | (9,288 | ) | (162,540 | ) | ||||
TransUnion | (464 | ) | (31,014 | ) | ||||
TriNet Group, Inc.* | (10,584 | ) | (632,288 | ) | ||||
UniFirst Corp. | (754 | ) | (115,739 | ) | ||||
Upwork, Inc.* | (2,409 | ) | (46,108 | ) | ||||
US Ecology, Inc. | (2,980 | ) | (166,820 | ) | ||||
Verisk Analytics, Inc. | (5,852 | ) | (778,316 | ) | ||||
|
| |||||||
(10,260,675 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.8)% |
| |||||||
American Outdoor Brands Corp.* | (28,254 | ) | (263,892 | ) | ||||
Canada Goose Holdings, Inc. (Canada)* | (14,026 | ) | (673,530 | ) | ||||
Columbia Sportswear Co. | (768 | ) | (80,010 | ) | ||||
G-III Apparel Group Ltd.* | (35,694 | ) | (1,426,332 | ) | ||||
GoPro, Inc., Class A* | (61,622 | ) | (400,543 | ) | ||||
iRobot Corp.* | (9,621 | ) | (1,132,295 | ) | ||||
Johnson Outdoors, Inc., Class A | (326 | ) | (23,263 | ) | ||||
Lululemon Athletica, Inc.* | (4,176 | ) | (684,321 | ) | ||||
Malibu Boats, Inc., Class A* | (4,275 | ) | (169,204 | ) | ||||
NIKE, Inc., Class B | (4,715 | ) | (397,050 | ) | ||||
Ralph Lauren Corp. | (2,556 | ) | (331,462 | ) | ||||
Skyline Champion Corp. | (6,666 | ) | (126,654 | ) | ||||
Tempur Sealy International, Inc.* | (2,739 | ) | (157,958 | ) | ||||
Wolverine World Wide, Inc. | (29,956 | ) | (1,070,328 | ) | ||||
|
| |||||||
(6,936,842 | ) | |||||||
|
| |||||||
Consumer Services — (5.4)% | ||||||||
Belmond Ltd., Class A (Bermuda)* | (17,154 | ) | (427,649 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Chegg, Inc.* | (846 | ) | $ | (32,251 | ) | |||
Chipotle Mexican Grill, Inc.* | (1,654 | ) | (1,174,853 | ) | ||||
Churchill Downs, Inc. | (8,032 | ) | (724,968 | ) | ||||
Dave & Buster’s Entertainment, Inc. | (13,604 | ) | (678,431 | ) | ||||
Dine Brands Global, Inc. | (212 | ) | (19,353 | ) | ||||
Eldorado Resorts, Inc.* | (19,282 | ) | (900,277 | ) | ||||
Fiesta Restaurant Group, Inc.* | (322 | ) | (4,221 | ) | ||||
Grand Canyon Education, Inc.* | (1,407 | ) | (161,116 | ) | ||||
Hyatt Hotels Corp., Class A | (14,879 | ) | (1,079,769 | ) | ||||
International Speedway Corp., Class A | (3,499 | ) | (152,661 | ) | ||||
K12, Inc.* | (1,216 | ) | (41,502 | ) | ||||
Monarch Casino & Resort, Inc.* | (2,575 | ) | (113,094 | ) | ||||
Papa John’s International, Inc. | (23,286 | ) | (1,232,994 | ) | ||||
Planet Fitness, Inc., Class A* | (3,950 | ) | (271,444 | ) | ||||
Red Rock Resorts, Inc., Class A | (26,250 | ) | (678,562 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (15,440 | ) | (1,769,733 | ) | ||||
Ruth’s Hospitality Group, Inc. | (1,597 | ) | (40,867 | ) | ||||
Shake Shack, Inc., Class A* | (30,497 | ) | (1,803,898 | ) | ||||
Strategic Education, Inc. | (3,928 | ) | (515,786 | ) | ||||
Texas Roadhouse, Inc. | (1,005 | ) | (62,501 | ) | ||||
Vail Resorts, Inc. | (1,615 | ) | (350,940 | ) | ||||
Wingstop, Inc. | (17,586 | ) | (1,337,064 | ) | ||||
|
| |||||||
(13,573,934 | ) | |||||||
|
| |||||||
Energy — (5.8)% | ||||||||
Archrock, Inc. | (37,025 | ) | (362,104 | ) | ||||
Cactus, Inc., Class A* | (15,926 | ) | (566,966 | ) | ||||
Cheniere Energy, Inc.* | (13,994 | ) | (956,630 | ) | ||||
Clean Energy Fuels Corp.* | (876 | ) | (2,707 | ) | ||||
Covia Holdings Corp.* | (578 | ) | (3,231 | ) | ||||
DHT Holdings, Inc. (Marshall Islands) | (36,297 | ) | (161,885 | ) | ||||
Dril-Quip, Inc.* | (15,796 | ) | (724,247 | ) | ||||
Exterran Corp.* | (323 | ) | (5,443 | ) | ||||
Exxon Mobil Corp. | (12,991 | ) | (1,049,673 | ) | ||||
Forum Energy Technologies, Inc.* | (60,811 | ) | (310,744 | ) | ||||
Frank’s International NV (Netherlands)* | (8,336 | ) | (51,767 | ) | ||||
Green Plains, Inc. | (24,508 | ) | (408,793 | ) | ||||
Keane Group, Inc.* | (7,815 | ) | (85,105 | ) | ||||
Marathon Petroleum Corp. | (24,011 | ) | (1,437,058 | ) | ||||
McDermott International, Inc. (Panama)* | (142,190 | ) | (1,057,894 | ) | ||||
NexGen Energy Ltd. (Canada)* | (11,286 | ) | (18,283 | ) |
The accompanying notes are an integral part of the financial statements.
54
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Noble Corp. PLC (United | (135,054 | ) | $ | (387,605 | ) | |||
Occidental Petroleum Corp. | (5,323 | ) | (352,383 | ) | ||||
Oceaneering International, Inc.* | (2,930 | ) | (46,206 | ) | ||||
Par Pacific Holdings, Inc.* | (8,791 | ) | (156,568 | ) | ||||
Rowan Cos. PLC, Class A (United Kingdom)* | (85,925 | ) | (927,131 | ) | ||||
Seadrill Ltd. (Bermuda)* | (3,217 | ) | (26,733 | ) | ||||
Ship Finance International Ltd. (Bermuda) | (30,282 | ) | (373,680 | ) | ||||
Solaris Oilfield Infrastructure, Inc., Class A | (37,697 | ) | (619,739 | ) | ||||
Targa Resources Corp. | (48,494 | ) | (2,014,926 | ) | ||||
TransCanada Corp. (Canada) | (1,587 | ) | (71,320 | ) | ||||
Transocean Ltd. (Switzerland)* | (203,583 | ) | (1,773,208 | ) | ||||
Unit Corp.* | (19,314 | ) | (275,031 | ) | ||||
US Silica Holdings, Inc. | (21,917 | ) | (380,479 | ) | ||||
|
| |||||||
(14,607,539 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.8)% |
| |||||||
Costco Wholesale Corp. | (351 | ) | (84,991 | ) | ||||
Performance Food Group Co.* | (31,349 | ) | (1,242,674 | ) | ||||
PriceSmart, Inc. | (2,977 | ) | (175,286 | ) | ||||
Sprouts Farmers Market, Inc.* | (3,705 | ) | (79,806 | ) | ||||
United Natural Foods, Inc.* | (39,661 | ) | (524,318 | ) | ||||
|
| |||||||
(2,107,075 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (5.1)% |
| |||||||
Brown-Forman Corp., Class B | (15,454 | ) | (815,662 | ) | ||||
Calavo Growers, Inc. | (8,485 | ) | (711,467 | ) | ||||
Coca-Cola Consolidated, Inc. | (1,352 | ) | (389,146 | ) | ||||
Conagra Brands, Inc. | (6,794 | ) | (188,466 | ) | ||||
Cott Corp. (Canada) | (27,594 | ) | (403,148 | ) | ||||
Darling Ingredients, Inc.* | (59,081 | ) | (1,279,104 | ) | ||||
Flowers Foods, Inc. | (62,533 | ) | (1,333,204 | ) | ||||
Freshpet, Inc.* | (13,165 | ) | (556,748 | ) | ||||
Hain Celestial Group, Inc. (The)* | (41,076 | ) | (949,677 | ) | ||||
J&J Snack Foods Corp. | (3,222 | ) | (511,782 | ) | ||||
MGP Ingredients, Inc. | (10,336 | ) | (797,422 | ) | ||||
Philip Morris International, Inc. | (12,475 | ) | (1,102,665 | ) | ||||
Primo Water Corp.* | (4,116 | ) | (63,633 | ) | ||||
Sanderson Farms, Inc. | (21,875 | ) | (2,884,000 | ) | ||||
Simply Good Foods Co. (The)* | (6,474 | ) | (133,300 | ) | ||||
Turning Point Brands, Inc. | (3,278 | ) | (151,083 | ) | ||||
Tyson Foods, Inc., Class A | (4,383 | ) | (304,312 | ) | ||||
Universal Corp. | (2,060 | ) | (118,718 | ) | ||||
|
| |||||||
(12,693,537 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (8.0)% |
| |||||||
ABIOMED, Inc.* | (165 | ) | $ | (47,122 | ) | |||
Acadia Healthcare Co., Inc.* | (50,768 | ) | (1,488,010 | ) | ||||
Addus HomeCare Corp.* | (6,530 | ) | (415,243 | ) | ||||
Align Technology, Inc.* | (2,870 | ) | (816,027 | ) | ||||
AngioDynamics, Inc.* | (937 | ) | (21,420 | ) | ||||
AtriCure, Inc.* | (9,128 | ) | (244,539 | ) | ||||
Axogen, Inc.* | (34,736 | ) | (731,540 | ) | ||||
Axonics Modulation Technologies, Inc.* | (177 | ) | (4,239 | ) | ||||
BioTelemetry, Inc.* | (5,815 | ) | (364,135 | ) | ||||
Brookdale Senior Living, Inc.* | (3,268 | ) | (21,503 | ) | ||||
Cantel Medical Corp. | (4,343 | ) | (290,503 | ) | ||||
Cardiovascular Systems, Inc.* | (7,333 | ) | (283,494 | ) | ||||
Castlight Health, Inc., Class B* | (817 | ) | (3,064 | ) | ||||
Chemed Corp. | (1,375 | ) | (440,096 | ) | ||||
Cigna Corp.(b) | (10,094 | ) | (1,623,317 | ) | ||||
Diplomat Pharmacy, Inc.* | (53,007 | ) | (307,971 | ) | ||||
Ensign Group, Inc. (The) | (6,227 | ) | (318,760 | ) | ||||
Evolent Health, Inc., Class A* | (71,826 | ) | (903,571 | ) | ||||
Glaukos Corp.* | (12,969 | ) | (1,016,381 | ) | ||||
Guardant Health, Inc.* | (5,802 | ) | (445,013 | ) | ||||
HealthStream, Inc.* | (565 | ) | (15,854 | ) | ||||
Inspire Medical Systems, Inc.* | (12,804 | ) | (727,011 | ) | ||||
Insulet Corp.* | (12,285 | ) | (1,168,181 | ) | ||||
Intuitive Surgical, Inc.* | (574 | ) | (327,513 | ) | ||||
iRhythm Technologies, Inc.* | (15,088 | ) | (1,130,996 | ) | ||||
McKesson Corp. | (4,361 | ) | (510,499 | ) | ||||
Medidata Solutions, Inc.* | (809 | ) | (59,251 | ) | ||||
Merit Medical Systems, Inc.* | (3,519 | ) | (217,580 | ) | ||||
National Research Corp. | (21 | ) | (811 | ) | ||||
Neogen Corp.* | (259 | ) | (14,864 | ) | ||||
Nevro Corp.* | (32,280 | ) | (2,017,823 | ) | ||||
OrthoPediatrics Corp.* | (13 | ) | (575 | ) | ||||
Penumbra, Inc.* | (360 | ) | (52,924 | ) | ||||
PetIQ, Inc.* | (19,215 | ) | (603,543 | ) | ||||
Providence Service Corp. (The)* | (1,620 | ) | (107,924 | ) | ||||
RadNet, Inc.* | (9,265 | ) | (114,793 | ) | ||||
Senseonics Holdings, Inc.* | (32,990 | ) | (80,826 | ) | ||||
STAAR Surgical Co.* | (17,841 | ) | (609,984 | ) | ||||
Surgery Partners, Inc.* | (14,189 | ) | (160,052 | ) | ||||
Surmodics, Inc.* | (1,136 | ) | (49,393 | ) | ||||
Teladoc Health, Inc.* | (17,512 | ) | (973,667 | ) | ||||
Tenet Healthcare Corp.* | (10,747 | ) | (309,943 | ) | ||||
US Physical Therapy, Inc. | (2,585 | ) | (271,503 | ) |
The accompanying notes are an integral part of the financial statements.
55
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
ViewRay, Inc.* | (80,681 | ) | $ | (596,233 | ) | |||
Vocera Communications, Inc.* | (9,729 | ) | (307,728 | ) | ||||
|
| |||||||
(20,215,419 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.6)% |
| |||||||
Coty, Inc., Class A | (10,714 | ) | (123,211 | ) | ||||
Spectrum Brands Holdings, Inc. | (9,429 | ) | (516,521 | ) | ||||
WD-40 Co. | (4,447 | ) | (753,500 | ) | ||||
|
| |||||||
(1,393,232 | ) | |||||||
|
| |||||||
Materials — (6.0)% | ||||||||
A. Schulman, Inc. CVR(c) | (6,794 | ) | (3,553 | ) | ||||
Albemarle Corp. | (23,500 | ) | (1,926,530 | ) | ||||
AptarGroup, Inc. | (3,817 | ) | (406,091 | ) | ||||
Balchem Corp. | (709 | ) | (65,795 | ) | ||||
Ball Corp. | (5,917 | ) | (342,358 | ) | ||||
Boise Cascade Co. | (6,412 | ) | (171,585 | ) | ||||
Cabot Corp. | (6,244 | ) | (259,938 | ) | ||||
Chemours Co. (The) | (15,640 | ) | (581,182 | ) | ||||
DowDuPont, Inc. | (25,424 | ) | (1,355,353 | ) | ||||
Ecolab, Inc. | (1,759 | ) | (310,534 | ) | ||||
Element Solutions, Inc.* | (81,037 | ) | (818,474 | ) | ||||
GCP Applied Technologies, Inc.* | (20,051 | ) | (593,510 | ) | ||||
Ingevity Corp.* | (3,972 | ) | (419,483 | ) | ||||
International Flavors & Fragrances, Inc. | (12,129 | ) | (1,562,094 | ) | ||||
Linde PLC (Ireland) | (5,437 | ) | (956,531 | ) | ||||
Louisiana-Pacific Corp. | (8,396 | ) | (204,694 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (9,874 | ) | (830,206 | ) | ||||
Neenah, Inc. | (254 | ) | (16,347 | ) | ||||
Packaging Corp. of America | (802 | ) | (79,703 | ) | ||||
PH Glatfelter Co. | (7,351 | ) | (103,796 | ) | ||||
Quaker Chemical Corp. | (1,030 | ) | (206,340 | ) | ||||
Schweitzer-Mauduit International, Inc. | (1,299 | ) | (50,297 | ) | ||||
ScottsMiracle-Gro Co. (The) | (1,553 | ) | (122,035 | ) | ||||
Sensient Technologies Corp. | (6,980 | ) | (473,174 | ) | ||||
Silgan Holdings, Inc. | (1,881 | ) | (55,734 | ) | ||||
Sonoco Products Co. | (6,574 | ) | (404,498 | ) | ||||
Tredegar Corp. | (32 | ) | (516 | ) | ||||
Valhi, Inc. | (100 | ) | (231 | ) | ||||
Valvoline, Inc. | (31,643 | ) | (587,294 | ) | ||||
Venator Materials PLC (United Kingdom)* | (5,713 | ) | (32,107 | ) | ||||
Vulcan Materials Co. | (8,996 | ) | (1,065,126 | ) | ||||
Westrock Co. | (23,120 | ) | (886,652 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
WR Grace & Co. | (3,164 | ) | $ | (246,919 | ) | |||
|
| |||||||
(15,138,680 | ) | |||||||
|
| |||||||
Media & Entertainment — (5.3)% |
| |||||||
Altice USA, Inc., Class A | (2,837 | ) | (60,939 | ) | ||||
AMC Entertainment Holdings, Inc., Class A | (14,590 | ) | (216,662 | ) | ||||
AMC Networks, Inc., Class A* | (1,139 | ) | (64,650 | ) | ||||
Boston Omaha Corp., Class A* | (147 | ) | (3,666 | ) | ||||
Cable One, Inc. | (146 | ) | (143,281 | ) | ||||
Care.com, Inc.* | (2,084 | ) | (41,180 | ) | ||||
Cargurus, Inc.* | (7,067 | ) | (283,104 | ) | ||||
CBS Corp., Class B,non-voting shares | (47,937 | ) | (2,278,446 | ) | ||||
Charter Communications, Inc., Class A* | (2,245 | ) | (778,813 | ) | ||||
Comcast Corp., Class A | (35,933 | ) | (1,436,601 | ) | ||||
Eventbrite, Inc., Class A* | (843 | ) | (16,160 | ) | ||||
EW Scripps Co. (The), Class A | (16,618 | ) | (348,978 | ) | ||||
Glu Mobile, Inc.* | (29,160 | ) | (319,010 | ) | ||||
Live Nation Entertainment, Inc.* | (5,942 | ) | (377,555 | ) | ||||
Madison Square Garden Co. (The), Class A* | (2,550 | ) | (747,482 | ) | ||||
Netflix, Inc.* | (1,194 | ) | (425,733 | ) | ||||
New York Times Co. (The), Class A | (59,796 | ) | (1,964,299 | ) | ||||
Sinclair Broadcast Group, Inc., Class A | (2,353 | ) | (90,543 | ) | ||||
Take-Two Interactive Software, Inc.* | (7,954 | ) | (750,619 | ) | ||||
TrueCar, Inc.* | (52,606 | ) | (349,304 | ) | ||||
WideOpenWest, Inc.* | (10,506 | ) | (95,605 | ) | ||||
World Wrestling Entertainment, Inc., Class A | (704 | ) | (61,093 | ) | ||||
Zillow Group, Inc., Class C* | (50,935 | ) | (1,769,482 | ) | ||||
Zynga, Inc., Class A* | (110,897 | ) | (591,081 | ) | ||||
|
| |||||||
(13,214,286 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (2.5)% |
| |||||||
Alder Biopharmaceuticals, Inc.* | (26,988 | ) | (368,386 | ) | ||||
Audentes Therapeutics, Inc.* | (2,358 | ) | (92,009 | ) | ||||
Cambrex Corp.* | (16,831 | ) | (653,884 | ) | ||||
Cara Therapeutics, Inc.* | (1,755 | ) | (34,433 | ) | ||||
Codexis, Inc.* | (20,675 | ) | (424,458 | ) | ||||
Coherus Biosciences, Inc.* | (19,970 | ) | (272,391 | ) | ||||
Cymabay Therapeutics, Inc.* | (4,826 | ) | (64,089 | ) | ||||
CytomX Therapeutics, Inc.* | (1,007 | ) | (10,825 | ) | ||||
Deciphera Pharmaceuticals, Inc.* | (168 | ) | (3,899 | ) |
The accompanying notes are an integral part of the financial statements.
56
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Dermira, Inc.* | (180 | ) | $ | (2,439 | ) | |||
Epizyme, Inc.* | (11,000 | ) | (136,290 | ) | ||||
Esperion Therapeutics, Inc.* | (677 | ) | (27,182 | ) | ||||
Flexion Therapeutics, Inc.* | (4,176 | ) | (52,116 | ) | ||||
Illumina, Inc.* | (347 | ) | (107,809 | ) | ||||
Insmed, Inc.* | (7,244 | ) | (210,583 | ) | ||||
Intellia Therapeutics, Inc.* | (11,233 | ) | (191,860 | ) | ||||
Intra-Cellular Therapies, Inc.* | (26,579 | ) | (323,732 | ) | ||||
Intrexon Corp.* | (22,485 | ) | (118,271 | ) | ||||
Luminex Corp. | (19,721 | ) | (453,780 | ) | ||||
MacroGenics, Inc.* | (8,149 | ) | (146,519 | ) | ||||
NanoString Technologies, Inc.* | (5,802 | ) | (138,842 | ) | ||||
NeoGenomics, Inc.* | (16,347 | ) | (334,460 | ) | ||||
Omeros Corp.* | (28,243 | ) | (490,581 | ) | ||||
Pacific Biosciences of California, Inc.* | (89,507 | ) | (647,136 | ) | ||||
Quanterix Corp.* | (105 | ) | (2,712 | ) | ||||
Revance Therapeutics, Inc.* | (15,324 | ) | (241,506 | ) | ||||
TherapeuticsMD, Inc.* | (49,522 | ) | (241,172 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (14,520 | ) | (329,168 | ) | ||||
Tricida, Inc.* | (1,365 | ) | (52,716 | ) | ||||
UroGen Pharma Ltd. (Israel)* | (143 | ) | (5,282 | ) | ||||
WaVe Life Sciences Ltd. (Singapore)* | (388 | ) | (15,074 | ) | ||||
Zogenix, Inc.* | (1,553 | ) | (85,431 | ) | ||||
|
| |||||||
(6,279,035 | ) | |||||||
|
| |||||||
Retailing — (6.5)% | ||||||||
Aaron’s, Inc. | (17,914 | ) | (942,276 | ) | ||||
Abercrombie & Fitch Co., Class A | (29,913 | ) | (819,915 | ) | ||||
At Home Group, Inc.* | (35,170 | ) | (628,136 | ) | ||||
Best Buy Co., Inc. | (60 | ) | (4,264 | ) | ||||
Big Lots, Inc. | (41,743 | ) | (1,587,069 | ) | ||||
Burlington Stores, Inc.* | (2,854 | ) | (447,165 | ) | ||||
Caleres, Inc. | (12,468 | ) | (307,835 | ) | ||||
Camping World Holdings, Inc., Class A | (7,086 | ) | (98,566 | ) | ||||
CarMax, Inc.* | (15,282 | ) | (1,066,684 | ) | ||||
Carvana Co.* | (32,672 | ) | (1,896,936 | ) | ||||
Chico’s FAS, Inc. | (66,623 | ) | (284,480 | ) | ||||
Designer Brands, Inc. | (14,879 | ) | (330,611 | ) | ||||
Dollar Tree, Inc.* | (371 | ) | (38,970 | ) | ||||
Duluth Holdings, Inc., Class B* | (3,046 | ) | (72,617 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Farfetch Ltd., Class A (Cayman Islands)* | (3,751 | ) | $ | (100,939 | ) | |||
Five Below, Inc.* | (9,015 | ) | (1,120,114 | ) | ||||
Floor & Decor Holdings, Inc., | (23,337 | ) | (961,951 | ) | ||||
Funko, Inc., Class A* | (13,921 | ) | (302,364 | ) | ||||
GrubHub, Inc.* | (5,503 | ) | (382,293 | ) | ||||
Guess?, Inc. | (43,721 | ) | (856,932 | ) | ||||
Kohl’s Corp. | (10,133 | ) | (696,846 | ) | ||||
Lands’ End, Inc.* | (2,387 | ) | (39,648 | ) | ||||
Monro, Inc. | (4,068 | ) | (351,963 | ) | ||||
National Vision Holdings, Inc.* | (12,328 | ) | (387,469 | ) | ||||
Nordstrom, Inc. | (20,690 | ) | (918,222 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (3,435 | ) | (293,109 | ) | ||||
Party City Holdco, Inc.* | (36,007 | ) | (285,896 | ) | ||||
Penske Automotive Group, Inc. | (11,692 | ) | (522,048 | ) | ||||
Ross Stores, Inc. | (560 | ) | (52,136 | ) | ||||
Stitch Fix, Inc., Class A* | (9,071 | ) | (256,074 | ) | ||||
Ulta Beauty, Inc.* | (738 | ) | (257,363 | ) | ||||
|
| |||||||
(16,310,891 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (4.6)% |
| |||||||
Ambarella, Inc. (Cayman Islands)* | (42,907 | ) | (1,853,582 | ) | ||||
Broadcom, Inc. | (464 | ) | (139,529 | ) | ||||
Brooks Automation, Inc. | (47,786 | ) | (1,401,563 | ) | ||||
Cabot Microelectronics Corp. | (6,540 | ) | (732,218 | ) | ||||
CEVA, Inc.* | (7,121 | ) | (191,982 | ) | ||||
Cohu, Inc. | (666 | ) | (9,824 | ) | ||||
Entegris, Inc. | (5,096 | ) | (181,876 | ) | ||||
First Solar, Inc.* | (10,323 | ) | (545,467 | ) | ||||
FormFactor, Inc.* | (33,995 | ) | (546,980 | ) | ||||
Inphi Corp.* | (29,871 | ) | (1,306,558 | ) | ||||
MACOM Technology Solutions Holdings, Inc.* | (34,138 | ) | (570,446 | ) | ||||
MaxLinear, Inc.* | (14,107 | ) | (360,152 | ) | ||||
NVIDIA Corp. | (463 | ) | (83,136 | ) | ||||
Photronics, Inc.* | (7,006 | ) | (66,207 | ) | ||||
Power Integrations, Inc. | (2,529 | ) | (176,878 | ) | ||||
Rambus, Inc.* | (38,535 | ) | (402,691 | ) | ||||
Rudolph Technologies, Inc.* | (2,059 | ) | (46,945 | ) | ||||
Synaptics, Inc.* | (33,688 | ) | (1,339,098 | ) | ||||
Universal Display Corp. | (9,224 | ) | (1,409,888 | ) | ||||
Xperi Corp. | (11,285 | ) | (264,069 | ) | ||||
|
| |||||||
(11,629,089 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
57
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (11.3)% |
| |||||||
8x8, Inc.* | (69,954 | ) | $ | (1,413,071 | ) | |||
Alliance Data Systems Corp. | (1,160 | ) | (202,977 | ) | ||||
Appian Corp.* | (14,992 | ) | (516,175 | ) | ||||
Avalara, Inc.* | (8,813 | ) | (491,677 | ) | ||||
Benefitfocus, Inc.* | (7,727 | ) | (382,641 | ) | ||||
Black Knight, Inc.* | (7,606 | ) | (414,527 | ) | ||||
Blackline, Inc.* | (1,012 | ) | (46,876 | ) | ||||
Box, Inc., Class A* | (53,476 | ) | (1,032,622 | ) | ||||
Broadridge Financial Solutions, Inc. | (3,257 | ) | (337,718 | ) | ||||
CACI International, Inc., Class A* | (6,143 | ) | (1,118,149 | ) | ||||
Carbon Black, Inc.* | (39,260 | ) | (547,677 | ) | ||||
Cloudera, Inc.* | (89,978 | ) | (984,359 | ) | ||||
CoreLogic, Inc.* | (971 | ) | (36,179 | ) | ||||
CSG Systems International, Inc. | (1,578 | ) | (66,749 | ) | ||||
DocuSign, Inc.* | (20,094 | ) | (1,041,673 | ) | ||||
Domo, Inc., Class B* | (13,328 | ) | (537,518 | ) | ||||
Everbridge, Inc.* | (367 | ) | (27,529 | ) | ||||
Everi Holdings, Inc.* | (652 | ) | (6,859 | ) | ||||
FireEye, Inc.* | (122,944 | ) | (2,064,230 | ) | ||||
First Data Corp., Class A* | (16,875 | ) | (443,306 | ) | ||||
Fiserv, Inc.* | (3,623 | ) | (319,838 | ) | ||||
ForeScout Technologies, Inc.* | (18,888 | ) | (791,596 | ) | ||||
Gartner, Inc.* | (516 | ) | (78,267 | ) | ||||
Global Payments, Inc. | (15,337 | ) | (2,093,807 | ) | ||||
GoDaddy, Inc., Class A* | (5,885 | ) | (442,493 | ) | ||||
Guidewire Software, Inc.* | (8,250 | ) | (801,570 | ) | ||||
I3 Verticals, Inc., Class A* | (526 | ) | (12,636 | ) | ||||
Instructure, Inc.* | (13,679 | ) | (644,554 | ) | ||||
Leidos Holdings, Inc. | (7,220 | ) | (462,730 | ) | ||||
ManTech International Corp., Class A | (2,595 | ) | (140,182 | ) | ||||
Mastercard, Inc., Class A | (4,645 | ) | (1,093,665 | ) | ||||
MobileIron, Inc.* | (1,654 | ) | (9,047 | ) | ||||
MongoDB, Inc.* | (404 | ) | (59,396 | ) | ||||
New Relic, Inc.* | (440 | ) | (43,428 | ) | ||||
Nutanix, Inc., Class A* | (35,765 | ) | (1,349,771 | ) | ||||
Okta, Inc.* | (1,702 | ) | (140,806 | ) | ||||
OneSpan, Inc.* | (5,039 | ) | (96,850 | ) | ||||
Pegasystems, Inc. | (1,460 | ) | (94,900 | ) | ||||
Perficient, Inc.* | (1,214 | ) | (33,251 | ) | ||||
Pivotal Software, Inc., Class A* | (49,680 | ) | (1,035,828 | ) | ||||
Pluralsight, Inc., Class A* | (10,921 | ) | (346,633 | ) | ||||
Presidio, Inc. | (1,910 | ) | (28,268 | ) | ||||
PROS Holdings, Inc.* | (17,772 | ) | (750,689 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Science Applications International Corp. | (2,351 | ) | $ | (180,909 | ) | |||
SecureWorks Corp., Class A* | (3,912 | ) | (71,981 | ) | ||||
Smartsheet, Inc., Class A* | (6,251 | ) | (254,978 | ) | ||||
Square, Inc., Class A* | (12,666 | ) | (948,937 | ) | ||||
Switch, Inc., Class A | (89,904 | ) | (926,910 | ) | ||||
Tenable Holdings, Inc.* | (19,673 | ) | (622,847 | ) | ||||
Twilio, Inc., Class A* | (1,917 | ) | (247,638 | ) | ||||
WEX, Inc.* | (728 | ) | (139,769 | ) | ||||
Workday, Inc., Class A* | (349 | ) | (67,305 | ) | ||||
Workiva, Inc.* | (4,641 | ) | (235,299 | ) | ||||
Worldpay, Inc., Class A* | (6,034 | ) | (684,859 | ) | ||||
Yext, Inc.* | (11,033 | ) | (241,181 | ) | ||||
Zuora, Inc., Class A* | (60,275 | ) | (1,207,308 | ) | ||||
|
| |||||||
(28,412,638 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (7.0)% |
| |||||||
3D Systems Corp.* | (104,264 | ) | (1,121,881 | ) | ||||
Acacia Communications, Inc.* | (896 | ) | (51,386 | ) | ||||
ADTRAN, Inc. | (5,721 | ) | (78,378 | ) | ||||
Benchmark Electronics, Inc. | (13,855 | ) | (363,694 | ) | ||||
Celestica, Inc. (Canada)* | (8,672 | ) | (73,278 | ) | ||||
Ciena Corp.* | (2,218 | ) | (82,820 | ) | ||||
Cognex Corp. | (15,175 | ) | (771,800 | ) | ||||
Cray, Inc.* | (3,413 | ) | (88,909 | ) | ||||
Dolby Laboratories, Inc., Class A | (14,181 | ) | (892,978 | ) | ||||
Electronics For Imaging, Inc.* | (25,820 | ) | (694,558 | ) | ||||
FARO Technologies, Inc.* | (5,257 | ) | (230,835 | ) | ||||
Finisar Corp.* | (28,251 | ) | (654,576 | ) | ||||
Fitbit, Inc., Class A* | (194,445 | ) | (1,151,114 | ) | ||||
II-VI, Inc.* | (18,297 | ) | (681,380 | ) | ||||
Infinera Corp.* | (187,906 | ) | (815,512 | ) | ||||
Lumentum Holdings, Inc.* | (45,411 | ) | (2,567,538 | ) | ||||
NetScout Systems, Inc.* | (38,885 | ) | (1,091,502 | ) | ||||
nLight, Inc.* | (20,641 | ) | (459,881 | ) | ||||
Novanta, Inc. (Canada)* | (242 | ) | (20,505 | ) | ||||
Plexus Corp.* | (8,083 | ) | (492,659 | ) | ||||
Pure Storage, Inc., Class A* | (15,807 | ) | (344,435 | ) | ||||
Rogers Corp.* | (6,115 | ) | (971,551 | ) | ||||
Sanmina Corp.* | (11,825 | ) | (341,151 | ) | ||||
ScanSource, Inc.* | (1,175 | ) | (42,088 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (10,676 | ) | (132,062 | ) | ||||
Stratasys Ltd. (Israel)* | (22,145 | ) | (527,494 | ) | ||||
SYNNEX Corp. | (17,763 | ) | (1,694,413 | ) | ||||
Trimble, Inc.* | (3,424 | ) | (138,330 | ) |
The accompanying notes are an integral part of the financial statements.
58
GOTHAM NEUTRAL FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
ViaSat, Inc.* | (11,478 | ) | $ | (889,545 | ) | |||
|
| |||||||
(17,466,253 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.9)% |
| |||||||
ATN International, Inc. | (3,043 | ) | (171,595 | ) | ||||
Bandwidth, Inc., Class A* | (1,567 | ) | (104,926 | ) | ||||
Boingo Wireless, Inc.* | (32,699 | ) | (761,233 | ) | ||||
Cincinnati Bell, Inc.* | (2,900 | ) | (27,666 | ) | ||||
Consolidated Communications Holdings, Inc. | (38,851 | ) | (423,864 | ) | ||||
Iridium Communications, Inc.* | (22,854 | ) | (604,260 | ) | ||||
ORBCOMM, Inc.* | (24,997 | ) | (169,480 | ) | ||||
|
| |||||||
(2,263,024 | ) | |||||||
|
| |||||||
Transportation — (3.3)% |
| |||||||
Air Transport Services Group, Inc.* | (35,382 | ) | (815,555 | ) | ||||
Alaska Air Group, Inc. | (21,378 | ) | (1,199,733 | ) | ||||
Allegiant Travel Co. | (447 | ) | (57,873 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (6,275 | ) | (317,264 | ) | ||||
Canadian National Railway Co. (Canada) | (13,776 | ) | (1,232,676 | ) | ||||
Canadian Pacific Railway Ltd. (Canada) | (2,758 | ) | (568,231 | ) | ||||
Hawaiian Holdings, Inc. | (565 | ) | (14,831 | ) | ||||
JB Hunt Transport Services, Inc. | (270 | ) | (27,348 | ) | ||||
JetBlue Airways Corp.* | (11,104 | ) | (181,661 | ) | ||||
Kansas City Southern | (141 | ) | (16,353 | ) | ||||
Matson, Inc. | (6,697 | ) | (241,695 | ) | ||||
Ryder System, Inc. | (20,735 | ) | (1,285,363 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
Saia, Inc.* | (3,059 | ) | $ | (186,905 | ) | |||
SkyWest, Inc. | (18,432 | ) | (1,000,673 | ) | ||||
United Parcel Service, Inc., Class B | (3,176 | ) | (354,886 | ) | ||||
Werner Enterprises, Inc. | (21,230 | ) | (725,004 | ) | ||||
|
| |||||||
(8,226,051 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $251,922,118) | (242,169,675 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (96.5)% |
| (242,169,675 | ) | |||||
|
| |||||||
(Proceeds $251,922,118) |
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 75.0% | 188,172,047 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 251,032,573 | ||||||
|
|
† Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) | ||
(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. (See Note 5 of the Notes to Financial Statements) | ||
(c) Security is fair valued by the Adviser under direction of the Board of Trustees. | ||
* Non-income producing.
| ||
CVR Contingent Value Rights | ||
PLC Public Limited Company |
The accompanying notes are an integral part of the financial statements.
59
GOTHAM LARGE VALUE FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Automobiles & Components — 1.6% |
| |||||||
Aptiv PLC (Jersey) | 2,859 | $ | 227,262 | |||||
BorgWarner, Inc. | 2,260 | 86,807 | ||||||
General Motors Co. | 14,762 | 547,670 | ||||||
|
| |||||||
861,739 | ||||||||
|
| |||||||
Banks — 5.1% | ||||||||
Bank of America Corp. | 18,832 | 519,575 | ||||||
Citigroup, Inc. | 17,693 | 1,100,858 | ||||||
Citizens Financial Group, Inc. | 5,048 | 164,060 | ||||||
Comerica, Inc. | 1,731 | 126,917 | ||||||
Fifth Third Bancorp. | 6,994 | 176,389 | ||||||
KeyCorp. | 11,044 | 173,943 | ||||||
M&T Bank Corp. | 250 | 39,255 | ||||||
SunTrust Banks, Inc. | 4,758 | 281,912 | ||||||
SVB Financial Group* | 568 | 126,300 | ||||||
Zions Bancorp NA | 2,028 | 92,091 | ||||||
|
| |||||||
2,801,300 | ||||||||
|
| |||||||
Capital Goods — 14.9% | ||||||||
3M Co. | 1,332 | 276,763 | ||||||
A.O. Smith Corp. | 1,831 | 97,629 | ||||||
Arconic, Inc. | 5,249 | 100,308 | ||||||
Boeing Co. (The) | 442 | 168,588 | ||||||
Caterpillar, Inc. | 4,171 | 565,129 | ||||||
Cummins, Inc. | 1,708 | 269,642 | ||||||
Dover Corp. | 1,642 | 154,020 | ||||||
Eaton Corp. PLC (Ireland) | 4,684 | 377,343 | ||||||
Emerson Electric Co. | 1,843 | 126,190 | ||||||
Flowserve Corp. | 1,414 | 63,828 | ||||||
Fluor Corp. | 1,525 | 56,120 | ||||||
Fortive Corp. | 3,790 | 317,943 | ||||||
Fortune Brands Home & Security, Inc. | 1,532 | 72,939 | ||||||
General Dynamics Corp. | 3,128 | 529,508 | ||||||
Honeywell International, Inc. | 5,920 | 940,806 | ||||||
Huntington Ingalls Industries, Inc. | 460 | 95,312 | ||||||
Illinois Tool Works, Inc. | 3,075 | 441,355 | ||||||
Ingersoll-Rand PLC (Ireland) | 2,636 | 284,556 | ||||||
Johnson Controls International PLC (Ireland) | 9,886 | 365,189 | ||||||
L3 Technologies, Inc. | 852 | 175,827 | ||||||
Lockheed Martin Corp. | 1,970 | 591,315 | ||||||
Masco Corp. | 3,221 | 126,618 | ||||||
Northrop Grumman Corp. | 1,849 | 498,490 | ||||||
Pentair PLC (Ireland) | 1,872 | 83,323 | ||||||
Raytheon Co. | 3,056 | 556,437 | ||||||
Snap-on, Inc. | 602 | 94,225 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Stanley Black & Decker, Inc. | 1,636 | $ | 222,774 | |||||
Textron, Inc. | 2,552 | 129,284 | ||||||
TransDigm Group, Inc.* | 571 | 259,228 | ||||||
Wabtec Corp. | 1,045 | 77,037 | ||||||
|
| |||||||
8,117,726 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.7% |
| |||||||
Nielsen Holdings PLC (United Kingdom) | 3,846 | 91,035 | ||||||
Republic Services, Inc. | 148 | 11,896 | ||||||
Robert Half International, Inc. | 1,290 | 84,056 | ||||||
Waste Management, Inc. | 1,728 | 179,556 | ||||||
|
| |||||||
366,543 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 2.6% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)* | 1,641 | 75,076 | ||||||
Garmin Ltd. (Switzerland) | 2,053 | 177,277 | ||||||
Hanesbrands, Inc. | 3,914 | 69,982 | ||||||
Hasbro, Inc. | 1,371 | 116,562 | ||||||
Leggett & Platt, Inc. | 1,411 | 59,572 | ||||||
Mattel, Inc.* | 3,739 | 48,607 | ||||||
Newell Brands, Inc. | 5,004 | 76,761 | ||||||
PVH Corp. | 822 | 100,243 | ||||||
Ralph Lauren Corp. | 851 | 110,358 | ||||||
Tapestry, Inc. | 3,142 | 102,084 | ||||||
Under Armour, Inc., Class C* | 4,858 | 91,670 | ||||||
VF Corp. | 4,284 | 372,322 | ||||||
Whirlpool Corp. | 367 | 48,771 | ||||||
|
| |||||||
1,449,285 | ||||||||
|
| |||||||
Consumer Services — 0.9% | ||||||||
McDonald’s Corp. | 39 | 7,406 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 2,355 | 129,431 | ||||||
Yum! Brands, Inc. | 3,445 | 343,845 | ||||||
|
| |||||||
480,682 | ||||||||
|
| |||||||
Diversified Financials — 6.6% | ||||||||
Affiliated Managers Group, Inc. | 592 | 63,409 | ||||||
Ameriprise Financial, Inc. | 586 | 75,067 | ||||||
Berkshire Hathaway, Inc., Class B* | 1,456 | 292,496 | ||||||
BlackRock, Inc. | 1,718 | 734,222 | ||||||
Discover Financial Services | 3,587 | 255,251 | ||||||
E*TRADE Financial Corp. | 658 | 30,551 | ||||||
Franklin Resources, Inc. | 5,606 | 185,783 | ||||||
Goldman Sachs Group, Inc. (The) | 2,794 | 536,420 |
The accompanying notes are an integral part of the financial statements.
60
GOTHAM LARGE VALUE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Diversified Financials — (Continued) |
| |||||||
Invesco Ltd. (Bermuda) | 4,452 | $ | 85,968 | |||||
Moody’s Corp. | 2,066 | 374,132 | ||||||
Nasdaq, Inc. | 380 | 33,246 | ||||||
Raymond James Financial, Inc. | 489 | 39,321 | ||||||
S&P Global, Inc. | 1,430 | 301,086 | ||||||
State Street Corp. | 4,115 | 270,808 | ||||||
Synchrony Financial | 1,704 | 54,358 | ||||||
T Rowe Price Group, Inc. | 2,580 | 258,310 | ||||||
|
| |||||||
3,590,428 | ||||||||
|
| |||||||
Energy — 8.9% | ||||||||
Chevron Corp. | 5,248 | 646,449 | ||||||
ConocoPhillips | 10,560 | 704,774 | ||||||
Devon Energy Corp. | 5,538 | 174,779 | ||||||
Exxon Mobil Corp. | 5,370 | 433,896 | ||||||
Halliburton Co. | 9,434 | 276,416 | ||||||
Hess Corp. | 1,528 | 92,031 | ||||||
HollyFrontier Corp. | 1,875 | 92,381 | ||||||
Kinder Morgan, Inc. | 24,503 | 490,305 | ||||||
Marathon Oil Corp. | 8,871 | 148,234 | ||||||
National Oilwell Varco, Inc. | 4,152 | 110,609 | ||||||
Occidental Petroleum Corp. | 8,166 | 540,589 | ||||||
Phillips 66 | 4,938 | 469,949 | ||||||
Schlumberger Ltd. (Curacao) | 14,981 | 652,722 | ||||||
TechnipFMC PLC (United Kingdom) | 21 | 494 | ||||||
|
| |||||||
4,833,628 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.3% |
| |||||||
Sysco Corp. | 5,563 | 371,386 | ||||||
Walgreens Boots Alliance, Inc. | 10,205 | 645,670 | ||||||
Walmart, Inc. | 2,723 | 265,574 | ||||||
|
| |||||||
1,282,630 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 5.0% |
| |||||||
Altria Group, Inc. | 9,063 | 520,488 | ||||||
Archer-Daniels-Midland Co. | 6,066 | 261,627 | ||||||
Coca-Cola Co. (The) | 2,415 | 113,167 | ||||||
Constellation Brands, Inc., Class A | 1,580 | 277,021 | ||||||
General Mills, Inc. | 5,165 | 267,289 | ||||||
Hershey Co. (The) | 2,010 | 230,808 | ||||||
Kraft Heinz Co. (The) | 11,794 | 385,074 | ||||||
McCormick & Co., Inc.,non-voting shares | 1,425 | 214,648 | ||||||
PepsiCo, Inc. | 644 | 78,922 | ||||||
Philip Morris International, Inc. | 4,208 | 371,945 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Tyson Foods, Inc., Class A | 28 | $ | 1,944 | �� | ||||
|
| |||||||
2,722,933 | ||||||||
|
| |||||||
Health Care Equipment & Services — 3.9% |
| |||||||
Abbott Laboratories | 1,507 | 120,470 | ||||||
Anthem, Inc. | 316 | 90,686 | ||||||
Cardinal Health, Inc. | 3,228 | 155,428 | ||||||
Cigna Corp. | 1 | 161 | ||||||
CVS Health Corp. | 7,644 | 412,241 | ||||||
HCA Healthcare, Inc. | 3,709 | 483,579 | ||||||
Henry Schein, Inc.* | 1,639 | 98,520 | ||||||
Humana, Inc. | 215 | 57,190 | ||||||
Laboratory Corp. of America | ||||||||
Holdings* | 1,091 | 166,901 | ||||||
Medtronic PLC (Ireland) | 25 | 2,277 | ||||||
Quest Diagnostics, Inc. | 1,468 | 132,003 | ||||||
UnitedHealth Group, Inc. | 1,705 | 421,578 | ||||||
|
| |||||||
2,141,034 | ||||||||
|
| |||||||
Household & Personal Products — 0.9% |
| |||||||
Church & Dwight Co., Inc. | 144 | 10,257 | ||||||
Colgate-Palmolive Co. | 1,689 | 115,764 | ||||||
Kimberly-Clark Corp. | 44 | 5,452 | ||||||
Procter & Gamble Co. (The) | 3,300 | 343,365 | ||||||
|
| |||||||
474,838 | ||||||||
|
| |||||||
Insurance — 3.3% | ||||||||
Aflac, Inc. | 4,151 | 207,550 | ||||||
Allstate Corp. (The) | 1,519 | 143,059 | ||||||
American International Group, Inc. | 1,620 | 69,757 | ||||||
Aon PLC (United Kingdom) | 2,613 | 446,039 | ||||||
Brighthouse Financial, Inc.* | 4 | 145 | ||||||
Hartford Financial Services Group, Inc. (The) | 655 | 32,567 | ||||||
Lincoln National Corp. | 754 | 44,260 | ||||||
Loews Corp. | 3,377 | 161,860 | ||||||
Marsh & McLennan Cos., Inc. | 5,460 | 512,694 | ||||||
Progressive Corp. (The) | 1,288 | 92,852 | ||||||
Torchmark Corp. | 39 | 3,196 | ||||||
Unum Group | 2,271 | 76,828 | ||||||
|
| |||||||
1,790,807 | ||||||||
|
| |||||||
Materials — 4.2% | ||||||||
Avery Dennison Corp. | 945 | 106,785 | ||||||
Ball Corp. | 3,660 | 211,768 | ||||||
Celanese Corp. | 1,408 | 138,843 | ||||||
CF Industries Holdings, Inc. | 2,483 | 101,505 |
The accompanying notes are an integral part of the financial statements.
61
GOTHAM LARGE VALUE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
DowDuPont, Inc. | 15,417 | $ | 821,880 | |||||
Eastman Chemical Co. | 1,515 | 114,958 | ||||||
Ecolab, Inc. | 602 | 106,277 | ||||||
International Paper Co. | 4,387 | 202,987 | ||||||
Nucor Corp. | 3,315 | 193,430 | ||||||
Packaging Corp. of America | 1,024 | 101,765 | ||||||
PPG Industries, Inc. | 185 | 20,881 | ||||||
Sealed Air Corp. | 1,685 | 77,611 | ||||||
Sherwin-Williams Co. (The) | 197 | 84,850 | ||||||
|
| |||||||
2,283,540 | ||||||||
|
| |||||||
Media & Entertainment — 2.2% |
| |||||||
Activision Blizzard, Inc. | 4,093 | 186,354 | ||||||
Comcast Corp., Class A | 164 | 6,557 | ||||||
Discovery, Inc., Class A* | 7,680 | 207,514 | ||||||
DISH Network Corp., Class A* | 4,307 | 136,489 | ||||||
Electronic Arts, Inc.* | 158 | 16,058 | ||||||
Fox Corp., Class A* | 1 | 37 | ||||||
Interpublic Group of Cos., Inc. (The) | 2,483 | 52,168 | ||||||
News Corp., Class A | 6,337 | 78,832 | ||||||
Omnicom Group, Inc. | 2,432 | 177,512 | ||||||
Viacom, Inc., Class B | 4,366 | 122,554 | ||||||
Walt Disney Co. (The) | 1,787 | 198,411 | ||||||
|
| |||||||
1,182,486 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 9.9% |
| |||||||
AbbVie, Inc. | 5,123 | 412,863 | ||||||
Amgen, Inc. | 2,908 | 552,462 | ||||||
Biogen, Inc.* | 2,130 | 503,489 | ||||||
Bristol-Myers Squibb Co. | 13,861 | 661,308 | ||||||
Celgene Corp.* | 7,577 | 714,814 | ||||||
Eli Lilly & Co. | 3,257 | 422,628 | ||||||
Gilead Sciences, Inc. | 6,362 | 413,594 | ||||||
Johnson & Johnson | 2,757 | 385,401 | ||||||
Merck & Co., Inc. | 4,510 | 375,097 | ||||||
Mylan NV (Netherlands)* | 5,580 | 158,137 | ||||||
Pfizer, Inc. | 18,503 | 785,822 | ||||||
|
| |||||||
5,385,615 | ||||||||
|
| |||||||
Real Estate — 0.8% | ||||||||
Apartment Investment & Management Co., Class A, REIT | 423 | 21,273 | ||||||
CBRE Group, Inc., Class A* | 3,693 | 182,619 | ||||||
Equity Residential, REIT | 25 | 1,883 | ||||||
Realty Income Corp., REIT | 1,115 | 82,019 | ||||||
SL Green Realty Corp., REIT | 417 | 37,497 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) | ||||||||
UDR, Inc., REIT | 2,086 | $ | 94,830 | |||||
|
| |||||||
420,121 | ||||||||
|
| |||||||
Retailing — 5.7% | ||||||||
AutoZone, Inc.* | 169 | 173,076 | ||||||
Best Buy Co., Inc. | 2,877 | 204,440 | ||||||
Booking Holdings, Inc.* | 178 | 310,594 | ||||||
Dollar General Corp. | 373 | 44,499 | ||||||
eBay, Inc. | 10,206 | 379,051 | ||||||
Foot Locker, Inc. | 1,213 | 73,508 | ||||||
Gap, Inc. (The) | 4,091 | 107,102 | ||||||
Genuine Parts Co. | 1,591 | 178,240 | ||||||
Home Depot, Inc. (The) | 194 | 37,227 | ||||||
Kohl’s Corp. | 1,787 | 122,892 | ||||||
L Brands, Inc. | 2,974 | 82,023 | ||||||
LKQ Corp.* | 3,419 | 97,031 | ||||||
Lowe’s Cos., Inc. | 2,885 | 315,821 | ||||||
Macy’s, Inc. | 3,338 | 80,212 | ||||||
Nordstrom, Inc. | 1,286 | 57,073 | ||||||
Tiffany & Co. | 1,312 | 138,482 | ||||||
TJX Cos., Inc. (The) | 13,464 | 716,419 | ||||||
Tractor Supply Co. | 190 | 18,574 | ||||||
|
| |||||||
3,136,264 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.8% |
| |||||||
Applied Materials, Inc. | 10,367 | 411,155 | ||||||
Intel Corp. | 5,794 | 311,138 | ||||||
KLA-Tencor Corp. | 1,639 | 195,713 | ||||||
Lam Research Corp. | 1,742 | 311,835 | ||||||
Microchip Technology, Inc. | 2,859 | 237,183 | ||||||
Micron Technology, Inc.* | 12,727 | 526,007 | ||||||
Qorvo, Inc.* | 1,373 | 98,485 | ||||||
Skyworks Solutions, Inc. | 1,886 | 155,557 | ||||||
Texas Instruments, Inc. | 2,601 | 275,888 | ||||||
Xilinx, Inc. | 948 | 120,197 | ||||||
|
| |||||||
�� | 2,643,158 | |||||||
|
| |||||||
Software & Services — 5.9% | ||||||||
Accenture PLC, Class A (Ireland) | 2,554 | 449,555 | ||||||
Automatic Data Processing, Inc. | 1,313 | 209,739 | ||||||
DXC Technology Co. | 2,998 | 192,801 | ||||||
International Business Machines Corp. | 7,490 | 1,056,839 | ||||||
Paychex, Inc. | 2,887 | 231,537 | ||||||
PayPal Holdings, Inc.* | 9,744 | 1,011,817 | ||||||
VeriSign, Inc.* | 2 | 363 |
The accompanying notes are an integral part of the financial statements.
62
GOTHAM LARGE VALUE FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Visa, Inc., Class A | 5 | $ | 781 | |||||
Western Union Co. (The) | 4,780 | 88,287 | ||||||
|
| |||||||
3,241,719 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 6.2% |
| |||||||
Apple, Inc. | 6,211 | 1,179,779 | ||||||
Cisco Systems, Inc. | 4,188 | 226,110 | ||||||
Corning, Inc. | 31 | 1,026 | ||||||
F5 Networks, Inc.* | 650 | 102,005 | ||||||
FLIR Systems, Inc. | 1,482 | 70,514 | ||||||
Hewlett Packard Enterprise Co. | 15,413 | 237,823 | ||||||
HP, Inc. | 16,900 | 328,367 | ||||||
IPG Photonics Corp.* | 65 | 9,866 | ||||||
Juniper Networks, Inc. | 3,799 | 100,560 | ||||||
Motorola Solutions, Inc. | 1,776 | 249,386 | ||||||
NetApp, Inc. | 2,720 | 188,605 | ||||||
Seagate Technology PLC (Ireland) | 3,051 | 146,112 | ||||||
TE Connectivity Ltd. (Switzerland) | 3,675 | 296,756 | ||||||
Western Digital Corp. | 3,152 | 151,485 | ||||||
Xerox Corp. | 2,590 | 82,828 | ||||||
|
| |||||||
3,371,222 | ||||||||
|
| |||||||
Telecommunication Services — 1.1% |
| |||||||
AT&T, Inc. | 1 | 31 | ||||||
CenturyLink, Inc. | 11,705 | 140,343 | ||||||
Verizon Communications, Inc. | 7,536 | 445,604 | ||||||
|
| |||||||
585,978 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — 1.7% | ||||||||
American Airlines Group, Inc. | 4,667 | $ | 148,224 | |||||
CH Robinson Worldwide, Inc. | 572 | 49,758 | ||||||
CSX Corp. | 5,618 | 420,339 | ||||||
Delta Air Lines, Inc. | 3,289 | 169,877 | ||||||
Norfolk Southern Corp. | 710 | 132,692 | ||||||
Southwest Airlines Co. | 307 | 15,936 | ||||||
|
| |||||||
936,826 | ||||||||
|
| |||||||
Utilities — 0.2% | ||||||||
FirstEnergy Corp. | 2 | 83 | ||||||
NRG Energy, Inc. | 3,141 | 133,430 | ||||||
|
| |||||||
133,513 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS -99.4% | 54,234,015 | |||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF | 339,592 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 54,573,607 | ||||||
|
|
* | Non-income producing. |
PLC Public Limited Company
REIT Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
63
GOTHAM TOTAL RETURN FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
AFFILIATED EQUITY REGISTERED |
| |||||||
Gotham Absolute 500 Fund | 573,922 | $ | 6,514,014 | |||||
Gotham Defensive Long 500 Fund | 786,786 | 9,842,692 | ||||||
Gotham Enhanced 500 Fund | 419,380 | 4,910,944 | ||||||
Gotham Index Plus Fund | 447,005 | 6,503,918 | ||||||
Gotham Neutral Fund* | 478,620 | 4,886,714 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY | 32,658,282 | |||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF | 288,719 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 32,947,001 | ||||||
|
|
(a) | All affiliated fund investments are in Institutional Class shares. The financial statements of the affiliated funds are publicly available on the Securities and Exchange Commission’s website. |
* | Non-income producing. |
The accompanying notes are an integral part of the financial statements.
64
GOTHAM FUNDS
Statements of Assets and Liabilities
March 31, 2019
(Unaudited)
Gotham Absolute Return Fund | Gotham Enhanced Return Fund | Gotham Neutral Fund | |||||||||||||
Assets | |||||||||||||||
Non-affiliated investments, at value1,2,3 | $ | 1,155,183,116 | $ | 1,070,384,608 | $ | 305,030,201 | |||||||||
Cash | 7,660,287 | 16,991,131 | 10,345,936 | ||||||||||||
Deposits with brokers for securities sold short | 557,208,129 | 179,585,217 | 207,673,714 | ||||||||||||
Receivables: | |||||||||||||||
Investments sold | 19,075,822 | 12,051,356 | 17,471,590 | ||||||||||||
Capital shares sold | 632,807 | 228,519 | 141,762 | ||||||||||||
Dividends and interest | 1,251,786 | 1,198,656 | 298,721 | ||||||||||||
Prepaid expenses and other assets | 119,705 | 24,833 | 54,379 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 1,741,131,652 | 1,280,464,320 | 541,016,303 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities | |||||||||||||||
Securities sold short, at value4 | 577,147,734 | 455,447,812 | 242,169,675 | ||||||||||||
Payables: | |||||||||||||||
Securities lending cash collateral | 180,537,832 | 190,673,460 | 24,569,587 | ||||||||||||
Investments purchased | 18,490,084 | 11,118,003 | 15,728,929 | ||||||||||||
Dividends and fees on securities sold short | 231,564 | 563,876 | 91,665 | ||||||||||||
Capital shares redeemed | 2,008,081 | 837,149 | 6,381,113 | ||||||||||||
Investment Adviser | 1,619,838 | 1,070,348 | 444,117 | ||||||||||||
Administration and accounting fees | 142,429 | 89,047 | 59,339 | ||||||||||||
Accrued expenses | 541,312 | 370,926 | 539,305 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 780,718,874 | 660,170,621 | 289,983,730 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 960,412,778 | $ | 620,293,699 | $ | 251,032,573 | |||||||||
|
|
|
|
|
| ||||||||||
Net Assets Consisted of: | |||||||||||||||
Capital stock, $0.01 par value | $ | 653,554 | $ | 442,436 | $ | 245,919 | |||||||||
Paid-in capital | 985,761,237 | 426,874,981 | 309,056,170 | ||||||||||||
Total distributable earnings (loss) | (26,002,013 | ) | 192,976,282 | (58,269,516 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 960,412,778 | $ | 620,293,699 | $ | 251,032,573 | |||||||||
|
|
|
|
|
| ||||||||||
Institutional Class Shares: | |||||||||||||||
Net assets | $ | 960,412,778 | $ | 620,293,699 | $ | 251,032,573 | |||||||||
|
|
|
|
|
| ||||||||||
Shares Outstanding | 65,355,420 | 44,243,605 | 24,591,871 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, offering and redemption price per share | $ | 14.70 | $ | 14.02 | $ | 10.21 | |||||||||
|
|
|
|
|
| ||||||||||
1Non-affiliated investments, at cost | $ | 1,031,149,929 | $ | 888,315,139 | $ | 289,500,805 | |||||||||
2Includes market value of securities on loan | $ | 140,586,645 | $ | 188,007,910 | $ | 24,049,964 | |||||||||
3Includes market value of securities designated as collateral for securities on loan | $ | 186,504,578 | $ | 379,510,579 | $ | 25,609,033 | |||||||||
4Proceeds received, securities sold short | $ | 640,234,549 | $ | 539,793,835 | $ | 251,922,118 |
The accompanying notes are an integral part of the financial statements.
65
GOTHAM FUNDS
Statements of Assets and Liabilities (Concluded)
March 31, 2019
(Unaudited)
Gotham Large Value Fund | Gotham Total Return Fund | |||||||||
Assets | ||||||||||
Non-affiliated investments, at value1 | $ | 54,234,015 | $ | — | ||||||
Affiliated investments, at value2 | — | 32,658,282 | ||||||||
Cash | 307,706 | 272,024 | ||||||||
Receivables: | ||||||||||
Investments sold | 425,098 | — | ||||||||
Capital shares sold | 100,000 | 171 | ||||||||
Dividends and interest | 72,723 | — | ||||||||
Investment Adviser | — | 16,293 | ||||||||
Prepaid expenses and other assets | 35,567 | 46,362 | ||||||||
|
|
|
| |||||||
Total assets | 55,175,109 | 32,993,132 | ||||||||
|
|
|
| |||||||
Liabilities | ||||||||||
Payables: | ||||||||||
Investments purchased | 547,860 | — | ||||||||
Investment Adviser | 21,774 | — | ||||||||
Administration and accounting fees | 11,295 | 19,934 | ||||||||
12b-1 distribution fees (Investor Class) | — | 557 | ||||||||
Accrued expenses | 20,573 | 25,640 | ||||||||
|
|
|
| |||||||
Total liabilities | 601,502 | 46,131 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 54,573,607 | $ | 32,947,001 | ||||||
|
|
|
| |||||||
Net Assets Consisted of: | ||||||||||
Capital stock, $0.01 par value | $ | 42,984 | $ | 25,688 | ||||||
Paid-in capital | 54,171,296 | 29,032,083 | ||||||||
Total distributable earnings | 359,327 | 3,889,230 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 54,573,607 | $ | 32,947,001 | ||||||
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||
Net assets | $ | 54,573,607 | $ | 30,107,095 | ||||||
|
|
|
| |||||||
Shares Outstanding | 4,298,401 | 2,347,124 | ||||||||
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 12.70 | $ | 12.83 | ||||||
|
|
|
| |||||||
Investor Class Shares: | ||||||||||
Net assets | N/A | $ | 2,839,906 | |||||||
|
|
|
| |||||||
Shares Outstanding | N/A | 221,689 | ||||||||
|
|
|
| |||||||
Net asset value, offering and redemption price per share | N/A | $ | 12.81 | |||||||
|
|
|
| |||||||
1Non-affiliated investments, at cost | $ | 52,320,077 | $ | — | ||||||
2Affiliated investments, at cost | $ | — | $ | 30,548,832 |
The accompanying notes are an integral part of the financial statements.
66
GOTHAM FUNDS
For the Six Months Ended March 31, 2019
(Unaudited)
Gotham Absolute Return Fund | Gotham Enhanced Return Fund | Gotham Neutral Fund | |||||||||||||
Investment Income | |||||||||||||||
Dividend income | $ | 10,674,784 | $ | 11,146,367 | $ | 2,991,369 | |||||||||
Less: taxes withheld | (25,114 | ) | (22,054 | ) | (12,904 | ) | |||||||||
Interest | 48,283 | 47,785 | 52,285 | ||||||||||||
Income from securities loaned (Note 5) | 19,000 | 19,606 | 4,441 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 10,716,953 | 11,191,704 | 3,035,191 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses | |||||||||||||||
Advisory fees (Note 2) | 9,869,318 | 7,209,795 | 2,994,762 | ||||||||||||
Administration and accounting fees (Note 2) | 126,813 | 102,063 | 59,992 | ||||||||||||
Dividends and fees on securities sold short (Note 1) | (2,172,953 | ) | 2,233,146 | (715,903 | ) | ||||||||||
Fees on cash collateral (Note 5) | 2,439,256 | 3,288,165 | 330,661 | ||||||||||||
Transfer agent fees (Note 2) | 422,433 | 269,843 | 80,313 | ||||||||||||
Custodian fees (Note 2) | 46,098 | 47,376 | 24,597 | ||||||||||||
Trustees’ and officers’ fees (Note 2) | 112,686 | 97,849 | 44,246 | ||||||||||||
Printing and shareholder reporting fees | 59,897 | 44,336 | 30,161 | ||||||||||||
Registration and filing fees | 77,704 | 12,887 | 33,549 | ||||||||||||
Legal fees | 68,398 | 55,687 | 27,994 | ||||||||||||
Audit fees | 14,312 | 14,169 | 13,920 | ||||||||||||
Other expenses | 33,362 | 22,900 | 13,846 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses before waivers and reimbursements | 11,097,324 | 13,398,216 | 2,938,138 | ||||||||||||
|
|
|
|
|
| ||||||||||
Recoupments and/or waivers, reimbursements (Note 2) | (218,155 | ) | (123,462 | ) | (102,612 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses after waivers and reimbursements | 10,879,169 | 13,274,754 | 2,835,526 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income/(loss) | (162,216 | ) | (2,083,050 | ) | 199,665 | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain/(loss) from investments: | |||||||||||||||
Net realized loss fromnon-affiliated investments | (57,358,747 | ) | (15,637,377 | ) | (5,680,905 | ) | |||||||||
Net realized gain/(loss) from securities sold short | (23,265,949 | ) | (3,864,762 | ) | 14,829,376 | ||||||||||
Net change in unrealized appreciation/(depreciation) onnon-affiliated investments | 82,812 | (49,922,522 | ) | (21,401,195 | ) | ||||||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | 66,575,194 | 49,828,193 | 10,989,989 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized loss on investments | (13,966,690 | ) | (19,596,468 | ) | (1,262,735 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets resulting from operations | $ | (14,128,906 | ) | $ | (21,679,518 | ) | $ | (1,063,070 | ) | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
67
GOTHAM FUNDS
Statements of Operations (Concluded)
For the Six Months Ended March 31, 2019
(Unaudited)
Gotham Large Value Fund | Gotham Total Return Fund | |||||||||
Investment Income | ||||||||||
Dividends fromnon-affiliated securities | $ | 578,380 | $ | — | ||||||
Dividends from affiliated securities | — | 108,363 | ||||||||
Interest | 1,831 | 1,357 | ||||||||
|
|
|
| |||||||
Total investment income | 580,211 | 109,720 | ||||||||
|
|
|
| |||||||
Expenses | ||||||||||
Advisory fees (Note 2) | 175,663 | — | ||||||||
Administration and accounting fees (Note 2) | 12,991 | 20,727 | ||||||||
Distribution fees (Investor Class) | — | 3,168 | ||||||||
Transfer agent fees (Note 2) | 1,788 | 11,696 | ||||||||
Custodian fees (Note 2) | 287 | 5,052 | ||||||||
Trustees’ and officers’ fees (Note 2) | 2,271 | 3,000 | ||||||||
Printing and shareholder reporting fees | 8,006 | 9,055 | ||||||||
Registration and filing fees | 18,732 | 23,479 | ||||||||
Legal fees | 3,642 | 6,442 | ||||||||
Audit fees | 13,040 | 10,587 | ||||||||
Other expenses | 1,168 | 1,428 | ||||||||
|
|
|
| |||||||
Total expenses before waivers and reimbursements | 237,588 | 94,634 | ||||||||
|
|
|
| |||||||
Recoupments and/or waivers, reimbursements (Note 2) | (61,925 | ) | (91,466 | ) | ||||||
|
|
|
| |||||||
Net expenses after waivers and reimbursements | 175,663 | 3,168 | ||||||||
|
|
|
| |||||||
Net investment income | 404,548 | 106,552 | ||||||||
|
|
|
| |||||||
Net realized and unrealized gain/(loss) from investments: | ||||||||||
Net realized loss fromnon-affiliated investments | (1,815,528 | ) | — | |||||||
Net realized loss from affiliated investments | — | (24,859 | ) | |||||||
Capital gain distributions from affiliated investments | — | 1,808,298 | ||||||||
Net change in unrealized appreciation/(depreciation) onnon-affiliated investments | 1,311,334 | — | ||||||||
Net change in unrealized appreciation/(depreciation) on affiliated investments | — | (2,663,388 | ) | |||||||
|
|
|
| |||||||
Net realized and unrealized loss on investments | (504,194 | ) | (879,949 | ) | ||||||
|
|
|
| |||||||
Net decrease in net assets resulting from operations | $ | (99,646 | ) | $ | (773,397 | ) | ||||
|
|
|
|
The accompanying notes are an integral part of the financial statements.
68
GOTHAM FUNDS
Statements of Changes in Net Assets
Gotham Absolute Return Fund | Gotham Enhanced Return Fund | |||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment loss | $ | (162,216 | ) | $ | (5,944,230 | ) | $ | (2,083,050 | ) | $ | (7,461,254 | ) | ||||||||
Net realized gain/(loss) from investments, securities sold short and foreign currency transactions | (80,624,696 | ) | 37,151,431 | (19,502,139 | ) | 62,866,948 | ||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short | 66,658,006 | 30,147,820 | (94,329 | ) | 69,391,635 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (14,128,906 | ) | 61,355,021 | (21,679,518 | ) | 124,797,329 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Total distributable earnings* | — | — | (64,015,741 | ) | (8,942,488 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | — | — | (64,015,741 | ) | (8,942,488 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4) | (94,502,967 | ) | 123,484,830 | (139,844,003 | ) | (167,392,494 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | (108,631,873 | ) | 184,839,851 | (225,539,262 | ) | (51,537,653 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 1,069,044,651 | 884,204,800 | 845,832,961 | 897,370,614 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 960,412,778 | $ | 1,069,044,651 | $ | 620,293,699 | $ | 845,832,961 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net realized gains were $8,942,488 for Gotham Enhanced Return Fund. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment loss of $(3,960,126) and $(5,396,606) for Gotham Absolute Return Fund and Gotham Enhanced Return Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
69
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Neutral Fund | Gotham Large Value Fund | |||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income/(loss) | $ | 199,665 | $ | (3,960,731 | ) | $ | 404,548 | $ | 46,372 | |||||||||||
Net realized gain/(loss) from investments and securities sold short | 9,148,471 | 31,648,361 | (1,815,528 | ) | 333,656 | |||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short | (10,411,206 | ) | (23,284,121 | ) | 1,311,334 | 348,120 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (1,063,070 | ) | 4,403,509 | (99,646 | ) | 728,148 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: Total distributable earnings* | — | — | (487,129 | ) | (339,149 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | — | — | (487,129 | ) | (339,149 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4) | (104,576,114 | ) | (317,271,553 | ) | 23,842,185 | 28,302,468 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | (105,639,184 | ) | (312,868,044 | ) | 23,255,410 | 28,691,467 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 356,671,757 | 669,539,801 | 31,318,197 | 2,626,730 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 251,032,573 | $ | 356,671,757 | $ | 54,573,607 | $ | 31,318,197 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and net realized gains were $58,213 and $280,936 for Gotham Large Value Fund. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income/(loss) of $(2,073,967) and $34,966 for Gotham Neutral Fund and Gotham Large Value Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
70
GOTHAM FUNDS
Statements of Changes in Net Assets (Concluded)
Gotham Total Return Fund | ||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||
Net increase in net assets from operations: | ||||||||||
Net investment income | $ | 106,552 | $ | 57,125 | ||||||
Net realized gain from investments | 1,783,439 | 307,746 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments | (2,663,388 | ) | 2,966,010 | |||||||
|
|
|
| |||||||
Net increase/(decrease) in net assets resulting from operations | (773,397 | ) | 3,330,881 | |||||||
|
|
|
| |||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||
Institutional Class Shares: | ||||||||||
Total distributable earnings* | (384,983 | ) | (68,177 | ) | ||||||
|
|
|
| |||||||
Investor Class Shares: | ||||||||||
Total distributable earnings* | (28,676 | ) | — | |||||||
|
|
|
| |||||||
Net decrease in net assets from dividends and distributions to shareholders | (413,659 | ) | (68,177 | ) | ||||||
|
|
|
| |||||||
Increase in Net Assets from Capital Share Transactions (Note 4) | 5,806,378 | 6,525,804 | ||||||||
|
|
|
| |||||||
Total increase in net assets | 4,619,322 | 9,788,508 | ||||||||
|
|
|
| |||||||
Net assets | ||||||||||
Beginning of period | 28,327,679 | 18,539,171 | ||||||||
|
|
|
| |||||||
End of period** | $ | 32,947,001 | $ | 28,327,679 | ||||||
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and net realized gains for Institutional Class Shares were $57,123 and $11,054 for Gotham Total Return Fund. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income of $77 for Gotham Total Return Fund. |
The accompanying notes are an integral part of the financial statements.
71
GOTHAM FUNDS
(Unaudited)
Gotham Enhanced Return Fund | |||||
For the Six Months Ended March 31, 2019 | |||||
Cash flows provided by (used in) operating activities: | |||||
Net increase in net assets resulting from operations | $ | (21,679,518 | ) | ||
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 | (1,096,482,861 | ) | |||
Proceeds from disposition of long-term portfolio investments | 1,420,810,869 | ||||
Purchases to cover securities sold short | (729,677,880 | ) | |||
Proceeds from securities sold short | 609,688,558 | ||||
Net realized gain on investments and securities sold short | 19,502,139 | ||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 94,329 | ||||
Decrease in receivable for securities sold | 14,750,454 | ||||
Decrease in dividend and interest receivable | 217,382 | ||||
Increase in prepaid expenses and other assets | (9,765 | ) | |||
Decrease in payable for investments purchased | (18,329,581 | ) | |||
Decrease in use of cash collateral from securities lending | (65,838,689 | ) | |||
Decrease in dividends and fees payable for securities sold short | (49,907 | ) | |||
Decrease in payable for investment advisor | (196,789 | ) | |||
Increase in accrued expense payable | 47,656 | ||||
|
| ||||
Net cash provided by operating activities | 132,846,397 | ||||
|
| ||||
Cash flows from financing activities: | |||||
Proceeds from shares sold | 33,842,948 | ||||
Payment of shares redeemed | (231,350,900 | ) | |||
Dividends and Distributions to Shareholders | (7,736,573 | ) | |||
|
| ||||
Net cash used in financing activities | (205,244,525 | ) | |||
|
| ||||
Net decrease in cash | (72,398,128 | ) | |||
Cash and restricted cash*: | |||||
Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities: | |||||
Cash | 1,282,912 | ||||
Restricted cash | 267,691,464 | ||||
Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities: | |||||
Cash | $ | 16,991,131 | |||
|
| ||||
Restricted Cash | $ | 179,585,217 | |||
|
| ||||
Supplemental disclosure of cash flow information: | |||||
Cash paid during the period for financing charges | $ | 2,483,136 |
* | FASB issued ASU2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows (See Note 1). |
The accompanying notes are an integral part of the financial statements.
72
GOTHAM FUNDS
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.
Gotham Absolute Return Fund Institutional Class Shares | |||||||||||||||||||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Year Ended September 30, 2016 | For the Period Ended September 30, 2015* | For the Year Ended April 30, 2015 | For the Year Ended April 30, 2014 | |||||||||||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 14.86 | $ | 13.94 | $ | 12.70 | $ | 12.48 | $ | 13.54 | $ | 13.45 | $ | 11.40 | |||||||||||||||||||||
�� |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment loss(1) | 0.00 | (2) | (0.09 | ) | (0.12 | ) | (0.07 | ) | (0.06 | ) | (0.10 | ) | (0.16 | ) | |||||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.16 | ) | 1.01 | 1.36 | 0.46 | (1.00 | ) | 0.43 | 2.77 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | (0.16 | ) | 0.92 | 1.24 | 0.39 | (1.06 | ) | 0.33 | 2.61 | ||||||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
| ||||||||||||||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net realized capital gains | — | — | — | (0.17 | ) | — | (0.24 | ) | (0.56 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total dividends and distributions to shareholders | — | — | — | (0.17 | ) | — | (0.24 | ) | (0.56 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Redemption fees | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value, end of year/period | $ | 14.70 | $ | 14.86 | $ | 13.94 | $ | 12.70 | $ | 12.48 | $ | 13.54 | $ | 13.45 | |||||||||||||||||||||
|
|
|
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|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total investment return(3) | (1.08 | )% | 6.60 | % | 9.76 | % | 3.14 | % | (7.83 | )% | 2.44 | % | 23.21 | % | |||||||||||||||||||||
Ratio/Supplemental Data | |||||||||||||||||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 960,413 | $ | 1,069,045 | $ | 884,205 | $ | 982,987 | $ | 2,566,098 | $ | 3,657,763 | $ | 1,550,210 | |||||||||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 2.20 | %(5)(6) | 2.56 | % | 2.81 | % | 3.09 | % | 2.95 | %(5) | 2.81 | % | 2.98 | % | |||||||||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if | 2.25 | %(5)(6) | 2.63 | % | 2.95 | % | 3.09 | % | 2.95 | %(5) | 2.81 | % | 2.96 | % | |||||||||||||||||||||
Ratio of net investment loss to average net assets (including dividend and interest expense) | (0.03 | )%(5) | (0.58 | )% | (0.88 | )% | (0.56 | )% | (1.03 | )%(5) | (0.75 | )% | (1.23 | )% | |||||||||||||||||||||
Portfolio turnover rate | 104.00 | %(8) | 257.62 | % | 238.43 | % | 272.37 | % | 134.07 | %(8) | 336.09 | % | 399.16 | % |
* | The Fund changed its fiscal year end from April 30 to September 30. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 2.15%, 2.15%, 2.15%, 2.20%, 2.15%, 2.15% and 2.20%, for the six months ended March 31, 2019, the years ended September 30, 2018, 2017 and 2016, the period ended September 30, 2015, the years ended April 30, 2015 and 2014, respectively. |
(5) | Annualized. |
(6) | Net rebate income on securities sold short exceeded dividends and fees on securities sold short during the period which reduces the ratio of expenses. (See Note 1). |
(7) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(8) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
73
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.
Gotham Enhanced Return Fund Institutional Class Shares | |||||||||||||||||||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Year Ended September 30, 2016 | For the Period Ended September 30, 2015* | For the Year Ended April 30, 2015 | For the Period Ended April 30, 2014** | |||||||||||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 15.55 | $ | 13.68 | $ | 11.79 | $ | 11.10 | $ | 12.38 | $ | 12.39 | $ | 10.00 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income/(loss)(1) | (0.04 | ) | (0.13 | ) | (0.07 | ) | 0.02 | (0.03 | ) | (0.04 | ) | (0.07 | ) | ||||||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.27 | ) | 2.14 | 1.96 | 0.87 | (1.25 | ) | 0.97 | 2.96 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | (0.31 | ) | 2.01 | 1.89 | 0.89 | (1.28 | ) | 0.93 | 2.89 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net realized capital gains | (1.22 | ) | (0.14 | ) | — | (0.20 | ) | — | (0.94 | ) | (0.50 | ) | |||||||||||||||||||||||
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| ||||||||||||||||||||||
Total dividends and distributions to shareholders | (1.22 | ) | (0.14 | ) | — | (0.20 | ) | — | (0.94 | ) | (0.50 | ) | |||||||||||||||||||||||
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| ||||||||||||||||||||||
Redemption fees | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value, end of year/period | $ | 14.02 | $ | 15.55 | $ | 13.68 | $ | 11.79 | $ | 11.10 | $ | 12.38 | $ | 12.39 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Total investment return(3) | (1.65 | )% | 14.79 | % | 16.03 | % | 8.18 | % | (10.34 | )% | 7.34 | % | 29.36 | % | |||||||||||||||||||||
Ratio/Supplemental Data | |||||||||||||||||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 620,294 | $ | 845,833 | $ | 897,371 | $ | 950,202 | $ | 1,126,264 | $ | 1,558,078 | $ | 802,917 | |||||||||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 3.68 | %(5) | 3.63 | % | 3.55 | % | 3.58 | % | 3.36 | %(5) | 3.23 | % | 3.54 | %(5) | |||||||||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 3.72 | %(5) | 3.67 | % | 3.56 | % | 3.58 | % | 3.36 | %(5) | 3.23 | % | 3.54 | %(5) | |||||||||||||||||||||
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense) | (0.58 | )%(5) | (0.84 | )% | (0.51 | )% | 0.16 | % | (0.66 | )%(5) | (0.31 | )% | (0.63 | )%(5) | |||||||||||||||||||||
Portfolio turnover rate | 86.87 | %(7) | 196.54 | % | 195.60 | % | 247.97 | % | 85.25 | %(7) | 274.67 | % | 364.77 | %(7)(8) |
* | The Fund changed its fiscal year end from April 30 to September 30. |
** | Commencement of operations. Initial seed capital was issued at $10.00 per share on May 31, 2013. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 2.15%, 2.15%, 2.15%, 2.15%, 2.14%, 2.16% and 2.25% for the six months ended March 31, 2019, the years ended September 30, 2018, 2017 and 2016, the period ended September 30, 2015, the year ended April 30, 2015 and the period ended April 30, 2014, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
(8) | Portfolio turnover excludes the purchases and sales of the Formula Investing U.S. Value 1000 Fund and the Formula Investing U.S. Value Select Fund merger on February 7, 2014. If these transactions were included, portfolio turnover would have been higher. |
The accompanying notes are an integral part of the financial statements.
74
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.
Gotham Neutral Fund Institutional Class Shares | |||||||||||||||||||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Year Ended September 30, 2016 | For the Period Ended September 30, 2015* | For the Year Ended April 30, 2015 | For the Period Ended April 30, 2014** | |||||||||||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 10.25 | $ | 10.23 | $ | 9.91 | $ | 9.99 | $ | 10.42 | $ | 11.21 | $ | 10.00 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income/(loss)(1) | 0.01 | (0.09 | ) | (0.13 | ) | (0.10 | ) | (0.06 | ) | (0.12 | ) | (0.12 | ) | ||||||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.05 | ) | 0.11 | 0.45 | 0.08 | (0.37 | ) | (0.43 | ) | 1.37 | |||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | (0.04 | ) | 0.02 | 0.32 | (0.02 | ) | (0.43 | ) | (0.55 | ) | 1.25 | ||||||||||||||||||||||||
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| ||||||||||||||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net realized capital gains | — | — | — | (0.06 | ) | — | (0.24 | ) | (0.04 | ) | |||||||||||||||||||||||||
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Total dividends and distributions to shareholders | — | — | — | (0.06 | ) | — | (0.24 | ) | (0.04 | ) | |||||||||||||||||||||||||
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| ||||||||||||||||||||||
Redemption fees | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | |||||||||||||||||||||
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Net asset value, end of year/period | $ | 10.21 | $ | 10.25 | $ | 10.23 | $ | 9.91 | $ | 9.99 | $ | 10.42 | $ | 11.21 | |||||||||||||||||||||
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Total investment return(3) | (0.39 | )% | 0.20 | % | 3.23 | % | (0.16 | )% | (4.13 | )% | (5.00 | )% | 12.50 | % | |||||||||||||||||||||
Ratio/Supplemental Data | |||||||||||||||||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 251,068 | $ | 356,672 | $ | 669,540 | $ | 783,024 | $ | 755,707 | $ | 932,434 | $ | 228,472 | |||||||||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 1.89 | %(5)(6) | 2.61 | % | 3.10 | % | 3.56 | % | 3.38 | %(5) | 3.20 | % | 3.43 | %(5) | |||||||||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(7) | 1.96 | %(5)(6) | 2.73 | % | 3.14 | % | 3.56 | % | 3.38 | %(5) | 3.19 | % | 3.57 | %(5) | |||||||||||||||||||||
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense) | 0.13 | %(5) | (0.87 | )% | (1.31 | )% | (1.02 | )% | (1.38 | )%(5) | (1.11 | )% | (1.64 | )%(5) | |||||||||||||||||||||
Portfolio turnover rate | 162.87 | %(8) | 273.77 | % | 261.31 | % | 303.46 | % | 141.02 | %(8) | 377.72 | % | 191.65 | %(8) |
* | The Fund changed its fiscal year end from April 30 to September 30. |
** | Commencement of operations. Initial seed capital was issued at $10.00 per share on August 30, 2013. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 2.15%, 2.15%, 2.15%, 2.16%, 2.16%, 2.18% and 2.25% for the six months ended March 31, 2019, the years ended September 30, 2018, 2017 and 2016, the period ended September 30, 2015, the year ended April 30, 2015 and the period ended April 30, 2014, respectively. |
(5) | Annualized. |
(6) | Net rebate income on securities sold short exceeded dividends and fees on securities sold short during the period which reduces the ratio of expenses. (See Note 1). |
(7) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(8) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
75
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.
Gotham Large Value Fund Institutional Class Shares | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months March 31, 2019 (Unaudited) | For the Year Ended | For the Year Ended | For the Period Ended | |||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 13.02 | $ | 12.46 | $ | 10.87 | $ | 10.00 | ||||||||||||||||||||||||||||||||||||||||
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Net investment income(1) | | 0.10 | | 0.14 | | 0.14 | | 0.11 | ||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.31 | ) | 2.03 | 1.71 | 0.76 | |||||||||||||||||||||||||||||||||||||||||||
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Total from investment operations | (0.21 | ) | 2.17 | 1.85 | 0.87 | |||||||||||||||||||||||||||||||||||||||||||
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Dividends and distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.28 | ) | (0.26 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Net realized capital gains | (0.10 | ) | (1.33 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||
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Total dividends and distributions to shareholders | (0.11 | ) | (1.61 | ) | (0.26 | ) | — | |||||||||||||||||||||||||||||||||||||||||
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Redemption fees | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
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Net asset value, end of year/period | $ | 12.70 | $ | 13.02 | $ | 12.46 | $ | 10.87 | ||||||||||||||||||||||||||||||||||||||||
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Total investment return(2) | (1.47 | )% | 18.93 | % | 17.31 | % | 8.70 | % | ||||||||||||||||||||||||||||||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 54,574 | $ | 31,318 | $ | 2,627 | $ | 2,236 | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any | 0.75 | %(3) | 0.88 | % | 0.95 | % | 0.95 | %(3) | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4) | 1.01 | %(3) | 2.19 | % | 4.40 | % | 4.90 | %(3) | ||||||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | 1.73 | %(3) | 1.12 | % | 1.19 | % | 1.41 | %(3) | ||||||||||||||||||||||||||||||||||||||||
Portfolio turnover rate | 195.39 | %(5) | 670.00 | % | 168.54 | % | 243.77 | %(5) |
* | Commencement of operations. Initial seed capital was issued at $10.00 per share on December 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) | Annualized. |
(4) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(5) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
76
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.
Gotham Total Return Fund Institutional Class Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended | For the Year Ended | For the Year Ended | For the Period Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 13.38 | $ | 11.60 | $ | 10.02 | $ | 9.33 | $ | 10.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Net investment income/(loss)(1) | 0.05 | 0.03 | 0.01 | 0.17 | (0.01 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.42 | ) | 1.80 | 1.58 | 0.72 | (0.66 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total from investment operations | (0.37 | ) | 1.83 | 1.59 | 0.89 | (0.67 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dividends and distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.05 | ) | (0.04 | ) | (0.01 | ) | (0.18 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains | (0.13 | ) | (0.01 | ) | — | (0.02 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total dividends and distributions to shareholders | (0.18 | ) | (0.05 | ) | (0.01 | ) | (0.20 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Redemption fees | 0.00 | (2) | — | — | — | 0.00 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Net asset value, end of year/period | $ | 12.83 | $ | 13.38 | $ | 11.60 | $ | 10.02 | $ | 9.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Total investment return(3) | (2.74 | )% | 15.73 | % | 15.82 | % | 9.65 | % | (6.70 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 30,107 | $ | 26,218 | $ | 18,539 | $ | 8,062 | $ | 7,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any | 0.00 | %(4) | 0.00 | % | 0.02 | % | 0.17 | % | 0.18 | %(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(5) | 0.61 | %(4) | 0.51 | % | 0.74 | % | 1.55 | % | 1.57 | %(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | 0.73 | %(4) | 0.27 | % | 0.09 | % | 1.78 | % | (0.18 | )%(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio turnover rate | 1.11 | %(6) | 1.07 | % | 27.24 | % | 5.85 | % | 42.30 | %(6) |
* | 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) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
77
GOTHAM FUNDS
Financial Highlights (Concluded)
Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in 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.
Gotham Total Return Fund Investor Class Shares | ||||||||||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Period Ended September 30, 2018* | |||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.35 | $ | 12.60 | ||||||||||||||||||||||
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Net investment income/(loss)(1) | 0.03 | (0.02 | ) | |||||||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.42 | ) | 0.77 | |||||||||||||||||||||||
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Total from investment operations | (0.39 | ) | 0.75 | |||||||||||||||||||||||
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Dividends and distributions to shareholders from: | ||||||||||||||||||||||||||
Net investment income | (0.02 | ) | — | |||||||||||||||||||||||
Net realized capital gains | (0.13 | ) | — | |||||||||||||||||||||||
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Total dividends and distributions to shareholders | (0.15 | ) | — | |||||||||||||||||||||||
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Redemption fees | 0.00 | (2) | — | |||||||||||||||||||||||
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Net asset value, end of period | $ | 12.81 | $ | 13.35 | ||||||||||||||||||||||
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Total investment return(3) | (2.87 | )% | 5.95 | % | ||||||||||||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||||||||
Net assets, end of period (in 000s) | $ | 2,840 | $ | 2,110 | ||||||||||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any | 0.25 | %(4) | 0.25 | %(4) | ||||||||||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(5) | 0.86 | %(4) | 0.76 | %(4) | ||||||||||||||||||||||
Ratio of net investment income/(loss) to average net assets | 0.44 | %(4) | (0.24 | )%(4) | ||||||||||||||||||||||
Portfolio turnover rate | 1.11 | %(6) | 1.07 | %(6) |
* | Investor Class commenced operations on January 2, 2018. Total return is calculated based on inception date of December 29, 2017, when initial seed capital was issued at $12.60 per share. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | 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. |
(4) | Annualized. |
(5) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
78
GOTHAM FUNDS
March 31, 2019
(Unaudited)
1. Organization and Significant Accounting Policies
The Gotham Absolute Return Fund, the Gotham Enhanced Return Fund, the Gotham Neutral Fund, the Gotham Large Value 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 Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds, except for the Gotham Total Return Fund, offers one class of shares, Institutional Class. The Gotham Total Return Fund offers two classes of shares, Institutional Class and Investor Class. The Funds’ commencement of operations are as follows:
Gotham Absolute Return Fund (“Absolute Return”) | August 31, 2012 | |
Gotham Enhanced Return Fund (“Enhanced Return”) | May 31, 2013 | |
Gotham Neutral Fund (“Neutral”) | August 30, 2013 | |
Gotham Large Value Fund (“Large Value”) | December 31, 2015 | |
Gotham Total Return Fund (“Total Return”) | March 31, 2015 |
All the Funds except for the Large Value and Total Return seek to achieve their investment objectives by primarily investing in long and short positions of U.S. equity securities. Equity securities include common and preferred stocks. Large Value seeks to achieve its investment objective by primarily investing in long positions of U.S. large capitalization equity securities with market capitalization similar to companies in the S&P 500® Index or Russell 1000® Index, but may invest in other large capitalization companies. Total Return 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 BoardAccounting Standards CodificationTopic 946.
Portfolio Valuation— Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Each Fund’s equity securities, including exchange-traded funds, listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in theover-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, asset or liability will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.
Fair Value Measurements— The inputs and valuation techniques used to measure fair value of 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 |
79
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
● 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 the following: a short position common stock with an end of period value of $3,527, $5,659 and $3,553 held by Absolute Return, Enhanced Return and Neutral, respectively; a corporate debt security with an end of period value of $769 and $701 held by Absolute Return and Neutral, respectively. These securities are considered Level 2 as of and for the period ended March 31, 2019.
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. 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 Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the six months ended March 31, 2019, there were no transfers in or out of Level 3 for the Funds.
Use of Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.
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 theex-dividend date. Distribution(12b-1) fees and shareholder services fees relating to a specific class are charged directly to that class. The Fund records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statement of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statement of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gain/(loss) from investment transactions in the statement of Operations. These characterizations are reflected in the accompanying financial statements. 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 onex-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 ofnon-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise
80
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
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 Code, 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.
Recent Accounting Pronouncement— In August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of U.S. GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the “Statement of Assets and Liabilities” and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the “Statements of Changes in Net Assets.” The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the “Statements of Changes in Net Assets” and certain tax adjustments that were reflected in the “Notes to Financial Statements.” All of these have been reflected in the Fund’s financial statements.
In August 2016, the Financial Accounting Standards Board (“FASB”) issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.
Short Sales— Certain Funds may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.
As of March 31, 2019, 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 | |||||||||||||
Absolute Return | $ | 577,147,734 | $ | 648,898,423 | $ | 557,208,129 | |||||||||
Enhanced Return | 455,447,812 | 494,973,058 | 179,585,217 | ||||||||||||
Neutral | 242,169,675 | 249,612,048 | 207,673,714 |
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 theex-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 six months ended March 31, 2019:
81
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Dividends on Securities Sold Short | Rebate (Income)/Fees | |||||||||
Absolute Return | $ | 2,996,290 | $ | (5,475,402 | ) | |||||
Enhanced Return | 3,066,774 | (4,815,891 | ) | |||||||
Neutral | 1,285,100 | (2,682,649 | ) |
The following Funds utilized short sales proceeds and incurred financing charges to finance purchases of long securities in order to accomplish the Funds’ respective investment objectives. A financing fee is charged to the Funds based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short on the Statement of Operations and are as follows for the six months ended March 31, 2019:
Short Sales Proceeds | Financing Charges | |||||||||
Absolute Return | $ | 20,560,793 | $ | 306,159 | ||||||
Enhanced Return | 277,535,169 | 3,982,263 | ||||||||
Neutral | 39,862,564 | 681,646 |
2. Transactions with Related Parties and Other Service Providers
Gotham Asset Management, LLC (“Gotham” or the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services as the investment adviser, each Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below:
Absolute Return | 2.00 | % | ||
Enhanced Return | 2.00 | % | ||
Neutral | 2.00 | % | ||
Large Value | 0.75 | % | ||
Total Return(1) | — | % |
(1) | For Total Return (the “Fund”), Gotham is not entitled to receive an investment advisory fee on assets invested in mutual funds advised by Gotham (each an “underlying fund” and collectively, the “underlying funds”), but is entitled to receive an investment advisory fee of 1.00% of the Fund’s average net assets invested in investments other than an underlying fund. Gotham does not receive an investment advisory fee from the Fund on assets invested in an underlying fund, but does receive an investment advisory fee from each underlying fund as investment adviser to such funds. The Fund does not currently expect to invest in assets other than underlying funds; however, to the extent it does, the Fund will pay an investment advisory fee on such assets. |
The Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) and for Total Return, exclusive of management fees, if any, do not exceed the percentages set forth in the table below (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until the termination date set forth below, unless the Board approves its earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the six months ended March 31, 2019.
Institutional Class | Investor Class | Termination Date | ||||
Absolute Return | 2.15% | N/A | January 31, 2021 | |||
Enhanced Return | 2.15% | N/A | January 31, 2021 | |||
Neutral | 2.15% | N/A | January 31, 2021 | |||
Large Value | 0.75% | N/A | January 31, 2021 | |||
Total Return | 0.00% | 0.25% | January 31, 2021 |
82
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
For the six months ended March 31, 2019, investment advisory fees accrued and waivers were as follows:
Gross Advisory Fee | Waiver/ Reimbursements | Net Advisory Fee/ (Reimbursement) | |||||||||||||
Absolute Return | $ | 9,869,318 | $ | (218,155 | ) | $ | 9,651,163 | ||||||||
Enhanced Return | 7,209,795 | (123,462 | ) | 7,086,333 | |||||||||||
Neutral | 2,994,762 | (102,612 | ) | 2,892,150 | |||||||||||
Large Value | 175,663 | (61,925 | ) | 113,738 | |||||||||||
Total Return | — | (91,466 | ) | (91,466 | ) |
For all 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. As of March 31, 2019, the amount of potential reimbursement from the Funds to the Adviser are as follows:
Expiration
09/30/2019 | Expiration
09/30/2020 | Expiration
09/30/2021 | Expiration
03/31/2022 | |||||||||||||||||
Absolute Return | N/A | $ | 1,216,153 | $ | 753,891 | $ | 218,155 | |||||||||||||
Enhanced Return | N/A | 162,171 | 312,238 | 123,462 | ||||||||||||||||
Neutral | N/A | 326,104 | 513,515 | 102,612 | ||||||||||||||||
Large Value | 18,043 | 83,569 | 54,224 | 61,925 | ||||||||||||||||
Total Return | ||||||||||||||||||||
Institutional Class | 51,852 | 23,788 | 113,536 | 83,776 | ||||||||||||||||
Investor Class | N/A | N/A | 6,451 | 7,690 |
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
Pershing LLC provides prime brokerage services to the Funds under an Agreement for Prime Brokerage Services. Pershing LLC is a wholly owned subsidiary of The Bank of New York Mellon Corporation.
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.
The Trust has adopted a distribution plan for Investor Class shares of Total Return, in accordance with Rule12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, Total Return compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25%, on an annualized basis of the Investor Class shares of Total Return’s average daily net assets.
83
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
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 six months ended March 31, 2019 was $82,258. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Duff & Phelps, LLC (“D&P”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and D&P are compensated for their services provided to the Trust.
Investment in Affiliated Funds
The following table list each issuer owned by Total Return that may be deemed an “affiliated company” under the 1940 Act, as well as transactions that occurred in the security of such issuers during the six months ended March 31, 2019:
Total Return | ||||||||||||||||||||||||||||||||||||||||
Name of Issuer | Value at 9/30/18 | Purchase Cost | Dividend Income | Sales Proceeds | Net Realized Gain | Change in Unrealized Appreciation/ (Depreciation) | Value at 3/31/19 | Shares Held at 3/31/19 | ||||||||||||||||||||||||||||||||
Gotham Absolute 500 Fund | $ | 5,640,348 | $ | 1,578,597 | $ | 16,799 | $ | — | $ | — | $ | (704,931 | ) | $ | 6,514,014 | 573,922 | ||||||||||||||||||||||||
Gotham Defensive Long 500 Fund | 8,482,777 | 2,164,582 | 47,707 | — | — | (804,667 | ) | 9,842,692 | 786,786 | |||||||||||||||||||||||||||||||
Gotham Enhanced 500 Fund | 4,223,104 | 1,486,364 | 20,646 | 71,260 | (14,138 | ) | (713,126 | ) | 4,910,944 | 419,380 | ||||||||||||||||||||||||||||||
Gotham Index Plus Fund | 5,631,370 | 1,319,736 | 23,211 | 19,964 | (1,635 | ) | (425,589 | ) | 6,503,918 | 447,005 | ||||||||||||||||||||||||||||||
Neutral | 4,214,097 | 940,427 | — | 243,649 | (9,086 | ) | (15,075 | ) | 4,886,714 | 478,620 |
3. Investment in Securities
For the six months ended March 31, 2019 for all Funds, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:
Purchases | Sales | |||||||||
Absolute Return | $ | 1,243,202,601 | $ | 1,312,629,834 | ||||||
Enhanced Return | 1,087,461,395 | 1,411,768,859 | ||||||||
Neutral | 592,123,473 | 692,051,389 | ||||||||
Large Value | 112,533,081 | 88,954,840 | ||||||||
Total Return | 7,489,706 | 334,873 |
For the six months ended March 31, 2019, the Funds had no purchases and sales of U.S. Government securities.
84
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
4. Capital Share Transactions
For the periods ended March 31, 2019 and September 30, 2018, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:
For the Period Ended March 31, 2019 | For the Year Ended September 30, 2018 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Absolute Return: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 9,701,979 | $ | 138,590,226 | 27,196,132 | $ | 396,846,374 | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | 932 | — | 1,556 | ||||||||||||
Redemptions | (16,274,931 | ) | (233,094,125 | ) | (18,687,278 | ) | (273,363,100 | ) | ||||||||
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Net Increase (Decrease) | (6,572,952 | ) | $ | (94,502,967 | ) | 8,508,854 | $ | 123,484,830 | ||||||||
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Enhanced Return: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 2,470,757 | $ | 33,648,485 | 4,620,556 | $ | 69,182,293 | ||||||||||
Reinvestments | 4,190,556 | 56,279,168 | 543,508 | 7,875,365 | ||||||||||||
Redemption Fees* | — | 100 | — | 318 | ||||||||||||
Redemptions | (16,806,861 | ) | (229,771,756 | ) | (16,385,396 | ) | (244,450,470 | ) | ||||||||
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Net Decrease | (10,145,548 | ) | $ | (139,844,003 | ) | (11,221,332 | ) | $ | (167,392,494 | ) | ||||||
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Neutral: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 3,249,824 | $ | 33,342,323 | 17,690,749 | $ | 185,612,981 | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | 2,519 | — | 5,257 | ||||||||||||
Redemptions | (13,451,745 | ) | (137,920,956 | ) | (48,335,028 | ) | (502,889,791 | ) | ||||||||
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Net Decrease | (10,201,921 | ) | $ | (104,576,114 | ) | (30,644,279 | ) | $ | (317,271,553 | ) | ||||||
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Large Value: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 1,851,636 | $ | 23,355,056 | 2,165,510 | $ | 27,963,591 | ||||||||||
Reinvestments | 41,282 | 487,129 | 29,136 | 339,149 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | (23 | ) | (272 | ) | ||||||||||
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Net Increase | 1,892,918 | $ | 23,842,185 | 2,194,623 | $ | 28,302,468 | ||||||||||
|
|
|
|
|
|
|
|
85
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
For the Period Ended March 31, 2019 | For the Year Ended September 30, 2018 | |||||||||||||||||||
Shares | Value | Shares | Value | |||||||||||||||||
Total Return: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Sales | 377,556 | $ | 4,867,763 | 358,546 | $ | 4,505,412 | ||||||||||||||
Reinvestments | 30,506 | 384,983 | 5,446 | 68,176 | ||||||||||||||||
Redemption Fees* | — | 128 | — | — | ||||||||||||||||
Redemptions | (20,250 | ) | (255,769 | ) | (3,460 | ) | (43,660 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Increase | 387,812 | $ | 4,997,105 | 360,532 | $ | 4,529,928 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Investor Class Shares:(1) | ||||||||||||||||||||
Sales | 95,723 | $ | 1,215,490 | 169,733 | $ | 2,145,361 | ||||||||||||||
Reinvestments | 2,272 | 28,676 | — | — | ||||||||||||||||
Redemption Fees* | — | 12 | — | — | ||||||||||||||||
Redemptions | (34,313 | ) | (434,905 | ) | (11,726 | ) | (149,485 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Increase | 63,682 | $ | 809,273 | 158,007 | $ | 1,995,876 | ||||||||||||||
|
|
|
|
|
|
|
|
* | 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 aspaid-in-capital. |
(1) | Investor Class Shares of Total Return incepted on December 29, 2017. The Fund commenced operations on January 2, 2018. |
As of March 31, 2019, the following Fund had shareholders that held 10% or more of the outstanding shares of the Fund:
Total Return | ||||
Affiliated Shareholders | 24 | % |
5. Securities Lending
All Funds, except for Large Value, may lend securities to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. These fees are included in the fees on cash collateral on the Statements of Operations. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. During the six months ended March 31, 2019, the Funds listed below each had securities lending programs. The market value of securities on loan and cash collateral received as of March 31, 2019 and the income generated from the programs during the six months ended March 31, 2019, with respect to such loans are as follows:
86
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Market Value of Securities Loaned | Cash Collateral Received | Market Value ofNon-cash Collateral | Income Received from Securities Lending | |||||||||||||||||
Absolute Return | $ | 140,586,645 | $ | 180,537,832 | $ | — | $ | 19,000 | ||||||||||||
Enhanced Return | 188,007,910 | 190,673,460 | — | 19,606 | ||||||||||||||||
Neutral | 24,049,964 | 24,569,587 | — | 4,441 |
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, 2019:
Gross Amount Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments | Cash and Non-Cash Collateral Received* | Net Amount** | |||||||||||||||||||||||||
Absolute Return | $ | 140,586,645 | $ | — | $ | 140,586,645 | $ | — | $ | (140,586,645 | ) | $ | — | |||||||||||||||||
Enhanced Return | 188,007,910 | — | 188,007,910 | — | (188,007,910 | ) | — | |||||||||||||||||||||||
Neutral | 24,049,964 | — | 24,049,964 | — | (24,049,964 | ) | — |
* | 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.
The tax character of distributions paid by the Funds during the year ended September 30, 2018 were as follows:
Ordinary Income Dividend | Long-Term Capital Gain Dividend | Return of Capital | |||||||||||||
Enhanced Return | $ | — | $ | 8,942,488 | $ | — | |||||||||
Large Value | 77,525 | 261,624 | — | ||||||||||||
Total Return | 59,042 | 9,135 | — |
Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.
87
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
As of September 30, 2018, the components of distributable earnings on a tax basis were as follows:
Capital Loss Carryforward | Undistributed Ordinary Income | Undistributed Long-Term Gain | Unrealized Appreciation/ (Depreciation) | Qualified Late-Year Losses | Other Temporary Differences | |||||||||||||||||||||||||
Absolute Return | $ | (11,824,727 | ) | $ | — | $ | — | $ | 73,588,409 | $ | (73,636,790 | ) | $ | — | ||||||||||||||||
Enhanced Return | — | — | 64,015,734 | 220,042,628 | (5,386,821 | ) | — | |||||||||||||||||||||||
Neutral | (63,378,076 | ) | — | — | 8,245,597 | (2,073,967 | ) | — | ||||||||||||||||||||||
Large Value | — | 121,522 | 341,484 | 483,096 | — | — | ||||||||||||||||||||||||
Total Return | — | 77 | 307,716 | 4,768,493 | — | — |
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.
As of March 31, 2019, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:
Federal Tax Cost (Proceeds)* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Absolute Return | $ | 1,031,149,929 | $ | 232,522,433 | $ | (45,402,431 | ) | $ | 187,120,002 | |||||||
Enhanced Return | 888,315,139 | 287,997,487 | (21,581,995 | ) | 266,415,492 | |||||||||||
Neutral | 289,500,805 | 47,735,885 | (22,454,046 | ) | 25,281,839 | |||||||||||
Large Value | 52,320,077 | 3,428,360 | (1,514,422 | ) | 1,913,938 | |||||||||||
Total Return | 30,548,832 | 2,147,969 | (38,519 | ) | 2,109,450 |
* | Because tax adjustments are calculated annually at the end of a 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 such 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 or (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2018. For the year ended September 30, 2018, the Funds deferred to October 1, 2018 the following losses:
Late-Year Ordinary Losses Deferral | Short-Term Capital Loss Deferral | Long-Term Capital Loss Deferral | |||||||||||||
Absolute Return | $ | 3,960,126 | $ | 69,676,664 | $ | — | |||||||||
Enhanced Return | 5,386,821 | — | — | ||||||||||||
Neutral | 2,073,967 | — | — |
88
GOTHAM FUNDS
Notes to Financial Statements (Concluded)
March 31, 2019
(Unaudited)
Accumulated capital losses represent net capital loss carryforwards as of September 30, 2018 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, 2018, the following Funds had long-term and short-term capital loss carryforwards in the following amounts:
Capital Losses Carryforwards | |||||
Absolute Return | $ | 11,824,727 | |||
Neutral | 63,378,076 |
7. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued, and has determined that there are no material subsequent events requiring recognition or disclosure in the financial statements.
89
GOTHAM FUNDS
(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 recent12-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 athttp:// 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 FormN-Q. The Trust’s FormsN-Q are available on the SEC’s website athttp:// www.sec.gov.FormN-Q is being rescinded. Once FormN-Q is rescinded, disclosure of the Fund’s complete holdings will be required to be made monthly on FormN-PORT, with every third month made available to the public by the Commission upon filing.
90
GOTHAM FUNDS
(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 sitewww.gothamfunds.com.
If you have questions or comments about our privacy practices, please call us at (877)974-6852.
91
Investment Adviser
Gotham Asset Management, LLC
535 Madison Avenue, 30th Floor
New York, NY 10022
Administrator
The Bank of New York Mellon
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581
Principal Underwriter
Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
GOTI-0319
GOTHAM FUNDS
of
FundVantage Trust
Gotham Index Plus Fund
Gotham Index PlusAll-Cap Fund
Gotham Enhanced Index Plus Fund
Gotham Enhanced 500 Plus Fund
(formerly, Gotham Enhanced 500 Core Fund)
Gotham Enhanced S&P 500 Index Fund
Gotham Master Index Plus Fund
SEMI-ANNUAL REPORT
March 31, 2019
(Unaudited)
Important Information on Paperless Delivery
Beginning on January 1, 2021, paper copies of the Gotham Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from the Gotham Funds or from your financial intermediary. Instead, annual and semi-annual shareholder reports will be available on the Gotham Funds’ website (www.GothamFunds.com),and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through the Gotham Funds, call the Gotham Funds toll-free at 1 (877)974-6852 or write to the Gotham Funds at Gotham Funds, FundVantage Trust, c/o BNY Mellon Investment Servicing, P.O. Box 9829, Providence, RI 02940-8029. Your election to receive shareholder reports in paper will apply to all Gotham Funds that you hold through the financial intermediary, or directly with the Gotham Funds.
This report is submitted for the general information of 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
SEMI-ANNUAL REPORT
AS OF MARCH 31, 2019
TABLE OF CONTENTS | ||||
1 | ||||
2 | ||||
8 | ||||
10 | ||||
16 | ||||
Financial Statements: | ||||
77 | ||||
79 | ||||
81 | ||||
84 | ||||
86 | ||||
93 | ||||
104 | ||||
105 |
GOTHAM FUNDS
The performance data quoted in this report represents past performance and does not guarantee future results. The investment return and principal value of an investment in a Gotham Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Performance data current to the most recentmonth-end may be obtained by calling (877)974-6852.
Each Gotham Fund covered by this report (each, a “Fund”) compares its performance to an unmanaged index. An index does not reflect operational and transactional costs which apply to a mutual fund. It is not possible to invest direct in an index.
Mutual fund investing involves risks, including possible loss of principal. Each Fund except Gotham Enhanced S&P 500 Index Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Each Fund except Gotham Enhanced S&P 500 Index Fund will also use of leverage to make additional investments which could result in greater losses than if a Fund were not leveraged. Gotham Master Index Plus Fund will primarily engage in short sales and leverage through its investments in underlying funds. The securities issued bysmall-cap andmid-cap companies tend to be more volatile and less liquid than those oflarge-cap issuers. Each Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to a Fund. There can be no guarantee that a Fund will achieve its objectives.
A prospective investor should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The prospectus and summary prospectus contains this and other information about the Funds, and should be read carefully before investing. A copy of the prospectus or summary prospectus is available at www.GothamFunds.com or by calling (877)974-6852.
1
GOTHAM FUNDS
Gotham Index Plus Fund
Semi-Annual Report
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||||
Six Months* | 1 Year | 3 Year | Since Inception | |||||||||||||
Institutional Class Shares | -5.66% | 4.36% | 13.12 | % | 11.09% | ** | ||||||||||
Investor Class Shares | -5.71% | 4.17% | N/A | 1.78% | ** | |||||||||||
S&P 500®Total Return Index | -1.72% | 9.50% | 13.51 | % | 10.46% | *** |
* | Not Annualized. |
** | Institutional Class shares and Investor Class shares of the Gotham Index Plus Fund (the “Fund”) incepted on March 31, 2015 and December 29, 2017, respectively. |
*** | Benchmark performance is from inception date of the Fund’s Institutional Class shares only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class and Investor Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 3.39% and 3.64%, for the Institutional Class shares and Investor Class shares, respectively, of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% with respect to Institutional Class shares (on an annual basis) and 1.40% with respect to Investor Class shares (on an annual basis), of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
2
GOTHAM FUNDS
Gotham Index PlusAll-Cap Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | -1.58% | 4.25% | 3.05%** | |||||||||
S&P 500®Total Return Index | -1.72% | 9.50% | 6.87%*** |
* | Not Annualized. |
** | The Gotham Index PlusAll-Cap Fund (the “Fund”) incepted on December 29, 2017. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 7.32% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.49% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
3
GOTHAM FUNDS
Gotham Enhanced Index Plus Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | -1.57% | 7.51% | 15.24%** | |||||||||
S&P 500®Total Return Index | -1.72% | 9.50% | 13.57%*** |
* | Not Annualized. |
** | The Gotham Enhanced Index Plus Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 6.18% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.96% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
4
GOTHAM FUNDS
Gotham Enhanced 500 Plus Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | 1.90% | 8.15% | 14.24%** | |||||||||
S&P 500®Total Return Index | -1.72% | 9.50% | 13.57%*** |
* | Not Annualized. |
** | The Gotham Enhanced 500 Plus Fund (the “Fund”) commenced operations on September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 4.24% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.10% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
5
GOTHAM FUNDS
Gotham Enhanced S&P 500 Index Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | -2.01% | 10.40% | 15.74%** | |||||||||
S&P 500®Total Return Index | -1.72% | 9.50% | 13.28%*** |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 2.55% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.
The Fund intends to evaluate performance as compared to that of the 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.
6
GOTHAM FUNDS
Gotham Master Index Plus Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | -2.81% | 6.74% | 11.49%** | |||||||||
S&P 500®Total Return Index | -1.72% | 9.50% | 11.66%*** |
* | Not Annualized. |
** | The Gotham Master Index Plus Fund (the “Fund”) commenced operations on April 28, 2017. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 10.02% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.06% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the 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.
The Fund normally allocates the majority of its assets among mutual funds advised by Gotham. Therefore, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of fees and expenses of the underlying funds in addition to the Fund’s own expenses. The Fund also is subject to the risks of the underlying funds, which may include any or all the risks described in Important Information.
7
GOTHAM FUNDS
March 31, 2019
(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 thesix-month period from October 1, 2018, and held for the entire period through March 31, 2019.
Actual Expenses
The first line for each Fund in the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value | Ending Account Value | Annualized | Expenses Paid | |||||||||||||||||
October 1, 2018 | March 31, 2019 | Expense Ratio* | During Period** | |||||||||||||||||
Gotham Index Plus Fund | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 943.40 | 3.41 | % | $ | 16.52 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,007.93 | 3.41 | % | 17.07 | |||||||||||||||
Investor Class | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 942.90 | 3.67 | % | $ | 17.80 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,006.61 | 3.67 | % | 18.38 | |||||||||||||||
Gotham Index PlusAll-Cap Fund | �� | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 984.20 | 2.36 | % | $ | 11.66 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,013.18 | 2.36 | % | 11.83 | |||||||||||||||
Gotham Enhanced Index Plus Fund | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 984.30 | 1.85 | % | $ | 9.14 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,015.72 | 1.85 | % | 9.28 |
8
GOTHAM FUNDS
Fund Expense Disclosure (Concluded)
March 31, 2019
(Unaudited)
Beginning Account Value | Ending Account Value | Annualized | Expenses Paid | |||||||||||||||||
October 1, 2018 | March 31, 2019 | Expense Ratio* | During Period** | |||||||||||||||||
Gotham Enhanced 500 Plus Fund | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 981.00 | 2.17 | % | $ | 10.72 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,014.11 | 2.17 | % | 10.90 | |||||||||||||||
Gotham Enhanced S&P 500 Index Fund | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 979.90 | 0.50 | % | $ | 2.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.50 | % | 2.53 | |||||||||||||||
Gotham Master Index Plus Fund | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 971.90 | 0.00 | % | $ | — | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.93 | 0.00 | % | — |
* | Annualized expense ratios include dividend expense on securities sold short and interest expense on securities sold short and borrowings. |
** | Expenses are equal to a Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for thesix-month period ended March 31, 2019, multiplied by the average account value over the period, multiplied by the number of days in the most recent period, then divided by 365 to reflect the period. Hypothetical expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recentsix-month period, then divided by 365 to reflect the period. |
9
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Index Plus Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 23.1 | % | $ | 181,486,393 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 19.7 | 154,516,401 | ||||||||
Energy | 15.2 | 119,117,295 | ||||||||
Software & Services | 15.0 | 117,594,012 | ||||||||
Diversified Financials | 13.0 | 101,934,579 | ||||||||
Technology Hardware & Equipment | 12.3 | 96,912,350 | ||||||||
Retailing | 11.3 | 88,887,468 | ||||||||
Health Care Equipment & Services | 9.4 | 74,000,995 | ||||||||
Food, Beverage & Tobacco | 9.2 | 72,099,382 | ||||||||
Semiconductors & Semiconductor Equipment | 8.0 | 62,491,888 | ||||||||
Media & Entertainment | 7.1 | 56,013,684 | ||||||||
Materials | 6.6 | 51,951,354 | ||||||||
Banks | 6.3 | 49,660,799 | ||||||||
Insurance | 4.6 | 35,735,432 | ||||||||
Utilities | 4.4 | 34,650,781 | ||||||||
Food & Staples Retailing | 4.1 | 32,411,399 | ||||||||
Consumer Durables & Apparel | 3.5 | 27,237,019 | ||||||||
Telecommunication Services | 3.4 | 26,287,651 | ||||||||
Real Estate | 3.1 | 24,063,421 | ||||||||
Transportation | 3.0 | 23,319,622 | ||||||||
Automobiles & Components | 2.1 | 16,807,779 | ||||||||
Household & Personal Products | 2.0 | 15,561,348 | ||||||||
Consumer Services | 1.9 | 15,163,055 | ||||||||
Commercial & Professional Services | 1.4 | 10,593,276 | ||||||||
|
|
|
| |||||||
Total Long Positions | 189.7 | 1,488,497,383 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Technology Hardware & Equipment | (0.2 | )% | $ | (1,845,114 | ) | |||||
Banks | (0.3 | ) | (2,209,989 | ) | ||||||
Automobiles & Components | (0.8 | ) | (6,424,496 | ) | ||||||
Household & Personal Products | (1.1 | ) | (8,199,931 | ) | ||||||
Food & Staples Retailing | (1.2 | ) | (9,014,698 | ) | ||||||
Diversified Financials | (1.3 | ) | (10,170,561 | ) | ||||||
Commercial & Professional Services | (1.3 | ) | (10,196,167 | ) | ||||||
Consumer Durables & Apparel | (2.1 | ) | (16,502,724 | ) | ||||||
Insurance | (2.2 | ) | (17,180,315 | ) | ||||||
Food, Beverage & Tobacco | (2.7 | ) | (20,723,939 | ) | ||||||
Media & Entertainment | (2.8 | ) | (21,950,376 | ) | ||||||
Consumer Services | (3.2 | ) | (25,066,779 | ) | ||||||
Transportation | (3.3 | ) | (25,445,217 | ) | ||||||
Retailing | (4.2 | ) | (33,220,974 | ) | ||||||
Materials | (4.7 | ) | (36,783,792 | ) | ||||||
Capital Goods | (5.6 | ) | (44,179,802 | ) | ||||||
Utilities | (5.7 | ) | (45,044,957 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.7 | ) | (52,864,951 | ) | ||||||
Energy | (6.8 | ) | (53,381,660 | ) | ||||||
Semiconductors & Semiconductor Equipment | (7.3 | ) | (57,243,371 | ) | ||||||
Software & Services | (7.8 | ) | (61,324,251 | ) | ||||||
Real Estate | (8.2 | ) | (64,462,089 | ) | ||||||
Health Care Equipment & Services | (10.9 | ) | (85,719,243 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (90.4 | ) | (709,155,396 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.7 | 5,469,762 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 784,811,749 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
10
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Index PlusAll-Cap Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Software & Services | 20.1 | % | $ | 482,247 | ||||||
Capital Goods | 16.9 | 403,750 | ||||||||
Health Care Equipment & Services | 12.6 | 301,500 | ||||||||
Media & Entertainment | 12.0 | 287,039 | ||||||||
Retailing | 11.9 | 284,907 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 10.4 | 248,132 | ||||||||
Technology Hardware & Equipment | 10.2 | 244,022 | ||||||||
Energy | 9.4 | 224,930 | ||||||||
Materials | 7.1 | 170,695 | ||||||||
Semiconductors & Semiconductor Equipment | 6.4 | 152,233 | ||||||||
Food, Beverage & Tobacco | 5.9 | 142,590 | ||||||||
Consumer Services | 5.6 | 133,659 | ||||||||
Diversified Financials | 5.4 | 129,313 | ||||||||
Banks | 5.2 | 125,247 | ||||||||
Commercial & Professional Services | 4.2 | 101,638 | ||||||||
Consumer Durables & Apparel | 4.0 | 94,759 | ||||||||
Transportation | 3.7 | 87,720 | ||||||||
Utilities | 3.1 | 74,545 | ||||||||
Telecommunication Services | 3.0 | 72,970 | ||||||||
Real Estate | 2.9 | 68,993 | ||||||||
Automobiles & Components | 2.7 | 63,995 | ||||||||
Food & Staples Retailing | 2.6 | 61,826 | ||||||||
Household & Personal Products | 2.3 | 56,030 | ||||||||
Insurance | 2.2 | 52,923 | ||||||||
|
|
|
| |||||||
Total Long Positions | 169.8 | 4,065,663 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (0.5 | )% | $ | (13,006 | ) | |||||
Food & Staples Retailing | (0.7 | ) | (17,464 | ) | ||||||
Telecommunication Services | (1.1 | ) | (27,275 | ) | ||||||
Transportation | (1.7 | ) | (41,181 | ) | ||||||
Food, Beverage & Tobacco | (2.0 | ) | (47,015 | ) | ||||||
Automobiles & Components | (2.3 | ) | (53,804 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (2.3 | ) | (55,756 | ) | ||||||
Semiconductors & Semiconductor Equipment | (2.6 | ) | (62,831 | ) | ||||||
Consumer Durables & Apparel | (2.6 | ) | (62,851 | ) | ||||||
Commercial & Professional Services | (3.5 | ) | (83,111 | ) | ||||||
Media & Entertainment | (3.8 | ) | (91,252 | ) | ||||||
Consumer Services | (4.0 | ) | (95,550 | ) | ||||||
Energy | (4.5 | ) | (107,508 | ) | ||||||
Technology Hardware & Equipment | (4.6 | ) | (110,282 | ) | ||||||
Materials | (5.1 | ) | (121,288 | ) | ||||||
Retailing | (5.3 | ) | (126,525 | ) | ||||||
Health Care Equipment & Services | (6.2 | ) | (149,375 | ) | ||||||
Software & Services | (7.6 | ) | (181,838 | ) | ||||||
Capital Goods | (9.9 | ) | (235,852 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (70.3 | ) | (1,683,764 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.5 | 12,915 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,394,814 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
11
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Enhanced Index Plus Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 17.3 | % | $ | 566,783 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 14.3 | 465,891 | ||||||||
Software & Services | 12.4 | 405,200 | ||||||||
Energy | 10.5 | 343,610 | ||||||||
Technology Hardware & Equipment | 10.1 | 331,250 | ||||||||
Retailing | 9.7 | 316,512 | ||||||||
Health Care Equipment & Services | 9.3 | 302,854 | ||||||||
Media & Entertainment | 7.6 | 249,227 | ||||||||
Food, Beverage & Tobacco | 7.1 | 231,357 | ||||||||
Materials | 5.1 | 166,025 | ||||||||
Diversified Financials | 4.6 | 149,556 | ||||||||
Food & Staples Retailing | 4.0 | 131,268 | ||||||||
Telecommunication Services | 4.0 | 129,145 | ||||||||
Semiconductors & Semiconductor Equipment | 3.8 | 123,450 | ||||||||
Consumer Durables & Apparel | 3.4 | 110,656 | ||||||||
Consumer Services | 2.8 | 92,786 | ||||||||
Household & Personal Products | 2.5 | 81,079 | ||||||||
Transportation | 2.2 | 73,320 | ||||||||
Commercial & Professional Services | 2.2 | 73,308 | ||||||||
Insurance | 1.8 | 59,906 | ||||||||
Automobiles & Components | 1.5 | 48,859 | ||||||||
Real Estate | 1.4 | 46,400 | ||||||||
Banks | 1.1 | 37,147 | ||||||||
Utilities | 0.8 | 27,432 | ||||||||
|
|
|
| |||||||
Total Long Positions | 139.5 | 4,563,021 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Household & Personal Products | (0.3 | )% | $ | (10,119 | ) | |||||
Food & Staples Retailing | (0.4 | ) | (11,869 | ) | ||||||
Telecommunication Services | (0.7 | ) | (24,525 | ) | ||||||
Transportation | (1.0 | ) | (32,644 | ) | ||||||
Food, Beverage & Tobacco | (1.1 | ) | (36,984 | ) | ||||||
Automobiles & Components | (1.2 | ) | (39,419 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (1.4 | ) | (44,497 | ) | ||||||
Semiconductors & Semiconductor Equipment | (1.5 | ) | (50,544 | ) | ||||||
Consumer Durables & Apparel | (1.6 | ) | (52,753 | ) | ||||||
Commercial & Professional Services | (2.0 | ) | (64,644 | ) | ||||||
Media & Entertainment | (2.0 | ) | (66,373 | ) | ||||||
Consumer Services | (2.1 | ) | (68,483 | ) | ||||||
Technology Hardware & Equipment | (2.5 | ) | (83,042 | ) | ||||||
Energy | (2.7 | ) | (88,604 | ) | ||||||
Materials | (3.0 | ) | (96,604 | ) | ||||||
Retailing | (3.1 | ) | (100,736 | ) | ||||||
Health Care Equipment & Services | (3.5 | ) | (113,463 | ) | ||||||
Software & Services | (4.4 | ) | (142,280 | ) | ||||||
Capital Goods | (5.6 | ) | (184,066 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (40.1 | ) | (1,311,649 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.6 | 18,697 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 3,270,069 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
12
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Enhanced 500 Plus Fund
% of Net Assets | Value | |||||||||
LONG POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Capital Goods | 18.5 | % | $ | 521,513 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 17.6 | 497,072 | ||||||||
Energy | 12.6 | 355,939 | ||||||||
Technology Hardware & Equipment | 10.1 | 286,113 | ||||||||
Software & Services | 9.3 | 263,454 | ||||||||
Retailing | 8.6 | 243,945 | ||||||||
Food, Beverage & Tobacco | 8.3 | 233,884 | ||||||||
Health Care Equipment & Services | 8.2 | 232,489 | ||||||||
Diversified Financials | 7.9 | 223,480 | ||||||||
Media & Entertainment | 5.6 | 158,546 | ||||||||
Materials | 4.2 | 118,613 | ||||||||
Semiconductors & Semiconductor Equipment | 4.2 | 118,381 | ||||||||
Food & Staples Retailing | 4.0 | 111,979 | ||||||||
Telecommunication Services | 3.7 | 105,444 | ||||||||
Insurance | 3.2 | 90,376 | ||||||||
Consumer Durables & Apparel | 2.8 | 79,937 | ||||||||
Household & Personal Products | 2.5 | 71,351 | ||||||||
Real Estate | 1.9 | 52,756 | ||||||||
Transportation | 1.6 | 46,071 | ||||||||
Utilities | 1.6 | 44,744 | ||||||||
Consumer Services | 1.3 | 37,539 | ||||||||
Banks | 1.2 | 34,992 | ||||||||
Automobiles & Components | 1.0 | 26,947 | ||||||||
Commercial & Professional Services | 0.8 | 23,775 | ||||||||
|
|
|
| |||||||
Total Long Positions | 140.7 | 3,979,340 | ||||||||
|
|
|
|
% of Net Assets | Value | |||||||||
SHORT POSITIONS: | ||||||||||
Common Stocks: | ||||||||||
Technology Hardware & Equipment | (0.1 | )% | $ | (2,125 | ) | |||||
Household & Personal Products | (0.3 | ) | (10,119 | ) | ||||||
Food & Staples Retailing | (0.4 | ) | (10,412 | ) | ||||||
Banks | (0.5 | ) | (13,302 | ) | ||||||
Automobiles & Components | (0.5 | ) | (14,553 | ) | ||||||
Commercial & Professional Services | (0.8 | ) | (21,927 | ) | ||||||
Consumer Durables & Apparel | (0.9 | ) | (25,998 | ) | ||||||
Food, Beverage & Tobacco | (1.1 | ) | (30,886 | ) | ||||||
Insurance | (1.1 | ) | (31,638 | ) | ||||||
Diversified Financials | (1.3 | ) | (37,380 | ) | ||||||
Transportation | (1.4 | ) | (38,624 | ) | ||||||
Consumer Services | (1.4 | ) | (39,630 | ) | ||||||
Media & Entertainment | (1.5 | ) | (43,740 | ) | ||||||
Retailing | (1.8 | ) | (52,451 | ) | ||||||
Materials | (2.0 | ) | (56,164 | ) | ||||||
Capital Goods | (2.0 | ) | (56,913 | ) | ||||||
Utilities | (2.7 | ) | (77,302 | ) | ||||||
Energy | (3.2 | ) | (89,593 | ) | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | (3.3 | ) | (92,883 | ) | ||||||
Semiconductors & Semiconductor Equipment | (3.3 | ) | (93,583 | ) | ||||||
Real Estate | (3.6 | ) | (101,408 | ) | ||||||
Software & Services | (3.7 | ) | (104,044 | ) | ||||||
Health Care Equipment & Services | (4.7 | ) | (131,871 | ) | ||||||
|
|
|
| |||||||
Total Short Positions | (41.6 | ) | (1,176,546 | ) | ||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.9 | 24,916 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 2,827,710 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
13
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group type of the portfolio holdings of the Fund:
Gotham Enhanced S&P 500 Index Fund
% of Net Assets | Value | |||||||||
COMMON STOCKS: | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 13.7 | % | $ | 479,313 | ||||||
Capital Goods | 11.5 | 401,421 | ||||||||
Energy | 8.0 | 278,188 | ||||||||
Technology Hardware & Equipment | 7.6 | 266,778 | ||||||||
Software & Services | 7.3 | 254,263 | ||||||||
Retailing | 6.5 | 227,016 | ||||||||
Food, Beverage & Tobacco | 6.4 | 221,818 | ||||||||
Health Care Equipment & Services | 6.0 | 207,700 | ||||||||
Media & Entertainment | 5.6 | 195,253 | ||||||||
Diversified Financials | 4.9 | 169,493 | ||||||||
Telecommunication Services | 3.4 | 118,821 | ||||||||
Food & Staples Retailing | 3.2 | 110,181 | ||||||||
Materials | 2.5 | 87,939 | ||||||||
Semiconductors & Semiconductor Equipment | 2.1 | 74,573 | ||||||||
Insurance | 1.9 | 67,727 | ||||||||
Consumer Durables & Apparel | 1.8 | 62,622 | ||||||||
Real Estate | 1.4 | 49,442 | ||||||||
Transportation | 1.3 | 44,944 | ||||||||
Banks | 1.0 | 36,540 | ||||||||
Consumer Services | 0.9 | 32,893 | ||||||||
Household & Personal Products | 0.9 | 31,167 | ||||||||
Utilities | 0.8 | 28,412 | ||||||||
Automobiles & Components | 0.6 | 22,152 | ||||||||
Commercial & Professional Services | 0.3 | 8,880 | ||||||||
|
|
|
| |||||||
Total Common Stocks | 99.6 | 3,477,536 | ||||||||
|
|
|
| |||||||
Other Assets in Excess of Liabilities | 0.4 | 15,444 | ||||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 3,492,980 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
14
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by security type of the portfolio holdings of the Fund:
Gotham Master Index Plus Fund
% of Net Assets | Value | |||||||||
Affiliated Equity Registered Investment Companies | 105.1 | % | $ | 1,265,312 | ||||||
Liabilities in Excess of Other Assets | (5.1 | ) | (60,885 | ) | ||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 1,204,427 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
15
GOTHAM INDEX PLUS FUND
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 189.7% |
| |||||||
COMMON STOCKS — 189.7% |
| |||||||
Automobiles & Components — 2.1% |
| |||||||
Aptiv PLC (Jersey)(a) | 57,933 | $ | 4,605,094 | |||||
BorgWarner, Inc.(a) | 46,002 | 1,766,937 | ||||||
General Motors Co.(b) | 281,287 | 10,435,748 | ||||||
|
| |||||||
16,807,779 | ||||||||
|
| |||||||
Banks — 6.3% | ||||||||
Bank of America Corp.†(b) | 300,352 | 8,286,712 | ||||||
BB&T Corp.(a) | 13,045 | 606,984 | ||||||
Citigroup, Inc.† | 73,571 | 4,577,588 | ||||||
Citizens Financial Group, Inc.(b) | 14,476 | 470,470 | ||||||
Comerica, Inc. | 4,973 | 364,620 | ||||||
Fifth Third Bancorp(a) | 18,031 | 454,742 | ||||||
First Republic Bank(a) | 5,123 | 514,657 | ||||||
Huntington Bancshares, Inc.(a) | 16,244 | 205,974 | ||||||
JPMorgan Chase & Co.†(a) | 101,753 | 10,300,456 | ||||||
KeyCorp. | 31,522 | 496,472 | ||||||
M&T Bank Corp.(a) | 4,303 | 675,657 | ||||||
People’s United Financial, Inc.(a) | 81,947 | 1,347,209 | ||||||
PNC Financial Services Group, Inc. (The)† | 14,196 | 1,741,281 | ||||||
SunTrust Banks, Inc.† | 98,705 | 5,848,271 | ||||||
SVB Financial Group†(a)* | 10,153 | 2,257,621 | ||||||
US Bancorp† | 101,600 | 4,896,104 | ||||||
Wells Fargo & Co.† | 131,445 | 6,351,422 | ||||||
Zions Bancorp NA(a) | 5,826 | 264,559 | ||||||
|
| |||||||
49,660,799 | ||||||||
|
| |||||||
Capital Goods — 23.1% |
| |||||||
3M Co.(b) | 34,273 | 7,121,244 | ||||||
A.O. Smith Corp.(a) | 37,689 | 2,009,577 | ||||||
Allegion PLC (Ireland) | 2,940 | 266,687 | ||||||
Arconic, Inc.†(a) | 106,734 | 2,039,687 | ||||||
Boeing Co. (The)† | 17,550 | 6,693,921 | ||||||
Caterpillar, Inc.†(a) | 123,718 | 16,762,552 | ||||||
Cummins, Inc.†(b) | 35,119 | 5,544,237 | ||||||
Dover Corp.† | 33,264 | 3,120,163 | ||||||
Eaton Corp. PLC (Ireland)† | 95,506 | 7,693,963 | ||||||
Emerson Electric Co.† | 58,362 | 3,996,046 | ||||||
Flowserve Corp.(a) | 28,835 | 1,301,612 | ||||||
Fluor Corp.† | 30,647 | 1,127,810 | ||||||
Fortive Corp.(a) | 76,785 | 6,441,494 | ||||||
Fortune Brands Home & Security, Inc. | 31,233 | 1,487,003 | ||||||
General Dynamics Corp. | 63,766 | 10,794,308 | ||||||
Honeywell International, Inc. | 147,534 | 23,446,103 | ||||||
Huntington Ingalls Industries, Inc.(a) | 9,497 | 1,967,778 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Illinois Tool Works, Inc.(a)(b) | 46,476 | $ | 6,670,700 | |||||
Ingersoll-Rand PLC (Ireland)† | 54,246 | 5,855,856 | ||||||
Johnson Controls International PLC (Ireland)† | 200,321 | 7,399,858 | ||||||
L3 Technologies, Inc.(a)(b) | 17,293 | 3,568,756 | ||||||
Lockheed Martin Corp.(a)(b) | 49,594 | 14,886,135 | ||||||
Masco Corp.(b) | 66,603 | 2,618,164 | ||||||
Northrop Grumman Corp.(a)(b) | 37,682 | 10,159,067 | ||||||
Pentair PLC (Ireland)† | 37,613 | 1,674,155 | ||||||
Quanta Services, Inc. | 4,399 | 166,018 | ||||||
Raytheon Co.† | 62,331 | 11,349,228 | ||||||
Snap-on, Inc.(a) | 12,204 | 1,910,170 | ||||||
Stanley Black & Decker, Inc.(a) | 33,203 | 4,521,253 | ||||||
Textron, Inc.†(a) | 39,724 | 2,012,418 | ||||||
TransDigm Group, Inc.(b)* | 11,649 | 5,288,530 | ||||||
Wabtec Corp.(a) | 21,202 | 1,563,011 | ||||||
WW Grainger, Inc.(a) | 96 | 28,889 | ||||||
|
| |||||||
181,486,393 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.4% |
| |||||||
Cintas Corp. | 3,259 | 658,677 | ||||||
Nielsen Holdings PLC (United Kingdom) | 78,406 | 1,855,870 | ||||||
Republic Services, Inc.† | 27,406 | 2,202,894 | ||||||
Robert Half International, Inc.†(a) | 26,226 | 1,708,886 | ||||||
Verisk Analytics, Inc.(a) | 34 | 4,522 | ||||||
Waste Management, Inc.† | 40,058 | 4,162,427 | ||||||
|
| |||||||
10,593,276 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.5% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)†* | 33,538 | 1,534,364 | ||||||
Garmin Ltd. (Switzerland)†(b) | 41,702 | 3,600,968 | ||||||
Hanesbrands, Inc.(a) | 79,676 | 1,424,607 | ||||||
Hasbro, Inc.(a) | 3,917 | 333,023 | ||||||
Leggett & Platt, Inc.(a) | 28,757 | 1,214,121 | ||||||
Lennar Corp., Class A | 10,072 | 494,434 | ||||||
Mattel, Inc.(a)* | 75,753 | 984,789 | ||||||
Newell Brands, Inc.†(a) | 103,103 | 1,581,600 | ||||||
PVH Corp.† | 16,766 | 2,044,614 | ||||||
Ralph Lauren Corp.(a)(b) | 17,248 | 2,236,721 | ||||||
Tapestry, Inc.† | 63,648 | 2,067,924 | ||||||
Under Armour, Inc., Class C(a)* | 98,439 | 1,857,544 | ||||||
VF Corp.† | 87,309 | 7,588,025 | ||||||
Whirlpool Corp. | 2,064 | 274,285 | ||||||
|
| |||||||
27,237,019 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
16
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — 1.9% |
| |||||||
H&R Block, Inc.(a) | 6,370 | $ | 152,498 | |||||
McDonald’s Corp.(b) | 20,448 | 3,883,075 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)(a)(b)* | 47,762 | 2,625,000 | ||||||
Starbucks Corp.(a) | 21,182 | 1,574,670 | ||||||
Yum! Brands, Inc.† | 69,410 | 6,927,812 | ||||||
|
| |||||||
15,163,055 | ||||||||
|
| |||||||
Diversified Financials — 13.0% |
| |||||||
Affiliated Managers Group, Inc.† | 12,210 | 1,307,813 | ||||||
American Express Co.† | 26,310 | 2,875,683 | ||||||
Berkshire Hathaway, Inc., Class B†* | 114,854 | 23,073,020 | ||||||
BlackRock, Inc.† | 34,787 | 14,866,920 | ||||||
Capital One Financial Corp.† | 14,529 | 1,186,874 | ||||||
Charles Schwab Corp. (The)† | 60,013 | 2,566,156 | ||||||
CME Group, Inc.† | 7,413 | 1,220,032 | ||||||
Discover Financial Services | 72,734 | 5,175,751 | ||||||
E*TRADE Financial Corp.† | 52,498 | 2,437,482 | ||||||
Franklin Resources, Inc.†(a) | 108,523 | 3,596,452 | ||||||
Goldman Sachs Group, Inc. (The)† | 84,571 | 16,236,786 | ||||||
Intercontinental Exchange, Inc.(a) | 28,781 | 2,191,385 | ||||||
Invesco Ltd. (Bermuda)(a) | 90,779 | 1,752,943 | ||||||
Moody’s Corp.(a)(b) | 5,942 | 1,076,037 | ||||||
MSCI, Inc.† | 2,453 | 487,755 | ||||||
Nasdaq, Inc.†(a) | 34,737 | 3,039,140 | ||||||
Northern Trust Corp. | 6,804 | 615,150 | ||||||
Raymond James Financial, Inc.† | 20,345 | 1,635,941 | ||||||
S&P Global, Inc.†(b) | 7,715 | 1,624,393 | ||||||
State Street Corp.† | 83,919 | 5,522,709 | ||||||
Synchrony Financial† | 131,061 | 4,180,846 | ||||||
T Rowe Price Group, Inc.†(a) | 52,590 | 5,265,311 | ||||||
|
| |||||||
101,934,579 | ||||||||
|
| |||||||
Energy — 15.2% |
| |||||||
Chevron Corp.†(b) | 207,350 | 25,541,373 | ||||||
ConocoPhillips† | 254,378 | 16,977,188 | ||||||
Devon Energy Corp.†(b) | 113,750 | 3,589,950 | ||||||
Exxon Mobil Corp.†(a) | 205,173 | 16,577,978 | ||||||
Halliburton Co.† | 175,974 | 5,156,038 | ||||||
Hess Corp.†(a) | 4,043 | 243,510 | ||||||
HollyFrontier Corp. | 38,533 | 1,898,521 | ||||||
Kinder Morgan, Inc.†(a) | 496,421 | 9,933,384 | ||||||
Marathon Oil Corp.†(b) | 179,726 | 3,003,221 | ||||||
National Oilwell Varco, Inc.(a) | 84,670 | 2,255,609 | ||||||
Occidental Petroleum Corp.† | 166,535 | 11,024,617 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Phillips 66†(b) | 101,850 | $ | 9,693,065 | |||||
Schlumberger Ltd. (Curacao)†(b) | 303,485 | 13,222,841 | ||||||
|
| |||||||
119,117,295 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.1% |
| |||||||
Sysco Corp.†(b) | 113,767 | 7,595,085 | ||||||
Walgreens Boots Alliance, Inc.(a)(b) | 208,380 | 13,184,203 | ||||||
Walmart, Inc.† | 119,267 | 11,632,111 | ||||||
|
| |||||||
32,411,399 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 9.2% |
| |||||||
Altria Group, Inc.† | 261,279 | 15,005,253 | ||||||
Archer-Daniels-Midland Co.† | 109,663 | 4,729,765 | ||||||
Campbell Soup Co.(a) | 9,350 | 356,516 | ||||||
Coca-Cola Co. (The)† | 132,574 | 6,212,418 | ||||||
Constellation Brands, Inc., | 41,934 | 7,352,288 | ||||||
General Mills, Inc.†(a) | 117,586 | 6,085,076 | ||||||
Hershey Co. (The)(a) | 44,109 | 5,065,036 | ||||||
Hormel Foods Corp.(a) | 16,592 | 742,658 | ||||||
Kraft Heinz Co. (The)†(a)(b) | 197,831 | 6,459,182 | ||||||
McCormick & Co., Inc.,non-voting shares†(a) | 29,178 | 4,395,082 | ||||||
PepsiCo, Inc.†(b) | 57,643 | 7,064,150 | ||||||
Philip Morris International, Inc.†(b) | 91,702 | 8,105,540 | ||||||
Tyson Foods, Inc., Class A† | 7,582 | 526,418 | ||||||
|
| |||||||
72,099,382 | ||||||||
|
| |||||||
Health Care Equipment & Services — 9.4% |
| |||||||
Abbott Laboratories†(b) | 54,515 | 4,357,929 | ||||||
AmerisourceBergen Corp. | 6,555 | 521,254 | ||||||
Anthem, Inc.† | 10,812 | 3,102,828 | ||||||
Cardinal Health, Inc.†(a) | 66,041 | 3,179,874 | ||||||
CVS Health Corp.† | 284,181 | 15,325,881 | ||||||
Danaher Corp.†(a) | 21,791 | 2,876,848 | ||||||
HCA Healthcare, Inc.†(b) | 75,247 | 9,810,704 | ||||||
Henry Schein, Inc.(a)(b)* | 33,225 | 1,997,155 | ||||||
Humana, Inc.† | 6,719 | 1,787,254 | ||||||
Laboratory Corp. of America Holdings†* | 22,546 | 3,449,087 | ||||||
Medtronic PLC (Ireland)(b) | 17,179 | 1,564,663 | ||||||
Quest Diagnostics, Inc.†(a) | 30,260 | 2,720,979 | ||||||
UnitedHealth Group, Inc.† | 92,985 | 22,991,471 | ||||||
WellCare Health Plans, Inc.†* | 1,168 | 315,068 | ||||||
|
| |||||||
74,000,995 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
17
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — 2.0% |
| |||||||
Church & Dwight Co., Inc.† | 32,880 | $ | 2,342,042 | |||||
Clorox Co. (The) | 3,422 | 549,094 | ||||||
Colgate-Palmolive Co.† | 31,161 | 2,135,775 | ||||||
Kimberly-Clark Corp.(b) | 9,084 | 1,125,508 | ||||||
Procter & Gamble Co. (The)† | 90,427 | 9,408,929 | ||||||
|
| |||||||
15,561,348 | ||||||||
|
| |||||||
Insurance — 4.6% |
| |||||||
Aflac, Inc.† | 23,461 | 1,173,050 | ||||||
Allstate Corp. (The) | 10,309 | 970,902 | ||||||
Aon PLC (United Kingdom)†(b) | 52,559 | 8,971,821 | ||||||
Arthur J Gallagher & Co.† | 3,505 | 273,741 | ||||||
Assurant, Inc. | 1,924 | 182,607 | ||||||
Hartford Financial Services Group, Inc. (The)† | 11,165 | 555,124 | ||||||
Lincoln National Corp. | 28,585 | 1,677,940 | ||||||
Loews Corp.† | 9,693 | 464,585 | ||||||
Marsh & McLennan Cos., Inc.†(b) | 111,320 | 10,452,948 | ||||||
Principal Financial Group, Inc.†(a) | 8,682 | 435,750 | ||||||
Progressive Corp. (The)†(a) | 117,833 | 8,494,581 | ||||||
Travelers Cos., Inc. (The)(a) | 8,188 | 1,123,066 | ||||||
Unum Group† | 28,357 | 959,317 | ||||||
|
| |||||||
35,735,432 | ||||||||
|
| |||||||
Materials — 6.6% |
| |||||||
Avery Dennison Corp.† | 19,261 | 2,176,493 | ||||||
Ball Corp.†(a) | 74,157 | 4,290,724 | ||||||
Celanese Corp.† | 28,978 | 2,857,521 | ||||||
CF Industries Holdings, Inc.†(a) | 46,263 | 1,891,231 | ||||||
DowDuPont, Inc.† | 362,049 | 19,300,832 | ||||||
Eastman Chemical Co.† | 30,878 | 2,343,023 | ||||||
Ecolab, Inc.(a) | 14,245 | 2,514,812 | ||||||
FMC Corp.† | 16,430 | 1,262,153 | ||||||
International Paper Co.†(a)(b) | 89,454 | 4,139,037 | ||||||
Mosaic Co. (The)(b) | 55,322 | 1,510,844 | ||||||
Nucor Corp.(b) | 67,496 | 3,938,392 | ||||||
Packaging Corp. of America† | 20,873 | 2,074,359 | ||||||
PPG Industries, Inc.(a) | 7,327 | 826,998 | ||||||
Sealed Air Corp.(a) | 34,279 | 1,578,891 | ||||||
Sherwin-Williams Co. (The)(b) | 2,893 | 1,246,044 | ||||||
|
| |||||||
51,951,354 | ||||||||
|
| |||||||
Media & Entertainment — 7.1% |
| |||||||
Activision Blizzard, Inc.(b) | 162,191 | 7,384,556 | ||||||
Alphabet, Inc., Class A†* | 10,998 | 12,943,436 | ||||||
Comcast Corp., Class A† | 89,480 | 3,577,410 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Discovery, Inc., Class A(a)* | 156,518 | $ | 4,229,116 | |||||
DISH Network Corp., Class A(a)(b)* | 71,684 | 2,271,666 | ||||||
Facebook, Inc., Class A†* | 72,318 | 12,054,687 | ||||||
Interpublic Group of Cos., Inc. | 84,178 | 1,768,580 | ||||||
Netflix, Inc.* | 1,691 | 602,943 | ||||||
News Corp., Class A†(a) | 129,174 | 1,606,925 | ||||||
Omnicom Group, Inc.(a) | 26,714 | 1,949,855 | ||||||
Viacom, Inc., Class B | 88,459 | 2,483,044 | ||||||
Walt Disney Co. (The)† | 46,307 | 5,141,466 | ||||||
|
| |||||||
56,013,684 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 19.7% |
| |||||||
AbbVie, Inc.†(b) | 176,121 | 14,193,591 | ||||||
Amgen, Inc.† | 93,764 | 17,813,285 | ||||||
Biogen, Inc.†(b)* | 43,275 | 10,229,345 | ||||||
Bristol-Myers Squibb Co.†(a) | 360,464 | 17,197,737 | ||||||
Celgene Corp.†(a)(b)* | 154,501 | 14,575,624 | ||||||
Eli Lilly & Co.†(a) | 116,145 | 15,070,975 | ||||||
Gilead Sciences, Inc.(b) | 53,258 | 3,462,303 | ||||||
Johnson & Johnson† | 110,948 | 15,509,421 | ||||||
Merck & Co., Inc.† | 184,738 | 15,364,659 | ||||||
Mylan NV (Netherlands)†* | 94,112 | 2,667,134 | ||||||
Pfizer, Inc.† | 579,682 | 24,619,095 | ||||||
Regeneron Pharmaceuticals, Inc.(b)* | 960 | 394,195 | ||||||
Thermo Fisher Scientific, Inc. | 12,491 | 3,419,037 | ||||||
|
| |||||||
154,516,401 | ||||||||
|
| |||||||
Real Estate — 3.1% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT | 1,289 | 183,760 | ||||||
Apartment Investment & Management Co., Class A, REIT | 4,632 | 232,943 | ||||||
AvalonBay Communities, Inc., REIT | 4,302 | 863,540 | ||||||
CBRE Group, Inc., Class A†* | 74,806 | 3,699,157 | ||||||
Duke Realty Corp., REIT†(b) | 65,957 | 2,016,965 | ||||||
Equity Residential, REIT† | 11,474 | 864,222 | ||||||
Prologis, Inc., REIT | 19,558 | 1,407,198 | ||||||
Realty Income Corp., REIT†(a) | 66,656 | 4,903,215 | ||||||
Simon Property Group, Inc., REIT | 9,598 | 1,748,852 | ||||||
UDR, Inc., REIT† | 19,868 | 903,199 | ||||||
Ventas, Inc., REIT | 11,076 | 706,760 | ||||||
Welltower, Inc., REIT†(a) | 84,196 | 6,533,610 | ||||||
|
| |||||||
24,063,421 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
18
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — 11.3% |
| |||||||
Advance Auto Parts, Inc.† | 2,251 | $ | 383,863 | |||||
Amazon.com, Inc.†* | 11,336 | 20,186,582 | ||||||
AutoZone, Inc.†(a)(b)* | 4,262 | 4,364,799 | ||||||
Best Buy Co., Inc. | 17,572 | 1,248,666 | ||||||
Booking Holdings, Inc.†(a)* | 8,125 | 14,177,394 | ||||||
Dollar General Corp.(b) | 33,497 | 3,996,192 | ||||||
eBay, Inc.† | 205,799 | 7,643,375 | ||||||
Foot Locker, Inc.(a) | 24,620 | 1,491,972 | ||||||
Genuine Parts Co.†(a) | 32,415 | 3,631,452 | ||||||
Home Depot, Inc. (The)(b) | 45,898 | 8,807,367 | ||||||
Kohl’s Corp.(a) | 8,158 | 561,026 | ||||||
L Brands, Inc.(a) | 11,035 | 304,345 | ||||||
LKQ Corp.* | 69,377 | 1,968,919 | ||||||
Macy’s, Inc.(a) | 67,677 | 1,626,278 | ||||||
O’Reilly Automotive, Inc.* | 2,455 | 953,277 | ||||||
Tiffany & Co.(a) | 26,663 | 2,814,280 | ||||||
TJX Cos., Inc. (The)(b) | 235,999 | 12,557,507 | ||||||
Tractor Supply Co.(b) | 22,199 | 2,170,174 | ||||||
|
| |||||||
88,887,468 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 8.0% |
| |||||||
Applied Materials, Inc.(b) | 213,583 | 8,470,702 | ||||||
Intel Corp.†(b) | 255,883 | 13,740,917 | ||||||
KLA-Tencor Corp.†(a) | 33,432 | 3,992,115 | ||||||
Lam Research Corp.(a) | 35,265 | 6,312,788 | ||||||
Microchip Technology, Inc.(a) | 58,052 | 4,815,994 | ||||||
Micron Technology, Inc.†* | 259,524 | 10,726,127 | ||||||
Qorvo, Inc.(a)* | 26,240 | 1,882,195 | ||||||
Skyworks Solutions, Inc. | 38,968 | 3,214,081 | ||||||
Texas Instruments, Inc.(a) | 30,093 | 3,191,965 | ||||||
Xilinx, Inc.(b) | 48,466 | 6,145,004 | ||||||
|
| |||||||
62,491,888 | ||||||||
|
| |||||||
Software & Services — 15.0% |
| |||||||
Accenture PLC, Class A | 76,696 | 13,500,030 | ||||||
Automatic Data Processing, Inc.(b) | 40,987 | 6,547,263 | ||||||
Citrix Systems, Inc.(a) | 45 | 4,485 | ||||||
Cognizant Technology Solutions Corp., Class A† | 17,923 | 1,298,521 | ||||||
DXC Technology Co.† | 62,127 | 3,995,387 | ||||||
International Business Machines Corp.†(b) | 162,092 | 22,871,181 | ||||||
Mastercard, Inc., Class A(b) | 9,710 | 2,286,220 | ||||||
Microsoft Corp.† | 195,061 | 23,005,494 | ||||||
Oracle Corp.† | 15,023 | 806,885 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Paychex, Inc.(a) | 69,386 | $ | 5,564,757 | |||||
PayPal Holdings, Inc.†(a)* | 238,741 | 24,790,865 | ||||||
VeriSign, Inc.* | 2,392 | 434,292 | ||||||
Visa, Inc., Class A†(a) | 68,369 | 10,678,554 | ||||||
Western Union Co. (The)†(a) | 98,001 | 1,810,078 | ||||||
|
| |||||||
117,594,012 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 12.3% |
| |||||||
Amphenol Corp., Class A† | 43,111 | 4,071,403 | ||||||
Apple, Inc.† | 255,979 | 48,623,211 | ||||||
Arista Networks, Inc.* | 669 | 210,374 | ||||||
Cisco Systems, Inc.†(b) | 137,421 | 7,419,360 | ||||||
Corning, Inc.† | 24,478 | 810,222 | ||||||
F5 Networks, Inc.†(a)* | 13,179 | 2,068,180 | ||||||
FLIR Systems, Inc.† | 26,840 | 1,277,047 | ||||||
Hewlett Packard Enterprise Co.† | 233,686 | 3,605,775 | ||||||
HP, Inc.† | 344,620 | 6,695,967 | ||||||
Juniper Networks, Inc.† | 76,291 | 2,019,423 | ||||||
Keysight Technologies, Inc.* | 5,837 | 508,986 | ||||||
Motorola Solutions, Inc.† | 36,112 | 5,070,847 | ||||||
NetApp, Inc.(a)(b) | 54,646 | 3,789,154 | ||||||
Seagate Technology PLC (Ireland)(a) | 62,948 | 3,014,580 | ||||||
TE Connectivity Ltd. (Switzerland)† | 74,951 | 6,052,293 | ||||||
Xerox Corp.(b) | 52,393 | 1,675,528 | ||||||
|
| |||||||
96,912,350 | ||||||||
|
| |||||||
Telecommunication Services — 3.4% |
| |||||||
AT&T, Inc.(a) | 226,186 | 7,093,193 | ||||||
CenturyLink, Inc.(a) | 238,668 | 2,861,629 | ||||||
Verizon Communications, Inc.†(a)(b) | 276,219 | 16,332,829 | ||||||
|
| |||||||
26,287,651 | ||||||||
|
| |||||||
Transportation — 3.0% |
| |||||||
American Airlines Group, Inc.(a) | 14,308 | 454,422 | ||||||
CH Robinson Worldwide, Inc.(a) | 4,264 | 370,925 | ||||||
CSX Corp.(a)(b) | 177,927 | 13,312,498 | ||||||
Delta Air Lines, Inc. | 21,121 | 1,090,900 | ||||||
Expeditors International of Washington, Inc. | 1,037 | 78,708 | ||||||
Norfolk Southern Corp.(a)(b) | 17,953 | 3,355,236 | ||||||
Southwest Airlines Co.(a) | 17,166 | 891,087 | ||||||
Union Pacific Corp.(b) | 22,523 | 3,765,846 | ||||||
|
| |||||||
23,319,622 | ||||||||
|
| |||||||
Utilities — 4.4% |
| |||||||
AES Corp.† | 20,573 | 371,960 |
The accompanying notes are an integral part of the financial statements.
19
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
CenterPoint Energy, Inc. | 14,500 | $ | 445,150 | |||||
Dominion Energy, Inc.†(a) | 149,441 | 11,456,147 | ||||||
DTE Energy Co. | 5,652 | 705,030 | ||||||
Evergy, Inc. | 56,029 | 3,252,483 | ||||||
Eversource Energy(a) | 9,844 | 698,432 | ||||||
Exelon Corp.†(b) | 155,335 | 7,786,944 | ||||||
FirstEnergy Corp.(a) | 7,066 | 294,016 | ||||||
NextEra Energy, Inc.(b) | 14,848 | 2,870,415 | ||||||
NRG Energy, Inc.† | 64,038 | 2,720,334 | ||||||
PPL Corp. | 13,199 | 418,936 | ||||||
Public Service Enterprise Group, Inc.† | 13,023 | 773,696 | ||||||
Southern Co. (The)(b) | 46,816 | 2,419,451 | ||||||
WEC Energy Group, Inc. | 5,536 | 437,787 | ||||||
|
| |||||||
34,650,781 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,488,497,383 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 189.7% |
| 1,488,497,383 | ||||||
|
| |||||||
(Cost $1,399,249,417) |
| |||||||
SHORT POSITIONS — (90.4)% |
| |||||||
COMMON STOCKS — (90.4)% |
| |||||||
Automobiles & Components — (0.8)% |
| |||||||
Ford Motor Co. | (629,731 | ) | (5,529,038 | ) | ||||
Harley-Davidson, Inc. | (25,111 | ) | (895,458 | ) | ||||
|
| �� | ||||||
(6,424,496 | ) | |||||||
|
| |||||||
Banks — (0.3)% | ||||||||
Regions Financial Corp. | (156,183 | ) | (2,209,989 | ) | ||||
|
| |||||||
Capital Goods — (5.6)% | ||||||||
AMETEK, Inc. | (10,257 | ) | (851,023 | ) | ||||
Deere & Co. | (24,223 | ) | (3,871,804 | ) | ||||
Fastenal Co. | (45,260 | ) | (2,910,671 | ) | ||||
General Electric Co. | (959,429 | ) | (9,584,696 | ) | ||||
Harris Corp. | (18,644 | ) | (2,977,633 | ) | ||||
Jacobs Engineering Group, Inc. | (22,086 | ) | (1,660,646 | ) | ||||
PACCAR, Inc. | (47,150 | ) | (3,212,801 | ) | ||||
Parker-Hannifin Corp. | (12,009 | ) | (2,060,985 | ) | ||||
Rockwell Automation, Inc. | (18,934 | ) | (3,322,160 | ) | ||||
Roper Technologies, Inc. | (2 | ) | (684 | ) | ||||
United Rentals, Inc.* | (12,644 | ) | (1,444,577 | ) | ||||
United Technologies Corp. | (77,959 | ) | (10,048,135 | ) | ||||
Xylem, Inc. | (28,264 | ) | (2,233,987 | ) | ||||
|
| |||||||
(44,179,802 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (1.3)% |
| |||||||
Copart, Inc.* | (39,165 | ) | $ | (2,373,007 | ) | |||
Equifax, Inc. | (19,092 | ) | (2,262,402 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (62,599 | ) | (3,404,134 | ) | ||||
Rollins, Inc. | (51,817 | ) | (2,156,624 | ) | ||||
|
| |||||||
(10,196,167 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.1)% |
| |||||||
DR Horton, Inc. | (59,088 | ) | (2,445,061 | ) | ||||
Mohawk Industries, Inc.* | (11,616 | ) | (1,465,358 | ) | ||||
NIKE, Inc., Class B | (134,847 | ) | (11,355,466 | ) | ||||
PulteGroup, Inc. | (44,236 | ) | (1,236,839 | ) | ||||
|
| |||||||
(16,502,724 | ) | |||||||
|
| |||||||
Consumer Services — (3.2)% |
| |||||||
Carnival Corp. (Panama) | (41,125 | ) | (2,085,860 | ) | ||||
Chipotle Mexican Grill, Inc.* | (4,384 | ) | (3,113,999 | ) | ||||
Darden Restaurants, Inc. | (10,893 | ) | (1,323,173 | ) | ||||
Hilton Worldwide Holdings, Inc. | (46,369 | ) | (3,853,728 | ) | ||||
Marriott International, Inc., Class A | (53,425 | ) | (6,682,933 | ) | ||||
MGM Resorts International | (84,209 | ) | (2,160,803 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (33,088 | ) | (3,792,547 | ) | ||||
Wynn Resorts Ltd. | (17,212 | ) | (2,053,736 | ) | ||||
|
| |||||||
(25,066,779 | ) | |||||||
|
| |||||||
Diversified Financials — (1.3)% |
| |||||||
Ameriprise Financial, Inc. | (22,243 | ) | (2,849,328 | ) | ||||
Bank of New York Mellon Corp. (The) | (38,262 | ) | (1,929,553 | ) | ||||
Cboe Global Markets, Inc. | (17,671 | ) | (1,686,520 | ) | ||||
Morgan Stanley | (87,800 | ) | (3,705,160 | ) | ||||
|
| |||||||
�� | (10,170,561 | ) | ||||||
|
| |||||||
Energy — (6.8)% |
| |||||||
Anadarko Petroleum Corp. | (67,097 | ) | (3,051,572 | ) | ||||
Apache Corp. | (59,024 | ) | (2,045,772 | ) | ||||
Cabot Oil & Gas Corp. | (68,706 | ) | (1,793,227 | ) | ||||
Cimarex Energy Co. | (15,134 | ) | (1,057,867 | ) | ||||
Concho Resources, Inc. | (31,699 | ) | (3,517,321 | ) | ||||
Diamondback Energy, Inc. | (25,837 | ) | (2,623,231 | ) | ||||
EOG Resources, Inc. | (91,226 | ) | (8,682,891 | ) | ||||
Helmerich & Payne, Inc. | (17,319 | ) | (962,244 | ) | ||||
Marathon Petroleum Corp. | (106,969 | ) | (6,402,095 | ) | ||||
Noble Energy, Inc. | (76,620 | ) | (1,894,813 | ) | ||||
ONEOK, Inc. | (65,121 | ) | (4,548,051 | ) | ||||
Pioneer Natural Resources Co. | (26,644 | ) | (4,057,348 | ) | ||||
TechnipFMC PLC (United Kingdom) | (71,093 | ) | (1,672,107 | ) | ||||
Valero Energy Corp. | (65,681 | ) | (5,571,719 | ) |
The accompanying notes are an integral part of the financial statements.
20
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Williams Cos., Inc. (The) | (191,553 | ) | $ | (5,501,402 | ) | |||
|
| |||||||
(53,381,660 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.2)% |
| |||||||
Costco Wholesale Corp. | (24,478 | ) | (5,927,103 | ) | ||||
Kroger Co. (The) | (125,512 | ) | (3,087,595 | ) | ||||
|
| |||||||
(9,014,698 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (2.7)% |
| |||||||
Brown-Forman Corp., Class B | (76,056 | ) | (4,014,236 | ) | ||||
Conagra Brands, Inc. | (76,881 | ) | (2,132,679 | ) | ||||
JM Smucker Co. (The) | (2,862 | ) | (333,423 | ) | ||||
Kellogg Co. | (54,085 | ) | (3,103,397 | ) | ||||
Lamb Weston Holdings, Inc. | (23,191 | ) | (1,737,934 | ) | ||||
Molson Coors Brewing Co., Class B | (33,991 | ) | (2,027,563 | ) | ||||
Mondelez International, Inc., Class A | (52,022 | ) | (2,596,938 | ) | ||||
Monster Beverage Corp.* | (87,537 | ) | (4,777,769 | ) | ||||
|
| |||||||
(20,723,939 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (10.9)% |
| |||||||
ABIOMED, Inc.* | (7,133 | ) | (2,037,113 | ) | ||||
Align Technology, Inc.* | (12,547 | ) | (3,567,488 | ) | ||||
Baxter International, Inc. | (73,462 | ) | (5,973,195 | ) | ||||
Becton Dickinson and Co. | (41,131 | ) | (10,271,645 | ) | ||||
Boston Scientific Corp.* | (219,129 | ) | (8,410,171 | ) | ||||
Cerner Corp.* | (53,697 | ) | (3,072,005 | ) | ||||
Cigna Corp. | (59,890 | ) | (9,631,510 | ) | ||||
Cooper Cos., Inc. (The) | (7,816 | ) | (2,314,865 | ) | ||||
DaVita, Inc.* | (26,170 | ) | (1,420,769 | ) | ||||
DENTSPLY SIRONA, Inc. | (35,224 | ) | (1,746,758 | ) | ||||
Edwards Lifesciences Corp.* | (32,943 | ) | (6,302,984 | ) | ||||
Hologic, Inc.* | (42,340 | ) | (2,049,256 | ) | ||||
IDEXX Laboratories, Inc.* | (13,674 | ) | (3,057,506 | ) | ||||
Intuitive Surgical, Inc.* | (16,253 | ) | (9,273,637 | ) | ||||
McKesson Corp. | (21,650 | ) | (2,534,349 | ) | ||||
ResMed, Inc. | (22,683 | ) | (2,358,352 | ) | ||||
Stryker Corp. | (6,959 | ) | (1,374,542 | ) | ||||
Teleflex, Inc. | (7,275 | ) | (2,198,214 | ) | ||||
Universal Health Services, Inc., Class B | (14,646 | ) | (1,959,195 | ) | ||||
Varian Medical Systems, Inc.* | (14,406 | ) | (2,041,618 | ) | ||||
Zimmer Biomet Holdings, Inc. | (32,295 | ) | (4,124,071 | ) | ||||
|
| |||||||
(85,719,243 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.1)% |
| |||||||
Coty, Inc., Class A | (118,857 | ) | (1,366,855 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Estee Lauder Cos., Inc. (The), | (41,275 | ) | $ | (6,833,076 | ) | |||
|
| |||||||
(8,199,931 | ) | |||||||
|
| |||||||
Insurance — (2.2)% |
| |||||||
American International Group, Inc. | (30,649 | ) | (1,319,746 | ) | ||||
Brighthouse Financial, Inc.* | (18,485 | ) | (670,821 | ) | ||||
Chubb Ltd. (Switzerland) | (31,113 | ) | (4,358,309 | ) | ||||
Cincinnati Financial Corp. | (16,866 | ) | (1,448,789 | ) | ||||
Everest Re Group Ltd. (Bermuda) | (6,435 | ) | (1,389,703 | ) | ||||
MetLife, Inc. | (155,391 | ) | (6,614,995 | ) | ||||
Prudential Financial, Inc. | (207 | ) | (19,019 | ) | ||||
Torchmark Corp. | (4,736 | ) | (388,115 | ) | ||||
Willis Towers Watson PLC (Ireland) | (5,527 | ) | (970,818 | ) | ||||
|
| |||||||
(17,180,315 | ) | |||||||
|
| |||||||
Materials — (4.7)% |
| |||||||
Air Products & Chemicals, Inc. | (34,770 | ) | (6,639,679 | ) | ||||
Albemarle Corp. | (16,810 | ) | (1,378,084 | ) | ||||
Freeport-McMoRan, Inc. | (228,068 | ) | (2,939,797 | ) | ||||
International Flavors & Fragrances, Inc. | (17,301 | ) | (2,228,196 | ) | ||||
Linde PLC (Ireland) | (65,624 | ) | (11,545,230 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (59,418 | ) | (4,995,865 | ) | ||||
Martin Marietta Materials, Inc. | (9,827 | ) | (1,976,996 | ) | ||||
Newmont Mining Corp. | (84,442 | ) | (3,020,490 | ) | ||||
Vulcan Materials Co. | (4,391 | ) | (519,894 | ) | ||||
Westrock Co. | (40,145 | ) | (1,539,561 | ) | ||||
|
| |||||||
(36,783,792 | ) | |||||||
|
| |||||||
Media & Entertainment — (2.8)% |
| |||||||
CBS Corp., Class B,non-voting shares | (59,397 | ) | (2,823,139 | ) | ||||
Charter Communications, Inc., | (28,402 | ) | (9,852,938 | ) | ||||
Electronic Arts, Inc.* | (39,712 | ) | (4,035,931 | ) | ||||
Take-Two Interactive Software, Inc.* | (17,903 | ) | (1,689,506 | ) | ||||
TripAdvisor, Inc.* | (21,785 | ) | (1,120,838 | ) | ||||
Twitter, Inc.* | (73,845 | ) | (2,428,024 | ) | ||||
|
| |||||||
(21,950,376 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.7)% |
| |||||||
Agilent Technologies, Inc. | (50,429 | ) | (4,053,483 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (33,769 | ) | (4,564,893 | ) | ||||
Allergan PLC (Ireland) | (52,875 | ) | (7,741,429 | ) | ||||
Illumina, Inc.* | (23,271 | ) | (7,230,067 | ) |
The accompanying notes are an integral part of the financial statements.
21
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Incyte Corp.* | (34,652 | ) | $ | (2,980,419 | ) | |||
IQVIA Holdings, Inc.* | (32,025 | ) | (4,606,796 | ) | ||||
Mettler-Toledo International, Inc.* | (3,964 | ) | (2,865,972 | ) | ||||
Nektar Therapeutics* | (27,293 | ) | (917,045 | ) | ||||
PerkinElmer, Inc. | (17,668 | ) | (1,702,488 | ) | ||||
Perrigo Co. PLC (Ireland) | (21,514 | ) | (1,036,114 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (41,078 | ) | (7,556,298 | ) | ||||
Zoetis, Inc. | (75,593 | ) | (7,609,947 | ) | ||||
|
| |||||||
(52,864,951 | ) | |||||||
|
| |||||||
Real Estate — (8.2)% |
| |||||||
American Tower Corp., REIT | (69,778 | ) | (13,750,453 | ) | ||||
Boston Properties, Inc., REIT | (3,299 | ) | (441,670 | ) | ||||
Crown Castle International Corp., REIT | (65,697 | ) | (8,409,216 | ) | ||||
Digital Realty Trust, Inc., REIT | (32,647 | ) | (3,884,993 | ) | ||||
Equinix, Inc., REIT | (12,726 | ) | (5,766,914 | ) | ||||
Essex Property Trust, Inc., REIT | (10,431 | ) | (3,017,062 | ) | ||||
Extra Space Storage, Inc., REIT | (19,992 | ) | (2,037,385 | ) | ||||
Federal Realty Investment Trust, REIT | (7,400 | ) | (1,020,090 | ) | ||||
HCP, Inc., REIT | (34,582 | ) | (1,082,417 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (116,454 | ) | (2,200,981 | ) | ||||
Iron Mountain, Inc., REIT | (45,310 | ) | (1,606,693 | ) | ||||
Kimco Realty Corp., REIT | (66,710 | ) | (1,234,135 | ) | ||||
Macerich Co. (The), REIT | (22,354 | ) | (969,046 | ) | ||||
Mid-America Apartment Communities, Inc., REIT | (15,596 | ) | (1,705,111 | ) | ||||
Public Storage, REIT | (27,389 | ) | (5,964,776 | ) | ||||
Regency Centers Corp., REIT | (26,763 | ) | (1,806,235 | ) | ||||
SBA Communications Corp., REIT* | (18,085 | ) | (3,610,851 | ) | ||||
SL Green Realty Corp., REIT | (9,349 | ) | (840,662 | ) | ||||
Vornado Realty Trust, REIT | (29,969 | ) | (2,021,109 | ) | ||||
Weyerhaeuser Co., REIT | (117,399 | ) | (3,092,290 | ) | ||||
|
| |||||||
(64,462,089 | ) | |||||||
|
| |||||||
Retailing — (4.2)% |
| |||||||
CarMax, Inc.* | (27,194 | ) | (1,898,141 | ) | ||||
Dollar Tree, Inc.* | (37,677 | ) | (3,957,592 | ) | ||||
Expedia Group, Inc. | (24,558 | ) | (2,922,402 | ) | ||||
Gap, Inc. (The) | (43,615 | ) | (1,141,841 | ) | ||||
Lowe’s Cos., Inc. | (125,984 | ) | (13,791,468 | ) | ||||
Nordstrom, Inc. | (18,196 | ) | (807,538 | ) | ||||
Ross Stores, Inc. | (57,875 | ) | (5,388,162 | ) | ||||
Target Corp. | (1,193 | ) | (95,750 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Ulta Beauty, Inc.* | (9,228 | ) | $ | (3,218,080 | ) | |||
|
| |||||||
(33,220,974 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (7.3)% |
| |||||||
Advanced Micro Devices, Inc.* | (188,845 | ) | (4,819,324 | ) | ||||
Analog Devices, Inc. | (58,600 | ) | (6,168,822 | ) | ||||
Broadcom, Inc. | (51,704 | ) | (15,547,910 | ) | ||||
Maxim Integrated Products, Inc. | (43,852 | ) | (2,331,611 | ) | ||||
NVIDIA Corp. | (97,190 | ) | (17,451,436 | ) | ||||
QUALCOMM, Inc. | (191,553 | ) | (10,924,268 | ) | ||||
|
| |||||||
(57,243,371 | ) | |||||||
|
| |||||||
Software & Services — (7.8)% |
| |||||||
Adobe, Inc.* | (15,576 | ) | (4,150,848 | ) | ||||
Akamai Technologies, Inc.* | (25,622 | ) | (1,837,354 | ) | ||||
Alliance Data Systems Corp. | (8,398 | ) | (1,469,482 | ) | ||||
ANSYS, Inc.* | (13,228 | ) | (2,416,888 | ) | ||||
Autodesk, Inc.* | (32,808 | ) | (5,112,143 | ) | ||||
Broadridge Financial Solutions, Inc. | (18,317 | ) | (1,899,290 | ) | ||||
Cadence Design Systems, Inc.* | (16,015 | ) | (1,017,113 | ) | ||||
Fidelity National Information Services, Inc. | (16,988 | ) | (1,921,343 | ) | ||||
Fiserv, Inc.* | (64,005 | ) | (5,650,361 | ) | ||||
FleetCor Technologies, Inc.* | (12,762 | ) | (3,146,982 | ) | ||||
Fortinet, Inc.* | (26,786 | ) | (2,249,220 | ) | ||||
Gartner, Inc.* | (14,255 | ) | (2,162,198 | ) | ||||
Global Payments, Inc. | (25,042 | ) | (3,418,734 | ) | ||||
Intuit, Inc. | (33,555 | ) | (8,771,613 | ) | ||||
Jack Henry & Associates, Inc. | (3,803 | ) | (527,628 | ) | ||||
Red Hat, Inc.* | (28,787 | ) | (5,259,385 | ) | ||||
salesforce.com, Inc.* | (15,988 | ) | (2,532,020 | ) | ||||
Symantec Corp. | (101,158 | ) | (2,325,622 | ) | ||||
Synopsys, Inc.* | (23,629 | ) | (2,720,879 | ) | ||||
Total System Services, Inc. | (28,788 | ) | (2,735,148 | ) | ||||
|
| |||||||
(61,324,251 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.2)% |
| |||||||
IPG Photonics Corp.* | (8,454 | ) | (1,283,148 | ) | ||||
Western Digital Corp. | (11,693 | ) | (561,966 | ) | ||||
|
| |||||||
(1,845,114 | ) | |||||||
|
| |||||||
Transportation — (3.3)% |
| |||||||
Alaska Air Group, Inc. | (19,502 | ) | (1,094,452 | ) | ||||
FedEx Corp. | (12,546 | ) | (2,275,970 | ) | ||||
JB Hunt Transport Services, Inc. | (17,209 | ) | (1,743,100 | ) | ||||
Kansas City Southern | (16,100 | ) | (1,867,278 | ) | ||||
United Continental Holdings, Inc.* | (43,170 | ) | (3,444,103 | ) |
The accompanying notes are an integral part of the financial statements.
22
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
United Parcel Service, Inc., Class B | (134,422 | ) | $ | (15,020,314 | ) | |||
|
| |||||||
(25,445,217 | ) | |||||||
|
| |||||||
Utilities — (5.7)% |
| |||||||
Alliant Energy Corp. | (37,350 | ) | (1,760,305 | ) | ||||
Ameren Corp. | (38,456 | ) | (2,828,439 | ) | ||||
American Electric Power Co., Inc. | (78,061 | ) | (6,537,609 | ) | ||||
American Water Works Co., Inc. | (28,402 | ) | (2,961,193 | ) | ||||
Atmos Energy Corp. | (18,385 | ) | (1,892,368 | ) | ||||
CMS Energy Corp. | (44,861 | ) | (2,491,580 | ) | ||||
Consolidated Edison, Inc. | (50,488 | ) | (4,281,887 | ) | ||||
Duke Energy Corp. | (32,491 | ) | (2,924,190 | ) | ||||
Edison International | (51,244 | ) | (3,173,028 | ) | ||||
Entergy Corp. | (29,736 | ) | (2,843,654 | ) | ||||
NiSource, Inc. | (58,568 | ) | (1,678,559 | ) | ||||
Pinnacle West Capital Corp. | (17,631 | ) | (1,685,171 | ) | ||||
Sempra Energy | (43,059 | ) | (5,419,406 | ) | ||||
Xcel Energy, Inc. | (81,259 | ) | (4,567,568 | ) | ||||
|
| |||||||
(45,044,957 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK |
| (709,155,396 | ) | |||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (90.4)% |
| (709,155,396 | ) | |||||
|
| |||||||
(Proceeds $682,869,092) |
| |||||||
OTHER ASSETS IN EXCESS OF |
| 5,469,762 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 784,811,749 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(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. (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.
23
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 169.8% |
| |||||||
COMMON STOCKS — 169.8% |
| |||||||
Automobiles & Components — 2.7% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 256 | $ | 3,663 | |||||
Aptiv PLC (Jersey)† | 25 | 1,987 | ||||||
BorgWarner, Inc.† | 20 | 768 | ||||||
Cooper Tire & Rubber Co. | 63 | 1,883 | ||||||
Dana, Inc.† | 669 | 11,868 | ||||||
Delphi Technologies PLC (Jersey)† | 442 | 8,513 | ||||||
Fiat Chrysler Automobiles NV (Netherlands)†* | 363 | 5,391 | ||||||
Ford Motor Co.† | 378 | 3,319 | ||||||
General Motors Co.† | 134 | 4,971 | ||||||
Harley-Davidson, Inc.† | 15 | 535 | ||||||
Lear Corp.† | 72 | 9,771 | ||||||
Magna International, Inc. (Canada) | 112 | 5,453 | ||||||
Thor Industries, Inc.† | 79 | 4,927 | ||||||
Tower International, Inc. | 45 | 946 | ||||||
|
| |||||||
63,995 | ||||||||
|
| |||||||
Banks — 5.2% |
| |||||||
Bank of America Corp.† | 919 | 25,355 | ||||||
BB&T Corp.† | 72 | 3,350 | ||||||
Citigroup, Inc.† | 226 | 14,062 | ||||||
Citizens Financial Group, Inc.† | 44 | 1,430 | ||||||
Comerica, Inc.† | 16 | 1,173 | ||||||
Fifth Third Bancorp† | 62 | 1,564 | ||||||
First Republic Bank | 15 | 1,507 | ||||||
Huntington Bancshares, Inc.† | 100 | 1,268 | ||||||
JPMorgan Chase & Co.† | 312 | 31,584 | ||||||
KeyCorp.† | 97 | 1,528 | ||||||
M&T Bank Corp.† | 14 | 2,198 | ||||||
People’s United Financial, Inc.† | 35 | 575 | ||||||
PNC Financial Services Group, Inc. (The)† | 44 | 5,397 | ||||||
Regions Financial Corp.† | 98 | 1,387 | ||||||
SunTrust Banks, Inc.† | 43 | 2,548 | ||||||
SVB Financial Group* | 5 | 1,112 | ||||||
US Bancorp† | 153 | 7,373 | ||||||
Wells Fargo & Co.† | 435 | 21,019 | ||||||
Zions Bancorp NA† | 18 | 817 | ||||||
|
| |||||||
125,247 | ||||||||
|
| |||||||
Capital Goods — 16.9% |
| |||||||
3M Co.† | 55 | 11,428 | ||||||
A.O. Smith Corp.† | 16 | 853 | ||||||
Acuity Brands, Inc. | 17 | 2,040 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
AGCO Corp.† | 56 | $ | 3,895 | |||||
Alamo Group, Inc. | 15 | 1,499 | ||||||
Allegion PLC (Ireland) | 9 | 816 | ||||||
Allison Transmission Holdings, Inc.† | 133 | 5,974 | ||||||
AMETEK, Inc.† | 22 | 1,825 | ||||||
Arconic, Inc.† | 46 | 879 | ||||||
Astronics Corp.* | 46 | 1,505 | ||||||
AZZ, Inc. | 80 | 3,274 | ||||||
BMC Stock Holdings, Inc.†* | 258 | 4,559 | ||||||
Boeing Co. (The)† | 54 | 20,597 | ||||||
BWX Technologies, Inc. | 182 | 9,024 | ||||||
Carlisle Cos., Inc.† | 49 | 6,008 | ||||||
Caterpillar, Inc.† | 55 | 7,452 | ||||||
Colfax Corp.†* | 222 | 6,589 | ||||||
Columbus McKinnon Corp. | 73 | 2,508 | ||||||
Comfort Systems USA, Inc. | 64 | 3,353 | ||||||
Continental Building Products, Inc.†* | 239 | 5,925 | ||||||
Crane Co.† | 94 | 7,954 | ||||||
Cummins, Inc.† | 15 | 2,368 | ||||||
Curtiss-Wright Corp. | 93 | 10,541 | ||||||
Deere & Co.† | 31 | 4,955 | ||||||
Douglas Dynamics, Inc. | 71 | 2,703 | ||||||
Dover Corp.† | 15 | 1,407 | ||||||
Eaton Corp. PLC (Ireland) | 41 | 3,303 | ||||||
EMCOR Group, Inc.† | 113 | 8,258 | ||||||
Emerson Electric Co.† | 59 | 4,040 | ||||||
Encore Wire Corp. | 58 | 3,319 | ||||||
EnPro Industries, Inc. | 2 | 129 | ||||||
Fastenal Co.† | 27 | 1,736 | ||||||
Flowserve Corp.† | 13 | 587 | ||||||
Fluor Corp.† | 14 | 515 | ||||||
Fortive Corp.† | 33 | 2,768 | ||||||
Fortune Brands Home & Security, Inc.† | 14 | 667 | ||||||
Franklin Electric Co., Inc. | 30 | 1,533 | ||||||
Gardner Denver Holdings, Inc.†* | 232 | 6,452 | ||||||
General Dynamics Corp.† | 28 | 4,740 | ||||||
General Electric Co.† | 828 | 8,272 | ||||||
Gibraltar Industries, Inc.* | 65 | 2,640 | ||||||
Global Brass & Copper Holdings, Inc. | 69 | 2,376 | ||||||
GrafTech International Ltd.† | 841 | 10,756 | ||||||
Granite Construction, Inc. | 33 | 1,424 | ||||||
Great Lakes Dredge & Dock Corp.* | 227 | 2,023 |
The accompanying notes are an integral part of the financial statements.
