The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM NPORT-P
Monthly Portfolio Investments Report

NPORT-P: Filer Information

Confidential ☐
Filer CIK
0001388485
Filer CCC
********
Filer Investment Company Type
Is this a LIVE or TEST Filing? ☐ LIVE ☐ TEST
Would you like a Return Copy? ☐
Is this an electronic copy of an official filing submitted in paper format? ☐

Submission Contact Information

Name
Phone
E-Mail Address

Notification Information

Notify via Filing Website only? ☐
Notification E-mail Address
Series ID
S000048691
Class (Contract) ID
C000153420

NPORT-P: Part A: General Information

Item A.1. Information about the Registrant.

a. Name of Registrant
FundVantage Trust
b. Investment Company Act file number for Registrant: (e.g., 811-______)
811-22027
c. CIK number of Registrant
0