24
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Harris Corp.† | 12 | $ | 1,917 | |||||
HD Supply Holdings, Inc.* | 72 | 3,121 | ||||||
Herc Holdings, Inc.* | 143 | 5,574 | ||||||
Hexcel Corp.† | 117 | 8,092 | ||||||
Hillenbrand, Inc.† | 40 | 1,661 | ||||||
Honeywell International, Inc.† | 70 | 11,124 | ||||||
Hubbell, Inc.† | 57 | 6,725 | ||||||
Huntington Ingalls Industries, Inc. | 4 | 829 | ||||||
Illinois Tool Works, Inc.† | 32 | 4,593 | ||||||
Ingersoll-Rand PLC (Ireland)† | 23 | 2,483 | ||||||
ITT, Inc.† | 18 | 1,044 | ||||||
Jacobs Engineering Group, Inc.† | 14 | 1,053 | ||||||
Johnson Controls International PLC (Ireland)† | 87 | 3,214 | ||||||
KBR, Inc.† | 123 | 2,348 | ||||||
L3 Technologies, Inc. | 7 | 1,445 | ||||||
Lockheed Martin Corp.† | 27 | 8,104 | ||||||
Manitowoc Co., Inc. (The)†* | 369 | 6,055 | ||||||
Masco Corp.† | 28 | 1,101 | ||||||
MasTec, Inc.* | 167 | 8,033 | ||||||
Meritor, Inc.†* | 40 | 814 | ||||||
Milacron Holdings Corp.†* | 320 | 3,622 | ||||||
MRC Global, Inc.* | 428 | 7,481 | ||||||
National Presto Industries, Inc.† | 19 | 2,062 | ||||||
Navistar International Corp.* | 147 | 4,748 | ||||||
Northrop Grumman Corp.† | 17 | 4,583 | ||||||
NOW, Inc.†* | 209 | 2,918 | ||||||
nVent Electric PLC (Ireland)† | 78 | 2,104 | ||||||
Oshkosh Corp.† | 7 | 526 | ||||||
PACCAR, Inc.† | 34 | 2,317 | ||||||
Parker-Hannifin Corp.† | 13 | 2,231 | ||||||
Pentair PLC (Ireland)† | 17 | 757 | ||||||
Quanta Services, Inc.† | 14 | 528 | ||||||
Raytheon Co.† | 27 | 4,916 | ||||||
Regal Beloit Corp.† | 98 | 8,023 | ||||||
Resideo Technologies, Inc.* | 52 | 1,003 | ||||||
Rexnord Corp.†* | 200 | 5,028 | ||||||
Rockwell Automation, Inc.† | 12 | 2,106 | ||||||
Roper Technologies, Inc. | 9 | 3,078 | ||||||
Sensata Technologies Holding PLC (United Kingdom)* | 25 | 1,125 | ||||||
Snap-on, Inc. | 6 | 939 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Spirit AeroSystems Holdings, Inc., Class A† | 95 | $ | 8,695 | |||||
SPX Corp.* | 179 | 6,227 | ||||||
Stanley Black & Decker, Inc.† | 15 | 2,043 | ||||||
Teledyne Technologies, Inc.†* | 16 | 3,792 | ||||||
Tennant Co. | 22 | 1,366 | ||||||
Textron, Inc.† | 23 | 1,165 | ||||||
Thermon Group Holdings, Inc.* | 14 | 343 | ||||||
Timken Co. (The) | 85 | 3,708 | ||||||
TransDigm Group, Inc.* | 5 | 2,270 | ||||||
TriMas Corp.†* | 5 | 151 | ||||||
United Rentals, Inc.* | 8 | 914 | ||||||
United Technologies Corp.† | 81 | 10,440 | ||||||
Univar, Inc.†* | 434 | 9,609 | ||||||
Valmont Industries, Inc. | 3 | 390 | ||||||
Wabash National Corp. | 269 | 3,645 | ||||||
Wabtec Corp. | 9 | 663 | ||||||
Watts Water Technologies, Inc., Class A† | 82 | 6,627 | ||||||
WESCO International, Inc.†* | 69 | 3,658 | ||||||
WW Grainger, Inc. | 6 | 1,806 | ||||||
Xylem, Inc.† | 17 | 1,344 | ||||||
|
| |||||||
403,750 | ||||||||
|
| |||||||
Commercial & Professional Services — 4.2% |
| |||||||
ABM Industries, Inc.† | 29 | 1,054 | ||||||
Brink’s Co. (The) | 97 | 7,315 | ||||||
CBIZ, Inc.†* | 80 | 1,619 | ||||||
Cintas Corp. | 10 | 2,021 | ||||||
Clean Harbors, Inc.* | 151 | 10,801 | ||||||
Copart, Inc.†* | 23 | 1,394 | ||||||
Deluxe Corp.† | 208 | 9,094 | ||||||
Equifax, Inc.† | 12 | 1,422 | ||||||
FTI Consulting, Inc.†* | 119 | 9,142 | ||||||
Heidrick & Struggles International, Inc.† | 56 | 2,146 | ||||||
HNI Corp.† | 89 | 3,230 | ||||||
Huron Consulting Group, Inc.* | 62 | 2,928 | ||||||
ICF International, Inc. | 40 | 3,043 | ||||||
IHS Markit Ltd. (Bermuda)†* | 37 | 2,012 | ||||||
Kforce, Inc.† | 3 | 105 | ||||||
Korn Ferry | 181 | 8,105 | ||||||
ManpowerGroup, Inc.† | 115 | 9,509 |
The accompanying notes are an integral part of the financial statements.
25
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Navigant Consulting, Inc.† | 128 | $ | 2,492 | |||||
Nielsen Holdings PLC (United Kingdom)† | 33 | 781 | ||||||
Republic Services, Inc.† | 30 | 2,411 | ||||||
Robert Half International, Inc.† | 12 | 782 | ||||||
Rollins, Inc. | 32 | 1,332 | ||||||
Steelcase, Inc., Class A | 101 | 1,470 | ||||||
Team, Inc.* | 139 | 2,433 | ||||||
Tetra Tech, Inc.† | 27 | 1,609 | ||||||
Thomson Reuters Corp. (Canada) | 120 | 7,104 | ||||||
Verisk Analytics, Inc.† | 16 | 2,128 | ||||||
Waste Management, Inc.† | 40 | 4,156 | ||||||
|
| |||||||
101,638 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.0% |
| |||||||
Acushnet Holdings Corp.† | 118 | 2,731 | ||||||
BRP, Inc.,sub-voting shares (Canada) | 15 | 416 | ||||||
Brunswick Corp. | 3 | 151 | ||||||
Capri Holdings Ltd. (British Virgin Islands)†* | 14 | 641 | ||||||
Carter’s, Inc. | 34 | 3,427 | ||||||
Crocs, Inc.* | 2 | 52 | ||||||
Deckers Outdoor Corp.* | 58 | 8,525 | ||||||
DR Horton, Inc.† | 35 | 1,448 | ||||||
Ethan Allen Interiors, Inc.† | 217 | 4,151 | ||||||
Fossil Group, Inc.†* | 392 | 5,378 | ||||||
Garmin Ltd. (Switzerland)† | 18 | 1,554 | ||||||
G-III Apparel Group Ltd.* | 58 | 2,318 | ||||||
Hanesbrands, Inc. | 34 | 608 | ||||||
Hasbro, Inc.† | 12 | 1,020 | ||||||
Helen of Troy Ltd. (Bermuda)†* | 33 | 3,827 | ||||||
Installed Building Products, Inc.†* | 136 | 6,596 | ||||||
Leggett & Platt, Inc.† | 13 | 549 | ||||||
Lennar Corp., Class A† | 31 | 1,522 | ||||||
Lululemon Athletica, Inc.†* | 9 | 1,475 | ||||||
Mattel, Inc.†* | 33 | 429 | ||||||
Mohawk Industries, Inc.* | 7 | 883 | ||||||
Newell Brands, Inc.† | 40 | 614 | ||||||
NIKE, Inc., Class B† | 150 | 12,632 | ||||||
PulteGroup, Inc.† | 27 | 755 | ||||||
PVH Corp. | 8 | 976 | ||||||
Ralph Lauren Corp. | 7 | 908 | ||||||
Skechers U.S.A., Inc., Class A†* | 74 | 2,487 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Sonos, Inc.* | 309 | $ | 3,180 | |||||
Sturm Ruger & Co., Inc.† | 101 | 5,355 | ||||||
Tapestry, Inc.† | 27 | 877 | ||||||
TopBuild Corp.* | 139 | 9,010 | ||||||
Under Armour, Inc., Class C†* | 42 | 793 | ||||||
Universal Electronics, Inc.* | 2 | 74 | ||||||
VF Corp.† | 37 | 3,216 | ||||||
Whirlpool Corp. | 6 | 797 | ||||||
YETI Holdings, Inc.* | 178 | 5,384 | ||||||
|
| |||||||
94,759 | ||||||||
|
| |||||||
Consumer Services — 5.6% |
| |||||||
Aramark† | 261 | 7,713 | ||||||
Career Education Corp.* | 101 | 1,669 | ||||||
Carnival Corp. (Panama)† | 65 | 3,297 | ||||||
Cheesecake Factory, Inc. (The) | 50 | 2,446 | ||||||
Chipotle Mexican Grill, Inc.* | 2 | 1,421 | ||||||
Choice Hotels International, Inc.† | 34 | 2,643 | ||||||
Cracker Barrel Old Country Store, Inc. | 56 | 9,050 | ||||||
Darden Restaurants, Inc.† | 11 | 1,336 | ||||||
Denny’s Corp.* | 174 | 3,193 | ||||||
Graham Holdings Co., Class B† | 10 | 6,832 | ||||||
H&R Block, Inc.† | 20 | 479 | ||||||
Hilton Worldwide Holdings, Inc.† | 29 | 2,410 | ||||||
Houghton Mifflin Harcourt Co.* | 192 | 1,396 | ||||||
International Game Technology PLC (United Kingdom)† | 196 | 2,546 | ||||||
Jack in the Box, Inc.† | 89 | 7,214 | ||||||
K12, Inc.* | 116 | 3,959 | ||||||
Las Vegas Sands Corp. | 42 | 2,560 | ||||||
Laureate Education, Inc., Class A†* | 2 | 30 | ||||||
Marriott International, Inc., Class A† | 32 | 4,003 | ||||||
McDonald’s Corp.† | 73 | 13,863 | ||||||
MGM Resorts International† | 50 | 1,283 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)†* | 21 | 1,154 | ||||||
PlayAGS, Inc.* | 69 | 1,651 | ||||||
Regis Corp.†* | 9 | 177 | ||||||
Royal Caribbean Cruises Ltd. (Liberia)† | 20 | 2,292 | ||||||
Scientific Games Corp.* | 123 | 2,512 | ||||||
SeaWorld Entertainment, Inc.†* | 333 | 8,578 | ||||||
Starbucks Corp.† | 118 | 8,772 | ||||||
Stars Group, Inc. (The) (Canada)* | 23 | 403 |
The accompanying notes are an integral part of the financial statements.
26
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Weight Watchers International, Inc.†* | 615 | $ | 12,392 | |||||
Wyndham Hotels & Resorts, Inc.† | 244 | 12,198 | ||||||
Wynn Resorts Ltd. | 10 | 1,193 | ||||||
Yum! Brands, Inc.† | 30 | 2,994 | ||||||
|
| |||||||
133,659 | ||||||||
|
| |||||||
Diversified Financials — 5.4% |
| |||||||
Affiliated Managers Group, Inc. | 5 | 536 | ||||||
American Express Co.† | 81 | 8,853 | ||||||
Ameriprise Financial, Inc.† | 14 | 1,793 | ||||||
Bank of New York Mellon Corp. (The)† | 92 | 4,640 | ||||||
Berkshire Hathaway, Inc., Class B†* | 234 | 47,008 | ||||||
BlackRock, Inc.† | 15 | 6,411 | ||||||
Capital One Financial Corp.† | 44 | 3,594 | ||||||
Cboe Global Markets, Inc. | 10 | 954 | ||||||
Charles Schwab Corp. (The)† | 126 | 5,388 | ||||||
CME Group, Inc.† | 33 | 5,431 | ||||||
Discover Financial Services† | 31 | 2,206 | ||||||
E*TRADE Financial Corp.† | 23 | 1,068 | ||||||
Franklin Resources, Inc.† | 49 | 1,624 | ||||||
Goldman Sachs Group, Inc. (The)† | 36 | 6,912 | ||||||
Intercontinental Exchange, Inc.† | 54 | 4,112 | ||||||
Invesco Ltd. (Bermuda)† | 39 | 753 | ||||||
Moody’s Corp.† | 18 | 3,260 | ||||||
Morgan Stanley† | 161 | 6,794 | ||||||
MSCI, Inc. | 8 | 1,591 | ||||||
Nasdaq, Inc.† | 16 | 1,400 | ||||||
Northern Trust Corp.† | 21 | 1,899 | ||||||
Raymond James Financial, Inc.† | 14 | 1,126 | ||||||
S&P Global, Inc.† | 24 | 5,053 | ||||||
State Street Corp.† | 37 | 2,435 | ||||||
Synchrony Financial† | 68 | 2,169 | ||||||
T Rowe Price Group, Inc.† | 23 | 2,303 | ||||||
|
| |||||||
129,313 | ||||||||
|
| |||||||
Energy — 9.4% |
| |||||||
Anadarko Petroleum Corp.† | 46 | 2,092 | ||||||
Apache Corp.† | 36 | 1,248 | ||||||
Apergy Corp.* | 14 | 575 | ||||||
Cabot Oil & Gas Corp.† | 40 | 1,044 | ||||||
Cactus, Inc., Class A* | 7 | 249 | ||||||
Cameco Corp. (Canada)† | 184 | 2,169 | ||||||
Cenovus Energy, Inc. (Canada) | 257 | 2,231 | ||||||
Chevron Corp.† | 181 | 22,296 | ||||||
Cimarex Energy Co. | 9 | 629 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Concho Resources, Inc.† | 19 | $ | 2,108 | |||||
ConocoPhillips† | 108 | 7,208 | ||||||
CONSOL Energy, Inc.* | 32 | 1,095 | ||||||
Contura Energy, Inc.* | 53 | 3,070 | ||||||
CVR Energy, Inc.† | 64 | 2,637 | ||||||
Delek US Holdings, Inc.† | 161 | 5,864 | ||||||
Devon Energy Corp.† | 42 | 1,326 | ||||||
Diamondback Energy, Inc. | 15 | 1,523 | ||||||
Enbridge, Inc. (Canada) | 27 | 979 | ||||||
EOG Resources, Inc.† | 55 | 5,235 | ||||||
Equitrans Midstream Corp.† | 226 | 4,922 | ||||||
Exxon Mobil Corp.† | 403 | 32,562 | ||||||
FTS International, Inc.†* | 413 | 4,130 | ||||||
Green Plains, Inc. | 244 | 4,070 | ||||||
Halliburton Co.† | 83 | 2,432 | ||||||
Helix Energy Solutions Group, Inc.†* | 12 | 95 | ||||||
Helmerich & Payne, Inc. | 11 | 611 | ||||||
Hess Corp.† | 28 | 1,686 | ||||||
HollyFrontier Corp.† | 17 | 838 | ||||||
Keane Group, Inc.* | 408 | 4,443 | ||||||
Kinder Morgan, Inc.† | 215 | 4,302 | ||||||
Liberty Oilfield Services, Inc., | 376 | 5,787 | ||||||
Marathon Oil Corp.† | 78 | 1,303 | ||||||
Marathon Petroleum Corp. | 64 | 3,830 | ||||||
Matrix Service Co.* | 101 | 1,978 | ||||||
Nabors Industries Ltd. (Bermuda)† | 3,890 | 13,382 | ||||||
National Oilwell Varco, Inc.† | 36 | 959 | ||||||
Newpark Resources, Inc.* | 371 | 3,398 | ||||||
Noble Energy, Inc.† | 46 | 1,138 | ||||||
Occidental Petroleum Corp.† | 72 | 4,766 | ||||||
Oceaneering International, Inc.* | 66 | 1,041 | ||||||
ONEOK, Inc.† | 40 | 2,794 | ||||||
Patterson-UTI Energy, Inc.† | 600 | 8,412 | ||||||
Pembina Pipeline Corp. (Canada)† | 249 | 9,153 | ||||||
Phillips 66† | 43 | 4,092 | ||||||
Pioneer Natural Resources Co.† | 16 | 2,436 | ||||||
ProPetro Holding Corp.†* | 126 | 2,840 | ||||||
Renewable Energy Group, Inc.†* | 110 | 2,416 | ||||||
RPC, Inc.† | 439 | 5,009 | ||||||
Schlumberger Ltd. (Curacao)† | 132 | 5,751 | ||||||
SemGroup Corp., Class A | 206 | 3,036 | ||||||
TechnipFMC PLC (United Kingdom)† | 42 | 988 |
The accompanying notes are an integral part of the financial statements.
27
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Valero Energy Corp.† | 39 | $ | 3,308 | |||||
Vantage Energy Acquisition Corp., Class A* | 10 | 102 | ||||||
Weatherford International PLC (Ireland)* | 14,383 | 10,039 | ||||||
Williams Cos., Inc. (The)† | 115 | 3,303 | ||||||
|
| |||||||
224,930 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.6% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.†* | 240 | 6,576 | ||||||
Costco Wholesale Corp.† | 41 | 9,928 | ||||||
Ingles Markets, Inc., Class A | 16 | 442 | ||||||
Kroger Co. (The)† | 76 | 1,870 | ||||||
Rite Aid Corp.* | 1,192 | 757 | ||||||
SpartanNash Co. | 13 | 206 | ||||||
Sprouts Farmers Market, Inc.* | 66 | 1,422 | ||||||
Sysco Corp.† | 49 | 3,271 | ||||||
US Foods Holding Corp.†* | 146 | 5,097 | ||||||
Walgreens Boots Alliance, Inc.† | 89 | 5,631 | ||||||
Walmart, Inc.† | 273 | 26,626 | ||||||
|
| |||||||
61,826 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 5.9% |
| |||||||
Altria Group, Inc.† | 178 | 10,223 | ||||||
Archer-Daniels-Midland Co.† | 54 | 2,329 | ||||||
B&G Foods, Inc.† | 223 | 5,446 | ||||||
Boston Beer Co., Inc., Class A* | 1 | 295 | ||||||
Brown-Forman Corp., Class B | 46 | 2,428 | ||||||
Campbell Soup Co.† | 29 | 1,106 | ||||||
Coca-Cola Co. (The)† | 406 | 19,025 | ||||||
Conagra Brands, Inc. | 47 | 1,304 | ||||||
Constellation Brands, Inc., Class A† | 19 | 3,331 | ||||||
Cott Corp. (Canada) | 17 | 248 | ||||||
General Mills, Inc.† | 57 | 2,950 | ||||||
Hershey Co. (The)† | 20 | 2,297 | ||||||
Hormel Foods Corp. | 51 | 2,283 | ||||||
JM Smucker Co. (The)† | 11 | 1,282 | ||||||
John B. Sanfilippo & Son, Inc. | 32 | 2,300 | ||||||
Kellogg Co.† | 33 | 1,894 | ||||||
Kraft Heinz Co. (The)† | 116 | 3,787 | ||||||
Lamb Weston Holdings, Inc. | 13 | 974 | ||||||
Lancaster Colony Corp.† | 40 | 6,268 | ||||||
McCormick & Co., Inc.,non-voting shares† | 13 | 1,958 | ||||||
MGP Ingredients, Inc. | 16 | 1,234 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Molson Coors Brewing Co., Class B† | 21 | $ | 1,253 | |||||
Mondelez International, Inc., Class A† | 137 | 6,839 | ||||||
Monster Beverage Corp.†* | 51 | 2,784 | ||||||
National Beverage Corp. | 19 | 1,097 | ||||||
PepsiCo, Inc.† | 134 | 16,422 | ||||||
Philip Morris International, Inc.† | 147 | 12,993 | ||||||
Pilgrim’s Pride Corp.†* | 154 | 3,433 | ||||||
Post Holdings, Inc.†* | 67 | 7,330 | ||||||
Tootsie Roll Industries, Inc. | 76 | 2,830 | ||||||
TreeHouse Foods, Inc.†* | 190 | 12,264 | ||||||
Tyson Foods, Inc., Class A† | 34 | 2,361 | ||||||
Vector Group Ltd. | 2 | 22 | ||||||
|
| |||||||
142,590 | ||||||||
|
| |||||||
Health Care Equipment & Services — 12.6% |
| |||||||
Abbott Laboratories† | 167 | 13,350 | ||||||
ABIOMED, Inc.†* | 5 | 1,428 | ||||||
Align Technology, Inc.†* | 7 | 1,990 | ||||||
Allscripts Healthcare Solutions, Inc.* | 956 | 9,120 | ||||||
Amedisys, Inc.†* | 39 | 4,807 | ||||||
AmerisourceBergen Corp.† | 20 | 1,590 | ||||||
AMN Healthcare Services, Inc.* | 25 | 1,177 | ||||||
Anthem, Inc.† | 24 | 6,888 | ||||||
Apollo Medical Holdings, Inc.* | 15 | 275 | ||||||
Baxter International, Inc.† | 49 | 3,984 | ||||||
Becton Dickinson and Co.† | 26 | 6,493 | ||||||
Boston Scientific Corp.†* | 131 | 5,028 | ||||||
Cardinal Health, Inc.† | 29 | 1,396 | ||||||
Centene Corp.†* | 39 | 2,071 | ||||||
Cerner Corp.†* | 32 | 1,831 | ||||||
Cigna Corp.† | 37 | 5,950 | ||||||
CONMED Corp.† | 59 | 4,908 | ||||||
Cooper Cos., Inc. (The) | 5 | 1,481 | ||||||
CorVel Corp.* | 22 | 1,435 | ||||||
CryoLife, Inc.†* | 107 | 3,121 | ||||||
CVS Health Corp.† | 123 | 6,633 | ||||||
Danaher Corp.† | 67 | 8,845 | ||||||
DaVita, Inc.†* | 16 | 869 | ||||||
DENTSPLY SIRONA, Inc.† | 21 | 1,041 | ||||||
Edwards Lifesciences Corp.†* | 20 | 3,827 | ||||||
Globus Medical, Inc., Class A†* | 69 | 3,409 | ||||||
HCA Healthcare, Inc.† | 32 | 4,172 | ||||||
HealthStream, Inc.* | 4 | 112 | ||||||
Henry Schein, Inc.†* | 14 | 842 |
The accompanying notes are an integral part of the financial statements.
28
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Hill-Rom Holdings, Inc.† | 65 | $ | 6,881 | |||||
HMS Holdings Corp.†* | 348 | 10,304 | ||||||
Hologic, Inc.†* | 25 | 1,210 | ||||||
Humana, Inc.† | 13 | 3,458 | ||||||
IDEXX Laboratories, Inc.* | 8 | 1,789 | ||||||
Inogen, Inc.†* | 63 | 6,008 | ||||||
Inovalon Holdings, Inc., Class A†* | 116 | 1,442 | ||||||
Integer Holdings Corp.†* | 113 | 8,522 | ||||||
Integra LifeSciences Holdings Corp.†* | 85 | 4,736 | ||||||
Intuitive Surgical, Inc.†* | 10 | 5,706 | ||||||
Laboratory Corp. of America Holdings* | 10 | 1,530 | ||||||
Lantheus Holdings, Inc.* | 120 | 2,938 | ||||||
LHC Group, Inc.* | 3 | 333 | ||||||
LivaNova PLC (United Kingdom)†* | 75 | 7,294 | ||||||
Masimo Corp.†* | 49 | 6,776 | ||||||
McKesson Corp.† | 19 | 2,224 | ||||||
MEDNAX, Inc.†* | 251 | 6,820 | ||||||
Medtronic PLC (Ireland)† | 128 | 11,658 | ||||||
Meridian Bioscience, Inc. | 158 | 2,782 | ||||||
National HealthCare Corp. | 4 | 304 | ||||||
Natus Medical, Inc.* | 177 | 4,492 | ||||||
NextGen Healthcare, Inc.†* | 165 | 2,777 | ||||||
NOVOCURE Ltd. (Jersey)* | 11 | 530 | ||||||
NuVasive, Inc.†* | 89 | 5,054 | ||||||
Omnicell, Inc.†* | 84 | 6,791 | ||||||
Patterson Cos., Inc. | 107 | 2,338 | ||||||
Quest Diagnostics, Inc.† | 13 | 1,169 | ||||||
Quidel Corp.* | 37 | 2,422 | ||||||
ResMed, Inc.† | 13 | 1,352 | ||||||
Select Medical Holdings Corp.†* | 227 | 3,198 | ||||||
STERIS PLC (Ireland)† | 66 | 8,450 | ||||||
Stryker Corp.† | 36 | 7,111 | ||||||
Tabula Rasa HealthCare, Inc.†* | 19 | 1,072 | ||||||
Tactile Systems Technology, Inc.* | 10 | 527 | ||||||
Teleflex, Inc. | 5 | 1,511 | ||||||
Tivity Health, Inc.* | 488 | 8,569 | ||||||
UnitedHealth Group, Inc.† | 91 | 22,501 | ||||||
Universal Health Services, Inc., Class B | 9 | 1,204 | ||||||
Varex Imaging Corp.* | 78 | 2,643 | ||||||
Varian Medical Systems, Inc.* | 9 | 1,275 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Veeva Systems, Inc., Class A†* | 39 | $ | 4,948 | |||||
WellCare Health Plans, Inc.* | 4 | 1,079 | ||||||
West Pharmaceutical Services, Inc. | 66 | 7,273 | ||||||
Zimmer Biomet Holdings, Inc.† | 19 | 2,426 | ||||||
|
| |||||||
301,500 | ||||||||
|
| |||||||
Household & Personal Products — 2.3% |
| |||||||
Church & Dwight Co., Inc.† | 24 | 1,710 | ||||||
Clorox Co. (The)† | 13 | 2,086 | ||||||
Colgate-Palmolive Co.† | 82 | 5,620 | ||||||
Coty, Inc., Class A† | 72 | 828 | ||||||
Edgewell Personal Care Co.* | 8 | 351 | ||||||
Energizer Holdings, Inc.† | 154 | 6,919 | ||||||
Estee Lauder Cos., Inc. (The), Class A† | 35 | 5,794 | ||||||
Inter Parfums, Inc. | 51 | 3,869 | ||||||
Kimberly-Clark Corp.† | 33 | 4,089 | ||||||
Procter & Gamble Co. (The)† | 238 | 24,764 | ||||||
|
| |||||||
56,030 | ||||||||
|
| |||||||
Insurance — 2.2% | ||||||||
Aflac, Inc.† | 72 | 3,600 | ||||||
Allstate Corp. (The)† | 31 | 2,920 | ||||||
American International Group, Inc.† | 83 | 3,574 | ||||||
Aon PLC (United Kingdom)† | 23 | 3,926 | ||||||
Arthur J Gallagher & Co.† | 18 | 1,406 | ||||||
Assurant, Inc. | 6 | 569 | ||||||
Brighthouse Financial, Inc.* | 11 | 399 | ||||||
Chubb Ltd. (Switzerland)† | 43 | 6,023 | ||||||
Cincinnati Financial Corp.† | 15 | 1,288 | ||||||
Everest Re Group Ltd. (Bermuda) | 3 | 648 | ||||||
Hartford Financial Services Group, Inc. (The)† | 34 | 1,690 | ||||||
Lincoln National Corp.† | 20 | 1,174 | ||||||
Loews Corp.† | 30 | 1,438 | ||||||
Marsh & McLennan Cos., Inc.† | 48 | 4,507 | ||||||
MetLife, Inc.† | 91 | 3,874 | ||||||
Principal Financial Group, Inc.† | 26 | 1,305 | ||||||
Progressive Corp. (The)† | 55 | 3,965 | ||||||
Prudential Financial, Inc.† | 39 | 3,583 | ||||||
Torchmark Corp.† | 10 | 820 | ||||||
Travelers Cos., Inc. (The)† | 25 | 3,429 | ||||||
Unum Group† | 20 | 677 | ||||||
Willis Towers Watson PLC (Ireland)† | 12 | 2,108 | ||||||
|
| |||||||
52,923 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
29
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — 7.1% |
| |||||||
A. Schulman, Inc. CVR†(a) | 136 | $ | 71 | |||||
Air Products & Chemicals, Inc.† | 21 | 4,010 | ||||||
Albemarle Corp. | 10 | 820 | ||||||
Avery Dennison Corp. | 9 | 1,017 | ||||||
Axalta Coating Systems Ltd. (Bermuda)* | 438 | 11,042 | ||||||
Ball Corp.† | 32 | 1,852 | ||||||
Bemis Co., Inc. | 24 | 1,332 | ||||||
Celanese Corp.† | 12 | 1,183 | ||||||
CF Industries Holdings, Inc.† | 21 | 858 | ||||||
Crown Holdings, Inc.* | 15 | 819 | ||||||
Domtar Corp.† | 85 | 4,220 | ||||||
DowDuPont, Inc.† | 216 | 11,515 | ||||||
Eagle Materials, Inc.† | 27 | 2,276 | ||||||
Eastman Chemical Co.† | 13 | 986 | ||||||
Ecolab, Inc.† | 28 | 4,943 | ||||||
FMC Corp.† | 13 | 999 | ||||||
Freeport-McMoRan, Inc.† | 137 | 1,766 | ||||||
FutureFuel Corp. | 92 | 1,233 | ||||||
H.B. Fuller Co.† | 145 | 7,053 | ||||||
Innospec, Inc. | 62 | 5,168 | ||||||
International Flavors & Fragrances, Inc. | 11 | 1,417 | ||||||
International Paper Co.† | 39 | 1,805 | ||||||
Kraton Corp.†* | 167 | 5,374 | ||||||
Linde PLC (Ireland)† | 51 | 8,972 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 35 | 2,943 | ||||||
Martin Marietta Materials, Inc. | 6 | 1,207 | ||||||
Methanex Corp. (Canada) | 28 | 1,592 | ||||||
Minerals Technologies, Inc. | 49 | 2,881 | ||||||
Mosaic Co. (The)† | 36 | 983 | ||||||
Newmont Mining Corp.† | 51 | 1,824 | ||||||
Norbord, Inc. (Canada)† | 129 | 3,554 | ||||||
Nucor Corp.† | 29 | 1,692 | ||||||
Nutrien Ltd. (Canada) | 182 | 9,602 | ||||||
Olin Corp.† | 530 | 12,264 | ||||||
Owens-Illinois, Inc. | 23 | 437 | ||||||
Packaging Corp. of America | 9 | 894 | ||||||
PolyOne Corp.† | 295 | 8,646 | ||||||
PPG Industries, Inc.† | 23 | 2,596 | ||||||
PQ Group Holdings, Inc.* | 5 | 76 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Rayonier Advanced Materials, Inc.† | 456 | $ | 6,183 | |||||
Schweitzer-Mauduit International, Inc.† | 49 | 1,897 | ||||||
Scotts Miracle-Gro Co. (The)† | 32 | 2,515 | ||||||
Sealed Air Corp.† | 15 | 691 | ||||||
Sherwin-Williams Co. (The)† | 9 | 3,876 | ||||||
Silgan Holdings, Inc.† | 298 | 8,830 | ||||||
Stepan Co. | 7 | 613 | ||||||
US Concrete, Inc.* | 35 | 1,450 | ||||||
Verso Corp., Class A†* | 254 | 5,441 | ||||||
Vulcan Materials Co.† | 13 | 1,539 | ||||||
Westlake Chemical Corp. | 71 | 4,818 | ||||||
Westrock Co. | 24 | 920 | ||||||
|
| |||||||
170,695 | ||||||||
|
| |||||||
Media & Entertainment — 12.0% |
| |||||||
Activision Blizzard, Inc.† | 72 | 3,278 | ||||||
Alphabet, Inc., Class A†* | 66 | 77,675 | ||||||
ANGI Homeservices, Inc., Class A†* | 321 | 4,956 | ||||||
Cars.com, Inc.†* | 441 | 10,055 | ||||||
CBS Corp., Class B, non-voting shares† | 35 | 1,664 | ||||||
Charter Communications, Inc., | 21 | 7,285 | ||||||
Cinemark Holdings, Inc.† | 72 | 2,879 | ||||||
Clear Channel Outdoor Holdings, Inc., Class A* | 9 | 48 | ||||||
Comcast Corp., Class A† | 430 | 17,191 | ||||||
Discovery, Inc., Class A†* | 67 | 1,810 | ||||||
DISH Network Corp., Class A†* | 44 | 1,394 | ||||||
Electronic Arts, Inc.†* | 28 | 2,846 | ||||||
Emerald Expositions Events, Inc. | 41 | 521 | ||||||
EW Scripps Co. (The), Class A | 265 | 5,565 | ||||||
Facebook, Inc., Class A†* | 271 | 45,173 | ||||||
Fox Corp., Class A* | 58 | 2,129 | ||||||
Gannett Co., Inc.† | 212 | 2,234 | ||||||
Glu Mobile, Inc.* | 269 | 2,943 | ||||||
Gray Television, Inc.†* | 554 | 11,833 | ||||||
IAC/InterActiveCorp.†* | 52 | 10,926 | ||||||
Interpublic Group of Cos., Inc. (The)† | 37 | 777 | ||||||
Loral Space & Communications, Inc.†* | 35 | 1,262 | ||||||
Marcus Corp. (The)† | 133 | 5,327 | ||||||
MSG Networks, Inc., Class A†* | 230 | 5,002 | ||||||
National CineMedia, Inc. | 272 | 1,918 |
The accompanying notes are an integral part of the financial statements.
30
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Netflix, Inc.†* | 41 | $ | 14,619 | |||||
New Media Investment Group, Inc.† | 289 | 3,034 | ||||||
News Corp., Class A† | 55 | 684 | ||||||
Omnicom Group, Inc.† | 22 | 1,606 | ||||||
QuinStreet, Inc.†* | 507 | 6,789 | ||||||
Scholastic Corp. | 1 | 40 | ||||||
Sirius XM Holdings, Inc. | 512 | 2,903 | ||||||
Take-Two Interactive Software, Inc.* | 10 | 944 | ||||||
TEGNA, Inc.† | 516 | 7,276 | ||||||
Tribune Media Co., Class A† | 56 | 2,584 | ||||||
TripAdvisor, Inc.†* | 13 | 669 | ||||||
Twitter, Inc.†* | 72 | 2,367 | ||||||
Viacom, Inc., Class B† | 38 | 1,067 | ||||||
Walt Disney Co. (The)† | 142 | 15,766 | ||||||
|
| |||||||
287,039 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 10.4% |
| |||||||
AbbVie, Inc.† | 140 | 11,283 | ||||||
Agilent Technologies, Inc.† | 30 | 2,411 | ||||||
Alexion Pharmaceuticals, Inc.†* | 21 | 2,839 | ||||||
Alkermes PLC (Ireland)* | 3 | 109 | ||||||
Allergan PLC (Ireland)† | 32 | 4,685 | ||||||
Amgen, Inc.† | 60 | 11,399 | ||||||
Amneal Pharmaceuticals, Inc.* | 109 | 1,545 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 60 | 1,101 | ||||||
Biogen, Inc.†* | 19 | 4,491 | ||||||
Bio-Rad Laboratories, Inc., Class A†* | 12 | 3,668 | ||||||
Bristol-Myers Squibb Co.† | 156 | 7,443 | ||||||
Bruker Corp.† | 243 | 9,341 | ||||||
CareDx, Inc.* | 35 | 1,103 | ||||||
Celgene Corp.†* | 66 | 6,226 | ||||||
Charles River Laboratories International, Inc.†* | 22 | 3,196 | ||||||
Corcept Therapeutics, Inc.†* | 51 | 599 | ||||||
Eli Lilly & Co.† | 101 | 13,106 | ||||||
Enanta Pharmaceuticals, Inc.†* | 30 | 2,866 | ||||||
Exelixis, Inc.* | 141 | �� | 3,356 | |||||
Genomic Health, Inc.* | 11 | 771 | ||||||
Gilead Sciences, Inc.† | 121 | 7,866 | ||||||
Horizon Pharma PLC (Ireland)* | 4 | 106 | ||||||
llIumina, Inc.†* | 14 | 4,350 | ||||||
Incyte Corp.†* | 21 | 1,806 | ||||||
Innoviva, Inc.†* | 5 | 70 | ||||||
IQVIA Holdings, Inc.†* | 19 | 2,733 | ||||||
Jazz Pharmaceuticals PLC (Ireland)* | 13 | 1,858 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Johnson & Johnson† | 254 | $ | 35,507 | |||||
Ligand Pharmaceuticals, Inc.* | 2 | 251 | ||||||
Mallinckrodt PLC (Ireland)* | 107 | 2,326 | ||||||
Medpace Holdings, Inc.†* | 168 | 9,907 | ||||||
Merck & Co., Inc.† | 246 | 20,460 | ||||||
Mettler-Toledo International, Inc.* | 2 | 1,446 | ||||||
Mylan NV (Netherlands)†* | 50 | 1,417 | ||||||
Nektar Therapeutics* | 16 | 538 | ||||||
Neurocrine Biosciences, Inc.* | 5 | 440 | ||||||
PerkinElmer, Inc. | 11 | 1,060 | ||||||
Perrigo Co. PLC (Ireland)† | 13 | 626 | ||||||
Pfizer, Inc.† | 543 | 23,061 | ||||||
PRA Health Sciences, Inc.†* | 66 | 7,279 | ||||||
Regeneron Pharmaceuticals, Inc.†* | 12 | 4,927 | ||||||
REGENXBIO, Inc.* | 10 | 573 | ||||||
Repligen Corp.* | 6 | 354 | ||||||
Sarepta Therapeutics, Inc.* | 9 | 1,073 | ||||||
Seattle Genetics, Inc.* | 2 | 146 | ||||||
Supernus Pharmaceuticals, Inc.* | 86 | 3,013 | ||||||
Syneos Health, Inc.* | 39 | 2,019 | ||||||
Thermo Fisher Scientific, Inc.† | 39 | 10,675 | ||||||
Vertex Pharmaceuticals, Inc.†* | 24 | 4,415 | ||||||
Waters Corp.* | 7 | 1,762 | ||||||
Zoetis, Inc.† | 45 | 4,530 | ||||||
|
| |||||||
248,132 | ||||||||
|
| |||||||
Real Estate — 2.9% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 10 | 1,426 | ||||||
American Tower Corp., REIT† | 41 | 8,079 | ||||||
Apartment Investment & Management Co., Class A, REIT† | 13 | 654 | ||||||
AvalonBay Communities, Inc., REIT† | 13 | 2,609 | ||||||
Boston Properties, Inc., REIT† | 14 | 1,874 | ||||||
CBRE Group, Inc., Class A†* | 32 | 1,582 | ||||||
Crown Castle International Corp., REIT† | 39 | 4,992 | ||||||
Digital Realty Trust, Inc., REIT† | 19 | 2,261 | ||||||
Duke Realty Corp., REIT† | 34 | 1,040 | ||||||
Equinix, Inc., REIT | 7 | 3,172 | ||||||
Equity Residential, REIT† | 35 | 2,636 | ||||||
Essex Property Trust, Inc., REIT | 6 | 1,735 | ||||||
Extra Space Storage, Inc., REIT† | 12 | 1,223 |
The accompanying notes are an integral part of the financial statements.
31
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Federal Realty Investment Trust, REIT | 8 | $ | 1,103 | |||||
HCP, Inc., REIT† | 45 | 1,408 | ||||||
Host Hotels & Resorts, Inc., REIT† | 71 | 1,342 | ||||||
Iron Mountain, Inc., REIT† | 27 | 957 | ||||||
Kimco Realty Corp., REIT† | 40 | 740 | ||||||
Macerich Co. (The), REIT† | 13 | 564 | ||||||
Mid-America Apartment Communities, Inc., REIT | 10 | 1,093 | ||||||
Prologis, Inc., REIT† | 59 | 4,245 | ||||||
Public Storage, REIT† | 17 | 3,702 | ||||||
Realty Income Corp., REIT† | 28 | 2,060 | ||||||
Regency Centers Corp., REIT† | 16 | 1,080 | ||||||
SBA Communications Corp., REIT* | 11 | 2,196 | ||||||
Simon Property Group, Inc., REIT† | 29 | 5,284 | ||||||
SL Green Realty Corp., REIT | 8 | 719 | ||||||
UDR, Inc., REIT† | 26 | 1,182 | ||||||
Ventas, Inc., REIT† | 33 | 2,106 | ||||||
Vornado Realty Trust, REIT† | 18 | 1,214 | ||||||
Welltower, Inc., REIT† | 37 | 2,871 | ||||||
Weyerhaeuser Co., REIT† | 70 | 1,844 | ||||||
|
| |||||||
68,993 | ||||||||
|
| |||||||
Retailing — 11.9% |
| |||||||
1-800-Flowers.com, Inc., Class A* | 176 | 3,208 | ||||||
Abercrombie & Fitch Co., Class A | 18 | 493 | ||||||
Advance Auto Parts, Inc. | 7 | 1,194 | ||||||
Amazon.com, Inc.†* | 46 | 81,914 | ||||||
Asbury Automotive Group, Inc.* | 66 | 4,578 | ||||||
AutoZone, Inc.* | 3 | 3,072 | ||||||
Bed Bath & Beyond, Inc.† | 391 | 6,643 | ||||||
Best Buy Co., Inc.† | 26 | 1,848 | ||||||
Booking Holdings, Inc.†* | 4 | 6,980 | ||||||
Boot Barn Holdings, Inc.†* | 46 | 1,354 | ||||||
Buckle, Inc. (The) | 5 | 94 | ||||||
CarMax, Inc.†* | 16 | 1,117 | ||||||
Core-Mark Holding Co., Inc.† | 143 | 5,310 | ||||||
Dollar General Corp.† | 25 | 2,982 | ||||||
Dollar Tree, Inc.†* | 22 | 2,311 | ||||||
eBay, Inc.† | 86 | 3,194 | ||||||
Etsy, Inc.†* | 220 | 14,788 | ||||||
Expedia Group, Inc.† | 14 | 1,666 | ||||||
Floor & Decor Holdings, Inc.* | 7 | 289 | ||||||
Foot Locker, Inc.† | 11 | 667 | ||||||
Gap, Inc. (The)† | 36 | 942 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Genesco, Inc.* | 116 | $ | 5,284 | |||||
Genuine Parts Co.† | 14 | 1,568 | ||||||
Group 1 Automotive, Inc.† | 112 | 7,246 | ||||||
Home Depot, Inc. (The)† | 107 | 20,532 | ||||||
Hudson Ltd., Class A (Bermuda)* | 57 | 784 | ||||||
Kohl’s Corp.† | 16 | 1,100 | ||||||
L Brands, Inc.† | 27 | 745 | ||||||
LKQ Corp.†* | 30 | 851 | ||||||
Lowe’s Cos., Inc.† | 76 | 8,320 | ||||||
Macy’s, Inc.† | 30 | 721 | ||||||
Michaels Cos., Inc. (The)* | 581 | 6,635 | ||||||
Murphy USA, Inc.†* | 105 | 8,990 | ||||||
Nordstrom, Inc.† | 15 | 666 | ||||||
Office Depot, Inc.† | 3,001 | 10,894 | ||||||
O’Reilly Automotive, Inc.* | 8 | 3,106 | ||||||
PetMed Express, Inc.† | 258 | 5,877 | ||||||
Pool Corp. | 30 | 4,949 | ||||||
Qurate Retail, Inc.†* | 553 | 8,837 | ||||||
Ross Stores, Inc.† | 35 | 3,258 | ||||||
Shutterstock, Inc. | 63 | 2,938 | ||||||
Sleep Number Corp.†* | 73 | 3,431 | ||||||
Sonic Automotive, Inc., Class A | 136 | 2,014 | ||||||
Stamps.com, Inc.†* | 114 | 9,281 | ||||||
Target Corp.† | 50 | 4,013 | ||||||
Tiffany & Co.† | 12 | 1,267 | ||||||
TJX Cos., Inc. (The)† | 118 | 6,279 | ||||||
Tractor Supply Co.† | 12 | 1,173 | ||||||
Ulta Beauty, Inc.* | 5 | 1,744 | ||||||
Urban Outfitters, Inc.†* | 219 | 6,491 | ||||||
Zumiez, Inc.* | 51 | 1,269 | ||||||
|
| |||||||
284,907 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.4% |
| |||||||
Advanced Micro Devices, Inc.†* | 115 | 2,935 | ||||||
Amkor Technology, Inc.* | 619 | 5,286 | ||||||
Analog Devices, Inc.† | 35 | 3,684 | ||||||
Applied Materials, Inc.† | 91 | 3,609 | ||||||
Axcelis Technologies, Inc.* | 154 | 3,098 | ||||||
Broadcom, Inc.† | 38 | 11,427 | ||||||
Cabot Microelectronics Corp.† | 6 | 672 | ||||||
Cirrus Logic, Inc.* | 65 | 2,735 | ||||||
Cypress Semiconductor Corp.† | 346 | 5,162 | ||||||
Diodes, Inc.†* | 195 | 6,766 | ||||||
Integrated Device Technology, Inc.†* | 65 | 3,184 |
The accompanying notes are an integral part of the financial statements.
32
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Intel Corp.† | 430 | $ | 23,091 | |||||
KLA-Tencor Corp.† | 15 | 1,791 | ||||||
Lam Research Corp.† | 16 | 2,864 | ||||||
Lattice Semiconductor Corp.†* | 361 | 4,307 | ||||||
Marvell Technology Group Ltd. (Bermuda) | 120 | 2,387 | ||||||
Maxim Integrated Products, Inc.† | 26 | 1,382 | ||||||
Microchip Technology, Inc.† | 25 | 2,074 | ||||||
Micron Technology, Inc.†* | 107 | 4,422 | ||||||
MKS Instruments, Inc.† | 40 | 3,722 | ||||||
NVIDIA Corp.† | 59 | 10,594 | ||||||
ON Semiconductor Corp.†* | 600 | 12,342 | ||||||
Qorvo, Inc.†* | 12 | 861 | ||||||
QUALCOMM, Inc.† | 114 | 6,501 | ||||||
Semtech Corp.†* | 51 | 2,596 | ||||||
Skyworks Solutions, Inc.† | 17 | 1,402 | ||||||
Teradyne, Inc. | 102 | 4,064 | ||||||
Texas Instruments, Inc.† | 92 | 9,758 | ||||||
Versum Materials, Inc.† | 71 | 3,572 | ||||||
Xilinx, Inc.† | 24 | 3,043 | ||||||
Xperi Corp. | 124 | 2,902 | ||||||
|
| |||||||
152,233 | ||||||||
|
| |||||||
Software & Services — 20.1% |
| |||||||
Accenture PLC, Class A (Ireland)† | 60 | 10,561 | ||||||
ACI Worldwide, Inc.†* | 180 | 5,917 | ||||||
Adobe, Inc.†* | 46 | 12,259 | ||||||
Akamai Technologies, Inc.†* | 15 | 1,076 | ||||||
Alarm.com Holdings, Inc.* | 104 | 6,750 | ||||||
Alliance Data Systems Corp. | 5 | 875 | ||||||
Altair Engineering, Inc., Class A* | 11 | 405 | ||||||
Alteryx, Inc., Class A* | 59 | 4,948 | ||||||
Amdocs, Ltd. (Guernsey) | 64 | 3,463 | ||||||
ANSYS, Inc.* | 8 | 1,462 | ||||||
Appfolio, Inc., Class A†* | 16 | 1,270 | ||||||
Aspen Technology, Inc.†* | 31 | 3,232 | ||||||
Atlassian Corp. PLC, Class A (United Kingdom)* | 8 | 899 | ||||||
Autodesk, Inc.†* | 21 | 3,272 | ||||||
Automatic Data Processing, Inc.† | 42 | 6,709 | ||||||
Avaya Holdings Corp.†* | 313 | 5,268 | ||||||
Blackbaud, Inc.† | 72 | 5,741 | ||||||
Booz Allen Hamilton Holding Corp.† | 9 | 523 | ||||||
Bottomline Technologies DE, Inc.* | 27 | 1,352 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Broadridge Financial Solutions, Inc. | 11 | $ | 1,141 | |||||
Cadence Design Systems, Inc.†* | 27 | 1,715 | ||||||
Carbonite, Inc.†* | 101 | 2,506 | ||||||
Cardtronics PLC, Class A (United Kingdom)†* | 22 | 783 | ||||||
CDK Global, Inc.† | 76 | 4,470 | ||||||
CGI, Inc. (Canada)†* | 2 | 138 | ||||||
Cision Ltd. (Cayman Islands)†* | 150 | 2,066 | ||||||
Citrix Systems, Inc.† | 13 | 1,296 | ||||||
Cognizant Technology Solutions Corp., Class A† | 54 | 3,912 | ||||||
CommVault Systems, Inc.†* | 49 | 3,172 | ||||||
Conduent, Inc.* | 431 | 5,961 | ||||||
CSG Systems International, Inc. | 103 | 4,357 | ||||||
Descartes Systems Group, Inc. (The) (Canada)* | 49 | 1,783 | ||||||
DXC Technology Co.† | 26 | 1,672 | ||||||
Endurance International Group Holdings, Inc.†* | 295 | 2,139 | ||||||
Euronet Worldwide, Inc.* | 13 | 1,854 | ||||||
Fair Isaac Corp.†* | 19 | 5,161 | ||||||
Fidelity National Information Services, Inc.† | 31 | 3,506 | ||||||
Fiserv, Inc.†* | 37 | 3,266 | ||||||
FleetCor Technologies, Inc.* | 8 | 1,973 | ||||||
Fortinet, Inc.†* | 16 | 1,344 | ||||||
Gartner, Inc.* | 9 | 1,365 | ||||||
Global Payments, Inc.† | 15 | 2,048 | ||||||
Globant SA (Luxembourg)†* | 84 | 5,998 | ||||||
GoDaddy, Inc., Class A†* | 18 | 1,353 | ||||||
GTT Communications, Inc.* | 78 | 2,707 | ||||||
International Business Machines Corp.† | 85 | 11,994 | ||||||
Intuit, Inc.† | 24 | 6,274 | ||||||
j2 Global, Inc.† | 31 | 2,685 | ||||||
Jack Henry & Associates, Inc. | 7 | 971 | ||||||
LiveRamp Holdings, Inc.†* | 160 | 8,731 | ||||||
Manhattan Associates, Inc.†* | 61 | 3,362 | ||||||
Mastercard, Inc., Class A† | 97 | 22,839 | ||||||
Microsoft Corp.† | 729 | 85,978 | ||||||
Monotype Imaging Holdings, Inc. | 158 | 3,143 | ||||||
Nuance Communications, Inc.†* | 371 | 6,281 | ||||||
Open Text Corp. (Canada)† | 107 | 4,112 | ||||||
Oracle Corp.† | 346 | 18,584 |
The accompanying notes are an integral part of the financial statements.
33
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Palo Alto Networks, Inc.†* | 39 | $ | 9,472 | |||||
Paychex, Inc.† | 35 | 2,807 | ||||||
Paycom Software, Inc.†* | 51 | 9,646 | ||||||
Paylocity Holding Corp.* | 6 | 535 | ||||||
PayPal Holdings, Inc.†* | 111 | 11,526 | ||||||
Pegasystems, Inc. | 25 | 1,625 | ||||||
Perficient, Inc.†* | 3 | 82 | ||||||
Progress Software Corp.† | 114 | 5,058 | ||||||
QAD, Inc., Class A | 5 | 215 | ||||||
Qualys, Inc.†* | 95 | 7,860 | ||||||
RealPage, Inc.* | 6 | 364 | ||||||
Red Hat, Inc.†* | 17 | 3,106 | ||||||
salesforce.com, Inc.†* | 73 | 11,561 | ||||||
ServiceNow, Inc.* | 2 | 493 | ||||||
SolarWinds Corp.* | 71 | 1,386 | ||||||
SPS Commerce, Inc.†* | 71 | 7,530 | ||||||
SS&C Technologies Holdings, Inc.† | 162 | 10,318 | ||||||
Sykes Enterprises, Inc.* | 79 | 2,234 | ||||||
Symantec Corp.† | 60 | 1,379 | ||||||
Synopsys, Inc.†* | 14 | 1,612 | ||||||
Tableau Software, Inc., Class A†* | 38 | 4,837 | ||||||
Total System Services, Inc.† | 17 | 1,615 | ||||||
Trade Desk, Inc. (The), Class A* | 14 | 2,771 | ||||||
TTEC Holdings, Inc. | 32 | 1,159 | ||||||
Tyler Technologies, Inc.†* | 24 | 4,906 | ||||||
Upland Software, Inc.* | 31 | 1,313 | ||||||
Verint Systems, Inc.†* | 107 | 6,405 | ||||||
VeriSign, Inc.†* | 12 | 2,179 | ||||||
Virtusa Corp.* | 27 | 1,443 | ||||||
Visa, Inc., Class A† | 209 | 32,644 | ||||||
VMware, Inc., Class A† | 65 | 11,733 | ||||||
Western Union Co. (The)† | 41 | 757 | ||||||
Zynga, Inc., Class A* | 573 | 3,054 | ||||||
|
| |||||||
482,247 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.2% |
| |||||||
Acacia Communications, Inc.* | 4 | 229 | ||||||
Amphenol Corp., Class A† | 30 | 2,833 | ||||||
Apple, Inc.† | 450 | 85,478 | ||||||
Arista Networks, Inc.†* | 7 | 2,201 | ||||||
ARRIS International PLC (United Kingdom)†* | 260 | 8,219 | ||||||
Arrow Electronics, Inc.†* | 120 | 9,247 | ||||||
Badger Meter, Inc. | 79 | 4,396 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Belden, Inc.† | 182 | $ | 9,773 | |||||
Benchmark Electronics, Inc. | 226 | 5,932 | ||||||
Casa Systems, Inc.†* | 181 | 1,502 | ||||||
Ciena Corp.†* | 113 | 4,219 | ||||||
Cisco Systems, Inc.† | 420 | 22,676 | ||||||
Coherent, Inc.†* | 15 | 2,126 | ||||||
CommScope Holding Co., Inc.†* | 267 | 5,802 | ||||||
Comtech Telecommunications Corp. | 20 | 464 | ||||||
Corning, Inc.† | 75 | 2,482 | ||||||
Cray, Inc.†* | 159 | 4,142 | ||||||
Diebold Nixdorf, Inc.†* | 599 | 6,631 | ||||||
EchoStar Corp., Class A†* | 235 | 8,566 | ||||||
Electronics For Imaging, Inc.* | 15 | 404 | ||||||
F5 Networks, Inc.* | 5 | 785 | ||||||
Fabrinet (Cayman Island)* | 2 | 105 | ||||||
FLIR Systems, Inc.† | 13 | 619 | ||||||
Hewlett Packard Enterprise Co.† | 130 | 2,006 | ||||||
HP, Inc.† | 147 | 2,856 | ||||||
IPG Photonics Corp.* | 5 | 759 | ||||||
Itron, Inc.†* | 79 | 3,685 | ||||||
Juniper Networks, Inc.† | 33 | 874 | ||||||
KEMET Corp. | 1 | 17 | ||||||
Keysight Technologies, Inc.†* | 17 | 1,482 | ||||||
Motorola Solutions, Inc.† | 16 | 2,247 | ||||||
MTS Systems Corp. | 13 | 708 | ||||||
NCR Corp.†* | 55 | 1,501 | ||||||
NetApp, Inc.† | 23 | 1,595 | ||||||
NETGEAR, Inc.†* | 127 | 4,206 | ||||||
Plantronics, Inc. | 79 | 3,643 | ||||||
Sanmina Corp.†* | 13 | 375 | ||||||
Seagate Technology PLC (Ireland)† | 27 | 1,293 | ||||||
TE Connectivity Ltd. (Switzerland)† | 32 | 2,584 | ||||||
Tech Data Corp.* | 22 | 2,253 | ||||||
Ubiquiti Networks, Inc.† | 29 | 4,342 | ||||||
Vishay Intertechnology, Inc.† | 569 | 10,509 | ||||||
Western Digital Corp.† | 27 | 1,298 | ||||||
Xerox Corp.† | 21 | 672 | ||||||
Zebra Technologies Corp., Class A†* | 30 | 6,286 | ||||||
|
| |||||||
244,022 | ||||||||
|
| |||||||
Telecommunication Services — 3.0% |
| |||||||
AT&T, Inc. | 691 | 21,670 | ||||||
BCE, Inc. (Canada)† | 91 | 4,039 | ||||||
CenturyLink, Inc.† | 103 | 1,235 |
The accompanying notes are an integral part of the financial statements.
34
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Cogent Communications Holdings, Inc.† | 110 | $ | 5,968 | |||||
Globalstar, Inc.* | 1,798 | 773 | ||||||
Intelsat SA (Luxembourg)†* | 331 | 5,183 | ||||||
Rogers Communications, Inc., Class B (Canada)† | 165 | 8,880 | ||||||
TELUS Corp. (Canada) | 12 | 444 | ||||||
T-Mobile US, Inc.* | 19 | 1,313 | ||||||
Verizon Communications, Inc.† | 393 | 23,238 | ||||||
Zayo Group Holdings, Inc.* | 8 | 227 | ||||||
|
| |||||||
72,970 | ||||||||
|
| |||||||
Transportation — 3.7% |
| |||||||
Alaska Air Group, Inc.† | 12 | 673 | ||||||
American Airlines Group, Inc.† | 44 | 1,397 | ||||||
ArcBest Corp.† | 190 | 5,850 | ||||||
CH Robinson Worldwide, Inc.† | 13 | 1,131 | ||||||
Covenant Transportation Group, Inc., Class A* | 30 | 569 | ||||||
CSX Corp.† | 78 | 5,836 | ||||||
Delta Air Lines, Inc.† | 65 | 3,357 | ||||||
Echo Global Logistics, Inc.†* | 161 | 3,990 | ||||||
Expeditors International of Washington, Inc.† | 17 | 1,290 | ||||||
FedEx Corp.† | 25 | 4,535 | ||||||
Forward Air Corp.† | 16 | 1,036 | ||||||
Genesee & Wyoming, Inc., Class A†* | 52 | 4,531 | ||||||
Golden Ocean Group Ltd. (Bermuda) | 150 | 716 | ||||||
Hawaiian Holdings, Inc. | 20 | 525 | ||||||
Heartland Express, Inc. | 42 | 810 | ||||||
Hub Group, Inc., Class A†* | 1 | 41 | ||||||
JB Hunt Transport Services, Inc. | 11 | 1,114 | ||||||
Kansas City Southern | 10 | 1,160 | ||||||
Landstar System, Inc.† | 31 | 3,391 | ||||||
Marten Transport Ltd. | 139 | 2,478 | ||||||
Norfolk Southern Corp.† | 26 | 4,859 | ||||||
Schneider National, Inc., Class B† | 29 | 610 | ||||||
Southwest Airlines Co.† | 53 | 2,751 | ||||||
Union Pacific Corp.† | 68 | 11,370 | ||||||
United Continental Holdings, Inc.†* | 26 | 2,074 | ||||||
United Parcel Service, Inc., Class B† | 81 | 9,051 | ||||||
XPO Logistics, Inc.†* | 234 | 12,575 | ||||||
|
| |||||||
87,720 | ||||||||
|
| |||||||
Utilities — 3.1% |
| |||||||
AES Corp.† | 62 | 1,121 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
Alliant Energy Corp.† | 22 | $ | 1,037 | |||||
Ameren Corp.† | 23 | 1,692 | ||||||
American Electric Power Co., Inc.† | 47 | 3,936 | ||||||
American Water Works Co., Inc.† | 17 | 1,772 | ||||||
Atmos Energy Corp. | 12 | 1,235 | ||||||
CenterPoint Energy, Inc.† | 48 | 1,474 | ||||||
CMS Energy Corp.† | 27 | 1,500 | ||||||
Consolidated Edison, Inc.† | 31 | 2,629 | ||||||
Dominion Energy, Inc.† | 65 | 4,983 | ||||||
DTE Energy Co.† | 18 | 2,245 | ||||||
Duke Energy Corp.† | 70 | 6,300 | ||||||
Edison International† | 31 | 1,920 | ||||||
Entergy Corp.† | 18 | 1,721 | ||||||
Evergy, Inc. | 25 | 1,451 | ||||||
Eversource Energy† | 31 | 2,199 | ||||||
Exelon Corp.† | 92 | 4,612 | ||||||
FirstEnergy Corp.† | 49 | 2,039 | ||||||
NextEra Energy, Inc.† | 46 | 8,893 | ||||||
NiSource, Inc.† | 36 | 1,032 | ||||||
NRG Energy, Inc.† | 27 | 1,147 | ||||||
Pinnacle West Capital Corp. | 11 | 1,051 | ||||||
PPL Corp.† | 69 | 2,190 | ||||||
Public Service Enterprise Group, Inc.† | 48 | 2,852 | ||||||
Sempra Energy† | 26 | 3,272 | ||||||
Southern Co. (The)† | 99 | 5,116 | ||||||
WEC Energy Group, Inc.† | 30 | 2,372 | ||||||
Xcel Energy, Inc.† | 49 | 2,754 | ||||||
|
| |||||||
74,545 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,065,663 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 169.8% |
| 4,065,663 | ||||||
|
| |||||||
(Cost $3,835,700) | ||||||||
SHORT POSITIONS — (70.3)% |
| |||||||
COMMON STOCKS — (70.3)% |
| |||||||
Automobiles & Components — (2.3)% |
| |||||||
Adient PLC (Ireland) | (393 | ) | (5,093 | ) | ||||
Cooper-Standard Holding, Inc.* | (90 | ) | (4,226 | ) | ||||
Dorman Products, Inc.* | (72 | ) | (6,343 | ) | ||||
Fox Factory Holding Corp.* | (97 | ) | (6,779 | ) | ||||
Gentex Corp. | (34 | ) | (703 | ) | ||||
Goodyear Tire & Rubber Co. (The) | (375 | ) | (6,806 | ) | ||||
LCI Industries | (98 | ) | (7,528 | ) |
The accompanying notes are an integral part of the financial statements.
35
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Automobiles & Components — (Continued) |
| |||||||
Modine Manufacturing Co.* | (89 | ) | $ | (1,234 | ) | |||
Standard Motor Products, Inc. | (52 | ) | (2,553 | ) | ||||
Tenneco, Inc., Class A | (184 | ) | (4,077 | ) | ||||
Tesla, Inc.* | (22 | ) | (6,157 | ) | ||||
Winnebago Industries, Inc. | (74 | ) | (2,305 | ) | ||||
|
| |||||||
(53,804 | ) | |||||||
|
| |||||||
Capital Goods — (9.9)% |
| |||||||
AAON, Inc. | (111 | ) | (5,126 | ) | ||||
AAR Corp. | (181 | ) | (5,884 | ) | ||||
Actuant Corp., Class A | (10 | ) | (244 | ) | ||||
Advanced Drainage Systems, Inc. | (6 | ) | (155 | ) | ||||
AECOM* | (119 | ) | (3,531 | ) | ||||
Aegion Corp.* | (15 | ) | (264 | ) | ||||
Aerovironment, Inc.* | (6 | ) | (411 | ) | ||||
Altra Industrial Motion Corp. | (4 | ) | (124 | ) | ||||
Ameresco, Inc., Class A* | (2 | ) | (32 | ) | ||||
American Woodmark Corp.* | (30 | ) | (2,479 | ) | ||||
Apogee Enterprises, Inc. | (66 | ) | (2,474 | ) | ||||
Arcosa, Inc. | (193 | ) | (5,896 | ) | ||||
Argan, Inc. | (98 | ) | (4,895 | ) | ||||
Armstrong World Industries, Inc. | (27 | ) | (2,144 | ) | ||||
Astec Industries, Inc. | (88 | ) | (3,323 | ) | ||||
Atkore International Group, Inc.* | (107 | ) | (2,304 | ) | ||||
Axon Enterprise, Inc.* | (18 | ) | (979 | ) | ||||
Beacon Roofing Supply, Inc.* | (138 | ) | (4,438 | ) | ||||
Bloom Energy Corp., Class A* | (16 | ) | (207 | ) | ||||
Blue Bird Corp.* | (69 | ) | (1,168 | ) | ||||
Briggs & Stratton Corp. | (223 | ) | (2,638 | ) | ||||
Builders FirstSource, Inc.* | (480 | ) | (6,403 | ) | ||||
CAI International, Inc.* | (110 | ) | (2,552 | ) | ||||
Chart Industries, Inc.* | (62 | ) | (5,612 | ) | ||||
CIRCOR International, Inc.* | (92 | ) | (2,999 | ) | ||||
Construction Partners, Inc., | (30 | ) | (383 | ) | ||||
Cubic Corp. | (100 | ) | (5,624 | ) | ||||
DMC Global, Inc. | (10 | ) | (496 | ) | ||||
Dycom Industries, Inc.* | (119 | ) | (5,467 | ) | ||||
EnerSys | (147 | ) | (9,579 | ) | ||||
Enphase Energy, Inc.* | (269 | ) | (2,483 | ) | ||||
ESCO Technologies, Inc. | (17 | ) | (1,140 | ) | ||||
Evoqua Water Technologies Corp.* | (441 | ) | (5,548 | ) | ||||
Federal Signal Corp. | (36 | ) | (936 | ) | ||||
Foundation Building Materials, Inc.* | (56 | ) | (551 | ) | ||||
GMS, Inc.* | (281 | ) | (4,249 | ) | ||||
Gorman-Rupp Co. (The) | (12 | ) | (407 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Griffon Corp. | (16 | ) | $ | (296 | ) | |||
HEICO Corp. | (49 | ) | (4,649 | ) | ||||
Hyster-Yale Materials Handling, Inc. | (31 | ) | (1,933 | ) | ||||
JELD-WEN Holding, Inc.* | (2 | ) | (35 | ) | ||||
John Bean Technologies Corp. | (41 | ) | (3,768 | ) | ||||
Kennametal, Inc. | (152 | ) | (5,586 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (60 | ) | (938 | ) | ||||
Lindsay Corp. | (63 | ) | (6,098 | ) | ||||
Lydall, Inc.* | (44 | ) | (1,032 | ) | ||||
Masonite International Corp. (Canada)* | (7 | ) | (349 | ) | ||||
Maxar Technologies, Inc. | (149 | ) | (599 | ) | ||||
Mueller Water Products, Inc., Class A | (480 | ) | (4,819 | ) | ||||
MYR Group, Inc.* | (36 | ) | (1,247 | ) | ||||
NN, Inc. | (98 | ) | (734 | ) | ||||
Nordson Corp. | (49 | ) | (6,494 | ) | ||||
NV5 Global, Inc.* | (33 | ) | (1,959 | ) | ||||
Patrick Industries, Inc.* | (138 | ) | (6,254 | ) | ||||
PGT Innovations, Inc.* | (411 | ) | (5,692 | ) | ||||
Plug Power, Inc.* | (602 | ) | (1,445 | ) | ||||
Primoris Services Corp. | (7 | ) | (145 | ) | ||||
Proto Labs, Inc.* | (13 | ) | (1,367 | ) | ||||
Quanex Building Products Corp. | (127 | ) | (2,018 | ) | ||||
Raven Industries, Inc. | (63 | ) | (2,417 | ) | ||||
RBC Bearings, Inc.* | (14 | ) | (1,780 | ) | ||||
REV Group, Inc. | (323 | ) | (3,537 | ) | ||||
Rush Enterprises, Inc., Class A | (32 | ) | (1,338 | ) | ||||
SiteOne Landscape Supply, Inc.* | (62 | ) | (3,543 | ) | ||||
SPX FLOW, Inc.* | (61 | ) | (1,946 | ) | ||||
Sun Hydraulics Corp. | (6 | ) | (279 | ) | ||||
Sunrun, Inc.* | (326 | ) | (4,584 | ) | ||||
Systemax, Inc. | (49 | ) | (1,109 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda)* | (91 | ) | (878 | ) | ||||
Titan International, Inc. | (158 | ) | (943 | ) | ||||
Toro Co. (The) | (91 | ) | (6,264 | ) | ||||
TPI Composites, Inc.* | (54 | ) | (1,546 | ) | ||||
Trex Co., Inc.* | (62 | ) | (3,814 | ) | ||||
Triumph Group, Inc. | (426 | ) | (8,120 | ) | ||||
Tutor Perini Corp.* | (8 | ) | (137 | ) | ||||
Universal Forest Products, Inc. | (9 | ) | (269 | ) | ||||
USG Corp. | (278 | ) | (12,037 | ) | ||||
Veritiv Corp.* | (34 | ) | (895 | ) |
The accompanying notes are an integral part of the financial statements.
36
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Vivint Solar, Inc.* | (500 | ) | $ | (2,485 | ) | |||
WABCO Holdings, Inc.* | (21 | ) | (2,768 | ) | ||||
Watsco, Inc. | (16 | ) | (2,291 | ) | ||||
Welbilt, Inc.* | (473 | ) | (7,748 | ) | ||||
Wesco Aircraft Holdings, Inc.* | (6 | ) | (53 | ) | ||||
WillScot Corp.* | (403 | ) | (4,469 | ) | ||||
|
| |||||||
(235,852 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (3.5)% |
| |||||||
ACCO Brands Corp. | (291 | ) | (2,491 | ) | ||||
ADT, Inc. | (919 | ) | (5,872 | ) | ||||
Advanced Disposal Services, Inc.* | (137 | ) | (3,836 | ) | ||||
ASGN, Inc.* | (47 | ) | (2,984 | ) | ||||
Brady Corp., Class A | (71 | ) | (3,295 | ) | ||||
BrightView Holdings, Inc.* | (1 | ) | (14 | ) | ||||
Casella Waste Systems, Inc., | (181 | ) | (6,436 | ) | ||||
Cimpress NV (Netherlands)* | (79 | ) | (6,330 | ) | ||||
Civeo Corp. (Canada)* | (272 | ) | (571 | ) | ||||
CoStar Group, Inc.* | (12 | ) | (5,597 | ) | ||||
Ennis, Inc. | (95 | ) | (1,972 | ) | ||||
Forrester Research, Inc. | (30 | ) | (1,451 | ) | ||||
Heritage-Crystal Clean, Inc.* | (48 | ) | (1,318 | ) | ||||
Herman Miller, Inc. | (171 | ) | (6,016 | ) | ||||
Insperity, Inc. | (32 | ) | (3,957 | ) | ||||
Interface, Inc. | (44 | ) | (674 | ) | ||||
Kelly Services, Inc., Class A | (35 | ) | (772 | ) | ||||
Kimball International, Inc., Class B | (4 | ) | (57 | ) | ||||
Knoll, Inc. | (10 | ) | (189 | ) | ||||
Mistras Group, Inc.* | (5 | ) | (69 | ) | ||||
MSA Safety, Inc. | (64 | ) | (6,618 | ) | ||||
Multi-Color Corp. | (44 | ) | (2,195 | ) | ||||
Quad/Graphics, Inc. | (106 | ) | (1,261 | ) | ||||
Resources Connection, Inc. | (104 | ) | (1,720 | ) | ||||
TransUnion | (32 | ) | (2,139 | ) | ||||
TriNet Group, Inc.* | (101 | ) | (6,034 | ) | ||||
TrueBlue, Inc.* | (28 | ) | (662 | ) | ||||
UniFirst Corp. | (13 | ) | (1,996 | ) | ||||
Upwork, Inc.* | (148 | ) | (2,833 | ) | ||||
US Ecology, Inc. | (65 | ) | (3,639 | ) | ||||
Viad Corp. | (2 | ) | (113 | ) | ||||
|
| |||||||
(83,111 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.6)% |
| |||||||
American Outdoor Brands Corp.* | (511 | ) | (4,773 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Canada Goose Holdings, Inc. (Canada)* | (81 | ) | $ | (3,890 | ) | |||
Cavco Industries, Inc.* | (6 | ) | (705 | ) | ||||
GoPro, Inc., Class A* | (74 | ) | (481 | ) | ||||
iRobot Corp.* | (32 | ) | (3,766 | ) | ||||
Johnson Outdoors, Inc., Class A | (32 | ) | (2,284 | ) | ||||
La-Z-Boy, Inc. | (71 | ) | (2,342 | ) | ||||
Malibu Boats, Inc., Class A* | (125 | ) | (4,948 | ) | ||||
Marine Products Corp. | (28 | ) | (377 | ) | ||||
Oxford Industries, Inc. | (28 | ) | (2,107 | ) | ||||
Polaris Industries, Inc. | (119 | ) | (10,047 | ) | ||||
Skyline Champion Corp. | (84 | ) | (1,596 | ) | ||||
Steven Madden Ltd. | (22 | ) | (745 | ) | ||||
Tempur Sealy International, Inc.* | (170 | ) | (9,804 | ) | ||||
Vista Outdoor, Inc.* | (341 | ) | (2,731 | ) | ||||
Wolverine World Wide, Inc. | (343 | ) | (12,255 | ) | ||||
|
| |||||||
(62,851 | ) | |||||||
|
| |||||||
Consumer Services — (4.0)% |
| |||||||
Adtalem Global Education, Inc.* | (56 | ) | (2,594 | ) | ||||
Belmond Ltd., Class A (Bermuda)* | (67 | ) | (1,670 | ) | ||||
Bloomin’ Brands, Inc. | (43 | ) | (879 | ) | ||||
Boyd Gaming Corp. | (3 | ) | (82 | ) | ||||
Bright Horizons Family Solutions, Inc.* | (1 | ) | (127 | ) | ||||
Churchill Downs, Inc. | (55 | ) | (4,964 | ) | ||||
Dave & Buster’s Entertainment, Inc. | (85 | ) | (4,239 | ) | ||||
Dine Brands Global, Inc. | (61 | ) | (5,569 | ) | ||||
Domino’s Pizza, Inc. | (3 | ) | (774 | ) | ||||
El Pollo Loco Holdings, Inc.* | (113 | ) | (1,470 | ) | ||||
Eldorado Resorts, Inc.* | (178 | ) | (8,311 | ) | ||||
Fiesta Restaurant Group, Inc.* | (129 | ) | (1,691 | ) | ||||
frontdoor, Inc.* | (166 | ) | (5,714 | ) | ||||
Golden Entertainment, Inc.* | (6 | ) | (85 | ) | ||||
Grand Canyon Education, Inc.* | (39 | ) | (4,466 | ) | ||||
Hyatt Hotels Corp., Class A | (139 | ) | (10,087 | ) | ||||
Monarch Casino & Resort, Inc.* | (32 | ) | (1,405 | ) | ||||
OneSpaWorld Holdings Ltd. (Bahamas)* | (45 | ) | (615 | ) | ||||
Papa John’s International, Inc. | (232 | ) | (12,284 | ) | ||||
Planet Fitness, Inc., Class A* | (36 | ) | (2,474 | ) | ||||
Red Rock Resorts, Inc., Class A | (82 | ) | (2,120 | ) | ||||
Shake Shack, Inc., Class A* | (165 | ) | (9,760 | ) | ||||
Six Flags Entertainment Corp. | (32 | ) | (1,579 | ) | ||||
Speedway Motorsports, Inc. | (8 | ) | (116 | ) |
The accompanying notes are an integral part of the financial statements.
37
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Strategic Education, Inc. | (17 | ) | $ | (2,232 | ) | |||
Texas Roadhouse, Inc. | (40 | ) | (2,488 | ) | ||||
Wingstop, Inc. | (102 | ) | (7,755 | ) | ||||
|
| |||||||
(95,550 | ) | |||||||
|
| |||||||
Energy — (4.5)% |
| |||||||
Archrock, Inc. | (100 | ) | (978 | ) | ||||
Cheniere Energy, Inc.* | (79 | ) | (5,400 | ) | ||||
Clean Energy Fuels Corp.* | (405 | ) | (1,252 | ) | ||||
Core Laboratories NV (Netherlands) | (10 | ) | (689 | ) | ||||
DHT Holdings, Inc. (Marshall Islands) | (641 | ) | (2,859 | ) | ||||
Diamond Offshore Drilling, Inc.* | (390 | ) | (4,091 | ) | ||||
Ensco PLC, Class A (United Kingdom) | (194 | ) | (762 | ) | ||||
Exterran Corp.* | (95 | ) | (1,601 | ) | ||||
Forum Energy Technologies, Inc.* | (648 | ) | (3,311 | ) | ||||
Frank’s International NV (Netherlands)* | (441 | ) | (2,739 | ) | ||||
Imperial Oil Ltd. (Canada) | (131 | ) | (3,586 | ) | ||||
KLX Energy Services Holdings, Inc.* | (42 | ) | (1,056 | ) | ||||
Mammoth Energy Services, Inc. | (101 | ) | (1,682 | ) | ||||
McDermott International, Inc. (Panama)* | (436 | ) | (3,244 | ) | ||||
NexGen Energy Ltd. (Canada)* | (233 | ) | (378 | ) | ||||
Nine Energy Service, Inc.* | (22 | ) | (498 | ) | ||||
Noble Corp. PLC (United Kingdom)* | (2,439 | ) | (7,000 | ) | ||||
Oil States International, Inc.* | (34 | ) | (577 | ) | ||||
Par Pacific Holdings, Inc.* | (180 | ) | (3,206 | ) | ||||
Precision Drilling Corp. (Canada)* | (903 | ) | (2,158 | ) | ||||
REX American Resources Corp.* | (15 | ) | (1,209 | ) | ||||
Rowan Cos. PLC, Class A (United Kingdom)* | (757 | ) | (8,168 | ) | ||||
Seadrill Ltd. (Bermuda)* | (174 | ) | (1,446 | ) | ||||
Select Energy Services, Inc., | (106 | ) | (1,274 | ) | ||||
Ship Finance International Ltd. (Bermuda) | (537 | ) | (6,627 | ) | ||||
Solaris Oilfield Infrastructure, Inc., Class A | (134 | ) | (2,203 | ) | ||||
Suncor Energy, Inc. (Canada) | (2 | ) | (65 | ) | ||||
Superior Energy Services, Inc.* | (787 | ) | (3,675 | ) | ||||
Targa Resources Corp. | (237 | ) | (9,847 | ) | ||||
Tidewater, Inc.* | (106 | ) | (2,458 | ) | ||||
Transocean Ltd. (Switzerland)* | (1,216 | ) | (10,591 | ) | ||||
Unit Corp.* | (207 | ) | (2,948 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
US Silica Holdings, Inc. | (572 | ) | $ | (9,930 | ) | |||
|
| |||||||
(107,508 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.7)% |
| |||||||
Casey’s General Stores, Inc. | (1 | ) | (129 | ) | ||||
Performance Food Group Co.* | (214 | ) | (8,483 | ) | ||||
PriceSmart, Inc. | (73 | ) | (4,298 | ) | ||||
United Natural Foods, Inc.* | (258 | ) | (3,411 | ) | ||||
Weis Markets, Inc. | (28 | ) | (1,143 | ) | ||||
|
| |||||||
(17,464 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (2.0)% |
| |||||||
Bunge Ltd. (Bermuda) | (38 | ) | (2,017 | ) | ||||
Calavo Growers, Inc. | (25 | ) | (2,096 | ) | ||||
Farmer Brothers Co.* | (31 | ) | (620 | ) | ||||
Flowers Foods, Inc. | (474 | ) | (10,106 | ) | ||||
Hain Celestial Group, Inc. (The)* | (451 | ) | (10,427 | ) | ||||
Primo Water Corp.* | (195 | ) | (3,015 | ) | ||||
Sanderson Farms, Inc. | (112 | ) | (14,766 | ) | ||||
SunOpta, Inc. (Canada)* | (188 | ) | (650 | ) | ||||
Turning Point Brands, Inc. | (72 | ) | (3,318 | ) | ||||
|
| |||||||
(47,015 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (6.2)% |
| |||||||
Acadia Healthcare Co., Inc.* | (411 | ) | (12,046 | ) | ||||
Addus HomeCare Corp.* | (88 | ) | (5,596 | ) | ||||
AngioDynamics, Inc.* | (65 | ) | (1,486 | ) | ||||
Antares Pharma, Inc.* | (562 | ) | (1,703 | ) | ||||
AtriCure, Inc.* | (86 | ) | (2,304 | ) | ||||
Axogen, Inc.* | (229 | ) | (4,823 | ) | ||||
Axonics Modulation Technologies, Inc.* | (48 | ) | (1,150 | ) | ||||
BioScrip, Inc.* | (310 | ) | (620 | ) | ||||
Brookdale Senior Living, Inc.* | (584 | ) | (3,843 | ) | ||||
Cantel Medical Corp. | (95 | ) | (6,355 | ) | ||||
Castlight Health, Inc., Class B* | (300 | ) | (1,125 | ) | ||||
Community Health Systems, Inc.* | (235 | ) | (877 | ) | ||||
Cutera, Inc.* | (100 | ) | (1,766 | ) | ||||
Diplomat Pharmacy, Inc.* | (556 | ) | (3,230 | ) | ||||
Ensign Group, Inc. (The) | (130 | ) | (6,655 | ) | ||||
Evolent Health, Inc., Class A* | (783 | ) | (9,850 | ) | ||||
Guardant Health, Inc.* | (121 | ) | (9,281 | ) | ||||
Haemonetics Corp.* | (30 | ) | (2,624 | ) | ||||
Hanger, Inc.* | (2 | ) | (38 | ) | ||||
Inspire Medical Systems, Inc.* | (126 | ) | (7,154 | ) | ||||
Insulet Corp.* | (40 | ) | (3,804 | ) |
The accompanying notes are an integral part of the financial statements.
38
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Invacare Corp. | (5 | ) | $ | (42 | ) | |||
iRhythm Technologies, Inc.* | (85 | ) | (6,372 | ) | ||||
National Research Corp. | (14 | ) | (540 | ) | ||||
Neogen Corp.* | (36 | ) | (2,066 | ) | ||||
Neuronetics, Inc.* | (9 | ) | (137 | ) | ||||
Nevro Corp.* | (135 | ) | (8,439 | ) | ||||
OraSure Technologies, Inc.* | (295 | ) | (3,289 | ) | ||||
Owens & Minor, Inc. | (623 | ) | (2,554 | ) | ||||
PetIQ, Inc.* | (62 | ) | (1,947 | ) | ||||
Providence Service Corp. (The)* | (41 | ) | (2,731 | ) | ||||
RadNet, Inc.* | (134 | ) | (1,660 | ) | ||||
Senseonics Holdings, Inc.* | (1,126 | ) | (2,759 | ) | ||||
Sientra, Inc.* | (213 | ) | (1,828 | ) | ||||
STAAR Surgical Co.* | (4 | ) | (137 | ) | ||||
Surgery Partners, Inc.* | (166 | ) | (1,872 | ) | ||||
Surmodics, Inc.* | (56 | ) | (2,435 | ) | ||||
Teladoc Health, Inc.* | (117 | ) | (6,505 | ) | ||||
Tenet Healthcare Corp.* | (177 | ) | (5,105 | ) | ||||
US Physical Therapy, Inc. | (55 | ) | (5,777 | ) | ||||
ViewRay, Inc.* | (807 | ) | (5,964 | ) | ||||
Vocera Communications, Inc.* | (28 | ) | (886 | ) | ||||
|
| |||||||
(149,375 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.5)% |
| |||||||
Avon Products, Inc.* | (2,696 | ) | (7,926 | ) | ||||
Central Garden & Pet Co., | (42 | ) | (977 | ) | ||||
elf Beauty, Inc.* | (42 | ) | (445 | ) | ||||
Revlon, Inc., Class A* | (22 | ) | (426 | ) | ||||
Spectrum Brands Holdings, Inc. | (59 | ) | (3,232 | ) | ||||
|
| |||||||
(13,006 | ) | |||||||
|
| |||||||
Materials — (5.1)% |
| |||||||
AdvanSix, Inc.* | (4 | ) | (114 | ) | ||||
American Vanguard Corp. | (70 | ) | (1,205 | ) | ||||
AptarGroup, Inc. | (24 | ) | (2,553 | ) | ||||
Balchem Corp. | (51 | ) | (4,733 | ) | ||||
Berry Global Group, Inc.* | (15 | ) | (808 | ) | ||||
Boise Cascade Co. | (70 | ) | (1,873 | ) | ||||
Cabot Corp. | (203 | ) | (8,451 | ) | ||||
Chase Corp. | (8 | ) | (740 | ) | ||||
Chemours Co. (The) | (246 | ) | (9,141 | ) | ||||
Clearwater Paper Corp.* | (82 | ) | (1,597 | ) | ||||
Element Solutions, Inc.* | (1,174 | ) | (11,857 | ) | ||||
Ferro Corp.* | (10 | ) | (189 | ) | ||||
Forterra, Inc.* | (44 | ) | (186 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
GCP Applied Technologies, Inc.* | (332 | ) | $ | (9,827 | ) | |||
Graphic Packaging Holding Co. | (5 | ) | (63 | ) | ||||
Greif, Inc., Class A | (117 | ) | (4,826 | ) | ||||
Huntsman Corp. | (22 | ) | (495 | ) | ||||
Ingevity Corp.* | (59 | ) | (6,231 | ) | ||||
Innophos Holdings, Inc. | (53 | ) | (1,597 | ) | ||||
Koppers Holdings, Inc.* | (95 | ) | (2,468 | ) | ||||
Kronos Worldwide, Inc. | (236 | ) | (3,309 | ) | ||||
Livent Corp.* | (134 | ) | (1,646 | ) | ||||
Louisiana-Pacific Corp. | (1 | ) | (24 | ) | ||||
Myers Industries, Inc. | (31 | ) | (530 | ) | ||||
Neenah, Inc. | (1 | ) | (64 | ) | ||||
NewMarket Corp. | (1 | ) | (434 | ) | ||||
PH Glatfelter Co. | (155 | ) | (2,189 | ) | ||||
Quaker Chemical Corp. | (32 | ) | (6,411 | ) | ||||
RPM International, Inc. | (75 | ) | (4,353 | ) | ||||
Sensient Technologies Corp. | (22 | ) | (1,491 | ) | ||||
Sonoco Products Co. | (149 | ) | (9,168 | ) | ||||
Summit Materials, Inc., Class A* | (267 | ) | (4,237 | ) | ||||
Tredegar Corp. | (10 | ) | (161 | ) | ||||
Trinseo SA (Luxembourg) | (5 | ) | (227 | ) | ||||
Tronox Holdings PLC, Class A (United Kingdom) | (259 | ) | (3,406 | ) | ||||
Valhi, Inc. | (112 | ) | (259 | ) | ||||
Valvoline, Inc. | (410 | ) | (7,610 | ) | ||||
Venator Materials PLC (United Kingdom)* | (699 | ) | (3,928 | ) | ||||
WR Grace & Co. | (37 | ) | (2,887 | ) | ||||
|
| |||||||
(121,288 | ) | |||||||
|
| |||||||
Media & Entertainment — (3.8)% | ||||||||
Altice USA, Inc., Class A | (119 | ) | (2,556 | ) | ||||
AMC Networks, Inc., Class A* | (125 | ) | (7,095 | ) | ||||
Boston Omaha Corp., Class A* | (15 | ) | (374 | ) | ||||
Cable One, Inc. | (6 | ) | (5,888 | ) | ||||
Care.com, Inc.* | (36 | ) | (711 | ) | ||||
Cargurus, Inc.* | (43 | ) | (1,723 | ) | ||||
comScore, Inc.* | (2 | ) | (41 | ) | ||||
Entercom Communications Corp., Class A | (86 | ) | (452 | ) | ||||
Eventbrite, Inc., Class A* | (135 | ) | (2,588 | ) | ||||
Hemisphere Media Group, Inc.* | (17 | ) | (240 | ) | ||||
IMAX Corp. (Canada)* | (43 | ) | (975 | ) | ||||
John Wiley & Sons, Inc., Class A | (72 | ) | (3,184 | ) |
The accompanying notes are an integral part of the financial statements.
39
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Lions Gate Entertainment Corp., Class B (Canada) | (210 | ) | $ | (3,171 | ) | |||
Live Nation Entertainment, Inc.* | (68 | ) | (4,321 | ) | ||||
Madison Square Garden Co. (The), Class A* | (31 | ) | (9,087 | ) | ||||
Meredith Corp. | (30 | ) | (1,658 | ) | ||||
New York Times Co. (The), Class A | (355 | ) | (11,662 | ) | ||||
Nexstar Media Group, Inc., Class A | (10 | ) | (1,084 | ) | ||||
Rosetta Stone, Inc.* | (42 | ) | (918 | ) | ||||
Shaw Communications, Inc., Class B (Canada) | (62 | ) | (1,292 | ) | ||||
Snap, Inc., Class A* | (558 | ) | (6,149 | ) | ||||
Tribune Publishing Co.* | (94 | ) | (1,108 | ) | ||||
TrueCar, Inc.* | (435 | ) | (2,888 | ) | ||||
WideOpenWest, Inc.* | (207 | ) | (1,884 | ) | ||||
World Wrestling Entertainment, Inc., Class A | (14 | ) | (1,215 | ) | ||||
Yelp, Inc.* | (208 | ) | (7,176 | ) | ||||
Zillow Group, Inc., Class C* | (340 | ) | (11,812 | ) | ||||
|
| |||||||
(91,252 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (2.3)% |
| |||||||
Achillion Pharmaceuticals, Inc.* | (42 | ) | (124 | ) | ||||
Aclaris Therapeutics, Inc.* | (6 | ) | (36 | ) | ||||
Aimmune Therapeutics, Inc.* | (32 | ) | (715 | ) | ||||
Akorn, Inc.* | (67 | ) | (236 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (68 | ) | (928 | ) | ||||
Cambrex Corp.* | (237 | ) | (9,207 | ) | ||||
Codexis, Inc.* | (109 | ) | (2,238 | ) | ||||
CytomX Therapeutics, Inc.* | (35 | ) | (376 | ) | ||||
Deciphera Pharmaceuticals, Inc.* | (2 | ) | (46 | ) | ||||
Dermira, Inc.* | (29 | ) | (393 | ) | ||||
Dova Pharmaceuticals, Inc.* | (104 | ) | (925 | ) | ||||
Epizyme, Inc.* | (34 | ) | (421 | ) | ||||
Esperion Therapeutics, Inc.* | (11 | ) | (442 | ) | ||||
Flexion Therapeutics, Inc.* | (112 | ) | (1,398 | ) | ||||
Fluidigm Corp.* | (49 | ) | (651 | ) | ||||
Forty Seven, Inc.* | (8 | ) | (129 | ) | ||||
ImmunoGen, Inc.* | (65 | ) | (176 | ) | ||||
Intra-Cellular Therapies, Inc.* | (211 | ) | (2,570 | ) | ||||
Intrexon Corp.* | (179 | ) | (942 | ) | ||||
Karyopharm Therapeutics, Inc.* | (61 | ) | (356 | ) | ||||
Kiniksa Pharmaceuticals Ltd., Class A (Bermuda)* | (1 | ) | (18 | ) | ||||
La Jolla Pharmaceutical Co.* | (58 | ) | (373 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Luminex Corp. | (187 | ) | $ | (4,303 | ) | |||
MacroGenics, Inc.* | (143 | ) | (2,571 | ) | ||||
NanoString Technologies, Inc.* | (271 | ) | (6,485 | ) | ||||
NeoGenomics, Inc.* | (68 | ) | (1,391 | ) | ||||
Novavax, Inc.* | (92 | ) | (51 | ) | ||||
Odonate Therapeutics, Inc.* | (1 | ) | (22 | ) | ||||
Omeros Corp.* | (4 | ) | (69 | ) | ||||
Optinose, Inc.* | (43 | ) | (443 | ) | ||||
Pacific Biosciences of California, Inc.* | (1,181 | ) | (8,539 | ) | ||||
Quanterix Corp.* | (47 | ) | (1,214 | ) | ||||
Revance Therapeutics, Inc.* | (90 | ) | (1,418 | ) | ||||
Rigel Pharmaceuticals, Inc.* | (490 | ) | (1,259 | ) | ||||
TG Therapeutics, Inc.* | (192 | ) | (1,544 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (50 | ) | (1,134 | ) | ||||
Tricida, Inc.* | (34 | ) | (1,313 | ) | ||||
UroGen Pharma Ltd. (Israel)* | (11 | ) | (406 | ) | ||||
WaVe Life Sciences Ltd. (Singapore)* | (23 | ) | (894 | ) | ||||
|
| |||||||
(55,756 | ) | |||||||
|
| |||||||
Retailing — (5.3)% |
| |||||||
Aaron’s, Inc. | (187 | ) | (9,836 | ) | ||||
American Eagle Outfitters, Inc. | (27 | ) | (599 | ) | ||||
At Home Group, Inc.* | (343 | ) | (6,126 | ) | ||||
Barnes & Noble, Inc. | (400 | ) | (2,172 | ) | ||||
Big Lots, Inc. | (199 | ) | (7,566 | ) | ||||
Burlington Stores, Inc.* | (37 | ) | (5,797 | ) | ||||
Caleres, Inc. | (247 | ) | (6,098 | ) | ||||
Camping World Holdings, Inc., | (46 | ) | (640 | ) | ||||
Carvana Co.* | (94 | ) | (5,458 | ) | ||||
Chico’s FAS, Inc. | (1,961 | ) | (8,373 | ) | ||||
Children’s Place, Inc. (The) | (61 | ) | (5,934 | ) | ||||
Designer Brands, Inc. | (350 | ) | (7,777 | ) | ||||
Duluth Holdings, Inc., Class B* | (135 | ) | (3,218 | ) | ||||
Express, Inc.* | (236 | ) | (1,010 | ) | ||||
Farfetch Ltd., Class A (Cayman Islands)* | (98 | ) | (2,637 | ) | ||||
Funko, Inc., Class A* | (194 | ) | (4,214 | ) | ||||
Groupon, Inc.* | (32 | ) | (114 | ) | ||||
GrubHub, Inc.* | (7 | ) | (486 | ) | ||||
Guess?, Inc. | (468 | ) | (9,173 | ) | ||||
Lands’ End, Inc.* | (115 | ) | (1,910 | ) |
The accompanying notes are an integral part of the financial statements.
40
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Lithia Motors, Inc., Class A | (105 | ) | $ | (9,739 | ) | |||
Monro, Inc. | (2 | ) | (173 | ) | ||||
National Vision Holdings, Inc.* | (199 | ) | (6,255 | ) | ||||
Party City Holdco, Inc.* | (641 | ) | (5,090 | ) | ||||
Penske Automotive Group, Inc. | (105 | ) | (4,688 | ) | ||||
Quotient Technology, Inc.* | (200 | ) | (1,974 | ) | ||||
Sally Beauty Holdings, Inc.* | (188 | ) | (3,461 | ) | ||||
Shutterfly, Inc.* | (43 | ) | (1,748 | ) | ||||
Stitch Fix, Inc., Class A* | (107 | ) | (3,021 | ) | ||||
Williams-Sonoma, Inc. | (22 | ) | (1,238 | ) | ||||
|
| |||||||
(126,525 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (2.6)% |
| |||||||
Ambarella, Inc. (Cayman Islands)* | (251 | ) | (10,843 | ) | ||||
Brooks Automation, Inc. | (250 | ) | (7,333 | ) | ||||
CEVA, Inc.* | (82 | ) | (2,211 | ) | ||||
Cohu, Inc. | (81 | ) | (1,195 | ) | ||||
First Solar, Inc.* | (49 | ) | (2,589 | ) | ||||
FormFactor, Inc.* | (325 | ) | (5,229 | ) | ||||
Inphi Corp.* | (80 | ) | (3,499 | ) | ||||
MACOM Technology Solutions Holdings, Inc.* | (377 | ) | (6,300 | ) | ||||
MaxLinear, Inc.* | (233 | ) | (5,948 | ) | ||||
Photronics, Inc.* | (495 | ) | (4,678 | ) | ||||
Power Integrations, Inc. | (4 | ) | (280 | ) | ||||
Rambus, Inc.* | (469 | ) | (4,901 | ) | ||||
Rudolph Technologies, Inc.* | (6 | ) | (137 | ) | ||||
Synaptics, Inc.* | (100 | ) | (3,975 | ) | ||||
Universal Display Corp. | (15 | ) | (2,293 | ) | ||||
Veeco Instruments, Inc.* | (131 | ) | (1,420 | ) | ||||
|
| |||||||
(62,831 | ) | |||||||
|
| |||||||
Software & Services — (7.6)% |
| |||||||
8x8, Inc.* | (443 | ) | (8,949 | ) | ||||
Anaplan, Inc.* | (1 | ) | (39 | ) | ||||
Appian Corp.* | (260 | ) | (8,952 | ) | ||||
Avalara, Inc.* | (21 | ) | (1,172 | ) | ||||
Benefitfocus, Inc.* | (24 | ) | (1,188 | ) | ||||
Black Knight, Inc.* | (4 | ) | (218 | ) | ||||
Box, Inc., Class A* | (229 | ) | (4,422 | ) | ||||
CACI International, Inc., Class A* | (49 | ) | (8,919 | ) | ||||
Carbon Black, Inc.* | (479 | ) | (6,682 | ) | ||||
Cloudera, Inc.* | (407 | ) | (4,453 | ) | ||||
CoreLogic, Inc.* | (70 | ) | (2,608 | ) | ||||
DocuSign, Inc.* | (126 | ) | (6,532 | ) | ||||
Domo, Inc., Class B* | (73 | ) | (2,944 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Elastic NV (Netherlands)* | (6 | ) | $ | (479 | ) | |||
Everi Holdings, Inc.* | (296 | ) | (3,114 | ) | ||||
Exela Technologies, Inc.* | (61 | ) | (204 | ) | ||||
FireEye, Inc.* | (704 | ) | (11,820 | ) | ||||
First Data Corp., Class A* | (185 | ) | (4,860 | ) | ||||
Guidewire Software, Inc.* | (68 | ) | (6,607 | ) | ||||
Hackett Group, Inc. (The) | (57 | ) | (901 | ) | ||||
I3 Verticals, Inc., Class A* | (68 | ) | (1,633 | ) | ||||
Instructure, Inc.* | (35 | ) | (1,649 | ) | ||||
Leidos Holdings, Inc. | (122 | ) | (7,819 | ) | ||||
ManTech International Corp., Class A | (80 | ) | (4,322 | ) | ||||
MAXIMUS, Inc. | (170 | ) | (12,067 | ) | ||||
MobileIron, Inc.* | (431 | ) | (2,358 | ) | ||||
Model N, Inc.* | (61 | ) | (1,070 | ) | ||||
Nutanix, Inc., Class A* | (172 | ) | (6,491 | ) | ||||
Pivotal Software, Inc., Class A* | (319 | ) | (6,651 | ) | ||||
Presidio, Inc. | (20 | ) | (296 | ) | ||||
PROS Holdings, Inc.* | (97 | ) | (4,097 | ) | ||||
Science Applications International Corp. | (80 | ) | (6,156 | ) | ||||
Square, Inc., Class A* | (72 | ) | (5,394 | ) | ||||
SVMK, Inc.* | (10 | ) | (182 | ) | ||||
Switch, Inc., Class A | (864 | ) | (8,908 | ) | ||||
Tenable Holdings, Inc.* | (125 | ) | (3,958 | ) | ||||
TiVo Corp. | (414 | ) | (3,858 | ) | ||||
Travelport Worldwide Ltd. (Bermuda) | (368 | ) | (5,789 | ) | ||||
Varonis Systems, Inc.* | (1 | ) | (60 | ) | ||||
WEX, Inc.* | (17 | ) | (3,264 | ) | ||||
Worldpay, Inc., Class A* | (28 | ) | (3,178 | ) | ||||
Yext, Inc.* | (2 | ) | (44 | ) | ||||
Zuora, Inc., Class A* | (376 | ) | (7,531 | ) | ||||
|
| |||||||
(181,838 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (4.6)% |
| |||||||
3D Systems Corp.* | (687 | ) | (7,392 | ) | ||||
ADTRAN, Inc. | (213 | ) | (2,918 | ) | ||||
Applied Optoelectronics, Inc.* | (1 | ) | (12 | ) | ||||
Arlo Technologies, Inc.* | (102 | ) | (421 | ) | ||||
Avnet, Inc. | (36 | ) | (1,561 | ) | ||||
CalAmp Corp.* | (196 | ) | (2,466 | ) | ||||
Celestica, Inc. (Canada)* | (312 | ) | (2,636 | ) | ||||
Cognex Corp. | (64 | ) | (3,255 | ) | ||||
Control4 Corp.* | (38 | ) | (643 | ) | ||||
Dolby Laboratories, Inc., Class A | (72 | ) | (4,534 | ) | ||||
ePlus, Inc.* | (34 | ) | (3,010 | ) |
The accompanying notes are an integral part of the financial statements.
41
GOTHAM INDEX PLUS ALL-CAP FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
FARO Technologies, Inc.* | (50 | ) | $ | (2,196 | ) | |||
Finisar Corp.* | (47 | ) | (1,089 | ) | ||||
Fitbit, Inc., Class A* | (865 | ) | (5,121 | ) | ||||
II-VI, Inc.* | (86 | ) | (3,203 | ) | ||||
Infinera Corp.* | (1,395 | ) | (6,054 | ) | ||||
Insight Enterprises, Inc.* | (16 | ) | (881 | ) | ||||
Littelfuse, Inc. | (1 | ) | (182 | ) | ||||
Lumentum Holdings, Inc.* | (196 | ) | (11,082 | ) | ||||
NetScout Systems, Inc.* | (207 | ) | (5,810 | ) | ||||
nLight, Inc.* | (273 | ) | (6,082 | ) | ||||
Novanta, Inc. (Canada)* | (10 | ) | (847 | ) | ||||
Plexus Corp.* | (121 | ) | (7,375 | ) | ||||
Ribbon Communications, Inc.* | (134 | ) | (690 | ) | ||||
Rogers Corp.* | (13 | ) | (2,065 | ) | ||||
ScanSource, Inc.* | (81 | ) | (2,901 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (126 | ) | (1,559 | ) | ||||
Stratasys Ltd. (Israel)* | (7 | ) | (167 | ) | ||||
SYNNEX Corp. | (101 | ) | (9,634 | ) | ||||
Trimble, Inc.* | (69 | ) | (2,788 | ) | ||||
TTM Technologies, Inc.* | (496 | ) | (5,818 | ) | ||||
ViaSat, Inc.* | (76 | ) | (5,890 | ) | ||||
|
| |||||||
(110,282 | ) | |||||||
|
| |||||||
Telecommunication Services — (1.1)% |
| |||||||
ATN International, Inc. | (40 | ) | (2,256 | ) | ||||
Bandwidth, Inc., Class A* | (70 | ) | (4,687 | ) | ||||
Boingo Wireless, Inc.* | (299 | ) | (6,961 | ) | ||||
Cincinnati Bell, Inc.* | (263 | ) | (2,509 | ) | ||||
Consolidated Communications Holdings, Inc. | (520 | ) | (5,673 | ) | ||||
Gogo, Inc.* | (210 | ) | (943 | ) | ||||
ORBCOMM, Inc.* | (229 | ) | (1,553 | ) | ||||
pdvWireless, Inc.* | (31 | ) | (1,090 | ) | ||||
United States Cellular Corp.* | (17 | ) | (780 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Vonage Holdings Corp.* | (82 | ) | $ | (823 | ) | |||
|
| |||||||
(27,275 | ) | |||||||
|
| |||||||
Transportation — (1.7)% |
| |||||||
Air Transport Services Group, Inc.* | (362 | ) | (8,344 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (83 | ) | (4,196 | ) | ||||
Canadian National Railway Co. (Canada) | (36 | ) | (3,221 | ) | ||||
Matson, Inc. | (117 | ) | (4,223 | ) | ||||
Ryder System, Inc. | (157 | ) | (9,732 | ) | ||||
Saia, Inc.* | (58 | ) | (3,544 | ) | ||||
SkyWest, Inc. | (128 | ) | (6,949 | ) | ||||
US Xpress Enterprises, Inc., | (147 | ) | (972 | ) | ||||
|
| |||||||
(41,181 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $1,965,517) | (1,683,764 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (70.3)% |
| (1,683,764 | ) | |||||
|
| |||||||
(Proceeds $1,965,517) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% | 12,915 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,394,814 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(a) | Security is fair valued by the Adviser under direction of the Board of Trustees. |
* | Non-income producing. |
CVR | Contingent Value Rights | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
42
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 139.5% |
| |||||||
COMMON STOCKS — 139.5% |
| |||||||
Automobiles & Components — 1.5% |
| |||||||
American Axle & Manufacturing Holdings, Inc.(a)* | 147 | $ | 2,104 | |||||
Aptiv PLC (Jersey)† | 6 | 477 | ||||||
BorgWarner, Inc. | 110 | 4,225 | ||||||
Cooper Tire & Rubber Co.(a) | 38 | 1,136 | ||||||
Dana, Inc.† | 499 | 8,852 | ||||||
Delphi Technologies PLC (Jersey) | 334 | 6,433 | ||||||
Fiat Chrysler Automobiles NV (Netherlands)(a)* | 255 | 3,787 | ||||||
Ford Motor Co. | 77 | 676 | ||||||
General Motors Co.† | 150 | 5,565 | ||||||
Harley-Davidson, Inc.(a) | 4 | 143 | ||||||
Lear Corp. | 53 | 7,193 | ||||||
Magna International, Inc. (Canada) | 77 | 3,749 | ||||||
Thor Industries, Inc.(a) | 62 | 3,867 | ||||||
Tower International, Inc. | 31 | 652 | ||||||
|
| |||||||
48,859 | ||||||||
|
| |||||||
Banks — 1.1% | ||||||||
Bank of America Corp.† | 176 | 4,856 | ||||||
BB&T Corp.(a) | 14 | 651 | ||||||
Citigroup, Inc.† | 44 | 2,738 | ||||||
Citizens Financial Group, Inc. | 9 | 292 | ||||||
Comerica, Inc. | 3 | 220 | ||||||
Fifth Third Bancorp(a) | 9 | 227 | ||||||
First Republic Bank(a) | 2 | 201 | ||||||
Huntington Bancshares, Inc.† | 18 | 228 | ||||||
JPMorgan Chase & Co.† | 62 | 6,276 | ||||||
KeyCorp. | 14 | 220 | ||||||
M&T Bank Corp. | 2 | 314 | ||||||
People’s United Financial, Inc.(a) | 7 | 115 | ||||||
PNC Financial Services Group, Inc. (The) | 8 | 981 | ||||||
Regions Financial Corp. | 14 | 198 | ||||||
SunTrust Banks, Inc. | 234 | 13,864 | ||||||
SVB Financial Group* | 1 | 222 | ||||||
US Bancorp† | 28 | 1,349 | ||||||
Wells Fargo & Co.† | 84 | 4,059 | ||||||
Zions Bancorp NA | 3 | 136 | ||||||
|
| |||||||
37,147 | ||||||||
|
| |||||||
Capital Goods — 17.3% | ||||||||
3M Co.† | 113 | 23,479 | ||||||
A.O. Smith Corp. | 90 | 4,799 | ||||||
Acuity Brands, Inc. | 9 | 1,080 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
AGCO Corp. | 31 | $ | 2,156 | |||||
Alamo Group, Inc.(a) | 8 | 800 | ||||||
Allegion PLC (Ireland) | 2 | 181 | ||||||
Allison Transmission Holdings, Inc.† | 77 | 3,459 | ||||||
AMETEK, Inc.† | 5 | 415 | ||||||
Arconic, Inc. | 254 | 4,854 | ||||||
Astronics Corp.* | 37 | 1,211 | ||||||
AZZ, Inc. | 107 | 4,380 | ||||||
BMC Stock Holdings, Inc.* | 262 | 4,630 | ||||||
Boeing Co. (The) | 11 | 4,196 | ||||||
BWX Technologies, Inc.(a) | 131 | 6,495 | ||||||
Carlisle Cos., Inc. | 32 | 3,924 | ||||||
Caterpillar, Inc.† | 13 | 1,761 | ||||||
Colfax Corp.†(a)* | 141 | 4,185 | ||||||
Columbus McKinnon Corp. | 79 | 2,714 | ||||||
Comfort Systems USA, Inc. | 43 | 2,253 | ||||||
Continental Building Products, Inc.* | 241 | 5,974 | ||||||
Crane Co.† | 67 | 5,670 | ||||||
Cummins, Inc.† | 85 | 13,419 | ||||||
Curtiss-Wright Corp. | 67 | 7,594 | ||||||
Deere & Co. | 6 | 959 | ||||||
Douglas Dynamics, Inc. | 74 | 2,817 | ||||||
Dover Corp. | 80 | 7,504 | ||||||
Eaton Corp. PLC (Ireland)† | 228 | 18,368 | ||||||
EMCOR Group, Inc. | 86 | 6,285 | ||||||
Emerson Electric Co.† | 80 | 5,478 | ||||||
Encore Wire Corp. | 79 | 4,520 | ||||||
Fastenal Co.(a) | 6 | 386 | ||||||
Flowserve Corp.(a) | 2 | 90 | ||||||
Fluor Corp. | 73 | 2,686 | ||||||
Fortive Corp. | 184 | 15,436 | ||||||
Fortune Brands Home & Security, Inc. | 75 | 3,571 | ||||||
Franklin Electric Co., Inc. | 17 | 869 | ||||||
Gardner Denver Holdings, Inc.†* | 207 | 5,757 | ||||||
General Dynamics Corp.† | 152 | 25,731 | ||||||
General Electric Co. | 115 | 1,149 | ||||||
Gibraltar Industries, Inc.* | 53 | 2,152 | ||||||
Global Brass & Copper Holdings, Inc. | 95 | 3,272 | ||||||
GrafTech International Ltd.†(a) | 651 | 8,326 | ||||||
Granite Construction, Inc.(a) | 4 | 173 | ||||||
Great Lakes Dredge & Dock Corp.* | 306 | 2,726 | ||||||
Harris Corp.† | 3 | 479 | ||||||
HD Supply Holdings, Inc.* | 25 | 1,084 | ||||||
Herc Holdings, Inc.* | 101 | 3,937 |
The accompanying notes are an integral part of the financial statements.
43
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Hexcel Corp. | 82 | $ | 5,671 | |||||
Hillenbrand, Inc. | 24 | 997 | ||||||
Honeywell International, Inc.† | 390 | 61,979 | ||||||
Hubbell, Inc.†(a) | 39 | 4,601 | ||||||
Huntington Ingalls Industries, Inc. | 23 | 4,766 | ||||||
Illinois Tool Works, Inc.† | 7 | 1,005 | ||||||
Ingersoll-Rand PLC (Ireland)† | 130 | 14,034 | ||||||
ITT, Inc. | 20 | 1,160 | ||||||
Jacobs Engineering Group, Inc. | 3 | 226 | ||||||
JELD-WEN Holding, Inc.†* | 169 | 2,985 | ||||||
Johnson Controls International PLC (Ireland)† | 298 | 11,008 | ||||||
KBR, Inc. | 68 | 1,298 | ||||||
L3 Technologies, Inc. | 4 | 825 | ||||||
Lockheed Martin Corp.† | 148 | 44,424 | ||||||
Manitowoc Co., Inc. (The)(a)* | 276 | 4,529 | ||||||
Masco Corp. | 160 | 6,290 | ||||||
MasTec, Inc.(a)* | �� | 111 | 5,339 | |||||
Meritor, Inc.†* | 249 | 5,067 | ||||||
Milacron Holdings Corp.* | 412 | 4,664 | ||||||
MRC Global, Inc.* | 289 | 5,052 | ||||||
National Presto Industries, Inc.(a) | 19 | 2,062 | ||||||
Navistar International Corp.* | 106 | 3,424 | ||||||
Northrop Grumman Corp.† | 90 | 24,264 | ||||||
NOW, Inc.(a)* | 29 | 405 | ||||||
nVent Electric PLC (Ireland) | 71 | 1,916 | ||||||
PACCAR, Inc. | 6 | 409 | ||||||
Parker-Hannifin Corp.† | 3 | 515 | ||||||
Pentair PLC (Ireland)† | 4 | 178 | ||||||
Quanta Services, Inc. | 3 | 113 | ||||||
Raytheon Co.† | 150 | 27,312 | ||||||
Regal Beloit Corp. | 70 | 5,731 | ||||||
Resideo Technologies, Inc.* | 25 | 482 | ||||||
Rexnord Corp.* | 122 | 3,067 | ||||||
Rockwell Automation, Inc. | 2 | 351 | ||||||
Roper Technologies, Inc. | 2 | 684 | ||||||
Sensata Technologies Holding PLC (United Kingdom)* | 19 | 855 | ||||||
Snap-on, Inc.(a) | 17 | 2,661 | ||||||
Spirit AeroSystems Holdings, Inc., Class A† | 74 | 6,773 | ||||||
SPX Corp.* | 183 | 6,367 | ||||||
Stanley Black & Decker, Inc. | 80 | 10,894 | ||||||
Teledyne Technologies, Inc.* | 8 | 1,896 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Tennant Co. | 18 | $ | 1,118 | |||||
Textron, Inc. | 4 | 203 | ||||||
Timken Co. (The) | 47 | 2,050 | ||||||
TransDigm Group, Inc.* | 28 | 12,712 | ||||||
United Rentals, Inc.* | 2 | 228 | ||||||
United Technologies Corp. | 17 | 2,191 | ||||||
Univar, Inc.* | 305 | 6,765 | ||||||
Wabash National Corp. | 188 | 2,547 | ||||||
Wabtec Corp. | 51 | 3,760 | ||||||
Watts Water Technologies, Inc., Class A | 61 | 4,930 | ||||||
WESCO International, Inc.* | 24 | 1,272 | ||||||
WW Grainger, Inc.†(a) | 30 | 9,028 | ||||||
Xylem, Inc. | 4 | 316 | ||||||
|
| |||||||
566,783 | ||||||||
|
| |||||||
Commercial & Professional Services — 2.2% |
| |||||||
ABM Industries, Inc.(a) | 34 | 1,236 | ||||||
Brink’s Co. (The)(a) | 61 | 4,600 | ||||||
CBIZ, Inc.* | 35 | 708 | ||||||
Cintas Corp. | 2 | 404 | ||||||
Clean Harbors, Inc.* | 110 | 7,868 | ||||||
Copart, Inc.(a)* | 4 | 242 | ||||||
Deluxe Corp. | 136 | 5,946 | ||||||
Equifax, Inc. | 1 | 118 | ||||||
FTI Consulting, Inc.†* | 103 | 7,912 | ||||||
Heidrick & Struggles International, Inc. | 80 | 3,066 | ||||||
HNI Corp. | 47 | 1,706 | ||||||
Huron Consulting Group, Inc.* | 46 | 2,172 | ||||||
ICF International, Inc. | 32 | 2,435 | ||||||
IHS Markit Ltd. (Bermuda)* | 5 | 272 | ||||||
Knoll, Inc. | 12 | 227 | ||||||
Korn Ferry | 149 | 6,672 | ||||||
ManpowerGroup, Inc. | 76 | 6,284 | ||||||
Navigant Consulting, Inc. | 43 | 837 | ||||||
Nielsen Holdings PLC (United Kingdom) | 39 | 923 | ||||||
Republic Services, Inc. | 5 | 402 | ||||||
Robert Half International, Inc. | 64 | 4,170 | ||||||
Rollins, Inc.(a) | 5 | 208 | ||||||
SP Plus Corp.* | 29 | 989 | ||||||
Steelcase, Inc., Class A | 77 | 1,120 | ||||||
Team, Inc.* | 161 | 2,818 | ||||||
Tetra Tech, Inc.† | 29 | 1,728 |
The accompanying notes are an integral part of the financial statements.
44
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Thomson Reuters Corp. (Canada) | 86 | $ | 5,091 | |||||
TrueBlue, Inc.* | 87 | 2,057 | ||||||
Verisk Analytics, Inc. | 2 | 266 | ||||||
Waste Management, Inc.† | 8 | 831 | ||||||
|
| |||||||
73,308 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.4% |
| |||||||
Acushnet Holdings Corp.(a) | 131 | 3,031 | ||||||
BRP, Inc., sub-voting shares (Canada) | 18 | 499 | ||||||
Brunswick Corp. | 2 | 101 | ||||||
Capri Holdings Ltd. (British Virgin Islands)†* | 80 | 3,660 | ||||||
Carter’s, Inc.(a) | 18 | 1,814 | ||||||
Deckers Outdoor Corp.* | 44 | 6,468 | ||||||
DR Horton, Inc. | 6 | 248 | ||||||
Ethan Allen Interiors, Inc.(a) | 227 | 4,343 | ||||||
Fossil Group, Inc.†(a)* | 258 | 3,540 | ||||||
Garmin Ltd. (Switzerland)† | 100 | 8,635 | ||||||
G-III Apparel Group Ltd.(a)* | 77 | 3,077 | ||||||
Hanesbrands, Inc. | 190 | 3,397 | ||||||
Hasbro, Inc.(a) | 2 | 170 | ||||||
Helen of Troy Ltd. (Bermuda)(a)* | 20 | 2,319 | ||||||
Installed Building Products, Inc.(a)* | 93 | 4,510 | ||||||
Leggett & Platt, Inc.(a) | 69 | 2,913 | ||||||
Lennar Corp., Class A† | 43 | 2,111 | ||||||
Lululemon Athletica, Inc.* | 3 | 492 | ||||||
Mattel, Inc.(a)* | 87 | 1,131 | ||||||
Mohawk Industries, Inc.* | 2 | 252 | ||||||
Newell Brands, Inc.(a) | 222 | 3,405 | ||||||
NIKE, Inc., Class B | 31 | 2,611 | ||||||
PulteGroup, Inc. | 5 | 140 | ||||||
PVH Corp. | 40 | 4,878 | ||||||
Ralph Lauren Corp. | 2 | 259 | ||||||
Roku, Inc.(a)* | 32 | 2,064 | ||||||
Skechers U.S.A., Inc., Class A* | 38 | 1,277 | ||||||
Sonos, Inc.* | 178 | 1,832 | ||||||
Sturm Ruger & Co., Inc.(a) | 110 | 5,832 | ||||||
Tapestry, Inc. | 153 | 4,971 | ||||||
TopBuild Corp.* | 119 | 7,714 | ||||||
Under Armour, Inc., Class C(a)* | 7 | 132 | ||||||
VF Corp.† | 208 | 18,077 | ||||||
Whirlpool Corp. | 8 | 1,063 | ||||||
YETI Holdings, Inc.(a)* | 122 | 3,690 | ||||||
|
| |||||||
110,656 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — 2.8% |
| |||||||
Aramark† | 170 | $ | 5,023 | |||||
Career Education Corp.* | 38 | 628 | ||||||
Carnival Corp. (Panama)† | 14 | 710 | ||||||
Cheesecake Factory, Inc. (The)(a) | 14 | 685 | ||||||
Chipotle Mexican Grill, Inc.* | 1 | 710 | ||||||
Choice Hotels International, Inc. | 16 | 1,244 | ||||||
Cracker Barrel Old Country Store, Inc. | 39 | 6,303 | ||||||
Darden Restaurants, Inc. | 3 | 364 | ||||||
Denny’s Corp.* | 105 | 1,927 | ||||||
Graham Holdings Co., Class B† | 10 | 6,832 | ||||||
H&R Block, Inc.†(a) | 27 | 646 | ||||||
Hilton Worldwide Holdings, Inc.† | 6 | 499 | ||||||
Houghton Mifflin Harcourt Co.* | 65 | 473 | ||||||
International Game Technology PLC (United Kingdom)(a) | 153 | 1,987 | ||||||
Jack in the Box, Inc.(a) | 60 | 4,864 | ||||||
K12, Inc.* | 149 | 5,085 | ||||||
Las Vegas Sands Corp. | 33 | 2,012 | ||||||
Marriott International, Inc., Class A | 7 | 876 | ||||||
McDonald’s Corp.† | 15 | 2,848 | ||||||
MGM Resorts International | 7 | 180 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 62 | 3,408 | ||||||
PlayAGS, Inc.* | 36 | 861 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 4 | 458 | ||||||
Scientific Games Corp.(a)* | 96 | 1,960 | ||||||
SeaWorld Entertainment, Inc.†* | 218 | 5,616 | ||||||
Starbucks Corp. | 17 | 1,264 | ||||||
Weight Watchers International, | 456 | 9,188 | ||||||
Wyndham Hotels & Resorts, Inc. | 189 | 9,448 | ||||||
Wynn Resorts Ltd. | 1 | 119 | ||||||
Yum! Brands, Inc.† | 166 | 16,568 | ||||||
|
| |||||||
92,786 | ||||||||
|
| |||||||
Diversified Financials — 4.6% |
| |||||||
Affiliated Managers Group, Inc. | 30 | 3,213 | ||||||
American Express Co. | 14 | 1,530 | ||||||
Ameriprise Financial, Inc. | 1 | 128 | ||||||
Bank of New York Mellon Corp. | 17 | 857 | ||||||
Berkshire Hathaway, Inc., Class B†* | 168 | 33,750 | ||||||
BlackRock, Inc.† | 85 | 36,326 |
The accompanying notes are an integral part of the financial statements.
45
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Diversified Financials — (Continued) |
| |||||||
Capital One Financial Corp. | 9 | $ | 735 | |||||
Cboe Global Markets, Inc. | 3 | 286 | ||||||
Charles Schwab Corp. (The)† | 23 | 983 | ||||||
CME Group, Inc.† | 7 | 1,152 | ||||||
Discover Financial Services | 65 | 4,625 | ||||||
E*TRADE Financial Corp. | 5 | 232 | ||||||
Franklin Resources, Inc.†(a) | 130 | 4,308 | ||||||
Goldman Sachs Group, Inc. (The)† | 202 | 38,782 | ||||||
Intercontinental Exchange, Inc.† | 11 | 838 | ||||||
Invesco Ltd. (Bermuda)† | 217 | 4,190 | ||||||
Moody’s Corp.† | 3 | 543 | ||||||
Morgan Stanley† | 31 | 1,308 | ||||||
MSCI, Inc. | 2 | 398 | ||||||
Nasdaq, Inc.† | 3 | 262 | ||||||
Northern Trust Corp. | 3 | 271 | ||||||
Raymond James Financial, Inc. | 3 | 241 | ||||||
S&P Global, Inc.† | 4 | 842 | ||||||
State Street Corp.† | 8 | 526 | ||||||
Synchrony Financial† | 13 | 415 | ||||||
T Rowe Price Group, Inc.† | 128 | 12,815 | ||||||
|
| |||||||
149,556 | ||||||||
|
| |||||||
Energy — 10.5% |
| |||||||
Anadarko Petroleum Corp. | 6 | 273 | ||||||
Apache Corp.(a) | 6 | 208 | ||||||
Cabot Oil & Gas Corp. | 8 | 209 | ||||||
Cameco Corp. (Canada)† | 24 | 283 | ||||||
Cenovus Energy, Inc. (Canada) | 83 | 720 | ||||||
Chevron Corp.† | 307 | 37,816 | ||||||
Cimarex Energy Co. | 1 | 70 | ||||||
Concho Resources, Inc. | 2 | 222 | ||||||
ConocoPhillips† | 612 | 40,845 | ||||||
CONSOL Energy, Inc.* | 31 | 1,061 | ||||||
Contura Energy, Inc.* | 75 | 4,344 | ||||||
CVR Energy, Inc.† | 30 | 1,236 | ||||||
Delek US Holdings, Inc.(a) | 117 | 4,261 | ||||||
Devon Energy Corp.† | 271 | 8,553 | ||||||
Diamondback Energy, Inc. | 2 | 203 | ||||||
Enbridge, Inc. (Canada) | 63 | 2,284 | ||||||
EOG Resources, Inc. | 7 | 666 | ||||||
Equitrans Midstream Corp. | 130 | 2,831 | ||||||
Exxon Mobil Corp.† | 469 | 37,895 | ||||||
FTS International, Inc.(a)* | 551 | 5,510 | ||||||
Halliburton Co.† | 192 | 5,626 | ||||||
Helix Energy Solutions Group, Inc.†* | 19 | 150 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Helmerich & Payne, Inc. | 1 | $ | 56 | |||||
Hess Corp.† | 6 | 361 | ||||||
HollyFrontier Corp. | 93 | 4,582 | ||||||
Keane Group, Inc.* | 275 | 2,995 | ||||||
Kinder Morgan, Inc.† | 1,184 | 23,692 | ||||||
Liberty Oilfield Services, Inc., | 275 | 4,232 | ||||||
Marathon Oil Corp.† | 427 | 7,135 | ||||||
Marathon Petroleum Corp. | 16 | 958 | ||||||
Matrix Service Co.* | 80 | 1,566 | ||||||
Nabors Industries Ltd. (Bermuda)(a) | 2,973 | 10,227 | ||||||
National Oilwell Varco, Inc. | 201 | 5,355 | ||||||
Newpark Resources, Inc.(a)* | 518 | 4,745 | ||||||
Nine Energy Service, Inc.* | 97 | 2,197 | ||||||
Noble Energy, Inc.†(a) | 9 | 223 | ||||||
Occidental Petroleum Corp.† | 397 | 26,281 | ||||||
Oceaneering International, Inc.†* | 75 | 1,183 | ||||||
ONEOK, Inc. | 7 | 489 | ||||||
Patterson-UTI Energy, Inc.(a) | 403 | 5,650 | ||||||
Pembina Pipeline Corp. (Canada)† | 174 | 6,396 | ||||||
Phillips 66† | 249 | 23,697 | ||||||
Pioneer Natural Resources Co. | 2 | 305 | ||||||
ProPetro Holding Corp.†(a)* | 101 | 2,277 | ||||||
Renewable Energy Group, Inc.†* | 165 | 3,623 | ||||||
RPC, Inc.† | 269 | 3,069 | ||||||
Schlumberger Ltd. (Curacao)† | 728 | 31,719 | ||||||
Select Energy Services, Inc., | 428 | 5,145 | ||||||
SemGroup Corp., Class A(a) | 135 | 1,990 | ||||||
TechnipFMC PLC (United Kingdom) | 8 | 188 | ||||||
Valero Energy Corp.† | 9 | 763 | ||||||
Vantage Energy Acquisition Corp., Class A* | 5 | 51 | ||||||
Weatherford International PLC (Ireland)* | 9,647 | 6,734 | ||||||
Williams Cos., Inc. (The) | 16 | 460 | ||||||
|
| |||||||
343,610 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.0% |
| |||||||
BJ’s Wholesale Club Holdings, | 161 | 4,411 | ||||||
Costco Wholesale Corp. | 5 | 1,211 | ||||||
Ingles Markets, Inc., Class A | 10 | 276 | ||||||
Kroger Co. (The)† | 16 | 394 | ||||||
Rite Aid Corp.* | 1,076 | 683 |
The accompanying notes are an integral part of the financial statements.
46
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
Sprouts Farmers Market, Inc.(a)* | 11 | $ | 237 | |||||
Sysco Corp.† | 274 | 18,292 | ||||||
US Foods Holding Corp.* | 109 | 3,805 | ||||||
Walgreens Boots Alliance, Inc.† | 497 | 31,445 | ||||||
Walmart, Inc.† | 723 | 70,514 | ||||||
|
| |||||||
131,268 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 7.1% |
| |||||||
Altria Group, Inc.† | 989 | 56,798 | ||||||
Archer-Daniels-Midland Co.† | 10 | 431 | ||||||
B&G Foods, Inc.(a) | 133 | 3,248 | ||||||
Brown-Forman Corp., Class B(a) | 6 | 317 | ||||||
Bunge Ltd. (Bermuda) | 116 | 6,156 | ||||||
Campbell Soup Co. | 5 | 191 | ||||||
Coca-Cola Co. (The)† | 74 | 3,468 | ||||||
Conagra Brands, Inc. | 9 | 250 | ||||||
Constellation Brands, Inc., Class A† | 100 | 17,533 | ||||||
General Mills, Inc.†(a) | 314 | 16,250 | ||||||
Hershey Co. (The)† | 111 | 12,746 | ||||||
Hormel Foods Corp.(a) | 9 | 403 | ||||||
JM Smucker Co. (The) | 2 | 233 | ||||||
John B. Sanfilippo & Son, Inc. | 23 | 1,653 | ||||||
Kellogg Co. | 7 | 402 | ||||||
Kraft Heinz Co. (The)† | 23 | 751 | ||||||
Lamb Weston Holdings, Inc. | 1 | 75 | ||||||
Lancaster Colony Corp. | 21 | 3,290 | ||||||
McCormick & Co., Inc., non-voting shares(a) | 70 | 10,544 | ||||||
Molson Coors Brewing Co., | 5 | 298 | ||||||
Mondelez International, Inc., Class A | 20 | 998 | ||||||
Monster Beverage Corp.* | 10 | 546 | ||||||
National Beverage Corp. | 18 | 1,039 | ||||||
PepsiCo, Inc.† | 284 | 34,804 | ||||||
Philip Morris International, Inc.† | 435 | 38,450 | ||||||
Pilgrim’s Pride Corp.* | 151 | 3,366 | ||||||
Post Holdings, Inc.†* | 46 | 5,032 | ||||||
Tootsie Roll Industries, Inc.(a) | 86 | 3,203 | ||||||
TreeHouse Foods, Inc.(a)* | 129 | 8,327 | ||||||
Tyson Foods, Inc., Class A† | 8 | 555 | ||||||
|
| |||||||
231,357 | ||||||||
|
| |||||||
Health Care Equipment & Services — 9.3% |
| |||||||
Abbott Laboratories† | 31 | 2,478 | ||||||
ABIOMED, Inc.* | 2 | 571 | ||||||
Align Technology, Inc.* | 1 | 284 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Allscripts Healthcare Solutions, | 721 | $ | 6,878 | |||||
Amedisys, Inc.* | 28 | 3,451 | ||||||
AmerisourceBergen Corp. | 4 | 318 | ||||||
AMN Healthcare Services, Inc.(a)* | 11 | 518 | ||||||
Anthem, Inc.† | 5 | 1,435 | ||||||
Apollo Medical Holdings, Inc.(a)* | 21 | 385 | ||||||
Baxter International, Inc. | 7 | 569 | ||||||
Becton Dickinson and Co. | 3 | 749 | ||||||
Boston Scientific Corp.* | 18 | 691 | ||||||
Cardinal Health, Inc.† | 158 | 7,608 | ||||||
Centene Corp.†* | 8 | 425 | ||||||
Cerner Corp.* | 4 | 229 | ||||||
Cigna Corp. | 8 | 1,287 | ||||||
Cooper Cos., Inc. (The) | 2 | 592 | ||||||
CorVel Corp.* | 18 | 1,174 | ||||||
CryoLife, Inc.(a)* | 134 | 3,909 | ||||||
CVS Health Corp. | 678 | 36,565 | ||||||
Danaher Corp.† | 92 | 12,146 | ||||||
DaVita, Inc.* | 3 | 163 | ||||||
DENTSPLY SIRONA, Inc. | 3 | 149 | ||||||
Edwards Lifesciences Corp.* | 2 | 383 | ||||||
Globus Medical, Inc., Class A* | 62 | 3,063 | ||||||
Haemonetics Corp.* | 2 | 175 | ||||||
HCA Healthcare, Inc.† | 180 | 23,468 | ||||||
HealthStream, Inc.* | 22 | 617 | ||||||
Henry Schein, Inc.(a)* | 2 | 120 | ||||||
Hill-Rom Holdings, Inc.† | 66 | 6,987 | ||||||
HMS Holdings Corp.†* | 260 | 7,699 | ||||||
Hologic, Inc.* | 3 | 145 | ||||||
Humana, Inc.† | 2 | 532 | ||||||
IDEXX Laboratories, Inc.* | 1 | 224 | ||||||
Inogen, Inc.(a)* | 45 | 4,292 | ||||||
Inovalon Holdings, Inc., Class A(a)* | 150 | 1,864 | ||||||
Integer Holdings Corp.†* | 99 | 7,467 | ||||||
Integra LifeSciences Holdings Corp.†* | 56 | 3,120 | ||||||
Intuitive Surgical, Inc.* | 1 | 571 | ||||||
Laboratory Corp. of America Holdings†* | 54 | 8,261 | ||||||
Lantheus Holdings, Inc.* | 104 | 2,546 | ||||||
LivaNova PLC (United Kingdom)†* | 51 | 4,960 | ||||||
Masimo Corp.†* | 32 | 4,425 | ||||||
McKesson Corp. | 3 | 351 |
The accompanying notes are an integral part of the financial statements.
47
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
MEDNAX, Inc.†* | 191 | $ | 5,189 | |||||
Medtronic PLC (Ireland) | 26 | 2,368 | ||||||
Meridian Bioscience, Inc. | 112 | 1,972 | ||||||
National HealthCare Corp. | 4 | 304 | ||||||
Natus Medical, Inc.* | 144 | 3,655 | ||||||
NextGen Healthcare, Inc.(a)* | 177 | 2,979 | ||||||
NuVasive, Inc.* | 61 | 3,464 | ||||||
Omnicell, Inc.* | 62 | 5,012 | ||||||
Patterson Cos., Inc.(a) | 70 | 1,530 | ||||||
Quest Diagnostics, Inc.†(a) | 73 | 6,564 | ||||||
Quidel Corp.(a)* | 15 | 982 | ||||||
ResMed, Inc. | 2 | 208 | ||||||
Select Medical Holdings Corp.* | 134 | 1,888 | ||||||
STERIS PLC (Ireland)† | 48 | 6,145 | ||||||
Stryker Corp. | 4 | 790 | ||||||
Tabula Rasa HealthCare, Inc.(a)* | 6 | 339 | ||||||
Tactile Systems Technology, | 4 | 211 | ||||||
Teleflex, Inc. | 1 | 302 | ||||||
Tivity Health, Inc.(a)* | 426 | 7,481 | ||||||
UnitedHealth Group, Inc.† | 304 | 75,167 | ||||||
Universal Health Services, Inc., Class B | 2 | 268 | ||||||
Varex Imaging Corp.* | 53 | 1,796 | ||||||
Varian Medical Systems, Inc.* | 2 | 283 | ||||||
Veeva Systems, Inc., Class A* | 28 | 3,552 | ||||||
WellCare Health Plans, Inc.†* | 2 | 540 | ||||||
West Pharmaceutical Services, Inc. | 50 | 5,510 | ||||||
Zimmer Biomet Holdings, Inc. | 4 | 511 | ||||||
|
| |||||||
302,854 | ||||||||
|
| |||||||
Household & Personal Products — 2.5% |
| |||||||
Church & Dwight Co., Inc. | 53 | 3,775 | ||||||
Clorox Co. (The) | 3 | 481 | ||||||
Colgate-Palmolive Co.† | 17 | 1,165 | ||||||
Coty, Inc., Class A(a) | 10 | 115 | ||||||
Edgewell Personal Care Co.†(a)* | 19 | 834 | ||||||
elf Beauty, Inc.* | 40 | 424 | ||||||
Energizer Holdings, Inc.(a) | 73 | 3,280 | ||||||
Estee Lauder Cos., Inc. (The), Class A† | 7 | 1,159 | ||||||
Inter Parfums, Inc. | 63 | 4,780 | ||||||
Kimberly-Clark Corp.† | 7 | 867 | ||||||
Procter & Gamble Co. (The)† | 617 | 64,199 | ||||||
|
| |||||||
81,079 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — 1.8% |
| |||||||
Aflac, Inc. | 11 | $ | 550 | |||||
Allstate Corp. (The) | 6 | 565 | ||||||
American International Group, Inc. | 12 | 517 | ||||||
Aon PLC (United Kingdom) | 125 | 21,338 | ||||||
Arthur J Gallagher & Co.† | 4 | 312 | ||||||
Assurant, Inc. | 1 | 95 | ||||||
Brighthouse Financial, Inc.* | 2 | 73 | ||||||
Chubb Ltd. (Switzerland) | 7 | 981 | ||||||
Cincinnati Financial Corp. | 3 | 258 | ||||||
Everest Re Group Ltd. (Bermuda) | 2 | 432 | ||||||
Hartford Financial Services Group, Inc. (The)† | 122 | 6,066 | ||||||
Lincoln National Corp. | 3 | 176 | ||||||
Loews Corp. | 5 | 240 | ||||||
Marsh & McLennan Cos., Inc.† | 265 | 24,884 | ||||||
MetLife, Inc. | 13 | 553 | ||||||
Principal Financial Group, Inc. | 5 | 251 | ||||||
Progressive Corp. (The)† | 13 | 937 | ||||||
Prudential Financial, Inc. | 6 | 551 | ||||||
Torchmark Corp.(a) | 2 | 164 | ||||||
Travelers Cos., Inc. (The) | 5 | 686 | ||||||
Unum Group | 3 | 101 | ||||||
Willis Towers Watson PLC (Ireland) | 1 | 176 | ||||||
|
| |||||||
59,906 | ||||||||
|
| |||||||
Materials — 5.1% |
| |||||||
A. Schulman, Inc. CVR(b) | 141 | 74 | ||||||
AdvanSix, Inc.* | 34 | 971 | ||||||
Air Products & Chemicals, Inc. | 4 | 764 | ||||||
Albemarle Corp.(a) | 1 | 82 | ||||||
Avery Dennison Corp. | 46 | 5,198 | ||||||
Axalta Coating Systems Ltd. (Bermuda)* | 296 | 7,462 | ||||||
Ball Corp. | 103 | 5,960 | ||||||
Celanese Corp. | 20 | 1,972 | ||||||
CF Industries Holdings, Inc. | 4 | 164 | ||||||
Domtar Corp.† | 49 | 2,433 | ||||||
DowDuPont, Inc.† | 395 | 21,057 | ||||||
Eagle Materials, Inc. | 18 | 1,517 | ||||||
Eastman Chemical Co. | 74 | 5,615 | ||||||
Ecolab, Inc. | 6 | 1,059 | ||||||
Ferro Corp.* | 290 | 5,490 | ||||||
FMC Corp. | 3 | 230 | ||||||
Freeport-McMoRan, Inc.† | 28 | 361 | ||||||
FutureFuel Corp. | 126 | 1,688 |
The accompanying notes are an integral part of the financial statements.
48
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
H.B. Fuller Co. | 50 | $ | 2,432 | |||||
Huntsman Corp. | 295 | 6,635 | ||||||
Innospec, Inc. | 49 | 4,084 | ||||||
International Flavors & Fragrances, Inc.(a) | 2 | 258 | ||||||
International Paper Co.† | 214 | 9,902 | ||||||
Kraton Corp.* | 207 | 6,661 | ||||||
Linde PLC (Ireland)† | 7 | 1,232 | ||||||
LyondellBasell Industries NV, Class A (Netherlands)† | 8 | 673 | ||||||
Martin Marietta Materials, Inc.(a) | 1 | 201 | ||||||
Mosaic Co. (The)† | 8 | 218 | ||||||
Newmont Mining Corp.† | 9 | 322 | ||||||
Norbord, Inc. (Canada) | 74 | 2,039 | ||||||
Nucor Corp.† | 165 | 9,628 | ||||||
Nutrien Ltd. (Canada) | 106 | 5,593 | ||||||
Olin Corp. | 403 | 9,325 | ||||||
Packaging Corp. of America | 50 | 4,969 | ||||||
PolyOne Corp. | 194 | 5,686 | ||||||
PPG Industries, Inc. | 4 | 451 | ||||||
Rayonier Advanced Materials, | 582 | 7,892 | ||||||
Schweitzer-Mauduit International, Inc. | 66 | 2,556 | ||||||
Scotts Miracle-Gro Co. (The)† | 16 | 1,257 | ||||||
Sealed Air Corp. | 82 | 3,777 | ||||||
Sherwin-Williams Co. (The)† | 2 | 861 | ||||||
Silgan Holdings, Inc. | 251 | 7,437 | ||||||
Stepan Co. | 2 | 175 | ||||||
Trinseo SA (Luxembourg) | 12 | 544 | ||||||
Valhi, Inc. | 4 | 9 | ||||||
Verso Corp., Class A†* | 300 | 6,426 | ||||||
Vulcan Materials Co. | 1 | 118 | ||||||
Westlake Chemical Corp. | 35 | 2,375 | ||||||
Westrock Co. | 5 | 192 | ||||||
|
| |||||||
166,025 | ||||||||
|
| |||||||
Media & Entertainment — 7.6% |
| |||||||
Activision Blizzard, Inc. | 15 | 683 | ||||||
Alphabet, Inc., Class A†* | 84 | 98,859 | ||||||
ANGI Homeservices, Inc., | 183 | 2,826 | ||||||
Cars.com, Inc.†(a)* | 305 | 6,954 | ||||||
CBS Corp., Class B, non-voting shares | 6 | 285 | ||||||
Charter Communications, Inc., Class A* | 3 | 1,041 | ||||||
Cinemark Holdings, Inc. | 14 | 560 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Clear Channel Outdoor Holdings, Inc., Class A* | 4 | $ | 21 | |||||
Comcast Corp., Class A† | 84 | 3,358 | ||||||
Discovery, Inc., Class A†(a)* | 372 | 10,051 | ||||||
DISH Network Corp., Class A(a)* | 51 | 1,616 | ||||||
Electronic Arts, Inc.* | 6 | 610 | ||||||
EW Scripps Co. (The), Class A(a) | 314 | 6,594 | ||||||
Facebook, Inc., Class A†* | 331 | 55,174 | ||||||
Fox Corp., Class A* | 12 | 441 | ||||||
Gannett Co., Inc.(a) | 58 | 611 | ||||||
Glu Mobile, Inc.* | 137 | 1,499 | ||||||
Gray Television, Inc.†(a)* | 407 | 8,694 | ||||||
IAC/InterActiveCorp.†* | 38 | 7,984 | ||||||
Interpublic Group of Cos., Inc. (The) | 7 | 147 | ||||||
Loral Space & Communications, Inc.* | 32 | 1,154 | ||||||
Marcus Corp. (The)† | 158 | 6,328 | ||||||
MSG Networks, Inc., Class A* | 143 | 3,110 | ||||||
National CineMedia, Inc. | 358 | 2,524 | ||||||
Netflix, Inc.* | 5 | 1,783 | ||||||
New Media Investment Group, Inc.(a) | 288 | 3,024 | ||||||
News Corp., Class A† | 308 | 3,832 | ||||||
Omnicom Group, Inc.(a) | 4 | 292 | ||||||
QuinStreet, Inc.†(a)* | 367 | 4,914 | ||||||
Scholastic Corp. | 2 | 80 | ||||||
Sirius XM Holdings, Inc. | 237 | 1,344 | ||||||
Take-Two Interactive Software, Inc.* | 1 | 94 | ||||||
TEGNA, Inc. | 347 | 4,893 | ||||||
Tribune Media Co., Class A | 57 | 2,630 | ||||||
TripAdvisor, Inc.* | 1 | 51 | ||||||
Twitter, Inc.* | 11 | 362 | ||||||
Viacom, Inc., Class B | 8 | 225 | ||||||
Walt Disney Co. (The)† | 29 | 3,220 | ||||||
Zynga, Inc., Class A* | 255 | 1,359 | ||||||
|
| |||||||
249,227 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 14.3% |
| |||||||
AbbVie, Inc.† | 145 | 11,686 | ||||||
Agilent Technologies, Inc. | 4 | 322 | ||||||
Alexion Pharmaceuticals, Inc.* | 2 | 270 | ||||||
Alkermes PLC (Ireland)* | 2 | 73 | ||||||
Allergan PLC (Ireland) | 4 | 586 | ||||||
Amgen, Inc.† | 284 | 53,954 | ||||||
Amneal Pharmaceuticals, Inc.(a)* | 87 | 1,233 | ||||||
ANI Pharmaceuticals, Inc.* | 2 | 141 | ||||||
Arrowhead Pharmaceuticals, Inc.(a)* | 80 | 1,468 |
The accompanying notes are an integral part of the financial statements.
49
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Biogen, Inc.†* | 104 | $ | 24,584 | |||||
Bio-Rad Laboratories, Inc., Class A* | 8 | 2,445 | ||||||
Bio-Techne Corp. | 5 | 993 | ||||||
Bristol-Myers Squibb Co.† | 859 | 40,983 | ||||||
Bruker Corp.† | 182 | 6,996 | ||||||
CareDx, Inc.(a)* | 30 | 946 | ||||||
Celgene Corp.†* | 368 | 34,717 | ||||||
Charles River Laboratories International, Inc.* | 16 | 2,324 | ||||||
Corcept Therapeutics, Inc.(a)* | 48 | 564 | ||||||
Eli Lilly & Co. | 482 | 62,544 | ||||||
Enanta Pharmaceuticals, Inc.* | 2 | 191 | ||||||
Exelixis, Inc.* | 115 | 2,737 | ||||||
Genomic Health, Inc.* | 10 | 700 | ||||||
Gilead Sciences, Inc.† | 24 | 1,560 | ||||||
Horizon Pharma PLC (Ireland)* | 1 | 26 | ||||||
Illumina, Inc.* | 1 | 311 | ||||||
Incyte Corp.* | 2 | 172 | ||||||
Innoviva, Inc.* | 5 | 70 | ||||||
IQVIA Holdings, Inc.* | 2 | 288 | ||||||
Jazz Pharmaceuticals PLC | 11 | 1,572 | ||||||
Johnson & Johnson† | 266 | 37,184 | ||||||
Ligand Pharmaceuticals, Inc.(a)* | 3 | 377 | ||||||
Mallinckrodt PLC (Ireland)* | 73 | 1,587 | ||||||
Medpace Holdings, Inc.†* | 113 | 6,664 | ||||||
Merck & Co., Inc.† | 602 | 50,068 | ||||||
Mettler-Toledo International, Inc.* | 1 | 723 | ||||||
Mylan NV (Netherlands)* | 9 | 255 | ||||||
Nektar Therapeutics(a)* | 4 | 134 | ||||||
Neurocrine Biosciences, Inc.* | 4 | 352 | ||||||
PerkinElmer, Inc.(a) | 1 | 96 | ||||||
Perrigo Co. PLC (Ireland)(a) | 1 | 48 | ||||||
Pfizer, Inc.† | 2,318 | 98,445 | ||||||
PRA Health Sciences, Inc.†* | 49 | 5,404 | ||||||
Regeneron Pharmaceuticals, Inc.* | 3 | 1,232 | ||||||
REGENXBIO, Inc.(a)* | 14 | 802 | ||||||
Repligen Corp.(a)* | 7 | 414 | ||||||
Sarepta Therapeutics, Inc.(a)* | 8 | 954 | ||||||
Seattle Genetics, Inc.* | 5 | 366 | ||||||
Supernus Pharmaceuticals, Inc.(a)* | 62 | 2,172 | ||||||
Syneos Health, Inc.(a)* | 16 | 828 | ||||||
Thermo Fisher Scientific, Inc. | 5 | 1,369 | ||||||
Vertex Pharmaceuticals, Inc.* | 3 | 552 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Waters Corp.* | 2 | $ | 503 | |||||
Zoetis, Inc.† | 9 | 906 | ||||||
|
| |||||||
465,891 | ||||||||
|
| |||||||
Real Estate — 1.4% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | 2 | 285 | ||||||
American Tower Corp., REIT | 5 | 985 | ||||||
Apartment Investment & Management Co., Class A, REIT | 2 | 101 | ||||||
AvalonBay Communities, Inc., REIT | 2 | 401 | ||||||
Boston Properties, Inc., REIT | 2 | 268 | ||||||
CBRE Group, Inc., Class A* | 179 | 8,852 | ||||||
Crown Castle International Corp., REIT | 5 | 640 | ||||||
Digital Realty Trust, Inc., REIT(a) | 4 | 476 | ||||||
Duke Realty Corp., REIT | 5 | 153 | ||||||
Equinix, Inc., REIT | 1 | 453 | ||||||
Equity Residential, REIT | 5 | 377 | ||||||
Essex Property Trust, Inc., REIT | 2 | 578 | ||||||
Extra Space Storage, Inc., REIT | 3 | 306 | ||||||
Federal Realty Investment Trust, REIT | 1 | 138 | ||||||
HCP, Inc., REIT | 7 | 219 | ||||||
Host Hotels & Resorts, Inc., REIT | 13 | 246 | ||||||
Iron Mountain, Inc., REIT(a) | 4 | 142 | ||||||
Kimco Realty Corp., REIT | 7 | 130 | ||||||
Macerich Co. (The), REIT | 2 | 87 | ||||||
Mid-America Apartment Communities, Inc., REIT | 2 | 219 | ||||||
Prologis, Inc., REIT | 8 | 576 | ||||||
Public Storage, REIT | 3 | 653 | ||||||
Realty Income Corp., REIT†(a) | 160 | 11,770 | ||||||
Regency Centers Corp., REIT | 3 | 202 | ||||||
SBA Communications Corp., REIT* | 1 | 200 | ||||||
Simon Property Group, Inc., REIT | 6 | 1,093 | ||||||
SL Green Realty Corp., REIT | 2 | 180 | ||||||
UDR, Inc., REIT | 4 | 182 | ||||||
Ventas, Inc., REIT | 5 | 319 | ||||||
Vornado Realty Trust, REIT | 3 | 202 | ||||||
Welltower, Inc., REIT | 201 | 15,598 | ||||||
Weyerhaeuser Co., REIT† | 14 | 369 | ||||||
|
| |||||||
46,400 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
50
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — 9.7% |
| |||||||
1-800-Flowers.com, Inc., Class A* | 147 | $ | 2,680 | |||||
Advance Auto Parts, Inc.† | 38 | 6,480 | ||||||
Amazon.com, Inc.†* | 59 | 105,064 | ||||||
Asbury Automotive Group, Inc.(a)* | 58 | 4,023 | ||||||
AutoZone, Inc.* | 8 | 8,193 | ||||||
Bed Bath & Beyond, Inc.(a) | 350 | 5,946 | ||||||
Best Buy Co., Inc. | 73 | 5,187 | ||||||
Booking Holdings, Inc.†* | 4 | 6,980 | ||||||
CarMax, Inc.(a)* | 3 | 209 | ||||||
Core-Mark Holding Co., Inc.† | 106 | 3,936 | ||||||
Dollar General Corp.† | 27 | 3,221 | ||||||
Dollar Tree, Inc.* | 5 | 525 | ||||||
eBay, Inc.† | 506 | 18,793 | ||||||
Etsy, Inc.†(a)* | 175 | 11,764 | ||||||
Expedia Group, Inc. | 3 | 357 | ||||||
Foot Locker, Inc.(a) | 3 | 182 | ||||||
Gap, Inc. (The)† | 7 | 183 | ||||||
Genesco, Inc.(a)* | 108 | 4,919 | ||||||
Genuine Parts Co.† | 78 | 8,738 | ||||||
Group 1 Automotive, Inc.(a) | 85 | 5,500 | ||||||
Groupon, Inc.* | 340 | 1,207 | ||||||
Home Depot, Inc. (The)† | 22 | 4,222 | ||||||
Kohl’s Corp. | 86 | 5,914 | ||||||
L Brands, Inc. | 5 | 138 | ||||||
LKQ Corp.* | 166 | 4,711 | ||||||
Lowe’s Cos., Inc.† | 16 | 1,752 | ||||||
Macy’s, Inc.(a) | 29 | 697 | ||||||
Michaels Cos., Inc. (The)* | 452 | 5,162 | ||||||
Murphy USA, Inc.* | 84 | 7,192 | ||||||
Nordstrom, Inc.(a) | 3 | 133 | ||||||
Office Depot, Inc.† | 2,603 | 9,449 | ||||||
O’Reilly Automotive, Inc.†* | 2 | 777 | ||||||
PetMed Express, Inc.† | 167 | 3,804 | ||||||
Pool Corp.(a) | 17 | 2,804 | ||||||
Qurate Retail, Inc.†* | 367 | 5,865 | ||||||
Ross Stores, Inc.† | 8 | 745 | ||||||
Shutterstock, Inc. | 36 | 1,679 | ||||||
Sleep Number Corp.(a)* | 63 | 2,961 | ||||||
Sonic Automotive, Inc., Class A(a) | 183 | 2,710 | ||||||
Stamps.com, Inc.(a)* | 78 | 6,350 | ||||||
Target Corp.† | 11 | 883 | ||||||
Tiffany & Co.(a) | 2 | 211 | ||||||
TJX Cos., Inc. (The)† | 624 | 33,203 | ||||||
Tractor Supply Co. | 3 | 293 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Ulta Beauty, Inc.* | 2 | $ | 697 | |||||
Urban Outfitters, Inc.* | 125 | 3,705 | ||||||
Williams-Sonoma, Inc. | 103 | 5,796 | ||||||
Zumiez, Inc.(a)* | 23 | 572 | ||||||
|
| |||||||
316,512 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.8% |
| |||||||
Advanced Micro Devices, Inc.(a)* | 18 | 459 | ||||||
Amkor Technology, Inc.* | 687 | 5,867 | ||||||
Analog Devices, Inc. | 7 | 737 | ||||||
Applied Materials, Inc.† | 486 | 19,275 | ||||||
Axcelis Technologies, Inc.* | 180 | 3,622 | ||||||
Broadcom, Inc. | 7 | 2,105 | ||||||
Cabot Microelectronics Corp.(a) | 3 | 336 | ||||||
Cirrus Logic, Inc.* | 50 | 2,103 | ||||||
Cypress Semiconductor Corp.† | 360 | 5,371 | ||||||
Diodes, Inc.†* | 162 | 5,621 | ||||||
Integrated Device Technology, Inc.* | 37 | 1,813 | ||||||
Intel Corp.† | 85 | 4,564 | ||||||
KLA-Tencor Corp.† | 81 | 9,672 | ||||||
Lam Research Corp.†(a) | 74 | 13,247 | ||||||
Lattice Semiconductor Corp.* | 307 | 3,663 | ||||||
Marvell Technology Group Ltd. (Bermuda) | 51 | 1,014 | ||||||
Maxim Integrated Products, Inc. | 3 | 160 | ||||||
Microchip Technology, Inc.(a) | 5 | 415 | ||||||
Micron Technology, Inc.†* | 241 | 9,961 | ||||||
MKS Instruments, Inc. | 31 | 2,885 | ||||||
NVIDIA Corp. | 8 | 1,436 | ||||||
ON Semiconductor Corp.†* | 442 | 9,092 | ||||||
Qorvo, Inc.* | 2 | 143 | ||||||
QUALCOMM, Inc.† | 24 | 1,369 | ||||||
Semtech Corp.†* | 28 | 1,425 | ||||||
Skyworks Solutions, Inc. | 91 | 7,506 | ||||||
Teradyne, Inc. | 58 | 2,311 | ||||||
Texas Instruments, Inc.† | 19 | 2,015 | ||||||
Versum Materials, Inc.† | 51 | 2,566 | ||||||
Xilinx, Inc. | 3 | 380 | ||||||
Xperi Corp. | 99 | 2,317 | ||||||
|
| |||||||
123,450 | ||||||||
|
| |||||||
Software & Services — 12.4% |
| |||||||
Accenture PLC, Class A (Ireland)† | 13 | 2,288 | ||||||
ACI Worldwide, Inc.* | 149 | 4,898 | ||||||
Adobe, Inc.* | 6 | 1,599 | ||||||
Akamai Technologies, Inc.* | 3 | 215 |
The accompanying notes are an integral part of the financial statements.
51
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Alarm.com Holdings, Inc.(a)* | 89 | $ | 5,776 | |||||
Alliance Data Systems Corp. | 2 | 350 | ||||||
Altair Engineering, Inc., Class A* | 14 | 515 | ||||||
Alteryx, Inc., Class A(a)* | 38 | 3,187 | ||||||
Amdocs, Ltd. (Guernsey) | 36 | 1,948 | ||||||
ANSYS, Inc.* | 1 | 183 | ||||||
Appfolio, Inc., Class A(a)* | 19 | 1,509 | ||||||
Aspen Technology, Inc.* | 25 | 2,606 | ||||||
Atlassian Corp. PLC, Class A (United Kingdom)* | 7 | 787 | ||||||
Autodesk, Inc.* | 2 | 312 | ||||||
Automatic Data Processing, Inc.† | 9 | 1,438 | ||||||
Avaya Holdings Corp.(a)* | 249 | 4,191 | ||||||
Blackbaud, Inc.(a) | 52 | 4,146 | ||||||
Booz Allen Hamilton Holding Corp.† | 9 | 523 | ||||||
Bottomline Technologies DE, Inc.* | 30 | 1,503 | ||||||
Broadridge Financial Solutions, Inc. | 3 | 311 | ||||||
Cadence Design Systems, Inc.* | 3 | 191 | ||||||
Carbonite, Inc.(a)* | 54 | 1,340 | ||||||
CDK Global, Inc. | 63 | 3,706 | ||||||
CGI, Inc. (Canada)* | 2 | 138 | ||||||
Cision Ltd. (Cayman Islands)†* | 97 | 1,336 | ||||||
Citrix Systems, Inc. | 3 | 299 | ||||||
Cognizant Technology Solutions Corp., Class A† | 75 | 5,434 | ||||||
CommVault Systems, Inc.* | 42 | 2,719 | ||||||
Conduent, Inc.* | 297 | 4,108 | ||||||
CSG Systems International, Inc. | 138 | 5,837 | ||||||
Descartes Systems Group, Inc. (The) (Canada)* | 64 | 2,328 | ||||||
DXC Technology Co.† | 149 | 9,582 | ||||||
Endurance International Group Holdings, Inc.* | 368 | 2,668 | ||||||
Euronet Worldwide, Inc.(a)* | 12 | 1,711 | ||||||
Fair Isaac Corp.* | 14 | 3,803 | ||||||
Fidelity National Information Services, Inc. | 5 | 566 | ||||||
Fiserv, Inc.(a)* | 6 | 530 | ||||||
FleetCor Technologies, Inc.(a)* | 1 | 247 | ||||||
Fortinet, Inc.†* | 104 | 8,733 | ||||||
Gartner, Inc.(a)* | 1 | 152 | ||||||
Global Payments, Inc. | 2 | 273 | ||||||
Globant SA (Luxembourg)* | 77 | 5,498 | ||||||
GoDaddy, Inc., Class A* | 15 | 1,128 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
GTT Communications, Inc.(a)* | 63 | $ | 2,186 | |||||
International Business Machines Corp.† | 478 | 67,446 | ||||||
Intuit, Inc.† | 6 | 1,568 | ||||||
j2 Global, Inc.(a) | 24 | 2,078 | ||||||
Jack Henry & Associates, Inc. | 1 | 139 | ||||||
LiveRamp Holdings, Inc.(a)* | 116 | 6,330 | ||||||
Manhattan Associates, Inc.(a)* | 50 | 2,756 | ||||||
Mastercard, Inc., Class A† | 19 | 4,474 | ||||||
Microsoft Corp.† | 353 | 41,633 | ||||||
Monotype Imaging Holdings, Inc. | 210 | 4,177 | ||||||
Nuance Communications, Inc.* | 285 | 4,825 | ||||||
Open Text Corp. (Canada) | 96 | 3,689 | ||||||
Oracle Corp.† | 75 | 4,028 | ||||||
Palo Alto Networks, Inc.* | 30 | 7,286 | ||||||
Paychex, Inc.† | 186 | 14,917 | ||||||
Paycom Software, Inc.(a)* | 37 | 6,998 | ||||||
PayPal Holdings, Inc.†* | 620 | 64,381 | ||||||
Pegasystems, Inc. | 24 | 1,560 | ||||||
Perficient, Inc.* | 5 | 137 | ||||||
Progress Software Corp. | 80 | 3,550 | ||||||
QAD, Inc., Class A | 2 | 86 | ||||||
Qualys, Inc.†(a)* | 68 | 5,626 | ||||||
Red Hat, Inc.* | 2 | 365 | ||||||
salesforce.com, Inc.* | 10 | 1,584 | ||||||
SolarWinds Corp.(a)* | 42 | 820 | ||||||
SPS Commerce, Inc.* | 51 | 5,409 | ||||||
SS&C Technologies Holdings, Inc. | 125 | 7,961 | ||||||
Sykes Enterprises, Inc.* | 79 | 2,234 | ||||||
Symantec Corp. | 11 | 253 | ||||||
Synopsys, Inc.* | 1 | 115 | ||||||
Tableau Software, Inc., Class A(a)* | 25 | 3,182 | ||||||
Total System Services, Inc. | 4 | 380 | ||||||
Trade Desk, Inc. (The), Class A* | 11 | 2,177 | ||||||
TTEC Holdings, Inc. | 37 | 1,341 | ||||||
Tyler Technologies, Inc.* | 17 | 3,475 | ||||||
Upland Software, Inc.* | 14 | 593 | ||||||
Verint Systems, Inc.* | 74 | 4,430 | ||||||
VeriSign, Inc.* | 1 | 182 | ||||||
Virtusa Corp.* | 13 | 695 | ||||||
Visa, Inc., Class A† | 43 | 6,716 | ||||||
VMware, Inc., Class A(a) | 47 | 8,484 | ||||||
Western Union Co. (The) | 234 | 4,322 | ||||||
|
| |||||||
405,200 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
52
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — 10.1% |
| |||||||
Amphenol Corp., Class A | 7 | $ | 661 | |||||
Apple, Inc.† | 1,026 | 194,889 | ||||||
Arista Networks, Inc.* | 1 | 314 | ||||||
ARRIS International PLC (United Kingdom)* | 184 | 5,816 | ||||||
Arrow Electronics, Inc.* | 87 | 6,704 | ||||||
Badger Meter, Inc. | 88 | 4,896 | ||||||
Belden, Inc.(a) | 141 | 7,572 | ||||||
Benchmark Electronics, Inc. | 217 | 5,696 | ||||||
Casa Systems, Inc.* | 126 | 1,046 | ||||||
Ciena Corp.†* | 72 | 2,688 | ||||||
Cisco Systems, Inc.† | 89 | 4,805 | ||||||
Coherent, Inc.†* | 14 | 1,984 | ||||||
CommScope Holding Co., Inc.†* | 177 | 3,846 | ||||||
Comtech Telecommunications Corp. | 11 | 255 | ||||||
Corning, Inc.† | 16 | 530 | ||||||
Cray, Inc.(a)* | 121 | 3,152 | ||||||
Diebold Nixdorf, Inc.* | 453 | 5,015 | ||||||
EchoStar Corp., Class A†* | 202 | 7,363 | ||||||
Electronics For Imaging, Inc.(a)* | 17 | 457 | ||||||
F5 Networks, Inc.* | 2 | 314 | ||||||
FLIR Systems, Inc. | 2 | 95 | ||||||
Hewlett Packard Enterprise Co.† | 26 | 401 | ||||||
HP, Inc.† | 804 | 15,622 | ||||||
IPG Photonics Corp.* | 1 | 152 | ||||||
Itron, Inc.†* | 39 | 1,819 | ||||||
Juniper Networks, Inc. | 6 | 159 | ||||||
Keysight Technologies, Inc.* | 3 | 262 | ||||||
Motorola Solutions, Inc.† | 87 | 12,217 | ||||||
MTS Systems Corp.(a) | 24 | 1,307 | ||||||
NCR Corp.(a)* | 56 | 1,528 | ||||||
NetApp, Inc. | 4 | 277 | ||||||
NETGEAR, Inc.(a)* | 93 | 3,080 | ||||||
Plantronics, Inc. | 41 | 1,891 | ||||||
Sanmina Corp.* | 14 | 404 | ||||||
Seagate Technology PLC (Ireland)(a) | 6 | 287 | ||||||
TE Connectivity Ltd. (Switzerland)† | 173 | 13,970 | ||||||
Tech Data Corp.* | 8 | 819 | ||||||
Ubiquiti Networks, Inc. | 18 | 2,695 | ||||||
Vishay Intertechnology, Inc. | 426 | 7,868 | ||||||
Western Digital Corp.† | 6 | 288 | ||||||
Xerox Corp. | 129 | 4,125 | ||||||
Zebra Technologies Corp., | 19 | 3,981 | ||||||
|
| |||||||
331,250 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — 4.0% |
| |||||||
AT&T, Inc. | 141 | $ | 4,422 | |||||
BCE, Inc. (Canada) | 80 | 3,551 | ||||||
CenturyLink, Inc.†(a) | 569 | 6,822 | ||||||
Cogent Communications Holdings, Inc. | 94 | 5,099 | ||||||
Globalstar, Inc.* | 1,552 | 667 | ||||||
Intelsat SA (Luxembourg)(a)* | 258 | 4,040 | ||||||
Rogers Communications, Inc., | 139 | 7,481 | ||||||
Shenandoah Telecommunications Co. | 1 | 44 | ||||||
TELUS Corp. (Canada) | 23 | 852 | ||||||
T-Mobile US, Inc.* | 20 | 1,382 | ||||||
Verizon Communications, Inc.† | 1,603 | 94,785 | ||||||
|
| |||||||
129,145 | ||||||||
|
| |||||||
Transportation — 2.2% |
| |||||||
Alaska Air Group, Inc.(a) | 2 | 112 | ||||||
American Airlines Group, Inc.† | 9 | 286 | ||||||
ArcBest Corp.(a) | 181 | 5,573 | ||||||
CH Robinson Worldwide, Inc. | 3 | 261 | ||||||
CSX Corp.† | 435 | 32,547 | ||||||
Delta Air Lines, Inc.† | 13 | 671 | ||||||
Echo Global Logistics, Inc.* | 188 | 4,659 | ||||||
Expeditors International of Washington, Inc.† | 4 | 304 | ||||||
FedEx Corp.† | 6 | 1,088 | ||||||
Forward Air Corp. | 5 | 324 | ||||||
Genesee & Wyoming, Inc., Class A* | 29 | 2,527 | ||||||
Golden Ocean Group Ltd. (Bermuda) | 204 | 973 | ||||||
Heartland Express, Inc.(a) | 69 | 1,330 | ||||||
JB Hunt Transport Services, Inc. | 3 | 304 | ||||||
Kansas City Southern | 2 | 232 | ||||||
Landstar System, Inc.† | 27 | 2,954 | ||||||
Marten Transport Ltd. | 192 | 3,423 | ||||||
Norfolk Southern Corp.† | 6 | 1,121 | ||||||
Schneider National, Inc., Class B† | 40 | 842 | ||||||
Southwest Airlines Co. | 10 | 519 | ||||||
Union Pacific Corp.† | 15 | 2,508 | ||||||
United Continental Holdings, Inc.†* | 6 | 479 | ||||||
United Parcel Service, Inc., Class B | 17 | 1,900 | ||||||
XPO Logistics, Inc.(a)* | 156 | 8,383 | ||||||
|
| |||||||
73,320 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
53
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — 0.8% |
| |||||||
AES Corp.† | 86 | $ | 1,555 | |||||
Alliant Energy Corp. | 3 | 141 | ||||||
Ameren Corp. | 5 | 368 | ||||||
American Electric Power Co., Inc. | 6 | 502 | ||||||
American Water Works Co., Inc. | 2 | 209 | ||||||
Atmos Energy Corp. | 1 | 103 | ||||||
CenterPoint Energy, Inc.(a) | 7 | 215 | ||||||
CMS Energy Corp. | 4 | 222 | ||||||
Consolidated Edison, Inc. | 4 | 339 | ||||||
Dominion Energy, Inc. | 9 | 690 | ||||||
DTE Energy Co. | 4 | 499 | ||||||
Duke Energy Corp.† | 12 | 1,080 | ||||||
Edison International | 4 | 248 | ||||||
Entergy Corp. | 2 | 191 | ||||||
Evergy, Inc. | 132 | 7,663 | ||||||
Eversource Energy | 4 | 284 | ||||||
Exelon Corp.† | 17 | 852 | ||||||
FirstEnergy Corp.† | 10 | 416 | ||||||
NextEra Energy, Inc. | 9 | 1,740 | ||||||
NiSource, Inc. | 5 | 143 | ||||||
NRG Energy, Inc.† | 159 | 6,754 | ||||||
Pinnacle West Capital Corp. | 2 | 191 | ||||||
PPL Corp.(a) | 10 | 317 | ||||||
Public Service Enterprise Group, Inc. | 6 | 356 | ||||||
Sempra Energy | 3 | 378 | ||||||
Southern Co. (The)† | 21 | 1,085 | ||||||
WEC Energy Group, Inc.† | 7 | 554 | ||||||
Xcel Energy, Inc. | 6 | 337 | ||||||
|
| |||||||
27,432 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,563,021 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 139.5% |
| 4,563,021 | ||||||
|
| |||||||
(Cost $4,143,668) | ||||||||
SHORT POSITIONS — (40.1)% |
| |||||||
COMMON STOCKS — (40.1)% |
| |||||||
Automobiles & Components — (1.2)% |
| |||||||
Adient PLC (Ireland) | (285 | ) | (3,694 | ) | ||||
Cooper-Standard Holding, Inc.* | (75 | ) | (3,522 | ) | ||||
Dorman Products, Inc.* | (41 | ) | (3,612 | ) | ||||
Fox Factory Holding Corp.* | (76 | ) | (5,312 | ) | ||||
Gentherm, Inc.* | (1 | ) | (37 | ) | ||||
Goodyear Tire & Rubber Co. (The) | (227 | ) | (4,120 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Automobiles & Components — (Continued) |
| |||||||
LCI Industries | (67 | ) | $ | (5,147 | ) | |||
Modine Manufacturing Co.* | (78 | ) | (1,082 | ) | ||||
Standard Motor Products, Inc. | (72 | ) | (3,535 | ) | ||||
Tenneco, Inc., Class A | (171 | ) | (3,789 | ) | ||||
Tesla, Inc.* | (15 | ) | (4,198 | ) | ||||
Winnebago Industries, Inc. | (44 | ) | (1,371 | ) | ||||
|
| |||||||
(39,419 | ) | |||||||
|
| |||||||
Capital Goods — (5.6)% |
| |||||||
AAON, Inc. | (142 | ) | (6,558 | ) | ||||
AAR Corp. | (206 | ) | (6,697 | ) | ||||
AECOM* | (58 | ) | (1,721 | ) | ||||
Aegion Corp.* | (3 | ) | (53 | ) | ||||
Aerovironment, Inc.* | (1 | ) | (68 | ) | ||||
American Woodmark Corp.* | (12 | ) | (992 | ) | ||||
Apogee Enterprises, Inc. | (38 | ) | (1,425 | ) | ||||
Arcosa, Inc. | (156 | ) | (4,766 | ) | ||||
Argan, Inc. | (135 | ) | (6,743 | ) | ||||
Armstrong World Industries, Inc. | (10 | ) | (794 | ) | ||||
Astec Industries, Inc. | (62 | ) | (2,341 | ) | ||||
Atkore International Group, Inc.* | (47 | ) | (1,012 | ) | ||||
Axon Enterprise, Inc.* | (13 | ) | (707 | ) | ||||
Beacon Roofing Supply, Inc.* | (93 | ) | (2,991 | ) | ||||
Blue Bird Corp.* | (95 | ) | (1,608 | ) | ||||
Briggs & Stratton Corp. | (148 | ) | (1,751 | ) | ||||
Builders FirstSource, Inc.* | (320 | ) | (4,269 | ) | ||||
Chart Industries, Inc.* | (41 | ) | (3,711 | ) | ||||
CIRCOR International, Inc.* | (122 | ) | (3,977 | ) | ||||
Construction Partners, Inc., Class A* | (24 | ) | (306 | ) | ||||
Cubic Corp. | (65 | ) | (3,656 | ) | ||||
DMC Global, Inc. | (8 | ) | (397 | ) | ||||
DXP Enterprises, Inc.* | (5 | ) | (195 | ) | ||||
Dycom Industries, Inc.* | (74 | ) | (3,400 | ) | ||||
EnerSys. | (108 | ) | (7,037 | ) | ||||
Enphase Energy, Inc.* | (109 | ) | (1,006 | ) | ||||
ESCO Technologies, Inc. | (6 | ) | (402 | ) | ||||
Evoqua Water Technologies Corp.* | (380 | ) | (4,780 | ) | ||||
Federal Signal Corp. | (9 | ) | (234 | ) | ||||
Foundation Building Materials, Inc.* | (78 | ) | (768 | ) | ||||
Gates Industrial Corp. PLC (United Kingdom)* | (41 | ) | (588 | ) | ||||
GMS, Inc.* | (355 | ) | (5,368 | ) | ||||
Gorman-Rupp Co. (The) | (9 | ) | (305 | ) | ||||
Griffon Corp. | (2 | ) | (37 | ) | ||||
HEICO Corp. | (24 | ) | (2,277 | ) |
The accompanying notes are an integral part of the financial statements.
54
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Hyster-Yale Materials Handling, Inc. | (41 | ) | $ | (2,557 | ) | |||
John Bean Technologies Corp. | (33 | ) | (3,032 | ) | ||||
Kennametal, Inc. | (106 | ) | (3,896 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (15 | ) | (234 | ) | ||||
Lindsay Corp. | (57 | ) | (5,517 | ) | ||||
Lydall, Inc.* | (20 | ) | (469 | ) | ||||
Maxar Technologies, Inc. | (85 | ) | (342 | ) | ||||
Mueller Water Products, Inc., Class A | (355 | ) | (3,564 | ) | ||||
MYR Group, Inc.* | (50 | ) | (1,732 | ) | ||||
NN, Inc. | (89 | ) | (667 | ) | ||||
Nordson Corp. | (32 | ) | (4,241 | ) | ||||
NV5 Global, Inc.* | (27 | ) | (1,603 | ) | ||||
Oshkosh Corp. | (66 | ) | (4,959 | ) | ||||
Patrick Industries, Inc.* | (143 | ) | (6,481 | ) | ||||
PGT Innovations, Inc.* | (291 | ) | (4,030 | ) | ||||
Plug Power, Inc.* | (375 | ) | (900 | ) | ||||
Primoris Services Corp. | (4 | ) | (83 | ) | ||||
Proto Labs, Inc.* | (10 | ) | (1,051 | ) | ||||
Quanex Building Products Corp. | (143 | ) | (2,272 | ) | ||||
Raven Industries, Inc. | (82 | ) | (3,146 | ) | ||||
RBC Bearings, Inc.* | (15 | ) | (1,908 | ) | ||||
REV Group, Inc. | (270 | ) | (2,956 | ) | ||||
Rush Enterprises, Inc., Class A | (38 | ) | (1,589 | ) | ||||
SiteOne Landscape Supply, Inc.* | (43 | ) | (2,457 | ) | ||||
SPX FLOW, Inc.* | (38 | ) | (1,212 | ) | ||||
Sunrun, Inc.* | (223 | ) | (3,135 | ) | ||||
Systemax, Inc. | (70 | ) | (1,585 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda)* | (126 | ) | (1,216 | ) | ||||
Titan International, Inc. | (138 | ) | (824 | ) | ||||
Toro Co. (The) | (53 | ) | (3,649 | ) | ||||
TPI Composites, Inc.* | (33 | ) | (944 | ) | ||||
Triumph Group, Inc. | (301 | ) | (5,737 | ) | ||||
Tutor Perini Corp.* | (1 | ) | (17 | ) | ||||
Universal Forest Products, Inc. | (19 | ) | (568 | ) | ||||
USG Corp. | (196 | ) | (8,487 | ) | ||||
Veritiv Corp.* | (32 | ) | (842 | ) | ||||
Vivint Solar, Inc.* | (625 | ) | (3,106 | ) | ||||
WABCO Holdings, Inc.* | (2 | ) | (264 | ) | ||||
Watsco, Inc. | (9 | ) | (1,289 | ) | ||||
Welbilt, Inc.* | (290 | ) | (4,750 | ) | ||||
WillScot Corp.* | (344 | ) | (3,815 | ) | ||||
|
| |||||||
(184,066 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (2.0)% |
| |||||||
ACCO Brands Corp. | (387 | ) | $ | (3,313 | ) | |||
ADT, Inc. | (695 | ) | (4,441 | ) | ||||
Advanced Disposal Services, Inc.* | (95 | ) | (2,660 | ) | ||||
ASGN, Inc.* | (29 | ) | (1,841 | ) | ||||
Barrett Business Services, Inc. | (2 | ) | (155 | ) | ||||
Brady Corp., Class A | (43 | ) | (1,996 | ) | ||||
Casella Waste Systems, Inc., Class A* | (155 | ) | (5,512 | ) | ||||
Cimpress NV (Netherlands)* | (52 | ) | (4,167 | ) | ||||
Civeo Corp. (Canada)* | (362 | ) | (760 | ) | ||||
CoStar Group, Inc.* | (8 | ) | (3,731 | ) | ||||
Ennis, Inc. | (132 | ) | (2,740 | ) | ||||
Forrester Research, Inc. | (30 | ) | (1,450 | ) | ||||
Heritage-Crystal Clean, Inc.* | (66 | ) | (1,812 | ) | ||||
Herman Miller, Inc. | (127 | ) | (4,468 | ) | ||||
Insperity, Inc. | (20 | ) | (2,473 | ) | ||||
Kelly Services, Inc., Class A | (24 | ) | (529 | ) | ||||
Kimball International, Inc., Class B | (3 | ) | (42 | ) | ||||
Mistras Group, Inc.* | (5 | ) | (69 | ) | ||||
MSA Safety, Inc. | (47 | ) | (4,860 | ) | ||||
Multi-Color Corp. | (20 | ) | (998 | ) | ||||
Quad/Graphics, Inc. | (88 | ) | (1,047 | ) | ||||
Resources Connection, Inc. | (145 | ) | (2,398 | ) | ||||
TransUnion | (23 | ) | (1,537 | ) | ||||
TriNet Group, Inc.* | (73 | ) | (4,361 | ) | ||||
Upwork, Inc.* | (132 | ) | (2,526 | ) | ||||
US Ecology, Inc. | (85 | ) | (4,758 | ) | ||||
|
| |||||||
(64,644 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.6)% |
| |||||||
American Outdoor Brands Corp.* | (649 | ) | (6,062 | ) | ||||
Canada Goose Holdings, Inc. (Canada)* | (40 | ) | (1,921 | ) | ||||
Cavco Industries, Inc.* | (2 | ) | (235 | ) | ||||
Crocs, Inc.* | (151 | ) | (3,888 | ) | ||||
iRobot Corp.* | (21 | ) | (2,471 | ) | ||||
Johnson Outdoors, Inc., Class A | (45 | ) | (3,211 | ) | ||||
La-Z-Boy, Inc. | (19 | ) | (627 | ) | ||||
Malibu Boats, Inc., Class A* | (92 | ) | (3,641 | ) | ||||
Marine Products Corp. | (40 | ) | (539 | ) | ||||
Oxford Industries, Inc. | (21 | ) | (1,580 | ) | ||||
Polaris Industries, Inc. | (89 | ) | (7,514 | ) | ||||
Skyline Champion Corp. | (56 | ) | (1,064 | ) | ||||
Steven Madden Ltd. | (13 | ) | (440 | ) | ||||
Tempur Sealy International, Inc.* | (113 | ) | (6,517 | ) |
The accompanying notes are an integral part of the financial statements.
55
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Vista Outdoor, Inc.* | (415 | ) | $ | (3,324 | ) | |||
Wolverine World Wide, Inc. | (272 | ) | (9,719 | ) | ||||
(52,753 | ) | |||||||
Consumer Services — (2.1)% |
| |||||||
Adtalem Global Education, Inc.* | (24 | ) | (1,112 | ) | ||||
Belmond Ltd., Class A (Bermuda)* | (31 | ) | (773 | ) | ||||
Churchill Downs, Inc. | (31 | ) | (2,798 | ) | ||||
Dave & Buster’s Entertainment, Inc. | (55 | ) | (2,743 | ) | ||||
Dine Brands Global, Inc. | (50 | ) | (4,564 | ) | ||||
Domino’s Pizza, Inc. | (4 | ) | (1,032 | ) | ||||
El Pollo Loco Holdings, Inc.* | (40 | ) | (520 | ) | ||||
Eldorado Resorts, Inc.* | (135 | ) | (6,303 | ) | ||||
Fiesta Restaurant Group, Inc.* | (51 | ) | (669 | ) | ||||
frontdoor, Inc.* | (140 | ) | (4,819 | ) | ||||
Grand Canyon Education, Inc.* | (23 | ) | (2,634 | ) | ||||
Hyatt Hotels Corp., Class A | (103 | ) | (7,475 | ) | ||||
Monarch Casino & Resort, Inc.* | (44 | ) | (1,932 | ) | ||||
OneSpaWorld Holdings Ltd. (Bahamas)* | (21 | ) | (287 | ) | ||||
Papa John’s International, Inc. | (161 | ) | (8,525 | ) | ||||
Planet Fitness, Inc., Class A* | (22 | ) | (1,512 | ) | ||||
Red Rock Resorts, Inc., Class A | (45 | ) | (1,163 | ) | ||||
Regis Corp.* | (127 | ) | (2,498 | ) | ||||
Shake Shack, Inc., Class A* | (128 | ) | (7,571 | ) | ||||
Six Flags Entertainment Corp. | (33 | ) | (1,629 | ) | ||||
Speedway Motorsports, Inc. | (7 | ) | (101 | ) | ||||
Strategic Education, Inc. | (7 | ) | (919 | ) | ||||
Texas Roadhouse, Inc. | (23 | ) | (1,430 | ) | ||||
Wingstop, Inc. | (72 | ) | (5,474 | ) | ||||
|
| |||||||
(68,483 | ) | |||||||
|
| |||||||
Energy — (2.7)% |
| |||||||
Cheniere Energy, Inc.* | (45 | ) | (3,076 | ) | ||||
Clean Energy Fuels Corp.* | (552 | ) | (1,706 | ) | ||||
Core Laboratories NV (Netherlands) | (2 | ) | (138 | ) | ||||
DHT Holdings, Inc. (Marshall Islands) | (836 | ) | (3,729 | ) | ||||
Diamond Offshore Drilling, Inc.* | (269 | ) | (2,822 | ) | ||||
Ensco PLC, Class A (United Kingdom) | (14 | ) | (55 | ) | ||||
Exterran Corp.* | (121 | ) | (2,039 | ) | ||||
Forum Energy Technologies, Inc.* | (765 | ) | (3,909 | ) | ||||
Frank’s International NV (Netherlands)* | (609 | ) | (3,782 | ) | ||||
Green Plains, Inc. | (19 | ) | (317 | ) | ||||
Imperial Oil Ltd. (Canada) | (72 | ) | (1,971 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
KLX Energy Services Holdings, Inc.* | (35 | ) | $ | (880 | ) | |||
Mammoth Energy Services, Inc. | (79 | ) | (1,315 | ) | ||||
McDermott International, Inc. (Panama)* | (287 | ) | (2,135 | ) | ||||
NexGen Energy Ltd. (Canada)* | (326 | ) | (528 | ) | ||||
Noble Corp. PLC (United Kingdom)* | (1,784 | ) | (5,120 | ) | ||||
Oil States International, Inc.* | (32 | ) | (543 | ) | ||||
Par Pacific Holdings, Inc.* | (249 | ) | (4,435 | ) | ||||
Precision Drilling Corp. (Canada)* | (1,080 | ) | (2,581 | ) | ||||
REX American Resources Corp.* | (5 | ) | (403 | ) | ||||
Rowan Cos. PLC, Class A (United Kingdom)* | (584 | ) | (6,301 | ) | ||||
Seadrill Ltd. (Bermuda)* | (130 | ) | (1,080 | ) | ||||
Ship Finance International Ltd. (Bermuda) | (683 | ) | (8,428 | ) | ||||
Solaris Oilfield Infrastructure, Inc., Class A | (63 | ) | (1,036 | ) | ||||
Superior Energy Services, Inc.* | (570 | ) | (2,662 | ) | ||||
Targa Resources Corp. | (149 | ) | (6,191 | ) | ||||
Tidewater, Inc.* | (128 | ) | (2,968 | ) | ||||
Transocean Ltd. (Switzerland)* | (835 | ) | (7,273 | ) | ||||
Unit Corp.* | (289 | ) | (4,115 | ) | ||||
US Silica Holdings, Inc. | (407 | ) | (7,066 | ) | ||||
|
| |||||||
(88,604 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.4)% |
| |||||||
Performance Food Group Co.* | (127 | ) | (5,034 | ) | ||||
PriceSmart, Inc. | (64 | ) | (3,768 | ) | ||||
United Natural Foods, Inc.* | (198 | ) | (2,618 | ) | ||||
Weis Markets, Inc. | (11 | ) | (449 | ) | ||||
|
| |||||||
(11,869 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (1.1)% |
| |||||||
Calavo Growers, Inc. | (19 | ) | (1,593 | ) | ||||
Farmer Brothers Co.* | (41 | ) | (820 | ) | ||||
Flowers Foods, Inc. | (349 | ) | (7,441 | ) | ||||
Hain Celestial Group, Inc. (The)* | (334 | ) | (7,722 | ) | ||||
Primo Water Corp.* | (248 | ) | (3,834 | ) | ||||
Sanderson Farms, Inc. | (86 | ) | (11,338 | ) | ||||
SunOpta, Inc. (Canada)* | (259 | ) | (896 | ) | ||||
Turning Point Brands, Inc. | (72 | ) | (3,318 | ) | ||||
Vector Group Ltd. | (2 | ) | (22 | ) | ||||
|
| |||||||
(36,984 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (3.5)% |
| |||||||
Acadia Healthcare Co., Inc.* | (303 | ) | (8,881 | ) |
The accompanying notes are an integral part of the financial statements.
56
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Addus HomeCare Corp.* | (59 | ) | $ | (3,752 | ) | |||
AngioDynamics, Inc.* | (43 | ) | (983 | ) | ||||
Antares Pharma, Inc.* | (783 | ) | (2,372 | ) | ||||
AtriCure, Inc.* | (68 | ) | (1,822 | ) | ||||
Axogen, Inc.* | (178 | ) | (3,749 | ) | ||||
Axonics Modulation Technologies, Inc.* | (67 | ) | (1,605 | ) | ||||
BioScrip, Inc.* | (392 | ) | (784 | ) | ||||
Brookdale Senior Living, Inc.* | (289 | ) | (1,902 | ) | ||||
Cantel Medical Corp. | (67 | ) | (4,482 | ) | ||||
Castlight Health, Inc., Class B* | (416 | ) | (1,560 | ) | ||||
Community Health Systems, Inc.* | (126 | ) | (470 | ) | ||||
Cutera, Inc.* | (81 | ) | (1,430 | ) | ||||
Diplomat Pharmacy, Inc.* | (669 | ) | (3,887 | ) | ||||
Ensign Group, Inc. (The) | (65 | ) | (3,327 | ) | ||||
Evolent Health, Inc., Class A* | (595 | ) | (7,485 | ) | ||||
Guardant Health, Inc.* | (84 | ) | (6,443 | ) | ||||
Hanger, Inc.* | (2 | ) | (38 | ) | ||||
Inspire Medical Systems, Inc.* | (78 | ) | (4,429 | ) | ||||
Insulet Corp.* | (17 | ) | (1,617 | ) | ||||
Invacare Corp. | (2 | ) | (17 | ) | ||||
iRhythm Technologies, Inc.* | (57 | ) | (4,273 | ) | ||||
National Research Corp. | (18 | ) | (695 | ) | ||||
Neogen Corp.* | (13 | ) | (746 | ) | ||||
Neuronetics, Inc.* | (11 | ) | (168 | ) | ||||
Nevro Corp.* | (92 | ) | (5,751 | ) | ||||
OraSure Technologies, Inc.* | (230 | ) | (2,564 | ) | ||||
Owens & Minor, Inc. | (699 | ) | (2,866 | ) | ||||
Providence Service Corp. (The)* | (43 | ) | (2,865 | ) | ||||
RadNet, Inc.* | (182 | ) | (2,255 | ) | ||||
Senseonics Holdings, Inc.* | (1,577 | ) | (3,864 | ) | ||||
Sientra, Inc.* | (249 | ) | (2,136 | ) | ||||
Surgery Partners, Inc.* | (226 | ) | (2,549 | ) | ||||
Surmodics, Inc.* | (50 | ) | (2,174 | ) | ||||
Teladoc Health, Inc.* | (80 | ) | (4,448 | ) | ||||
Tenet Healthcare Corp.* | (138 | ) | (3,980 | ) | ||||
US Physical Therapy, Inc. | (39 | ) | (4,096 | ) | ||||
ViewRay, Inc.* | (887 | ) | (6,555 | ) | ||||
Vocera Communications, Inc.* | (14 | ) | (443 | ) | ||||
(113,463 | ) | |||||||
Household & Personal Products — (0.3)% |
| |||||||
Avon Products, Inc.* | (2,161 | ) | (6,353 | ) | ||||
Central Garden & Pet Co., Class A* | (15 | ) | (349 | ) | ||||
Revlon, Inc., Class A* | (18 | ) | (349 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Spectrum Brands Holdings, Inc. | (56 | ) | $ | (3,068 | ) | |||
|
| |||||||
(10,119 | ) | |||||||
|
| |||||||
Materials — (3.0)% | ||||||||
American Vanguard Corp. | (88 | ) | (1,515 | ) | ||||
AptarGroup, Inc. | (15 | ) | (1,596 | ) | ||||
Balchem Corp. | (43 | ) | (3,990 | ) | ||||
Bemis Co., Inc. | (19 | ) | (1,054 | ) | ||||
Berry Global Group, Inc.* | (4 | ) | (215 | ) | ||||
Boise Cascade Co. | (42 | ) | (1,124 | ) | ||||
Cabot Corp. | (149 | ) | (6,203 | ) | ||||
Chase Corp. | (9 | ) | (833 | ) | ||||
Chemours Co. (The) | (186 | ) | (6,912 | ) | ||||
Clearwater Paper Corp.* | (115 | ) | (2,240 | ) | ||||
Element Solutions, Inc.* | (875 | ) | (8,838 | ) | ||||
Forterra, Inc.* | (26 | ) | (110 | ) | ||||
GCP Applied Technologies, Inc.* | (288 | ) | (8,525 | ) | ||||
Graphic Packaging Holding Co. | (39 | ) | (493 | ) | ||||
Greif, Inc., Class A | (130 | ) | (5,362 | ) | ||||
Ingevity Corp.* | (39 | ) | (4,119 | ) | ||||
Innophos Holdings, Inc. | (69 | ) | (2,080 | ) | ||||
Koppers Holdings, Inc.* | (125 | ) | (3,248 | ) | ||||
Kronos Worldwide, Inc. | (250 | ) | (3,505 | ) | ||||
Livent Corp.* | (41 | ) | (503 | ) | ||||
Minerals Technologies, Inc. | (15 | ) | (882 | ) | ||||
Myers Industries, Inc. | (26 | ) | (445 | ) | ||||
PH Glatfelter Co. | (223 | ) | (3,149 | ) | ||||
Quaker Chemical Corp. | (19 | ) | (3,806 | ) | ||||
RPM International, Inc. | (41 | ) | (2,380 | ) | ||||
Sensient Technologies Corp. | (11 | ) | (746 | ) | ||||
Sonoco Products Co. | (107 | ) | (6,584 | ) | ||||
Summit Materials, Inc., Class A* | (160 | ) | (2,539 | ) | ||||
Tredegar Corp. | (22 | ) | (355 | ) | ||||
Tronox Holdings PLC, Class A (United Kingdom) | (163 | ) | (2,143 | ) | ||||
Valvoline, Inc. | (284 | ) | (5,271 | ) | ||||
Venator Materials PLC (United Kingdom)* | (789 | ) | (4,434 | ) | ||||
WR Grace & Co. | (18 | ) | (1,405 | ) | ||||
|
| |||||||
(96,604 | ) | |||||||
|
| |||||||
Media & Entertainment — (2.0)% |
| |||||||
Altice USA, Inc., Class A | (93 | ) | (1,998 | ) | ||||
AMC Networks, Inc., Class A* | (87 | ) | (4,938 | ) | ||||
Boston Omaha Corp., Class A* | (21 | ) | (524 | ) | ||||
Cable One, Inc. | (4 | ) | (3,926 | ) |
The accompanying notes are an integral part of the financial statements.
57
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Care.com, Inc.* | (29 | ) | $ | (573 | ) | |||
Cargurus, Inc.* | (32 | ) | (1,282 | ) | ||||
Entercom Communications Corp., Class A | (68 | ) | (357 | ) | ||||
Eventbrite, Inc., Class A* | (184 | ) | (3,527 | ) | ||||
Hemisphere Media Group, Inc.* | (26 | ) | (367 | ) | ||||
John Wiley & Sons, Inc., Class A | (52 | ) | (2,299 | ) | ||||
Lions Gate Entertainment Corp., Class B (Canada) | (177 | ) | (2,673 | ) | ||||
Live Nation Entertainment, Inc.* | (41 | ) | (2,605 | ) | ||||
Madison Square Garden Co. (The), Class A* | (21 | ) | (6,156 | ) | ||||
Meredith Corp. | (18 | ) | (995 | ) | ||||
New York Times Co. (The), Class A | (251 | ) | (8,245 | ) | ||||
Rosetta Stone, Inc.* | (52 | ) | (1,136 | ) | ||||
Shaw Communications, Inc., Class B (Canada) | (10 | ) | (208 | ) | ||||
Snap, Inc., Class A* | (382 | ) | (4,210 | ) | ||||
Tribune Publishing Co.* | (129 | ) | (1,521 | ) | ||||
TrueCar, Inc.* | (589 | ) | (3,911 | ) | ||||
WideOpenWest, Inc.* | (289 | ) | (2,630 | ) | ||||
World Wrestling Entertainment, Inc., Class A | (1 | ) | (87 | ) | ||||
Yelp, Inc.* | (99 | ) | (3,416 | ) | ||||
Zillow Group, Inc., Class C* | (253 | ) | (8,789 | ) | ||||
|
| |||||||
(66,373 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (1.4)% |
| |||||||
Achillion Pharmaceuticals, Inc.* | (28 | ) | (83 | ) | ||||
Aimmune Therapeutics, Inc.* | (22 | ) | (492 | ) | ||||
Akorn, Inc.* | (82 | ) | (289 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (47 | ) | (642 | ) | ||||
Cambrex Corp.* | (177 | ) | (6,876 | ) | ||||
Codexis, Inc.* | (18 | ) | (370 | ) | ||||
CytomX Therapeutics, Inc.* | (34 | ) | (366 | ) | ||||
Deciphera Pharmaceuticals, Inc.* | (2 | ) | (46 | ) | ||||
Dermira, Inc.* | (5 | ) | (68 | ) | ||||
Dova Pharmaceuticals, Inc.* | (99 | ) | (880 | ) | ||||
Epizyme, Inc.* | (12 | ) | (149 | ) | ||||
Esperion Therapeutics, Inc.* | (7 | ) | (281 | ) | ||||
Flexion Therapeutics, Inc.* | (84 | ) | (1,048 | ) | ||||
Forty Seven, Inc.* | (5 | ) | (81 | ) | ||||
ImmunoGen, Inc.* | (47 | ) | (127 | ) | ||||
Intra-Cellular Therapies, Inc.* | (158 | ) | (1,924 | ) | ||||
Intrexon Corp.* | (122 | ) | (642 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Karyopharm Therapeutics, Inc.* | (48 | ) | $ | (280 | ) | |||
Kiniksa Pharmaceuticals Ltd., Class A (Bermuda)* | (2 | ) | (36 | ) | ||||
La Jolla Pharmaceutical Co.* | (46 | ) | (296 | ) | ||||
Luminex Corp. | (223 | ) | (5,131 | ) | ||||
MacroGenics, Inc.* | (117 | ) | (2,104 | ) | ||||
NanoString Technologies, Inc.* | (225 | ) | (5,384 | ) | ||||
Novavax, Inc.* | (8 | ) | (4 | ) | ||||
Omeros Corp.* | (4 | ) | (69 | ) | ||||
Optinose, Inc.* | (53 | ) | (546 | ) | ||||
Pacific Biosciences of California, Inc.* | (1,217 | ) | (8,799 | ) | ||||
Quanterix Corp.* | (62 | ) | (1,601 | ) | ||||
Revance Therapeutics, Inc.* | (54 | ) | (851 | ) | ||||
Rigel Pharmaceuticals, Inc.* | (391 | ) | (1,005 | ) | ||||
TG Therapeutics, Inc.* | (148 | ) | (1,190 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (49 | ) | (1,111 | ) | ||||
Tricida, Inc.* | (18 | ) | (695 | ) | ||||
UroGen Pharma Ltd. (Israel)* | (9 | ) | (332 | ) | ||||
WaVe Life Sciences Ltd. (Singapore)* | (18 | ) | (699 | ) | ||||
|
| |||||||
(44,497 | ) | |||||||
|
| |||||||
Retailing — (3.1)% | ||||||||
Aaron’s, Inc. | (140 | ) | (7,364 | ) | ||||
At Home Group, Inc.* | (256 | ) | (4,572 | ) | ||||
Barnes & Noble, Inc. | (427 | ) | (2,319 | ) | ||||
Big Lots, Inc. | (140 | ) | (5,323 | ) | ||||
Burlington Stores, Inc.* | (25 | ) | (3,917 | ) | ||||
Caleres, Inc. | (313 | ) | (7,728 | ) | ||||
Camping World Holdings, Inc., Class A | (37 | ) | (515 | ) | ||||
Carvana Co.* | (79 | ) | (4,587 | ) | ||||
Chico’s FAS, Inc. | (1,461 | ) | (6,238 | ) | ||||
Children’s Place, Inc. (The) | (44 | ) | (4,280 | ) | ||||
Designer Brands, Inc. | (302 | ) | (6,710 | ) | ||||
Duluth Holdings, Inc., Class B* | (149 | ) | (3,552 | ) | ||||
Express, Inc.* | (179 | ) | (766 | ) | ||||
Farfetch Ltd., Class A (Cayman Islands)* | (89 | ) | (2,395 | ) | ||||
Funko, Inc., Class A* | (170 | ) | (3,692 | ) | ||||
GrubHub, Inc.* | (5 | ) | (347 | ) | ||||
Guess?, Inc. | (363 | ) | (7,115 | ) | ||||
Lands’ End, Inc.* | (135 | ) | (2,242 | ) |
The accompanying notes are an integral part of the financial statements.
58
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Lithia Motors, Inc., Class A | (79 | ) | $ | (7,327 | ) | |||
National Vision Holdings, Inc.* | (158 | ) | (4,966 | ) | ||||
Party City Holdco, Inc.* | (494 | ) | (3,922 | ) | ||||
Penske Automotive Group, Inc. | (63 | ) | (2,813 | ) | ||||
Quotient Technology, Inc.* | (161 | ) | (1,589 | ) | ||||
Sally Beauty Holdings, Inc.* | (144 | ) | (2,651 | ) | ||||
Shutterfly, Inc.* | (36 | ) | (1,463 | ) | ||||
Stitch Fix, Inc., Class A* | (83 | ) | (2,343 | ) | ||||
|
| |||||||
(100,736 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (1.5)% |
| |||||||
Ambarella, Inc. (Cayman Islands)* | (169 | ) | (7,301 | ) | ||||
Brooks Automation, Inc. | (164 | ) | (4,810 | ) | ||||
CEVA, Inc.* | (70 | ) | (1,887 | ) | ||||
Cohu, Inc. | (102 | ) | (1,505 | ) | ||||
First Solar, Inc.* | (38 | ) | (2,008 | ) | ||||
FormFactor, Inc.* | (379 | ) | (6,098 | ) | ||||
Inphi Corp.* | (32 | ) | (1,400 | ) | ||||
MACOM Technology Solutions Holdings, Inc.* | (306 | ) | (5,113 | ) | ||||
MaxLinear, Inc.* | (132 | ) | (3,370 | ) | ||||
Photronics, Inc.* | (690 | ) | (6,520 | ) | ||||
Rambus, Inc.* | (608 | ) | (6,354 | ) | ||||
Rudolph Technologies, Inc.* | (7 | ) | (160 | ) | ||||
Synaptics, Inc.* | (59 | ) | (2,345 | ) | ||||
Universal Display Corp. | (4 | ) | (611 | ) | ||||
Veeco Instruments, Inc.* | (98 | ) | (1,062 | ) | ||||
|
| |||||||
(50,544 | ) | |||||||
|
| |||||||
Software & Services — (4.4)% |
| |||||||
8x8, Inc.* | (334 | ) | (6,747 | ) | ||||
Appian Corp.* | (195 | ) | (6,714 | ) | ||||
Avalara, Inc.* | (13 | ) | (725 | ) | ||||
Benefitfocus, Inc.* | (27 | ) | (1,337 | ) | ||||
Box, Inc., Class A* | (182 | ) | (3,514 | ) | ||||
CACI International, Inc., Class A* | (32 | ) | (5,825 | ) | ||||
Carbon Black, Inc.* | (343 | ) | (4,785 | ) | ||||
Cardtronics PLC, Class A (United Kingdom)* | (224 | ) | (7,970 | ) | ||||
Cloudera, Inc.* | (323 | ) | (3,534 | ) | ||||
CoreLogic, Inc.* | (7 | ) | (261 | ) | ||||
DocuSign, Inc.* | (100 | ) | (5,184 | ) | ||||
Domo, Inc., Class B* | (54 | ) | (2,178 | ) | ||||
Elastic NV (Netherlands)* | (4 | ) | (319 | ) | ||||
Everi Holdings, Inc.* | (197 | ) | (2,072 | ) | ||||
Exela Technologies, Inc.* | (84 | ) | (281 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
FireEye, Inc.* | (495 | ) | $ | (8,311 | ) | |||
First Data Corp., Class A* | (97 | ) | (2,548 | ) | ||||
Guidewire Software, Inc.* | (49 | ) | (4,761 | ) | ||||
Hackett Group, Inc. (The) | (76 | ) | (1,201 | ) | ||||
I3 Verticals, Inc., Class A* | (95 | ) | (2,282 | ) | ||||
Instructure, Inc.* | (18 | ) | (848 | ) | ||||
Leidos Holdings, Inc. | (77 | ) | (4,935 | ) | ||||
ManTech International Corp., Class A | (107 | ) | (5,780 | ) | ||||
MAXIMUS, Inc. | (123 | ) | (8,731 | ) | ||||
MobileIron, Inc.* | (601 | ) | (3,287 | ) | ||||
Model N, Inc.* | (31 | ) | (544 | ) | ||||
Nutanix, Inc., Class A* | (137 | ) | (5,170 | ) | ||||
Pivotal Software, Inc., Class A* | (246 | ) | (5,129 | ) | ||||
PROS Holdings, Inc.* | (66 | ) | (2,788 | ) | ||||
Science Applications International Corp. | (65 | ) | (5,002 | ) | ||||
Square, Inc., Class A* | (44 | ) | (3,296 | ) | ||||
Switch, Inc., Class A | (710 | ) | (7,320 | ) | ||||
Tenable Holdings, Inc.* | (78 | ) | (2,469 | ) | ||||
TiVo Corp. | (294 | ) | (2,740 | ) | ||||
Travelport Worldwide Ltd. (Bermuda) | (282 | ) | (4,436 | ) | ||||
WEX, Inc.* | (12 | ) | (2,304 | ) | ||||
Worldpay, Inc., Class A* | (12 | ) | (1,362 | ) | ||||
Yext, Inc.* | (1 | ) | (22 | ) | ||||
Zuora, Inc., Class A* | (278 | ) | (5,568 | ) | ||||
|
| |||||||
(142,280 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (2.5)% |
| |||||||
3D Systems Corp.* | (489 | ) | (5,262 | ) | ||||
ADTRAN, Inc. | (187 | ) | (2,562 | ) | ||||
Arlo Technologies, Inc.* | (88 | ) | (363 | ) | ||||
Avnet, Inc. | (9 | ) | (390 | ) | ||||
CalAmp Corp.* | (153 | ) | (1,925 | ) | ||||
Celestica, Inc. (Canada)* | (334 | ) | (2,822 | ) | ||||
Cognex Corp. | (41 | ) | (2,085 | ) | ||||
Control4 Corp.* | (48 | ) | (813 | ) | ||||
Dolby Laboratories, Inc., Class A | (35 | ) | (2,204 | ) | ||||
ePlus, Inc.* | (33 | ) | (2,922 | ) | ||||
FARO Technologies, Inc.* | (51 | ) | (2,239 | ) | ||||
Finisar Corp.* | (32 | ) | (741 | ) | ||||
Fitbit, Inc., Class A* | (579 | ) | (3,428 | ) | ||||
II-VI, Inc.* | (49 | ) | (1,825 | ) | ||||
Infinera Corp.* | (1,055 | ) | (4,579 | ) | ||||
Insight Enterprises, Inc.* | (3 | ) | (165 | ) | ||||
Lumentum Holdings, Inc.* | (138 | ) | (7,803 | ) |
The accompanying notes are an integral part of the financial statements.
59
GOTHAM ENHANCED INDEX PLUS FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
NetScout Systems, Inc.* | (138 | ) | $ | (3,874 | ) | |||
nLight, Inc.* | (234 | ) | (5,214 | ) | ||||
Plexus Corp.* | (120 | ) | (7,314 | ) | ||||
Ribbon Communications, Inc.* | (170 | ) | (876 | ) | ||||
Rogers Corp.* | (3 | ) | (477 | ) | ||||
ScanSource, Inc.* | (99 | ) | (3,546 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (138 | ) | (1,707 | ) | ||||
Stratasys Ltd. (Israel)* | (15 | ) | (357 | ) | ||||
SYNNEX Corp. | (69 | ) | (6,582 | ) | ||||
Trimble, Inc.* | (31 | ) | (1,252 | ) | ||||
TTM Technologies, Inc.* | (478 | ) | (5,607 | ) | ||||
ViaSat, Inc.* | (53 | ) | (4,108 | ) | ||||
|
| |||||||
(83,042 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.7)% |
| |||||||
ATN International, Inc. | (51 | ) | (2,876 | ) | ||||
Bandwidth, Inc., Class A* | (41 | ) | (2,745 | ) | ||||
Boingo Wireless, Inc.* | (342 | ) | (7,962 | ) | ||||
Cincinnati Bell, Inc.* | (323 | ) | (3,081 | ) | ||||
Consolidated Communications Holdings, Inc. | (343 | ) | (3,742 | ) | ||||
Gogo, Inc.* | (309 | ) | (1,387 | ) | ||||
ORBCOMM, Inc.* | (180 | ) | (1,220 | ) | ||||
pdvWireless, Inc.* | (43 | ) | (1,512 | ) | ||||
|
| |||||||
(24,525 | ) | |||||||
|
| |||||||
Transportation — (1.0)% |
| |||||||
Air Transport Services Group, Inc.* | (398 | ) | (9,174 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (55 | ) | (2,781 | ) | ||||
Canadian National Railway Co. (Canada) | (21 | ) | (1,879 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) | ||||||||
Matson, Inc. | (129 | ) | $ | (4,656 | ) | |||
Ryder System, Inc. | (115 | ) | (7,129 | ) | ||||
Saia, Inc.* | (33 | ) | (2,016 | ) | ||||
SkyWest, Inc. | (84 | ) | (4,560 | ) | ||||
US Xpress Enterprises, Inc.* | (68 | ) | (449 | ) | ||||
|
| |||||||
(32,644 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $1,542,843) | (1,311,649 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (40.1)% |
| (1,311,649 | ) | |||||
|
| |||||||
(Proceeds $1,542,843) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 18,697 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 3,270,069 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
(b) | Security is fair valued by the Adviser under direction of the Board of Trustees. |
* | Non-income producing. |
CVR | Contingent Value Rights | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
60
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 140.7% |
| |||||||
COMMON STOCKS — 140.7% |
| |||||||
Automobiles & Components — 1.0% |
| |||||||
BorgWarner, Inc. | 151 | $ | 5,800 | |||||
General Motors Co.† | 570 | 21,147 | ||||||
|
| |||||||
26,947 | ||||||||
|
| |||||||
Banks — 1.2% | ||||||||
Bank of America Corp. | 114 | 3,145 | ||||||
BB&T Corp.(a) | 9 | 419 | ||||||
Comerica, Inc. | 2 | 147 | ||||||
First Republic Bank(a) | 2 | 201 | ||||||
Huntington Bancshares, Inc.(a) | 16 | 203 | ||||||
JPMorgan Chase & Co. | 55 | 5,568 | ||||||
M&T Bank Corp. | 2 | 314 | ||||||
People’s United Financial, Inc.(a) | 140 | 2,302 | ||||||
PNC Financial Services Group, Inc. (The) | 6 | 736 | ||||||
SunTrust Banks, Inc.† | 320 | 18,960 | ||||||
SVB Financial Group* | 7 | 1,557 | ||||||
US Bancorp | 28 | 1,349 | ||||||
Zions Bancorp NA | 2 | 91 | ||||||
|
| |||||||
34,992 | ||||||||
|
| |||||||
Capital Goods — 18.5% | ||||||||
3M Co.† | 116 | 24,102 | ||||||
A.O. Smith Corp. | 123 | 6,558 | ||||||
Allegion PLC (Ireland) | 1 | 91 | ||||||
Arconic, Inc. | 347 | 6,631 | ||||||
Boeing Co. (The) | 9 | 3,433 | ||||||
Caterpillar, Inc.† | 128 | 17,343 | ||||||
Cummins, Inc.† | 117 | 18,471 | ||||||
Dover Corp. | 109 | 10,224 | ||||||
Eaton Corp. PLC (Ireland)† | 313 | 25,215 | ||||||
Emerson Electric Co.† | 247 | 16,912 | ||||||
Flowserve Corp.(a) | 46 | 2,076 | ||||||
Fluor Corp. | 99 | 3,643 | ||||||
Fortive Corp.† | 252 | 21,140 | ||||||
Fortune Brands Home & Security, Inc. | 103 | 4,904 | ||||||
General Dynamics Corp.† | 208 | 35,210 | ||||||
Honeywell International, Inc.† | 518 | 82,321 | ||||||
Huntington Ingalls Industries, Inc. | 32 | 6,630 | ||||||
Illinois Tool Works, Inc.†(a) | 37 | 5,311 | ||||||
Ingersoll-Rand PLC (Ireland)† | 196 | 21,158 | ||||||
Johnson Controls International PLC | ||||||||
(Ireland)† | 540 | 19,948 | ||||||
L3 Technologies, Inc. | 47 | 9,699 | ||||||
Lockheed Martin Corp.† | 169 | 50,727 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Masco Corp. | 219 | $ | 8,609 | |||||
Northrop Grumman Corp.† | 123 | 33,161 | ||||||
Pentair PLC (Ireland) | 41 | 1,825 | ||||||
Quanta Services, Inc. | 3 | 113 | ||||||
Raytheon Co.† | 206 | 37,508 | ||||||
Roper Technologies, Inc. | 1 | 342 | ||||||
Snap-on, Inc.(a) | 22 | 3,443 | ||||||
Stanley Black & Decker, Inc. | 109 | 14,843 | ||||||
Textron, Inc. | 19 | 963 | ||||||
TransDigm Group, Inc.* | 38 | 17,252 | ||||||
Wabtec Corp. | 69 | 5,087 | ||||||
WW Grainger, Inc.† | 22 | 6,620 | ||||||
|
| |||||||
521,513 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.8% |
| |||||||
Nielsen Holdings PLC (United | ||||||||
Kingdom) | 131 | 3,101 | ||||||
Republic Services, Inc.† | 123 | 9,887 | ||||||
Robert Half International, Inc. | 89 | 5,799 | ||||||
Waste Management, Inc.† | 48 | 4,988 | ||||||
|
| |||||||
23,775 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 2.8% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)* | 109 | 4,987 | ||||||
Garmin Ltd. (Switzerland)† | 146 | 12,607 | ||||||
Hanesbrands, Inc. | 260 | 4,649 | ||||||
Hasbro, Inc.(a) | 2 | 170 | ||||||
Leggett & Platt, Inc.(a) | 94 | 3,969 | ||||||
Lennar Corp., Class A | 37 | 1,816 | ||||||
Mattel, Inc.(a)* | 246 | 3,198 | ||||||
Newell Brands, Inc.(a) | 301 | 4,617 | ||||||
PVH Corp. | 54 | 6,585 | ||||||
Ralph Lauren Corp. | 19 | 2,464 | ||||||
Tapestry, Inc. | 209 | 6,790 | ||||||
Under Armour, Inc., Class C(a)* | 124 | 2,340 | ||||||
VF Corp.† | 284 | 24,682 | ||||||
Whirlpool Corp. | 8 | 1,063 | ||||||
|
| |||||||
79,937 | ||||||||
|
| |||||||
Consumer Services — 1.3% | ||||||||
H&R Block, Inc.(a) | 23 | 551 | ||||||
McDonald’s Corp.† | 45 | 8,546 | ||||||
Norwegian Cruise Line Holdings Ltd. | ||||||||
(Bermuda)* | 134 | 7,365 | ||||||
Starbucks Corp. | 15 | 1,115 |
The accompanying notes are an integral part of the financial statements.
61
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Yum! Brands, Inc.† | 200 | $ | 19,962 | |||||
|
| |||||||
37,539 | ||||||||
|
| |||||||
Diversified Financials — 7.9% |
| |||||||
Affiliated Managers Group, Inc. | 40 | 4,284 | ||||||
American Express Co. | 9 | 984 | ||||||
Berkshire Hathaway, Inc., Class B†* | 201 | 40,379 | ||||||
BlackRock, Inc.† | 109 | 46,583 | ||||||
Charles Schwab Corp. (The) | 16 | 684 | ||||||
Discover Financial Services | 175 | 12,453 | ||||||
E*TRADE Financial Corp. | 45 | 2,089 | ||||||
Franklin Resources, Inc.† | 273 | 9,047 | ||||||
Goldman Sachs Group, Inc. (The)† | 275 | 52,797 | ||||||
Intercontinental Exchange, Inc. | 9 | 685 | ||||||
Invesco Ltd. (Bermuda) | 298 | 5,754 | ||||||
Moody’s Corp.† | 72 | 13,038 | ||||||
Nasdaq, Inc.(a) | 27 | 2,362 | ||||||
S&P Global, Inc.† | 5 | 1,053 | ||||||
State Street Corp.† | 166 | 10,924 | ||||||
Synchrony Financial | 64 | 2,042 | ||||||
T Rowe Price Group, Inc.† | 183 | 18,322 | ||||||
|
| |||||||
223,480 | ||||||||
|
| |||||||
Energy — 12.6% | ||||||||
Chevron Corp.† | 435 | 53,583 | ||||||
ConocoPhillips† | 900 | 60,066 | ||||||
Devon Energy Corp. | 371 | 11,709 | ||||||
Exxon Mobil Corp.† | 676 | 54,621 | ||||||
Halliburton Co. | 367 | 10,753 | ||||||
HollyFrontier Corp. | 138 | 6,799 | ||||||
Kinder Morgan, Inc.† | 1,611 | 32,236 | ||||||
Marathon Oil Corp. | 582 | 9,725 | ||||||
National Oilwell Varco, Inc. | 275 | 7,326 | ||||||
Occidental Petroleum Corp.† | 544 | 36,013 | ||||||
Phillips 66† | 374 | 35,594 | ||||||
Schlumberger Ltd. (Curacao)† | 861 | 37,514 | ||||||
|
| |||||||
355,939 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.0% |
| |||||||
Kroger Co. (The)† | 2 | 49 | ||||||
Sysco Corp.† | 364 | 24,301 | ||||||
Walgreens Boots Alliance, Inc.† | 679 | 42,960 | ||||||
Walmart, Inc.† | 458 | 44,669 | ||||||
|
| |||||||
111,979 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 8.3% |
| |||||||
Altria Group, Inc.† | 1,032 | 59,268 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Archer-Daniels-Midland Co.† | 87 | $ | 3,752 | |||||
Campbell Soup Co. | 5 | 191 | ||||||
Coca-Cola Co. (The) | 67 | 3,140 | ||||||
Constellation Brands, Inc., Class A† | 138 | 24,196 | ||||||
General Mills, Inc.†(a) | 430 | 22,252 | ||||||
Hershey Co. (The) | 111 | 12,746 | ||||||
Hormel Foods Corp.(a) | 8 | 358 | ||||||
Kraft Heinz Co. (The)† | 304 | 9,926 | ||||||
McCormick & Co., Inc., non-voting shares(a) | 96 | 14,460 | ||||||
PepsiCo, Inc.† | 306 | 37,500 | ||||||
Philip Morris International, Inc.† | 516 | 45,609 | ||||||
Tyson Foods, Inc., Class A† | 7 | 486 | ||||||
|
| |||||||
233,884 | ||||||||
|
| |||||||
Health Care Equipment & Services — 8.2% |
| |||||||
Abbott Laboratories | 27 | 2,158 | ||||||
AmerisourceBergen Corp. | 3 | 239 | ||||||
Anthem, Inc.† | 47 | 13,488 | ||||||
Cardinal Health, Inc. | 216 | 10,400 | ||||||
CVS Health Corp. | 905 | 48,807 | ||||||
Danaher Corp. | 79 | 10,430 | ||||||
HCA Healthcare, Inc.† | 245 | 31,943 | ||||||
Henry Schein, Inc.(a)* | 56 | 3,366 | ||||||
Humana, Inc.† | 2 | 532 | ||||||
Laboratory Corp. of America Holdings†* | 75 | 11,474 | ||||||
Medtronic PLC (Ireland)† | 23 | 2,095 | ||||||
Quest Diagnostics, Inc.(a) | 100 | 8,992 | ||||||
UnitedHealth Group, Inc.† | 356 | 88,025 | ||||||
WellCare Health Plans, Inc.†* | 2 | 540 | ||||||
|
| |||||||
232,489 | ||||||||
|
| |||||||
Household & Personal Products — 2.5% |
| |||||||
Church & Dwight Co., Inc. | 96 | 6,838 | ||||||
Clorox Co. (The)(a) | 23 | 3,691 | ||||||
Colgate-Palmolive Co.† | 35 | 2,399 | ||||||
Kimberly-Clark Corp.† | 34 | 4,213 | ||||||
Procter & Gamble Co. (The)† | 521 | 54,210 | ||||||
|
| |||||||
71,351 | ||||||||
|
| |||||||
Insurance — 3.2% |
| |||||||
Aflac, Inc. | 8 | 400 | ||||||
Allstate Corp. (The) | 4 | 377 | ||||||
Aon PLC (United Kingdom) | 143 | 24,410 | ||||||
Arthur J Gallagher & Co. | 4 | 312 |
The accompanying notes are an integral part of the financial statements.
62
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) |
| |||||||
Assurant, Inc. | 1 | $ | 95 | |||||
Hartford Financial Services Group, Inc. (The)† | 151 | 7,508 | ||||||
Loews Corp. | 5 | 240 | ||||||
Marsh & McLennan Cos., Inc.† | 379 | 35,588 | ||||||
Progressive Corp. (The)† | 261 | 18,815 | ||||||
Torchmark Corp.(a) | 1 | 82 | ||||||
Travelers Cos., Inc. (The) | 3 | 411 | ||||||
Unum Group | 58 | 1,962 | ||||||
Willis Towers Watson PLC (Ireland) | 1 | 176 | ||||||
|
| |||||||
90,376 | ||||||||
|
| |||||||
Materials — 4.2% |
| |||||||
Avery Dennison Corp. | 64 | 7,232 | ||||||
Ball Corp. | 238 | 13,771 | ||||||
Celanese Corp. | 54 | 5,325 | ||||||
CF Industries Holdings, Inc. | 26 | 1,063 | ||||||
DowDuPont, Inc.† | 704 | 37,530 | ||||||
Eastman Chemical Co. | 102 | 7,740 | ||||||
Ecolab, Inc. | 4 | 706 | ||||||
FMC Corp. | 22 | 1,690 | ||||||
International Paper Co.† | 293 | 13,557 | ||||||
Mosaic Co. (The)† | 70 | 1,912 | ||||||
Nucor Corp.† | 252 | 14,704 | ||||||
Packaging Corp. of America | 75 | 7,454 | ||||||
PPG Industries, Inc. | 3 | 339 | ||||||
Sealed Air Corp. | 112 | 5,159 | ||||||
Sherwin-Williams Co. (The) | 1 | 431 | ||||||
|
| |||||||
118,613 | ||||||||
|
| |||||||
Media & Entertainment — 5.6% |
| |||||||
Alphabet, Inc., Class A†* | 61 | 71,790 | ||||||
Comcast Corp., Class A | 96 | 3,838 | ||||||
Discovery, Inc., Class A(a)* | 505 | 13,645 | ||||||
DISH Network Corp., Class A(a)* | 188 | 5,958 | ||||||
Facebook, Inc., Class A†* | 283 | 47,173 | ||||||
Interpublic Group of Cos., Inc. (The) | 105 | 2,206 | ||||||
News Corp., Class A† | 467 | 5,809 | ||||||
Omnicom Group, Inc.† | 4 | 292 | ||||||
Viacom, Inc., Class B | 113 | 3,172 | ||||||
Walt Disney Co. (The)† | 42 | 4,663 | ||||||
|
| |||||||
158,546 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 17.6% |
| |||||||
AbbVie, Inc.† | 344 | 27,723 | ||||||
Amgen, Inc.† | 349 | 66,303 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Biogen, Inc.†* | 141 | $ | 33,330 | |||||
Bristol-Myers Squibb Co.† | 1,175 | 56,059 | ||||||
Celgene Corp.†* | 503 | 47,453 | ||||||
Eli Lilly & Co.† | 503 | 65,269 | ||||||
Gilead Sciences, Inc.† | 20 | 1,300 | ||||||
Johnson & Johnson† | 264 | 36,905 | ||||||
Merck & Co., Inc.† | 697 | 57,969 | ||||||
Pfizer, Inc.† | 2,435 | 103,414 | ||||||
Thermo Fisher Scientific, Inc. | 4 | 1,095 | ||||||
Waters Corp.* | 1 | 252 | ||||||
|
| |||||||
497,072 | ||||||||
|
| |||||||
Real Estate — 1.9% |
| |||||||
Apartment Investment & Management Co., Class A, REIT | 3 | 151 | ||||||
AvalonBay Communities, Inc., REIT | 1 | 201 | ||||||
Boston Properties, Inc., REIT | 2 | 268 | ||||||
CBRE Group, Inc., Class A* | 246 | 12,165 | ||||||
Duke Realty Corp., REIT | 14 | 428 | ||||||
Equity Residential, REIT | 4 | 301 | ||||||
Federal Realty Investment Trust, REIT | 1 | 138 | ||||||
Prologis, Inc., REIT | 7 | 504 | ||||||
Realty Income Corp., REIT†(a) | 218 | 16,036 | ||||||
Simon Property Group, Inc., REIT | 4 | 729 | ||||||
UDR, Inc., REIT | 7 | 318 | ||||||
Ventas, Inc., REIT | 4 | 255 | ||||||
Welltower, Inc., REIT | 274 | 21,262 | ||||||
|
| |||||||
52,756 | ||||||||
|
| |||||||
Retailing — 8.6% |
| |||||||
Advance Auto Parts, Inc.† | 28 | 4,775 | ||||||
Amazon.com, Inc.†* | 46 | 81,914 | ||||||
AutoZone, Inc.* | 10 | 10,241 | ||||||
Best Buy Co., Inc. | 93 | 6,609 | ||||||
Booking Holdings, Inc.†* | 15 | 26,174 | ||||||
Dollar General Corp.† | 25 | 2,982 | ||||||
eBay, Inc.† | 694 | 25,775 | ||||||
Foot Locker, Inc.(a) | 42 | 2,545 | ||||||
Gap, Inc. (The)(a) | 6 | 157 | ||||||
Genuine Parts Co.† | 117 | 13,108 | ||||||
Home Depot, Inc. (The)† | 19 | 3,646 | ||||||
Kohl’s Corp. | 61 | 4,195 | ||||||
LKQ Corp.* | 225 | 6,386 | ||||||
Macy’s, Inc. | 169 | 4,061 |
The accompanying notes are an integral part of the financial statements.
63
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
O’Reilly Automotive, Inc.* | 1 | $ | 388 | |||||
Tiffany & Co.(a) | 67 | 7,072 | ||||||
TJX Cos., Inc. (The)† | 818 | 43,526 | ||||||
Tractor Supply Co. | 4 | 391 | ||||||
|
| |||||||
243,945 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.2% |
| |||||||
Applied Materials, Inc.† | 694 | 27,524 | ||||||
Intel Corp. | 197 | 10,579 | ||||||
KLA-Tencor Corp.† | 111 | 13,255 | ||||||
Lam Research Corp.†(a) | 116 | 20,765 | ||||||
Microchip Technology, Inc. | 72 | 5,973 | ||||||
Micron Technology, Inc.†* | 560 | 23,145 | ||||||
Skyworks Solutions, Inc. | 126 | 10,392 | ||||||
Texas Instruments, Inc. | 17 | 1,803 | ||||||
Xilinx, Inc. | 39 | 4,945 | ||||||
|
| |||||||
118,381 | ||||||||
|
| |||||||
Software & Services — 9.3% |
| |||||||
Accenture PLC, Class A (Ireland)† | 73 | 12,849 | ||||||
Automatic Data Processing, Inc.† | 21 | 3,355 | ||||||
Cadence Design Systems, Inc.* | 3 | 191 | ||||||
Cognizant Technology Solutions Corp., Class A | 64 | 4,637 | ||||||
DXC Technology Co.† | 204 | 13,119 | ||||||
International Business Machines Corp.† | 556 | 78,452 | ||||||
Microsoft Corp.† | 280 | 33,023 | ||||||
Paychex, Inc. | 230 | 18,446 | ||||||
PayPal Holdings, Inc.†* | 843 | 87,537 | ||||||
Visa, Inc., Class A† | 38 | 5,935 | ||||||
Western Union Co. (The) | 320 | 5,910 | ||||||
|
| |||||||
263,454 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.1% |
| |||||||
Amphenol Corp., Class A | 17 | 1,605 | ||||||
Apple, Inc.† | 1,020 | 193,749 | ||||||
Cisco Systems, Inc.† | 78 | 4,211 | ||||||
Corning, Inc.† | 13 | 430 | ||||||
F5 Networks, Inc.†* | 9 | 1,412 | ||||||
FLIR Systems, Inc. | 44 | 2,094 | ||||||
Hewlett Packard Enterprise Co. | 397 | 6,126 | ||||||
HP, Inc.† | 1,095 | 21,276 | ||||||
Juniper Networks, Inc. | 57 | 1,509 | ||||||
Keysight Technologies, Inc.* | 2 | 174 | ||||||
Motorola Solutions, Inc.† | 130 | 18,255 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
NetApp, Inc.† | 69 | $ | 4,784 | |||||
Seagate Technology PLC | 104 | 4,981 | ||||||
TE Connectivity Ltd. (Switzerland)† | 244 | 19,703 | ||||||
Western Digital Corp.(a) | 3 | 144 | ||||||
Xerox Corp. | 177 | 5,660 | ||||||
|
| |||||||
286,113 | ||||||||
|
| |||||||
Telecommunication Services — 3.7% |
| |||||||
AT&T, Inc. | 122 | 3,826 | ||||||
CenturyLink, Inc.†(a) | 777 | 9,316 | ||||||
Verizon Communications, Inc.† | 1,561 | 92,302 | ||||||
|
| |||||||
105,444 | ||||||||
|
| |||||||
Transportation — 1.6% |
| |||||||
American Airlines Group, Inc.† | 8 | 254 | ||||||
CH Robinson Worldwide, Inc. | 2 | 174 | ||||||
CSX Corp.† | 562 | 42,049 | ||||||
Norfolk Southern Corp. | 6 | 1,121 | ||||||
Southwest Airlines Co. | 9 | 467 | ||||||
Union Pacific Corp. | 12 | 2,006 | ||||||
|
| |||||||
46,071 | ||||||||
|
| |||||||
Utilities — 1.6% |
| |||||||
AES Corp. | 74 | 1,338 | ||||||
CenterPoint Energy, Inc.(a) | 5 | 154 | ||||||
Dominion Energy, Inc. | 187 | 14,335 | ||||||
DTE Energy Co. | 2 | 249 | ||||||
Evergy, Inc. | 180 | 10,449 | ||||||
Eversource Energy | 4 | 284 | ||||||
Exelon Corp. | 127 | 6,367 | ||||||
FirstEnergy Corp.† | 2 | 83 | ||||||
NextEra Energy, Inc. | 4 | 773 | ||||||
NRG Energy, Inc.† | 238 | 10,110 | ||||||
PPL Corp. | 4 | 127 | ||||||
Public Service Enterprise Group, Inc. | 8 | 475 | ||||||
|
| |||||||
44,744 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,979,340 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 140.7% |
| 3,979,340 | ||||||
|
| |||||||
(Cost $3,642,750) | ||||||||
SHORT POSITIONS — (41.6)% | ||||||||
COMMON STOCKS — (41.6)% | ||||||||
Automobiles & Components — (0.5)% |
| |||||||
Aptiv PLC (Jersey) | (57 | ) | (4,531 | ) | ||||
Ford Motor Co. | (983 | ) | (8,631 | ) |
The accompanying notes are an integral part of the financial statements.
64
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Automobiles & Components — (Continued) |
| |||||||
Harley-Davidson, Inc. | (39 | ) | $ | (1,391 | ) | |||
|
| |||||||
(14,553 | ) | |||||||
|
| |||||||
Banks — (0.5)% |
| |||||||
Citigroup, Inc. | (10 | ) | (622 | ) | ||||
Citizens Financial Group, Inc. | (66 | ) | (2,145 | ) | ||||
Fifth Third Bancorp | (116 | ) | (2,926 | ) | ||||
KeyCorp. | (232 | ) | (3,654 | ) | ||||
Regions Financial Corp. | (259 | ) | (3,665 | ) | ||||
Wells Fargo & Co. | (6 | ) | (290 | ) | ||||
|
| |||||||
(13,302 | ) | |||||||
|
| |||||||
Capital Goods — (2.0)% |
| |||||||
Deere & Co. | (21 | ) | (3,357 | ) | ||||
Fastenal Co. | (71 | ) | (4,566 | ) | ||||
General Electric Co. | (1,611 | ) | (16,094 | ) | ||||
Harris Corp. | (30 | ) | (4,791 | ) | ||||
Jacobs Engineering Group, Inc. | (34 | ) | (2,556 | ) | ||||
PACCAR, Inc. | (23 | ) | (1,567 | ) | ||||
Parker-Hannifin Corp. | (7 | ) | (1,201 | ) | ||||
Rockwell Automation, Inc. | (29 | ) | (5,088 | ) | ||||
United Rentals, Inc.* | (19 | ) | (2,171 | ) | ||||
United Technologies Corp. | (110 | ) | (14,178 | ) | ||||
Xylem, Inc. | (17 | ) | (1,344 | ) | ||||
|
| |||||||
(56,913 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.8)% |
| |||||||
Copart, Inc.* | (63 | ) | (3,817 | ) | ||||
Equifax, Inc. | (31 | ) | (3,673 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (100 | ) | (5,438 | ) | ||||
Rollins, Inc. | (82 | ) | (3,413 | ) | ||||
Verisk Analytics, Inc. | (42 | ) | (5,586 | ) | ||||
|
| |||||||
(21,927 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (0.9)% |
| |||||||
DR Horton, Inc. | (95 | ) | (3,931 | ) | ||||
Mohawk Industries, Inc.* | (17 | ) | (2,145 | ) | ||||
NIKE, Inc., Class B | (213 | ) | (17,937 | ) | ||||
PulteGroup, Inc. | (71 | ) | (1,985 | ) | ||||
|
| |||||||
(25,998 | ) | |||||||
|
| |||||||
Consumer Services — (1.4)% |
| |||||||
Carnival Corp. (Panama) | (119 | ) | (6,036 | ) | ||||
Chipotle Mexican Grill, Inc.* | (7 | ) | (4,972 | ) | ||||
Hilton Worldwide Holdings, Inc. | (72 | ) | (5,984 | ) | ||||
Marriott International, Inc., Class A | (81 | ) | (10,132 | ) | ||||
MGM Resorts International | (134 | ) | (3,438 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Royal Caribbean Cruises Ltd. (Liberia) | (51 | ) | $ | (5,846 | ) | |||
Wynn Resorts Ltd. | (27 | ) | (3,222 | ) | ||||
|
| |||||||
(39,630 | ) | |||||||
|
| |||||||
Diversified Financials — (1.3)% |
| |||||||
Ameriprise Financial, Inc. | (35 | ) | (4,483 | ) | ||||
Bank of New York Mellon Corp. (The) | (77 | ) | (3,883 | ) | ||||
Capital One Financial Corp. | (107 | ) | (8,741 | ) | ||||
Cboe Global Markets, Inc. | (28 | ) | (2,672 | ) | ||||
CME Group, Inc. | (52 | ) | (8,558 | ) | ||||
Morgan Stanley | (148 | ) | (6,246 | ) | ||||
MSCI, Inc. | (3 | ) | (597 | ) | ||||
Northern Trust Corp. | (19 | ) | (1,718 | ) | ||||
Raymond James Financial, Inc. | (6 | ) | (482 | ) | ||||
|
| |||||||
(37,380 | ) | |||||||
|
| |||||||
Energy — (3.2)% |
| |||||||
Anadarko Petroleum Corp. | (122 | ) | (5,549 | ) | ||||
Apache Corp. | (96 | ) | (3,327 | ) | ||||
Cabot Oil & Gas Corp. | (108 | ) | (2,819 | ) | ||||
Cimarex Energy Co. | (24 | ) | (1,678 | ) | ||||
Concho Resources, Inc. | (51 | ) | (5,659 | ) | ||||
Diamondback Energy, Inc. | (41 | ) | (4,163 | ) | ||||
EOG Resources, Inc. | (146 | ) | (13,896 | ) | ||||
Helmerich & Payne, Inc. | (28 | ) | (1,556 | ) | ||||
Hess Corp. | (70 | ) | (4,216 | ) | ||||
Marathon Petroleum Corp. | (171 | ) | (10,234 | ) | ||||
Noble Energy, Inc. | (120 | ) | (2,968 | ) | ||||
ONEOK, Inc. | (105 | ) | (7,333 | ) | ||||
Pioneer Natural Resources Co. | (40 | ) | (6,091 | ) | ||||
TechnipFMC PLC (United Kingdom) | (112 | ) | (2,634 | ) | ||||
Valero Energy Corp. | (102 | ) | (8,653 | ) | ||||
Williams Cos., Inc. (The) | (307 | ) | (8,817 | ) | ||||
|
| |||||||
(89,593 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.4)% |
| |||||||
Costco Wholesale Corp. | (43 | ) | (10,412 | ) | ||||
|
| |||||||
Food, Beverage & Tobacco — (1.1)% |
| |||||||
Brown-Forman Corp., Class B | (122 | ) | (6,439 | ) | ||||
Conagra Brands, Inc. | (121 | ) | (3,357 | ) | ||||
JM Smucker Co. (The) | (7 | ) | (815 | ) | ||||
Kellogg Co. | (79 | ) | (4,533 | ) | ||||
Lamb Weston Holdings, Inc. | (36 | ) | (2,698 | ) | ||||
Molson Coors Brewing Co., Class B | (54 | ) | (3,221 | ) | ||||
Mondelez International, Inc., Class A | (47 | ) | (2,346 | ) |
The accompanying notes are an integral part of the financial statements.
65
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Monster Beverage Corp.* | (137 | ) | $ | (7,477 | ) | |||
|
| |||||||
(30,886 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (4.7)% |
| |||||||
ABIOMED, Inc.* | (11 | ) | (3,141 | ) | ||||
Align Technology, Inc.* | (19 | ) | (5,402 | ) | ||||
Baxter International, Inc. | (125 | ) | (10,164 | ) | ||||
Becton Dickinson and Co. | (50 | ) | (12,486 | ) | ||||
Boston Scientific Corp.* | (348 | ) | (13,356 | ) | ||||
Centene Corp.* | (83 | ) | (4,407 | ) | ||||
Cerner Corp.* | (86 | ) | (4,920 | ) | ||||
Cigna Corp. | (95 | ) | (15,278 | ) | ||||
Cooper Cos., Inc. (The) | (11 | ) | (3,258 | ) | ||||
DaVita, Inc.* | (42 | ) | (2,280 | ) | ||||
DENTSPLY SIRONA, Inc. | (57 | ) | (2,827 | ) | ||||
Edwards Lifesciences Corp.* | (52 | ) | (9,949 | ) | ||||
Hologic, Inc.* | (69 | ) | (3,340 | ) | ||||
IDEXX Laboratories, Inc.* | (22 | ) | (4,919 | ) | ||||
Intuitive Surgical, Inc.* | (20 | ) | (11,412 | ) | ||||
McKesson Corp. | (40 | ) | (4,682 | ) | ||||
ResMed, Inc. | (36 | ) | (3,743 | ) | ||||
Teleflex, Inc. | (11 | ) | (3,324 | ) | ||||
Universal Health Services, Inc., Class B | (24 | ) | (3,210 | ) | ||||
Varian Medical Systems, Inc.* | (23 | ) | (3,260 | ) | ||||
Zimmer Biomet Holdings, Inc. | (51 | ) | (6,513 | ) | ||||
|
| |||||||
(131,871 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.3)% |
| |||||||
Coty, Inc., Class A | (189 | ) | (2,173 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (48 | ) | (7,946 | ) | ||||
|
| |||||||
(10,119 | ) | |||||||
|
| |||||||
Insurance — (1.1)% |
| |||||||
American International Group, Inc. | (179 | ) | (7,708 | ) | ||||
Brighthouse Financial, Inc.* | (30 | ) | (1,089 | ) | ||||
Chubb Ltd. (Switzerland) | (52 | ) | (7,284 | ) | ||||
Cincinnati Financial Corp. | (19 | ) | (1,632 | ) | ||||
Everest Re Group Ltd. (Bermuda) | (10 | ) | (2,160 | ) | ||||
Lincoln National Corp. | (19 | ) | (1,115 | ) | ||||
MetLife, Inc. | (249 | ) | (10,600 | ) | ||||
Principal Financial Group, Inc. | (1 | ) | (50 | ) | ||||
|
| |||||||
(31,638 | ) | |||||||
|
| |||||||
Materials — (2.0)% |
| |||||||
Air Products & Chemicals, Inc. | (54 | ) | (10,312 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
Albemarle Corp. | (26 | ) | $ | (2,131 | ) | |||
Freeport-McMoRan, Inc. | (358 | ) | (4,615 | ) | ||||
International Flavors & Fragrances, Inc. | (28 | ) | (3,606 | ) | ||||
Linde PLC (Ireland) | (104 | ) | (18,297 | ) | ||||
LyondellBasell Industries NV, Class A | ||||||||
(Netherlands) | (93 | ) | (7,819 | ) | ||||
Martin Marietta Materials, Inc. | (10 | ) | (2,012 | ) | ||||
Newmont Mining Corp. | (133 | ) | (4,757 | ) | ||||
Vulcan Materials Co. | (2 | ) | (237 | ) | ||||
Westrock Co. | (62 | ) | (2,378 | ) | ||||
|
| |||||||
(56,164 | ) | |||||||
|
| |||||||
Media & Entertainment — (1.5)% |
| |||||||
Activision Blizzard, Inc. | (176 | ) | (8,013 | ) | ||||
CBS Corp., Class B, non-voting shares | (94 | ) | (4,468 | ) | ||||
Charter Communications, Inc., | (46 | ) | (15,958 | ) | ||||
Electronic Arts, Inc.* | (42 | ) | (4,268 | ) | ||||
Netflix, Inc.* | (3 | ) | (1,070 | ) | ||||
Take-Two Interactive Software, Inc.* | (29 | ) | (2,737 | ) | ||||
TripAdvisor, Inc.* | (35 | ) | (1,801 | ) | ||||
Twitter, Inc.* | (165 | ) | (5,425 | ) | ||||
|
| |||||||
(43,740 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (3.3)% |
| |||||||
Agilent Technologies, Inc. | (81 | ) | (6,511 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (30 | ) | (4,055 | ) | ||||
Allergan PLC (Ireland) | (85 | ) | (12,445 | ) | ||||
Illumina, Inc.* | (36 | ) | (11,185 | ) | ||||
Incyte Corp.* | (55 | ) | (4,731 | ) | ||||
IQVIA Holdings, Inc.* | (51 | ) | (7,336 | ) | ||||
Mettler-Toledo International, Inc.* | (6 | ) | (4,338 | ) | ||||
Mylan NV (Netherlands)* | (62 | ) | (1,757 | ) | ||||
Nektar Therapeutics* | (43 | ) | (1,445 | ) | ||||
PerkinElmer, Inc. | (28 | ) | (2,698 | ) | ||||
Perrigo Co. PLC (Ireland) | (35 | ) | (1,686 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (26 | ) | (10,676 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (66 | ) | (12,141 | ) | ||||
Zoetis, Inc. | (118 | ) | (11,879 | ) | ||||
|
| |||||||
(92,883 | ) | |||||||
|
| |||||||
Real Estate — (3.6)% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT | (28 | ) | (3,992 | ) | ||||
American Tower Corp., REIT | (112 | ) | (22,071 | ) |
The accompanying notes are an integral part of the financial statements.
66
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Crown Castle International Corp., REIT | (105 | ) | $ | (13,440 | ) | |||
Digital Realty Trust, Inc., REIT | (52 | ) | (6,188 | ) | ||||
Equinix, Inc., REIT | (20 | ) | (9,063 | ) | ||||
Essex Property Trust, Inc., REIT | (17 | ) | (4,917 | ) | ||||
Extra Space Storage, Inc., REIT | (31 | ) | (3,159 | ) | ||||
HCP, Inc., REIT | (20 | ) | (626 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (183 | ) | (3,459 | ) | ||||
Iron Mountain, Inc., REIT | (72 | ) | (2,553 | ) | ||||
Kimco Realty Corp., REIT | (107 | ) | (1,979 | ) | ||||
Macerich Co. (The), REIT | (35 | ) | (1,517 | ) | ||||
Mid-America Apartment Communities, Inc., REIT | (9 | ) | (984 | ) | ||||
Public Storage, REIT | (44 | ) | (9,582 | ) | ||||
Regency Centers Corp., REIT | (42 | ) | (2,835 | ) | ||||
SBA Communications Corp., REIT* | (29 | ) | (5,790 | ) | ||||
SL Green Realty Corp., REIT | (13 | ) | (1,169 | ) | ||||
Vornado Realty Trust, REIT | (48 | ) | (3,237 | ) | ||||
Weyerhaeuser Co., REIT | (184 | ) | (4,847 | ) | ||||
|
| |||||||
(101,408 | ) | |||||||
|
| |||||||
Retailing — (1.8)% |
| |||||||
CarMax, Inc.* | (43 | ) | (3,001 | ) | ||||
Dollar Tree, Inc.* | (59 | ) | (6,197 | ) | ||||
Expedia Group, Inc. | (40 | ) | (4,760 | ) | ||||
L Brands, Inc. | (1 | ) | (28 | ) | ||||
Lowe’s Cos., Inc. | (195 | ) | (21,347 | ) | ||||
Nordstrom, Inc. | (39 | ) | (1,731 | ) | ||||
Ross Stores, Inc. | (89 | ) | (8,286 | ) | ||||
Target Corp. | (32 | ) | (2,568 | ) | ||||
Ulta Beauty, Inc.* | (13 | ) | (4,533 | ) | ||||
|
| |||||||
(52,451 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (3.3)% |
| |||||||
Advanced Micro Devices, Inc.* | (300 | ) | (7,656 | ) | ||||
Analog Devices, Inc. | (91 | ) | (9,580 | ) | ||||
Broadcom, Inc. | (84 | ) | (25,260 | ) | ||||
Maxim Integrated Products, Inc. | (70 | ) | (3,722 | ) | ||||
NVIDIA Corp. | (157 | ) | (28,191 | ) | ||||
Qorvo, Inc.* | (28 | ) | (2,008 | ) | ||||
QUALCOMM, Inc. | (301 | ) | (17,166 | ) | ||||
|
| |||||||
(93,583 | ) | |||||||
|
| |||||||
Software & Services — (3.7)% |
| |||||||
Adobe, Inc.* | (24 | ) | (6,396 | ) | ||||
Akamai Technologies, Inc.* | (40 | ) | (2,868 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Alliance Data Systems Corp. | (12 | ) | $ | (2,100 | ) | |||
ANSYS, Inc.* | (20 | ) | (3,654 | ) | ||||
Autodesk, Inc.* | (32 | ) | (4,986 | ) | ||||
Broadridge Financial Solutions, Inc. | (28 | ) | (2,903 | ) | ||||
Citrix Systems, Inc. | (34 | ) | (3,388 | ) | ||||
Fidelity National Information Services, Inc. | (36 | ) | (4,072 | ) | ||||
Fiserv, Inc.* | (102 | ) | (9,005 | ) | ||||
FleetCor Technologies, Inc.* | (16 | ) | (3,945 | ) | ||||
Fortinet, Inc.* | (42 | ) | (3,527 | ) | ||||
Gartner, Inc.* | (23 | ) | (3,489 | ) | ||||
Global Payments, Inc. | (41 | ) | (5,597 | ) | ||||
Intuit, Inc. | (41 | ) | (10,718 | ) | ||||
Jack Henry & Associates, Inc. | (7 | ) | (971 | ) | ||||
Mastercard, Inc., Class A | (6 | ) | (1,413 | ) | ||||
Oracle Corp. | (81 | ) | (4,350 | ) | ||||
Red Hat, Inc.* | (47 | ) | (8,587 | ) | ||||
salesforce.com, Inc.* | (26 | ) | (4,118 | ) | ||||
Symantec Corp. | (160 | ) | (3,678 | ) | ||||
Synopsys, Inc.* | (38 | ) | (4,376 | ) | ||||
Total System Services, Inc. | (45 | ) | (4,275 | ) | ||||
VeriSign, Inc.* | (31 | ) | (5,628 | ) | ||||
|
| |||||||
(104,044 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.1)% |
| |||||||
IPG Photonics Corp.* | (14 | ) | (2,125 | ) | ||||
|
| |||||||
Transportation — (1.4)% |
| |||||||
Alaska Air Group, Inc. | (30 | ) | (1,684 | ) | ||||
Delta Air Lines, Inc. | (19 | ) | (981 | ) | ||||
FedEx Corp. | (12 | ) | (2,177 | ) | ||||
JB Hunt Transport Services, Inc. | (27 | ) | (2,735 | ) | ||||
Kansas City Southern | (27 | ) | (3,131 | ) | ||||
United Continental Holdings, Inc.* | (67 | ) | (5,345 | ) | ||||
United Parcel Service, Inc., Class B | (202 | ) | (22,571 | ) | ||||
|
| |||||||
(38,624 | ) | |||||||
|
| |||||||
Utilities — (2.7)% |
| |||||||
Alliant Energy Corp. | (60 | ) | (2,828 | ) | ||||
Ameren Corp. | (33 | ) | (2,427 | ) | ||||
American Electric Power Co., Inc. | (124 | ) | (10,385 | ) | ||||
American Water Works Co., Inc. | (11 | ) | (1,147 | ) | ||||
Atmos Energy Corp. | (29 | ) | (2,985 | ) | ||||
CMS Energy Corp. | (71 | ) | (3,943 | ) | ||||
Consolidated Edison, Inc. | (81 | ) | (6,870 | ) | ||||
Duke Energy Corp. | (11 | ) | (990 | ) |
The accompanying notes are an integral part of the financial statements.
67
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
Edison International | (81 | ) | $ | (5,016 | ) | |||
Entergy Corp. | (47 | ) | (4,495 | ) | ||||
NiSource, Inc. | (93 | ) | (2,665 | ) | ||||
Pinnacle West Capital Corp. | (27 | ) | (2,581 | ) | ||||
Sempra Energy | (65 | ) | (8,181 | ) | ||||
Southern Co. (The) | (185 | ) | (9,561 | ) | ||||
WEC Energy Group, Inc. | (77 | ) | (6,089 | ) | ||||
Xcel Energy, Inc. | (127 | ) | (7,139 | ) | ||||
|
| |||||||
(77,302 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCKS (Proceeds $1,175,726) | (1,176,546 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (41.6)% |
| (1,176,546 | ) | |||||
|
| |||||||
(Proceeds $1,175,726) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | 24,916 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,827,710 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(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.
68
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 99.6% |
| |||||||
Automobiles & Components — 0.6% |
| |||||||
Aptiv PLC (Jersey) | 5 | $ | 397 | |||||
BorgWarner, Inc. | 117 | 4,494 | ||||||
Ford Motor Co. | 82 | 720 | ||||||
General Motors Co. | 442 | 16,398 | ||||||
Harley-Davidson, Inc. | 4 | 143 | ||||||
|
| |||||||
22,152 | ||||||||
|
| |||||||
Banks — 1.0% |
| |||||||
Bank of America Corp. | 142 | 3,918 | ||||||
BB&T Corp. | 12 | 558 | ||||||
Citigroup, Inc. | 34 | 2,115 | ||||||
Citizens Financial Group, Inc. | 9 | 292 | ||||||
Comerica, Inc. | 3 | 220 | ||||||
Fifth Third Bancorp | 10 | 252 | ||||||
First Republic Bank | 3 | 301 | ||||||
Huntington Bancshares, Inc. | 20 | 254 | ||||||
JPMorgan Chase & Co. | 68 | 6,884 | ||||||
KeyCorp. | 15 | 236 | ||||||
M&T Bank Corp. | 2 | 314 | ||||||
People’s United Financial, Inc. | 7 | 115 | ||||||
PNC Financial Services Group, Inc. (The) | 7 | 859 | ||||||
Regions Financial Corp. | 17 | 241 | ||||||
SunTrust Banks, Inc. | 250 | 14,812 | ||||||
SVB Financial Group* | 2 | 445 | ||||||
US Bancorp | 24 | 1,157 | ||||||
Wells Fargo & Co. | 71 | 3,431 | ||||||
Zions Bancorp NA | 3 | 136 | ||||||
|
| |||||||
36,540 | ||||||||
|
| |||||||
Capital Goods — 11.5% |
| |||||||
3M Co. | 142 | 29,505 | ||||||
A.O. Smith Corp. | 96 | 5,119 | ||||||
Allegion PLC (Ireland) | 2 | 181 | ||||||
AMETEK, Inc. | 5 | 415 | ||||||
Arconic, Inc. | 272 | 5,198 | ||||||
Boeing Co. (The) | 12 | 4,577 | ||||||
Caterpillar, Inc. | 13 | 1,761 | ||||||
Cummins, Inc. | 90 | 14,208 | ||||||
Deere & Co. | 5 | 799 | ||||||
Dover Corp. | 85 | 7,973 | ||||||
Eaton Corp. PLC (Ireland) | 243 | 19,576 | ||||||
Emerson Electric Co. | 89 | 6,094 | ||||||
Fastenal Co. | 6 | 386 | ||||||
Flowserve Corp. | 4 | 181 | ||||||
Fluor Corp. | 77 | 2,834 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Fortive Corp. | 197 | $ | 16,526 | |||||
Fortune Brands Home & Security, Inc. | 80 | 3,809 | ||||||
General Dynamics Corp. | 162 | 27,423 | ||||||
General Electric Co. | 124 | 1,239 | ||||||
Harris Corp. | 2 | 319 | ||||||
Honeywell International, Inc. | 415 | 65,952 | ||||||
Huntington Ingalls Industries, Inc. | 25 | 5,180 | ||||||
Illinois Tool Works, Inc. | 7 | 1,005 | ||||||
Ingersoll-Rand PLC (Ireland) | 138 | 14,897 | ||||||
Jacobs Engineering Group, Inc. | 3 | 226 | ||||||
Johnson Controls International PLC (Ireland) | 383 | 14,148 | ||||||
L3 Technologies, Inc. | 25 | 5,159 | ||||||
Lockheed Martin Corp. | 158 | 47,425 | ||||||
Masco Corp. | 170 | 6,683 | ||||||
Northrop Grumman Corp. | 96 | 25,882 | ||||||
PACCAR, Inc. | 5 | 341 | ||||||
Parker-Hannifin Corp. | 3 | 515 | ||||||
Pentair PLC (Ireland) | 4 | 178 | ||||||
Quanta Services, Inc. | 3 | 113 | ||||||
Raytheon Co. | 160 | 29,133 | ||||||
Rockwell Automation, Inc. | 2 | 351 | ||||||
Roper Technologies, Inc. | 2 | 684 | ||||||
Snap-on, Inc. | 17 | 2,661 | ||||||
Stanley Black & Decker, Inc. | 85 | 11,574 | ||||||
Textron, Inc. | 4 | 203 | ||||||
TransDigm Group, Inc.* | 30 | 13,620 | ||||||
United Rentals, Inc.* | 2 | 228 | ||||||
United Technologies Corp. | 18 | 2,320 | ||||||
Wabtec Corp. | 54 | 3,981 | ||||||
WW Grainger, Inc. | 2 | 602 | ||||||
Xylem, Inc. | 3 | 237 | ||||||
|
| |||||||
401,421 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.3% |
| |||||||
Cintas Corp. | 2 | 404 | ||||||
Copart, Inc.* | 4 | 242 | ||||||
Equifax, Inc. | 2 | 237 | ||||||
IHS Markit Ltd. (Bermuda)* | 6 | 326 | ||||||
Nielsen Holdings PLC (United Kingdom) | 54 | 1,278 | ||||||
Republic Services, Inc. | 6 | 482 | ||||||
Robert Half International, Inc. | 68 | 4,431 | ||||||
Rollins, Inc. | 6 | 250 | ||||||
Verisk Analytics, Inc. | 3 | 399 |
The accompanying notes are an integral part of the financial statements.
69
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Waste Management, Inc. | 8 | $ | 831 | |||||
|
| |||||||
8,880 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 1.8% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)* | 85 | 3,889 | ||||||
DR Horton, Inc. | 6 | 248 | ||||||
Garmin Ltd. (Switzerland) | 107 | 9,239 | ||||||
Hanesbrands, Inc. | 203 | 3,630 | ||||||
Hasbro, Inc. | 2 | 170 | ||||||
Leggett & Platt, Inc. | 73 | 3,082 | ||||||
Lennar Corp., Class A | 45 | 2,209 | ||||||
Mattel, Inc.* | 193 | 2,509 | ||||||
Mohawk Industries, Inc.* | 2 | 252 | ||||||
Newell Brands, Inc. | 237 | 3,636 | ||||||
NIKE, Inc., Class B | 32 | 2,695 | ||||||
PulteGroup, Inc. | 5 | 140 | ||||||
PVH Corp. | 42 | 5,122 | ||||||
Ralph Lauren Corp. | 1 | 130 | ||||||
Tapestry, Inc. | 163 | 5,296 | ||||||
Under Armour, Inc., Class C* | 8 | 151 | ||||||
VF Corp. | 222 | 19,294 | ||||||
Whirlpool Corp. | 7 | 930 | ||||||
|
| |||||||
62,622 | ||||||||
|
| |||||||
Consumer Services — 0.9% |
| |||||||
Carnival Corp. (Panama) | 15 | 761 | ||||||
Chipotle Mexican Grill, Inc.* | 2 | 1,421 | ||||||
Darden Restaurants, Inc. | 2 | 243 | ||||||
H&R Block, Inc. | 29 | 694 | ||||||
Hilton Worldwide Holdings, Inc. | 6 | 499 | ||||||
Marriott International, Inc., Class A | 8 | 1,001 | ||||||
McDonald’s Corp. | 15 | 2,848 | ||||||
MGM Resorts International | 8 | 205 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 97 | 5,331 | ||||||
Royal Caribbean Cruises Ltd. (Liberia) | 5 | 573 | ||||||
Starbucks Corp. | 19 | 1,412 | ||||||
Wynn Resorts Ltd. | 2 | 239 | ||||||
Yum! Brands, Inc. | 177 | 17,666 | ||||||
|
| |||||||
32,893 | ||||||||
|
| |||||||
Diversified Financials — 4.9% |
| |||||||
Affiliated Managers Group, Inc. | 32 | 3,428 | ||||||
American Express Co. | 12 | 1,312 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Diversified Financials — (Continued) |
| |||||||
Ameriprise Financial, Inc. | 2 | $ | 256 | |||||
Bank of New York Mellon Corp. (The) | 14 | 706 | ||||||
Berkshire Hathaway, Inc., Class B* | 219 | 43,995 | ||||||
BlackRock, Inc. | 90 | 38,463 | ||||||
Capital One Financial Corp. | 7 | 572 | ||||||
Cboe Global Markets, Inc. | 2 | 191 | ||||||
Charles Schwab Corp. (The) | 19 | 812 | ||||||
CME Group, Inc. | 7 | 1,152 | ||||||
Discover Financial Services | 102 | 7,258 | ||||||
E*TRADE Financial Corp. | 4 | 186 | ||||||
Franklin Resources, Inc. | 133 | 4,408 | ||||||
Goldman Sachs Group, Inc. (The) | 215 | 41,278 | ||||||
Intercontinental Exchange, Inc. | 11 | 838 | ||||||
Invesco Ltd. (Bermuda) | 231 | 4,461 | ||||||
Moody’s Corp. | 3 | 543 | ||||||
Morgan Stanley | 26 | 1,097 | ||||||
MSCI, Inc. | 2 | 398 | ||||||
Nasdaq, Inc. | 3 | 262 | ||||||
Northern Trust Corp. | 4 | 362 | ||||||
Raymond James Financial, Inc. | 2 | 161 | ||||||
S&P Global, Inc. | 5 | 1,053 | ||||||
State Street Corp. | 34 | 2,238 | ||||||
Synchrony Financial | 14 | 447 | ||||||
T Rowe Price Group, Inc. | 136 | 13,616 | ||||||
|
| |||||||
169,493 | ||||||||
|
| |||||||
Energy — 8.0% |
| |||||||
Anadarko Petroleum Corp. | 10 | 455 | ||||||
Apache Corp. | 7 | 243 | ||||||
Cabot Oil & Gas Corp. | 8 | 209 | ||||||
Chevron Corp. | 327 | 40,280 | ||||||
Cimarex Energy Co. | 1 | 70 | ||||||
Concho Resources, Inc. | 2 | 222 | ||||||
ConocoPhillips | 651 | 43,448 | ||||||
Devon Energy Corp. | 289 | 9,121 | ||||||
Diamondback Energy, Inc. | 2 | 203 | ||||||
EOG Resources, Inc. | 8 | 761 | ||||||
Exxon Mobil Corp. | 501 | 40,481 | ||||||
Halliburton Co. | 302 | 8,849 | ||||||
Helmerich & Payne, Inc. | 2 | 111 | ||||||
Hess Corp. | 7 | 422 | ||||||
HollyFrontier Corp. | 98 | 4,828 | ||||||
Kinder Morgan, Inc. | 1,269 | 25,393 | ||||||
Marathon Oil Corp. | 458 | 7,653 | ||||||
Marathon Petroleum Corp. | 15 | 898 |
The accompanying notes are an integral part of the financial statements.
70
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
National Oilwell Varco, Inc. | 215 | $ | 5,728 | |||||
Noble Energy, Inc. | 9 | 223 | ||||||
Occidental Petroleum Corp. | 423 | 28,003 | ||||||
ONEOK, Inc. | 5 | 349 | ||||||
Phillips 66 | 260 | 24,744 | ||||||
Pioneer Natural Resources Co. | 2 | 305 | ||||||
Schlumberger Ltd. (Curacao) | 776 | 33,810 | ||||||
TechnipFMC PLC (United Kingdom) | 9 | 212 | ||||||
Valero Energy Corp. | 8 | 679 | ||||||
Williams Cos., Inc. (The) | 17 | 488 | ||||||
|
| |||||||
278,188 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.2% |
| |||||||
Costco Wholesale Corp. | 7 | 1,695 | ||||||
Kroger Co. (The) | 17 | 418 | ||||||
Sysco Corp. | 292 | 19,494 | ||||||
Walgreens Boots Alliance, Inc. | 529 | 33,470 | ||||||
Walmart, Inc. | 565 | 55,104 | ||||||
|
| |||||||
110,181 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 6.4% |
| |||||||
Altria Group, Inc. | 1,054 | 60,531 | ||||||
Archer-Daniels-Midland Co. | 21 | 906 | ||||||
Brown-Forman Corp., Class B | 7 | 369 | ||||||
Campbell Soup Co. | 6 | 229 | ||||||
Coca-Cola Co. (The) | 83 | 3,889 | ||||||
Conagra Brands, Inc. | 9 | 250 | ||||||
Constellation Brands, Inc., Class A | 107 | 18,760 | ||||||
General Mills, Inc. | 335 | 17,336 | ||||||
Hershey Co. (The) | 118 | 13,550 | ||||||
Hormel Foods Corp. | 10 | 448 | ||||||
JM Smucker Co. (The) | 2 | 233 | ||||||
Kellogg Co. | 7 | 402 | ||||||
Kraft Heinz Co. (The) | 312 | 10,187 | ||||||
Lamb Weston Holdings, Inc. | 3 | 225 | ||||||
McCormick & Co., Inc., non-voting shares | 73 | 10,996 | ||||||
Molson Coors Brewing Co., Class B | 4 | 239 | ||||||
Mondelez International, Inc., Class A | 27 | 1,348 | ||||||
Monster Beverage Corp.* | 8 | 437 | ||||||
PepsiCo, Inc. | 312 | 38,236 | ||||||
Philip Morris International, Inc. | 483 | 42,692 | ||||||
Tyson Foods, Inc., Class A | 8 | 555 | ||||||
|
| |||||||
221,818 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — 6.0% |
| |||||||
Abbott Laboratories | 34 | $ | 2,717 | |||||
ABIOMED, Inc.* | 1 | 286 | ||||||
Align Technology, Inc.* | 1 | 284 | ||||||
AmerisourceBergen Corp. | 4 | 318 | ||||||
Anthem, Inc. | 6 | 1,722 | ||||||
Baxter International, Inc. | 10 | 813 | ||||||
Becton Dickinson and Co. | 4 | 999 | ||||||
Boston Scientific Corp.* | 22 | 844 | ||||||
Cardinal Health, Inc. | 168 | 8,089 | ||||||
Centene Corp.* | 9 | 478 | ||||||
Cerner Corp.* | 5 | 286 | ||||||
Cigna Corp. | 6 | 965 | ||||||
Cooper Cos., Inc. (The) | 2 | 592 | ||||||
CVS Health Corp. | 726 | 39,153 | ||||||
Danaher Corp. | 98 | 12,938 | ||||||
DaVita, Inc.* | 3 | 163 | ||||||
DENTSPLY SIRONA, Inc. | 4 | 198 | ||||||
Edwards Lifesciences Corp.* | 3 | 574 | ||||||
HCA Healthcare, Inc. | 192 | 25,033 | ||||||
Henry Schein, Inc.* | 3 | 180 | ||||||
Hologic, Inc.* | 4 | 194 | ||||||
Humana, Inc. | 2 | 532 | ||||||
IDEXX Laboratories, Inc.* | 1 | 224 | ||||||
Intuitive Surgical, Inc.* | 3 | 1,712 | ||||||
Laboratory Corp. of America Holdings* | 58 | 8,873 | ||||||
McKesson Corp. | 4 | 468 | ||||||
Medtronic PLC (Ireland) | 28 | 2,550 | ||||||
Quest Diagnostics, Inc. | 77 | 6,924 | ||||||
ResMed, Inc. | 2 | 208 | ||||||
Stryker Corp. | 6 | 1,185 | ||||||
Teleflex, Inc. | 1 | 302 | ||||||
UnitedHealth Group, Inc. | 349 | 86,294 | ||||||
Universal Health Services, Inc., | 2 | 268 | ||||||
Varian Medical Systems, Inc.* | 2 | 283 | ||||||
WellCare Health Plans, Inc.* | 2 | 540 | ||||||
Zimmer Biomet Holdings, Inc. | 4 | 511 | ||||||
|
| |||||||
207,700 | ||||||||
|
| |||||||
Household & Personal Products — 0.9% |
| |||||||
Church & Dwight Co., Inc. | 8 | 570 | ||||||
Clorox Co. (The) | 2 | 321 | ||||||
Colgate-Palmolive Co. | 19 | 1,302 | ||||||
Coty, Inc., Class A | 11 | 126 |
The accompanying notes are an integral part of the financial statements.
71
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | 8 | $ | 1,324 | |||||
Kimberly-Clark Corp. | 8 | 991 | ||||||
Procter & Gamble Co. (The) | 255 | 26,533 | ||||||
|
| |||||||
31,167 | ||||||||
|
| |||||||
Insurance — 1.9% |
| |||||||
Aflac, Inc. | 11 | 549 | ||||||
Allstate Corp. (The) | 5 | 471 | ||||||
American International Group, Inc. | 14 | 603 | ||||||
Aon PLC (United Kingdom) | 135 | 23,044 | ||||||
Arthur J Gallagher & Co. | 4 | 312 | ||||||
Assurant, Inc. | 2 | 190 | ||||||
Brighthouse Financial, Inc.* | 2 | 73 | ||||||
Chubb Ltd. (Switzerland) | 7 | 981 | ||||||
Cincinnati Financial Corp. | 3 | 258 | ||||||
Everest Re Group Ltd. (Bermuda) | 2 | 432 | ||||||
Hartford Financial Services Group, Inc. (The) | 137 | 6,812 | ||||||
Lincoln National Corp. | 3 | 176 | ||||||
Loews Corp. | 6 | 288 | ||||||
Marsh & McLennan Cos., Inc. | 283 | 26,574 | ||||||
MetLife, Inc. | 14 | 596 | ||||||
Principal Financial Group, Inc. | 4 | 201 | ||||||
Progressive Corp. (The) | 60 | 4,325 | ||||||
Prudential Financial, Inc. | 7 | 643 | ||||||
Torchmark Corp. | 2 | 164 | ||||||
Travelers Cos., Inc. (The) | 4 | 549 | ||||||
Unum Group | 4 | 135 | ||||||
Willis Towers Watson PLC (Ireland) | 2 | 351 | ||||||
|
| |||||||
67,727 | ||||||||
|
| |||||||
Materials — 2.5% |
| |||||||
Air Products & Chemicals, Inc. | 5 | 955 | ||||||
Albemarle Corp. | 3 | 246 | ||||||
Avery Dennison Corp. | 49 | 5,537 | ||||||
Ball Corp. | 177 | 10,241 | ||||||
Celanese Corp. | 9 | 887 | ||||||
CF Industries Holdings, Inc. | 4 | 164 | ||||||
DowDuPont, Inc. | 515 | 27,455 | ||||||
Eastman Chemical Co. | 79 | 5,995 | ||||||
Ecolab, Inc. | 5 | 883 | ||||||
FMC Corp. | 3 | 230 | ||||||
Freeport-McMoRan, Inc. | 30 | 387 | ||||||
International Flavors & Fragrances, Inc. | 1 | 129 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
International Paper Co. | 228 | $ | 10,550 | |||||
Linde PLC (Ireland) | 7 | 1,232 | ||||||
LyondellBasell Industries NV, Class A (Netherlands) | 8 | 673 | ||||||
Martin Marietta Materials, Inc. | 2 | 402 | ||||||
Mosaic Co. (The) | 9 | 246 | ||||||
Newmont Mining Corp. | 10 | 358 | ||||||
Nucor Corp. | 176 | 10,270 | ||||||
Packaging Corp. of America | 53 | 5,267 | ||||||
PPG Industries, Inc. | 4 | 451 | ||||||
Sealed Air Corp. | 88 | 4,053 | ||||||
Sherwin-Williams Co. (The) | 2 | 861 | ||||||
Vulcan Materials Co. | 2 | 237 | ||||||
Westrock Co. | 6 | 230 | ||||||
|
| |||||||
87,939 | ||||||||
|
| |||||||
Media & Entertainment — 5.6% |
| |||||||
Activision Blizzard, Inc. | 16 | 728 | ||||||
Alphabet, Inc., Class A* | 90 | 105,920 | ||||||
CBS Corp., Class B, non-voting shares | 7 | 333 | ||||||
Charter Communications, Inc., | 4 | 1,388 | ||||||
Comcast Corp., Class A | 92 | 3,678 | ||||||
Discovery, Inc., Class A* | 398 | 10,754 | ||||||
DISH Network Corp., Class A* | 57 | 1,806 | ||||||
Electronic Arts, Inc.* | 6 | 610 | ||||||
Facebook, Inc., Class A* | 352 | 58,675 | ||||||
Fox Corp., Class A* | 13 | 477 | ||||||
Interpublic Group of Cos., Inc. (The) | 7 | 147 | ||||||
Netflix, Inc.* | 6 | 2,139 | ||||||
News Corp., Class A | 328 | 4,080 | ||||||
Omnicom Group, Inc. | 4 | 292 | ||||||
Take-Two Interactive Software, Inc.* | 1 | 94 | ||||||
TripAdvisor, Inc.* | 2 | 103 | ||||||
Twitter, Inc.* | 11 | 362 | ||||||
Viacom, Inc., Class B | 8 | 225 | ||||||
Walt Disney Co. (The) | 31 | 3,442 | ||||||
|
| |||||||
195,253 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 13.7% |
| |||||||
AbbVie, Inc. | 257 | 20,711 | ||||||
Agilent Technologies, Inc. | 5 | 402 | ||||||
Alexion Pharmaceuticals, Inc.* | 3 | 406 | ||||||
Allergan PLC (Ireland) | 6 | 878 | ||||||
Amgen, Inc. | 348 | 66,113 |
The accompanying notes are an integral part of the financial statements.
72
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Biogen, Inc.* | 111 | $ | 26,238 | |||||
Bristol-Myers Squibb Co. | 916 | 43,702 | ||||||
Celgene Corp.* | 393 | 37,076 | ||||||
Eli Lilly & Co. | 500 | 64,880 | ||||||
Gilead Sciences, Inc. | 26 | 1,690 | ||||||
Illumina, Inc.* | 2 | 621 | ||||||
Incyte Corp.* | 3 | 258 | ||||||
IQVIA Holdings, Inc.* | 3 | 432 | ||||||
Johnson & Johnson | 321 | 44,873 | ||||||
Merck & Co., Inc. | 721 | 59,966 | ||||||
Mettler-Toledo International, Inc.* | 1 | 723 | ||||||
Mylan NV (Netherlands)* | 9 | 255 | ||||||
Nektar Therapeutics* | 4 | 134 | ||||||
PerkinElmer, Inc. | 2 | 193 | ||||||
Perrigo Co. PLC (Ireland) | 2 | 96 | ||||||
Pfizer, Inc. | 2,488 | 105,665 | ||||||
Regeneron Pharmaceuticals, Inc.* | 2 | 821 | ||||||
Thermo Fisher Scientific, Inc. | 5 | 1,369 | ||||||
Vertex Pharmaceuticals, Inc.* | 3 | 552 | ||||||
Waters Corp.* | 1 | 252 | ||||||
Zoetis, Inc. | 10 | 1,007 | ||||||
|
| |||||||
479,313 | ||||||||
|
| |||||||
Real Estate — 1.4% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT | 2 | 285 | ||||||
American Tower Corp., REIT | 7 | 1,379 | ||||||
Apartment Investment & Management Co., Class A, REIT | 3 | 151 | ||||||
AvalonBay Communities, Inc., REIT | 2 | 401 | ||||||
Boston Properties, Inc., REIT | 3 | 402 | ||||||
CBRE Group, Inc., Class A* | 192 | 9,494 | ||||||
Crown Castle International Corp., REIT | 5 | 640 | ||||||
Digital Realty Trust, Inc., REIT | 4 | 476 | ||||||
Duke Realty Corp., REIT | 6 | 183 | ||||||
Equinix, Inc., REIT | 1 | 453 | ||||||
Equity Residential, REIT | 6 | 452 | ||||||
Essex Property Trust, Inc., REIT | 1 | 289 | ||||||
Extra Space Storage, Inc., REIT | 3 | 306 | ||||||
Federal Realty Investment Trust, REIT | 1 | 138 | ||||||
HCP, Inc., REIT | 7 | 219 | ||||||
Host Hotels & Resorts, Inc., REIT | 14 | 265 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Iron Mountain, Inc., REIT | 5 | $ | 177 | |||||
Kimco Realty Corp., REIT | 6 | 111 | ||||||
Macerich Co. (The), REIT | 2 | 87 | ||||||
Mid-America Apartment Communities, | ||||||||
Inc., REIT | 2 | 219 | ||||||
Prologis, Inc., REIT | 9 | 648 | ||||||
Public Storage, REIT | 3 | 653 | ||||||
Realty Income Corp., REIT | 171 | 12,579 | ||||||
Regency Centers Corp., REIT | 4 | 270 | ||||||
SBA Communications Corp., REIT* | 1 | 200 | ||||||
Simon Property Group, Inc., REIT | 6 | 1,093 | ||||||
SL Green Realty Corp., REIT | 1 | 90 | ||||||
UDR, Inc., REIT | 4 | 182 | ||||||
Ventas, Inc., REIT | 5 | 319 | ||||||
Vornado Realty Trust, REIT | 3 | 202 | ||||||
Welltower, Inc., REIT | 215 | 16,684 | ||||||
Weyerhaeuser Co., REIT | 15 | 395 | ||||||
|
| |||||||
49,442 | ||||||||
|
| |||||||
Retailing — 6.5% |
| |||||||
Advance Auto Parts, Inc. | 1 | 171 | ||||||
Amazon.com, Inc.* | 63 | 112,187 | ||||||
AutoZone, Inc.* | 6 | 6,145 | ||||||
Best Buy Co., Inc. | 78 | 5,543 | ||||||
Booking Holdings, Inc.* | 6 | 10,469 | ||||||
CarMax, Inc.* | 4 | 279 | ||||||
Dollar General Corp. | 29 | 3,460 | ||||||
Dollar Tree, Inc.* | 5 | 525 | ||||||
eBay, Inc. | 539 | 20,018 | ||||||
Expedia Group, Inc. | 2 | 238 | ||||||
Foot Locker, Inc. | 2 | 121 | ||||||
Gap, Inc. (The) | 7 | 183 | ||||||
Genuine Parts Co. | 83 | 9,298 | ||||||
Home Depot, Inc. (The) | 23 | 4,413 | ||||||
Kohl’s Corp. | 3 | 206 | ||||||
L Brands, Inc. | 5 | 138 | ||||||
LKQ Corp.* | 177 | 5,023 | ||||||
Lowe’s Cos., Inc. | 17 | 1,861 | ||||||
Macy’s, Inc. | 173 | 4,157 | ||||||
Nordstrom, Inc. | 3 | 133 | ||||||
O’Reilly Automotive, Inc.* | 2 | 777 | ||||||
Ross Stores, Inc. | 8 | 745 | ||||||
Target Corp. | 10 | 803 | ||||||
Tiffany & Co. | 44 | 4,644 | ||||||
TJX Cos., Inc. (The) | 650 | 34,586 |
The accompanying notes are an integral part of the financial statements.
73
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Tractor Supply Co. | 2 | $ | 196 | |||||
Ulta Beauty, Inc.* | 2 | 697 | ||||||
|
| |||||||
227,016 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.1% |
| |||||||
Advanced Micro Devices, Inc.* | 20 | 510 | ||||||
Analog Devices, Inc. | 8 | 842 | ||||||
Applied Materials, Inc. | 530 | 21,020 | ||||||
Broadcom, Inc. | 5 | 1,504 | ||||||
Intel Corp. | 93 | 4,994 | ||||||
KLA-Tencor Corp. | 85 | 10,150 | ||||||
Lam Research Corp. | 76 | 13,605 | ||||||
Maxim Integrated Products, Inc. | 4 | 213 | ||||||
Microchip Technology, Inc. | 4 | 332 | ||||||
Micron Technology, Inc.* | 186 | 7,687 | ||||||
NVIDIA Corp. | 8 | 1,436 | ||||||
Qorvo, Inc.* | 2 | 143 | ||||||
QUALCOMM, Inc. | 25 | 1,426 | ||||||
Skyworks Solutions, Inc. | 98 | 8,083 | ||||||
Texas Instruments, Inc. | 20 | 2,121 | ||||||
Xilinx, Inc. | 4 | 507 | ||||||
|
| |||||||
74,573 | ||||||||
|
| |||||||
Software & Services — 7.3% |
| |||||||
Accenture PLC, Class A (Ireland) | 16 | 2,816 | ||||||
Adobe, Inc.* | 7 | 1,865 | ||||||
Akamai Technologies, Inc.* | 3 | 215 | ||||||
Alliance Data Systems Corp. | 2 | 350 | ||||||
ANSYS, Inc.* | 2 | 365 | ||||||
Autodesk, Inc.* | 3 | 467 | ||||||
Automatic Data Processing, Inc. | 10 | 1,597 | ||||||
Broadridge Financial Solutions, Inc. | 3 | 311 | ||||||
Cadence Design Systems, Inc.* | 4 | 254 | ||||||
Citrix Systems, Inc. | 2 | 199 | ||||||
Cognizant Technology Solutions Corp., Class A | 79 | 5,724 | ||||||
DXC Technology Co. | 158 | 10,161 | ||||||
Fidelity National Information Services, Inc. | 6 | 679 | ||||||
Fiserv, Inc.* | 6 | 530 | ||||||
FleetCor Technologies, Inc.* | 2 | 493 | ||||||
Fortinet, Inc.* | 2 | 168 | ||||||
Gartner, Inc.* | 2 | 303 | ||||||
Global Payments, Inc. | 2 | 273 | ||||||
International Business Machines Corp. | 509 | 71,820 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Intuit, Inc. | 6 | $ | 1,568 | |||||
Jack Henry & Associates, Inc. | 2 | 277 | ||||||
Mastercard, Inc., Class A | 16 | 3,767 | ||||||
Microsoft Corp. | 394 | 46,468 | ||||||
Oracle Corp. | 79 | 4,243 | ||||||
Paychex, Inc. | 199 | 15,960 | ||||||
PayPal Holdings, Inc.* | 659 | 68,431 | ||||||
Red Hat, Inc.* | 2 | 365 | ||||||
salesforce.com, Inc.* | 10 | 1,584 | ||||||
Symantec Corp. | 11 | 253 | ||||||
Synopsys, Inc.* | 2 | 230 | ||||||
Total System Services, Inc. | 4 | 380 | ||||||
VeriSign, Inc.* | 2 | 363 | ||||||
Visa, Inc., Class A | 46 | 7,185 | ||||||
Western Union Co. (The) | 249 | 4,599 | ||||||
|
| |||||||
254,263 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 7.6% |
| |||||||
Amphenol Corp., Class A | 6 | 567 | ||||||
Apple, Inc. | 1,093 | 207,615 | ||||||
Arista Networks, Inc.* | 1 | 314 | ||||||
Cisco Systems, Inc. | 94 | 5,075 | ||||||
Corning, Inc. | 16 | 530 | ||||||
F5 Networks, Inc.* | 1 | 157 | ||||||
FLIR Systems, Inc. | 20 | 952 | ||||||
Hewlett Packard Enterprise Co. | 29 | 447 | ||||||
HP, Inc. | 862 | 16,749 | ||||||
IPG Photonics Corp.* | 1 | 152 | ||||||
Juniper Networks, Inc. | 7 | 185 | ||||||
Keysight Technologies, Inc.* | 3 | 262 | ||||||
Motorola Solutions, Inc. | 92 | 12,919 | ||||||
NetApp, Inc. | 5 | 347 | ||||||
Seagate Technology PLC (Ireland) | 8 | 383 | ||||||
TE Connectivity Ltd. (Switzerland) | 191 | 15,423 | ||||||
Western Digital Corp. | 6 | 288 | ||||||
Xerox Corp. | 138 | 4,413 | ||||||
|
| |||||||
266,778 | ||||||||
|
| |||||||
Telecommunication Services — 3.4% |
| |||||||
AT&T, Inc. | 152 | 4,766 | ||||||
CenturyLink, Inc. | 606 | 7,266 | ||||||
Verizon Communications, Inc. | 1,806 | 106,789 | ||||||
|
| |||||||
118,821 | ||||||||
|
| |||||||
Transportation — 1.3% |
| |||||||
Alaska Air Group, Inc. | 2 | 112 |
The accompanying notes are an integral part of the financial statements.
74
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
American Airlines Group, Inc. | 9 | $ | 286 | |||||
CH Robinson Worldwide, Inc. | 3 | 261 | ||||||
CSX Corp. | 468 | 35,016 | ||||||
Delta Air Lines, Inc. | 13 | 671 | ||||||
Expeditors International of Washington, Inc. | 4 | 304 | ||||||
FedEx Corp. | 6 | 1,088 | ||||||
JB Hunt Transport Services, Inc. | 3 | 304 | ||||||
Kansas City Southern | 2 | 232 | ||||||
Norfolk Southern Corp. | 5 | 934 | ||||||
Southwest Airlines Co. | 11 | 571 | ||||||
Union Pacific Corp. | 16 | 2,675 | ||||||
United Continental Holdings, Inc.* | 6 | 479 | ||||||
United Parcel Service, Inc., Class B | 18 | 2,011 | ||||||
|
| |||||||
44,944 | ||||||||
|
| |||||||
Utilities — 0.8% |
| |||||||
AES Corp. | 92 | 1,662 | ||||||
Alliant Energy Corp. | 4 | 189 | ||||||
Ameren Corp. | 4 | 294 | ||||||
American Electric Power Co., Inc. | 7 | 586 | ||||||
American Water Works Co., Inc. | 2 | 209 | ||||||
Atmos Energy Corp. | 1 | 103 | ||||||
CenterPoint Energy, Inc. | 7 | 215 | ||||||
CMS Energy Corp. | 4 | 222 | ||||||
Consolidated Edison, Inc. | 4 | 339 | ||||||
Dominion Energy, Inc. | 12 | 920 | ||||||
DTE Energy Co. | 3 | 374 | ||||||
Duke Energy Corp. | 10 | 900 | ||||||
Edison International | 4 | 248 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
Entergy Corp. | 3 | $ | 287 | |||||
Evergy, Inc. | 141 | 8,185 | ||||||
Eversource Energy | 5 | 355 | ||||||
Exelon Corp. | 14 | 702 | ||||||
FirstEnergy Corp. | 11 | 458 | ||||||
NextEra Energy, Inc. | 6 | 1,160 | ||||||
NiSource, Inc. | 6 | 172 | ||||||
NRG Energy, Inc. | 169 | 7,179 | ||||||
Pinnacle West Capital Corp. | 2 | 191 | ||||||
PPL Corp. | 11 | 349 | ||||||
Public Service Enterprise Group, Inc. | 10 | 594 | ||||||
Sempra Energy | 3 | 378 | ||||||
Southern Co. (The) | 22 | 1,137 | ||||||
WEC Energy Group, Inc. | 7 | 554 | ||||||
Xcel Energy, Inc. | 8 | 450 | ||||||
|
| |||||||
28,412 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS - 99.6% |
| 3,477,536 | ||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% | 15,444 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 3,492,980 | ||||||
|
|
* | Non-income producing. |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
The accompanying notes are an integral part of the financial statements.
75
GOTHAM MASTER INDEX PLUS FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES(a)— 105.1% |
| |||||||
Gotham Enhanced Index Plus Fund | 26,574 | $ | 316,227 | |||||
Gotham Enhanced S&P 500 Index Fund | 27,972 | 316,079 | ||||||
Gotham Index Plus All-Cap Fund | 30,645 | 316,874 | ||||||
Gotham Index Plus Fund | 21,727 | 316,132 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES | 1,265,312 | |||||||
|
| |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (5.1)% | (60,885 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 1,204,427 | ||||||
|
|
(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.
76
GOTHAM FUNDS
Statements of Assets and Liabilities
March 31, 2019
(Unaudited)
Gotham Index Plus Fund | Gotham Index Plus All-Cap Fund | Gotham Enhanced Index Plus Fund | ||||||||||
Assets | ||||||||||||
Non-affiliated investments, at value1,2,3 | $ | 1,488,497,383 | $ | 4,065,663 | $ | 4,563,021 | ||||||
Cash | 6,771,166 | 5,869 | 2,003 | |||||||||
Deposits with brokers for securities sold short | 207,697,331 | 42,928 | 46,387 | |||||||||
Securities lending cash collateral | — | — | 23,426 | |||||||||
Receivables: | ||||||||||||
Investments sold | 19,856,531 | 80,046 | 108,155 | |||||||||
Capital shares sold | 1,483,201 | — | — | |||||||||
Dividends and interest | 1,699,797 | 2,935 | 4,952 | |||||||||
Investment Adviser. | — | 7,991 | 7,671 | |||||||||
Prepaid expenses and other assets | 186,281 | 540 | 457 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 1,726,191,690 | 4,205,972 | 4,756,072 | |||||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Securities sold short, at value4 | 709,155,396 | 1,683,764 | 1,311,649 | |||||||||
Payables: | ||||||||||||
Securities lending cash collateral | 202,343,021 | — | 23,426 | |||||||||
Investments purchased | 23,959,705 | 80,139 | 107,894 | |||||||||
Dividends and fees on securities sold short | 1,043,645 | 1,132 | 936 | |||||||||
Capital shares redeemed. | 4,112,390 | — | — | |||||||||
Investment Adviser. | 626,763 | — | — | |||||||||
Administration and accounting fees | 125,564 | 16,493 | 10,872 | |||||||||
Distribution fees | 4,565 | — | — | |||||||||
Accrued expenses | 8,892 | 29,630 | 31,226 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities. | 941,379,941 | 1,811,158 | 1,486,003 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 784,811,749 | $ | 2,394,814 | $ | 3,270,069 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consisted of: | ||||||||||||
Capital stock, $0.01 par value | $ | 539,262 | $ | 2,316 | $ | 2,748 | ||||||
Paid-in capital | 746,202,298 | 2,337,326 | 2,904,132 | |||||||||
Total distributable earnings | 38,070,189 | 55,172 | 363,189 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 784,811,749 | $ | 2,394,814 | $ | 3,270,069 | ||||||
|
|
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||||
Net assets | $ | 764,028,754 | $ | 2,394,814 | $ | 3,270,069 | ||||||
|
|
|
|
|
| |||||||
Shares Outstanding. | 52,495,377 | 231,635 | 274,829 | |||||||||
|
|
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 14.55 | $ | 10.34 | $ | 11.90 | ||||||
|
|
|
|
|
| |||||||
Investor Class Shares: | ||||||||||||
Net assets | $ | 20,782,995 | N/A | N/A | ||||||||
|
|
|
|
|
| |||||||
Shares Outstanding. | 1,430,795 | N/A | N/A | |||||||||
|
|
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 14.53 | N/A | N/A | ||||||||
|
|
|
|
|
| |||||||
1Non-affiliated investments, at cost. | $ | 1,399,249,417 | $ | 3,835,700 | $ | 4,143,668 | ||||||
2Includes market value of securities on loan | $ | 199,659,330 | $ | — | $ | 354,048 | ||||||
3Includes market value of securities designated as collateral for securities on loan | $ | 247,876,796 | $ | — | $ | — | ||||||
4Proceeds received, securities sold short | $ | 682,869,092 | $ | 1,965,517 | $ | 1,542,843 |
The accompanying notes are an integral part of the financial statements.
77
GOTHAM FUNDS
Statements of Assets and Liabilities (Concluded)
March 31, 2019
(Unaudited)
Gotham Enhanced 500 Plus Fund | Gotham Enhanced S&P 500 Index Fund | Gotham Master Index Plus Fund | |||||||||||||
Assets | |||||||||||||||
Non-affiliated investments, at value1,2 | $ | 3,979,340 | $ | 3,477,536 | $ | — | |||||||||
Affiliated investments, at value3 | — | — | 1,265,312 | ||||||||||||
Cash | 53,826 | 18,598 | 18,457 | ||||||||||||
Securities lending cash collateral | 1,264 | — | — | ||||||||||||
Receivables: | |||||||||||||||
Investments sold | 55,028 | 43,121 | — | ||||||||||||
Dividends and interest | 4,837 | 4,218 | — | ||||||||||||
Investment Adviser | 4,160 | 5,693 | 8,206 | ||||||||||||
Prepaid expenses and other assets | 1,412 | 24,747 | 115 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 4,099,867 | 3,573,913 | 1,292,090 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities | |||||||||||||||
Securities sold short, at value4 | 1,176,546 | — | — | ||||||||||||
Payables: | |||||||||||||||
Securities lending cash collateral | 1,264 | — | — | ||||||||||||
Investments purchased | 55,082 | 42,779 | — | ||||||||||||
Dividends and fees on securities sold short | 1,356 | — | — | ||||||||||||
Administration and accounting fees | 17,603 | 21,826 | 28,279 | ||||||||||||
Accrued expenses | 20,306 | 16,328 | 59,384 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 1,272,157 | 80,933 | 87,663 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,827,710 | $ | 3,492,980 | $ | 1,204,427 | |||||||||
|
|
|
|
|
| ||||||||||
Net Assets Consisted of: | |||||||||||||||
Capital stock, $0.01 par value. | $ | 2,497 | $ | 3,090 | $ | 1,127 | |||||||||
Paid-in capital | 2,530,275 | 3,148,543 | 1,126,880 | ||||||||||||
Total distributable earnings | 294,938 | 341,347 | 76,420 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,827,710 | $ | 3,492,980 | $ | 1,204,427 | |||||||||
|
|
|
|
|
| ||||||||||
Institutional Class Shares: | |||||||||||||||
Net assets | $ | 2,827,710 | $ | 3,492,980 | $ | 1,204,427 | |||||||||
|
|
|
|
|
| ||||||||||
Shares Outstanding | 249,690 | 308,992 | 112,728 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, offering and redemption price per share | $ | 11.32 | $ | 11.30 | $ | 10.68 | |||||||||
|
|
|
|
|
| ||||||||||
1Non-affiliated investments, at cost | $ | 3,642,750 | $ | 3,130,978 | $ | — | |||||||||
2Includes market value of securities on loan | $ | 95,920 | $ | — | $ | — | |||||||||
3Affiliated investments, at cost | $ | — | $ | — | $ | 1,266,103 | |||||||||
4Proceeds received, securities sold short | $ | 1,175,726 | $ | — | $ | — |
The accompanying notes are an integral part of the financial statements.
78
GOTHAM FUNDS
For the Six Months Ended March 31, 2019
(Unaudited)
Gotham Index Plus Fund | Gotham Index Plus All-Cap Fund | Gotham Enhanced Index Plus Fund | |||||||||||||
Investment Income | |||||||||||||||
Dividend income | $ | 15,167,195 | $ | 33,600 | $ | 42,088 | |||||||||
Less: taxes withheld | — | (236 | ) | (153 | ) | ||||||||||
Interest | 47,673 | 93 | 84 | ||||||||||||
Income from securities loaned (Note 5) | 114,442 | — | 518 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 15,329,310 | 33,457 | 42,537 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses | |||||||||||||||
Advisory fees (Note 2) | 3,450,806 | 11,395 | 15,674 | ||||||||||||
Administration and accounting fees (Note 2) | 85,731 | 30,458 | 22,598 | ||||||||||||
Dividends and fees on securities sold short | 5,357,375 | 13,751 | 10,926 | ||||||||||||
Fees on cash collateral (Note 5) | 2,318,372 | — | — | ||||||||||||
Distribution fees (Investor Class) | 21,551 | — | — | ||||||||||||
Transfer agent fees (Note 2) | 154,929 | 1,846 | 1,447 | ||||||||||||
Custodian fees (Note 2) | 20,332 | 92 | 119 | ||||||||||||
Trustees’ and officers’ fees (Note 2) | 57,778 | 233 | 336 | ||||||||||||
Printing and shareholder reporting fees | 20,986 | 7,393 | 9,366 | ||||||||||||
Registration and filing fees | 95,440 | 323 | 352 | ||||||||||||
Legal fees | 37,606 | 169 | 7,914 | ||||||||||||
Audit fees | 13,945 | 9,277 | 13,095 | ||||||||||||
Other expenses | 18,865 | 315 | 322 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses before waivers and reimbursements | 11,653,716 | 75,252 | 82,149 | ||||||||||||
|
|
|
|
|
| ||||||||||
Recoupments and/or waivers, reimbursements (Note 2) | 12,008 | (48,397 | ) | (53,197 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net expenses after waivers and reimbursements | 11,665,724 | 26,855 | 28,952 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 3,663,586 | 6,602 | 13,585 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain/(loss) from investments: | |||||||||||||||
Net realized loss from non-affiliated investments | (22,280,324 | ) | (187,036 | ) | (161,553 | ) | |||||||||
Net realized gain/(loss) from securities sold short | 19,504,534 | (20,893 | ) | (21,885 | ) | ||||||||||
Net change in unrealized appreciation/(depreciation) on non-affiliated investments | (9,109,553 | ) | (50,626 | ) | (46,972 | ) | |||||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | (31,421,813 | ) | 210,064 | 170,260 | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized loss on investments | (43,307,156 | ) | (48,491 | ) | (60,150 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets resulting from operations | $ | (39,643,570 | ) | $ | (41,889 | ) | $ | (46,565 | ) | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
79
GOTHAM FUNDS
Statements of Operations (Concluded)
For the Six Months Ended March 31, 2019
(Unaudited)
Gotham Enhanced 500 Plus Fund | Gotham Enhanced S&P 500 Index Fund | Gotham Master Index Plus Fund | |||||||||||||
Investment Income | |||||||||||||||
Dividends from non-affiliated securities | $ | 42,650 | $ | 36,579 | $ | — | |||||||||
Dividends from affiliated securities | — | — | 10,364 | ||||||||||||
Less: taxes withheld | (37 | ) | — | — | |||||||||||
Interest | 89 | 60 | 74 | ||||||||||||
Income from securities loaned (Note 5) | 33 | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 42,735 | 36,639 | 10,438 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses | |||||||||||||||
Advisory fees (Note 2) | 13,635 | 8,297 | — | ||||||||||||
Administration and accounting fees (Note 2) | 12,321 | 13,922 | 21,962 | ||||||||||||
Dividends and fees on securities sold short | 13,909 | — | — | ||||||||||||
Transfer agent fees (Note 2) | 1,466 | 1,462 | 1,329 | ||||||||||||
Custodian fees (Note 2) | 98 | 90 | 5,008 | ||||||||||||
Trustees’ and officers’ fees (Note 2) | 279 | 366 | 158 | ||||||||||||
Printing and shareholder reporting fees | 7,861 | 8,282 | 7,295 | ||||||||||||
Registration and filing fees | 961 | 277 | 38 | ||||||||||||
Legal fees | 353 | 169 | 6,082 | ||||||||||||
Audit fees | 13,095 | 12,794 | 10,170 | ||||||||||||
Other expenses | 312 | 595 | 254 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses before waivers and reimbursements | 64,290 | 46,254 | 52,296 | ||||||||||||
|
|
|
|
|
| ||||||||||
Recoupments and/or waivers, reimbursements (Note 2) | (34,702 | ) | (37,957 | ) | (52,296 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses after waivers and reimbursements | 29,588 | 8,297 | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 13,147 | 28,342 | 10,438 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain/(loss) from investments: | |||||||||||||||
Net realized gain from non-affiliated investments | 101 | 6,519 | — | ||||||||||||
Net realized loss from affiliated investments | — | — | (12,949 | ) | |||||||||||
Net realized gain from securities sold short | 22,180 | — | — | ||||||||||||
Capital gain distribution from affiliated investments | — | — | 94,919 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on non-affiliated investments | (71,763 | ) | (98,204 | ) | — | ||||||||||
Net change in unrealized appreciation/(depreciation) on affiliated investments | — | — | (134,010 | ) | |||||||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | (17,573 | ) | — | — | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized loss on investments | (67,055 | ) | (91,685 | ) | (52,040 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets resulting from operations | $ | (53,908 | ) | $ | (63,343 | ) | $ | (41,602 | ) | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
80
GOTHAM FUNDS
Statements of Changes in Net Assets
Gotham Index Plus Fund | Gotham Index Plus All-Cap Fund | |||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Period Ended September 30, 2018* | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income | $ | 3,663,586 | $ | 2,654,893 | $ | 6,602 | $ | 3,798 | ||||||||||||
Net realized loss from investments and securities sold short | (2,775,790 | ) | (9,826,789 | ) | (207,929 | ) | (249,427 | ) | ||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short | (40,531,366 | ) | 74,330,594 | 159,438 | 352,278 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (39,643,570 | ) | 67,158,698 | (41,889 | ) | 106,649 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: Total distributable earnings** | (13,022,222 | ) | (898,482 | ) | (9,588 | ) | — | |||||||||||||
Investor Class Shares: Total distributable earnings** | (295,007 | ) | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (13,317,229 | ) | (898,482 | ) | (9,588 | ) | — | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase/(Decrease) in Net Assets from Capital Share Transactions (Note 4) | 192,309,890 | 379,406,424 | (7,705 | ) | 2,347,347 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | 139,349,091 | 445,666,640 | (59,182 | ) | 2,453,996 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 645,462,658 | 199,796,018 | 2,453,996 | — | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period*** | $ | 784,811,749 | $ | 645,462,658 | $ | 2,394,814 | $ | 2,453,996 | ||||||||||||
|
|
|
|
|
|
|
|
* | The Fund incepted on December 29, 2017. |
** | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income for Institutional Class Shares were $898,482 for Gotham Index Plus Fund. |
*** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year/period ended September 30, 2018, end of period net assets included accumulated net investment income of $2,617,418 and $5,406 for Gotham Index Plus Fund and Gotham Index Plus All-Cap Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
81
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Enhanced Index Plus Fund | Gotham Enhanced 500 Plus Fund | |||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income | $ | 13,585 | $ | 23,310 | $ | 13,147 | $ | 25,891 | ||||||||||||
Net realized gain/(loss) from investments and securities sold short | (183,438 | ) | 357,527 | 22,281 | 398,479 | |||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short | 123,288 | 103,795 | (89,336 | ) | 53,000 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (46,565 | ) | 484,632 | (53,908 | ) | 477,370 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: Total distributable earnings* | (463,323 | ) | (49,413 | ) | (473,685 | ) | (41,082 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (463,323 | ) | (49,413 | ) | (473,685 | ) | (41,082 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase in Net Assets from Capital Share Transactions (Note 4) | 539,638 | 354,905 | 474,185 | 46,082 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | 29,750 | 790,124 | (53,408 | ) | 482,370 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 3,240,319 | 2,450,195 | 2,881,118 | 2,398,748 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 3,270,069 | $ | 3,240,319 | $ | 2,827,710 | $ | 2,881,118 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and realized gains were $37,267 and $12,146, and $33,012 and $8,070 for Gotham Enhanced Index Plus Fund and Gotham Enhanced 500 Plus Fund, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income of $25,136 and $25,689 for Gotham Enhanced Index Plus Fund and Gotham Enhanced 500 Plus Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
82
GOTHAM FUNDS
Statements of Changes in Net Assets (Concluded)
Gotham Enhanced S&P 500 Index Fund | Gotham Master Index Plus Fund | |||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income | $ | 28,342 | $ | 51,403 | $ | 10,438 | $ | 7,932 | ||||||||||||
Net realized gain from investments | 6,519 | 445,804 | 81,970 | 138,725 | ||||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments | (98,204 | ) | 169,692 | (134,010 | ) | 70,212 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (63,343 | ) | 666,899 | (41,602 | ) | 216,869 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Total distributable earnings* | (516,389 | ) | (105,813 | ) | (145,238 | ) | (16,622 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (516,389 | ) | (105,813 | ) | (145,238 | ) | (16,622 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase in Net Assets from Capital Share Transactions (Note 4) | 544,156 | 36,441 | 73,121 | 8,311 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | (35,576 | ) | 597,527 | (113,719 | ) | 208,558 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 3,528,556 | 2,931,029 | 1,318,146 | 1,109,588 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 3,492,980 | $ | 3,528,556 | $ | 1,204,427 | $ | 1,318,146 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and realized gains were $40,161 and $65,652, and $16,622 and $0 for Gotham Enhanced S&P 500 Index Fund and Gotham Master Index Plus Fund, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income of $51,831 and $92 for Gotham Enhanced S&P 500 Index Fund and Gotham Master Index Plus Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
83
GOTHAM FUNDS
(Unaudited)
Gotham Index Plus Fund | Gotham Index Plus All-Cap Fund | |||||||||
For the Six Months Ended March 31, 2019 | For the Six Months Ended March 31, 2019 | |||||||||
Cash flows provided by/(used in) operating activities: | ||||||||||
Net decrease in net assets resulting from operations | $ | (39,643,570 | ) | $ | (41,889 | ) | ||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by/(used in) operating activities: | ||||||||||
Purchases of long-term portfolio investments | (1,969,425,676 | ) | (4,051,232 | ) | ||||||
Proceeds from disposition of long-term portfolio investments | 1,614,837,083 | 3,907,499 | ||||||||
Purchases to cover securities sold short | (756,126,760 | ) | (2,999,784 | ) | ||||||
Proceeds from securities sold short | 923,169,784 | 3,149,033 | ||||||||
Net realized loss on investments and securities sold short | 2,775,790 | 207,929 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 40,531,366 | (159,438 | ) | |||||||
Decrease in receivable for securities sold | 1,558,274 | 10,084 | ||||||||
Increase in dividend and interest receivable | (531,089 | ) | (118 | ) | ||||||
Decrease in receivable from investment advisor | — | 20,964 | ||||||||
Increase in prepaid expenses and other assets. | (97,157 | ) | (84 | ) | ||||||
Increase/(decrease) in payable for investments purchased | 3,806,842 | (9,345 | ) | |||||||
Increase in use of cash collateral from securities lending | 79,955,833 | — | ||||||||
Increase in dividends and fees payable for securities sold short | 364,892 | 129 | ||||||||
Increase in payable for investment advisor | 247,879 | — | ||||||||
Increase/(decrease) in accrued expense payable | 25,121 | (26,043 | ) | |||||||
|
|
|
| |||||||
Net cash provided by/(used in) operating activities | (98,551,388 | ) | 7,705 | |||||||
|
|
|
| |||||||
Cash flows from financing activities: | ||||||||||
Proceeds from shares sold | 389,905,602 | 25,236 | ||||||||
Payment of shares redeemed | (203,879,177 | ) | (42,529 | ) | ||||||
Dividends and Distributions to Shareholders | (3,014,113 | ) | — | |||||||
|
|
|
| |||||||
Net cash provided by/(used in) financing activities | 183,012,312 | (17,293 | ) | |||||||
|
|
|
| |||||||
Net increase/(decrease) in cash | 84,460,924 | (9,588 | ) | |||||||
Cash and restricted cash*: | ||||||||||
Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities: | ||||||||||
Cash | 1,261,376 | 10,372 | ||||||||
Restricted cash | 128,746,197 | 48,013 | ||||||||
Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities: | ||||||||||
Cash | $ | 6,771,166 | $ | 5,869 | ||||||
|
|
|
| |||||||
Restricted Cash | $ | 207,697,331 | $ | 42,928 | ||||||
|
|
|
| |||||||
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid/(received) during the period for financing charges | $ | (2,330,004 | ) | $ | 6,787 |
* | FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows (See Note 1). |
The accompanying notes are an integral part of the financial statements.
84
GOTHAM FUNDS
Statements of Cash Flow (Concluded)
(Unaudited)
Gotham Enhanced Index Plus Fund | Gotham Enhanced 500 Plus Fund | |||||||||
For the Six Months Ended March 31, 2019 | For the Six Months Ended March 31, 2019 | |||||||||
Cash flows provided by/(used in) operating activities: | ||||||||||
Net decrease in net assets resulting from operations | $ | (46,565 | ) | $ | (53,908 | ) | ||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by/(used in) operating activities: | ||||||||||
Purchases of long-term portfolio investments | (8,015,607 | ) | (6,011,904 | ) | ||||||
Proceeds from disposition of long-term portfolio investments | 7,783,413 | 5,981,409 | ||||||||
Purchases to cover securities sold short | (2,629,244 | ) | (1,697,003 | ) | ||||||
Proceeds from securities sold short | 2,782,503 | 1,720,587 | ||||||||
Net realized (gain)/loss on investments and securities sold short | 183,438 | (22,281 | ) | |||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | (123,288 | ) | 89,336 | |||||||
Decrease in receivable for securities sold | 33,588 | 14,506 | ||||||||
Decrease in cash collateral for securities lending | 159 | 341 | ||||||||
Increase/(decrease) in dividend and interest receivable | (868 | ) | 253 | |||||||
Decrease in receivable from investment advisor | 50,893 | 4,050 | ||||||||
Decrease in prepaid expenses and other assets | 129 | 819 | ||||||||
Decrease in payable for investments purchased | (35,754 | ) | (14,315 | ) | ||||||
Increase/(decrease) in use of cash collateral from securities lending | (159 | ) | (341 | ) | ||||||
Increase/(decrease) in dividends and fees payable for securities sold short | 93 | (36 | ) | |||||||
Decrease in accrued expense payable | (36,622 | ) | (7,527 | ) | ||||||
|
|
|
| |||||||
Net cash provided by/(used in) operating activities | (53,891 | ) | 3,986 | |||||||
|
|
|
| |||||||
Cash flows from financing activities: | ||||||||||
Proceeds from shares sold | 102,765 | 500 | ||||||||
Payment of shares redeemed | (26,450 | ) | — | |||||||
|
|
|
| |||||||
Net cash provided by financing activities | 76,315 | 500 | ||||||||
|
|
|
| |||||||
Net increase in cash | 22,424 | 4,486 | ||||||||
Cash and restricted cash*: | ||||||||||
Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities: | ||||||||||
Cash | 3,885 | 5,158 | ||||||||
Restricted cash | 22,081 | 44,182 | ||||||||
Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities: | ||||||||||
Cash | $ | 2,003 | $ | 53,826 | ||||||
|
|
|
| |||||||
Restricted Cash | $ | 46,387 | $ | — | ||||||
|
|
|
| |||||||
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid during the period for financing charges | $ | 5,484 | $ | 3,648 |
* | FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows (See Note 1). |
The accompanying notes are an integral part of the financial statements.
85
GOTHAM FUNDS
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.
Gotham Index Plus Fund Institutional Class Shares | |||||||||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Year Ended September 30, 2016 | For the Period Ended September 30, 2015* | |||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 15.73 | $ | 13.00 | $ | 10.59 | $ | 9.28 | $ | 10.00 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net investment income(1) | 0.08 | 0.10 | 0.06 | 0.07 | 0.03 | ||||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.97 | ) | 2.68 | 2.41 | 1.42 | (0.75 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total from investment operations | (0.89 | ) | 2.78 | 2.47 | 1.49 | (0.72 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.05 | ) | (0.06 | ) | (0.07 | ) | — | ||||||||||||||||
Net realized capital gains | (0.23 | ) | — | — | (0.11 | ) | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total dividends and distributions to shareholders | (0.29 | ) | (0.05 | ) | (0.06 | ) | (0.18 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Redemption fees | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net asset value, end of year/period | $ | 14.55 | $ | 15.73 | $ | 13.00 | $ | 10.59 | $ | 9.28 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total investment return(3) | (5.66 | )% | 21.45 | % | 23.25 | % | 16.14 | % | (7.20 | )% | |||||||||||||||
Ratio/Supplemental Data | |||||||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 764,029 | $ | 631,060 | $ | 199,796 | $ | 44,190 | $ | 7,669 | |||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 3.41 | %(5) | 3.39 | % | 3.61 | % | 3.41 | % | 3.63 | %(5) | |||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 3.41 | %(5) | 3.39 | % | 3.62 | % | 3.80 | % | 4.75 | %(5) | |||||||||||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 1.07 | %(5) | 0.69 | % | 0.46 | % | 0.72 | % | 0.62 | %(5) | |||||||||||||||
Portfolio turnover rate | 121.95 | %(7) | 218.46 | % | 204.07 | % | 234.14 | % | 94.47 | %(7) |
* | 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) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund’s Institutional Class Shares would be 1.15%, 1.15%, 1.15%, 1.18% and 1.50% for the six months ended March 31, 2019, the years ended September 30, 2018, 2017 and 2016 and the period ended September 30, 2015, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
86
GOTHAM FUNDS
Financial Highlights (Continued)
Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in 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.
Gotham Index Plus Fund Investor Class Shares | ||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Period Ended September 30, 2018* | |||||||||
Per Share Operating Performance |
| |||||||||
Net asset value, beginning of period | $ | 15.70 | $ | 14.48 | ||||||
|
|
|
| |||||||
Net investment income(1) | 0.06 | 0.05 | ||||||||
Net realized and unrealized gain/(loss) on investments | (0.96 | ) | 1.17 | |||||||
|
|
|
| |||||||
Total from investment operations. | (0.90 | ) | 1.22 | |||||||
|
|
|
| |||||||
Dividends and distributions to shareholders from: | ||||||||||
Net investment income | (0.04 | ) | — | |||||||
Net realized capital gains | (0.23 | ) | — | |||||||
|
|
|
| |||||||
Total dividends and distributions to shareholders | (0.27 | ) | — | |||||||
|
|
|
| |||||||
Redemption fees | 0.00 | (2) | 0.00 | (2) | ||||||
|
|
|
| |||||||
Net asset value, end of period | $ | 14.53 | $ | 15.70 | ||||||
|
|
|
| |||||||
Total investment return(3) | (5.71 | )% | 8.43 | % | ||||||
Ratio/Supplemental Data | ||||||||||
Net assets, end of period (in 000s) | $ | 20,783 | $ | 14,403 | ||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 3.67 | %(5) | 3.64 | %(5) | ||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 3.67 | %(5) | 3.64 | %(5) | ||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 0.81 | %(5) | 0.49 | %(5) | ||||||
Portfolio turnover rate | 121.95 | %(7) | 218.46 | %(8) |
* | Investor Class commenced operations on January 2, 2018. Total return is calculated based on inception date of December 29, 2017, when initial seed capital was issued at $14.48 per share. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund’s Investor Class Shares would be 1.40% and 1.40% for the six months ended March 31, 2019 and the period ended September 30, 2018, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
(8) | Reflects portfolio turnover of the Fund for the year ended September 30, 2018 |
The accompanying notes are an integral part of the financial statements.
87
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.
Gotham Index Plus All-Cap Fund Institutional Class Shares | ||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Period Ended September 30, 2018* | |||||||||
Per Share Operating Performance | ||||||||||
Net asset value, beginning of period | $ | 10.55 | $ | 10.00 | ||||||
|
|
|
| |||||||
Net investment income(1) | 0.03 | 0.02 | ||||||||
Net realized and unrealized gain/(loss) on investments | (0.20 | ) | 0.53 | |||||||
|
|
|
| |||||||
Total from investment operations | (0.17 | ) | 0.55 | |||||||
|
|
|
| |||||||
Dividends and distributions to shareholders from: | ||||||||||
Net investment income | (0.04 | ) | — | |||||||
Net realized capital gains | — | — | ||||||||
|
|
|
| |||||||
Total dividends and distributions to shareholders | (0.04 | ) | — | |||||||
|
|
|
| |||||||
Redemption fees | — | 0.00 | (2) | |||||||
|
|
|
| |||||||
Net asset value, end of period | $ | 10.34 | $ | 10.55 | ||||||
|
|
|
| |||||||
Total investment return(3) | (1.58 | )% | 5.50 | % | ||||||
Ratio/Supplemental Data | ||||||||||
Net assets, end of period (in 000s) | $ | 2,395 | $ | 2,454 | ||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 2.36 | %(5) | 2.49 | %(5) | ||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 6.60 | %(5) | 7.32 | %(5) | ||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 0.58 | %(5) | 0.22 | %(5) | ||||||
Portfolio turnover rate | 98.84 | %(7) | 236.04 | %(7) |
* | Institutional Class commenced operations on January 2, 2018. Total return is calculated based on inception date of December 29, 2017, when initial seed capital was issued at $10.00 per share. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 1.15% and 1.15% for the six months ended March 31, 2019 and the period ended September 30, 2018, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
88
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.
Gotham Enhanced Index Plus Fund Institutional Class Shares | ||||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Period Ended September 30, 2016* | |||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year/period | $ | 14.21 | $ | 12.12 | $ | 9.99 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(1) | 0.05 | 0.11 | 0.12 | — | ||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.39 | ) | 2.22 | 2.01 | (0.01 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.34 | ) | 2.33 | 2.13 | (0.01 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dividends and distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.18 | ) | — | — | ||||||||||||||
Net realized capital gains | (1.86 | ) | (0.06 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (1.97 | ) | (0.24 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Redemption fees | — | 0.00 | (2) | — | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of year/period | $ | 11.90 | $ | 14.21 | $ | 12.12 | $ | 9.99 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment return(3) | (1.57 | )% | 19.46 | % | 21.20 | % | (0.10 | )% | ||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 3,270 | $ | 3,240 | $ | 2,450 | $ | 1,999 | ||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 1.85 | %(5) | 1.84 | % | 1.91 | % | — | |||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 5.24 | %(5) | 6.18 | % | 5.23 | % | — | |||||||||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 0.87 | %(5) | 0.80 | % | 1.08 | % | — | |||||||||||||
Portfolio turnover rate | 174.49 | %(7) | 347.10 | % | 231.97 | % | — |
* | 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) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 1.15%, 1.03% and 0.85% for the six months ended March 31, 2019 and the years ended September 30, 2018 and 2017, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
89
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.
Gotham Enhanced 500 Plus Fund Institutional Class Shares | ||||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Period Ended September 30, 2016* | |||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year/period | $ | 13.99 | $ | 11.86 | $ | 9.99 | $ | 10.00 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(1) | 0.06 | 0.13 | 0.09 | — | ||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.43 | ) | 2.20 | 1.78 | (0.01 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations. | (0.37 | ) | 2.33 | 1.87 | (0.01 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dividends and distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.12 | ) | (0.16 | ) | — | — | ||||||||||||||
Net realized capital gains | (2.18 | ) | (0.04 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total dividends and distributions to shareholders | (2.30 | ) | (0.20 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Redemption fees. | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of year/period | $ | 11.32 | $ | 13.99 | $ | 11.86 | $ | 9.99 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment return(2) | (1.90 | )% | 19.86 | % | 18.60 | % | (0.10 | )% | ||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 2,828 | $ | 2,881 | $ | 2,399 | $ | 1,999 | ||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(3) | 2.17 | %(4) | 2.10 | % | 2.21 | % | — | |||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(3)(5) | 4.72 | %(4) | 4.24 | % | 5.28 | % | — | |||||||||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 0.96 | %(4) | 0.97 | % | 0.83 | % | — | |||||||||||||
Portfolio turnover rate | 153.59 | %(6) | 223.96 | % | 237.06 | % | — |
* | 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 fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 1.15%, 1.15% and 1.15% for the six months ended March 31, 2019 and the years ended September 30, 2018 and 2017, respectively. |
(4) | Annualized. |
(5) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
90
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.
Gotham Enhanced S&P 500 Index Fund Institutional Class Shares | |||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Period Ended September 30, 2017* | |||||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $ | 13.70 | $ | 11.53 | $ | 10.00 | |||||||||
|
|
|
|
|
| ||||||||||
Net investment income(1) | 0.10 | 0.20 | 0.13 | ||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.51 | ) | 2.39 | 1.40 | |||||||||||
|
|
|
|
|
| ||||||||||
Total from investment operations. | (0.41 | ) | 2.59 | 1.53 | |||||||||||
|
|
|
|
|
| ||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||
Net investment income | (0.21 | ) | (0.16 | ) | — | ||||||||||
Net realized capital gains | (1.78 | ) | (0.26 | ) | — | ||||||||||
|
|
|
|
|
| ||||||||||
Total dividends and distributions to shareholders | (1.99 | ) | (0.42 | ) | — | ||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, end of period | $ | 11.30 | $ | 13.70 | $ | 11.53 | |||||||||
|
|
|
|
|
| ||||||||||
Total investment return(2) | (2.01 | )% | 22.97 | % | 15.30 | % | |||||||||
Ratio/Supplemental Data | |||||||||||||||
Net assets, end of period (in 000s) | $ | 3,493 | $ | 3,529 | $ | 2,931 | |||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any | 0.50 | %(3) | 0.50 | % | 0.50 | %(3) | |||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4) | 2.79 | %(3) | 2.55 | % | 3.61 | %(3) | |||||||||
Ratio of net investment income to average net assets | 1.71 | %(3) | 1.59 | % | 1.66 | %(3) | |||||||||
Portfolio turnover rate | 143.32 | %(5) | 229.59 | % | 268.10 | %(5) |
* | 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) | Annualized. |
(4) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(5) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
91
GOTHAM FUNDS
Financial Highlights (Concluded)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in 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.
Gotham Master Index Plus Fund Institutional Class Shares | |||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Period Ended September 30, 2017* | |||||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $ | 12.51 | $ | 10.60 | $ | 10.00 | |||||||||
|
|
|
|
|
| ||||||||||
Net investment income(1) | 0.10 | 0.08 | 0.00 | (2) | |||||||||||
Net realized and unrealized gain/(loss) on investments | (0.56 | ) | 1.99 | 0.60 | |||||||||||
|
|
|
|
|
| ||||||||||
Total from investment operations. | (0.46 | ) | 2.07 | 0.60 | |||||||||||
|
|
|
|
|
| ||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||
Net investment income | (0.14 | ) | (0.16 | ) | — | ||||||||||
Net realized capital gains | (1.23 | ) | — | — | |||||||||||
|
|
|
|
|
| ||||||||||
Total dividends and distributions to shareholders | (1.37 | ) | (0.16 | ) | — | ||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, end of period | $ | 10.68 | $ | 12.51 | $ | 10.60 | |||||||||
|
|
|
|
|
| ||||||||||
Total investment return(3) | (2.81 | )% | 19.66 | % | 6.00 | % | |||||||||
Ratio/Supplemental Data | |||||||||||||||
Net assets, end of period (in 000s) | $ | 1,204 | $ | 1,318 | $ | 1,110 | |||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any | 0.00 | %(4)(5) | 0.00 | %(5) | 0.00 | %(4)(5) | |||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(6)(7) | 8.81 | %(4) | 7.96 | % | 10.31 | %(4) | |||||||||
Ratio of net investment income to average net assets | 1.76 | %(4) | 0.65 | % | 0.00 | %(4)(5) | |||||||||
Portfolio turnover rate | 11.42 | %(8) | 62.03 | % | 0.00 | %(8) |
* | Commencement of operations. Initial seed capital was issued at $10.00 per share on April 28, 2017. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | 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. |
(4) | Annualized. |
(5) | Amount is less than 0.005%. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | The 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. |
(8) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
92
GOTHAM FUNDS
March 31, 2019
(Unaudited)
1. Organization and Significant Accounting Policies
The Gotham Index Plus Fund, the Gotham Index Plus All-Cap Fund, the Gotham Enhanced Index Plus Fund, the Gotham Enhanced 500 Plus Fund (formerly, Gotham Enhanced 500 Core Fund), the Gotham Enhanced S&P 500 Index Fund and the Gotham Master Index Plus Fund (each a “Fund” and together, the “Funds”) are each a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds, except for the Gotham Index Plus Fund, offers one class of shares, Institutional Class. The Gotham Index Plus Fund offers two classes of shares, Institutional Class and Investor Class. The Funds’ commencement of operations are as follows:
Gotham Index Plus Fund (“Index Plus”) | March 31, 2015 | |
Gotham Index Plus All-Cap Fund (“Index Plus All-Cap”) | December 29, 2017 | |
Gotham Enhanced Index Plus Fund (“Enhanced Index Plus”) | September 30, 2016 | |
Gotham Enhanced 500 Plus Fund (“Enhanced 500 Plus”) | September 30, 2016 | |
Gotham Enhanced S&P 500 Index Fund (“Enhanced S&P 500 Index”) | December 30, 2016 | |
Gotham Master Index Plus Fund (“Master Index Plus”) | April 28, 2017 |
All the Funds except for the Enhanced S&P 500 Index and Master Index Plus 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. Enhanced S&P 500 Index seeks to achieve its investment objective by generally investing at least 80% of its assets in U.S. equity securities listed in the S&P 500® Index. Master Index Plus 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 BoardAccounting Standards CodificationTopic 946.
Portfolio Valuation— Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Each Fund’s equity securities, including exchange-traded funds, listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Board of Trustees (the “Board”). Any assets held by a Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that a Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when a Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of a Fund. Certain Funds invest in securities of other investment companies, which are valued at their respective NAVs as determined by those investment companies each business day. Securities that do not have a readily available current market value are valued in good faith under the direction of the Board. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Gotham Asset Management, LLC (“Gotham” or “the Adviser”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security, asset or liability will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.
Fair Value Measurements— The inputs and valuation techniques used to measure fair value of 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; |
93
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
● 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 common stock security with end of period value of $71 and $74, held by Index Plus All-Cap and Enhanced Index Plus, respectively. These securities are considered Level 2 as of and for the period ended March 31, 2019.
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. 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 Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the six months ended March 31, 2019, there were no transfers in or out of Level 3 for the Funds.
Use of Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.
Investment Transactions, Investment Income and Expenses— Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Distribution (12b-1) fees and shareholder service fees relating to a specific class are charged directly to that class. The Fund records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statement of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statement of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gain/(loss) from investment transactions in the Statement of Operations. These characterizations are reflected in the accompanying financial statements. 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.
Deferred Offering Costs— Offering costs, including costs of printing initial prospectus and legal fees, are amortized over twelve months from inception of the Funds.
94
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
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 Code, 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.
Recent Accounting Pronouncements— In August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of U.S. GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the “Statement of Assets and Liabilities” and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the “Statements of Changes in Net Assets.” The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the “Statements of Changes in Net Assets” and certain tax adjustments that were reflected in the “Notes to Financial Statements.” All of these have been reflected in the Fund’s financial statements.
In August 2016, the Financial Accounting Standards Board (“FASB”) issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU 2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.
Short Sales— The Funds may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.
As of March 31, 2019, 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 | |||||||||||||
Index Plus | $ | 709,155,396 | $ | 830,983,042 | $ | 207,697,331 | |||||||||
Index Plus All-Cap | 1,683,764 | 2,962,375 | 42,928 | ||||||||||||
Enhanced Index Plus | 1,311,649 | 4,678,068 | 46,387 | ||||||||||||
Enhanced 500 Plus | 1,176,546 | 2,746,892 | — |
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
95
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
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 six months ended March 31, 2019:
Dividends on Securities Sold Short | Rebate (Income)/Fees | |||||||||
Index Plus | $ | 5,470,212 | $ | (6,131,348 | ) | |||||
Index Plus All-Cap | 6,964 | (14,659 | ) | |||||||
Enhanced Index Plus | 5,442 | (11,434 | ) | |||||||
Enhanced 500 Plus | 10,261 | (11,296 | ) |
The following Funds utilized short sales proceeds and incurred financing charges to finance purchases of long securities in order to accomplish the Funds’ respective investment objectives. A financing fee is charged to the Funds based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short on the Statement of Operations and are as follows for the six months ended March 31, 2019:
Short Sales Proceeds | Financing Charges | |||||||||
Index Plus | $ | 494,499,545 | $ | 6,018,511 | ||||||
Index Plus All-Cap | 1,640,174 | 21,446 | ||||||||
Enhanced Index Plus | 1,265,416 | 16,919 | ||||||||
Enhanced 500 Plus | 1,168,458 | 14,944 |
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:
Index Plus | 1.00 | % | ||
Index Plus All-Cap | 1.00 | % | ||
Enhanced Index Plus | 1.00 | % | ||
Enhanced 500 Plus | 1.00 | % | ||
Enhanced S&P 500 Index | 0.50 | % | ||
Master Index Plus(1) | — | % |
(1) | For Master Index Plus, 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 0.75% of Master Index Plus’ average net assets invested in investments other than an underlying fund. Gotham does not receive an investment advisory fee from the Fund on assets invested in an underlying fund, but does receive an investment advisory fee from each underlying fund as investment adviser to such funds. Master Index Plus does not currently expect to invest in assets other than underlying funds. |
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 and for Master Index Plus, exclusive of management fees, if any), do not exceed the percentages set forth in the table below (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until the termination date set forth below, unless the Board approves its earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the six months ended March 31, 2019.
96
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Institutional Class | Investor Class | Termination Date | |||||||||||||
Index Plus | 1.15 | % | 1.40 | % | January 31, 2021 | ||||||||||
Index Plus All-Cap | 1.15 | % | N/A | January 31, 2021 | |||||||||||
Enhanced Index Plus | 1.15 | % | N/A | January 31, 2021 | |||||||||||
Enhanced 500 Plus | 1.15 | % | N/A | January 31, 2021 | |||||||||||
Enhanced S&P 500 Index | 0.50 | % | N/A | January 31, 2021 | |||||||||||
Master Index Plus(1) | 0.00 | % | N/A | January 31, 2021 |
(1) | Per the Expense Limitation agreement for the Fund, the expenses subject to the expense limitation are also exclusive of management fees, if any. |
For the six months ended March 31, 2019, investment advisory fees accrued and waivers were as follows:
Gross Advisory Fee | Waiver/ Reimbursements | Net Advisory Fee/ (Reimbursement) | |||||||||||||
Index Plus | $ | 3,450,806 | $ | — | $ | 3,450,806 | |||||||||
Index Plus All-Cap | 11,395 | (48,397 | ) | (37,002 | ) | ||||||||||
Enhanced Index Plus | 15,674 | (53,197 | ) | (37,523 | ) | ||||||||||
Enhanced 500 Plus | 13,635 | (34,702 | ) | (21,067 | ) | ||||||||||
Enhanced S&P 500 Index | 8,297 | (37,957 | ) | (29,660 | ) | ||||||||||
Master Index Plus | — | (52,296 | ) | (52,296 | ) |
For all Funds, except for Enhanced S&P 500 Index, the Adviser is entitled to recover, subject to approval by the Board, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual Fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. Enhanced S&P 500 Index (prior to October 1, 2018, Enhanced S&P 500 Index was entitled to recoup any amounts reduced or reimbursed) is not entitled to recoup any amounts reduced or reimbursed by the Adviser. As of March 31, 2019, the amount of potential reimbursement from the Funds to the Adviser are as follows:
Expiration | Expiration | Expiration | Expiration | |||||||||||||||||
09/30/2019 | 09/30/2020 | 09/30/2021 | 03/31/2022 | |||||||||||||||||
Index Plus | ||||||||||||||||||||
Institutional Class | $ | 62,340 | $ | 18,635 | $ | 9,077 | $ | — | ||||||||||||
Investor Class | N/A | N/A | 110 | — | ||||||||||||||||
Index Plus All-Cap | N/A | N/A | 83,564 | 48,397 | ||||||||||||||||
Enhanced Index Plus | N/A | 73,429 | 126,683 | 53,197 | ||||||||||||||||
Enhanced 500 Plus | N/A | 66,803 | 56,635 | 34,702 | ||||||||||||||||
Enhanced S&P 500 Index | N/A | 56,928 | 66,226 | — | ||||||||||||||||
Master Index Plus | N/A | — | 97,598 | 52,296 |
For the six months ended March 31, 2019, the Adviser recaptured prior year fee waivers and expense reimbursements of $12,008 from Index Plus.
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
97
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
Pershing LLC provides prime brokerage services to the Funds under an Agreement for Prime Brokerage Services. Pershing LLC is a wholly owned subsidiary of The Bank of New York Mellon Corporation.
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.
The Trust has adopted a distribution plan for Investor Class shares of Index Plus, in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, Index Plus compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25%, on an annualized basis of the Investor Class shares of Index Plus’ average daily net assets.
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 six months ended March 31, 2019 was $26,677. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Duff & Phelps, LLC (“D&P”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and D&P are compensated for their services provided to the Trust.
Investment in Affiliated Funds
The following table lists each issuer owned by Master Index Plus 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, 2019:
Master Index Plus | ||||||||||||||||||||||||||||||||||||||||
Name of Issuer | Value at 9/30/18 | Purchase Cost | Dividend Income | Sales Proceeds | Net Realized Gain/ (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at 3/31/19 | Shares Held at 3/31/19 | ||||||||||||||||||||||||||||||||
Enhanced Index Plus Fund | $ | 344,522 | $ | 51,062 | $ | 2,589 | $ | (26,428 | ) | $ | (4,561 | ) | $ | (48,368 | ) | $ | 316,227 | 26,574 | ||||||||||||||||||||||
Enhanced S&P 500 Index | 344,221 | 60,620 | 5,189 | (32,996 | ) | 1,525 | (57,291 | ) | 316,079 | 27,972 | ||||||||||||||||||||||||||||||
Index Plus | 344,219 | 42,536 | 1,243 | (42,963 | ) | (4,605 | ) | (23,055 | ) | 316,132 | 21,727 | |||||||||||||||||||||||||||||
Index Plus All-Cap Fund | 343,972 | 26,012 | 1,343 | (42,506 | ) | (5,308 | ) | (5,296 | ) | 316,874 | 30,645 |
3. Investment in Securities
For the six months ended March 31, 2019 for all Funds, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:
Purchases | Sales | |||||||||
Index Plus | $ | 1,955,980,080 | $ | 1,601,331,428 | ||||||
Index Plus All-Cap | 4,025,819 | 3,880,491 | ||||||||
Enhanced Index Plus | 7,982,665 | 7,749,543 | ||||||||
Enhanced 500 Plus | 5,978,151 | 5,947,507 | ||||||||
Enhanced S&P 500 Index | 4,862,851 | 4,839,460 |
98
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Purchases | Sales | |||||||||
Master Index Plus | 180,230 | 144,893 |
For the six months ended March 31, 2019, the Funds had no purchases or sales of U.S. Government securities.
4. Capital Share Transactions
For the periods ended March 31, 2019 and September 30, 2018, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:
For the Period Ended March 31, 2019 | For the Period Ended September 30, 2018 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Index Plus: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 25,770,494 | $ | 371,831,699 | 27,933,405 | $ | 412,950,184 | ||||||||||
Reinvestments | 694,592 | 10,008,109 | 59,642 | 849,900 | ||||||||||||
Redemption Fees* | — | 5,872 | — | 3,805 | ||||||||||||
Redemptions | (14,097,110 | ) | (197,108,442 | ) | (3,240,329 | ) | (48,158,489 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 12,367,976 | $ | 184,737,238 | 24,752,718 | $ | 365,645,400 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor Class Shares:(1) | ||||||||||||||||
Sales | 915,298 | $ | 13,363,457 | 1,080,138 | $ | 16,232,854 | ||||||||||
Reinvestments | 20,501 | 295,007 | — | — | ||||||||||||
Redemption Fees* | — | 145 | — | 33 | ||||||||||||
Redemptions | (422,525 | ) | (6,085,957 | ) | (162,617 | ) | (2,471,863 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 513,274 | $ | 7,572,652 | 917,521 | $ | 13,761,024 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Index Plus All-Cap:(2) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 2,459 | $ | 25,236 | 232,907 | $ | 2,349,574 | ||||||||||
Reinvestments | 981 | 9,588 | — | — | ||||||||||||
Redemption Fees* | — | — | — | 22 | ||||||||||||
Redemptions | (4,499 | ) | (42,529 | ) | (213 | ) | (2,249 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase/(decrease) | (1,059 | ) | $ | (7,705 | ) | 232,694 | $ | 2,347,347 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Enhanced Index Plus: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 7,668 | $ | 102,765 | 24,471 | $ | 336,796 | ||||||||||
Reinvestments | 41,294 | 463,323 | 3,831 | 49,413 | ||||||||||||
Redemption Fees* | — | — | — | 22 | ||||||||||||
Redemptions | (2,234 | ) | (26,450 | ) | (2,439 | ) | (31,326 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase | 46,728 | $ | 539,638 | 25,863 | $ | 354,905 | ||||||||||
|
|
|
|
|
|
|
|
99
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
For the Period Ended March 31, 2019 | For the Period Ended September 30, 2018 | |||||||||||||||||||
Shares | Value | Shares | Value | |||||||||||||||||
Enhanced 500 Plus: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Sales | 39 | $ | 500 | 394 | $ | 5,000 | ||||||||||||||
Reinvestments | 43,738 | 473,685 | 3,263 | 41,082 | ||||||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||||||
Redemptions | — | — | — | — | ||||||||||||||||
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Net Increase | 43,777 | $ | 474,185 | 3,657 | $ | 46,082 | ||||||||||||||
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Enhanced S&P 500 Index: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Sales | 5,915 | $ | 65,183 | 4,654 | $ | 60,369 | ||||||||||||||
Reinvestments | 48,854 | 516,389 | 8,869 | 105,813 | ||||||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||||||
Redemptions | (3,351 | ) | (37,416 | ) | (10,056 | ) | (129,741 | ) | ||||||||||||
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Net Increase | 51,418 | $ | 544,156 | 3,467 | $ | 36,441 | ||||||||||||||
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Master Index Plus: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Sales | — | $ | — | — | $ | — | ||||||||||||||
Reinvestments | 14,582 | 145,238 | 729 | 8,311 | ||||||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||||||
Redemptions | (7,240 | ) | (72,117 | ) | — | — | ||||||||||||||
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Net Increase | 7,342 | $ | 73,121 | 729 | $ | 8,311 | ||||||||||||||
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* | 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. |
(1) | Investor Class Shares of Index Plus incepted on December 29, 2017. The Class commenced operations on January 2, 2018. |
(2) | The Fund incepted on December 29, 2017. The Fund commenced operations on January 2, 2018. |
As of March 31, 2019, the following Fund had shareholders that held 10% or more of the outstanding shares of the Fund:
Index Plus All-Cap | ||||
Affiliated Shareholders | 43 | % | ||
Affiliated Fund | 13 | % |
5. Securities Lending
All Funds, except for Enhanced S&P 500 Index, may lend securities to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points
100
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
or zero. These fees are included in the fees on cash collateral on the Statements of Operations. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. During the six months ended March 31, 2019, the Funds listed below each had securities lending programs. The market value of securities on loan and cash collateral received as of March 31, 2019 and the income generated from the programs during the six months ended March 31, 2019, with respect to such loans are as follows:
Market Value of Securities Loaned | Cash Collateral Received | Market Value of Non-cash Collateral | Income Received from Securities Lending | |||||||||||||||||
Index Plus | $ | 199,659,330 | $ | 202,343,021 | $ | — | $ | 114,442 | ||||||||||||
Enhanced Index Plus | 354,048 | 23,426 | 338,038 | 518 | ||||||||||||||||
Enhanced 500 Plus | 95,920 | 1,264 | 95,977 | 33 |
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, 2019:
Gross Amount Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments | Cash and Non-Cash Collateral Received* | Net Amount** | |||||||||||||||||||||||||
Index Plus | $ | 199,659,330 | $ | — | $ | 199,659,330 | $ | — | $ | (199,659,330 | ) | $ | — | |||||||||||||||||
Enhanced Index Plus | 354,048 | — | 354,048 | — | (354,048 | ) | — | |||||||||||||||||||||||
Enhanced 500 Plus | 95,920 | — | 95,920 | — | (95,920 | ) | — |
* | 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.
101
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
The tax character of distributions paid by the Funds during the year/period ended September 30, 2018 were as follows:
Ordinary Income Dividend | Long-Term Capital Gain Dividend | Return of Capital | |||||||||||||
Index Plus | $ | 898,482 | $ | — | $ | — | |||||||||
Enhanced Index Plus | 49,413 | — | — | ||||||||||||
Enhanced 500 Plus | 41,082 | — | — | ||||||||||||
Enhanced S&P 500 Index | 105,813 | — | — | ||||||||||||
Master Index Plus | 16,622 | — | — |
Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.
As of September 30, 2018, the components of distributable earnings on a tax basis were as follows:
Capital Loss Carryforward | Undistributed Ordinary Income | Undistributed Long-Term Gain | Unrealized Appreciation/ (Depreciation) | Qualified Late-Year Losses | Other Temporary Differences | |||||||||||||||||||||||||
Index Plus | $ | — | $ | 2,617,418 | $ | 10,699,746 | $ | 77,713,824 | $ | — | $ | — | ||||||||||||||||||
Index Plus All Cap | — | 5,406 | — | 225,596 | (124,353 | ) | — | |||||||||||||||||||||||
Enhanced Index Plus | — | 25,136 | 438,185 | 409,756 | — | — | ||||||||||||||||||||||||
Enhanced 500 Plus | — | 25,689 | 447,994 | 348,848 | — | — | ||||||||||||||||||||||||
Enhanced S&P 500 Index | — | 101,095 | 403,108 | 416,876 | — | — | ||||||||||||||||||||||||
Master Index Plus | — | 117,738 | 12,329 | 133,193 | — | — |
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. The temporary differences as of September 30, 2018 were primarily attributed to deferral of loss on unsettled trades, wash sales on unsettled short sales, wash sales, straddle losses outstanding, and qualified late-year losses. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.
As of March 31, 2019, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Index Plus | $ | 1,399,249,417 | $ | 127,136,776 | $ | (64,175,114 | ) | $ | 62,961,662 | |||||||
Index Plus All-Cap | 3,835,700 | 724,884 | (213,168 | ) | 511,716 | |||||||||||
Enhanced Index Plus | 4,143,668 | 741,164 | (90,617 | ) | 650,547 | |||||||||||
Enhanced 500 Plus | 3,642,750 | 431,464 | (95,694 | ) | 335,770 | |||||||||||
Enhanced S&P 500 Index | 3,130,978 | 386,500 | (39,942 | ) | 346,558 | |||||||||||
Master Index Plus | 1,266,103 | 44,418 | (45,209 | ) | (791 | ) |
* | Because tax adjustments are calculated annually at the end of a 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 such 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 or (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, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2018. For the period ended September 30, 2018, the Funds deferred to October 1, 2018 the following losses:
102
GOTHAM FUNDS
Notes to Financial Statements (Concluded)
March 31, 2019
(Unaudited)
Late-Year Ordinary Losses Deferral | Short-Term Capital Loss Deferral | Long-Term Capital Loss Deferral | |||||||||||||
Index Plus All-Cap | $ | — | $ | 124,344 | $ | 9 |
Accumulated capital losses represent net capital loss carryforwards as of September 30, 2018 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, 2018, the Funds did not have any long-term and short-term 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 available to be issued, and has determined that there are no material subsequent events requiring recognition or disclosure in the financial statements.
103
GOTHAM FUNDS
(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 athttp:// www.sec.gov.Form N-Q is being rescinded. Once Form N-Q is rescinded, disclosure of the Fund’s complete holdings will be required to be made monthly on Form N-PORT, with every third month made available to the public by the Commission upon filing.
104
GOTHAM FUNDS
(Unaudited)
The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.
We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within FundVantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.
To ensure the highest degree of security and confidentiality, FundVantage Trust and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site www.gothamfunds.com.
If you have questions or comments about our privacy practices, please call us at (877) 974-6852.
105
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Investment Adviser
Gotham Asset Management, LLC
535 Madison Avenue, 30th Floor
New York, NY 10022
Administrator
The Bank of New York Mellon
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581
Principal Underwriter
Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
GOTII-0319
GOTHAM FUNDS
of
FundVantage Trust
Gotham Absolute 500 Fund
Gotham Absolute 500 Core Fund
Gotham Enhanced 500 Fund
Gotham Neutral 500 Fund
Gotham Hedged Plus Fund
Gotham Hedged Core Fund
Gotham Defensive Long Fund
Gotham Defensive Long 500 Fund
Gotham Short Strategies Fund
Gotham Master Neutral Fund
Gotham ESG Large Value Fund
SEMI-ANNUAL REPORT
March 31, 2019
(Unaudited)
Important Information on Paperless Delivery
Beginning on January 1, 2021, paper copies of the Gotham Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from the Gotham Funds or from your financial intermediary. Instead, annual and semi-annual shareholder reports will be available on the Gotham Funds’ website(www.GothamFunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through the Gotham Funds, call the Gotham Funds toll-free at 1 (877)974-6852 or write to the Gotham Funds at Gotham Funds, FundVantage Trust, c/o BNY Mellon Investment Servicing, P.O. Box 9829, Providence, RI 02940-8029. Your election to receive shareholder reports in paper will apply to all Gotham Funds that you hold through the financial intermediary, or directly with the Gotham Funds.
This report is submitted for the general information of the shareholders of the Gotham Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Gotham Funds.
SEMI-ANNUAL REPORT
AS OF MARCH 31, 2019
TABLE OF CONTENTS | ||||
1 | ||||
2 | ||||
13 | ||||
15 | ||||
26 | ||||
Financial Statements: | ||||
111 | ||||
115 | ||||
119 | ||||
125 | ||||
128 | ||||
139 | ||||
154 | ||||
156 |
GOTHAM FUNDS
The performance data quoted in this report represents past performance and does not guarantee future results. The investment return and principal value of an investment in a Gotham Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Performance data current to the most recentmonth-end may be obtained by calling (877)974-6852.
Each Gotham Fund covered by this report (each a, “Fund”) compares its performance to an unmanaged index. An index does not reflect operational and transactional costs which apply to a mutual fund. It is not possible to invest directly in an index.
Mutual fund investing involves risks, including possible loss of principal. Each Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Each Fund will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. Gotham Short Strategies Fund will seek to gain exposure to short positions through the use of derivative instruments such as a total return swap agreement. A swap agreement can be a form of leverage, which can magnify gains or losses. The securities issued bysmall-cap andmid-cap companies tend to be more volatile and less liquid than those oflarge-cap issuers. Each Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to a Fund. There can be no guarantee that a Fund will achieve its objectives. Gotham ESG Large Value Fund is recently formed and has a limited history of operations.
A prospective investor should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The prospectus and summary prospectus contains this and other information about the Funds, and should be read carefully before investing. A copy of the prospectus or summary prospectus is available at www.GothamFunds.com or by calling (877)974-6852.
1
GOTHAM FUNDS
Gotham Absolute 500 Fund
Semi-Annual Report
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 | ||||||||||||||||||
Six Months* | 1 Year | 3 Year | Since Inception | |||||||||||||||
Institutional Class Shares | -2.79% | 3.24% | 7.12% | 6.60%** | ||||||||||||||
HFRX Equity Hedge Index | -3.15% | -5.14% | 2.87% | 1.05%*** |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 3.21% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.76% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. Equity Hedge Index (“HFRX”). The HFRX is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the of the HFRX report net of all fees returns.
2
GOTHAM FUNDS
Gotham Absolute 500 Core Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 | ||||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | -1.29% | 4.76% | 9.17%** | |||||||||
HFRX Equity Hedge Index | -3.15% | -5.14% | 2.51%*** |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 4.30% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.93% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. Equity Hedge Index (“HFRX”). The HFRX is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX report net of all fees returns.
3
GOTHAM FUNDS
Gotham Enhanced 500 Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 | ||||||||||||||||
Six Months* | 1 Year | 3 Year | Since Inception | |||||||||||||
Institutional Class Shares | -4.13% | 5.79% | 12.41% | 8.91%** | ||||||||||||
S&P 500® Total Return Index | -1.72% | 9.50% | 13.51% | 10.06%*** |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 3.79% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.61% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
4
GOTHAM FUNDS
Gotham Neutral 500 Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||||
Institutional Class Shares | -2.30% | 1.17% | 5.68%** | |||||||||||
BofA Merrill Lynch3-Month U.S. Treasury Bill Index | 1.17% | 2.12% | 1.37%*** |
* | Not Annualized. |
** | The Gotham Neutral 500 Fund (the “Fund”) commenced operations on October 1, 2016. The Fund’s inception date was September 30, 2016. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 3.45% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.28% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.35% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). Prior to February 1, 2019, the Expense Limitation was 1.50%. The Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the BofA Merrill Lynch3-Month U.S. Treasury Bill Index (the “Index”). The Index is an index comprised of a single Treasury bill issue purchased at the beginning of the month and held for a full month, then sold and rolled into a newly selected Treasury bill issue.
5
GOTHAM FUNDS
Gotham Hedged Plus Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||||||
Six Months* | 1 Year | 3 Year | Since Inception | |||||||||||||||
Institutional Class Shares | -4.52% | 1.89% | 8.38% | 8.38%** | ||||||||||||||
HFRX Equity Hedge Index | -3.15% | -5.14% | 2.87% | 2.87%*** |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 5.57% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.71% 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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. Equity Hedge Index (“HFRX”). The HFRX is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX report net of all fees returns.
6
GOTHAM FUNDS
Gotham Hedged Core Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 | ||||||||||||
Six Months* | 1 Year | Since Inception |
| |||||||||
Institutional Class Shares | -2.30% | 4.40% | 9.38%** | |||||||||
HFRX Equity Hedge Index | -3.15% | -5.14% | 2.51%*** |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 3.85% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.16% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.85% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. Equity Hedge Index (“HFRX”). The HFRX is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX report net of all fees returns.
7
GOTHAM FUNDS
Gotham Defensive Long Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 | ||||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | -1.19% | 3.01% | 7.17%** | |||||||||
S&P 500® Total Return Index | -1.72% | 9.50% | 13.57%*** |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 8.03% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.63% 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 January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
8
GOTHAM FUNDS
Gotham Defensive Long 500 Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 | ||||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||
Institutional Class Shares | -1.71% | 7.67% | 13.20%** | |||||||||
S&P 500® Total Return Index | -1.72% | 9.50% | 13.57%*** |
* | 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. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 4.08% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 3.51% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (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, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
9
GOTHAM FUNDS
Gotham Short Strategies Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||||||||||||
Six Months* | 1 year | 3 Year | 5 Year | 10 Year | ||||||||||||||||||||
Institutional Class Shares** | 2.70% | -7.43% | -5.41% | -2.95% | -3.58% | |||||||||||||||||||
50% Inverse of the S&P 500® | 0.53% | -5.14% | -7.05% | -5.73% | -8.14% |
* | Not Annualized. |
** | A privately offered fund (the “Predecessor Fund”) managed by Gotham Asset Management, LLC was reorganized into the Gotham Short Strategies Fund (the “Fund” or “GSSFX”) on July 31, 2017, the date GSSFX commenced operations. The Predecessor Fund was organized and commenced operations in February 2008 and had an investment objective, investment policies and restrictions that were, in all material respects, equivalent to those of GSSFX. However, the Predecessor Fund was not registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, this Predecessor Fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended, which, if applicable, might have adversely affected its performance. GSSFX’s performance for periods prior to the commencement of operations on July 31, 2017 is that of the Predecessor Fund adjusted to reflect GSSFX’s fee structure. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 2.49% and the “Total Annual Fund Operating Expenses After Fee waivers and/or Expense Reimbursements” are 1.35% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.35% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.
The 50% Inverse of the S&P 500® reflects the return of the S&P 500® adjusted to show the negative 50% targeted net short exposure of the Predecessor Fund. Its returns reflect reinvested dividends.
10
GOTHAM FUNDS
Gotham Master Neutral Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 |
| |||||||||||||
Six Months* | 1 Year | Since Inception | ||||||||||||
Institutional Class Shares | -0.46% | -1.04% | 1.62%** | |||||||||||
BofA Merrill Lynch3-Month U.S. Treasury Bill Index | 1.17% | 2.12% | 1.65%*** |
* | Not Annualized. |
** | The Gotham Master Neutral Fund (the “Fund”) commenced operations on April 28, 2017. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 4.53% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 1.68% 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 waive its investment advisory fees at an annual rate in the amount of 0.30% (the “Advisory Fee Waiver”). In addition to the Advisory Fee Waiver, the Advisor 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 Advisory Fee Waiver will remain in place until January 31, 2020, and the Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.
The Fund intends to evaluate performance as compared to that of the BofA Merrill Lynch3-Month U.S. Treasury Bill Index (the “Index”). The Index is an index comprised of a single Treasury bill issue purchased at the beginning of the month and held for a full month, then sold and rolled into a newly selected Treasury bill issue.
11
GOTHAM FUNDS
Gotham ESG Large Value Fund
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Total Returns for the Period Ended March 31, 2019 |
| |||||
Since Inception* | ||||||
Institutional Class Shares | 15.10%** | |||||
S&P 500® Total Return Index | 13.65%*** |
* | Not Annualized. |
** | The Gotham ESG Large Value Fund (the “Fund”) incepted on December 28, 2018. |
*** | Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
Past performance does not guarantee future results.The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.
As stated in the current prospectus dated February 1, 2019, the “Total Annual Fund Operating Expenses” are 0.90% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 0.75% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or the “Adviser”) has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.75% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.
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.
12
GOTHAM FUNDS
March 31, 2019
(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 thesix-month period from October 1, 2018, and held for the entire period through March 31, 2019.
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.
Institutional Class | ||||||||||||||||||||
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio* | Expenses Paid During Period** | |||||||||||||||||
Gotham Absolute 500 Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 972.10 | 2.55 | % | $ | 12.55 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,012.21 | 2.55 | % | 12.80 | |||||||||||||||
Gotham Absolute 500 Core Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 987.10 | 1.70 | % | $ | 8.41 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.47 | 1.70 | % | 8.53 | |||||||||||||||
Gotham Enhanced 500 Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 958.70 | 3.72 | % | $ | 18.17 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,006.38 | 3.72 | % | 18.61 | |||||||||||||||
Gotham Neutral 500 Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 977.00 | 1.84 | % | $ | 9.05 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,015.78 | 1.84 | % | 9.23 |
13
GOTHAM FUNDS
Fund Expense Disclosure (Concluded)
March 31, 2019
(Unaudited)
Institutional Class | ||||||||||||||||||||
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio* | Expenses Paid During Period** | |||||||||||||||||
Gotham Hedged Plus Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 954.80 | 2.59 | % | $ | 12.61 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,012.03 | 2.59 | % | 12.98 | |||||||||||||||
Gotham Hedged Core Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 977.00 | 0.99 | % | $ | 4.88 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.00 | 0.99 | % | 4.99 | |||||||||||||||
Gotham Defensive Long Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 988.10 | 3.40 | % | $ | 16.87 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,007.96 | 3.40 | % | 17.04 | |||||||||||||||
Gotham Defensive Long 500 Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 982.90 | 3.58 | % | $ | 17.71 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,007.07 | 3.58 | % | 17.93 | |||||||||||||||
Gotham Short Strategies Fund | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,027.00 | 1.35 | % | $ | 6.82 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.20 | 1.35 | % | 6.79 | |||||||||||||||
Gotham Master Neutral Fund*** | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 995.40 | 0.05 | % | $ | 0.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.68 | 0.05 | % | 0.26 | |||||||||||||||
Gotham ESG Large Value Fund**** | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,151.00 | 0.75 | % | $ | 1.99 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.19 | 0.75 | % | 3.78 |
* | Annualized expense ratios include dividend expense on securities sold short and interest expense on securities sold short and borrowings. |
** | Expenses are equal to a Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for thesix-month period ended March 31, 2019, multiplied by the average account value over the period, multiplied by the number of days in the most recent period, then divided by 365 to reflect the period. Hypothetical expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recentsix-month period, then divided by 365 to reflect the period. |
*** | Net rebate income on securities sold short exceeded dividends and fees on securities sold short during the period which reduces the ratio of expenses. (See Note 1). |
**** | The Fund commenced operations on December 31, 2018. Expenses are equal to the Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for the period December 31, 2018 to March 31, 2019, multiplied by the average account value over the period, multiplied by the number of days in the most recent period, then divided by 365 to reflect the period. Hypothetical expenses are as if the Institutional Class shares have been in existence since October 1, 2018, 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 recentsix-month period, then divided by 365 to reflect the period. |
14
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Absolute 500 Fund
% of Net Assets | Value | |||||||
LONG POSITIONS: | ||||||||
Common Stocks: | ||||||||
Capital Goods | 21.7 | % | $ | 3,259,098 | ||||
Pharmaceuticals, Biotechnology & Life Sciences | 16.0 | 2,399,120 | ||||||
Energy | 12.9 | 1,939,268 | ||||||
Food, Beverage & Tobacco | 9.6 | 1,433,567 | ||||||
Software & Services | 9.2 | 1,387,651 | ||||||
Technology Hardware & Equipment | 8.1 | 1,209,086 | ||||||
Diversified Financials | 7.7 | 1,158,604 | ||||||
Health Care Equipment & Services | 7.1 | 1,071,789 | ||||||
Retailing | 6.7 | 1,009,420 | ||||||
Semiconductors & Semiconductor Equipment | 5.4 | 807,275 | ||||||
Materials | 5.1 | 760,564 | ||||||
Food & Staples Retailing | 4.8 | 721,775 | ||||||
Household & Personal Products | 4.4 | 658,910 | ||||||
Insurance | 3.8 | 568,641 | ||||||
Consumer Durables & Apparel | 3.2 | 482,947 | ||||||
Real Estate | 2.6 | 390,549 | ||||||
Telecommunication Services | 2.5 | 382,741 | ||||||
Media & Entertainment | 2.3 | 342,523 | ||||||
Utilities | 1.8 | 268,831 | ||||||
Commercial & Professional Services | 1.7 | 257,616 | ||||||
Consumer Services | 1.7 | 248,312 | ||||||
Transportation | 1.6 | 238,638 | ||||||
Automobiles & Components | 1.5 | 224,142 | ||||||
Banks | 1.2 | 174,927 | ||||||
|
|
|
| |||||
Total Long Positions | 142.6 | 21,395,994 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Technology Hardware & Equipment | (0.4 | )% | $ | (57,110 | ) | |||
Food & Staples Retailing | (0.6 | ) | (91,529 | ) | ||||
Household & Personal Products | (0.8 | ) | (112,864 | ) | ||||
Banks | (0.9 | ) | (132,040 | ) | ||||
Automobiles & Components | (1.0 | ) | (150,643 | ) | ||||
Commercial & Professional Services | (1.6 | ) | (241,175 | ) | ||||
Consumer Durables & Apparel | (2.0 | ) | (295,629 | ) | ||||
Food, Beverage & Tobacco | (2.0 | ) | (304,316 | ) | ||||
Diversified Financials | (2.4 | ) | (365,601 | ) | ||||
Insurance | (2.7 | ) | (403,950 | ) | ||||
Consumer Services | (2.7 | ) | (410,616 | ) | ||||
Transportation | (3.0 | ) | (447,211 | ) | ||||
Materials | (3.4 | ) | (508,134 | ) | ||||
Capital Goods | (3.9 | ) | (591,041 | ) | ||||
Utilities | (4.0 | ) | (600,017 | ) | ||||
Retailing | (4.1 | ) | (619,271 | ) | ||||
Media & Entertainment | (4.4 | ) | (664,078 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.3 | ) | (943,089 | ) | ||||
Semiconductors & Semiconductor Equipment | (6.3 | ) | (946,321 | ) | ||||
Real Estate | (6.4 | ) | (955,951 | ) | ||||
Energy | (7.1 | ) | (1,064,446 | ) | ||||
Software & Services | (7.9 | ) | (1,186,387 | ) | ||||
Health Care Equipment & Services | (8.6 | ) | (1,287,223 | ) | ||||
|
|
|
| |||||
Total Short Positions | (82.5 | ) | (12,378,642 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 39.9 | 5,981,230 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 14,998,582 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
15
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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: | ||||||||
Capital Goods | 16.8 | % | $ | 418,580 | ||||
Pharmaceuticals, Biotechnology & Life Sciences | 12.5 | 312,402 | ||||||
Energy | 10.2 | 253,793 | ||||||
Food, Beverage & Tobacco | 8.3 | 206,292 | ||||||
Software & Services | 6.7 | 166,499 | ||||||
Technology Hardware & Equipment | 6.2 | 154,448 | ||||||
Diversified Financials | 5.8 | 143,227 | ||||||
Retailing | 5.4 | 134,150 | ||||||
Health Care Equipment & Services | 5.4 | 133,647 | ||||||
Semiconductors & Semiconductor Equipment | 4.1 | 101,082 | ||||||
Materials | 3.9 | 96,422 | ||||||
Household & Personal Products | 3.6 | 90,661 | ||||||
Food & Staples Retailing | 3.5 | 86,520 | ||||||
Insurance | 2.9 | 72,788 | ||||||
Consumer Durables & Apparel | 2.5 | 62,823 | ||||||
Telecommunication Services | 2.2 | 54,104 | ||||||
Real Estate | 2.1 | 53,280 | ||||||
Media & Entertainment | 1.9 | 47,916 | ||||||
Commercial & Professional Services | 1.6 | 40,838 | ||||||
Consumer Services | 1.3 | 33,555 | ||||||
Automobiles & Components | 1.2 | 29,845 | ||||||
Utilities | 1.1 | 27,433 | ||||||
Transportation | 1.0 | 25,214 | ||||||
Banks | 0.9 | 21,424 | ||||||
|
|
|
| |||||
Total Long Positions | 111.1 | 2,766,943 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Technology Hardware & Equipment | (0.1 | )% | $ | (2,277 | ) | |||
Household & Personal Products | (0.5 | ) | (11,309 | ) | ||||
Food & Staples Retailing | (0.5 | ) | (13,420 | ) | ||||
Banks | (0.6 | ) | (14,801 | ) | ||||
Automobiles & Components | (0.6 | ) | (15,750 | ) | ||||
Commercial & Professional Services | (0.9 | ) | (23,578 | ) | ||||
Food, Beverage & Tobacco | (1.0 | ) | (25,041 | ) | ||||
Consumer Durables & Apparel | (1.2 | ) | (30,203 | ) | ||||
Diversified Financials | (1.3 | ) | (32,708 | ) | ||||
Insurance | (1.6 | ) | (40,907 | ) | ||||
Consumer Services | (1.8 | ) | (43,893 | ) | ||||
Materials | (2.0 | ) | (50,112 | ) | ||||
Transportation | (2.1 | ) | (51,291 | ) | ||||
Utilities | (2.3 | ) | (56,259 | ) | ||||
Capital Goods | (2.3 | ) | (57,313 | ) | ||||
Retailing | (2.5 | ) | (61,327 | ) | ||||
Media & Entertainment | (2.9 | ) | (72,513 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (3.7 | ) | (92,904 | ) | ||||
Real Estate | (3.8 | ) | (94,311 | ) | ||||
Semiconductors & Semiconductor Equipment | (3.9 | ) | (98,121 | ) | ||||
Energy | (4.6 | ) | (114,320 | ) | ||||
Software & Services | (5.0 | ) | (125,183 | ) | ||||
Health Care Equipment & Services | (5.2 | ) | (129,103 | ) | ||||
|
|
|
| |||||
Total Short Positions | (50.4 | ) | (1,256,644 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 39.3 | 979,777 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 2,490,076 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
16
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Enhanced 500 Fund
% of Net Assets | Value | |||||||
LONG POSITIONS: | ||||||||
Common Stocks: | ||||||||
Capital Goods | 29.4 | % | $ | 8,150,058 | ||||
Pharmaceuticals, Biotechnology & Life Sciences | 20.5 | 5,670,466 | ||||||
Energy | 17.9 | 4,947,433 | ||||||
Software & Services | 11.7 | 3,227,825 | ||||||
Technology Hardware & Equipment | 11.2 | 3,095,115 | ||||||
Food, Beverage & Tobacco | 10.4 | 2,881,343 | ||||||
Diversified Financials | 9.9 | 2,749,817 | ||||||
Retailing | 9.0 | 2,492,574 | ||||||
Health Care Equipment & Services | 8.6 | 2,373,010 | ||||||
Materials | 7.1 | 1,967,840 | ||||||
Semiconductors & Semiconductor Equipment | 6.8 | 1,871,681 | ||||||
Household & Personal Products | 6.4 | 1,786,215 | ||||||
Food & Staples Retailing | 6.3 | 1,745,581 | ||||||
Insurance | 5.2 | 1,448,612 | ||||||
Consumer Durables & Apparel | 4.3 | 1,177,735 | ||||||
Telecommunication Services | 3.7 | 1,014,983 | ||||||
Real Estate | 3.0 | 818,027 | ||||||
Media & Entertainment | 2.9 | 796,658 | ||||||
Commercial & Professional Services | 2.3 | 637,220 | ||||||
Consumer Services | 2.1 | 594,648 | ||||||
Automobiles & Components | 2.0 | 551,319 | ||||||
Transportation | 1.8 | 498,785 | ||||||
Utilities | 1.3 | 348,786 | ||||||
Banks | 1.2 | 337,962 | ||||||
|
|
|
| |||||
Total Long Positions | 185.0 | 51,183,693 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Technology Hardware & Equipment | (0.2 | )% | $ | (45,534 | ) | |||
Food & Staples Retailing | (0.6 | ) | (160,781 | ) | ||||
Household & Personal Products | (0.7 | ) | (203,185 | ) | ||||
Automobiles & Components | (1.0 | ) | (291,298 | ) | ||||
Banks | (1.1 | ) | (302,854 | ) | ||||
Commercial & Professional Services | (1.7 | ) | (479,359 | ) | ||||
Consumer Durables & Apparel | (2.0 | ) | (548,130 | ) | ||||
Food, Beverage & Tobacco | (2.5 | ) | (684,895 | ) | ||||
Diversified Financials | (2.6 | ) | (733,295 | ) | ||||
Consumer Services | (2.7 | ) | (745,738 | ) | ||||
Insurance | (3.0 | ) | (835,547 | ) | ||||
Transportation | (3.3 | ) | (908,982 | ) | ||||
Capital Goods | (3.7 | ) | (1,031,353 | ) | ||||
Materials | (3.8 | ) | (1,045,944 | ) | ||||
Utilities | (3.9 | ) | (1,069,001 | ) | ||||
Retailing | (4.2 | ) | (1,163,670 | ) | ||||
Media & Entertainment | (4.6 | ) | (1,286,239 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.3 | ) | (1,754,804 | ) | ||||
Semiconductors & Semiconductor Equipment | (6.6 | ) | (1,825,663 | ) | ||||
Software & Services | (6.9 | ) | (1,902,538 | ) | ||||
Real Estate | (7.2 | ) | (1,979,954 | ) | ||||
Energy | (8.4 | ) | (2,312,502 | ) | ||||
Health Care Equipment & Services | (8.9 | ) | (2,462,565 | ) | ||||
|
|
|
| |||||
Total Short Positions | (85.9 | ) | (23,773,831 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 0.9 | 258,989 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 27,668,851 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
17
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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: | ||||||||
Capital Goods | 19.7 | % | $ | 1,960,130 | ||||
Pharmaceuticals, Biotechnology & Life Sciences | 14.1 | 1,409,403 | ||||||
Energy | 12.7 | 1,260,121 | ||||||
Food, Beverage & Tobacco | 11.0 | 1,095,893 | ||||||
Software & Services | 8.0 | 799,215 | ||||||
Technology Hardware & Equipment | 7.3 | 726,071 | ||||||
Health Care Equipment & Services | 6.3 | 625,166 | ||||||
Retailing | 6.2 | 613,083 | ||||||
Diversified Financials | 4.3 | 429,397 | ||||||
Food & Staples Retailing | 4.1 | 408,410 | ||||||
Semiconductors & Semiconductor Equipment | 3.8 | 380,226 | ||||||
Materials | 3.5 | 352,192 | ||||||
Insurance | 3.5 | 351,092 | ||||||
Real Estate | 3.3 | 332,883 | ||||||
Consumer Durables & Apparel | 2.9 | 290,605 | ||||||
Telecommunication Services | 2.8 | 281,178 | ||||||
Household & Personal Products | 2.7 | 268,263 | ||||||
Utilities | 2.6 | 261,861 | ||||||
Media & Entertainment | 1.8 | 180,736 | ||||||
Consumer Services | 1.5 | 145,962 | ||||||
Commercial & Professional Services | 1.5 | 144,659 | ||||||
Transportation | 1.4 | 135,200 | ||||||
Banks | 1.2 | 121,577 | ||||||
Automobiles & Components | 0.9 | 93,776 | ||||||
|
|
|
| |||||
Total Long Positions | 127.1 | 12,667,099 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Food & Staples Retailing | (0.3 | )% | $ | (34,626 | ) | |||
Technology Hardware & Equipment | (0.5 | ) | (52,272 | ) | ||||
Banks | (0.7 | ) | (68,247 | ) | ||||
Automobiles & Components | (1.2 | ) | (122,846 | ) | ||||
Food, Beverage & Tobacco | (1.5 | ) | (148,035 | ) | ||||
Household & Personal Products | (1.7 | ) | (166,172 | ) | ||||
Commercial & Professional Services | (2.2 | ) | (220,649 | ) | ||||
Insurance | (2.3 | ) | (226,540 | ) | ||||
Diversified Financials | (2.3 | ) | (234,163 | ) | ||||
Consumer Durables & Apparel | (2.4 | ) | (235,119 | ) | ||||
Consumer Services | (3.4 | ) | (336,061 | ) | ||||
Materials | (3.9 | ) | (387,720 | ) | ||||
Transportation | (4.0 | ) | (400,557 | ) | ||||
Utilities | (4.8 | ) | (475,238 | ) | ||||
Capital Goods | (5.0 | ) | (498,971 | ) | ||||
Retailing | (5.1 | ) | (507,291 | ) | ||||
Media & Entertainment | (6.0 | ) | (600,618 | ) | ||||
Real Estate | (6.2 | ) | (615,336 | ) | ||||
Energy | (8.2 | ) | (816,507 | ) | ||||
Semiconductors & Semiconductor Equipment | (8.4 | ) | (836,632 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (8.6 | ) | (862,097 | ) | ||||
Health Care Equipment & Services | (11.0 | ) | (1,091,496 | ) | ||||
Software & Services | (11.1 | ) | (1,110,445 | ) | ||||
|
|
|
| |||||
Total Short Positions | (100.8 | ) | (10,047,638 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 73.7 | 7,348,895 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 9,968,356 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
18
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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: | ||||||||
Capital Goods | 20.7 | % | $ | 593,217 | ||||
Pharmaceuticals, Biotechnology & Life Sciences | 15.9 | 456,233 | ||||||
Software & Services | 12.5 | 358,007 | ||||||
Energy | 11.7 | 336,255 | ||||||
Technology Hardware & Equipment | 10.2 | 291,577 | ||||||
Diversified Financials | 10.0 | 287,039 | ||||||
Retailing | 8.4 | 242,244 | ||||||
Health Care Equipment & Services | 7.9 | 225,479 | ||||||
Food, Beverage & Tobacco | 6.7 | 191,496 | ||||||
Semiconductors & Semiconductor Equipment | 6.6 | 187,951 | ||||||
Materials | 5.5 | 157,765 | ||||||
Food & Staples Retailing | 3.7 | 107,167 | ||||||
Insurance | 3.7 | 106,141 | ||||||
Banks | 3.7 | 105,281 | ||||||
Utilities | 3.4 | 97,485 | ||||||
Media & Entertainment | 3.2 | 90,852 | ||||||
Consumer Durables & Apparel | 2.9 | 84,251 | ||||||
Household & Personal Products | 2.7 | 77,388 | ||||||
Telecommunication Services | 2.6 | 76,012 | ||||||
Real Estate | 2.5 | 72,621 | ||||||
Transportation | 2.2 | 64,146 | ||||||
Consumer Services | 1.7 | 47,478 | ||||||
Commercial & Professional Services | 1.4 | 39,307 | ||||||
Automobiles & Components | 1.3 | 37,720 | ||||||
|
|
|
| |||||
Total Long Positions | 151.1 | 4,333,112 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Technology Hardware & Equipment | (0.2 | )% | $ | (4,705 | ) | |||
Household & Personal Products | (0.8 | ) | (23,273 | ) | ||||
Banks | (0.9 | ) | (24,675 | ) | ||||
Food & Staples Retailing | (1.0 | ) | (28,771 | ) | ||||
Automobiles & Components | (1.1 | ) | (31,923 | ) | ||||
Commercial & Professional Services | (1.9 | ) | (53,207 | ) | ||||
Diversified Financials | (2.1 | ) | (60,154 | ) | ||||
Consumer Durables & Apparel | (2.1 | ) | (60,642 | ) | ||||
Insurance | (2.2 | ) | (64,490 | ) | ||||
Food, Beverage & Tobacco | (2.4 | ) | (69,477 | ) | ||||
Transportation | (2.8 | ) | (81,353 | ) | ||||
Consumer Services | (2.9 | ) | (82,286 | ) | ||||
Media & Entertainment | (3.6 | ) | (104,176 | ) | ||||
Capital Goods | (4.4 | ) | (126,770 | ) | ||||
Retailing | (4.5 | ) | (129,049 | ) | ||||
Materials | (4.5 | ) | (130,009 | ) | ||||
Utilities | (5.9 | ) | (167,923 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.9 | ) | (198,742 | ) | ||||
Software & Services | (7.1 | ) | (202,828 | ) | ||||
Semiconductors & Semiconductor Equipment | (7.1 | ) | (203,877 | ) | ||||
Real Estate | (7.9 | ) | (225,652 | ) | ||||
Energy | (8.4 | ) | (239,433 | ) | ||||
Health Care Equipment & Services | (10.3 | ) | (295,580 | ) | ||||
|
|
|
| |||||
Total Short Positions | (91.0 | ) | (2,608,995 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 39.9 | 1,143,138 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 2,867,255 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
19
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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: | ||||||||
Capital Goods | 11.8 | % | $ | 296,061 | ||||
Pharmaceuticals, Biotechnology & Life Sciences | 10.1 | 251,812 | ||||||
Software & Services | 8.9 | 223,164 | ||||||
Technology Hardware & Equipment | 6.9 | 171,715 | ||||||
Energy | 6.6 | 164,527 | ||||||
Diversified Financials | 6.5 | 163,971 | ||||||
Retailing | 6.2 | 154,218 | ||||||
Health Care Equipment & Services | 5.3 | 131,521 | ||||||
Food, Beverage & Tobacco | 4.9 | 122,196 | ||||||
Media & Entertainment | 4.3 | 108,343 | ||||||
Semiconductors & Semiconductor Equipment | 4.0 | 100,323 | ||||||
Materials | 3.4 | 86,091 | ||||||
Banks | 3.2 | 80,671 | ||||||
Food & Staples Retailing | 2.3 | 57,798 | ||||||
Insurance | 2.3 | 57,477 | ||||||
Utilities | 2.2 | 54,115 | ||||||
Household & Personal Products | 1.9 | 46,557 | ||||||
Telecommunication Services | 1.8 | 44,756 | ||||||
Real Estate | 1.7 | 43,020 | ||||||
Transportation | 1.7 | 42,003 | ||||||
Consumer Durables & Apparel | 1.6 | 41,328 | ||||||
Consumer Services | 1.1 | 28,648 | ||||||
Commercial & Professional Services | 0.9 | 21,944 | ||||||
Automobiles & Components | 0.8 | 19,097 | ||||||
|
|
|
| |||||
Total Long Positions | 100.4 | 2,511,356 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Technology Hardware & Equipment | (0.1 | )% | $ | (1,821 | ) | |||
Food & Staples Retailing | (0.2 | ) | (4,526 | ) | ||||
Household & Personal Products | (0.4 | ) | (8,658 | ) | ||||
Automobiles & Components | (0.5 | ) | (13,619 | ) | ||||
Banks | (0.6 | ) | (13,947 | ) | ||||
Commercial & Professional Services | (0.6 | ) | (15,315 | ) | ||||
Insurance | (0.8 | ) | (19,287 | ) | ||||
Consumer Durables & Apparel | (0.9 | ) | (22,026 | ) | ||||
Diversified Financials | (1.0 | ) | (23,890 | ) | ||||
Food, Beverage & Tobacco | (1.0 | ) | (25,466 | ) | ||||
Transportation | (1.2 | ) | (30,800 | ) | ||||
Consumer Services | (1.5 | ) | (36,711 | ) | ||||
Media & Entertainment | (1.6 | ) | (39,507 | ) | ||||
Capital Goods | (1.8 | ) | (45,186 | ) | ||||
Retailing | (1.9 | ) | (48,642 | ) | ||||
Materials | (2.1 | ) | (53,179 | ) | ||||
Utilities | (2.5 | ) | (62,526 | ) | ||||
Software & Services | (2.8 | ) | (69,572 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (2.9 | ) | (73,619 | ) | ||||
Semiconductors & Semiconductor Equipment | (3.1 | ) | (77,936 | ) | ||||
Real Estate | (3.4 | ) | (85,425 | ) | ||||
Energy | (3.9 | ) | (98,330 | ) | ||||
Health Care Equipment & Services | (4.7 | ) | (116,955 | ) | ||||
|
|
|
| |||||
Total Short Positions | (39.5 | ) | (986,943 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 39.1 | 977,139 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 2,501,552 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
20
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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 | 26.7 | % | $ | 634,088 | ||||
Food, Beverage & Tobacco | 18.8 | 447,987 | ||||||
Retailing | 15.8 | 375,808 | ||||||
Software & Services | 14.6 | 348,056 | ||||||
Health Care Equipment & Services | 12.0 | 284,325 | ||||||
Media & Entertainment | 11.0 | 261,380 | ||||||
Technology Hardware & Equipment | 10.6 | 252,537 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 10.3 | 245,193 | ||||||
Consumer Services | 7.8 | 185,170 | ||||||
Consumer Durables & Apparel | 7.3 | 172,819 | ||||||
Materials | 5.1 | 120,417 | ||||||
Household & Personal Products | 5.0 | 119,810 | ||||||
Energy | 4.8 | 114,788 | ||||||
Commercial & Professional Services | 4.8 | 114,347 | ||||||
Transportation | 4.4 | 105,089 | ||||||
Telecommunication Services | 4.4 | 104,732 | ||||||
Food & Staples Retailing | 4.3 | 100,981 | ||||||
Semiconductors & Semiconductor Equipment | 3.6 | 84,747 | ||||||
Automobiles & Components | 3.0 | 71,758 | ||||||
|
|
|
| |||||
Total Long Positions | 174.3 | 4,144,032 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Household & Personal Products | (0.6 | )% | $ | (14,846 | ) | |||
Food & Staples Retailing | (0.7 | ) | (16,940 | ) | ||||
Telecommunication Services | (0.7 | ) | (17,470 | ) | ||||
Automobiles & Components | (1.8 | ) | (42,651 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (1.9 | ) | (44,982 | ) | ||||
Consumer Durables & Apparel | (2.4 | ) | (56,106 | ) | ||||
Commercial & Professional Services | (2.5 | ) | (58,905 | ) | ||||
Transportation | (3.0 | ) | (71,892 | ) | ||||
Food, Beverage & Tobacco | (3.4 | ) | (81,344 | ) | ||||
Semiconductors & Semiconductor Equipment | (3.8 | ) | (91,198 | ) | ||||
Consumer Services | (4.0 | ) | (96,040 | ) | ||||
Media & Entertainment | (4.7 | ) | (110,915 | ) | ||||
Energy | (4.8 | ) | (114,718 | ) | ||||
Materials | (5.0 | ) | (120,004 | ) | ||||
Retailing | (5.3 | ) | (125,497 | ) | ||||
Technology Hardware & Equipment | (5.6 | ) | (132,540 | ) | ||||
Health Care Equipment & Services | (5.8 | ) | (136,972 | ) | ||||
Software & Services | (8.7 | ) | (205,641 | ) | ||||
Capital Goods | (10.4 | ) | (246,181 | ) | ||||
|
|
|
| |||||
Total Short Positions | (75.1 | ) | (1,784,842 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 0.8 | 18,414 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 2,377,604 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
21
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(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: | ||||||||
Capital Goods | 25.2 | % | $ | 3,111,715 | ||||
Pharmaceuticals, Biotechnology & Life Sciences | 22.4 | 2,769,557 | ||||||
Food, Beverage & Tobacco | 17.4 | 2,149,132 | ||||||
Energy | 16.9 | 2,083,104 | ||||||
Health Care Equipment & Services | 10.1 | 1,252,744 | ||||||
Software & Services | 9.8 | 1,208,946 | ||||||
Retailing | 8.4 | 1,042,796 | ||||||
Technology Hardware & Equipment | 8.0 | 991,567 | ||||||
Diversified Financials | 7.7 | 948,646 | ||||||
Real Estate | 7.1 | 871,283 | ||||||
Household & Personal Products | 5.7 | 702,752 | ||||||
Food & Staples Retailing | 5.5 | 680,949 | ||||||
Insurance | 5.1 | 632,046 | ||||||
Telecommunication Services | 4.7 | 584,727 | ||||||
Materials | 4.5 | 549,921 | ||||||
Utilities | 3.7 | 454,101 | ||||||
Consumer Durables & Apparel | 3.6 | 447,140 | ||||||
Semiconductors & Semiconductor Equipment | 3.3 | 410,477 | ||||||
Consumer Services | 3.3 | 403,009 | ||||||
Media & Entertainment | 3.1 | 377,420 | ||||||
Commercial & Professional Services | 2.9 | 354,442 | ||||||
Banks | 2.3 | 280,289 | ||||||
Automobiles & Components | 1.9 | 236,038 | ||||||
Transportation | 1.7 | 207,559 | ||||||
|
|
|
| |||||
Total Long Positions | 184.3 | 22,750,360 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Food & Staples Retailing | (0.4 | )% | $ | (51,576 | ) | |||
Banks | (0.8 | ) | (102,101 | ) | ||||
Technology Hardware & Equipment | (0.9 | ) | (104,867 | ) | ||||
Automobiles & Components | (1.0 | ) | (122,876 | ) | ||||
Food, Beverage & Tobacco | (1.0 | ) | (123,160 | ) | ||||
Household & Personal Products | (1.5 | ) | (186,359 | ) | ||||
Commercial & Professional Services | (1.7 | ) | (208,448 | ) | ||||
Consumer Durables & Apparel | (2.0 | ) | (246,763 | ) | ||||
Consumer Services | (2.4 | ) | (301,559 | ) | ||||
Materials | (2.7 | ) | (337,814 | ) | ||||
Insurance | (2.8 | ) | (343,356 | ) | ||||
Diversified Financials | (3.3 | ) | (401,041 | ) | ||||
Transportation | (3.6 | ) | (442,318 | ) | ||||
Utilities | (3.7 | ) | (459,424 | ) | ||||
Retailing | (4.3 | ) | (528,068 | ) | ||||
Capital Goods | (4.3 | ) | (528,592 | ) | ||||
Real Estate | (4.4 | ) | (545,401 | ) | ||||
Media & Entertainment | (6.1 | ) | (758,804 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (6.4 | ) | (786,633 | ) | ||||
Energy | (6.8 | ) | (837,119 | ) | ||||
Semiconductors & Semiconductor Equipment | (7.1 | ) | (878,536 | ) | ||||
Health Care Equipment & Services | (7.3 | ) | (900,589 | ) | ||||
Software & Services | (10.6 | ) | (1,307,473 | ) | ||||
|
|
|
| |||||
Total Short Positions | (85.1 | ) | (10,502,877 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 0.8 | 98,222 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 12,345,705 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
22
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Short Strategies Fund
% of Net Assets | Value | |||||||
COMMON STOCKS: | ||||||||
Capital Goods | 18.4 | % | $ | 5,173,484 | ||||
Pharmaceuticals, Biotechnology & Life Sciences | 11.2 | 3,147,618 | ||||||
Media & Entertainment | 10.6 | 2,988,265 | ||||||
Consumer Durables & Apparel | 10.4 | 2,935,841 | ||||||
Technology Hardware & Equipment | 8.3 | 2,323,292 | ||||||
Retailing | 7.4 | 2,088,683 | ||||||
Health Care Equipment & Services | 6.6 | 1,856,773 | ||||||
Automobiles & Components | 3.9 | 1,109,701 | ||||||
Transportation | 3.4 | 963,894 | ||||||
Software & Services | 3.3 | 940,617 | ||||||
Semiconductors & Semiconductor Equipment | 2.7 | 763,058 | ||||||
Consumer Services | 2.6 | 729,999 | ||||||
Commercial & Professional Services | 2.6 | 719,711 | ||||||
Food, Beverage & Tobacco | 2.4 | 666,192 | ||||||
Food & Staples Retailing | 1.7 | 475,082 | ||||||
Telecommunication Services | 1.6 | 454,499 | ||||||
Household & Personal Products | 0.5 | 133,667 | ||||||
|
|
|
| |||||
Total Common Stocks | 97.6 | 27,470,376 | ||||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 2.4 | 683,232 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 28,153,608 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
23
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham Master Neutral Fund
% of Net Assets | Value | |||||||
LONG POSITIONS: | ||||||||
Common Stocks: | ||||||||
Capital Goods | 5.6 | % | $ | 1,154,622 | ||||
Media & Entertainment | 3.4 | 705,266 | ||||||
Consumer Durables & Apparel | 3.1 | 648,127 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 3.0 | 622,351 | ||||||
Technology Hardware & Equipment | 2.9 | 604,579 | ||||||
Retailing | 2.4 | 485,924 | ||||||
Health Care Equipment & Services | 1.6 | 324,776 | ||||||
Semiconductors & Semiconductor Equipment | 1.5 | 303,573 | ||||||
Automobiles & Components | 1.2 | 244,408 | ||||||
Transportation | 1.2 | 240,196 | ||||||
Software & Services | 1.0 | 207,572 | ||||||
Consumer Services | 0.8 | 165,410 | ||||||
Commercial & Professional Services | 0.7 | 145,999 | ||||||
Food, Beverage & Tobacco | 0.6 | 113,790 | ||||||
Telecommunication Services | 0.5 | 93,397 | ||||||
Food & Staples Retailing | 0.4 | 86,824 | ||||||
Household & Personal Products | 0.1 | 29,519 | ||||||
Affiliated Equity Registered Investment Companies | 58.9 | 12,131,663 | ||||||
U.S. Treasury Obligations | 0.9 | 199,709 | ||||||
|
|
|
| |||||
Total Long Positions | 89.8 | 18,507,705 | ||||||
|
|
|
|
% of Net Assets | Value | |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Consumer Durables & Apparel | (0.2 | )% | $ | (43,979 | ) | |||
Telecommunication Services | (0.3 | ) | (63,943 | ) | ||||
Automobiles & Components | (0.4 | ) | (76,445 | ) | ||||
Transportation | (0.5 | ) | (99,349 | ) | ||||
Food & Staples Retailing | (0.5 | ) | (112,530 | ) | ||||
Household & Personal Products | (1.2 | ) | (247,214 | ) | ||||
Media & Entertainment | (1.2 | ) | (252,061 | ) | ||||
Technology Hardware & Equipment | (1.8 | ) | (379,895 | ) | ||||
Semiconductors & Semiconductor Equipment | (2.1 | ) | (429,191 | ) | ||||
Food, Beverage & Tobacco | (2.1 | ) | (437,409 | ) | ||||
Commercial & Professional Services | (2.3 | ) | (476,830 | ) | ||||
Retailing | (2.4 | ) | (505,123 | ) | ||||
Consumer Services | (2.6 | ) | (528,688 | ) | ||||
Capital Goods | (2.6 | ) | (531,310 | ) | ||||
Pharmaceuticals, Biotechnology & Life Sciences | (2.9 | ) | (598,483 | ) | ||||
Health Care Equipment & Services | (3.3 | ) | (672,247 | ) | ||||
Software & Services | (3.6 | ) | (737,541 | ) | ||||
|
|
|
| |||||
Total Short Positions | (30.0 | ) | (6,192,238 | ) | ||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 40.2 | 8,291,627 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 20,607,094 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
24
GOTHAM FUNDS
Portfolio Holdings Summary Tables
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
Gotham ESG Large Value Fund
% of Net Assets | Value | |||||||
LONG POSITIONS: | ||||||||
Common Stocks: | ||||||||
Capital Goods | 14.5 | % | $ | 166,503 | ||||
Energy | 8.0 | 91,978 | ||||||
Technology Hardware & Equipment | 7.8 | 90,016 | ||||||
Software & Services | 7.3 | 84,495 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences | 7.2 | 82,770 | ||||||
Diversified Financials | 6.7 | 76,964 | ||||||
Retailing | 6.5 | 75,249 | ||||||
Semiconductors & Semiconductor Equipment | 6.1 | 69,793 | ||||||
Banks | 4.2 | 48,985 | ||||||
Insurance | 4.2 | 48,388 | ||||||
Health Care Equipment & Services | 3.6 | 41,200 | ||||||
Consumer Durables & Apparel | 3.4 | 38,961 | ||||||
Food, Beverage & Tobacco | 3.4 | 38,938 | ||||||
Real Estate | 3.0 | 34,725 | ||||||
Materials | 2.7 | 30,679 | ||||||
Media & Entertainment | 2.5 | 28,955 | ||||||
Food & Staples Retailing | 2.3 | 26,071 | ||||||
Transportation | 1.6 | 18,897 | ||||||
Telecommunication Services | 1.1 | 12,881 | ||||||
Consumer Services | 1.1 | 12,236 | ||||||
Commercial & Professional Services | 1.0 | 12,088 | ||||||
Automobiles & Components | 0.7 | 8,148 | ||||||
Utilities | 0.3 | 3,483 | ||||||
Household & Personal Products | 0.3 | 3,220 | ||||||
|
|
|
| |||||
Total Long Positions | 99.5 | 1,145,623 | ||||||
|
|
|
| |||||
Other Assets in Excess of Liabilities | 0.5 | 5,703 | ||||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 1,151,326 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
25
GOTHAM ABSOLUTE 500 FUND
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 142.6% |
| |||||||
COMMON STOCKS — 142.6% |
| |||||||
Automobiles & Components — 1.5% |
| |||||||
BorgWarner, Inc. | 950 | $ | 36,490 | |||||
General Motors Co.† | 5,058 | 187,652 | ||||||
|
| |||||||
224,142 | ||||||||
|
| |||||||
Banks — 1.2% | ||||||||
People’s United Financial, Inc. | 1,601 | 26,320 | ||||||
SunTrust Banks, Inc. | 1,951 | 115,597 | ||||||
US Bancorp | 685 | 33,010 | ||||||
|
| |||||||
174,927 | ||||||||
|
| |||||||
Capital Goods — 21.7% | ||||||||
3M Co.† | 503 | 104,513 | ||||||
Arconic, Inc. | 2,205 | 42,138 | ||||||
Caterpillar, Inc.† | 1,442 | 195,377 | ||||||
Cummins, Inc.† | 733 | 115,719 | ||||||
Dover Corp.† | 669 | 62,752 | ||||||
Eaton Corp. PLC (Ireland) | 1,976 | 159,187 | ||||||
Emerson Electric Co.† | 1,405 | 96,200 | ||||||
Flowserve Corp. | 566 | 25,549 | ||||||
Fortive Corp.† | 1,532 | 128,519 | ||||||
Fortune Brands Home & Security, Inc. | 646 | 30,756 | ||||||
General Dynamics Corp.† | 1,276 | 216,001 | ||||||
Honeywell International, Inc.† | 3,080 | 489,474 | ||||||
Huntington Ingalls Industries, Inc.† | 196 | 40,611 | ||||||
Illinois Tool Works, Inc.† | 591 | 84,826 | ||||||
Ingersoll-Rand PLC (Ireland)† | 1,121 | 121,012 | ||||||
Johnson Controls International PLC (Ireland)† | 4,003 | 147,871 | ||||||
L3 Technologies, Inc. | 341 | 70,372 | ||||||
Lockheed Martin Corp.† | 871 | 261,439 | ||||||
Masco Corp.† | 1,384 | 54,405 | ||||||
Northrop Grumman Corp. | 754 | 203,278 | ||||||
Pentair PLC (Ireland) | 743 | 33,071 | ||||||
Raytheon Co.† | 1,298 | 236,340 | ||||||
Snap-on, Inc. | 238 | 37,252 | ||||||
Stanley Black & Decker, Inc. | 656 | 89,328 | ||||||
Textron, Inc. | 612 | 31,004 | ||||||
TransDigm Group, Inc.†* | 231 | 104,872 | ||||||
Wabtec Corp. | 419 | 30,889 | ||||||
WW Grainger, Inc. | 154 | 46,343 | ||||||
|
| |||||||
3,259,098 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.7% |
| |||||||
Nielsen Holdings PLC (United Kingdom) | 1,617 | 38,274 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Republic Services, Inc.† | 806 | $ | 64,786 | |||||
Robert Half International, Inc.† | 554 | 36,099 | ||||||
Waste Management, Inc.† | 1,140 | 118,457 | ||||||
|
| |||||||
257,616 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.2% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)* | 699 | 31,979 | ||||||
Garmin Ltd. (Switzerland)† | 861 | 74,347 | ||||||
Hanesbrands, Inc. | 1,578 | 28,215 | ||||||
Leggett & Platt, Inc. | 575 | 24,277 | ||||||
Mattel, Inc.* | 1,498 | 19,474 | ||||||
Newell Brands, Inc. | 2,127 | 32,628 | ||||||
Ralph Lauren Corp. | 325 | 42,146 | ||||||
Tapestry, Inc. | 1,257 | 40,840 | ||||||
Under Armour, Inc., Class C* | 1,925 | 36,325 | ||||||
VF Corp.† | 1,748 | 151,919 | ||||||
Whirlpool Corp. | 6 | 797 | ||||||
|
| |||||||
482,947 | ||||||||
|
| |||||||
Consumer Services — 1.7% | ||||||||
McDonald’s Corp. | 286 | 54,311 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 942 | 51,772 | ||||||
Yum! Brands, Inc.† | 1,425 | 142,229 | ||||||
|
| |||||||
248,312 | ||||||||
|
| |||||||
Diversified Financials — 7.7% | ||||||||
Affiliated Managers Group, Inc. | 246 | 26,349 | ||||||
Berkshire Hathaway, Inc., Class B†* | 621 | 124,753 | ||||||
BlackRock, Inc.† | 699 | 298,732 | ||||||
Discover Financial Services† | 1,435 | 102,115 | ||||||
Franklin Resources, Inc. | 2,294 | 76,023 | ||||||
Goldman Sachs Group, Inc. (The)† | 1,693 | 325,039 | ||||||
Intercontinental Exchange, Inc. | 5 | 381 | ||||||
Invesco Ltd. (Bermuda) | 1,876 | 36,226 | ||||||
Nasdaq, Inc. | 326 | 28,522 | ||||||
Synchrony Financial | 932 | 29,731 | ||||||
T Rowe Price Group, Inc.† | 1,106 | 110,733 | ||||||
|
| |||||||
1,158,604 | ||||||||
|
| |||||||
Energy — 12.9% | ||||||||
Chevron Corp.† | 3,474 | 427,927 | ||||||
ConocoPhillips† | 5,308 | 354,256 | ||||||
Devon Energy Corp. | 2,349 | 74,134 | ||||||
Exxon Mobil Corp.† | 4,380 | 353,904 | ||||||
HollyFrontier Corp. | 795 | 39,170 |
The accompanying notes are an integral part of the financial statements.
26
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Kinder Morgan, Inc.† | 9,905 | $ | 198,199 | |||||
Marathon Oil Corp. | 3,553 | 59,371 | ||||||
Occidental Petroleum Corp.† | 3,438 | 227,596 | ||||||
Phillips 66† | 2,151 | 204,711 | ||||||
|
| |||||||
1,939,268 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.8% |
| |||||||
Kroger Co. (The)† | 398 | 9,791 | ||||||
Sysco Corp.† | 2,373 | 158,421 | ||||||
Walgreens Boots Alliance, Inc.† | 4,171 | 263,899 | ||||||
Walmart, Inc.† | 2,970 | 289,664 | ||||||
|
| |||||||
721,775 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 9.6% |
| |||||||
Altria Group, Inc.† | 5,329 | 306,044 | ||||||
Archer-Daniels-Midland Co.† | 2,328 | 100,407 | ||||||
Campbell Soup Co. | 38 | 1,449 | ||||||
Constellation Brands, Inc., Class A† | 863 | 151,310 | ||||||
General Mills, Inc.† | 2,708 | 140,139 | ||||||
Hershey Co. (The) | 914 | 104,955 | ||||||
Kraft Heinz Co. (The)† | 4,447 | 145,195 | ||||||
McCormick & Co., Inc.,non-voting shares | 584 | 87,968 | ||||||
PepsiCo, Inc.† | 1,717 | 210,418 | ||||||
Philip Morris International, Inc. | 2,085 | 184,293 | ||||||
Tyson Foods, Inc., Class A | 20 | 1,389 | ||||||
|
| |||||||
1,433,567 | ||||||||
|
| |||||||
Health Care Equipment & Services — 7.1% |
| |||||||
Anthem, Inc. | 230 | 66,005 | ||||||
Cardinal Health, Inc.† | 1,368 | 65,869 | ||||||
CVS Health Corp.† | 5,193 | 280,058 | ||||||
HCA Healthcare, Inc.† | 1,495 | 194,918 | ||||||
Henry Schein, Inc.* | 655 | 39,372 | ||||||
Humana, Inc. | 17 | 4,522 | ||||||
Laboratory Corp. of America Holdings†* | 468 | 71,595 | ||||||
Quest Diagnostics, Inc.† | 625 | 56,200 | ||||||
UnitedHealth Group, Inc.† | 1,186 | 293,250 | ||||||
|
| |||||||
1,071,789 | ||||||||
|
| |||||||
Household & Personal Products — 4.4% |
| |||||||
Church & Dwight Co., Inc.† | 959 | 68,310 | ||||||
Clorox Co. (The) | 240 | 38,510 | ||||||
Colgate-Palmolive Co.† | 1,471 | 100,822 | ||||||
Kimberly-Clark Corp.† | 278 | 34,444 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Procter & Gamble Co. (The)† | 4,006 | $ | 416,824 | |||||
|
| |||||||
658,910 | ||||||||
|
| |||||||
Insurance — 3.8% |
| |||||||
Aflac, Inc. | 226 | 11,300 | ||||||
Aon PLC (United Kingdom)† | 1,041 | 177,699 | ||||||
Hartford Financial Services Group, Inc. (The)† | 146 | 7,259 | ||||||
Loews Corp.† | 23 | 1,102 | ||||||
Marsh & McLennan Cos., Inc.† | 2,298 | 215,782 | ||||||
Progressive Corp. (The)† | 1,722 | 124,139 | ||||||
Unum Group | 927 | 31,360 | ||||||
|
| |||||||
568,641 | ||||||||
|
| |||||||
Materials — 5.1% |
| |||||||
Avery Dennison Corp. | 397 | 44,861 | ||||||
Ball Corp. | 1,475 | 85,344 | ||||||
Celanese Corp.† | 565 | 55,715 | ||||||
CF Industries Holdings, Inc. | 39 | 1,594 | ||||||
DowDuPont, Inc.† | 5,207 | 277,585 | ||||||
Eastman Chemical Co.† | 641 | 48,639 | ||||||
Ecolab, Inc. | 20 | 3,531 | ||||||
International Paper Co.† | 1,848 | 85,507 | ||||||
Nucor Corp.† | 1,432 | 83,557 | ||||||
Packaging Corp. of America | 429 | 42,634 | ||||||
Sealed Air Corp. | 686 | 31,597 | ||||||
|
| |||||||
760,564 | ||||||||
|
| |||||||
Media & Entertainment — 2.3% |
| |||||||
Comcast Corp., Class A† | 231 | 9,235 | ||||||
Discovery, Inc., Class A* | 3,080 | 83,222 | ||||||
DISH Network Corp., Class A* | 1,751 | 55,489 | ||||||
Interpublic Group of Cos., Inc. (The) | 1,463 | 30,738 | ||||||
News Corp., Class A | 2,669 | 33,202 | ||||||
Omnicom Group, Inc. | 694 | 50,655 | ||||||
Viacom, Inc., Class B | 1,730 | 48,561 | ||||||
Walt Disney Co. (The)† | 283 | 31,421 | ||||||
|
| |||||||
342,523 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 16.0% |
| |||||||
AbbVie, Inc.† | 2,396 | 193,094 | ||||||
Amgen, Inc.† | 1,452 | 275,851 | ||||||
Biogen, Inc.†* | 845 | 199,741 | ||||||
Bristol-Myers Squibb Co.† | 7,216 | 344,275 | ||||||
Celgene Corp.†* | 3,187 | 300,662 | ||||||
Eli Lilly & Co.† | 2,385 | 309,478 | ||||||
Gilead Sciences, Inc.† | 281 | 18,268 |
The accompanying notes are an integral part of the financial statements.
27
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Johnson & Johnson† | 881 | $ | 123,155 | |||||
Merck & Co., Inc.† | 2,754 | 229,050 | ||||||
Pfizer, Inc.† | 9,549 | 405,546 | ||||||
|
| |||||||
2,399,120 | ||||||||
|
| |||||||
Real Estate — 2.6% |
| |||||||
CBRE Group, Inc., Class A†* | 1,489 | 73,631 | ||||||
Duke Realty Corp., REIT | 1,000 | 30,580 | ||||||
Equity Residential, REIT† | 281 | 21,165 | ||||||
Realty Income Corp., REIT† | 1,346 | 99,012 | ||||||
UDR, Inc., REIT† | 741 | 33,686 | ||||||
Welltower, Inc., REIT† | 1,680 | 130,368 | ||||||
Weyerhaeuser Co., REIT† | 80 | 2,107 | ||||||
|
| |||||||
390,549 | ||||||||
|
| |||||||
Retailing — 6.7% |
| |||||||
Advance Auto Parts, Inc.† | 250 | 42,632 | ||||||
Amazon.com, Inc.* | 4 | 7,123 | ||||||
AutoZone, Inc.†* | 60 | 61,447 | ||||||
Best Buy Co., Inc. | 206 | 14,638 | ||||||
Booking Holdings, Inc.†* | 109 | 190,195 | ||||||
Dollar General Corp.† | 609 | 72,654 | ||||||
eBay, Inc.† | 4,391 | 163,082 | ||||||
Genuine Parts Co.† | 670 | 75,060 | ||||||
Home Depot, Inc. (The) | 137 | 26,289 | ||||||
Kohl’s Corp.† | 517 | 35,554 | ||||||
O’Reilly Automotive, Inc.* | 2 | 777 | ||||||
Tiffany & Co. | 514 | 54,253 | ||||||
TJX Cos., Inc. (The)† | 4,652 | 247,533 | ||||||
Tractor Supply Co. | 186 | 18,183 | ||||||
|
| |||||||
1,009,420 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.4% |
| |||||||
Applied Materials, Inc.† | 4,402 | 174,583 | ||||||
Intel Corp.† | 660 | 35,442 | ||||||
KLA-Tencor Corp.† | 698 | 83,348 | ||||||
Lam Research Corp.† | 731 | 130,856 | ||||||
Microchip Technology, Inc. | 1,146 | 95,072 | ||||||
Micron Technology, Inc.†* | 5,445 | 225,042 | ||||||
Skyworks Solutions, Inc. | 763 | 62,932 | ||||||
|
| |||||||
807,275 | ||||||||
|
| |||||||
Software & Services — 9.2% |
| |||||||
Accenture PLC, Class A (Ireland)† | 963 | 169,507 | ||||||
Automatic Data Processing, Inc. | 236 | 37,699 | ||||||
DXC Technology Co.† | 1,283 | 82,510 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
International Business Machines Corp.† | 3,438 | $ | 485,102 | |||||
Paychex, Inc. | 1,076 | 86,295 | ||||||
PayPal Holdings, Inc.†* | 4,709 | 488,983 | ||||||
Total System Services, Inc. | 2 | 190 | ||||||
Western Union Co. (The) | 2,023 | 37,365 | ||||||
|
| |||||||
1,387,651 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 8.1% |
| |||||||
Amphenol Corp., Class A | 86 | 8,122 | ||||||
Apple, Inc.† | 2,609 | 495,580 | ||||||
F5 Networks, Inc.* | 124 | 19,459 | ||||||
FLIR Systems, Inc.† | 525 | 24,980 | ||||||
Hewlett Packard Enterprise Co.† | 5,342 | 82,427 | ||||||
HP, Inc.† | 7,221 | 140,304 | ||||||
Juniper Networks, Inc. | 1,526 | 40,393 | ||||||
Motorola Solutions, Inc.† | 746 | 104,753 | ||||||
NetApp, Inc. | 1,063 | 73,708 | ||||||
Seagate Technology PLC (Ireland) | 1,304 | 62,449 | ||||||
TE Connectivity Ltd. (Switzerland)† | 1,500 | 121,125 | ||||||
Xerox Corp. | 1,119 | 35,786 | ||||||
|
| |||||||
1,209,086 | ||||||||
|
| |||||||
Telecommunication Services — 2.5% |
| |||||||
CenturyLink, Inc. | 4,931 | 59,123 | ||||||
Verizon Communications, Inc.† | 5,473 | 323,618 | ||||||
|
| |||||||
382,741 | ||||||||
|
| |||||||
Transportation — 1.6% |
| |||||||
CSX Corp.† | 3,016 | 225,657 | ||||||
Expeditors International of Washington, Inc.† | 75 | 5,692 | ||||||
Norfolk Southern Corp. | 39 | 7,289 | ||||||
|
| |||||||
238,638 | ||||||||
|
| |||||||
Utilities — 1.8% |
| |||||||
Dominion Energy, Inc.† | 1,662 | 127,409 | ||||||
Evergy, Inc. | 1,093 | 63,449 | ||||||
Exelon Corp. | 343 | 17,195 | ||||||
FirstEnergy Corp.† | 61 | 2,538 | ||||||
NRG Energy, Inc.† | 1,371 | 58,240 | ||||||
|
| |||||||
268,831 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 21,395,994 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 142.6% |
| 21,395,994 | ||||||
|
| |||||||
(Cost $19,673,953) |
The accompanying notes are an integral part of the financial statements.
28
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
SHORT POSITIONS — (82.5)% |
| |||||||
COMMON STOCKS — (82.5)% |
| |||||||
Automobiles & Components — (1.0)% |
| |||||||
Aptiv PLC (Jersey) | (589 | ) | $ | (46,820 | ) | |||
Ford Motor Co. | (10,184 | ) | (89,416 | ) | ||||
Harley-Davidson, Inc. | (404 | ) | (14,407 | ) | ||||
|
| |||||||
(150,643 | ) | |||||||
|
| |||||||
Banks — (0.9)% |
| |||||||
Citigroup, Inc. | (151 | ) | (9,395 | ) | ||||
Citizens Financial Group, Inc. | (865 | ) | (28,113 | ) | ||||
Fifth Third Bancorp | (682 | ) | (17,200 | ) | ||||
Huntington Bancshares, Inc. | (268 | ) | (3,398 | ) | ||||
KeyCorp. | (2,302 | ) | (36,257 | ) | ||||
Regions Financial Corp. | (2,621 | ) | (37,087 | ) | ||||
Zions Bancorp NA | (13 | ) | (590 | ) | ||||
|
| |||||||
(132,040 | ) | |||||||
|
| |||||||
Capital Goods — (3.9)% |
| |||||||
A.O. Smith Corp. | (128 | ) | (6,825 | ) | ||||
AMETEK, Inc. | (15 | ) | (1,245 | ) | ||||
Boeing Co. (The) | (7 | ) | (2,670 | ) | ||||
Deere & Co. | (176 | ) | (28,132 | ) | ||||
Fastenal Co. | (758 | ) | (48,747 | ) | ||||
Fluor Corp. | (331 | ) | (12,181 | ) | ||||
General Electric Co. | (16,352 | ) | (163,356 | ) | ||||
Harris Corp. | (301 | ) | (48,073 | ) | ||||
Jacobs Engineering Group, Inc. | (356 | ) | (26,768 | ) | ||||
Parker-Hannifin Corp. | (262 | ) | (44,964 | ) | ||||
Rockwell Automation, Inc. | (306 | ) | (53,691 | ) | ||||
United Rentals, Inc.* | (215 | ) | (24,564 | ) | ||||
United Technologies Corp. | (903 | ) | (116,388 | ) | ||||
Xylem, Inc. | (170 | ) | (13,437 | ) | ||||
|
| |||||||
(591,041 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (1.6)% |
| |||||||
Cintas Corp. | (74 | ) | (14,956 | ) | ||||
Copart, Inc.* | (654 | ) | (39,626 | ) | ||||
Equifax, Inc. | (319 | ) | (37,802 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (1,042 | ) | (56,664 | ) | ||||
Rollins, Inc. | (865 | ) | (36,001 | ) | ||||
Verisk Analytics, Inc. | (422 | ) | (56,126 | ) | ||||
|
| |||||||
(241,175 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.0)% |
| |||||||
DR Horton, Inc. | (995 | ) | (41,173 | ) | ||||
Hasbro, Inc. | (7 | ) | (595 | ) | ||||
Mohawk Industries, Inc.* | (187 | ) | (23,590 | ) | ||||
NIKE, Inc., Class B | (2,242 | ) | (188,799 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
PulteGroup, Inc. | (720 | ) | $ | (20,131 | ) | |||
PVH Corp. | (175 | ) | (21,341 | ) | ||||
|
| |||||||
(295,629 | ) | |||||||
|
| |||||||
Consumer Services — (2.7)% |
| |||||||
Carnival Corp. (Panama) | (1,231 | ) | (62,436 | ) | ||||
Chipotle Mexican Grill, Inc.* | (74 | ) | (52,563 | ) | ||||
Hilton Worldwide Holdings, Inc. | (677 | ) | (56,265 | ) | ||||
Marriott International, Inc., Class A | (843 | ) | (105,451 | ) | ||||
MGM Resorts International | (1,418 | ) | (36,386 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (552 | ) | (63,270 | ) | ||||
Wynn Resorts Ltd. | (287 | ) | (34,245 | ) | ||||
|
| |||||||
(410,616 | ) | |||||||
|
| |||||||
Diversified Financials — (2.4)% |
| |||||||
Ameriprise Financial, Inc. | (350 | ) | (44,835 | ) | ||||
Bank of New York Mellon Corp. (The) | (603 | ) | (30,409 | ) | ||||
Capital One Financial Corp. | (1,122 | ) | (91,656 | ) | ||||
Cboe Global Markets, Inc. | (294 | ) | (28,059 | ) | ||||
Charles Schwab Corp. (The) | (91 | ) | (3,891 | ) | ||||
CME Group, Inc. | (176 | ) | (28,966 | ) | ||||
Morgan Stanley | (1,908 | ) | (80,518 | ) | ||||
MSCI, Inc. | (105 | ) | (20,878 | ) | ||||
Northern Trust Corp. | (140 | ) | (12,657 | ) | ||||
Raymond James Financial, Inc. | (147 | ) | (11,820 | ) | ||||
State Street Corp. | (181 | ) | (11,912 | ) | ||||
|
| |||||||
(365,601 | ) | |||||||
|
| |||||||
Energy — (7.1)% |
| |||||||
Anadarko Petroleum Corp. | (1,329 | ) | (60,443 | ) | ||||
Apache Corp. | (960 | ) | (33,274 | ) | ||||
Cabot Oil & Gas Corp. | (1,146 | ) | (29,911 | ) | ||||
Cimarex Energy Co. | (252 | ) | (17,615 | ) | ||||
Concho Resources, Inc. | (529 | ) | (58,698 | ) | ||||
Diamondback Energy, Inc. | (414 | ) | (42,033 | ) | ||||
EOG Resources, Inc. | (1,457 | ) | (138,677 | ) | ||||
Halliburton Co. | (1,667 | ) | (48,843 | ) | ||||
Helmerich & Payne, Inc. | (304 | ) | (16,890 | ) | ||||
Hess Corp. | (745 | ) | (44,871 | ) | ||||
Marathon Petroleum Corp. | (1,724 | ) | (103,181 | ) | ||||
National Oilwell Varco, Inc. | (946 | ) | (25,201 | ) | ||||
Noble Energy, Inc. | (1,278 | ) | (31,605 | ) | ||||
ONEOK, Inc. | (1,086 | ) | (75,846 | ) | ||||
Pioneer Natural Resources Co. | (427 | ) | (65,024 | ) | ||||
Schlumberger Ltd. (Curacao) | (3,387 | ) | (147,572 | ) |
The accompanying notes are an integral part of the financial statements.
29
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
TechnipFMC PLC (United Kingdom) | (1,135 | ) | $ | (26,695 | ) | |||
Valero Energy Corp. | (117 | ) | (9,925 | ) | ||||
Williams Cos., Inc. (The) | (3,069 | ) | (88,142 | ) | ||||
|
| |||||||
(1,064,446 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.6)% |
| |||||||
Costco Wholesale Corp. | (378 | ) | (91,529 | ) | ||||
|
| |||||||
Food, Beverage & Tobacco — (2.0)% |
| |||||||
Brown-Forman Corp., Class B | (1,271 | ) | (67,083 | ) | ||||
Conagra Brands, Inc. | (1,225 | ) | (33,982 | ) | ||||
Kellogg Co. | (516 | ) | (29,608 | ) | ||||
Lamb Weston Holdings, Inc. | (221 | ) | (16,562 | ) | ||||
Molson Coors Brewing Co., Class B | (547 | ) | (32,629 | ) | ||||
Mondelez International, Inc., Class A | (1,099 | ) | (54,862 | ) | ||||
Monster Beverage Corp.* | (1,275 | ) | (69,590 | ) | ||||
|
| |||||||
(304,316 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (8.6)% |
| |||||||
ABIOMED, Inc.* | (118 | ) | (33,700 | ) | ||||
Align Technology, Inc.* | (197 | ) | (56,013 | ) | ||||
Baxter International, Inc. | (1,161 | ) | (94,401 | ) | ||||
Becton Dickinson and Co. | (293 | ) | (73,171 | ) | ||||
Boston Scientific Corp.* | (3,654 | ) | (140,241 | ) | ||||
Centene Corp.* | (179 | ) | (9,505 | ) | ||||
Cerner Corp.* | (900 | ) | (51,489 | ) | ||||
Cigna Corp. | (943 | ) | (151,653 | ) | ||||
Cooper Cos., Inc. (The) | (125 | ) | (37,021 | ) | ||||
DaVita, Inc.* | (423 | ) | (22,965 | ) | ||||
DENTSPLY SIRONA, Inc. | (570 | ) | (28,266 | ) | ||||
Edwards Lifesciences Corp.* | (552 | ) | (105,614 | ) | ||||
Hologic, Inc.* | (713 | ) | (34,509 | ) | ||||
IDEXX Laboratories, Inc.* | (228 | ) | (50,981 | ) | ||||
Intuitive Surgical, Inc.* | (205 | ) | (116,969 | ) | ||||
McKesson Corp. | (367 | ) | (42,961 | ) | ||||
Medtronic PLC (Ireland) | (314 | ) | (28,599 | ) | ||||
ResMed, Inc. | (366 | ) | (38,053 | ) | ||||
Teleflex, Inc. | (117 | ) | (35,353 | ) | ||||
Universal Health Services, Inc., Class B | (245 | ) | (32,774 | ) | ||||
Varian Medical Systems, Inc.* | (241 | ) | (34,155 | ) | ||||
Zimmer Biomet Holdings, Inc. | (539 | ) | (68,830 | ) | ||||
|
| |||||||
(1,287,223 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.8)% |
| |||||||
Coty, Inc., Class A | (1,983 | ) | (22,805 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | (544 | ) | $ | (90,059 | ) | |||
|
| |||||||
(112,864 | ) | |||||||
|
| |||||||
Insurance — (2.7)% |
| |||||||
American International Group, Inc. | (1,725 | ) | (74,279 | ) | ||||
Arthur J Gallagher & Co. | (462 | ) | (36,082 | ) | ||||
Brighthouse Financial, Inc.* | (295 | ) | (10,706 | ) | ||||
Chubb Ltd. (Switzerland) | (663 | ) | (92,873 | ) | ||||
Cincinnati Financial Corp. | (369 | ) | (31,697 | ) | ||||
Everest Re Group Ltd. (Bermuda) | (103 | ) | (22,244 | ) | ||||
Lincoln National Corp. | (332 | ) | (19,488 | ) | ||||
MetLife, Inc. | (2,521 | ) | (107,319 | ) | ||||
Principal Financial Group, Inc. | (18 | ) | (903 | ) | ||||
Torchmark Corp. | (102 | ) | (8,359 | ) | ||||
|
| |||||||
(403,950 | ) | |||||||
|
| |||||||
Materials — (3.4)% |
| |||||||
Air Products & Chemicals, Inc. | (579 | ) | (110,566 | ) | ||||
Albemarle Corp. | (280 | ) | (22,954 | ) | ||||
Freeport-McMoRan, Inc. | (3,712 | ) | (47,848 | ) | ||||
International Flavors & Fragrances, Inc. | (278 | ) | (35,804 | ) | ||||
Linde PLC (Ireland) | (650 | ) | (114,354 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (961 | ) | (80,801 | ) | ||||
Martin Marietta Materials, Inc. | (102 | ) | (20,520 | ) | ||||
Newmont Mining Corp. | (1,410 | ) | (50,436 | ) | ||||
Westrock Co. | (648 | ) | (24,851 | ) | ||||
|
| |||||||
(508,134 | ) | |||||||
|
| |||||||
Media & Entertainment — (4.4)% |
| |||||||
Activision Blizzard, Inc. | (1,952 | ) | (88,875 | ) | ||||
Alphabet, Inc., Class A* | (98 | ) | (115,335 | ) | ||||
CBS Corp., Class B,non-voting shares | (991 | ) | (47,102 | ) | ||||
Charter Communications, Inc., Class A* | (463 | ) | (160,619 | ) | ||||
Electronic Arts, Inc.* | (510 | ) | (51,831 | ) | ||||
Facebook, Inc., Class A* | (325 | ) | (54,174 | ) | ||||
Netflix, Inc.* | (115 | ) | (41,004 | ) | ||||
Take-Two Interactive Software, Inc.* | (300 | ) | (28,311 | ) | ||||
TripAdvisor, Inc.* | (403 | ) | (20,734 | ) | ||||
Twitter, Inc.* | (1,706 | ) | (56,093 | ) | ||||
|
| |||||||
(664,078 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
30
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.3)% |
| |||||||
Agilent Technologies, Inc. | (841 | ) | $ | (67,600 | ) | |||
Alexion Pharmaceuticals, Inc.* | (485 | ) | (65,562 | ) | ||||
Allergan PLC (Ireland) | (896 | ) | (131,183 | ) | ||||
Illumina, Inc.* | (376 | ) | (116,819 | ) | ||||
Incyte Corp.* | (578 | ) | (49,714 | ) | ||||
IQVIA Holdings, Inc.* | (534 | ) | (76,816 | ) | ||||
Mettler-Toledo International, Inc.* | (67 | ) | (48,441 | ) | ||||
Mylan NV (Netherlands)* | (382 | ) | (10,826 | ) | ||||
Nektar Therapeutics* | (436 | ) | (14,650 | ) | ||||
PerkinElmer, Inc. | (275 | ) | (26,499 | ) | ||||
Perrigo Co. PLC (Ireland) | (359 | ) | (17,289 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (188 | ) | (77,197 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (643 | ) | (118,280 | ) | ||||
Zoetis, Inc. | (1,214 | ) | (122,213 | ) | ||||
|
| |||||||
(943,089 | ) | |||||||
|
| |||||||
Real Estate — (6.4)% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT | (285 | ) | (40,630 | ) | ||||
American Tower Corp., REIT | (1,105 | ) | (217,751 | ) | ||||
Apartment Investment & Management Co., Class A | (115 | ) | (5,783 | ) | ||||
Crown Castle International Corp., REIT | (1,095 | ) | (140,160 | ) | ||||
Digital Realty Trust, Inc., REIT | (522 | ) | (62,118 | ) | ||||
Equinix, Inc., REIT | (212 | ) | (96,070 | ) | ||||
Essex Property Trust, Inc., REIT | (175 | ) | (50,617 | ) | ||||
Extra Space Storage, Inc., REIT | (151 | ) | (15,388 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (1,840 | ) | (34,776 | ) | ||||
Iron Mountain, Inc., REIT | (757 | ) | (26,843 | ) | ||||
Kimco Realty Corp., REIT | (1,113 | ) | (20,590 | ) | ||||
Macerich Co. (The), REIT | (361 | ) | (15,649 | ) | ||||
Public Storage, REIT | (419 | ) | (91,250 | ) | ||||
Regency Centers Corp., REIT | (411 | ) | (27,738 | ) | ||||
SBA Communications Corp., REIT* | (301 | ) | (60,098 | ) | ||||
SL Green Realty Corp., REIT | (200 | ) | (17,984 | ) | ||||
Vornado Realty Trust, REIT | (482 | ) | (32,506 | ) | ||||
|
| |||||||
(955,951 | ) | |||||||
|
| |||||||
Retailing — (4.1)% |
| |||||||
CarMax, Inc.* | (453 | ) | (31,619 | ) | ||||
Dollar Tree, Inc.* | (628 | ) | (65,965 | ) | ||||
Expedia Group, Inc. | (410 | ) | (48,790 | ) | ||||
Foot Locker, Inc. | (279 | ) | (16,907 | ) | ||||
Gap, Inc. (The) | (1,018 | ) | (26,651 | ) | ||||
L Brands, Inc. | (690 | ) | (19,030 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
LKQ Corp.* | (774 | ) | $ | (21,966 | ) | |||
Lowe’s Cos., Inc. | (1,999 | ) | (218,831 | ) | ||||
Macy’s, Inc. | (811 | ) | (19,488 | ) | ||||
Nordstrom, Inc. | (373 | ) | (16,554 | ) | ||||
Ross Stores, Inc. | (925 | ) | (86,118 | ) | ||||
Target Corp. | (99 | ) | (7,946 | ) | ||||
Ulta Beauty, Inc.* | (113 | ) | (39,406 | ) | ||||
|
| |||||||
(619,271 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (6.3)% |
| |||||||
Advanced Micro Devices, Inc.* | (3,035 | ) | (77,453 | ) | ||||
Analog Devices, Inc. | (951 | ) | (100,112 | ) | ||||
Broadcom, Inc. | (835 | ) | (251,093 | ) | ||||
Maxim Integrated Products, Inc. | (709 | ) | (37,698 | ) | ||||
NVIDIA Corp. | (1,571 | ) | (282,089 | ) | ||||
Qorvo, Inc.* | (282 | ) | (20,228 | ) | ||||
QUALCOMM, Inc. | (3,115 | ) | (177,648 | ) | ||||
|
| |||||||
(946,321 | ) | |||||||
|
| |||||||
Software & Services — (7.9)% |
| |||||||
Adobe, Inc.* | (287 | ) | (76,483 | ) | ||||
Akamai Technologies, Inc.* | (423 | ) | (30,333 | ) | ||||
Alliance Data Systems Corp. | (133 | ) | (23,272 | ) | ||||
ANSYS, Inc.* | (209 | ) | (38,186 | ) | ||||
Autodesk, Inc.* | (363 | ) | (56,563 | ) | ||||
Broadridge Financial Solutions, Inc. | (296 | ) | (30,692 | ) | ||||
Citrix Systems, Inc. | (333 | ) | (33,187 | ) | ||||
Fidelity National Information Services, Inc. | (494 | ) | (55,871 | ) | ||||
Fiserv, Inc.* | (1,060 | ) | (93,577 | ) | ||||
FleetCor Technologies, Inc.* | (176 | ) | (43,400 | ) | ||||
Fortinet, Inc.* | (427 | ) | (35,855 | ) | ||||
Gartner, Inc.* | (229 | ) | (34,735 | ) | ||||
Global Payments, Inc. | (417 | ) | (56,929 | ) | ||||
Intuit, Inc. | (437 | ) | (114,236 | ) | ||||
Jack Henry & Associates, Inc. | (25 | ) | (3,468 | ) | ||||
Mastercard, Inc., Class A | (160 | ) | (37,672 | ) | ||||
Microsoft Corp. | (362 | ) | (42,694 | ) | ||||
Oracle Corp. | (1,872 | ) | (100,545 | ) | ||||
Red Hat, Inc.* | (475 | ) | (86,782 | ) | ||||
salesforce.com, Inc.* | (315 | ) | (49,887 | ) | ||||
Symantec Corp. | (1,669 | ) | (38,370 | ) | ||||
Synopsys, Inc.* | (394 | ) | (45,369 | ) | ||||
VeriSign, Inc.* | (321 | ) | (58,281 | ) | ||||
|
| |||||||
(1,186,387 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
31
GOTHAM ABSOLUTE 500 FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (0.4)% |
| |||||||
IPG Photonics Corp.* | (141 | ) | $ | (21,401 | ) | |||
Western Digital Corp. | (743 | ) | (35,709 | ) | ||||
|
| |||||||
(57,110 | ) | |||||||
|
| |||||||
Transportation — (3.0)% | ||||||||
Alaska Air Group, Inc. | (315 | ) | (17,678 | ) | ||||
American Airlines Group, Inc. | (609 | ) | (19,342 | ) | ||||
FedEx Corp. | (313 | ) | (56,781 | ) | ||||
JB Hunt Transport Services, Inc. | (288 | ) | (29,172 | ) | ||||
Kansas City Southern | (273 | ) | (31,663 | ) | ||||
United Continental Holdings, Inc.* | (698 | ) | (55,686 | ) | ||||
United Parcel Service, Inc., Class B | (2,120 | ) | (236,889 | ) | ||||
|
| |||||||
(447,211 | ) | |||||||
|
| |||||||
Utilities — (4.0)% | ||||||||
Alliant Energy Corp. | (623 | ) | (29,362 | ) | ||||
Ameren Corp. | (52 | ) | (3,825 | ) | ||||
American Electric Power Co., Inc. | (1,216 | ) | (101,840 | ) | ||||
Atmos Energy Corp. | (293 | ) | (30,158 | ) | ||||
CMS Energy Corp. | (506 | ) | (28,103 | ) | ||||
Consolidated Edison, Inc. | (799 | ) | (67,763 | ) | ||||
Edison International | (817 | ) | (50,589 | ) | ||||
Entergy Corp. | (478 | ) | (45,711 | ) | ||||
NiSource, Inc. | (959 | ) | (27,485 | ) | ||||
Pinnacle West Capital Corp. | (48 | ) | (4,588 | ) | ||||
Sempra Energy | (121 | ) | (15,229 | ) | ||||
Southern Co. (The) | (1,496 | ) | (77,313 | ) | ||||
WEC Energy Group, Inc. | (782 | ) | (61,841 | ) | ||||
Xcel Energy, Inc. | (1,000 | ) | (56,210 | ) | ||||
|
| |||||||
(600,017 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $12,554,050) | (12,378,642 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (82.5)% |
| (12,378,642 | ) | |||||
|
| |||||||
(Proceeds $12,554,050) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 5,981,230 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 14,998,582 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC Public Limited Company
REIT Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
32
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 111.1% |
| |||||||
COMMON STOCKS — 111.1% |
| |||||||
Automobiles & Components — 1.2% |
| |||||||
BorgWarner, Inc. | 126 | $ | 4,840 | |||||
General Motors Co.† | 674 | 25,005 | ||||||
|
| |||||||
29,845 | ||||||||
|
| |||||||
Banks — 0.9% |
| |||||||
People’s United Financial, Inc.(a) | 206 | 3,387 | ||||||
SunTrust Banks, Inc. | 254 | 15,049 | ||||||
US Bancorp | 62 | 2,988 | ||||||
|
| |||||||
21,424 | ||||||||
|
| |||||||
Capital Goods — 16.8% |
| |||||||
3M Co.† | 66 | 13,713 | ||||||
Arconic, Inc. | 291 | 5,561 | ||||||
Caterpillar, Inc.† | 123 | 16,665 | ||||||
Cummins, Inc.† | 97 | 15,313 | ||||||
Dover Corp.† | 88 | 8,254 | ||||||
Eaton Corp. PLC (Ireland)† | 261 | 21,026 | ||||||
Emerson Electric Co.† | 214 | 14,653 | ||||||
Flowserve Corp.(a) | 74 | 3,340 | ||||||
Fortive Corp. | 200 | 16,778 | ||||||
Fortune Brands Home & Security, Inc. | 86 | 4,094 | ||||||
General Dynamics Corp.† | 166 | 28,100 | ||||||
Honeywell International, Inc.† | 406 | 64,521 | ||||||
Huntington Ingalls Industries, Inc. | 26 | 5,387 | ||||||
Illinois Tool Works, Inc.† | 66 | 9,473 | ||||||
Ingersoll-Rand PLC (Ireland)† | 148 | 15,977 | ||||||
Johnson Controls International PLC (Ireland)† | 520 | 19,209 | ||||||
L3 Technologies, Inc. | 44 | 9,080 | ||||||
Lockheed Martin Corp.† | 115 | 34,518 | ||||||
Masco Corp. | 183 | 7,194 | ||||||
Northrop Grumman Corp.† | 98 | 26,421 | ||||||
Pentair PLC (Ireland) | 96 | 4,273 | ||||||
Raytheon Co.† | 172 | 31,318 | ||||||
Snap-on, Inc.(a) | 30 | 4,696 | ||||||
Stanley Black & Decker, Inc. | 86 | 11,711 | ||||||
TransDigm Group, Inc.* | 30 | 13,620 | ||||||
Wabtec Corp. | 55 | 4,055 | ||||||
WW Grainger, Inc.†(a) | 32 | 9,630 | ||||||
|
| |||||||
418,580 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.6% |
| |||||||
Nielsen Holdings PLC (United Kingdom) | 213 | 5,042 | ||||||
Republic Services, Inc.† | 163 | 13,102 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Robert Half International, Inc. | 74 | $ | 4,822 | |||||
Waste Management, Inc.† | 172 | 17,872 | ||||||
|
| |||||||
40,838 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 2.5% |
| |||||||
Capri Holdings Ltd. (British | 92 | 4,209 | ||||||
Garmin Ltd. (Switzerland)† | 113 | 9,758 | ||||||
Hanesbrands, Inc. | 206 | 3,683 | ||||||
Leggett & Platt, Inc.(a) | 75 | 3,166 | ||||||
Mattel, Inc.(a)* | 196 | 2,548 | ||||||
Newell Brands, Inc.(a) | 270 | 4,142 | ||||||
Ralph Lauren Corp. | 41 | 5,317 | ||||||
Tapestry, Inc. | 166 | 5,393 | ||||||
Under Armour, Inc., Class C(a)* | 249 | 4,699 | ||||||
VF Corp.† | 226 | 19,642 | ||||||
Whirlpool Corp. | 2 | 266 | ||||||
|
| |||||||
62,823 | ||||||||
|
| |||||||
Consumer Services — 1.3% |
| |||||||
McDonald’s Corp.† | 41 | 7,786 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 122 | 6,705 | ||||||
Yum! Brands, Inc.† | 191 | 19,064 | ||||||
|
| |||||||
33,555 | ||||||||
|
| |||||||
Diversified Financials — 5.8% |
| |||||||
Affiliated Managers Group, Inc. | 32 | 3,427 | ||||||
Berkshire Hathaway, Inc., Class B†* | 66 | 13,259 | ||||||
BlackRock, Inc.† | 93 | 39,745 | ||||||
Discover Financial Services | 184 | 13,093 | ||||||
Franklin Resources, Inc.†(a) | 319 | 10,572 | ||||||
Goldman Sachs Group, Inc. (The)† | 208 | 39,934 | ||||||
Invesco Ltd. (Bermuda) | 248 | 4,789 | ||||||
Moody’s Corp.† | 3 | 543 | ||||||
Nasdaq, Inc.(a) | 28 | 2,450 | ||||||
Synchrony Financial | 25 | 797 | ||||||
T Rowe Price Group, Inc.† | 146 | 14,618 | ||||||
|
| |||||||
143,227 | ||||||||
|
| |||||||
Energy — 10.2% | ||||||||
Chevron Corp.† | 448 | 55,185 | ||||||
ConocoPhillips† | 700 | 46,718 | ||||||
Devon Energy Corp.† | 311 | 9,815 | ||||||
Exxon Mobil Corp.† | 576 | 46,541 | ||||||
HollyFrontier Corp.† | 106 | 5,223 | ||||||
Kinder Morgan, Inc.† | 1,289 | 25,793 |
The accompanying notes are an integral part of the financial statements.
33
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Marathon Oil Corp. | 462 | $ | 7,720 | |||||
Occidental Petroleum Corp.† | 454 | 30,055 | ||||||
Phillips 66† | 281 | 26,743 | ||||||
|
| |||||||
253,793 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.5% |
| |||||||
Sysco Corp.† | 313 | 20,896 | ||||||
Walgreens Boots Alliance, Inc.† | 547 | 34,609 | ||||||
Walmart, Inc.† | 318 | 31,015 | ||||||
|
| |||||||
86,520 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 8.3% |
| |||||||
Altria Group, Inc.† | 770 | 44,221 | ||||||
Archer-Daniels-Midland Co.† | 313 | 13,500 | ||||||
Campbell Soup Co. | 39 | 1,487 | ||||||
Constellation Brands, Inc., Class A† | 114 | 19,988 | ||||||
General Mills, Inc.†(a) | 360 | 18,630 | ||||||
Hershey Co. (The) | 120 | 13,780 | ||||||
Kraft Heinz Co. (The)† | 654 | 21,353 | ||||||
McCormick & Co., Inc.,non-voting shares(a) | 77 | 11,598 | ||||||
PepsiCo, Inc.† | 256 | 31,373 | ||||||
Philip Morris International, Inc.† | 338 | 29,876 | ||||||
Tyson Foods, Inc., Class A† | 7 | 486 | ||||||
|
| |||||||
206,292 | ||||||||
|
| |||||||
Health Care Equipment & Services — 5.4% |
| |||||||
Anthem, Inc.† | 34 | 9,757 | ||||||
Cardinal Health, Inc. | 180 | 8,667 | ||||||
CVS Health Corp. | 617 | 33,275 | ||||||
HCA Healthcare, Inc.† | 195 | 25,424 | ||||||
Henry Schein, Inc.(a)* | 86 | 5,169 | ||||||
Humana, Inc. | 2 | 532 | ||||||
Laboratory Corp. of America Holdings†* | 62 | 9,485 | ||||||
Quest Diagnostics, Inc.†(a) | 83 | 7,463 | ||||||
UnitedHealth Group, Inc.† | 137 | 33,875 | ||||||
|
| |||||||
133,647 | ||||||||
|
| |||||||
Household & Personal Products — 3.6% |
| |||||||
Church & Dwight Co., Inc.† | 135 | 9,616 | ||||||
Clorox Co. (The)† | 35 | 5,616 | ||||||
Colgate-Palmolive Co.† | 182 | 12,474 | ||||||
Kimberly-Clark Corp.† | 16 | 1,982 | ||||||
Procter & Gamble Co. (The)† | 586 | 60,973 | ||||||
|
| |||||||
90,661 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — 2.9% | ||||||||
Aflac, Inc. | 42 | $ | 2,100 | |||||
Aon PLC (United Kingdom) | 136 | 23,215 | ||||||
Hartford Financial Services Group, Inc. (The)† | 24 | 1,193 | ||||||
Loews Corp.† | 3 | 144 | ||||||
Marsh & McLennan Cos., Inc.† | 304 | 28,546 | ||||||
Progressive Corp. (The)† | 183 | 13,192 | ||||||
Unum Group | 130 | 4,398 | ||||||
|
| |||||||
72,788 | ||||||||
|
| |||||||
Materials — 3.9% |
| |||||||
Avery Dennison Corp. | 53 | 5,989 | ||||||
Ball Corp. | 192 | 11,109 | ||||||
Celanese Corp. | 72 | 7,100 | ||||||
DowDuPont, Inc.† | 632 | 33,692 | ||||||
Eastman Chemical Co.† | 85 | 6,450 | ||||||
International Paper Co.† | 244 | 11,290 | ||||||
Nucor Corp.† | 189 | 11,028 | ||||||
Packaging Corp. of America | 57 | 5,665 | ||||||
Sealed Air Corp. | 89 | 4,099 | ||||||
|
| |||||||
96,422 | ||||||||
|
| |||||||
Media & Entertainment — 1.9% |
| |||||||
Comcast Corp., Class A† | 40 | 1,599 | ||||||
Discovery, Inc., Class A(a)* | 399 | 10,781 | ||||||
DISH Network Corp., Class A(a)* | 249 | 7,891 | ||||||
Interpublic Group of Cos., Inc. (The)† | 160 | 3,362 | ||||||
News Corp., Class A† | 353 | 4,391 | ||||||
Omnicom Group, Inc.(a) | 124 | 9,051 | ||||||
Viacom, Inc., Class B† | 228 | 6,400 | ||||||
Walt Disney Co. (The)† | 40 | 4,441 | ||||||
|
| |||||||
47,916 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 12.5% |
| |||||||
AbbVie, Inc.† | 273 | 22,001 | ||||||
Amgen, Inc.† | 177 | 33,626 | ||||||
Biogen, Inc.†* | 110 | 26,002 | ||||||
Bristol-Myers Squibb Co.† | 946 | 45,134 | ||||||
Celgene Corp.†* | 422 | 39,811 | ||||||
Eli Lilly & Co. | 318 | 41,264 | ||||||
Gilead Sciences, Inc.† | 65 | 4,226 | ||||||
Johnson & Johnson† | 127 | 17,753 | ||||||
Merck & Co., Inc.† | 347 | 28,860 | ||||||
Pfizer, Inc.† | 1,265 | 53,725 | ||||||
|
| |||||||
312,402 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
34
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — 2.1% | ||||||||
CBRE Group, Inc., Class A* | 194 | $ | 9,593 | |||||
Duke Realty Corp., REIT | 96 | 2,936 | ||||||
Equity Residential, REIT† | 51 | 3,841 | ||||||
Realty Income Corp., REIT†(a) | 177 | 13,020 | ||||||
UDR, Inc., REIT† | 147 | 6,683 | ||||||
Welltower, Inc., REIT† | 218 | 16,917 | ||||||
Weyerhaeuser Co., REIT† | 11 | 290 | ||||||
|
| |||||||
53,280 | ||||||||
|
| |||||||
Retailing — 5.4% | ||||||||
Advance Auto Parts, Inc.† | 33 | 5,627 | ||||||
Amazon.com, Inc.* | 1 | 1,781 | ||||||
AutoZone, Inc.†* | 15 | 15,362 | ||||||
Best Buy Co., Inc. | 33 | 2,345 | ||||||
Booking Holdings, Inc.†* | 12 | 20,939 | ||||||
Dollar General Corp.† | 67 | 7,993 | ||||||
eBay, Inc.† | 580 | 21,541 | ||||||
Foot Locker, Inc.(a) | 70 | 4,242 | ||||||
Genuine Parts Co.† | 89 | 9,971 | ||||||
Home Depot, Inc. (The)† | 20 | 3,838 | ||||||
Kohl’s Corp.† | 78 | 5,364 | ||||||
O’Reilly Automotive, Inc.* | 2 | 777 | ||||||
Tiffany & Co.(a) | 67 | 7,072 | ||||||
TJX Cos., Inc. (The)† | 502 | 26,711 | ||||||
Tractor Supply Co.† | 6 | 587 | ||||||
|
| |||||||
134,150 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.1% |
| |||||||
Applied Materials, Inc.† | 581 | 23,042 | ||||||
KLA-Tencor Corp.† | 92 | 10,986 | ||||||
Lam Research Corp.†(a) | 96 | 17,185 | ||||||
Microchip Technology, Inc. | 146 | 12,112 | ||||||
Micron Technology, Inc.†* | 712 | 29,427 | ||||||
Skyworks Solutions, Inc. | 101 | 8,330 | ||||||
|
| |||||||
101,082 | ||||||||
|
| |||||||
Software & Services — 6.7% |
| |||||||
Accenture PLC, Class A (Ireland)† | 100 | 17,602 | ||||||
Automatic Data Processing, Inc. | 10 | 1,597 | ||||||
Citrix Systems, Inc.† | 11 | 1,096 | ||||||
DXC Technology Co.† | 170 | 10,933 | ||||||
International Business Machines Corp.† | 408 | 57,569 | ||||||
Paychex, Inc. | 159 | 12,752 | ||||||
PayPal Holdings, Inc.†* | 578 | 60,019 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Western Union Co. (The) | 267 | $ | 4,931 | |||||
|
| |||||||
166,499 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 6.2% |
| |||||||
Apple, Inc.† | 331 | 62,873 | ||||||
F5 Networks, Inc.* | 9 | 1,412 | ||||||
FLIR Systems, Inc. | 74 | 3,521 | ||||||
Hewlett Packard Enterprise Co. | 685 | 10,570 | ||||||
HP, Inc.† | 937 | 18,206 | ||||||
Juniper Networks, Inc. | 201 | 5,320 | ||||||
Motorola Solutions, Inc.† | 99 | 13,902 | ||||||
NetApp, Inc. | 136 | 9,430 | ||||||
Seagate Technology PLC | 172 | 8,237 | ||||||
TE Connectivity Ltd. (Switzerland)† | 197 | 15,908 | ||||||
Western Digital Corp.† | 7 | 336 | ||||||
Xerox Corp. | 148 | 4,733 | ||||||
|
| |||||||
154,448 | ||||||||
|
| |||||||
Telecommunication Services — 2.2% |
| |||||||
CenturyLink, Inc.†(a) | 651 | 7,805 | ||||||
Verizon Communications, Inc.† | 783 | 46,299 | ||||||
|
| |||||||
54,104 | ||||||||
|
| |||||||
Transportation — 1.0% | ||||||||
CSX Corp.† | 337 | 25,214 | ||||||
|
| |||||||
Utilities — 1.1% | ||||||||
Dominion Energy, Inc. | 153 | 11,729 | ||||||
Evergy, Inc. | 141 | 8,185 | ||||||
NRG Energy, Inc.† | 177 | 7,519 | ||||||
|
| |||||||
27,433 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 2,766,943 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 111.1% |
| 2,766,943 | ||||||
|
| |||||||
(Cost $2,534,799) | ||||||||
SHORT POSITIONS — (50.4)% |
| |||||||
COMMON STOCKS — (50.4)% |
| |||||||
Automobiles & Components — (0.6)% |
| |||||||
Aptiv PLC (Jersey) | (64 | ) | (5,087 | ) | ||||
Ford Motor Co. | (1,048 | ) | (9,201 | ) | ||||
Harley-Davidson, Inc. | (41 | ) | (1,462 | ) | ||||
|
| |||||||
(15,750 | ) | |||||||
|
| |||||||
Banks — (0.6)% | ||||||||
Citigroup, Inc. | (12 | ) | (747 | ) | ||||
Citizens Financial Group, Inc. | (89 | ) | (2,892 | ) |
The accompanying notes are an integral part of the financial statements.
35
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Banks — (Continued) | ||||||||
Fifth Third Bancorp | (116 | ) | $ | (2,926 | ) | |||
KeyCorp | (266 | ) | (4,189 | ) | ||||
Regions Financial Corp. | (286 | ) | (4,047 | ) | ||||
|
| |||||||
(14,801 | ) | |||||||
|
| |||||||
Capital Goods — (2.3)% | ||||||||
A.O. Smith Corp. | (9 | ) | (480 | ) | ||||
Deere & Co. | (14 | ) | (2,238 | ) | ||||
Fastenal Co. | (79 | ) | (5,080 | ) | ||||
Fluor Corp. | (35 | ) | (1,288 | ) | ||||
General Electric Co. | (1,666 | ) | (16,643 | ) | ||||
Harris Corp. | (31 | ) | (4,951 | ) | ||||
Jacobs Engineering Group, Inc. | (36 | ) | (2,707 | ) | ||||
Parker-Hannifin Corp. | (27 | ) | (4,634 | ) | ||||
Rockwell Automation, Inc. | (31 | ) | (5,439 | ) | ||||
Textron, Inc. | (1 | ) | (51 | ) | ||||
United Rentals, Inc.* | (22 | ) | (2,513 | ) | ||||
United Technologies Corp. | (79 | ) | (10,182 | ) | ||||
Xylem, Inc. | (14 | ) | (1,107 | ) | ||||
|
| |||||||
(57,313 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.9)% |
| |||||||
Copart, Inc.* | (68 | ) | (4,120 | ) | ||||
Equifax, Inc. | (34 | ) | (4,029 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (108 | ) | (5,873 | ) | ||||
Rollins, Inc. | (89 | ) | (3,704 | ) | ||||
Verisk Analytics, Inc. | (44 | ) | (5,852 | ) | ||||
|
| |||||||
(23,578 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (1.2)% |
| |||||||
DR Horton, Inc. | (104 | ) | (4,304 | ) | ||||
Mohawk Industries, Inc.* | (19 | ) | (2,397 | ) | ||||
NIKE, Inc., Class B | (227 | ) | (19,116 | ) | ||||
PulteGroup, Inc. | (74 | ) | (2,069 | ) | ||||
PVH Corp. | (19 | ) | (2,317 | ) | ||||
|
| |||||||
(30,203 | ) | |||||||
|
| |||||||
Consumer Services — (1.8)% |
| |||||||
Carnival Corp. (Panama) | (166 | ) | (8,420 | ) | ||||
Chipotle Mexican Grill, Inc.* | (8 | ) | (5,682 | ) | ||||
Hilton Worldwide Holdings, Inc. | (64 | ) | (5,319 | ) | ||||
Marriott International, Inc., Class A | (86 | ) | (10,758 | ) | ||||
MGM Resorts International | (145 | ) | (3,721 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (57 | ) | (6,533 | ) | ||||
Wynn Resorts Ltd. | (29 | ) | (3,460 | ) | ||||
|
| |||||||
(43,893 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Diversified Financials — (1.3)% |
| |||||||
Ameriprise Financial, Inc. | (35 | ) | $ | (4,483 | ) | |||
Bank of New York Mellon Corp. (The) | (44 | ) | (2,219 | ) | ||||
Capital One Financial Corp. | (119 | ) | (9,721 | ) | ||||
Cboe Global Markets, Inc. | (30 | ) | (2,863 | ) | ||||
Charles Schwab Corp. (The) | (3 | ) | (128 | ) | ||||
CME Group, Inc. | (2 | ) | (329 | ) | ||||
Morgan Stanley | (208 | ) | (8,778 | ) | ||||
MSCI, Inc. | (7 | ) | (1,392 | ) | ||||
Northern Trust Corp. | (20 | ) | (1,808 | ) | ||||
State Street Corp. | (15 | ) | (987 | ) | ||||
|
| |||||||
(32,708 | ) | |||||||
|
| |||||||
Energy — (4.6)% | ||||||||
Anadarko Petroleum Corp. | (134 | ) | (6,094 | ) | ||||
Apache Corp. | (96 | ) | (3,327 | ) | ||||
Cabot Oil & Gas Corp. | (118 | ) | (3,080 | ) | ||||
Cimarex Energy Co. | (26 | ) | (1,817 | ) | ||||
Concho Resources, Inc. | (54 | ) | (5,992 | ) | ||||
Diamondback Energy, Inc. | (42 | ) | (4,264 | ) | ||||
EOG Resources, Inc. | (152 | ) | (14,467 | ) | ||||
Halliburton Co. | (80 | ) | (2,344 | ) | ||||
Helmerich & Payne, Inc. | (29 | ) | (1,611 | ) | ||||
Hess Corp. | (76 | ) | (4,577 | ) | ||||
Marathon Petroleum Corp. | (175 | ) | (10,474 | ) | ||||
National Oilwell Varco, Inc. | (98 | ) | (2,611 | ) | ||||
Noble Energy, Inc. | (132 | ) | (3,264 | ) | ||||
ONEOK, Inc. | (112 | ) | (7,822 | ) | ||||
Pioneer Natural Resources Co. | (43 | ) | (6,548 | ) | ||||
Schlumberger Ltd. (Curacao) | (353 | ) | (15,380 | ) | ||||
TechnipFMC PLC (United Kingdom) | (117 | ) | (2,752 | ) | ||||
Valero Energy Corp. | (105 | ) | (8,907 | ) | ||||
Williams Cos., Inc. (The) | (313 | ) | (8,989 | ) | ||||
|
| |||||||
(114,320 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.5)% |
| |||||||
Costco Wholesale Corp. | (35 | ) | (8,475 | ) | ||||
Kroger Co. (The) | (201 | ) | (4,945 | ) | ||||
|
| |||||||
(13,420 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (1.0)% |
| |||||||
Brown-Forman Corp., Class B | (131 | ) | (6,914 | ) | ||||
Conagra Brands, Inc. | (117 | ) | (3,246 | ) | ||||
Kellogg Co. | (20 | ) | (1,148 | ) | ||||
Lamb Weston Holdings, Inc. | (8 | ) | (600 | ) | ||||
Molson Coors Brewing Co., Class B | (56 | ) | (3,340 | ) | ||||
Mondelez International, Inc., Class A | (77 | ) | (3,844 | ) |
The accompanying notes are an integral part of the financial statements.
36
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Monster Beverage Corp.* | (109 | ) | $ | (5,949 | ) | |||
|
| |||||||
(25,041 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (5.2)% |
| |||||||
ABIOMED, Inc.* | (12 | ) | (3,427 | ) | ||||
Align Technology, Inc.* | (21 | ) | (5,971 | ) | ||||
Baxter International, Inc. | (118 | ) | (9,595 | ) | ||||
Becton Dickinson and Co. | (20 | ) | (4,995 | ) | ||||
Boston Scientific Corp.* | (379 | ) | (14,546 | ) | ||||
Cerner Corp.* | (94 | ) | (5,378 | ) | ||||
Cigna Corp. | (96 | ) | (15,439 | ) | ||||
Cooper Cos., Inc. (The) | (12 | ) | (3,554 | ) | ||||
DaVita, Inc.* | (44 | ) | (2,389 | ) | ||||
DENTSPLY SIRONA, Inc. | (59 | ) | (2,926 | ) | ||||
Edwards Lifesciences Corp.* | (57 | ) | (10,906 | ) | ||||
Hologic, Inc.* | (73 | ) | (3,533 | ) | ||||
IDEXX Laboratories, Inc.* | (24 | ) | (5,366 | ) | ||||
Intuitive Surgical, Inc.* | (23 | ) | (13,123 | ) | ||||
McKesson Corp. | (29 | ) | (3,395 | ) | ||||
Medtronic PLC (Ireland) | (32 | ) | (2,915 | ) | ||||
ResMed, Inc. | (37 | ) | (3,847 | ) | ||||
Teleflex, Inc. | (12 | ) | (3,626 | ) | ||||
Universal Health Services, Inc., Class B | (26 | ) | (3,478 | ) | ||||
Varian Medical Systems, Inc.* | (25 | ) | (3,543 | ) | ||||
Zimmer Biomet Holdings, Inc. | (56 | ) | (7,151 | ) | ||||
|
| |||||||
(129,103 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.5)% |
| |||||||
Coty, Inc., Class A | (206 | ) | (2,369 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (54 | ) | (8,940 | ) | ||||
|
| |||||||
(11,309 | ) | |||||||
|
| |||||||
Insurance — (1.6)% | ||||||||
American International Group, Inc. | (179 | ) | (7,708 | ) | ||||
Arthur J Gallagher & Co. | (44 | ) | (3,436 | ) | ||||
Brighthouse Financial, Inc.* | (31 | ) | (1,125 | ) | ||||
Chubb Ltd. (Switzerland) | (66 | ) | (9,245 | ) | ||||
Cincinnati Financial Corp. | (39 | ) | (3,350 | ) | ||||
Everest Re Group Ltd. (Bermuda) | (11 | ) | (2,376 | ) | ||||
Lincoln National Corp. | (38 | ) | (2,231 | ) | ||||
MetLife, Inc. | (259 | ) | (11,026 | ) | ||||
Torchmark Corp. | (5 | ) | (410 | ) | ||||
|
| |||||||
(40,907 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (2.0)% | ||||||||
Air Products & Chemicals, Inc. | (61 | ) | $ | (11,649 | ) | |||
Albemarle Corp. | (30 | ) | (2,459 | ) | ||||
Freeport-McMoRan, Inc. | (382 | ) | (4,924 | ) | ||||
International Flavors & Fragrances, Inc. | (28 | ) | (3,606 | ) | ||||
Linde PLC (Ireland) | (58 | ) | (10,204 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (97 | ) | (8,156 | ) | ||||
Martin Marietta Materials, Inc. | (6 | ) | (1,207 | ) | ||||
Newmont Mining Corp. | (147 | ) | (5,258 | ) | ||||
Vulcan Materials Co. | (1 | ) | (118 | ) | ||||
Westrock Co. | (66 | ) | (2,531 | ) | ||||
|
| |||||||
(50,112 | ) | |||||||
|
| |||||||
Media & Entertainment — (2.9)% |
| |||||||
Activision Blizzard, Inc. | (199 | ) | (9,060 | ) | ||||
Alphabet, Inc., Class A* | (10 | ) | (11,769 | ) | ||||
CBS Corp., Class B,non-voting shares | (103 | ) | (4,896 | ) | ||||
Charter Communications, Inc., Class A* | (48 | ) | (16,652 | ) | ||||
Electronic Arts, Inc.* | (69 | ) | (7,012 | ) | ||||
Facebook, Inc., Class A* | (36 | ) | (6,001 | ) | ||||
Netflix, Inc.* | (17 | ) | (6,062 | ) | ||||
Take-Two Interactive Software, Inc.* | (31 | ) | (2,925 | ) | ||||
TripAdvisor, Inc.* | (38 | ) | (1,955 | ) | ||||
Twitter, Inc.* | (188 | ) | (6,181 | ) | ||||
|
| |||||||
(72,513 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (3.7)% |
| |||||||
Agilent Technologies, Inc. | (88 | ) | (7,073 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (29 | ) | (3,920 | ) | ||||
Allergan PLC (Ireland) | (93 | ) | (13,616 | ) | ||||
Illumina, Inc.* | (38 | ) | (11,806 | ) | ||||
Incyte Corp.* | (59 | ) | (5,075 | ) | ||||
IQVIA Holdings, Inc.* | (55 | ) | (7,912 | ) | ||||
Mettler-Toledo International, Inc.* | (7 | ) | (5,061 | ) | ||||
Mylan NV (Netherlands)* | (61 | ) | (1,729 | ) | ||||
Nektar Therapeutics* | (45 | ) | (1,512 | ) | ||||
PerkinElmer, Inc. | (27 | ) | (2,602 | ) | ||||
Perrigo Co. PLC (Ireland) | (38 | ) | (1,830 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (17 | ) | (6,981 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (62 | ) | (11,405 | ) | ||||
Zoetis, Inc. | (123 | ) | (12,382 | ) | ||||
|
| |||||||
(92,904 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
37
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (3.8)% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | (29 | ) | $ | (4,134 | ) | |||
American Tower Corp., REIT | (113 | ) | (22,268 | ) | ||||
Apartment Investment & Management Co., Class A | (14 | ) | (704 | ) | ||||
Crown Castle International Corp., REIT | (113 | ) | (14,464 | ) | ||||
Digital Realty Trust, Inc., REIT | (53 | ) | (6,307 | ) | ||||
Equinix, Inc., REIT | (22 | ) | (9,970 | ) | ||||
Essex Property Trust, Inc., REIT | (19 | ) | (5,496 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (187 | ) | (3,534 | ) | ||||
Iron Mountain, Inc., REIT | (79 | ) | (2,801 | ) | ||||
Kimco Realty Corp., REIT | (116 | ) | (2,146 | ) | ||||
Macerich Co. (The), REIT | (39 | ) | (1,691 | ) | ||||
Public Storage, REIT | (33 | ) | (7,187 | ) | ||||
Regency Centers Corp., REIT | (32 | ) | (2,160 | ) | ||||
SBA Communications Corp., REIT* | (31 | ) | (6,189 | ) | ||||
SL Green Realty Corp., REIT | (21 | ) | (1,888 | ) | ||||
Vornado Realty Trust, REIT | (50 | ) | (3,372 | ) | ||||
|
| |||||||
(94,311 | ) | |||||||
|
| |||||||
Retailing — (2.5)% | ||||||||
CarMax, Inc.* | (47 | ) | (3,281 | ) | ||||
Dollar Tree, Inc.* | (65 | ) | (6,828 | ) | ||||
Expedia Group, Inc. | (40 | ) | (4,760 | ) | ||||
Gap, Inc. (The) | (105 | ) | (2,749 | ) | ||||
L Brands, Inc. | (75 | ) | (2,068 | ) | ||||
LKQ Corp.* | (79 | ) | (2,242 | ) | ||||
Lowe’s Cos., Inc. | (205 | ) | (22,441 | ) | ||||
Macy’s, Inc. | (81 | ) | (1,946 | ) | ||||
Nordstrom, Inc. | (39 | ) | (1,731 | ) | ||||
Ross Stores, Inc. | (96 | ) | (8,938 | ) | ||||
Target Corp. | (15 | ) | (1,204 | ) | ||||
Ulta Beauty, Inc.* | (9 | ) | (3,139 | ) | ||||
|
| |||||||
(61,327 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (3.9)% |
| |||||||
Advanced Micro Devices, Inc.* | (309 | ) | (7,886 | ) | ||||
Analog Devices, Inc. | (100 | ) | (10,527 | ) | ||||
Broadcom, Inc. | (85 | ) | (25,560 | ) | ||||
Maxim Integrated Products, Inc. | (72 | ) | (3,828 | ) | ||||
NVIDIA Corp. | (160 | ) | (28,730 | ) | ||||
Qorvo, Inc.* | (31 | ) | (2,224 | ) | ||||
QUALCOMM, Inc. | (334 | ) | (19,048 | ) | ||||
Texas Instruments, Inc. | (3 | ) | (318 | ) | ||||
|
| |||||||
(98,121 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (5.0)% |
| |||||||
Adobe, Inc.* | (32 | ) | $ | (8,528 | ) | |||
Akamai Technologies, Inc.* | (44 | ) | (3,155 | ) | ||||
Alliance Data Systems Corp. | (13 | ) | (2,275 | ) | ||||
ANSYS, Inc.* | (21 | ) | (3,837 | ) | ||||
Autodesk, Inc.* | (41 | ) | (6,389 | ) | ||||
Broadridge Financial Solutions, Inc. | (30 | ) | (3,111 | ) | ||||
Fidelity National Information Services, Inc. | (61 | ) | (6,899 | ) | ||||
Fiserv, Inc.* | (110 | ) | (9,711 | ) | ||||
FleetCor Technologies, Inc.* | (16 | ) | (3,945 | ) | ||||
Fortinet, Inc.* | (41 | ) | (3,443 | ) | ||||
Gartner, Inc.* | (24 | ) | (3,640 | ) | ||||
Global Payments, Inc. | (43 | ) | (5,870 | ) | ||||
Intuit, Inc. | (45 | ) | (11,763 | ) | ||||
Jack Henry & Associates, Inc. | (2 | ) | (277 | ) | ||||
Mastercard, Inc., Class A | (17 | ) | (4,003 | ) | ||||
Microsoft Corp. | (42 | ) | (4,953 | ) | ||||
Oracle Corp. | (196 | ) | (10,527 | ) | ||||
Red Hat, Inc.* | (41 | ) | (7,491 | ) | ||||
salesforce.com, Inc.* | (37 | ) | (5,860 | ) | ||||
Symantec Corp. | (173 | ) | (3,977 | ) | ||||
Synopsys, Inc.* | (40 | ) | (4,606 | ) | ||||
Total System Services, Inc. | (50 | ) | (4,750 | ) | ||||
VeriSign, Inc.* | (34 | ) | (6,173 | ) | ||||
|
| |||||||
(125,183 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.1)% |
| |||||||
IPG Photonics Corp.* | (15 | ) | (2,277 | ) | ||||
|
| |||||||
Transportation — (2.1)% |
| |||||||
Alaska Air Group, Inc. | (32 | ) | (1,796 | ) | ||||
American Airlines Group, Inc. | (96 | ) | (3,049 | ) | ||||
Expeditors International of Washington, Inc. | (44 | ) | (3,340 | ) | ||||
FedEx Corp. | (38 | ) | (6,894 | ) | ||||
JB Hunt Transport Services, Inc. | (29 | ) | (2,937 | ) | ||||
Kansas City Southern | (29 | ) | (3,363 | ) | ||||
United Continental Holdings, Inc.* | (71 | ) | (5,664 | ) | ||||
United Parcel Service, Inc., Class B | (217 | ) | (24,248 | ) | ||||
|
| |||||||
(51,291 | ) | |||||||
|
| |||||||
Utilities — (2.3)% | ||||||||
Alliant Energy Corp. | (63 | ) | (2,969 | ) | ||||
American Electric Power Co., Inc. | (107 | ) | (8,961 | ) | ||||
Atmos Energy Corp. | (29 | ) | (2,985 | ) | ||||
CMS Energy Corp. | (16 | ) | (889 | ) |
The accompanying notes are an integral part of the financial statements.
38
GOTHAM ABSOLUTE 500 CORE FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) | ||||||||
Consolidated Edison, Inc. | (80 | ) | $ | (6,785 | ) | |||
Edison International | (83 | ) | (5,139 | ) | ||||
Entergy Corp. | (50 | ) | (4,782 | ) | ||||
FirstEnergy Corp. | (132 | ) | (5,493 | ) | ||||
NiSource, Inc. | (99 | ) | (2,837 | ) | ||||
Southern Co. (The) | (140 | ) | (7,235 | ) | ||||
WEC Energy Group, Inc. | (58 | ) | (4,587 | ) | ||||
Xcel Energy, Inc. | (64 | ) | (3,597 | ) | ||||
|
| |||||||
(56,259 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $1,275,875) | (1,256,644 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (50.4)% |
| (1,256,644 | ) | |||||
|
| |||||||
(Proceeds $1,275,875) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 39.3% | 979,777 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 2,490,076 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(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.
39
GOTHAM ENHANCED 500 FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 185.0% | ||||||||
COMMON STOCKS — 185.0% | ||||||||
Automobiles & Components — 2.0% |
| |||||||
BorgWarner, Inc.† | 2,700 | $ | 103,707 | |||||
General Motors Co.† | 12,065 | 447,612 | ||||||
|
| |||||||
551,319 | ||||||||
|
| |||||||
Banks — 1.2% | ||||||||
People’s United Financial, Inc.† | 3,622 | 59,546 | ||||||
SunTrust Banks, Inc.† | 4,699 | 278,416 | ||||||
|
| |||||||
337,962 | ||||||||
|
| |||||||
Capital Goods — 29.4% | ||||||||
3M Co.† | 1,525 | 316,864 | ||||||
Arconic, Inc.† | 6,266 | 119,743 | ||||||
Caterpillar, Inc.† | 3,631 | 491,964 | ||||||
Cummins, Inc.† | 2,082 | 328,686 | ||||||
Dover Corp.† | 1,710 | 160,398 | ||||||
Eaton Corp. PLC (Ireland)† | 4,966 | 400,061 | ||||||
Emerson Electric Co.† | 3,454 | 236,495 | ||||||
Flowserve Corp.† | 1,384 | 62,474 | ||||||
Fortive Corp. | 3,710 | 311,232 | ||||||
Fortune Brands Home & Security, Inc.† | 1,834 | 87,317 | ||||||
General Dynamics Corp.† | 3,062 | 518,335 | ||||||
Honeywell International, Inc.† | 7,693 | 1,222,572 | ||||||
Huntington Ingalls Industries, Inc.† | 527 | 109,194 | ||||||
Illinois Tool Works, Inc.† | 2,036 | 292,227 | ||||||
Ingersoll-Rand PLC (Ireland)† | 3,131 | 337,991 | ||||||
Johnson Controls International PLC (Ireland)† | 9,629 | 355,695 | ||||||
L3 Technologies, Inc. | 812 | 167,572 | ||||||
Lockheed Martin Corp.† | 1,923 | 577,208 | ||||||
Masco Corp. | 3,117 | 122,529 | ||||||
Northrop Grumman Corp.† | 1,810 | 487,976 | ||||||
Pentair PLC (Ireland)† | 1,775 | 79,005 | ||||||
Raytheon Co.† | 3,475 | 632,728 | ||||||
Snap-on, Inc.† | 578 | 90,469 | ||||||
Stanley Black & Decker, Inc. | 1,587 | 216,102 | ||||||
Textron, Inc. | 1,920 | 97,267 | ||||||
TransDigm Group, Inc.* | 560 | 254,234 | ||||||
Wabtec Corp. | 1,000 | 73,720 | ||||||
|
| |||||||
8,150,058 | ||||||||
|
| |||||||
Commercial & Professional Services — 2.3% |
| |||||||
Nielsen Holdings PLC (United Kingdom)† | 3,832 | 90,703 | ||||||
Republic Services, Inc.† | 2,356 | 189,375 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Commercial & Professional Services — (Continued) |
| |||||||
Robert Half International, Inc.† | 1,574 | $ | 102,562 | |||||
Waste Management, Inc.† | 2,450 | 254,580 | ||||||
|
| |||||||
637,220 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 4.3% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)†* | 1,624 | 74,298 | ||||||
Garmin Ltd. (Switzerland)† | 2,295 | 198,173 | ||||||
Hanesbrands, Inc. | 3,833 | 68,534 | ||||||
Leggett & Platt, Inc. | 1,380 | 58,264 | ||||||
Mattel, Inc.* | 3,661 | 47,593 | ||||||
Newell Brands, Inc.† | 4,948 | 75,902 | ||||||
Ralph Lauren Corp. | 785 | 101,799 | ||||||
Tapestry, Inc. | 3,021 | 98,152 | ||||||
Under Armour, Inc., Class C* | 4,628 | 87,330 | ||||||
VF Corp.† | 4,194 | 364,501 | ||||||
Whirlpool Corp. | 24 | 3,189 | ||||||
|
| |||||||
1,177,735 | ||||||||
|
| |||||||
Consumer Services — 2.1% | ||||||||
McDonald’s Corp.† | 702 | 133,310 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 2,254 | 123,880 | ||||||
Yum! Brands, Inc.† | 3,381 | 337,458 | ||||||
|
| |||||||
594,648 | ||||||||
|
| |||||||
Diversified Financials — 9.9% | ||||||||
Affiliated Managers Group, Inc.† | 683 | 73,156 | ||||||
Berkshire Hathaway, Inc., Class B†* | 1,130 | 227,006 | ||||||
BlackRock, Inc.† | 1,848 | 789,780 | ||||||
Discover Financial Services | 3,414 | 242,940 | ||||||
Franklin Resources, Inc.† | 6,319 | 209,412 | ||||||
Goldman Sachs Group, Inc. (The)† | 3,906 | 749,913 | ||||||
Invesco Ltd. (Bermuda)† | 5,330 | 102,922 | ||||||
Moody’s Corp. | 116 | 21,006 | ||||||
Nasdaq, Inc.† | 162 | 14,173 | ||||||
S&P Global, Inc.† | 22 | 4,632 | ||||||
T Rowe Price Group, Inc.† | 3,145 | 314,877 | ||||||
|
| |||||||
2,749,817 | ||||||||
|
| |||||||
Energy — 17.9% | ||||||||
Chevron Corp.† | 8,287 | 1,020,793 | ||||||
ConocoPhillips† | 14,099 | 940,967 | ||||||
Devon Energy Corp.† | 6,394 | 201,795 | ||||||
Exxon Mobil Corp.† | 10,639 | 859,631 | ||||||
HollyFrontier Corp.† | 2,262 | 111,449 | ||||||
Kinder Morgan, Inc.† | 23,991 | 480,060 |
The accompanying notes are an integral part of the financial statements.
40
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Energy — (Continued) | ||||||||
Marathon Oil Corp. | 8,613 | $ | 143,923 | |||||
Occidental Petroleum Corp.† | 9,361 | 619,698 | ||||||
Phillips 66† | 5,980 | 569,117 | ||||||
|
| |||||||
4,947,433 | ||||||||
|
| |||||||
Food & Staples Retailing — 6.3% | ||||||||
Kroger Co. (The)† | 108 | 2,657 | ||||||
Sysco Corp.† | 5,802 | 387,342 | ||||||
Walgreens Boots Alliance, Inc.† | 10,006 | 633,080 | ||||||
Walmart, Inc.† | 7,408 | 722,502 | ||||||
|
| |||||||
1,745,581 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 10.4% |
| |||||||
Altria Group, Inc.† | 11,759 | 675,319 | ||||||
Archer-Daniels-Midland Co.† | 6,113 | 263,654 | ||||||
General Mills, Inc.† | 6,325 | 327,319 | ||||||
Hershey Co. (The) | 2,136 | 245,277 | ||||||
Kraft Heinz Co. (The)† | 10,075 | 328,949 | ||||||
McCormick & Co., Inc.,non-voting shares | 696 | 104,838 | ||||||
PepsiCo, Inc.† | 3,778 | 462,994 | ||||||
Philip Morris International, Inc.† | 5,308 | 469,174 | ||||||
Tyson Foods, Inc., Class A | 55 | 3,819 | ||||||
|
| |||||||
2,881,343 | ||||||||
|
| |||||||
Health Care Equipment & Services — 8.6% |
| |||||||
Anthem, Inc.† | 545 | 156,404 | ||||||
Cardinal Health, Inc.† | 3,180 | 153,117 | ||||||
CVS Health Corp. | 10,204 | 550,302 | ||||||
HCA Healthcare, Inc.† | 3,605 | 470,020 | ||||||
Henry Schein, Inc.* | 1,577 | 94,793 | ||||||
Laboratory Corp. of America Holdings†* | 1,331 | 203,616 | ||||||
Quest Diagnostics, Inc.† | 1,573 | 141,444 | ||||||
UnitedHealth Group, Inc.† | 2,440 | 603,314 | ||||||
|
| |||||||
2,373,010 | ||||||||
|
| |||||||
Household & Personal Products — 6.4% |
| |||||||
Church & Dwight Co., Inc.† | 2,824 | 201,154 | ||||||
Clorox Co. (The)† | 761 | 122,110 | ||||||
Colgate-Palmolive Co.† | 3,279 | 224,743 | ||||||
Kimberly-Clark Corp.† | 766 | 94,907 | ||||||
Procter & Gamble Co. (The)† | 10,988 | 1,143,301 | ||||||
|
| |||||||
1,786,215 | ||||||||
|
| |||||||
Insurance — 5.2% | ||||||||
Aon PLC (United Kingdom) | 2,487 | 424,531 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Insurance — (Continued) | ||||||||
Hartford Financial Services Group, Inc. (The)† | 213 | $ | 10,590 | |||||
Loews Corp.† | 4 | 192 | ||||||
Marsh & McLennan Cos., Inc.† | 6,062 | 569,222 | ||||||
Progressive Corp. (The)† | 5,122 | 369,245 | ||||||
Unum Group† | 2,212 | 74,832 | ||||||
|
| |||||||
1,448,612 | ||||||||
|
| |||||||
Materials — 7.1% | ||||||||
Avery Dennison Corp.† | 1,079 | 121,927 | ||||||
Ball Corp.† | 3,556 | 205,750 | ||||||
Celanese Corp.† | 1,336 | 131,743 | ||||||
CF Industries Holdings, Inc. | 215 | 8,789 | ||||||
DowDuPont, Inc.† | 13,109 | 698,841 | ||||||
Eastman Chemical Co.† | 1,624 | 123,229 | ||||||
FMC Corp. | 2 | 154 | ||||||
International Paper Co.† | 5,252 | 243,010 | ||||||
Nucor Corp.† | 4,070 | 237,484 | ||||||
Packaging Corp. of America† | 1,219 | 121,144 | ||||||
Sealed Air Corp.† | 1,645 | 75,769 | ||||||
|
| |||||||
1,967,840 | ||||||||
|
| |||||||
Media & Entertainment — 2.9% | ||||||||
Comcast Corp., Class A† | 2,024 | 80,920 | ||||||
Discovery, Inc., Class A* | 7,335 | 198,192 | ||||||
DISH Network Corp., Class A†* | 2,233 | 70,764 | ||||||
Interpublic Group of Cos., Inc. (The)† | 1,012 | 21,262 | ||||||
News Corp., Class A† | 7,584 | 94,345 | ||||||
Omnicom Group, Inc. | 1,441 | 105,179 | ||||||
Viacom, Inc., Class B† | 4,155 | 116,631 | ||||||
Walt Disney Co. (The)† | 985 | 109,365 | ||||||
|
| |||||||
796,658 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 20.5% |
| |||||||
AbbVie, Inc.† | 5,407 | 435,750 | ||||||
Amgen, Inc.† | 3,227 | 613,066 | ||||||
Biogen, Inc.†* | 2,029 | 479,615 | ||||||
Bristol-Myers Squibb Co.† | 17,309 | 825,813 | ||||||
Celgene Corp.†* | 9,062 | 854,909 | ||||||
Eli Lilly & Co. | 5,148 | 668,004 | ||||||
Gilead Sciences, Inc.† | 1,671 | 108,632 | ||||||
Johnson & Johnson† | 1,812 | 253,299 | ||||||
Merck & Co., Inc.† | 6,112 | 508,335 | ||||||
Pfizer, Inc.† | 21,734 | 923,043 | ||||||
|
| |||||||
5,670,466 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
41
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Real Estate — 3.0% | ||||||||
CBRE Group, Inc., Class A* | 3,587 | $ | 177,377 | |||||
Equity Residential, REIT† | 325 | 24,479 | ||||||
Realty Income Corp., REIT† | 3,220 | 236,863 | ||||||
UDR, Inc., REIT† | 1,992 | 90,556 | ||||||
Welltower, Inc., REIT | 3,701 | 287,198 | ||||||
Weyerhaeuser Co., REIT† | 59 | 1,554 | ||||||
|
| |||||||
818,027 | ||||||||
|
| |||||||
Retailing — 9.0% | ||||||||
Advance Auto Parts, Inc.† | 653 | 111,356 | ||||||
Amazon.com, Inc.†* | 8 | 14,246 | ||||||
AutoZone, Inc.†* | 308 | 315,429 | ||||||
Best Buy Co., Inc. | 616 | 43,773 | ||||||
Booking Holdings, Inc.* | 238 | 415,289 | ||||||
Dollar General Corp.† | 1,015 | 121,090 | ||||||
eBay, Inc.† | 10,209 | 379,162 | ||||||
Genuine Parts Co.† | 1,904 | 213,305 | ||||||
Home Depot, Inc. (The) | 319 | 61,213 | ||||||
Kohl’s Corp.† | 1,419 | 97,585 | ||||||
Tiffany & Co. | 1,186 | 125,182 | ||||||
TJX Cos., Inc. (The)† | 10,448 | 555,938 | ||||||
Tractor Supply Co. | 399 | 39,006 | ||||||
|
| |||||||
2,492,574 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.8% |
| |||||||
Applied Materials, Inc.† | 11,598 | 459,977 | ||||||
Intel Corp.† | 1,572 | 84,416 | ||||||
KLA-Tencor Corp.† | 1,984 | 236,909 | ||||||
Lam Research Corp.† | 1,610 | 288,206 | ||||||
Micron Technology, Inc.†* | 15,723 | 649,832 | ||||||
Skyworks Solutions, Inc. | 1,847 | 152,341 | ||||||
|
| |||||||
1,871,681 | ||||||||
|
| |||||||
Software & Services — 11.7% | ||||||||
Accenture PLC, Class A (Ireland)† | 2,316 | 407,662 | ||||||
Automatic Data Processing, Inc. | 310 | 49,520 | ||||||
DXC Technology Co.† | 3,621 | 232,867 | ||||||
International Business Machines Corp.† | 8,024 | 1,132,186 | ||||||
Paychex, Inc. | 1,780 | 142,756 | ||||||
PayPal Holdings, Inc.†* | 11,323 | 1,175,780 | ||||||
Total System Services, Inc.† | 2 | 190 | ||||||
Western Union Co. (The)† | 4,703 | 86,864 | ||||||
|
| |||||||
3,227,825 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 11.2% |
| |||||||
Apple, Inc.† | 6,510 | 1,236,574 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Corning, Inc.† | 10 | $ | 331 | |||||
F5 Networks, Inc.†* | 387 | 60,732 | ||||||
FLIR Systems, Inc.† | 1,385 | 65,898 | ||||||
Hewlett Packard Enterprise Co.† | 11,495 | 177,368 | ||||||
HP, Inc.† | 19,191 | 372,881 | ||||||
Juniper Networks, Inc.† | 3,721 | 98,495 | ||||||
Motorola Solutions, Inc.† | 2,064 | 289,827 | ||||||
NetApp, Inc.† | 2,592 | 179,729 | ||||||
Seagate Technology PLC (Ireland) | 3,710 | 177,672 | ||||||
TE Connectivity Ltd. (Switzerland)† | 4,246 | 342,864 | ||||||
Western Digital Corp.† | 24 | 1,153 | ||||||
Xerox Corp.† | 2,864 | 91,591 | ||||||
|
| |||||||
3,095,115 | ||||||||
|
| |||||||
Telecommunication Services — 3.7% |
| |||||||
CenturyLink, Inc.† | 11,635 | 139,504 | ||||||
Verizon Communications, Inc.† | 14,806 | 875,479 | ||||||
|
| |||||||
1,014,983 | ||||||||
|
| |||||||
Transportation — 1.8% | ||||||||
CSX Corp.† | 6,619 | 495,234 | ||||||
Norfolk Southern Corp. | 19 | 3,551 | ||||||
|
| |||||||
498,785 | ||||||||
|
| |||||||
Utilities — 1.3% | ||||||||
Dominion Energy, Inc. | 861 | 66,004 | ||||||
Evergy, Inc. | 2,012 | 116,797 | ||||||
FirstEnergy Corp.† | 79 | 3,287 | ||||||
NRG Energy, Inc.† | 3,830 | 162,698 | ||||||
|
| |||||||
348,786 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 51,183,693 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 185.0% | 51,183,693 | |||||||
|
| |||||||
(Cost $46,916,404) | ||||||||
SHORT POSITIONS — (85.9)% | ||||||||
COMMON STOCKS — (85.9)% | ||||||||
Automobiles & Components — (1.0)% |
| |||||||
Aptiv PLC (Jersey) | (1,149 | ) | (91,334 | ) | ||||
Ford Motor Co. | (19,611 | ) | (172,185 | ) | ||||
Harley-Davidson, Inc. | (779 | ) | (27,779 | ) | ||||
|
| |||||||
(291,298 | ) | |||||||
|
| |||||||
Banks — (1.1)% | ||||||||
Citigroup, Inc. | (79 | ) | (4,915 | ) | ||||
Citizens Financial Group, Inc. | (2,007 | ) | (65,228 | ) |
The accompanying notes are an integral part of the financial statements.
42
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Banks — (Continued) |
| |||||||
Fifth Third Bancorp | (1,731 | ) | $ | (43,656 | ) | |||
Huntington Bancshares, Inc. | (996 | ) | (12,629 | ) | ||||
KeyCorp. | (5,609 | ) | (88,342 | ) | ||||
Regions Financial Corp. | (6,209 | ) | (87,857 | ) | ||||
Zions Bancorp NA | (5 | ) | (227 | ) | ||||
|
| |||||||
(302,854 | ) | |||||||
|
| |||||||
Capital Goods — (3.7)% | ||||||||
A.O. Smith Corp. | (377 | ) | (20,102 | ) | ||||
Deere & Co. | (33 | ) | (5,275 | ) | ||||
Fastenal Co. | (1,620 | ) | (104,182 | ) | ||||
Fluor Corp. | (784 | ) | (28,851 | ) | ||||
General Electric Co. | (31,567 | ) | (315,354 | ) | ||||
Harris Corp. | (580 | ) | (92,632 | ) | ||||
Jacobs Engineering Group, Inc. | (692 | ) | (52,031 | ) | ||||
Parker-Hannifin Corp. | (330 | ) | (56,635 | ) | ||||
Rockwell Automation, Inc. | (590 | ) | (103,521 | ) | ||||
United Rentals, Inc.* | (393 | ) | (44,900 | ) | ||||
United Technologies Corp. | (1,581 | ) | (203,775 | ) | ||||
WW Grainger, Inc. | (1 | ) | (301 | ) | ||||
Xylem, Inc. | (48 | ) | (3,794 | ) | ||||
|
| |||||||
(1,031,353 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (1.7)% |
| |||||||
Cintas Corp. | (30 | ) | (6,063 | ) | ||||
Copart, Inc.* | (1,466 | ) | (88,825 | ) | ||||
Equifax, Inc. | (684 | ) | (81,054 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (2,351 | ) | (127,847 | ) | ||||
Rollins, Inc. | (1,614 | ) | (67,175 | ) | ||||
Verisk Analytics, Inc. | (815 | ) | (108,395 | ) | ||||
|
| |||||||
(479,359 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.0)% |
| |||||||
DR Horton, Inc. | (1,996 | ) | (82,594 | ) | ||||
Hasbro, Inc. | (8 | ) | (680 | ) | ||||
Mohawk Industries, Inc.* | (365 | ) | (46,045 | ) | ||||
NIKE, Inc., Class B | (3,910 | ) | (329,261 | ) | ||||
PulteGroup, Inc. | (1,384 | ) | (38,697 | ) | ||||
PVH Corp. | (417 | ) | (50,853 | ) | ||||
|
| |||||||
(548,130 | ) | |||||||
|
| |||||||
Consumer Services — (2.7)% | ||||||||
Carnival Corp. (Panama) | (1,141 | ) | (57,872 | ) | ||||
Chipotle Mexican Grill, Inc.* | (136 | ) | (96,602 | ) | ||||
Darden Restaurants, Inc. | (28 | ) | (3,401 | ) | ||||
Hilton Worldwide Holdings, Inc. | (1,029 | ) | (85,520 | ) | ||||
Marriott International, Inc., Class A | (1,613 | ) | (201,770 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
MGM Resorts International | (3,187 | ) | $ | (81,778 | ) | |||
Royal Caribbean Cruises Ltd. (Liberia) | (1,252 | ) | (143,504 | ) | ||||
Wynn Resorts Ltd. | (631 | ) | (75,291 | ) | ||||
|
| |||||||
(745,738 | ) | |||||||
|
| |||||||
Diversified Financials — (2.6)% | ||||||||
Ameriprise Financial, Inc. | (672 | ) | (86,083 | ) | ||||
Bank of New York Mellon Corp. (The) | (1,699 | ) | (85,681 | ) | ||||
Capital One Financial Corp. | (2,616 | ) | (213,701 | ) | ||||
Cboe Global Markets, Inc. | (672 | ) | (64,136 | ) | ||||
Charles Schwab Corp. (The) | (39 | ) | (1,668 | ) | ||||
CME Group, Inc. | (329 | ) | (54,147 | ) | ||||
Morgan Stanley | (2,733 | ) | (115,333 | ) | ||||
MSCI, Inc. | (38 | ) | (7,556 | ) | ||||
Northern Trust Corp. | (501 | ) | (45,295 | ) | ||||
Raymond James Financial, Inc. | (397 | ) | (31,923 | ) | ||||
State Street Corp. | (422 | ) | (27,772 | ) | ||||
|
| |||||||
(733,295 | ) | |||||||
|
| |||||||
Energy — (8.4)% | ||||||||
Anadarko Petroleum Corp. | (2,959 | ) | (134,575 | ) | ||||
Apache Corp. | (2,222 | ) | (77,015 | ) | ||||
Cabot Oil & Gas Corp. | (2,139 | ) | (55,828 | ) | ||||
Cimarex Energy Co. | (572 | ) | (39,983 | ) | ||||
Concho Resources, Inc. | (1,200 | ) | (133,152 | ) | ||||
Diamondback Energy, Inc. | (808 | ) | (82,036 | ) | ||||
EOG Resources, Inc. | (3,402 | ) | (323,802 | ) | ||||
Halliburton Co. | (4,663 | ) | (136,626 | ) | ||||
Helmerich & Payne, Inc. | (653 | ) | (36,281 | ) | ||||
Hess Corp. | (1,436 | ) | (86,490 | ) | ||||
Marathon Petroleum Corp. | (3,229 | ) | (193,256 | ) | ||||
National Oilwell Varco, Inc. | (2,184 | ) | (58,182 | ) | ||||
Noble Energy, Inc. | (2,886 | ) | (71,371 | ) | ||||
ONEOK, Inc. | (2,464 | ) | (172,086 | ) | ||||
Pioneer Natural Resources Co. | (957 | ) | (145,732 | ) | ||||
Schlumberger Ltd. (Curacao) | (7,865 | ) | (342,678 | ) | ||||
TechnipFMC PLC | (2,210 | ) | (51,979 | ) | ||||
Williams Cos., Inc. (The) | (5,969 | ) | (171,430 | ) | ||||
|
| |||||||
(2,312,502 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.6)% |
| |||||||
Costco Wholesale Corp. | (664 | ) | (160,781 | ) | ||||
|
| |||||||
Food, Beverage & Tobacco — (2.5)% |
| |||||||
Brown-Forman Corp., Class B | (2,896 | ) | (152,851 | ) | ||||
Conagra Brands, Inc. | (2,344 | ) | (65,023 | ) |
The accompanying notes are an integral part of the financial statements.
43
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Constellation Brands, Inc., Class A | (109 | ) | $ | (19,111 | ) | |||
JM Smucker Co. (The) | (26 | ) | (3,029 | ) | ||||
Kellogg Co. | (1,475 | ) | (84,636 | ) | ||||
Lamb Weston Holdings, Inc. | (644 | ) | (48,261 | ) | ||||
Molson Coors Brewing Co., Class B | (1,066 | ) | (63,587 | ) | ||||
Mondelez International, Inc., Class A | (2,377 | ) | (118,660 | ) | ||||
Monster Beverage Corp.* | (2,377 | ) | (129,737 | ) | ||||
|
| |||||||
(684,895 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (8.9)% |
| |||||||
ABIOMED, Inc.* | (242 | ) | (69,113 | ) | ||||
Align Technology, Inc.* | (457 | ) | (129,939 | ) | ||||
Baxter International, Inc. | (2,041 | ) | (165,954 | ) | ||||
Becton Dickinson and Co. | (491 | ) | (122,616 | ) | ||||
Boston Scientific Corp.* | (6,823 | ) | (261,867 | ) | ||||
Cerner Corp.* | (2,029 | ) | (116,079 | ) | ||||
Cigna Corp. | (1,808 | ) | (290,763 | ) | ||||
Cooper Cos., Inc. (The) | (240 | ) | (71,081 | ) | ||||
DaVita, Inc.* | (979 | ) | (53,150 | ) | ||||
DENTSPLY SIRONA, Inc. | (1,207 | ) | (59,855 | ) | ||||
Edwards Lifesciences Corp.* | (1,026 | ) | (196,305 | ) | ||||
Hologic, Inc.* | (1,628 | ) | (78,795 | ) | ||||
IDEXX Laboratories, Inc.* | (516 | ) | (115,378 | ) | ||||
Intuitive Surgical, Inc.* | (285 | ) | (162,615 | ) | ||||
McKesson Corp. | (734 | ) | (85,922 | ) | ||||
Medtronic PLC (Ireland) | (532 | ) | (48,455 | ) | ||||
ResMed, Inc. | (706 | ) | (73,403 | ) | ||||
Teleflex, Inc. | (226 | ) | (68,288 | ) | ||||
Universal Health Services, Inc., Class B | (548 | ) | (73,306 | ) | ||||
Varian Medical Systems, Inc.* | (449 | ) | (63,632 | ) | ||||
Zimmer Biomet Holdings, Inc. | (1,222 | ) | (156,049 | ) | ||||
|
| |||||||
(2,462,565 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.7)% |
| |||||||
Coty, Inc., Class A | (4,525 | ) | (52,038 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (913 | ) | (151,147 | ) | ||||
|
| |||||||
(203,185 | ) | |||||||
|
| |||||||
Insurance — (3.0)% | ||||||||
American International Group, Inc. | (4,479 | ) | (192,866 | ) | ||||
Arthur J Gallagher & Co. | (883 | ) | (68,961 | ) | ||||
Brighthouse Financial, Inc.* | (573 | ) | (20,794 | ) | ||||
Chubb Ltd. (Switzerland) | (1,332 | ) | (186,587 | ) | ||||
Cincinnati Financial Corp. | (714 | ) | (61,333 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) | ||||||||
Everest Re Group Ltd. (Bermuda) | (201 | ) | $ | (43,408 | ) | |||
Lincoln National Corp. | (726 | ) | (42,616 | ) | ||||
MetLife, Inc. | (4,843 | ) | (206,167 | ) | ||||
Principal Financial Group, Inc. | (30 | ) | (1,506 | ) | ||||
Torchmark Corp. | (138 | ) | (11,309 | ) | ||||
|
| |||||||
(835,547 | ) | |||||||
|
| |||||||
Materials — (3.8)% | ||||||||
Air Products & Chemicals, Inc. | (1,323 | ) | (252,640 | ) | ||||
Albemarle Corp. | (640 | ) | (52,467 | ) | ||||
Freeport-McMoRan, Inc. | (7,148 | ) | (92,138 | ) | ||||
International Flavors & Fragrances, Inc. | (542 | ) | (69,804 | ) | ||||
Linde PLC (Ireland) | (1,201 | ) | (211,292 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (1,853 | ) | (155,800 | ) | ||||
Martin Marietta Materials, Inc. | (210 | ) | (42,248 | ) | ||||
Newmont Mining Corp. | (3,216 | ) | (115,036 | ) | ||||
Vulcan Materials Co. | (53 | ) | (6,275 | ) | ||||
Westrock Co. | (1,258 | ) | (48,244 | ) | ||||
|
| |||||||
(1,045,944 | ) | |||||||
|
| |||||||
Media & Entertainment — (4.6)% | ||||||||
Activision Blizzard, Inc. | (4,500 | ) | (204,885 | ) | ||||
Alphabet, Inc., Class A* | (135 | ) | (158,880 | ) | ||||
CBS Corp., Class B,non-voting shares | (2,248 | ) | (106,846 | ) | ||||
Charter Communications, Inc., Class A* | (894 | ) | (310,138 | ) | ||||
Electronic Arts, Inc.* | (961 | ) | (97,666 | ) | ||||
Facebook, Inc., Class A* | (824 | ) | (137,353 | ) | ||||
Netflix, Inc.* | (104 | ) | (37,082 | ) | ||||
Take-Two Interactive Software, Inc.* | (680 | ) | (64,172 | ) | ||||
TripAdvisor, Inc.* | (679 | ) | (34,935 | ) | ||||
Twitter, Inc.* | (4,084 | ) | (134,282 | ) | ||||
|
| |||||||
(1,286,239 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.3)% |
| |||||||
Agilent Technologies, Inc. | (1,570 | ) | (126,197 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (737 | ) | (99,628 | ) | ||||
Allergan PLC (Ireland) | (2,031 | ) | (297,359 | ) | ||||
Illumina, Inc.* | (582 | ) | (180,822 | ) | ||||
Incyte Corp.* | (1,228 | ) | (105,620 | ) | ||||
IQVIA Holdings, Inc.* | (1,193 | ) | (171,613 | ) | ||||
Mettler-Toledo International, Inc.* | (135 | ) | (97,605 | ) | ||||
Mylan NV (Netherlands)* | (1,267 | ) | (35,907 | ) |
The accompanying notes are an integral part of the financial statements.
44
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Nektar Therapeutics* | (835 | ) | $ | (28,056 | ) | |||
PerkinElmer, Inc. | (314 | ) | (30,257 | ) | ||||
Perrigo Co. PLC (Ireland) | (820 | ) | (39,491 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (277 | ) | (113,742 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (1,033 | ) | (190,020 | ) | ||||
Zoetis, Inc. | (2,369 | ) | (238,487 | ) | ||||
|
| |||||||
(1,754,804 | ) | |||||||
|
| |||||||
Real Estate — (7.2)% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | (548 | ) | (78,123 | ) | ||||
American Tower Corp., REIT | (2,135 | ) | (420,723 | ) | ||||
Apartment Investment & Management Co., Class A | (593 | ) | (29,822 | ) | ||||
Crown Castle International Corp., REIT | (2,045 | ) | (261,760 | ) | ||||
Digital Realty Trust, Inc., REIT | (1,018 | ) | (121,142 | ) | ||||
Equinix, Inc., REIT | (482 | ) | (218,423 | ) | ||||
Essex Property Trust, Inc., REIT | (325 | ) | (94,003 | ) | ||||
Extra Space Storage, Inc., REIT | (499 | ) | (50,853 | ) | ||||
HCP, Inc., REIT | (736 | ) | (23,037 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (3,550 | ) | (67,095 | ) | ||||
Iron Mountain, Inc., REIT | (1,480 | ) | (52,481 | ) | ||||
Kimco Realty Corp., REIT | (2,541 | ) | (47,008 | ) | ||||
Macerich Co. (The), REIT | (798 | ) | (34,593 | ) | ||||
Mid-America Apartment Communities, Inc., REIT | (86 | ) | (9,402 | ) | ||||
Public Storage, REIT | (838 | ) | (182,500 | ) | ||||
Regency Centers Corp., REIT | (797 | ) | (53,790 | ) | ||||
SBA Communications Corp., REIT* | (688 | ) | (137,366 | ) | ||||
SL Green Realty Corp., REIT | (383 | ) | (34,439 | ) | ||||
Vornado Realty Trust, REIT | (940 | ) | (63,394 | ) | ||||
|
| |||||||
(1,979,954 | ) | |||||||
|
| |||||||
Retailing — (4.2)% | ||||||||
CarMax, Inc.* | (1,046 | ) | (73,011 | ) | ||||
Dollar Tree, Inc.* | (1,173 | ) | (123,212 | ) | ||||
Expedia Group, Inc. | (761 | ) | (90,559 | ) | ||||
Foot Locker, Inc. | (148 | ) | (8,969 | ) | ||||
Gap, Inc. (The) | (2,190 | ) | (57,334 | ) | ||||
L Brands, Inc. | (1,318 | ) | (36,350 | ) | ||||
LKQ Corp.* | (1,651 | ) | (46,855 | ) | ||||
Lowe’s Cos., Inc. | (3,833 | ) | (419,599 | ) | ||||
Macy’s, Inc. | (1,849 | ) | (44,431 | ) | ||||
Nordstrom, Inc. | (712 | ) | (31,599 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
Ross Stores, Inc. | (1,792 | ) | $ | (166,835 | ) | |||
Target Corp. | (5 | ) | (401 | ) | ||||
Ulta Beauty, Inc.* | (185 | ) | (64,515 | ) | ||||
|
| |||||||
(1,163,670 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (6.6)% |
| |||||||
Advanced Micro Devices, Inc.* | (6,461 | ) | (164,885 | ) | ||||
Analog Devices, Inc. | (1,819 | ) | (191,486 | ) | ||||
Broadcom, Inc. | (1,520 | ) | (457,079 | ) | ||||
Maxim Integrated Products, Inc. | (1,358 | ) | (72,205 | ) | ||||
Microchip Technology, Inc. | (7 | ) | (581 | ) | ||||
NVIDIA Corp. | (3,060 | ) | (549,454 | ) | ||||
Qorvo, Inc.* | (679 | ) | (48,705 | ) | ||||
QUALCOMM, Inc. | (5,984 | ) | (341,268 | ) | ||||
|
| |||||||
(1,825,663 | ) | |||||||
|
| |||||||
Software & Services — (6.9)% | ||||||||
Adobe, Inc.* | (321 | ) | (85,543 | ) | ||||
Akamai Technologies, Inc.* | (952 | ) | (68,268 | ) | ||||
Alliance Data Systems Corp. | (257 | ) | (44,970 | ) | ||||
ANSYS, Inc.* | (302 | ) | (55,178 | ) | ||||
Autodesk, Inc.* | (249 | ) | (38,799 | ) | ||||
Broadridge Financial Solutions, Inc. | (571 | ) | (59,207 | ) | ||||
Citrix Systems, Inc. | (654 | ) | (65,178 | ) | ||||
Fidelity National Information Services, Inc. | (804 | ) | (90,932 | ) | ||||
Fiserv, Inc.* | (2,082 | ) | (183,799 | ) | ||||
FleetCor Technologies, Inc.* | (309 | ) | (76,196 | ) | ||||
Fortinet, Inc.* | (549 | ) | (46,100 | ) | ||||
Gartner, Inc.* | (437 | ) | (66,284 | ) | ||||
Global Payments, Inc. | (953 | ) | (130,104 | ) | ||||
Intuit, Inc. | (666 | ) | (174,099 | ) | ||||
Jack Henry & Associates, Inc. | (29 | ) | (4,023 | ) | ||||
Mastercard, Inc., Class A | (100 | ) | (23,545 | ) | ||||
Microsoft Corp. | (309 | ) | (36,443 | ) | ||||
Oracle Corp. | (3,246 | ) | (174,343 | ) | ||||
Red Hat, Inc.* | (897 | ) | (163,882 | ) | ||||
salesforce.com, Inc.* | (145 | ) | (22,964 | ) | ||||
Symantec Corp. | (3,809 | ) | (87,569 | ) | ||||
Synopsys, Inc.* | (769 | ) | (88,550 | ) | ||||
VeriSign, Inc.* | (642 | ) | (116,562 | ) | ||||
|
| |||||||
(1,902,538 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.2)% |
| |||||||
IPG Photonics Corp.* | (300 | ) | (45,534 | ) | ||||
|
|
The accompanying notes are an integral part of the financial statements.
45
GOTHAM ENHANCED 500 FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (3.3)% | ||||||||
Alaska Air Group, Inc. | (607 | ) | $ | (34,065 | ) | |||
American Airlines Group, Inc. | (1,729 | ) | (54,913 | ) | ||||
Delta Air Lines, Inc. | (180 | ) | (9,297 | ) | ||||
Expeditors International of Washington, Inc. | (838 | ) | (63,604 | ) | ||||
FedEx Corp. | (354 | ) | (64,219 | ) | ||||
JB Hunt Transport Services, Inc. | (650 | ) | (65,838 | ) | ||||
Kansas City Southern | (595 | ) | (69,008 | ) | ||||
United Continental Holdings, Inc.* | (1,344 | ) | (107,224 | ) | ||||
United Parcel Service, Inc., Class B | (3,945 | ) | (440,814 | ) | ||||
|
| |||||||
(908,982 | ) | |||||||
|
| |||||||
Utilities — (3.9)% | ||||||||
Alliant Energy Corp. | (1,255 | ) | (59,148 | ) | ||||
Ameren Corp. | (17 | ) | (1,249 | ) | ||||
American Electric Power Co., Inc. | (2,272 | ) | (190,280 | ) | ||||
Atmos Energy Corp. | (561 | ) | (57,744 | ) | ||||
CMS Energy Corp. | (741 | ) | (41,155 | ) | ||||
Consolidated Edison, Inc. | (1,544 | ) | (130,947 | ) | ||||
Edison International | (1,569 | ) | (97,152 | ) | ||||
Entergy Corp. | (1,091 | ) | (104,332 | ) | ||||
NiSource, Inc. | (2,189 | ) | (62,737 | ) | ||||
Pinnacle West Capital Corp. | (2 | ) | (191 | ) | ||||
Sempra Energy | (21 | ) | (2,643 | ) | ||||
Southern Co. (The) | (2,417 | ) | (124,911 | ) | ||||
WEC Energy Group, Inc. | (1,315 | ) | (103,990 | ) | ||||
Xcel Energy, Inc. | (1,646 | ) | (92,522 | ) | ||||
|
| |||||||
(1,069,001 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $24,607,132) | (23,773,831 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (85.9)% |
| (23,773,831 | ) | |||||
|
| |||||||
(Proceeds $24,607,132) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 258,989 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 27,668,851 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
* | Non-income producing. |
PLC Public Limited Company
REIT Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
46
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 127.1% |
| |||||||
COMMON STOCKS — 127.1% |
| |||||||
Automobiles & Components — 0.9% |
| |||||||
BorgWarner, Inc.† | 642 | $ | 24,659 | |||||
General Motors Co.† | 1,863 | 69,117 | ||||||
|
| |||||||
93,776 | ||||||||
|
| |||||||
Banks — 1.2% | ||||||||
People’s United Financial, Inc.†(a) | 943 | 15,503 | ||||||
SunTrust Banks, Inc.† | 1,212 | 71,811 | ||||||
US Bancorp† | 711 | 34,263 | ||||||
|
| |||||||
121,577 | ||||||||
|
| |||||||
Capital Goods — 19.7% | ||||||||
3M Co.† | 120 | 24,934 | ||||||
Arconic, Inc.† | 1,490 | 28,474 | ||||||
Caterpillar, Inc.† | 551 | 74,655 | ||||||
Cummins, Inc.† | 495 | 78,146 | ||||||
Dover Corp.† | 458 | 42,960 | ||||||
Eaton Corp. PLC (Ireland)† | 1,334 | 107,467 | ||||||
Emerson Electric Co.† | 775 | 53,064 | ||||||
Flowserve Corp.(a) | 301 | 13,587 | ||||||
Fortive Corp.† | 1,059 | 88,840 | ||||||
Fortune Brands Home & Security, Inc.† | 437 | 20,806 | ||||||
General Dynamics Corp.† | 889 | 150,490 | ||||||
Honeywell International, Inc.† | 1,986 | 315,615 | ||||||
Huntington Ingalls Industries, Inc.† | 132 | 27,350 | ||||||
Illinois Tool Works, Inc.† | 524 | 75,210 | ||||||
Ingersoll-Rand PLC (Ireland)† | 758 | 81,826 | ||||||
Johnson Controls International PLC (Ireland)† | 2,369 | 87,511 | ||||||
L3 Technologies, Inc.† | 201 | 41,480 | ||||||
Lockheed Martin Corp.† | 457 | 137,173 | ||||||
Masco Corp.† | 936 | 36,794 | ||||||
Northrop Grumman Corp.† | 525 | 141,540 | ||||||
Pentair PLC (Ireland)† | 329 | 14,644 | ||||||
Raytheon Co.† | 876 | 159,502 | ||||||
Snap-on, Inc.†(a) | 50 | 7,826 | ||||||
Stanley Black & Decker, Inc.† | 414 | 56,374 | ||||||
Textron, Inc.† | �� | 78 | 3,951 | |||||
TransDigm Group, Inc.†* | 142 | 64,467 | ||||||
Wabtec Corp. | 288 | 21,231 | ||||||
WW Grainger, Inc.† | 14 | 4,213 | ||||||
|
| |||||||
1,960,130 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.5% |
| |||||||
Nielsen Holdings PLC (United Kingdom)† | 680 | 16,096 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Republic Services, Inc.† | 392 | $ | 31,509 | |||||
Robert Half International, Inc.† | 370 | 24,109 | ||||||
Waste Management, Inc.† | 702 | 72,945 | ||||||
|
| |||||||
144,659 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 2.9% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)†* | 473 | 21,640 | ||||||
Garmin Ltd. (Switzerland)† | 582 | 50,256 | ||||||
Hanesbrands, Inc. | 1,083 | 19,364 | ||||||
Leggett & Platt, Inc.†(a) | 400 | 16,888 | ||||||
Mattel, Inc.(a)* | 878 | 11,414 | ||||||
Newell Brands, Inc.†(a) | 1,108 | 16,997 | ||||||
Ralph Lauren Corp. | 68 | 8,818 | ||||||
Tapestry, Inc. | 869 | 28,234 | ||||||
Under Armour, Inc., Class C(a)* | 123 | 2,321 | ||||||
VF Corp.† | 1,217 | 105,769 | ||||||
Whirlpool Corp.† | 67 | 8,904 | ||||||
|
| |||||||
290,605 | ||||||||
|
| |||||||
Consumer Services — 1.5% | ||||||||
McDonald’s Corp.† | 81 | 15,382 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 598 | 32,866 | ||||||
Yum! Brands, Inc.† | 979 | 97,714 | ||||||
|
| |||||||
145,962 | ||||||||
|
| |||||||
Diversified Financials — 4.3% | ||||||||
Affiliated Managers Group, Inc.† | 172 | 18,423 | ||||||
Berkshire Hathaway, Inc., Class B†* | 191 | 38,370 | ||||||
BlackRock, Inc.† | 299 | 127,784 | ||||||
Discover Financial Services | 844 | 60,059 | ||||||
Franklin Resources, Inc.†(a) | 917 | 30,389 | ||||||
Intercontinental Exchange, Inc. | 66 | 5,025 | ||||||
Invesco Ltd. (Bermuda)† | 1,269 | 24,504 | ||||||
Nasdaq, Inc.†(a) | 415 | 36,308 | ||||||
Synchrony Financial | 456 | 14,546 | ||||||
T Rowe Price Group, Inc.† | 739 | 73,989 | ||||||
|
| |||||||
429,397 | ||||||||
|
| |||||||
Energy — 12.7% | ||||||||
Chevron Corp.† | 2,405 | 296,248 | ||||||
ConocoPhillips† | 2,869 | 191,477 | ||||||
Devon Energy Corp.† | 1,585 | 50,023 | ||||||
Exxon Mobil Corp.† | 2,915 | 235,532 | ||||||
HollyFrontier Corp.† | 539 | 26,557 | ||||||
Kinder Morgan, Inc.† | 6,792 | 135,908 |
The accompanying notes are an integral part of the financial statements.
47
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Marathon Oil Corp. | 2,083 | $ | 34,807 | |||||
Occidental Petroleum Corp.† | 2,327 | 154,047 | ||||||
Phillips 66† | 1,424 | 135,522 | ||||||
|
| |||||||
1,260,121 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.1% |
| |||||||
Kroger Co. (The)† | 7 | 172 | ||||||
Sysco Corp.† | 1,495 | 99,806 | ||||||
Walgreens Boots Alliance, Inc.† | 2,911 | 184,179 | ||||||
Walmart, Inc.† | 1,274 | 124,253 | ||||||
|
| |||||||
408,410 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 11.0% |
| |||||||
Altria Group, Inc.† | 4,360 | 250,395 | ||||||
Archer-Daniels-Midland Co.† | 1,128 | 48,651 | ||||||
Campbell Soup Co. | 808 | 30,809 | ||||||
Constellation Brands, Inc., Class A† | 524 | 91,873 | ||||||
General Mills, Inc.†(a) | 1,562 | 80,834 | ||||||
Hershey Co. (The)† | 646 | 74,180 | ||||||
Kraft Heinz Co. (The)† | 2,259 | 73,756 | ||||||
McCormick & Co., Inc.,non-voting shares†(a) | 408 | 61,457 | ||||||
PepsiCo, Inc.† | 1,124 | 137,746 | ||||||
Philip Morris International, Inc.† | 2,552 | 225,571 | ||||||
Tyson Foods, Inc., Class A† | 297 | 20,621 | ||||||
|
| |||||||
1,095,893 | ||||||||
|
| |||||||
Health Care Equipment & Services — 6.3% |
| |||||||
Anthem, Inc.† | 116 | 33,290 | ||||||
Cardinal Health, Inc.† | 925 | 44,539 | ||||||
CVS Health Corp. | 2,908 | 156,828 | ||||||
HCA Healthcare, Inc.† | 1,030 | 134,291 | ||||||
Henry Schein, Inc.†* | 310 | 18,634 | ||||||
Laboratory Corp. of America Holdings†* | 317 | 48,495 | ||||||
Quest Diagnostics, Inc.†(a) | 420 | 37,766 | ||||||
UnitedHealth Group, Inc.† | 612 | 151,323 | ||||||
|
| |||||||
625,166 | ||||||||
|
| |||||||
Household & Personal Products — 2.7% |
| |||||||
Church & Dwight Co., Inc.† | 363 | 25,856 | ||||||
Clorox Co. (The)† | 52 | 8,344 | ||||||
Colgate-Palmolive Co.† | 1,276 | 87,457 | ||||||
Procter & Gamble Co. (The)† | 1,409 | 146,606 | ||||||
|
| |||||||
268,263 | ||||||||
|
| |||||||
Insurance — 3.5% | ||||||||
Aflac, Inc.† | 127 | 6,350 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) |
| |||||||
Aon PLC (United Kingdom)† | 570 | $ | 97,299 | |||||
Hartford Financial Services Group, Inc. (The)† | 101 | 5,022 | ||||||
Loews Corp. | 70 | 3,355 | ||||||
Marsh & McLennan Cos., Inc.† | 1,555 | 146,014 | ||||||
Progressive Corp. (The)† | 1,043 | 75,190 | ||||||
Unum Group† | 528 | 17,862 | ||||||
|
| |||||||
351,092 | ||||||||
|
| |||||||
Materials — 3.5% | ||||||||
Avery Dennison Corp.† | 270 | 30,510 | ||||||
Ball Corp.† | 1,040 | 60,174 | ||||||
Celanese Corp.† | 357 | 35,204 | ||||||
Eastman Chemical Co.† | 434 | 32,932 | ||||||
Ecolab, Inc. | 117 | 20,655 | ||||||
FMC Corp.† | 113 | 8,681 | ||||||
International Paper Co.† | 1,250 | 57,838 | ||||||
Nucor Corp.† | 943 | 55,024 | ||||||
Packaging Corp. of America† | 292 | 29,019 | ||||||
Sealed Air Corp.† | 481 | 22,155 | ||||||
|
| |||||||
352,192 | ||||||||
|
| |||||||
Media & Entertainment — 1.8% |
| |||||||
Comcast Corp., Class A† | 113 | 4,518 | ||||||
Discovery, Inc., Class A†(a)* | 2,186 | 59,066 | ||||||
DISH Network Corp., Class A†* | 709 | 22,468 | ||||||
Interpublic Group of Cos., Inc. | 975 | 20,485 | ||||||
News Corp., Class A† | 1,806 | 22,467 | ||||||
Omnicom Group, Inc.†(a) | 266 | 19,415 | ||||||
Viacom, Inc., Class B† | 823 | 23,102 | ||||||
Walt Disney Co. (The)† | 83 | 9,215 | ||||||
|
| |||||||
180,736 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 14.1% |
| |||||||
AbbVie, Inc.† | 918 | 73,982 | ||||||
Amgen, Inc.† | 693 | 131,656 | ||||||
Biogen, Inc.†* | 574 | 135,682 | ||||||
Bristol-Myers Squibb Co.† | 4,152 | 198,092 | ||||||
Celgene Corp.†* | 2,159 | 203,680 | ||||||
Eli Lilly & Co.† | 1,460 | 189,450 | ||||||
Johnson & Johnson† | 496 | 69,336 | ||||||
Merck & Co., Inc.† | 2,385 | 198,360 | ||||||
Pfizer, Inc.† | 4,925 | 209,165 | ||||||
|
| |||||||
1,409,403 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
48
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Real Estate — 3.3% | ||||||||
Alexandria Real Estate Equities, Inc., REIT† | 16 | $ | 2,281 | |||||
CBRE Group, Inc., Class A†* | 1,022 | 50,538 | ||||||
Duke Realty Corp., REIT† | 911 | 27,858 | ||||||
Equity Residential, REIT† | 740 | 55,737 | ||||||
Realty Income Corp., REIT†(a) | 910 | 66,940 | ||||||
UDR, Inc., REIT† | 543 | 24,685 | ||||||
Welltower, Inc., REIT† | 1,161 | 90,094 | ||||||
Weyerhaeuser Co., REIT† | 560 | 14,750 | ||||||
|
| |||||||
332,883 | ||||||||
|
| |||||||
Retailing — 6.2% | ||||||||
Amazon.com, Inc.†* | 2 | 3,562 | ||||||
AutoZone, Inc.†* | 72 | 73,737 | ||||||
Best Buy Co., Inc. | 62 | 4,406 | ||||||
Booking Holdings, Inc.†* | 46 | 80,266 | ||||||
Dollar General Corp.† | 498 | 59,411 | ||||||
eBay, Inc.† | 2,931 | 108,857 | ||||||
Genuine Parts Co.† | 453 | 50,750 | ||||||
Home Depot, Inc. (The)† | 133 | 25,521 | ||||||
Kohl’s Corp.† | 162 | 11,141 | ||||||
O’Reilly Automotive, Inc.†* | 2 | 777 | ||||||
Tiffany & Co. | 59 | 6,227 | ||||||
TJX Cos., Inc. (The)† | 3,363 | 178,945 | ||||||
Tractor Supply Co.† | 97 | 9,483 | ||||||
|
| |||||||
613,083 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.8% |
| |||||||
Applied Materials, Inc.† | 2,644 | 104,861 | ||||||
KLA-Tencor Corp.† | 467 | 55,764 | ||||||
Lam Research Corp.†(a) | 400 | 71,604 | ||||||
Microchip Technology, Inc.† | 626 | 51,933 | ||||||
Micron Technology, Inc.†* | 1,548 | 63,979 | ||||||
Skyworks Solutions, Inc.† | 389 | 32,085 | ||||||
|
| |||||||
380,226 | ||||||||
|
| |||||||
Software & Services — 8.0% | ||||||||
Accenture PLC, Class A (Ireland)† | 351 | 61,783 | ||||||
Citrix Systems, Inc.† | 3 | 299 | ||||||
DXC Technology Co.† | 869 | 55,885 | ||||||
International Business Machines Corp.† | 2,019 | 284,881 | ||||||
Paychex, Inc. | 724 | 58,065 | ||||||
PayPal Holdings, Inc.†* | 3,029 | 314,531 | ||||||
Western Union Co. (The)† | 1,287 | 23,771 | ||||||
|
| |||||||
799,215 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — 7.3% |
| |||||||
Amphenol Corp., Class A† | 524 | $ | 49,487 | |||||
Apple, Inc.† | 1,652 | 313,797 | ||||||
Corning, Inc.† | 200 | 6,620 | ||||||
FLIR Systems, Inc.† | 178 | 8,469 | ||||||
Hewlett Packard Enterprise Co.† | 2,386 | 36,816 | ||||||
HP, Inc.† | 4,586 | 89,106 | ||||||
Juniper Networks, Inc.† | 495 | 13,103 | ||||||
Motorola Solutions, Inc.† | 504 | 70,772 | ||||||
Seagate Technology PLC | 613 | 29,357 | ||||||
TE Connectivity Ltd. (Switzerland)† | 918 | 74,128 | ||||||
Western Digital Corp.† | 235 | 11,294 | ||||||
Xerox Corp.† | 723 | 23,122 | ||||||
|
| |||||||
726,071 | ||||||||
|
| |||||||
Telecommunication Services — 2.8% |
| |||||||
CenturyLink, Inc.†(a) | 3,335 | 39,987 | ||||||
Verizon Communications, Inc.† | 4,079 | 241,191 | ||||||
|
| |||||||
281,178 | ||||||||
|
| |||||||
Transportation — 1.4% | ||||||||
CSX Corp.† | 1,807 | 135,200 | ||||||
|
| |||||||
Utilities — 2.6% | ||||||||
Dominion Energy, Inc. | 1,582 | 121,276 | ||||||
Evergy, Inc. | 649 | 37,674 | ||||||
Exelon Corp.† | 1,287 | 64,517 | ||||||
FirstEnergy Corp.† | 9 | 374 | ||||||
NRG Energy, Inc.† | 895 | 38,020 | ||||||
|
| |||||||
261,861 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 12,667,099 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 127.1% |
| 12,667,099 | ||||||
|
| |||||||
(Cost $11,529,337) | ||||||||
SHORT POSITIONS — (100.8)% | ||||||||
COMMON STOCKS — (100.8)% | ||||||||
Automobiles & Components — (1.2)% |
| |||||||
Aptiv PLC (Jersey) | (296 | ) | (23,529 | ) | ||||
Ford Motor Co. | (9,740 | ) | (85,517 | ) | ||||
Harley-Davidson, Inc. | (387 | ) | (13,800 | ) | ||||
|
| |||||||
(122,846 | ) | |||||||
|
| |||||||
Banks — (0.7)% | ||||||||
Citigroup, Inc. | (11 | ) | (684 | ) | ||||
Citizens Financial Group, Inc. | (418 | ) | (13,585 | ) | ||||
Fifth Third Bancorp | (536 | ) | (13,518 | ) |
The accompanying notes are an integral part of the financial statements.
49
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Banks — (Continued) | ||||||||
Huntington Bancshares, Inc. | (161 | ) | $ | (2,041 | ) | |||
KeyCorp. | (1,204 | ) | (18,963 | ) | ||||
Regions Financial Corp. | (1,375 | ) | (19,456 | ) | ||||
|
| |||||||
(68,247 | ) | |||||||
|
| |||||||
Capital Goods — (5.0)% | ||||||||
A.O. Smith Corp. | (60 | ) | (3,199 | ) | ||||
Boeing Co. (The) | (37 | ) | (14,113 | ) | ||||
Deere & Co. | (235 | ) | (37,562 | ) | ||||
Fastenal Co. | (700 | ) | (45,017 | ) | ||||
Fluor Corp. | (170 | ) | (6,256 | ) | ||||
General Electric Co. | (11,318 | ) | (113,067 | ) | ||||
Harris Corp. | (288 | ) | (45,996 | ) | ||||
Jacobs Engineering Group, Inc. | (339 | ) | (25,489 | ) | ||||
Parker-Hannifin Corp. | (200 | ) | (34,324 | ) | ||||
Rockwell Automation, Inc. | (292 | ) | (51,234 | ) | ||||
United Rentals, Inc.* | (195 | ) | (22,279 | ) | ||||
United Technologies Corp. | (602 | ) | (77,592 | ) | ||||
Xylem, Inc. | (289 | ) | (22,843 | ) | ||||
|
| |||||||
(498,971 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (2.2)% |
| |||||||
Cintas Corp. | (58 | ) | (11,722 | ) | ||||
Copart, Inc.* | (605 | ) | (36,657 | ) | ||||
Equifax, Inc. | (296 | ) | (35,076 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (965 | ) | (52,477 | ) | ||||
Rollins, Inc. | (802 | ) | (33,379 | ) | ||||
Verisk Analytics, Inc. | (386 | ) | (51,338 | ) | ||||
|
| |||||||
(220,649 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.4)% |
| |||||||
DR Horton, Inc. | (914 | ) | (37,821 | ) | ||||
Mohawk Industries, Inc.* | (177 | ) | (22,329 | ) | ||||
NIKE, Inc., Class B | (1,718 | ) | (144,673 | ) | ||||
PulteGroup, Inc. | (691 | ) | (19,320 | ) | ||||
PVH Corp. | (90 | ) | (10,976 | ) | ||||
|
| |||||||
(235,119 | ) | |||||||
|
| |||||||
Consumer Services — (3.4)% | ||||||||
Carnival Corp. (Panama) | (786 | ) | (39,866 | ) | ||||
Chipotle Mexican Grill, Inc.* | (69 | ) | (49,011 | ) | ||||
Hilton Worldwide Holdings, Inc. | (438 | ) | (36,402 | ) | ||||
Marriott International, Inc., Class A | (696 | ) | (87,063 | ) | ||||
MGM Resorts International | (1,302 | ) | (33,409 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (511 | ) | (58,571 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Wynn Resorts Ltd. | (266 | ) | $ | (31,739 | ) | |||
|
| |||||||
(336,061 | ) | |||||||
|
| |||||||
Diversified Financials — (2.3)% | ||||||||
Ameriprise Financial, Inc. | (305 | ) | (39,070 | ) | ||||
Bank of New York Mellon Corp. (The) | (208 | ) | (10,489 | ) | ||||
Capital One Financial Corp. | (574 | ) | (46,890 | ) | ||||
Cboe Global Markets, Inc. | (273 | ) | (26,055 | ) | ||||
Charles Schwab Corp. (The) | (75 | ) | (3,207 | ) | ||||
CME Group, Inc. | (17 | ) | (2,798 | ) | ||||
Goldman Sachs Group, Inc. (The) | (21 | ) | (4,032 | ) | ||||
Morgan Stanley | (1,473 | ) | (62,161 | ) | ||||
MSCI, Inc. | (84 | ) | (16,703 | ) | ||||
Northern Trust Corp. | (128 | ) | (11,572 | ) | ||||
Raymond James Financial, Inc. | (72 | ) | (5,790 | ) | ||||
State Street Corp. | (82 | ) | (5,396 | ) | ||||
|
| |||||||
(234,163 | ) | |||||||
|
| |||||||
Energy — (8.2)% | ||||||||
Anadarko Petroleum Corp. | (676 | ) | (30,744 | ) | ||||
Apache Corp. | (890 | ) | (30,847 | ) | ||||
Cabot Oil & Gas Corp. | (1,062 | ) | (27,718 | ) | ||||
Cimarex Energy Co. | (234 | ) | (16,357 | ) | ||||
Concho Resources, Inc. | (490 | ) | (54,370 | ) | ||||
Diamondback Energy, Inc. | (390 | ) | (39,597 | ) | ||||
EOG Resources, Inc. | (770 | ) | (73,289 | ) | ||||
Halliburton Co. | (1,036 | ) | (30,355 | ) | ||||
Helmerich & Payne, Inc. | (267 | ) | (14,835 | ) | ||||
Hess Corp. | (714 | ) | (43,004 | ) | ||||
Marathon Petroleum Corp. | (1,635 | ) | (97,855 | ) | ||||
National Oilwell Varco, Inc. | (506 | ) | (13,480 | ) | ||||
Noble Energy, Inc. | (1,185 | ) | (29,305 | ) | ||||
ONEOK, Inc. | (1,007 | ) | (70,329 | ) | ||||
Pioneer Natural Resources Co. | (200 | ) | (30,456 | ) | ||||
Schlumberger Ltd. (Curacao) | (1,757 | ) | (76,552 | ) | ||||
TechnipFMC PLC (United Kingdom) | (1,076 | ) | (25,308 | ) | ||||
Valero Energy Corp. | (337 | ) | (28,588 | ) | ||||
Williams Cos., Inc. (The) | (2,908 | ) | (83,518 | ) | ||||
|
| |||||||
(816,507 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.3)% |
| |||||||
Costco Wholesale Corp. | (143 | ) | (34,626 | ) | ||||
|
| |||||||
Food, Beverage & Tobacco — (1.5)% |
| |||||||
Brown-Forman Corp., Class B | (1,176 | ) | (62,069 | ) | ||||
Conagra Brands, Inc. | (388 | ) | (10,763 | ) | ||||
Molson Coors Brewing Co., Class B | (515 | ) | (30,720 | ) |
The accompanying notes are an integral part of the financial statements.
50
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Monster Beverage Corp.* | (815 | ) | $ | (44,483 | ) | |||
|
| |||||||
(148,035 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (11.0)% |
| |||||||
ABIOMED, Inc.* | (110 | ) | (31,416 | ) | ||||
Align Technology, Inc.* | (193 | ) | (54,876 | ) | ||||
Baxter International, Inc. | (655 | ) | (53,258 | ) | ||||
Becton Dickinson and Co. | (194 | ) | (48,448 | ) | ||||
Boston Scientific Corp.* | (3,388 | ) | (130,031 | ) | ||||
Centene Corp.* | (139 | ) | (7,381 | ) | ||||
Cerner Corp.* | (834 | ) | (47,713 | ) | ||||
Cigna Corp. | (761 | ) | (122,384 | ) | ||||
Cooper Cos., Inc. (The) | (117 | ) | (34,652 | ) | ||||
DaVita, Inc.* | (398 | ) | (21,607 | ) | ||||
DENTSPLY SIRONA, Inc. | (545 | ) | (27,027 | ) | ||||
Edwards Lifesciences Corp.* | (511 | ) | (97,770 | ) | ||||
Hologic, Inc.* | (662 | ) | (32,041 | ) | ||||
IDEXX Laboratories, Inc.* | (211 | ) | (47,180 | ) | ||||
Intuitive Surgical, Inc.* | (231 | ) | (131,804 | ) | ||||
McKesson Corp. | (148 | ) | (17,325 | ) | ||||
ResMed, Inc. | (350 | ) | (36,390 | ) | ||||
Teleflex, Inc. | (112 | ) | (33,842 | ) | ||||
Universal Health Services, Inc., Class B | (188 | ) | (25,149 | ) | ||||
Varian Medical Systems, Inc.* | (193 | ) | (27,352 | ) | ||||
Zimmer Biomet Holdings, Inc. | (500 | ) | (63,850 | ) | ||||
|
| �� | ||||||
(1,091,496 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.7)% |
| |||||||
Coty, Inc., Class A | (1,838 | ) | (21,137 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (326 | ) | (53,969 | ) | ||||
Kimberly-Clark Corp. | (735 | ) | (91,066 | ) | ||||
|
| |||||||
(166,172 | ) | |||||||
|
| |||||||
Insurance — (2.3)% | ||||||||
American International Group, Inc. | (835 | ) | (35,955 | ) | ||||
Arthur J Gallagher & Co. | (199 | ) | (15,542 | ) | ||||
Brighthouse Financial, Inc.* | (278 | ) | (10,089 | ) | ||||
Chubb Ltd. (Switzerland) | (166 | ) | (23,253 | ) | ||||
Cincinnati Financial Corp. | (91 | ) | (7,817 | ) | ||||
Everest Re Group Ltd. (Bermuda) | (97 | ) | (20,948 | ) | ||||
Lincoln National Corp. | (154 | ) | (9,040 | ) | ||||
MetLife, Inc. | (2,417 | ) | (102,892 | ) | ||||
Principal Financial Group, Inc. | (20 | ) | (1,004 | ) | ||||
|
| |||||||
(226,540 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (3.9)% | ||||||||
Air Products & Chemicals, Inc. | (537 | ) | $ | (102,547 | ) | |||
Albemarle Corp. | (260 | ) | (21,315 | ) | ||||
DowDuPont, Inc. | (5 | ) | (267 | ) | ||||
Freeport-McMoRan, Inc. | (3,551 | ) | (45,772 | ) | ||||
International Flavors & Fragrances, Inc. | (260 | ) | (33,485 | ) | ||||
Linde PLC (Ireland) | (194 | ) | (34,130 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (912 | ) | (76,681 | ) | ||||
Martin Marietta Materials, Inc. | (11 | ) | (2,213 | ) | ||||
Newmont Mining Corp. | (1,307 | ) | (46,751 | ) | ||||
Vulcan Materials Co. | (16 | ) | (1,894 | ) | ||||
Westrock Co. | (591 | ) | (22,665 | ) | ||||
|
| |||||||
(387,720 | ) | |||||||
|
| |||||||
Media & Entertainment — (6.0)% | ||||||||
Activision Blizzard, Inc. | (1,017 | ) | (46,305 | ) | ||||
Alphabet, Inc., Class A* | (89 | ) | (104,743 | ) | ||||
CBS Corp., Class B,non-voting shares | (919 | ) | (43,680 | ) | ||||
Charter Communications, Inc., Class A* | (386 | ) | (133,907 | ) | ||||
Electronic Arts, Inc.* | (302 | ) | (30,692 | ) | ||||
Facebook, Inc., Class A* | (202 | ) | (33,671 | ) | ||||
Netflix, Inc.* | (290 | ) | (103,402 | ) | ||||
Take-Two Interactive Software, Inc.* | (278 | ) | (26,235 | ) | ||||
TripAdvisor, Inc.* | (336 | ) | (17,287 | ) | ||||
Twitter, Inc.* | (1,846 | ) | (60,696 | ) | ||||
|
| |||||||
(600,618 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (8.6)% |
| |||||||
Agilent Technologies, Inc. | (780 | ) | (62,697 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (365 | ) | (49,341 | ) | ||||
Allergan PLC (Ireland) | (818 | ) | (119,763 | ) | ||||
Illumina, Inc.* | (359 | ) | (111,538 | ) | ||||
Incyte Corp.* | �� | (536 | ) | (46,101 | ) | |||
IQVIA Holdings, Inc.* | (495 | ) | (71,206 | ) | ||||
Mettler-Toledo International, Inc.* | (61 | ) | (44,103 | ) | ||||
Mylan NV (Netherlands)* | (280 | ) | (7,935 | ) | ||||
Nektar Therapeutics* | (410 | ) | (13,776 | ) | ||||
PerkinElmer, Inc. | (272 | ) | (26,210 | ) | ||||
Perrigo Co. PLC (Ireland) | (333 | ) | (16,037 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (176 | ) | (72,269 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (576 | ) | (105,955 | ) | ||||
Zoetis, Inc. | (1,144 | ) | (115,166 | ) | ||||
|
| |||||||
(862,097 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
51
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (6.2)% | ||||||||
American Tower Corp., REIT | (688 | ) | $ | (135,577 | ) | |||
Crown Castle International Corp., REIT | (971 | ) | (124,288 | ) | ||||
Digital Realty Trust, Inc., REIT | (487 | ) | (57,953 | ) | ||||
Equinix, Inc., REIT | (196 | ) | (88,819 | ) | ||||
Essex Property Trust, Inc., REIT | (105 | ) | (30,370 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (1,117 | ) | (21,111 | ) | ||||
Iron Mountain, Inc., REIT | (700 | ) | (24,822 | ) | ||||
Kimco Realty Corp., REIT | (1,023 | ) | (18,926 | ) | ||||
Macerich Co. (The), REIT | (346 | ) | (14,999 | ) | ||||
Regency Centers Corp., REIT | (180 | ) | (12,148 | ) | ||||
SBA Communications Corp., REIT* | (279 | ) | (55,705 | ) | ||||
Vornado Realty Trust, REIT | (454 | ) | (30,618 | ) | ||||
|
| |||||||
(615,336 | ) | |||||||
|
| |||||||
Retailing — (5.1)% | ||||||||
CarMax, Inc.* | (420 | ) | (29,316 | ) | ||||
Dollar Tree, Inc.* | (582 | ) | (61,133 | ) | ||||
Expedia Group, Inc. | (352 | ) | (41,888 | ) | ||||
Foot Locker, Inc. | (252 | ) | (15,271 | ) | ||||
Gap, Inc. (The) | (936 | ) | (24,504 | ) | ||||
L Brands, Inc. | (650 | ) | (17,927 | ) | ||||
LKQ Corp.* | (373 | ) | (10,586 | ) | ||||
Lowe’s Cos., Inc. | (1,867 | ) | (204,380 | ) | ||||
Macy’s, Inc. | (463 | ) | (11,126 | ) | ||||
Nordstrom, Inc. | (22 | ) | (976 | ) | ||||
Ross Stores, Inc. | (905 | ) | (84,256 | ) | ||||
Ulta Beauty, Inc.* | (17 | ) | (5,928 | ) | ||||
|
| |||||||
(507,291 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (8.4)% |
| |||||||
Advanced Micro Devices, Inc.* | (2,860 | ) | (72,988 | ) | ||||
Analog Devices, Inc. | (907 | ) | (95,480 | ) | ||||
Broadcom, Inc. | (678 | ) | (203,881 | ) | ||||
Maxim Integrated Products, Inc. | (679 | ) | (36,102 | ) | ||||
NVIDIA Corp. | (1,383 | ) | (248,331 | ) | ||||
Qorvo, Inc.* | (142 | ) | (10,186 | ) | ||||
QUALCOMM, Inc. | (2,975 | ) | (169,664 | ) | ||||
|
| |||||||
(836,632 | ) | |||||||
|
| |||||||
Software & Services — (11.1)% | ||||||||
Adobe, Inc.* | (398 | ) | (106,064 | ) | ||||
Akamai Technologies, Inc.* | (392 | ) | (28,111 | ) | ||||
Alliance Data Systems Corp. | (126 | ) | (22,047 | ) | ||||
ANSYS, Inc.* | (198 | ) | (36,177 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Broadridge Financial Solutions, Inc. | (282 | ) | $ | (29,241 | ) | |||
Fidelity National Information Services, Inc. | (180 | ) | (20,358 | ) | ||||
Fiserv, Inc.* | (988 | ) | (87,221 | ) | ||||
FleetCor Technologies, Inc.* | (110 | ) | (27,125 | ) | ||||
Fortinet, Inc.* | (399 | ) | (33,504 | ) | ||||
Gartner, Inc.* | (218 | ) | (33,066 | ) | ||||
Global Payments, Inc. | (387 | ) | (52,833 | ) | ||||
Intuit, Inc. | (428 | ) | (111,883 | ) | ||||
Mastercard, Inc., Class A | (228 | ) | (53,683 | ) | ||||
Microsoft Corp. | (478 | ) | (56,375 | ) | ||||
Oracle Corp. | (792 | ) | (42,538 | ) | ||||
Red Hat, Inc.* | (198 | ) | (36,175 | ) | ||||
salesforce.com, Inc.* | (522 | ) | (82,669 | ) | ||||
Symantec Corp. | (1,560 | ) | (35,864 | ) | ||||
Synopsys, Inc.* | (365 | ) | (42,030 | ) | ||||
Total System Services, Inc. | (446 | ) | (42,374 | ) | ||||
VeriSign, Inc.* | (293 | ) | (53,197 | ) | ||||
|
| |||||||
(1,110,445 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.5)% |
| |||||||
Arista Networks, Inc.* | (103 | ) | (32,389 | ) | ||||
IPG Photonics Corp.* | (131 | ) | (19,883 | ) | ||||
|
| |||||||
(52,272 | ) | |||||||
|
| |||||||
Transportation — (4.0)% | ||||||||
Alaska Air Group, Inc. | (301 | ) | (16,893 | ) | ||||
American Airlines Group, Inc. | (312 | ) | (9,909 | ) | ||||
Expeditors International of Washington, Inc. | (405 | ) | (30,740 | ) | ||||
FedEx Corp. | (273 | ) | (49,525 | ) | ||||
JB Hunt Transport Services, Inc. | (266 | ) | (26,943 | ) | ||||
Kansas City Southern | (216 | ) | (25,052 | ) | ||||
United Continental Holdings, Inc.* | (667 | ) | (53,213 | ) | ||||
United Parcel Service, Inc., Class B | (1,685 | ) | (188,282 | ) | ||||
|
| |||||||
(400,557 | ) | |||||||
|
| |||||||
Utilities — (4.8)% | ||||||||
Alliant Energy Corp. | (515 | ) | (24,272 | ) | ||||
Ameren Corp. | (9 | ) | (662 | ) | ||||
American Electric Power Co., Inc. | (907 | ) | (75,961 | ) | ||||
Atmos Energy Corp. | (276 | ) | (28,409 | ) | ||||
CMS Energy Corp. | (303 | ) | (16,829 | ) | ||||
Consolidated Edison, Inc. | (660 | ) | (55,975 | ) | ||||
Edison International | (770 | ) | (47,678 | ) | ||||
Entergy Corp. | (449 | ) | (42,938 | ) |
The accompanying notes are an integral part of the financial statements.
52
GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) | ||||||||
NiSource, Inc. | (886 | ) | $ | (25,393 | ) | |||
Sempra Energy | (144 | ) | (18,124 | ) | ||||
Southern Co. (The) | (955 | ) | (49,354 | ) | ||||
WEC Energy Group, Inc. | (609 | ) | (48,160 | ) | ||||
Xcel Energy, Inc. | (738 | ) | (41,483 | ) | ||||
|
| |||||||
(475,238 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $9,828,126) | (10,047,638 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (100.8)% |
| (10,047,638 | ) | |||||
|
| |||||||
(Proceeds $9,828,126) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 7,348,895 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
$ |
9,968,356 |
| |||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(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.
53
GOTHAM HEDGED PLUS FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 151.1% | ||||||||
COMMON STOCKS — 151.1% | ||||||||
Automobiles & Components — 1.3% |
| |||||||
BorgWarner, Inc. | 162 | $ | 6,222 | |||||
General Motors Co.† | 849 | 31,498 | ||||||
|
| |||||||
37,720 | ||||||||
|
| |||||||
Banks — 3.7% | ||||||||
Bank of America Corp.† | 664 | 18,320 | ||||||
BB&T Corp. | 52 | 2,420 | ||||||
Citizens Financial Group, Inc. | 32 | 1,040 | ||||||
Comerica, Inc. | 11 | 807 | ||||||
First Republic Bank | 12 | 1,206 | ||||||
JPMorgan Chase & Co.† | 225 | 22,777 | ||||||
M&T Bank Corp. | 10 | 1,570 | ||||||
People’s United Financial, Inc. | 276 | 4,537 | ||||||
PNC Financial Services Group, Inc. (The)† | 32 | 3,925 | ||||||
SunTrust Banks, Inc.† | 323 | 19,138 | ||||||
SVB Financial Group* | 21 | 4,670 | ||||||
US Bancorp | 188 | 9,060 | ||||||
Wells Fargo & Co.† | 315 | 15,221 | ||||||
Zions Bancorp NA | 13 | 590 | ||||||
|
| |||||||
105,281 | ||||||||
|
| |||||||
Capital Goods — 20.7% | ||||||||
3M Co.† | 80 | 16,622 | ||||||
A.O. Smith Corp. | 121 | 6,452 | ||||||
Allegion PLC (Ireland) | 7 | 635 | ||||||
AMETEK, Inc.† | 3 | 249 | ||||||
Arconic, Inc.† | 375 | 7,166 | ||||||
Boeing Co. (The)† | 39 | 14,875 | ||||||
Caterpillar, Inc.† | 375 | 50,809 | ||||||
Cummins, Inc.† | 125 | 19,734 | ||||||
Dover Corp.† | 113 | 10,599 | ||||||
Eaton Corp. PLC (Ireland)† | 336 | 27,068 | ||||||
Emerson Electric Co.† | 201 | 13,762 | ||||||
Flowserve Corp. | 101 | 4,559 | ||||||
Fortive Corp.† | 253 | 21,224 | ||||||
Fortune Brands Home & Security, Inc. | 110 | 5,237 | ||||||
General Dynamics Corp.† | 212 | 35,887 | ||||||
Honeywell International, Inc.† | 529 | 84,069 | ||||||
Huntington Ingalls Industries, Inc. | 34 | 7,045 | ||||||
Illinois Tool Works, Inc.† | 101 | 14,497 | ||||||
Ingersoll-Rand PLC (Ireland)† | 191 | 20,618 | ||||||
Johnson Controls International PLC (Ireland)† | 662 | 24,454 | ||||||
L3 Technologies, Inc.† | 57 | 11,763 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Capital Goods — (Continued) | ||||||||
Lockheed Martin Corp.† | 144 | $ | 43,223 | |||||
Masco Corp.† | 236 | 9,277 | ||||||
Northrop Grumman Corp.† | 126 | 33,970 | ||||||
Pentair PLC (Ireland) | 123 | 5,475 | ||||||
Quanta Services, Inc. | 10 | 377 | ||||||
Raytheon Co.† | 222 | 40,422 | ||||||
Roper Technologies, Inc. | 7 | 2,394 | ||||||
Snap-on, Inc. | 38 | 5,948 | ||||||
Stanley Black & Decker, Inc.† | 110 | 14,979 | ||||||
Textron, Inc. | 124 | 6,282 | ||||||
TransDigm Group, Inc.†* | 38 | 17,252 | ||||||
Wabtec Corp. | 70 | 5,160 | ||||||
WW Grainger, Inc.† | 37 | 11,134 | ||||||
|
| |||||||
593,217 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.4% |
| |||||||
Cintas Corp. | 8 | 1,617 | ||||||
Nielsen Holdings PLC (United Kingdom) | 266 | 6,296 | ||||||
Republic Services, Inc.† | 130 | 10,449 | ||||||
Robert Half International, Inc.† | 95 | 6,190 | ||||||
Waste Management, Inc.† | 142 | 14,755 | ||||||
|
| |||||||
39,307 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 2.9% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)* | 119 | 5,444 | ||||||
Garmin Ltd. (Switzerland)† | 147 | 12,693 | ||||||
Hanesbrands, Inc. | 265 | 4,738 | ||||||
Hasbro, Inc. | 8 | 680 | ||||||
Leggett & Platt, Inc. | 96 | 4,053 | ||||||
Lennar Corp., Class A | 23 | 1,129 | ||||||
Mattel, Inc.(a)* | 248 | 3,224 | ||||||
Newell Brands, Inc.† | 346 | 5,308 | ||||||
Ralph Lauren Corp. | 56 | 7,262 | ||||||
Tapestry, Inc. | 208 | 6,758 | ||||||
Under Armour, Inc., Class C* | 322 | 6,076 | ||||||
VF Corp.† | 291 | 25,291 | ||||||
Whirlpool Corp. | 12 | 1,595 | ||||||
|
| |||||||
84,251 | ||||||||
|
| |||||||
Consumer Services — 1.7% | ||||||||
H&R Block, Inc. | 15 | 359 | ||||||
McDonald’s Corp.† | 50 | 9,495 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 156 | 8,574 |
The accompanying notes are an integral part of the financial statements.
54
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Starbucks Corp. | 86 | $ | 6,393 | |||||
Yum! Brands, Inc.† | 227 | 22,657 | ||||||
|
| |||||||
47,478 | ||||||||
|
| |||||||
Diversified Financials — 10.0% | ||||||||
Affiliated Managers Group, Inc. | 41 | 4,392 | ||||||
American Express Co.† | 59 | 6,449 | ||||||
Berkshire Hathaway, Inc., Class B†* | 279 | 56,048 | ||||||
BlackRock, Inc.† | 113 | 48,293 | ||||||
Charles Schwab Corp. (The)† | 98 | 4,190 | ||||||
CME Group, Inc.† | 21 | 3,456 | ||||||
Discover Financial Services† | 239 | 17,007 | ||||||
E*TRADE Financial Corp. | 127 | 5,897 | ||||||
Franklin Resources, Inc.† | 341 | 11,301 | ||||||
Goldman Sachs Group, Inc. (The)† | 288 | 55,293 | ||||||
Intercontinental Exchange, Inc. | 40 | 3,046 | ||||||
Invesco Ltd. (Bermuda) | 320 | 6,179 | ||||||
Moody’s Corp.† | 25 | 4,527 | ||||||
MSCI, Inc. | 7 | 1,392 | ||||||
Nasdaq, Inc.† | 84 | 7,349 | ||||||
S&P Global, Inc.† | 17 | 3,579 | ||||||
State Street Corp.† | 295 | 19,414 | ||||||
Synchrony Financial | 323 | 10,304 | ||||||
T Rowe Price Group, Inc.† | 189 | 18,923 | ||||||
|
| |||||||
287,039 | ||||||||
|
| |||||||
Energy — 11.7% | ||||||||
Chevron Corp.† | 643 | 79,205 | ||||||
ConocoPhillips† | 904 | 60,333 | ||||||
Devon Energy Corp.† | 401 | 12,656 | ||||||
Exxon Mobil Corp.† | 757 | 61,166 | ||||||
HollyFrontier Corp. | 136 | 6,701 | ||||||
Kinder Morgan, Inc.† | 1,629 | 32,596 | ||||||
Marathon Oil Corp. | 591 | 9,876 | ||||||
Occidental Petroleum Corp.† | 586 | 38,793 | ||||||
Phillips 66† | 359 | 34,166 | ||||||
Valero Energy Corp.† | 9 | 763 | ||||||
|
| |||||||
336,255 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.7% | ||||||||
Sysco Corp.† | 397 | 26,504 | ||||||
Walgreens Boots Alliance, Inc.† | 703 | 44,479 | ||||||
Walmart, Inc.† | 371 | 36,184 | ||||||
|
| |||||||
107,167 | ||||||||
�� |
|
| ||||||
Food, Beverage & Tobacco — 6.7% |
| |||||||
Altria Group, Inc.† | 744 | 42,728 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Archer-Daniels-Midland Co.† | 316 | $ | 13,629 | |||||
Campbell Soup Co. | 20 | 763 | ||||||
Coca-Cola Co. (The)† | 293 | 13,730 | ||||||
General Mills, Inc.† | 459 | 23,753 | ||||||
Hershey Co. (The) | 113 | 12,976 | ||||||
Hormel Foods Corp. | 36 | 1,611 | ||||||
Kraft Heinz Co. (The)† | 513 | 16,749 | ||||||
McCormick & Co., Inc.,non-voting shares | 36 | 5,423 | ||||||
PepsiCo, Inc.† | 228 | 27,941 | ||||||
Philip Morris International, Inc.† | 343 | 30,318 | ||||||
Tyson Foods, Inc., Class A† | 27 | 1,875 | ||||||
|
| |||||||
191,496 | ||||||||
|
| |||||||
Health Care Equipment & Services — 7.9% |
| |||||||
Abbott Laboratories† | 121 | 9,673 | ||||||
AmerisourceBergen Corp. | 15 | 1,193 | ||||||
Anthem, Inc.† | 45 | 12,914 | ||||||
Cardinal Health, Inc.† | 233 | 11,219 | ||||||
CVS Health Corp.† | 910 | 49,076 | ||||||
Danaher Corp. | 50 | 6,601 | ||||||
HCA Healthcare, Inc.† | 248 | 32,334 | ||||||
Henry Schein, Inc.* | 106 | 6,372 | ||||||
Humana, Inc.† | 11 | 2,926 | ||||||
Laboratory Corp. of America Holdings†* | 80 | 12,238 | ||||||
Medtronic PLC (Ireland)† | 68 | 6,193 | ||||||
Quest Diagnostics, Inc.† | 107 | 9,621 | ||||||
UnitedHealth Group, Inc.† | 259 | 64,040 | ||||||
WellCare Health Plans, Inc.†* | 4 | 1,079 | ||||||
|
| |||||||
225,479 | ||||||||
|
| |||||||
Household & Personal Products — 2.7% |
| |||||||
Church & Dwight Co., Inc.† | 157 | 11,183 | ||||||
Clorox Co. (The)† | 9 | 1,444 | ||||||
Colgate-Palmolive Co.† | 82 | 5,620 | ||||||
Kimberly-Clark Corp.† | 23 | 2,850 | ||||||
Procter & Gamble Co. (The)† | 541 | 56,291 | ||||||
|
| |||||||
77,388 | ||||||||
|
| |||||||
Insurance — 3.7% | ||||||||
Aflac, Inc. | 73 | 3,650 | ||||||
Allstate Corp. (The) | 22 | 2,072 | ||||||
Aon PLC (United Kingdom)† | 163 | 27,824 | ||||||
Arthur J Gallagher & Co. | 14 | 1,093 | ||||||
Assurant, Inc. | 4 | 380 |
The accompanying notes are an integral part of the financial statements.
55
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Insurance — (Continued) | ||||||||
Hartford Financial Services Group, Inc. (The)† | 37 | $ | 1,840 | |||||
Loews Corp.† | 21 | 1,007 | ||||||
Marsh & McLennan Cos., Inc.† | 392 | 36,809 | ||||||
Progressive Corp. (The)† | 325 | 23,429 | ||||||
Prudential Financial, Inc. | 19 | 1,746 | ||||||
Torchmark Corp. | 7 | 574 | ||||||
Travelers Cos., Inc. (The) | 18 | 2,469 | ||||||
Unum Group | 96 | 3,248 | ||||||
|
| |||||||
106,141 | ||||||||
|
| |||||||
Materials — 5.5% | ||||||||
Avery Dennison Corp. | 68 | 7,684 | ||||||
Ball Corp.† | 243 | 14,060 | ||||||
Celanese Corp.† | 96 | 9,467 | ||||||
CF Industries Holdings, Inc.† | 95 | 3,884 | ||||||
DowDuPont, Inc.† | 1,093 | 58,268 | ||||||
Eastman Chemical Co.† | 110 | 8,347 | ||||||
Ecolab, Inc. | 26 | 4,590 | ||||||
FMC Corp. | 31 | 2,381 | ||||||
International Paper Co.† | 315 | 14,575 | ||||||
Mosaic Co. (The)† | 120 | 3,277 | ||||||
Nucor Corp.† | 244 | 14,237 | ||||||
Packaging Corp. of America | 74 | 7,354 | ||||||
PPG Industries, Inc.† | 16 | 1,806 | ||||||
Sealed Air Corp. | 114 | 5,251 | ||||||
Sherwin-Williams Co. (The)† | 6 | 2,584 | ||||||
|
| |||||||
157,765 | ||||||||
|
| |||||||
Media & Entertainment — 3.2% | ||||||||
Alphabet, Inc., Class A* | 19 | 22,361 | ||||||
Comcast Corp., Class A† | 281 | 11,234 | ||||||
Discovery, Inc., Class A†* | 514 | 13,888 | ||||||
DISH Network Corp., Class A†* | 325 | 10,299 | ||||||
Fox Corp., Class A* | 17 | 624 | ||||||
Interpublic Group of Cos., Inc. (The) | 267 | 5,610 | ||||||
News Corp., Class A† | 455 | 5,660 | ||||||
Omnicom Group, Inc. | 55 | 4,014 | ||||||
Viacom, Inc., Class B† | 204 | 5,726 | ||||||
Walt Disney Co. (The)† | 103 | 11,436 | ||||||
|
| |||||||
90,852 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 15.9% |
| |||||||
AbbVie, Inc.† | 498 | 40,134 | ||||||
Amgen, Inc.† | 270 | 51,295 | ||||||
Biogen, Inc.†* | 142 | 33,566 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Bristol-Myers Squibb Co.† | 1,216 | $ | 58,015 | |||||
Celgene Corp.†* | 544 | 51,321 | ||||||
Eli Lilly & Co.† | 425 | 55,148 | ||||||
Gilead Sciences, Inc.† | 88 | 5,721 | ||||||
Johnson & Johnson† | 261 | 36,485 | ||||||
Merck & Co., Inc.† | 521 | 43,332 | ||||||
Pfizer, Inc.† | 1,670 | 70,925 | ||||||
Regeneron Pharmaceuticals, Inc.* | 4 | 1,642 | ||||||
Thermo Fisher Scientific, Inc. | 27 | 7,390 | ||||||
Waters Corp.* | 5 | 1,259 | ||||||
|
| |||||||
456,233 | ||||||||
|
| |||||||
Real Estate — 2.5% | ||||||||
Apartment Investment & Management Co., Class A, REIT | 9 | 453 | ||||||
AvalonBay Communities, Inc., REIT | 9 | 1,807 | ||||||
Boston Properties, Inc., REIT | 10 | 1,339 | ||||||
CBRE Group, Inc., Class A†* | 247 | 12,214 | ||||||
Duke Realty Corp., REIT | 106 | 3,241 | ||||||
Equity Residential, REIT | 27 | 2,034 | ||||||
HCP, Inc., REIT | 32 | 1,002 | ||||||
Prologis, Inc., REIT | 44 | 3,166 | ||||||
Realty Income Corp., REIT† | 229 | 16,845 | ||||||
Simon Property Group, Inc., REIT | 21 | 3,826 | ||||||
UDR, Inc., REIT | 72 | 3,273 | ||||||
Ventas, Inc., REIT | 24 | 1,531 | ||||||
Welltower, Inc., REIT† | 277 | 21,495 | ||||||
Weyerhaeuser Co., REIT† | 15 | 395 | ||||||
|
| |||||||
72,621 | ||||||||
|
| |||||||
Retailing — 8.4% | ||||||||
Advance Auto Parts, Inc.† | 21 | 3,581 | ||||||
Amazon.com, Inc.†* | 25 | 44,519 | ||||||
AutoZone, Inc.†* | 12 | 12,289 | ||||||
Best Buy Co., Inc. | 39 | 2,771 | ||||||
Booking Holdings, Inc.†* | 24 | 41,878 | ||||||
Dollar General Corp.† | 105 | 12,526 | ||||||
eBay, Inc.† | 748 | 27,781 | ||||||
Foot Locker, Inc. | 7 | 424 | ||||||
Genuine Parts Co.† | 115 | 12,883 | ||||||
Home Depot, Inc. (The)† | 77 | 14,776 | ||||||
Kohl’s Corp.† | 76 | 5,227 | ||||||
O’Reilly Automotive, Inc.†* | 6 | 2,330 | ||||||
Target Corp. | 35 | 2,809 | ||||||
Tiffany & Co. | 84 | 8,866 |
The accompanying notes are an integral part of the financial statements.
56
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Retailing — (Continued) | ||||||||
TJX Cos., Inc. (The)† | 840 | $ | 44,696 | |||||
Tractor Supply Co.† | 50 | 4,888 | ||||||
|
| |||||||
242,244 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.6% |
| |||||||
Applied Materials, Inc.† | 751 | 29,785 | ||||||
Intel Corp.† | 641 | 34,422 | ||||||
KLA-Tencor Corp.† | 119 | 14,210 | ||||||
Lam Research Corp.† | 124 | 22,197 | ||||||
Microchip Technology, Inc.† | 191 | 15,845 | ||||||
Micron Technology, Inc.†* | 918 | 37,941 | ||||||
Skyworks Solutions, Inc.† | 130 | 10,722 | ||||||
Texas Instruments, Inc. | 67 | 7,107 | ||||||
Xilinx, Inc.† | 124 | 15,722 | ||||||
|
| |||||||
187,951 | ||||||||
|
| |||||||
Software & Services — 12.5% | ||||||||
Accenture PLC, Class A (Ireland)† | 218 | 38,372 | ||||||
Automatic Data Processing, Inc.† | 100 | 15,974 | ||||||
Cadence Design Systems, Inc.* | 19 | 1,207 | ||||||
Cognizant Technology Solutions Corp., Class A† | 39 | 2,826 | ||||||
DXC Technology Co.† | 219 | 14,084 | ||||||
International Business Machines Corp.† | 560 | 79,016 | ||||||
Mastercard, Inc., Class A† | 70 | 16,482 | ||||||
Microsoft Corp.† | 453 | 53,427 | ||||||
Paychex, Inc. | 229 | 18,366 | ||||||
PayPal Holdings, Inc.†* | 835 | 86,706 | ||||||
VeriSign, Inc.* | 8 | 1,452 | ||||||
Visa, Inc., Class A† | 152 | 23,741 | ||||||
Western Union Co. (The) | 344 | 6,354 | ||||||
|
| |||||||
358,007 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.2% |
| |||||||
Amphenol Corp., Class A† | 115 | 10,861 | ||||||
Apple, Inc.† | 722 | 137,144 | ||||||
Arista Networks, Inc.* | 5 | 1,572 | ||||||
Cisco Systems, Inc.† | 304 | 16,413 | ||||||
Corning, Inc.† | 55 | 1,820 | ||||||
F5 Networks, Inc.†* | 38 | 5,963 | ||||||
FLIR Systems, Inc. | 75 | 3,568 | ||||||
Hewlett Packard Enterprise Co.† | 989 | 15,260 | ||||||
HP, Inc.† | 1,209 | 23,491 | ||||||
Juniper Networks, Inc.† | 242 | 6,406 | ||||||
Keysight Technologies, Inc.* | 13 | 1,134 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Motorola Solutions, Inc.† | 127 | $ | 17,833 | |||||
NetApp, Inc.† | 179 | 12,412 | ||||||
Seagate Technology PLC (Ireland)† | 213 | 10,201 | ||||||
TE Connectivity Ltd. (Switzerland)† | 253 | 20,430 | ||||||
Western Digital Corp.† | 20 | 961 | ||||||
Xerox Corp. | 191 | 6,108 | ||||||
|
| |||||||
291,577 | ||||||||
|
| |||||||
Telecommunication Services — 2.6% |
| |||||||
AT&T, Inc. | 500 | 15,680 | ||||||
CenturyLink, Inc.† | 840 | 10,072 | ||||||
Verizon Communications, Inc.† | 850 | 50,260 | ||||||
|
| |||||||
76,012 | ||||||||
|
| |||||||
Transportation — 2.2% | ||||||||
American Airlines Group, Inc.† | 32 | 1,016 | ||||||
CH Robinson Worldwide, Inc. | 9 | 783 | ||||||
CSX Corp.† | 559 | 41,824 | ||||||
Delta Air Lines, Inc. | 46 | 2,376 | ||||||
Expeditors International of Washington, Inc.† | 2 | 152 | ||||||
Norfolk Southern Corp.† | 41 | 7,662 | ||||||
Southwest Airlines Co. | 38 | 1,973 | ||||||
Union Pacific Corp.† | 50 | 8,360 | ||||||
|
| |||||||
64,146 | ||||||||
|
| |||||||
Utilities — 3.4% | ||||||||
AES Corp.† | 45 | 814 | ||||||
CenterPoint Energy, Inc. | 35 | 1,074 | ||||||
Dominion Energy, Inc. | 478 | 36,643 | ||||||
DTE Energy Co. | 13 | 1,622 | ||||||
Evergy, Inc. | 178 | 10,333 | ||||||
Eversource Energy | 22 | 1,561 | ||||||
Exelon Corp.† | 468 | 23,461 | ||||||
FirstEnergy Corp.† | 18 | 749 | ||||||
NextEra Energy, Inc. | 33 | 6,380 | ||||||
NRG Energy, Inc.† | 226 | 9,600 | ||||||
PPL Corp.† | 50 | 1,587 | ||||||
Public Service Enterprise Group, Inc. | 35 | 2,079 | ||||||
WEC Energy Group, Inc.† | 20 | 1,582 | ||||||
|
| |||||||
97,485 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 4,333,112 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 151.1% |
| 4,333,112 | ||||||
|
| |||||||
(Cost $3,974,377) |
The accompanying notes are an integral part of the financial statements.
57
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
SHORT POSITIONS — (91.0)% | ||||||||
COMMON STOCKS — (91.0)% | ||||||||
Automobiles & Components — (1.1)% |
| |||||||
Aptiv PLC (Jersey) | (97 | ) | $ | (7,711 | ) | |||
Ford Motor Co. | (2,380 | ) | (20,896 | ) | ||||
Harley-Davidson, Inc. | (93 | ) | (3,316 | ) | ||||
|
| |||||||
(31,923 | ) | |||||||
|
| |||||||
Banks — (0.9)% | ||||||||
Citigroup, Inc. | (40 | ) | (2,489 | ) | ||||
Fifth Third Bancorp | (248 | ) | (6,255 | ) | ||||
Huntington Bancshares, Inc. | (224 | ) | (2,840 | ) | ||||
KeyCorp. | (320 | ) | (5,040 | ) | ||||
Regions Financial Corp. | (569 | ) | (8,051 | ) | ||||
|
| |||||||
(24,675 | ) | |||||||
|
| |||||||
Capital Goods — (4.4)% | ||||||||
Deere & Co. | (44 | ) | (7,033 | ) | ||||
Fastenal Co. | (180 | ) | (11,576 | ) | ||||
Fluor Corp. | (26 | ) | (957 | ) | ||||
General Electric Co. | (3,595 | ) | (35,914 | ) | ||||
Harris Corp. | (70 | ) | (11,180 | ) | ||||
Jacobs Engineering Group, Inc. | (82 | ) | (6,166 | ) | ||||
PACCAR, Inc. | (46 | ) | (3,134 | ) | ||||
Parker-Hannifin Corp. | (1 | ) | (172 | ) | ||||
Rockwell Automation, Inc. | (70 | ) | (12,282 | ) | ||||
United Rentals, Inc.* | (50 | ) | (5,713 | ) | ||||
United Technologies Corp. | (241 | ) | (31,062 | ) | ||||
Xylem, Inc. | (20 | ) | (1,581 | ) | ||||
|
| |||||||
(126,770 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (1.9)% |
| |||||||
Copart, Inc.* | (155 | ) | (9,391 | ) | ||||
Equifax, Inc. | (76 | ) | (9,006 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (246 | ) | (13,377 | ) | ||||
Rollins, Inc. | (205 | ) | (8,532 | ) | ||||
Verisk Analytics, Inc. | (97 | ) | (12,901 | ) | ||||
|
| |||||||
(53,207 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.1)% |
| |||||||
DR Horton, Inc. | (235 | ) | (9,724 | ) | ||||
Mohawk Industries, Inc.* | (43 | ) | (5,424 | ) | ||||
NIKE, Inc., Class B | (425 | ) | (35,789 | ) | ||||
PulteGroup, Inc. | (177 | ) | (4,949 | ) | ||||
PVH Corp. | (39 | ) | (4,756 | ) | ||||
|
| |||||||
(60,642 | ) | |||||||
|
| |||||||
Consumer Services — (2.9)% | ||||||||
Carnival Corp. (Panama) | (132 | ) | (6,695 | ) | ||||
Chipotle Mexican Grill, Inc.* | (18 | ) | (12,786 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Darden Restaurants, Inc. | (12 | ) | $ | (1,458 | ) | |||
Hilton Worldwide Holdings, Inc. | (166 | ) | (13,796 | ) | ||||
Marriott International, Inc., Class A | (129 | ) | (16,137 | ) | ||||
MGM Resorts International | (332 | ) | (8,519 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (130 | ) | (14,901 | ) | ||||
Wynn Resorts Ltd. | (67 | ) | (7,994 | ) | ||||
|
| |||||||
(82,286 | ) | |||||||
|
| |||||||
Diversified Financials — (2.1)% | ||||||||
Ameriprise Financial, Inc. | (57 | ) | (7,302 | ) | ||||
Bank of New York Mellon Corp. (The) | (177 | ) | (8,926 | ) | ||||
Capital One Financial Corp. | (245 | ) | (20,014 | ) | ||||
Cboe Global Markets, Inc. | (69 | ) | (6,585 | ) | ||||
Morgan Stanley | (162 | ) | (6,836 | ) | ||||
Northern Trust Corp. | (60 | ) | (5,425 | ) | ||||
Raymond James Financial, Inc. | (63 | ) | (5,066 | ) | ||||
|
| |||||||
(60,154 | ) | |||||||
|
| |||||||
Energy — (8.4)% | ||||||||
Anadarko Petroleum Corp. | (297 | ) | (13,508 | ) | ||||
Apache Corp. | (218 | ) | (7,556 | ) | ||||
Cabot Oil & Gas Corp. | (271 | ) | (7,073 | ) | ||||
Cimarex Energy Co. | (59 | ) | (4,124 | ) | ||||
Concho Resources, Inc. | (125 | ) | (13,870 | ) | ||||
Diamondback Energy, Inc. | (95 | ) | (9,645 | ) | ||||
EOG Resources, Inc. | (340 | ) | (32,361 | ) | ||||
Halliburton Co. | (450 | ) | (13,185 | ) | ||||
Helmerich & Payne, Inc. | (68 | ) | (3,778 | ) | ||||
Hess Corp. | (167 | ) | (10,058 | ) | ||||
Marathon Petroleum Corp. | (395 | ) | (23,641 | ) | ||||
National Oilwell Varco, Inc. | (204 | ) | (5,435 | ) | ||||
Noble Energy, Inc. | (302 | ) | (7,468 | ) | ||||
ONEOK, Inc. | (256 | ) | (17,879 | ) | ||||
Pioneer Natural Resources Co. | (77 | ) | (11,726 | ) | ||||
Schlumberger Ltd. (Curacao) | (729 | ) | (31,763 | ) | ||||
TechnipFMC PLC (United Kingdom) | (260 | ) | (6,115 | ) | ||||
Williams Cos., Inc. (The) | (705 | ) | (20,248 | ) | ||||
|
| |||||||
(239,433 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (1.0)% |
| |||||||
Costco Wholesale Corp. | (73 | ) | (17,676 | ) | ||||
Kroger Co. (The) | (451 | ) | (11,095 | ) | ||||
|
| |||||||
(28,771 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (2.4)% |
| |||||||
Brown-Forman Corp., Class B | (300 | ) | (15,834 | ) |
The accompanying notes are an integral part of the financial statements.
58
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Conagra Brands, Inc. | (294 | ) | $ | (8,156 | ) | |||
Constellation Brands, Inc., Class A | (5 | ) | (877 | ) | ||||
JM Smucker Co. (The) | (4 | ) | (466 | ) | ||||
Kellogg Co. | (185 | ) | (10,615 | ) | ||||
Lamb Weston Holdings, Inc. | (85 | ) | (6,370 | ) | ||||
Molson Coors Brewing Co., Class B | (126 | ) | (7,516 | ) | ||||
Mondelez International, Inc., Class A | (48 | ) | (2,396 | ) | ||||
Monster Beverage Corp.* | (316 | ) | (17,247 | ) | ||||
|
| |||||||
(69,477 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (10.3)% |
| |||||||
ABIOMED, Inc.* | (28 | ) | (7,997 | ) | ||||
Align Technology, Inc.* | (43 | ) | (12,226 | ) | ||||
Baxter International, Inc. | (168 | ) | (13,660 | ) | ||||
Becton Dickinson and Co. | (122 | ) | (30,467 | ) | ||||
Boston Scientific Corp.* | (865 | ) | (33,199 | ) | ||||
Cerner Corp.* | (213 | ) | (12,186 | ) | ||||
Cigna Corp. | (221 | ) | (35,541 | ) | ||||
Cooper Cos., Inc. (The) | (28 | ) | (8,293 | ) | ||||
DaVita, Inc.* | (97 | ) | (5,266 | ) | ||||
DENTSPLY SIRONA, Inc. | (133 | ) | (6,595 | ) | ||||
Edwards Lifesciences Corp.* | (130 | ) | (24,873 | ) | ||||
Hologic, Inc.* | (168 | ) | (8,131 | ) | ||||
IDEXX Laboratories, Inc.* | (54 | ) | (12,074 | ) | ||||
Intuitive Surgical, Inc.* | (47 | ) | (26,817 | ) | ||||
McKesson Corp. | (83 | ) | (9,716 | ) | ||||
ResMed, Inc. | (85 | ) | (8,837 | ) | ||||
Teleflex, Inc. | (27 | ) | (8,158 | ) | ||||
Universal Health Services, Inc., Class B | (58 | ) | (7,759 | ) | ||||
Varian Medical Systems, Inc.* | (57 | ) | (8,078 | ) | ||||
Zimmer Biomet Holdings, Inc. | (123 | ) | (15,707 | ) | ||||
|
| |||||||
(295,580 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.8)% |
| |||||||
Coty, Inc., Class A | (469 | ) | (5,394 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (108 | ) | (17,879 | ) | ||||
|
| |||||||
(23,273 | ) | |||||||
|
| |||||||
Insurance — (2.2)% | ||||||||
American International Group, Inc. | (305 | ) | (13,133 | ) | ||||
Brighthouse Financial, Inc.* | (68 | ) | (2,468 | ) | ||||
Chubb Ltd. (Switzerland) | (56 | ) | (7,844 | ) | ||||
Cincinnati Financial Corp. | (24 | ) | (2,062 | ) | ||||
Everest Re Group Ltd. (Bermuda) | (26 | ) | (5,615 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Insurance — (Continued) | ||||||||
Lincoln National Corp. | (67 | ) | $ | (3,933 | ) | |||
MetLife, Inc. | (583 | ) | (24,818 | ) | ||||
Principal Financial Group, Inc. | (92 | ) | (4,617 | ) | ||||
|
| |||||||
(64,490 | ) | |||||||
|
| |||||||
Materials — (4.5)% | ||||||||
Air Products & Chemicals, Inc. | (137 | ) | (26,162 | ) | ||||
Albemarle Corp. | (66 | ) | (5,411 | ) | ||||
Freeport-McMoRan, Inc. | (841 | ) | (10,841 | ) | ||||
International Flavors & Fragrances, Inc. | (64 | ) | (8,243 | ) | ||||
Linde PLC (Ireland) | (211 | ) | (37,121 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (221 | ) | (18,582 | ) | ||||
Martin Marietta Materials, Inc. | (28 | ) | (5,633 | ) | ||||
Newmont Mining Corp. | (334 | ) | (11,947 | ) | ||||
Vulcan Materials Co. | (3 | ) | (355 | ) | ||||
Westrock Co. | (149 | ) | (5,714 | ) | ||||
|
| |||||||
(130,009 | ) | |||||||
|
| |||||||
Media & Entertainment — (3.6)% |
| |||||||
Activision Blizzard, Inc. | (407 | ) | (18,531 | ) | ||||
CBS Corp., Class B,non-voting shares | (235 | ) | (11,170 | ) | ||||
Charter Communications, Inc., Class A* | (104 | ) | (36,079 | ) | ||||
Electronic Arts, Inc.* | (73 | ) | (7,419 | ) | ||||
Facebook, Inc., Class A* | (13 | ) | (2,167 | ) | ||||
Netflix, Inc.* | (9 | ) | (3,209 | ) | ||||
Take-Two Interactive Software, Inc.* | (71 | ) | (6,700 | ) | ||||
TripAdvisor, Inc.* | (90 | ) | (4,631 | ) | ||||
Twitter, Inc.* | (434 | ) | (14,270 | ) | ||||
|
| |||||||
(104,176 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.9)% |
| |||||||
Agilent Technologies, Inc. | (199 | ) | (15,996 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (102 | ) | (13,788 | ) | ||||
Allergan PLC (Ireland) | (212 | ) | (31,039 | ) | ||||
Illumina, Inc.* | (79 | ) | (24,545 | ) | ||||
Incyte Corp.* | (136 | ) | (11,697 | ) | ||||
IQVIA Holdings, Inc.* | (126 | ) | (18,125 | ) | ||||
Mettler-Toledo International, Inc.* | (16 | ) | (11,568 | ) | ||||
Mylan NV (Netherlands)* | (18 | ) | (510 | ) | ||||
Nektar Therapeutics* | (99 | ) | (3,326 | ) | ||||
PerkinElmer, Inc. | (64 | ) | (6,167 | ) | ||||
Perrigo Co. PLC (Ireland) | (85 | ) | (4,094 | ) |
The accompanying notes are an integral part of the financial statements.
59
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Vertex Pharmaceuticals, Inc.* | (162 | ) | $ | (29,800 | ) | |||
Zoetis, Inc. | (279 | ) | (28,087 | ) | ||||
|
| |||||||
(198,742 | ) | |||||||
|
| |||||||
Real Estate — (7.9)% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | (65 | ) | (9,266 | ) | ||||
American Tower Corp., REIT | (267 | ) | (52,615 | ) | ||||
Crown Castle International Corp., REIT | (259 | ) | (33,152 | ) | ||||
Digital Realty Trust, Inc., REIT | (119 | ) | (14,161 | ) | ||||
Equinix, Inc., REIT | (50 | ) | (22,658 | ) | ||||
Essex Property Trust, Inc., REIT | (42 | ) | (12,148 | ) | ||||
Extra Space Storage, Inc., REIT | (71 | ) | (7,236 | ) | ||||
Federal Realty Investment Trust, REIT | (3 | ) | (414 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (413 | ) | (7,806 | ) | ||||
Iron Mountain, Inc., REIT | (178 | ) | (6,312 | ) | ||||
Kimco Realty Corp., REIT | (264 | ) | (4,884 | ) | ||||
Macerich Co. (The), REIT | (84 | ) | (3,641 | ) | ||||
Mid-America Apartment Communities, Inc., REIT | (5 | ) | (547 | ) | ||||
Public Storage, REIT | (101 | ) | (21,996 | ) | ||||
Regency Centers Corp., REIT | (106 | ) | (7,154 | ) | ||||
SBA Communications Corp., REIT* | (71 | ) | (14,176 | ) | ||||
Vornado Realty Trust, REIT | (111 | ) | (7,486 | ) | ||||
|
| |||||||
(225,652 | ) | |||||||
|
| |||||||
Retailing — (4.5)% | ||||||||
CarMax, Inc.* | (107 | ) | (7,469 | ) | ||||
Dollar Tree, Inc.* | (148 | ) | (15,546 | ) | ||||
Expedia Group, Inc. | (97 | ) | (11,543 | ) | ||||
Gap, Inc. (The) | (239 | ) | (6,257 | ) | ||||
L Brands, Inc. | (22 | ) | (607 | ) | ||||
LKQ Corp.* | (161 | ) | (4,569 | ) | ||||
Lowe’s Cos., Inc. | (452 | ) | (49,480 | ) | ||||
Macy’s, Inc. | (185 | ) | (4,446 | ) | ||||
Nordstrom, Inc. | (21 | ) | (932 | ) | ||||
Ross Stores, Inc. | (213 | ) | (19,830 | ) | ||||
Ulta Beauty, Inc.* | (24 | ) | (8,370 | ) | ||||
|
| |||||||
(129,049 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (7.1)% |
| |||||||
Advanced Micro Devices, Inc.* | (628 | ) | (16,027 | ) | ||||
Analog Devices, Inc. | (213 | ) | (22,423 | ) | ||||
Broadcom, Inc. | (186 | ) | (55,932 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Maxim Integrated Products, Inc. | (165 | ) | $ | (8,773 | ) | |||
NVIDIA Corp. | (309 | ) | (55,484 | ) | ||||
Qorvo, Inc.* | (63 | ) | (4,519 | ) | ||||
QUALCOMM, Inc. | (714 | ) | (40,719 | ) | ||||
|
| |||||||
(203,877 | ) | |||||||
|
| |||||||
Software & Services — (7.1)% | ||||||||
Adobe, Inc.* | (43 | ) | (11,459 | ) | ||||
Akamai Technologies, Inc.* | (100 | ) | (7,171 | ) | ||||
Alliance Data Systems Corp. | (30 | ) | (5,249 | ) | ||||
ANSYS, Inc.* | (52 | ) | (9,501 | ) | ||||
Autodesk, Inc.* | (78 | ) | (12,154 | ) | ||||
Broadridge Financial Solutions, Inc. | (67 | ) | (6,947 | ) | ||||
Citrix Systems, Inc. | (76 | ) | (7,574 | ) | ||||
Fidelity National Information Services, Inc. | (3 | ) | (339 | ) | ||||
Fiserv, Inc.* | (247 | ) | (21,805 | ) | ||||
FleetCor Technologies, Inc.* | (35 | ) | (8,631 | ) | ||||
Fortinet, Inc.* | (98 | ) | (8,229 | ) | ||||
Gartner, Inc.* | (52 | ) | (7,887 | ) | ||||
Global Payments, Inc. | (98 | ) | (13,379 | ) | ||||
Intuit, Inc. | (98 | ) | (25,618 | ) | ||||
Jack Henry & Associates, Inc. | (3 | ) | (416 | ) | ||||
Red Hat, Inc.* | (113 | ) | (20,645 | ) | ||||
salesforce.com, Inc.* | (33 | ) | (5,226 | ) | ||||
Symantec Corp. | (394 | ) | (9,058 | ) | ||||
Synopsys, Inc.* | (93 | ) | (10,709 | ) | ||||
Total System Services, Inc. | (114 | ) | (10,831 | ) | ||||
|
| |||||||
(202,828 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.2)% |
| |||||||
IPG Photonics Corp.* | (31 | ) | (4,705 | ) | ||||
|
| |||||||
Transportation — (2.8)% | ||||||||
Alaska Air Group, Inc. | (73 | ) | (4,097 | ) | ||||
JB Hunt Transport Services, Inc. | (69 | ) | (6,989 | ) | ||||
Kansas City Southern | (65 | ) | (7,539 | ) | ||||
United Continental Holdings, Inc.* | (163 | ) | (13,004 | ) | ||||
United Parcel Service, Inc., Class B | (445 | ) | (49,724 | ) | ||||
|
| |||||||
(81,353 | ) | |||||||
|
| |||||||
Utilities — (5.9)% | ||||||||
Alliant Energy Corp. | (148 | ) | (6,975 | ) | ||||
Ameren Corp. | (84 | ) | (6,178 | ) | ||||
American Electric Power Co., Inc. | (295 | ) | (24,706 | ) | ||||
American Water Works Co., Inc. | (38 | ) | (3,962 | ) | ||||
Atmos Energy Corp. | (67 | ) | (6,896 | ) |
The accompanying notes are an integral part of the financial statements.
60
GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) | ||||||||
CMS Energy Corp. | (174 | ) | $ | (9,664 | ) | |||
Consolidated Edison, Inc. | (195 | ) | (16,538 | ) | ||||
Duke Energy Corp. | (40 | ) | (3,600 | ) | ||||
Edison International | (187 | ) | (11,579 | ) | ||||
Entergy Corp. | (113 | ) | (10,806 | ) | ||||
NiSource, Inc. | (226 | ) | (6,477 | ) | ||||
Pinnacle West Capital Corp. | (56 | ) | (5,352 | ) | ||||
Sempra Energy | (154 | ) | (19,382 | ) | ||||
Southern Co. (The) | (347 | ) | (17,933 | ) | ||||
Xcel Energy, Inc. | (318 | ) | (17,875 | ) | ||||
|
| |||||||
(167,923 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $2,612,182) |
| (2,608,995 | ) | |||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (91.0)% |
|
|
(2,608,995 |
) | ||||
|
| |||||||
(Proceeds $2,612,182) |
| |||||||
OTHER ASSETS IN EXCESS OF |
| 1,143,138 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
$ |
2,867,255 |
| |||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(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.
61
GOTHAM HEDGED CORE FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 100.4% |
| |||||||
COMMON STOCKS — 100.4% |
| |||||||
Automobiles & Components — 0.8% |
| |||||||
BorgWarner, Inc. | 77 | $ | 2,958 | |||||
General Motors Co.† | 435 | 16,139 | ||||||
|
| |||||||
19,097 | ||||||||
|
| |||||||
Banks — 3.2% | ||||||||
Bank of America Corp.† | 587 | 16,195 | ||||||
BB&T Corp.(a) | 47 | 2,187 | ||||||
Comerica, Inc. | 10 | 733 | ||||||
First Republic Bank(a) | 10 | 1,005 | ||||||
Huntington Bancshares, Inc.(a) | 64 | 812 | ||||||
JPMorgan Chase & Co.† | 199 | 20,145 | ||||||
M&T Bank Corp. | 9 | 1,413 | ||||||
People’s United Financial, Inc.(a) | 131 | 2,154 | ||||||
PNC Financial Services Group, Inc. (The)† | 28 | 3,435 | ||||||
SunTrust Banks, Inc.† | 155 | 9,184 | ||||||
SVB Financial Group* | 13 | 2,891 | ||||||
US Bancorp | 146 | 7,036 | ||||||
Wells Fargo & Co.† | 279 | 13,481 | ||||||
|
| |||||||
80,671 | ||||||||
|
| |||||||
Capital Goods — 11.8% | ||||||||
3M Co.† | 49 | 10,181 | ||||||
A.O. Smith Corp. | 63 | 3,359 | ||||||
Allegion PLC (Ireland) | 6 | 544 | ||||||
AMETEK, Inc.† | 4 | 332 | ||||||
Arconic, Inc. | 177 | 3,382 | ||||||
Boeing Co. (The)† | 35 | 13,350 | ||||||
Caterpillar, Inc.† | 190 | 25,743 | ||||||
Cummins, Inc.† | 59 | 9,314 | ||||||
Dover Corp. | 54 | 5,065 | ||||||
Eaton Corp. PLC (Ireland)† | 159 | 12,809 | ||||||
Emerson Electric Co.† | 67 | 4,588 | ||||||
Flowserve Corp.(a) | 48 | 2,167 | ||||||
Fortive Corp.† | 121 | 10,151 | ||||||
Fortune Brands Home & Security, Inc. | 52 | 2,476 | ||||||
General Dynamics Corp.† | 101 | 17,097 | ||||||
Honeywell International, Inc.† | 252 | 40,048 | ||||||
Huntington Ingalls Industries, Inc. | 16 | 3,315 | ||||||
Illinois Tool Works, Inc.†(a) | 34 | 4,880 | ||||||
Ingersoll-Rand PLC (Ireland)† | 91 | 9,823 | ||||||
Johnson Controls International PLC (Ireland)† | 318 | 11,747 | ||||||
L3 Technologies, Inc. | 28 | 5,778 | ||||||
Lockheed Martin Corp.† | 79 | 23,713 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Masco Corp. | 112 | $ | 4,403 | |||||
Northrop Grumman Corp.† | 60 | 16,176 | ||||||
Parker-Hannifin Corp. | 7 | 1,201 | ||||||
Pentair PLC (Ireland) | 59 | 2,626 | ||||||
Quanta Services, Inc. | 9 | 340 | ||||||
Raytheon Co.† | 105 | 19,118 | ||||||
Roper Technologies, Inc. | 6 | 2,052 | ||||||
Snap-on, Inc.(a) | 19 | 2,974 | ||||||
Stanley Black & Decker, Inc. | 53 | 7,217 | ||||||
Textron, Inc. | 67 | 3,394 | ||||||
TransDigm Group, Inc.* | 18 | 8,172 | ||||||
Wabtec Corp. | 34 | 2,507 | ||||||
WW Grainger, Inc.†(a) | 20 | 6,019 | ||||||
|
| |||||||
296,061 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.9% |
| |||||||
Cintas Corp. | 7 | 1,415 | ||||||
Nielsen Holdings PLC (United Kingdom) | 126 | 2,982 | ||||||
Republic Services, Inc.† | 98 | 7,877 | ||||||
Robert Half International, Inc. | 45 | 2,932 | ||||||
Verisk Analytics, Inc. | 3 | 399 | ||||||
Waste Management, Inc.† | 61 | 6,339 | ||||||
|
| |||||||
21,944 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 1.6% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)* | 56 | 2,562 | ||||||
Garmin Ltd. (Switzerland) | 70 | 6,045 | ||||||
Hanesbrands, Inc.(a) | 126 | 2,253 | ||||||
Hasbro, Inc.(a) | 8 | 680 | ||||||
Leggett & Platt, Inc.(a) | 46 | 1,942 | ||||||
Lennar Corp., Class A† | 20 | 982 | ||||||
Mattel, Inc.(a)* | 119 | 1,547 | ||||||
Newell Brands, Inc.(a) | 165 | 2,531 | ||||||
Ralph Lauren Corp. | 27 | 3,501 | ||||||
Tapestry, Inc. | 101 | 3,282 | ||||||
Under Armour, Inc., Class C(a)* | 154 | 2,906 | ||||||
VF Corp.† | 140 | 12,167 | ||||||
Whirlpool Corp. | 7 | 930 | ||||||
|
| |||||||
41,328 | ||||||||
|
| |||||||
Consumer Services — 1.1% |
| |||||||
Darden Restaurants, Inc. | 7 | 850 | ||||||
H&R Block, Inc.†(a) | 13 | 311 | ||||||
McDonald’s Corp.† | 36 | 6,836 |
The accompanying notes are an integral part of the financial statements.
62
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 75 | $ | 4,122 | |||||
Starbucks Corp.† | 76 | 5,650 | ||||||
Yum! Brands, Inc.† | 109 | 10,879 | ||||||
|
| |||||||
28,648 | ||||||||
|
| |||||||
Diversified Financials — 6.5% |
| |||||||
Affiliated Managers Group, Inc. | 20 | 2,142 | ||||||
American Express Co.† | 52 | 5,684 | ||||||
Berkshire Hathaway, Inc., Class B†* | 206 | 41,383 | ||||||
BlackRock, Inc.† | 55 | 23,505 | ||||||
Charles Schwab Corp. (The) | 95 | 4,062 | ||||||
CME Group, Inc.† | 21 | 3,456 | ||||||
Discover Financial Services | 114 | 8,112 | ||||||
E*TRADE Financial Corp. | 80 | 3,714 | ||||||
Franklin Resources, Inc.†(a) | 165 | 5,468 | ||||||
Goldman Sachs Group, Inc. (The)† | 135 | 25,919 | ||||||
Intercontinental Exchange, Inc.† | 42 | 3,198 | ||||||
Invesco Ltd. (Bermuda) | 151 | 2,916 | ||||||
Moody’s Corp.† | 12 | 2,173 | ||||||
MSCI, Inc. | 6 | 1,193 | ||||||
Nasdaq, Inc.†(a) | 53 | 4,637 | ||||||
S&P Global, Inc.† | 16 | 3,369 | ||||||
State Street Corp.† | 139 | 9,148 | ||||||
Synchrony Financial | 153 | 4,881 | ||||||
T Rowe Price Group, Inc.† | 90 | 9,011 | ||||||
|
| |||||||
163,971 | ||||||||
|
| |||||||
Energy — 6.6% | ||||||||
Chevron Corp.† | 350 | 43,113 | ||||||
ConocoPhillips† | 428 | 28,565 | ||||||
Devon Energy Corp. | 190 | 5,996 | ||||||
Exxon Mobil Corp.† | 339 | 27,391 | ||||||
Hess Corp. | 19 | 1,144 | ||||||
HollyFrontier Corp. | 65 | 3,203 | ||||||
Kinder Morgan, Inc.† | 783 | 15,668 | ||||||
Marathon Oil Corp. | 282 | 4,712 | ||||||
Occidental Petroleum Corp.† | 276 | 18,271 | ||||||
Phillips 66† | 173 | 16,464 | ||||||
|
| |||||||
164,527 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.3% |
| |||||||
Costco Wholesale Corp.† | 13 | 3,148 | ||||||
Sysco Corp.† | 186 | 12,417 | ||||||
Walgreens Boots Alliance, Inc.† | 333 | 21,069 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
Walmart, Inc.† | 217 | $ | 21,164 | |||||
|
| |||||||
57,798 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 4.9% |
| |||||||
Altria Group, Inc.† | 392 | 22,513 | ||||||
Archer-Daniels-Midland Co.† | 153 | 6,599 | ||||||
Campbell Soup Co. | 18 | 686 | ||||||
Coca-Cola Co. (The)† | 260 | 12,184 | ||||||
Constellation Brands, Inc., Class A† | 70 | 12,273 | ||||||
General Mills, Inc.†(a) | 220 | 11,385 | ||||||
Hershey Co. (The) | 61 | 7,005 | ||||||
Hormel Foods Corp.(a) | 33 | 1,477 | ||||||
Kraft Heinz Co. (The)† | 268 | 8,750 | ||||||
McCormick & Co., Inc.,non-voting shares(a) | 24 | 3,615 | ||||||
Mondelez International, Inc., Class A | 59 | 2,945 | ||||||
PepsiCo, Inc.† | 133 | 16,299 | ||||||
Philip Morris International, Inc.† | 169 | 14,938 | ||||||
Tyson Foods, Inc., Class A† | 22 | 1,527 | ||||||
|
| |||||||
122,196 | ||||||||
|
| |||||||
Health Care Equipment & Services — 5.3% |
| |||||||
Abbott Laboratories† | 107 | 8,554 | ||||||
AmerisourceBergen Corp. | 13 | 1,034 | ||||||
Anthem, Inc.† | 24 | 6,888 | ||||||
Cardinal Health, Inc. | 110 | 5,297 | ||||||
CVS Health Corp. | 441 | 23,783 | ||||||
Danaher Corp. | 43 | 5,677 | ||||||
HCA Healthcare, Inc.† | 118 | 15,385 | ||||||
Henry Schein, Inc.(a)* | 53 | 3,186 | ||||||
Humana, Inc.† | 14 | 3,724 | ||||||
Laboratory Corp. of America Holdings†* | 38 | 5,813 | ||||||
Medtronic PLC (Ireland)† | 65 | 5,920 | ||||||
Quest Diagnostics, Inc.(a) | 51 | 4,586 | ||||||
Stryker Corp. | 19 | 3,753 | ||||||
UnitedHealth Group, Inc.† | 149 | 36,842 | ||||||
WellCare Health Plans, Inc.* | 4 | 1,079 | ||||||
|
| |||||||
131,521 | ||||||||
|
| |||||||
Household & Personal Products — 1.9% |
| |||||||
Church & Dwight Co., Inc.† | 84 | 5,983 | ||||||
Clorox Co. (The)(a) | 5 | 802 | ||||||
Colgate-Palmolive Co.† | 55 | 3,770 | ||||||
Kimberly-Clark Corp.† | 21 | 2,602 |
The accompanying notes are an integral part of the financial statements.
63
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Procter & Gamble Co. (The)† | 321 | $ | 33,400 | |||||
|
| |||||||
46,557 | ||||||||
|
| |||||||
Insurance — 2.3% | ||||||||
Aflac, Inc. | 46 | 2,300 | ||||||
Allstate Corp. (The) | 21 | 1,978 | ||||||
Aon PLC (United Kingdom)† | 82 | 13,997 | ||||||
Arthur J Gallagher & Co. | 12 | 937 | ||||||
Assurant, Inc. | 4 | 380 | ||||||
Cincinnati Financial Corp. | 4 | 344 | ||||||
Hartford Financial Services Group, Inc. (The)† | 7 | 348 | ||||||
Loews Corp.† | 19 | 911 | ||||||
Marsh & McLennan Cos., Inc.† | 185 | 17,372 | ||||||
Progressive Corp. (The)† | 166 | 11,967 | ||||||
Prudential Financial, Inc. | 16 | 1,470 | ||||||
Torchmark Corp.(a) | 6 | 492 | ||||||
Travelers Cos., Inc. (The) | 16 | 2,195 | ||||||
Unum Group | 46 | 1,556 | ||||||
Willis Towers Watson PLC (Ireland) | 7 | 1,230 | ||||||
|
| |||||||
57,477 | ||||||||
|
| |||||||
Materials — 3.4% | ||||||||
Avery Dennison Corp. | 32 | 3,616 | ||||||
Ball Corp. | 116 | 6,712 | ||||||
Celanese Corp. | 45 | 4,437 | ||||||
CF Industries Holdings, Inc. | 76 | 3,107 | ||||||
DowDuPont, Inc.† | 586 | 31,240 | ||||||
Eastman Chemical Co. | 52 | 3,946 | ||||||
Ecolab, Inc. | 21 | 3,707 | ||||||
FMC Corp. | 31 | 2,381 | ||||||
International Paper Co.† | 149 | 6,894 | ||||||
Mosaic Co. (The) | 97 | 2,649 | ||||||
Nucor Corp.† | 115 | 6,710 | ||||||
Packaging Corp. of America | 35 | 3,478 | ||||||
PPG Industries, Inc. | 14 | 1,580 | ||||||
Sealed Air Corp. | 55 | 2,533 | ||||||
Sherwin-Williams Co. (The) | 5 | 2,154 | ||||||
Vulcan Materials Co. | 8 | 947 | ||||||
|
| |||||||
86,091 | ||||||||
|
| |||||||
Media & Entertainment — 4.3% |
| |||||||
Alphabet, Inc., Class A†* | 30 | 35,307 | ||||||
Comcast Corp., Class A† | 242 | 9,675 | ||||||
Discovery, Inc., Class A(a)* | 245 | 6,620 | ||||||
DISH Network Corp., Class A(a)* | 141 | 4,468 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Facebook, Inc., Class A†* | 170 | $ | 28,337 | |||||
Fox Corp., Class A* | 24 | 881 | ||||||
Interpublic Group of Cos., Inc. (The) | 131 | 2,752 | ||||||
News Corp., Class A† | 215 | 2,675 | ||||||
Omnicom Group, Inc.†(a) | 50 | 3,650 | ||||||
Viacom, Inc., Class B | 138 | 3,874 | ||||||
Walt Disney Co. (The)† | 91 | 10,104 | ||||||
|
| |||||||
108,343 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 10.1% |
| |||||||
AbbVie, Inc.† | 269 | 21,679 | ||||||
Amgen, Inc.† | 149 | 28,307 | ||||||
Biogen, Inc.†* | 68 | 16,074 | ||||||
Bristol-Myers Squibb Co.† | 575 | 27,433 | ||||||
Celgene Corp.†* | 257 | 24,245 | ||||||
Eli Lilly & Co.† | 214 | 27,769 | ||||||
Gilead Sciences, Inc.† | 84 | 5,461 | ||||||
Johnson & Johnson† | 201 | 28,098 | ||||||
Merck & Co., Inc.† | 284 | 23,620 | ||||||
Pfizer, Inc.† | 930 | 39,497 | ||||||
Regeneron Pharmaceuticals, Inc.* | 5 | 2,053 | ||||||
Thermo Fisher Scientific, Inc. | 24 | 6,569 | ||||||
Waters Corp.* | 4 | 1,007 | ||||||
|
| |||||||
251,812 | ||||||||
|
| |||||||
Real Estate — 1.7% | ||||||||
Apartment Investment & Management Co., Class A, REIT | 9 | 453 | ||||||
AvalonBay Communities, Inc., REIT | 9 | 1,807 | ||||||
Boston Properties, Inc., REIT | 9 | 1,205 | ||||||
CBRE Group, Inc., Class A* | 118 | 5,835 | ||||||
Duke Realty Corp., REIT | 42 | 1,284 | ||||||
Equity Residential, REIT | 23 | 1,732 | ||||||
Federal Realty Investment Trust, REIT | 4 | 551 | ||||||
HCP, Inc., REIT | 29 | 908 | ||||||
Mid-America Apartment Communities, Inc., REIT | 7 | 765 | ||||||
Prologis, Inc., REIT | 39 | 2,806 | ||||||
Realty Income Corp., REIT†(a) | 108 | 7,945 | ||||||
Simon Property Group, Inc., REIT | 19 | 3,462 | ||||||
SL Green Realty Corp., REIT | 6 | 540 | ||||||
UDR, Inc., REIT | 40 | 1,818 | ||||||
Ventas, Inc., REIT | 22 | 1,404 | ||||||
Welltower, Inc., REIT† | 133 | 10,321 |
The accompanying notes are an integral part of the financial statements.
64
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Real Estate — (Continued) |
| |||||||
Weyerhaeuser Co., REIT† | 7 | $ | 184 | |||||
|
| |||||||
43,020 | ||||||||
|
| |||||||
Retailing — 6.2% | ||||||||
Advance Auto Parts, Inc. | 23 | 3,922 | ||||||
Amazon.com, Inc.†* | 25 | 44,519 | ||||||
AutoZone, Inc.* | 6 | 6,145 | ||||||
Best Buy Co., Inc. | 34 | 2,416 | ||||||
Booking Holdings, Inc.†* | 12 | 20,939 | ||||||
Dollar General Corp.† | 37 | 4,414 | ||||||
eBay, Inc.† | 353 | 13,110 | ||||||
Foot Locker, Inc.(a) | 15 | 909 | ||||||
Genuine Parts Co. | 54 | 6,050 | ||||||
Home Depot, Inc. (The)† | 70 | 13,432 | ||||||
Kohl’s Corp. | 56 | 3,851 | ||||||
L Brands, Inc. | 17 | 469 | ||||||
Nordstrom, Inc.(a) | 9 | 399 | ||||||
O’Reilly Automotive, Inc.†* | 5 | 1,942 | ||||||
Target Corp. | 23 | 1,846 | ||||||
Tiffany & Co.(a) | 42 | 4,433 | ||||||
TJX Cos., Inc. (The)† | 430 | 22,880 | ||||||
Tractor Supply Co. | 26 | 2,542 | ||||||
|
| |||||||
154,218 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.0% |
| |||||||
Applied Materials, Inc.† | 355 | 14,079 | ||||||
Intel Corp.† | 440 | 23,628 | ||||||
KLA-Tencor Corp. | 56 | 6,687 | ||||||
Lam Research Corp.†(a) | 56 | 10,025 | ||||||
Microchip Technology, Inc. | 91 | 7,549 | ||||||
Micron Technology, Inc.†* | 433 | 17,896 | ||||||
Skyworks Solutions, Inc. | 62 | 5,114 | ||||||
Texas Instruments, Inc. | 61 | 6,470 | ||||||
Xilinx, Inc. | 70 | �� | 8,875 | |||||
|
| |||||||
100,323 | ||||||||
|
| |||||||
Software & Services — 8.9% | ||||||||
Accenture PLC, Class A (Ireland)† | 117 | 20,594 | ||||||
Automatic Data Processing, Inc.† | 64 | 10,223 | ||||||
Cadence Design Systems, Inc.* | 17 | 1,080 | ||||||
Cognizant Technology Solutions Corp., Class A† | 36 | 2,608 | ||||||
DXC Technology Co.† | 104 | 6,688 | ||||||
Fidelity National Information Services, Inc. | 1 | 113 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
International Business Machines Corp.† | 253 | $ | 35,698 | |||||
Mastercard, Inc., Class A† | 43 | 10,124 | ||||||
Microsoft Corp.† | 430 | 50,714 | ||||||
Oracle Corp.† | 121 | 6,499 | ||||||
Paychex, Inc. | 123 | 9,865 | ||||||
PayPal Holdings, Inc.†* | 406 | 42,159 | ||||||
salesforce.com, Inc.* | 9 | 1,425 | ||||||
VeriSign, Inc.* | 8 | 1,453 | ||||||
Visa, Inc., Class A† | 134 | 20,929 | ||||||
Western Union Co. (The) | 162 | 2,992 | ||||||
|
| |||||||
223,164 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 6.9% |
| |||||||
Amphenol Corp., Class A | 57 | 5,383 | ||||||
Apple, Inc.† | 464 | 88,137 | ||||||
Arista Networks, Inc.* | 4 | 1,258 | ||||||
Cisco Systems, Inc.† | 269 | 14,523 | ||||||
Corning, Inc.† | 48 | 1,589 | ||||||
F5 Networks, Inc.* | 20 | 3,139 | ||||||
FLIR Systems, Inc. | 47 | 2,236 | ||||||
Hewlett Packard Enterprise Co.† | 432 | 6,666 | ||||||
HP, Inc.† | 588 | 11,425 | ||||||
Juniper Networks, Inc. | 120 | 3,176 | ||||||
Keysight Technologies, Inc.* | 11 | 959 | ||||||
Motorola Solutions, Inc.† | 60 | 8,425 | ||||||
NetApp, Inc.† | 93 | 6,449 | ||||||
Seagate Technology PLC | 103 | 4,933 | ||||||
TE Connectivity Ltd. (Switzerland)† | 120 | 9,690 | ||||||
Western Digital Corp.(a) | 17 | 817 | ||||||
Xerox Corp. | 91 | 2,910 | ||||||
|
| |||||||
171,715 | ||||||||
|
| |||||||
Telecommunication Services — 1.8% |
| |||||||
AT&T, Inc. | 442 | 13,861 | ||||||
CenturyLink, Inc.†(a) | 397 | 4,760 | ||||||
Verizon Communications, Inc.† | 442 | 26,135 | ||||||
|
| |||||||
44,756 | ||||||||
|
| |||||||
Transportation — 1.7% | ||||||||
American Airlines Group, Inc.† | 28 | 889 | ||||||
CH Robinson Worldwide, Inc. | 9 | 783 | ||||||
CSX Corp.† | 277 | 20,725 | ||||||
Delta Air Lines, Inc. | 42 | 2,169 | ||||||
Expeditors International of Washington, Inc.† | 2 | 152 |
The accompanying notes are an integral part of the financial statements.
65
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
FedEx Corp. | 11 | $ | 1,996 | |||||
Norfolk Southern Corp.† | 33 | 6,167 | ||||||
Southwest Airlines Co. | 34 | 1,765 | ||||||
Union Pacific Corp. | 44 | 7,357 | ||||||
|
| |||||||
42,003 | ||||||||
|
| |||||||
Utilities — 2.2% | ||||||||
AES Corp.† | 41 | 741 | ||||||
CenterPoint Energy, Inc.(a) | 30 | 921 | ||||||
Dominion Energy, Inc. | 232 | 17,785 | ||||||
DTE Energy Co. | 11 | 1,372 | ||||||
Duke Energy Corp. | 7 | 630 | ||||||
Evergy, Inc. | 87 | 5,050 | ||||||
Eversource Energy | 20 | 1,419 | ||||||
Exelon Corp.† | 235 | 11,781 | ||||||
FirstEnergy Corp. | 12 | 499 | ||||||
NextEra Energy, Inc. | 29 | 5,606 | ||||||
NRG Energy, Inc.† | 109 | 4,630 | ||||||
PPL Corp.(a) | 43 | 1,365 | ||||||
Public Service Enterprise Group, Inc. | 31 | 1,842 | ||||||
WEC Energy Group, Inc. | 6 | 474 | ||||||
|
| |||||||
54,115 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 2,511,356 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 100.4% |
|
|
2,511,356 |
| ||||
|
| |||||||
(Cost $2,286,146) | ||||||||
SHORT POSITIONS — (39.5)% |
| |||||||
COMMON STOCKS — (39.5)% |
| |||||||
Automobiles & Components — (0.5)% |
| |||||||
Aptiv PLC (Jersey) | (56 | ) | (4,451 | ) | ||||
Ford Motor Co. | (898 | ) | (7,884 | ) | ||||
Harley-Davidson, Inc. | (36 | ) | (1,284 | ) | ||||
|
| |||||||
(13,619 | ) | |||||||
|
| |||||||
Banks — (0.6)% | ||||||||
Citigroup, Inc. | (24 | ) | (1,493 | ) | ||||
Citizens Financial Group, Inc. | (73 | ) | (2,373 | ) | ||||
Fifth Third Bancorp | (116 | ) | (2,926 | ) | ||||
KeyCorp. | (234 | ) | (3,686 | ) | ||||
Regions Financial Corp. | (242 | ) | (3,424 | ) | ||||
Zions Bancorp NA | (1 | ) | (45 | ) | ||||
|
| |||||||
(13,947 | ) | |||||||
|
| |||||||
Capital Goods — (1.8)% | ||||||||
Deere & Co. | (10 | ) | (1,598 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Fastenal Co. | (68 | ) | $ | (4,373 | ) | |||
Fluor Corp. | (12 | ) | (442 | ) | ||||
General Electric Co. | (1,310 | ) | (13,087 | ) | ||||
Harris Corp. | (26 | ) | (4,152 | ) | ||||
Jacobs Engineering Group, Inc. | (31 | ) | (2,331 | ) | ||||
PACCAR, Inc. | (16 | ) | (1,090 | ) | ||||
Rockwell Automation, Inc. | (26 | ) | (4,562 | ) | ||||
United Rentals, Inc.* | (19 | ) | (2,171 | ) | ||||
United Technologies Corp. | (84 | ) | (10,827 | ) | ||||
Xylem, Inc. | (7 | ) | (553 | ) | ||||
|
| |||||||
(45,186 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (0.6)% |
| |||||||
Copart, Inc.* | (59 | ) | (3,575 | ) | ||||
Equifax, Inc. | (29 | ) | (3,437 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (93 | ) | (5,057 | ) | ||||
Rollins, Inc. | (78 | ) | (3,246 | ) | ||||
|
| |||||||
(15,315 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (0.9)% |
| |||||||
DR Horton, Inc. | (89 | ) | (3,683 | ) | ||||
Mohawk Industries, Inc.* | (16 | ) | (2,018 | ) | ||||
NIKE, Inc., Class B | (147 | ) | (12,379 | ) | ||||
PulteGroup, Inc. | (67 | ) | (1,873 | ) | ||||
PVH Corp. | (17 | ) | (2,073 | ) | ||||
|
| |||||||
(22,026 | ) | |||||||
|
| |||||||
Consumer Services — (1.5)% |
| |||||||
Carnival Corp. (Panama) | (150 | ) | (7,608 | ) | ||||
Chipotle Mexican Grill, Inc.* | (7 | ) | (4,972 | ) | ||||
Hilton Worldwide Holdings, Inc. | (64 | ) | (5,319 | ) | ||||
Marriott International, Inc., Class A | (56 | ) | (7,005 | ) | ||||
MGM Resorts International | (125 | ) | (3,208 | ) | ||||
Royal Caribbean Cruises Ltd. | (49 | ) | (5,616 | ) | ||||
Wynn Resorts Ltd. | (25 | ) | (2,983 | ) | ||||
|
| |||||||
(36,711 | ) | |||||||
|
| |||||||
Diversified Financials — (1.0)% |
| |||||||
Ameriprise Financial, Inc. | (30 | ) | (3,843 | ) | ||||
Bank of New York Mellon Corp. (The) | (80 | ) | (4,034 | ) | ||||
Capital One Financial Corp. | (104 | ) | (8,496 | ) | ||||
Cboe Global Markets, Inc. | (26 | ) | (2,481 | ) | ||||
Morgan Stanley | (31 | ) | (1,308 | ) | ||||
Northern Trust Corp. | (19 | ) | (1,718 | ) | ||||
Raymond James Financial, Inc. | (25 | ) | (2,010 | ) | ||||
|
| |||||||
(23,890 | ) | |||||||
|
|
The accompanying notes are an integral part of the financial statements.
66
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (3.9)% | ||||||||
Anadarko Petroleum Corp. | (113 | ) | $ | (5,139 | ) | |||
Apache Corp. | (87 | ) | (3,015 | ) | ||||
Cabot Oil & Gas Corp. | (102 | ) | (2,662 | ) | ||||
Cimarex Energy Co. | (22 | ) | (1,538 | ) | ||||
Concho Resources, Inc. | (47 | ) | (5,215 | ) | ||||
Diamondback Energy, Inc. | (36 | ) | (3,655 | ) | ||||
EOG Resources, Inc. | (131 | ) | (12,469 | ) | ||||
Halliburton Co. | (181 | ) | (5,303 | ) | ||||
Helmerich & Payne, Inc. | (25 | ) | (1,389 | ) | ||||
Marathon Petroleum Corp. | (152 | ) | (9,097 | ) | ||||
National Oilwell Varco, Inc. | (86 | ) | (2,291 | ) | ||||
Noble Energy, Inc. | (114 | ) | (2,819 | ) | ||||
ONEOK, Inc. | (96 | ) | (6,705 | ) | ||||
Pioneer Natural Resources Co. | (37 | ) | (5,634 | ) | ||||
Schlumberger Ltd. (Curacao) | (307 | ) | (13,376 | ) | ||||
TechnipFMC PLC (United Kingdom) | (100 | ) | (2,352 | ) | ||||
Valero Energy Corp. | (94 | ) | (7,974 | ) | ||||
Williams Cos., Inc. (The) | (268 | ) | (7,697 | ) | ||||
|
| |||||||
(98,330 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.2)% |
| |||||||
Kroger Co. (The) | (184 | ) | (4,526 | ) | ||||
|
| |||||||
Food, Beverage & Tobacco — (1.0)% |
| |||||||
Brown-Forman Corp., Class B | (113 | ) | (5,964 | ) | ||||
Conagra Brands, Inc. | (111 | ) | (3,079 | ) | ||||
JM Smucker Co. (The) | (4 | ) | (466 | ) | ||||
Kellogg Co. | (70 | ) | (4,017 | ) | ||||
Lamb Weston Holdings, Inc. | (33 | ) | (2,473 | ) | ||||
Molson Coors Brewing Co., Class B | (48 | ) | (2,863 | ) | ||||
Monster Beverage Corp.* | (121 | ) | (6,604 | ) | ||||
|
| |||||||
(25,466 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (4.7)% |
| |||||||
ABIOMED, Inc.* | (10 | ) | (2,856 | ) | ||||
Align Technology, Inc.* | (18 | ) | (5,118 | ) | ||||
Baxter International, Inc. | (63 | ) | (5,123 | ) | ||||
Becton Dickinson and Co. | (48 | ) | (11,987 | ) | ||||
Boston Scientific Corp.* | (327 | ) | (12,550 | ) | ||||
Centene Corp.* | (77 | ) | (4,089 | ) | ||||
Cerner Corp.* | (81 | ) | (4,634 | ) | ||||
Cigna Corp. | (84 | ) | (13,509 | ) | ||||
Cooper Cos., Inc. (The) | (11 | ) | (3,258 | ) | ||||
DaVita, Inc.* | (37 | ) | (2,009 | ) | ||||
DENTSPLY SIRONA, Inc. | (51 | ) | (2,529 | ) | ||||
Edwards Lifesciences Corp.* | (49 | ) | (9,375 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Hologic, Inc.* | (63 | ) | $ | (3,049 | ) | |||
IDEXX Laboratories, Inc.* | (21 | ) | (4,696 | ) | ||||
Intuitive Surgical, Inc.* | (18 | ) | (10,270 | ) | ||||
McKesson Corp. | (32 | ) | (3,746 | ) | ||||
ResMed, Inc. | (32 | ) | (3,327 | ) | ||||
Teleflex, Inc. | (10 | ) | (3,022 | ) | ||||
Universal Health Services, Inc., Class B | (22 | ) | (2,943 | ) | ||||
Varian Medical Systems, Inc.* | (22 | ) | (3,118 | ) | ||||
Zimmer Biomet Holdings, Inc. | (45 | ) | (5,747 | ) | ||||
|
| |||||||
(116,955 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.4)% |
| |||||||
Coty, Inc., Class A | (177 | ) | (2,036 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (40 | ) | (6,622 | ) | ||||
|
| |||||||
(8,658 | ) | |||||||
|
| |||||||
Insurance — (0.8)% | ||||||||
American International Group, Inc. | (62 | ) | (2,670 | ) | ||||
Brighthouse Financial, Inc.* | (26 | ) | (944 | ) | ||||
Chubb Ltd. (Switzerland) | (10 | ) | (1,401 | ) | ||||
Everest Re Group Ltd. (Bermuda) | (10 | ) | (2,160 | ) | ||||
Lincoln National Corp. | (12 | ) | (704 | ) | ||||
MetLife, Inc. | (222 | ) | (9,451 | ) | ||||
Principal Financial Group, Inc. | (39 | ) | (1,957 | ) | ||||
|
| |||||||
(19,287 | ) | |||||||
|
| |||||||
Materials — (2.1)% | ||||||||
Air Products & Chemicals, Inc. | (52 | ) | (9,930 | ) | ||||
Albemarle Corp. | (26 | ) | (2,131 | ) | ||||
Freeport-McMoRan, Inc. | (321 | ) | (4,138 | ) | ||||
International Flavors & Fragrances, Inc. | (24 | ) | (3,091 | ) | ||||
Linde PLC (Ireland) | (103 | ) | (18,121 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (84 | ) | (7,063 | ) | ||||
Martin Marietta Materials, Inc. | (10 | ) | (2,012 | ) | ||||
Newmont Mining Corp. | (126 | ) | (4,507 | ) | ||||
Westrock Co. | (57 | ) | (2,186 | ) | ||||
|
| |||||||
(53,179 | ) | |||||||
|
| |||||||
Media & Entertainment — (1.6)% |
| |||||||
Activision Blizzard, Inc. | (172 | ) | (7,831 | ) | ||||
CBS Corp., Class B,non-voting shares | (89 | ) | (4,230 | ) |
The accompanying notes are an integral part of the financial statements.
67
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Charter Communications, Inc., Class A* | (39 | ) | $ | (13,529 | ) | |||
Electronic Arts, Inc.* | (29 | ) | (2,947 | ) | ||||
Netflix, Inc.* | (4 | ) | (1,426 | ) | ||||
Take-Two Interactive Software, Inc.* | (26 | ) | (2,454 | ) | ||||
TripAdvisor, Inc.* | (33 | ) | (1,698 | ) | ||||
Twitter, Inc.* | (164 | ) | (5,392 | ) | ||||
|
| |||||||
(39,507 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (2.9)% |
| |||||||
Agilent Technologies, Inc. | (75 | ) | (6,028 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (27 | ) | (3,650 | ) | ||||
Allergan PLC (Ireland) | (80 | ) | (11,713 | ) | ||||
Illumina, Inc.* | (30 | ) | (9,321 | ) | ||||
Incyte Corp.* | (51 | ) | (4,387 | ) | ||||
IQVIA Holdings, Inc.* | (47 | ) | (6,761 | ) | ||||
Mettler-Toledo International, Inc.* | (6 | ) | (4,338 | ) | ||||
Mylan NV (Netherlands)* | (1 | ) | (28 | ) | ||||
Nektar Therapeutics* | (39 | ) | (1,310 | ) | ||||
PerkinElmer, Inc. | (27 | ) | (2,602 | ) | ||||
Perrigo Co. PLC (Ireland) | (33 | ) | (1,589 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (61 | ) | (11,221 | ) | ||||
Zoetis, Inc. | (106 | ) | (10,671 | ) | ||||
|
| |||||||
(73,619 | ) | |||||||
|
| |||||||
Real Estate — (3.4)% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | (25 | ) | (3,564 | ) | ||||
American Tower Corp., REIT | (103 | ) | (20,297 | ) | ||||
Crown Castle International Corp., REIT | (97 | ) | (12,416 | ) | ||||
Digital Realty Trust, Inc., REIT | (46 | ) | (5,474 | ) | ||||
Equinix, Inc., REIT | (18 | ) | (8,157 | ) | ||||
Essex Property Trust, Inc., REIT | (16 | ) | (4,628 | ) | ||||
Extra Space Storage, Inc., REIT | (27 | ) | (2,752 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (159 | ) | (3,005 | ) | ||||
Iron Mountain, Inc., REIT | (68 | ) | (2,411 | ) | ||||
Kimco Realty Corp., REIT | (100 | ) | (1,850 | ) | ||||
Macerich Co. (The), REIT | (32 | ) | (1,387 | ) | ||||
Public Storage, REIT | (39 | ) | (8,493 | ) | ||||
Regency Centers Corp., REIT | (40 | ) | (2,700 | ) | ||||
SBA Communications Corp., REIT* | (27 | ) | (5,391 | ) | ||||
Vornado Realty Trust, REIT | (43 | ) | (2,900 | ) | ||||
|
| |||||||
(85,425 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (1.9)% |
| |||||||
CarMax, Inc.* | (41 | ) | $ | (2,862 | ) | |||
Dollar Tree, Inc.* | (56 | ) | (5,882 | ) | ||||
Expedia Group, Inc. | (37 | ) | (4,403 | ) | ||||
Gap, Inc. (The) | (46 | ) | (1,204 | ) | ||||
LKQ Corp.* | (69 | ) | (1,958 | ) | ||||
Lowe’s Cos., Inc. | (175 | ) | (19,157 | ) | ||||
Macy’s, Inc. | (71 | ) | (1,706 | ) | ||||
Ross Stores, Inc. | (82 | ) | (7,634 | ) | ||||
Ulta Beauty, Inc.* | (11 | ) | (3,836 | ) | ||||
|
| |||||||
(48,642 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (3.1)% |
| |||||||
Advanced Micro Devices, Inc.* | (261 | ) | (6,661 | ) | ||||
Analog Devices, Inc. | (81 | ) | (8,527 | ) | ||||
Broadcom, Inc. | (70 | ) | (21,050 | ) | ||||
Maxim Integrated Products, Inc. | (62 | ) | (3,297 | ) | ||||
NVIDIA Corp. | (117 | ) | (21,009 | ) | ||||
Qorvo, Inc.* | (27 | ) | (1,937 | ) | ||||
QUALCOMM, Inc. | (271 | ) | (15,455 | ) | ||||
|
| |||||||
(77,936 | ) | |||||||
|
| |||||||
Software & Services — (2.8)% |
| |||||||
Adobe, Inc.* | (5 | ) | (1,332 | ) | ||||
Akamai Technologies, Inc.* | (38 | ) | (2,725 | ) | ||||
Alliance Data Systems Corp. | (11 | ) | (1,925 | ) | ||||
ANSYS, Inc.* | (20 | ) | (3,654 | ) | ||||
Autodesk, Inc.* | (25 | ) | (3,896 | ) | ||||
Broadridge Financial Solutions, Inc. | (25 | ) | (2,592 | ) | ||||
Citrix Systems, Inc. | (30 | ) | (2,990 | ) | ||||
Fiserv, Inc.* | (95 | ) | (8,387 | ) | ||||
FleetCor Technologies, Inc.* | (11 | ) | (2,712 | ) | ||||
Fortinet, Inc.* | (37 | ) | (3,107 | ) | ||||
Gartner, Inc.* | (20 | ) | (3,034 | ) | ||||
Global Payments, Inc. | (37 | ) | (5,051 | ) | ||||
Intuit, Inc. | (33 | ) | (8,627 | ) | ||||
Jack Henry & Associates, Inc. | (1 | ) | (139 | ) | ||||
Red Hat, Inc.* | (42 | ) | (7,673 | ) | ||||
Symantec Corp. | (148 | ) | (3,403 | ) | ||||
Synopsys, Inc.* | (36 | ) | (4,145 | ) | ||||
Total System Services, Inc. | (44 | ) | (4,180 | ) | ||||
|
| |||||||
(69,572 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.1)% |
| |||||||
IPG Photonics Corp.* | (12 | ) | (1,821 | ) | ||||
|
| |||||||
Transportation — (1.2)% |
| |||||||
Alaska Air Group, Inc. | (27 | ) | (1,515 | ) |
The accompanying notes are an integral part of the financial statements.
68
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) | ||||||||
JB Hunt Transport Services, Inc. | (26 | ) | $ | (2,634 | ) | |||
Kansas City Southern | (25 | ) | (2,900 | ) | ||||
United Continental Holdings, Inc.* | (61 | ) | (4,867 | ) | ||||
United Parcel Service, Inc., Class B | (169 | ) | (18,884 | ) | ||||
|
| |||||||
(30,800 | ) | |||||||
|
| |||||||
Utilities — (2.5)% | ||||||||
Alliant Energy Corp. | (56 | ) | (2,639 | ) | ||||
Ameren Corp. | (31 | ) | (2,280 | ) | ||||
American Electric Power Co., Inc. | (111 | ) | (9,296 | ) | ||||
American Water Works Co., Inc. | (11 | ) | (1,147 | ) | ||||
Atmos Energy Corp. | (25 | ) | (2,573 | ) | ||||
CMS Energy Corp. | (66 | ) | (3,666 | ) | ||||
Consolidated Edison, Inc. | (74 | ) | (6,276 | ) | ||||
Edison International | (71 | ) | (4,396 | ) | ||||
Entergy Corp. | (43 | ) | (4,112 | ) | ||||
NiSource, Inc. | (85 | ) | (2,436 | ) | ||||
Pinnacle West Capital Corp. | (24 | ) | (2,294 | ) | ||||
Sempra Energy | (59 | ) | (7,426 | ) | ||||
Southern Co. (The) | (139 | ) | (7,184 | ) | ||||
Xcel Energy, Inc. | (121 | ) | (6,801 | ) | ||||
|
| |||||||
(62,526 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCKS |
| (986,943 | ) | |||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (39.5)% |
|
|
(986,943 |
) | ||||
|
| |||||||
(Proceeds $1,001,040) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 977,139 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
$ |
2,501,552 |
| |||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(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.
69
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number | ||||||||
of Shares | Value | |||||||
LONG POSITIONS — 174.3% |
| |||||||
COMMON STOCKS — 174.3% |
| |||||||
Automobiles & Components — 3.0% |
| |||||||
Aptiv PLC (Jersey) | 81 | $ | 6,439 | |||||
BorgWarner, Inc.† | 245 | 9,410 | ||||||
Cooper Tire & Rubber Co.(a) | 16 | 478 | ||||||
Dana, Inc.† | 435 | 7,717 | ||||||
Delphi Technologies PLC (Jersey) | 200 | 3,852 | ||||||
Fiat Chrysler Automobiles NV (Netherlands)†(a)* | 341 | 5,064 | ||||||
Garrett Motion, Inc.* | 88 | 1,296 | ||||||
General Motors Co.† | 668 | 24,783 | ||||||
Lear Corp.† | 60 | 8,143 | ||||||
Magna International, Inc. (Canada) | 38 | 1,850 | ||||||
Tenneco, Inc., Class A(a) | 78 | 1,728 | ||||||
Thor Industries, Inc. | 16 | 998 | ||||||
|
| |||||||
71,758 | ||||||||
|
| |||||||
Capital Goods — 26.7% |
| |||||||
3M Co.† | 60 | 12,467 | ||||||
A.O. Smith Corp.† | 126 | 6,718 | ||||||
Acuity Brands, Inc. | 7 | 840 | ||||||
AECOM†* | 42 | 1,246 | ||||||
AGCO Corp. | 52 | 3,617 | ||||||
Allegion PLC (Ireland) | 40 | 3,628 | ||||||
Allison Transmission Holdings, Inc.† | 187 | 8,400 | ||||||
Altra Industrial Motion Corp.† | 131 | 4,068 | ||||||
AMETEK, Inc.† | 26 | 2,157 | ||||||
Applied Industrial Technologies, Inc. | 29 | 1,725 | ||||||
Arconic, Inc.† | 511 | 9,765 | ||||||
Armstrong World Industries, Inc.† | 47 | 3,733 | ||||||
AZZ, Inc. | 34 | 1,392 | ||||||
BMC Stock Holdings, Inc.* | 82 | 1,449 | ||||||
BWX Technologies, Inc. | 49 | 2,429 | ||||||
Carlisle Cos., Inc. | 24 | 2,943 | ||||||
Colfax Corp.†(a)* | 251 | 7,450 | ||||||
Comfort Systems USA, Inc. | 34 | 1,781 | ||||||
Continental Building Products, Inc.†* | 133 | 3,297 | ||||||
Crane Co. | 17 | 1,439 | ||||||
Cummins, Inc.† | 144 | 22,733 | ||||||
Dover Corp.† | 140 | 13,132 | ||||||
Eaton Corp. PLC (Ireland)† | 392 | 31,580 | ||||||
EMCOR Group, Inc. | 72 | 5,262 | ||||||
Emerson Electric Co.† | 77 | 5,272 | ||||||
Federal Signal Corp. | 31 | 806 | ||||||
Flowserve Corp.(a) | 54 | 2,438 | ||||||
Fluor Corp.† | 40 | 1,472 |
Number | ||||||||
of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Fortive Corp.† | 228 | $ | 19,127 | |||||
Fortune Brands Home & Security, Inc.† | 151 | 7,189 | ||||||
Gardner Denver Holdings, Inc.†* | 190 | 5,284 | ||||||
Generac Holdings, Inc.†* | 48 | 2,459 | ||||||
General Dynamics Corp.† | 280 | 47,398 | ||||||
General Electric Co.† | 344 | 3,437 | ||||||
GMS, Inc.* | 40 | 605 | ||||||
Gorman-Rupp Co. (The)† | 15 | 509 | ||||||
GrafTech International Ltd.(a) | 358 | 4,579 | ||||||
Great Lakes Dredge & Dock Corp.* | 1 | 9 | ||||||
HD Supply Holdings, Inc.* | 45 | 1,951 | ||||||
Hexcel Corp.† | 72 | 4,980 | ||||||
Hillenbrand, Inc.† | 89 | 3,696 | ||||||
Honeywell International, Inc.† | 249 | 39,571 | ||||||
Hubbell, Inc.†(a) | 77 | 9,084 | ||||||
Huntington Ingalls Industries, Inc.† | 57 | 11,810 | ||||||
Illinois Tool Works, Inc.†(a) | 130 | 18,659 | ||||||
Ingersoll-Rand PLC (Ireland)† | 205 | 22,130 | ||||||
ITT, Inc. | 46 | 2,668 | ||||||
Jacobs Engineering Group, Inc.† | 3 | 226 | ||||||
Johnson Controls International PLC (Ireland)† | 615 | 22,718 | ||||||
Kaman Corp. | 39 | 2,279 | ||||||
KBR, Inc. | 31 | 592 | ||||||
L3 Technologies, Inc.† | 72 | 14,859 | ||||||
Lincoln Electric Holdings, Inc.† | 21 | 1,761 | ||||||
Lockheed Martin Corp.† | 80 | 24,013 | ||||||
Manitowoc Co., Inc. (The)(a)* | 28 | 459 | ||||||
Masco Corp.† | 447 | 17,572 | ||||||
Meritor, Inc.†* | 206 | 4,192 | ||||||
Milacron Holdings Corp.* | 92 | 1,041 | ||||||
National Presto Industries, Inc.(a) | 13 | 1,411 | ||||||
Northrop Grumman Corp.† | 136 | 36,666 | ||||||
nVent Electric PLC (Ireland) | 51 | 1,376 | ||||||
Oshkosh Corp.† | 15 | 1,127 | ||||||
Parker-Hannifin Corp.† | 28 | 4,805 | ||||||
Pentair PLC (Ireland)† | 153 | 6,810 | ||||||
Quanta Services, Inc. | 9 | 340 | ||||||
Raytheon Co.† | 237 | 43,153 | ||||||
Regal Beloit Corp. | 16 | 1,310 | ||||||
Rexnord Corp.* | 40 | 1,006 | ||||||
Rockwell Automation, Inc.† | 3 | 526 | ||||||
Snap-on, Inc.† | 60 | 9,391 |
The accompanying notes are an integral part of the financial statements.
70
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Spirit AeroSystems Holdings, Inc., | ||||||||
Class A† | 73 | $ | 6,682 | |||||
SPX FLOW, Inc.* | 16 | 510 | ||||||
Standex International Corp.† | 25 | 1,835 | ||||||
Stanley Black & Decker, Inc.† | 108 | 14,706 | ||||||
Teledyne Technologies, Inc.* | 14 | 3,318 | ||||||
Textron, Inc.† | 178 | 9,017 | ||||||
TransDigm Group, Inc.†* | 13 | 5,902 | ||||||
Univar, Inc.* | 201 | 4,454 | ||||||
Valmont Industries, Inc. | 7 | 911 | ||||||
Wabash National Corp. | 11 | 149 | ||||||
Wabtec Corp. | 90 | 6,635 | ||||||
Watts Water Technologies, Inc., Class A | 1 | 81 | ||||||
WESCO International, Inc.†* | 80 | 4,241 | ||||||
WW Grainger, Inc.† | 32 | 9,630 | ||||||
|
| |||||||
634,088 | ||||||||
|
| |||||||
Commercial & Professional Services — 4.8% |
| |||||||
ABM Industries, Inc.(a) | 66 | 2,399 | ||||||
ACCO Brands Corp. | 23 | 197 | ||||||
Brink’s Co. (The)(a) | 25 | 1,885 | ||||||
Clean Harbors, Inc.* | 89 | 6,366 | ||||||
Deluxe Corp.†(a) | 139 | 6,077 | ||||||
Equifax, Inc. | 13 | 1,540 | ||||||
FTI Consulting, Inc.†* | 107 | 8,220 | ||||||
Healthcare Services Group, Inc.(a) | 8 | 264 | ||||||
ICF International, Inc. | 10 | 761 | ||||||
KAR Auction Services, Inc.† | 34 | 1,745 | ||||||
ManpowerGroup, Inc. | 62 | 5,127 | ||||||
Navigant Consulting, Inc. | 58 | 1,129 | ||||||
Nielsen Holdings PLC (United Kingdom)† | 289 | 6,841 | ||||||
Quad/Graphics, Inc. | 30 | 357 | ||||||
Republic Services, Inc.† | 237 | 19,050 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada) | 20 | 680 | ||||||
Robert Half International, Inc.† | 113 | 7,363 | ||||||
Steelcase, Inc., Class A | 12 | 175 | ||||||
Tetra Tech, Inc.† | 61 | 3,635 | ||||||
Thomson Reuters Corp. (Canada) | 67 | 3,966 | ||||||
UniFirst Corp.† | 15 | 2,301 | ||||||
Verisk Analytics, Inc.† | 60 | 7,980 | ||||||
Waste Management, Inc.† | 253 | 26,289 | ||||||
|
| |||||||
114,347 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Consumer Durables & Apparel — 7.3% |
| |||||||
Acushnet Holdings Corp.(a) | 19 | $ | 440 | |||||
Callaway Golf Co.†(a) | 198 | 3,154 | ||||||
Capri Holdings Ltd. (British Virgin Islands)†* | 233 | 10,660 | ||||||
Carter’s, Inc.(a) | 41 | 4,132 | ||||||
Cavco Industries, Inc.†* | 13 | 1,528 | ||||||
Crocs, Inc.†* | 71 | 1,828 | ||||||
Deckers Outdoor Corp.†* | 61 | 8,966 | ||||||
Ethan Allen Interiors, Inc.(a) | 3 | 57 | ||||||
Fossil Group, Inc.* | 6 | 82 | ||||||
Garmin Ltd. (Switzerland)† | 277 | 23,919 | ||||||
Hanesbrands, Inc. | 465 | 8,314 | ||||||
Hasbro, Inc.(a) | 81 | 6,887 | ||||||
Helen of Troy Ltd. (Bermuda)(a)* | 26 | 3,015 | ||||||
Leggett & Platt, Inc.(a) | 155 | 6,544 | ||||||
Mattel, Inc.(a)* | 417 | 5,421 | ||||||
Newell Brands, Inc.†(a) | 346 | 5,308 | ||||||
NVR, Inc.†* | 6 | 16,602 | ||||||
PVH Corp.† | 51 | 6,219 | ||||||
Ralph Lauren Corp.† | 46 | 5,965 | ||||||
Skechers U.S.A., Inc., Class A†* | 154 | 5,176 | ||||||
Sonos, Inc.* | 24 | 247 | ||||||
Sturm Ruger & Co., Inc.(a) | 38 | 2,015 | ||||||
Tapestry, Inc.† | 316 | 10,267 | ||||||
Tupperware Brands Corp. | 68 | 1,739 | ||||||
Under Armour, Inc., Class C(a)* | 121 | 2,283 | ||||||
VF Corp.† | 247 | 21,467 | ||||||
Vista Outdoor, Inc.†* | 118 | 945 | ||||||
Whirlpool Corp.† | 72 | 9,568 | ||||||
Wolverine World Wide, Inc. | 2 | 71 | ||||||
|
| |||||||
172,819 | ||||||||
|
| |||||||
Consumer Services — 7.8% | ||||||||
Aramark† | 184 | 5,437 | ||||||
BJ’s Restaurants, Inc.†(a) | 88 | 4,161 | ||||||
Brinker International, Inc.† | 35 | 1,553 | ||||||
Carnival Corp. (Panama)† | 116 | 5,884 | ||||||
Cheesecake Factory, Inc. (The)(a) | 42 | 2,055 | ||||||
Choice Hotels International, Inc.†(a) | 60 | 4,664 | ||||||
Cracker Barrel Old Country Store, Inc. | 50 | 8,080 | ||||||
Darden Restaurants, Inc.† | 87 | 10,568 | ||||||
Denny’s Corp.†* | 61 | 1,119 | ||||||
Dine Brands Global, Inc.† | 20 | 1,826 | ||||||
frontdoor, Inc.* | 112 | 3,855 |
The accompanying notes are an integral part of the financial statements.
71
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — (Continued) |
| |||||||
Graham Holdings Co., Class B† | 6 | $ | 4,099 | |||||
Grand Canyon Education, Inc.†* | 10 | 1,145 | ||||||
Hilton Worldwide Holdings, Inc.† | 16 | 1,330 | ||||||
Houghton Mifflin Harcourt Co.* | 2 | 15 | ||||||
International Game Technology PLC (United Kingdom)(a) | 190 | 2,468 | ||||||
Jack in the Box, Inc.†(a) | 74 | 5,998 | ||||||
Las Vegas Sands Corp.† | 58 | 3,536 | ||||||
McDonald’s Corp.† | 234 | 44,437 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 202 | 11,102 | ||||||
PlayAGS, Inc.* | 3 | 72 | ||||||
SeaWorld Entertainment, Inc.†* | 282 | 7,264 | ||||||
Six Flags Entertainment Corp. | 41 | 2,023 | ||||||
Starbucks Corp.† | 83 | 6,170 | ||||||
Stars Group, Inc. (The) (Canada)* | 92 | 1,611 | ||||||
Weight Watchers International, | 344 | 6,932 | ||||||
Wendy’s Co. (The)(a) | 21 | 376 | ||||||
Wyndham Hotels & Resorts, Inc. | 125 | 6,249 | ||||||
Yum! Brands, Inc.† | 312 | 31,141 | ||||||
|
| |||||||
185,170 | ||||||||
|
| |||||||
Energy — 4.8% | ||||||||
Cameco Corp. (Canada)† | 12 | 141 | ||||||
Cenovus Energy, Inc. (Canada) | 129 | 1,120 | ||||||
Chevron Corp. | 45 | 5,543 | ||||||
CONSOL Energy, Inc.* | 49 | 1,677 | ||||||
CVR Energy, Inc.† | 85 | 3,502 | ||||||
Delek US Holdings, Inc.†(a) | 62 | 2,258 | ||||||
Enbridge, Inc. (Canada)† | 80 | 2,901 | ||||||
Equitrans Midstream Corp. | 32 | 697 | ||||||
FTS International, Inc.(a)* | 190 | 1,900 | ||||||
Halliburton Co.† | 167 | 4,893 | ||||||
Helix Energy Solutions Group, Inc.* | 223 | 1,764 | ||||||
Helmerich & Payne, Inc. | 30 | 1,667 | ||||||
HollyFrontier Corp.† | 122 | 6,011 | ||||||
Imperial Oil Ltd. (Canada) | 64 | 1,752 | ||||||
Kinder Morgan, Inc.† | 641 | 12,826 | ||||||
KLX Energy Services Holdings, Inc.* | 12 | 302 | ||||||
Nabors Industries Ltd. (Bermuda)(a) | 2,872 | 9,880 | ||||||
National Oilwell Varco, Inc.† | 203 | 5,408 | ||||||
Oceaneering International, Inc.(a)* | 29 | 457 | ||||||
Patterson-UTI Energy, Inc.(a) | 183 | 2,566 | ||||||
Pembina Pipeline Corp. (Canada) | 87 | 3,198 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) | ||||||||
Phillips 66† | 133 | $ | 12,658 | |||||
Precision Drilling Corp. (Canada)* | 56 | 134 | ||||||
ProPetro Holding Corp.†* | 165 | 3,719 | ||||||
Renewable Energy Group, Inc.†* | 266 | 5,841 | ||||||
RPC, Inc.† | 257 | 2,932 | ||||||
Schlumberger Ltd. (Curacao)† | 273 | 11,895 | ||||||
TechnipFMC PLC (United Kingdom)† | 11 | 259 | ||||||
Tidewater, Inc.* | 17 | 394 | ||||||
Williams Cos., Inc. (The)† | 213 | 6,117 | ||||||
World Fuel Services Corp. | 13 | 376 | ||||||
|
| |||||||
114,788 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.3% | ||||||||
BJ’s Wholesale Club Holdings, | 21 | 575 | ||||||
Casey’s General Stores, Inc.† | 6 | 773 | ||||||
Kroger Co. (The)† | 186 | 4,576 | ||||||
Sysco Corp.† | 525 | 35,049 | ||||||
Walgreens Boots Alliance, Inc.† | 449 | 28,408 | ||||||
Walmart, Inc.† | 324 | 31,600 | ||||||
|
| |||||||
100,981 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 18.8% |
| |||||||
Altria Group, Inc.† | 721 | 41,407 | ||||||
Archer-Daniels-Midland Co.† | 431 | 18,589 | ||||||
B&G Foods, Inc.(a) | 94 | 2,295 | ||||||
Bunge Ltd. (Bermuda) | 87 | 4,617 | ||||||
Campbell Soup Co.† | 439 | 16,739 | ||||||
Coca-Cola Co. (The)† | 679 | 31,818 | ||||||
Constellation Brands, Inc., Class A† | 154 | 27,001 | ||||||
General Mills, Inc.†(a) | 567 | 29,342 | ||||||
Hershey Co. (The)† | 199 | 22,851 | ||||||
Hormel Foods Corp.†(a) | 407 | 18,217 | ||||||
JM Smucker Co. (The)† | 82 | 9,553 | ||||||
John B. Sanfilippo & Son, Inc. | 7 | 503 | ||||||
Kellogg Co.† | 249 | 14,288 | ||||||
Kraft Heinz Co. (The)† | 805 | 26,283 | ||||||
Lamb Weston Holdings, Inc.† | 104 | 7,794 | ||||||
McCormick & Co., Inc.,non-voting shares†(a) | 113 | 17,021 | ||||||
Molson Coors Brewing Co., Class B† | 139 | 8,291 | ||||||
Mondelez International, Inc., Class A† | 504 | 25,160 | ||||||
Monster Beverage Corp.* | 148 | 8,078 | ||||||
PepsiCo, Inc.† | 333 | 40,809 | ||||||
Philip Morris International, Inc.† | 356 | 31,467 |
The accompanying notes are an integral part of the financial statements.
72
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Food, Beverage & Tobacco — (Continued) |
| |||||||
Pilgrim’s Pride Corp.†* | 263 | $ | 5,862 | |||||
Post Holdings, Inc.†* | 24 | 2,626 | ||||||
TreeHouse Foods, Inc.(a)* | 107 | 6,907 | ||||||
Tyson Foods, Inc., Class A† | 309 | 21,454 | ||||||
Universal Corp.† | 60 | 3,458 | ||||||
Vector Group Ltd.(a) | 515 | 5,557 | ||||||
|
| |||||||
447,987 | ||||||||
|
| |||||||
Health Care Equipment & Services — 12.0% |
| |||||||
Abbott Laboratories† | 89 | 7,115 | ||||||
Allscripts Healthcare Solutions, | 314 | 2,996 | ||||||
Amedisys, Inc.* | 2 | 247 | ||||||
AmerisourceBergen Corp. | 14 | 1,113 | ||||||
Avanos Medical, Inc.†(a)* | 80 | 3,414 | ||||||
Baxter International, Inc.† | 84 | 6,830 | ||||||
Becton Dickinson and Co.† | 2 | 499 | ||||||
Brookdale Senior Living, Inc.†* | 192 | 1,263 | ||||||
Cardinal Health, Inc.† | 340 | 16,371 | ||||||
Cerner Corp.†* | 138 | 7,895 | ||||||
CONMED Corp.(a) | 15 | 1,248 | ||||||
Cooper Cos., Inc. (The)† | 10 | 2,962 | ||||||
CVS Health Corp.† | 474 | 25,563 | ||||||
Danaher Corp.† | 52 | 6,865 | ||||||
DENTSPLY SIRONA, Inc.† | 238 | 11,802 | ||||||
Encompass Health Corp.† | 24 | 1,402 | ||||||
Globus Medical, Inc., Class A†* | 118 | 5,830 | ||||||
HCA Healthcare, Inc.† | 210 | 27,380 | ||||||
Henry Schein, Inc.†(a)* | 123 | 7,394 | ||||||
Hill-Rom Holdings, Inc.† | 69 | 7,304 | ||||||
HMS Holdings Corp.†* | 220 | 6,514 | ||||||
ICU Medical, Inc.†* | 6 | 1,436 | ||||||
Inovalon Holdings, Inc., Class A(a)* | 46 | 572 | ||||||
Integer Holdings Corp.†* | 85 | 6,411 | ||||||
Integra LifeSciences Holdings Corp.†* | 148 | 8,247 | ||||||
Laboratory Corp. of America Holdings†* | 86 | 13,156 | ||||||
LivaNova PLC (United Kingdom)†* | 81 | 7,877 | ||||||
Masimo Corp.†* | 30 | 4,148 | ||||||
McKesson Corp.† | 66 | 7,726 | ||||||
MEDNAX, Inc.†* | 252 | 6,847 | ||||||
Medtronic PLC (Ireland)† | 228 | 20,766 | ||||||
Meridian Bioscience, Inc. | 6 | 106 | ||||||
Natus Medical, Inc.* | 14 | 355 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
NextGen Healthcare, Inc.†(a)* | 149 | $ | 2,508 | |||||
NuVasive, Inc.* | 66 | 3,748 | ||||||
Omnicell, Inc.* | 26 | 2,102 | ||||||
Patterson Cos., Inc.† | 23 | 503 | ||||||
Quest Diagnostics, Inc.†(a) | 114 | 10,251 | ||||||
ResMed, Inc.† | 10 | 1,040 | ||||||
Select Medical Holdings Corp.* | 157 | 2,212 | ||||||
STERIS PLC (Ireland)† | 62 | 7,938 | ||||||
Stryker Corp. | 13 | 2,568 | ||||||
Tivity Health, Inc.†(a)* | 311 | 5,461 | ||||||
Universal Health Services, Inc., Class B† | 44 | 5,886 | ||||||
Varian Medical Systems, Inc.†* | 3 | 425 | ||||||
West Pharmaceutical Services, Inc.† | 18 | 1,984 | ||||||
Zimmer Biomet Holdings, Inc.† | 63 | 8,045 | ||||||
|
| |||||||
284,325 | ||||||||
|
| |||||||
Household & Personal Products — 5.0% |
| |||||||
Avon Products, Inc.* | 246 | 723 | ||||||
Church & Dwight Co., Inc.† | 216 | 15,386 | ||||||
Clorox Co. (The)†(a) | 117 | 18,774 | ||||||
Colgate-Palmolive Co.† | 402 | 27,553 | ||||||
Edgewell Personal Care Co.†(a)* | 134 | 5,881 | ||||||
elf Beauty, Inc.* | 3 | 32 | ||||||
Energizer Holdings, Inc. | 3 | 135 | ||||||
Kimberly-Clark Corp.† | 143 | 17,718 | ||||||
Procter & Gamble Co. (The)† | 323 | 33,608 | ||||||
|
| |||||||
119,810 | ||||||||
|
| |||||||
Materials — 5.1% | ||||||||
A. Schulman, Inc. CVR(b) | 1 | 1 | ||||||
Air Products & Chemicals, Inc. | 15 | 2,864 | ||||||
Ashland Global Holdings, Inc.† | 29 | 2,266 | ||||||
Axalta Coating Systems Ltd. (Bermuda)†* | 305 | 7,689 | ||||||
Balchem Corp. | 4 | 371 | ||||||
Bemis Co., Inc.†(a) | 71 | 3,939 | ||||||
Berry Global Group, Inc.†* | 9 | 485 | ||||||
Celanese Corp.† | 15 | 1,479 | ||||||
CF Industries Holdings, Inc. | 95 | 3,884 | ||||||
Chase Corp. | 13 | 1,203 | ||||||
Chemours Co. (The)† | 124 | 4,608 | ||||||
Crown Holdings, Inc.* | 45 | 2,456 | ||||||
Domtar Corp.† | 76 | 3,773 | ||||||
Eagle Materials, Inc.† | 44 | 3,709 | ||||||
Eastman Chemical Co. | 76 | 5,767 |
The accompanying notes are an integral part of the financial statements.
73
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) |
| |||||||
FMC Corp.† | 25 | $ | 1,920 | |||||
Graphic Packaging Holding Co. | 480 | 6,062 | ||||||
Greif, Inc., Class A | 16 | 660 | ||||||
H.B. Fuller Co. | 121 | 5,885 | ||||||
Innospec, Inc. | 1 | 83 | ||||||
International Paper Co.† | 100 | 4,627 | ||||||
Koppers Holdings, Inc.* | 1 | 26 | ||||||
Kraton Corp.* | 53 | 1,706 | ||||||
Kronos Worldwide, Inc.(a) | 16 | 224 | ||||||
Livent Corp.* | 6 | 74 | ||||||
Methanex Corp. (Canada)† | 59 | 3,355 | ||||||
Minerals Technologies, Inc. | 1 | 59 | ||||||
Neenah Paper, Inc.†(a) | 28 | 1,802 | ||||||
NewMarket Corp.† | 11 | 4,769 | ||||||
Norbord, Inc. (Canada) | 38 | 1,047 | ||||||
Nutrien Ltd. (Canada)† | 179 | 9,444 | ||||||
Olin Corp. | 216 | 4,998 | ||||||
PolyOne Corp.† | 149 | 4,367 | ||||||
Rayonier Advanced Materials, Inc.(a) | 351 | 4,760 | ||||||
RPM International, Inc.† | 64 | 3,715 | ||||||
ScottsMiracle-Gro Co. (The)†(a) | 53 | 4,165 | ||||||
Silgan Holdings, Inc. | 98 | 2,904 | ||||||
Sonoco Products Co.† | 32 | 1,969 | ||||||
Summit Materials, Inc., Class A* | 54 | 857 | ||||||
Verso Corp., Class A†* | 209 | 4,477 | ||||||
Westlake Chemical Corp.† | 29 | 1,968 | ||||||
|
| |||||||
120,417 | ||||||||
|
| |||||||
Media & Entertainment — 11.0% | ||||||||
Activision Blizzard, Inc.† | 209 | 9,516 | ||||||
Alphabet, Inc., Class A†* | 35 | 41,191 | ||||||
ANGI Homeservices, Inc., Class A* | 69 | 1,065 | ||||||
Cars.com, Inc.†(a)* | 326 | 7,433 | ||||||
Cinemark Holdings, Inc.† | 51 | 2,039 | ||||||
Comcast Corp., Class A† | 325 | 12,994 | ||||||
Discovery, Inc., Class A†(a)* | 471 | 12,726 | ||||||
DISH Network Corp., Class A†(a)* | 284 | 9,000 | ||||||
Electronic Arts, Inc.†* | 61 | 6,199 | ||||||
Facebook, Inc., Class A†* | 156 | 26,004 | ||||||
Gannett Co., Inc.(a) | 189 | 1,992 | ||||||
Gray Television, Inc.†(a)* | 329 | 7,027 | ||||||
IAC/InterActiveCorp.†* | 29 | 6,093 | ||||||
Interpublic Group of Cos., Inc. (The)† | 401 | 8,425 | ||||||
Marcus Corp. (The) | 18 | 721 | ||||||
MSG Networks, Inc., Class A†* | 161 | 3,502 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
New Media Investment Group, | 117 | $ | 1,228 | |||||
News Corp., Class A† | 681 | 8,472 | ||||||
Omnicom Group, Inc.†(a) | 234 | 17,080 | ||||||
QuinStreet, Inc.(a)* | 116 | 1,553 | ||||||
Sirius XM Holdings, Inc. | 202 | 1,145 | ||||||
TEGNA, Inc.† | 439 | 6,190 | ||||||
Tribune Media Co., Class A† | 198 | 9,136 | ||||||
TripAdvisor, Inc.†* | 15 | 772 | ||||||
Viacom, Inc., Class B† | 456 | 12,800 | ||||||
Walt Disney Co. (The)† | 424 | 47,077 | ||||||
|
| |||||||
261,380 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 10.3% |
| |||||||
AbbVie, Inc.† | 135 | 10,880 | ||||||
Agilent Technologies, Inc.† | 11 | 884 | ||||||
Amgen, Inc.† | 86 | 16,338 | ||||||
Biogen, Inc.†* | 97 | 22,929 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 9 | 2,751 | ||||||
Bristol-Myers Squibb Co.† | 420 | 20,038 | ||||||
Bruker Corp. | 138 | 5,305 | ||||||
CareDx, Inc.(a)* | 68 | 2,143 | ||||||
Celgene Corp.†* | 375 | 35,378 | ||||||
Charles River Laboratories International, Inc.* | 12 | 1,743 | ||||||
Eli Lilly & Co.† | 158 | 20,502 | ||||||
Gilead Sciences, Inc.† | 203 | 13,197 | ||||||
Johnson & Johnson† | 125 | 17,474 | ||||||
Ligand Pharmaceuticals, Inc.†* | 5 | 629 | ||||||
Medpace Holdings, Inc.†(a)* | 92 | 5,425 | ||||||
Merck & Co., Inc.† | 171 | 14,222 | ||||||
Mettler-Toledo International, Inc.* | 2 | 1,446 | ||||||
Mylan NV (Netherlands)* | 90 | 2,551 | ||||||
Neurocrine Biosciences, Inc.* | 4 | 352 | ||||||
PerkinElmer, Inc.(a) | 14 | 1,349 | ||||||
Pfizer, Inc.† | 727 | 30,876 | ||||||
PRA Health Sciences, Inc.†* | 38 | 4,191 | ||||||
QIAGEN NV (Netherlands)†* | 39 | 1,587 | ||||||
Regeneron Pharmaceuticals, Inc.†* | 9 | 3,696 | ||||||
Repligen Corp.(a)* | 8 | 473 | ||||||
Thermo Fisher Scientific, Inc.† | 24 | 6,569 | ||||||
Waters Corp.†* | 9 | 2,265 | ||||||
|
| |||||||
245,193 | ||||||||
|
| |||||||
Retailing — 15.8% | ||||||||
1-800-Flowers.com, Inc., Class A* | 2 | 36 | ||||||
Advance Auto Parts, Inc.† | 72 | 12,278 |
The accompanying notes are an integral part of the financial statements.
74
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) |
| |||||||
Amazon.com, Inc.†* | 24 | $ | 42,738 | |||||
Asbury Automotive Group, Inc.†(a)* | 33 | 2,289 | ||||||
AutoZone, Inc.†* | 19 | 19,458 | ||||||
Bed Bath & Beyond, Inc.† | 561 | 9,531 | ||||||
Best Buy Co., Inc. | 59 | 4,193 | ||||||
Booking Holdings, Inc.†* | 10 | 17,449 | ||||||
Core-Mark Holding Co., Inc. | 97 | 3,602 | ||||||
Dick’s Sporting Goods, Inc.(a) | 9 | 331 | ||||||
Dillard’s, Inc., Class A(a) | 20 | 1,440 | ||||||
Dollar General Corp.† | 163 | 19,446 | ||||||
Dollar Tree, Inc.* | 36 | 3,781 | ||||||
eBay, Inc.† | 785 | 29,155 | ||||||
Etsy, Inc.†* | 52 | 3,495 | ||||||
Foot Locker, Inc.(a) | 53 | 3,212 | ||||||
Gap, Inc. (The)(a) | 236 | 6,178 | ||||||
Genuine Parts Co.† | 189 | 21,174 | ||||||
Group 1 Automotive, Inc. | 5 | 324 | ||||||
Groupon, Inc.* | 88 | 312 | ||||||
Home Depot, Inc. (The)† | 104 | 19,957 | ||||||
Hudson Ltd., Class A (Bermuda)* | 39 | 536 | ||||||
J.C. Penney Co., Inc.* | 192 | 286 | ||||||
L Brands, Inc. | 89 | 2,455 | ||||||
Lithia Motors, Inc., Class A† | 37 | 3,432 | ||||||
LKQ Corp.* | 371 | 10,529 | ||||||
Lowe’s Cos., Inc.† | 163 | 17,844 | ||||||
Macy’s, Inc.(a) | 239 | 5,743 | ||||||
Michaels Cos., Inc. (The)* | 84 | 959 | ||||||
Murphy USA, Inc.* | 54 | 4,623 | ||||||
Office Depot, Inc. | 838 | 3,042 | ||||||
O’Reilly Automotive, Inc.†* | 25 | 9,708 | ||||||
Qurate Retail, Inc.†* | 568 | 9,077 | ||||||
Ross Stores, Inc.† | 46 | 4,283 | ||||||
Shutterfly, Inc.* | 200 | 8,128 | ||||||
Sonic Automotive, Inc., Class A(a) | 1 | 15 | ||||||
Stamps.com, Inc.(a)* | 53 | 4,315 | ||||||
Tailored Brands, Inc.(a) | 292 | 2,289 | ||||||
Target Corp. | 155 | 12,440 | ||||||
Tiffany & Co. | 24 | 2,533 | ||||||
TJX Cos., Inc. (The)† | 626 | 33,309 | ||||||
Tractor Supply Co.† | 88 | 8,603 | ||||||
Ulta Beauty, Inc.†* | 5 | 1,744 | ||||||
Urban Outfitters, Inc.†* | 242 | 7,173 | ||||||
Williams-Sonoma, Inc. | 42 | 2,363 | ||||||
|
| |||||||
375,808 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Semiconductors & Semiconductor Equipment — 3.6% |
| |||||||
Amkor Technology, Inc.* | 55 | $ | 470 | |||||
Analog Devices, Inc.† | 8 | 842 | ||||||
Applied Materials, Inc. | 91 | 3,609 | ||||||
Axcelis Technologies, Inc.* | 8 | 161 | ||||||
Cirrus Logic, Inc.* | 7 | 294 | ||||||
Diodes, Inc.†* | 122 | 4,233 | ||||||
Integrated Device Technology, Inc.* | 98 | 4,801 | ||||||
Intel Corp.† | 32 | 1,718 | ||||||
KLA-Tencor Corp. | 15 | 1,791 | ||||||
Lam Research Corp.(a) | 6 | 1,074 | ||||||
Lattice Semiconductor Corp.* | 18 | 215 | ||||||
Microchip Technology, Inc.† | 117 | 9,706 | ||||||
Micron Technology, Inc.†* | 207 | 8,555 | ||||||
MKS Instruments, Inc. | 36 | 3,350 | ||||||
Nanometrics, Inc.* | 80 | 2,470 | ||||||
ON Semiconductor Corp.†* | 481 | 9,894 | ||||||
Qorvo, Inc.* | 28 | 2,008 | ||||||
QUALCOMM, Inc.† | 55 | 3,137 | ||||||
Semtech Corp.* | 10 | 509 | ||||||
Skyworks Solutions, Inc.† | 192 | 15,836 | ||||||
Teradyne, Inc. | 99 | 3,944 | ||||||
Texas Instruments, Inc.† | 17 | 1,803 | ||||||
Versum Materials, Inc. | 86 | 4,327 | ||||||
|
| |||||||
84,747 | ||||||||
|
| |||||||
Software & Services — 14.6% | ||||||||
Accenture PLC, Class A (Ireland)† | 55 | 9,681 | ||||||
ACI Worldwide, Inc.* | 78 | 2,564 | ||||||
Adobe, Inc.†* | 2 | 533 | ||||||
Akamai Technologies, Inc.†* | 9 | 645 | ||||||
Alarm.com Holdings, Inc.(a)* | 64 | 4,154 | ||||||
Alteryx, Inc., Class A(a)* | 5 | 419 | ||||||
Amdocs, Ltd. (Guernsey) | 78 | 4,221 | ||||||
ANSYS, Inc.* | 38 | 6,943 | ||||||
Appfolio, Inc., Class A(a)* | 7 | 556 | ||||||
Aspen Technology, Inc.†* | 57 | 5,943 | ||||||
Automatic Data Processing, Inc.† | 39 | 6,230 | ||||||
Avaya Holdings Corp.†(a)* | 398 | 6,698 | ||||||
Blackbaud, Inc.(a) | 18 | 1,435 | ||||||
Booz Allen Hamilton Holding Corp.† | 47 | 2,733 | ||||||
Cadence Design Systems, Inc.* | 49 | 3,112 | ||||||
Cardtronics PLC, Class A (United Kingdom)(a)* | 38 | 1,352 | ||||||
CDK Global, Inc.† | 204 | 11,999 | ||||||
CGI, Inc. (Canada)* | 39 | 2,682 |
The accompanying notes are an integral part of the financial statements.
75
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Cision Ltd. (Cayman Islands)(a)* | 160 | $ | 2,203 | |||||
Citrix Systems, Inc.† | 175 | 17,440 | ||||||
CommVault Systems, Inc.†* | 61 | 3,949 | ||||||
Conduent, Inc.†* | 390 | 5,394 | ||||||
DXC Technology Co.† | 237 | 15,241 | ||||||
Endurance International Group Holdings, Inc.* | 48 | 348 | ||||||
Euronet Worldwide, Inc.(a)* | 17 | 2,424 | ||||||
Fair Isaac Corp.†* | 20 | 5,433 | ||||||
Fidelity National Information Services, Inc. | 31 | 3,506 | ||||||
Fiserv, Inc.(a)* | 8 | 706 | ||||||
Fortinet, Inc.†* | 148 | 12,428 | ||||||
Globant SA (Luxembourg)* | 39 | 2,785 | ||||||
GoDaddy, Inc., Class A* | 5 | 376 | ||||||
GTT Communications, Inc.(a)* | 21 | 729 | ||||||
International Business Machines Corp.† | 234 | 33,017 | ||||||
j2 Global, Inc.† | 65 | 5,629 | ||||||
Jack Henry & Associates, Inc.† | 36 | 4,995 | ||||||
Leidos Holdings, Inc.† | 19 | 1,218 | ||||||
LiveRamp Holdings, Inc.(a)* | 38 | 2,074 | ||||||
Manhattan Associates, Inc.†(a)* | 31 | 1,708 | ||||||
MAXIMUS, Inc.† | 40 | 2,839 | ||||||
Microsoft Corp.† | 75 | 8,846 | ||||||
Monotype Imaging Holdings, Inc. | 6 | 119 | ||||||
NIC, Inc.† | 220 | 3,760 | ||||||
Nuance Communications, Inc.†* | 531 | 8,990 | ||||||
Open Text Corp. (Canada)† | 207 | 7,955 | ||||||
Oracle Corp.† | 203 | 10,903 | ||||||
Palo Alto Networks, Inc.†* | 23 | 5,586 | ||||||
Paychex, Inc.† | 285 | 22,857 | ||||||
Paycom Software, Inc.(a)* | 20 | 3,783 | ||||||
PayPal Holdings, Inc.†* | 86 | 8,930 | ||||||
Progress Software Corp.† | 113 | 5,014 | ||||||
Qualys, Inc.(a)* | 36 | 2,979 | ||||||
Red Hat, Inc.†* | 21 | 3,837 | ||||||
salesforce.com, Inc.* | 11 | 1,742 | ||||||
SPS Commerce, Inc.†* | 58 | 6,151 | ||||||
SS&C Technologies Holdings, Inc.† | 176 | 11,209 | ||||||
Synopsys, Inc.* | 9 | 1,036 | ||||||
Travelport Worldwide Ltd. | 60 | 944 | ||||||
Tyler Technologies, Inc.†* | 26 | 5,314 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Verint Systems, Inc.* | 39 | $ | 2,335 | |||||
VeriSign, Inc.†* | 43 | 7,807 | ||||||
VMware, Inc., Class A†(a) | 60 | 10,831 | ||||||
Western Union Co. (The)† | 584 | 10,786 | ||||||
|
| |||||||
348,056 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.6% |
| |||||||
Amphenol Corp., Class A† | 105 | 9,916 | ||||||
Apple, Inc.† | 150 | 28,491 | ||||||
ARRIS International PLC (United Kingdom)†* | 300 | 9,483 | ||||||
Arrow Electronics, Inc.* | 70 | 5,394 | ||||||
Avnet, Inc. | 9 | 390 | ||||||
AVX Corp. | 46 | 798 | ||||||
Badger Meter, Inc. | 36 | 2,003 | ||||||
Belden, Inc.(a) | 65 | 3,490 | ||||||
Casa Systems, Inc.* | 31 | 257 | ||||||
Ciena Corp.†* | 112 | 4,182 | ||||||
Cisco Systems, Inc.† | 90 | 4,859 | ||||||
Coherent, Inc.(a)* | 26 | 3,685 | ||||||
CommScope Holding Co., Inc.†* | 393 | 8,540 | ||||||
Corning, Inc.† | 16 | 530 | ||||||
Diebold Nixdorf, Inc.* | 49 | 542 | ||||||
EchoStar Corp., Class A†* | 133 | 4,848 | ||||||
F5 Networks, Inc.†* | 85 | 13,339 | ||||||
FLIR Systems, Inc.† | 192 | 9,135 | ||||||
Hewlett Packard Enterprise Co.† | 461 | 7,113 | ||||||
HP, Inc.† | 806 | 15,661 | ||||||
Insight Enterprises, Inc.* | 38 | 2,092 | ||||||
Itron, Inc.* | 57 | 2,659 | ||||||
Jabil, Inc. | 52 | 1,383 | ||||||
Juniper Networks, Inc.† | 493 | 13,050 | ||||||
Keysight Technologies, Inc.* | 15 | 1,308 | ||||||
Mesa Laboratories, Inc. | 9 | 2,074 | ||||||
Motorola Solutions, Inc.† | 172 | 24,152 | ||||||
MTS Systems Corp. | 13 | 708 | ||||||
NetApp, Inc.† | 6 | 416 | ||||||
NETGEAR, Inc.(a)* | 23 | 762 | ||||||
OSI Systems, Inc.(a)* | 20 | 1,752 | ||||||
ScanSource, Inc.†* | 32 | 1,146 | ||||||
Seagate Technology PLC | 384 | 18,390 | ||||||
TE Connectivity Ltd. (Switzerland)† | 234 | 18,896 | ||||||
Tech Data Corp.* | 9 | 922 | ||||||
Ubiquiti Networks, Inc. | 3 | 449 | ||||||
Vishay Intertechnology, Inc.† | 319 | 5,892 |
The accompanying notes are an integral part of the financial statements.
76
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Western Digital Corp.†(a) | 56 | $ | 2,691 | |||||
Xerox Corp.† | 471 | 15,063 | ||||||
Zebra Technologies Corp., Class A†* | 29 | 6,076 | ||||||
|
| |||||||
252,537 | ||||||||
|
| |||||||
Telecommunication Services — 4.4% |
| |||||||
AT&T, Inc. | 793 | 24,868 | ||||||
BCE, Inc. (Canada)† | 63 | 2,797 | ||||||
CenturyLink, Inc.†(a) | 1,062 | 12,733 | ||||||
Cogent Communications Holdings, Inc. | 29 | 1,573 | ||||||
Intelsat SA (Luxembourg)* | 2 | 31 | ||||||
Rogers Communications, Inc., Class B (Canada)† | 178 | 9,580 | ||||||
United States Cellular Corp.†* | 14 | 643 | ||||||
Verizon Communications, Inc.† | 888 | 52,507 | ||||||
|
| |||||||
�� | 104,732 | |||||||
|
| |||||||
Transportation — 4.4% |
| |||||||
American Airlines Group, Inc.† | 86 | 2,731 | ||||||
ArcBest Corp.(a) | 52 | 1,601 | ||||||
CH Robinson Worldwide, Inc.† | 102 | 8,873 | ||||||
CSX Corp.† | 276 | 20,650 | ||||||
Delta Air Lines, Inc.† | 245 | 12,654 | ||||||
Echo Global Logistics, Inc.* | 43 | 1,066 | ||||||
Expeditors International of Washington, Inc.† | 29 | 2,201 | ||||||
Genesee & Wyoming, Inc., Class A* | 55 | 4,793 | ||||||
Golden Ocean Group Ltd. (Bermuda) | 4 | 19 | ||||||
Heartland Express, Inc.(a) | 109 | 2,102 | ||||||
Landstar System, Inc.† | 64 | 7,001 | ||||||
Norfolk Southern Corp. | 5 | 934 | ||||||
Schneider National, Inc., Class B† | 154 | 3,242 | ||||||
Southwest Airlines Co.† | 436 | 22,633 | ||||||
Union Pacific Corp. | 32 | 5,350 | ||||||
United Continental Holdings, Inc.* | 6 | 479 | ||||||
XPO Logistics, Inc.(a)* | 163 | 8,760 | ||||||
|
| |||||||
105,089 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,144,032 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 174.3% | 4,144,032 | |||||||
|
| |||||||
(Cost $3,761,108) |
Number of Shares | Value | |||||||
SHORT POSITIONS — (75.1)% |
| |||||||
COMMON STOCKS — (75.1)% |
| |||||||
Automobiles & Components — (1.8)% |
| |||||||
Adient PLC (Ireland) | (552 | ) | $ | (7,154 | ) | |||
Cooper-Standard Holding, Inc.* | (15 | ) | (704 | ) | ||||
Dorman Products, Inc.* | (66 | ) | (5,814 | ) | ||||
Ford Motor Co. | (1,049 | ) | (9,210 | ) | ||||
Fox Factory Holding Corp.* | (37 | ) | (2,586 | ) | ||||
Goodyear Tire & Rubber Co. (The) | (161 | ) | (2,922 | ) | ||||
LCI Industries | (105 | ) | (8,066 | ) | ||||
Standard Motor Products, Inc. | (24 | ) | (1,178 | ) | ||||
Tesla, Inc.* | (16 | ) | (4,478 | ) | ||||
Visteon Corp.* | (8 | ) | (539 | ) | ||||
|
| |||||||
(42,651 | ) | |||||||
|
| |||||||
Capital Goods — (10.4)% | ||||||||
AAON, Inc. | (35 | ) | (1,616 | ) | ||||
AAR Corp. | (125 | ) | (4,064 | ) | ||||
Actuant Corp., Class A | (41 | ) | (999 | ) | ||||
Advanced Drainage Systems, Inc. | (28 | ) | (722 | ) | ||||
Aegion Corp.* | (18 | ) | (316 | ) | ||||
American Woodmark Corp.* | (24 | ) | (1,983 | ) | ||||
Apogee Enterprises, Inc. | (44 | ) | (1,650 | ) | ||||
Arcosa, Inc. | (28 | ) | (855 | ) | ||||
Argan, Inc. | (37 | ) | (1,848 | ) | ||||
Astec Industries, Inc. | (50 | ) | (1,888 | ) | ||||
Astronics Corp.* | (80 | ) | (2,618 | ) | ||||
Atkore International Group, Inc.* | (21 | ) | (452 | ) | ||||
Axon Enterprise, Inc.* | (54 | ) | (2,938 | ) | ||||
Beacon Roofing Supply, Inc.* | (45 | ) | (1,447 | ) | ||||
Bloom Energy Corp., Class A* | (47 | ) | (607 | ) | ||||
Briggs & Stratton Corp. | (115 | ) | (1,360 | ) | ||||
Builders FirstSource, Inc.* | (181 | ) | (2,415 | ) | ||||
CAE, Inc. (Canada) | (8 | ) | (177 | ) | ||||
Chart Industries, Inc.* | (71 | ) | (6,427 | ) | ||||
CIRCOR International, Inc.* | (68 | ) | (2,217 | ) | ||||
CSW Industrials, Inc.* | (5 | ) | (286 | ) | ||||
Cubic Corp. | (61 | ) | (3,431 | ) | ||||
Curtiss-Wright Corp. | (13 | ) | (1,473 | ) | ||||
DMC Global, Inc. | (14 | ) | (695 | ) | ||||
Dycom Industries, Inc.* | (173 | ) | (7,948 | ) | ||||
EnerSys | (88 | ) | (5,734 | ) | ||||
Enphase Energy, Inc.* | (308 | ) | (2,843 | ) | ||||
Evoqua Water Technologies Corp.* | (191 | ) | (2,403 | ) | ||||
Fastenal Co. | (155 | ) | (9,968 | ) | ||||
Franklin Electric Co., Inc. | (21 | ) | (1,073 | ) |
The accompanying notes are an integral part of the financial statements.
77
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Gates Industrial Corp. PLC (United Kingdom)* | (80 | ) | $ | (1,147 | ) | |||
Granite Construction, Inc. | (76 | ) | (3,279 | ) | ||||
Griffon Corp. | (4 | ) | (74 | ) | ||||
Harris Corp. | (24 | ) | (3,833 | ) | ||||
HEICO Corp. | (42 | ) | (3,985 | ) | ||||
Herc Holdings, Inc.* | (48 | ) | (1,871 | ) | ||||
JELD-WEN Holding, Inc.* | (116 | ) | (2,049 | ) | ||||
John Bean Technologies Corp. | (11 | ) | (1,011 | ) | ||||
Kennametal, Inc. | (225 | ) | (8,269 | ) | ||||
Kratos Defense & Security Solutions, Inc.* | (337 | ) | (5,267 | ) | ||||
Lindsay Corp. | (4 | ) | (387 | ) | ||||
MasTec, Inc.* | (45 | ) | (2,164 | ) | ||||
Mercury Systems, Inc.* | (110 | ) | (7,049 | ) | ||||
Middleby Corp. (The)* | (34 | ) | (4,421 | ) | ||||
MRC Global, Inc.* | (218 | ) | (3,811 | ) | ||||
Mueller Water Products, Inc., Class A | (235 | ) | (2,359 | ) | ||||
Navistar International Corp.* | (55 | ) | (1,776 | ) | ||||
Nordson Corp. | (69 | ) | (9,144 | ) | ||||
NOW, Inc.* | (238 | ) | (3,322 | ) | ||||
NV5 Global, Inc.* | (3 | ) | (178 | ) | ||||
Patrick Industries, Inc.* | (135 | ) | (6,118 | ) | ||||
PGT Innovations, Inc.* | (116 | ) | (1,607 | ) | ||||
Plug Power, Inc.* | (162 | ) | (389 | ) | ||||
Primoris Services Corp. | (25 | ) | (517 | ) | ||||
Proto Labs, Inc.* | (31 | ) | (3,259 | ) | ||||
Raven Industries, Inc. | (44 | ) | (1,688 | ) | ||||
RBC Bearings, Inc.* | (7 | ) | (890 | ) | ||||
REV Group, Inc. | (124 | ) | (1,358 | ) | ||||
Roper Technologies, Inc. | (21 | ) | (7,181 | ) | ||||
SiteOne Landscape Supply, Inc.* | (68 | ) | (3,886 | ) | ||||
SPX Corp.* | (84 | ) | (2,922 | ) | ||||
Sunrun, Inc.* | (537 | ) | (7,550 | ) | ||||
Terex Corp. | (107 | ) | (3,438 | ) | ||||
Textainer Group Holdings Ltd. (Bermuda)* | (41 | ) | (396 | ) | ||||
Thermon Group Holdings, Inc.* | (10 | ) | (245 | ) | ||||
Toro Co. (The) | (58 | ) | (3,993 | ) | ||||
TPI Composites, Inc.* | (18 | ) | (515 | ) | ||||
Trex Co., Inc.* | (6 | ) | (369 | ) | ||||
Triumph Group, Inc. | (398 | ) | (7,586 | ) | ||||
Tutor Perini Corp.* | (36 | ) | (616 | ) | ||||
United Rentals, Inc.* | (127 | ) | (14,510 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
United Technologies Corp. | (29 | ) | $ | (3,738 | ) | |||
Universal Forest Products, Inc. | (19 | ) | (568 | ) | ||||
USG Corp. | (231 | ) | (10,002 | ) | ||||
Vicor Corp.* | (154 | ) | (4,777 | ) | ||||
Vivint Solar, Inc.* | (127 | ) | (631 | ) | ||||
WABCO Holdings, Inc.* | (46 | ) | (6,064 | ) | ||||
Welbilt, Inc.* | (56 | ) | (917 | ) | ||||
Wesco Aircraft Holdings, Inc.* | (126 | ) | (1,108 | ) | ||||
WillScot Corp.* | (141 | ) | (1,564 | ) | ||||
Woodward, Inc. | (48 | ) | (4,555 | ) | ||||
Xylem, Inc. | (68 | ) | (5,375 | ) | ||||
|
| |||||||
(246,181 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (2.5)% |
| |||||||
ADT, Inc. | (330 | ) | (2,109 | ) | ||||
Advanced Disposal Services, Inc.* | (70 | ) | (1,960 | ) | ||||
ASGN, Inc.* | (33 | ) | (2,095 | ) | ||||
Brady Corp., Class A | (18 | ) | (835 | ) | ||||
BrightView Holdings, Inc.* | (72 | ) | (1,037 | ) | ||||
Casella Waste Systems, Inc., Class A* | (46 | ) | (1,636 | ) | ||||
Cimpress NV (Netherlands)* | (29 | ) | (2,324 | ) | ||||
Copart, Inc.* | (229 | ) | (13,875 | ) | ||||
CoStar Group, Inc.* | (14 | ) | (6,530 | ) | ||||
Ennis, Inc. | (20 | ) | (415 | ) | ||||
Herman Miller, Inc. | (110 | ) | (3,870 | ) | ||||
IHS Markit Ltd. (Bermuda)* | (60 | ) | (3,263 | ) | ||||
Insperity, Inc. | (31 | ) | (3,833 | ) | ||||
Interface, Inc. | (81 | ) | (1,241 | ) | ||||
Korn Ferry | (35 | ) | (1,567 | ) | ||||
MSA Safety, Inc. | (40 | ) | (4,136 | ) | ||||
Multi-Color Corp. | (22 | ) | (1,098 | ) | ||||
Team, Inc.* | (152 | ) | (2,660 | ) | ||||
TriNet Group, Inc.* | (7 | ) | (418 | ) | ||||
Upwork, Inc.* | (19 | ) | (364 | ) | ||||
US Ecology, Inc. | (65 | ) | (3,639 | ) | ||||
|
| |||||||
(58,905 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.4)% |
| |||||||
American Outdoor Brands Corp.* | (170 | ) | (1,588 | ) | ||||
Canada Goose Holdings, Inc. (Canada)* | (128 | ) | (6,147 | ) | ||||
G-III Apparel Group Ltd.* | (226 | ) | (9,031 | ) | ||||
GoPro, Inc., Class A* | (246 | ) | (1,599 | ) | ||||
Installed Building Products, Inc.* | (74 | ) | (3,589 | ) | ||||
iRobot Corp.* | (85 | ) | (10,004 | ) |
The accompanying notes are an integral part of the financial statements.
78
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Johnson Outdoors, Inc., Class A | (5 | ) | $ | (357 | ) | |||
Lululemon Athletica, Inc.* | (33 | ) | (5,408 | ) | ||||
Malibu Boats, Inc., Class A* | (26 | ) | (1,029 | ) | ||||
NIKE, Inc., Class B | (50 | ) | (4,210 | ) | ||||
Oxford Industries, Inc. | (12 | ) | (903 | ) | ||||
Polaris Industries, Inc. | (55 | ) | (4,644 | ) | ||||
Roku, Inc.* | (51 | ) | (3,290 | ) | ||||
Skyline Champion Corp. | (83 | ) | (1,577 | ) | ||||
Tempur Sealy International, Inc.* | (17 | ) | (980 | ) | ||||
TopBuild Corp.* | (27 | ) | (1,750 | ) | ||||
|
| |||||||
(56,106 | ) | |||||||
|
| |||||||
Consumer Services — (4.0)% | ||||||||
Belmond Ltd., Class A (Bermuda)* | (74 | ) | (1,845 | ) | ||||
Boyd Gaming Corp. | (48 | ) | (1,313 | ) | ||||
Chegg, Inc.* | (33 | ) | (1,258 | ) | ||||
Chipotle Mexican Grill, Inc.* | (13 | ) | (9,234 | ) | ||||
Churchill Downs, Inc. | (6 | ) | (542 | ) | ||||
Dave & Buster’s Entertainment, Inc. | (81 | ) | (4,039 | ) | ||||
Eldorado Resorts, Inc.* | (178 | ) | (8,311 | ) | ||||
Fiesta Restaurant Group, Inc.* | (6 | ) | (79 | ) | ||||
Hyatt Hotels Corp., Class A | (106 | ) | (7,692 | ) | ||||
International Speedway Corp., Class A | (57 | ) | (2,487 | ) | ||||
K12, Inc.* | (11 | ) | (375 | ) | ||||
MGM Resorts International | (74 | ) | (1,899 | ) | ||||
Monarch Casino & Resort, Inc.* | (2 | ) | (88 | ) | ||||
Papa John’s International, Inc. | (164 | ) | (8,684 | ) | ||||
Planet Fitness, Inc., Class A* | (43 | ) | (2,955 | ) | ||||
Red Rock Resorts, Inc., Class A | (246 | ) | (6,359 | ) | ||||
Regis Corp.* | (30 | ) | (590 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (127 | ) | (14,557 | ) | ||||
Service Corp. International | (12 | ) | (482 | ) | ||||
ServiceMaster Global Holdings, | (9 | ) | (420 | ) | ||||
Shake Shack, Inc., Class A* | (177 | ) | (10,470 | ) | ||||
Texas Roadhouse, Inc. | (14 | ) | (871 | ) | ||||
Vail Resorts, Inc. | (13 | ) | (2,825 | ) | ||||
Wingstop, Inc. | (92 | ) | (6,995 | ) | ||||
Wynn Resorts Ltd. | (14 | ) | (1,670 | ) | ||||
|
| |||||||
(96,040 | ) | |||||||
|
| |||||||
Energy — (4.8)% | ||||||||
Archrock, Inc. | (246 | ) | (2,406 | ) | ||||
Cactus, Inc., Class A* | (32 | ) | (1,139 | ) | ||||
Cheniere Energy, Inc.* | (83 | ) | (5,674 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Clean Energy Fuels Corp.* | (7 | ) | $ | (22 | ) | |||
Covia Holdings Corp.* | (7 | ) | (39 | ) | ||||
DHT Holdings, Inc. (Marshall Islands) | (233 | ) | (1,039 | ) | ||||
Dril-Quip, Inc.* | (95 | ) | (4,356 | ) | ||||
Exterran Corp.* | (12 | ) | (202 | ) | ||||
Exxon Mobil Corp. | (103 | ) | (8,322 | ) | ||||
Forum Energy Technologies, Inc.* | (566 | ) | (2,892 | ) | ||||
Frank’s International NV (Netherlands)* | (52 | ) | (323 | ) | ||||
Green Plains, Inc. | (227 | ) | (3,786 | ) | ||||
Liberty Oilfield Services, Inc., Class A | (107 | ) | (1,647 | ) | ||||
Mammoth Energy Services, Inc. | (14 | ) | (233 | ) | ||||
Marathon Petroleum Corp. | (188 | ) | (11,252 | ) | ||||
McDermott International, Inc. (Panama)* | (960 | ) | (7,142 | ) | ||||
Newpark Resources, Inc.* | (37 | ) | (339 | ) | ||||
NexGen Energy Ltd. (Canada)* | (97 | ) | (157 | ) | ||||
Nine Energy Service, Inc.* | (14 | ) | (317 | ) | ||||
Noble Corp. PLC | (829 | ) | (2,379 | ) | ||||
Occidental Petroleum Corp. | (26 | ) | (1,721 | ) | ||||
Oil States International, Inc.* | (68 | ) | (1,153 | ) | ||||
ONEOK, Inc. | (10 | ) | (698 | ) | ||||
Par Pacific Holdings, Inc.* | (34 | ) | (606 | ) | ||||
RowanCos. PLC, Class A (United Kingdom)* | (352 | ) | (3,798 | ) | ||||
Seadrill Ltd. (Bermuda)* | (21 | ) | (175 | ) | ||||
Select Energy Services, Inc., Class A* | (52 | ) | (625 | ) | ||||
Ship Finance International Ltd. (Bermuda) | (231 | ) | (2,851 | ) | ||||
Solaris Oilfield Infrastructure, Inc., Class A | (258 | ) | (4,242 | ) | ||||
Superior Energy Services, Inc.* | (839 | ) | (3,918 | ) | ||||
Targa Resources Corp. | (357 | ) | (14,833 | ) | ||||
Transocean Ltd. (Switzerland)* | (1,740 | ) | (15,155 | ) | ||||
Unit Corp.* | (208 | ) | (2,962 | ) | ||||
US Silica Holdings, Inc. | (479 | ) | (8,315 | ) | ||||
|
| |||||||
(114,718 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.7)% |
| |||||||
Costco Wholesale Corp. | (8 | ) | (1,937 | ) | ||||
Ingles Markets, Inc., Class A | (22 | ) | (608 | ) | ||||
Performance Food Group Co.* | (225 | ) | (8,919 | ) | ||||
Rite Aid Corp.* | (2,231 | ) | (1,417 | ) |
The accompanying notes are an integral part of the financial statements.
79
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Food & Staples Retailing — (Continued) |
| |||||||
United Natural Foods, Inc.* | (307 | ) | $ | (4,059 | ) | |||
|
| |||||||
(16,940 | ) | |||||||
|
| |||||||
Food, Beverage & Tobacco — (3.4)% |
| |||||||
Brown-Forman Corp., Class B | (147 | ) | (7,759 | ) | ||||
Calavo Growers, Inc. | (34 | ) | (2,851 | ) | ||||
Coca-Cola Consolidated, Inc. | (22 | ) | (6,332 | ) | ||||
Conagra Brands, Inc. | (103 | ) | (2,857 | ) | ||||
Cott Corp. (Canada) | (193 | ) | (2,820 | ) | ||||
Darling Ingredients, Inc.* | (384 | ) | (8,314 | ) | ||||
Flowers Foods, Inc. | (364 | ) | (7,760 | ) | ||||
Fresh Del Monte Produce, Inc. (Cayman Islands) | (17 | ) | (460 | ) | ||||
Freshpet, Inc.* | (50 | ) | (2,114 | ) | ||||
Hain Celestial Group, Inc. (The)* | (420 | ) | (9,710 | ) | ||||
Hostess Brands, Inc.* | (45 | ) | (562 | ) | ||||
J&J Snack Foods Corp. | (39 | ) | (6,195 | ) | ||||
Lancaster Colony Corp. | (3 | ) | (470 | ) | ||||
MGP Ingredients, Inc. | (51 | ) | (3,935 | ) | ||||
Primo Water Corp.* | (30 | ) | (464 | ) | ||||
Sanderson Farms, Inc. | (137 | ) | (18,062 | ) | ||||
Simply Good Foods Co. (The)* | (33 | ) | (679 | ) | ||||
|
| |||||||
(81,344 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (5.8)% |
| |||||||
ABIOMED, Inc.* | (7 | ) | (1,999 | ) | ||||
Acadia Healthcare Co., Inc.* | (321 | ) | (9,409 | ) | ||||
Align Technology, Inc.* | (37 | ) | (10,520 | ) | ||||
AtriCure, Inc.* | (3 | ) | (80 | ) | ||||
Axogen, Inc.* | (202 | ) | (4,254 | ) | ||||
BioTelemetry, Inc.* | (45 | ) | (2,818 | ) | ||||
Cantel Medical Corp. | (40 | ) | (2,676 | ) | ||||
Castlight Health, Inc., Class B* | (3 | ) | (11 | ) | ||||
Chemed Corp. | (4 | ) | (1,280 | ) | ||||
Cigna Corp. | (77 | ) | (12,383 | ) | ||||
Diplomat Pharmacy, Inc.* | (474 | ) | (2,754 | ) | ||||
Edwards Lifesciences Corp.* | (2 | ) | (383 | ) | ||||
Ensign Group, Inc. (The) | (27 | ) | (1,382 | ) | ||||
Evolent Health, Inc., Class A* | (545 | ) | (6,856 | ) | ||||
Glaukos Corp.* | (56 | ) | (4,389 | ) | ||||
Guardant Health, Inc.* | (39 | ) | (2,991 | ) | ||||
Inspire Medical Systems, Inc.* | (67 | ) | (3,804 | ) | ||||
Insulet Corp.* | (86 | ) | (8,178 | ) | ||||
Intuitive Surgical, Inc.* | (7 | ) | (3,994 | ) | ||||
iRhythm Technologies, Inc.* | (76 | ) | (5,697 | ) | ||||
Medidata Solutions, Inc.* | (36 | ) | (2,637 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Merit Medical Systems, Inc.* | (10 | ) | $ | (618 | ) | |||
Neogen Corp.* | (1 | ) | (57 | ) | ||||
Nevro Corp.* | (235 | ) | (14,690 | ) | ||||
OraSure Technologies, Inc.* | (189 | ) | (2,107 | ) | ||||
Penumbra, Inc.* | (1 | ) | (147 | ) | ||||
PetIQ, Inc.* | (96 | ) | (3,015 | ) | ||||
RadNet, Inc.* | (61 | ) | (756 | ) | ||||
Senseonics Holdings, Inc.* | (542 | ) | (1,328 | ) | ||||
STAAR Surgical Co.* | (124 | ) | (4,240 | ) | ||||
Surgery Partners, Inc.* | (95 | ) | (1,072 | ) | ||||
Tabula Rasa Healthcare, Inc.* | (48 | ) | (2,708 | ) | ||||
Teladoc Health, Inc.* | (201 | ) | (11,176 | ) | ||||
Tenet Healthcare Corp.* | (27 | ) | (779 | ) | ||||
ViewRay, Inc.* | (603 | ) | (4,456 | ) | ||||
Vocera Communications, Inc.* | (42 | ) | (1,328 | ) | ||||
|
| |||||||
(136,972 | ) | |||||||
|
| |||||||
Household & Personal Products — (0.6)% |
| |||||||
Coty, Inc., Class A | (296 | ) | (3,404 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (4 | ) | (662 | ) | ||||
Spectrum Brands Holdings, Inc. | (104 | ) | (5,697 | ) | ||||
WD-40 Co. | (30 | ) | (5,083 | ) | ||||
|
| |||||||
(14,846 | ) | |||||||
|
| |||||||
Materials — (5.0)% | ||||||||
Albemarle Corp. | (175 | ) | (14,346 | ) | ||||
American Vanguard Corp. | (51 | ) | (878 | ) | ||||
AptarGroup, Inc. | (6 | ) | (638 | ) | ||||
Ball Corp. | (38 | ) | (2,199 | ) | ||||
Boise Cascade Co. | (28 | ) | (749 | ) | ||||
Cabot Corp. | (161 | ) | (6,702 | ) | ||||
DowDuPont, Inc. | (251 | ) | (13,381 | ) | ||||
Ecolab, Inc. | (15 | ) | (2,648 | ) | ||||
Element Solutions, Inc.* | (738 | ) | (7,454 | ) | ||||
Ferro Corp.* | (62 | ) | (1,174 | ) | ||||
GCP Applied Technologies, Inc.* | (124 | ) | (3,670 | ) | ||||
Ingevity Corp.* | (37 | ) | (3,908 | ) | ||||
International Flavors & Fragrances, Inc. | (73 | ) | (9,402 | ) | ||||
Linde PLC (Ireland) | (37 | ) | (6,509 | ) | ||||
Louisiana-Pacific Corp. | (60 | ) | (1,463 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (91 | ) | (7,651 | ) | ||||
Packaging Corp. of America | (13 | ) | (1,292 | ) | ||||
PH Glatfelter Co. | (98 | ) | (1,384 | ) |
The accompanying notes are an integral part of the financial statements.
80
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Materials — (Continued) | ||||||||
Quaker Chemical Corp. | (17 | ) | $ | (3,406 | ) | |||
Schweitzer-Mauduit International, Inc. | (2 | ) | (77 | ) | ||||
Sensient Technologies Corp. | (32 | ) | (2,169 | ) | ||||
Tredegar Corp. | (1 | ) | (16 | ) | ||||
Tronox Holdings PLC, Class A (United Kingdom) | (443 | ) | (5,825 | ) | ||||
US Concrete, Inc.* | (68 | ) | (2,817 | ) | ||||
Valhi, Inc. | (3 | ) | (7 | ) | ||||
Valvoline, Inc. | (99 | ) | (1,837 | ) | ||||
Venator Materials PLC (United Kingdom)* | (136 | ) | (764 | ) | ||||
Vulcan Materials Co. | (67 | ) | (7,933 | ) | ||||
Westrock Co. | (190 | ) | (7,286 | ) | ||||
WR Grace & Co. | (31 | ) | (2,419 | ) | ||||
|
| |||||||
(120,004 | ) | |||||||
|
| |||||||
Media & Entertainment — (4.7)% |
| |||||||
Altice USA, Inc., Class A | (100 | ) | (2,148 | ) | ||||
AMC Entertainment Holdings, Inc., Class A | (98 | ) | (1,455 | ) | ||||
AMC Networks, Inc., Class A* | (6 | ) | (341 | ) | ||||
Boston Omaha Corp., Class A* | (1 | ) | (25 | ) | ||||
Cable One, Inc. | (4 | ) | (3,926 | ) | ||||
Care.com, Inc.* | (38 | ) | (751 | ) | ||||
Cargurus, Inc.* | (52 | ) | (2,083 | ) | ||||
CBS Corp., Class B,non-voting shares | (360 | ) | (17,111 | ) | ||||
Charter Communications, Inc., Class A* | (20 | ) | (6,938 | ) | ||||
Entercom Communications Corp., Class A | (102 | ) | (536 | ) | ||||
Eventbrite, Inc., Class A* | (1 | ) | (19 | ) | ||||
EW Scripps Co. (The), Class A | (125 | ) | (2,625 | ) | ||||
Glu Mobile, Inc.* | (283 | ) | (3,096 | ) | ||||
Live Nation Entertainment, Inc.* | (62 | ) | (3,939 | ) | ||||
Madison Square Garden Co. (The), Class A* | (15 | ) | (4,397 | ) | ||||
Meredith Corp. | (34 | ) | (1,879 | ) | ||||
Netflix, Inc.* | (28 | ) | (9,984 | ) | ||||
New York Times Co. (The), Class A | (372 | ) | (12,220 | ) | ||||
Snap, Inc., Class A* | (152 | ) | (1,675 | ) | ||||
Take-Two Interactive Software, Inc.* | (84 | ) | (7,927 | ) | ||||
TrueCar, Inc.* | (446 | ) | (2,961 | ) | ||||
WideOpenWest, Inc.* | (46 | ) | (419 | ) | ||||
Yelp, Inc.* | (171 | ) | (5,900 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
Zillow Group, Inc., Class C* | (400 | ) | $ | (13,896 | ) | |||
Zynga, Inc., Class A* | (875 | ) | (4,664 | ) | ||||
|
| |||||||
(110,915 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (1.9)% |
| |||||||
Aerie Pharmaceuticals, Inc.* | (27 | ) | (1,282 | ) | ||||
Alder Biopharmaceuticals, Inc.* | (172 | ) | (2,348 | ) | ||||
Atara Biotherapeutics, Inc.* | (28 | ) | (1,113 | ) | ||||
Bio-Techne Corp. | (6 | ) | (1,191 | ) | ||||
Cambrex Corp.* | (82 | ) | (3,186 | ) | ||||
Codexis, Inc.* | (136 | ) | (2,792 | ) | ||||
Coherus Biosciences, Inc.* | (172 | ) | (2,346 | ) | ||||
Cymabay Therapeutics, Inc.* | (80 | ) | (1,062 | ) | ||||
CytomX Therapeutics, Inc.* | (8 | ) | (86 | ) | ||||
Epizyme, Inc.* | (50 | ) | (620 | ) | ||||
Esperion Therapeutics, Inc.* | (15 | ) | (602 | ) | ||||
Flexion Therapeutics, Inc.* | (23 | ) | (287 | ) | ||||
Illumina, Inc.* | (10 | ) | (3,107 | ) | ||||
Intellia Therapeutics, Inc.* | (93 | ) | (1,588 | ) | ||||
Intra-Cellular Therapies, Inc.* | (186 | ) | (2,265 | ) | ||||
Intrexon Corp.* | (217 | ) | (1,141 | ) | ||||
Luminex Corp. | (88 | ) | (2,025 | ) | ||||
MacroGenics, Inc.* | (55 | ) | (989 | ) | ||||
NanoString Technologies, Inc.* | (40 | ) | (957 | ) | ||||
Nektar Therapeutics* | (14 | ) | (470 | ) | ||||
NeoGenomics, Inc.* | (19 | ) | (389 | ) | ||||
Omeros Corp.* | (115 | ) | (1,998 | ) | ||||
Pacific Biosciences of California, Inc.* | (713 | ) | (5,155 | ) | ||||
Portola Pharmaceuticals, Inc.* | (37 | ) | (1,284 | ) | ||||
Radius Health, Inc.* | (40 | ) | (798 | ) | ||||
Revance Therapeutics, Inc.* | (23 | ) | (362 | ) | ||||
Spectrum Pharmaceuticals, Inc.* | (55 | ) | (588 | ) | ||||
TherapeuticsMD, Inc.* | (478 | ) | (2,328 | ) | ||||
Theravance Biopharma, Inc. (Cayman Islands)* | (114 | ) | (2,584 | ) | ||||
WaVe Life Sciences Ltd. (Singapore)* | (1 | ) | (39 | ) | ||||
|
| |||||||
(44,982 | ) | |||||||
|
| |||||||
Retailing — (5.3)% | ||||||||
Aaron’s, Inc. | (121 | ) | (6,365 | ) | ||||
Abercrombie & Fitch Co., Class A | (146 | ) | (4,002 | ) | ||||
At Home Group, Inc.* | (261 | ) | (4,661 | ) | ||||
Big Lots, Inc. | (352 | ) | (13,383 | ) | ||||
Boot Barn Holdings, Inc.* | (11 | ) | (324 | ) | ||||
Burlington Stores, Inc.* | (27 | ) | (4,230 | ) |
The accompanying notes are an integral part of the financial statements.
81
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
Caleres, Inc. | (173 | ) | $ | (4,271 | ) | |||
Camping World Holdings, Inc., Class A | (74 | ) | (1,029 | ) | ||||
CarMax, Inc.* | (110 | ) | (7,678 | ) | ||||
Carvana Co.* | (280 | ) | (16,257 | ) | ||||
Chico’s FAS, Inc. | (333 | ) | (1,422 | ) | ||||
Children’s Place, Inc. (The) | (30 | ) | (2,918 | ) | ||||
Designer Brands, Inc. | (148 | ) | (3,289 | ) | ||||
Duluth Holdings, Inc., Class B* | (4 | ) | (95 | ) | ||||
Farfetch Ltd., Class A (Cayman Islands)* | (36 | ) | (969 | ) | ||||
Five Below, Inc.* | (68 | ) | (8,449 | ) | ||||
Floor & Decor Holdings, Inc., Class A* | (208 | ) | (8,574 | ) | ||||
Funko, Inc., Class A* | (70 | ) | (1,520 | ) | ||||
Genesco, Inc.* | (8 | ) | (364 | ) | ||||
GrubHub, Inc.* | (87 | ) | (6,044 | ) | ||||
Guess?, Inc. | (232 | ) | (4,547 | ) | ||||
Kohl’s Corp. | (9 | ) | (619 | ) | ||||
Lands’ End, Inc.* | (16 | ) | (266 | ) | ||||
Monro, Inc. | (42 | ) | (3,634 | ) | ||||
National Vision Holdings, Inc.* | (82 | ) | (2,577 | ) | ||||
Nordstrom, Inc. | (134 | ) | (5,947 | ) | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | (35 | ) | (2,987 | ) | ||||
Party City Holdco, Inc.* | (269 | ) | (2,136 | ) | ||||
Penske Automotive Group, Inc. | (61 | ) | (2,724 | ) | ||||
Quotient Technology, Inc.* | (28 | ) | (276 | ) | ||||
Stitch Fix, Inc., Class A* | (87 | ) | (2,456 | ) | ||||
Wayfair, Inc., Class A* | (10 | ) | (1,484 | ) | ||||
|
| |||||||
(125,497 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (3.8)% |
| |||||||
Advanced Micro Devices, Inc.* | (68 | ) | (1,735 | ) | ||||
Ambarella, Inc. (Cayman Islands)* | (313 | ) | (13,522 | ) | ||||
Broadcom, Inc. | (2 | ) | (601 | ) | ||||
Brooks Automation, Inc. | (326 | ) | (9,562 | ) | ||||
Cabot Microelectronics Corp. | (30 | ) | (3,359 | ) | ||||
Cohu, Inc. | (6 | ) | (88 | ) | ||||
Entegris, Inc. | (43 | ) | (1,535 | ) | ||||
First Solar, Inc.* | (60 | ) | (3,170 | ) | ||||
FormFactor, Inc.* | (321 | ) | (5,165 | ) | ||||
Inphi Corp.* | (241 | ) | (10,541 | ) | ||||
MACOM Technology Solutions Holdings, Inc.* | (379 | ) | (6,333 | ) | ||||
MaxLinear, Inc.* | (170 | ) | (4,340 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
NVIDIA Corp. | (25 | ) | $ | (4,489 | ) | |||
Photronics, Inc.* | (82 | ) | (775 | ) | ||||
Power Integrations, Inc. | (32 | ) | (2,238 | ) | ||||
Rambus, Inc.* | (172 | ) | (1,797 | ) | ||||
Rudolph Technologies, Inc.* | (14 | ) | (319 | ) | ||||
Silicon Laboratories, Inc.* | (4 | ) | (323 | ) | ||||
Synaptics, Inc.* | (245 | ) | (9,739 | ) | ||||
Universal Display Corp. | (72 | ) | (11,005 | ) | ||||
Xperi Corp. | (24 | ) | (562 | ) | ||||
|
| |||||||
(91,198 | ) | |||||||
|
| |||||||
Software & Services — (8.7)% | ||||||||
8x8, Inc.* | (432 | ) | (8,726 | ) | ||||
Alliance Data Systems Corp. | (7 | ) | (1,225 | ) | ||||
Appian Corp.* | (75 | ) | (2,582 | ) | ||||
Avalara, Inc.* | (29 | ) | (1,618 | ) | ||||
Benefitfocus, Inc.* | (60 | ) | (2,971 | ) | ||||
Black Knight, Inc.* | (31 | ) | (1,690 | ) | ||||
BlackBerry Ltd. (Canada)* | (813 | ) | (8,203 | ) | ||||
Box, Inc., Class A* | (586 | ) | (11,316 | ) | ||||
Broadridge Financial Solutions, Inc. | (15 | ) | (1,555 | ) | ||||
CACI International, Inc., Class A* | (13 | ) | (2,366 | ) | ||||
Carbon Black, Inc.* | (240 | ) | (3,348 | ) | ||||
Cloudera, Inc.* | (687 | ) | (7,516 | ) | ||||
CoreLogic, Inc.* | (9 | ) | (335 | ) | ||||
DocuSign, Inc.* | (168 | ) | (8,709 | ) | ||||
Domo, Inc., Class B* | (52 | ) | (2,097 | ) | ||||
Everi Holdings, Inc.* | (4 | ) | (42 | ) | ||||
FireEye, Inc.* | (798 | ) | (13,398 | ) | ||||
First Data Corp., Class A* | (152 | ) | (3,993 | ) | ||||
ForeScout Technologies, Inc.* | (168 | ) | (7,041 | ) | ||||
Gartner, Inc.* | (10 | ) | (1,517 | ) | ||||
Global Payments, Inc. | (112 | ) | (15,290 | ) | ||||
Guidewire Software, Inc.* | (66 | ) | (6,413 | ) | ||||
Instructure, Inc.* | (47 | ) | (2,215 | ) | ||||
ManTech International Corp., Class A | (12 | ) | (648 | ) | ||||
Mastercard, Inc., Class A | (44 | ) | (10,360 | ) | ||||
MobileIron, Inc.* | (15 | ) | (82 | ) | ||||
MongoDB, Inc.* | (9 | ) | (1,323 | ) | ||||
New Relic, Inc.* | (9 | ) | (888 | ) | ||||
Nutanix, Inc., Class A* | (327 | ) | (12,341 | ) | ||||
Okta, Inc.* | (43 | ) | (3,557 | ) | ||||
Perficient, Inc.* | (6 | ) | (164 | ) | ||||
Pivotal Software, Inc., Class A* | (228 | ) | (4,754 | ) | ||||
Pluralsight, Inc., Class A* | (160 | ) | (5,078 | ) |
The accompanying notes are an integral part of the financial statements.
82
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
Science Applications International Corp. | (8 | ) | $ | (616 | ) | |||
SecureWorks Corp., Class A* | (24 | ) | (442 | ) | ||||
Shopify, Inc., Class A (Canada)* | (7 | ) | (1,446 | ) | ||||
Smartsheet, Inc., Class A* | (49 | ) | (1,999 | ) | ||||
Square, Inc., Class A* | (181 | ) | (13,561 | ) | ||||
Switch, Inc., Class A | (573 | ) | (5,908 | ) | ||||
Tenable Holdings, Inc.* | (121 | ) | (3,831 | ) | ||||
TiVo Corp. | (46 | ) | (429 | ) | ||||
Twilio, Inc., Class A* | (46 | ) | (5,942 | ) | ||||
WEX, Inc.* | (4 | ) | (768 | ) | ||||
Workday, Inc., Class A* | (10 | ) | (1,928 | ) | ||||
Worldpay, Inc., Class A* | (53 | ) | (6,016 | ) | ||||
Zuora, Inc., Class A* | (469 | ) | (9,394 | ) | ||||
|
| |||||||
(205,641 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (5.6)% |
| |||||||
3D Systems Corp.* | (563 | ) | (6,058 | ) | ||||
ADTRAN, Inc. | (7 | ) | (96 | ) | ||||
Anixter International, Inc.* | (7 | ) | (393 | ) | ||||
Arista Networks, Inc.* | (6 | ) | (1,887 | ) | ||||
Benchmark Electronics, Inc. | (39 | ) | (1,024 | ) | ||||
CalAmp Corp.* | (64 | ) | (805 | ) | ||||
Cognex Corp. | (162 | ) | (8,239 | ) | ||||
Comtech Telecommunications Corp. | (21 | ) | (488 | ) | ||||
Control4 Corp.* | (33 | ) | (559 | ) | ||||
Cray, Inc.* | (19 | ) | (495 | ) | ||||
Dolby Laboratories, Inc., Class A | (53 | ) | (3,337 | ) | ||||
Electronics For Imaging, Inc.* | (214 | ) | (5,757 | ) | ||||
Extreme Networks, Inc.* | (514 | ) | (3,850 | ) | ||||
Finisar Corp.* | (181 | ) | (4,194 | ) | ||||
Fitbit, Inc., Class A* | (1,329 | ) | (7,868 | ) | ||||
II-VI, Inc.* | (148 | ) | (5,512 | ) | ||||
Infinera Corp.* | (390 | ) | (1,693 | ) | ||||
KEMET Corp. | (14 | ) | (238 | ) | ||||
Knowles Corp. | (32 | ) | (564 | ) | ||||
Littelfuse, Inc. | (16 | ) | (2,920 | ) | ||||
Lumentum Holdings, Inc.* | (318 | ) | (17,980 | ) | ||||
Methode Electronics, Inc. | (50 | ) | (1,439 | ) | ||||
NetScout Systems, Inc.* | (266 | ) | (7,467 | ) | ||||
nLight, Inc.* | (76 | ) | (1,693 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Plexus Corp.* | (47 | ) | $ | (2,865 | ) | |||
Pure Storage, Inc., Class A* | (258 | ) | (5,622 | ) | ||||
Quantenna Communications, Inc.* | (33 | ) | (803 | ) | ||||
Rogers Corp.* | (74 | ) | (11,757 | ) | ||||
Sanmina Corp.* | (116 | ) | (3,347 | ) | ||||
Sierra Wireless, Inc. (Canada)* | (58 | ) | (717 | ) | ||||
Stratasys Ltd. (Israel)* | (219 | ) | (5,217 | ) | ||||
SYNNEX Corp. | (99 | ) | (9,444 | ) | ||||
Trimble, Inc.* | (24 | ) | (970 | ) | ||||
TTM Technologies, Inc.* | (135 | ) | (1,584 | ) | ||||
ViaSat, Inc.* | (73 | ) | (5,658 | ) | ||||
|
| |||||||
(132,540 | ) | |||||||
|
| |||||||
Telecommunication Services — (0.7)% |
| |||||||
ATN International, Inc. | (37 | ) | (2,086 | ) | ||||
Boingo Wireless, Inc.* | (191 | ) | (4,446 | ) | ||||
Cincinnati Bell, Inc.* | (158 | ) | (1,507 | ) | ||||
Consolidated Communications Holdings, Inc. | (302 | ) | (3,295 | ) | ||||
Iridium Communications, Inc.* | (148 | ) | (3,913 | ) | ||||
ORBCOMM, Inc.* | (182 | ) | (1,234 | ) | ||||
pdvWireless, Inc.* | (25 | ) | (879 | ) | ||||
Vonage Holdings Corp.* | (11 | ) | (110 | ) | ||||
|
| |||||||
(17,470 | ) | |||||||
|
| |||||||
Transportation — (3.0)% | ||||||||
Air Transport Services Group, Inc.* | (204 | ) | (4,702 | ) | ||||
Alaska Air Group, Inc. | (150 | ) | (8,418 | ) | ||||
Allegiant Travel Co. | (18 | ) | (2,330 | ) | ||||
Atlas Air Worldwide Holdings, Inc.* | (62 | ) | (3,135 | ) | ||||
Canadian National Railway Co. (Canada) | (81 | ) | (7,248 | ) | ||||
Canadian Pacific Railway Ltd. (Canada) | (22 | ) | (4,533 | ) | ||||
Hawaiian Holdings, Inc. | (134 | ) | (3,518 | ) | ||||
JB Hunt Transport Services, Inc. | (19 | ) | (1,925 | ) | ||||
JetBlue Airways Corp.* | (69 | ) | (1,129 | ) | ||||
Kirby Corp.* | (4 | ) | (300 | ) | ||||
Matson, Inc. | (67 | ) | (2,418 | ) | ||||
Ryder System, Inc. | (236 | ) | (14,630 | ) | ||||
Saia, Inc.* | (37 | ) | (2,261 | ) | ||||
SkyWest, Inc. | (127 | ) | (6,895 | ) |
The accompanying notes are an integral part of the financial statements.
83
GOTHAM DEFENSIVE LONG FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Transportation — (Continued) |
| |||||||
United Parcel Service, Inc., Class B | (31 | ) | $ | (3,464 | ) | |||
Werner Enterprises, Inc. | (146 | ) | (4,986 | ) | ||||
|
| |||||||
(71,892 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $1,920,710) |
| (1,784,842 | ) | |||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (75.1)% |
|
|
(1,784,842 |
) | ||||
|
| |||||||
(Proceeds $1,920,710) | ||||||||
OTHER ASSETS IN EXCESS OF |
| 18,414 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
$ |
2,377,604 |
| |||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(a) | All or portion of the security is on loan. (See Note 5 of the Notes to Financial Statements) |
(b) | Security is fair valued by the Adviser under direction of the Board of Trustees. |
* | Non-income producing. |
CVR Contingent Value Rights
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
84
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 184.3% | ||||||||
COMMON STOCKS — 184.3% | ||||||||
Automobiles & Components — 1.9% |
| |||||||
BorgWarner, Inc.† | 969 | $ | 37,219 | |||||
General Motors Co.† | 5,359 | 198,819 | ||||||
|
| |||||||
236,038 | ||||||||
|
| |||||||
Banks — 2.3% | ||||||||
M&T Bank Corp. | 63 | 9,892 | ||||||
People’s United Financial, Inc.(a) | 1,716 | 28,211 | ||||||
SunTrust Banks, Inc.† | 2,055 | 121,759 | ||||||
US Bancorp | 2,499 | 120,427 | ||||||
|
| |||||||
280,289 | ||||||||
|
| |||||||
Capital Goods — 25.2% | ||||||||
3M Co.† | 231 | 47,997 | ||||||
A.O. Smith Corp. | 766 | 40,843 | ||||||
Arconic, Inc.† | 2,249 | 42,978 | ||||||
Caterpillar, Inc. | 100 | 13,549 | ||||||
Cummins, Inc.† | 748 | 118,087 | ||||||
Dover Corp.† | 701 | 65,754 | ||||||
Eaton Corp. PLC (Ireland)† | 2,017 | 162,490 | ||||||
Emerson Electric Co.† | 975 | 66,758 | ||||||
Flowserve Corp.(a) | 387 | 17,469 | ||||||
Fortive Corp.† | 1,609 | 134,979 | ||||||
Fortune Brands Home & Security, Inc.† | 659 | 31,375 | ||||||
General Dynamics Corp.† | 1,335 | 225,989 | ||||||
Honeywell International, Inc.† | 3,126 | 496,784 | ||||||
Illinois Tool Works, Inc.†(a) | 1,007 | 144,535 | ||||||
Ingersoll-Rand PLC (Ireland)† | 1,143 | 123,387 | ||||||
Johnson Controls International PLC (Ireland)† | 4,198 | 155,074 | ||||||
L3 Technologies, Inc. | 362 | 74,706 | ||||||
Lockheed Martin Corp.† | 1,059 | 317,869 | ||||||
Masco Corp. | 1,412 | 55,506 | ||||||
Northrop Grumman Corp.† | 788 | 212,445 | ||||||
Pentair PLC (Ireland)† | 780 | 34,718 | ||||||
Raytheon Co.† | 1,325 | 241,256 | ||||||
Snap-on, Inc.(a) | 254 | 39,756 | ||||||
Stanley Black & Decker, Inc. | 689 | 93,821 | ||||||
TransDigm Group, Inc.†* | 243 | 110,320 | ||||||
Wabtec Corp. | 440 | 32,437 | ||||||
WW Grainger, Inc.†(a) | 36 | 10,833 | ||||||
|
| |||||||
3,111,715 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — 2.9% |
| |||||||
Nielsen Holdings PLC (United Kingdom)† | 1,652 | $ | 39,103 | |||||
Republic Services, Inc.† | 1,021 | 82,068 | ||||||
Robert Half International, Inc.† | 566 | 36,881 | ||||||
Waste Management, Inc.† | 1,890 | 196,390 | ||||||
|
| |||||||
354,442 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.6% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)* | 713 | 32,620 | ||||||
Garmin Ltd. (Switzerland)† | 878 | 75,815 | ||||||
Hanesbrands, Inc. | 1,662 | 29,717 | ||||||
Leggett & Platt, Inc.(a) | 602 | 25,416 | ||||||
Mattel, Inc.(a)* | 1,577 | 20,501 | ||||||
Newell Brands, Inc.(a) | 1,926 | 29,545 | ||||||
Ralph Lauren Corp. | 190 | 24,639 | ||||||
Tapestry, Inc. | 1,321 | 42,919 | ||||||
Under Armour, Inc., Class C(a)* | 193 | 3,642 | ||||||
VF Corp.† | 1,828 | 158,871 | ||||||
Whirlpool Corp. | 26 | 3,455 | ||||||
|
| |||||||
447,140 | ||||||||
|
| |||||||
Consumer Services — 3.3% | ||||||||
McDonald’s Corp.† | 1,041 | 197,686 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 990 | 54,410 | ||||||
Yum! Brands, Inc.† | 1,512 | 150,913 | ||||||
|
| |||||||
403,009 | ||||||||
|
| |||||||
Diversified Financials — 7.7% | ||||||||
Affiliated Managers Group, Inc. | 256 | 27,420 | ||||||
Berkshire Hathaway, Inc., Class B†* | 644 | 129,373 | ||||||
BlackRock, Inc.† | 647 | 276,508 | ||||||
Discover Financial Services | 1,508 | 107,309 | ||||||
Franklin Resources, Inc.†(a) | 2,413 | 79,967 | ||||||
Intercontinental Exchange, Inc. | 456 | 34,720 | ||||||
Invesco Ltd. (Bermuda)† | 1,914 | 36,959 | ||||||
Moody’s Corp.† | 435 | 78,774 | ||||||
Nasdaq, Inc.†(a) | 737 | 64,480 | ||||||
T Rowe Price Group, Inc.† | 1,130 | 113,136 | ||||||
|
| |||||||
948,646 | ||||||||
|
| |||||||
Energy — 16.9% | ||||||||
Chevron Corp.† | 3,710 | 456,998 | ||||||
ConocoPhillips† | 5,414 | 361,330 | ||||||
Exxon Mobil Corp.† | 4,967 | 401,334 | ||||||
Halliburton Co.† | 3,965 | 116,174 |
The accompanying notes are an integral part of the financial statements.
85
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Energy — (Continued) | ||||||||
HollyFrontier Corp.† | 813 | $ | 40,057 | |||||
Kinder Morgan, Inc.† | 10,406 | 208,224 | ||||||
Marathon Oil Corp. | 3,728 | 62,295 | ||||||
Occidental Petroleum Corp.† | 3,510 | 232,362 | ||||||
Phillips 66† | 2,147 | 204,330 | ||||||
|
| |||||||
2,083,104 | ||||||||
|
| |||||||
Food & Staples Retailing — 5.5% | ||||||||
Kroger Co. (The)† | 279 | 6,863 | ||||||
Sysco Corp.† | 2,421 | 161,626 | ||||||
Walgreens Boots Alliance, Inc.† | 4,363 | 276,047 | ||||||
Walmart, Inc.† | 2,424 | 236,413 | ||||||
|
| |||||||
680,949 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 17.4% |
| |||||||
Altria Group, Inc.† | 8,567 | 492,003 | ||||||
Archer-Daniels-Midland Co.† | 2,589 | 111,664 | ||||||
Campbell Soup Co. | 1,370 | 52,238 | ||||||
Coca-Cola Co. (The)† | 2,767 | 129,662 | ||||||
Constellation Brands, Inc., Class A† | 881 | 154,466 | ||||||
General Mills, Inc.†(a) | 2,777 | 143,710 | ||||||
Hershey Co. (The)† | 971 | 111,500 | ||||||
Hormel Foods Corp.(a) | 2,100 | 93,996 | ||||||
JM Smucker Co. (The) | 413 | 48,114 | ||||||
Kraft Heinz Co. (The)† | 5,674 | 185,256 | ||||||
McCormick & Co., Inc.,non-voting shares(a) | 610 | 91,884 | ||||||
PepsiCo, Inc.† | 1,698 | 208,090 | ||||||
Philip Morris International, Inc.† | 3,641 | 321,828 | ||||||
Tyson Foods, Inc., Class A† | 68 | 4,721 | ||||||
|
| |||||||
2,149,132 | ||||||||
|
| |||||||
Health Care Equipment & Services — 10.1% |
| |||||||
Anthem, Inc.† | 337 | 96,712 | ||||||
Cardinal Health, Inc.† | 1,396 | 67,217 | ||||||
Cigna Corp. | 2 | 322 | ||||||
CVS Health Corp. | 5,894 | 317,863 | ||||||
HCA Healthcare, Inc.† | 1,584 | 206,522 | ||||||
Henry Schein, Inc.(a)* | 701 | 42,137 | ||||||
Humana, Inc.† | 241 | 64,106 | ||||||
Laboratory Corp. of America Holdings†* | 478 | 73,124 | ||||||
Quest Diagnostics, Inc.†(a) | 638 | 57,369 | ||||||
UnitedHealth Group, Inc.† | 1,324 | 327,372 | ||||||
|
| |||||||
1,252,744 | ||||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Household & Personal Products — 5.7% |
| |||||||
Church & Dwight Co., Inc.† | 970 | $ | 69,093 | |||||
Clorox Co. (The)† | 441 | 70,763 | ||||||
Colgate-Palmolive Co.† | 1,108 | 75,942 | ||||||
Procter & Gamble Co. (The)† | 4,680 | 486,954 | ||||||
|
| |||||||
702,752 | ||||||||
|
| |||||||
Insurance — 5.1% | ||||||||
Aflac, Inc.† | 1,561 | 78,050 | ||||||
Aon PLC (United Kingdom)† | 1,094 | 186,746 | ||||||
Hartford Financial Services Group, Inc. (The)† | 67 | 3,331 | ||||||
Loews Corp.† | 9 | 431 | ||||||
Marsh & McLennan Cos., Inc.† | 2,345 | 220,196 | ||||||
Progressive Corp. (The)† | 1,923 | 138,629 | ||||||
Travelers Cos., Inc. (The) | 34 | 4,663 | ||||||
|
| |||||||
632,046 | ||||||||
|
| |||||||
Materials — 4.5% | ||||||||
Avery Dennison Corp. | 406 | 45,878 | ||||||
Ball Corp. | 1,562 | 90,377 | ||||||
Celanese Corp. | 589 | 58,081 | ||||||
Eastman Chemical Co.† | 654 | 49,626 | ||||||
Ecolab, Inc. | 320 | 56,493 | ||||||
FMC Corp. | 4 | 307 | ||||||
International Paper Co.† | 1,886 | 87,265 | ||||||
Nucor Corp.† | 1,461 | 85,249 | ||||||
Packaging Corp. of America | 438 | 43,528 | ||||||
Sealed Air Corp. | 719 | 33,117 | ||||||
|
| |||||||
549,921 | ||||||||
|
| |||||||
Media & Entertainment — 3.1% | ||||||||
Comcast Corp., Class A† | 62 | 2,479 | ||||||
Discovery, Inc., Class A(a)* | 3,237 | 87,464 | ||||||
Interpublic Group of Cos., Inc. | 1,746 | 36,683 | ||||||
News Corp., Class A† | 2,723 | 33,874 | ||||||
Omnicom Group, Inc.(a) | 1,032 | 75,326 | ||||||
Viacom, Inc., Class B† | 1,876 | 52,659 | ||||||
Walt Disney Co. (The)† | 801 | 88,935 | ||||||
|
| |||||||
377,420 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 22.4% |
| |||||||
AbbVie, Inc.† | 2,381 | 191,885 | ||||||
Amgen, Inc.† | 1,601 | 304,158 | ||||||
Biogen, Inc.†* | 898 | 212,269 | ||||||
Bristol-Myers Squibb Co.† | 7,547 | 360,067 | ||||||
Celgene Corp.†* | 3,234 | 305,096 | ||||||
Eli Lilly & Co.† | 2,894 | 375,525 |
The accompanying notes are an integral part of the financial statements.
86
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Gilead Sciences, Inc.† | 575 | $ | 37,381 | |||||
Johnson & Johnson† | 1,653 | 231,073 | ||||||
Merck & Co., Inc.† | 3,502 | 291,261 | ||||||
Pfizer, Inc.† | 10,851 | 460,842 | ||||||
|
| |||||||
2,769,557 | ||||||||
|
| |||||||
Real Estate — 7.1% | ||||||||
Alexandria Real Estate Equities, Inc., REIT† | 17 | 2,424 | ||||||
Apartment Investment & Management Co., Class A, REIT | 109 | 5,482 | ||||||
AvalonBay Communities, Inc., REIT† | 545 | 109,398 | ||||||
CBRE Group, Inc., Class A* | 1,566 | 77,439 | ||||||
Duke Realty Corp., REIT† | 1,668 | 51,007 | ||||||
Equity Residential, REIT† | 1,707 | 128,571 | ||||||
HCP, Inc., REIT | 1,047 | 32,771 | ||||||
Mid-America Apartment Communities, Inc., REIT | 17 | 1,859 | ||||||
Realty Income Corp., REIT†(a) | 1,395 | 102,616 | ||||||
Simon Property Group, Inc., REIT | 325 | 59,218 | ||||||
UDR, Inc., REIT | 1,267 | 57,598 | ||||||
Ventas, Inc., REIT† | 1,623 | 103,564 | ||||||
Welltower, Inc., REIT† | 1,764 | 136,886 | ||||||
Weyerhaeuser Co., REIT† | 93 | 2,450 | ||||||
|
| |||||||
871,283 | ||||||||
|
| |||||||
Retailing — 8.4% | ||||||||
Amazon.com, Inc.* | 3 | 5,342 | ||||||
AutoZone, Inc.†* | 114 | 116,750 | ||||||
Best Buy Co., Inc. | 272 | 19,328 | ||||||
Booking Holdings, Inc.†* | 107 | 186,705 | ||||||
Dollar General Corp.† | 742 | 88,521 | ||||||
eBay, Inc.† | 4,483 | 166,499 | ||||||
Genuine Parts Co.† | 684 | 76,629 | ||||||
Home Depot, Inc. (The)† | 71 | 13,624 | ||||||
Kohl’s Corp. | 643 | 44,219 | ||||||
Tiffany & Co.(a) | 360 | 37,998 | ||||||
TJX Cos., Inc. (The)† | 4,868 | 259,026 | ||||||
Tractor Supply Co. | 288 | 28,155 | ||||||
|
| |||||||
1,042,796 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.3% |
| |||||||
Applied Materials, Inc. | 2,111 | 83,722 | ||||||
KLA-Tencor Corp.† | 712 | 85,020 | ||||||
Microchip Technology, Inc. | 326 | 27,045 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Semiconductors & Semiconductor Equipment — (Continued) |
| |||||||
Micron Technology, Inc.†* | 3,600 | $ | 148,788 | |||||
Skyworks Solutions, Inc. | 799 | 65,902 | ||||||
|
| |||||||
410,477 | ||||||||
|
| |||||||
Software & Services — 9.8% |
| |||||||
Accenture PLC, Class A (Ireland)† | 643 | 113,181 | ||||||
Automatic Data Processing, Inc. | 79 | 12,619 | ||||||
DXC Technology Co. | 1,310 | 84,246 | ||||||
International Business Machines Corp.† | 3,233 | 456,176 | ||||||
Paychex, Inc. | 1,040 | 83,408 | ||||||
PayPal Holdings, Inc.†* | 4,056 | 421,175 | ||||||
Western Union Co. (The) | 2,065 | 38,141 | ||||||
|
| |||||||
1,208,946 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 8.0% |
| |||||||
Amphenol Corp., Class A† | 195 | 18,416 | ||||||
Apple, Inc.† | 2,248 | 427,008 | ||||||
F5 Networks, Inc.* | 1 | 157 | ||||||
FLIR Systems, Inc.† | 613 | 29,167 | ||||||
HP, Inc.† | 7,024 | 136,476 | ||||||
Juniper Networks, Inc. | 1,613 | 42,696 | ||||||
Motorola Solutions, Inc.† | 761 | 106,860 | ||||||
NetApp, Inc. | 107 | 7,419 | ||||||
Seagate Technology PLC | 1,256 | 60,150 | ||||||
TE Connectivity Ltd. (Switzerland)† | 1,569 | 126,697 | ||||||
Xerox Corp. | 1,142 | 36,521 | ||||||
|
| |||||||
991,567 | ||||||||
|
| |||||||
Telecommunication Services — 4.7% |
| |||||||
AT&T, Inc.† | 1,182 | 37,068 | ||||||
CenturyLink, Inc.†(a) | 5,030 | 60,310 | ||||||
Verizon Communications, Inc.† | 8,242 | 487,349 | ||||||
|
| |||||||
584,727 | ||||||||
|
| |||||||
Transportation — 1.7% | ||||||||
CSX Corp.† | 2,710 | 202,762 | ||||||
Expeditors International of Washington, Inc.† | 29 | 2,201 | ||||||
Southwest Airlines Co. | 50 | 2,596 | ||||||
|
| |||||||
207,559 | ||||||||
|
| |||||||
Utilities — 3.7% | ||||||||
Dominion Energy, Inc. | 2,812 | 215,568 | ||||||
DTE Energy Co.† | 171 | 21,331 | ||||||
Evergy, Inc. | 1,162 | 67,454 | ||||||
Exelon Corp.† | 1,766 | 88,530 | ||||||
FirstEnergy Corp.† | 93 | 3,870 |
The accompanying notes are an integral part of the financial statements.
87
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
NRG Energy, Inc.† | 1,350 | $ | 57,348 | |||||
|
| |||||||
454,101 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 22,750,360 | ||||||
|
| |||||||
TOTAL LONG POSITIONS - 184.3% |
| 22,750,360 | ||||||
|
| |||||||
(Cost $21,074,319) | ||||||||
SHORT POSITIONS — (85.1)% |
| |||||||
COMMON STOCKS — (85.1)% |
| |||||||
Automobiles & Components — (1.0)% |
| |||||||
Aptiv PLC (Jersey) | (456 | ) | (36,247 | ) | ||||
Ford Motor Co. | (8,498 | ) | (74,612 | ) | ||||
Harley-Davidson, Inc. | (337 | ) | (12,017 | ) | ||||
|
| |||||||
(122,876 | ) | |||||||
|
| |||||||
Banks — (0.8)% | ||||||||
Citizens Financial Group, Inc. | (366 | ) | (11,895 | ) | ||||
Fifth Third Bancorp | (63 | ) | (1,589 | ) | ||||
Huntington Bancshares, Inc. | (412 | ) | (5,224 | ) | ||||
KeyCorp. | (1,715 | ) | (27,011 | ) | ||||
Regions Financial Corp. | (1,261 | ) | (17,843 | ) | ||||
SVB Financial Group* | (94 | ) | (20,902 | ) | ||||
Wells Fargo & Co. | (365 | ) | (17,637 | ) | ||||
|
| |||||||
(102,101 | ) | |||||||
|
| |||||||
Capital Goods — (4.3)% | ||||||||
AMETEK, Inc. | (30 | ) | (2,489 | ) | ||||
Boeing Co. (The) | (42 | ) | (16,020 | ) | ||||
Deere & Co. | (248 | ) | (39,640 | ) | ||||
Fastenal Co. | (618 | ) | (39,744 | ) | ||||
Fluor Corp. | (258 | ) | (9,494 | ) | ||||
General Electric Co. | (13,719 | ) | (137,053 | ) | ||||
Harris Corp. | (251 | ) | (40,087 | ) | ||||
Huntington Ingalls Industries, Inc. | (3 | ) | (622 | ) | ||||
Jacobs Engineering Group, Inc. | (298 | ) | (22,407 | ) | ||||
Parker-Hannifin Corp. | (278 | ) | (47,710 | ) | ||||
Rockwell Automation, Inc. | (255 | ) | (44,742 | ) | ||||
Textron, Inc. | (411 | ) | (20,821 | ) | ||||
United Rentals, Inc.* | (175 | ) | (19,994 | ) | ||||
United Technologies Corp. | (516 | ) | (66,507 | ) | ||||
Xylem, Inc. | (269 | ) | (21,262 | ) | ||||
|
| |||||||
(528,592 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (1.7)% |
| |||||||
Cintas Corp. | (115 | ) | (23,243 | ) | ||||
Copart, Inc.* | (533 | ) | (32,294 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial & Professional Services — (Continued) |
| |||||||
Equifax, Inc. | (260 | ) | $ | (30,810 | ) | |||
IHS Markit Ltd. (Bermuda)* | (847 | ) | (46,060 | ) | ||||
Rollins, Inc. | (699 | ) | (29,092 | ) | ||||
Verisk Analytics, Inc. | (353 | ) | (46,949 | ) | ||||
|
| |||||||
(208,448 | ) | |||||||
|
| |||||||
Consumer Durables & Apparel — (2.0)% |
| |||||||
DR Horton, Inc. | (810 | ) | (33,518 | ) | ||||
Hasbro, Inc. | (5 | ) | (425 | ) | ||||
Mohawk Industries, Inc.* | (157 | ) | (19,806 | ) | ||||
NIKE, Inc., Class B | (2,071 | ) | (174,399 | ) | ||||
PulteGroup, Inc. | (596 | ) | (16,664 | ) | ||||
PVH Corp. | (16 | ) | (1,951 | ) | ||||
|
| |||||||
(246,763 | ) | |||||||
|
| |||||||
Consumer Services — (2.4)% | ||||||||
Carnival Corp. (Panama) | (469 | ) | (23,788 | ) | ||||
Chipotle Mexican Grill, Inc.* | (60 | ) | (42,619 | ) | ||||
Hilton Worldwide Holdings, Inc. | (415 | ) | (34,491 | ) | ||||
Marriott International, Inc., Class A | (736 | ) | (92,066 | ) | ||||
MGM Resorts International | (1,143 | ) | (29,329 | ) | ||||
Royal Caribbean Cruises Ltd. (Liberia) | (449 | ) | (51,464 | ) | ||||
Wynn Resorts Ltd. | (233 | ) | (27,802 | ) | ||||
|
| |||||||
(301,559 | ) | |||||||
|
| |||||||
Diversified Financials — (3.3)% | ||||||||
Ameriprise Financial, Inc. | (303 | ) | (38,814 | ) | ||||
Bank of New York Mellon Corp. (The) | (153 | ) | (7,716 | ) | ||||
Capital One Financial Corp. | (758 | ) | (61,921 | ) | ||||
Cboe Global Markets, Inc. | (234 | ) | (22,333 | ) | ||||
Charles Schwab Corp. (The) | (462 | ) | (19,755 | ) | ||||
CME Group, Inc. | (2 | ) | (329 | ) | ||||
Goldman Sachs Group, Inc. (The) | (68 | ) | (13,055 | ) | ||||
Morgan Stanley | (2,586 | ) | (109,129 | ) | ||||
MSCI, Inc. | (156 | ) | (31,019 | ) | ||||
Northern Trust Corp. | (250 | ) | (22,602 | ) | ||||
Raymond James Financial, Inc. | (212 | ) | (17,047 | ) | ||||
S&P Global, Inc. | (38 | ) | (8,001 | ) | ||||
State Street Corp. | (525 | ) | (34,550 | ) | ||||
Synchrony Financial | (463 | ) | (14,770 | ) | ||||
|
| |||||||
(401,041 | ) | |||||||
|
| |||||||
Energy — (6.8)% | ||||||||
Anadarko Petroleum Corp. | (1,026 | ) | (46,662 | ) | ||||
Apache Corp. | (793 | ) | (27,485 | ) | ||||
Cabot Oil & Gas Corp. | (933 | ) | (24,351 | ) |
The accompanying notes are an integral part of the financial statements.
88
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Energy — (Continued) |
| |||||||
Cimarex Energy Co. | (205 | ) | $ | (14,329 | ) | |||
Concho Resources, Inc. | (430 | ) | (47,713 | ) | ||||
Devon Energy Corp. | (224 | ) | (7,069 | ) | ||||
Diamondback Energy, Inc. | (348 | ) | (35,332 | ) | ||||
EOG Resources, Inc. | (1,061 | ) | (100,986 | ) | ||||
Helmerich & Payne, Inc. | (234 | ) | (13,001 | ) | ||||
Hess Corp. | (622 | ) | (37,463 | ) | ||||
Marathon Petroleum Corp. | (1,444 | ) | (86,423 | ) | ||||
National Oilwell Varco, Inc. | (738 | ) | (19,660 | ) | ||||
Noble Energy, Inc. | (1,040 | ) | (25,719 | ) | ||||
ONEOK, Inc. | (884 | ) | (61,739 | ) | ||||
Pioneer Natural Resources Co. | (316 | ) | (48,120 | ) | ||||
Schlumberger Ltd. (Curacao) | (2,643 | ) | (115,155 | ) | ||||
TechnipFMC PLC | (978 | ) | (23,003 | ) | ||||
Valero Energy Corp. | (342 | ) | (29,012 | ) | ||||
Williams Cos., Inc. (The) | (2,573 | ) | (73,897 | ) | ||||
|
| |||||||
(837,119 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.4)% |
| |||||||
Costco Wholesale Corp. | (213 | ) | (51,576 | ) | ||||
|
| |||||||
Food, Beverage & Tobacco — (1.0)% |
| |||||||
Brown-Forman Corp., Class B | (1,033 | ) | (54,522 | ) | ||||
Molson Coors Brewing Co., Class B | (459 | ) | (27,379 | ) | ||||
Mondelez International, Inc., Class A | (434 | ) | (21,665 | ) | ||||
Monster Beverage Corp.* | (359 | ) | (19,594 | ) | ||||
|
| |||||||
(123,160 | ) | |||||||
|
| |||||||
Health Care Equipment & Services — (7.3)% |
| |||||||
Abbott Laboratories | (68 | ) | (5,436 | ) | ||||
ABIOMED, Inc.* | (96 | ) | (27,417 | ) | ||||
Align Technology, Inc.* | (172 | ) | (48,905 | ) | ||||
Baxter International, Inc. | (1,033 | ) | (83,993 | ) | ||||
Becton Dickinson and Co. | (27 | ) | (6,743 | ) | ||||
Boston Scientific Corp.* | (2,976 | ) | (114,219 | ) | ||||
Cerner Corp.* | (733 | ) | (41,935 | ) | ||||
Cooper Cos., Inc. (The) | (104 | ) | (30,802 | ) | ||||
DaVita, Inc.* | (355 | ) | (19,273 | ) | ||||
DENTSPLY SIRONA, Inc. | (475 | ) | (23,555 | ) | ||||
Edwards Lifesciences Corp.* | (449 | ) | (85,907 | ) | ||||
Hologic, Inc.* | (580 | ) | (28,072 | ) | ||||
IDEXX Laboratories, Inc.* | (186 | ) | (41,590 | ) | ||||
Intuitive Surgical, Inc.* | (245 | ) | (139,792 | ) | ||||
McKesson Corp. | (100 | ) | (11,706 | ) | ||||
Medtronic PLC (Ireland) | (211 | ) | (19,218 | ) | ||||
ResMed, Inc. | (306 | ) | (31,815 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Health Care Equipment & Services — (Continued) |
| |||||||
Teleflex, Inc. | (98 | ) | $ | (29,612 | ) | |||
Universal Health Services, Inc., Class B | (199 | ) | (26,620 | ) | ||||
Varian Medical Systems, Inc.* | (197 | ) | (27,919 | ) | ||||
Zimmer Biomet Holdings, Inc. | (439 | ) | (56,060 | ) | ||||
|
| |||||||
(900,589 | ) | |||||||
|
| |||||||
Household & Personal Products — (1.5)% |
| |||||||
Coty, Inc., Class A | (1,614 | ) | (18,561 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (462 | ) | (76,484 | ) | ||||
Kimberly-Clark Corp. | (737 | ) | (91,314 | ) | ||||
|
| |||||||
(186,359 | ) | |||||||
|
| |||||||
Insurance — (2.8)% | ||||||||
American International Group, Inc. | (1,514 | ) | (65,193 | ) | ||||
Brighthouse Financial, Inc.* | (248 | ) | (9,000 | ) | ||||
Chubb Ltd. (Switzerland) | (501 | ) | (70,180 | ) | ||||
Cincinnati Financial Corp. | (314 | ) | (26,973 | ) | ||||
Everest Re Group Ltd. (Bermuda) | (87 | ) | (18,788 | ) | ||||
Lincoln National Corp. | (348 | ) | (20,428 | ) | ||||
MetLife, Inc. | (2,122 | ) | (90,334 | ) | ||||
Principal Financial Group, Inc. | (316 | ) | (15,860 | ) | ||||
Torchmark Corp. | (138 | ) | (11,309 | ) | ||||
Unum Group | (452 | ) | (15,291 | ) | ||||
|
| |||||||
(343,356 | ) | |||||||
|
| |||||||
Materials — (2.7)% | ||||||||
Air Products & Chemicals, Inc. | (472 | ) | (90,133 | ) | ||||
Albemarle Corp. | (229 | ) | (18,773 | ) | ||||
DowDuPont, Inc. | (54 | ) | (2,879 | ) | ||||
Freeport-McMoRan, Inc. | (3,097 | ) | (39,920 | ) | ||||
International Flavors & Fragrances, Inc. | (81 | ) | (10,432 | ) | ||||
Linde PLC (Ireland) | (113 | ) | (19,880 | ) | ||||
LyondellBasell Industries NV, Class A (Netherlands) | (802 | ) | (67,432 | ) | ||||
Martin Marietta Materials, Inc. | (70 | ) | (14,083 | ) | ||||
Newmont Mining Corp. | (1,148 | ) | (41,064 | ) | ||||
Vulcan Materials Co. | (105 | ) | (12,432 | ) | ||||
Westrock Co. | (542 | ) | (20,786 | ) | ||||
|
| |||||||
(337,814 | ) | |||||||
|
| |||||||
Media & Entertainment — (6.1)% | ||||||||
Activision Blizzard, Inc. | (1,510 | ) | (68,750 | ) | ||||
Alphabet, Inc., Class A* | (103 | ) | (121,220 | ) |
The accompanying notes are an integral part of the financial statements.
89
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
CBS Corp., Class B,non-voting shares | (807 | ) | $ | (38,357 | ) | |||
Charter Communications, Inc., Class A* | (389 | ) | (134,948 | ) | ||||
DISH Network Corp., Class A* | (995 | ) | (31,532 | ) | ||||
Electronic Arts, Inc.* | (556 | ) | (56,506 | ) | ||||
Facebook, Inc., Class A* | (382 | ) | (63,676 | ) | ||||
Netflix, Inc.* | (425 | ) | (151,538 | ) | ||||
Take-Two Interactive Software, Inc.* | (244 | ) | (23,026 | ) | ||||
TripAdvisor, Inc.* | (296 | ) | (15,229 | ) | ||||
Twitter, Inc.* | (1,643 | ) | (54,022 | ) | ||||
|
| |||||||
(758,804 | ) | |||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (6.4)% |
| |||||||
Agilent Technologies, Inc. | (684 | ) | (54,980 | ) | ||||
Alexion Pharmaceuticals, Inc.* | (350 | ) | (47,313 | ) | ||||
Allergan PLC (Ireland) | (730 | ) | (106,879 | ) | ||||
Illumina, Inc.* | (316 | ) | (98,178 | ) | ||||
Incyte Corp.* | (470 | ) | (40,425 | ) | ||||
IQVIA Holdings, Inc.* | (435 | ) | (62,575 | ) | ||||
Mettler-Toledo International, Inc.* | (54 | ) | (39,042 | ) | ||||
Mylan NV (Netherlands)* | (900 | ) | (25,506 | ) | ||||
Nektar Therapeutics* | (364 | ) | (12,230 | ) | ||||
PerkinElmer, Inc. | (232 | ) | (22,355 | ) | ||||
Perrigo Co. PLC (Ireland) | (293 | ) | (14,111 | ) | ||||
Regeneron Pharmaceuticals, Inc.* | (142 | ) | (58,308 | ) | ||||
Vertex Pharmaceuticals, Inc.* | (546 | ) | (100,437 | ) | ||||
Waters Corp.* | (6 | ) | (1,510 | ) | ||||
Zoetis, Inc. | (1,021 | ) | (102,784 | ) | ||||
|
| |||||||
(786,633 | ) | |||||||
|
| |||||||
Real Estate — (4.4)% |
| |||||||
American Tower Corp., REIT | (592 | ) | (116,660 | ) | ||||
Crown Castle International Corp., REIT | (683 | ) | (87,424 | ) | ||||
Digital Realty Trust, Inc., REIT | (435 | ) | (51,765 | ) | ||||
Equinix, Inc., REIT | (172 | ) | (77,944 | ) | ||||
Essex Property Trust, Inc., REIT | (134 | ) | (38,758 | ) | ||||
Host Hotels & Resorts, Inc., REIT | (1,557 | ) | (29,427 | ) | ||||
Iron Mountain, Inc., REIT | (615 | ) | (21,808 | ) | ||||
Kimco Realty Corp., REIT | (907 | ) | (16,781 | ) | ||||
Macerich Co. (The), REIT | (301 | ) | (13,048 | ) | ||||
SBA Communications Corp., REIT* | (245 | ) | (48,917 | ) | ||||
SL Green Realty Corp., REIT | (173 | ) | (15,556 | ) | ||||
Vornado Realty Trust, REIT | (405 | ) | (27,313 | ) | ||||
|
| |||||||
(545,401 | ) | |||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (4.3)% |
| |||||||
CarMax, Inc.* | (369 | ) | $ | (25,756 | ) | |||
Dollar Tree, Inc.* | (511 | ) | (53,675 | ) | ||||
Expedia Group, Inc. | (325 | ) | (38,675 | ) | ||||
Foot Locker, Inc. | (236 | ) | (14,302 | ) | ||||
Gap, Inc. (The) | (822 | ) | (21,520 | ) | ||||
L Brands, Inc. | (591 | ) | (16,300 | ) | ||||
LKQ Corp.* | (543 | ) | (15,410 | ) | ||||
Lowe’s Cos., Inc. | (1,685 | ) | (184,457 | ) | ||||
Macy’s, Inc. | (656 | ) | (15,764 | ) | ||||
Nordstrom, Inc. | (332 | ) | (14,734 | ) | ||||
Ross Stores, Inc. | (789 | ) | (73,456 | ) | ||||
Target Corp. | (408 | ) | (32,746 | ) | ||||
Ulta Beauty, Inc.* | (61 | ) | (21,273 | ) | ||||
|
| |||||||
(528,068 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (7.1)% |
| |||||||
Advanced Micro Devices, Inc.* | (2,551 | ) | (65,102 | ) | ||||
Analog Devices, Inc. | (797 | ) | (83,900 | ) | ||||
Broadcom, Inc. | (707 | ) | (212,602 | ) | ||||
Lam Research Corp. | (34 | ) | (6,086 | ) | ||||
Maxim Integrated Products, Inc. | (591 | ) | (31,423 | ) | ||||
NVIDIA Corp. | (1,320 | ) | (237,019 | ) | ||||
Qorvo, Inc.* | (267 | ) | (19,152 | ) | ||||
QUALCOMM, Inc. | (2,622 | ) | (149,533 | ) | ||||
Texas Instruments, Inc. | (695 | ) | (73,719 | ) | ||||
|
| |||||||
(878,536 | ) | |||||||
|
| |||||||
Software & Services — (10.6)% |
| |||||||
Adobe, Inc.* | (512 | ) | (136,443 | ) | ||||
Akamai Technologies, Inc.* | (345 | ) | (24,740 | ) | ||||
Alliance Data Systems Corp. | (112 | ) | (19,598 | ) | ||||
ANSYS, Inc.* | (175 | ) | (31,974 | ) | ||||
Autodesk, Inc.* | (468 | ) | (72,924 | ) | ||||
Broadridge Financial Solutions, Inc. | (247 | ) | (25,611 | ) | ||||
Citrix Systems, Inc. | (283 | ) | (28,204 | ) | ||||
Fidelity National Information Services, Inc. | (626 | ) | (70,801 | ) | ||||
Fiserv, Inc.* | (864 | ) | (76,274 | ) | ||||
FleetCor Technologies, Inc.* | (161 | ) | (39,701 | ) | ||||
Fortinet, Inc.* | (357 | ) | (29,977 | ) | ||||
Gartner, Inc.* | (189 | ) | (28,668 | ) | ||||
Global Payments, Inc. | (340 | ) | (46,417 | ) | ||||
Intuit, Inc. | (504 | ) | (131,751 | ) | ||||
Mastercard, Inc., Class A | (333 | ) | (78,405 | ) | ||||
Microsoft Corp. | (742 | ) | (87,511 | ) | ||||
Oracle Corp. | (2,112 | ) | (113,436 | ) |
The accompanying notes are an integral part of the financial statements.
90
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Software & Services — (Continued) |
| |||||||
salesforce.com, Inc.* | (707 | ) | $ | (111,968 | ) | |||
Symantec Corp. | (1,365 | ) | (31,381 | ) | ||||
Synopsys, Inc.* | (321 | ) | (36,963 | ) | ||||
Total System Services, Inc. | (393 | ) | (37,339 | ) | ||||
VeriSign, Inc.* | (261 | ) | (47,387 | ) | ||||
|
| |||||||
(1,307,473 | ) | |||||||
|
| |||||||
Technology Hardware & Equipment — (0.9)% |
| |||||||
Arista Networks, Inc.* | (153 | ) | (48,112 | ) | ||||
Hewlett Packard Enterprise Co. | (619 | ) | (9,551 | ) | ||||
IPG Photonics Corp.* | (115 | ) | (17,455 | ) | ||||
Western Digital Corp. | (619 | ) | (29,749 | ) | ||||
|
| |||||||
(104,867 | ) | |||||||
|
| |||||||
Transportation — (3.6)% |
| |||||||
Alaska Air Group, Inc. | (263 | ) | (14,760 | ) | ||||
American Airlines Group, Inc. | (969 | ) | (30,775 | ) | ||||
FedEx Corp. | (548 | ) | (99,413 | ) | ||||
JB Hunt Transport Services, Inc. | (232 | ) | (23,499 | ) | ||||
Kansas City Southern | (222 | ) | (25,748 | ) | ||||
United Continental Holdings, Inc.* | (582 | ) | (46,432 | ) | ||||
United Parcel Service, Inc., Class B | (1,805 | ) | (201,691 | ) | ||||
|
| |||||||
(442,318 | ) | |||||||
|
| |||||||
Utilities — (3.7)% | ||||||||
Alliant Energy Corp. | (508 | ) | (23,942 | ) | ||||
Ameren Corp. | (50 | ) | (3,678 | ) | ||||
American Electric Power Co., Inc. | (926 | ) | (77,552 | ) | ||||
Atmos Energy Corp. | (245 | ) | (25,218 | ) | ||||
CMS Energy Corp. | (156 | ) | (8,664 | ) |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Utilities — (Continued) |
| |||||||
Consolidated Edison, Inc. | (675 | ) | $ | (57,247 | ) | |||
Edison International | (685 | ) | (42,415 | ) | ||||
Entergy Corp. | (401 | ) | (38,348 | ) | ||||
NiSource, Inc. | (783 | ) | (22,441 | ) | ||||
Pinnacle West Capital Corp. | (30 | ) | (2,867 | ) | ||||
Southern Co. (The) | (1,534 | ) | (79,277 | ) | ||||
WEC Energy Group, Inc. | (589 | ) | (46,578 | ) | ||||
Xcel Energy, Inc. | (555 | ) | (31,197 | ) | ||||
|
| |||||||
(459,424 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCK (Proceeds $10,667,155) | (10,502,877 | ) | ||||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (85.1)% |
|
|
(10,502,877 |
) | ||||
|
| |||||||
(Proceeds $10,667,155) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8% | 98,222 | |||||||
|
| |||||||
NET ASSETS - 100.0% |
$ |
12,345,705 |
| |||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(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.
91
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 97.6% | ||||||||
Automobiles & Components — 3.9% |
| |||||||
BorgWarner, Inc.(a) | 6,123 | $ | 235,184 | |||||
Dana, Inc. | 4,838 | 85,826 | ||||||
Fiat Chrysler Automobiles NV (Netherlands)* | 17,038 | 253,014 | ||||||
General Motors Co.(a) | 5,073 | 188,208 | ||||||
Gentex Corp. | 1 | 21 | ||||||
Lear Corp. | 1,233 | 167,330 | ||||||
Magna International, Inc. (Canada) | 3,543 | 172,509 | ||||||
Thor Industries, Inc. | 122 | 7,609 | ||||||
|
| |||||||
1,109,701 | ||||||||
|
| |||||||
Capital Goods — 18.4% | ||||||||
Acuity Brands, Inc. | 283 | 33,963 | ||||||
AGCO Corp.(a) | 1,606 | 111,697 | ||||||
Allegion PLC (Ireland) | 454 | 41,182 | ||||||
Allison Transmission Holdings, Inc.(a) | 7,038 | 316,147 | ||||||
Arconic, Inc.(a) | 14,626 | 279,503 | ||||||
Barnes Group, Inc. | 24 | 1,234 | ||||||
Boeing Co. (The)(a) | 846 | 322,681 | ||||||
BWX Technologies, Inc. | 2,460 | 121,967 | ||||||
Carlisle Cos., Inc. | 1,385 | 169,829 | ||||||
Caterpillar, Inc.(a) | 2,968 | 402,134 | ||||||
Cummins, Inc. | 35 | 5,525 | ||||||
Curtiss-Wright Corp. | 1,040 | 117,874 | ||||||
Eaton Corp. PLC (Ireland)(a) | 2,189 | 176,346 | ||||||
Fortive Corp. | 313 | 26,258 | ||||||
Gardner Denver Holdings, Inc.(a)* | 8,042 | 223,648 | ||||||
Gates Industrial Corp. PLC (United Kingdom)* | 42 | 602 | ||||||
Generac Holdings, Inc.* | 143 | 7,326 | ||||||
General Dynamics Corp.(a) | 801 | 135,593 | ||||||
GrafTech International Ltd.(a) | 9,744 | 124,626 | ||||||
HD Supply Holdings, Inc.* | 3,438 | 149,037 | ||||||
Hexcel Corp.(a) | 2,543 | 175,874 | ||||||
Hubbell, Inc. | 40 | 4,719 | ||||||
Huntington Ingalls Industries, Inc.(a) | 337 | 69,826 | ||||||
Ingersoll-Rand PLC (Ireland)(a) | 540 | 58,293 | ||||||
ITT, Inc.(a) | 3,340 | 193,720 | ||||||
John Bean Technologies Corp. | 1,324 | 121,662 | ||||||
L3 Technologies, Inc.(a) | 756 | 156,016 | ||||||
Masco Corp.(a) | 3,726 | 146,469 | ||||||
Moog, Inc., Class A | 687 | 59,735 | ||||||
Navistar International Corp.(a)* | 3,756 | 121,319 | ||||||
Northrop Grumman Corp. | 337 | 90,855 | ||||||
nVent Electric PLC (Ireland) | 944 | 25,469 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) | ||||||||
Oshkosh Corp. | 30 | $ | 2,254 | |||||
Regal Beloit Corp. | 1,672 | 136,887 | ||||||
Rexnord Corp.* | 4,643 | 116,725 | ||||||
Sensata Technologies Holding PLC | 230 | 10,355 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 733 | 67,091 | ||||||
Stanley Black & Decker, Inc.(a) | 888 | 120,919 | ||||||
Timken Co. (The)(a) | 4,946 | 215,744 | ||||||
Trex Co., Inc.* | 1,311 | 80,653 | ||||||
Univar, Inc.* | 7,074 | 156,760 | ||||||
Wabtec Corp. | 2,467 | 181,867 | ||||||
Woodward, Inc. | 331 | 31,409 | ||||||
WW Grainger, Inc. | 205 | 61,691 | ||||||
|
| |||||||
5,173,484 | ||||||||
|
| |||||||
Commercial & Professional Services — 2.6% |
| |||||||
ASGN, Inc.* | 1,545 | 98,092 | ||||||
Brink’s Co. (The) | 1,204 | 90,794 | ||||||
Clean Harbors, Inc.* | 1,562 | 111,730 | ||||||
FTI Consulting, Inc.* | 355 | 27,271 | ||||||
ManpowerGroup, Inc. | 220 | 18,192 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada) | 1,069 | 36,346 | ||||||
Robert Half International, Inc.(a) | 4,441 | 289,376 | ||||||
Tetra Tech, Inc.(a) | 804 | 47,910 | ||||||
|
| |||||||
719,711 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 10.4% |
| |||||||
BRP, Inc.,sub-voting shares (Canada) | 162 | 4,495 | ||||||
Canada Goose Holdings, Inc. (Canada)* | 6,140 | 294,843 | ||||||
Carter’s, Inc. | 2,280 | 229,801 | ||||||
Columbia Sportswear Co. | 1,207 | 125,745 | ||||||
Deckers Outdoor Corp.(a)* | 2,182 | 320,732 | ||||||
Gildan Activewear, Inc. (Canada) | 3,288 | 118,269 | ||||||
Hanesbrands, Inc.(a) | 19,546 | 349,482 | ||||||
Leggett & Platt, Inc. | 1,477 | 62,359 | ||||||
Lululemon Athletica, Inc.* | 352 | 57,682 | ||||||
Newell Brands, Inc. | 4,088 | 62,710 | ||||||
PVH Corp. | 337 | 41,097 | ||||||
Skechers U.S.A., Inc., Class A(a)* | 11,235 | 377,608 | ||||||
Steven Madden Ltd. | 142 | 4,805 | ||||||
Tapestry, Inc.(a) | 7,657 | 248,776 | ||||||
Tempur Sealy International, Inc.(a)* | 3,609 | 208,131 |
The accompanying notes are an integral part of the financial statements.
92
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Durables & Apparel — (Continued) |
| |||||||
Under Armour, Inc., Class C(a)* | 14,267 | $ | 269,218 | |||||
VF Corp.(a) | 1,842 | 160,088 | ||||||
|
| |||||||
2,935,841 | ||||||||
|
| |||||||
Consumer Services — 2.6% | ||||||||
Aramark(a) | 7,019 | 207,411 | ||||||
Laureate Education, Inc., Class A(a)* | 470 | 7,036 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 2,717 | 149,326 | ||||||
Six Flags Entertainment Corp.(a) | 5,391 | 266,046 | ||||||
Wyndham Hotels & Resorts, Inc. | 2,004 | 100,180 | ||||||
|
| |||||||
729,999 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.7% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.* | 3,103 | 85,022 | ||||||
Walgreens Boots Alliance, Inc.(a) | 6,165 | 390,060 | ||||||
|
| |||||||
475,082 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 2.4% |
| |||||||
Boston Beer Co., Inc., Class A* | 93 | 27,410 | ||||||
Bunge Ltd. (Bermuda) | 73 | 3,874 | ||||||
Campbell Soup Co.(a) | 6,296 | 240,066 | ||||||
Conagra Brands, Inc. | 200 | 5,548 | ||||||
General Mills, Inc. | 1,176 | 60,858 | ||||||
Hershey Co. (The)(a) | 205 | 23,540 | ||||||
Monster Beverage Corp.* | 1,998 | 109,051 | ||||||
TreeHouse Foods, Inc.* | 3,034 | 195,845 | ||||||
|
| |||||||
666,192 | ||||||||
|
| |||||||
Health Care Equipment & Services — 6.6% |
| |||||||
ABIOMED, Inc.* | 169 | 48,265 | ||||||
Amedisys, Inc.* | 681 | 83,940 | ||||||
AmerisourceBergen Corp.(a) | 2,526 | 200,868 | ||||||
Cardinal Health, Inc.(a) | 7,626 | 367,192 | ||||||
CVS Health Corp.(a) | 5,911 | 318,780 | ||||||
Encompass Health Corp. | 891 | 52,034 | ||||||
HCA Healthcare, Inc.(a) | 1,358 | 177,056 | ||||||
Henry Schein, Inc.(a)* | 4,158 | 249,937 | ||||||
Integer Holdings Corp.* | 42 | 3,168 | ||||||
LHC Group, Inc.* | 378 | 41,905 | ||||||
LivaNova PLC (United Kingdom)(a)* | 3,172 | 308,477 | ||||||
McKesson Corp. | 44 | 5,151 | ||||||
|
| |||||||
1,856,773 | ||||||||
|
| |||||||
Household & Personal Products — 0.5% |
| |||||||
Energizer Holdings, Inc.(a) | 2,975 | 133,667 | ||||||
|
|
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — 10.6% |
| |||||||
Activision Blizzard, Inc.(a) | 8,904 | $ | 405,399 | |||||
Altice USA, Inc., Class A | 2,074 | 44,550 | ||||||
AMC Networks, Inc., Class A* | 2,511 | 142,524 | ||||||
ANGI Homeservices, Inc., Class A* | 2,543 | 39,264 | ||||||
Discovery, Inc., Class A(a)* | 12,898 | 348,504 | ||||||
Electronic Arts, Inc.* | 152 | 15,448 | ||||||
News Corp., Class A | 3,718 | 46,252 | ||||||
Nexstar Media Group, Inc., | 3,664 | 397,068 | ||||||
Omnicom Group, Inc. | 1,547 | 112,916 | ||||||
Sinclair Broadcast Group, Inc., Class A(a) | 8,766 | 337,316 | ||||||
Sirius XM Holdings, Inc. | 8,586 | 48,683 | ||||||
TEGNA, Inc. | 13,910 | 196,131 | ||||||
Tribune Media Co., Class A(a) | 6,661 | 307,339 | ||||||
TripAdvisor, Inc.* | 1,897 | 97,601 | ||||||
Twitter, Inc.(a)* | 3,445 | 113,272 | ||||||
Viacom, Inc., Class B(a) | 11,970 | 335,998 | ||||||
|
| |||||||
2,988,265 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 11.2% |
| |||||||
AbbVie, Inc.(a) | 4,921 | 396,583 | ||||||
Alexion Pharmaceuticals, Inc.(a)* | 1,485 | 200,742 | ||||||
Amgen, Inc.(a) | 400 | 75,992 | ||||||
Biogen, Inc.(a)* | 1,627 | 384,590 | ||||||
Bristol-Myers Squibb Co.(a) | 8,749 | 417,415 | ||||||
Bruker Corp. | 94 | 3,613 | ||||||
Celgene Corp.(a)* | 2,970 | 280,190 | ||||||
Exelixis, Inc.(a)* | 16,067 | 382,395 | ||||||
Genomic Health, Inc.* | 57 | 3,993 | ||||||
Jazz Pharmaceuticals PLC | 2,046 | 292,476 | ||||||
Ligand Pharmaceuticals, Inc.(a)* | 435 | 54,684 | ||||||
Mylan NV (Netherlands)* | 2,672 | 75,724 | ||||||
Neurocrine Biosciences, Inc.* | 1,519 | 133,824 | ||||||
Pfizer, Inc. | 1,922 | 81,627 | ||||||
PRA Health Sciences, Inc.* | 1,057 | 116,577 | ||||||
Regeneron Pharmaceuticals, Inc.(a)* | 602 | 247,193 | ||||||
|
| |||||||
3,147,618 | ||||||||
|
| |||||||
Retailing — 7.4% | ||||||||
American Eagle Outfitters, Inc. | 1,928 | 42,744 | ||||||
Booking Holdings, Inc.(a)* | 228 | 397,839 | ||||||
Dollar General Corp. | 636 | 75,875 | ||||||
Expedia Group, Inc. | 178 | 21,182 | ||||||
Foot Locker, Inc.(a) | 4,926 | 298,516 | ||||||
Gap, Inc. (The) | 7,734 | 202,476 |
The accompanying notes are an integral part of the financial statements.
93
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Retailing — (Continued) | ||||||||
Genuine Parts Co.(a) | 1,469 | $ | 164,572 | |||||
L Brands, Inc. | 1,272 | 35,082 | ||||||
LKQ Corp.* | 2,070 | 58,747 | ||||||
Macy’s, Inc.(a) | 4,757 | 114,311 | ||||||
Qurate Retail, Inc.(a)* | 14,157 | 226,229 | ||||||
Urban Outfitters, Inc.(a)* | 12,203 | 361,697 | ||||||
Williams-Sonoma, Inc. | 1,589 | 89,413 | ||||||
|
| |||||||
2,088,683 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.7% |
| |||||||
KLA-Tencor Corp.(a) | 1,372 | 163,831 | ||||||
Microchip Technology, Inc. | 149 | 12,361 | ||||||
Monolithic Power Systems, Inc. | 319 | 43,221 | ||||||
ON Semiconductor Corp.(a)* | 19,718 | 405,599 | ||||||
Teradyne, Inc.(a) | 3,465 | 138,046 | ||||||
|
| |||||||
763,058 | ||||||||
|
| |||||||
Software & Services — 3.3% | ||||||||
Alliance Data Systems Corp. | 161 | 28,172 | ||||||
Alteryx, Inc., Class A* | 2,310 | 193,740 | ||||||
Amdocs, Ltd. (Guernsey) | 588 | 31,817 | ||||||
ANSYS, Inc.* | 509 | 92,999 | ||||||
Atlassian Corp. PLC, Class A (United Kingdom)* | 643 | 72,267 | ||||||
Autodesk, Inc.* | 1,122 | 174,830 | ||||||
CDK Global, Inc. | 118 | 6,941 | ||||||
Conduent, Inc.* | 4,412 | 61,018 | ||||||
Nuance Communications, Inc.* | 6,655 | 112,669 | ||||||
Paychex, Inc. | 438 | 35,128 | ||||||
PayPal Holdings, Inc.(a)* | 456 | 47,351 | ||||||
Qualys, Inc.* | 405 | 33,510 | ||||||
Sabre Corp. | 208 | 4,449 | ||||||
Trade Desk, Inc. (The), Class A* | 231 | 45,726 | ||||||
|
| |||||||
940,617 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 8.3% |
| |||||||
ARRIS International PLC (United Kingdom)* | 148 | 4,678 | ||||||
Arrow Electronics, Inc.(a)* | 3,724 | 286,971 | ||||||
AVX Corp. | 1,966 | 34,090 | ||||||
Belden, Inc. | 42 | 2,255 | ||||||
Corning, Inc.(a) | 8,490 | 281,019 | ||||||
EchoStar Corp., Class A(a)* | 2,552 | 93,020 | ||||||
F5 Networks, Inc.(a)* | 1,868 | 293,145 | ||||||
Hewlett Packard Enterprise Co.(a) | 21,604 | 333,350 | ||||||
HP, Inc.(a) | 16,597 | 322,480 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Jabil, Inc.(a) | 3,547 | $ | 94,315 | |||||
Juniper Networks, Inc. | 459 | 12,150 | ||||||
Littelfuse, Inc. | 23 | 4,197 | ||||||
National Instruments Corp. | 6 | 266 | ||||||
Vishay Intertechnology, Inc.(a) | 10,469 | 193,362 | ||||||
Xerox Corp.(a) | 11,507 | 367,994 | ||||||
|
| |||||||
2,323,292 | ||||||||
|
| |||||||
Telecommunication Services — 1.6% |
| |||||||
AT&T, Inc.(a) | 5,269 | 165,236 | ||||||
CenturyLink, Inc.(a) | 8,504 | 101,963 | ||||||
Intelsat SA (Luxembourg)* | 6,058 | 94,868 | ||||||
Rogers Communications, Inc., Class B (Canada) | 1,334 | 71,796 | ||||||
Verizon Communications, Inc.(a) | 349 | 20,636 | ||||||
|
| |||||||
454,499 | ||||||||
|
| |||||||
Transportation — 3.4% | ||||||||
CH Robinson Worldwide, Inc.(a) | 2,153 | 187,289 | ||||||
CSX Corp.(a) | 971 | 72,650 | ||||||
Genesee & Wyoming, Inc., Class A* | 165 | 14,378 | ||||||
JB Hunt Transport Services, Inc. | 51 | 5,166 | ||||||
Landstar System, Inc.(a) | 1,984 | 217,030 | ||||||
Old Dominion Freight Line, Inc. | 808 | 116,667 | ||||||
Schneider National, Inc., Class B | 299 | 6,294 | ||||||
XPO Logistics, Inc.(a)* | 6,409 | 344,420 | ||||||
|
| |||||||
963,894 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS - 97.6% (Cost $27,070,827) |
| 27,470,376 | ||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.4% | 683,232 | |||||||
|
| |||||||
NET ASSETS - 100.0% |
$ |
28,153,608 |
| |||||
|
|
(a) | Security position is either entirely or partially designated as collateral for total return swaps. |
* | Non-income producing. |
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
94
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Over-the-counter total return basket swaps outstanding as of March 31, 2019.
The Fund maintains a basket of short positions and receives/pays a rebate based upon the Fed Funds1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The basket matures between August 6, 2019 and July 7, 2020, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week.
The following table represents the individual short positions and related values within the total return basket swaps at March 31, 2019:
Reference Company | Counterparty | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
Short | ||||||||||||||||||||||
Automobiles & Components | ||||||||||||||||||||||
Aptiv PLC (Jersey) | Morgan Stanley | (2,696 | ) | $ | (211,925 | ) | $ | (2,393 | ) | $ | (2,393 | ) | ||||||||||
Dorman Products, Inc. | Morgan Stanley | (898 | ) | (82,345 | ) | 3,390 | 3,390 | |||||||||||||||
Ford Motor Co. | Morgan Stanley | (35,691 | ) | (309,425 | ) | (7,268 | ) | (7,268 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
(39,285 | ) | (603,695 | ) | (6,271 | ) | (6,271 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Capital Goods | ||||||||||||||||||||||
Axon Enterprise, Inc. | Morgan Stanley | (1,175 | ) | (61,596 | ) | (2,225 | ) | (2,225 | ) | |||||||||||||
CAE, Inc. (Canada) | Morgan Stanley | (1,225 | ) | (25,850 | ) | (1,330 | ) | (1,330 | ) | |||||||||||||
Chart Industries, Inc. | Morgan Stanley | (860 | ) | (78,463 | ) | 759 | 759 | |||||||||||||||
EnerSys | Morgan Stanley | (2,196 | ) | (163,405 | ) | 20,239 | 20,239 | |||||||||||||||
HEICO Corp. | Morgan Stanley | (1,871 | ) | (171,094 | ) | (6,094 | ) | (6,094 | ) | |||||||||||||
Lennox International, Inc. | Morgan Stanley | (288 | ) | (75,368 | ) | (797 | ) | (797 | ) | |||||||||||||
Nordson Corp. | Morgan Stanley | (2,052 | ) | (258,135 | ) | (14,017 | ) | (14,017 | ) | |||||||||||||
Pentair PLC (Ireland) | Morgan Stanley | (49 | ) | (2,147 | ) | (83 | ) | (83 | ) | |||||||||||||
Toro Co. (The) | Morgan Stanley | (3,057 | ) | (195,897 | ) | (14,856 | ) | (14,856 | ) | |||||||||||||
United Rentals, Inc. | Morgan Stanley | (3,092 | ) | (378,983 | ) | 26,353 | 26,353 | |||||||||||||||
United Technologies Corp. | Morgan Stanley | (4,410 | ) | (522,255 | ) | (47,917 | ) | (47,917 | ) | |||||||||||||
USG Corp. | Morgan Stanley | (7,717 | ) | (332,977 | ) | (555 | ) | (555 | ) | |||||||||||||
WABCO Holdings, Inc. | Morgan Stanley | (1,909 | ) | (258,346 | ) | 7,079 | 7,079 | |||||||||||||||
Watsco, Inc. | Morgan Stanley | (1,553 | ) | (221,824 | ) | (1,134 | ) | (1,134 | ) | |||||||||||||
Xylem, Inc. | Morgan Stanley | (558 | ) | (41,040 | ) | (3,400 | ) | (3,400 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
(32,012 | ) | (2,787,380 | ) | (37,978 | ) | (37,978 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Commercial & Professional Services | ||||||||||||||||||||||
ADT, Inc. | Morgan Stanley | (11,026 | ) | (76,195 | ) | 5,877 | 5,877 | |||||||||||||||
Cintas Corp. | Morgan Stanley | (27 | ) | (5,396 | ) | (103 | ) | (103 | ) | |||||||||||||
Copart, Inc. | Morgan Stanley | (9,501 | ) | (490,131 | ) | (84,630 | ) | (84,630 | ) | |||||||||||||
Equifax, Inc. | Morgan Stanley | (5,390 | ) | (557,914 | ) | (81,820 | ) | (81,820 | ) | |||||||||||||
Insperity, Inc. | Morgan Stanley | (1,239 | ) | (156,987 | ) | 3,711 | 3,711 | |||||||||||||||
MSA Safety, Inc. | Morgan Stanley | (128 | ) | (13,294 | ) | 81 | 81 | |||||||||||||||
Nielsen Holdings PLC (United Kingdom) | Morgan Stanley | (4,409 | ) | (119,405 | ) | 16,640 | 16,640 | |||||||||||||||
Republic Services, Inc. | Morgan Stanley | (3,998 | ) | (304,141 | ) | (18,140 | ) | (18,140 | ) | |||||||||||||
Rollins, Inc. | Morgan Stanley | (5,316 | ) | (214,964 | ) | (5,892 | ) | (5,892 | ) | |||||||||||||
TriNet Group, Inc. | Morgan Stanley | (659 | ) | (40,641 | ) | 1,333 | 1,333 | |||||||||||||||
UniFirst Corp. | Morgan Stanley | (101 | ) | (13,976 | ) | (3,262 | ) | (3,262 | ) | |||||||||||||
Verisk Analytics, Inc. | Morgan Stanley | (2,901 | ) | (359,655 | ) | (26,045 | ) | (26,045 | ) | |||||||||||||
Waste Connections, Inc. (Canada) | Morgan Stanley | (5,436 | ) | (430,421 | ) | (51,249 | ) | (51,249 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
(50,131 | ) | (2,783,120 | ) | (243,499 | ) | (243,499 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
95
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Reference Company | Counterparty | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
Consumer Durables & Apparel | ||||||||||||||||||||||
Hasbro, Inc. | Morgan Stanley | (5 | ) | $ | (427 | ) | $ | (6 | ) | $ | (6 | ) | ||||||||||
Mohawk Industries, Inc. | Morgan Stanley | (681 | ) | (86,397 | ) | 646 | 646 | |||||||||||||||
Polaris Industries, Inc. | Morgan Stanley | (917 | ) | (79,226 | ) | 1,416 | 1,416 | |||||||||||||||
Whirlpool Corp. | Morgan Stanley | (112 | ) | (16,341 | ) | 1,429 | 1,429 | |||||||||||||||
Wolverine World Wide, Inc. | Morgan Stanley | (4,876 | ) | (174,684 | ) | 313 | 313 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
(6,591 | ) | (357,075 | ) | 3,798 | 3,798 | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Consumer Services | ||||||||||||||||||||||
Boyd Gaming Corp. | Morgan Stanley | (7,112 | ) | (201,748 | ) | 7,335 | 7,335 | |||||||||||||||
Bright Horizons Family Solutions, Inc. | Morgan Stanley | (11 | ) | (1,380 | ) | (27 | ) | (27 | ) | |||||||||||||
Carnival Corp. (Panama) | Morgan Stanley | (6,594 | ) | (335,596 | ) | 1,767 | 1,767 | |||||||||||||||
Chipotle Mexican Grill, Inc. | Morgan Stanley | (887 | ) | (474,627 | ) | (154,542 | ) | (154,542 | ) | |||||||||||||
Churchill Downs, Inc. | Morgan Stanley | (2,042 | ) | (173,058 | ) | (11,021 | ) | (11,021 | ) | |||||||||||||
Darden Restaurants, Inc. | Morgan Stanley | (356 | ) | (43,057 | ) | (109 | ) | (109 | ) | |||||||||||||
Dunkin’ Brands Group, Inc. | Morgan Stanley | (730 | ) | (54,323 | ) | (474 | ) | (474 | ) | |||||||||||||
Eldorado Resorts, Inc. | Morgan Stanley | (3,770 | ) | (169,093 | ) | (6,618 | ) | (6,618 | ) | |||||||||||||
frontdoor, Inc. | Morgan Stanley | (772 | ) | (27,917 | ) | 1,394 | 1,394 | |||||||||||||||
Grand Canyon Education, Inc. | Morgan Stanley | (719 | ) | (82,984 | ) | 803 | 803 | |||||||||||||||
Hyatt Hotels Corp., Class A | Morgan Stanley | (2,680 | ) | (196,729 | ) | 2,391 | 2,391 | |||||||||||||||
Marriott International, Inc., Class A | Morgan Stanley | (1,944 | ) | (247,424 | ) | 4,057 | 4,057 | |||||||||||||||
McDonald’s Corp. | Morgan Stanley | (120 | ) | (22,633 | ) | (116 | ) | (116 | ) | |||||||||||||
MGM Resorts International | Morgan Stanley | (443 | ) | (11,287 | ) | (164 | ) | (164 | ) | |||||||||||||
Planet Fitness, Inc., Class A | Morgan Stanley | (5,770 | ) | (366,007 | ) | (29,832 | ) | (29,832 | ) | |||||||||||||
Red Rock Resorts, Inc., Class A | Morgan Stanley | (4,678 | ) | (109,300 | ) | (11,946 | ) | (11,946 | ) | |||||||||||||
Restaurant Brands International, Inc. (Canada) | Morgan Stanley | (1,819 | ) | (117,300 | ) | (1,605 | ) | (1,605 | ) | |||||||||||||
Royal Caribbean Cruises Ltd. (Liberia) | Morgan Stanley | (1,445 | ) | (170,846 | ) | 4,647 | 4,647 | |||||||||||||||
Starbucks Corp. | Morgan Stanley | (1,482 | ) | (108,994 | ) | (1,014 | ) | (1,014 | ) | |||||||||||||
Stars Group, Inc. (The) (Canada) | Morgan Stanley | (3,949 | ) | (68,435 | ) | (588 | ) | (588 | ) | |||||||||||||
Wynn Resorts Ltd. | Morgan Stanley | (1,320 | ) | (148,907 | ) | (9,250 | ) | (9,250 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
(48,643 | ) | (3,131,645 | ) | (204,912 | ) | (204,912 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Food & Staples Retailing | ||||||||||||||||||||||
Casey’s General Stores, Inc. | Morgan Stanley | (47 | ) | (6,021 | ) | (23 | ) | (23 | ) | |||||||||||||
Kroger Co. (The) | Morgan Stanley | (12,421 | ) | (304,919 | ) | (76 | ) | (76 | ) | |||||||||||||
Performance Food Group Co. | Morgan Stanley | (5,399 | ) | (207,751 | ) | (5,882 | ) | (5,882 | ) | |||||||||||||
US Foods Holding Corp. | Morgan Stanley | (10,760 | ) | (367,964 | ) | (6,989 | ) | (6,989 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
(28,627 | ) | (886,655 | ) | (12,970 | ) | (12,970 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Food, Beverage & Tobacco | ||||||||||||||||||||||
Altria Group, Inc. | Morgan Stanley | (323 | ) | (18,393 | ) | (212 | ) | (212 | ) | |||||||||||||
Brown-Forman Corp., Class B | Morgan Stanley | (6,996 | ) | (340,115 | ) | (29,261 | ) | (29,261 | ) | |||||||||||||
Coca-Cola Co. (The) | Morgan Stanley | (1,310 | ) | (61,155 | ) | (117 | ) | (117 | ) | |||||||||||||
Darling Ingredients, Inc. | Morgan Stanley | (7,523 | ) | (157,364 | ) | (5,220 | ) | (5,220 | ) | |||||||||||||
Flowers Foods, Inc. | Morgan Stanley | (9,279 | ) | (177,514 | ) | (21,705 | ) | (21,705 | ) | |||||||||||||
J&J Snack Foods Corp. | Morgan Stanley | (31 | ) | (4,907 | ) | (11 | ) | (11 | ) | |||||||||||||
JM Smucker Co. (The) | Morgan Stanley | (7 | ) | (812 | ) | (28 | ) | (28 | ) | |||||||||||||
Kellogg Co. | Morgan Stanley | (634 | ) | (36,144 | ) | (173 | ) | (173 | ) | |||||||||||||
Mondelez International, Inc., Class A | Morgan Stanley | (7,501 | ) | (357,242 | ) | (18,055 | ) | (18,055 | ) |
The accompanying notes are an integral part of the financial statements.
96
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Reference Company | Counterparty | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Food, Beverage & Tobacco — (continued) | |||||||||||||||||||||||
PepsiCo, Inc. | Morgan Stanley | (4,369 | ) | $ | (513,921 | ) | $ | (23,028 | ) | $ | (23,028 | ) | |||||||||||
Philip Morris International, Inc. | Morgan Stanley | (4,240 | ) | (359,729 | ) | (21,465 | ) | (21,465 | ) | ||||||||||||||
Pilgrim’s Pride Corp. | Morgan Stanley | (7,194 | ) | (144,315 | ) | (15,774 | ) | (15,774 | ) | ||||||||||||||
Post Holdings, Inc. | Morgan Stanley | (2,381 | ) | (243,602 | ) | (16,431 | ) | (16,431 | ) | ||||||||||||||
Sanderson Farms, Inc. | Morgan Stanley | (219 | ) | (28,106 | ) | (717 | ) | (717 | ) | ||||||||||||||
Tyson Foods, Inc., Class A | Morgan Stanley | (6,637 | ) | (409,671 | ) | (52,538 | ) | (52,538 | ) | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(58,644 | ) | (2,852,990 | ) | (204,735 | ) | (204,735 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Health Care Equipment & Services | |||||||||||||||||||||||
Align Technology, Inc. | Morgan Stanley | (1,378 | ) | (368,578 | ) | (22,549 | ) | (22,549 | ) | ||||||||||||||
Boston Scientific Corp. | Morgan Stanley | (795 | ) | (32,123 | ) | 2,325 | 2,325 | ||||||||||||||||
Cantel Medical Corp. | Morgan Stanley | (1,537 | ) | (119,230 | ) | 16,525 | 16,525 | ||||||||||||||||
Cigna Corp. | Morgan Stanley | (3,582 | ) | (656,634 | ) | 81,669 | 81,669 | ||||||||||||||||
DENTSPLY SIRONA, Inc. | Morgan Stanley | (12,581 | ) | (513,219 | ) | (110,770 | ) | (110,770 | ) | ||||||||||||||
Globus Medical, Inc., Class A | Morgan Stanley | (3,295 | ) | (156,964 | ) | (5,554 | ) | (5,554 | ) | ||||||||||||||
Haemonetics Corp. | Morgan Stanley | (3,366 | ) | (321,867 | ) | 28,003 | 28,003 | ||||||||||||||||
Hologic, Inc. | Morgan Stanley | (7,643 | ) | (339,742 | ) | (29,552 | ) | (29,552 | ) | ||||||||||||||
ICU Medical, Inc. | Morgan Stanley | (1,370 | ) | (329,927 | ) | 2,653 | 2,653 | ||||||||||||||||
Intuitive Surgical, Inc. | Morgan Stanley | (819 | ) | (433,348 | ) | (33,157 | ) | (33,157 | ) | ||||||||||||||
Masimo Corp. | Morgan Stanley | (2,456 | ) | (310,940 | ) | (28,124 | ) | (28,124 | ) | ||||||||||||||
Medidata Solutions, Inc. | Morgan Stanley | (2,119 | ) | (146,149 | ) | (8,821 | ) | (8,821 | ) | ||||||||||||||
Neogen Corp. | Morgan Stanley | (806 | ) | (48,602 | ) | 2,433 | 2,433 | ||||||||||||||||
Quest Diagnostics, Inc. | Morgan Stanley | (1,946 | ) | (172,265 | ) | (2,402 | ) | (2,402 | ) | ||||||||||||||
Stryker Corp. | Morgan Stanley | (526 | ) | (103,261 | ) | (566 | ) | (566 | ) | ||||||||||||||
Teleflex, Inc. | Morgan Stanley | (403 | ) | (107,843 | ) | (14,557 | ) | (14,557 | ) | ||||||||||||||
Varian Medical Systems, Inc. | Morgan Stanley | (2,163 | ) | (281,197 | ) | (24,825 | ) | (24,825 | ) | ||||||||||||||
Wright Medical Group NV (Netherlands) | Morgan Stanley | (2,509 | ) | (80,004 | ) | 1,145 | 1,145 | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(49,294 | ) | (4,521,893 | ) | (146,124 | ) | (146,124 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Household & Personal Products | |||||||||||||||||||||||
Church & Dwight Co., Inc. | Morgan Stanley | (6,619 | ) | (436,588 | ) | (34,389 | ) | (34,389 | ) | ||||||||||||||
Colgate-Palmolive Co. | Morgan Stanley | (2,958 | ) | (198,864 | ) | (3,820 | ) | (3,820 | ) | ||||||||||||||
Coty, Inc., Class A | Morgan Stanley | (49,660 | ) | (381,257 | ) | (195,129 | ) | (195,129 | ) | ||||||||||||||
Kimberly-Clark Corp. | Morgan Stanley | (1,331 | ) | (164,262 | ) | (347 | ) | (347 | ) | ||||||||||||||
Procter & Gamble Co. (The) | Morgan Stanley | (2,195 | ) | (226,186 | ) | (1,788 | ) | (1,788 | ) | ||||||||||||||
Spectrum Brands Holdings, Inc. | Morgan Stanley | (3,586 | ) | (198,722 | ) | 2,647 | 2,647 | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(66,349 | ) | (1,605,879 | ) | (232,826 | ) | (232,826 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Media & Entertainment | |||||||||||||||||||||||
Alphabet, Inc., Class A | Morgan Stanley | (357 | ) | (413,951 | ) | (7,654 | ) | (7,654 | ) | ||||||||||||||
Comcast Corp., Class A | Morgan Stanley | (4,420 | ) | (171,986 | ) | (5,054 | ) | (5,054 | ) | ||||||||||||||
Facebook, Inc., Class A | Morgan Stanley | (1,321 | ) | (220,077 | ) | (92 | ) | (92 | ) | ||||||||||||||
IAC/InterActiveCorp. | Morgan Stanley | (547 | ) | (121,077 | ) | 6,923 | 6,923 | ||||||||||||||||
Madison Square Garden Co. (The), Class A | Morgan Stanley | (12 | ) | (3,495 | ) | (33 | ) | (33 | ) | ||||||||||||||
Netflix, Inc. | Morgan Stanley | (196 | ) | (71,069 | ) | 683 | 683 | ||||||||||||||||
New York Times Co. (The), Class A | Morgan Stanley | (12,123 | ) | (384,314 | ) | (13,218 | ) | (13,218 | ) | ||||||||||||||
Take-Two Interactive Software, Inc. | Morgan Stanley | (13 | ) | (1,233 | ) | 6 | 6 |
The accompanying notes are an integral part of the financial statements.
97
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Reference Company | Counterparty | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Media & Entertainment — (continued) | |||||||||||||||||||||||
Zillow Group, Inc., Class C | Morgan Stanley | (951 | ) | $ | (29,310 | ) | $ | (3,676 | ) | $ | (3,676 | ) | |||||||||||
Zynga, Inc., Class A | Morgan Stanley | (101,644 | ) | (448,448 | ) | (92,487 | ) | (92,487 | ) | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(121,584 | ) | (1,864,960 | ) | (114,602 | ) | (114,602 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | |||||||||||||||||||||||
Agilent Technologies, Inc. | Morgan Stanley | (1,278 | ) | (100,336 | ) | (3,151 | ) | (3,151 | ) | ||||||||||||||
Allergan PLC (Ireland) | Morgan Stanley | (1,585 | ) | (238,730 | ) | 7,054 | 7,054 | ||||||||||||||||
Bausch Health Cos., Inc. (Canada) | Morgan Stanley | (551 | ) | (13,496 | ) | (92 | ) | (92 | ) | ||||||||||||||
Bio-Rad Laboratories, Inc., Class A | Morgan Stanley | (1,647 | ) | (474,176 | ) | (28,403 | ) | (28,403 | ) | ||||||||||||||
Bio-Techne Corp. | Morgan Stanley | (1,553 | ) | (272,166 | ) | (36,097 | ) | (36,097 | ) | ||||||||||||||
Catalent, Inc. | Morgan Stanley | (3,256 | ) | (115,725 | ) | (16,510 | ) | (16,510 | ) | ||||||||||||||
Emergent BioSolutions, Inc. | Morgan Stanley | (1,501 | ) | (85,943 | ) | 10,270 | 10,270 | ||||||||||||||||
Illumina, Inc. | Morgan Stanley | (807 | ) | (249,845 | ) | (422 | ) | (422 | ) | ||||||||||||||
IQVIA Holdings, Inc. | Morgan Stanley | (3,274 | ) | (420,555 | ) | (50,131 | ) | (50,131 | ) | ||||||||||||||
Johnson & Johnson | Morgan Stanley | (991 | ) | (137,826 | ) | (470 | ) | (470 | ) | ||||||||||||||
Nektar Therapeutics | Morgan Stanley | (724 | ) | (27,891 | ) | 6,704 | 6,704 | ||||||||||||||||
Perrigo Co. PLC (Ireland) | Morgan Stanley | (9,260 | ) | (430,626 | ) | (15,449 | ) | (15,449 | ) | ||||||||||||||
QIAGEN NV (Netherlands) | Morgan Stanley | (9,709 | ) | (369,826 | ) | (24,454 | ) | (24,454 | ) | ||||||||||||||
Repligen Corp. | Morgan Stanley | (276 | ) | (16,335 | ) | 56 | 56 | ||||||||||||||||
United Therapeutics Corp. | Morgan Stanley | (91 | ) | (11,070 | ) | 421 | 421 | ||||||||||||||||
Waters Corp. | Morgan Stanley | (159 | ) | (37,676 | ) | (2,800 | ) | (2,800 | ) | ||||||||||||||
Zoetis, Inc. | Morgan Stanley | (5,957 | ) | (562,959 | ) | (35,693 | ) | (35,693 | ) | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(42,619 | ) | (3,565,181 | ) | (189,167 | ) | (189,167 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Retailing | |||||||||||||||||||||||
Aaron’s, Inc. | Morgan Stanley | (4,085 | ) | (211,325 | ) | (3,292 | ) | (3,292 | ) | ||||||||||||||
Advance Auto Parts, Inc. | Morgan Stanley | (76 | ) | (12,774 | ) | (192 | ) | (192 | ) | ||||||||||||||
AutoNation, Inc. | Morgan Stanley | (2,485 | ) | (86,618 | ) | (1,988 | ) | (1,988 | ) | ||||||||||||||
AutoZone, Inc. | Morgan Stanley | (202 | ) | (202,193 | ) | (4,308 | ) | (4,308 | ) | ||||||||||||||
CarMax, Inc. | Morgan Stanley | (289 | ) | (20,187 | ) | 50 | 50 | ||||||||||||||||
Dollar Tree, Inc. | Morgan Stanley | (5,547 | ) | (562,596 | ) | (19,022 | ) | (19,022 | ) | ||||||||||||||
Etsy, Inc. | Morgan Stanley | (3,130 | ) | (218,608 | ) | 8,611 | 8,611 | ||||||||||||||||
Five Below, Inc. | Morgan Stanley | (1,063 | ) | (131,369 | ) | (9,869 | ) | (9,869 | ) | ||||||||||||||
Floor & Decor Holdings, Inc., Class A | Morgan Stanley | (712 | ) | (27,645 | ) | (1,655 | ) | (1,655 | ) | ||||||||||||||
GrubHub, Inc. | Morgan Stanley | (6,720 | ) | (532,270 | ) | 66,415 | 66,415 | ||||||||||||||||
Lowe’s Cos, Inc. | Morgan Stanley | (646 | ) | (70,022 | ) | (568 | ) | (568 | ) | ||||||||||||||
National Vision Holdings, Inc. | Morgan Stanley | (282 | ) | (7,969 | ) | (881 | ) | (881 | ) | ||||||||||||||
Ollie’s Bargain Outlet Holdings, Inc. | Morgan Stanley | (3,874 | ) | (301,512 | ) | (28,501 | ) | (28,501 | ) | ||||||||||||||
O’Reilly Automotive, Inc. | Morgan Stanley | (139 | ) | (54,019 | ) | 143 | 143 | ||||||||||||||||
Penske Automotive Group, Inc. | Morgan Stanley | (3,655 | ) | (159,295 | ) | (3,687 | ) | (3,687 | ) | ||||||||||||||
Stitch Fix, Inc., Class A | Morgan Stanley | (6,525 | ) | (189,374 | ) | 5,522 | 5,522 | ||||||||||||||||
Target Corp. | Morgan Stanley | (2,100 | ) | (167,554 | ) | (684 | ) | (684 | ) | ||||||||||||||
Tiffany & Co. | Morgan Stanley | (5,543 | ) | (523,219 | ) | (63,574 | ) | (63,574 | ) | ||||||||||||||
Ulta Beauty, Inc. | Morgan Stanley | (780 | ) | (255,498 | ) | (16,041 | ) | (16,041 | ) | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(47,853 | ) | (3,734,047 | ) | (73,521 | ) | (73,521 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Semiconductors & Semiconductor Equipment | |||||||||||||||||||||||
Advanced Micro Devices, Inc. | Morgan Stanley | (2,308 | ) | (59,992 | ) | (3,195 | ) | (3,195 | ) | ||||||||||||||
Analog Devices, Inc. | Morgan Stanley | (1,747 | ) | (186,485 | ) | 1,651 | 1,651 | ||||||||||||||||
Applied Materials, Inc. | Morgan Stanley | (5,953 | ) | (232,761 | ) | (3,306 | ) | (3,306 | ) |
The accompanying notes are an integral part of the financial statements.
98
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Reference Company | Counterparty | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Semiconductors & Semiconductor Equipment — (continued) | |||||||||||||||||||||||
Broadcom, Inc. | Morgan Stanley | (1,483 | ) | $ | (438,648 | ) | $ | (8,186 | ) | $ | (8,186 | ) | |||||||||||
Cabot Microelectronics Corp. | Morgan Stanley | (1,342 | ) | (146,107 | ) | (4,295 | ) | (4,295 | ) | ||||||||||||||
Cypress Semiconductor Corp. | Morgan Stanley | (387 | ) | (5,907 | ) | 80 | 80 | ||||||||||||||||
First Solar, Inc. | Morgan Stanley | (437 | ) | (22,513 | ) | (539 | ) | (539 | ) | ||||||||||||||
Marvell Technology Group Ltd. (Bermuda) | Morgan Stanley | (16,465 | ) | (324,903 | ) | (2,074 | ) | (2,074 | ) | ||||||||||||||
NVIDIA Corp. | Morgan Stanley | (3,339 | ) | (548,924 | ) | (53,727 | ) | (53,727 | ) | ||||||||||||||
QUALCOMM, Inc. | Morgan Stanley | (9,134 | ) | (510,169 | ) | (10,889 | ) | (10,889 | ) | ||||||||||||||
Silicon Laboratories, Inc. | Morgan Stanley | (2,220 | ) | (186,061 | ) | 6,894 | 6,894 | ||||||||||||||||
Universal Display Corp. | Morgan Stanley | (2,778 | ) | (386,316 | ) | (37,821 | ) | (37,821 | ) | ||||||||||||||
Versum Materials, Inc. | Morgan Stanley | (1,171 | ) | (57,874 | ) | (934 | ) | (934 | ) | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(48,764 | ) | (3,106,660 | ) | (116,341 | ) | (116,341 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Software & Services | |||||||||||||||||||||||
Adobe, Inc. | Morgan Stanley | (626 | ) | (164,882 | ) | (1,638 | ) | (1,638 | ) | ||||||||||||||
Black Knight, Inc. | Morgan Stanley | (8 | ) | (436 | ) | — | — | ||||||||||||||||
Blackbaud, Inc. | Morgan Stanley | (2,390 | ) | (161,390 | ) | (29,157 | ) | (29,157 | ) | ||||||||||||||
Broadridge Financial Solutions, Inc. | Morgan Stanley | (3,334 | ) | (335,522 | ) | (10,776 | ) | (10,776 | ) | ||||||||||||||
CACI International, Inc., Class A | Morgan Stanley | (203 | ) | (35,989 | ) | (931 | ) | (931 | ) | ||||||||||||||
Cadence Design Systems, Inc. | Morgan Stanley | (824 | ) | (46,803 | ) | (5,445 | ) | (5,445 | ) | ||||||||||||||
Ceridian HCM Holding, Inc. | Morgan Stanley | (1,571 | ) | (73,798 | ) | (6,660 | ) | (6,660 | ) | ||||||||||||||
CoreLogic, Inc. | Morgan Stanley | (3,606 | ) | (132,997 | ) | (1,119 | ) | (1,119 | ) | ||||||||||||||
Ellie Mae, Inc. | Morgan Stanley | (2,265 | ) | (216,835 | ) | (6,299 | ) | (6,299 | ) | ||||||||||||||
Fair Isaac Corp. | Morgan Stanley | (287 | ) | (61,158 | ) | (16,689 | ) | (16,689 | ) | ||||||||||||||
First Data Corp., Class A | Morgan Stanley | (988 | ) | (25,776 | ) | (165 | ) | (165 | ) | ||||||||||||||
Fiserv, Inc. | Morgan Stanley | (2,426 | ) | (208,363 | ) | (5,421 | ) | (5,421 | ) | ||||||||||||||
Gartner, Inc. | Morgan Stanley | (141 | ) | (21,121 | ) | (229 | ) | (229 | ) | ||||||||||||||
Global Payments, Inc. | Morgan Stanley | (3,184 | ) | (389,413 | ) | (44,576 | ) | (44,576 | ) | ||||||||||||||
GoDaddy, Inc., Class A | Morgan Stanley | (3,584 | ) | (265,628 | ) | (3,363 | ) | (3,363 | ) | ||||||||||||||
Guidewire Software, Inc. | Morgan Stanley | (3,335 | ) | (312,108 | ) | (11,346 | ) | (11,346 | ) | ||||||||||||||
Intuit, Inc. | Morgan Stanley | (1,385 | ) | (312,174 | ) | (49,303 | ) | (49,303 | ) | ||||||||||||||
Jack Henry & Associates, Inc. | Morgan Stanley | (95 | ) | (13,117 | ) | (41 | ) | (41 | ) | ||||||||||||||
Leidos Holdings, Inc. | Morgan Stanley | (2,490 | ) | (158,782 | ) | (1,146 | ) | (1,146 | ) | ||||||||||||||
LogMein, Inc. | Morgan Stanley | (2,101 | ) | (186,750 | ) | 18,154 | 18,154 | ||||||||||||||||
Manhattan Associates, Inc. | Morgan Stanley | (3,313 | ) | (154,651 | ) | (27,645 | ) | (27,645 | ) | ||||||||||||||
MAXIMUS, Inc. | Morgan Stanley | (2,933 | ) | (208,536 | ) | 527 | 527 | ||||||||||||||||
Paycom Software, Inc. | Morgan Stanley | (537 | ) | (100,045 | ) | (1,335 | ) | (1,335 | ) | ||||||||||||||
RealPage, Inc. | Morgan Stanley | (1,056 | ) | (63,324 | ) | (1,406 | ) | (1,406 | ) | ||||||||||||||
Science Applications International Corp. | Morgan Stanley | (200 | ) | (15,515 | ) | 151 | 151 | ||||||||||||||||
Symantec Corp. | Morgan Stanley | (2,167 | ) | (49,679 | ) | (50 | ) | (50 | ) | ||||||||||||||
Synopsys, Inc. | Morgan Stanley | (2,151 | ) | (217,461 | ) | (29,827 | ) | (29,827 | ) | ||||||||||||||
Teradata Corp. | Morgan Stanley | (6,978 | ) | (287,415 | ) | (16,645 | ) | (16,645 | ) | ||||||||||||||
Tyler Technologies, Inc. | Morgan Stanley | (1,783 | ) | (352,699 | ) | (11,096 | ) | (11,096 | ) | ||||||||||||||
Ultimate Software Group, Inc. (The) | Morgan Stanley | (512 | ) | (146,813 | ) | (24,326 | ) | (24,326 | ) | ||||||||||||||
Verint Systems, Inc. | Morgan Stanley | (27 | ) | (1,581 | ) | (35 | ) | (35 | ) | ||||||||||||||
Visa, Inc., Class A | Morgan Stanley | (80 | ) | (12,369 | ) | (191 | ) | (191 | ) | ||||||||||||||
VMware, Inc., Class A | Morgan Stanley | (544 | ) | (96,418 | ) | (1,603 | ) | (1,603 | ) |
The accompanying notes are an integral part of the financial statements.
99
GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Reference Company | Counterparty | Number of Contracts (Short) | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Software & Services — (continued) | |||||||||||||||||||||||
WEX, Inc. | Morgan Stanley | (159 | ) | $ | (30,188 | ) | $ | (285 | ) | $ | (285 | ) | |||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(57,283 | ) | (4,859,736 | ) | (289,916 | ) | (289,916 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Technology Hardware & Equipment | |||||||||||||||||||||||
Ciena Corp. | Morgan Stanley | (788 | ) | (32,242 | ) | 2,941 | 2,941 | ||||||||||||||||
Cognex Corp. | Morgan Stanley | (8,006 | ) | (341,371 | ) | (65,579 | ) | (65,579 | ) | ||||||||||||||
Coherent, Inc. | Morgan Stanley | (1,611 | ) | (208,849 | ) | (19,077 | ) | (19,077 | ) | ||||||||||||||
Dolby Laboratories, Inc., Class A | Morgan Stanley | (3,597 | ) | (231,827 | ) | 5,629 | 5,629 | ||||||||||||||||
IPG Photonics Corp. | Morgan Stanley | (2,069 | ) | (288,022 | ) | (25,480 | ) | (25,480 | ) | ||||||||||||||
Lumentum Holdings, Inc. | Morgan Stanley | (7,973 | ) | (387,942 | ) | (62,136 | ) | (62,136 | ) | ||||||||||||||
Novanta, Inc. (Canada) | Morgan Stanley | (623 | ) | (52,182 | ) | (510 | ) | (510 | ) | ||||||||||||||
SYNNEX Corp. | Morgan Stanley | (3,257 | ) | (287,511 | ) | (24,141 | ) | (24,141 | ) | ||||||||||||||
Western Digital Corp. | Morgan Stanley | (288 | ) | (14,035 | ) | (445 | ) | (445 | ) | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(28,212 | ) | (1,843,981 | ) | (188,798 | ) | (188,798 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Telecommunication Services | |||||||||||||||||||||||
Iridium Communications, Inc. | Morgan Stanley | (2,538 | ) | (58,239 | ) | (8,760 | ) | (8,760 | ) | ||||||||||||||
Vonage Holdings Corp. | Morgan Stanley | (16,394 | ) | (163,483 | ) | (812 | ) | (812 | ) | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(18,932 | ) | (221,722 | ) | (9,572 | ) | (9,572 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Transportation | |||||||||||||||||||||||
Canadian National Railway Co. (Canada) | Morgan Stanley | (3,778 | ) | (315,402 | ) | (23,572 | ) | (23,572 | ) | ||||||||||||||
Kansas City Southern | Morgan Stanley | (342 | ) | (39,047 | ) | (588 | ) | (588 | ) | ||||||||||||||
Kirby Corp. | Morgan Stanley | (1,815 | ) | (138,031 | ) | 1,881 | 1,881 | ||||||||||||||||
Ryder System, Inc. | Morgan Stanley | (4,133 | ) | (234,665 | ) | (22,620 | ) | (22,620 | ) | ||||||||||||||
United Parcel Service, Inc., Class B | Morgan Stanley | (763 | ) | (84,030 | ) | (1,273 | ) | (1,273 | ) | ||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
(10,831 | ) | (811,175 | ) | (46,172 | ) | (46,172 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
$ | (39,537,794 | ) | $ | (2,113,606 | ) | $ | (2,113,606 | ) | |||||||||||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
100
GOTHAM MASTER NEUTRAL FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 89.8% |
| |||||||
COMMON STOCKS — 30.0% |
| |||||||
Automobiles & Components — 1.2% |
| |||||||
BorgWarner, Inc.† | 1,406 | $ | 54,004 | |||||
Dana, Inc.† | 1,325 | 23,505 | ||||||
Fiat Chrysler Automobiles NV (Netherlands)†* | 3,668 | 54,470 | ||||||
General Motors Co.† | 909 | 33,724 | ||||||
Lear Corp.† | 261 | 35,420 | ||||||
Magna International, Inc. (Canada)† | 889 | 43,285 | ||||||
|
| |||||||
244,408 | ||||||||
|
| |||||||
Capital Goods — 5.6% | ||||||||
Acuity Brands, Inc. | 8 | 960 | ||||||
AGCO Corp.† | 256 | 17,805 | ||||||
Allison Transmission Holdings, Inc.† | 1,441 | 64,730 | ||||||
Arconic, Inc.† | 2,204 | 42,118 | ||||||
Boeing Co. (The)† | 86 | 32,802 | ||||||
BWX Technologies, Inc.† | 504 | 24,988 | ||||||
Carlisle Cos., Inc.† | 267 | 32,740 | ||||||
Caterpillar, Inc.† | 553 | 74,926 | ||||||
Cummins, Inc.† | 249 | 39,310 | ||||||
Curtiss-Wright Corp.† | 209 | 23,688 | ||||||
Dover Corp.† | 418 | 39,208 | ||||||
Eaton Corp. PLC (Ireland)† | 312 | 25,135 | ||||||
Gardner Denver Holdings, Inc.†* | 1,349 | 37,516 | ||||||
General Dynamics Corp.† | 61 | 10,326 | ||||||
GrafTech International Ltd.† | 3,208 | 41,030 | ||||||
HD Supply Holdings, Inc.†* | 705 | 30,562 | ||||||
Hexcel Corp.† | 477 | 32,989 | ||||||
Honeywell International, Inc.† | 262 | 41,637 | ||||||
Hubbell, Inc.† | 23 | 2,714 | ||||||
Huntington Ingalls Industries, Inc.† | 80 | 16,576 | ||||||
Ingersoll-Rand PLC (Ireland)† | 473 | 51,060 | ||||||
ITT, Inc.† | 691 | 40,078 | ||||||
John Bean Technologies Corp.† | 302 | 27,751 | ||||||
L3 Technologies, Inc.† | 106 | 21,875 | ||||||
Lockheed Martin Corp.† | 3 | 900 | ||||||
Masco Corp.† | 642 | 25,237 | ||||||
Moog, Inc., Class A† | 87 | 7,565 | ||||||
Navistar International Corp.†* | 1,193 | 38,534 | ||||||
Oshkosh Corp.† | 121 | 9,091 | ||||||
Parker-Hannifin Corp.† | 106 | 18,192 | ||||||
Raytheon Co.† | 248 | 45,156 | ||||||
Regal Beloit Corp.† | 449 | 36,760 | ||||||
Rexnord Corp.†* | 1,353 | 34,014 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
Spirit AeroSystems Holdings, Inc., Class A† | 47 | $ | 4,302 | |||||
Stanley Black & Decker, Inc.† | 370 | 50,383 | ||||||
Teledyne Technologies, Inc.†* | 5 | 1,185 | ||||||
Timken Co. (The)† | 986 | 43,009 | ||||||
Trex Co., Inc.†* | 295 | 18,148 | ||||||
Univar, Inc.†* | 1,072 | 23,756 | ||||||
Wabtec Corp.† | 338 | 24,917 | ||||||
Woodward, Inc.† | 10 | 949 | ||||||
|
| |||||||
1,154,622 | ||||||||
|
| |||||||
Commercial & Professional Services — 0.7% |
| |||||||
ASGN, Inc.†* | 233 | 14,793 | ||||||
Brink’s Co. (The)† | 174 | 13,121 | ||||||
Clean Harbors, Inc.†* | 325 | 23,247 | ||||||
FTI Consulting, Inc.†* | 60 | 4,609 | ||||||
ManpowerGroup, Inc.† | 270 | 22,326 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada)† | 196 | 6,664 | ||||||
Robert Half International, Inc.† | 756 | 49,261 | ||||||
Tetra Tech, Inc.† | 201 | 11,978 | ||||||
|
| |||||||
145,999 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.1% |
| |||||||
BRP, Inc.,sub-voting shares | 53 | 1,471 | ||||||
Canada Goose Holdings, Inc. (Canada)†* | 1,199 | 57,576 | ||||||
Carter’s, Inc.† | 554 | 55,838 | ||||||
Columbia Sportswear Co.† | 316 | 32,921 | ||||||
Deckers Outdoor Corp.†* | 512 | 75,259 | ||||||
Gildan Activewear, Inc. (Canada)† | 1,006 | 36,186 | ||||||
Hanesbrands, Inc.† | 4,573 | 81,765 | ||||||
Leggett & Platt, Inc.† | 261 | 11,019 | ||||||
Lululemon Athletica, Inc.* | 41 | 6,719 | ||||||
Newell Brands, Inc.† | 497 | 7,624 | ||||||
PVH Corp. | 25 | 3,049 | ||||||
Skechers U.S.A., Inc., Class A†* | 2,616 | 87,924 | ||||||
Steven Madden Ltd.† | 1 | 34 | ||||||
Tapestry, Inc.† | 1,584 | 51,464 | ||||||
Tempur Sealy International, Inc.†* | 791 | 45,617 | ||||||
Under Armour, Inc., Class C†* | 3,439 | 64,894 | ||||||
VF Corp.† | 331 | 28,767 | ||||||
|
| |||||||
648,127 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
101
GOTHAM MASTER NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Consumer Services — 0.8% |
| |||||||
Aramark† | 1,545 | $ | 45,655 | |||||
Laureate Education, Inc., Class A†* | 32 | 479 | ||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)†* | 452 | 24,842 | ||||||
ServiceMaster Global Holdings, Inc.†* | 40 | 1,868 | ||||||
Six Flags Entertainment Corp.† | 1,353 | 66,771 | ||||||
Wyndham Hotels & Resorts, Inc.† | 516 | 25,795 | ||||||
|
| |||||||
165,410 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.4% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.†* | 562 | 15,399 | ||||||
Kroger Co. (The)† | 28 | 689 | ||||||
Walgreens Boots Alliance, Inc.† | 1,118 | 70,736 | ||||||
|
| |||||||
86,824 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 0.6% |
| |||||||
Boston Beer Co., Inc. (The), Class A* | 9 | 2,653 | ||||||
Campbell Soup Co.† | 1,359 | 51,819 | ||||||
General Mills, Inc.† | 10 | 518 | ||||||
Monster Beverage Corp.†* | 240 | 13,099 | ||||||
TreeHouse Foods, Inc.†* | 708 | 45,701 | ||||||
|
| |||||||
113,790 | ||||||||
|
| |||||||
Health Care Equipment & Services — 1.6% |
| |||||||
Amedisys, Inc.†* | 71 | 8,751 | ||||||
AmerisourceBergen Corp.† | 467 | 37,136 | ||||||
Cardinal Health, Inc.† | 1,553 | 74,777 | ||||||
CVS Health Corp.† | 924 | 49,831 | ||||||
Encompass Health Corp.† | 101 | 5,898 | ||||||
HCA Healthcare, Inc.† | 177 | 23,077 | ||||||
Henry Schein, Inc.†* | 839 | 50,432 | ||||||
Integer Holdings Corp.†* | 30 | 2,263 | ||||||
LHC Group, Inc.†* | 70 | 7,760 | ||||||
LivaNova PLC (United Kingdom)†* | 664 | 64,574 | ||||||
Masimo Corp.†* | 2 | 277 | ||||||
|
| |||||||
324,776 | ||||||||
|
| |||||||
Household & Personal Products — 0.1% |
| |||||||
Energizer Holdings, Inc.† | 657 | 29,519 | ||||||
|
| |||||||
Media & Entertainment — 3.4% | ||||||||
Activision Blizzard, Inc.† | 1,607 | 73,167 | ||||||
AMC Networks, Inc., Class A†* | 585 | 33,205 | ||||||
ANGI Homeservices, Inc., Class A†* | 41 | 633 | ||||||
Discovery, Inc., Class A†* | 2,857 | 77,196 | ||||||
DISH Network Corp., Class A†* | 739 | 23,419 | ||||||
Electronic Arts, Inc.†* | 698 | 70,938 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Media & Entertainment — (Continued) |
| |||||||
News Corp., Class A† | 1,623 | $ | 20,190 | |||||
Nexstar Media Group, Inc., Class A† | 870 | 94,282 | ||||||
Omnicom Group, Inc.† | 211 | 15,401 | ||||||
Sinclair Broadcast Group, Inc., Class A† | 2,309 | 88,850 | ||||||
Sirius XM Holdings, Inc. | 219 | 1,242 | ||||||
TEGNA, Inc.† | 3,722 | 52,480 | ||||||
Tribune Media Co., Class A† | 1,693 | 78,115 | ||||||
TripAdvisor, Inc.†* | 91 | 4,682 | ||||||
Viacom, Inc., Class B† | 2,546 | 71,466 | ||||||
|
| |||||||
705,266 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 3.0% |
| |||||||
AbbVie, Inc.† | 938 | 75,593 | ||||||
Alexion Pharmaceuticals, Inc.†* | 418 | 56,505 | ||||||
Biogen, Inc.†* | 339 | 80,133 | ||||||
Bristol-Myers Squibb Co.† | 1,948 | 92,939 | ||||||
Celgene Corp.†* | 740 | 69,812 | ||||||
Exelixis, Inc.†* | 3,774 | 89,821 | ||||||
Genomic Health, Inc.†* | 12 | 841 | ||||||
Jazz Pharmaceuticals PLC | 519 | 74,191 | ||||||
Mylan NV (Netherlands)†* | 20 | 567 | ||||||
Neurocrine Biosciences, Inc.†* | 174 | 15,329 | ||||||
PRA Health Sciences, Inc.†* | 141 | 15,551 | ||||||
Regeneron Pharmaceuticals, Inc.†* | 95 | 39,009 | ||||||
Syneos Health, Inc.†* | 233 | 12,060 | ||||||
|
| |||||||
622,351 | ||||||||
|
| |||||||
Retailing — 2.4% | ||||||||
American Eagle Outfitters, Inc.† | 83 | 1,840 | ||||||
Best Buy Co., Inc.† | 324 | 23,023 | ||||||
Booking Holdings, Inc.†* | 44 | 76,776 | ||||||
Dick’s Sporting Goods, Inc.† | 293 | 10,785 | ||||||
Dollar General Corp.† | 111 | 13,242 | ||||||
Etsy, Inc.†* | 14 | 941 | ||||||
Foot Locker, Inc.† | 1,164 | 70,538 | ||||||
Gap, Inc. (The)† | 1,827 | 47,831 | ||||||
Genuine Parts Co.† | 338 | 37,866 | ||||||
L Brands, Inc. | 321 | 8,853 | ||||||
LKQ Corp.†* | 457 | 12,970 | ||||||
Macy’s, Inc.† | 786 | 18,888 | ||||||
Qurate Retail, Inc.†* | 3,496 | 55,866 | ||||||
Urban Outfitters, Inc.†* | 2,963 | 87,823 | ||||||
Williams-Sonoma, Inc. | 332 | 18,682 | ||||||
|
| |||||||
485,924 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
102
GOTHAM MASTER NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) | ||||||||
Semiconductors & Semiconductor Equipment — 1.5% |
| |||||||
Advanced Micro Devices, Inc.†* | 585 | $ | 14,929 | |||||
Integrated Device Technology, Inc.†* | 64 | 3,135 | ||||||
KLA-Tencor Corp.† | 820 | 97,916 | ||||||
Micron Technology, Inc.†* | 519 | 21,450 | ||||||
MKS Instruments, Inc.† | 56 | 5,211 | ||||||
ON Semiconductor Corp.†* | 3,801 | 78,187 | ||||||
Teradyne, Inc.† | 972 | 38,724 | ||||||
Versum Materials, Inc.† | 875 | 44,021 | ||||||
|
| |||||||
303,573 | ||||||||
|
| |||||||
Software & Services — 1.0% | ||||||||
Accenture PLC, Class A (Ireland)† | 54 | 9,505 | ||||||
Alteryx, Inc., Class A†* | 293 | 24,574 | ||||||
Amdocs, Ltd. (Guernsey)† | 8 | 433 | ||||||
ANSYS, Inc.†* | 65 | 11,876 | ||||||
Autodesk, Inc.†* | 97 | 15,115 | ||||||
CDK Global, Inc.† | 155 | 9,117 | ||||||
Conduent, Inc.†* | 509 | 7,039 | ||||||
DXC Technology Co.† | 93 | 5,981 | ||||||
Euronet Worldwide, Inc.†* | 61 | 8,698 | ||||||
Nuance Communications, Inc.†* | 1,234 | 20,892 | ||||||
Paychex, Inc. | 128 | 10,266 | ||||||
PayPal Holdings, Inc.†* | 620 | 64,381 | ||||||
Qualys, Inc.* | 6 | 496 | ||||||
WEX, Inc.†* | 100 | 19,199 | ||||||
|
| |||||||
207,572 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 2.9% |
| |||||||
Arrow Electronics, Inc.†* | 874 | 67,350 | ||||||
Avnet, Inc.† | 175 | 7,590 | ||||||
AVX Corp.† | 631 | 10,942 | ||||||
Belden, Inc.† | 3 | 161 | ||||||
CDW Corp.† | 57 | 5,493 | ||||||
Cisco Systems, Inc.† | 71 | 3,833 | ||||||
CommScope Holding Co., Inc.†* | 535 | 11,626 | ||||||
Corning, Inc.† | 1,549 | 51,272 | ||||||
EchoStar Corp., Class A†* | 692 | 25,223 | ||||||
F5 Networks, Inc.†* | 363 | 56,966 | ||||||
Hewlett Packard Enterprise Co.† | 4,030 | 62,183 | ||||||
HP, Inc.† | 2,908 | 56,502 | ||||||
Jabil, Inc.† | 306 | 8,137 | ||||||
Motorola Solutions, Inc.† | 41 | 5,757 | ||||||
NetApp, Inc.† | 121 | 8,390 | ||||||
Tech Data Corp.†* | 242 | 24,783 | ||||||
Ubiquiti Networks, Inc.† | 2 | 299 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Technology Hardware & Equipment — (Continued) |
| |||||||
Vishay Intertechnology, Inc.† | 3,486 | $ | 64,386 | |||||
Xerox Corp.† | 2,942 | 94,085 | ||||||
Zebra Technologies Corp., Class A†* | 189 | 39,601 | ||||||
|
| |||||||
604,579 | ||||||||
|
| |||||||
Telecommunication Services — 0.5% |
| |||||||
AT&T, Inc.† | 638 | 20,008 | ||||||
CenturyLink, Inc.† | 2,040 | 24,460 | ||||||
Intelsat SA (Luxembourg)†* | 800 | 12,528 | ||||||
Rogers Communications, Inc., Class B (Canada)† | 394 | 21,205 | ||||||
Verizon Communications, Inc.† | 257 | 15,196 | ||||||
|
| |||||||
93,397 | ||||||||
|
| |||||||
Transportation — 1.2% | ||||||||
CH Robinson Worldwide, Inc.† | 318 | 27,663 | ||||||
CSX Corp.† | 1,100 | 82,302 | ||||||
Expeditors International of Washington, Inc.† | 13 | 987 | ||||||
Genesee & Wyoming, Inc., Class A†* | 54 | 4,706 | ||||||
Landstar System, Inc.† | 409 | 44,741 | ||||||
Old Dominion Freight Line, Inc.† | 65 | 9,385 | ||||||
Schneider National, Inc., Class B† | 455 | 9,578 | ||||||
XPO Logistics, Inc.†* | 1,132 | 60,834 | ||||||
|
| |||||||
240,196 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 6,176,333 | ||||||
|
| |||||||
AFFILIATED EQUITY REGISTERED |
| |||||||
Gotham Neutral 500 Fund | 633,265 | 7,105,239 | ||||||
Gotham Neutral Fund* | 492,304 | 5,026,424 | ||||||
|
| |||||||
TOTAL AFFILIATED EQUITY |
| 12,131,663 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
103
GOTHAM MASTER NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Par Value | Value | |||||||
U.S. TREASURY OBLIGATIONS — 0.9% |
| |||||||
U.S. Treasury Bill — 0.9% | ||||||||
United States Treasury Bill | $ | 200,000 | $ | 199,709 | ||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS | 199,709 | |||||||
|
| |||||||
TOTAL LONG POSITIONS - 89.8% | 18,507,705 | |||||||
|
| |||||||
(Cost $18,181,026) | ||||||||
Number of Shares | ||||||||
SHORT POSITIONS — (30.0)% |
| |||||||
COMMON STOCKS — (30.0)% |
| |||||||
Automobiles & Components — (0.4)% |
| |||||||
Aptiv PLC (Jersey) | (264) | (20,985 | ) | |||||
Dorman Products, Inc.* | (78) | (6,871 | ) | |||||
Ford Motor Co. | (5,534) | (48,589 | ) | |||||
|
| |||||||
(76,445 | ) | |||||||
|
| |||||||
Capital Goods — (2.6)% | ||||||||
Axon Enterprise, Inc.* | (186) | (10,120 | ) | |||||
CAE, Inc. (Canada) | (396) | (8,771 | ) | |||||
Chart Industries, Inc.* | (249) | (22,540 | ) | |||||
EnerSys | (731) | (47,632 | ) | |||||
HEICO Corp. | (382) | (36,240 | ) | |||||
Lennox International, Inc. | (41) | (10,840 | ) | |||||
Nordson Corp. | (528) | (69,971 | ) | |||||
Toro Co. (The) | (441) | (30,358 | ) | |||||
United Rentals, Inc.* | (492) | (56,211 | ) | |||||
United Technologies Corp. | (582) | (75,014 | ) | |||||
USG Corp. | (2,040) | (88,332 | ) | |||||
WABCO Holdings, Inc.* | (344) | (45,350 | ) | |||||
Watsco, Inc. | (209) | (29,931 | ) | |||||
|
| |||||||
(531,310 | ) | |||||||
|
| |||||||
Commercial & Professional Services — (2.3)% |
| |||||||
ADT, Inc. | (2,768) | (17,688 | ) | |||||
Copart, Inc.* | (1,607) | (97,368 | ) | |||||
Equifax, Inc. | (855) | (101,318 | ) | |||||
Insperity, Inc. | (217) | (26,834 | ) | |||||
MSA Safety, Inc. | (9) | (931 | ) | |||||
Nielsen Holdings PLC | (672) | (15,906 | ) | |||||
Republic Services, Inc. | (456) | (36,653 | ) | |||||
Rollins, Inc. | (965) | (40,163 | ) | |||||
TriNet Group, Inc.* | (137) | (8,184 | ) |
Number of Shares | Value | |||||
COMMON STOCKS — (Continued) |
| |||||
Commercial & Professional Services — (Continued) |
| |||||
Verisk Analytics, Inc. | (452) | $ | (60,116 | ) | ||
Waste Connections, Inc. (Canada) | (809) | (71,669 | ) | |||
|
| |||||
(476,830 | ) | |||||
|
| |||||
Consumer Durables & Apparel — (0.2)% |
| |||||
Polaris Industries, Inc. | (52) | (4,390 | ) | |||
Wolverine World Wide, Inc. | (1,108) | (39,589 | ) | |||
|
| |||||
(43,979 | ) | |||||
|
| |||||
Consumer Services — (2.6)% |
| |||||
Boyd Gaming Corp. | (1,689) | (46,211 | ) | |||
Carnival Corp. (Panama) | (1,293) | (65,581 | ) | |||
Chipotle Mexican Grill, Inc.* | (130) | (92,340 | ) | |||
Churchill Downs, Inc. | (613) | (55,329 | ) | |||
Darden Restaurants, Inc. | (12) | (1,458 | ) | |||
Dunkin’ Brands Group, Inc. | (53) | (3,980 | ) | |||
Eldorado Resorts, Inc.* | (681) | (31,796 | ) | |||
frontdoor, Inc.* | (134) | (4,612 | ) | |||
Grand Canyon Education, Inc.* | (81) | (9,275 | ) | |||
Hyatt Hotels Corp., Class A | (447) | (32,439 | ) | |||
Marriott International, Inc., Class A | (203) | (25,393 | ) | |||
Planet Fitness, Inc., Class A* | (952) | (65,421 | ) | |||
Red Rock Resorts, Inc., Class A | (1,452) | (37,534 | ) | |||
Restaurant Brands International, Inc. (Canada) | (39) | (2,539 | ) | |||
Royal Caribbean Cruises Ltd. (Liberia) | (173) | (19,829 | ) | |||
Stars Group, Inc. (The), (Canada)* | (640) | (11,206 | ) | |||
Wynn Resorts Ltd. | (199) | (23,745 | ) | |||
|
| |||||
(528,688 | ) | |||||
|
| |||||
Food & Staples Retailing — (0.5)% |
| |||||
Performance Food Group Co.* | (1,590) | (63,028 | ) | |||
US Foods Holding Corp.* | (1,418) | (49,502 | ) | |||
|
| |||||
(112,530 | ) | |||||
|
| |||||
Food, Beverage & Tobacco — (2.1)% |
| |||||
Brown-Forman Corp., Class B | (996) | (52,569 | ) | |||
Darling Ingredients, Inc.* | (1,798) | (38,927 | ) | |||
Flowers Foods, Inc. | (2,685) | (57,244 | ) | |||
J&J Snack Foods Corp. | (1) | (159 | ) | |||
Mondelez International, Inc., Class A | (796) | (39,736 | ) | |||
PepsiCo, Inc. | (486) | (59,559 | ) | |||
Philip Morris International, Inc. | (421) | (37,212 | ) | |||
Pilgrim’s Pride Corp.* | (2,188) | (48,771 | ) | |||
Post Holdings, Inc.* | (345) | (37,743 | ) | |||
Sanderson Farms, Inc. | (57) | (7,515 | ) |
The accompanying notes are an integral part of the financial statements.
104
GOTHAM MASTER NEUTRAL FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||
COMMON STOCKS — (Continued) |
| |||||
Food, Beverage & Tobacco — (Continued) |
| |||||
Tyson Foods, Inc., Class A | (835) | $ | (57,974 | ) | ||
|
| |||||
(437,409 | ) | |||||
|
| |||||
Health Care Equipment & Services — (3.3)% |
| |||||
Align Technology, Inc.* | (214) | (60,847 | ) | |||
Cantel Medical Corp. | (523) | (34,983 | ) | |||
Cigna Corp. | (474) | (76,229 | ) | |||
DENTSPLY SIRONA, Inc. | (1,919) | (95,163 | ) | |||
Globus Medical, Inc., Class A* | (674) | (33,302 | ) | |||
Haemonetics Corp.* | (958) | (83,806 | ) | |||
Hologic, Inc.* | (1,035) | (50,094 | ) | |||
ICU Medical, Inc.* | (239) | (57,200 | ) | |||
Intuitive Surgical, Inc.* | (114) | (65,046 | ) | |||
Medidata Solutions, Inc.* | (282) | (20,654 | ) | |||
Neogen Corp.* | (195) | (11,191 | ) | |||
Quest Diagnostics, Inc. | (256) | (23,020 | ) | |||
Stryker Corp. | (34) | (6,716 | ) | |||
Teleflex, Inc. | (11) | (3,324 | ) | |||
Varian Medical Systems, Inc.* | (277) | (39,256 | ) | |||
Wright Medical Group NV (Netherlands)* | (363) | (11,416 | ) | |||
|
| |||||
(672,247 | ) | |||||
|
| |||||
Household & Personal Products — (1.2)% |
| |||||
Church & Dwight Co., Inc. | (926) | (65,959 | ) | |||
Colgate-Palmolive Co. | (341) | (23,372 | ) | |||
Coty, Inc., Class A | (7,761) | (89,252 | ) | |||
Kimberly-Clark Corp. | (134) | (16,603 | ) | |||
Procter & Gamble Co. (The) | (92) | (9,573 | ) | |||
Spectrum Brands Holdings, Inc. | (775) | (42,455 | ) | |||
|
| |||||
(247,214 | ) | |||||
|
| |||||
Media & Entertainment — (1.2)% |
| |||||
Alphabet, Inc., Class A* | (41) | (48,253 | ) | |||
Comcast Corp., Class A | (43) | (1,719 | ) | |||
Facebook, Inc., Class A* | (74) | (12,335 | ) | |||
IAC/InterActiveCorp.* | (32) | (6,724 | ) | |||
New York Times Co. (The), Class A | (1,897) | (62,316 | ) | |||
Zillow Group, Inc., Class C* | (417) | (14,487 | ) | |||
Zynga, Inc., Class A* | (19,930) | (106,227 | ) | |||
|
| |||||
(252,061 | ) | |||||
|
| |||||
Pharmaceuticals, Biotechnology & Life Sciences — (2.9)% |
| |||||
Agilent Technologies, Inc. | (19) | (1,527 | ) | |||
Allergan PLC (Ireland) | (116) | (16,984 | ) | |||
Bio-Rad Laboratories, Inc., Class A* | (284) | (86,813 | ) | |||
Bio-Techne Corp. | (439) | (87,163 | ) |
Number of Shares | Value | |||||
COMMON STOCKS — (Continued) |
| |||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||
Catalent, Inc.* | (264) | $ | (10,716 | ) | ||
Emergent BioSolutions, Inc.* | (525) | (26,523 | ) | |||
Illumina, Inc.* | (112) | (34,797 | ) | |||
IQVIA Holdings, Inc.* | (448) | (64,445 | ) | |||
Johnson & Johnson | (3) | (419 | ) | |||
Perrigo Co. PLC (Ireland) | (1,817) | (87,507 | ) | |||
QIAGEN NV (Netherlands)* | (2,141) | (87,096 | ) | |||
Repligen Corp.* | (88) | (5,199 | ) | |||
Zoetis, Inc. | (887) | (89,294 | ) | |||
|
| |||||
(598,483 | ) | |||||
|
| |||||
Retailing — (2.4)% | ||||||
Aaron’s, Inc. | (867) | (45,604 | ) | |||
AutoNation, Inc.* | (400) | (14,288 | ) | |||
AutoZone, Inc.* | (13) | (13,314 | ) | |||
CarMax, Inc.* | (42) | (2,932 | ) | |||
Dollar Tree, Inc.* | (749) | (78,675 | ) | |||
Floor & Decor Holdings, Inc., Class A* | (102) | (4,204 | ) | |||
GrubHub, Inc.* | (1,142) | (79,335 | ) | |||
National Vision Holdings, Inc.* | (223) | (7,009 | ) | |||
Ollie’s Bargain Outlet Holdings, Inc.* | (466) | (39,764 | ) | |||
Penske Automotive Group, Inc. | (889) | (39,694 | ) | |||
Stitch Fix, Inc., Class A* | (1,632) | (46,071 | ) | |||
Target Corp. | (145) | (11,638 | ) | |||
Tiffany & Co. | (841) | (88,768 | ) | |||
Ulta Beauty, Inc.* | (97) | (33,827 | ) | |||
|
| |||||
(505,123 | ) | |||||
|
| |||||
Semiconductors & Semiconductor Equipment — (2.1)% |
| |||||
Analog Devices, Inc. | (107) | (11,264 | ) | |||
Applied Materials, Inc. | (721) | (28,595 | ) | |||
Broadcom, Inc. | (167) | (50,219 | ) | |||
Cabot Microelectronics Corp. | (286) | (32,021 | ) | |||
Marvell Technology Group Ltd. (Bermuda) | (2,104) | (41,849 | ) | |||
NVIDIA Corp. | (473) | (84,932 | ) | |||
QUALCOMM, Inc. | (1,009) | (57,543 | ) | |||
Silicon Laboratories, Inc.* | (541) | (43,745 | ) | |||
Universal Display Corp. | (517) | (79,023 | ) | |||
|
| |||||
(429,191 | ) | |||||
|
| |||||
Software & Services — (3.6)% |
| |||||
Adobe, Inc.* | (32) | (8,528 | ) | |||
Blackbaud, Inc. | (740) | (59,000 | ) |
The accompanying notes are an integral part of the financial statements.
105
GOTHAM MASTER NEUTRAL FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||
COMMON STOCKS — (Continued) |
| |||||
Software & Services — (Continued) |
| |||||
Broadridge Financial Solutions, Inc. | (495) | $ | (51,327 | ) | ||
Cadence Design Systems, Inc.* | (1) | (64 | ) | |||
Ceridian HCM Holding, Inc.* | (276) | (14,159 | ) | |||
CoreLogic, Inc.* | (870) | (32,416 | ) | |||
Ellie Mae, Inc.* | (373) | (36,811 | ) | |||
Fair Isaac Corp.* | (2) | (543 | ) | |||
Fiserv, Inc.* | (184) | (16,244 | ) | |||
Global Payments, Inc. | (441) | (60,205 | ) | |||
GoDaddy, Inc., Class A* | (497) | (37,369 | ) | |||
Guidewire Software, Inc.* | (690) | (67,040 | ) | |||
Intuit, Inc. | (162) | (42,348 | ) | |||
Leidos Holdings, Inc. | (356) | (22,816 | ) | |||
LogMeIn, Inc. | (137) | (10,974 | ) | |||
Manhattan Associates, Inc.* | (1,024) | (56,433 | ) | |||
MAXIMUS, Inc. | (714) | (50,680 | ) | |||
Paycom Software, Inc.* | (93) | (17,589 | ) | |||
RealPage, Inc.* | (25) | (1,517 | ) | |||
Science Applications International Corp. | (46) | (3,540 | ) | |||
Symantec Corp. | (149) | (3,426 | ) | |||
Synopsys, Inc.* | (284) | (32,703 | ) | |||
Teradata Corp.* | (1,051) | (45,876 | ) | |||
Tyler Technologies, Inc.* | (256) | (52,326 | ) | |||
Ultimate Software Group, Inc. (The)* | (27) | (8,914 | ) | |||
VMware, Inc., Class A | (26) | (4,693 | ) | |||
|
| |||||
(737,541 | ) | |||||
|
| |||||
Technology Hardware & Equipment — (1.8)% |
| |||||
Cognex Corp. | (1,334) | (67,847 | ) | |||
Coherent, Inc.* | (331) | (46,909 | ) | |||
Dolby Laboratories, Inc., Class A | (972) | (61,207 | ) | |||
IPG Photonics Corp.* | (358) | (54,337 | ) | |||
Lumentum Holdings, Inc.* | (1,534) | (86,732 | ) | |||
Novanta, Inc. (Canada)* | (152) | (12,879 | ) | |||
SYNNEX Corp. | (524) | (49,984 | ) | |||
|
| |||||
(379,895 | ) | |||||
|
|
Number of Shares | Value | |||||
COMMON STOCKS — (Continued) |
| |||||
Telecommunication Services — (0.3)% | ||||||
Iridium Communications, Inc.* | (767) | $ | (20,279 | ) | ||
Vonage Holdings Corp.* | (4,349) | (43,664 | ) | |||
|
| |||||
(63,943 | ) | |||||
|
| |||||
Transportation — (0.5)% |
| |||||
Canadian National Railway Co. (Canada) | (472) | (42,235 | ) | |||
Kirby Corp.* | (202) | (15,172 | ) | |||
Ryder System, Inc. | (673) | (41,719 | ) | |||
United Parcel Service, Inc., Class B | (2) | (223 | ) | |||
|
| |||||
(99,349 | ) | |||||
|
| |||||
TOTAL COMMON STOCK (Proceeds $5,897,202) | (6,192,238 | ) | ||||
|
| |||||
TOTAL SECURITIES SOLD SHORT - (30.0)% |
|
(6,192,238 |
) | |||
|
| |||||
(Proceeds $5,897,202) |
| |||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 40.2% | 8,291,627 | |||||
|
| |||||
NET ASSETS - 100.0% |
$ |
20,607,094 |
| |||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements) |
(a) | All affiliated fund investments are in Institutional Class shares. The financial statements of the affiliated funds are publicly available on the Securities and Exchange Commission’s website. |
(b) | Discount Yield - Rate shown is at the time of purchase. |
* | Non-income producing. |
PLC Public Limited Company
The accompanying notes are an integral part of the financial statements.
106
GOTHAM ESG LARGE VALUE FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 99.5% |
| |||||||
Automobiles & Components — 0.7% |
| |||||||
Aptiv PLC (Jersey) | 74 | $ | 5,882 | |||||
BorgWarner, Inc. | 59 | 2,266 | ||||||
|
| |||||||
8,148 | ||||||||
|
| |||||||
Banks — 4.2% | ||||||||
Bank of America Corp. | 510 | 14,071 | ||||||
Citizens Financial Group, Inc. | 132 | 4,290 | ||||||
Comerica, Inc. | 47 | 3,446 | ||||||
Fifth Third Bancorp | 181 | 4,565 | ||||||
Huntington Bancshares, Inc. | 108 | 1,369 | ||||||
KeyCorp. | 288 | 4,536 | ||||||
M&T Bank Corp. | 10 | 1,570 | ||||||
Regions Financial Corp. | 147 | 2,080 | ||||||
SunTrust Banks, Inc. | 128 | 7,584 | ||||||
SVB Financial Group* | 14 | 3,113 | ||||||
Zions Bancorp NA | 52 | 2,361 | ||||||
|
| |||||||
48,985 | ||||||||
|
| |||||||
Capital Goods — 14.5% | ||||||||
3M Co. | 2 | 416 | ||||||
A.O. Smith Corp. | 48 | 2,559 | ||||||
Arconic, Inc. | 136 | 2,599 | ||||||
Cummins, Inc. | 45 | 7,104 | ||||||
Dover Corp. | 43 | 4,033 | ||||||
Eaton Corp. PLC (Ireland) | 123 | 9,909 | ||||||
Flowserve Corp. | 36 | 1,625 | ||||||
Fluor Corp. | 40 | 1,472 | ||||||
Fortive Corp. | 99 | 8,305 | ||||||
Fortune Brands Home & Security, Inc. | 40 | 1,904 | ||||||
General Dynamics Corp. | 82 | 13,881 | ||||||
Honeywell International, Inc. | 121 | 19,229 | ||||||
Illinois Tool Works, Inc. | 93 | 13,348 | ||||||
Ingersoll-Rand PLC (Ireland) | 69 | 7,449 | ||||||
Johnson Controls International PLC (Ireland) | 258 | 9,531 | ||||||
Lockheed Martin Corp. | 28 | 8,404 | ||||||
Masco Corp. | 86 | 3,381 | ||||||
Northrop Grumman Corp. | 46 | 12,402 | ||||||
Pentair PLC (Ireland) | 49 | 2,181 | ||||||
Raytheon Co. | 80 | 14,566 | ||||||
Snap-on, Inc. | 16 | 2,504 | ||||||
Stanley Black & Decker, Inc. | 43 | 5,855 | ||||||
Textron, Inc. | 67 | 3,394 | ||||||
TransDigm Group, Inc.* | 14 | 6,356 | ||||||
Wabtec Corp. | 27 | 1,990 |
Number Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Capital Goods — (Continued) |
| |||||||
WW Grainger, Inc. | 7 | $ | 2,106 | |||||
|
| |||||||
166,503 | ||||||||
|
| |||||||
Commercial & Professional Services — 1.0% |
| |||||||
Nielsen Holdings PLC (United Kingdom) | 101 | 2,391 | ||||||
Robert Half International, Inc. | 34 | 2,215 | ||||||
Waste Management, Inc. | 72 | 7,482 | ||||||
|
| |||||||
12,088 | ||||||||
|
| |||||||
Consumer Durables & Apparel — 3.4% |
| |||||||
Capri Holdings Ltd. (British Virgin Islands)* | 43 | 1,967 | ||||||
Garmin Ltd. (Switzerland) | 54 | 4,663 | ||||||
Hanesbrands, Inc. | 103 | 1,842 | ||||||
Hasbro, Inc. | 36 | 3,061 | ||||||
Leggett & Platt, Inc. | 37 | 1,562 | ||||||
Mattel, Inc.* | 98 | 1,274 | ||||||
Newell Brands, Inc. | 131 | 2,010 | ||||||
PVH Corp. | 21 | 2,561 | ||||||
Ralph Lauren Corp. | 22 | 2,853 | ||||||
Tapestry, Inc. | 82 | 2,664 | ||||||
Under Armour, Inc., Class C* | 126 | 2,378 | ||||||
VF Corp. | 112 | 9,734 | ||||||
Whirlpool Corp. | 18 | 2,392 | ||||||
|
| |||||||
38,961 | ||||||||
|
| |||||||
Consumer Services — 1.1% |
| |||||||
Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 61 | 3,353 | ||||||
Yum! Brands, Inc. | 89 | 8,883 | ||||||
|
| |||||||
12,236 | ||||||||
|
| |||||||
Diversified Financials — 6.7% |
| |||||||
Affiliated Managers Group, Inc. | 16 | 1,714 | ||||||
Ameriprise Financial, Inc. | 40 | 5,124 | ||||||
Berkshire Hathaway, Inc., Class B* | 46 | 9,241 | ||||||
BlackRock, Inc. | 45 | 19,232 | ||||||
Capital One Financial Corp. | 2 | 163 | ||||||
Discover Financial Services | 93 | 6,618 | ||||||
Franklin Resources, Inc. | 148 | 4,905 | ||||||
Invesco Ltd. (Bermuda) | 117 | 2,259 | ||||||
Moody’s Corp. | 38 | 6,881 | ||||||
Raymond James Financial, Inc. | 1 | 80 | ||||||
S&P Global, Inc. | 27 | 5,685 | ||||||
State Street Corp. | 107 | 7,042 | ||||||
Synchrony Financial | 38 | 1,212 |
The accompanying notes are an integral part of the financial statements.
107
GOTHAM ESG LARGE VALUE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Diversified Financials — (Continued) |
| |||||||
T Rowe Price Group, Inc. | 68 | $ | 6,808 | |||||
|
| |||||||
76,964 | ||||||||
|
| |||||||
Energy — 8.0% | ||||||||
ConocoPhillips | 222 | 14,816 | ||||||
Devon Energy Corp. | 146 | 4,608 | ||||||
Halliburton Co. | 245 | 7,178 | ||||||
Hess Corp. | 28 | 1,686 | ||||||
HollyFrontier Corp. | 50 | 2,463 | ||||||
Kinder Morgan, Inc. | 624 | 12,486 | ||||||
National Oilwell Varco, Inc. | 108 | 2,877 | ||||||
Occidental Petroleum Corp. | 213 | 14,101 | ||||||
Phillips 66 | 130 | 12,372 | ||||||
Schlumberger Ltd. (Curacao) | 390 | 16,992 | ||||||
TechnipFMC PLC (United Kingdom) | 102 | 2,399 | ||||||
|
| |||||||
91,978 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.3% |
| |||||||
Sysco Corp. | 146 | 9,747 | ||||||
Walgreens Boots Alliance, Inc. | 258 | 16,324 | ||||||
|
| |||||||
26,071 | ||||||||
|
| |||||||
Food, Beverage & Tobacco — 3.4% |
| |||||||
Archer-Daniels-Midland Co. | 125 | 5,391 | ||||||
Coca-Cola Co. (The) | 14 | 656 | ||||||
Constellation Brands, Inc., Class A | 36 | 6,312 | ||||||
General Mills, Inc. | 139 | 7,193 | ||||||
Hershey Co. (The) | 23 | 2,641 | ||||||
Kraft Heinz Co. (The) | 127 | 4,147 | ||||||
McCormick & Co., Inc.,non-voting shares | 38 | 5,724 | ||||||
Tyson Foods, Inc., Class A | 99 | 6,874 | ||||||
|
| |||||||
38,938 | ||||||||
|
| |||||||
Health Care Equipment & Services — 3.6% |
| |||||||
Cardinal Health, Inc. | 85 | 4,093 | ||||||
CVS Health Corp. | 127 | 6,849 | ||||||
HCA Healthcare, Inc. | 94 | 12,256 | ||||||
Henry Schein, Inc.* | 43 | 2,585 | ||||||
Humana, Inc. | 3 | 798 | ||||||
Laboratory Corp. of America Holdings* | 29 | 4,436 | ||||||
Quest Diagnostics, Inc. | 39 | 3,507 | ||||||
UnitedHealth Group, Inc. | 27 | 6,676 | ||||||
|
| |||||||
41,200 | ||||||||
|
| |||||||
Household & Personal Products — 0.3% |
| |||||||
Colgate-Palmolive Co. | 6 | 411 |
Number Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Household & Personal Products — (Continued) |
| |||||||
Procter & Gamble Co. (The) | 27 | $ | 2,809 | |||||
|
| |||||||
3,220 | ||||||||
|
| |||||||
Insurance — 4.2% | ||||||||
Aflac, Inc. | 87 | 4,350 | ||||||
Allstate Corp. (The) | 42 | 3,956 | ||||||
Aon PLC (United Kingdom) | 69 | 11,778 | ||||||
Brighthouse Financial, Inc.* | 8 | 290 | ||||||
Hartford Financial Services Group, Inc. (The) | 8 | 398 | ||||||
Lincoln National Corp. | 38 | 2,231 | ||||||
Loews Corp. | 69 | 3,307 | ||||||
Marsh & McLennan Cos., Inc. | 143 | 13,428 | ||||||
Progressive Corp. (The) | 65 | 4,686 | ||||||
Torchmark Corp. | 19 | 1,557 | ||||||
Travelers Cos., Inc. (The) | 3 | 411 | ||||||
Unum Group | 59 | 1,996 | ||||||
|
| |||||||
48,388 | ||||||||
|
| |||||||
Materials — 2.7% | ||||||||
Avery Dennison Corp. | 25 | 2,825 | ||||||
Ball Corp. | 96 | 5,555 | ||||||
Celanese Corp. | 35 | 3,451 | ||||||
Eastman Chemical Co. | 40 | 3,035 | ||||||
Ecolab, Inc. | 4 | 706 | ||||||
International Paper Co. | 115 | 5,321 | ||||||
Nucor Corp. | 87 | 5,076 | ||||||
Packaging Corp. of America | 27 | 2,683 | ||||||
Sealed Air Corp. | 44 | 2,027 | ||||||
|
| |||||||
30,679 | ||||||||
|
| |||||||
Media & Entertainment — 2.5% |
| |||||||
Activision Blizzard, Inc. | 76 | 3,460 | ||||||
Discovery, Inc., Class A* | 196 | 5,296 | ||||||
DISH Network Corp., Class A* | 129 | 4,088 | ||||||
Interpublic Group of Cos., Inc. (The) | 105 | 2,206 | ||||||
Omnicom Group, Inc. | 63 | 4,598 | ||||||
Viacom, Inc., Class B | 114 | 3,200 | ||||||
Walt Disney Co. (The) | 55 | 6,107 | ||||||
|
| |||||||
28,955 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — 7.2% |
| |||||||
AbbVie, Inc. | 65 | 5,238 | ||||||
Amgen, Inc. | 49 | 9,309 | ||||||
Biogen, Inc.* | 55 | 13,001 | ||||||
Bristol-Myers Squibb Co. | 213 | 10,162 | ||||||
Celgene Corp.* | 191 | 18,019 |
The accompanying notes are an integral part of the financial statements.
108
GOTHAM ESG LARGE VALUE FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Pharmaceuticals, Biotechnology & Life Sciences — (Continued) |
| |||||||
Gilead Sciences, Inc. | 93 | $ | 6,046 | |||||
Merck & Co., Inc. | 57 | 4,741 | ||||||
Pfizer, Inc. | 359 | 15,247 | ||||||
Waters Corp.* | 4 | 1,007 | ||||||
|
| |||||||
82,770 | ||||||||
|
| |||||||
Real Estate — 3.0% | ||||||||
Apartment Investment & Management Co., Class A, REIT | 41 | 2,062 | ||||||
AvalonBay Communities, Inc., REIT | 12 | 2,409 | ||||||
CBRE Group, Inc., Class A* | 97 | 4,797 | ||||||
Duke Realty Corp., REIT | 15 | 459 | ||||||
Equity Residential, REIT | 35 | 2,636 | ||||||
HCP, Inc., REIT | 1 | 31 | ||||||
Host Hotels & Resorts, Inc., REIT | 98 | 1,852 | ||||||
Kimco Realty Corp., REIT | 20 | 370 | ||||||
Realty Income Corp., REIT | 69 | 5,076 | ||||||
Simon Property Group, Inc., REIT | 7 | 1,275 | ||||||
SL Green Realty Corp., REIT | 24 | 2,158 | ||||||
UDR, Inc., REIT | 78 | 3,546 | ||||||
Ventas, Inc., REIT | 14 | 893 | ||||||
Welltower, Inc., REIT | 58 | 4,501 | ||||||
Weyerhaeuser Co., REIT | 101 | 2,660 | ||||||
|
| |||||||
34,725 | ||||||||
|
| |||||||
Retailing — 6.5% | ||||||||
Advance Auto Parts, Inc. | 3 | 512 | ||||||
AutoZone, Inc.* | 6 | 6,145 | ||||||
Best Buy Co., Inc. | 76 | 5,401 | ||||||
Booking Holdings, Inc.* | 4 | 6,980 | ||||||
Dollar General Corp. | 26 | 3,102 | ||||||
eBay, Inc. | 270 | 10,028 | ||||||
Foot Locker, Inc. | 31 | 1,879 | ||||||
Gap, Inc. (The) | 105 | 2,749 | ||||||
Genuine Parts Co. | 42 | 4,705 | ||||||
Kohl’s Corp. | 47 | 3,232 | ||||||
L Brands, Inc. | 76 | 2,096 | ||||||
LKQ Corp.* | 88 | 2,497 | ||||||
Macy’s, Inc. | 87 | 2,091 | ||||||
Nordstrom, Inc. | 46 | 2,041 | ||||||
Tiffany & Co. | 34 | 3,589 | ||||||
TJX Cos., Inc. (The) | 309 | 16,442 | ||||||
Tractor Supply Co. | 18 | 1,760 | ||||||
|
| |||||||
75,249 | ||||||||
|
|
Number Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Semiconductors & Semiconductor Equipment — 6.1% |
| |||||||
Applied Materials, Inc. | 271 | $ | 10,748 | |||||
Intel Corp. | 129 | 6,927 | ||||||
KLA-Tencor Corp. | 43 | 5,135 | ||||||
Lam Research Corp. | 45 | 8,055 | ||||||
Microchip Technology, Inc. | 68 | 5,641 | ||||||
Micron Technology, Inc.* | 331 | 13,680 | ||||||
Qorvo, Inc.* | 35 | 2,511 | ||||||
Skyworks Solutions, Inc. | 50 | 4,124 | ||||||
Texas Instruments, Inc. | 96 | 10,183 | ||||||
Xilinx, Inc. | 22 | 2,789 | ||||||
|
| |||||||
69,793 | ||||||||
|
| |||||||
Software & Services — 7.3% |
| |||||||
Accenture PLC, Class A (Ireland) | 80 | 14,082 | ||||||
Automatic Data Processing, Inc. | 52 | 8,306 | ||||||
DXC Technology Co. | 80 | 5,145 | ||||||
Fidelity National Information Services, Inc. | 8 | 905 | ||||||
International Business Machines Corp. | 171 | 24,128 | ||||||
Paychex, Inc. | 78 | 6,256 | ||||||
PayPal Holdings, Inc.* | 225 | 23,364 | ||||||
Western Union Co. (The) | 125 | 2,309 | ||||||
|
| |||||||
84,495 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 7.8% |
| |||||||
Amphenol Corp., Class A | 21 | 1,983 | ||||||
Apple, Inc. | 136 | 25,833 | ||||||
Cisco Systems, Inc. | 150 | 8,098 | ||||||
Corning, Inc. | 18 | 596 | ||||||
F5 Networks, Inc.* | 17 | 2,668 | ||||||
FLIR Systems, Inc. | 39 | 1,856 | ||||||
Hewlett Packard Enterprise Co. | 401 | 6,187 | ||||||
HP, Inc. | 441 | 8,569 | ||||||
IPG Photonics Corp.* | 15 | 2,277 | ||||||
Juniper Networks, Inc. | 100 | 2,647 | ||||||
Motorola Solutions, Inc. | 47 | 6,600 | ||||||
NetApp, Inc. | 71 | 4,923 | ||||||
Seagate Technology PLC (Ireland) | 81 | 3,879 | ||||||
TE Connectivity Ltd. (Switzerland) | 96 | 7,752 | ||||||
Western Digital Corp. | 82 | 3,941 | ||||||
Xerox Corp. | 69 | 2,207 | ||||||
|
| |||||||
90,016 | ||||||||
|
| |||||||
Telecommunication Services — 1.1% |
| |||||||
CenturyLink, Inc. | 305 | 3,657 |
The accompanying notes are an integral part of the financial statements.
109
GOTHAM ESG LARGE VALUE FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Telecommunication Services — (Continued) |
| |||||||
Verizon Communications, Inc. | 156 | $ | 9,224 | |||||
|
| |||||||
12,881 | ||||||||
|
| |||||||
Transportation — 1.6% | ||||||||
American Airlines Group, Inc. | 82 | 2,604 | ||||||
CH Robinson Worldwide, Inc. | 21 | 1,827 | ||||||
CSX Corp. | 129 | 9,652 | ||||||
Delta Air Lines, Inc. | 69 | 3,564 | ||||||
Norfolk Southern Corp. | 4 | 748 | ||||||
Union Pacific Corp. | 3 | 502 | ||||||
|
| |||||||
18,897 | ||||||||
|
| |||||||
Utilities — 0.3% | ||||||||
NRG Energy, Inc. | 82 | 3,483 | ||||||
|
| |||||||
TOTAL COMMON STOCKS - 99.5% |
| 1,145,623 | ||||||
|
| |||||||
OTHER ASSETS IN EXCESS OF |
| 5,703 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
$ |
1,151,326 |
| |||||
|
|
* | Non-income producing. |
PLC Public Limited Company
REIT Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
110
GOTHAM FUNDS
Statements of Assets and Liabilities
March 31, 2019
(Unaudited)
Gotham Absolute | Gotham Absolute | Gotham Enhanced | |||||||||||||
500 Fund | 500 Core Fund | 500 Fund | |||||||||||||
Assets | |||||||||||||||
Non-affiliated investments, at value1,2 | $21,395,994 | $2,766,943 | $51,183,693 | ||||||||||||
Cash | 472,597 | 351,503 | 211,364 | ||||||||||||
Deposits with brokers for securities sold short | 5,598,178 | 660,829 | 152,966 | ||||||||||||
Securities lending cash collateral | — | 2,607 | — | ||||||||||||
Receivables: | |||||||||||||||
Investments sold | 369,207 | 40,254 | 611,412 | ||||||||||||
Capital shares sold | — | — | 236 | ||||||||||||
Dividends and interest | 26,462 | 3,640 | 64,902 | ||||||||||||
Investment Adviser | — | 4,234 | — | ||||||||||||
Prepaid expenses and other assets | 24,938 | 1,270 | 24,418 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 27,887,376 | 3,831,280 | 52,248,991 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities | |||||||||||||||
Securities sold short, at value3 | 12,378,642 | 1,256,644 | 23,773,831 | ||||||||||||
Payables: | |||||||||||||||
Securities lending cash collateral | — | 2,607 | — | ||||||||||||
Investments purchased | 447,913 | 40,777 | 699,128 | ||||||||||||
Dividends and fees on securities sold short | 12,236 | 944 | 32,441 | ||||||||||||
Investment Adviser | 6,297 | — | 22,531 | ||||||||||||
Administration and accounting fees | 18,036 | 17,542 | 19,000 | ||||||||||||
Accrued expenses | 25,670 | 22,690 | 33,209 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 12,888,794 | 1,341,204 | 24,580,140 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 14,998,582 | $ | 2,490,076 | $ | 27,668,851 | |||||||||
|
|
|
|
|
| ||||||||||
Net Assets Consisted of: | |||||||||||||||
Capital stock, $0.01 par value | $ | 13,213 | $ | 2,272 | $ | 23,639 | |||||||||
Paid-in capital. | 13,658,653 | 2,281,504 | 24,643,793 | ||||||||||||
Total distributable earnings | 1,326,716 | 206,300 | 3,001,419 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 14,998,582 | $ | 2,490,076 | $ | 27,668,851 | |||||||||
|
|
|
|
|
| ||||||||||
Institutional Class Shares: | |||||||||||||||
Net assets | $ | 14,998,582 | $ | 2,490,076 | $ | 27,668,851 | |||||||||
|
|
|
|
|
| ||||||||||
Shares Outstanding | 1,321,344 | 227,198 | 2,363,852 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, offering and redemption price per share | $ | 11.35 | $ | 10.96 | $ | 11.70 | |||||||||
|
|
|
|
|
| ||||||||||
1Non-affiliated investments, at cost | $ | 19,673,953 | $ | 2,534,799 | $ | 46,916,404 | |||||||||
2Includes market value of securities on loan | $ | — | $ | 92,293 | $ | — | |||||||||
3Proceeds received, securities sold short | $ | 12,554,050 | $ | 1,275,875 | $ | 24,607,132 |
The accompanying notes are an integral part of the financial statements.
111
GOTHAM FUNDS
Statements of Assets and Liabilities (Continued)
March 31, 2019
(Unaudited)
Gotham Neutral | Gotham Hedged | Gotham Hedged | |||||||||||||
500 Fund | Plus Fund | Core Fund | |||||||||||||
Assets | |||||||||||||||
Non-affiliated investments, at value1,2 | $12,667,099 | $4,333,112 | $2,511,356 | ||||||||||||
Cash | 560,570 | 392,228 | 287,179 | ||||||||||||
Deposits with brokers for securities sold short | 7,291,322 | 758,989 | 729,603 | ||||||||||||
Securities lending cash collateral | 10,214 | 3,298 | 1,583 | ||||||||||||
Receivables: | |||||||||||||||
Investments sold | 264,009 | 67,285 | 35,464 | ||||||||||||
Dividends and interest | 19,126 | 4,598 | 2,505 | ||||||||||||
Investment Adviser | — | 8,045 | 5,072 | ||||||||||||
Prepaid expenses and other assets | 511 | 31,159 | 597 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 20,812,851 | 5,598,714 | 3,573,359 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities | |||||||||||||||
Securities sold short, at value3 | 10,047,638 | 2,608,995 | 986,943 | ||||||||||||
Payables: | |||||||||||||||
Securities lending cash collateral | 10,214 | 3,298 | 1,583 | ||||||||||||
Investments purchased | 281,065 | 67,801 | 34,994 | ||||||||||||
Dividends and fees on securities sold short | 4,898 | 2,737 | 612 | ||||||||||||
Capital shares redeemed | 454,271 | — | — | ||||||||||||
Investment Adviser | 7,410 | — | — | ||||||||||||
Administration and accounting fees | 19,679 | 18,560 | 23,342 | ||||||||||||
Accrued expenses | 19,320 | 30,068 | 24,333 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 10,844,495 | 2,731,459 | 1,071,807 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 9,968,356 | $ | 2,867,255 | $ | 2,501,552 | |||||||||
|
|
|
|
|
| ||||||||||
Net Assets Consisted of: | |||||||||||||||
Capital stock, $0.01 par value | $ | 8,881 | $ | 2,589 | $ | 2,315 | |||||||||
Paid-in capital | 9,737,468 | 2,639,996 | 2,321,534 | ||||||||||||
Total distributable earnings | 222,007 | 224,670 | 177,703 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 9,968,356 | $ | 2,867,255 | $ | 2,501,552 | |||||||||
|
|
|
|
|
| ||||||||||
Institutional Class Shares: | |||||||||||||||
Net assets | $ | 9,968,356 | $ | 2,867,255 | $ | 2,501,552 | |||||||||
|
|
|
|
|
| ||||||||||
Shares Outstanding | 888,051 | 258,934 | 231,477 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, offering and redemption price per share | $ | 11.22 | $ | 11.07 | $ | 10.81 | |||||||||
|
|
|
|
|
| ||||||||||
1Non-affiliated investments, at cost | $ | 11,529,337 | $ | 3,974,377 | $ | 2,286,146 | |||||||||
2Includes market value of securities on loan | $ | 104,778 | $ | 3,224 | $ | 65,404 | |||||||||
3Proceeds received, securities sold short | $ | 9,828,126 | $ | 2,612,182 | $ | 1,001,040 |
The accompanying notes are an integral part of the financial statements.
112
GOTHAM FUNDS
Statements of Assets and Liabilities (Continued)
March 31, 2019
(Unaudited)
Gotham Defensive Long Fund | Gotham Defensive Long 500 Fund | Gotham Short Strategies Fund | |||||||||||||
Assets | |||||||||||||||
Non-affiliated investments, at value1,2,3 | $4,144,032 | $22,750,360 | $27,470,376 | ||||||||||||
Cash | 15,978 | 223,492 | 6,254,379 | ||||||||||||
Deposits with brokers for securities sold short | 67,034 | 78,874 | — | ||||||||||||
Securities lending cash collateral | 11,745 | 20,974 | — | ||||||||||||
Receivables: | |||||||||||||||
Investments sold | 80,925 | 431,993 | 591,280 | ||||||||||||
Dividends and interest | 4,943 | 34,274 | 25,359 | ||||||||||||
Investment Adviser | 5,094 | — | — | ||||||||||||
Prepaid expenses and other assets | 579 | 859 | 23,349 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 4,330,330 | 23,540,826 | 34,364,743 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities | |||||||||||||||
Securities sold short, at value4 | 1,784,842 | 10,502,877 | — | ||||||||||||
Swaps, at value | — | — | 2,113,606 | (a) | |||||||||||
Due to broker | — | — | 6,936 | ||||||||||||
Payables: | |||||||||||||||
Securities lending cash collateral | 11,745 | 20,974 | — | ||||||||||||
Investments purchased | 81,046 | 608,786 | 4,024,538 | ||||||||||||
Dividends and fees on securities sold short | 1,298 | 13,054 | — | ||||||||||||
Investment Adviser | — | 8,341 | 17,458 | ||||||||||||
Administration and accounting fees | 48,796 | 21,166 | 10,302 | ||||||||||||
Accrued expenses | 24,999 | 19,923 | 38,295 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 1,952,726 | 11,195,121 | 6,211,135 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,377,604 | $ | 12,345,705 | $ | 28,153,608 | |||||||||
|
|
|
|
|
| ||||||||||
Net Assets Consisted of: | |||||||||||||||
Capital stock, $0.01 par value | $ | 2,043 | $ | 9,869 | $ | 30,973 | |||||||||
Paid-in capital | 2,027,410 | 10,984,259 | 30,154,991 | ||||||||||||
Total distributable earnings/(loss) | 348,151 | 1,351,577 | (2,032,356 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,377,604 | $ | 12,345,705 | $ | 28,153,608 | |||||||||
|
|
|
|
|
| ||||||||||
Institutional Class Shares: | |||||||||||||||
Net assets | $ | 2,377,604 | $ | 12,345,705 | $ | 28,153,608 | |||||||||
|
|
|
|
|
| ||||||||||
Shares Outstanding | 204,254 | 986,933 | 3,097,316 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, offering and redemption price per share | $ | 11.64 | $ | 12.51 | $ | 9.09 | |||||||||
|
|
|
|
|
| ||||||||||
1Non-affiliated investments, at cost | $ | 3,761,108 | $ | 21,074,319 | $ | 27,070,827 | |||||||||
2Includes market value of securities on loan | $ | 190,585 | $ | 746,384 | $ | — | |||||||||
3Includes market value of securities designated as collateral for swaps | $ | — | $ | — | $ | 16,016,383 | |||||||||
4Proceeds received, securities sold short | $ | 1,920,710 | $ | 10,667,155 | $ | — |
(a) | Primary risk exposure is equity contracts. |
The accompanying notes are an integral part of the financial statements.
113
GOTHAM FUNDS
Statements of Assets and Liabilities (Concluded)
March 31, 2019
(Unaudited)
Gotham Master Neutral Fund | Gotham ESG Large Value Fund | |||||||||
Assets | ||||||||||
Non-affiliated investments, at value1 | $ | 6,376,042 | $ | 1,145,623 | ||||||
Affiliated investments, at value2 | 12,131,663 | — | ||||||||
Cash | 620,759 | 12,106 | ||||||||
Deposits with brokers for securities sold short | 7,659,239 | — | ||||||||
Receivables: | ||||||||||
Investments sold | 323,538 | 10,777 | ||||||||
Dividends and interest | 5,965 | 1,648 | ||||||||
Investment Adviser | 7,287 | 5,507 | ||||||||
Prepaid expenses and other assets | 28,198 | 65 | ||||||||
|
|
|
| |||||||
Total assets | 27,152,691 | 1,175,726 | ||||||||
|
|
|
| |||||||
Liabilities | ||||||||||
Securities sold short, at value3 | 6,192,238 | — | ||||||||
Payables: | ||||||||||
Investments purchased | 309,874 | 10,789 | ||||||||
Administration and accounting fees | 16,733 | 1,295 | ||||||||
Accrued expenses | 26,752 | 12,316 | ||||||||
|
|
|
| |||||||
Total liabilities | 6,545,597 | 24,400 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 20,607,094 | $ | 1,151,326 | ||||||
|
|
|
| |||||||
Net Assets Consisted of: | ||||||||||
Capital stock, $0.01 par value | $ | 20,397 | $ | 1,000 | ||||||
Paid-in capital | 20,720,122 | 999,000 | ||||||||
Total distributable earnings/(loss) | (133,425 | ) | 151,326 | |||||||
|
|
|
| |||||||
Net Assets | $ | 20,607,094 | $ | 1,151,326 | ||||||
|
|
|
| |||||||
Institutional Class Shares: | ||||||||||
Net assets | $ | 20,607,094 | $ | 1,151,326 | ||||||
|
|
|
| |||||||
Shares Outstanding | 2,039,697 | 100,000 | ||||||||
|
|
|
| |||||||
Net asset value, offering and redemption price per share | $ | 10.10 | $ | 11.51 | ||||||
|
|
|
| |||||||
1Non-affiliated investments, at cost | $ | 6,006,999 | $ | 1,030,566 | ||||||
2Affiliated investments, at cost | $ | 12,174,027 | $ | — | ||||||
3Proceeds received, securities sold short | $ | 5,897,202 | $ | — |
The accompanying notes are an integral part of the financial statements.
114
GOTHAM FUNDS
For the Period Ended March 31, 2019
(Unaudited)
Gotham Absolute | Gotham Absolute | Gotham Enhanced | |||||||||||||
500 Fund | 500 Core Fund | 500 Fund | |||||||||||||
Investment Income | |||||||||||||||
Dividend income | $ | 247,839 | $ | 33,430 | $ | 671,976 | |||||||||
Interest | — | 1,344 | 1,835 | ||||||||||||
Income from securities loaned (Note 5) | 936 | 179 | 2,021 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 248,775 | 34,953 | 675,832 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses | |||||||||||||||
Advisory fees (Note 2) | 98,686 | 12,275 | 200,843 | ||||||||||||
Administration and accounting fees (Note 2) | 13,950 | 12,220 | 15,539 | ||||||||||||
Dividends and fees on securities sold short (Note 1) | 65,263 | 6,714 | 308,437 | ||||||||||||
Fees on cash collateral (Note 5) | 11,660 | — | 21,809 | ||||||||||||
Transfer agent fees (Note 2) | 2,711 | 1,329 | 2,376 | ||||||||||||
Custodian fees (Note 2) | 649 | 97 | 1,681 | ||||||||||||
Trustees’ and officers’ fees (Note 2) | 1,625 | 254 | 2,638 | ||||||||||||
Printing and shareholder reporting fees | 8,231 | 7,855 | 8,773 | ||||||||||||
Registration and filing fees | 23,061 | 848 | 20,058 | ||||||||||||
Legal fees | 1,668 | 125 | 2,018 | ||||||||||||
Audit fees | 13,707 | 13,095 | 13,712 | ||||||||||||
Other expenses | 859 | 302 | 1,480 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses before waivers and reimbursements | 242,070 | 55,114 | 599,364 | ||||||||||||
|
|
|
|
|
| ||||||||||
Recoupments and/or waivers, reimbursements (Note 2) | (55,497 | ) | (34,284 | ) | (45,959 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses after waivers and reimbursements | 186,573 | 20,830 | 553,405 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income. | 62,202 | 14,123 | 122,427 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain/(loss) from investments: | |||||||||||||||
Net realized gain/(loss) fromnon-affiliated investments | (18,393 | ) | 15,595 | (1,016,357 | ) | ||||||||||
Net realized gain/(loss) from securities sold short | (27,021 | ) | (2,118 | ) | 386,087 | ||||||||||
Net change in unrealized appreciation/(depreciation) onnon-affiliated investments | (361,734 | ) | (59,022 | ) | (1,662,410 | ) | |||||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | (69,504 | ) | (496 | ) | 297,888 | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized loss on investments | (476,652 | ) | (46,041 | ) | (1,994,792 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets resulting from operations | $ | (414,450 | ) | $ | (31,918 | ) | $ | (1,872,365 | ) | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
115
GOTHAM FUNDS
Statements of Operations (Continued)
For the Period Ended March 31, 2019
(Unaudited)
Gotham Neutral | Gotham Hedged | Gotham Hedged | |||||||||||||
500 Fund | Plus Fund | Core Fund | |||||||||||||
Investment Income | |||||||||||||||
Dividend income | $ | 132,759 | $ | 47,964 | $ | 27,714 | |||||||||
Interest | 1,439 | 959 | 886 | ||||||||||||
Income from securities loaned (Note 5) | 29 | 17 | 27 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 134,227 | 48,940 | 28,627 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses | |||||||||||||||
Advisory fees (Note 2) | 60,117 | 13,739 | 8,597 | ||||||||||||
Administration and accounting fees (Note 2) | 13,396 | 14,057 | 13,977 | ||||||||||||
Dividends and fees on securities sold short (Note 1) | 14,961 | 19,753 | 1,719 | ||||||||||||
Transfer agent fees (Note 2) | 1,803 | 1,326 | 1,329 | ||||||||||||
Custodian fees (Note 2) | 546 | 114 | 94 | ||||||||||||
Trustees’ and officers’ fees (Note 2) | 715 | 259 | 274 | ||||||||||||
Printing and shareholder reporting fees | 7,936 | 7,996 | 8,005 | ||||||||||||
Registration and filing fees | 413 | 18,276 | 353 | ||||||||||||
Legal fees | 282 | 132 | 127 | ||||||||||||
Audit fees | 13,695 | 13,704 | 13,095 | ||||||||||||
Other expenses | 646 | 612 | 305 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses before waivers and reimbursements | 114,510 | 89,968 | 47,875 | ||||||||||||
|
|
|
|
|
| ||||||||||
Recoupments and/or waivers, reimbursements (Note 2) | (32,752 | ) | (54,414 | ) | (35,716 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses after waivers and reimbursements | 81,758 | 35,554 | 12,159 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 52,469 | 13,386 | 16,468 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain/(loss) from investments: | |||||||||||||||
Net realized gain/(loss) fromnon-affiliated investments | 62,381 | 341 | (2,545 | ) | |||||||||||
Net realized loss from securities sold short | (475,273 | ) | (25,337 | ) | (6,544 | ) | |||||||||
Net change in unrealized appreciation/(depreciation) onnon-affiliated investments | 448,973 | (85,187 | ) | (68,394 | ) | ||||||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | (315,028 | ) | (21,248 | ) | 1,674 | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized loss on investments | (278,947 | ) | (131,431 | ) | (75,809 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets resulting from operations | $ | (226,478 | ) | $ | (118,045 | ) | $ | (59,341 | ) | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
116
GOTHAM FUNDS
Statements of Operations (Continued)
For the Period Ended March 31, 2019
(Unaudited)
Gotham Defensive | Gotham Defensive | Gotham Short | |||||||||||||
Long Fund | Long 500 Fund | Strategies Fund | |||||||||||||
Investment Income | |||||||||||||||
Dividend income | $ | 39,802 | $ | 272,817 | $ | 87,022 | |||||||||
Less: taxes withheld | (149 | ) | — | (265 | ) | ||||||||||
Interest | 112 | 259 | 2,717 | ||||||||||||
Income from securities loaned (Note 5) | 117 | 201 | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 39,882 | 273,277 | 89,474 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses | |||||||||||||||
Advisory fees (Note 2) | 23,197 | 77,343 | 76,488 | ||||||||||||
Administration and accounting fees (Note 2) | 27,626 | 13,268 | 12,861 | ||||||||||||
Dividends and fees on securities sold short (Note 1) | 14,534 | 119,335 | — | ||||||||||||
Transfer agent fees (Note 2) | 1,326 | 1,353 | 1,488 | ||||||||||||
Custodian fees (Note 2) | 112 | 441 | 1,071 | ||||||||||||
Trustees’ and officers’ fees (Note 2) | 262 | 1,170 | 1,073 | ||||||||||||
Printing and shareholder reporting fees | 8,255 | 8,090 | 9,123 | ||||||||||||
Registration and filing fees | 435 | 413 | 21,881 | ||||||||||||
Legal fees | 121 | 603 | 602 | ||||||||||||
Audit fees | 14,534 | 13,097 | 13,354 | ||||||||||||
Other expenses | 302 | 580 | 5,005 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses before waivers and reimbursements | 90,704 | 235,693 | 142,946 | ||||||||||||
|
|
|
|
|
| ||||||||||
Recoupments and/or waivers, reimbursements (Note 2) | (51,233 | ) | (30,421 | ) | (66,458 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses after waivers and reimbursements | 39,471 | 205,272 | 76,488 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 411 | 68,005 | 12,986 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain/(loss) from investments: | |||||||||||||||
Net realized gain/(loss) fromnon-affiliated investments | (38,028 | ) | (36,021 | ) | 1,343,376 | ||||||||||
Net realized gain/(loss) from securities sold short | 31,327 | (43,740 | ) | — | |||||||||||
Net realized loss on swaps | — | — | (1,490,085 | )(a) | |||||||||||
Net change in unrealized appreciation/(depreciation) onnon-affiliated investments | (104,163 | ) | (117,556 | ) | 415,715 | ||||||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | 81,607 | (35,127 | ) | — | |||||||||||
Net change in unrealized appreciation/(depreciation) on swaps | — | — | (1,985,055 | )(a) | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized loss on investments | (29,257 | ) | (232,444 | ) | (1,716,049 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net decrease in net assets resulting from operations | $ | (28,846 | ) | $ | (164,439 | ) | $ | (1,703,063 | ) | ||||||
|
|
|
|
|
|
(a) | Primary risk exposure is equity contracts. |
The accompanying notes are an integral part of the financial statements.
117
GOTHAM FUNDS
Statements of Operations (Concluded)
For the Period Ended March 31, 2019
(Unaudited)
Gotham Master Neutral Fund | Gotham ESG Large Value Fund* | |||||||||
Investment Income | ||||||||||
Dividends fromnon-affiliated securities | $ | 28,258 | $ | 6,629 | ||||||
Dividends from affiliated securities | 5,653 | — | ||||||||
Less: taxes withheld | (92 | ) | — | |||||||
Interest | 8,582 | 58 | ||||||||
|
|
|
| |||||||
Total investment income | 42,401 | 6,687 | ||||||||
|
|
|
| |||||||
Expenses | ||||||||||
Advisory fees (Note 2) | 16,608 | 2,064 | ||||||||
Administration and accounting fees (Note 2) | 30,817 | 1,295 | ||||||||
Dividends and fees on securities sold short (Note 1) | (13,684 | ) | — | |||||||
Transfer agent fees (Note 2) | 1,424 | 1,109 | ||||||||
Custodian fees (Note 2) | 5,064 | 247 | ||||||||
Trustees’ and officers’ fees (Note 2) | 590 | 631 | ||||||||
Printing and shareholder reporting fees | 7,870 | 740 | ||||||||
Registration and filing fees | 426 | 6,580 | ||||||||
Legal fees | 203 | 247 | ||||||||
Audit fees | 12,794 | 6,923 | ||||||||
Other expenses | 369 | 376 | ||||||||
|
|
|
| |||||||
Total expenses before waivers and reimbursements. | 62,481 | 20,212 | ||||||||
|
|
|
| |||||||
Recoupments and/or waivers, reimbursements (Note 2) | (59,557 | ) | (18,147 | ) | ||||||
|
|
|
| |||||||
Net expenses after waivers and reimbursements | 2,924 | 2,065 | ||||||||
|
|
|
| |||||||
Net investment income | 39,477 | 4,622 | ||||||||
|
|
|
| |||||||
Net realized and unrealized gain/(loss) from investments: | ||||||||||
Net realized gain fromnon-affiliated investments | 236,310 | 31,647 | ||||||||
Net realized loss from affiliated investments | (4,236 | ) | — | |||||||
Net realized loss from securities sold short | (352,761 | ) | — | |||||||
Capital gain distributions from affiliated investments | 22,887 | — | ||||||||
Net change in unrealized appreciation/(depreciation) onnon-affiliated investments | 285,346 | 115,057 | ||||||||
Net change in unrealized appreciation/(depreciation) on affiliated investments | (168,150 | ) | — | |||||||
Net change in unrealized appreciation/(depreciation) on securities sold short | (248,668 | ) | — | |||||||
|
|
|
| |||||||
Net realized and unrealized gain/(loss) on investments | (229,272 | ) | 146,704 | |||||||
|
|
|
| |||||||
Net increase/(decrease) in net assets resulting from operations | $ | (189,795 | ) | $ | 151,326 | |||||
|
|
|
|
* | The Fund incepted on December 28, 2018. |
The accompanying notes are an integral part of the financial statements.
118
GOTHAM FUNDS
Statements of Changes in Net Assets
Gotham Absolute 500 Fund | Gotham Absolute 500 Core Fund | |||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income | $ | 62,202 | $ | 43,866 | $ | 14,123 | $ | 13,923 | ||||||||||||
Net realized gain/(loss) from investments and securities sold short | (45,414 | ) | 1,082,231 | 13,477 | 227,358 | |||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short | (431,238 | ) | 561,747 | (59,518 | ) | 42,113 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (414,450 | ) | 1,687,844 | (31,918 | ) | 283,394 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Total distributable earnings* | (1,323,431 | ) | (244,260 | ) | (267,601 | ) | (28,805 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (1,323,431 | ) | (244,260 | ) | (267,601 | ) | (28,805 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase in Net Assets from Capital Share Transactions (Note 4) | 2,005,438 | 1,283,049 | 267,601 | 28,805 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | 267,557 | 2,726,633 | (31,918 | ) | 283,394 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 14,731,025 | 12,004,392 | 2,521,994 | 2,238,600 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 14,998,582 | $ | 14,731,025 | $ | 2,490,076 | $ | 2,521,994 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and realized gains were $0 and $244,260, and $24,607 and $4,198 for Gotham Absolute 500 Fund and Gotham Absolute 500 Core Fund, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income of $41,750 and $5,478 for Gotham Absolute 500 Fund and Gotham Absolute 500 Core Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
119
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Enhanced 500 Fund | Gotham Neutral 500 Fund | |||||||||||||||||||
For the Six Months Ended | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income | $ | 122,427 | $ | 126,221 | $ | 52,469 | $ | 13,595 | ||||||||||||
Net realized gain/(loss) from investments and securities sold short | (630,270 | ) | 3,245,792 | (412,892 | ) | (116,497 | ) | |||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short | (1,364,522 | ) | 2,294,992 | 133,945 | 498,052 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (1,872,365 | ) | 5,667,005 | (226,478 | ) | 395,150 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Total distributable earnings* | (4,179,248 | ) | (1,604,038 | ) | (116,253 | ) | (22,632 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (4,179,248 | ) | (1,604,038 | ) | (116,253 | ) | (22,632 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase in Net Assets from Capital Share Transactions (Note 4) | 283,304 | 4,921,125 | 4,161,714 | 2,183,882 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | (5,768,309 | ) | 8,984,092 | 3,818,983 | 2,556,400 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 33,437,160 | 24,453,068 | 6,149,373 | 3,592,973 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 27,668,851 | $ | 33,437,160 | $ | 9,968,356 | $ | 6,149,373 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and realized gains were $42,759 and $1,561,279, and $3,742 and $18,890 for Gotham Enhanced 500 Fund and Gotham Neutral 500 Fund, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income of $150,674 and $4,395 for Gotham Enhanced 500 Fund and Gotham Neutral 500 Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
120
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Hedged Plus Fund | Gotham Hedged Core Fund | |||||||||||||||||||
For the Six Months Ended | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income | $ | 13,386 | $ | 12,187 | $ | 16,468 | $ | 22,122 | ||||||||||||
Net realized gain/(loss) from investments and securities sold short | (24,996 | ) | 201,280 | (9,089 | ) | 254,301 | ||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short | (106,435 | ) | 132,471 | (66,720 | ) | 17,338 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (118,045 | ) | 345,938 | (59,341 | ) | 293,761 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Total distributable earnings* | (284,968 | ) | (52,197 | ) | (299,822 | ) | (36,684 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (284,968 | ) | (52,197 | ) | (299,822 | ) | (36,684 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase in Net Assets from Capital Share Transactions (Note 4) | 604,834 | 52,197 | 299,822 | 36,684 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | 201,821 | 345,938 | (59,341 | ) | 293,761 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 2,665,434 | 2,319,496 | 2,560,893 | 2,267,132 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 2,867,255 | $ | 2,665,434 | $ | 2,501,552 | $ | 2,560,893 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and realized gains were $18,183 and $34,014, and $35,113 and $1,571 for Gotham Hedged Plus Fund and Gotham Hedged Core Fund, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income of $13,994 and $13,626 for Gotham Hedged Plus Fund and Gotham Hedged Core Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
121
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Defensive Long Fund | Gotham Defensive Long 500 Fund | |||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income/(loss) | $ | 411 | $ | (9,390 | ) | $ | 68,005 | $ | 68,098 | |||||||||||
Net realized gain/(loss) from investments and securities sold short | (6,701 | ) | (11,934 | ) | (79,761 | ) | 514,831 | |||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short | (22,556 | ) | 253,864 | (152,683 | ) | 1,013,167 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (28,846 | ) | 232,540 | (164,439 | ) | 1,596,096 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Total distributable earnings* | — | (46,367 | ) | (877,427 | ) | (54,690 | ) | |||||||||||||
Return of capital | — | (1,486 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | — | (47,853 | ) | (877,427 | ) | (54,690 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase in Net Assets from Capital Share Transactions (Note 4) | — | 47,853 | 2,356,186 | 1,550,377 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | (28,846 | ) | 232,540 | 1,314,320 | 3,091,783 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 2,406,450 | 2,173,910 | 11,031,385 | 7,939,602 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 2,377,604 | $ | 2,406,450 | $ | 12,345,705 | $ | 11,031,385 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and realized gains were $10,050 and $36,317, and $54,690 and $0 for Gotham Defensive Long Fund and Gotham Defensive Long 500 Fund, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income/(loss) of $(6,313) and $60,536 for Gotham Defensive Long Fund and Gotham Defensive Long 500 Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
122
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
Gotham Short Strategies Fund | Gotham Master Neutral Fund | |||||||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||||
Net increase/(decrease) in net assets from operations: | ||||||||||||||||||||
Net investment income/(loss) | $ | 12,986 | $ | (24,062 | ) | $ | 39,477 | $ | 11,047 | |||||||||||
Net realized loss from investments, securities sold short and swaps | (146,709 | ) | (11,154 | ) | (97,800 | ) | (52,661 | ) | ||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments, securities sold short and swaps | (1,569,340 | ) | (352,920 | ) | (131,472 | ) | 160,150 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase/(decrease) in net assets resulting from operations | (1,703,063 | ) | (388,136 | ) | (189,795 | ) | 118,536 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
Institutional Class Shares: | ||||||||||||||||||||
Total distributable earnings* | (47,319 | ) | (35,362 | ) | (26,546 | ) | (60,543 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (47,319 | ) | (35,362 | ) | (26,546 | ) | (60,543 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4) | 28,312,549 | (16,313,315 | ) | 16,902,445 | (211,926 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total increase/(decrease) in net assets | 26,562,167 | (16,736,813 | ) | 16,686,104 | (153,933 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets | ||||||||||||||||||||
Beginning of period | 1,591,441 | 18,328,254 | 3,920,990 | 4,074,923 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period** | $ | 28,153,608 | $ | 1,591,441 | $ | 20,607,094 | $ | 3,920,990 | ||||||||||||
|
|
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and realized gains were $35,362 and $0, and $10,039 and $50,504 for Gotham Short Strategies Fund and Gotham Master Neutral Fund, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of period net assets included accumulated net investment income of $0 and $807 for Gotham Short Strategies Fund and Gotham Master Neutral Fund, respectively. |
The accompanying notes are an integral part of the financial statements.
123
GOTHAM FUNDS
Statements of Changes in Net Assets (Concluded)
Gotham ESG Large Value Fund | |||||
For the Period Ended | |||||
Net increase in net assets from operations: | |||||
Net investment income | $ | 4,622 | |||
Net realized gain from investments | 31,647 | ||||
Net change in unrealized appreciation/(depreciation) on investments | 115,057 | ||||
|
| ||||
Net increase in net assets resulting from operations | 151,326 | ||||
|
| ||||
Increase in Net Assets from Capital Share Transactions (Note 4) | 1,000,000 | ||||
|
| ||||
Total increase in net assets | 1,151,326 | ||||
|
| ||||
Net assets | |||||
Beginning of period | — | ||||
|
| ||||
End of period | $ | 1,151,326 | |||
|
|
* | The Fund incepted on December 28, 2018. |
The accompanying notes are an integral part of the financial statements.
124
GOTHAM FUNDS
(Unaudited)
Gotham Absolute 500 Fund | Gotham Absolute 500 Core Fund | Gotham Enhanced 500 Fund | |||||||||||||
For the Six Months Ended March 31, 2019 | For the Six Months Ended March 31, 2019 | For the Six Months Ended March 31, 2019 | |||||||||||||
Cash flows provided by (used in) operating activities: | |||||||||||||||
Net decrease in net assets resulting from operations | $ | (414,450 | ) | $ | (31,918 | ) | $ | (1,872,365 | ) | ||||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||||||
Purchases of long-term portfolio investments | (29,222,559 | ) | (3,804,494 | ) | (72,999,777 | ) | |||||||||
Proceeds from disposition of long-term portfolio investments | 28,440,058 | 3,812,987 | 81,045,578 | ||||||||||||
Purchases to cover securities sold short | (17,256,365 | ) | (1,827,594 | ) | (40,623,224 | ) | |||||||||
Proceeds from securities sold short | 17,383,332 | 1,800,139 | 36,300,732 | ||||||||||||
Net realized gain/(loss) on investments and securities sold short | 45,414 | (13,477 | ) | 630,270 | |||||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 431,238 | 59,518 | 1,364,522 | ||||||||||||
Decrease in receivable for securities sold | 155,914 | 23,145 | 895,038 | ||||||||||||
Increase in cash collateral for securities lending | — | (2,607 | ) | — | |||||||||||
Increase/(decrease) in dividend and interest receivable | (388 | ) | 144 | 11,276 | |||||||||||
Decrease in receivable from investment advisor | — | 2,614 | — | ||||||||||||
Decrease in prepaid expenses and other assets | 20,543 | 743 | 3,454 | ||||||||||||
Decrease in payable for investments purchased | (116,846 | ) | (20,077 | ) | (1,211,366 | ) | |||||||||
Increase/(decrease) in use of cash collateral from securities lending | (802,058 | ) | 2,607 | (2,534,548 | ) | ||||||||||
Increase/(decrease) in dividends and fees payable for securities sold short | 1,873 | (159 | ) | (35,845 | ) | ||||||||||
Increase/(decrease) in payable for investment advisor | 90 | — | (5,050 | ) | |||||||||||
Decrease in accrued expense payable | (8,386 | ) | (7,132 | ) | (7,535 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net cash provided by (used in) operating activities | (1,342,590 | ) | (5,561 | ) | 961,160 | ||||||||||
|
|
|
|
|
| ||||||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from shares sold | 1,324,398 | — | 2,275,828 | ||||||||||||
Payment of shares redeemed | (642,391 | ) | — | (6,171,806 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net cash provided by (used in) financing activities | 682,007 | — | (3,895,978 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Net decrease in cash | (660,583 | ) | (5,561 | ) | (2,934,818 | ) | |||||||||
Cash and restricted cash*: | |||||||||||||||
Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities: | |||||||||||||||
Cash | 599,293 | 496,959 | 706,966 | ||||||||||||
Restricted cash | 6,132,065 | 520,934 | 2,592,182 | ||||||||||||
Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities: | |||||||||||||||
Cash | $ | 472,597 | $ | 351,503 | $ | 211,364 | |||||||||
|
|
|
|
|
| ||||||||||
Restricted Cash | $ | 5,598,178 | $ | 660,829 | $ | 152,966 | |||||||||
|
|
|
|
|
| ||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||
Cash paid/(received) during the period for financing charges | $ | (31,317 | ) | $ | (4,357 | ) | $ | 96,158 |
* | FASB issued ASU2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows (See Note 1). |
The accompanying notes are an integral part of the financial statements.
125
GOTHAM FUNDS
Statements of Cash Flow (Continued)
(Unaudited)
Gotham Neutral 500 Fund | Gotham Hedged Plus Fund | |||||||||
For the Six Months Ended March 31, 2019 | For the Six Months Ended March 31, 2019 | |||||||||
Cash flows provided by (used in) operating activities: | ||||||||||
Net decrease in net assets resulting from operations | $ | (226,478 | ) | $ | (118,045 | ) | ||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||||
Purchases of long-term portfolio investments. | (20,549,593 | ) | (5,825,486 | ) | ||||||
Proceeds from disposition of long-term portfolio investments | 15,884,839 | 5,360,328 | ||||||||
Purchases to cover securities sold short | (12,877,149 | ) | (3,038,577 | ) | ||||||
Proceeds from securities sold short | 16,190,451 | 3,259,792 | ||||||||
Net realized loss on investments and securities sold short | 412,892 | 24,996 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | (133,945 | ) | 106,435 | |||||||
Increase/(decrease) in receivable for securities sold | (72,654 | ) | 5,164 | |||||||
Increase in cash collateral for securities lending | (10,214 | ) | (1,395 | ) | ||||||
Increase in dividend and interest receivable | (9,694 | ) | (327 | ) | ||||||
Increase/(decrease) in receivable from investment advisor | 5,855 | (934 | ) | |||||||
Increase/(decrease) in prepaid expenses and other assets | 207 | (1,241 | ) | |||||||
Increase/(decrease) in payable for investments purchased | 112,523 | (692 | ) | |||||||
Increase in use of cash collateral from securities lending | 10,214 | 1,395 | ||||||||
Increase in dividends and fees payable for securities sold short | 1,013 | 498 | ||||||||
Increase in payable for investment advisor | 7,410 | — | ||||||||
Decrease in accrued expense payable | (7,997 | ) | (7,339 | ) | ||||||
|
|
|
| |||||||
Net cash provided by (used in) operating activities | (1,262,320 | ) | (235,428 | ) | ||||||
|
|
|
| |||||||
Cash flows from financing activities: | ||||||||||
Proceeds from shares sold | 6,165,370 | 319,886 | ||||||||
Payment of shares redeemed | (1,665,638 | ) | (20 | ) | ||||||
|
|
|
| |||||||
Net cash provided by (used in) financing activities | 4,499,732 | 319,866 | ||||||||
|
|
|
| |||||||
Net increase in cash | 3,237,412 | 84,438 | ||||||||
Cash and restricted cash*: | ||||||||||
Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities: | ||||||||||
Cash | 538,426 | 396,732 | ||||||||
Restricted cash | 4,076,054 | 670,047 | ||||||||
Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities: | ||||||||||
Cash | $ | 560,570 | $ | 392,228 | ||||||
|
|
|
| |||||||
Restricted Cash | $ | 7,291,322 | $ | 758,989 | ||||||
|
|
|
| |||||||
Supplemental disclosure of cash flow information: | ||||||||||
Cash received during the period for financing charges | $ | (58,228 | ) | $ | (2,678 | ) |
* | FASB issued ASU2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows (See Note 1). |
The accompanying notes are an integral part of the financial statements.
126
GOTHAM FUNDS
Statements of Cash Flow (Concluded)
(Unaudited)
Gotham Defensive Long Fund | Gotham Defensive Long 500 Fund | |||||||||
For the Six Months Ended March 31, 2019 | For the Six Months Ended March 31, 2019 | |||||||||
Cash flows provided by (used in) operating activities: | ||||||||||
Net decrease in net assets resulting from operations | $ | (28,846 | ) | $ | (164,439 | ) | ||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||||
Purchases of long-term portfolio investments | (3,988,204 | ) | (29,045,505 | ) | ||||||
Proceeds from disposition of long-term portfolio investments | 3,897,412 | 26,485,441 | ||||||||
Purchases to cover securities sold short | (2,073,990 | ) | (13,473,588 | ) | ||||||
Proceeds from securities sold short | 2,165,243 | 14,516,046 | ||||||||
Net realized loss on investments and securities sold short | 6,701 | 79,761 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments and securities sold short | 22,556 | 152,683 | ||||||||
Decrease in receivable for securities sold | 10,474 | 83,793 | ||||||||
Increase in cash collateral for securities lending | (1,111 | ) | (20,974 | ) | ||||||
Increase/(decrease) in dividend and interest receivable | 308 | (5,360 | ) | |||||||
Decrease in receivable from investment advisor | 2,383 | — | ||||||||
Decrease in prepaid expenses and other assets | 332 | 101 | ||||||||
Decrease in payable for investments purchased | (12,577 | ) | (63,198 | ) | ||||||
Increase in use of cash collateral from securities lending | 1,111 | 20,974 | ||||||||
Increase in dividends and fees payable for securities sold short | 35 | 2,718 | ||||||||
Increase in payable for investment advisor | — | 5,099 | ||||||||
Increase/(decrease) in accrued expense payable | 1,693 | (10,477 | ) | |||||||
|
|
|
| |||||||
Net cash provided by (used in) operating activities | 3,520 | (1,436,925 | ) | |||||||
|
|
|
| |||||||
Cash flows from financing activities: | ||||||||||
Proceeds from shares sold | — | 1,478,759 | ||||||||
|
|
|
| |||||||
Net cash provided by (used in) financing activities | — | 1,478,759 | ||||||||
|
|
|
| |||||||
Net increase in cash. | 3,520 | 41,834 | ||||||||
Cash and restricted cash*: | ||||||||||
Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities: | ||||||||||
Cash | 25,350 | 217,794 | ||||||||
Restricted cash | 54,142 | 42,738 | ||||||||
Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities: | ||||||||||
Cash | $ | 15,978 | $ | 223,492 | ||||||
|
|
|
| |||||||
Restricted Cash | $ | 67,034 | $ | 78,874 | ||||||
|
|
|
| |||||||
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid during the period for financing charges | $ | 7,019 | $ | 33,639 |
* | FASB issued ASU2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows (See Note 1). |
The accompanying notes are an integral part of the financial statements.
127
GOTHAM FUNDS
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.
Gotham Absolute 500 Fund Institutional Class Shares | ||||||||||||||||||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Year Ended September 30, 2016 | For the Period Ended September 30, 2015* | For the Period Ended April 30, 2015** | |||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 12.84 | $ | 11.50 | $ | 10.21 | $ | 9.80 | $ | 10.47 | $ | 10.00 | ||||||||||||||||||
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Net investment income/(loss)(1) | 0.05 | 0.04 | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.09 | ) | ||||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.40 | ) | 1.54 | 1.31 | 0.77 | (0.64 | ) | 0.78 | ||||||||||||||||||||||
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Total from investment operations | (0.35 | ) | 1.58 | 1.29 | 0.75 | (0.67 | ) | 0.69 | ||||||||||||||||||||||
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Dividends and distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.04 | ) | — | — | — | — | — | |||||||||||||||||||||||
Net realized capital gains | (1.10 | ) | (0.24 | ) | — | (0.16 | ) | — | (0.23 | ) | ||||||||||||||||||||
Return of capital | — | — | — | (0.19 | ) | — | — | |||||||||||||||||||||||
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Total dividends and distributions to shareholders | (1.14 | ) | (0.24 | ) | — | (0.35 | ) | — | (0.23 | ) | ||||||||||||||||||||
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Redemption fees | — | — | — | 0.01 | — | 0.01 | ||||||||||||||||||||||||
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Net asset value, end of year/period | $ | 11.35 | $ | 12.84 | $ | 11.50 | $ | 10.21 | $ | 9.80 | $ | 10.47 | ||||||||||||||||||
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Total investment return(2) | (2.79 | )% | 13.91 | % | 12.63 | % | 7.88 | % | (6.40 | )% | 6.98 | % | ||||||||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 14,999 | $ | 14,731 | $ | 12,004 | $ | 13,446 | $ | 15,801 | $ | 10,583 | ||||||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(3) | 2.55 | %(4) | 2.76 | % | 3.20 | % | 3.80 | % | 4.22 | %(4) | 4.13 | %(4) | ||||||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(3)(5) | 3.31 | %(4) | 3.21 | % | 3.78 | % | 4.00 | % | 4.75 | %(4) | 5.92 | %(4) | ||||||||||||||||||
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense) | 0.85 | %(4) | 0.34 | % | (0.20 | )% | (0.19 | )% | (0.69 | )%(4) | (1.15 | )%(4) | ||||||||||||||||||
Portfolio turnover rate | 134.08 | %(6) | 243.25 | % | 203.65 | % | 251.62 | % | 126.07 | %(6) | 327.45 | %(6) |
* | The Fund changed its fiscal year end from April 30 to September 30. |
** | Commencement of operations. Initial seed capital was issued at $10.00 per share on July 31, 2014. |
(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 fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 1.50%, 1.50%, 1.50%, 1.84%, 2.25% and 2.25% for the six months ended March 31, 2019 and the years ended September 30, 2018, 2017 and 2016, and the periods ended September 30, 2015, and April 30, 2015, respectively. |
(4) | Annualized. |
(5) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
128
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.
Gotham Absolute 500 Core Fund Institutional Class Shares | ||||||||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Period Ended September 30, 2016* | |||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year/period | $ | 12.46 | $ | 11.19 | $ | 10.00 | $ | 10.00 | ||||||||||||
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Net investment income(1) | 0.07 | 0.07 | 0.03 | — | ||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.25 | ) | 1.34 | 1.16 | (0.00 | )(2) | ||||||||||||||
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Total from investment operations | (0.18 | ) | 1.41 | 1.19 | (0.00 | )(2) | ||||||||||||||
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Dividends and distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.03 | ) | (0.12 | ) | — | — | ||||||||||||||
Net realized capital gains | (1.29 | ) | (0.02 | ) | — | — | ||||||||||||||
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Total dividends and distributions to shareholders | (1.32 | ) | (0.14 | ) | — | — | ||||||||||||||
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Redemption fees | — | — | — | — | ||||||||||||||||
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Net asset value, end of year/period | $ | 10.96 | $ | 12.46 | $ | 11.19 | $ | 10.00 | ||||||||||||
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Total investment return(3) | (1.29 | )% | 12.72 | % | 11.90 | % | 0.00 | % | ||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 2,490 | $ | 2,522 | $ | 2,239 | $ | 1,999 | ||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 1.70 | %(5) | 1.93 | % | 2.15 | % | — | |||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 4.49 | %(5) | 4.30 | % | 5.33 | % | — | |||||||||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 1.15 | %(5) | 0.58 | % | 0.25 | % | — | |||||||||||||
Portfolio turnover rate | 136.74 | %(7) | 238.83 | % | 244.96 | % | — |
* | 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) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 1.15%, 1.15% and 1.15% for the six months ended March 31, 2019 and the years ended September 30, 2018 and 2017, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
129
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.
Gotham Enhanced 500 Fund Institutional Class Shares | |||||||||||||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Year Ended September 30, 2016 | For the Period Ended September 30, 2015* | |||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||
Net asset value, beginning of year/period | $ | 13.98 | $ | 12.20 | $ | 10.22 | $ | 8.99 | $ | 10.00 | |||||||||||||||
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Net investment income/(loss)(1) | 0.05 | 0.06 | 0.02 | 0.03 | (0.02 | ) | |||||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.66 | ) | 2.50 | 1.99 | 1.26 | (0.99 | ) | ||||||||||||||||||
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Total from investment operations | (0.61 | ) | 2.56 | 2.01 | 1.29 | (1.01 | ) | ||||||||||||||||||
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Dividends and distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.02 | ) | (0.03 | ) | (0.01 | ) | — | ||||||||||||||||
Net realized capital gains | (1.61 | ) | (0.76 | ) | — | (0.05 | ) | — | |||||||||||||||||
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Total dividends and distributions to shareholders | (1.67 | ) | (0.78 | ) | (0.03 | ) | (0.06 | ) | — | ||||||||||||||||
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Redemption fees | — | — | — | 0.00 | (2) | — | |||||||||||||||||||
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Net asset value, end of year/period | $ | 11.70 | $ | 13.98 | $ | 12.20 | $ | 10.22 | $ | 8.99 | |||||||||||||||
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Total investment return(3) | (4.13 | )% | 21.68 | % | 19.73 | % | 14.43 | %(4) | (10.10 | )% | |||||||||||||||
Ratio/Supplemental Data | |||||||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 27,669 | $ | 33,437 | $ | 24,453 | $ | 19,865 | $ | 6,067 | |||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(5) | 3.72 | %(6) | 3.61 | % | 3.83 | % | 4.09 | % | 4.40 | %(6) | |||||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(5)(7) | 4.03 | %(6) | 3.79 | % | 4.18 | % | 4.69 | % | 5.54 | %(6) | |||||||||||||||
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense) | 0.82 | %(6) | 0.43 | % | 0.17 | % | 0.29 | % | (0.24 | )%(6) | |||||||||||||||
Portfolio turnover rate | 131.51 | %(8) | 215.69 | % | 192.91 | % | 219.41 | % | 355.33 | %(8) |
* | Commencement of operations. Initial seed capital was issued at $10.00 per share on December 31, 2014. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | 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. |
(5) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 1.50%, 1.50%, 1.50%, 1.77% and 2.25% for the six months ended March 31, 2019 and the years ended September 30, 2018, 2017 and 2016 and the period ended September 30, 2015, respectively. |
(6) | Annualized. |
(7) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(8) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
130
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.
Gotham Neutral 500 Fund Institutional Class Shares | |||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017* | |||||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of year/period | $ | 11.69 | $ | 10.77 | $ | 10.00 | |||||||||
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Net investment income/(loss)(1) | 0.07 | 0.03 | (0.07 | ) | |||||||||||
Net realized and unrealized gain/(loss) on investments | (0.33 | ) | 0.95 | 0.84 | |||||||||||
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Total from investment operations | (0.26 | ) | 0.98 | 0.77 | |||||||||||
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Dividends and distributions to shareholders from: | |||||||||||||||
Net investment income | (0.04 | ) | (0.01 | ) | — | ||||||||||
Net realized capital gains | (0.17 | ) | (0.05 | ) | — | ||||||||||
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Total dividends and distributions to shareholders | (0.21 | ) | (0.06 | ) | — | ||||||||||
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Redemption fees | — | — | — | ||||||||||||
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Net asset value, end of year/period | $ | 11.22 | $ | 11.69 | $ | 10.77 | |||||||||
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Total investment return(2) | (2.30 | )% | 9.09 | % | 7.70 | % | |||||||||
Ratio/Supplemental Data | |||||||||||||||
Net assets, end of year/period (in 000s) | $ | 9,968 | $ | 6,149 | $ | 3,593 | |||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(3) | 1.84 | %(4) | 2.43 | % | 3.24 | % | |||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(3)(5) | 2.58 | %(4) | 3.45 | % | 6.02 | % | |||||||||
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense) | 1.18 | %(4) | 0.26 | % | (0.64 | )% | |||||||||
Portfolio turnover rate | 143.82 | %(6) | 268.58 | % | 201.65 | % |
* | 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 fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 1.50%, 1.50% and 1.50% for the six months ended March 31, 2019, and the years ended September 30, 2018 and 2017, respectively. |
(4) | Annualized. |
(5) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
131
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.
Gotham Hedged Plus Fund Institutional Class Shares | ||||||||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Period Ended September 30, 2016* | |||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year/period | $ | 12.87 | $ | 11.43 | $ | 10.08 | $ | 10.00 | ||||||||||||
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Net investment income(1) | 0.06 | 0.06 | 0.01 | 0.00 | (2) | |||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.64 | ) | 1.64 | 1.49 | 0.08 | |||||||||||||||
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Total from investment operations | (0.58 | ) | 1.70 | 1.50 | 0.08 | |||||||||||||||
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Dividends and distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.06 | ) | (0.09 | ) | (0.11 | ) | — | |||||||||||||
Net realized capital gains | (1.16 | ) | (0.17 | ) | (0.04 | ) | — | |||||||||||||
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Total dividends and distributions to shareholders | (1.22 | ) | (0.26 | ) | (0.15 | ) | — | |||||||||||||
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Redemption fees | — | — | — | — | ||||||||||||||||
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Net asset value, end of year/period | $ | 11.07 | $ | 12.87 | $ | 11.43 | $ | 10.08 | ||||||||||||
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Total investment return(3) | (4.52 | )% | 15.00 | % | 15.01 | % | 0.80 | % | ||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 2,867 | $ | 2,665 | $ | 2,319 | $ | 2,015 | ||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 2.59 | %(5) | 2.71 | % | 3.10 | % | 3.13 | %(5) | ||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 6.55 | %(5) | 5.57 | % | 8.46 | % | 8.17 | %(5) | ||||||||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 0.97 | %(5) | 0.48 | % | 0.09 | % | 0.00 | %(5)(7) | ||||||||||||
Portfolio turnover rate | 128.49 | %(8) | 226.84 | % | 182.53 | % | 151.89 | %(8) |
* | Commencement of operations. Initial seed capital was issued at $10.00 per share on March 31, 2016. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 1.15%, 1.15%, 1.15% and 1.15% for the six months ended March 31, 2019 and the years ended September 30, 2018 and 2017 and the period ended September 30, 2016, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Amount is less than 0.005%. |
(8) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
132
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.
Gotham Hedged Core Fund Institutional Class Shares | ||||||||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Period Ended September 30, 2016* | |||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year/period | $ | 12.61 | $ | 11.34 | $ | 10.00 | $ | 10.00 | ||||||||||||
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Net investment income(1) | 0.07 | 0.11 | 0.07 | — | ||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.39 | ) | 1.35 | 1.27 | (0.00 | )(2) | ||||||||||||||
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Total from investment operations | (0.32 | ) | 1.46 | 1.34 | (0.00 | )(2) | ||||||||||||||
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Dividends and distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.18 | ) | — | — | ||||||||||||||
Net realized capital gains | (1.41 | ) | (0.01 | ) | — | — | ||||||||||||||
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Total dividends and distributions to shareholders | (1.48 | ) | (0.19 | ) | — | — | ||||||||||||||
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Redemption fees | — | — | — | — | ||||||||||||||||
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Net asset value, end of year/period | $ | 10.81 | $ | 12.61 | $ | 11.34 | $ | 10.00 | ||||||||||||
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| |||||||||||||
Total investment return(3) | (2.30 | )% | 12.93 | % | 13.40 | % | 0.00 | % | ||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 2,502 | $ | 2,561 | $ | 2,267 | $ | 1,999 | ||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 0.99 | %(5) | 1.16 | % | 1.40 | % | — | |||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 3.90 | %(5) | 3.85 | % | 4.91 | % | — | |||||||||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 1.34 | %(5) | 0.91 | % | 0.66 | % | — | |||||||||||||
Portfolio turnover rate | 118.33 | %(7) | 220.76 | % | 248.96 | % | — |
* | 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) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 0.85%, 0.85% and 0.85% for the six months ended March 31, 2019 and the years ended September 30, 2018 and 2017, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
133
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.
Gotham Defensive Long Fund Institutional Class Shares | ||||||||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Period Ended September 30, 2016* | |||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year/period | $ | 11.78 | $ | 10.87 | $ | 9.99 | $ | 10.00 | ||||||||||||
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| |||||||||||||
Net investment gain/(loss)(1) | 0.00 | (2) | (0.05 | ) | (0.03 | ) | — | |||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.14 | ) | 1.20 | 0.91 | (0.01 | ) | ||||||||||||||
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| |||||||||||||
Total from investment operations | (0.14 | ) | 1.15 | 0.88 | (0.01 | ) | ||||||||||||||
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Dividends and distributions to shareholders from: | ||||||||||||||||||||
Net investment income | — | (0.05 | ) | — | — | |||||||||||||||
Net realized capital gains | — | (0.18 | ) | — | — | |||||||||||||||
Return of capital | — | (0.01 | ) | — | — | |||||||||||||||
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| |||||||||||||
Total dividends and distributions to shareholders | — | (0.24 | ) | — | — | |||||||||||||||
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| |||||||||||||
Redemption fees | — | — | — | — | ||||||||||||||||
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| |||||||||||||
Net asset value, end of year/period | $ | 11.64 | $ | 11.78 | $ | 10.87 | $ | 9.99 | ||||||||||||
|
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| |||||||||||||
Total investment return(3) | (1.19 | )% | 10.68 | % | 8.70 | % | (0.10 | )% | ||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||
Net assets, end of year/period (in 000s) | $ | 2,378 | $ | 2,406 | $ | 2,174 | $ | 1,999 | ||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(4) | 3.40 | %(5) | 3.63 | % | 3.62 | % | — | |||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4)(6) | 7.82 | %(5) | 8.03 | % | 8.27 | % | — | |||||||||||||
Ratio of net investment gain/(loss) to average net assets (including dividend and interest expense) | 0.04 | %(5) | (0.41 | )% | (0.27 | )% | — | |||||||||||||
Portfolio turnover rate | 93.71 | %(7) | 224.53 | % | 262.95 | % | — |
* | 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) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 2.15%, 2.15% and 2.15% for the six months ended March 31, 2019 and the years ended September 30, 2018 and 2017, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
134
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.
Gotham Defensive Long 500 Fund Institutional Class Shares | ||||||||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Year Ended September 30, 2017 | For the Period Ended September 30, 2016* | |||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year/period | $ 13.78 | $ 11.71 | $ 9.99 | $10.00 | ||||||||||||||||
|
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| |||||||||||||
Net investment income(1) | 0.08 | 0.09 | 0.04 | — | ||||||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.32 | ) | 2.06 | 1.68 | (0.01 | ) | ||||||||||||||
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| |||||||||||||
Total from investment operations | (0.24 | ) | 2.15 | 1.72 | (0.01 | ) | ||||||||||||||
|
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| |||||||||||||
Dividends and distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.08 | ) | — | — | ||||||||||||||
Net realized capital gains | (0.96 | ) | — | — | — | |||||||||||||||
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| |||||||||||||
Total dividends and distributions to shareholders | (1.03 | ) | (0.08 | ) | — | — | ||||||||||||||
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| |||||||||||||
Redemption fees | — | — | — | — | ||||||||||||||||
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| |||||||||||||
Net asset value, end of year/period | $ 12.51 | $ 13.78 | $ 11.71 | $ 9.99 | ||||||||||||||||
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| |||||||||||||
Total investment return(2) | (1.71 | )% | 18.42 | % | 17.10 | % | (0.10 | )% | ||||||||||||
Ratio/Supplemental Data | ||||||||||||||||||||
Net assets, end of year/period (in 000s) | $12,346 | $11,031 | $ 7,940 | $1,999 | ||||||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(3) | 3.58 | %(4) | 3.51 | % | 3.80 | % | — | |||||||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(3)(5) | 4.11 | %(4) | 4.08 | % | 5.01 | % | — | |||||||||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 1.19 | %(4) | 0.73 | % | 0.39 | % | — | |||||||||||||
Portfolio turnover rate | 122.61 | %(6) | 219.67 | % | 259.21 | % | — |
* | 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 fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursements, and recoupments for the Fund would be 1.50%, 1.50% and 1.50% for the six months ended March 31, 2019 and the years ended September 30, 2018 and 2017, respectively. |
(4) | Annualized. |
(5) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
135
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.
Gotham Short Strategies Fund Institutional Class Shares | |||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Period Ended September 30, 2017* | |||||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of year/period | $ 9.05 | $ 10.07 | $ 10.00 | ||||||||||||
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| ||||||||||
Net investment income/(loss)(1) | 0.01 | (0.03 | ) | 0.02 | |||||||||||
Net realized and unrealized gain/(loss) on investments | 0.24 | (0.97 | ) | 0.05 | |||||||||||
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| ||||||||||
Total from investment operations | 0.25 | (1.00 | ) | 0.07 | |||||||||||
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| ||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||
Net investment income | — | (0.02 | ) | — | |||||||||||
Net realized capital gains | (0.21 | ) | — | — | |||||||||||
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| ||||||||||
Total dividends and distributions to shareholders | (0.21 | ) | (0.02 | ) | — | ||||||||||
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| ||||||||||
Redemption fees | — | (2) | — | — | |||||||||||
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| ||||||||||
Net asset value, end of year/period | $ 9.09 | $ 9.05 | $ 10.07 | ||||||||||||
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| ||||||||||
Total investment return(3) | 2.70 | % | (9.90 | )% | 0.70 | % | |||||||||
Ratio/Supplemental Data | |||||||||||||||
Net assets, end of year/period (in 000s) | $28,154 | $ 1,591 | $18,328 | ||||||||||||
Ratio of expenses to average net assets with waivers and reimbursements, if any | 1.35 | %(4) | 1.35 | % | 1.35 | %(4) | |||||||||
Ratio of expenses to average net assets without waivers and expense reimbursements, if any(5) | 2.52 | %(4) | 2.49 | % | 3.06 | %(4) | |||||||||
Ratio of net investment income/(loss) to average net assets. | 0.23 | %(4) | (0.30 | )% | 1.19 | %(4) | |||||||||
Portfolio turnover rate | 364.06 | %(6) | 591.12 | % | 165.16 | %(6)(7) |
* | Commencement of operations. Initial seed capital was issued at $10.00 per share on July 31, 2017. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | 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. |
(4) | Annualized. |
(5) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been shown (See Note 2). |
(6) | Not annualized. |
(7) | Portfolio turnover rate excludes securities received from processing a subscription due to a reorganization. |
The accompanying notes are an integral part of the financial statements.
136
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.
Gotham Master Neutral Fund Institutional Class Shares | |||||||||||||||
For the Six Months | For the Year Ended September 30, 2018 | For the Period Ended September 30, 2017* | |||||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of year/period | $ 10.21 | $ 10.08 | $10.00 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income(1) | 0.03 | 0.03 | 0.01 | ||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.08 | ) | 0.24 | 0.07 | |||||||||||
|
|
|
|
|
| ||||||||||
Total from investment operations | (0.05 | ) | 0.27 | 0.08 | |||||||||||
|
|
|
|
|
| ||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||
Net investment income | (0.06 | ) | (0.02 | ) | — | ||||||||||
Net realized capital gains | — | (0.12 | ) | — | |||||||||||
|
|
|
|
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| ||||||||||
Total dividends and distributions to shareholders | (0.06 | ) | (0.14 | ) | — | ||||||||||
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|
|
| ||||||||||
Redemption fees | — | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, end of year/period | $ 10.10 | $ 10.21 | $10.08 | ||||||||||||
|
|
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|
|
| ||||||||||
Total investment return(2) | (0.46 | )% | 2.79 | % | 0.80 | % | |||||||||
Ratio/Supplemental Data | |||||||||||||||
Net assets, end of year/period (in 000s) | $20,607 | $ 3,921 | $4,075 | ||||||||||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any (including dividend and interest expense)(3) | 0.05 | %(4)(5) | 0.28 | % | 0.31 | %(4) | |||||||||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(3)(6) | 1.09 | %(4)(5) | 3.05 | % | 4.60 | %(4) | |||||||||
Ratio of net investment income to average net assets (including dividend and interest expense) | 0.69 | %(4) | 0.28 | % | 0.35 | %(4) | |||||||||
Portfolio turnover rate | 83.86 | %(7) | 169.62 | % | 96.82 | %(7) |
* | Commencement of operations. Initial seed capital was issued at $10.00 per share on April 28, 2017. |
(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 fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including waivers, reimbursement, and recoupments for the Fund would be 0.29%, 0.26% and 0.31% for the six months ended March 31, 2019 and the year ended September 30, 2018 and the period ended September 30, 2017, respectively. |
(4) | Annualized. |
(5) | Net rebate income on securities sold short exceeded dividends and fees on securities sold short during the period which reduces the ratio of expenses. (See Note 1). |
(6) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
137
GOTHAM FUNDS
Financial Highlights (Concluded)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in 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.
Gotham ESG Large Value Fund Institutional Class Shares | |||||
For the Period Ended March 31, 2019 (Unaudited)* | |||||
Per Share Operating Performance | |||||
Net asset value, beginning of period | $10.00 | ||||
|
| ||||
Net investment income(1) | 0.05 | ||||
Net realized and unrealized gain on investments | 1.46 | ||||
|
| ||||
Total from investment operations | 1.51 | ||||
|
| ||||
Dividends and distributions to shareholders from: | |||||
Net investment income | — | ||||
Net realized capital gains | — | ||||
|
| ||||
Total dividends and distributions to shareholders | — | ||||
|
| ||||
Redemption fees | — | ||||
|
| ||||
Net asset value, end of period | $11.51 | ||||
|
| ||||
Total investment return(2) | 15.10 | % | |||
Ratio/Supplemental Data | |||||
Net assets, end of period (in 000s) | $1,151 | ||||
Ratio of expenses to average net assets with waivers, reimbursements, and recoupments if any | 0.75 | %(3) | |||
Ratio of expenses to average net assets without waivers, expense reimbursements, and recoupments if any(4) | 7.34 | %(3) | |||
Ratio of net investment income to average net assets | 1.68 | %(3) | |||
Portfolio turnover rate | 70.09 | %(5) |
* | Institutional class commenced operations on December 31, 2018. Total return is calculated based on inception date of December 28, 2018, when initial seed capital was issued at $10.00 per share. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Annualized. |
(4) | During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2). |
(5) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
138
GOTHAM FUNDS
March 31, 2019
(Unaudited)
1. Organization and Significant Accounting Policies
The Gotham Absolute 500 Fund, the Gotham Absolute 500 Core Fund, the Gotham Enhanced 500 Fund, the Gotham Neutral 500 Fund, the Gotham Hedged Plus Fund, the Gotham Hedged Core Fund, the Gotham Defensive Long Fund, the Gotham Defensive Long 500 Fund, the Gotham Short Strategies Fund, the Gotham Master Neutral Fund and the Gotham ESG Large Value Fund (each a “Fund” and together, the “Funds”) are each a diversified,open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds offers one class of shares, Institutional Class. The Funds’ commencement of operations are as follows:
Gotham Absolute 500 Fund (“Absolute 500”) | July 31, 2014 | |
Gotham Absolute 500 Core Fund (“Absolute 500 Core”) | September 30, 2016 | |
Gotham Enhanced 500 Fund (“Enhanced 500”) | December 31, 2014 | |
Gotham Neutral 500 Fund (“Neutral 500”) | October 1, 2016 | |
Gotham Hedged Plus Fund (“Hedged Plus”) | March 31, 2016 | |
Gotham Hedged Core Fund (“Hedged Core”) | September 30, 2016 | |
Gotham Defensive Long Fund (“Defensive Long”) | September 30, 2016 | |
Gotham Defensive Long 500 Fund (“Defensive Long 500”) | September 30, 2016 | |
Gotham Short Strategies Fund (“Short Strategies”) | July 31, 2017 | |
Gotham Master Neutral Fund (“Master Neutral”) | April 28, 2017 | |
Gotham ESG Large Value Fund (“ESG Large Value”) | December 31, 2018 |
All the Funds, except for the ESG Large Value and Master Neutral, 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. Master Neutral seeks to achieve its investment objective by primarily investing in other funds advised by Gotham, but also in long and short positions of U.S. equity securities. ESG Large Value seeks to achieve its investment objective by primarily investing in long positions of equity securities.
The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards BoardAccounting Standards CodificationTopic 946.
Portfolio Valuation— Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Each Fund’s equity securities, including exchange-traded funds, listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in theover-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Board of Trustees (the “Board”). Any assets held by a Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that a Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when a Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of a Fund. Certain Funds invest in securities of other investment companies, which are valued at their respective NAVs as determined by those investment companies each business day. Over the Counter (“OTC”) investments (including swap agreements) are generally valued by approved pricing services that use evaluated prices from various observable market factors. Securities that do not have a readily available current market value are valued in good faith under the direction of the Board. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Gotham Asset Management, LLC (“Gotham” or “the Adviser”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security, asset or liability will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.
139
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Fair Value Measurements— The inputs and valuation techniques used to measure fair value of a Fund’s investments are summarized into three levels as described in the hierarchy below:
| • | Level 1 — | quoted prices in active markets for identical securities; | |||
• | Level 2 — | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and | ||||
• | Level 3 — | significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for the following: a common stock security with end of period value of $1 held by Defensive Long; total return swaps with an unrealized depreciation of $(2,113,606) held by Short Strategies; and a U.S. Treasury Obligation with the end of period value of $199,709 held by Master Neutral. These securities are considered Level 2 as of and for the six months ended March 31, 2019.
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. 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 Level 3 are disclosed when the Funds had an amount of 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, 2019, there were no transfers in or out of Level 3 for the Funds.
Use of Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.
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 theex-dividend date. The Fund records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statement of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statement of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gain/(loss) from investment transactions in the statement of Operations. These characterizations are reflected in the accompanying financial statements. General
140
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
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.
Deferred Offering Costs— Offering costs, including costs of printing initial prospectus and legal fees, are amortized over twelve months from inception of the Funds.
Dividends and Distributions to Shareholders— Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded onex-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 ofnon-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 Code, 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.
Recent Accounting Pronouncement— In August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of U.S. GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the “Statement of Assets and Liabilities” and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the “Statements of Changes in Net Assets.” The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the “Statements of Changes in Net Assets” and certain tax adjustments that were reflected in the “Notes to Financial Statements.” All of these have been reflected in the Fund’s financial statements.
In August 2016, the Financial Accounting Standards Board (“FASB”) issued “Classification of Certain Cash Receipts and Cash Payments” that provided guidance for the classification of certain cash receipts and cash payments in the statement of cash flows. In addition, in November 2016, FASB issued ASU2016-18 requiring disclosures for changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The rulings, effective for fiscal years beginning after December 15, 2017, and interim periods within that year have been adopted by the Funds.
Short Sales— The Funds may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.
141
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
As of March 31, 2019, 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 | |||||||||||||
Absolute 500 | $ | 12,378,642 | $ | 15,332,441 | $ | 5,598,178 | |||||||||
Absolute 500 Core | 1,256,644 | 1,898,608 | 660,829 | ||||||||||||
Enhanced 500 | 23,773,831 | 38,415,172 | 152,966 | ||||||||||||
Neutral 500 | 10,047,638 | 11,127,097 | 7,291,322 | ||||||||||||
Hedged Plus | 2,608,995 | 3,304,124 | 758,989 | ||||||||||||
Hedged Core | 986,943 | 1,720,359 | 729,603 | ||||||||||||
Defensive Long | 1,784,842 | 2,963,357 | 67,034 | ||||||||||||
Defensive Long 500 | 10,502,877 | 15,999,086 | 78,874 | ||||||||||||
Master Neutral | 6,192,238 | 5,988,442 | 7,659,239 |
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 theex-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, 2019:
Dividends on Securities Sold Short | Rebate (Income)/Fees | |||||||||
Absolute 500 | $ | 108,240 | $ | (121,595 | ) | |||||
Absolute 500 Core | 11,071 | (12,589 | ) | |||||||
Enhanced 500 | 234,088 | (257,899 | ) | |||||||
Neutral 500 | 73,189 | (88,059 | ) | |||||||
Hedged Plus | 22,431 | (24,951 | ) | |||||||
Hedged Core | 8,729 | (9,510 | ) | |||||||
Defensive Long | 7,515 | (16,171 | ) | |||||||
Defensive Long 500 | 85,696 | (98,855 | ) | |||||||
Master Neutral | 20,683 | (34,367 | ) |
The following Funds utilized short sales proceeds and incurred financing charges to finance purchases of long securities in order to accomplish the Funds’ respective investment objectives. A financing fee is charged to the Funds based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short on the Statement of Operations and are as follows for the period ended March 31, 2019:
Short Sales Proceeds | Financing Charges | |||||||||
Absolute 500 | $ | 6,649,035 | $ | 78,618 | ||||||
Absolute 500 Core | 591,742 | 8,232 | ||||||||
Enhanced 500 | 23,498,452 | 332,248 | ||||||||
Neutral 500 | 2,731,982 | 29,831 | ||||||||
Hedged Plus | 1,838,850 | 22,273 | ||||||||
Hedged Core | 240,387 | 2,500 | ||||||||
Defensive Long | 1,712,869 | 23,190 | ||||||||
Defensive Long 500 | 10,243,831 | 132,494 |
Swap Agreements— A swap agreement is a bilateral financial instrument that involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on valuation changes to market referenced securities. The nominal amount on which the cash flows are calculated is called the notional amount.
142
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements will be affected by a change in the market value of the referenced underlying securities that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.
Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date, in whole or part, under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the swap agreement. A Fund will not enter into any swap agreement unless the Adviser believes that the counterparty to the transaction is creditworthy.
A swap agreement can be a form of leverage, which can magnify a Fund’s gains or losses. In order to reduce the risk associated with leveraging, a Fund may cover its current obligations under swap agreements according to guidelines established by the SEC. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of a Fund’s accrued obligations under the swap agreement over the accrued amount a Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other than a net basis, it will segregate assets with a value equal to the full amount of a Fund’s accrued obligations under the swap agreement.
Total Return Swaps:Total return swaps are contracts in which both parties agree to make payments of the total return from a reference instrument during a specified period. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. The unrealized appreciation or depreciation also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate, such as the U.S. effective federal funds rate (“EFFR”). Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument). As of and for the six months ended March 31, 2019, only Short Strategies held total return swaps.
For the six months ended March 31, 2019, the quarterly average volume of the total return swaps were as follows:
Notional Amount | |||||
Short Strategies | $(14,987,559) |
Counterparty Risk— Certain of the derivatives entered into by the Fund may not be traded on an exchange but instead will be privately negotiated in theover-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.
The Fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Fund will not sustain a loss on a transaction as a result.
143
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Liquidity Risks— The Fund may be subject to liquidity risk primarily due to investments in derivatives. The Fund may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, forward contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Fund may be unable to sell the asset or sell it at a reasonable price. In addition, the Fund may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of the Fund in order to raise cash to pay redemptions.
An investment in derivatives is also subject to the risk that the Fund may not be able to terminate the derivatives effective on whatever date it chooses, or that the settlement of any early termination may depend on subsequent market movements. As a result, the Fund may be exposed to the risk of additional losses due to such delays.
Master Netting Agreement— In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.
Collateral Requirements— For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting themark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively.Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell,re-pledge or use cash andnon-cash collateral it receives. A Fund generally agrees not to usenon-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from its counterparties are not fully collateralized, they bear the risk of loss from counterpartynon-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, it bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.
Gross Amount Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged* | Net Amount** | |||||||||||||||||||||||||
Short Strategies | $ | (2,113,606) | $— | $ | (2,113,606) | $— | $2,113,606 | $— |
* | Amount disclosed is limited to the amount of assets presented in each Statement of Assets and Liabilities. Actual collateral pledged may be more than the amount shown. |
** | Net amount represents the net receivable from the counterparty in the event of a default. |
144
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
2. Transactions with Related Parties and Other Service Providers
Gotham Asset Management, LLC (“Gotham” or the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services as the investment adviser, each Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below:
Absolute 500 | 1.35 | % | ||
Absolute 500 Core | 1.00 | % | ||
Enhanced 500 | 1.35 | % | ||
Neutral 500 | 1.35 | % | ||
Hedged Plus | 1.00 | % | ||
Hedged Core | 0.70 | % | ||
Defensive Long | 2.00 | % | ||
Defensive Long 500 | 1.35 | % | ||
Short Strategies | 1.35 | % | ||
Master Neutral(1) | 0.30 | % | ||
ESG Large Value(2) | 0.75 | % |
(1) | For Master Neutral (the “Fund”), effective February 1, 2019, Gotham has contractually agreed to waive its investment advisory fee at an annual rate in the amount of 0.30% for the period through January 31, 2020. In addition, Gotham is entitled to receive an investment advisory fee of 0.75% of the Fund’s average net assets excluding assets invested in other mutual funds advised by Gotham (each an “underlying fund” and collectively, the “underlying funds”). Gotham does not receive an investment advisory fee from the Fund on assets invested in an underlying fund, but does receive an investment advisory fee from each underlying fund as investment adviser to such funds. The Fund expects to invest 40% of its assets in securities directly; the Fund will pay an investment advisory fee on such directly invested assets. |
(2) | The Fund incepted on December 28, 2018. |
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 and for Total Return and Master Neutral, exclusive of management fees, if any), 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, 2019.
Termination Date | ||||||
Absolute 500 | 1.50% | January 31, 2021 | ||||
Absolute 500 Core | 1.15% | January 31, 2021 | ||||
Enhanced 500 | 1.50% | January 31, 2021 | ||||
Neutral 500(1) | 1.35% | January 31, 2021 | ||||
Hedged Plus | 1.15% | January 31, 2021 | ||||
Hedged Core | 0.85% | January 31, 2021 | ||||
Defensive Long | 2.15% | January 31, 2021 | ||||
Defensive Long 500 | 1.50% | January 31, 2021 | ||||
Short Strategies | 1.35% | January 31, 2021 | ||||
Master Neutral(2) | 0.00% | January 31, 2021 | ||||
ESG Large Value(3) | 0.75% | January 31, 2021 |
(1) | Prior to February 1, 2019, the Expense Limitation was 1.50%. |
(2) | Per the Expense Limitation agreement for the Fund, the expenses subject to the expense limitation are also exclusive of management fees, if any. |
(3) | The Fund incepted on December 28, 2018. |
145
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
For the period ended March 31, 2019, investment advisory fees accrued and waivers were as follows:
Gross Advisory Fee | Waiver/ Reimbursements | Net Advisory Fee/ (Reimbursement) | |||||||||||||
Absolute 500 | $ | 98,686 | $ | (55,497 | ) | $ | 43,189 | ||||||||
Absolute 500 Core | 12,275 | (34,284 | ) | (22,009 | ) | ||||||||||
Enhanced 500 | 200,843 | (45,959 | ) | 154,884 | |||||||||||
Neutral 500 | 60,117 | (32,752 | ) | 27,365 | |||||||||||
Hedged Plus | 13,739 | (54,414 | ) | (40,675 | ) | ||||||||||
Hedged Core | 8,597 | (35,716 | ) | (27,119 | ) | ||||||||||
Defensive Long | 23,197 | (51,233 | ) | (28,036 | ) | ||||||||||
Defensive Long 500 | 77,343 | (30,421 | ) | 46,922 | |||||||||||
Short Strategies | 76,488 | (66,458 | ) | 10,030 | |||||||||||
Master Neutral | 16,608 | (59,557 | ) | (42,949 | ) | ||||||||||
ESG Large Value | 2,064 | (18,147 | ) | (16,083 | ) |
For all funds, except for Short Strategies and Master Neutral, the Adviser is entitled to recover, subject to approval by the Board, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. Short Strategies and Master Neutral (prior to October 1, 2018, Master Neutral was entitled to recoup any amounts reduced or reimbursed by the Adviser) are not entitled to recoup any amounts reduced or reimbursed by the Adviser. As of March 31, 2019, the amount of potential reimbursement from the Funds to the Adviser are as follows:
Expiration
09/30/2019 | Expiration
09/30/2020 | Expiration
09/30/2021 | Expiration
03/31/2022 | |||||||||||||||||
Absolute 500 | $ | 23,125 | $ | 74,474 | $ | 58,359 | $ | 55,497 | ||||||||||||
Absolute 500 Core | N/A | 66,947 | 56,851 | 34,284 | ||||||||||||||||
Enhanced 500 | 56,069 | 82,079 | 53,311 | 45,959 | ||||||||||||||||
Neutral 500 | N/A | 69,432 | 53,846 | 32,752 | ||||||||||||||||
Hedged Plus | — | 117,002 | 71,946 | 54,414 | ||||||||||||||||
Hedged Core | N/A | 74,311 | 65,442 | 35,716 | ||||||||||||||||
Defensive Long | N/A | 97,415 | 101,867 | 51,233 | ||||||||||||||||
Defensive Long 500 | N/A | 68,706 | 54,068 | 30,421 | ||||||||||||||||
ESG Large Value | N/A | N/A | N/A | 18,147 |
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
Pershing LLC provides prime brokerage services to the Funds under an Agreement for Prime Brokerage Services. Pershing LLC is a wholly owned subsidiary of The Bank of New York Mellon Corporation.
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.
146
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
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, 2019 was $3,677. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Duff & Phelps, LLC (“D&P”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and D&P are compensated for their services provided to the Trust.
Investment in Affiliated Funds
The following tables list each issuer owned by Master Neutral that may be deemed an “affiliated company” under the 1940 Act, as well as transactions that occurred in the security of such issuers during period ended March 31, 2019:
Master Neutral | ||||||||||||||||||||||||||||||||
Name of Issuer | Value at 9/30/18 | Purchase Cost | Dividend Income | Sales Proceeds | Net Realized Loss | Change in Unrealized Appreciation/ (Depreciation) | Value at 3/31/19 | Shares Held at 3/31/19 | ||||||||||||||||||||||||
Neutral 500 | $1,478,482 | $5,943,910 | $5,653 | $168,183 | $(3,082 | ) | $(145,888 | ) | $7,105,239 | 633,265 | ||||||||||||||||||||||
Gotham Neutral Fund | 944,722 | 4,225,239 | — | 120,121 | (1,154 | ) | (22,262 | ) | 5,026,424 | 492,304 |
3. Investment in Securities
For the six months ended March 31, 2019 for all Funds (except for ESG Large Value) and from the commencement of operations of ESG Large Value on December 28, 2018 through March 31, 2019, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:
Purchases | Sales | |||||||
Absolute 500 | $ | 28,936,698 | $ | 28,153,494 | ||||
Absolute 500 Core | 3,773,021 | 3,781,388 | ||||||
Enhanced 500 | 72,163,888 | 80,209,150 | ||||||
Neutral 500 | 20,439,645 | 15,774,704 | ||||||
Hedged Plus | 5,774,713 | 5,309,345 | ||||||
Hedged Core | 3,011,708 | 2,915,955 | ||||||
Defensive Long | 3,920,890 | 3,829,665 | ||||||
Defensive Long 500 | 28,746,888 | 26,186,124 | ||||||
Short Strategies | 165,885,047 | 104,361,957 | ||||||
Master Neutral | 23,610,309 | 9,231,500 | ||||||
ESG Large Value | 1,616,337 | 617,413 |
For the six months ended March 31, 2019, Master Neutral had no purchases and sales of U.S. Government securities.
147
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
4. Capital Share Transactions
For the periods ended March 31, 2019 and September 30, 2018, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:
For the Period Ended March 31, 2019 | For the Period Ended September 30, 2018 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Absolute 500: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 109,994 | $ | 1,324,398 | 290,375 | $ | 3,522,172 | ||||||||||
Reinvestments | 115,989 | 1,323,431 | 20,254 | 244,260 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | (51,669 | ) | (642,391 | ) | (207,884 | ) | (2,483,383 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase |
|
174,314 |
| $ | 2,005,438 | 102,745 | $ | 1,283,049 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Absolute 500 Core: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | — | $ | — | ||||||||||
Reinvestments | 24,732 | 267,601 | 2,466 | 28,805 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase |
|
24,732 |
| $ | 267,601 | 2,466 | $ | 28,805 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Enhanced 500: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 182,098 | $ | 2,275,862 | 554,379 | $ | 7,158,422 | ||||||||||
Reinvestments | 363,729 | 4,179,248 | 124,633 | 1,565,388 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | (574,295 | ) | (6,171,806 | ) | (291,427 | ) | (3,802,685 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) |
|
(28,468 |
) | $ | 283,304 | 387,585 | $ | 4,921,125 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Neutral 500: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 540,420 | $ | 6,165,370 | 206,036 | $ | 2,337,498 | ||||||||||
Reinvestments | 10,022 | 116,253 | 2,022 | 22,632 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | (188,580 | ) | (2,119,909 | ) | (15,422 | ) | (176,248 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase |
|
361,862 |
| $ | 4,161,714 | 192,636 | $ | 2,183,882 | ||||||||
|
|
|
|
|
|
|
|
148
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
For the Period Ended March 31, 2019 | For the Period Ended September 30, 2018 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Hedged Plus: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 26,091 | $ | 319,886 | — | $ | — | ||||||||||
Reinvestments | 25,673 | 284,968 | 4,321 | 52,197 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | (2 | ) | (20 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase |
|
51,762 |
| $ | 604,834 | 4,321 | $ | 52,197 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hedged Core: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | — | $ | — | ||||||||||
Reinvestments | 28,366 | 299,822 | 3,111 | 36,684 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase |
|
28,366 |
| $ | 299,822 | 3,111 | $ | 36,684 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Defensive Long: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | — | $ | — | — | $ | — | ||||||||||
Reinvestments | — | — | 4,254 | 47,853 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase |
|
— |
| $ | — | 4,254 | $ | 47,853 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Defensive Long 500: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 116,331 | $ | 1,478,759 | 137,195 | $ | 1,745,272 | ||||||||||
Reinvestments | 70,195 | 877,427 | 4,344 | 54,690 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | (18,865 | ) | (249,585 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase |
|
186,526 |
| $ | 2,356,186 | 122,674 | $ | 1,550,377 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Short Strategies: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 2,926,854 | $ | 28,365,255 | 19,864 | $ | 197,027 | ||||||||||
Reinvestments | 4,981 | 47,319 | 3,605 | 35,362 | ||||||||||||
Redemption Fees* | — | 591 | — | — | ||||||||||||
Redemptions | (10,358 | ) | (100,616 | ) | (1,668,231 | ) | (16,545,704 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) |
|
2,921,477 |
| $ | 28,312,549 | (1,644,762 | ) | $ | (16,313,315 | ) | ||||||
|
|
|
|
|
|
|
|
149
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
For the Period Ended March 31, 2019 | For the Period Ended September 30, 2018 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Master Neutral: | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 1,717,680 | $ | 17,535,505 | 24,390 | $ | 250,000 | ||||||||||
Reinvestments | 2,600 | 26,546 | 3,762 | 38,074 | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | (64,499 | ) | (659,606 | ) | (48,403 | ) | (500,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) |
|
1,655,781 |
| $ | 16,902,445 | (20,251 | ) | $ | (211,926 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
ESG Large Value:(1) | ||||||||||||||||
Institutional Class Shares: | ||||||||||||||||
Sales | 100,000 | $ | 1,000,000 | — | $ | — | ||||||||||
Reinvestments | — | — | — | — | ||||||||||||
Redemption Fees* | — | — | — | — | ||||||||||||
Redemptions | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase |
|
100,000 |
| $ | 1,000,000 | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | 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 aspaid-in-capital. |
(1) | The Fund incepted on December 28, 2018. The Fund commenced operations on December 31, 2019. |
As of March 31, 2019, the following Funds had shareholders that held 10% or more of the outstanding shares of the Fund:
Absolute 500 | ||||
Affiliated Fund | 43 | % | ||
Enhanced 500 | ||||
Affiliated Shareholders | 39 | % | ||
Affiliated Fund | 18 | % | ||
Neutral 500 | ||||
Affiliated Fund | 68 | % | ||
Defensive Long 500 | ||||
Affiliated Fund | 80 | % | ||
ESG Large Value | ||||
Affiliated Shareholders | 100 | % |
5. Securities Lending
All Funds may lend securities to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. These fees are included in the fees on cash collateral on the Statements of Operations. Such loans would involve risks of delay in receiving additional collateral in the event
150
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. During the year ended March 31, 2019, the Funds listed below each had securities lending programs. The market value of securities on loan and cash collateral received as of March 31, 2019 and the income generated from the programs during the six months ended March 31, 2019, with respect to such loans are as follows:
Market Value of Securities Loaned | Cash Collateral Received | Market Value ofNon-cash Collateral | Income Received from Securities Lending | |||||||||||||||||
Absolute 500 | $ | — | $ | — | $ | — | $ | 936 | ||||||||||||
Absolute 500 Core | 92,293 | 2,607 | 90,939 | 179 | ||||||||||||||||
Enhanced 500 | — | — | — | 2,021 | ||||||||||||||||
Neutral 500 | 104,778 | 10,214 | 96,280 | 29 | ||||||||||||||||
Hedged Plus | 3,224 | 3,298 | — | 17 | ||||||||||||||||
Hedged Core | 65,404 | 1,583 | 64,718 | 27 | ||||||||||||||||
Defensive Long | 190,585 | 11,745 | 182,247 | 117 | ||||||||||||||||
Defensive Long 500 | 746,384 | 20,974 | 737,365 | 201 |
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, 2019:
Gross Amount Not Offset in the | ||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments | Cash andNon-Cash Collateral Received* | Net Amount** | |||||||||||||||||||||||||
Absolute 500 Core | $ | 92,293 | $ | — | $ | 92,293 | $ | — | $ | (92,293 | ) | $ | — | |||||||||||||||||
Neutral 500 | 104,778 | — | 104,778 | — | (104,778 | ) | — | |||||||||||||||||||||||
Hedged Plus | 3,224 | — | 3,224 | — | (3,224 | ) | — | |||||||||||||||||||||||
Hedged Core | 65,404 | — | 65,404 | — | (65,404 | ) | — | |||||||||||||||||||||||
Defensive Long | 190,585 | — | 190,585 | — | (190,585 | ) | — | |||||||||||||||||||||||
Defensive Long 500 | 746,384 | — | 746,384 | — | (746,384 | ) | — |
* | 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.
151
GOTHAM FUNDS
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
The tax character of distributions paid by the Funds during the year ended September 30, 2018 were as follows:
Ordinary Income Dividend | Long-Term Capital Gain Dividend | Return of Capital | |||||||||||||
Absolute 500 | $ | — | $ | 244,260 | $ | — | |||||||||
Absolute 500 Core | 28,805 | — | — | ||||||||||||
Enhanced 500 | 42,759 | 1,561,279 | — | ||||||||||||
Neutral 500 | 14,644 | 7,988 | — | ||||||||||||
Hedged Plus | 18,183 | 34,014 | — | ||||||||||||
Hedged Core | 36,682 | — | — | ||||||||||||
Defensive Long | 10,050 | 36,317 | 1,486 | ||||||||||||
Defensive Long 500 | 54,690 | — | — | ||||||||||||
Short Strategies | 35,362 | — | — | ||||||||||||
Master Neutral | 60,544 | — | — |
Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.
As of September 30, 2018, the components of distributable earnings on a tax basis were as follows:
Capital Loss Carryforward | Undistributed Ordinary Income | Undistributed Long-Term Gain | Unrealized Appreciation/ (Depreciation) | Qualified Late-Year Losses | Other Temporary Differences | |||||||||||||||||||||||||
Absolute 500 | $ | — | $ | 41,750 | $ | 1,281,681 | $ | 1,741,166 | $ | — | $ | — | ||||||||||||||||||
Absolute 500 Core | — | 5,478 | 262,123 | 238,218 | — | — | ||||||||||||||||||||||||
Enhanced 500 | — | 150,674 | 4,028,575 | 4,873,783 | — | — | ||||||||||||||||||||||||
Neutral 500 | — | 4,396 | 59,291 | 501,051 | — | — | ||||||||||||||||||||||||
Hedged Plus | — | 13,994 | 270,974 | 342,715 | — | — | ||||||||||||||||||||||||
Hedged Core | — | 13,626 | 286,197 | 237,043 | — | — | ||||||||||||||||||||||||
Defensive Long | — | — | — | 404,296 | — | (27,300 | ) | |||||||||||||||||||||||
Defensive Long 500 | — | 60,991 | 816,435 | 1,516,017 | — | — | ||||||||||||||||||||||||
Short Strategies | (103,474 | ) | — | — | (178,500 | ) | — | — | ||||||||||||||||||||||
Master Neutral | (42,755 | ) | 807 | — | 124,863 | — | — |
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. The temporary differences as of September 30, 2018, were primarily attributed to wash sales on unsettled short sales, deferred of loss on unsettled trades, realized gain/loss on unsettled swaps and net dividend receivable and payable on unsettled swaps. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.
152
GOTHAM FUNDS
Notes to Financial Statements (Concluded)
March 31, 2019
(Unaudited)
As of March 31, 2019, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
Absolute 500 | $ | 19,673,953 | $ | 2,868,715 | $ | (971,266 | ) | $ | 1,897,449 | |||||||||||
Absolute 500 Core | 2,534,799 | 359,757 | (108,382 | ) | 251,375 | |||||||||||||||
Enhanced 500 | 46,916,404 | 6,976,220 | (1,875,630 | ) | 5,100,590 | |||||||||||||||
Neutral 500 | 11,529,337 | 1,675,559 | (757,309 | ) | 918,250 | |||||||||||||||
Hedged Plus | 3,974,377 | 560,940 | (199,018 | ) | 361,922 | |||||||||||||||
Hedged Core | 2,286,146 | 318,757 | (79,450 | ) | 239,307 | |||||||||||||||
Defensive Long | 3,761,108 | 674,030 | (155,238 | ) | 518,792 | |||||||||||||||
Defensive Long 500 | 21,074,319 | 2,762,657 | (922,338 | ) | 1,840,319 | |||||||||||||||
Short Strategies | 27,070,827 | 1,317,255 | (3,031,312 | ) | (1,714,057 | ) | ||||||||||||||
Master Neutral | 18,181,026 | 326,679 | (295,036 | ) | 31,643 | |||||||||||||||
ESG Large Value | 1,030,566 | 124,616 | (9,559 | ) | 115,057 |
* | Because tax adjustments are calculated annually at the end of a 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 such 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 or (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2018. For the year ended September 30, 2018, the Funds deferred to October 1, 2018 the following losses:
Late-Year Ordinary Losses Deferral | Short-Term Capital Loss Deferral | Long-Term Capital Loss Deferral | |||||||||||||
Defensive Long | $ | 6,314 | $ | 335,168 | $ | (314,182 | ) |
Accumulated capital losses represent net capital loss carryforwards as of September 30, 2018 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, 2018, the following Funds had long-term and short-term capital loss carryforwards in the following amounts:
Capital Losses Carryforwards | |||||
Short Strategies | $ | 103,474 | |||
Master Neutral | 42,755 |
7. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued, and has determined that there are no material subsequent events requiring recognition or disclosure in the financial statements.
153
GOTHAM FUNDS
(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 recent12-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 athttp://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 FormN-Q. The Trust’s FormsN-Q are available on the SEC’s website athttp:// www.sec.gov.FormN-Q is being rescinded. Once FormN-Q is rescinded, disclosure of the Fund’s complete holdings will be required to be made monthly on FormN-PORT, with every third month made available to the public by the Commission upon filing.
Approval of Investment Advisory Contract
At a meeting held on December6-7, 2018 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the new investment advisory agreement between Gotham Asset Management, LLC (“Gotham” or the “Adviser”) and the Trust (the “Agreement”) on behalf of Gotham ESG Large Value Fund (the “Fund”). At the Meeting, the Board considered the approval of the Agreement for an initialtwo-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 regarding: (i) services to be provided for the Fund, (ii) the size and qualifications of Gotham’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 Gotham, (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 Gotham’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 discussed Gotham’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 for the Fund was new, and therefore did not have historical performance. However, they noted that they have received performance information for another series of the Trust advised by Gotham, the Gotham Large Value Fund, which is managed in a manner similar to that proposed for the Fund. The Trustees were satisfied with the Adviser’s ability to execute strategies of the type proposed to be employed for the Fund.
The Trustees also noted that the representatives of Gotham 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 benefit resulting from Gotham’s relationship with the Fund. The Trustees reviewed information regarding the fees Gotham charges to the other funds advised by Gotham that use a similar investment process. The Trustees discussed the limitations of the comparative expense information, given the potential varying nature and extent of the services provided by the Adviser.
The Trustees evaluated explanations provided by Gotham as to differences in fees proposed to be charged to the Fund on the one hand, and fees charged to other similarly managed accounts or funds on the other. They evaluated explanations provided by Gotham regarding its belief that the proposed advisory fee is within the normal range of fees and expenses for funds of similar size, composition and type of investment product. The Trustees concluded that the advisory fees and services proposed to be provided by
154
GOTHAM FUNDS
Other Information (Concluded)
(Unaudited)
Gotham 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 Gotham, including the professional experience and qualifications of senior personnel. In evaluating the quality of services to be provided by Gotham, the Board took into account its familiarity with Gotham’s personnel through Board meetings, discussions and reports during the preceding year. The Board also took into account Gotham’s compliance policies and procedures and reports from the Trust’s Chief Compliance Officer. The Board 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. The Trustees reviewed the services proposed to be provided to the Fund by Gotham and concluded that the nature, extent and quality of the services to be 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 Gotham has sufficient personnel, with the appropriate education and experience, to serve the Fund effectively and had demonstrated their ability to attract and retain qualified personnel.
The Trustees also considered the costs of the services to be provided by Gotham, the compensation and benefits to be received by Gotham in providing services to the Fund, as well as Gotham’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 Gotham’s advisory fee levels were reasonable in relation to the nature and quality of the services 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 shareholders, and that although the fee structure of the Fund did not currently include breakpoint reductions as asset levels increase, the Adviser anticipated waiving or reimbursing a portion of its advisory fees.
The Trustees determined to approve the Agreement with regard to the Fund for an initialtwo-year term. In voting to approve the Agreement, the Board considered all factors it deemed relevant and the information presented to the Board by Gotham. 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 interests of the Fund and its shareholders.
155
GOTHAM FUNDS
(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 sitewww.gothamfunds.com.
If you have questions or comments about our privacy practices, please call us at (877)974-6852.
156
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Investment Adviser
Gotham Asset Management, LLC
535 Madison Avenue, 30th Floor
New York, NY 10022
Administrator
The Bank of New York Mellon
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581
Principal Underwriter
Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
GOTIII-0319
SIRIOS LONG/SHORT FUND
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Total Returns for the Periods Ended March 31, 2019 | ||||||||
Six Months† | Since Inception | |||||||
Institutional Class | -2.37% | 4.27%* | ||||||
HFRX Equity Hedge Index
| -3.15%
| -4.40%**
|
† | Not annualized. |
* | The Sirios Long/Short Fund (the “Fund”) Institutional Class shares commenced operations on May 3, 2018. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recentmonth-end may be obtained by calling (866)640-5704. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated February 1, 2019, are 4.57% and 2.10%, respectively, for Institutional Class shares of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Sirios Capital Management, L.P. (the “Adviser”) has contractually agreed to waive or otherwise reduce its compensation and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), “Acquired Fund Fees and Expenses,” dividend and interest expense on short sales of securities, interest, extraordinary items and brokerage commissions, do not exceed 1.60% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until April 30, 2020, unless the Board of Trustees of the Trust approves its earlier termination. This agreement may be terminated only by the Fund’s Board of Trustees. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek recoupment from the Fund, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation.
The Fund intends to evaluate performance as compared to that of the HFRX Equity Hedge Index (“HFRX Index”). Hedge Fund Research, Inc. constructs the HFRX Index methodology. The HFRX Index is comprised of long/short equity hedge funds. The HFRX Index is unmanaged and its returns (i) do not include sales charges or fees, which would lower performance; and (ii) are subject to a variety of material distortions, as investments in hedge funds typically involve substantial risks, including the “risk of ruin”. It is impossible to invest directly in an index.
The Fund isnon-diversified and invests in a limited number of securities. As a result, the Fund’s investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers.
Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Mutual Fund investing involves risk, including loss of principal.
1
SIRIOS LONG/SHORT FUND
Fund Expense Disclosure
March 31, 2019
(Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule12b-1) fees (if any) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of thesix-month period from October 1, 2018 through March 31, 2019 and held for the entire period.
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on a 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.
2
SIRIOS LONG/SHORT FUND
Fund Expense Disclosure (Concluded)
March 31, 2019
(Unaudited)
Sirios Long/Short Fund | ||||||||||||
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* | ||||||||||
Institutional Class | ||||||||||||
Actual | $1,000.00 | $ 976.30 | $11.04** | |||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,013.76 | 11.25** |
* | Expenses are equal to the annualized expense ratio for thesix-month period ended March 31, 2019 of 2.24% for Institutional Class shares, 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. The Institutional Class shares ending account values on the first line of the table is based on the actualsix-month total return for the Fund of (2.37)%. |
** | These amounts include dividends paid on securities which the Fund has sold short (“Short-sale dividends”). The amount of short-sale dividends expense was 0.64% of average net assets for the Institutional Class shares of the Fund. |
3
SIRIOS LONG/SHORT FUND
Portfolio Holdings Summary Table
March 31, 2019
(Unaudited)
The following table presents a summary by sector of the portfolio holdings of the Fund:
% of Net Assets | Value | |||||||
LONG POSITIONS: | ||||||||
Common Stocks: | ||||||||
Healthcare-Products | 17.2 | % | $ | 4,360,335 | ||||
Banks | 13.6 | 3,453,262 | ||||||
Aerospace & Defense | 9.3 | 2,359,058 | ||||||
Retail | 8.5 | 2,155,700 | ||||||
Insurance | 6.1 | 1,557,902 | ||||||
Commercial Services. | 4.3 | 1,091,755 | ||||||
Chemicals | 4.1 | 1,038,960 | ||||||
Beverages | 3.6 | 921,432 | ||||||
Transportation | 3.5 | 893,549 | ||||||
Food | 3.4 | 854,651 | ||||||
Semiconductors | 3.1 | 782,031 | ||||||
Computers | 2.1 | 524,810 | ||||||
Electronics | 2.0 | 521,574 | ||||||
Lodging | 1.5 | 378,283 | ||||||
Healthcare-Services | 1.5 | 374,287 | ||||||
Software | 1.2 | 316,476 | ||||||
Media | 1.0 | 255,654 | ||||||
Telecommunications | 1.0 | 247,429 | ||||||
Pharmaceuticals | 0.8 | 200,373 | ||||||
Distribution/Wholesale | 0.7 | 188,872 | ||||||
Apparel | 0.6 | 145,453 | ||||||
Machinery-Diversified | 0.5 | 137,561 | ||||||
Oil &Gas | 0.3 | 69,898 | ||||||
Short-Term Investment | 10.9 | 2,785,357 | ||||||
|
| |||||||
Total Long Positions | 100.8 | 25,614,662 | ||||||
|
| |||||||
SHORT POSITIONS: | ||||||||
Common Stocks: | ||||||||
Biotechnology | (0.2 | ) | (52,434 | ) | ||||
Retail | (2.6 | ) | (668,731 | ) | ||||
Exchange Traded Funds | (25.7 | ) | (6,533,935 | ) | ||||
|
|
|
| |||||
Total Short Positions | (28.5 | ) | (7,255,100 | ) | ||||
|
|
|
| |||||
Other Assets In Excess of Liabilities | 27.7 | % | 7,043,168 | |||||
|
|
|
| |||||
NET ASSETS | 100.0 | % | $ | 25,402,730 | ||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
4
SIRIOS LONG/SHORT FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
LONG POSITIONS — 100.8% |
| |||||||
COMMON STOCKS — 89.9% |
| |||||||
Aerospace & Defense — 9.3% |
| |||||||
Airbus SE (France) | 10,885 | $ | 1,442,664 | |||||
General Dynamics Corp. | 736 | 124,590 | ||||||
Safran SA (France) | 5,777 | 791,804 | ||||||
|
| |||||||
2,359,058 | ||||||||
|
| |||||||
Apparel — 0.6% |
| |||||||
Canada Goose Holdings, Inc. (Canada)* | 3,029 | 145,453 | ||||||
|
| |||||||
Banks — 13.6% |
| |||||||
Bank of America Corp.† | 16,100 | 444,199 | ||||||
Fifth Third Bancorp | 6,070 | 153,085 | ||||||
JPMorgan Chase & Co.† | 11,357 | 1,149,669 | ||||||
Regions Financial Corp.† | 48,498 | 686,247 | ||||||
SunTrust Banks, Inc.† | 16,597 | 983,372 | ||||||
Western Alliance Bancorp* | 894 | 36,690 | ||||||
|
| |||||||
3,453,262 | ||||||||
|
| |||||||
Beverages — 3.6% |
| |||||||
Coca-Cola Co. (The)† | 11,230 | 526,238 | ||||||
Constellation Brands, Inc., Class A† | 2,254 | 395,194 | ||||||
|
| |||||||
921,432 | ||||||||
|
| |||||||
Chemicals — 4.1% |
| |||||||
International Flavors & Fragrances Inc. | 4,579 | 589,729 | ||||||
Sherwin-Williams Co. (The)† | 1,043 | 449,231 | ||||||
|
| |||||||
1,038,960 | ||||||||
|
| |||||||
Commercial Services — 4.3% |
| |||||||
Equifax Inc† | 3,651 | 432,644 | ||||||
Moody’s Corp.† | 1,441 | 260,951 | ||||||
PayPal Holdings Inc.* | 1,314 | 136,446 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Commercial Services — (Continued) |
| |||||||
S&P Global, Inc.† | 1,243 | $ | 261,714 | |||||
|
| |||||||
1,091,755 | ||||||||
|
| |||||||
Computers — 2.1% | ||||||||
Check Point Software Technologies Ltd. (Israel)* | 2,108 | 266,641 | ||||||
Perspecta, Inc.† | 12,768 | 258,169 | ||||||
|
| |||||||
524,810 | ||||||||
|
| |||||||
Distribution/Wholesale — 0.7% |
| |||||||
KAR Auction Services, Inc. | 3,681 | 188,872 | ||||||
|
| |||||||
Electronics — 2.0% | ||||||||
Honeywell International, Inc.† | 3,282 | 521,574 | ||||||
|
| |||||||
Food — 3.4% | ||||||||
General Mills, Inc.† | 16,515 | 854,651 | ||||||
|
| |||||||
Healthcare-Products — 17.2% |
| |||||||
Abbott Laboratories† | 15,307 | 1,223,641 | ||||||
Becton Dickinson and Co.† | 6,303 | 1,574,048 | ||||||
Boston Scientific Corp.†* | 19,918 | 764,453 | ||||||
Danaher Corp.† | 6,046 | 798,193 | ||||||
|
| |||||||
4,360,335 | ||||||||
|
| |||||||
Healthcare-Services — 1.5% |
| |||||||
Universal Health Services, Inc., Class B† | 2,798 | 374,287 | ||||||
|
| |||||||
Insurance — 6.1% | ||||||||
Berkshire Hathaway, Inc., Class B†* | 7,755 | 1,557,902 | ||||||
|
| |||||||
Lodging — 1.5% | ||||||||
Choice Hotels International, Inc.† | 4,866 | 378,283 | ||||||
|
|
The accompanying notes are an integral part of the financial statements.
5
SIRIOS LONG/SHORT FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Machinery-Diversified — 0.5% |
| |||||||
Rockwell Automation, Inc. | 784 | $ | 137,561 | |||||
|
| |||||||
Media — 1.0% |
| |||||||
World Wrestling Entertainment, Inc., Class A | 2,946 | 255,654 | ||||||
|
| |||||||
Oil & Gas — 0.3% | ||||||||
Pioneer Natural Resources Co. | 459 | 69,898 | ||||||
|
| |||||||
Pharmaceuticals — 0.8% |
| |||||||
Elanco Animal Health, Inc.* | 6,248 | 200,373 | ||||||
|
| |||||||
Retail — 8.5% | ||||||||
BJ’s Wholesale Club Holdings, Inc.†* | 46,510 | 1,274,374 | ||||||
McDonald’s Corp.† | 4,641 | 881,326 | ||||||
|
| |||||||
2,155,700 | ||||||||
|
| |||||||
Semiconductors — 3.1% |
| |||||||
Analog Devices, Inc.† | 3,872 | 407,604 | ||||||
Texas Instruments, Inc.† | 3,530 | 374,427 | ||||||
|
| |||||||
782,031 | ||||||||
|
| |||||||
Software — 1.2% | ||||||||
Electronic Arts Inc* | 3,114 | 316,476 | ||||||
|
| |||||||
Telecommunications — 1.0% |
| |||||||
LogMeIn, Inc. | 3,089 | 247,429 | ||||||
|
| |||||||
Transportation — 3.5% |
| |||||||
Kansas City Southern† | 3,530 | 409,409 | ||||||
Old Dominion Freight Line, Inc.† | 3,353 | 484,140 | ||||||
|
| |||||||
893,549 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 22,829,305 | ||||||
|
|
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENT — 10.9% |
| |||||||
Dreyfus Treasury & Cash Management, Institutional Shares, 2.32%(a) | 2,785,357 | $ | 2,785,357 | |||||
|
| |||||||
TOTAL LONG POSITIONS — 100.8% |
| 25,614,662 | ||||||
|
| |||||||
SHORT POSITIONS — (28.5)% |
| |||||||
COMMON STOCKS — (2.8)% |
| |||||||
Biotechnology — (0.2)% | ||||||||
Amgen, Inc. | (276 | ) | (52,434 | ) | ||||
|
| |||||||
Retail — (2.6)% | ||||||||
Lowe’s Cos, Inc. | (2,750 | ) | (301,043 | ) | ||||
Walmart, Inc. | (3,770 | ) | (367,688 | ) | ||||
|
| |||||||
(668,731 | ) | |||||||
|
| |||||||
TOTAL COMMON STOCKS |
| (721,165 | ) | |||||
|
| |||||||
EXCHANGE TRADED FUNDS — (25.7)% |
| |||||||
Consumer Discretionary Select Sector SPDR Fund | (2,301 | ) | (261,969 | ) | ||||
Financial Select Sector SPDR Fund | (29,653 | ) | (762,379 | ) | ||||
Industrial Select Sector SPDR Fund | (7,083 | ) | (531,437 | ) | ||||
iShares Russell 1000 ETF | (6,685 | ) | (1,051,617 | ) | ||||
iShares U.S. Real Estate ETF | (1,189 | ) | (103,491 | ) | ||||
SPDR S&P 500 ETF Trust | (6,567 | ) | (1,855,046 | ) | ||||
SPDR S&P Regional Banking ETF | (8,182 | ) | (420,064 | ) |
The accompanying notes are an integral part of the financial statements.
6
SIRIOS LONG/SHORT FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
EXCHANGE TRADED FUNDS — (Continued) |
| |||||||
Technology Select Sector | (20,918 | ) | $ | (1,547,932 | ) | |||
|
| |||||||
(6,533,935 | ) | |||||||
|
| |||||||
TOTAL EXCHANGE TRADED FUNDS |
| (6,533,935 | ) | |||||
|
| |||||||
TOTAL SECURITIES SOLD SHORT - (28.5)% |
| (7,255,100 | ) | |||||
|
| |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 27.7% |
| 7,043,168 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 25,402,730 | ||||||
|
|
† | Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
* | Non-income producing. |
(a) | Rate disclosed is the7-day yield at March 31, 2019. |
The accompanying notes are an integral part of the financial statements.
7
SIRIOS LONG/SHORT FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Forward foreign currency contracts outstanding as of March 31, 2019 were as follows:
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation /(Depreciation) | ||||||||||||||||||||||
EUR | 70,000 | USD | 79,656 | 06/19/19 | MS | $ | (592 | ) | ||||||||||||||||||
EUR | 116,000 | USD | 132,691 | 06/19/19 | MS | (1,669 | ) | |||||||||||||||||||
USD | 2,485,099 | EUR | 2,174,000 | 06/19/19 | MS | 29,573 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||
$ | 27,312 | |||||||||||||||||||||||||
|
|
Legend | ||
EUR | Euro | |
MS | Morgan Stanley | |
USD | United States Dollar |
The accompanying notes are an integral part of the financial statements.
8
SIRIOS LONG/SHORT FUND
Statement of Assets and Liabilities
March 31, 2019
(Unaudited)
Assets | ||||
Investments, at value (Cost $24,883,496) | $ | 25,614,662 | ||
Cash | 272,094 | |||
Deposits with brokers for securities sold short | 7,204,394 | |||
Receivable for investments sold | 471,112 | |||
Dividends and interest receivable | 31,715 | |||
Unrealized appreciation on forward foreign currency contracts* | 29,573 | |||
Prepaid expenses and other assets | 12,736 | |||
|
| |||
Total assets | 33,636,286 | |||
|
| |||
Liabilities | ||||
Securities sold short, at value (Proceeds received $7,021,523) | 7,255,100 | |||
Payable for investments purchased | 909,385 | |||
Payable for audit fees | 27,000 | |||
Payable for administration and accounting fees | 12,991 | |||
Dividends and fees on securities sold short | 10,018 | |||
Payable to Investment Adviser | 11,230 | |||
Payable for printing fees | 5,326 | |||
Unrealized depreciation on forward foreign currency contracts* | 2,261 | |||
Payable for Trustees and Officers | 71 | |||
Accrued expenses | 174 | |||
|
| |||
Total liabilities | 8,233,556 | |||
|
| |||
Net Assets | $ | 25,402,730 | ||
|
| |||
Net Assets Consisted of: | ||||
Capital stock, $0.01 par value | $ | 25,072 | ||
Paid-in capital | 25,245,356 | |||
Total distributable earnings | 132,302 | |||
|
| |||
Net Assets | $ | 25,402,730 | ||
|
| |||
Institutional Class: | ||||
Shares outstanding | 2,507,163 | |||
|
| |||
Net asset value, offering and redemption price per share ($25,402,730 / 2,507,163 shares) | $ | 10.13 | ||
|
|
* | Primary risk exposure is foreign currency contracts. |
The accompanying notes are an integral part of the financial statements.
9
SIRIOS LONG/SHORT FUND
Statement of Operations
For the Six Months Ended March 31, 2019
(Unaudited)
Investment Income | |||||
Dividends | $ | 92,536 | |||
Interest | 17,791 | ||||
Prime broker rebate income | 32,750 | ||||
|
| ||||
Total investment income | 143,077 | ||||
|
| ||||
Expenses | |||||
Advisory fees (Note 2) | 89,143 | ||||
Dividends on securities sold short | 42,585 | ||||
Administration and accounting fees (Note 2) | 31,838 | ||||
Transfer agent fees (Note 2) | 18,339 | ||||
Trustees’ and officers’ fees (Note 2) | 18,236 | ||||
Registration and filing fees | 17,796 | ||||
Legal fees | 13,563 | ||||
Custodian fees (Note 2) | 11,521 | ||||
Audit fees | 9,225 | ||||
Printing and shareholder reporting fees | 4,828 | ||||
Other expenses | 3,422 | ||||
|
| ||||
Total expenses before waivers and reimbursements | 260,496 | ||||
|
| ||||
Less: waivers and reimbursements (Note 2) | (112,260 | ) | |||
|
| ||||
Net expenses after waivers and reimbursements | 148,236 | ||||
|
| ||||
Net investment loss | (5,159 | ) | |||
|
| ||||
Net realized and unrealized gain/(loss) from investment | |||||
Net realized loss from investments | (305,429 | ) | |||
Net realized loss from securities sold short | (42,311 | ) | |||
Net realized gain from foreign currency transactions | 636 | ||||
Net realized gain from forward foreign currency contracts* | 36,566 | ||||
Net change in unrealized appreciation/(depreciation) on investments | 86,438 | ||||
Net change in unrealized appreciation/(depreciation) on securities sold short | (70,050 | ) | |||
Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts* | 22,831 | ||||
|
| ||||
Net realized and unrealized loss on investments | (271,319 | ) | |||
|
| ||||
Net decrease in net assets resulting from operations | $ | (276,478 | ) | ||
|
|
* | Primary risk is foreign currency risk. |
The accompanying notes are an integral part of the financial statements.
10
SIRIOS LONG/SHORT FUND
Statements of Changes in Net Assets
For the Six Months Ended March 31, 2019 (Unaudited) | For the Period Ended September 30, 2018* | ||||||||||||||
Increase/(decrease) in net assets from operations: | |||||||||||||||
Net investment loss | $ | (5,159 | ) | $ | (8,173 | ) | |||||||||
Net realized gain/(loss) from investments, securities sold short, forward foreign currency contracts and foreign currency transactions | (310,538 | ) | 201,699 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investments, securities sold short and forward foreign currency contracts | 39,219 | 485,682 | |||||||||||||
|
|
|
| ||||||||||||
Net increase/(decrease) in net assets resulting from operations | (276,478 | ) | 679,208 | ||||||||||||
|
|
|
| ||||||||||||
Less Dividends and Distributions to Shareholders From (Note 1): | |||||||||||||||
Total distributable earnings** | (270,428 | ) | — | ||||||||||||
|
|
|
| ||||||||||||
Decrease in net assets from dividends and distributions to shareholders | (270,428 | ) | — | ||||||||||||
|
|
|
| ||||||||||||
Increase in net assets derived from capital share transactions (Note 4) | 15,270,428 | 10,000,000 | |||||||||||||
|
|
|
| ||||||||||||
Total increase in net assets | 14,723,522 | 10,679,208 | |||||||||||||
|
|
|
| ||||||||||||
Net assets | |||||||||||||||
Beginning of period | 10,679,208 | — | |||||||||||||
|
|
|
| ||||||||||||
End of period*** | $ | 25,402,730 | $ | 10,679,208 | |||||||||||
|
|
|
|
* | The Sirios Long/Short Fund commenced operations on May 3, 2018. |
** | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the period ended September 30, 2018, distributions from net investment income and net realized gains were $0 and $0, respectively. |
*** | Parenthetical disclosure of undistributed net investment income is no longer required. See Note 1. For the period ended September 30, 2018, end of year net assets included accumulated net investment income of $8,806. |
The accompanying notes are an integral part of the financial statements.
11
SIRIOS LONG/SHORT FUND
Financial Highlights
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total return in the table represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
Institutional Class | ||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Period May 3, 2018* to September 30, 2018 | |||||||||
Per Share Operating Performance | ||||||||||
Net asset value, beginning of period | $ | 10.68 | $ | 10.00 | ||||||
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|
|
| |||||||
Net investment income/(loss)(1) | (0.00 | )(2) | (0.01 | ) | ||||||
Net realized and unrealized gain/(loss) on investments | (0.28 | ) | 0.69 | |||||||
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|
|
| |||||||
Net increase/(decrease) in net assets resulting from operations | (0.28 | ) | 0.68 | |||||||
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| |||||||
Dividends and distributions to shareholders from: | ||||||||||
Net investment income | (0.01 | ) | — | |||||||
Net realized capital gains | (0.26 | ) | — | |||||||
|
|
|
| |||||||
Total dividends and distributions to shareholders | (0.27 | ) | — | |||||||
|
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| |||||||
Net asset value, end of period | $ | 10.13 | $ | 10.68 | ||||||
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|
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| |||||||
Total investment return(3) | (2.37 | )% | 6.80 | % | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of period (in thousands) | $ | 25,403 | $ | 10,679 | ||||||
Ratio of expenses to average net assets(4) | 2.24 | %(5) | 2.10 | %(5) | ||||||
Ratio of expenses to average net assets without waivers and expense | 3.95 | %(5) | 4.57 | %(5) | ||||||
Ratio of net investment loss to average net assets | (0.08 | )%(5) | (0.19 | )%(5) | ||||||
Portfolio turnover rate | 77.32 | %(7) | 48.69 | %(7) |
* | Commencement of operations. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Amount is less than $0.005 per share. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Ratio of expenses to average net assets with waivers and expense reimbursement, excluding short-sale dividend expense, was 1.60% for the six months ended March 31, 2019 and for the period ended September 30, 2018, respectively. |
(5) | Annualized. |
(6) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
(7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
12
SIRIOS LONG/SHORT FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
1. Organization and Significant Accounting Policies
The Sirios Long/Short Fund (the “Fund”) is anon-diversified,open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced investment operations on May 3, 2018. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers Class A, Advisor Class, Institutional Class and Retail Class shares. As of March 31, 2019, Class A, Advisor Class and Retail Class shares have not been issued.
The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
Portfolio Valuation— The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Fund’s equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in theover-the-counter market are valued at their closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates market value. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Forward foreign currency contracts are valued at the forward rate. Investments in any mutual fund are valued at their respective NAVs as determined by those mutual funds each business day (which may use fair value pricing as disclosed in their prospectuses). Securities that do not have a readily available current market value are valued in accordance with procedures adopted by the Trust’s Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Sirios Capital Management, L.P. (“Sirios” or the “Adviser”) the responsibility for applying the valuation methods.
13
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.
Fair Value Measurements— The inputs and valuations techniques used to measure fair value of the Fund’s net assets 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.
The following is a summary of the inputs used, as of March 31, 2019, in valuing the Fund’s assets carried at fair value:
Assets | Total Value at 03/31/19 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||||||||||
Long Positions: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | 2,359,058 | $ | 124,590 | $ | 2,234,468 | $ | — | ||||||||
Apparel | 145,453 | 145,453 | — | — | ||||||||||||
Banks | 3,453,262 | 3,453,262 | — | — | ||||||||||||
Beverages | 921,432 | 921,432 | — | — | ||||||||||||
Chemicals | 1,038,960 | 1,038,960 | — | — | ||||||||||||
Commercial Services | 1,091,755 | 1,091,755 | — | — | ||||||||||||
Computers | 524,810 | 524,810 | — | — | ||||||||||||
Distribution/Wholesale | 188,872 | 188,872 | — | — | ||||||||||||
Electronics | 521,574 | 521,574 | — | — | ||||||||||||
Food | 854,651 | 854,651 | — | — | ||||||||||||
Healthcare-Products | 4,360,335 | 4,360,335 | — | — |
14
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Assets | Total Value at 03/31/19 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||||||||||
Healthcare-Services | $ | 374,287 | $ | 374,287 | $ | — | $ | — | ||||||||
Insurance | 1,557,902 | 1,557,902 | — | — | ||||||||||||
Lodging | 378,283 | 378,283 | — | — | ||||||||||||
Machinery-Diversified | 137,561 | 137,561 | — | — | ||||||||||||
Media | 255,654 | 255,654 | — | — | ||||||||||||
Oil & Gas | 69,898 | 69,898 | — | — | ||||||||||||
Pharmaceuticals | 200,373 | 200,373 | — | — | ||||||||||||
Retail | 2,155,700 | 2,155,700 | — | — | ||||||||||||
Semiconductors | 782,031 | 782,031 | — | — | ||||||||||||
Software | 316,476 | 316,476 | — | — | ||||||||||||
Telecommunications | 247,429 | 247,429 | — | — | ||||||||||||
Transportation | 893,549 | 893,549 | — | — | ||||||||||||
Short-TermInvestment | 2,785,357 | 2,785,357 | — | — | ||||||||||||
Derivatives: | ||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||
Forward Foreign Currency Contracts | 29,573 | — | 29,573 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 25,644,235 | $ | 23,380,194 | $ | 2,264,041 | $ | — | ||||||||
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|
| |||||||||
Liabilities | ||||||||||||||||
Short Positions: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Biotechnology | $ | (52,434 | ) | $ | (52,434 | ) | $ | — | $ | — | ||||||
Retail | (668,731 | ) | (668,731 | ) | — | — | ||||||||||
Exchange Traded Funds | (6,533,935 | ) | (6,533,935 | ) | — | — | ||||||||||
Derivatives: | ||||||||||||||||
Forward Foreign Currency Contracts | (2,261 | ) | — | (2,261 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (7,257,361 | ) | $ | (7,255,100 | ) | $ | (2,261 | ) | $ | — | |||||
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|
|
|
|
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.
15
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the 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 Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that 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. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the six months ended March 31, 2019, there were no transfers between Levels.
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. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short-term securities, which records discounts and premiums on a straight-line basis. Dividends are recorded on theex-dividend date. Estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.
16
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Cash and Cash Equivalents— Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.
Foreign Currency Translation— Assets and liabilities initially expressed innon-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.
The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currency transactions in the Statement of Operations.
Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded onex-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 ofnon-taxable dividends 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 the Fund’s intention 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 Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
Recent Accounting Pronouncement— Effective November 5, 2018, the SEC amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to RegulationS-X which sets forth the form and content of financial statements. The amendment requires collapsing the components of distributable earnings on the Statement of Assets and Liabilities and collapsing the
17
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
distributions paid to shareholders on the Statements of Changes in Net Assets. Management has evaluated the implications of adopting these amendments and there is no significant impact on the financial statements and accompanying notes.
Forward Foreign Currency Contracts— A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a fund manage the risk of changes in currency exchange rates. These contracts aremarked-to-market daily at the applicable forward currency translation rates. The Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. The Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract.
For the six months ended March 31, 2019, the Fund’s average monthly volume of forward foreign currency contracts was as follows:
Forward Foreign Currency Contracts - Payable (Value At Trade Date) | Forward Foreign Currency Contracts - Receivable (Value At Trade Date) | |
$(1,724,949) | $1,724,949 |
Master Netting Agreement— In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.
18
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
The following tables present derivative assets and liabilities net of amounts available for offset under a master netting agreement and any related collateral received or posted by the Fund for forward foreign currency contracts as of March 31, 2019:
Derivative | ||||||||
Derivative | Available | Collateral | Derivative | |||||
Description | Assets – Gross | for Offset | Received | Assets – Net* | ||||
Forward foreign currency contracts | $29,573 | $(2,261) | — | $27,312 | ||||
Derivative | ||||||||
Derivative | Available | Collateral | Derivative | |||||
Description | Liabilities–Gross | for Offset | Posted | Liabilities–Net | ||||
Forward foreign currency contracts | $(2,261) | $2,261 | — | — |
* | Net amount represents the net receivable from the counterparty in the event of a default. |
Currency Risk— The Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Fund is determined on the basis of U.S. dollars, the Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund’s holdings in foreign securities.
Foreign Securities Market Risk— Securities of manynon-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition,non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement ofnon-U.S. stock exchange transactions.
Short Sales— The Fund may sell securities short. A short sale involves the sale by the 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
19
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that the Fund will be able to close out a short position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Fund complies 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, 2019, the Fund had securities sold short totaling $7,255,100, securities pledged as collateral totaling $7,021,523 and deposits with brokers for securities sold short totaling $7,204,394.
In accordance with the terms of its prime brokerage agreements, the Fund may receive rebate income or be charged fees on securities sold short. Such income or fee is calculated on a daily basis based upon the market value of securities sold short and a variable rate that is dependent upon the availability of such security. The Fund received rebate income for the six months ended March 31, 2019 totaling $32,750. These amounts are included in prime broker rebate income on the Statement of Operations. On theex-dividend date, dividends on short sales are recorded as an expense to the Fund. For the six months ended March 31, 2019, dividends on short sales totaled $42,585.
2. Transactions with Affiliates and Related Parties and Other Service Providers
Sirios Capital Management, L.P. serves as the investment advisor to the Fund pursuant to an investment advisory agreement with the Trust. For its services, the Adviser earns a monthly fee at the annual rate of 1.35% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive or otherwise reduce its compensation and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, “Acquired Fund Fees and Expenses,” dividend and interest expense on short sales of securities, interest, extraordinary items and brokerage commissions, do not exceed 1.60% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until April 30, 2020, unless the Board of Trustees approves its earlier termination. This agreement may be terminated only by the Fund’s Board of Trustees. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek recoupment from the Fund for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation. As of March 31, 2019, the amount of potential recovery was as follows:
20
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Expiration | ||||
September 30, 2021 |
March 31, 2022 |
Total | ||
$71,400 | $90,186 | $161,586 |
For the six months ended March 31, 2019, the Adviser earned advisory fees of $89,143 and waived fees and/or reimbursed expenses of $90,186.
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the period ended March 31, 2019, BNY Mellon accrued administration and accounting fees totaling $31,838 and waived fees totaling $14,175. For the period ended March 31, 2019, BNY Mellon accrued custodian fees totaling $11,521 and waived fees totaling $3,039.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Fund. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the period ended March 31, 2019, BNY Mellon accrued transfer agent fees totaling $18,339 and waived fees totaling $4,860.
BNY Mellon and the Transfer Agent have the ability to recover such amounts previously waived, if the Fund terminates its agreements with BNY Mellon and the Transfer Agent within three years of commencing operations. As of March 31, 2019, the amount of potential recovery was $54,771. The ability to recover such amounts previously waived expires on May 3, 2021.
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.
Trustees and Officers
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 Fund for the six months ended March 31, 2019 was $2,701. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.
21
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Duff & Phelps, LLC (“D&P”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and D&P are compensated for their services provided to the Trust.
3. Investment in Securities
For the six months ended March 31, 2019 aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:
Purchases | Sales | |||||||
Investment Securities | $ | 23,551,413 | $ | 9,887,228 |
4. Capital Share Transactions
For the six months ended March 31, 2019 and for the period ended September 30, 2018, transactions in capital shares (authorized shares unlimited) were as follows:
For the Six Months Ended March 31, 2019 | For the Period Ended September 30, 2018* | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Institutional Class | ||||||||||||||||
Sales | 1,477,832 | $ | 15,000,000 | 1,000,000 | $ | 10,000,000 | ||||||||||
Reinvestments | 29,331 | 270,428 | — | — | ||||||||||||
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| |||||||||
Net Increase | 1,507,163 | $ | 15,270,428 | 1,000,000 | $ | 10,000,000 | ||||||||||
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* | The Fund commenced operations on May 3, 2018. |
5. Federal Tax Information
The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state, and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
During the period May 3, 2018 (commencement of operations) to September 30, 2018, the Fund had no distributions from ordinary income or long-term capital gains.
22
SIRIOS LONG/SHORT FUND
Notes to Financial Statements (Concluded)
March 31, 2019
(Unaudited)
As of September 30, 2018, the components of distributable earnings on a tax basis were as follows:
Capital Loss Carryforward | Undistributed | Undistributed | Unrealized Appreciation | Other Temporary Differences | ||||
$ — | $270,428 | $— | $408,780 | $— |
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. Short-term capital gains are reported as ordinary income for federal income tax purposes.
As of March 31, 2019, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:
Federal tax cost* | $ | 17,861,973 | ||||
|
| |||||
Gross unrealized appreciation on investment | $ | 1,037,485 | ||||
Gross unrealized depreciation on investment | (539,896 | ) | ||||
|
| |||||
Net unrealized appreciation | $ | 497,589 | ||||
|
|
* | 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. |
Pursuant to federal income tax rules applicable to regulated investment companies, the Fund 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, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2018. For the period ended September 30, 2018, the Fund had no capital loss deferrals and no late year ordinary loss deferrals.
Accumulated capital losses represent net capital loss carryovers as of September 30, 2018 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2018, the Fund did not have any capital loss carryforwards.
6. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
23
SIRIOS LONG/SHORT FUND
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent12-month period ended June 30 are available without charge, upon request, by calling (866)640-5704 and on the Securities and Exchange Commission’s (“SEC”) website athttp://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 FormN-Q. The Trust’s FormsN-Q are available on the SEC’s website athttp://www.sec.gov. FormN-Q is being rescinded. Once FormN-Q is rescinded, disclosure of the Fund’s complete holdings will be required to be made on FormN-PORT, with every third month made available to the public by the Commission upon filing.
24
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Investment Adviser
Sirios Capital Management, L.P.
One International Place
Boston, MA 02110
Administrator
The Bank of New York Mellon
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581
Principal Underwriter
Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103-7096
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
SIR-0319
SIRIOS LONG/
SHORT FUND
of
FundVantage Trust
Institutional Class
SEMI-ANNUAL
REPORT
March 31, 2019
(Unaudited)
IMPORTANT NOTE: Beginning on January 1, 2021, paper copies of the Sirios Long/Short Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from Sirios Long/Short Fund or from your financial intermediary. Instead, annual and semi-annual shareholder reports will be available on the Sirios Long/Short Fund’s website(www.sirioslp.com),and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through Sirios Long/Short Fund, call Shareholder Services toll-free at (866)640-5704 or write to the Sirios Long/Short Fund at:
Sirios Long/Short Fund
FundVantage Trust
c/o BNY Mellon Investment Servicing
P.O. Box 9829
Providence, RI 02940-8029
This report is submitted for the general information of the shareholders of the Sirios Long/Short Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Sirios Long/Short Fund.
TOBAM EMERGING MARKETS FUND
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Average Annual Total Returns for the Periods Ended March 31, 2019 | ||||||||||||||||
Six Months† | 1 Year | Since Inception | ||||||||||||||
Class I | -2.36% | -12.49% | 7.51%* | |||||||||||||
MSCI®EM Net TR Index
| 1.71% | -7.28% | 6.37%** |
† | Not annualized. |
* | The TOBAM Emerging Markets Fund (the “Fund”) Class I shares commenced operations on April 25, 2017. |
** | Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. |
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recentmonth-end may be obtained by calling (844)282-6161. 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.
The Fund’s “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” are 1.44% and 1.10%, respectively, of the Fund’s average daily net assets for Class I shares. These ratios are stated in the current prospectus dated February 1, 2019, and may differ from the actual expenses incurred by the Fund for the period covered by this report. TOBAM (“TOBAM” or the “Adviser”) has contractually agreed to waive fees and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions) do not exceed (on an annual basis): (a) from the commencement of operations through April 30, 2018, 0.85% with respect to Class I shares, of average daily net assets and (b) from May 1, 2018 through January 31, 2020, 1.10% with respect to Class I shares, of average daily net assets (the “Expense Limitation”), unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser may recoup, subject to approval by The Board of Trustees, any expenses or fees it has waived or reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.
A 1.00% redemption fee applies to shares redeemed within 30 days of purchase. The redemption fee is not reflected in the returns shown above.
The Fund intends to evaluate performance as compared to that of the Morgan Stanley Capital International Emerging Markets Net Total Return Index (“MSCI® EM Net TR Index”). The MSCI® EM Net TR Index is a free float-adjusted, market capitalization-weighted index designed to measure the equity performance of emerging market countries in Africa, Asia, Europe, Latin America and the Middle East. An index is unmanaged and it is not possible to invest in an index. All mutual fund investing involves risk, including possible loss of principal.
1
TOBAM EMERGING MARKETS FUND
Fund Expense Disclosure
March 31, 2019
(Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule12b-1) fees (if any) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of thesix-month period from October 1, 2018 through March 31, 2019 and held for the entire period.
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on a 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.
2
TOBAM EMERGING MARKETS FUND
Fund Expense Disclosure (Concluded)
March 31, 2019
(Unaudited)
TOBAM Emerging Markets Fund | ||||||||||||
Beginning Account Value |
Ending Account Value |
Expenses Paid | ||||||||||
Class I | ||||||||||||
Actual | $1,000.00 | $ 976.40 | $5.42 | |||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,019.45 | 5.54 |
* | Expenses are equal to the annualized expense ratio for thesix-month period ended March 31, 2019 of 1.10% for Class I shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (182), then divided by 365 to reflect the period. The Fund’s ending account value on the first line in the table is based on the actualsix-month total return for the Fund of (2.36)% for Class I shares. |
3
TOBAM EMERGING MARKETS FUND
Portfolio Holdings Summary Table
March 31, 2019
(Unaudited)
The following table presents a summary by industry group of the portfolio holdings of the Fund:
% of Net Assets | Value | |||||||
Common Stocks: | ||||||||
Telecommunications | 10.6% | $ | 9,569,357 | |||||
Pharmaceuticals | 8.3 | 7,480,654 | ||||||
Retail | 5.9 | 5,354,034 | ||||||
Food | 5.6 | 5,043,276 | ||||||
Computers | 4.6 | 4,167,097 | ||||||
Banks | 3.7 | 3,291,880 | ||||||
Oil & Gas | 4.1 | 3,658,469 | ||||||
Mining | 3.5 | 3,170,144 | ||||||
Commercial Services | 3.2 | 2,895,802 | ||||||
Gas | 3.1 | 2,813,484 | ||||||
Apparel | 3.0 | 2,725,796 | ||||||
Software | 2.8 | 2,520,521 | ||||||
Auto Manufacturers | 2.8 | 2,506,470 | ||||||
Insurance | 2.1 | 1,859,079 | ||||||
Internet | 2.2 | 1,952,553 | ||||||
Healthcare-Services | 2.2 | 1,938,330 | ||||||
Engineering & Construction | 1.9 | 1,689,975 | ||||||
Chemicals | 1.9 | 1,673,059 | ||||||
Home Furnishings | 1.8 | 1,616,753 | ||||||
Transportation | 1.8 | 1,582,809 | ||||||
Aerospace/Defense | 1.7 | 1,511,595 | ||||||
Auto Parts & Equipment | 1.6 | 1,457,850 | ||||||
Diversified Financial Services | 1.6 | 1,445,071 | ||||||
Beverages | 1.4 | 1,305,124 | ||||||
Biotechnology | 1.1 | 990,391 | ||||||
Semiconductors | 1.1 | 964,605 | ||||||
Healthcare-Products | 1.1 | 955,773 | ||||||
Electronics | 1.0 | 947,466 | ||||||
Cosmetics/Personal Care | 1.0 | 928,227 |
% of Net Assets | Value | |||||||
Common Stocks: (Continued) | ||||||||
Forest Products & Paper | 1.0% | $ | 909,362 | |||||
Iron/Steel | 1.0 | 889,143 | ||||||
Water | 1.0 | 887,621 | ||||||
Airlines | 0.8 | 706,474 | ||||||
Electric | 0.8 | 684,420 | ||||||
Closed-end Funds | 0.7 | 659,163 | ||||||
Energy-Alternate Sources | 0.7 | 648,201 | ||||||
Real Estate | 0.6 | 582,041 | ||||||
Miscellaneous Manufacturing | 0.6 | 516,110 | ||||||
Media | 0.5 | 490,283 | ||||||
Shipbuilding | 0.5 | 484,483 | ||||||
Investment Companies | 0.5 | 442,779 | ||||||
Entertainment | 0.5 | 414,747 | ||||||
Lodging | 0.4 | 357,611 | ||||||
Household Products/Wares | 0.4 | 349,169 | ||||||
Advertising | 0.4 | 332,690 | ||||||
Leisure Time | 0.1 | 90,719 | ||||||
Rights: | ||||||||
Telecommunications | 0.1 | 111,394 | ||||||
Preferred Stocks: | ||||||||
Oil & Gas | 1.0 | 911,236 | ||||||
Electric | 0.7 | 655,574 | ||||||
Chemicals | 0.5 | 446,711 | ||||||
Auto Manufacturers | 0.5 | 425,838 | ||||||
Liabilities in Excess of Other Assets | (0.0) | (1,404 | ) | |||||
|
|
|
| |||||
NET ASSETS | 100.0% | $ | 90,010,009 | |||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
4
TOBAM EMERGING MARKETS FUND
Portfolio of Investments
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 97.2% |
| |||||||
Brazil — 7.3% | ||||||||
B2W Cia Digital* | 40,000 | $ | 428,774 | |||||
Banco Do Brasil SA | 70,200 | 869,219 | ||||||
BB Seguridade Participacoes SA | 48,900 | 328,469 | ||||||
CCR SA | 97,000 | 290,107 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 27,900 | 296,790 | ||||||
Cielo SA | 205,000 | 495,831 | ||||||
Embraer SA | 182,400 | 863,702 | ||||||
Equatorial Energia SA | 4,900 | 99,931 | ||||||
Hypera SA | 16,000 | 105,840 | ||||||
IRB Brasil Resseguros SA | 15,200 | 353,276 | ||||||
Localiza Rent a Car SA | 48,800 | 407,690 | ||||||
Magazine Luiza SA | 12,200 | 535,163 | ||||||
Petroleo Brasileiro SA | 54,400 | 430,854 | ||||||
Raia Drogasil SA | 11,500 | 191,003 | ||||||
Suzano Papel e Celulose SA | 76,900 | 909,362 | ||||||
|
| |||||||
6,606,011 | ||||||||
|
| |||||||
China — 14.9% | ||||||||
51job, Inc., ADR* | 1,956 | 152,333 | ||||||
AAC Technologies Holdings, Inc. | 21,000 | 124,562 | ||||||
ANTA Sports Products, Ltd. | 168,000 | 1,145,255 | ||||||
Autohome, Inc., ADR* | 1,859 | 195,418 | ||||||
Boe Technology Group Co., Ltd., Class A | 152,500 | 88,130 | ||||||
Brilliance China Automotive Holdings, Ltd. | 346,000 | 343,691 | ||||||
China Communications Services Corp., Ltd., Class H | 140,000 | 125,092 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
China — (Continued) |
| |||||||
China International Travel Service Corp., Ltd., Class A | 8,700 | $ | 90,719 | |||||
China Mengniu Dairy Co., Ltd. | 192,000 | 714,588 | ||||||
China Resources Beer Holdings Co., Ltd. | 140,000 | 590,498 | ||||||
China Resources Gas Group, Ltd. | 262,000 | 1,236,891 | ||||||
China United Network Communications, Ltd., Class A | 143,900 | 145,201 | ||||||
ENN Energy Holdings, Ltd. | 104,100 | 1,007,569 | ||||||
GDS Holdings, Ltd., ADR* | 9,000 | 321,210 | ||||||
GOME Retail Holdings, Ltd.* | 1,501,000 | 139,765 | ||||||
Great Wall Motor Co., Ltd., Class H | 545,500 | 410,431 | ||||||
Guangdong Investment, Ltd. | 306,000 | 590,831 | ||||||
Hengan International Group Co., Ltd. | 47,500 | 416,441 | ||||||
Jiangsu Hengrui Medicine Co., Ltd., Class A | 120 | 1,166 | ||||||
Luye Pharma Group, Ltd.(a) | 128,000 | 112,133 | ||||||
Poly Developments And Holdings Group Co., Ltd. | 56,200 | 118,728 | ||||||
SAIC Motor Corp., Ltd., Class A | 36,600 | 141,838 | ||||||
Semiconductor Manufacturing International Corp.* | 347,000 | 351,661 |
The accompanying notes are an integral part of the financial statements.
5
TOBAM EMERGING MARKETS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
China — (Continued) | ||||||||
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 564,000 | $ | 539,332 | |||||
Shenzhou International Group Holdings, Ltd. | 87,500 | 1,175,581 | ||||||
Sihuan Pharmaceutical Holdings Group, Ltd. | 564,000 | 136,718 | ||||||
TAL Education Group, ADR* | 25,732 | 928,411 | ||||||
Tingyi Cayman Islands Holding Corp. | 612,000 | 1,010,225 | ||||||
Want Want China Holdings, Ltd. | 1,285,000 | 1,068,959 | ||||||
|
| |||||||
13,423,377 | ||||||||
|
| |||||||
Colombia — 0.5% | ||||||||
Grupo de Inversiones Suramericana SA | 38,526 | 442,779 | ||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
Komercni banka as | 5,160 | 210,919 | ||||||
|
| |||||||
Greece — 2.0% | ||||||||
Alpha Bank AE* | 360,199 | 499,817 | ||||||
Hellenic Telecommunications Organization SA | 20,629 | 276,264 | ||||||
JUMBO SA | 33,944 | 568,619 | ||||||
OPAP SA | 40,128 | 414,747 | ||||||
|
| |||||||
1,759,447 | ||||||||
|
| |||||||
Hong Kong — 2.7% | ||||||||
China Ding Yi Feng Holdings, Ltd.* | 224,000 | 659,163 | ||||||
China First Capital Group, Ltd.* | 494,000 | 261,365 | ||||||
Fullshare Holdings, Ltd. | 2,235,000 | 299,323 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Hong Kong — (Continued) | ||||||||
Jiayuan International Group, Ltd. | 310,000 | $ | 163,990 | |||||
Sino Biopharmaceutical, Ltd. | 338,500 | 309,354 | ||||||
Sun Art Retail Group, Ltd. | 796,500 | 777,046 | ||||||
|
| |||||||
2,470,241 | ||||||||
|
| |||||||
India — 19.9% | ||||||||
Asian Paints, Ltd. | 4,570 | 98,396 | ||||||
Aurobindo Pharma, Ltd. | 80,088 | 906,492 | ||||||
Bajaj Finance, Ltd. | 6,179 | 269,616 | ||||||
Bharat Petroleum Corp., Ltd. | 103,014 | 592,329 | ||||||
Bharti Airtel, Ltd. | 80,983 | 389,214 | ||||||
Bharti Infratel, Ltd. | 106,482 | 481,581 | ||||||
Cipla, Ltd. | 104,705 | 799,289 | ||||||
Container Corp of India, Ltd. | 40,189 | 304,686 | ||||||
Dr Reddy’s Laboratories, Ltd. | 26,748 | 1,075,034 | ||||||
Glenmark Pharmaceuticals, Ltd. | 31,527 | 294,629 | ||||||
HCL Technologies, Ltd. | 86,709 | 1,362,300 | ||||||
Hindustan Petroleum Corp., Ltd. | 130,589 | 537,079 | ||||||
Indiabulls Housing Finance, Ltd. | 60,122 | 743,833 | ||||||
Indian Oil Corp., Ltd. | 306,115 | 721,119 | ||||||
Infosys, Ltd. | 111,725 | 1,199,030 | ||||||
Lupin, Ltd. | 59,125 | 630,698 | ||||||
Power Grid Corp of India, Ltd. | 40,885 | 116,800 | ||||||
Shriram Transport Finance Co., Ltd. | 23,409 | 431,622 | ||||||
State Bank of India* | 44,651 | 206,515 |
The accompanying notes are an integral part of the financial statements.
6
TOBAM EMERGING MARKETS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
India — (Continued) | ||||||||
Sun Pharmaceutical Industries, Ltd. | 193,167 | $ | 1,336,495 | |||||
Tata Consultancy Services, Ltd. | 47,160 | 1,363,022 | ||||||
Tech Mahindra, Ltd. | 103,318 | 1,158,221 | ||||||
United Spirits, Ltd.* | 89,462 | 714,626 | ||||||
Vodafone Idea, Ltd.* | 692,106 | 182,216 | ||||||
Wipro, Ltd. | 117,818 | 433,584 | ||||||
Yes Bank, Ltd. | 266,177 | 1,054,861 | ||||||
Zee Entertainment Enterprises, Ltd. | 76,176 | 490,283 | ||||||
|
| |||||||
17,893,570 | ||||||||
|
| |||||||
Indonesia — 2.2% | ||||||||
Jasa Marga Persero Tbk PT | 653,800 | 274,760 | ||||||
Perusahaan Gas Negara Persero Tbk | 3,439,700 | 569,024 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 2,707,500 | 748,380 | ||||||
Unilever Indonesia Tbk PT | 100,900 | 349,169 | ||||||
|
| |||||||
1,941,333 | ||||||||
|
| |||||||
Malaysia — 2.2% | ||||||||
AirAsia Group Bhd | 454,600 | 296,733 | ||||||
Axiata Group Bhd | 558,585 | 568,944 | ||||||
Maxis Bhd | 483,400 | 635,509 | ||||||
Top Glove Corp. Bhd | 455,400 | 516,110 | ||||||
|
| |||||||
2,017,296 | ||||||||
|
| |||||||
Peru — 1.1% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 55,115 | 952,387 | ||||||
|
| |||||||
Poland — 1.1% | ||||||||
Orange Polska SA* | 209,212 | 279,644 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Poland — (Continued) |
| |||||||
Polski Koncern Naftowy ORLEN SA | 28,489 | $ | 725,168 | |||||
|
| |||||||
1,004,812 | ||||||||
|
| |||||||
Russia — 1.5% | ||||||||
Alrosa PJSC | 253,060 | 356,406 | ||||||
PhosAgro PJSC, GDR | 36,400 | 456,897 | ||||||
Severstal PJSC | 33,760 | 528,890 | ||||||
|
| |||||||
1,342,193 | ||||||||
|
| |||||||
South Africa — 2.1% | ||||||||
AngloGold Ashanti, Ltd. | 82,438 | 1,083,911 | ||||||
Gold Fields, Ltd. | 210,920 | 777,440 | ||||||
|
| |||||||
1,861,351 | ||||||||
|
| |||||||
South Korea — 17.9% | ||||||||
AMOREPACIFIC Group | 3,331 | 204,684 | ||||||
Celltrion Pharm, Inc.* | 3,743 | 183,128 | ||||||
Celltrion, Inc.* | 2,331 | 372,663 | ||||||
Cheil Worldwide, Inc. | 15,600 | 332,690 | ||||||
CJ Enm Co., Ltd. | 1,566 | 321,723 | ||||||
Coway Co., Ltd. | 13,906 | 1,157,710 | ||||||
Hanmi Pharm Co., Ltd. | 1,554 | 625,219 | ||||||
Hanmi Science Co., Ltd. | 3,468 | 236,861 | ||||||
Hanon Systems | 59,693 | 597,960 | ||||||
HLB, Inc.* | 6,849 | 484,483 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 10,150 | 478,453 | ||||||
Hyundai Glovis Co., Ltd. | 5,932 | 672,407 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 20,295 | 678,162 | ||||||
Hyundai Mobis Co., Ltd. | 4,676 | 859,890 | ||||||
Hyundai Motor Co. | 3,735 | 393,807 | ||||||
Kangwon Land, Inc. | 12,678 | 357,611 | ||||||
Kia Motors Corp. | 30,654 | 955,338 |
The accompanying notes are an integral part of the financial statements.
7
TOBAM EMERGING MARKETS FUND
Portfolio of Investments (Continued)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
South Korea — (Continued) |
| |||||||
Korea Aerospace Industries, Ltd. | 20,759 | $ | 647,893 | |||||
LG Household & Health Care, Ltd. | 579 | 723,543 | ||||||
LG Uplus Corp. | 34,700 | 472,582 | ||||||
Lotte Shopping Co., Ltd. | 1,208 | 189,695 | ||||||
Medy-Tox, Inc. | 1,316 | 679,082 | ||||||
NCSoft Corp. | 2,690 | 1,176,028 | ||||||
Orion Corp. | 7,061 | 622,518 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 1,445 | 383,178 | ||||||
Samsung Life Insurance Co., Ltd. | 1,565 | 115,994 | ||||||
Shinsegae, Inc. | 1,328 | 395,904 | ||||||
SillaJen, Inc.* | 4,955 | 281,656 | ||||||
SK Telecom Co., Ltd. | 5,041 | 1,116,424 | ||||||
Yuhan Corp. | 1,677 | 354,935 | ||||||
|
| |||||||
16,072,221 | ||||||||
|
| |||||||
Taiwan — 8.9% | ||||||||
Asustek Computer, Inc. | 55,000 | 398,549 | ||||||
AU Optronics Corp. | 1,115,000 | 411,016 | ||||||
Eclat Textile Co., Ltd. | 57,660 | 777,505 | ||||||
Far EasTone Telecommunications Co., Ltd. | 518,000 | 1,249,548 | ||||||
Feng TAY Enterprise Co., Ltd. | 109,000 | 772,710 | ||||||
Innolux Corp. | 794,000 | 258,132 | ||||||
Inventec Corp. | 560,000 | 426,650 | ||||||
Micro-Star International Co., Ltd. | 94,000 | 264,840 | ||||||
Nien Made Enterprise Co., Ltd. | 52,000 | 459,043 | ||||||
Phison Electronics Corp. | 40,000 | 392,724 |
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Taiwan — (Continued) | ||||||||
Powertech Technology, Inc. | 93,000 | $ | 220,220 | |||||
President Chain Store Corp. | 48,000 | 473,183 | ||||||
TaiMed Biologics, Inc.* | 57,000 | 311,309 | ||||||
Taiwan High Speed Rail Corp. | 518,000 | 605,716 | ||||||
Taiwan Mobile Co., Ltd. | 244,000 | 882,724 | ||||||
Tatung Co., Ltd.* | 186,000 | 147,048 | ||||||
|
| |||||||
8,050,917 | ||||||||
|
| |||||||
Thailand — 10.5% | ||||||||
Advanced Info Service PCL | 234,800 | 1,363,570 | ||||||
Airports of Thailand PCL | 264,300 | 567,161 | ||||||
Bangkok Dusit Medical Services PCL | 1,268,800 | 992,010 | ||||||
Bangkok Expressway & Metro PCL | 2,429,700 | 773,763 | ||||||
Berli Jucker PCL | 369,300 | 576,981 | ||||||
Bumrungrad Hospital PCL | 117,500 | 664,664 | ||||||
Charoen Pokphand Foods PCL | 856,920 | 688,880 | ||||||
CP ALL PCL | 261,700 | 616,678 | ||||||
Energy Absolute PCL | 427,900 | 648,201 | ||||||
Glow Energy PCL | 163,100 | 467,689 | ||||||
Indorama Ventures PCL | 434,500 | 682,183 | ||||||
PTT Global Chemical PCL | 98,800 | 209,844 | ||||||
Thai Oil PCL | 62,600 | 137,130 | ||||||
Thai Union Group PCL | 593,400 | 361,125 | ||||||
TMB Bank PCL | 3,499,300 | 224,898 | ||||||
True Corp. PCL | 3,037,700 | 456,346 | ||||||
|
| |||||||
9,431,123 | ||||||||
|
|
The accompanying notes are an integral part of the financial statements.
8
TOBAM EMERGING MARKETS FUND
Portfolio of Investments (Concluded)
March 31, 2019
(Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — (Continued) |
| |||||||
Turkey — 2.2% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 219,628 | $ | 360,253 | |||||
Petkim Petrokimya Holding AS | 276,470 | 225,739 | ||||||
TAV Havalimanlari Holding AS | 58,279 | 244,509 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 22,953 | 514,790 | ||||||
Turk Hava Yollari AO* | 176,110 | 409,741 | ||||||
Turkiye Halk Bankasi AS | 196,317 | 225,651 | ||||||
|
| |||||||
1,980,683 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 87,460,660 | ||||||
|
| |||||||
RIGHTS — 0.1% | ||||||||
India — 0.1% | ||||||||
Vodafone Idea, Ltd.* | 1,584,558 | 111,394 | ||||||
|
| |||||||
TOTAL RIGHTS | 111,394 | |||||||
|
| |||||||
PREFERRED STOCKS — 2.7% |
| |||||||
Brazil — 2.2% | ||||||||
Braskem SA, Class A(b) | 34,600 | 446,711 | ||||||
Cia Energetica de Minas Gerais(b) | 186,000 | 655,574 | ||||||
Petroleo Brasileiro SA(b) | 128,200 | 911,236 | ||||||
|
| |||||||
2,013,521 | ||||||||
|
| |||||||
South Korea — 0.5% | ||||||||
Hyundai Motor Co.(b) | 6,328 | 425,838 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 2,439,359 | |||||||
|
|
Value | ||||||||
TOTAL INVESTMENTS - 100.0% (Cost $83,945,337) | $ | 90,011,413 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)% | (1,404 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 90,010,009 | ||||||
|
|
* | Non-income producing. |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At March 31, 2019, these securities amounted to $112,133 or 0.1% of net assets. These securities have been determined by the Adviser to be liquid securities. |
(b) | Preferred stocks are shares that carry certain preferential rights. The dividend rate may not be consistent each pay period and could be zero for a particular year. |
ADR | American Depository Receipt | |
GDR | Global Depository Receipt | |
PCL | Public Company Limited |
The accompanying notes are an integral part of the financial statements.
9
TOBAM EMERGING MARKETS FUND
Statement of Assets and Liabilities
March 31, 2019
(Unaudited)
Assets | ||||
Investments, at value (Cost $83,945,337) | $ | 90,011,413 | ||
Cash | 143,132 | |||
Foreign currency (Cost $102,410) | 101,348 | |||
Dividends receivable | 321,650 | |||
Prepaid expenses and other assets | 3,453 | |||
|
| |||
Total assets | 90,580,996 | |||
|
| |||
Liabilities | ||||
Deferred foreign capital gains tax | 289,009 | |||
Payable to Investment Adviser | 157,793 | |||
Payable for administration and accounting fees | 36,412 | |||
Payable for audit fees | 32,720 | |||
Payable for custodian fees | 19,720 | |||
Payable for legal fees | 12,675 | |||
Payable for printing fees | 12,415 | |||
Payable for transfer agent fees | 8,010 | |||
Payable for Trustees and Officers | 245 | |||
Accrued expenses | 1,988 | |||
|
| |||
Total liabilities | 570,987 | |||
|
| |||
Net Assets | $ | 90,010,009 | ||
|
| |||
Net Assets consisted of: | ||||
Capital stock, $0.01 par value | $ | 84,132 | ||
Paid-in capital | 86,577,102 | |||
Total distributable earnings | 3,348,775 | |||
|
| |||
Net Assets | $ | 90,010,009 | ||
|
| |||
Class I: | ||||
Shares outstanding | 8,413,218 | |||
|
| |||
Net asset value, offering and redemption price per share ($90,010,009 / 8,413,218 shares) | $ | 10.70 | ||
|
|
The accompanying notes are an integral part of the financial statements.
10
TOBAM EMERGING MARKETS FUND
Statement of Operations
For the Six Months Ended March 31, 2019
(Unaudited)
Investment income | ||||
Dividends | $ | 714,470 | ||
Less: foreign taxes withheld | (70,738 | ) | ||
|
| |||
Total investment income | 643,732 | |||
|
| |||
Expenses | ||||
Advisory fees (Note 2) | 271,242 | |||
Administration and accounting fees (Note 2) | 30,341 | |||
Legal fees | 26,526 | |||
Custodian fees (Note 2) | 22,125 | |||
Trustees’ and officers’ fees (Note 2) | 20,374 | |||
Audit fees | 14,587 | |||
Registration and filing fees | 13,715 | |||
Transfer agent fees (Note 2) | 10,901 | |||
Printing and shareholder reporting fees | 6,155 | |||
Other expenses | 7,603 | |||
|
| |||
Total expenses before waivers and reimbursements | 423,569 | |||
|
| |||
Less: waivers and reimbursements (Note 2) | (50,683 | ) | ||
|
| |||
Net expenses after waivers and reimbursements | 372,886 | |||
|
| |||
Net investment income | 270,846 | |||
|
| |||
Net realized and unrealized gain/(loss) from investments | ||||
Net realized loss from investments | (2,519,500 | ) | ||
Net realized loss from foreign currency transactions | (187,249 | ) | ||
Net realized gain on futures* | 52,116 | |||
Net change in unrealized appreciation/(depreciation) on investments** | 2,585,879 | |||
Net change in unrealized appreciation/(depreciation) on foreign currency transactions | (13,595 | ) | ||
|
| |||
Net realized and unrealized loss on investments | (82,349 | ) | ||
|
| |||
Net increase in net assets resulting from operations | $ | 188,497 | ||
|
|
* | Primary risk exposure is equity index contracts. |
** | Includes net increase in deferred foreign capital gains tax of $289,009. |
The accompanying notes are an integral part of the financial statements.
11
TOBAM EMERGING MARKETS FUND
Statements of Changes in Net Assets
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | ||||||||||||||
Increase/(Decrease) in net assets from operations: | |||||||||||||||
Net investment income | $ | 270,846 | $ | 667,506 | |||||||||||
Net realized gain/(loss) from investments, futures contracts and foreign currency transactions | (2,654,633 | ) | 2,697,107 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | 2,572,284 | (1,562,326 | ) | ||||||||||||
|
|
|
| ||||||||||||
Net increase in net assets resulting from operations | 188,497 | 1,802,287 | |||||||||||||
|
|
|
| ||||||||||||
Less dividends and distributions to shareholders from: | |||||||||||||||
Total distributable earnings* | (3,514,085 | ) | (850,557 | ) | |||||||||||
|
|
|
| ||||||||||||
Net decrease in net assets from dividends and distributions to shareholders | (3,514,085 | ) | (850,557 | ) | |||||||||||
|
|
|
| ||||||||||||
Increase in net assets derived from capital share transactions (Note 4) | 43,513,905 | 850,255 | |||||||||||||
|
|
|
| ||||||||||||
Total increase in net assets | 40,188,317 | 1,801,985 | |||||||||||||
|
|
|
| ||||||||||||
Net assets | |||||||||||||||
Beginning of period | 49,821,692 | 48,019,707 | |||||||||||||
|
|
|
| ||||||||||||
End of period** | $ | 90,010,009 | $ | 49,821,692 | |||||||||||
|
|
|
|
|
|
* | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the year ended September 30, 2018, distributions from net investment income and net realized gains were $790,859 and $59,698, respectively. |
** | Parenthetical disclosure of accumulated net investment income/(loss) is no longer required. See Note 1. For the year ended September 30, 2018, end of year net assets included accumulated net investment income of $515,734. |
The accompanying notes are an integral part of the financial statements.
12
TOBAM EMERGING MARKETS FUND
Financial Highlights
Contained below is per share operating performance data for Class I shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
Class I | |||||||||||||||
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | For the Period April 25, 2017* to September 30, 2017 | |||||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $ | 11.58 | $ | 11.35 | $ | 10.00 | |||||||||
|
|
|
|
|
| ||||||||||
Net investment income(1) | 0.04 | 0.16 | 0.15 | ||||||||||||
Net realized and unrealized gain/(loss) on investments | (0.35 | ) | 0.27 | 1.20 | |||||||||||
|
|
|
|
|
| ||||||||||
Net increase/(decrease) in net assets resulting from operations | (0.31 | )(2) | 0.43 | 1.35 | |||||||||||
|
|
|
|
|
| ||||||||||
Dividends and distributions to shareholders from: | |||||||||||||||
Net investment income | (0.12 | ) | (0.19 | ) | — | ||||||||||
Net realized gains | (0.45 | ) | (0.01 | ) | — | ||||||||||
|
|
|
|
|
| ||||||||||
Total dividends and distributions to shareholders | (0.57 | ) | (0.20 | ) | — | ||||||||||
|
|
|
|
|
| ||||||||||
Net asset value, end of period | $ | 10.70 | $ | 11.58 | $ | 11.35 | |||||||||
|
|
|
|
|
| ||||||||||
Total investment return(3) | (2.36 | )% | 3.79 | % | 13.50 | % | |||||||||
Ratios/Supplemental Data | |||||||||||||||
Net assets, end of period (in thousands) | $ | 90,010 | $ | 49,822 | $ | 48,020 | |||||||||
Ratio of expenses to average net assets | 1.10 | %(4) | 0.95 | % | 0.85 | %(4) | |||||||||
Ratio of expenses to average net assets without waivers and expense reimbursements(5) | 1.25 | %(4) | 1.44 | % | 1.66 | %(4) | |||||||||
Ratio of net investment income to average net assets | 0.80 | %(4) | 1.27 | % | 3.29 | %(4) | |||||||||
Portfolio turnover rate | 31.73 | %(6) | 33.19 | % | 13.73 | %(6) |
* | Commencement of operations. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | The amount shown may not correlate with the change in the aggregate gains and losses presented on the Statement of Operations due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio. |
(3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(4) | Annualized. |
(5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
(6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
13
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
1. Organization and Significant Accounting Policies
The TOBAM Emerging Markets Fund (the “Fund”) is a diversified,open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), and commenced investment operations on April 25, 2017. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares: Class A, Class C and Class I Shares. As of March 31, 2019, Class A and Class C shares have not been issued.
The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
Portfolio Valuation— The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Fund’s equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in theover-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. Securities that do not have a readily available current market value are valued in accordance with procedures adopted by the Trust’s Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to TOBAM (“TOBAM” or the “Adviser”) the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate
14
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Investments in otheropen-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses).
Fair Value Measurements— The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
• | 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.
Securities listed on anon-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.
The following is a summary of the inputs used, as of March 31, 2019, in valuing the Fund’s investments carried at fair value:
Total Value at 03/31/19 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||
Common Stocks: | ||||||||||||||||
Brazil | $ | 6,606,011 | $ | 6,606,011 | $ | — | $ | — | ||||||||
China | 13,423,377 | 1,597,372 | 11,826,005 | — | ||||||||||||
Colombia | 442,779 | 442,779 | — | — |
15
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Total Value at 03/31/19 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||
Common Stocks: (Continued) | ||||||||||||||||
Czech Republic | $ | 210,919 | $ | — | $ | 210,919 | $ | — | ||||||||
Greece | 1,759,447 | — | 1,759,447 | — | ||||||||||||
Hong Kong | 2,470,241 | — | 2,470,241 | — | ||||||||||||
India | 17,893,570 | — | 17,893,570 | — | ||||||||||||
Indonesia | 1,941,333 | — | 1,941,333 | — | ||||||||||||
Malaysia | 2,017,296 | — | 2,017,296 | — | ||||||||||||
Peru | 952,387 | 952,387 | — | — | ||||||||||||
Poland | 1,004,812 | — | 1,004,812 | — | ||||||||||||
Russia | 1,342,193 | — | 1,342,193 | — | ||||||||||||
South Africa | 1,861,351 | — | 1,861,351 | — | ||||||||||||
South Korea | 16,072,221 | 1,540,888 | 14,531,333 | — | ||||||||||||
Taiwan | 8,050,917 | 882,724 | 7,168,193 | — | ||||||||||||
Thailand | 9,431,123 | — | 9,431,123 | — | ||||||||||||
Turkey | 1,980,683 | — | 1,980,683 | — | ||||||||||||
Rights: | ||||||||||||||||
India | 111,394 | — | 111,394 | — | ||||||||||||
Preferred Stocks: | ||||||||||||||||
Brazil | 2,013,521 | 2,013,521 | — | — | ||||||||||||
South Korea | 425,838 | — | 425,838 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 90,011,413 | $ | 14,035,682 | $ | 75,975,731 | $ | — | ||||||||
|
|
|
|
|
|
|
|
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the 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 Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
16
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the six months ended March 31, 2019, there were no transfers between Levels.
Futures Contracts— The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statements of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.
As of March 31, 2019, the Fund had no open future contracts.
For the six months ended March 31, 2019, the TOBAM Emerging Markets Fund’s monthly average volume of derivatives was as follows:
Long Futures Notional Cost | Short Futures Notional Cost | |||||
$4,683,362 | $ | (4,692,560 | ) |
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.
17
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
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 theex-dividend date. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/ depreciation as such income and/or gains are earned. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.
Foreign Currency Translation— Assets and liabilities initially expressed innon-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.
The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currency transactions in the Statement of Operations.
Dividends and Distributions to Shareholders— Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded onex-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 may include the treatment ofnon-taxable dividends 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 the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.
Other— In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims
18
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
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.
Currency Risk— The Fund invests in securities of foreign issuers, including American Depository Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Fund is determined on the basis of U.S. dollars, the Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund’s holdings in foreign securities.
Foreign Securities Market Risk— Securities of manynon-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition,non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement ofnon-U.S. stock exchange transactions.
Emerging Markets Risk— The Fund invests in emerging market instruments which are subject to certain credit and market risks. The securities and currency markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities and currency markets of the United States and other developed markets. Disclosure and regulatory standards in many respects are less stringent than in other developed markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristics of more developed countries.
Recent Accounting Pronouncement— Effective November 5, 2018, the SEC amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to RegulationS-X which sets forth the form and content of financial statements. The amendment requires collapsing the components of distributable earnings on the Statement of Assets and Liabilities and collapsing the distributions paid to shareholders on the Statements of Changes in Net Assets. Management has evaluated the implications of adopting these amendments and there is no significant impact on the financial statements and accompanying notes.
19
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
2. Transactions with Related Parties and Other Service Providers
TOBAM serves as investment adviser to the Fund. For its services, the Adviser is paid a monthly fee at the annual of 0.80% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive fees and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions) do not exceed (on an annual basis): (a) from the commencement of operations through April 30, 2018, 0.85%, with respect to Class I shares, of average daily net assets and (b) from May 1, 2018 through January 31, 2020, 1.10%, with respect to Class I shares, of average daily net assets (the “Expense Limitation”), unless the Board of Trustees of the Trust approves its earlier termination. The Adviser may recoup, subject to approval by The Board of Trustees, any expenses or fees it has waived or reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. As of March 31, 2019, the amount of potential recovery was as follows:
Expiration | ||||||
September 30, 2020 |
September 30, 2021 |
March 31, 2022 |
Total | |||
$135,477 |
$254,667 |
$50,683 |
$440,827 |
For the six months ended March 31, 2019, the Adviser earned advisory fees of $271,242 and waived fees of $50,683.
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Fund. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon and the Transfer Agent have the ability to recover fees previously waived in prior periods, if the Fund terminates its agreements with BNY Mellon and the Transfer Agent within three years of commencing operations. For the six months period ended March 31, 2019, the amount of potential recovery was $22,228. The ability to recover such amounts previously waived expires on April 25, 2020.
20
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.
Trustees and Officers
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 Fund during the six months ended March 31, 2019 was $3,844. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Duff & Phelps, LLC (“D&P”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and D&P are compensated for their services provided to the Trust.
3. Investment in Securities
For the six months ended March 31, 2019, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:
Purchases | Sales | |||||||
Investment Securities | $ | 61,273,217 | $ | 21,455,920 |
4. Capital Share Transactions
For the six months ended March 31, 2019 and for the year ended September 30, 2018, transactions in capital shares (authorized shares unlimited) were as follows:
For the Six Months Ended March 31, 2019 (Unaudited) | For the Year Ended September 30, 2018 | |||||||||||||||
Shares |
Amount |
Shares |
Amount | |||||||||||||
Sales | 3,759,412 | $ | 40,000,000 | — | $ | — | ||||||||||
Reinvestments | 350,689 | 3,513,905 | 73,109 | 850,255 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 4,110,101 | $ | 43,513,905 | 73,109 | $ | 850,255 | ||||||||||
|
|
|
|
|
|
|
|
* | There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 30 days or less. The redemption fee is retained by the Fund for the benefit of the remaining shareholders and recorded aspaid-in capital. |
21
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
5. Federal Tax Information
The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet themore-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
For the year ended September 30, 2018, the tax character of distributions paid by the Fund was $850,557 of ordinary income dividends. Distributions from net investment income and short-term gains are treated as ordinary income for federal income tax purposes.
As of September 30, 2018, the components of distributable earnings on a tax basis were as follows:
Capital Loss Carryforward | Undistributed Ordinary Income | Undistributed Long-Term Gain | Unrealized Appreciation | Qualified Late-Year Losses | |||||||||||||||||||
$ — | $ | 2,681,413 | $ | 708,919 | $ | 3,284,031 | $ | — |
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes.
As of March 31, 2019, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:
| ||||||
Federal tax cost* | $ | 83,945,337 | ||||
|
| |||||
Gross unrealized appreciation | $ | 9,231,516 | ||||
Gross unrealized depreciation | (3,165,440 | ) | ||||
|
| |||||
Net unrealized appreciation | $ | 6,066,076 | ||||
|
|
* | 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 Fund may elect to treat certain net capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2018, any amount of losses elected within the tax return will not be
22
TOBAM EMERGING MARKETS FUND
Notes to Financial Statements (Concluded)
March 31, 2019
(Unaudited)
recognized for federal income tax purposes until October 1, 2018. As of September 30, 2018, the Fund had no capital loss deferrals and no late year ordinary loss deferrals.
Accumulated capital losses represent net capital loss carryforwards as of September 30, 2018 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2018, the Fund did not have any capital loss carryforwards.
6. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
23
TOBAM EMERGING MARKETS FUND
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent12-month period ended June 30 are available without charge, upon request, by calling (844)282-6161 and on the Securities and Exchange Commission’s (“SEC”) website athttp://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 FormN-Q. The Trust’s FormsN-Q are available on the SEC’s website athttp://www.sec.gov. FormN-Q is being rescinded. Once FormN-Q is rescinded, disclosure of the Fund’s complete holdings will be required to be made on FormN-PORT, with every third month made available to the public by the Commission upon filing.
24
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Investment Adviser
TOBAM
49-53, Avenue des Champs-Élysées
75008 Paris, France
Administrator
The Bank of New York Mellon
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581
Principal Underwriter
Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103-7096
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
TOB-0319
TOBAM EMERGING MARKETS FUND
of
FundVantage Trust
Class I
SEMI-ANNUAL
REPORT
March 31, 2019
(Unaudited)
IMPORTANT NOTE: Beginning on January 1, 2021, paper copies of the TOBAM Emerging Markets Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the shareholder reports from TOBAM Emerging Markets Fund or from your financial intermediary. Instead, annual and semi-annual shareholder reports will be available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through TOBAM Emerging Markets Fund, call Shareholder Services toll-free at (844)282-6161 or write to the TOBAM Emerging Markets Fund at:
TOBAM Emerging Markets Fund
FundVantage Trust
c/o BNY Mellon Investment Servicing
P.O. Box 9829
Providence, RI 02940-8029
This report is submitted for the general information of the shareholders of the TOBAM Emerging Markets Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the TOBAM Emerging Markets Fund.
VERPLANCK BALANCED FUND
of
FundVantage Trust
SEMI-ANNUAL REPORT
March 31, 2019
(Unaudited)
This report is submitted for the general information of the shareholders of the Verplanck Balanced Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Verplanck Balanced Fund.
VERPLANCK BALANCED FUND
Semi-Annual Report
Performance Data
March 31, 2019
(Unaudited)
Total Returns for the Period Ended March 31, 2019 | ||||||||
Six Months† | Since Inception | |||||||
Verplanck Balanced Fund | 1.16% | 1.34%* | ||||||
Bloomberg Barclays U.S. Aggregate Bond | ||||||||
Index | 4.63% | 4.09%** | ||||||
S&P 500®Index
| -1.72%
| -1.56%**
|
† | Not Annualized. |
* | The Verplanck Balanced Fund (the “Fund”) commenced operations on August 28, 2018. |
** | 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 recentmonth-end may be obtained by calling (844)741-5050.
The Fund intends to evaluate performance as compared to that of the Bloomberg Barclays U.S. Aggregate Bond Index and the S&P 500® Index. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment grade bond market and the S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. References to an index over a specific period are provided for your information only and should not be considered indicative of an investment in the Verplanck Balanced Fund. Note that an index is unmanaged and the information contained herein does not reflect any investment management fees or transaction costs. It is impossible to invest directly in an index.
All mutual fund investing involves risk, including possible loss of principal. The Fund is subject to the risks of the fixed-income securities in its portfolio such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money.
2
VERPLANCK BALANCED FUND
Fund Expense Disclosure
March 31, 2019
(Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs; 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 the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of thesix-month period from October 1, 2018 through March 31, 2019 and held for the entire period.
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
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.
Verplanck Balanced Fund | |||||||||||||||
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* | |||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.60 | $ | 0.75 | |||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.18 | 0.76 |
* | Expenses are equal to an annualized expense ratio for thesix-month period ended March 31, 2019 of 0.15% for the Verplanck Fund, 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. The Fund’s ending account value on the first line in the table is based on the actualsix-month total return for the Fund of 1.16%. |
3
VERPLANCK BALANCED FUND
Portfolio Holdings Summary Table
March 31, 2019
(Unaudited)
The following table presents a summary by security type of the portfolio holdings of the Fund:
% of Net Assets | Value | |||||||||
Common Stocks: | ||||||||||
Information Technology | 11.0 | % | $ | 94,787,218 | ||||||
Health Care | 7.4 | 63,481,540 | ||||||||
Financials | 6.5 | 56,395,541 | ||||||||
Consumer Discretionary | 5.3 | 45,248,830 | ||||||||
Communication Services | 5.1 | 44,105,280 | ||||||||
Industrials | 5.1 | 43,512,257 | ||||||||
Consumer Staples | 3.7 | 31,784,054 | ||||||||
Energy | 2.7 | 23,541,966 | ||||||||
Real Estate | 1.6 | 14,056,541 | ||||||||
Utilities | 1.5 | 13,062,508 | ||||||||
Materials | 1.3 | 10,845,908 | ||||||||
U.S. Treasury Obligations | 18.7 | 160,654,736 | ||||||||
Mortgage-Backed Securities | 13.5 | 116,029,046 | ||||||||
Corporate Bonds and Notes | 13.0 | 112,143,714 | ||||||||
Commercial Mortgage-Backed Securities | 1.0 | 8,815,735 | ||||||||
Foreign Government Bonds & Notes | 0.8 | 7,083,688 | ||||||||
U.S. Government Agency Obligations | 0.5 | 4,410,784 | ||||||||
Municipal Bonds | 0.4 | 3,532,049 | ||||||||
Asset-Backed Securities | 0.3 | 2,426,096 | ||||||||
Short-Term Investments | 2.9 | 24,658,200 | ||||||||
TBA Sale Commitments | (0.1 | ) | (458,648 | ) | ||||||
Liabilities in excess of other assets | (2.2 | ) | (18,761,984 | ) | ||||||
|
|
|
| |||||||
NET ASSETS | 100.0 | % | $ | 861,355,059 | ||||||
|
|
|
|
Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
4
VERPLANCK BALANCED FUND
Portfolio of Investments
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ /Shares | Value $ | |||||||||||||
Asset-Backed Securities — 0.28% | ||||||||||||||||
BMW Vehicle Owner Trust2018-A | 2.51 | 06/25/2024 | 300,000 | 299,317 | ||||||||||||
Capital One Multi-Asset Execution Trust | 2.08 | 03/15/2023 | 485,000 | 482,127 | ||||||||||||
Capital One Multi-Asset Execution Trust | 2.84 | 12/16/2024 | 250,000 | 252,112 | ||||||||||||
Citibank Credit Card Issuance Trust | 2.49 | 01/20/2023 | 300,000 | 299,566 | ||||||||||||
Citibank Credit Card Issuance Trust | 2.68 | 06/07/2023 | 242,000 | 242,696 | ||||||||||||
Discover Card Execution Note Trust | 2.39 | 07/15/2024 | 250,000 | 248,778 | ||||||||||||
Hyundai Auto Receivables Trust2018-A | 2.79 | 07/15/2022 | 600,000 | 601,500 | ||||||||||||
|
| |||||||||||||||
Total Asset-Backed Securities (Cost $2,435,784) | 2,426,096 | |||||||||||||||
|
| |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Communication Services — 5.12% | ||||||||||||||||
Activision Blizzard Inc | 13,134 | 597,991 | ||||||||||||||
Alphabet Inc - Class A * | 5,486 | 6,456,419 | ||||||||||||||
Alphabet Inc - Class C * | 5,634 | 6,610,429 | ||||||||||||||
AT&T Inc | 133,284 | 4,179,786 | ||||||||||||||
CBS Corp - Class B | 9,574 | 455,052 | ||||||||||||||
CenturyLink Inc | 15,642 | 187,548 | ||||||||||||||
Charter Communications Inc - Class A * | 3,624 | 1,257,202 | ||||||||||||||
Comcast Corp - Class A | 83,134 | 3,323,697 | ||||||||||||||
Discovery Inc - Class A * | 3,783 | 102,217 | ||||||||||||||
Discovery Inc - Class C * | 5,396 | 137,166 | ||||||||||||||
DISH Network Corp - Class A * | 2,000 | 63,380 | ||||||||||||||
Electronic Arts Inc * | 4,889 | 496,869 | ||||||||||||||
Facebook Inc - Class A * | 44,263 | 7,378,199 | ||||||||||||||
Fox Corp * | 9,084 | 333,474 | ||||||||||||||
Fox Corp * | 154 | 5,526 | ||||||||||||||
Interpublic Group of Cos Inc/The | 4,016 | 84,376 | ||||||||||||||
Netflix Inc * | 7,969 | 2,841,427 | ||||||||||||||
News Corp - Class A | 11,241 | 139,838 | ||||||||||||||
News Corp - Class B | 1,496 | 18,685 | ||||||||||||||
Omnicom Group Inc | 4,589 | 334,951 | ||||||||||||||
Take-Two Interactive Software Inc * | 2,071 | 195,440 | ||||||||||||||
TripAdvisor Inc * | 2,168 | 111,544 | ||||||||||||||
Twitter Inc * | 12,917 | 424,711 | ||||||||||||||
Verizon Communications Inc | 75,836 | 4,484,183 | ||||||||||||||
Viacom Inc - Class B | 4,557 | 127,915 | ||||||||||||||
Walt Disney Co/The | 33,840 | 3,757,255 | ||||||||||||||
|
| |||||||||||||||
44,105,280 | ||||||||||||||||
|
| |||||||||||||||
Consumer Discretionary — 5.25% | ||||||||||||||||
Advance Auto Parts Inc | 826 | 140,858 | ||||||||||||||
Amazon.com Inc * | 7,690 | 13,693,968 | ||||||||||||||
Aptiv PLC | 4,400 | 349,756 | ||||||||||||||
AutoZone Inc * | 453 | 463,926 | ||||||||||||||
Best Buy Co Inc | 5,153 | 366,172 | ||||||||||||||
Booking Holdings Inc * | 900 | 1,570,419 |
The accompanying notes are an integral part of the financial statements.
5
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Consumer Discretionary — 5.25% | ||||||||||||||||
BorgWarner Inc | 2,434 | 93,490 | ||||||||||||||
Capri Holdings Ltd * | 1,376 | 62,952 | ||||||||||||||
CarMax Inc * | 2,139 | 149,302 | ||||||||||||||
Carnival Corp | 6,999 | 354,989 | ||||||||||||||
Chipotle Mexican Grill Inc * | 368 | 261,394 | ||||||||||||||
Darden Restaurants Inc | 1,512 | 183,663 | ||||||||||||||
Dollar General Corp | 4,692 | 559,756 | ||||||||||||||
Dollar Tree Inc * | 3,378 | 354,825 | ||||||||||||||
DR Horton Inc | 4,740 | 196,141 | ||||||||||||||
eBay Inc | 18,185 | 675,391 | ||||||||||||||
Expedia Group Inc | 2,048 | 243,712 | ||||||||||||||
Foot Locker Inc | 974 | 59,024 | ||||||||||||||
Ford Motor Co | 58,040 | 509,591 | ||||||||||||||
Gap Inc/The | 5,430 | 142,157 | ||||||||||||||
Garmin Ltd | 1,769 | 152,753 | ||||||||||||||
General Motors Co | 19,012 | 705,345 | ||||||||||||||
Genuine Parts Co | 2,343 | 262,486 | ||||||||||||||
H&R Block Inc | 5,203 | 124,560 | ||||||||||||||
Hanesbrands Inc | 2,700 | 48,276 | ||||||||||||||
Harley-Davidson Inc | 3,878 | 138,289 | ||||||||||||||
Hasbro Inc | 1,824 | 155,076 | ||||||||||||||
Hilton Worldwide Holdings Inc | 3,612 | 300,193 | ||||||||||||||
Home Depot Inc/The | 23,990 | 4,603,441 | ||||||||||||||
Kohl’s Corp | 1,545 | 106,250 | ||||||||||||||
L Brands Inc | 3,454 | 95,261 | ||||||||||||||
Leggett & Platt Inc | 1,921 | 81,105 | ||||||||||||||
Lennar Corp - Class A | 2,860 | 140,397 | ||||||||||||||
LKQ Corp * | 5,292 | 150,187 | ||||||||||||||
Lowe’s Cos Inc | 18,329 | 2,006,476 | ||||||||||||||
Macy’s Inc | 5,002 | 120,198 | ||||||||||||||
Marriott International Inc - Class A | 6,414 | 802,327 | ||||||||||||||
Mattel Inc * | 5,842 | 75,946 | ||||||||||||||
McDonald’s Corp | 17,787 | 3,377,751 | ||||||||||||||
MGM Resorts International | 8,552 | 219,444 | ||||||||||||||
Mohawk Industries Inc * | 843 | 106,344 | ||||||||||||||
Newell Brands Inc | 7,875 | 120,802 | ||||||||||||||
NIKE Inc - Class B | 24,048 | 2,025,082 | ||||||||||||||
Nordstrom Inc | 848 | 37,634 | ||||||||||||||
Norwegian Cruise Line Holdings Ltd * | 3,169 | 174,168 | ||||||||||||||
O’Reilly Automotive Inc * | 2,361 | 916,776 | ||||||||||||||
PulteGroup Inc | 5,976 | 167,089 | ||||||||||||||
PVH Corp | 1,269 | 154,755 | ||||||||||||||
Ralph Lauren Corp | 804 | 104,263 | ||||||||||||||
Ross Stores Inc | 7,276 | 677,396 |
The accompanying notes are an integral part of the financial statements.
6
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Consumer Discretionary — 5.25% | ||||||||||||||||
Royal Caribbean Cruises Ltd | 2,416 | 276,922 | ||||||||||||||
Starbucks Corp | 25,183 | 1,872,104 | ||||||||||||||
Tapestry Inc | 3,701 | 120,245 | ||||||||||||||
Target Corp | 10,286 | 825,554 | ||||||||||||||
Tiffany & Co | 1,629 | 171,941 | ||||||||||||||
TJX Cos Inc/The | 22,800 | 1,213,188 | ||||||||||||||
Tractor Supply Co | 1,548 | 151,332 | ||||||||||||||
Ulta Beauty Inc * | 1,098 | 382,906 | ||||||||||||||
Under Armour Inc - Class A * | 2,701 | 57,099 | ||||||||||||||
Under Armour Inc - Class C * | 4,755 | 89,727 | ||||||||||||||
VF Corp | 6,033 | 524,328 | ||||||||||||||
Whirlpool Corp | 1,112 | 147,774 | ||||||||||||||
Wynn Resorts Ltd | 836 | 99,752 | ||||||||||||||
Yum! Brands Inc | 7,358 | 734,402 | ||||||||||||||
|
| |||||||||||||||
45,248,830 | ||||||||||||||||
|
| |||||||||||||||
Consumer Staples — 3.69% | ||||||||||||||||
Altria Group Inc | 32,977 | 1,893,869 | ||||||||||||||
Archer-Daniels-Midland Co | 10,068 | 434,233 | ||||||||||||||
Brown-Forman Corp - Class B | 9,226 | 486,948 | ||||||||||||||
Campbell Soup Co | 3,277 | 124,952 | ||||||||||||||
Church & Dwight Co Inc | 3,419 | 243,535 | ||||||||||||||
Clorox Co/The | 1,693 | 271,659 | ||||||||||||||
Coca-Cola Co/The | 71,762 | 3,362,767 | ||||||||||||||
Colgate-Palmolive Co | 16,204 | 1,110,622 | ||||||||||||||
Conagra Brands Inc | 6,305 | 174,901 | ||||||||||||||
Constellation Brands Inc - Class A | 3,237 | 567,543 | ||||||||||||||
Costco Wholesale Corp | 6,904 | 1,671,735 | ||||||||||||||
Coty Inc - Class A | 9,868 | 113,482 | ||||||||||||||
Estee Lauder Cos Inc/The - Class A | 3,563 | 589,855 | ||||||||||||||
General Mills Inc | 9,211 | 476,669 | ||||||||||||||
Hershey Co/The | 3,051 | 350,346 | ||||||||||||||
Hormel Foods Corp | 5,405 | 241,928 | ||||||||||||||
JM Smucker Co/The | 1,679 | 195,603 | ||||||||||||||
Kellogg Co | 4,570 | 262,227 | ||||||||||||||
Kimberly-Clark Corp | 6,340 | 785,526 | ||||||||||||||
Kraft Heinz Co/The | 10,062 | 328,524 | ||||||||||||||
Kroger Co/The | 19,191 | 472,099 | ||||||||||||||
Lamb Weston Holdings Inc | 2,411 | 180,680 | ||||||||||||||
McCormick & Co Inc | 2,286 | 344,340 | ||||||||||||||
Molson Coors Brewing Co - Class B | 3,017 | 179,964 | ||||||||||||||
Mondelez International Inc - Class A | 28,169 | 1,406,196 | ||||||||||||||
Monster Beverage Corp * | 6,756 | 368,742 | ||||||||||||||
PepsiCo Inc | 27,576 | 3,379,439 | ||||||||||||||
Philip Morris International Inc | 28,998 | 2,563,133 |
The accompanying notes are an integral part of the financial statements.
7
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Consumer Staples — 3.69% | ||||||||||||||||
Procter & Gamble Co/The | 45,777 | 4,763,097 | ||||||||||||||
Sysco Corp | 9,644 | 643,833 | ||||||||||||||
Tyson Foods Inc - Class A | 4,095 | 284,316 | ||||||||||||||
Walgreens Boots Alliance Inc | 14,871 | 940,888 | ||||||||||||||
Walmart Inc | 26,355 | 2,570,403 | ||||||||||||||
|
| |||||||||||||||
31,784,054 | ||||||||||||||||
|
| |||||||||||||||
Energy — 2.73% | ||||||||||||||||
Anadarko Petroleum Corp | 10,753 | 489,046 | ||||||||||||||
Apache Corp | 7,248 | 251,216 | ||||||||||||||
Baker Hughes a GE Co | 8,600 | 238,392 | ||||||||||||||
Cabot Oil & Gas Corp | 8,692 | 226,861 | ||||||||||||||
Chevron Corp | 33,569 | 4,135,029 | ||||||||||||||
Cimarex Energy Co | 1,417 | 99,048 | ||||||||||||||
Concho Resources Inc | 3,619 | 401,564 | ||||||||||||||
ConocoPhillips | 21,640 | 1,444,254 | ||||||||||||||
Devon Energy Corp | 10,130 | 319,703 | ||||||||||||||
Diamondback Energy Inc | 3,040 | 308,651 | ||||||||||||||
EOG Resources Inc | 10,257 | 976,261 | ||||||||||||||
Exxon Mobil Corp | 74,009 | 5,979,927 | ||||||||||||||
Halliburton Co | 15,343 | 449,550 | ||||||||||||||
Helmerich & Payne Inc | 2,051 | 113,954 | ||||||||||||||
Hess Corp | 6,431 | 387,339 | ||||||||||||||
HollyFrontier Corp | 3,201 | 157,713 | ||||||||||||||
Kinder Morgan Inc | 28,131 | 562,901 | ||||||||||||||
Marathon Oil Corp | 23,329 | 389,828 | ||||||||||||||
Marathon Petroleum Corp | 14,284 | 854,897 | ||||||||||||||
National Oilwell Varco Inc | 5,810 | 154,778 | ||||||||||||||
Noble Energy Inc | 10,070 | 249,031 | ||||||||||||||
Occidental Petroleum Corp | 12,757 | 844,513 | ||||||||||||||
ONEOK Inc | 6,982 | 487,623 | ||||||||||||||
Phillips 66 | 9,573 | 911,062 | ||||||||||||||
Pioneer Natural Resources Co | 3,210 | 488,819 | ||||||||||||||
Schlumberger Ltd | 24,864 | 1,083,324 | ||||||||||||||
TechnipFMC PLC (United Kingdom) | 6,670 | 156,878 | ||||||||||||||
Valero Energy Corp | 9,214 | 781,624 | ||||||||||||||
Williams Cos Inc/The | 20,828 | 598,180 | ||||||||||||||
|
| |||||||||||||||
23,541,966 | ||||||||||||||||
|
| |||||||||||||||
Financials — 6.55% | ||||||||||||||||
Affiliated Managers Group Inc | 926 | 99,184 | ||||||||||||||
Aflac Inc | 15,908 | 795,400 | ||||||||||||||
Allstate Corp/The | 8,438 | 794,691 | ||||||||||||||
American Express Co | 16,966 | 1,854,384 | ||||||||||||||
American International Group Inc | 19,848 | 854,655 |
The accompanying notes are an integral part of the financial statements.
8
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Financials — 6.55% | ||||||||||||||||
Ameriprise Financial Inc | 3,334 | 427,085 | ||||||||||||||
Aon PLC | 4,800 | 819,360 | ||||||||||||||
Arthur J Gallagher & Co | 3,047 | 237,971 | ||||||||||||||
Assurant Inc | 1,391 | 132,020 | ||||||||||||||
Bank Of America Corp | 167,548 | 4,622,649 | ||||||||||||||
Bank Of New York Mellon Corp/The | 5,300 | 267,279 | ||||||||||||||
BB&T Corp | 12,103 | 563,153 | ||||||||||||||
Berkshire Hathaway Inc - Class B * | 34,779 | 6,986,753 | ||||||||||||||
BlackRock Inc | 1,823 | 779,096 | ||||||||||||||
Brighthouse Financial Inc * | 2,083 | 75,592 | ||||||||||||||
Capital One Financial Corp | 9,256 | 756,123 | ||||||||||||||
Cboe Global Markets Inc | 1,371 | 130,848 | ||||||||||||||
Charles Schwab Corp/The | 20,852 | 891,632 | ||||||||||||||
Chubb Ltd | 7,657 | 1,072,593 | ||||||||||||||
Cincinnati Financial Corp | 2,958 | 254,092 | ||||||||||||||
Citigroup Inc | 43,834 | 2,727,351 | ||||||||||||||
Citizens Financial Group Inc | 8,888 | 288,860 | ||||||||||||||
CME Group Inc | 5,352 | 880,832 | ||||||||||||||
Comerica Inc | 2,649 | 194,225 | ||||||||||||||
Discover Financial Services | 7,506 | 534,127 | ||||||||||||||
E*TRADE Financial Corp | 3,699 | 171,745 | ||||||||||||||
Everest Re Group Ltd | 724 | 156,355 | ||||||||||||||
Fifth Third Bancorp | 7,966 | 200,903 | ||||||||||||||
First Republic Bank/CA | 3,030 | 304,394 | ||||||||||||||
Franklin Resources Inc | 7,158 | 237,216 | ||||||||||||||
Goldman Sachs Group Inc/The | 8,198 | 1,573,934 | ||||||||||||||
Hartford Financial Services Group Inc/The | 3,716 | 184,760 | ||||||||||||||
Huntington Bancshares Inc/OH | 9,923 | 125,824 | ||||||||||||||
Intercontinental Exchange Inc | 8,811 | 670,870 | ||||||||||||||
Invesco Ltd | 6,976 | 134,707 | ||||||||||||||
Jefferies Financial Group Inc | 5,800 | 108,982 | ||||||||||||||
JPmorgan Chase & Co | 65,127 | 6,592,806 | ||||||||||||||
KeyCorp | 13,874 | 218,515 | ||||||||||||||
Lincoln National Corp | 5,467 | 320,913 | ||||||||||||||
Loews Corp | 5,741 | 275,166 | ||||||||||||||
M&T Bank Corp | 2,893 | 454,259 | ||||||||||||||
Marsh & McLennan Cos Inc | 8,817 | 827,916 | ||||||||||||||
MetLife Inc | 17,069 | 726,627 | ||||||||||||||
Moody’s Corp | 3,124 | 565,725 | ||||||||||||||
Morgan Stanley | 25,224 | 1,064,453 | ||||||||||||||
MSCI Inc | 1,628 | 323,712 | ||||||||||||||
Nasdaq Inc | 2,445 | 213,913 | ||||||||||||||
Northern Trust Corp | 5,138 | 464,527 | ||||||||||||||
People’s United Financial Inc | 8,936 | 146,908 |
The accompanying notes are an integral part of the financial statements.
9
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Financials — 6.55% | ||||||||||||||||
PNC Financial Services Group Inc/The | 8,359 | 1,025,315 | ||||||||||||||
Principal Financial Group Inc | 4,811 | 241,464 | ||||||||||||||
Progressive Corp/The | 12,138 | 875,028 | ||||||||||||||
Prudential Financial Inc | 7,359 | 676,145 | ||||||||||||||
Raymond James Financial Inc | 2,029 | 163,152 | ||||||||||||||
Regions Financial Corp | 18,100 | 256,115 | ||||||||||||||
S&P Global Inc | 5,039 | 1,060,961 | ||||||||||||||
State Street Corp | 8,026 | 528,191 | ||||||||||||||
SunTrust Banks Inc | 5,903 | 349,753 | ||||||||||||||
SVB Financial Group * | 957 | 212,799 | ||||||||||||||
Synchrony Financial | 12,201 | 389,212 | ||||||||||||||
T Rowe Price Group Inc | 4,412 | 441,729 | ||||||||||||||
Torchmark Corp | 3,318 | 271,910 | ||||||||||||||
Travelers Cos Inc/The | 7,433 | 1,019,510 | ||||||||||||||
Unum Group | 5,743 | 194,286 | ||||||||||||||
US Bancorp | 31,444 | 1,515,286 | ||||||||||||||
Wells Fargo & Co | 76,332 | 3,688,362 | ||||||||||||||
Willis Towers Watson PLC | 1,907 | 334,965 | ||||||||||||||
Zions Bancorp NA | 1,019 | 46,273 | ||||||||||||||
|
| |||||||||||||||
56,395,541 | ||||||||||||||||
|
| |||||||||||||||
Health Care — 7.37% | ||||||||||||||||
Abbott Laboratories | 31,159 | 2,490,850 | ||||||||||||||
AbbVie Inc | 28,466 | 2,294,075 | ||||||||||||||
ABIOMED Inc * | 759 | 216,763 | ||||||||||||||
Agilent Technologies Inc | 5,679 | 456,478 | ||||||||||||||
Alexion Pharmaceuticals Inc * | 4,001 | 540,855 | ||||||||||||||
Align Technology Inc * | 1,317 | 374,463 | ||||||||||||||
Allergan PLC | 6,030 | 882,852 | ||||||||||||||
AmerisourceBergen Corp | 4,037 | 321,022 | ||||||||||||||
Amgen Inc | 13,370 | 2,540,033 | ||||||||||||||
Anthem Inc | 5,765 | 1,654,440 | ||||||||||||||
Baxter International Inc | 9,440 | 767,566 | ||||||||||||||
Becton Dickinson and Co | 4,862 | 1,214,187 | ||||||||||||||
Biogen Inc * | 3,722 | 879,806 | ||||||||||||||
Boston Scientific Corp * | 24,439 | 937,969 | ||||||||||||||
Bristol-Myers Squibb Co | 29,064 | 1,386,643 | ||||||||||||||
Cardinal Health Inc | 5,188 | 249,802 | ||||||||||||||
Celgene Corp * | 13,959 | 1,316,892 | ||||||||||||||
Centene Corp * | 7,142 | 379,240 | ||||||||||||||
Cerner Corp * | 5,005 | 286,336 | ||||||||||||||
Cigna Corp | 7,426 | 1,194,249 | ||||||||||||||
Cooper Cos Inc/The | 852 | 252,337 | ||||||||||||||
CVS Health Corp | 25,131 | 1,355,315 | ||||||||||||||
Danaher Corp | 9,915 | 1,308,978 |
The accompanying notes are an integral part of the financial statements.
10
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Health Care — 7.37% | ||||||||||||||||
DaVita Inc* | 3,294 | 178,831 | ||||||||||||||
DENTSPLY SIRONA Inc | 4,583 | 227,271 | ||||||||||||||
Edwards Lifesciences Corp * | 3,780 | 723,227 | ||||||||||||||
Eli Lilly & Co | 16,106 | 2,089,915 | ||||||||||||||
Gilead Sciences Inc | 25,249 | 1,641,437 | ||||||||||||||
HCA Healthcare Inc | 4,475 | 583,450 | ||||||||||||||
Henry Schein Inc * | 2,057 | 123,646 | ||||||||||||||
Hologic Inc * | 4,289 | 207,588 | ||||||||||||||
Humana Inc | 2,467 | 656,222 | ||||||||||||||
IDEXX Laboratories Inc* | 1,518 | 339,425 | ||||||||||||||
Illumina Inc * | 2,548 | 791,638 | ||||||||||||||
Incyte Corp * | 2,612 | 224,658 | ||||||||||||||
Intuitive Surgical Inc * | 1,973 | 1,125,754 | ||||||||||||||
IQVIA Holdings Inc * | 2,400 | 345,240 | ||||||||||||||
Johnson & Johnson | 48,334 | 6,756,610 | ||||||||||||||
Laboratory Corp of America Holdings * | 1,758 | 268,939 | ||||||||||||||
McKesson Corp | 4,062 | 475,498 | ||||||||||||||
Medtronic PLC | 24,155 | 2,200,037 | ||||||||||||||
Merck & Co., Inc. | 50,260 | 4,180,124 | ||||||||||||||
Mettler-Toledo International Inc * | 409 | 295,707 | ||||||||||||||
Mylan NV * | 9,157 | 259,509 | ||||||||||||||
Nektar Therapeutics * | 2,680 | 90,048 | ||||||||||||||
PerkinElmer Inc | 1,071 | 103,202 | ||||||||||||||
Perrigo Co PLC | 3,244 | 156,231 | ||||||||||||||
Pfizer Inc | 103,568 | 4,398,533 | ||||||||||||||
Quest Diagnostics Inc | 2,678 | 240,806 | ||||||||||||||
Regeneron Pharmaceuticals Inc * | 1,336 | 548,588 | ||||||||||||||
ResMed Inc | 2,506 | 260,549 | ||||||||||||||
Stryker Corp | 5,178 | 1,022,759 | ||||||||||||||
Teleflex Inc | 772 | 233,268 | ||||||||||||||
Thermo Fisher Scientific Inc | 6,838 | 1,871,697 | ||||||||||||||
UnitedHealth Group Inc | 17,854 | 4,414,580 | ||||||||||||||
Universal Health Services Inc - Class B | 1,348 | 180,322 | ||||||||||||||
Varian Medical Systems Inc * | 1,722 | 244,042 | ||||||||||||||
Vertex Pharmaceuticals Inc * | 4,424 | 813,795 | ||||||||||||||
Waters Corp * | 1,602 | 403,239 | ||||||||||||||
WellCare Health Plans Inc * | 826 | 222,813 | ||||||||||||||
Zimmer Biomet Holdings Inc | 3,548 | 453,080 | ||||||||||||||
Zoetis Inc | 8,226 | 828,111 | ||||||||||||||
|
| |||||||||||||||
63,481,540 | ||||||||||||||||
|
| |||||||||||||||
Industrials — 5.05% | ||||||||||||||||
3M Co | 12,009 | 2,495,230 | ||||||||||||||
Alaska Air Group Inc | 2,101 | 117,908 | ||||||||||||||
Allegion PLC | 1,521 | 137,970 |
The accompanying notes are an integral part of the financial statements.
11
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Industrials — 5.05% | ||||||||||||||||
American Airlines Group Inc | 4,489 | 142,571 | ||||||||||||||
AMETEK Inc | 3,474 | 288,238 | ||||||||||||||
AO Smith Corp | 2,597 | 138,472 | ||||||||||||||
Arconic Inc | 2,992 | 57,177 | ||||||||||||||
Boeing Co/The | 11,330 | 4,321,489 | ||||||||||||||
Caterpillar Inc | 11,573 | 1,568,026 | ||||||||||||||
CH Robinson Worldwide Inc | 2,472 | 215,039 | ||||||||||||||
Cintas Corp | 2,189 | 442,419 | ||||||||||||||
Copart Inc * | 3,660 | 221,759 | ||||||||||||||
CSX Corp | 19,210 | 1,437,292 | ||||||||||||||
Cummins Inc | 2,626 | 414,567 | ||||||||||||||
Deere & Co | 5,974 | 954,884 | ||||||||||||||
Delta Air Lines Inc | 11,735 | 606,113 | ||||||||||||||
Dover Corp | 2,871 | 269,300 | ||||||||||||||
Eaton Corp PLC | 6,913 | 556,911 | ||||||||||||||
Emerson Electric Co | 12,787 | 875,526 | ||||||||||||||
Equifax Inc | 2,267 | 268,639 | ||||||||||||||
Expeditors International of Washington Inc | 3,138 | 238,174 | ||||||||||||||
Fastenal Co | 3,521 | 226,436 | ||||||||||||||
FedEx Corp | 4,715 | 855,348 | ||||||||||||||
Flowserve Corp | 2,278 | 102,829 | ||||||||||||||
Fluor Corp | 2,919 | 107,419 | ||||||||||||||
Fortive Corp | 4,702 | 394,451 | ||||||||||||||
Fortune Brands Home & Security Inc | 2,680 | 127,595 | ||||||||||||||
General Dynamics Corp | 6,015 | 1,018,219 | ||||||||||||||
General Electric Co | 147,716 | 1,475,683 | ||||||||||||||
Harris Corp | 2,010 | 321,017 | ||||||||||||||
Honeywell International Inc | 13,505 | 2,146,215 | ||||||||||||||
Huntington Ingalls Industries Inc | 820 | 169,904 | ||||||||||||||
IHS Markit Ltd * | 6,067 | 329,923 | ||||||||||||||
Illinois Tool Works Inc | 6,370 | 914,286 | ||||||||||||||
Ingersoll-Rand PLC | 4,500 | 485,775 | ||||||||||||||
Jacobs Engineering Group Inc | 144 | 10,827 | ||||||||||||||
JB Hunt Transport Services Inc | 808 | 81,842 | ||||||||||||||
Johnson Controls International PLC * | 16,119 | 595,436 | ||||||||||||||
Kansas City Southern | 1,617 | 187,540 | ||||||||||||||
L3 Technologies Inc | 1,859 | 383,642 | ||||||||||||||
Lockheed Martin Corp | 5,001 | 1,501,100 | ||||||||||||||
Masco Corp | 5,916 | 232,558 | ||||||||||||||
Nielsen Holdings PLC | 4,458 | 105,521 | ||||||||||||||
Norfolk Southern Corp | 5,330 | 996,124 | ||||||||||||||
Northrop Grumman Corp | 4,311 | 1,162,246 | ||||||||||||||
PACCAR Inc | 6,614 | 450,678 | ||||||||||||||
Parker-Hannifin Corp | 2,101 | 360,574 |
The accompanying notes are an integral part of the financial statements.
12
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Industrials — 5.05% | ||||||||||||||||
Pentair PLC | 3,228 | 143,678 | ||||||||||||||
Quanta Services Inc | 3,108 | 117,296 | ||||||||||||||
Raytheon Co | 5,421 | 987,056 | ||||||||||||||
Republic Services Inc | 5,419 | 435,579 | ||||||||||||||
Robert Half International Inc | 2,608 | 169,937 | ||||||||||||||
Rockwell Automation Inc | 2,149 | 377,064 | ||||||||||||||
Rollins Inc | 2,143 | 89,192 | ||||||||||||||
Roper Technologies Inc | 1,126 | 385,058 | ||||||||||||||
Snap-on Inc | 653 | 102,208 | ||||||||||||||
Southwest Airlines Co | 12,870 | 668,082 | ||||||||||||||
Stanley Black & Decker Inc | 2,383 | 324,493 | ||||||||||||||
Textron Inc | 3,670 | 185,922 | ||||||||||||||
TransDigm Group Inc * | 866 | 393,155 | ||||||||||||||
Union Pacific Corp | 15,069 | 2,519,537 | ||||||||||||||
United Continental Holdings Inc * | 4,579 | 365,313 | ||||||||||||||
United Parcel Service Inc - Class B | 14,556 | 1,626,487 | ||||||||||||||
United Rentals Inc * | 1,405 | 160,521 | ||||||||||||||
United Technologies Corp | 15,752 | 2,030,275 | ||||||||||||||
Verisk Analytics Inc | 2,484 | 330,372 | ||||||||||||||
Wabtec Corp | 2,100 | 154,812 | ||||||||||||||
Waste Management Inc | 8,398 | 872,636 | ||||||||||||||
WW Grainger Inc | 1,105 | 332,528 | ||||||||||||||
Xylem Inc/NY | 2,912 | 230,164 | ||||||||||||||
|
| |||||||||||||||
43,512,257 | ||||||||||||||||
|
| |||||||||||||||
Information Technology — 11.01% | ||||||||||||||||
Accenture PLC - Class A | 11,189 | 1,969,488 | ||||||||||||||
Adobe Inc * | 8,393 | 2,236,651 | ||||||||||||||
Advanced Micro Devices Inc * | 15,558 | 397,040 | ||||||||||||||
Akamai Technologies Inc * | 2,716 | 194,764 | ||||||||||||||
Alliance Data Systems Corp | 782 | 136,834 | ||||||||||||||
Amphenol Corp - Class A | 6,002 | 566,829 | ||||||||||||||
Analog Devices Inc | 5,285 | 556,352 | ||||||||||||||
ANSYS Inc * | 1,500 | 274,065 | ||||||||||||||
Apple Inc | 89,420 | 16,985,329 | ||||||||||||||
Applied Materials Inc | 21,755 | 862,803 | ||||||||||||||
Arista Networks, Inc. * | 787 | 247,480 | ||||||||||||||
Autodesk Inc * | 3,745 | 583,546 | ||||||||||||||
Automatic Data Processing Inc | 8,535 | 1,363,381 | ||||||||||||||
Broadcom, Inc. | 7,707 | 2,317,572 | ||||||||||||||
Broadridge Financial Solutions Inc | 2,138 | 221,689 | ||||||||||||||
Cadence Design Systems Inc * | 4,993 | 317,105 | ||||||||||||||
Cisco Systems Inc | 87,818 | 4,741,294 | ||||||||||||||
Citrix Systems Inc | 2,789 | 277,952 | ||||||||||||||
Cognizant Technology Solutions Corp - Class A | 9,388 | 680,161 |
The accompanying notes are an integral part of the financial statements.
13
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Information Technology — 11.01% | ||||||||||||||||
Corning Inc | 24,780 | 820,218 | ||||||||||||||
DXC Technology Co | 5,176 | 332,869 | ||||||||||||||
F5 Networks Inc * | 1,250 | 196,162 | ||||||||||||||
Fidelity National Information Services Inc | 4,902 | 554,416 | ||||||||||||||
Fiserv Inc * | 10,051 | 887,302 | ||||||||||||||
FleetCor Technologies Inc * | 1,624 | 400,462 | ||||||||||||||
FLIR Systems Inc | 2,649 | 126,039 | ||||||||||||||
Fortinet Inc * | 2,373 | 199,261 | ||||||||||||||
Gartner Inc * | 1,583 | 240,109 | ||||||||||||||
Global Payments Inc | 2,608 | 356,044 | ||||||||||||||
Hewlett Packard Enterprise Co | 31,385 | 484,271 | ||||||||||||||
HP Inc | 31,413 | 610,355 | ||||||||||||||
Intel Corp | 85,842 | 4,609,715 | ||||||||||||||
International Business Machines Corp | 16,839 | 2,375,983 | ||||||||||||||
Intuit Inc | 4,795 | 1,253,461 | ||||||||||||||
IPG Photonics Corp * | 677 | 102,755 | ||||||||||||||
Jack Henry & Associates Inc | 1,120 | 155,389 | ||||||||||||||
Juniper Networks Inc | 7,764 | 205,513 | ||||||||||||||
Keysight Technologies, Inc. * | 2,319 | 202,217 | ||||||||||||||
KLA-Tencor Corp | 2,572 | 307,123 | ||||||||||||||
Lam Research Corp | 2,346 | 419,957 | ||||||||||||||
Mastercard, Inc., Class A | 16,198 | 3,813,819 | ||||||||||||||
Maxim Integrated Products Inc | 4,721 | 251,016 | ||||||||||||||
Microchip Technology Inc | 4,032 | 334,495 | ||||||||||||||
Micron Technology Inc * | 19,604 | 810,233 | ||||||||||||||
Microsoft Corp | 139,810 | 16,489,191 | ||||||||||||||
Motorola Solutions Inc | 4,285 | 601,700 | ||||||||||||||
NetApp Inc | 4,367 | 302,808 | ||||||||||||||
NVIDIA Corp | 10,912 | 1,959,359 | ||||||||||||||
Oracle Corp | 59,617 | 3,202,029 | ||||||||||||||
Paychex Inc | 5,569 | 446,634 | ||||||||||||||
PayPal Holdings Inc * | 19,758 | 2,051,671 | ||||||||||||||
Qorvo Inc * | 2,099 | 150,561 | ||||||||||||||
QUALCOMM Inc | 22,313 | 1,272,510 | ||||||||||||||
Red Hat Inc * | 3,063 | 559,610 | ||||||||||||||
salesforce.com, Inc. * | 13,642 | 2,160,484 | ||||||||||||||
Seagate Technology PLC | 5,073 | 242,946 | ||||||||||||||
Skyworks Solutions Inc | 3,015 | 248,677 | ||||||||||||||
Symantec Corp | 9,946 | 228,659 | ||||||||||||||
Synopsys Inc * | 2,646 | 304,687 | ||||||||||||||
TE Connectivity Ltd | 4,800 | 387,600 | ||||||||||||||
Texas Instruments Inc | 20,235 | 2,146,326 | ||||||||||||||
Total System Services Inc | 2,537 | 241,040 | ||||||||||||||
VeriSign Inc * | 2,668 | 484,402 |
The accompanying notes are an integral part of the financial statements.
14
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares | Value $ | |||||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Information Technology — 11.01% | ||||||||||||||||
Visa Inc - Class A | 34,141 | 5,332,483 | ||||||||||||||
Western Digital Corp | 4,312 | 207,235 | ||||||||||||||
Western Union Co/The | 8,365 | 154,502 | ||||||||||||||
Xerox Corp | 1,674 | 53,535 | ||||||||||||||
Xilinx Inc | 4,567 | 579,050 | ||||||||||||||
|
| |||||||||||||||
94,787,218 | ||||||||||||||||
|
| |||||||||||||||
Materials — 1.26% | ||||||||||||||||
Air Products & Chemicals Inc | 3,735 | 713,236 | ||||||||||||||
Albemarle Corp | 1,948 | 159,697 | ||||||||||||||
Avery Dennison Corp | 1,675 | 189,275 | ||||||||||||||
Ball Corp | 6,722 | 388,935 | ||||||||||||||
Celanese Corp | 2,473 | 243,863 | ||||||||||||||
CF Industries Holdings Inc | 4,630 | 189,274 | ||||||||||||||
DowDuPont Inc | 41,500 | 2,212,365 | ||||||||||||||
Eastman Chemical Co | 2,033 | 154,264 | ||||||||||||||
Ecolab Inc | 4,348 | 767,596 | ||||||||||||||
FMC Corp | 1,745 | 134,051 | ||||||||||||||
Freeport-McMoRan Inc | 24,217 | 312,157 | ||||||||||||||
International Flavors & Fragrances Inc | 1,090 | 140,381 | ||||||||||||||
International Paper Co | 7,614 | 352,300 | ||||||||||||||
Linde PLC (United Kingdom) | 8,326 | 1,464,793 | ||||||||||||||
LyondellBasell Industries NV - Class A | 5,504 | 462,776 | ||||||||||||||
Martin Marietta Materials Inc | 1,015 | 204,198 | ||||||||||||||
Mosaic Co/The | 6,643 | 181,420 | ||||||||||||||
Newmont Mining Corp | 12,959 | 463,543 | ||||||||||||||
Nucor Corp | 4,926 | 287,432 | ||||||||||||||
Packaging Corp of America | 1,664 | 165,368 | ||||||||||||||
PPG Industries Inc | 4,756 | 536,810 | ||||||||||||||
Sealed Air Corp | 2,182 | 100,503 | ||||||||||||||
Sherwin-Williams Co/The | 1,431 | 616,346 | ||||||||||||||
Vulcan Materials Co | 2,199 | 260,362 | ||||||||||||||
WestRock Co | 3,780 | 144,963 | ||||||||||||||
|
| |||||||||||||||
10,845,908 | ||||||||||||||||
|
| |||||||||||||||
Real Estate — 1.63% | ||||||||||||||||
Alexandria Real Estate Equities Inc REIT | 2,457 | 350,270 | ||||||||||||||
American Tower Corp REIT | 8,608 | 1,696,292 | ||||||||||||||
Apartment Investment & Management Co - Class A REIT | 4,645 | 233,597 | ||||||||||||||
AvalonBay Communities Inc REIT | 2,565 | 514,872 | ||||||||||||||
Boston Properties Inc REIT | 2,823 | 377,943 | ||||||||||||||
CBRE Group Inc - Class A * | 5,698 | 281,766 | ||||||||||||||
Crown Castle International Corp REIT | 8,164 | 1,044,992 | ||||||||||||||
Digital Realty Trust Inc REIT | 4,010 | 477,190 | ||||||||||||||
Duke Realty Corp REIT | 7,181 | 219,595 |
The accompanying notes are an integral part of the financial statements.
15
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Common Stocks — 51.18% | ||||||||||||||||
Real Estate — 1.63% | ||||||||||||||||
Equinix Inc REIT | 1,705 | 772,638 | ||||||||||||||
Equity Residential REIT | 6,585 | 495,982 | ||||||||||||||
Essex Property Trust Inc REIT | 1,489 | 430,678 | ||||||||||||||
Extra Space Storage Inc REIT | 2,210 | 225,221 | ||||||||||||||
Federal Realty Investment Trust REIT | 1,337 | 184,305 | ||||||||||||||
HCP Inc REIT | 8,394 | 262,732 | ||||||||||||||
Host Hotels & Resorts Inc REIT | 9,476 | 179,096 | ||||||||||||||
Iron Mountain Inc REIT | 4,712 | 167,088 | ||||||||||||||
Kimco Realty Corp REIT | 11,275 | 208,587 | ||||||||||||||
Macerich Co/The REIT | 3,528 | 152,939 | ||||||||||||||
Mid-America Apartment Communities Inc REIT | 2,577 | 281,743 | ||||||||||||||
Prologis Inc REIT | 11,052 | 795,191 | ||||||||||||||
Public Storage REIT | 2,714 | 591,055 | ||||||||||||||
Realty Income Corp REIT | 6,412 | 471,667 | ||||||||||||||
Regency Centers Corp REIT | 3,909 | 263,818 | ||||||||||||||
SBA Communications Corp REIT * | 2,299 | 459,018 | ||||||||||||||
Simon Property Group Inc REIT | 5,598 | 1,020,012 | ||||||||||||||
SL Green Realty Corp REIT | 1,747 | 157,090 | ||||||||||||||
UDR Inc REIT | 5,013 | 227,891 | ||||||||||||||
Ventas Inc REIT | 6,057 | 386,497 | ||||||||||||||
Vornado Realty Trust REIT | 3,086 | 208,120 | ||||||||||||||
Welltower Inc REIT | 7,163 | 555,849 | ||||||||||||||
Weyerhaeuser Co REIT | 13,774 | 362,807 | ||||||||||||||
|
| |||||||||||||||
14,056,541 | ||||||||||||||||
|
| |||||||||||||||
Utilities — 1.52% | ||||||||||||||||
AES Corp | 39,738 | 718,463 | ||||||||||||||
Alliant Energy Corp | 26,942 | 1,269,776 | ||||||||||||||
American Water Works Co Inc | 7,436 | 775,277 | ||||||||||||||
Atmos Energy Corp | 4,587 | 472,140 | ||||||||||||||
CenterPoint Energy Inc | 27,143 | 833,290 | ||||||||||||||
CMS Energy Corp | 22,357 | 1,241,708 | ||||||||||||||
Consolidated Edison Inc | 15,612 | 1,324,054 | ||||||||||||||
Eversource Energy | 19,966 | 1,416,588 | ||||||||||||||
NiSource Inc | 28,851 | 826,870 | ||||||||||||||
PPL Corp | 36,862 | 1,170,000 | ||||||||||||||
Sempra Energy | 9,586 | 1,206,494 | ||||||||||||||
WEC Energy Group Inc | 22,861 | 1,807,848 | ||||||||||||||
|
| |||||||||||||||
13,062,508 | ||||||||||||||||
|
| |||||||||||||||
Total Common Stocks (Cost $450,310,304) | 440,821,643 | |||||||||||||||
|
| |||||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Agencies — 0.03% |
The accompanying notes are an integral part of the financial statements.
16
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Private Export Funding Corp | 2.80 | 05/15/2022 | 284,000 | 286,896 | ||||||||||||
|
| |||||||||||||||
286,896 | ||||||||||||||||
|
| |||||||||||||||
Basic Industry — 0.35% | ||||||||||||||||
Air Products & Chemicals Inc | 3.35 | 07/31/2024 | 100,000 | 102,912 | ||||||||||||
Barrick North America Finance LLC (Canada) | 5.70 | 05/30/2041 | 10,000 | 11,426 | ||||||||||||
Barrick North America Finance LLC (Canada) | 5.75 | 05/01/2043 | 25,000 | 28,993 | ||||||||||||
BHP Billiton Finance USA Ltd (Australia) | 5.00 | 09/30/2043 | 142,000 | 166,764 | ||||||||||||
Dow Chemical Co/The | 4.25 | 11/15/2020 | 100,000 | 101,900 | ||||||||||||
Dow Chemical Co/The | 3.00 | 11/15/2022 | 150,000 | 150,101 | ||||||||||||
Dow Chemical Co/The | 5.25 | 11/15/2041 | 30,000 | 31,156 | ||||||||||||
DowDuPont Inc | 5.32 | 11/15/2038 | 35,000 | 38,909 | ||||||||||||
DowDuPont Inc | 5.42 | 11/15/2048 | 40,000 | 45,628 | ||||||||||||
Eastman Chemical Co | 3.80 | 03/15/2025 | 150,000 | 153,365 | ||||||||||||
Ecolab Inc | 2.38 | 08/10/2022 | 150,000 | 148,050 | ||||||||||||
Georgia-Pacific LLC | 8.88 | 05/15/2031 | 75,000 | 112,164 | ||||||||||||
International Paper Co | 3.65 | 06/15/2024 | 200,000 | 205,601 | ||||||||||||
International Paper Co | 4.80 | 06/15/2044 | 100,000 | 98,551 | ||||||||||||
LyondellBasell Industries NV | 4.62 | 02/26/2055 | 140,000 | 125,834 | ||||||||||||
Methanex Corp (Canada) | 4.25 | 12/01/2024 | 100,000 | 99,826 | ||||||||||||
Mosaic Co/The | 4.25 | 11/15/2023 | 30,000 | 31,135 | ||||||||||||
Mosaic Co/The | 4.88 | 11/15/2041 | 95,000 | 91,457 | ||||||||||||
Newmont Mining Corp | 6.25 | 10/01/2039 | 100,000 | 120,861 | ||||||||||||
Nutrien Ltd (Canada) | 4.00 | 12/15/2026 | 150,000 | 151,798 | ||||||||||||
Nutrien Ltd (Canada) | 4.90 | 06/01/2043 | 100,000 | 102,227 | ||||||||||||
Praxair Inc | 3.00 | 09/01/2021 | 75,000 | 75,676 | ||||||||||||
Praxair Inc | 3.20 | 01/30/2026 | 92,000 | 93,560 | ||||||||||||
Rio Tinto Alcan Inc (Canada) | 6.12 | 12/15/2033 | 67,000 | 85,168 | ||||||||||||
Sherwin-Williams Co/The | 3.45 | 06/01/2027 | 190,000 | 186,657 | ||||||||||||
Sherwin-Williams Co/The | 4.55 | 08/01/2045 | 242,000 | 235,683 | ||||||||||||
Vale Overseas Ltd (Brazil) | 4.38 | 01/11/2022 | 100,000 | 101,950 | ||||||||||||
Vale Overseas Ltd (Brazil) | 6.88 | 11/21/2036 | 100,000 | 114,400 | ||||||||||||
|
| |||||||||||||||
3,011,752 | ||||||||||||||||
|
| |||||||||||||||
Capital Goods — 0.62% | ||||||||||||||||
3M Co | 2.25 | 09/19/2026 | 242,000 | 232,582 | ||||||||||||
3M Co | 2.88 | 10/15/2027 | 300,000 | 297,888 | ||||||||||||
Boeing Co/The | 5.88 | 02/15/2040 | 75,000 | 93,931 | ||||||||||||
Caterpillar Inc | 5.30 | 09/15/2035 | 67,000 | 78,525 | ||||||||||||
Caterpillar Inc | 4.30 | 05/15/2044 | 100,000 | 107,602 | ||||||||||||
Deere & Co | 2.60 | 06/08/2022 | 200,000 | 199,891 | ||||||||||||
Deere & Co | 3.90 | 06/09/2042 | 73,000 | 76,466 | ||||||||||||
Eaton Corp | 3.10 | 09/15/2027 | 100,000 | 98,196 | ||||||||||||
Fortive Corp | 3.15 | 06/15/2026 | 35,000 | 34,082 | ||||||||||||
General Dynamics Corp | 2.25 | 11/15/2022 | 159,000 | 157,366 |
The accompanying notes are an integral part of the financial statements.
17
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Capital Goods — 0.62% | ||||||||||||||||
General Electric Co | 2.70 | 10/09/2022 | 235,000 | 230,778 | ||||||||||||
General Electric Co | 6.75 | 03/15/2032 | 142,000 | 163,992 | ||||||||||||
General Electric Co | 5.88 | 01/14/2038 | 121,000 | 128,712 | ||||||||||||
Harris Corp | 4.40 | 06/15/2028 | 150,000 | 157,752 | ||||||||||||
Hubbell Inc | 3.35 | 03/01/2026 | 142,000 | 138,600 | ||||||||||||
Illinois Tool Works Inc | 2.65 | 11/15/2026 | 142,000 | 139,948 | ||||||||||||
Ingersoll-Rand Global Holding Co Ltd | 3.75 | 08/21/2028 | 10,000 | 10,215 | ||||||||||||
John Deere Capital Corp | 1.95 | 06/22/2020 | 200,000 | 198,443 | ||||||||||||
John Deere Capital Corp | 2.95 | 04/01/2022 | 100,000 | 100,907 | ||||||||||||
John Deere Capital Corp | 2.80 | 03/06/2023 | 200,000 | 200,794 | ||||||||||||
Johnson Controls International PLC | 5.12 | 09/14/2045 | 200,000 | 208,707 | ||||||||||||
Lockheed Martin Corp | 3.35 | 09/15/2021 | 100,000 | 101,592 | ||||||||||||
Masco Corp | 5.95 | 03/15/2022 | 100,000 | 106,957 | ||||||||||||
Northrop Grumman Corp | 2.55 | 10/15/2022 | 150,000 | 148,343 | ||||||||||||
Northrop Grumman Corp | 2.93 | 01/15/2025 | 150,000 | 147,937 | ||||||||||||
Northrop Grumman Corp | 3.25 | 01/15/2028 | 300,000 | 294,991 | ||||||||||||
Northrop Grumman Corp | 4.03 | 10/15/2047 | 100,000 | 98,664 | ||||||||||||
Owens Corning | 4.20 | 12/01/2024 | 100,000 | 101,041 | ||||||||||||
Republic Services Inc | 3.55 | 06/01/2022 | 200,000 | 204,443 | ||||||||||||
Rockwell Collins Inc | 4.80 | 12/15/2043 | 25,000 | 26,370 | ||||||||||||
Rockwell Collins Inc | 4.35 | 04/15/2047 | 70,000 | 69,019 | ||||||||||||
Snap-on Inc | 3.25 | 03/01/2027 | 100,000 | 100,034 | ||||||||||||
United Technologies Corp | 2.30 | 05/04/2022 | 200,000 | 196,973 | ||||||||||||
United Technologies Corp | 3.65 | 08/16/2023 | 150,000 | 153,969 | ||||||||||||
United Technologies Corp | 3.12 | 05/04/2027 | 30,000 | 29,313 | ||||||||||||
United Technologies Corp | 4.50 | 06/01/2042 | 100,000 | 103,361 | ||||||||||||
United Technologies Corp | 4.05 | 05/04/2047 | 100,000 | 95,782 | ||||||||||||
United Technologies Corp | 4.62 | 11/16/2048 | 35,000 | 37,131 | ||||||||||||
Waste Management Inc | 3.15 | 11/15/2027 | 100,000 | 99,659 | ||||||||||||
Waste Management Inc | 3.90 | 03/01/2035 | 100,000 | 100,203 | ||||||||||||
WW Grainger Inc | 3.75 | 05/15/2046 | 97,000 | 90,258 | ||||||||||||
|
| |||||||||||||||
5,361,417 | ||||||||||||||||
|
| |||||||||||||||
Communications — 1.09% | ||||||||||||||||
Activision Blizzard Inc | 3.40 | 06/15/2027 | 100,000 | 97,098 | ||||||||||||
America Movil SAB de CV (Mexico) | 6.38 | 03/01/2035 | 100,000 | 124,382 | ||||||||||||
America Movil SAB de CV (Mexico) | 6.12 | 03/30/2040 | 100,000 | 124,738 | ||||||||||||
American Tower Corp | 5.05 | 09/01/2020 | 150,000 | 154,540 | ||||||||||||
American Tower Corp | 3.00 | 06/15/2023 | 100,000 | 99,659 | ||||||||||||
AT&T Inc | 3.88 | 08/15/2021 | 36,000 | 36,920 | ||||||||||||
AT&T Inc | 3.00 | 06/30/2022 | 100,000 | 100,441 | ||||||||||||
AT&T Inc | 3.80 | 03/01/2024 | 100,000 | 102,323 | ||||||||||||
AT&T Inc | 4.45 | 04/01/2024 | 240,000 | 251,135 | ||||||||||||
AT&T Inc | 3.40 | 05/15/2025 | 340,000 | 336,436 | ||||||||||||
AT&T Inc | 4.25 | 03/01/2027 | 270,000 | 277,599 |
The accompanying notes are an integral part of the financial statements.
18
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Communications — 1.09% | ||||||||||||||||
AT&T Inc | 4.35 | 03/01/2029 | 60,000 | 61,294 | ||||||||||||
AT&T Inc | 4.85 | 03/01/2039 | 40,000 | 40,244 | ||||||||||||
AT&T Inc | 5.35 | 09/01/2040 | 125,000 | 131,303 | ||||||||||||
AT&T Inc | 4.75 | 05/15/2046 | 180,000 | 175,893 | ||||||||||||
AT&T Inc | 4.55 | 03/09/2049 | 153,000 | 144,486 | ||||||||||||
CBS Corp | 4.30 | 02/15/2021 | 125,000 | 127,641 | ||||||||||||
CBS Corp | 2.50 | 02/15/2023 | 100,000 | 97,586 | ||||||||||||
CBS Corp | 4.00 | 01/15/2026 | 15,000 | 15,239 | ||||||||||||
CBS Corp | 3.38 | 02/15/2028 | 150,000 | 142,886 | ||||||||||||
CBS Corp | 4.60 | 01/15/2045 | 100,000 | 95,381 | ||||||||||||
Charter Communications Operating LLC / | 4.91 | 07/23/2025 | 300,000 | 316,553 | ||||||||||||
Charter Communications Operating LLC / | 5.38 | 05/01/2047 | 300,000 | 298,917 | ||||||||||||
Comcast Corp | 2.75 | 03/01/2023 | 145,000 | 144,755 | ||||||||||||
Comcast Corp | 3.70 | 04/15/2024 | 110,000 | 113,633 | ||||||||||||
Comcast Corp | 3.15 | 03/01/2026 | 100,000 | 99,493 | ||||||||||||
Comcast Corp | 3.55 | 05/01/2028 | 20,000 | 20,174 | ||||||||||||
Comcast Corp | 3.20 | 07/15/2036 | 250,000 | 227,317 | ||||||||||||
Comcast Corp | 6.45 | 03/15/2037 | 108,000 | 137,569 | ||||||||||||
Comcast Corp | 3.90 | 03/01/2038 | 25,000 | 24,565 | ||||||||||||
Comcast Corp | 4.60 | 10/15/2038 | 100,000 | 107,048 | ||||||||||||
Comcast Corp | 4.60 | 08/15/2045 | 85,000 | 90,598 | ||||||||||||
Comcast Corp | 4.00 | 03/01/2048 | 185,000 | 180,322 | ||||||||||||
Comcast Corp | 4.70 | 10/15/2048 | 135,000 | 146,354 | ||||||||||||
Crown Castle International Corp | 4.88 | 04/15/2022 | 35,000 | 36,891 | ||||||||||||
Crown Castle International Corp | 4.45 | 02/15/2026 | 150,000 | 156,635 | ||||||||||||
Discovery Communications LLC | 2.95 | 03/20/2023 | 120,000 | 118,860 | ||||||||||||
Discovery Communications LLC | 3.95 | 03/20/2028 | 130,000 | 126,308 | ||||||||||||
Discovery Communications LLC | 4.88 | 04/01/2043 | 100,000 | 92,344 | ||||||||||||
Discovery Communications LLC | 5.20 | 09/20/2047 | 120,000 | 116,623 | ||||||||||||
Grupo Televisa SAB (Mexico) | 6.63 | 03/18/2025 | 150,000 | 168,661 | ||||||||||||
Interpublic Group of Cos Inc/The | 3.50 | 10/01/2020 | 200,000 | 201,724 | ||||||||||||
Interpublic Group of Cos Inc/The | 3.75 | 10/01/2021 | 150,000 | 152,607 | ||||||||||||
Interpublic Group of Cos Inc/The | 4.65 | 10/01/2028 | 150,000 | 156,160 | ||||||||||||
Interpublic Group of Cos Inc/The | 5.40 | 10/01/2048 | 100,000 | 101,170 | ||||||||||||
NBCUniversal Media LLC | 5.15 | 04/30/2020 | 300,000 | 307,496 | ||||||||||||
Rogers Communications Inc (Canada) | 4.30 | 02/15/2048 | 15,000 | 15,220 | ||||||||||||
Telefonica Emisiones SA (Spain) | 5.21 | 03/08/2047 | 270,000 | 273,743 | ||||||||||||
Time Warner Cable LLC | 7.30 | 07/01/2038 | 150,000 | 174,701 | ||||||||||||
Verizon Communications Inc | 2.95 | 03/15/2022 | 150,000 | 150,751 | ||||||||||||
Verizon Communications Inc | 3.13 | 03/16/2022 | 100,000 | 101,096 |
The accompanying notes are an integral part of the financial statements.
19
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Communications — 1.09% | ||||||||||||||||
Verizon Communications Inc | 5.15 | 09/15/2023 | 100,000 | 109,921 | ||||||||||||
Verizon Communications Inc | 4.13 | 03/16/2027 | 290,000 | 303,692 | ||||||||||||
Verizon Communications Inc | 4.50 | 08/10/2033 | 160,000 | 169,119 | ||||||||||||
Verizon Communications Inc | 5.25 | 03/16/2037 | 150,000 | 168,740 | ||||||||||||
Verizon Communications Inc | 4.81 | 03/15/2039 | 130,000 | 139,257 | ||||||||||||
Verizon Communications Inc | 4.75 | 11/01/2041 | 100,000 | 105,591 | ||||||||||||
Verizon Communications Inc | 4.86 | 08/21/2046 | 76,000 | 80,973 | ||||||||||||
Verizon Communications Inc | 5.50 | 03/16/2047 | 120,000 | 140,447 | ||||||||||||
Verizon Communications Inc | 5.01 | 04/15/2049 | 110,000 | 120,097 | ||||||||||||
Vodafone Group PLC (United Kingdom) | 4.38 | 05/30/2028 | 75,000 | 76,232 | ||||||||||||
Vodafone Group PLC (United Kingdom) | 5.00 | 05/30/2038 | 60,000 | 59,260 | ||||||||||||
Vodafone Group PLC (United Kingdom) | 5.25 | 05/30/2048 | 60,000 | 59,483 | ||||||||||||
Walt Disney Co/The | 2.95 | 06/15/2027 | 100,000 | 99,027 | ||||||||||||
Warner Media LLC | 2.95 | 07/15/2026 | 20,000 | 18,929 | ||||||||||||
Warner Media LLC | 3.80 | 02/15/2027 | 520,000 | 517,885 | ||||||||||||
Warner Media LLC | 4.85 | 07/15/2045 | 150,000 | 151,404 | ||||||||||||
|
| |||||||||||||||
9,415,569 | ||||||||||||||||
|
| |||||||||||||||
Consumer, Cyclical — 0.83% | ||||||||||||||||
Alibaba Group Holding Ltd (China) | 3.60 | 11/28/2024 | 285,000 | 292,130 | ||||||||||||
Alibaba Group Holding Ltd (China) | 4.00 | 12/06/2037 | 200,000 | 194,131 | ||||||||||||
Amazon.com Inc | 5.20 | 12/03/2025 | 200,000 | 226,892 | ||||||||||||
Amazon.com Inc | 3.88 | 08/22/2037 | 65,000 | 67,560 | ||||||||||||
American Honda Finance Corp (Japan) | 2.65 | 02/12/2021 | 15,000 | 14,988 | ||||||||||||
American Honda Finance Corp (Japan) | 1.70 | 09/09/2021 | 100,000 | 97,663 | ||||||||||||
American Honda Finance Corp (Japan) | 3.45 | 07/14/2023 | 50,000 | 51,379 | ||||||||||||
Automatic Data Processing Inc | 3.38 | 09/15/2025 | 150,000 | 155,124 | ||||||||||||
Costco Wholesale Corp | 3.00 | 05/18/2027 | 30,000 | 29,968 | ||||||||||||
Cummins Inc | 4.88 | 10/01/2043 | 10,000 | 11,347 | ||||||||||||
Daimler Finance North America LLC (Germany) | 8.50 | 01/18/2031 | 100,000 | 142,641 | ||||||||||||
Darden Restaurants Inc | 4.55 | 02/15/2048 | 5,000 | 4,798 | ||||||||||||
Dollar Tree Inc | 4.20 | 05/15/2028 | 30,000 | 29,894 | ||||||||||||
eBay Inc | 3.80 | 03/09/2022 | 10,000 | 10,216 | ||||||||||||
eBay Inc | 3.60 | 06/05/2027 | 10,000 | 9,748 | ||||||||||||
Ford Motor Co | 4.35 | 12/08/2026 | 80,000 | 74,253 | ||||||||||||
Ford Motor Co | 7.40 | 11/01/2046 | 75,000 | 77,600 | ||||||||||||
Ford Motor Co | 5.29 | 12/08/2046 | 240,000 | 201,088 | ||||||||||||
Ford Motor Credit Co LLC | 2.98 | 08/03/2022 | 200,000 | 191,148 | ||||||||||||
General Motors Co | 5.15 | 04/01/2038 | 150,000 | 137,079 | ||||||||||||
General Motors Co | 5.20 | 04/01/2045 | 10,000 | 8,883 | ||||||||||||
General Motors Co | 6.75 | 04/01/2046 | 155,000 | 161,663 | ||||||||||||
General Motors Financial Co Inc | 3.20 | 07/06/2021 | 490,000 | 487,800 | ||||||||||||
General Motors Financial Co Inc | 4.30 | 07/13/2025 | 25,000 | 24,860 | ||||||||||||
General Motors Financial Co Inc | 4.35 | 01/17/2027 | 250,000 | 242,975 |
The accompanying notes are an integral part of the financial statements.
20
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Consumer, Cyclical — 0.83% | ||||||||||||||||
Home Depot Inc/The | 4.40 | 04/01/2021 | 142,000 | 146,608 | ||||||||||||
Home Depot Inc/The | 4.88 | 02/15/2044 | 200,000 | 229,513 | ||||||||||||
Home Depot Inc/The | 3.50 | 09/15/2056 | 24,000 | 22,041 | ||||||||||||
Lowe’s Cos Inc | 3.10 | 05/03/2027 | 300,000 | 292,056 | ||||||||||||
Lowe’s Cos Inc | 3.70 | 04/15/2046 | 300,000 | 265,571 | ||||||||||||
Macy’s Retail Holdings Inc | 2.88 | 02/15/2023 | 120,000 | 116,164 | ||||||||||||
Marriott International Inc | 3.25 | 09/15/2022 | 100,000 | 100,392 | ||||||||||||
Marriott International Inc | 4.15 | 12/01/2023 | 75,000 | 77,985 | ||||||||||||
Marriott International Inc | 3.13 | 06/15/2026 | 15,000 | 14,470 | ||||||||||||
Marriott International Inc | 4.65 | 12/01/2028 | 75,000 | 79,258 | ||||||||||||
Mastercard Inc | 3.38 | 04/01/2024 | 100,000 | 103,221 | ||||||||||||
McDonald’s Corp | 2.20 | 05/26/2020 | 200,000 | 198,994 | ||||||||||||
McDonald’s Corp | 3.63 | 05/20/2021 | 100,000 | 101,991 | ||||||||||||
McDonald’s Corp | 4.70 | 12/09/2035 | 25,000 | 26,795 | ||||||||||||
NIKE Inc | 2.25 | 05/01/2023 | 73,000 | 72,352 | ||||||||||||
NIKE Inc | 3.88 | 11/01/2045 | 71,000 | 72,506 | ||||||||||||
PACCAR Financial Corp | 2.30 | 08/10/2022 | 150,000 | 147,460 | ||||||||||||
Royal Caribbean Cruises Ltd | 7.50 | 10/15/2027 | 100,000 | 121,162 | ||||||||||||
Starbucks Corp | 2.70 | 06/15/2022 | 142,000 | 142,403 | ||||||||||||
Starbucks Corp | 2.45 | 06/15/2026 | 92,000 | 87,077 | ||||||||||||
Starbucks Corp | 4.00 | 11/15/2028 | 100,000 | 104,486 | ||||||||||||
Target Corp | 4.00 | 07/01/2042 | 140,000 | 141,274 | ||||||||||||
Toyota Motor Credit Corp (Japan) | 1.90 | 04/08/2021 | 155,000 | 152,875 | ||||||||||||
Toyota Motor Credit Corp (Japan) | 3.30 | 01/12/2022 | 242,000 | 246,326 | ||||||||||||
Visa Inc | 2.80 | 12/14/2022 | 135,000 | 136,383 | ||||||||||||
Visa Inc | 4.30 | 12/14/2045 | 146,000 | 161,108 | ||||||||||||
Visa Inc | 3.65 | 09/15/2047 | 20,000 | 20,048 | ||||||||||||
Walgreen Co | 3.10 | 09/15/2022 | 70,000 | 70,456 | ||||||||||||
Walgreens Boots Alliance Inc | 3.45 | 06/01/2026 | 90,000 | 88,079 | ||||||||||||
Walmart Inc | 3.40 | 06/26/2023 | 85,000 | 87,519 | ||||||||||||
Walmart Inc | 3.30 | 04/22/2024 | 242,000 | 249,137 | ||||||||||||
Walmart Inc | 3.70 | 06/26/2028 | 215,000 | 226,463 | ||||||||||||
Walmart Inc | 3.95 | 06/28/2038 | 30,000 | 31,494 | ||||||||||||
Walmart Inc | 4.05 | 06/29/2048 | 60,000 | 63,723 | ||||||||||||
|
| |||||||||||||||
7,143,218 | ||||||||||||||||
|
| |||||||||||||||
Consumer,Non-cyclical — 1.98% | ||||||||||||||||
Abbott Laboratories | 2.55 | 03/15/2022 | 81,000 | 80,630 | ||||||||||||
Abbott Laboratories | 2.95 | 03/15/2025 | 228,000 | 226,828 | ||||||||||||
Abbott Laboratories | 3.75 | 11/30/2026 | 161,000 | 167,363 | ||||||||||||
Abbott Laboratories | 4.90 | 11/30/2046 | 158,000 | 182,713 | ||||||||||||
AbbVie Inc | 3.20 | 05/14/2026 | 270,000 | 261,683 | ||||||||||||
AbbVie Inc | 4.25 | 11/14/2028 | 40,000 | 40,855 | ||||||||||||
AbbVie Inc | 4.70 | 05/14/2045 | 140,000 | 134,854 | ||||||||||||
AbbVie Inc | 4.45 | 05/14/2046 | 130,000 | 120,538 |
The accompanying notes are an integral part of the financial statements.
21
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Consumer,Non-cyclical — 1.98% | ||||||||||||||||
AbbVie Inc | 4.88 | 11/14/2048 | 30,000 | 29,506 | ||||||||||||
Allergan Finance LLC | 3.25 | 10/01/2022 | 100,000 | 100,001 | ||||||||||||
Allergan Funding SCS | 3.80 | 03/15/2025 | 80,000 | 81,043 | ||||||||||||
Allergan Funding SCS | 4.75 | 03/15/2045 | 100,000 | 99,367 | ||||||||||||
Altria Group Inc | 3.80 | 02/14/2024 | 50,000 | 50,889 | ||||||||||||
Altria Group Inc | 4.40 | 02/14/2026 | 50,000 | 51,392 | ||||||||||||
Altria Group Inc | 4.80 | 02/14/2029 | 65,000 | 67,009 | ||||||||||||
Altria Group Inc | 5.80 | 02/14/2039 | 40,000 | 42,305 | ||||||||||||
Altria Group Inc | 5.38 | 01/31/2044 | 135,000 | 134,710 | ||||||||||||
Altria Group Inc | 6.20 | 02/14/2059 | 55,000 | 59,211 | ||||||||||||
Amgen Inc | 2.13 | 05/01/2020 | 100,000 | 99,618 | ||||||||||||
Amgen Inc | 3.63 | 05/15/2022 | 25,000 | 25,604 | ||||||||||||
Amgen Inc | 4.40 | 05/01/2045 | 140,000 | 137,238 | ||||||||||||
Amgen Inc | 4.66 | 06/15/2051 | 100,000 | 100,576 | ||||||||||||
Anheuser-Busch InBev Finance Inc | 2.65 | 02/01/2021 | 300,000 | 299,081 | ||||||||||||
Anheuser-Busch InBev Finance Inc | 3.30 | 01/01/2023 | 200,000 | 202,864 | ||||||||||||
Anheuser-Busch InBev Worldwide Inc | 4.00 | 04/13/2028 | 150,000 | 152,528 | ||||||||||||
Anheuser-Busch InBev Worldwide Inc | 4.75 | 01/23/2029 | 105,000 | 111,867 | ||||||||||||
Anheuser-Busch InBev Worldwide Inc | 5.45 | 01/23/2039 | 45,000 | 48,713 | ||||||||||||
Anheuser-Busch InBev Worldwide Inc | 3.75 | 07/15/2042 | 200,000 | 173,075 | ||||||||||||
Anheuser-Busch InBev Worldwide Inc | 4.60 | 04/15/2048 | 100,000 | 96,069 | ||||||||||||
Anheuser-Busch InBev Worldwide Inc | 4.75 | 04/15/2058 | 300,000 | 285,908 | ||||||||||||
Anheuser-Busch InBev Worldwide Inc | 5.80 | 01/23/2059 | 110,000 | 122,313 | ||||||||||||
Ascension Health | 3.95 | 11/15/2046 | 15,000 | 15,424 | ||||||||||||
Ascension Health | 4.85 | 11/15/2053 | 44,000 | 50,582 | ||||||||||||
AstraZeneca PLC (United Kingdom) | 6.45 | 09/15/2037 | 135,000 | 171,980 | ||||||||||||
BAT Capital Corp | 2.30 | 08/14/2020 | 200,000 | 197,951 | ||||||||||||
Baxalta Inc | 4.00 | 06/23/2025 | 260,000 | 265,771 | ||||||||||||
Becton Dickinson and Co | 3.13 | 11/08/2021 | 90,000 | 90,366 | ||||||||||||
Becton Dickinson and Co | 3.73 | 12/15/2024 | 250,000 | 253,828 | ||||||||||||
Becton Dickinson and Co | 4.67 | 06/06/2047 | 120,000 | 125,674 | ||||||||||||
Biogen Inc | 4.05 | 09/15/2025 | 250,000 | 255,736 | ||||||||||||
Boston Scientific Corp | 3.85 | 05/15/2025 | 30,000 | 30,883 | ||||||||||||
Bristol-Myers Squibb Co | 2.00 | 08/01/2022 | 209,000 | 204,919 | ||||||||||||
Bristol-Myers Squibb Co | 3.25 | 02/27/2027 | 50,000 | 49,782 | ||||||||||||
Bristol-Myers Squibb Co | 3.25 | 08/01/2042 | 200,000 | 173,719 | ||||||||||||
Bunge Ltd Finance Corp | 3.00 | 09/25/2022 | 300,000 | 298,517 | ||||||||||||
Campbell Soup Co | 2.50 | 08/02/2022 | 100,000 | 97,586 | ||||||||||||
Campbell Soup Co | 4.15 | 03/15/2028 | 30,000 | 29,885 | ||||||||||||
Cardinal Health Inc | 3.08 | 06/15/2024 | 130,000 | 126,891 | ||||||||||||
Cardinal Health Inc | 3.41 | 06/15/2027 | 120,000 | 113,508 | ||||||||||||
Celgene Corp | 3.25 | 02/20/2023 | 40,000 | 40,331 | ||||||||||||
Celgene Corp | 3.63 | 05/15/2024 | 110,000 | 111,682 | ||||||||||||
Celgene Corp | 3.88 | 08/15/2025 | 140,000 | 143,150 |
The accompanying notes are an integral part of the financial statements.
22
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Consumer,Non-cyclical — 1.98% | ||||||||||||||||
Celgene Corp | 3.90 | 02/20/2028 | 20,000 | 20,419 | ||||||||||||
Celgene Corp | 5.00 | 08/15/2045 | 130,000 | 136,420 | ||||||||||||
Celgene Corp | 4.35 | 11/15/2047 | 30,000 | 29,230 | ||||||||||||
Church & Dwight Co Inc | 3.15 | 08/01/2027 | 125,000 | 121,226 | ||||||||||||
Coca-Cola Co/The | 3.15 | 11/15/2020 | 100,000 | 100,849 | ||||||||||||
Coca-Cola Co/The | 2.50 | 04/01/2023 | 50,000 | 50,033 | ||||||||||||
Coca-Cola Co/The | 2.88 | 10/27/2025 | 100,000 | 100,748 | ||||||||||||
Conagra Brands Inc | 5.30 | 11/01/2038 | 20,000 | 20,245 | ||||||||||||
Conagra Brands Inc | 5.40 | 11/01/2048 | 20,000 | 20,109 | ||||||||||||
Constellation Brands Inc | 2.70 | 05/09/2022 | 150,000 | 148,864 | ||||||||||||
CVS Health Corp | 2.13 | 06/01/2021 | 130,000 | 127,781 | ||||||||||||
CVS Health Corp | 3.88 | 07/20/2025 | 150,000 | 151,800 | ||||||||||||
CVS Health Corp | 2.88 | 06/01/2026 | 140,000 | 132,324 | ||||||||||||
CVS Health Corp | 4.30 | 03/25/2028 | 210,000 | 212,783 | ||||||||||||
CVS Health Corp | 4.78 | 03/25/2038 | 100,000 | 99,029 | ||||||||||||
CVS Health Corp | 5.13 | 07/20/2045 | 160,000 | 162,606 | ||||||||||||
CVS Health Corp | 5.05 | 03/25/2048 | 160,000 | 161,185 | ||||||||||||
Diageo Capital PLC (United Kingdom) | 3.88 | 04/29/2043 | 50,000 | 50,503 | ||||||||||||
Diageo Investment Corp (United Kingdom) | 2.88 | 05/11/2022 | 100,000 | 100,567 | ||||||||||||
Eli Lilly & Co | 2.75 | 06/01/2025 | 32,000 | 32,029 | ||||||||||||
Eli Lilly & Co | 3.10 | 05/15/2027 | 200,000 | 200,754 | ||||||||||||
Estee Lauder Cos Inc/The | 4.15 | 03/15/2047 | 13,000 | 13,795 | ||||||||||||
Express Scripts Holding Co | 3.50 | 06/15/2024 | 250,000 | 251,956 | ||||||||||||
Express Scripts Holding Co | 3.40 | 03/01/2027 | 270,000 | 262,975 | ||||||||||||
General Mills Inc | 3.20 | 02/10/2027 | 100,000 | 96,950 | ||||||||||||
Gilead Sciences Inc | 2.55 | 09/01/2020 | 300,000 | 299,605 | ||||||||||||
Gilead Sciences Inc | 3.25 | 09/01/2022 | 100,000 | 101,864 | ||||||||||||
Gilead Sciences Inc | 2.95 | 03/01/2027 | 50,000 | 48,546 | ||||||||||||
Gilead Sciences Inc | 4.75 | 03/01/2046 | 136,000 | 142,349 | ||||||||||||
Gilead Sciences Inc | 4.15 | 03/01/2047 | 24,000 | 23,157 | ||||||||||||
Glaxosmithkline Capital Inc (United Kingdom) | 3.38 | 05/15/2023 | 45,000 | 46,028 | ||||||||||||
Glaxosmithkline Capital Inc (United Kingdom) | 3.88 | 05/15/2028 | 140,000 | 146,797 | ||||||||||||
Glaxosmithkline Capital Inc (United Kingdom) | 6.38 | 05/15/2038 | 100,000 | 131,833 | ||||||||||||
Glaxosmithkline Capital PLC (United Kingdom) | 2.85 | 05/08/2022 | 242,000 | 242,975 | ||||||||||||
Glaxosmithkline Capital PLC (United Kingdom) | 2.88 | 06/01/2022 | 200,000 | 200,917 | ||||||||||||
Glaxosmithkline Capital PLC (United Kingdom) | 3.00 | 06/01/2024 | 200,000 | 200,997 | ||||||||||||
HCA Inc | 5.00 | 03/15/2024 | 200,000 | 212,039 | ||||||||||||
HCA Inc | 4.50 | 02/15/2027 | 200,000 | 205,395 | ||||||||||||
Johnson & Johnson | 3.63 | 03/03/2037 | 30,000 | 30,315 |
The accompanying notes are an integral part of the financial statements.
23
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Consumer,Non-cyclical — 1.98% | ||||||||||||||||
Johnson & Johnson | 4.50 | 12/05/2043 | 200,000 | 226,020 | ||||||||||||
Johnson & Johnson | 3.70 | 03/01/2046 | 27,000 | 27,270 | ||||||||||||
Kellogg Co | 4.00 | 12/15/2020 | 150,000 | 153,094 | ||||||||||||
Keurig Dr Pepper Inc | 4.42 | 12/15/2046 | 100,000 | 91,460 | ||||||||||||
Kimberly-Clark Corp | 3.90 | 05/04/2047 | 5,000 | 5,115 | ||||||||||||
Kraft Heinz Foods Co | 3.50 | 07/15/2022 | 100,000 | 100,949 | ||||||||||||
Kraft Heinz Foods Co | 6.88 | 01/26/2039 | 54,000 | 61,076 | ||||||||||||
Kraft Heinz Foods Co | 4.38 | 06/01/2046 | 150,000 | 129,756 | ||||||||||||
Kroger Co/The | 3.30 | 01/15/2021 | 100,000 | 100,581 | ||||||||||||
Kroger Co/The | 5.40 | 07/15/2040 | 100,000 | 102,318 | ||||||||||||
Kroger Co/The | 4.45 | 02/01/2047 | 120,000 | 108,785 | ||||||||||||
McCormick & Co Inc | 2.70 | 08/15/2022 | 240,000 | 238,670 | ||||||||||||
McKesson Corp | 3.95 | 02/16/2028 | 10,000 | 10,000 | ||||||||||||
Medtronic Inc | 3.50 | 03/15/2025 | 392,000 | 404,226 | ||||||||||||
Medtronic Inc | 4.63 | 03/15/2045 | 100,000 | 114,313 | ||||||||||||
Merck & Co Inc | 2.40 | 09/15/2022 | 218,000 | 216,989 | ||||||||||||
Merck & Co Inc | 3.40 | 03/07/2029 | 100,000 | 102,590 | ||||||||||||
Merck & Co Inc | 3.90 | 03/07/2039 | 50,000 | 51,452 | ||||||||||||
Merck & Co Inc | 3.70 | 02/10/2045 | 53,000 | 52,470 | ||||||||||||
Merck & Co Inc | 4.00 | 03/07/2049 | 50,000 | 51,877 | ||||||||||||
Mylan NV | 3.95 | 06/15/2026 | 100,000 | 95,403 | ||||||||||||
Mylan NV | 5.25 | 06/15/2046 | 135,000 | 121,481 | ||||||||||||
New York And Presbyterian Hospital/The | 4.02 | 08/01/2045 | 78,000 | 81,627 | ||||||||||||
Novartis Capital Corp (Switzerland) | 3.00 | 11/20/2025 | 100,000 | 101,531 | ||||||||||||
Novartis Capital Corp (Switzerland) | 4.40 | 05/06/2044 | 100,000 | 110,204 | ||||||||||||
Partners Healthcare System Inc | 4.12 | 07/01/2055 | 164,000 | 167,760 | ||||||||||||
PepsiCo Inc | 2.25 | 05/02/2022 | 200,000 | 198,867 | ||||||||||||
PepsiCo Inc | 4.45 | 04/14/2046 | 100,000 | 111,713 | ||||||||||||
PepsiCo Inc | 3.45 | 10/06/2046 | 121,000 | 116,549 | ||||||||||||
Pfizer Inc | 7.20 | 03/15/2039 | 170,000 | 246,062 | ||||||||||||
Pfizer Inc | 4.20 | 09/15/2048 | 50,000 | 53,304 | ||||||||||||
Pfizer Inc | 4.00 | 03/15/2049 | 50,000 | 51,670 | ||||||||||||
Philip Morris International Inc | 3.38 | 08/11/2025 | 50,000 | 50,404 | ||||||||||||
Philip Morris International Inc | 3.12 | 03/02/2028 | 100,000 | 97,413 | ||||||||||||
Philip Morris International Inc | 3.88 | 08/21/2042 | 50,000 | 45,828 | ||||||||||||
Philip Morris International Inc | 4.25 | 11/10/2044 | 100,000 | 97,113 | ||||||||||||
Procter & Gamble Co/The | 1.70 | 11/03/2021 | 100,000 | 98,169 | ||||||||||||
Procter & Gamble Co/The | 2.45 | 11/03/2026 | 100,000 | 97,429 | ||||||||||||
Providence St Joseph Health Obligated Group | 3.74 | 10/01/2047 | 10,000 | 9,701 | ||||||||||||
Reynolds American Inc | 4.45 | 06/12/2025 | 100,000 | 102,793 | ||||||||||||
Reynolds American Inc | 6.15 | 09/15/2043 | 100,000 | 104,344 | ||||||||||||
Sysco Corp | 2.60 | 06/12/2022 | 100,000 | 99,186 | ||||||||||||
Sysco Corp | 4.50 | 04/01/2046 | 100,000 | 102,219 |
The accompanying notes are an integral part of the financial statements.
24
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Consumer,Non-cyclical — 1.98% | ||||||||||||||||
Tyson Foods Inc | 4.55 | 06/02/2047 | 100,000 | 94,434 | ||||||||||||
Unilever Capital Corp (Netherlands) | 4.25 | 02/10/2021 | 142,000 | 146,394 | ||||||||||||
Unilever Capital Corp (Netherlands) | 5.90 | 11/15/2032 | 142,000 | 178,788 | ||||||||||||
Wyeth LLC | 6.45 | 02/01/2024 | 364,000 | 424,274 | ||||||||||||
|
| |||||||||||||||
17,026,184 | ||||||||||||||||
|
| |||||||||||||||
Energy — 1.14% | ||||||||||||||||
Anadarko Petroleum Corp | 4.85 | 03/15/2021 | 16,000 | 16,586 | ||||||||||||
Anadarko Petroleum Corp | 6.45 | 09/15/2036 | 50,000 | 57,528 | ||||||||||||
Anadarko Petroleum Corp | 6.20 | 03/15/2040 | 115,000 | 129,084 | ||||||||||||
Apache Corp | 3.25 | 04/15/2022 | 25,000 | 25,020 | ||||||||||||
Apache Corp | 5.10 | 09/01/2040 | 100,000 | 98,324 | ||||||||||||
Baker Hughes A Ge Co LLC / Baker HughesCo-Obligor Inc | 2.77 | 12/15/2022 | 35,000 | 34,772 | ||||||||||||
Baker Hughes A Ge Co LLC / Baker HughesCo-Obligor Inc | 3.34 | 12/15/2027 | 25,000 | 24,307 | ||||||||||||
Baker Hughes A Ge Co LLC / Baker HughesCo-Obligor Inc | 4.08 | 12/15/2047 | 25,000 | 22,939 | ||||||||||||
BP Capital Markets America Inc (United Kingdom) | 2.75 | 05/10/2023 | 200,000 | 199,205 | ||||||||||||
BP Capital Markets America Inc (United Kingdom) | 3.12 | 05/04/2026 | 200,000 | 199,547 | ||||||||||||
BP Capital Markets PLC (United Kingdom) | 3.28 | 09/19/2027 | 35,000 | 34,842 | ||||||||||||
Burlington Resources Finance Co | 7.20 | 08/15/2031 | 94,000 | 125,030 | ||||||||||||
Canadian Natural Resources Ltd (Canada) | 2.95 | 01/15/2023 | 100,000 | 99,257 | ||||||||||||
Canadian Natural Resources Ltd (Canada) | 3.85 | 06/01/2027 | 280,000 | 280,708 | ||||||||||||
Canadian Natural Resources Ltd (Canada) | 6.45 | 06/30/2033 | 100,000 | 119,755 | ||||||||||||
Canadian Natural Resources Ltd (Canada) | 6.50 | 02/15/2037 | 75,000 | 91,284 | ||||||||||||
Cenovus Energy Inc (Canada) | 4.25 | 04/15/2027 | 100,000 | 98,305 | ||||||||||||
Cenovus Energy Inc (Canada) | 5.40 | 06/15/2047 | 35,000 | 34,656 | ||||||||||||
Chevron Corp | 2.10 | 05/16/2021 | 114,000 | 113,182 | ||||||||||||
Chevron Corp | 2.95 | 05/16/2026 | 200,000 | 201,449 | ||||||||||||
Cimarex Energy Co | 3.90 | 05/15/2027 | 100,000 | 99,688 | ||||||||||||
Concho Resources Inc | 4.88 | 10/01/2047 | 100,000 | 105,551 | ||||||||||||
Conocophillips | 6.50 | 02/01/2039 | 122,000 | 164,621 | ||||||||||||
Devon Energy Corp | 4.75 | 05/15/2042 | 25,000 | 25,100 | ||||||||||||
Dominion Energy Gas Holdings LLC | 3.55 | 11/01/2023 | 200,000 | 204,732 | ||||||||||||
Enable Midstream Partners LP | 5.00 | 05/15/2044 | 135,000 | 121,222 | ||||||||||||
Enbridge Inc (Canada) | 5.50 | 12/01/2046 | 60,000 | 71,607 | ||||||||||||
Energy Transfer Operating LP | 3.60 | 02/01/2023 | 15,000 | 15,125 | ||||||||||||
Energy Transfer Operating LP | 4.05 | 03/15/2025 | 200,000 | 202,794 | ||||||||||||
Energy Transfer Operating LP | 4.75 | 01/15/2026 | 270,000 | 282,217 | ||||||||||||
Energy Transfer Operating LP | 6.25 | 04/15/2049 | 35,000 | 39,203 | ||||||||||||
Energy Transfer Partners LP / Regency Energy Finance Corp | 5.88 | 03/01/2022 | 100,000 | 106,891 |
The accompanying notes are an integral part of the financial statements.
25
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate �� % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Energy — 1.14% | ||||||||||||||||
Enterprise Products Operating LLC | 2.80 | 02/15/2021 | 15,000 | 15,009 | ||||||||||||
Enterprise Products Operating LLC | 4.90 | 05/15/2046 | 200,000 | 214,488 | ||||||||||||
Enterprise Products Operating LLC | 4.25 | 02/15/2048 | 15,000 | 14,619 | ||||||||||||
Enterprise Products Operating LLC | 4.95 | 10/15/2054 | 75,000 | 77,932 | ||||||||||||
Exxon Mobil Corp | 2.22 | 03/01/2021 | 142,000 | 141,355 | ||||||||||||
Exxon Mobil Corp | 2.40 | 03/06/2022 | 112,000 | 111,997 | ||||||||||||
Exxon Mobil Corp | 4.11 | 03/01/2046 | 142,000 | 153,734 | ||||||||||||
Halliburton Co | 3.25 | 11/15/2021 | 453,000 | 457,627 | ||||||||||||
Halliburton Co | 6.70 | 09/15/2038 | 53,000 | 66,611 | ||||||||||||
Husky Energy Inc (Canada) | 6.80 | 09/15/2037 | 75,000 | 91,858 | ||||||||||||
Kinder Morgan Energy Partners LP | 4.15 | 03/01/2022 | 275,000 | 283,607 | ||||||||||||
Kinder Morgan Energy Partners LP | 6.50 | 02/01/2037 | 75,000 | 86,795 | ||||||||||||
Kinder Morgan Energy Partners LP | 5.00 | 08/15/2042 | 130,000 | 130,191 | ||||||||||||
Kinder Morgan Inc | 3.15 | 01/15/2023 | 70,000 | 70,135 | ||||||||||||
MPLX LP | 3.38 | 03/15/2023 | 90,000 | 90,705 | ||||||||||||
MPLX LP | 4.00 | 03/15/2028 | 65,000 | 64,596 | ||||||||||||
MPLX LP | 4.50 | 04/15/2038 | 35,000 | 33,245 | ||||||||||||
MPLX LP | 4.70 | 04/15/2048 | 30,000 | 28,659 | ||||||||||||
MPLX LP | 5.50 | 02/15/2049 | 30,000 | 32,000 | ||||||||||||
MPLX LP | 4.90 | 04/15/2058 | 25,000 | 23,518 | ||||||||||||
Noble Energy Inc | 4.15 | 12/15/2021 | 100,000 | 102,409 | ||||||||||||
Noble Energy Inc | 4.95 | 08/15/2047 | 100,000 | 98,763 | ||||||||||||
Occidental Petroleum Corp | 3.40 | 04/15/2026 | 100,000 | 102,082 | ||||||||||||
Occidental Petroleum Corp | 4.10 | 02/15/2047 | 92,000 | 94,162 | ||||||||||||
ONEOK Inc | 4.00 | 07/13/2027 | 200,000 | 200,393 | ||||||||||||
ONEOK Partners LP | 5.00 | 09/15/2023 | 100,000 | 106,285 | ||||||||||||
Petro-Canada (Canada) | 6.80 | 05/15/2038 | 105,000 | 135,254 | ||||||||||||
Phillips 66 | 4.88 | 11/15/2044 | 50,000 | 54,769 | ||||||||||||
Plains All American Pipeline LP / Paa Finance Corp | 4.50 | 12/15/2026 | 20,000 | 20,490 | ||||||||||||
Plains All American Pipeline LP / Paa Finance Corp | 5.15 | 06/01/2042 | 200,000 | 191,367 | ||||||||||||
Sabine Pass Liquefaction LLC | 6.25 | 03/15/2022 | 830,000 | 896,960 | ||||||||||||
Schlumberger Investment SA | 3.65 | 12/01/2023 | 192,000 | 199,009 | ||||||||||||
Shell International Finance BV (Netherlands) | 1.88 | 05/10/2021 | 485,000 | 478,695 | ||||||||||||
Shell International Finance BV (Netherlands) | 3.25 | 05/11/2025 | 100,000 | 101,839 | ||||||||||||
Shell International Finance BV (Netherlands) | 3.75 | 09/12/2046 | 145,000 | 145,292 | ||||||||||||
Suncor Energy Inc (Canada) | 6.50 | 06/15/2038 | 110,000 | 138,733 | ||||||||||||
Suncor Energy Inc (Canada) | 4.00 | 11/15/2047 | 20,000 | 19,688 | ||||||||||||
Sunoco Logistics Partners Operations LP | 4.25 | 04/01/2024 | 150,000 | 154,067 | ||||||||||||
Sunoco Logistics Partners Operations LP | 5.35 | 05/15/2045 | 15,000 | 14,673 | ||||||||||||
Sunoco Logistics Partners Operations LP | 5.40 | 10/01/2047 | 250,000 | 249,696 |
The accompanying notes are an integral part of the financial statements.
26
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Energy — 1.14% | ||||||||||||||||
Total Capital Canada Ltd (France) | 2.75 | 07/15/2023 | 50,000 | 50,068 | ||||||||||||
Total Capital International SA (France) | 2.75 | 06/19/2021 | 150,000 | 150,342 | ||||||||||||
Transcanada Pipelines Ltd (Canada) | 4.88 | 01/15/2026 | 100,000 | 108,133 | ||||||||||||
Transcanada Pipelines Ltd (Canada) | 6.20 | 10/15/2037 | 18,000 | 21,382 | ||||||||||||
Transcanada Pipelines Ltd (Canada) | 4.88 | 05/15/2048 | 20,000 | 20,915 | ||||||||||||
Williams Cos Inc/The | 3.35 | 08/15/2022 | 15,000 | 15,112 | ||||||||||||
Williams Cos Inc/The | 4.00 | 09/15/2025 | 15,000 | 15,406 | ||||||||||||
Williams Cos Inc/The | 7.50 | 01/15/2031 | 80,000 | 100,483 | ||||||||||||
Williams Cos Inc/The | 8.75 | 03/15/2032 | 70,000 | 97,404 | ||||||||||||
Williams Cos Inc/The | 5.10 | 09/15/2045 | 100,000 | 102,815 | ||||||||||||
|
| |||||||||||||||
9,819,898 | ||||||||||||||||
|
| |||||||||||||||
Finance — 3.76% | ||||||||||||||||
AerCap Ireland Capital DAC / | 3.95 | 02/01/2022 | 910,000 | 921,745 | ||||||||||||
Aetna Inc | 3.88 | 08/15/2047 | 200,000 | 172,873 | ||||||||||||
Aflac Inc | 3.62 | 11/15/2024 | 167,000 | 173,105 | ||||||||||||
Air Lease Corp | 2.50 | 03/01/2021 | 100,000 | 99,212 | ||||||||||||
Alleghany Corp | 4.95 | 06/27/2022 | 100,000 | 106,038 | ||||||||||||
American Express Credit Corp | 2.38 | 05/26/2020 | 236,000 | 235,235 | ||||||||||||
American Express Credit Corp | 2.60 | 09/14/2020 | 150,000 | 149,740 | ||||||||||||
American Homes 4 Rent LP | 4.25 | 02/15/2028 | 10,000 | 9,897 | ||||||||||||
American International Group Inc | 4.13 | 02/15/2024 | 390,000 | 402,130 | ||||||||||||
American International Group Inc | 4.20 | 04/01/2028 | 30,000 | 30,499 | ||||||||||||
American International Group Inc | 4.80 | 07/10/2045 | 100,000 | 100,075 | ||||||||||||
American International Group Inc | 4.75 | 04/01/2048 | 20,000 | 19,892 | ||||||||||||
American International Group Inc | 5.75 | 04/01/2048 | 100,000 | 97,475 | ||||||||||||
Ameriprise Financial Inc | 4.00 | 10/15/2023 | 146,000 | 152,929 | ||||||||||||
Anthem Inc | 3.50 | 08/15/2024 | 25,000 | 25,312 | ||||||||||||
Anthem Inc | 4.63 | 05/15/2042 | 130,000 | 134,167 | ||||||||||||
Anthem Inc | 4.38 | 12/01/2047 | 30,000 | 29,825 | ||||||||||||
Aon PLC | 4.60 | 06/14/2044 | 125,000 | 127,075 | ||||||||||||
AvalonBay Communities Inc | 3.90 | 10/15/2046 | 142,000 | 140,426 | ||||||||||||
AvalonBay Communities Inc | 4.15 | 07/01/2047 | 50,000 | 51,327 | ||||||||||||
Banco Santander SA (Spain) | 3.85 | 04/12/2023 | 200,000 | 201,703 | ||||||||||||
Bank of America Corp | 5.00 | 05/13/2021 | 315,000 | 329,406 | ||||||||||||
Bank of America Corp | 2.50 | 10/21/2022 | 280,000 | 276,454 | ||||||||||||
Bank of America Corp | 4.00 | 04/01/2024 | 280,000 | 292,062 | ||||||||||||
Bank of America Corp | 4.20 | 08/26/2024 | 150,000 | 155,246 | ||||||||||||
Bank of America Corp | 3.95 | 04/21/2025 | 150,000 | 152,575 | ||||||||||||
Bank of America Corp | 3.25 | 10/21/2027 | 150,000 | 146,857 | ||||||||||||
Bank of America Corp | 6.11 | 01/29/2037 | 230,000 | 272,915 | ||||||||||||
Bank of America Corp | 3.00 | 12/20/2023 | 630,000 | 627,491 |
The accompanying notes are an integral part of the financial statements.
27
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Finance — 3.76% | ||||||||||||||||
Bank of America Corp | 3.86 | 07/23/2024 | 50,000 | 51,420 | ||||||||||||
Bank of America Corp | 3.46 | 03/15/2025 | 100,000 | 100,995 | ||||||||||||
Bank of America Corp | 3.97 | 03/05/2029 | 50,000 | 50,910 | ||||||||||||
Bank of America Corp | 3.95 | 01/23/2049 | 25,000 | 24,424 | ||||||||||||
Bank of America Corp | 4.27 | 07/23/2029 | 60,000 | 62,474 | ||||||||||||
Bank of America Corp | 3.59 | 07/21/2028 | 140,000 | 139,590 | ||||||||||||
Bank of America Corp | 4.33 | 03/15/2050 | 55,000 | 56,594 | ||||||||||||
Bank of America Corp | 3.82 | 01/20/2028 | 143,000 | 144,936 | ||||||||||||
Bank of America Corp | 4.44 | 01/20/2048 | 48,000 | 50,056 | ||||||||||||
Bank of Montreal (Canada) | 3.10 | 04/13/2021 | 100,000 | 100,886 | ||||||||||||
Bank of Nova Scotia/The (Canada) | 3.12 | 04/20/2021 | 100,000 | 100,719 | ||||||||||||
Bank of Nova Scotia/The (Canada) | 4.65 | 10/12/2022 | 100,000 | 92,000 | ||||||||||||
Barclays PLC (United Kingdom) | 2.88 | 06/08/2020 | 200,000 | 199,405 | ||||||||||||
Barclays PLC (United Kingdom) | 4.95 | 01/10/2047 | 200,000 | 200,039 | ||||||||||||
Berkshire Hathaway Inc | 3.40 | 01/31/2022 | 235,000 | 241,347 | ||||||||||||
Berkshire Hathaway Inc | 3.12 | 03/15/2026 | 235,000 | 237,406 | ||||||||||||
BlackRock Inc | 3.38 | 06/01/2022 | 200,000 | 205,093 | ||||||||||||
BNP Paribas SA (France) | 5.00 | 01/15/2021 | 242,000 | 251,344 | ||||||||||||
Boston Properties LP | 3.13 | 09/01/2023 | 100,000 | 100,605 | ||||||||||||
Branch Banking & Trust Co | 2.85 | 04/01/2021 | 436,000 | 436,655 | ||||||||||||
Capital One Financial Corp | 2.40 | 10/30/2020 | 138,000 | 137,210 | ||||||||||||
Chubb Corp/The | 6.00 | 05/11/2037 | 85,000 | 109,264 | ||||||||||||
Chubb INA Holdings Inc | 2.30 | 11/03/2020 | 100,000 | 99,504 | ||||||||||||
Chubb INA Holdings Inc | 2.70 | 03/13/2023 | 119,000 | 118,663 | ||||||||||||
Chubb INA Holdings Inc | 4.35 | 11/03/2045 | 27,000 | 29,412 | ||||||||||||
Cigna Corp | 3.05 | 10/15/2027 | 330,000 | 311,757 | ||||||||||||
Citigroup Inc | 4.05 | 07/30/2022 | 100,000 | 102,984 | ||||||||||||
Citigroup Inc | 3.38 | 03/01/2023 | 100,000 | 101,596 | ||||||||||||
Citigroup Inc | 3.88 | 10/25/2023 | 25,000 | 25,994 | ||||||||||||
Citigroup Inc | 3.75 | 06/16/2024 | 100,000 | 103,526 | ||||||||||||
Citigroup Inc | 4.45 | 09/29/2027 | 170,000 | 174,664 | ||||||||||||
Citigroup Inc | 4.13 | 07/25/2028 | 130,000 | 130,548 | ||||||||||||
Citigroup Inc | 4.75 | 05/18/2046 | 120,000 | 124,336 | ||||||||||||
Citigroup Inc | 4.65 | 07/23/2048 | 50,000 | 53,604 |
The accompanying notes are an integral part of the financial statements.
28
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Finance — 3.76% | ||||||||||||||||
Citigroup Inc | 2.88 | 07/24/2023 | 400,000 | 397,449 | ||||||||||||
Citigroup Inc | 3.88 | 01/24/2039 | 20,000 | 19,462 | ||||||||||||
Citigroup Inc | 4.08 | 04/23/2029 | 40,000 | 41,040 | ||||||||||||
Citigroup Inc | 3.98 | 03/20/2030 | 200,000 | 203,322 | ||||||||||||
Citigroup Inc | 3.67 | 07/24/2028 | 180,000 | 179,536 | ||||||||||||
Citigroup Inc | 3.89 | 01/10/2028 | 148,000 | 150,292 | ||||||||||||
Citigroup Inc | 4.28 | 04/24/2048 | 20,000 | 20,455 | ||||||||||||
CME Group Inc | 3.00 | 03/15/2025 | 135,000 | 135,690 | ||||||||||||
CNA Financial Corp | 3.45 | 08/15/2027 | 100,000 | 97,611 | ||||||||||||
Cooperatieve Rabobank UA (Netherlands) | 3.88 | 02/08/2022 | 100,000 | 102,845 | ||||||||||||
Cooperatieve Rabobank UA (Netherlands) | 3.75 | 07/21/2026 | 485,000 | 477,404 | ||||||||||||
Cooperatieve Rabobank UA (Netherlands) | 5.25 | 05/24/2041 | 32,000 | 38,667 | ||||||||||||
Credit Suisse AG/New York NY (Switzerland) | 3.63 | 09/09/2024 | 250,000 | 254,263 | ||||||||||||
Credit Suisse Group Funding Guernsey Ltd (Switzerland) | 3.80 | 06/09/2023 | 480,000 | 487,477 | ||||||||||||
Deutsche Bank AG/New York NY (Germany) | 4.25 | 10/14/2021 | 90,000 | 90,404 | ||||||||||||
Discover Bank | 3.45 | 07/27/2026 | 250,000 | 242,111 | ||||||||||||
Discover Financial Services | 5.20 | 04/27/2022 | 100,000 | 105,714 | ||||||||||||
E*TRADE Financial Corp | 3.80 | 08/24/2027 | 150,000 | 145,635 | ||||||||||||
ERP Operating LP | 4.63 | 12/15/2021 | 146,000 | 152,654 | ||||||||||||
ERP Operating LP | 3.38 | 06/01/2025 | 100,000 | 101,509 | ||||||||||||
ERP Operating LP | 3.50 | 03/01/2028 | 10,000 | 10,159 | ||||||||||||
Fifth Third BanCorp | 4.30 | 01/16/2024 | 150,000 | 157,106 | ||||||||||||
Fifth Third Bank/Cincinnati OH | 2.25 | 06/14/2021 | 260,000 | 257,232 | ||||||||||||
GE Capital International Funding Co Unlimited Co | 4.42 | 11/15/2035 | 328,000 | 303,232 | ||||||||||||
Goldman Sachs Group Inc/The | 5.25 | 07/27/2021 | 485,000 | 509,482 | ||||||||||||
Goldman Sachs Group Inc/The | 5.75 | 01/24/2022 | 61,000 | 65,421 | ||||||||||||
Goldman Sachs Group Inc/The | 4.25 | 10/21/2025 | 100,000 | 102,362 | ||||||||||||
Goldman Sachs Group Inc/The | 3.85 | 01/26/2027 | 48,000 | 48,187 | ||||||||||||
Goldman Sachs Group Inc/The | 5.15 | 05/22/2045 | 200,000 | 211,514 | ||||||||||||
Goldman Sachs Group Inc/The | 4.75 | 10/21/2045 | 289,000 | 307,366 | ||||||||||||
Goldman Sachs Group Inc/The | 3.81 | 04/23/2029 | 50,000 | 49,534 | ||||||||||||
Goldman Sachs Group Inc/The | 4.22 | 05/01/2029 | 70,000 | 71,540 |
The accompanying notes are an integral part of the financial statements.
29
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Finance — 3.76% | ||||||||||||||||
Goldman Sachs Group Inc/The | 4.41 | 04/23/2039 | 30,000 | 30,060 | ||||||||||||
Goldman Sachs Group Inc/The | 3.69 | 06/05/2028 | 400,000 | 396,181 | ||||||||||||
HCP Inc | 4.25 | 11/15/2023 | 25,000 | 26,050 | ||||||||||||
HCP Inc | 3.88 | 08/15/2024 | 100,000 | 101,916 | ||||||||||||
Hospitality Properties Trust | 3.95 | 01/15/2028 | 200,000 | 183,267 | ||||||||||||
Host Hotels & Resorts LP | 4.75 | 03/01/2023 | 200,000 | 208,503 | ||||||||||||
HSBC Holdings PLC (United Kingdom) | 2.95 | 05/25/2021 | 242,000 | 242,152 | ||||||||||||
HSBC Holdings PLC (United Kingdom) | 4.88 | 01/14/2022 | 200,000 | 210,256 | ||||||||||||
HSBC Holdings PLC (United Kingdom) | 6.50 | 09/15/2037 | 300,000 | 372,736 | ||||||||||||
HSBC Holdings PLC (United Kingdom) | 3.26 | 03/13/2023 | 300,000 | 300,734 | ||||||||||||
Intercontinental Exchange Inc | 2.75 | 12/01/2020 | 170,000 | 170,194 | ||||||||||||
Jefferies Group LLC / Jefferies Group Capital Finance Inc | 4.85 | 01/15/2027 | 150,000 | 150,763 | ||||||||||||
JPMorgan Chase & Co | 4.25 | 10/15/2020 | 412,000 | 421,312 | ||||||||||||
JPMorgan Chase & Co | 4.50 | 01/24/2022 | 485,000 | 507,332 | ||||||||||||
JPMorgan Chase & Co | 3.25 | 09/23/2022 | 242,000 | 245,386 | ||||||||||||
JPMorgan Chase & Co | 3.63 | 05/13/2024 | 143,000 | 146,970 | ||||||||||||
JPMorgan Chase & Co | 3.88 | 09/10/2024 | 260,000 | 266,560 | ||||||||||||
JPMorgan Chase & Co | 5.60 | 07/15/2041 | 385,000 | 466,944 | ||||||||||||
JPMorgan Chase & Co | 3.80 | 07/23/2024 | 40,000 | 41,072 | ||||||||||||
JPMorgan Chase & Co | 2.78 | 04/25/2023 | 100,000 | 99,414 | ||||||||||||
JPMorgan Chase & Co | 3.51 | 01/23/2029 | 45,000 | 44,694 | ||||||||||||
JPMorgan Chase & Co | 4.00 | 04/23/2029 | 45,000 | 46,220 | ||||||||||||
JPMorgan Chase & Co | 3.90 | 01/23/2049 | 35,000 | 33,889 | ||||||||||||
JPMorgan Chase & Co | 4.20 | 07/23/2029 | 50,000 | 52,159 | ||||||||||||
JPMorgan Chase & Co | 3.96 | 11/15/2048 | 50,000 | 48,747 | ||||||||||||
JPMorgan Chase Bank NA | 3.09 | 04/26/2021 | 250,000 | 250,480 | ||||||||||||
Kimco Realty Corp | 3.80 | 04/01/2027 | 125,000 | 125,545 | ||||||||||||
Liberty Property LP | 4.13 | 06/15/2022 | 150,000 | 154,693 | ||||||||||||
Lincoln National Corp | 4.85 | 06/24/2021 | 100,000 | 103,972 | ||||||||||||
Lincoln National Corp | 3.80 | 03/01/2028 | 10,000 | 10,134 | ||||||||||||
Lincoln National Corp | 4.35 | 03/01/2048 | 10,000 | 9,915 | ||||||||||||
Lloyds Banking Group PLC (United Kingdom) | 4.58 | 12/10/2025 | 276,000 | 279,216 |
The accompanying notes are an integral part of the financial statements.
30
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||
Finance — 3.76% | ||||||||||||||
Loews Corp | 6.00 | 02/01/2035 | 142,000 | 167,510 | ||||||||||
Markel Corp | 3.50 | 11/01/2027 | 200,000 | 190,405 | ||||||||||
Markel Corp | 4.30 | 11/01/2047 | 100,000 | 90,001 | ||||||||||
Marsh & McLennan Cos Inc | 4.90 | 03/15/2049 | 25,000 | 27,374 | ||||||||||
Mercury General Corp | 4.40 | 03/15/2027 | 100,000 | 99,370 | ||||||||||
MetLife Inc | 4.75 | 02/08/2021 | 100,000 | 103,620 | ||||||||||
MetLife Inc | 4.05 | 03/01/2045 | 242,000 | 241,746 | ||||||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 3.54 | 07/26/2021 | 50,000 | 50,733 | ||||||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 2.67 | 07/25/2022 | 150,000 | 148,735 | ||||||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 3.85 | 03/01/2026 | 235,000 | 243,141 | ||||||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 3.29 | 07/25/2027 | 150,000 | 149,816 | ||||||||||
Mizuho Financial Group Inc (Japan) | 2.95 | 02/28/2022 | 242,000 | 241,586 | ||||||||||
Morgan Stanley | 5.75 | 01/25/2021 | 269,000 | 282,495 | ||||||||||
Morgan Stanley | 3.13 | 01/23/2023 | 50,000 | 50,152 | ||||||||||
Morgan Stanley | 3.75 | 02/25/2023 | 500,000 | 512,844 | ||||||||||
Morgan Stanley | 3.63 | 01/20/2027 | 73,000 | 73,171 | ||||||||||
Morgan Stanley | 3.95 | 04/23/2027 | 270,000 | 269,918 | ||||||||||
Morgan Stanley | 4.38 | 01/22/2047 | 53,000 | 54,631 | ||||||||||
Morgan Stanley | 3.77 | 01/24/2029 | 60,000 | 60,218 | ||||||||||
Morgan Stanley | 3.97 | 07/22/2038 | 200,000 | 196,467 | ||||||||||
National Australia Bank Ltd/New York | 2.50 | 07/12/2026 | 300,000 | 284,763 | ||||||||||
National Retail Properties Inc | 3.50 | 10/15/2027 | 100,000 | 98,411 | ||||||||||
Northern Trust Corp | 3.38 | 05/08/2032 | 150,000 | 146,974 | ||||||||||
Omega Healthcare Investors Inc | 4.50 | 01/15/2025 | 75,000 | 76,217 | ||||||||||
Omega Healthcare Investors Inc | 5.25 | 01/15/2026 | 125,000 | 130,798 | ||||||||||
ORIX Corp (Japan) | 2.90 | 07/18/2022 | 100,000 | 99,990 | ||||||||||
PNC Bank NA | 2.60 | 07/21/2020 | 398,000 | 397,662 | ||||||||||
PNC Bank NA | 3.25 | 06/01/2025 | 310,000 | 313,761 | ||||||||||
Progressive Corp/The | 3.70 | 01/26/2045 | 142,000 | 138,058 | ||||||||||
Progressive Corp/The | 4.13 | 04/15/2047 | 20,000 | 20,808 | ||||||||||
Prudential Financial Inc | 5.70 | 09/15/2048 | 50,000 | 50,602 | ||||||||||
Realty Income Corp | 3.65 | 01/15/2028 | 150,000 | 152,417 | ||||||||||
Royal Bank Of Scotland Group PLC (United Kingdom) | 6.13 | 12/15/2022 | 185,000 | 196,803 | ||||||||||
Santander Holdings USA Inc | 4.50 | 07/17/2025 | 300,000 | 309,168 | ||||||||||
Santander UK PLC (United Kingdom) | 4.00 | 03/13/2024 | 100,000 | 103,909 | ||||||||||
Senior Housing Properties Trust | 4.75 | 02/15/2028 | 10,000 | 9,270 | ||||||||||
Simon Property Group LP | 2.35 | 01/30/2022 | 90,000 | 89,340 | ||||||||||
Simon Property Group LP | 2.75 | 06/01/2023 | 50,000 | 49,914 | ||||||||||
Simon Property Group LP | 3.30 | 01/15/2026 | 50,000 | 50,178 | ||||||||||
Simon Property Group LP | 4.25 | 11/30/2046 | 100,000 | 104,318 |
The accompanying notes are an integral part of the financial statements.
31
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Finance — 3.76% | ||||||||||||||||
SL Green Operating Partnership LP | 3.25 | 10/15/2022 | 200,000 | 199,143 | ||||||||||||
Sumitomo Mitsui Banking Corp (Japan) | 3.20 | 07/18/2022 | 300,000 | 302,039 | ||||||||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 3.01 | 10/19/2026 | 242,000 | 237,318 | ||||||||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 3.45 | 01/11/2027 | 48,000 | 48,477 | ||||||||||||
Svenska Handelsbanken AB (Sweden) | 2.45 | 03/30/2021 | 485,000 | 482,725 | ||||||||||||
Toronto-Dominion Bank/The (Canada) | 2.13 | 04/07/2021 | 200,000 | 197,948 | ||||||||||||
Toronto-Dominion Bank/The (Canada) | 1.80 | 07/13/2021 | 135,000 | 132,236 | ||||||||||||
Toronto-Dominion Bank/The (Canada) | 3.63 | 09/15/2031 | 100,000 | 98,702 | ||||||||||||
Travelers Cos Inc/The | 4.60 | 08/01/2043 | 15,000 | 16,653 | ||||||||||||
Travelers Cos Inc/The | 3.75 | 05/15/2046 | 142,000 | 138,999 | ||||||||||||
UnitedHealth Group Inc | 2.70 | 07/15/2020 | 142,000 | 142,294 | ||||||||||||
UnitedHealth Group Inc | 3.38 | 04/15/2027 | 200,000 | 202,538 | ||||||||||||
UnitedHealth Group Inc | 2.95 | 10/15/2027 | 140,000 | 137,456 | ||||||||||||
UnitedHealth Group Inc | 4.63 | 07/15/2035 | 20,000 | 22,420 | ||||||||||||
UnitedHealth Group Inc | 6.63 | 11/15/2037 | 100,000 | 134,480 | ||||||||||||
UnitedHealth Group Inc | 4.20 | 01/15/2047 | 17,000 | 17,619 | ||||||||||||
UnitedHealth Group Inc | 4.25 | 06/15/2048 | 25,000 | 26,301 | ||||||||||||
UnitedHealth Group Inc | 4.45 | 12/15/2048 | 20,000 | 21,690 | ||||||||||||
US BanCorp | 3.00 | 03/15/2022 | 242,000 | 244,420 | ||||||||||||
US BanCorp | 3.15 | 04/27/2027 | 200,000 | 201,181 | ||||||||||||
Ventas Realty LP | 3.85 | 04/01/2027 | 200,000 | 200,777 | ||||||||||||
Ventas Realty LP | 4.00 | 03/01/2028 | 15,000 | 15,183 | ||||||||||||
Voya Financial Inc | 3.13 | 07/15/2024 | 200,000 | 197,511 | ||||||||||||
Wells Fargo & Co | 2.10 | 07/26/2021 | 36,000 | 35,431 | ||||||||||||
Wells Fargo & Co | 4.30 | 07/22/2027 | 247,000 | 257,151 | ||||||||||||
Wells Fargo & Co | 4.15 | 01/24/2029 | 50,000 | 52,267 | ||||||||||||
Wells Fargo & Co | 5.38 | 02/07/2035 | 200,000 | 233,305 | ||||||||||||
Wells Fargo & Co | 4.40 | 06/14/2046 | 117,000 | 116,607 | ||||||||||||
Wells Fargo & Co | 4.75 | 12/07/2046 | 97,000 | 101,786 | ||||||||||||
Wells Fargo Bank NA | 5.85 | 02/01/2037 | 250,000 | 302,002 | ||||||||||||
Wells Fargo Bank NA | 3.33 | 07/23/2021 | 250,000 | 251,725 | ||||||||||||
Westpac Banking Corp (Australia) | 2.85 | 05/13/2026 | 135,000 | 131,016 | ||||||||||||
|
| |||||||||||||||
32,364,481 | ||||||||||||||||
|
| |||||||||||||||
Industrial Other — 0.05% | ||||||||||||||||
Board of Trustees of The Leland Stanford Junior University/The | 3.65 | 05/01/2048 | 110,000 | 113,381 | ||||||||||||
President & Fellows of Harvard College | 4.88 | 10/15/2040 | 194,000 | 234,389 | ||||||||||||
President & Fellows of Harvard College | 3.15 | 07/15/2046 | 100,000 | 94,591 | ||||||||||||
|
| |||||||||||||||
442,361 | ||||||||||||||||
|
|
The accompanying notes are an integral part of the financial statements.
32
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||
Sovereign — 1.16% | ||||||||||||||
Asian Development Bank | 1.63 | 03/16/2021 | 485,000 | 477,908 | ||||||||||
Asian Development Bank | 1.75 | 06/08/2021 | 100,000 | 98,675 | ||||||||||
Asian Development Bank | 1.75 | 09/13/2022 | 100,000 | 98,097 | ||||||||||
Asian Development Bank | 2.75 | 03/17/2023 | 70,000 | 71,045 | ||||||||||
Asian Development Bank | 2.75 | 01/19/2028 | 30,000 | 30,488 | ||||||||||
Council Of Europe Development Bank | 1.63 | 03/16/2021 | 285,000 | 280,785 | ||||||||||
Ecopetrol SA (Columbia) | 5.88 | 09/18/2023 | 200,000 | 218,450 | ||||||||||
Ecopetrol SA (Columbia) | 4.13 | 01/16/2025 | 200,000 | 202,002 | ||||||||||
Equinor ASA (Norway) | 3.70 | 03/01/2024 | 142,000 | 148,421 | ||||||||||
Equinor ASA (Norway) | 3.95 | 05/15/2043 | 132,000 | 135,753 | ||||||||||
European Bank For Reconstruction & Development | 2.13 | 03/07/2022 | 150,000 | 148,908 | ||||||||||
European Investment Bank | 1.38 | 06/15/2020 | 485,000 | 479,224 | ||||||||||
European Investment Bank | 2.00 | 03/15/2021 | 485,000 | 481,299 | ||||||||||
European Investment Bank | 2.25 | 03/15/2022 | 97,000 | 96,741 | ||||||||||
European Investment Bank | 2.62 | 05/20/2022 | 300,000 | 302,629 | ||||||||||
European Investment Bank | 2.50 | 03/15/2023 | 300,000 | 301,784 | ||||||||||
European Investment Bank | 3.12 | 12/14/2023 | 200,000 | 206,822 | ||||||||||
FMS Wertmanagement (Germany) | 2.75 | 01/30/2024 | 200,000 | 203,350 | ||||||||||
Inter-American Development Bank | 1.63 | 05/12/2020 | 400,000 | 396,637 | ||||||||||
Inter-American Development Bank | 1.88 | 06/16/2020 | 485,000 | 481,959 | ||||||||||
Inter-American Development Bank | 2.50 | 01/18/2023 | 100,000 | 100,643 | ||||||||||
Inter-American Development Bank | 2.00 | 06/02/2026 | 485,000 | 470,695 | ||||||||||
International Bank for Reconstruction & Development | 1.63 | 03/09/2021 | 485,000 | 478,291 | ||||||||||
International Bank for Reconstruction & Development | 1.38 | 09/20/2021 | 281,000 | 274,647 | ||||||||||
International Bank for Reconstruction & Development | 1.63 | 02/10/2022 | 328,000 | 321,818 | ||||||||||
International Bank for Reconstruction & Development | 2.50 | 11/25/2024 | 250,000 | 251,432 | ||||||||||
International Finance Corp | 1.63 | 07/16/2020 | 150,000 | 148,430 | ||||||||||
Kreditanstalt fuer Wiederaufbau (Germany) | 1.88 | 06/30/2020 | 200,000 | 198,670 | ||||||||||
Kreditanstalt fuer Wiederaufbau (Germany) | 2.75 | 09/08/2020 | 728,000 | 731,583 | ||||||||||
Kreditanstalt fuer Wiederaufbau (Germany) | 1.50 | 06/15/2021 | 350,000 | 343,526 | ||||||||||
Kreditanstalt fuer Wiederaufbau (Germany) | 2.13 | 03/07/2022 | 121,000 | 120,343 | ||||||||||
Kreditanstalt fuer Wiederaufbau (Germany) | 2.13 | 06/15/2022 | 100,000 | 99,393 | ||||||||||
Kreditanstalt fuer Wiederaufbau (Germany) | 2.38 | 12/29/2022 | 100,000 | 100,132 | ||||||||||
Kreditanstalt fuer Wiederaufbau (Germany)1 | 0.00 | 06/29/2037 | 285,000 | 167,079 | ||||||||||
Landwirtschaftliche Rentenbank (Germany) | 1.75 | 07/27/2026 | 200,000 | 189,506 | ||||||||||
Nexen Energy (China) | 6.40 | 05/15/2037 | 114,000 | 146,818 | ||||||||||
Petroleos Mexicanos (Mexico) | 5.50 | 01/21/2021 | 200,000 | 203,400 | ||||||||||
Petroleos Mexicanos (Mexico) | 6.50 | 06/02/2041 | 375,000 | 339,446 |
The accompanying notes are an integral part of the financial statements.
33
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Sovereign — 1.16% | ||||||||||||||||
Petroleos Mexicanos (Mexico) | 6.75 | 09/21/2047 | 200,000 | 183,600 | ||||||||||||
Syngenta Finance NV (Switzerland) | 3.12 | 03/28/2022 | 235,000 | 232,281 | ||||||||||||
|
| |||||||||||||||
9,962,710 | ||||||||||||||||
|
| |||||||||||||||
Technology — 0.89% | ||||||||||||||||
Alphabet Inc | 2.00 | 08/15/2026 | 200,000 | 188,700 | ||||||||||||
Analog Devices Inc | 2.95 | 01/12/2021 | 200,000 | 200,570 | ||||||||||||
Analog Devices Inc | 3.90 | 12/15/2025 | 200,000 | 203,612 | ||||||||||||
Apple Inc | 2.50 | 02/09/2022 | 97,000 | 96,881 | ||||||||||||
Apple Inc | 2.70 | 05/13/2022 | 330,000 | 331,826 | ||||||||||||
Apple Inc | 3.35 | 02/09/2027 | 50,000 | 51,028 | ||||||||||||
Apple Inc | 3.20 | 05/11/2027 | 100,000 | 100,829 | ||||||||||||
Apple Inc | 4.45 | 05/06/2044 | 285,000 | 313,759 | ||||||||||||
Apple Inc | 3.85 | 08/04/2046 | 50,000 | 50,563 | ||||||||||||
Apple Inc | 3.75 | 11/13/2047 | 200,000 | 199,804 | ||||||||||||
Applied Materials Inc | 3.30 | 04/01/2027 | 200,000 | 201,982 | ||||||||||||
Arrow Electronics Inc | 3.50 | 04/01/2022 | 100,000 | 100,593 | ||||||||||||
Broadcom Corp / Broadcom Cayman Finance Ltd | 3.88 | 01/15/2027 | 50,000 | 47,766 | ||||||||||||
Broadcom Corp / Broadcom Cayman Finance Ltd | 3.50 | 01/15/2028 | 90,000 | 82,693 | ||||||||||||
CA Inc | 3.60 | 08/15/2022 | 200,000 | 201,412 | ||||||||||||
Cisco Systems Inc | 2.90 | 03/04/2021 | 207,000 | 208,837 | ||||||||||||
Cisco Systems Inc | 2.50 | 09/20/2026 | 146,000 | 142,125 | ||||||||||||
Citrix Systems Inc | 4.50 | 12/01/2027 | 135,000 | 132,845 | ||||||||||||
Corning Inc | 4.38 | 11/15/2057 | 20,000 | 18,547 | ||||||||||||
DXC Technology Co | 4.75 | 04/15/2027 | 90,000 | 91,412 | ||||||||||||
Fidelity National Information Services Inc | 4.75 | 05/15/2048 | 100,000 | 99,248 | ||||||||||||
Fiserv Inc | 3.80 | 10/01/2023 | 100,000 | 102,495 | ||||||||||||
Fiserv Inc | 4.20 | 10/01/2028 | 100,000 | 103,006 | ||||||||||||
Hewlett Packard Enterprise Co | 3.50 | 10/05/2021 | 100,000 | 101,313 | ||||||||||||
Hewlett Packard Enterprise Co | 4.40 | 10/15/2022 | 121,000 | 126,580 | ||||||||||||
Intel Corp | 3.30 | 10/01/2021 | 114,000 | 116,172 | ||||||||||||
Intel Corp | 3.15 | 05/11/2027 | 50,000 | 50,544 | ||||||||||||
Intel Corp | 4.90 | 07/29/2045 | 100,000 | 117,797 | ||||||||||||
Intel Corp | 4.10 | 05/11/2047 | 50,000 | 53,059 | ||||||||||||
International Business Machines Corp | 3.45 | 02/19/2026 | 306,000 | 310,720 | ||||||||||||
International Business Machines Corp | 4.70 | 02/19/2046 | 146,000 | 159,438 | ||||||||||||
Juniper Networks Inc | 5.95 | 03/15/2041 | 100,000 | 103,630 | ||||||||||||
Microsoft Corp | 2.00 | 11/03/2020 | 242,000 | 240,390 | ||||||||||||
Microsoft Corp | 2.40 | 02/06/2022 | 194,000 | 193,722 | ||||||||||||
Microsoft Corp | 3.12 | 11/03/2025 | 242,000 | 247,608 | ||||||||||||
Microsoft Corp | 3.30 | 02/06/2027 | 107,000 | 109,849 | ||||||||||||
Microsoft Corp | 4.20 | 11/03/2035 | 242,000 | 266,062 | ||||||||||||
Microsoft Corp | 4.10 | 02/06/2037 | 68,000 | 73,960 |
The accompanying notes are an integral part of the financial statements.
34
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||
Technology — 0.89% | ||||||||||||||
Microsoft Corp | 3.95 | 08/08/2056 | 264,000 | 275,341 | ||||||||||
Motorola Solutions Inc | 3.75 | 05/15/2022 | 150,000 | 152,590 | ||||||||||
Oracle Corp | 3.88 | 07/15/2020 | 10,000 | 10,176 | ||||||||||
Oracle Corp | 2.80 | 07/08/2021 | 136,000 | 136,558 | ||||||||||
Oracle Corp | 2.50 | 10/15/2022 | 542,000 | 539,046 | ||||||||||
Oracle Corp | 3.25 | 11/15/2027 | 80,000 | 80,447 | ||||||||||
Oracle Corp | 4.13 | 05/15/2045 | 104,000 | 106,091 | ||||||||||
Oracle Corp | 4.00 | 07/15/2046 | 59,000 | 59,303 | ||||||||||
Oracle Corp | 4.00 | 11/15/2047 | 50,000 | 50,296 | ||||||||||
QUALCOMM Inc | 2.25 | 05/20/2020 | 242,000 | 240,980 | ||||||||||
QUALCOMM Inc | 4.65 | 05/20/2035 | 242,000 | 249,364 | ||||||||||
Seagate HDD Cayman | 4.75 | 06/01/2023 | 200,000 | 202,247 | ||||||||||
Texas Instruments Inc | 4.15 | 05/15/2048 | 25,000 | 26,831 | ||||||||||
|
| |||||||||||||
7,670,647 | ||||||||||||||
|
| |||||||||||||
Transportation — 0.34% | ||||||||||||||
American Airlines2014-1 - Class A Pass Through Trust | 3.70 | 10/01/2026 | 150,883 | 151,200 | ||||||||||
American Airlines2016-1 - Class AA Pass Through Trust | 3.58 | 01/15/2028 | 170,841 | 171,590 | ||||||||||
Burlington Northern Santa Fe LLC | 3.85 | 09/01/2023 | 242,000 | 253,344 | ||||||||||
Burlington Northern Santa Fe LLC | 4.38 | 09/01/2042 | 138,000 | 147,204 | ||||||||||
Canadian National Railway Co (Canada) | 3.65 | 02/03/2048 | 10,000 | 10,054 | ||||||||||
Canadian Pacific Railway Co (Canada) | 2.90 | 02/01/2025 | 100,000 | 98,007 | ||||||||||
Canadian Pacific Railway Co (Canada) | 4.00 | 06/01/2028 | 100,000 | 104,919 | ||||||||||
CSX Corp | 3.25 | 06/01/2027 | 140,000 | 138,192 | ||||||||||
CSX Corp | 3.80 | 03/01/2028 | 15,000 | 15,386 | ||||||||||
CSX Corp | 4.30 | 03/01/2048 | 15,000 | 15,254 | ||||||||||
CSX Corp | 4.50 | 08/01/2054 | 100,000 | 101,910 | ||||||||||
FedEx Corp | 3.25 | 04/01/2026 | 100,000 | 99,508 | ||||||||||
FedEx Corp | 3.30 | 03/15/2027 | 200,000 | 197,095 | ||||||||||
FedEx Corp | 4.55 | 04/01/2046 | 80,000 | 77,051 | ||||||||||
FedEx Corp | 4.40 | 01/15/2047 | 35,000 | 32,884 | ||||||||||
Norfolk Southern Corp | 2.90 | 02/15/2023 | 90,000 | 90,064 | ||||||||||
Norfolk Southern Corp | 3.85 | 01/15/2024 | 85,000 | 88,362 | ||||||||||
Norfolk Southern Corp | 3.15 | 06/01/2027 | 100,000 | 98,517 | ||||||||||
Norfolk Southern Corp | 4.65 | 01/15/2046 | 65,000 | 69,852 | ||||||||||
Norfolk Southern Corp | 5.10 | 08/01/2118 | 10,000 | 10,450 | ||||||||||
Southwest Airlines Co | 2.65 | 11/05/2020 | 100,000 | 99,842 | ||||||||||
Spirit Airlines Pass Through Trust2015-1A | 4.10 | 04/01/2028 | 119,664 | 122,021 | ||||||||||
Union Pacific Corp | 4.16 | 07/15/2022 | 142,000 | 148,036 | ||||||||||
Union Pacific Corp | 3.00 | 04/15/2027 | 100,000 | 97,954 | ||||||||||
Union Pacific Corp | 3.95 | 09/10/2028 | 35,000 | 36,692 | ||||||||||
Union Pacific Corp | 4.75 | 09/15/2041 | 100,000 | 107,898 | ||||||||||
Union Pacific Corp | 4.30 | 03/01/2049 | 20,000 | 20,672 |
The accompanying notes are an integral part of the financial statements.
35
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||
Transportation — 0.34% | ||||||||||||||
Union Pacific Corp | 4.80 | 09/10/2058 | 35,000 | 38,208 | ||||||||||
United Parcel Service Inc | 3.13 | 01/15/2021 | 24,000 | 24,280 | ||||||||||
United Parcel Service Inc | 2.40 | 11/15/2026 | 146,000 | 140,149 | ||||||||||
United Parcel Service Inc | 3.75 | 11/15/2047 | 100,000 | 95,744 | ||||||||||
|
| |||||||||||||
2,902,339 | ||||||||||||||
|
| |||||||||||||
Utilities — 0.78% | ||||||||||||||
American Electric Power Co Inc | 2.95 | 12/15/2022 | 80,000 | 80,125 | ||||||||||
American Water Capital Corp | 3.75 | 09/01/2047 | 50,000 | 48,408 | ||||||||||
Atmos Energy Corp | 4.13 | 10/15/2044 | 117,000 | 122,060 | ||||||||||
Commonwealth Edison Co | 3.65 | 06/15/2046 | 242,000 | 235,917 | ||||||||||
Commonwealth Edison Co | 4.00 | 03/01/2048 | 5,000 | 5,126 | ||||||||||
Consolidated Edison Co of New York Inc | 4.00 | 12/01/2028 | 250,000 | 266,415 | ||||||||||
Consolidated Edison Co of New York Inc | 6.30 | 08/15/2037 | 142,000 | 180,661 | ||||||||||
Dominion Energy Inc | 7.00 | 06/15/2038 | 75,000 | 96,165 | ||||||||||
DTE Electric Co | 3.70 | 03/15/2045 | 121,000 | 119,602 | ||||||||||
Duke Energy Carolinas LLC | 3.90 | 06/15/2021 | 185,000 | 190,024 | ||||||||||
Duke Energy Carolinas LLC | 2.95 | 12/01/2026 | 100,000 | 98,949 | ||||||||||
Duke Energy Corp | 1.80 | 09/01/2021 | 15,000 | 14,649 | ||||||||||
Duke Energy Corp | 3.15 | 08/15/2027 | 100,000 | 98,084 | ||||||||||
Duke Energy Corp | 3.75 | 09/01/2046 | 80,000 | 74,789 | ||||||||||
Duke Energy Florida LLC | 6.40 | 06/15/2038 | 242,000 | 324,120 | ||||||||||
Duke Energy Indiana LLC | 3.75 | 05/15/2046 | 12,000 | 11,679 | ||||||||||
Edison International | 2.40 | 09/15/2022 | 100,000 | 92,399 | ||||||||||
Emera US Finance LP (Canada) | 3.55 | 06/15/2026 | 25,000 | 24,731 | ||||||||||
Exelon Generation Co LLC | 3.40 | 03/15/2022 | 200,000 | 202,757 | ||||||||||
Exelon Generation Co LLC | 6.25 | 10/01/2039 | 200,000 | 221,961 | ||||||||||
Exelon Generation Co LLC | 5.60 | 06/15/2042 | 15,000 | 15,787 | ||||||||||
Florida Power & Light Co | 3.13 | 12/01/2025 | 142,000 | 144,091 | ||||||||||
Florida Power & Light Co | 5.95 | 02/01/2038 | 142,000 | 183,142 | ||||||||||
Florida Power & Light Co | 3.70 | 12/01/2047 | 20,000 | 19,899 | ||||||||||
Georgia Power Co | 3.25 | 03/30/2027 | 150,000 | 145,289 | ||||||||||
Georgia Power Co | 4.30 | 03/15/2042 | 242,000 | 239,411 | ||||||||||
LG&E & KU Energy LLC | 3.75 | 11/15/2020 | 100,000 | 101,101 | ||||||||||
Midamerican Energy Co | 3.50 | 10/15/2024 | 182,000 | 188,355 | ||||||||||
National Rural Utilities Cooperative Finance Corp | 2.30 | 11/01/2020 | 242,000 | 240,923 | ||||||||||
National Rural Utilities Cooperative Finance Corp | 3.40 | 02/07/2028 | 15,000 | 15,213 | ||||||||||
NextEra Energy Capital Holdings Inc | 3.55 | 05/01/2027 | 85,000 | 85,356 | ||||||||||
NiSource Inc | 5.25 | 02/15/2043 | 100,000 | 109,840 | ||||||||||
Ohio Edison Co | 6.88 | 07/15/2036 | 100,000 | 129,790 | ||||||||||
PacifiCorp | 3.85 | 06/15/2021 | 242,000 | 247,603 | ||||||||||
PacifiCorp | 5.75 | 04/01/2037 | 158,000 | 193,309 | ||||||||||
PacifiCorp | 4.12 | 01/15/2049 | 70,000 | 72,351 |
The accompanying notes are an integral part of the financial statements.
36
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Corporate Bonds and Notes — 13.02% | ||||||||||||||||
Utilities — 0.78% | ||||||||||||||||
PECo Energy Co | 3.90 | 03/01/2048 | 5,000 | 5,055 | ||||||||||||
Piedmont Natural Gas Co Inc | 3.64 | 11/01/2046 | 6,000 | 5,453 | ||||||||||||
PPL Electric Utilities Corp | 4.75 | 07/15/2043 | 242,000 | 271,020 | ||||||||||||
Progress Energy Inc | 3.15 | 04/01/2022 | 57,000 | 57,401 | ||||||||||||
Public Service Co of Colorado | 4.10 | 06/15/2048 | 65,000 | 68,416 | ||||||||||||
Public Service Electric & Gas Co | 1.90 | 03/15/2021 | 109,000 | 107,765 | ||||||||||||
San Diego Gas & Electric Co | 2.50 | 05/15/2026 | 142,000 | 133,922 | ||||||||||||
San Diego Gas & Electric Co | 4.50 | 08/15/2040 | 117,000 | 120,898 | ||||||||||||
Sempra Energy | 2.90 | 02/01/2023 | 100,000 | 98,528 | ||||||||||||
Sempra Energy | 3.80 | 02/01/2038 | 20,000 | 18,328 | ||||||||||||
Sempra Energy | 4.00 | 02/01/2048 | 15,000 | 13,658 | ||||||||||||
South Carolina Electric & Gas Co | 4.35 | 02/01/2042 | 99,000 | 104,983 | ||||||||||||
Southern California Edison Co | 6.00 | 01/15/2034 | 92,000 | 104,384 | ||||||||||||
Southern California Edison Co | 5.55 | 01/15/2037 | 132,000 | 144,358 | ||||||||||||
Southern Co Gas Capital Corp | 5.88 | 03/15/2041 | 100,000 | 118,809 | ||||||||||||
Southern Co/The | 4.25 | 07/01/2036 | 100,000 | 98,663 | ||||||||||||
Southern Power Co | 5.25 | 07/15/2043 | 100,000 | 105,630 | ||||||||||||
Southwestern Electric Power Co | 3.90 | 04/01/2045 | 125,000 | 118,073 | ||||||||||||
Virginia Electric & Power Co | 3.15 | 01/15/2026 | 92,000 | 92,076 | ||||||||||||
Virginia Electric & Power Co | 8.88 | 11/15/2038 | 117,000 | 184,516 | ||||||||||||
Xcel Energy Inc | 2.60 | 03/15/2022 | 125,000 | 124,225 | ||||||||||||
|
| |||||||||||||||
6,736,242 | ||||||||||||||||
|
| |||||||||||||||
Total Corporate Bonds and Notes (Cost $114,207,279) | 112,143,714 | |||||||||||||||
|
| |||||||||||||||
Foreign Government Bonds & Notes — 0.82% | ||||||||||||||||
Chile Government International Bond (Chile) | 3.13 | 01/21/2026 | 388,000 | 393,180 | ||||||||||||
Colombia Government International Bond (Colombia) | 4.38 | 07/12/2021 | 200,000 | 205,500 | ||||||||||||
Colombia Government International Bond (Colombia) | 6.13 | 01/18/2041 | 200,000 | 236,302 | ||||||||||||
Development Bank Of Japan Inc (Japan) | 2.00 | 10/19/2021 | 350,000 | 344,692 | ||||||||||||
Export-Import Bank Of Korea (South Korea) | 2.38 | 04/21/2027 | 300,000 | 282,587 | ||||||||||||
Hungary Government International Bond (Hungary) | 5.75 | 11/22/2023 | 200,000 | 221,064 | ||||||||||||
Indonesia Government International Bond | 5.35 | 02/11/2049 | 200,000 | 221,783 | ||||||||||||
Israel Government Aid Bond (Israel) | 5.50 | 12/04/2023 | 19,000 | 21,589 | ||||||||||||
Israel Government Aid Bond (Israel) | 5.50 | 04/26/2024 | 51,000 | 58,472 | ||||||||||||
Israel Government Aid Bond (Israel) | 5.50 | 09/18/2033 | 291,000 | 376,473 | ||||||||||||
Israel Government International Bond (Israel) | 4.00 | 06/30/2022 | 200,000 | 208,616 | ||||||||||||
Japan Bank For International Cooperation (Japan) | 2.38 | 07/21/2022 | 200,000 | 198,754 |
The accompanying notes are an integral part of the financial statements.
37
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Foreign Government Bonds & Notes — 0.82% | ||||||||||||||||
Japan Bank For International Cooperation (Japan) | 1.88 | 07/21/2026 | 300,000 | 282,380 | ||||||||||||
Japan Bank For International Cooperation (Japan) | 3.50 | 10/31/2028 | 200,000 | 210,482 | ||||||||||||
Korea Development Bank/The (South Korea) | 3.00 | 01/13/2026 | 242,000 | 238,296 | ||||||||||||
Korea International Bond (South Korea) | 2.75 | 01/19/2027 | 200,000 | 197,908 | ||||||||||||
Mexico Government International Bond (Mexico) | 4.00 | 10/02/2023 | 300,000 | 308,400 | ||||||||||||
Mexico Government International Bond (Mexico) | 6.05 | 01/11/2040 | 300,000 | 343,200 | ||||||||||||
Mexico Government International Bond (Mexico) | 4.60 | 02/10/2048 | 300,000 | 290,340 | ||||||||||||
Panama Government International Bond (Panama) | 3.75 | 03/16/2025 | 200,000 | 206,302 | ||||||||||||
Panama Government International Bond (Panama) | 6.70 | 01/26/2036 | 100,000 | 130,500 | ||||||||||||
Panama Government International Bond (Panama) | 4.50 | 04/16/2050 | 200,000 | 208,800 | ||||||||||||
Peruvian Government International Bond (Peru) | 4.12 | 08/25/2027 | 200,000 | 218,202 | ||||||||||||
Philippine Government International Bond (Philippines) | 4.00 | 01/15/2021 | 300,000 | 305,917 | ||||||||||||
Philippine Government International Bond (Philippines) | 9.50 | 02/02/2030 | 200,000 | 308,153 | ||||||||||||
Philippine Government International Bond (Philippines) | 3.95 | 01/20/2040 | 200,000 | 210,096 | ||||||||||||
Province Of Alberta Canada (Canada) | 3.30 | 03/15/2028 | 30,000 | 31,113 | ||||||||||||
Province Of Ontario Canada (Canada) | 3.40 | 10/17/2023 | 50,000 | 51,743 | ||||||||||||
Province Of Ontario Canada (Canada) | 2.50 | 04/27/2026 | 242,000 | 238,671 | ||||||||||||
Province Of Quebec Canada (Canada) | 2.75 | 08/25/2021 | 142,000 | 142,983 | ||||||||||||
Republic Of Poland Government International Bond (Poland) | 3.25 | 04/06/2026 | 142,000 | 144,128 | ||||||||||||
Uruguay Government International Bond (Uruguay) | 4.38 | 10/27/2027 | 200,000 | 210,400 | ||||||||||||
Uruguay Government International Bond (Uruguay) | 4.98 | 04/20/2055 | 35,000 | 36,662 | ||||||||||||
|
| |||||||||||||||
Total Foreign Government Bonds & Notes (Cost $7,191,836) | 7,083,688 | |||||||||||||||
|
| |||||||||||||||
Municipal Bonds — 0.41% | ||||||||||||||||
Bay Area Toll Authority | 6.26 | 04/01/2049 | 95,000 | 135,480 | ||||||||||||
City of New York NY | 6.27 | 12/01/2037 | 100,000 | 132,911 | ||||||||||||
Commonwealth of Massachusetts | 4.20 | 12/01/2021 | 200,000 | 205,398 | ||||||||||||
Commonwealth of Massachusetts Transportation Fund Revenue | 5.73 | 06/01/2040 | 25,000 | 31,540 | ||||||||||||
Dallas Area Rapid Transit | 6.00 | 12/01/2044 | 100,000 | 133,592 |
The accompanying notes are an integral part of the financial statements.
38
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
Municipal Bonds — 0.41% | ||||||||||||||||
East Bay Municipal Utility District Water System Revenue | 5.87 | 06/01/2040 | 145,000 | 190,830 | ||||||||||||
Los Angeles Unified School District/CA | 5.75 | 07/01/2034 | 100,000 | 122,929 | ||||||||||||
New Jersey Economic Development Authority | 7.42 | 02/15/2029 | 164,000 | 202,040 | ||||||||||||
New Jersey Turnpike Authority | 7.41 | 01/01/2040 | 165,000 | 247,833 | ||||||||||||
Ohio State University/The | 4.91 | 06/01/2040 | 140,000 | 168,853 | ||||||||||||
Ohio State University/The | 4.80 | 06/01/2111 | 53,000 | 61,272 | ||||||||||||
Ohio Water Development Authority Water Pollution Control Loan Fund | 4.88 | 12/01/2034 | 50,000 | 56,841 | ||||||||||||
Port Authority of New York & New Jersey | 4.46 | 10/01/2062 | 95,000 | 106,431 | ||||||||||||
Salt River Project Agricultural Improvement & Power District | 4.84 | 01/01/2041 | 175,000 | 210,590 | ||||||||||||
South Carolina Public Service Authority | 2.39 | 12/01/2023 | 332,000 | 321,472 | ||||||||||||
State Board of Administration Finance Corp | 3.00 | 07/01/2020 | 90,000 | 90,475 | ||||||||||||
State Board of Administration Finance Corp | 2.64 | 07/01/2021 | 200,000 | 200,498 | ||||||||||||
State of California | 5.70 | 11/01/2021 | 200,000 | 216,684 | ||||||||||||
State of California | 3.50 | 04/01/2028 | 30,000 | 31,510 | ||||||||||||
State of California | 7.30 | 10/01/2039 | 240,000 | 347,287 | ||||||||||||
State of Connecticut | 5.85 | 03/15/2032 | 100,000 | 121,059 | ||||||||||||
State of Illinois | 5.10 | 06/01/2033 | 200,000 | 196,524 | ||||||||||||
|
| |||||||||||||||
Total Municipal Bonds (Cost $3,615,321) | 3,532,049 | |||||||||||||||
|
| |||||||||||||||
Commercial Mortgage-Backed Securities — 1.03% |
| |||||||||||||||
COMM2013-CR9 Mortgage Trust | 4.23 | 07/10/2045 | 109,000 | 115,026 | ||||||||||||
COMM 2014-LC17 Mortgage Trust | 3.92 | 10/10/2047 | 702,000 | 733,823 | ||||||||||||
COMM 2014-UBS4 Mortgage Trust | 3.42 | 08/10/2047 | 582,000 | 595,129 | ||||||||||||
FannieMae-Aces | 2.98 | 04/25/2022 | 433,203 | 436,259 | ||||||||||||
FannieMae-Aces | 2.51 | 11/25/2022 | 400,000 | 398,076 | ||||||||||||
FannieMae-Aces | 2.96 | 02/25/2027 | 647,000 | 648,027 | ||||||||||||
FannieMae-Aces | 2.99 | 12/25/2027 | 200,000 | 200,345 | ||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | 3.06 | 12/25/2024 | 500,000 | 509,487 | ||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | 2.21 | 06/25/2025 | 289,776 | 285,020 | ||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | 3.24 | 08/25/2027 | 750,000 | 768,899 | ||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates | 3.92 | 09/25/2028 | 100,000 | 107,826 | ||||||||||||
GS Mortgage Securities Corp II 2015-GC30 | 3.12 | 05/10/2050 | 242,000 | 244,109 | ||||||||||||
GS Mortgage Securities Trust 2014-GC22 | 3.52 | 06/10/2047 | 96,294 | 97,808 | ||||||||||||
GS Mortgage Securities Trust2016-GS2 | 3.05 | 05/10/2049 | 728,000 | 726,416 |
The accompanying notes are an integral part of the financial statements.
39
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Commercial Mortgage-Backed Securities — 1.03% | ||||||||||||||
JPMBB Commercial Mortgage Securities Trust2015-C29 | 3.30 | 05/15/2048 | 485,000 | 492,725 | ||||||||||
Morgan Stanley Capital I Trust 2015-UBS8 | 3.54 | 12/15/2048 | 470,000 | 482,365 | ||||||||||
Morgan Stanley Capital I Trust2017-H1 | 3.26 | 06/15/2050 | 500,000 | 502,314 | ||||||||||
UBS Commercial Mortgage Trust2018-C12 | 4.30 | 08/15/2051 | 500,000 | 539,097 | ||||||||||
UBS-Barclays Commercial Mortgage Trust2012-C4 | 2.79 | 12/10/2045 | 504,000 | 505,038 | ||||||||||
UBS-Barclays Commercial Mortgage Trust2013-C6 | 3.24 | 04/10/2046 | 209,691 | 213,218 | ||||||||||
Wells Fargo Commercial Mortgage Trust2018-C44 | 4.21 | 05/15/2051 | 200,000 | 214,728 | ||||||||||
|
| |||||||||||||
Total Commercial Mortgage-Backed Securities (Cost $9,021,256) | 8,815,735 | |||||||||||||
|
| |||||||||||||
Mortgage-Backed Securities — 13.47% | ||||||||||||||
Fannie Mae Pool | 4.00 | 05/01/2020 | 553 | 569 | ||||||||||
Fannie Mae Pool | 4.00 | 03/01/2022 | 2,657 | 2,737 | ||||||||||
Fannie Mae Pool | 3.50 | 04/01/2024 | 15,038 | 15,384 | ||||||||||
Fannie Mae Pool | 4.00 | 07/01/2024 | 50,000 | 51,711 | ||||||||||
Fannie Mae Pool | 4.50 | 05/01/2025 | 122,971 | 127,249 | ||||||||||
Fannie Mae Pool | 3.50 | 10/01/2025 | 164,340 | 168,114 | ||||||||||
Fannie Mae Pool | 3.50 | 10/01/2025 | 67,032 | 68,572 | ||||||||||
Fannie Mae Pool | 3.50 | 12/01/2025 | 132,972 | 136,026 | ||||||||||
Fannie Mae Pool | 3.50 | 01/01/2026 | 25,034 | 25,609 | ||||||||||
Fannie Mae Pool | 3.50 | 02/01/2026 | 28,646 | 29,304 | ||||||||||
Fannie Mae Pool | 3.50 | 06/01/2026 | 5,982 | 6,125 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2026 | 113,946 | 115,428 | ||||||||||
Fannie Mae Pool | 3.00 | 05/01/2027 | 70,268 | 71,182 | ||||||||||
Fannie Mae Pool | 3.50 | 08/01/2027 | 153,418 | 156,941 | ||||||||||
Fannie Mae Pool | 3.00 | 08/01/2027 | 93,011 | 94,223 | ||||||||||
Fannie Mae Pool | 2.50 | 01/01/2028 | 203,185 | 203,073 | ||||||||||
Fannie Mae Pool | 3.00 | 02/01/2028 | 241,981 | 245,130 | ||||||||||
Fannie Mae Pool | 2.50 | 05/01/2028 | 104,390 | 104,332 | ||||||||||
Fannie Mae Pool | 3.00 | 08/01/2028 | 76,453 | 77,286 | ||||||||||
Fannie Mae Pool | 2.50 | 09/01/2028 | 103,651 | 103,594 | ||||||||||
Fannie Mae Pool | 4.50 | 03/01/2029 | 2,043 | 2,127 | ||||||||||
Fannie Mae Pool | 4.00 | 07/01/2029 | 49,996 | 51,503 | ||||||||||
Fannie Mae Pool | 4.50 | 08/01/2029 | 87,073 | 90,937 | ||||||||||
Fannie Mae Pool | 2.50 | 08/01/2030 | 180,581 | 179,702 | ||||||||||
Fannie Mae Pool | 3.50 | 11/01/2030 | 28,611 | 29,173 | ||||||||||
Fannie Mae Pool | 3.00 | 02/01/2031 | 173,971 | 175,597 | ||||||||||
Fannie Mae Pool | 2.50 | 07/01/2031 | 157,834 | 157,066 | ||||||||||
Fannie Mae Pool | 2.00 | 08/01/2031 | 254,700 | 248,014 | ||||||||||
Fannie Mae Pool | 2.50 | 09/01/2031 | 381,040 | 379,187 | ||||||||||
Fannie Mae Pool | 2.50 | 11/01/2031 | 221,374 | 220,026 |
The accompanying notes are an integral part of the financial statements.
40
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Fannie Mae Pool | 2.00 | 11/01/2031 | 38,270 | 37,264 | ||||||||||
Fannie Mae Pool | 2.50 | 12/01/2031 | 181,258 | 180,376 | ||||||||||
Fannie Mae Pool | 2.50 | 01/01/2032 | 224,852 | 223,483 | ||||||||||
Fannie Mae Pool | 2.50 | 01/01/2032 | 55,627 | 55,288 | ||||||||||
Fannie Mae Pool | 2.50 | 02/01/2032 | 226,352 | 224,974 | ||||||||||
Fannie Mae Pool | 2.00 | 02/01/2032 | 57,758 | 56,241 | ||||||||||
Fannie Mae Pool | 3.00 | 04/01/2032 | 63,828 | 64,543 | ||||||||||
Fannie Mae Pool | 3.50 | 08/01/2032 | 50,561 | 51,993 | ||||||||||
Fannie Mae Pool | 2.50 | 12/01/2032 | 198,331 | 197,124 | ||||||||||
Fannie Mae Pool | 3.00 | 01/01/2033 | 98,381 | 99,297 | ||||||||||
Fannie Mae Pool | 2.50 | 01/01/2033 | 97,957 | 97,360 | ||||||||||
Fannie Mae Pool | 3.00 | 01/01/2033 | 22,072 | 22,277 | ||||||||||
Fannie Mae Pool | 3.00 | 04/01/2033 | 155,895 | 157,346 | ||||||||||
Fannie Mae Pool | 3.00 | 05/01/2033 | 161,580 | 163,084 | ||||||||||
Fannie Mae Pool | 3.50 | 05/01/2033 | 97,183 | 99,415 | ||||||||||
Fannie Mae Pool | 5.50 | 06/01/2033 | 13,238 | 14,514 | ||||||||||
Fannie Mae Pool | 2.50 | 08/01/2033 | 191,457 | 190,291 | ||||||||||
Fannie Mae Pool | 3.50 | 08/01/2033 | 178,069 | 183,113 | ||||||||||
Fannie Mae Pool | 5.50 | 08/01/2033 | 79,540 | 87,056 | ||||||||||
Fannie Mae Pool | 3.50 | 09/01/2033 | 71,909 | 73,560 | ||||||||||
Fannie Mae Pool | 4.00 | 10/01/2033 | 223,598 | 233,266 | ||||||||||
Fannie Mae Pool | 3.50 | 10/01/2033 | 24,187 | 24,742 | ||||||||||
Fannie Mae Pool | 5.50 | 11/01/2033 | 1,026 | 1,125 | ||||||||||
Fannie Mae Pool | 5.50 | 02/01/2034 | 53,826 | 59,232 | ||||||||||
Fannie Mae Pool2 | 3.00 | 04/01/2034 | 1,050,000 | 1,059,656 | ||||||||||
Fannie Mae Pool2 | 4.00 | 04/01/2034 | 250,000 | 257,498 | ||||||||||
Fannie Mae Pool2 | 3.50 | 04/01/2034 | 200,000 | 204,555 | ||||||||||
Fannie Mae Pool | 3.00 | 04/01/2034 | 100,000 | 100,931 | ||||||||||
Fannie Mae Pool | 3.00 | 05/01/2034 | 374,500 | 378,913 | ||||||||||
Fannie Mae Pool | 5.50 | 05/01/2034 | 143,162 | 157,518 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2034 | 21,452 | 21,705 | ||||||||||
Fannie Mae Pool | 3.50 | 01/01/2035 | 190,891 | 195,827 | ||||||||||
Fannie Mae Pool | 4.50 | 02/01/2035 | 420,265 | 444,149 | ||||||||||
Fannie Mae Pool | 3.00 | 02/01/2035 | 159,499 | 161,379 | ||||||||||
Fannie Mae Pool | 3.00 | 02/01/2035 | 64,345 | 65,103 | ||||||||||
Fannie Mae Pool | 5.00 | 03/01/2035 | 195,922 | 210,763 | ||||||||||
Fannie Mae Pool | 5.00 | 07/01/2035 | 24,144 | 25,971 | ||||||||||
Fannie Mae Pool | 3.50 | 11/01/2035 | 28,186 | 28,803 | ||||||||||
Fannie Mae Pool | 2.50 | 08/01/2036 | 56,559 | 55,475 | ||||||||||
Fannie Mae Pool | 2.50 | 10/01/2036 | 49,492 | 48,543 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2036 | 20,007 | 20,206 | ||||||||||
Fannie Mae Pool | 3.00 | 12/01/2036 | 97,670 | 98,641 | ||||||||||
Fannie Mae Pool | 3.00 | 12/01/2036 | 77,829 | 78,603 | ||||||||||
Fannie Mae Pool | 3.00 | 12/01/2036 | 59,010 | 59,597 | ||||||||||
Fannie Mae Pool | 3.00 | 02/01/2037 | 60,500 | 61,102 |
The accompanying notes are an integral part of the financial statements.
41
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Fannie Mae Pool | 3.50 | 02/01/2037 | 59,131 | 60,309 | ||||||||||
Fannie Mae Pool | 3.00 | 02/01/2037 | 42,003 | 42,420 | ||||||||||
Fannie Mae Pool | 3.00 | 04/01/2037 | 61,240 | 61,849 | ||||||||||
Fannie Mae Pool | 5.50 | 09/01/2037 | 111,058 | 122,078 | ||||||||||
Fannie Mae Pool | 3.50 | 11/01/2037 | 43,786 | 44,752 | ||||||||||
Fannie Mae Pool | 3.50 | 01/01/2038 | 89,938 | 91,989 | ||||||||||
Fannie Mae Pool | 5.50 | 02/01/2038 | 72,183 | 79,405 | ||||||||||
Fannie Mae Pool | 5.00 | 02/01/2038 | 37,648 | 39,769 | ||||||||||
Fannie Mae Pool | 4.00 | 03/01/2038 | 67,881 | 70,522 | ||||||||||
Fannie Mae Pool | 6.00 | 05/01/2038 | 129,397 | 141,704 | ||||||||||
Fannie Mae Pool | 4.00 | 07/01/2038 | 23,407 | 24,268 | ||||||||||
Fannie Mae Pool | 5.50 | 10/01/2038 | 58,846 | 64,736 | ||||||||||
Fannie Mae Pool | 4.00 | 12/01/2038 | 147,306 | 152,688 | ||||||||||
Fannie Mae Pool | 5.00 | 01/01/2039 | 119,842 | 128,755 | ||||||||||
Fannie Mae Pool | 4.50 | 03/01/2039 | 1,487 | 1,571 | ||||||||||
Fannie Mae Pool | 5.50 | 04/01/2039 | 147,924 | 161,007 | ||||||||||
Fannie Mae Pool | 3.50 | 06/01/2039 | 70,371 | 71,706 | ||||||||||
Fannie Mae Pool | 4.50 | 09/01/2039 | 53,877 | 56,937 | ||||||||||
Fannie Mae Pool | 6.00 | 10/01/2039 | 50,729 | 55,953 | ||||||||||
Fannie Mae Pool | 5.00 | 12/01/2039 | 57,863 | 62,404 | ||||||||||
Fannie Mae Pool | 4.50 | 02/01/2040 | 65,518 | 69,269 | ||||||||||
Fannie Mae Pool | 4.00 | 02/01/2040 | 17,510 | 18,162 | ||||||||||
Fannie Mae Pool | 4.50 | 04/01/2040 | 109,779 | 116,061 | ||||||||||
Fannie Mae Pool | 4.50 | 05/01/2040 | 207,936 | 220,770 | ||||||||||
Fannie Mae Pool | 4.00 | 07/01/2040 | 44,691 | 46,341 | ||||||||||
Fannie Mae Pool | 4.50 | 07/01/2040 | 44,213 | 46,944 | ||||||||||
Fannie Mae Pool | 5.00 | 08/01/2040 | 70,630 | 76,184 | ||||||||||
Fannie Mae Pool | 5.00 | 09/01/2040 | 112,914 | 121,516 | ||||||||||
Fannie Mae Pool | 4.00 | 01/01/2041 | 216,926 | 225,002 | ||||||||||
Fannie Mae Pool | 3.50 | 01/01/2041 | 210,693 | 215,175 | ||||||||||
Fannie Mae Pool | 5.00 | 02/01/2041 | 154,678 | 166,839 | ||||||||||
Fannie Mae Pool | 5.00 | 02/01/2041 | 101,200 | 109,104 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2041 | 182,226 | 186,103 | ||||||||||
Fannie Mae Pool | 5.00 | 04/01/2041 | 200,106 | 215,842 | ||||||||||
Fannie Mae Pool | 4.00 | 01/01/2042 | 806,882 | 839,880 | ||||||||||
Fannie Mae Pool | 4.00 | 01/01/2042 | 239,838 | 248,766 | ||||||||||
Fannie Mae Pool | 4.00 | 01/01/2042 | 146,447 | 151,893 | ||||||||||
Fannie Mae Pool | 5.50 | 02/01/2042 | 140,161 | 154,011 | ||||||||||
Fannie Mae Pool | 3.50 | 05/01/2042 | 262,207 | 267,787 | ||||||||||
Fannie Mae Pool | 5.00 | 05/01/2042 | 97,292 | 104,891 | ||||||||||
Fannie Mae Pool | 3.50 | 09/01/2042 | 237,096 | 242,142 | ||||||||||
Fannie Mae Pool | 3.50 | 10/01/2042 | 216,172 | 220,772 | ||||||||||
Fannie Mae Pool | 3.50 | 11/01/2042 | 490,541 | 500,981 | ||||||||||
Fannie Mae Pool | 3.50 | 11/01/2042 | 162,902 | 166,349 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2042 | 141,122 | 141,217 |
The accompanying notes are an integral part of the financial statements.
42
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Fannie Mae Pool | 3.00 | 01/01/2043 | 343,639 | 343,869 | ||||||||||
Fannie Mae Pool | 3.00 | 01/01/2043 | 195,372 | 195,503 | ||||||||||
Fannie Mae Pool | 3.00 | 01/01/2043 | 65,917 | 65,961 | ||||||||||
Fannie Mae Pool | 3.00 | 04/01/2043 | 311,413 | 311,621 | ||||||||||
Fannie Mae Pool | 3.00 | 04/01/2043 | 67,441 | 67,486 | ||||||||||
Fannie Mae Pool | 3.50 | 05/01/2043 | 298,786 | 305,037 | ||||||||||
Fannie Mae Pool | 3.00 | 05/01/2043 | 47,367 | 47,399 | ||||||||||
Fannie Mae Pool | 3.00 | 06/01/2043 | 351,947 | 351,136 | ||||||||||
Fannie Mae Pool | 3.00 | 07/01/2043 | 401,710 | 401,980 | ||||||||||
Fannie Mae Pool | 3.00 | 07/01/2043 | 337,569 | 337,962 | ||||||||||
Fannie Mae Pool | 3.00 | 08/01/2043 | 530,381 | 530,736 | ||||||||||
Fannie Mae Pool | 3.50 | 08/01/2043 | 234,978 | 239,893 | ||||||||||
Fannie Mae Pool | 3.00 | 08/01/2043 | 170,599 | 170,713 | ||||||||||
Fannie Mae Pool | 3.00 | 08/01/2043 | 161,002 | 161,110 | ||||||||||
Fannie Mae Pool | 4.00 | 09/01/2043 | 222,778 | 230,927 | ||||||||||
Fannie Mae Pool | 4.00 | 09/01/2043 | 134,478 | 140,478 | ||||||||||
Fannie Mae Pool | 3.00 | 10/01/2043 | 347,370 | 347,603 | ||||||||||
Fannie Mae Pool | 3.00 | 10/01/2043 | 329,907 | 330,127 | ||||||||||
Fannie Mae Pool | 5.00 | 11/01/2043 | 57,329 | 61,710 | ||||||||||
Fannie Mae Pool | 5.50 | 05/01/2044 | 83,273 | 89,783 | ||||||||||
Fannie Mae Pool | 4.00 | 06/01/2044 | 187,034 | 193,530 | ||||||||||
Fannie Mae Pool | 4.00 | 08/01/2044 | 177,697 | 183,800 | ||||||||||
Fannie Mae Pool | 3.50 | 10/01/2044 | 365,934 | 374,143 | ||||||||||
Fannie Mae Pool | 4.00 | 10/01/2044 | 104,468 | 108,118 | ||||||||||
Fannie Mae Pool | 4.00 | 10/01/2044 | 13,758 | 14,227 | ||||||||||
Fannie Mae Pool | 3.50 | 12/01/2044 | 331,844 | 339,288 | ||||||||||
Fannie Mae Pool | 4.00 | 12/01/2044 | 201,728 | 208,621 | ||||||||||
Fannie Mae Pool | 3.00 | 01/01/2045 | 335,191 | 335,415 | ||||||||||
Fannie Mae Pool | 3.50 | 02/01/2045 | 477,127 | 486,727 | ||||||||||
Fannie Mae Pool | 3.50 | 02/01/2045 | 288,259 | 293,234 | ||||||||||
Fannie Mae Pool | 4.00 | 03/01/2045 | 25,671 | 26,547 | ||||||||||
Fannie Mae Pool | 3.50 | 06/01/2045 | 170,399 | 173,340 | ||||||||||
Fannie Mae Pool | 3.50 | 08/01/2045 | 547,292 | 556,738 | ||||||||||
Fannie Mae Pool | 3.50 | 08/01/2045 | 223,436 | 227,293 | ||||||||||
Fannie Mae Pool | 3.50 | 09/01/2045 | 322,055 | 327,614 | ||||||||||
Fannie Mae Pool | 4.50 | 09/01/2045 | 131,329 | 138,536 | ||||||||||
Fannie Mae Pool | 4.00 | 10/01/2045 | 67,415 | 69,715 | ||||||||||
Fannie Mae Pool | 4.00 | 10/01/2045 | 41,337 | 42,745 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2045 | 817,127 | 815,144 | ||||||||||
Fannie Mae Pool | 4.00 | 11/01/2045 | 516,814 | 534,449 | ||||||||||
Fannie Mae Pool | 3.50 | 11/01/2045 | 169,299 | 172,221 | ||||||||||
Fannie Mae Pool | 4.50 | 11/01/2045 | 150,498 | 158,536 | ||||||||||
Fannie Mae Pool | 4.00 | 11/01/2045 | 16,300 | 16,857 | ||||||||||
Fannie Mae Pool | 3.00 | 12/01/2045 | 580,990 | 579,400 | ||||||||||
Fannie Mae Pool | 3.50 | 12/01/2045 | 330,292 | 335,993 |
The accompanying notes are an integral part of the financial statements.
43
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Fannie Mae Pool | 3.50 | 12/01/2045 | 283,025 | 287,910 | ||||||||||
Fannie Mae Pool | 4.50 | 12/01/2045 | 137,232 | 144,152 | ||||||||||
Fannie Mae Pool | 3.50 | 01/01/2046 | 335,597 | 341,390 | ||||||||||
Fannie Mae Pool | 3.50 | 01/01/2046 | 312,763 | 318,162 | ||||||||||
Fannie Mae Pool | 4.00 | 01/01/2046 | 268,185 | 277,322 | ||||||||||
Fannie Mae Pool | 3.00 | 01/01/2046 | 219,866 | 219,230 | ||||||||||
Fannie Mae Pool | 3.50 | 02/01/2046 | 315,219 | 320,660 | ||||||||||
Fannie Mae Pool | 4.00 | 02/01/2046 | 252,000 | 260,573 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2046 | 329,843 | 335,179 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2046 | 325,540 | 331,058 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2046 | 320,450 | 325,423 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2046 | 315,398 | 320,809 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2046 | 314,699 | 320,065 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2046 | 300,091 | 305,209 | ||||||||||
Fannie Mae Pool | 4.00 | 03/01/2046 | 227,073 | 234,786 | ||||||||||
Fannie Mae Pool | 3.00 | 05/01/2046 | 381,104 | 379,943 | ||||||||||
Fannie Mae Pool | 3.00 | 06/01/2046 | 228,595 | 227,899 | ||||||||||
Fannie Mae Pool | 4.00 | 07/01/2046 | 158,457 | 162,975 | ||||||||||
Fannie Mae Pool | 2.50 | 08/01/2046 | 158,852 | 154,375 | ||||||||||
Fannie Mae Pool | 4.50 | 08/01/2046 | 145,424 | 151,482 | ||||||||||
Fannie Mae Pool | 2.50 | 08/01/2046 | 20,788 | 20,202 | ||||||||||
Fannie Mae Pool | 3.00 | 09/01/2046 | 239,055 | 238,327 | ||||||||||
Fannie Mae Pool | 3.00 | 09/01/2046 | 236,515 | 235,795 | ||||||||||
Fannie Mae Pool | 3.00 | 09/01/2046 | 81,515 | 81,266 | ||||||||||
Fannie Mae Pool | 2.50 | 09/01/2046 | 20,202 | 19,633 | ||||||||||
Fannie Mae Pool | 3.00 | 10/01/2046 | 265,364 | 264,556 | ||||||||||
Fannie Mae Pool | 3.00 | 10/01/2046 | 52,057 | 51,899 | ||||||||||
Fannie Mae Pool | 3.00 | 10/01/2046 | 22,699 | 22,630 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2046 | 266,771 | 265,959 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2046 | 242,776 | 242,036 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2046 | 80,638 | 80,294 | ||||||||||
Fannie Mae Pool | 4.50 | 11/01/2046 | 51,520 | 54,232 | ||||||||||
Fannie Mae Pool | 3.00 | 11/01/2046 | 40,209 | 40,074 | ||||||||||
Fannie Mae Pool | 3.00 | 12/01/2046 | 250,240 | 249,478 | ||||||||||
Fannie Mae Pool | 3.00 | 12/01/2046 | 219,307 | 218,639 | ||||||||||
Fannie Mae Pool | 3.50 | 12/01/2046 | 196,171 | 199,476 | ||||||||||
Fannie Mae Pool | 3.00 | 12/01/2046 | 189,389 | 188,812 | ||||||||||
Fannie Mae Pool | 2.50 | 12/01/2046 | 22,112 | 21,489 | ||||||||||
Fannie Mae Pool | 3.00 | 01/01/2047 | 166,023 | 165,518 | ||||||||||
Fannie Mae Pool | 4.50 | 01/01/2047 | 46,245 | 48,400 | ||||||||||
Fannie Mae Pool | 3.00 | 02/01/2047 | 282,349 | 281,489 | ||||||||||
Fannie Mae Pool | 3.50 | 02/01/2047 | 38,605 | 39,236 | ||||||||||
Fannie Mae Pool | 4.50 | 03/01/2047 | 189,842 | 198,700 | ||||||||||
Fannie Mae Pool | 4.50 | 03/01/2047 | 160,330 | 167,921 | ||||||||||
Fannie Mae Pool | 4.50 | 04/01/2047 | 170,053 | 177,978 |
The accompanying notes are an integral part of the financial statements.
44
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Fannie Mae Pool | 4.00 | 05/01/2047 | 245,288 | 253,505 | ||||||||||
Fannie Mae Pool | 4.00 | 06/01/2047 | 266,031 | 274,942 | ||||||||||
Fannie Mae Pool | 4.00 | 08/01/2047 | 176,101 | 182,000 | ||||||||||
Fannie Mae Pool | 4.00 | 08/01/2047 | 96,550 | 99,784 | ||||||||||
Fannie Mae Pool | 4.00 | 08/01/2047 | 68,586 | 70,883 | ||||||||||
Fannie Mae Pool | 3.50 | 08/01/2047 | 48,919 | 49,681 | ||||||||||
Fannie Mae Pool | 3.50 | 09/01/2047 | 344,239 | 349,561 | ||||||||||
Fannie Mae Pool | 4.00 | 09/01/2047 | 191,605 | 197,988 | ||||||||||
Fannie Mae Pool | 4.50 | 10/01/2047 | 113,680 | 118,976 | ||||||||||
Fannie Mae Pool | 3.50 | 11/01/2047 | 114,174 | 115,934 | ||||||||||
Fannie Mae Pool | 3.50 | 12/01/2047 | 483,827 | 491,283 | ||||||||||
Fannie Mae Pool | 3.50 | 12/01/2047 | 296,409 | 300,979 | ||||||||||
Fannie Mae Pool | 3.50 | 12/01/2047 | 244,760 | 248,533 | ||||||||||
Fannie Mae Pool | 3.50 | 01/01/2048 | 393,937 | 400,006 | ||||||||||
Fannie Mae Pool | 4.00 | 01/01/2048 | 270,217 | 279,109 | ||||||||||
Fannie Mae Pool | 4.50 | 01/01/2048 | 45,475 | 47,581 | ||||||||||
Fannie Mae Pool | 4.00 | 02/01/2048 | 473,825 | 489,295 | ||||||||||
Fannie Mae Pool | 4.50 | 02/01/2048 | 99,493 | 103,847 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2048 | 216,509 | 219,844 | ||||||||||
Fannie Mae Pool | 4.00 | 03/01/2048 | 115,903 | 119,657 | ||||||||||
Fannie Mae Pool | 3.50 | 04/01/2048 | 171,742 | 174,388 | ||||||||||
Fannie Mae Pool | 4.50 | 05/01/2048 | 471,088 | 492,834 | ||||||||||
Fannie Mae Pool | 3.50 | 05/01/2048 | 120,272 | 122,125 | ||||||||||
Fannie Mae Pool | 4.50 | 05/01/2048 | 94,819 | 99,168 | ||||||||||
Fannie Mae Pool | 4.50 | 05/01/2048 | 22,862 | 23,915 | ||||||||||
Fannie Mae Pool | 4.00 | 06/01/2048 | 344,485 | 355,205 | ||||||||||
Fannie Mae Pool | 4.00 | 06/01/2048 | 271,053 | 279,555 | ||||||||||
Fannie Mae Pool | 4.00 | 06/01/2048 | 190,945 | 196,983 | ||||||||||
Fannie Mae Pool | 4.50 | 06/01/2048 | 91,664 | 95,639 | ||||||||||
Fannie Mae Pool | 4.00 | 07/01/2048 | 96,108 | 99,098 | ||||||||||
Fannie Mae Pool | 4.00 | 08/01/2048 | 196,151 | 202,153 | ||||||||||
Fannie Mae Pool | 3.50 | 08/01/2048 | 24,685 | 25,063 | ||||||||||
Fannie Mae Pool | 3.50 | 10/01/2048 | 98,449 | 99,963 | ||||||||||
Fannie Mae Pool | 3.50 | 10/01/2048 | 49,613 | 50,362 | ||||||||||
Fannie Mae Pool | 4.00 | 11/01/2048 | 273,183 | 281,381 | ||||||||||
Fannie Mae Pool | 3.50 | 11/01/2048 | 245,721 | 249,507 | ||||||||||
Fannie Mae Pool | 4.50 | 11/01/2048 | 99,991 | 104,554 | ||||||||||
Fannie Mae Pool | 4.50 | 12/01/2048 | 194,878 | 203,632 | ||||||||||
Fannie Mae Pool | 3.50 | 02/01/2049 | 49,996 | 50,749 | ||||||||||
Fannie Mae Pool | 3.50 | 03/01/2049 | 199,239 | 202,120 | ||||||||||
Fannie Mae Pool | 4.00 | 03/01/2049 | 99,060 | 102,261 | ||||||||||
Fannie Mae Pool2 | 4.00 | 04/01/2049 | 3,425,000 | 3,522,962 | ||||||||||
Fannie Mae Pool2 | 4.50 | 04/01/2049 | 1,000,000 | 1,041,895 | ||||||||||
Fannie Mae Pool2 | 3.50 | 04/01/2049 | 225,000 | 228,050 | ||||||||||
Fannie Mae Pool2 | 4.00 | 05/01/2049 | 275,000 | 282,608 |
The accompanying notes are an integral part of the financial statements.
45
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Fannie Mae Pool2 | 4.50 | 05/01/2049 | 200,000 | 208,216 | ||||||||||
Fannie Mae Pool2 | 5.00 | 05/01/2049 | 50,000 | 52,794 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 10/01/2020 | 29,381 | 30,322 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 10/01/2025 | 19,663 | 20,135 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 11/01/2025 | 139,124 | 142,819 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 12/01/2025 | 757 | 810 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 07/01/2026 | 56,727 | 58,088 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 07/01/2026 | 50,301 | 51,953 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 01/01/2027 | 92,374 | 94,749 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 02/01/2027 | 71,394 | 72,335 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 11/01/2027 | 90,509 | 90,490 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 02/01/2029 | 170,518 | 172,768 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 06/01/2029 | 201,917 | 204,580 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 09/01/2029 | 95,985 | 95,931 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 02/01/2031 | 200,354 | 202,328 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 03/01/2031 | 138,053 | 145,231 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 11/01/2031 | 215,458 | 214,519 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 11/01/2031 | 44,511 | 44,261 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 12/01/2031 | 195,006 | 193,911 | ||||||||||
Freddie Mac Gold Pool | 2.00 | 01/01/2032 | 188,435 | 183,612 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 02/01/2032 | 181,622 | 180,602 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 02/01/2032 | 93,937 | 94,863 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 11/01/2032 | 292,565 | 290,922 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 12/01/2032 | 186,016 | 187,849 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 01/01/2033 | 74,096 | 73,736 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 02/01/2033 | 376,958 | 380,673 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 03/01/2033 | 178,149 | 177,148 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 04/01/2033 | 95,907 | 95,368 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 05/01/2033 | 96,501 | 95,959 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 06/01/2033 | 191,485 | 190,410 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 07/01/2033 | 180,344 | 179,331 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 09/01/2033 | 116,935 | 119,741 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 12/01/2033 | 96,206 | 97,154 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 12/01/2033 | 72,253 | 74,024 | ||||||||||
Freddie Mac Gold Pool2 | 3.50 | 04/01/2034 | 100,000 | 102,383 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 04/01/2034 | 100,000 | 100,986 | ||||||||||
Freddie Mac Gold Pool2 | 4.00 | 04/01/2034 | 75,000 | 77,367 | ||||||||||
Freddie Mac Gold Pool2 | 3.00 | 04/01/2034 | 50,000 | 50,482 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 12/01/2034 | 428,266 | 433,264 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 03/01/2035 | 171,317 | 176,303 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 04/01/2035 | 49,069 | 49,448 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 05/01/2035 | 148,297 | 151,789 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 10/01/2035 | 150,132 | 156,747 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 03/01/2036 | 66,543 | 73,026 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 06/01/2036 | 450,266 | 476,692 |
The accompanying notes are an integral part of the financial statements.
46
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Freddie Mac Gold Pool | 3.00 | 11/01/2036 | 77,907 | 78,672 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 02/01/2037 | 82,022 | 82,803 | ||||||||||
Freddie Mac Gold Pool | 5.00 | 02/01/2037 | 70,369 | 75,672 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 06/01/2037 | 51,465 | 56,499 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 06/01/2037 | 41,021 | 41,987 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 12/01/2037 | 104,299 | 114,585 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 07/01/2038 | 49,724 | 54,282 | ||||||||||
Freddie Mac Gold Pool | 5.00 | 10/01/2038 | 49,467 | 53,291 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 03/01/2039 | 49,717 | 54,267 | ||||||||||
Freddie Mac Gold Pool | 5.00 | 04/01/2039 | 66,029 | 70,400 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 06/01/2039 | 39,701 | 42,038 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 10/01/2039 | 65,092 | 68,924 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 11/01/2039 | 112,768 | 117,044 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 12/01/2039 | 66,286 | 70,958 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 03/01/2040 | 150,598 | 164,348 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 12/01/2040 | 202,814 | 210,515 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 12/01/2040 | 157,095 | 163,057 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 12/01/2040 | 91,684 | 97,502 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 06/01/2041 | 67,224 | 73,809 | ||||||||||
Freddie Mac Gold Pool | 5.50 | 06/01/2041 | 65,689 | 71,831 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 11/01/2041 | 250,483 | 261,858 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 11/01/2041 | 239,568 | 244,849 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 04/01/2042 | 329,913 | 337,181 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 06/01/2042 | 119,986 | 122,631 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 09/01/2042 | 122,944 | 125,651 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 09/01/2042 | 116,362 | 118,928 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 10/01/2042 | 383,778 | 383,988 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 10/01/2042 | 67,765 | 67,802 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 12/01/2042 | 105,562 | 105,620 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 01/01/2043 | 498,042 | 498,316 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 02/01/2043 | 216,070 | 216,189 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 02/01/2043 | 122,812 | 122,880 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 02/01/2043 | 36,078 | 35,224 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 03/01/2043 | 92,280 | 92,330 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 06/01/2043 | 127,356 | 130,141 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 07/01/2043 | 12,810 | 13,088 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 08/01/2043 | 396,962 | 397,180 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 08/01/2043 | 297,019 | 296,299 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 08/01/2043 | 221,024 | 225,857 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 11/01/2043 | 155,291 | 162,912 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 01/01/2044 | 141,161 | 144,272 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 05/01/2044 | 10,257 | 10,741 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 06/01/2044 | 76,789 | 78,303 | ||||||||||
Freddie Mac Gold Pool | 5.00 | 06/01/2044 | 61,995 | 65,950 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 07/01/2044 | 263,867 | 273,014 |
The accompanying notes are an integral part of the financial statements.
47
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Freddie Mac Gold Pool | 3.50 | 01/01/2045 | 197,031 | 200,643 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 01/01/2045 | 163,165 | 168,553 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 02/01/2045 | 144,954 | 147,590 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 03/01/2045 | 190,686 | 200,033 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 07/01/2045 | 358,667 | 365,133 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 09/01/2045 | 339,704 | 338,997 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 11/01/2045 | 68,256 | 69,486 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 12/01/2045 | 463,412 | 471,766 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 12/01/2045 | 303,745 | 315,652 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 12/01/2045 | 168,899 | 174,477 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 01/01/2046 | 306,160 | 311,679 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 01/01/2046 | 262,495 | 271,149 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 03/01/2046 | 472,655 | 471,158 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 03/01/2046 | 308,172 | 313,696 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 03/01/2046 | 20,477 | 21,150 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 04/01/2046 | 927,171 | 957,598 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 04/01/2046 | 362,579 | 361,431 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 04/01/2046 | 328,807 | 334,599 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 04/01/2046 | 40,842 | 42,814 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 05/01/2046 | 374,057 | 372,872 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 06/01/2046 | 253,287 | 257,019 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 09/01/2046 | 235,619 | 234,872 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 09/01/2046 | 33,410 | 32,484 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 11/01/2046 | 605,517 | 603,411 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 11/01/2046 | 240,374 | 239,319 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 12/01/2046 | 263,533 | 262,376 | ||||||||||
Freddie Mac Gold Pool | 2.50 | 12/01/2046 | 31,756 | 30,876 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 01/01/2047 | 424,399 | 422,535 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 03/01/2047 | 245,600 | 253,557 | ||||||||||
Freddie Mac Gold Pool | 5.00 | 03/01/2047 | 224,357 | 237,906 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 03/01/2047 | 218,605 | 229,158 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 03/01/2047 | 74,156 | 73,830 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 04/01/2047 | 253,908 | 258,133 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 11/01/2047 | 327,536 | 332,997 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 11/01/2047 | 201,910 | 211,662 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 12/01/2047 | 296,690 | 301,489 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 12/01/2047 | 293,296 | 298,186 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 12/01/2047 | 267,992 | 276,661 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 12/01/2047 | 48,466 | 48,260 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 12/01/2047 | 45,596 | 46,333 | ||||||||||
Freddie Mac Gold Pool | 5.00 | 02/01/2048 | 27,031 | 28,637 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 03/01/2048 | 193,823 | 192,992 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 03/01/2048 | 48,651 | 49,438 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 04/01/2048 | 195,601 | 194,792 | ||||||||||
Freddie Mac Gold Pool | 5.00 | 05/01/2048 | 126,026 | 133,485 |
The accompanying notes are an integral part of the financial statements.
48
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Freddie Mac Gold Pool | 3.50 | 05/01/2048 | 120,609 | 122,559 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 05/01/2048 | 94,827 | 99,369 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 06/01/2048 | 192,068 | 195,175 | ||||||||||
Freddie Mac Gold Pool | 3.00 | 06/01/2048 | 145,387 | 144,784 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 07/01/2048 | 485,568 | 493,422 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 07/01/2048 | 284,984 | 294,068 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 07/01/2048 | 183,343 | 192,108 | ||||||||||
Freddie Mac Gold Pool | 5.00 | 07/01/2048 | 23,881 | 25,297 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 08/01/2048 | 477,731 | 492,930 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 08/01/2048 | 97,962 | 99,546 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 09/01/2048 | 100,700 | 103,882 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 09/01/2048 | 99,631 | 102,773 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 09/01/2048 | 95,462 | 99,623 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 09/01/2048 | 94,328 | 97,290 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 10/01/2048 | 295,037 | 304,394 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 10/01/2048 | 196,795 | 199,978 | ||||||||||
Freddie Mac Gold Pool | 3.50 | 11/01/2048 | 100,000 | 101,602 | ||||||||||
Freddie Mac Gold Pool | 4.00 | 11/01/2048 | 97,433 | 100,502 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 11/01/2048 | 97,158 | 101,401 | ||||||||||
Freddie Mac Gold Pool | 4.50 | 11/01/2048 | 96,421 | 100,623 | ||||||||||
Freddie Mac Gold Pool2 | 3.50 | 04/01/2049 | 2,075,000 | 2,104,712 | ||||||||||
Freddie Mac Gold Pool2 | 4.00 | 04/01/2049 | 1,825,000 | 1,878,574 | ||||||||||
Freddie Mac Gold Pool2 | 4.50 | 04/01/2049 | 725,000 | 756,612 | ||||||||||
Freddie Mac Gold Pool2 | 5.00 | 04/01/2049 | 100,000 | 105,891 | ||||||||||
Ginnie Mae I Pool | 5.50 | 07/15/2038 | 145,221 | 159,022 | ||||||||||
Ginnie Mae I Pool | 5.50 | 12/15/2038 | 72,616 | 79,562 | ||||||||||
Ginnie Mae I Pool | 5.00 | 03/15/2039 | 36,302 | 38,995 | ||||||||||
Ginnie Mae I Pool | 5.00 | 04/15/2039 | 177,608 | 190,731 | ||||||||||
Ginnie Mae I Pool | 5.00 | 07/15/2039 | 29,943 | 32,148 | ||||||||||
Ginnie Mae I Pool | 4.50 | 11/15/2039 | 88,197 | 92,807 | ||||||||||
Ginnie Mae I Pool | 5.00 | 12/15/2039 | 3,358 | 3,606 | ||||||||||
Ginnie Mae I Pool | 4.50 | 05/15/2040 | 19,775 | 20,850 | ||||||||||
Ginnie Mae I Pool | 4.50 | 08/15/2040 | 4,790 | 5,039 | ||||||||||
Ginnie Mae I Pool | 5.00 | 12/15/2040 | 32,047 | 34,403 | ||||||||||
Ginnie Mae I Pool | 5.00 | 04/15/2041 | 28,878 | 30,226 | ||||||||||
Ginnie Mae I Pool | 5.00 | 05/15/2041 | 134,287 | 140,974 | ||||||||||
Ginnie Mae I Pool | 3.00 | 11/15/2042 | 120,043 | 120,935 | ||||||||||
Ginnie Mae I Pool | 3.00 | 05/15/2043 | 14,079 | 14,205 | ||||||||||
Ginnie Mae I Pool | 3.50 | 11/15/2044 | 20,825 | 21,285 | ||||||||||
Ginnie Mae I Pool | 3.50 | 02/15/2045 | 217,861 | 222,666 | ||||||||||
Ginnie Mae I Pool | 3.00 | 03/15/2045 | 136,176 | 136,849 | ||||||||||
Ginnie Mae I Pool | 3.50 | 03/15/2045 | 39,124 | 39,987 | ||||||||||
Ginnie Mae I Pool | 4.00 | 07/15/2045 | 26,251 | 27,125 | ||||||||||
Ginnie Mae I Pool | 3.00 | 08/15/2045 | 147,754 | 148,486 | ||||||||||
Ginnie Mae I Pool | 4.00 | 12/15/2045 | 27,822 | 28,753 |
The accompanying notes are an integral part of the financial statements.
49
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Ginnie Mae I Pool | 4.00 | 03/15/2046 | 157,288 | 163,347 | ||||||||||
Ginnie Mae I Pool | 4.00 | 03/15/2046 | 48,308 | 49,917 | ||||||||||
Ginnie Mae I Pool | 4.00 | 05/15/2046 | 64,854 | 67,014 | ||||||||||
Ginnie Mae I Pool | 3.50 | 06/15/2046 | 124,134 | 126,872 | ||||||||||
Ginnie Mae I Pool | 4.50 | 08/15/2046 | 202,856 | 213,091 | ||||||||||
Ginnie Mae I Pool | 4.50 | 08/15/2046 | 102,527 | 107,919 | ||||||||||
Ginnie Mae I Pool | 2.50 | 09/15/2046 | 49,192 | 48,099 | ||||||||||
Ginnie Mae I Pool | 4.50 | 10/15/2046 | 66,693 | 69,698 | ||||||||||
Ginnie Mae I Pool | 4.00 | 07/15/2047 | 74,660 | 77,169 | ||||||||||
Ginnie Mae I Pool | 4.50 | 12/15/2047 | 93,986 | 98,572 | ||||||||||
Ginnie Mae II Pool | 3.00 | 01/20/2027 | 222,516 | 225,194 | ||||||||||
Ginnie Mae II Pool | 2.50 | 08/20/2027 | 29,455 | 29,538 | ||||||||||
Ginnie Mae II Pool | 2.50 | 03/20/2028 | 26,856 | 26,932 | ||||||||||
Ginnie Mae II Pool | 3.00 | 10/20/2028 | 27,909 | 28,315 | ||||||||||
Ginnie Mae II Pool | 3.50 | 07/20/2030 | 47,688 | 48,765 | ||||||||||
Ginnie Mae II Pool | 2.50 | 12/20/2030 | 140,902 | 140,608 | ||||||||||
Ginnie Mae II Pool | 3.00 | 07/20/2032 | 38,776 | 39,175 | ||||||||||
Ginnie Mae II Pool | 5.50 | 02/20/2034 | 15,652 | 17,150 | ||||||||||
Ginnie Mae II Pool | 5.00 | 06/20/2040 | 31,894 | 34,116 | ||||||||||
Ginnie Mae II Pool | 4.00 | 08/20/2040 | 53,583 | 55,794 | ||||||||||
Ginnie Mae II Pool | 5.00 | 09/20/2040 | 67,551 | 72,266 | ||||||||||
Ginnie Mae II Pool | 4.00 | 10/20/2040 | 55,662 | 57,958 | ||||||||||
Ginnie Mae II Pool | 4.50 | 10/20/2040 | 40,675 | 42,834 | ||||||||||
Ginnie Mae II Pool | 4.00 | 01/20/2041 | 50,616 | 52,704 | ||||||||||
Ginnie Mae II Pool | 4.00 | 04/20/2041 | 49,103 | 51,131 | ||||||||||
Ginnie Mae II Pool | 4.50 | 04/20/2041 | 33,763 | 35,555 | ||||||||||
Ginnie Mae II Pool | 5.00 | 04/20/2041 | 6,452 | 6,902 | ||||||||||
Ginnie Mae II Pool | 4.50 | 05/20/2041 | 135,669 | 142,877 | ||||||||||
Ginnie Mae II Pool | 4.50 | 08/20/2041 | 250,037 | 263,266 | ||||||||||
Ginnie Mae II Pool | 4.00 | 10/20/2041 | 55,886 | 58,189 | ||||||||||
Ginnie Mae II Pool | 4.00 | 04/20/2042 | 53,478 | 55,685 | ||||||||||
Ginnie Mae II Pool | 3.50 | 04/20/2042 | 41,803 | 42,858 | ||||||||||
Ginnie Mae II Pool | 3.50 | 05/20/2042 | 280,978 | 288,012 | ||||||||||
Ginnie Mae II Pool | 3.50 | 08/20/2042 | 159,017 | 163,000 | ||||||||||
Ginnie Mae II Pool | 3.00 | 08/20/2042 | 99,643 | 100,255 | ||||||||||
Ginnie Mae II Pool | 3.00 | 09/20/2042 | 239,701 | 241,173 | ||||||||||
Ginnie Mae II Pool | 3.50 | 09/20/2042 | 82,853 | 84,928 | ||||||||||
Ginnie Mae II Pool | 3.50 | 10/20/2042 | 246,324 | 252,495 | ||||||||||
Ginnie Mae II Pool | 3.00 | 11/20/2042 | 291,587 | 293,378 | ||||||||||
Ginnie Mae II Pool | 3.50 | 01/20/2043 | 344,571 | 353,199 | ||||||||||
Ginnie Mae II Pool | 3.00 | 01/20/2043 | 302,590 | 304,447 | ||||||||||
Ginnie Mae II Pool | 3.50 | 03/20/2043 | 113,346 | 116,672 | ||||||||||
Ginnie Mae II Pool | 3.50 | 04/20/2043 | 113,167 | 116,002 | ||||||||||
Ginnie Mae II Pool | 3.50 | 05/20/2043 | 91,213 | 93,497 | ||||||||||
Ginnie Mae II Pool | 3.50 | 08/20/2043 | 183,536 | 188,132 |
The accompanying notes are an integral part of the financial statements.
50
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Ginnie Mae II Pool | 3.50 | 09/20/2043 | 187,040 | 191,724 | ||||||||||
Ginnie Mae II Pool | 3.00 | 11/20/2043 | 242,286 | 243,772 | ||||||||||
Ginnie Mae II Pool | 5.00 | 12/20/2043 | 13,454 | 14,391 | ||||||||||
Ginnie Mae II Pool | 3.50 | 02/20/2044 | 248,146 | 253,581 | ||||||||||
Ginnie Mae II Pool | 3.50 | 07/20/2044 | 209,860 | 214,946 | ||||||||||
Ginnie Mae II Pool | 4.50 | 07/20/2044 | 9,984 | 10,508 | ||||||||||
Ginnie Mae II Pool | 3.50 | 10/20/2044 | 267,999 | 274,390 | ||||||||||
Ginnie Mae II Pool | 4.50 | 10/20/2044 | 12,981 | 13,661 | ||||||||||
Ginnie Mae II Pool | 3.50 | 02/20/2045 | 294,039 | 300,937 | ||||||||||
Ginnie Mae II Pool | 3.00 | 02/20/2045 | 172,149 | 173,844 | ||||||||||
Ginnie Mae II Pool | 3.50 | 03/20/2045 | 249,361 | 255,208 | ||||||||||
Ginnie Mae II Pool | 4.50 | 03/20/2045 | 148,571 | 156,359 | ||||||||||
Ginnie Mae II Pool | 5.50 | 03/20/2045 | 115,294 | 125,202 | ||||||||||
Ginnie Mae II Pool | 3.00 | 04/20/2045 | 302,590 | 304,448 | ||||||||||
Ginnie Mae II Pool | 3.50 | 04/20/2045 | 248,526 | 254,353 | ||||||||||
Ginnie Mae II Pool | 3.50 | 07/20/2045 | 359,794 | 368,238 | ||||||||||
Ginnie Mae II Pool | 3.50 | 09/20/2045 | 270,737 | 277,096 | ||||||||||
Ginnie Mae II Pool | 4.00 | 10/20/2045 | 192,886 | 199,824 | ||||||||||
Ginnie Mae II Pool | 4.00 | 11/20/2045 | 280,818 | 292,024 | ||||||||||
Ginnie Mae II Pool | 3.50 | 11/20/2045 | 179,652 | 184,092 | ||||||||||
Ginnie Mae II Pool | 3.50 | 12/20/2045 | 270,154 | 276,498 | ||||||||||
Ginnie Mae II Pool | 3.50 | 01/20/2046 | 230,264 | 235,672 | ||||||||||
Ginnie Mae II Pool | 3.50 | 03/20/2046 | 273,519 | 279,938 | ||||||||||
Ginnie Mae II Pool | 4.00 | 03/20/2046 | 216,595 | 224,698 | ||||||||||
Ginnie Mae II Pool | 3.00 | 03/20/2046 | 184,757 | 185,891 | ||||||||||
Ginnie Mae II Pool | 3.50 | 04/20/2046 | 292,167 | 299,022 | ||||||||||
Ginnie Mae II Pool | 3.00 | 04/20/2046 | 189,870 | 191,036 | ||||||||||
Ginnie Mae II Pool | 5.00 | 04/20/2046 | 95,809 | 102,470 | ||||||||||
Ginnie Mae II Pool | 3.00 | 05/20/2046 | 331,392 | 333,528 | ||||||||||
Ginnie Mae II Pool | 3.50 | 05/20/2046 | 303,978 | 311,111 | ||||||||||
Ginnie Mae II Pool | 4.50 | 05/20/2046 | 132,838 | 139,787 | ||||||||||
Ginnie Mae II Pool | 3.00 | 06/20/2046 | 343,865 | 345,871 | ||||||||||
Ginnie Mae II Pool | 3.50 | 06/20/2046 | 206,429 | 211,274 | ||||||||||
Ginnie Mae II Pool | 5.00 | 06/20/2046 | 88,089 | 94,195 | ||||||||||
Ginnie Mae II Pool | 3.00 | 07/20/2046 | 352,669 | 354,835 | ||||||||||
Ginnie Mae II Pool | 3.50 | 07/20/2046 | 210,499 | 215,442 | ||||||||||
Ginnie Mae II Pool | 4.00 | 07/20/2046 | 96,214 | 99,694 | ||||||||||
Ginnie Mae II Pool | 4.50 | 07/20/2046 | 79,258 | 83,406 | ||||||||||
Ginnie Mae II Pool | 3.00 | 08/20/2046 | 322,566 | 324,547 | ||||||||||
Ginnie Mae II Pool | 3.50 | 08/20/2046 | 214,507 | 219,543 | ||||||||||
Ginnie Mae II Pool | 5.00 | 08/20/2046 | 98,397 | 105,229 | ||||||||||
Ginnie Mae II Pool | 3.00 | 09/20/2046 | 222,224 | 223,726 | ||||||||||
Ginnie Mae II Pool | 3.00 | 10/20/2046 | 224,314 | 225,691 | ||||||||||
Ginnie Mae II Pool | 3.50 | 10/20/2046 | 169,292 | 173,265 | ||||||||||
Ginnie Mae II Pool | 5.50 | 10/20/2046 | 52,208 | 56,637 |
The accompanying notes are an integral part of the financial statements.
51
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Ginnie Mae II Pool | 3.00 | 11/20/2046 | 324,678 | 326,672 | ||||||||||
Ginnie Mae II Pool | 3.50 | 11/20/2046 | 208,616 | 213,513 | ||||||||||
Ginnie Mae II Pool | 3.00 | 11/20/2046 | 197,421 | 198,609 | ||||||||||
Ginnie Mae II Pool | 4.50 | 11/20/2046 | 140,004 | 147,826 | ||||||||||
Ginnie Mae II Pool | 2.50 | 11/20/2046 | 80,246 | 78,574 | ||||||||||
Ginnie Mae II Pool | 3.00 | 12/20/2046 | 230,175 | 231,588 | ||||||||||
Ginnie Mae II Pool | 3.50 | 12/20/2046 | 214,948 | 219,993 | ||||||||||
Ginnie Mae II Pool | 2.50 | 12/20/2046 | 102,086 | 99,958 | ||||||||||
Ginnie Mae II Pool | 4.50 | 12/20/2046 | 60,881 | 64,250 | ||||||||||
Ginnie Mae II Pool | 3.00 | 01/20/2047 | 232,881 | 234,276 | ||||||||||
Ginnie Mae II Pool | 4.00 | 01/20/2047 | 157,454 | 162,632 | ||||||||||
Ginnie Mae II Pool | 4.50 | 01/20/2047 | 157,277 | 165,477 | ||||||||||
Ginnie Mae II Pool | 2.50 | 01/20/2047 | 27,527 | 26,954 | ||||||||||
Ginnie Mae II Pool | 3.00 | 02/20/2047 | 321,017 | 322,939 | ||||||||||
Ginnie Mae II Pool | 3.50 | 02/20/2047 | 230,041 | 235,393 | ||||||||||
Ginnie Mae II Pool | 4.00 | 02/20/2047 | 197,343 | 203,834 | ||||||||||
Ginnie Mae II Pool | 3.50 | 06/20/2047 | 167,594 | 171,411 | ||||||||||
Ginnie Mae II Pool | 4.00 | 06/20/2047 | 79,134 | 81,737 | ||||||||||
Ginnie Mae II Pool | 4.00 | 07/20/2047 | 489,834 | 506,103 | ||||||||||
Ginnie Mae II Pool | 3.50 | 07/20/2047 | 345,249 | 353,074 | ||||||||||
Ginnie Mae II Pool | 4.00 | 08/20/2047 | 82,258 | 84,963 | ||||||||||
Ginnie Mae II Pool | 3.50 | 09/20/2047 | 97,515 | 99,702 | ||||||||||
Ginnie Mae II Pool | 3.00 | 10/20/2047 | 179,628 | 180,460 | ||||||||||
Ginnie Mae II Pool | 4.50 | 10/20/2047 | 36,098 | 37,503 | ||||||||||
Ginnie Mae II Pool | 3.50 | 11/20/2047 | 548,819 | 561,020 | ||||||||||
Ginnie Mae II Pool | 4.00 | 11/20/2047 | 293,590 | 303,246 | ||||||||||
Ginnie Mae II Pool | 3.00 | 11/20/2047 | 23,007 | 23,112 | ||||||||||
Ginnie Mae II Pool | 4.00 | 12/20/2047 | 294,589 | 304,279 | ||||||||||
Ginnie Mae II Pool | 3.00 | 12/20/2047 | 259,440 | 260,630 | ||||||||||
Ginnie Mae II Pool | 3.50 | 12/20/2047 | 251,584 | 257,164 | ||||||||||
Ginnie Mae II Pool | 3.50 | 01/20/2048 | 582,287 | 595,160 | ||||||||||
Ginnie Mae II Pool | 3.00 | 02/20/2048 | 285,474 | 286,783 | ||||||||||
Ginnie Mae II Pool | 3.50 | 02/20/2048 | 185,846 | 189,946 | ||||||||||
Ginnie Mae II Pool | 3.00 | 03/20/2048 | 379,560 | 381,301 | ||||||||||
Ginnie Mae II Pool | 5.00 | 03/20/2048 | 79,567 | 83,410 | ||||||||||
Ginnie Mae II Pool | 4.50 | 03/20/2048 | 47,531 | 49,383 | ||||||||||
Ginnie Mae II Pool | 4.50 | 05/20/2048 | 92,300 | 95,895 | ||||||||||
Ginnie Mae II Pool | 3.50 | 06/20/2048 | 187,948 | 192,083 | ||||||||||
Ginnie Mae II Pool | 4.00 | 06/20/2048 | 49,180 | 50,798 | ||||||||||
Ginnie Mae II Pool | 4.00 | 07/20/2048 | 221,603 | 228,892 | ||||||||||
Ginnie Mae II Pool | 4.50 | 08/20/2048 | 418,365 | 434,660 | ||||||||||
Ginnie Mae II Pool | 4.00 | 08/20/2048 | 320,744 | 331,294 | ||||||||||
Ginnie Mae II Pool | 4.50 | 09/20/2048 | 273,611 | 284,316 | ||||||||||
Ginnie Mae II Pool | 4.50 | 10/20/2048 | 98,298 | 102,165 | ||||||||||
Ginnie Mae II Pool | 4.00 | 01/20/2049 | 99,742 | 103,023 |
The accompanying notes are an integral part of the financial statements.
52
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
Mortgage-Backed Securities — 13.47% |
| |||||||||||||
Ginnie Mae II Pool2 | 4.00 | 04/20/2049 | 3,375,000 | 3,484,622 | ||||||||||
Ginnie Mae II Pool2 | 3.50 | 04/20/2049 | 2,175,000 | 2,222,026 | ||||||||||
Ginnie Mae II Pool2 | 4.50 | 04/20/2049 | 1,050,000 | 1,090,544 | ||||||||||
Ginnie Mae II Pool2 | 3.00 | 04/20/2049 | 1,025,000 | 1,029,404 | ||||||||||
Ginnie Mae II Pool2 | 5.00 | 04/20/2049 | 525,000 | 548,469 | ||||||||||
Ginnie Mae II Pool2 | 4.50 | 05/20/2049 | 125,000 | 129,764 | ||||||||||
Ginnie Mae II Pool2 | 4.00 | 05/20/2049 | 100,000 | 103,158 | ||||||||||
Ginnie Mae II Pool2 | 5.00 | 05/20/2049 | 50,000 | 52,184 | ||||||||||
|
| |||||||||||||
Total Mortgage-Backed Securities | 116,029,046 | |||||||||||||
|
| |||||||||||||
U.S. Government Agency Obligations — 0.51% |
| |||||||||||||
Federal Farm Credit Banks | 2.35 | 02/12/2021 | 250,000 | 249,746 | ||||||||||
Federal Home Loan Banks | 2.63 | 05/28/2020 | 200,000 | 200,431 | ||||||||||
Federal Home Loan Banks | 1.38 | 09/28/2020 | 220,000 | 216,710 | ||||||||||
Federal Home Loan Banks | 2.25 | 01/29/2021 | 75,000 | 74,800 | ||||||||||
Federal Home Loan Banks | 2.25 | 01/29/2021 | 25,000 | 24,950 | ||||||||||
Federal Home Loan Banks | 1.12 | 07/14/2021 | 485,000 | 472,226 | ||||||||||
Federal Home Loan Banks | 2.51 | 12/29/2022 | 100,000 | 99,795 | ||||||||||
Federal Home Loan Banks | 2.50 | 02/13/2024 | 200,000 | 201,873 | ||||||||||
Federal Home Loan Banks | 5.50 | 07/15/2036 | 120,000 | 160,033 | ||||||||||
Federal Home Loan Mortgage Corp | 1.70 | 09/29/2020 | 10,000 | 9,899 | ||||||||||
Federal Home Loan Mortgage Corp | 2.38 | 01/13/2022 | 485,000 | 486,349 | ||||||||||
Federal Home Loan Mortgage Corp | 6.25 | 07/15/2032 | 242,000 | 333,798 | ||||||||||
Federal National Mortgage Association | 2.62 | 09/06/2024 | 485,000 | 492,074 | ||||||||||
Federal National Mortgage Association | 6.25 | 05/15/2029 | 109,000 | 143,329 | ||||||||||
Federal National Mortgage Association | 6.63 | 11/15/2030 | 485,000 | 667,876 | ||||||||||
Tennessee Valley Authority | 3.88 | 02/15/2021 | 97,000 | 99,617 | ||||||||||
Tennessee Valley Authority | 2.88 | 09/15/2024 | 65,000 | 66,524 | ||||||||||
Tennessee Valley Authority | 7.13 | 05/01/2030 | 73,000 | 102,522 | ||||||||||
Tennessee Valley Authority | 5.25 | 09/15/2039 | 107,000 | 137,664 | ||||||||||
Tennessee Valley Authority | 4.63 | 09/15/2060 | 97,000 | 124,111 | ||||||||||
Tennessee Valley Authority | 4.25 | 09/15/2065 | 39,000 | 46,457 | ||||||||||
|
| |||||||||||||
Total U.S. Government Agency Obligations (Cost $4,538,672) | 4,410,784 | |||||||||||||
|
| |||||||||||||
U.S. Treasury Obligations — 18.65% |
| |||||||||||||
United States Treasury Bill | 2.36 | 06/06/2019 | 155,000 | 154,329 | ||||||||||
United States Treasury Note/Bond | 1.50 | 04/15/2020 | 2,115,000 | 2,095,502 | ||||||||||
United States Treasury Note/Bond | 1.38 | 04/30/2020 | 689,000 | 681,437 | ||||||||||
United States Treasury Note/Bond | 2.38 | 04/30/2020 | 300,000 | 299,895 | ||||||||||
United States Treasury Note/Bond | 1.12 | 04/30/2020 | 39,000 | 38,473 | ||||||||||
United States Treasury Note/Bond | 1.50 | 05/15/2020 | 730,000 | 722,843 | ||||||||||
United States Treasury Note/Bond | 3.50 | 05/15/2020 | 357,000 | 361,281 | ||||||||||
United States Treasury Note/Bond | 2.50 | 05/31/2020 | 800,000 | 801,000 | ||||||||||
United States Treasury Note/Bond | 1.50 | 05/31/2020 | 739,000 | 731,321 | ||||||||||
United States Treasury Note/Bond | 1.38 | 05/31/2020 | 252,000 | 249,037 |
The accompanying notes are an integral part of the financial statements.
53
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
U.S. Treasury Obligations — 18.65% |
| |||||||||||||
United States Treasury Note/Bond | 1.50 | 06/15/2020 | 930,000 | 920,044 | ||||||||||
United States Treasury Note/Bond | 2.50 | 06/30/2020 | 975,000 | 976,219 | ||||||||||
United States Treasury Note/Bond | 1.62 | 06/30/2020 | 839,000 | 831,003 | ||||||||||
United States Treasury Note/Bond | 1.88 | 06/30/2020 | 285,000 | 283,174 | ||||||||||
United States Treasury Note/Bond | 2.62 | 07/31/2020 | 1,300,000 | 1,304,164 | ||||||||||
United States Treasury Note/Bond | 2.00 | 07/31/2020 | 540,000 | 537,384 | ||||||||||
United States Treasury Note/Bond | 1.62 | 07/31/2020 | 339,000 | 335,597 | ||||||||||
United States Treasury Note/Bond | 2.62 | 08/15/2020 | 802,000 | 804,663 | ||||||||||
United States Treasury Note/Bond | 1.50 | 08/15/2020 | 585,000 | 577,962 | ||||||||||
United States Treasury Note/Bond | 8.75 | 08/15/2020 | 195,000 | 211,682 | ||||||||||
United States Treasury Note/Bond | 2.12 | 08/31/2020 | 628,000 | 625,939 | ||||||||||
United States Treasury Note/Bond | 1.38 | 09/15/2020 | 585,000 | 576,956 | ||||||||||
United States Treasury Note/Bond | 1.38 | 09/30/2020 | 1,071,000 | 1,055,437 | ||||||||||
United States Treasury Note/Bond | 2.00 | 09/30/2020 | 985,000 | 979,806 | ||||||||||
United States Treasury Note/Bond | 2.75 | 09/30/2020 | 750,000 | 754,248 | ||||||||||
United States Treasury Note/Bond | 1.38 | 10/31/2020 | 970,000 | 955,336 | ||||||||||
United States Treasury Note/Bond | 2.88 | 10/31/2020 | 740,000 | 745,984 | ||||||||||
United States Treasury Note/Bond | 1.75 | 10/31/2020 | 479,000 | 474,509 | ||||||||||
United States Treasury Note/Bond | 2.62 | 11/15/2020 | 1,216,000 | 1,221,320 | ||||||||||
United States Treasury Note/Bond | 1.75 | 11/15/2020 | 340,000 | 336,799 | ||||||||||
United States Treasury Note/Bond | 1.62 | 11/30/2020 | 970,000 | 958,709 | ||||||||||
United States Treasury Note/Bond | 2.00 | 11/30/2020 | 866,000 | 861,163 | ||||||||||
United States Treasury Note/Bond | 2.75 | 11/30/2020 | 760,000 | 765,077 | ||||||||||
United States Treasury Note/Bond | 1.88 | 12/15/2020 | 405,000 | 401,915 | ||||||||||
United States Treasury Note/Bond | 1.75 | 12/31/2020 | 970,000 | 960,452 | ||||||||||
United States Treasury Note/Bond | 2.50 | 12/31/2020 | 780,000 | 782,346 | ||||||||||
United States Treasury Note/Bond | 2.38 | 12/31/2020 | 602,000 | 602,494 | ||||||||||
United States Treasury Note/Bond | 2.00 | 01/15/2021 | 180,000 | 179,002 | ||||||||||
United States Treasury Note/Bond | 1.38 | 01/31/2021 | 1,140,000 | 1,120,762 | ||||||||||
United States Treasury Note/Bond | 2.50 | 01/31/2021 | 740,000 | 742,544 | ||||||||||
United States Treasury Note/Bond | 2.12 | 01/31/2021 | 306,000 | 304,960 | ||||||||||
United States Treasury Note/Bond | 3.62 | 02/15/2021 | 680,000 | 696,283 | ||||||||||
United States Treasury Note/Bond | 2.25 | 02/15/2021 | 525,000 | 524,426 | ||||||||||
United States Treasury Note/Bond | 1.12 | 02/28/2021 | 970,000 | 948,668 | ||||||||||
United States Treasury Note/Bond | 2.50 | 02/28/2021 | 775,000 | 777,997 | ||||||||||
United States Treasury Note/Bond | 2.38 | 03/15/2021 | 110,000 | 110,185 | ||||||||||
United States Treasury Note/Bond | 1.25 | 03/31/2021 | 340,000 | 333,280 | ||||||||||
United States Treasury Note/Bond | 2.38 | 04/15/2021 | 1,150,000 | 1,152,021 | ||||||||||
United States Treasury Note/Bond | 1.38 | 04/30/2021 | 970,000 | 952,267 | ||||||||||
United States Treasury Note/Bond | 2.62 | 05/15/2021 | 1,140,000 | 1,147,971 | ||||||||||
United States Treasury Note/Bond | 3.12 | 05/15/2021 | 970,000 | 986,520 | ||||||||||
United States Treasury Note/Bond | 1.38 | 05/31/2021 | 411,000 | 403,213 | ||||||||||
United States Treasury Note/Bond | 2.00 | 05/31/2021 | 319,000 | 317,118 | ||||||||||
United States Treasury Note/Bond | 2.62 | 06/15/2021 | 1,350,000 | 1,360,600 | ||||||||||
United States Treasury Note/Bond | 1.12 | 06/30/2021 | 83,000 | 80,980 |
The accompanying notes are an integral part of the financial statements.
54
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
U.S. Treasury Obligations — 18.65% |
| |||||||||||||
United States Treasury Note/Bond | 2.62 | 07/15/2021 | 1,700,000 | 1,713,348 | ||||||||||
United States Treasury Note/Bond | 1.12 | 07/31/2021 | 602,000 | 586,456 | ||||||||||
United States Treasury Note/Bond | 2.75 | 08/15/2021 | 1,200,000 | 1,213,312 | ||||||||||
United States Treasury Note/Bond | 2.12 | 08/15/2021 | 177,000 | 176,405 | ||||||||||
United States Treasury Note/Bond | 2.00 | 08/31/2021 | 370,000 | 367,673 | ||||||||||
United States Treasury Note/Bond | 1.12 | 08/31/2021 | 165,000 | 160,604 | ||||||||||
United States Treasury Note/Bond | 2.75 | 09/15/2021 | 500,000 | 505,859 | ||||||||||
United States Treasury Note/Bond | 2.12 | 09/30/2021 | 243,000 | 242,203 | ||||||||||
United States Treasury Note/Bond | 1.12 | 09/30/2021 | 182,000 | 177,123 | ||||||||||
United States Treasury Note/Bond | 2.88 | 10/15/2021 | 700,000 | 710,609 | ||||||||||
United States Treasury Note/Bond | 1.25 | 10/31/2021 | 673,000 | 656,044 | ||||||||||
United States Treasury Note/Bond | 2.00 | 10/31/2021 | 594,000 | 590,195 | ||||||||||
United States Treasury Note/Bond | 2.00 | 11/15/2021 | 810,000 | 805,001 | ||||||||||
United States Treasury Note/Bond | 2.88 | 11/15/2021 | 725,000 | 736,300 | ||||||||||
United States Treasury Note/Bond | 8.00 | 11/15/2021 | 182,000 | 208,298 | ||||||||||
United States Treasury Note/Bond | 1.75 | 11/30/2021 | 824,000 | 813,346 | ||||||||||
United States Treasury Note/Bond | 1.88 | 11/30/2021 | 289,000 | 286,166 | ||||||||||
United States Treasury Note/Bond | 2.62 | 12/15/2021 | 740,000 | 747,400 | ||||||||||
United States Treasury Note/Bond | 2.00 | 12/31/2021 | 444,000 | 441,260 | ||||||||||
United States Treasury Note/Bond | 2.12 | 12/31/2021 | 56,000 | 55,816 | ||||||||||
United States Treasury Note/Bond | 2.50 | 01/15/2022 | 735,000 | 739,967 | ||||||||||
United States Treasury Note/Bond | 1.50 | 01/31/2022 | 575,000 | 563,275 | ||||||||||
United States Treasury Note/Bond | 1.88 | 01/31/2022 | 479,000 | 474,154 | ||||||||||
United States Treasury Note/Bond | 2.50 | 02/15/2022 | 735,000 | 740,398 | ||||||||||
United States Treasury Note/Bond | 2.00 | 02/15/2022 | 380,000 | 377,595 | ||||||||||
United States Treasury Note/Bond | 1.75 | 02/28/2022 | 680,000 | 670,597 | ||||||||||
United States Treasury Note/Bond | 1.88 | 02/28/2022 | 665,000 | 658,116 | ||||||||||
United States Treasury Note/Bond | 2.38 | 03/15/2022 | 735,000 | 738,216 | ||||||||||
United States Treasury Note/Bond | 1.88 | 03/31/2022 | 775,000 | 767,189 | ||||||||||
United States Treasury Note/Bond | 1.75 | 03/31/2022 | 478,000 | 471,241 | ||||||||||
United States Treasury Note/Bond | 1.88 | 04/30/2022 | 670,000 | 662,777 | ||||||||||
United States Treasury Note/Bond | 1.75 | 04/30/2022 | 370,000 | 364,580 | ||||||||||
United States Treasury Note/Bond | 1.75 | 05/15/2022 | 250,000 | 246,338 | ||||||||||
United States Treasury Note/Bond | 1.75 | 05/31/2022 | 845,000 | 832,490 | ||||||||||
United States Treasury Note/Bond | 1.88 | 05/31/2022 | 425,000 | 420,302 | ||||||||||
United States Treasury Note/Bond | 1.75 | 06/30/2022 | 840,000 | 827,334 | ||||||||||
United States Treasury Note/Bond | 2.12 | 06/30/2022 | 600,000 | 597,961 | ||||||||||
United States Treasury Note/Bond | 1.88 | 07/31/2022 | 335,000 | 331,113 | ||||||||||
United States Treasury Note/Bond | 2.00 | 07/31/2022 | 236,000 | 234,230 | ||||||||||
United States Treasury Note/Bond | 1.62 | 08/31/2022 | 675,000 | 661,447 | ||||||||||
United States Treasury Note/Bond | 1.88 | 08/31/2022 | 396,000 | 391,297 | ||||||||||
United States Treasury Note/Bond | 1.88 | 09/30/2022 | 670,000 | 662,044 | ||||||||||
United States Treasury Note/Bond | 1.88 | 10/31/2022 | 1,050,000 | 1,036,998 | ||||||||||
United States Treasury Note/Bond | 2.00 | 10/31/2022 | 790,000 | 783,674 | ||||||||||
United States Treasury Note/Bond | 2.00 | 11/30/2022 | 237,000 | 235,056 |
The accompanying notes are an integral part of the financial statements.
55
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
U.S. Treasury Obligations — 18.65% |
| |||||||||||||
United States Treasury Note/Bond | 2.12 | 12/31/2022 | 1,104,000 | 1,099,472 | ||||||||||
United States Treasury Note/Bond | 1.75 | 01/31/2023 | 1,730,000 | 1,699,117 | ||||||||||
United States Treasury Note/Bond | 2.38 | 01/31/2023 | 680,000 | 683,453 | ||||||||||
United States Treasury Note/Bond | 2.00 | 02/15/2023 | 762,000 | 755,303 | ||||||||||
United States Treasury Note/Bond | 7.12 | 02/15/2023 | 125,000 | 147,471 | ||||||||||
United States Treasury Note/Bond | 2.62 | 02/28/2023 | 1,000,000 | 1,014,492 | ||||||||||
United States Treasury Note/Bond | 1.50 | 02/28/2023 | 1,000,000 | 972,500 | ||||||||||
United States Treasury Note/Bond | 2.50 | 03/31/2023 | 1,150,000 | 1,161,590 | ||||||||||
United States Treasury Note/Bond | 1.50 | 03/31/2023 | 550,000 | 534,488 | ||||||||||
United States Treasury Note/Bond | 2.75 | 04/30/2023 | 1,500,000 | 1,529,590 | ||||||||||
United States Treasury Note/Bond | 1.62 | 04/30/2023 | 1,133,000 | 1,105,826 | ||||||||||
United States Treasury Note/Bond | 1.75 | 05/15/2023 | 1,740,000 | 1,706,355 | ||||||||||
United States Treasury Note/Bond | 2.75 | 05/31/2023 | 900,000 | 918,176 | ||||||||||
United States Treasury Note/Bond | 1.62 | 05/31/2023 | 641,000 | 625,326 | ||||||||||
United States Treasury Note/Bond | 2.62 | 06/30/2023 | 1,200,000 | 1,218,703 | ||||||||||
United States Treasury Note/Bond | 1.38 | 06/30/2023 | 1,110,000 | 1,071,193 | ||||||||||
United States Treasury Note/Bond | 2.75 | 07/31/2023 | 710,000 | 724,838 | ||||||||||
United States Treasury Note/Bond | 1.25 | 07/31/2023 | 38,000 | 36,450 | ||||||||||
United States Treasury Note/Bond | 2.50 | 08/15/2023 | 724,000 | 731,749 | ||||||||||
United States Treasury Note/Bond | 2.75 | 08/31/2023 | 730,000 | 745,627 | ||||||||||
United States Treasury Note/Bond | 1.38 | 09/30/2023 | 2,500,000 | 2,407,325 | ||||||||||
United States Treasury Note/Bond | 2.88 | 09/30/2023 | 1,040,000 | 1,067,950 | ||||||||||
United States Treasury Note/Bond | 2.88 | 10/31/2023 | 760,000 | 780,781 | ||||||||||
United States Treasury Note/Bond | 2.75 | 11/15/2023 | 1,411,000 | 1,441,811 | ||||||||||
United States Treasury Note/Bond | 2.88 | 11/30/2023 | 1,100,000 | 1,131,023 | ||||||||||
United States Treasury Note/Bond | 2.12 | 11/30/2023 | 182,000 | 181,012 | ||||||||||
United States Treasury Note/Bond | 2.62 | 12/31/2023 | 800,000 | 813,594 | ||||||||||
United States Treasury Note/Bond | 2.25 | 12/31/2023 | 519,000 | 518,980 | ||||||||||
United States Treasury Note/Bond | 2.50 | 01/31/2024 | 795,000 | 804,254 | ||||||||||
United States Treasury Note/Bond | 2.25 | 01/31/2024 | 679,000 | 678,947 | ||||||||||
United States Treasury Note/Bond | 2.75 | 02/15/2024 | 625,000 | 639,331 | ||||||||||
United States Treasury Note/Bond | 2.38 | 02/29/2024 | 1,100,000 | 1,107,176 | ||||||||||
United States Treasury Note/Bond | 2.12 | 02/29/2024 | 598,000 | 594,473 | ||||||||||
United States Treasury Note/Bond | 2.00 | 04/30/2024 | 640,000 | 632,150 | ||||||||||
United States Treasury Note/Bond | 2.50 | 05/15/2024 | 1,042,000 | 1,053,967 | ||||||||||
United States Treasury Note/Bond | 2.00 | 05/31/2024 | 1,145,000 | 1,130,777 | ||||||||||
United States Treasury Note/Bond | 2.00 | 06/30/2024 | 690,000 | 680,944 | ||||||||||
United States Treasury Note/Bond | 2.12 | 07/31/2024 | 690,000 | 685,041 | ||||||||||
United States Treasury Note/Bond | 2.38 | 08/15/2024 | 1,276,000 | 1,282,430 | ||||||||||
United States Treasury Note/Bond | 1.88 | 08/31/2024 | 855,000 | 838,034 | ||||||||||
United States Treasury Note/Bond | 2.12 | 09/30/2024 | 680,000 | 674,687 | ||||||||||
United States Treasury Note/Bond | 2.25 | 11/15/2024 | 1,069,000 | 1,066,912 | ||||||||||
United States Treasury Note/Bond | 2.12 | 11/30/2024 | 595,000 | 590,026 | ||||||||||
United States Treasury Note/Bond | 2.25 | 12/31/2024 | 565,000 | 563,941 | ||||||||||
United States Treasury Note/Bond | 2.50 | 01/31/2025 | 560,000 | 566,453 |
The accompanying notes are an integral part of the financial statements.
56
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||
U.S. Treasury Obligations — 18.65% |
| |||||||||||||
United States Treasury Note/Bond | 2.00 | 02/15/2025 | 2,158,000 | 2,122,680 | ||||||||||
United States Treasury Note/Bond | 2.75 | 02/28/2025 | 830,000 | 850,977 | ||||||||||
United States Treasury Note/Bond | 2.62 | 03/31/2025 | 580,000 | 590,671 | ||||||||||
United States Treasury Note/Bond | 2.88 | 04/30/2025 | 900,000 | 929,391 | ||||||||||
United States Treasury Note/Bond | 2.12 | 05/15/2025 | 1,871,000 | 1,851,486 | ||||||||||
United States Treasury Note/Bond | 2.88 | 05/31/2025 | 800,000 | 826,094 | ||||||||||
United States Treasury Note/Bond | 2.75 | 06/30/2025 | 595,000 | 610,340 | ||||||||||
United States Treasury Note/Bond | 2.88 | 07/31/2025 | 445,000 | 459,810 | ||||||||||
United States Treasury Note/Bond | 2.00 | 08/15/2025 | 1,325,000 | 1,300,415 | ||||||||||
United States Treasury Note/Bond | 2.75 | 08/31/2025 | 895,000 | 918,214 | ||||||||||
United States Treasury Note/Bond | 3.00 | 09/30/2025 | 600,000 | 624,750 | ||||||||||
United States Treasury Note/Bond | 3.00 | 10/31/2025 | 260,000 | 270,796 | ||||||||||
United States Treasury Note/Bond | 2.25 | 11/15/2025 | 1,030,000 | 1,025,333 | ||||||||||
United States Treasury Note/Bond | 2.88 | 11/30/2025 | 625,000 | 646,411 | ||||||||||
United States Treasury Note/Bond | 2.25 | 03/31/2026 | 615,000 | 612,285 | ||||||||||
United States Treasury Note/Bond | 2.00 | 11/15/2026 | 1,532,000 | 1,494,717 | ||||||||||
United States Treasury Note/Bond | 2.25 | 02/15/2027 | 594,000 | 589,429 | ||||||||||
United States Treasury Note/Bond | 6.62 | 02/15/2027 | 290,000 | 378,552 | ||||||||||
United States Treasury Note/Bond | 2.38 | 05/15/2027 | 910,000 | 910,924 | ||||||||||
United States Treasury Note/Bond | 2.25 | 08/15/2027 | 750,000 | 742,822 | ||||||||||
United States Treasury Note/Bond | 2.25 | 11/15/2027 | 2,180,000 | 2,156,837 | ||||||||||
United States Treasury Note/Bond | 2.75 | 02/15/2028 | 625,000 | 642,822 | ||||||||||
United States Treasury Note/Bond | 2.88 | 05/15/2028 | 2,140,000 | 2,222,841 | ||||||||||
United States Treasury Note/Bond | 2.88 | 08/15/2028 | 1,160,000 | 1,205,222 | ||||||||||
United States Treasury Note/Bond | 5.50 | 08/15/2028 | 130,000 | 163,577 | ||||||||||
United States Treasury Note/Bond | 5.25 | 11/15/2028 | 883,500 | 1,096,851 | ||||||||||
United States Treasury Note/Bond | 3.12 | 11/15/2028 | 825,000 | 875,112 | ||||||||||
United States Treasury Note/Bond | 2.62 | 02/15/2029 | 2,300,000 | 2,342,227 | ||||||||||
United States Treasury Note/Bond | 5.25 | 02/15/2029 | 30,000 | 37,412 | ||||||||||
United States Treasury Note/Bond | 6.12 | 08/15/2029 | 199,000 | 266,256 | ||||||||||
United States Treasury Note/Bond | 5.38 | 02/15/2031 | 668,000 | 868,191 | ||||||||||
United States Treasury Note/Bond | 4.50 | 02/15/2036 | 227,000 | 287,492 | ||||||||||
United States Treasury Note/Bond | 5.00 | 05/15/2037 | 45,000 | 60,829 | ||||||||||
United States Treasury Note/Bond | 4.38 | 02/15/2038 | 320,000 | 404,862 | ||||||||||
United States Treasury Note/Bond | 4.50 | 05/15/2038 | 347,000 | 446,207 | ||||||||||
United States Treasury Note/Bond | 4.25 | 05/15/2039 | 883,000 | 1,103,957 | ||||||||||
United States Treasury Note/Bond | 4.50 | 08/15/2039 | 310,000 | 400,251 | ||||||||||
United States Treasury Note/Bond | 4.38 | 11/15/2039 | 509,000 | 646,788 | ||||||||||
United States Treasury Note/Bond | 4.62 | 02/15/2040 | 147,000 | 192,978 | ||||||||||
United States Treasury Note/Bond | 4.38 | 05/15/2040 | 275,000 | 349,819 | ||||||||||
United States Treasury Note/Bond | 4.25 | 11/15/2040 | 100,000 | 125,246 | ||||||||||
United States Treasury Note/Bond | 3.12 | 11/15/2041 | 320,000 | 340,387 | ||||||||||
United States Treasury Note/Bond | 3.12 | 02/15/2042 | 275,000 | 292,241 | ||||||||||
United States Treasury Note/Bond | 3.00 | 05/15/2042 | 315,000 | 327,748 | ||||||||||
United States Treasury Note/Bond | 2.75 | 08/15/2042 | 582,000 | 579,545 |
The accompanying notes are an integral part of the financial statements.
57
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ /Shares | Value $ | |||||||||||||
U.S. Treasury Obligations — 18.65% |
| |||||||||||||||
United States Treasury Note/Bond | 2.75 | 11/15/2042 | 625,000 | 621,899 | ||||||||||||
United States Treasury Note/Bond | 3.12 | 02/15/2043 | 160,000 | 169,531 | ||||||||||||
United States Treasury Note/Bond | 2.88 | 05/15/2043 | 744,000 | 755,422 | ||||||||||||
United States Treasury Note/Bond | 3.62 | 08/15/2043 | 24,000 | 27,574 | ||||||||||||
United States Treasury Note/Bond | 3.75 | 11/15/2043 | 531,000 | 622,494 | ||||||||||||
United States Treasury Note/Bond | 3.62 | 02/15/2044 | 744,000 | 855,862 | ||||||||||||
United States Treasury Note/Bond | 3.38 | 05/15/2044 | 1,451,000 | 1,603,865 | ||||||||||||
United States Treasury Note/Bond | 3.12 | 08/15/2044 | 607,000 | 643,396 | ||||||||||||
United States Treasury Note/Bond | 3.00 | 11/15/2044 | 1,275,000 | 1,322,115 | ||||||||||||
United States Treasury Note/Bond | 2.50 | 02/15/2045 | 1,238,000 | 1,168,072 | ||||||||||||
United States Treasury Note/Bond | 3.00 | 05/15/2045 | 1,423,000 | 1,476,418 | ||||||||||||
United States Treasury Note/Bond | 2.88 | 08/15/2045 | 362,000 | 366,822 | ||||||||||||
United States Treasury Note/Bond | 3.00 | 11/15/2045 | 1,005,000 | 1,043,002 | ||||||||||||
United States Treasury Note/Bond | 2.50 | 02/15/2046 | 953,000 | 896,304 | ||||||||||||
United States Treasury Note/Bond | 2.50 | 05/15/2046 | 946,000 | 889,129 | ||||||||||||
United States Treasury Note/Bond | 2.25 | 08/15/2046 | 1,011,000 | 901,528 | ||||||||||||
United States Treasury Note/Bond | 2.88 | 11/15/2046 | 1,133,000 | 1,147,074 | ||||||||||||
United States Treasury Note/Bond | 3.00 | 02/15/2047 | 1,000,000 | 1,037,695 | ||||||||||||
United States Treasury Note/Bond | 3.00 | 05/15/2047 | 575,000 | 595,889 | ||||||||||||
United States Treasury Note/Bond | 2.75 | 08/15/2047 | 440,000 | 433,727 | ||||||||||||
United States Treasury Note/Bond | 2.75 | 11/15/2047 | 680,000 | 670,198 | ||||||||||||
United States Treasury Note/Bond | 3.00 | 02/15/2048 | 800,000 | 827,719 | ||||||||||||
United States Treasury Note/Bond | 3.12 | 05/15/2048 | 675,000 | 715,737 | ||||||||||||
United States Treasury Note/Bond | 3.00 | 08/15/2048 | 1,730,000 | 1,790,820 | ||||||||||||
United States Treasury Note/Bond | 3.38 | 11/15/2048 | 370,000 | 411,784 | ||||||||||||
United States Treasury Note/Bond | 3.00 | 02/15/2049 | 250,000 | 259,023 | ||||||||||||
|
| |||||||||||||||
Total U.S. Treasury Obligations (Cost $161,019,961) | 160,654,736 | |||||||||||||||
|
| |||||||||||||||
SHORT-TERM INVESTMENTS — 2.86% |
| |||||||||||||||
Money Market Fund — 2.86% |
| |||||||||||||||
Goldman Sachs Financial Square | ||||||||||||||||
Government Fund - Institutional Shares | 2.353 | 24,658,200 | 24,658,200 | |||||||||||||
|
| |||||||||||||||
Total Short-Term Investments | 24,658,200 | |||||||||||||||
|
| |||||||||||||||
Total Investments | 880,575,691 | |||||||||||||||
TBA SALES COMMITMENTS — (0.05%) |
| |||||||||||||||
Mortgage-Backed Securities — (0.05%) |
| |||||||||||||||
Fannie Mae Pool | 2.50 | 05/01/2034 | (50,000 | ) | (49,671 | ) | ||||||||||
Fannie Mae Pool | 5.50 | 04/01/2049 | (100,000 | ) | (106,766 | ) | ||||||||||
Fannie Mae Pool | 3.00 | 04/01/2049 | (150,000 | ) | (149,354 | ) | ||||||||||
Fannie Mae Pool | 3.00 | 05/01/2049 | (50,000 | ) | (49,729 | ) | ||||||||||
Freddie Mac Gold Pool | 3.00 | 04/01/2049 | (25,000 | ) | (24,889 | ) |
The accompanying notes are an integral part of the financial statements.
58
VERPLANCK BALANCED FUND
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Coupon Rate % | Maturity Date | Principal Amount $ | Value $ | |||||||||||||
TBA SALES COMMITMENTS — (0.05%) |
| |||||||||||||||
Mortgage-Backed Securities — (0.05%) |
| |||||||||||||||
Ginnie Mae I Pool | 5.00 | 04/15/2049 | (75,000 | ) | (78,239 | ) | ||||||||||
|
| |||||||||||||||
Total TBA SALES COMMITMENTS (Proceeds $454,234) | (458,648 | ) | ||||||||||||||
|
| |||||||||||||||
Liabilities in excess of other assets — (2.18%) |
| $ | (18,761,984 | ) | ||||||||||||
|
| |||||||||||||||
Net Assets — 100.00% |
| $ | 861,355,059 | |||||||||||||
|
|
1 | Zero coupon bond. |
2 | TBA - To be announced. |
3 | Rate disclosed is the7-day yield at March 31, 2019. |
* | Non-income producing. |
(a) | Variable rate investments. The rate shown is based on the latest available information as of March 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate or spread in their description. |
Legend | ||
LIBOR | London Inter-bank Offered Rate | |
LLC | Limited Liability Company | |
LP | Limited Partnership | |
Ltd | Limited | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust | |
TBA | To Be Announced |
At March 31, 2019, the Fund held the following open positions in futures contracts:
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation | ||||||||||||||||||||
S&P 500E-Mini | 06/18/19 | 23 | $ | 3,227,154 | 3,263,470 | $36,316 | |||||||||||||||||||
|
| ||||||||||||||||||||||||
$36,316 | |||||||||||||||||||||||||
|
|
The accompanying notes are an integral part of the financial statements.
59
VERPLANCK BALANCED FUND
Statement of Assets and Liabilities
March 31, 2019
(Unaudited)
Assets | ||||
Investments, at value (Cost $894,077,773) | $ | 880,575,691 | ||
Cash | 64,620 | |||
Receivable for investments sold | 6,141,795 | |||
Dividends and interest receivable | 2,907,441 | |||
Deferred offering costs (Note 1) | 82,372 | |||
Futures variation margin receivable | 18,731 | |||
Deposits with brokers for open futures contracts | 6,033 | |||
Prepaid expenses and other assets | 21,175 | |||
|
| |||
Total assets | 889,817,858 | |||
|
| |||
Liabilities | ||||
TBA sale commitments at value (Proceeds $454,234) | 458,648 | |||
Payable for investments purchased | 27,687,594 | |||
Payable for administration and accounting fees | 132,925 | |||
Payable for audit fees | 102,262 | |||
Payable to Investment Adviser | 42,487 | |||
Payable for printing fees | 20,357 | |||
Payable for transfer agent fees | 4,870 | |||
Payable for legal fees | 341 | |||
Payable for custodian fees | 105 | |||
Payable for Trustees and Officers | 27 | |||
Accrued expenses | 13,183 | |||
|
| |||
Total liabilities | 28,462,799 | |||
|
| |||
Net Assets | $ | 861,355,059 | ||
|
| |||
Net Assets Consisted of: | ||||
Capital stock, $0.01 par value | $ | 171,332 | ||
Paid-in capital | 870,780,365 | |||
Total distributable earnings/(loss) | (9,596,638 | ) | ||
|
| |||
Net Assets | $ | 861,355,059 | ||
|
| |||
Shares outstanding | 8,566,582 | |||
|
| |||
Net asset value, offering and redemption price per share ($861,355,059 / 8,566,582 shares) | $ | 100.55 | ||
|
|
The accompanying notes are an integral part of the financial statements.
60
VERPLANCK BALANCED FUND
Statement of Operations
For the Period Ended March 31, 2019
(Unaudited)
Investment Income | ||||
Interest | $ | 5,444,461 | ||
Dividends | 4,417,439 | |||
Less: foreign taxes withheld | (2,694 | ) | ||
|
| |||
Total investment income | 9,859,206 | |||
|
| |||
Expenses | ||||
Advisory fees (Note 2) | 246,884 | |||
Administration and accounting fees (Note 2) | 123,718 | |||
Trustees’ and officers’ fees (Note 2) | 70,648 | |||
Audit fees | 67,262 | |||
Offering expenses | 33,599 | |||
Printing and shareholder reporting fees | 22,897 | |||
Custodian fees (Note 2) | 20,384 | |||
Legal fees | 17,000 | |||
Transfer agent fees (Note 2) | 10,118 | |||
Other expenses | 24,316 | |||
|
| |||
Total expenses | 636,826 | |||
|
| |||
Net investment income | 9,222,380 | |||
|
| |||
Net realized and unrealized gain/(loss) from investments: | ||||
Net realized loss from investments | (540,511 | ) | ||
Net realized gain from futures contracts* | 121,385 | |||
Net change in unrealized appreciation/(depreciation) on investments | 1,190,871 | |||
Net change in unrealized loss on TBA sale commitments | (7,603 | ) | ||
Net change in unrealized appreciation on futures contracts | 36,316 | |||
|
| |||
Net realized and unrealized gain on investments | 800,458 | |||
|
| |||
Net increase in net assets resulting from operations | $ | 10,022,838 | ||
|
|
* | Primary risk exposure is equity contracts |
The accompanying notes are an integral part of the financial statements.
61
VERPLANCK BALANCED FUND
Statements of Changes in Net Assets
For the Six Months Ended March 31, 2019 (Unaudited) | For the Period Ended September 30, 2018* | |||||||||
Increase/(decrease) in net assets from operations: | ||||||||||
Net investment income | $ | 9,222,380 | $ | 1,493,135 | ||||||
Net realized loss from investments and future contracts | (419,126 | ) | (269,292 | ) | ||||||
Net change in unrealized appreciation/(depreciation) on investments, future contracts and TBA sale commitments | 1,219,584 | 128,233 | ||||||||
|
|
|
| |||||||
Net increase in net assets resulting from operations | 10,022,838 | 1,352,076 | ||||||||
|
|
|
| |||||||
Distributions to Shareholders From (Note 1): | ||||||||||
Total distributable earnings** | (6,153,555 | ) | — | |||||||
|
|
|
| |||||||
Decrease in Net Assets From Distributions to Shareholders | (6,153,555 | ) | — | |||||||
|
|
|
| |||||||
Increase in Net Assets Derived from Capital Share Transactions (Note 5) | 6,153,555 | 849,980,145 | ||||||||
|
|
|
| |||||||
Total increase in net assets | 10,022,838 | 851,332,221 | ||||||||
|
|
|
| |||||||
Net assets | ||||||||||
Beginning of period | 851,332,221 | — | ||||||||
|
|
|
| |||||||
End of period*** | $ | 861,355,059 | $ | 851,332,221 | ||||||
|
|
|
|
* | The Verplanck Balanced Fund commenced operations on August 28, 2018. |
** | Distributions from net investment income and from realized gains are no longer required to be separately disclosed. See Note 1. For the period ended September 30, 2018, distributions from net investment income and net realized gains were $0 and $0, respectively. |
*** | Parenthetical disclosure of undistributed net investment income is no longer required. See Note 1. For the period ended September 30, 2018, end of year net assets included over distributed net investment income of $1,549,237. |
The accompanying notes are an integral part of the financial statements.
62
VERPLANCK BALANCED FUND
Financial Highlights
Contained below is per share operating performance data for the Verplanck Balanced Fund, total investment return, ratios to average net assets and other supplemental data for the respective period. The total return in the table represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
For the Six Months Ended March 31, 2019 (Unaudited) | For the Period August 28, 2018* to September 30, 2018 | |||||||||
Per Share Operating Performance | ||||||||||
Net asset value, beginning of period | $ | 100.16 | $ | 100.00 | ||||||
|
|
|
| |||||||
Net investment income(1) | 1.08 | 0.18 | ||||||||
Net realized and unrealized gain/(loss) on investments | 0.03 | (0.02 | ) | |||||||
|
|
|
| |||||||
Net increase in net assets resulting from operations | 1.11 | 0.16 | ||||||||
|
|
|
| |||||||
Dividends and distributions to shareholders from: | ||||||||||
Net investment income | (0.72 | ) | — | |||||||
|
|
|
| |||||||
Total dividends and distributions to shareholders | (0.72 | ) | — | |||||||
|
|
|
| |||||||
Net asset value, end of period | $ | 100.55 | $ | 100.16 | ||||||
|
|
|
| |||||||
Total investment return(2) | 1.16 | % | 0.16 | % | ||||||
Ratio/Supplemental Data | ||||||||||
Net assets, end of period (in thousands) | $ | 861,355 | $ | 851,332 | ||||||
Ratio of expenses to average net assets | 0.15 | %(3) | 0.17 | %(3) | ||||||
Ratio of net investment income to average net assets | 2.24 | %(3) | 2.00 | %(3) | ||||||
Portfolio turnover rate | 24.60 | %(4) | 5.05 | %(4)(5) |
* | Commencement of operations. |
(1) | The selected per share data was calculated using the average shares outstanding method for the period. |
(2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
(3) | Annualized. |
(4) | Not annualized. |
(5) | Portfolio turnover rate excludes securities received from asubscription-in-kind. |
The accompanying notes are an integral part of the financial statements.
63
VERPLANCK BALANCED FUND
Notes to Financial Statements
March 31, 2019
(Unaudited)
1. Organization and Significant Accounting Policies
Verplanck Balanced Fund, (the “Fund”) is a diversified,open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced investment operations on August 28, 2018. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. However, beneficial interests of the Fund are not registered under the Securities Act of 1933, as amended (the “1933 Act”) because such interests will be issued solely through private placement transactions that do not involve any “public offering” within the meaning of Section 4(a)(2) of the 1933 Act. The sole owners of interests in the Fund will be the Power Authority of the State of New York Master Decommissioning Trust IP3 Unit Fund, the Entergy Nuclear Generation Company Master Decommissioning Trust Qualified Fund, and the Entergy Nuclear Palisades Master Decommissioning Trust Qualified Fund (the “Decommissioning Trusts”). The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series.
The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
On August 28, 2018, the Fund, as the result of a reorganization, acquired substantially all of the assets of a privately offered common trust fund (“Predecessor Fund”) managed by Mellon Investments Corporation (f/k/a BNY Mellon Asset Management North America Corporation) (the “Adviser”), in exchange for shares of Verplanck. The Predecessor Fund was not registered as an investment company under the 1940 Act and was not subject to certain investment limitations, diversification requirements, liquidity requirements imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”). This reorganization transaction was structured to qualify as anon-taxable transaction under the Code. In connection with this reorganization, the Predecessor Fund valued its securities pursuant to the Fund’s valuation procedures. The assets acquired were comprised of $815,927,402 of securities, $2,247,805 of interest receivable and $31,804,938 of cash. For financial statement purposes, assets received and shares issued by the Fund were recorded at fair value, and the Fund recorded the cost of such investments at their historical cost as recorded by the Predecessor Fund. The cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund’s unrealized depreciation at the time of reorganization (the Fund had no assets or liabilities prior to the reorganization) as follows:
Predecessor Fund | Predecessor Fund | Net assets | ||
$849,980,145 | $(14,817,997) | $849,980,145 |
Portfolio Valuation— The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in theover-the-counter market are valued at their closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service approved by the Board of Trustees. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amounts approximates market value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Due to continued volatility in the current market, valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate the NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into
64
VERPLANCK BALANCED FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
U.S. dollars using current exchange rates. Securities that do not have a readily available current market value are valued in accordance with the procedures adopted by the Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to the Adviser the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.
Fair Value Measurements— The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
• | 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. Transfers in and out are recognized at the value at the end of the period.
The fair value of the Fund’s bonds are generally based on the quotes received from brokers or independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.
Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that the Fund calculates its NAV (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. As a result, the Fund fair values foreign securities using an independent pricing service approved by the Board of Trustees which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 within the hierarchy.
Securities listed on anon-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.
The following is a summary of the inputs used, as of March 31, 2019, in valuing the Fund’s investments carried at fair value:
Total Value at 03/31/19 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||
Assets | ||||||||||||||||
Asset-Backed Securities | $ | 2,426,096 | $ | — | $ | 2,426,096 | $ | — | ||||||||
Common Stocks | 440,821,643 | 440,821,643 | — | — | ||||||||||||
Corporate Bonds and Notes | 112,143,714 | — | 112,143,714 | — | ||||||||||||
Foreign Government Bonds & Notes | 7,083,688 | — | 7,083,688 | — |
65
VERPLANCK BALANCED FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Total Value at 03/31/19 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||
Municipal Bonds | $ | 3,532,049 | $ | — | $ | 3,532,049 | $ | — | ||||||||
Commercial Mortgage-Backed Securities | 8,815,735 | — | 8,815,735 | — | ||||||||||||
Mortgage-Backed Securities | 116,029,046 | — | 116,029,046 | — | ||||||||||||
U.S. Government Agency Obligations | 4,410,784 | — | 4,410,784 | — | ||||||||||||
U.S. Treasury Obligations | 160,654,736 | — | 160,654,736 | — | ||||||||||||
Short-Term Investments | 24,658,200 | 24,658,200 | — | — | ||||||||||||
Derivatives: | ||||||||||||||||
Equity Contracts | ||||||||||||||||
Futures Contracts | 36,316 | 36,316 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 880,612,007 | $ | 465,516,159 | $ | 415,095,848 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
TBA Sale Commitments | $ | (458,648 | ) | $ | — | $ | (458,648 | ) | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (458,648 | ) | $ | — | $ | (458,648 | ) | $ | — | ||||||
|
|
|
|
|
|
|
|
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 readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the six months ended March 31, 2019, there were no transfers between Levels.
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. Gains and losses on principal paydowns from mortgage backed securities are recorded as interest income on the Statement of Operations. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short-term securities, which records discounts and premiums on a straight-line basis. Dividends
66
VERPLANCK BALANCED FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
are recorded on theex-dividend date. Estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of costs of the related investments. General expenses of the Trust are generally allocated to the 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.
Deferred Offering Costs— Offering costs, including costs of printing initial prospectus and legal fees, are amortized over twelve-months from inception of the Fund. As of March 31, 2019, the remaining amount still to be amortized for the Fund was $82,372.
Foreign Currency Translation— Assets and liabilities initially expressed innon-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.
The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments on the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currency transactions on the Statement of Operations.
Futures Contracts— The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statements of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.
For the six months ended March 31, 2019, the Verplanck Balanced Fund quarterly average volume of derivatives was as follows:
Long Futures |
$1,075,718 |
Dividends and Distributions to Shareholders— Dividends from net investment income are declared and paid annually to shareholders. Distributions from net realized capital gains, if any, are declared and paid 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 may include the treatment ofnon-taxable dividends 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 the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, (“Internal Revenue Code”) and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.
Other— In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
67
VERPLANCK BALANCED FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
Recent Accounting Pronouncement— Effective November 5, 2018, the SEC amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. The amendment requires collapsing the components of distributable earnings on the Statements of Assets and Liabilities and collapsing the distributions paid to shareholders on the Statements of Changes in Net Assets. Management has evaluated the implications of adopting these amendments and there is no significant impact on the financial statements and accompanying notes.
Currency Risk— The Fund invests in securities of foreign issuers, including American Depository Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Fund is determined on the basis of U.S. dollars, the Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund’s holdings in foreign securities.
Foreign Securities Market Risk— Securities of manynon-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition,non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement ofnon-U.S. stock exchange transactions.
Mortgage-Related And Other Asset-Backed Securities Risk— Mortgage-related and asset-backed securities are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.
Debt Investment Risk— Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of the Fund’s debt investments may not be able to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or go bankrupt. Securities such as high-yield/high-risk bonds, e.g., bonds with low credit ratings by Moody’s (Ba or lower) or Standard & Poor’s (BB and lower) or if unrated are of comparable quality as determined by the manager, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.
TBA Purchase and Sale Commitments— The Fund may enter intoto-be-announced (TBA) purchase or sale commitments (collectively, TBA transactions), pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by the Fund are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, the Fund maintains an entitlement to the security to be sold.
To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the
68
VERPLANCK BALANCED FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral received, if any, from such counterparty. As of March 31, 2019, no collateral was pledged by the Fund or counterparties for TBAs.
2. Transactions with Related Parties and Other Service Providers
Mellon Investments Corporation (the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust. For its services, the Adviser is paid a monthly fee at the annual rate of 0.12% (12 basis points) on the first $250 million average daily net assets of the Fund, 0.10% of the next $100 million average daily net assets of the Fund, and 0.02% on average daily net assets of the Fund in excess of $350 million.
For the six months ended March 31, 2019, the Adviser earned advisory fees of $246,884.
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Fund. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
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 Fund during the six months ended March 31, 2019 was $19,044. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Duff & Phelps, LLC (“D&P”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and D&P are compensated for their services provided to the Trust.
3. Investment in Securities
For the six months ended March 31, 2019, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:
Purchases | Sales | |||||||
Investment Securities | $ | 17,440,631 | $ | 18,513,339 | ||||
U.S. Government Securities | 192,909,874 | 185,485,697 |
4. Capital Share Transactions
For the six months ended March 31, 2019 and for the period ended September 30, 2018, transactions in capital shares (authorized shares unlimited) were as follows:
For the Six Months Ended March 31, 2019 (Unaudited) | For the Period Ended September 30, 2018* | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Verplanck Balanced Fund: | ||||||||||||||||
Sales | — | $ | — | 8,499,801 | $ | 849,980,145 | ||||||||||
Reinvestments | 66,781 | 6,153,555 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 66,781 | $ | 6,153,555 | 8,499,801 | $ | 849,980,145 | ||||||||||
|
|
|
|
|
|
|
|
69
VERPLANCK BALANCED FUND
Notes to Financial Statements (Continued)
March 31, 2019
(Unaudited)
* | The Fund had a subscriptionin-kind due to a reorganization in the amount of $849,980,145 on August 28, 2018. |
5. Federal Tax Information
The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet themore-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
In order to present net assets components on the Statement of Assets and Liabilities that more closely represent their tax character, certain reclassifications are made to the net asset components. Net investment income, net realized gains and net assets were not affected by these adjustments. The following permanent difference as of September 30, 2018, primarily attributed to paydown loss reclass, was reclassified among following accounts:
Increase/(Decrease) Undistributed Net Investment Income | Increase/(Decrease) Accumulated Net Realized Loss | Increase/(Decrease) Additional Paid-In Capital | |||||||||||||
Verplanck Balanced Fund | $ | 56,102 | $ | (56,102 | ) | $ | — |
During the period from August 28, 2018 (commencement of operations) to September 30, 2018, the Fund had no distributions from ordinary income or long-term capital gains. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.
As of September 30, 2018, the components of distributable earnings (deficit) on a tax basis were as follows:
Capital Loss | Undistributed Ordinary Income | Undistributed Long-Term Gain | Unrealized Depreciation | Qualified Late-Year Losses | ||||
$(296,772) | $1,549,237 | $— | $(14,718,386) | $— |
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. Short-term capital gains are reported as ordinary income for federal income tax purposes.
As of March 31, 2019, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:
Federal tax cost* | $ | 894,077,773 | ||
|
| |||
Gross unrealized appreciation | 23,295,094 | |||
Gross unrealized depreciation | (36,797,176 | ) | ||
|
| |||
Net unrealized depreciation | $ | (13,502,082 | ) | |
|
|
* | 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 Fund may elect to treat certain capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2018, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2018. For the period ended September 30, 2018, the Fund had no capital loss deferrals and no late year ordinary loss deferrals.
70
VERPLANCK BALANCED FUND
Notes to Financial Statements (Concluded)
March 31, 2019
(Unaudited)
Accumulated capital losses represent net capital loss carryovers as of September 30, 2018 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of September 30, 2018, the Fund had capital loss carryforwards of $296,772, of which $165,214 are long-term losses and $131,558 are short-term losses and have an unlimited period of capital loss carryforward.
6. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
71
VERPLANCK BALANCED FUND
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent12-month period ended June 30 are available without charge, upon request, by calling (844)741-5050 and on the Securities and Exchange Commission’s (“SEC”) website athttp://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 July 31 and January 31) on FormN-Q. The Trust’s FormsN-Q are available on the SEC’s website athttp://www.sec.gov. FormN-Q is being rescinded. Once FormN-Q is rescinded, disclosure of the Fund’s complete holdings will be required to be made on FormN-PORT, with every third month made available to the public by the Commission upon filing.
72
Investment Adviser
Mellon Investments Corporation
One Boston Place,
201 Washington Street,
Boston, MA 02108
Administrator
The Bank of New York Mellon
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
4400 Computer Drive
Westborough, MA 01581
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103-7096
Legal Counsel
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
VBF-0319
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 forClosed-End Management Investment |
Companies. |
Not applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-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 RegulationS-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR240.14a-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 Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR270.30a-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 Rule30a-3(b) under the 1940 Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR240.13a-15(b) or240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d)) that occurred during the registrant’slast fiscal quarterthat has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Rule30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(b) | Certifications pursuant to Rule30a-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 June 3, 2019
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 June 3, 2019
By (Signature and Title)* | /s/ T. Richard Keyes | |
T. Richard Keyes, Treasurer and | ||
Chief Financial Officer | ||
(principal financial officer) |
Date June 3, 2019
* Print the name and title of each signing officer under his or her signature.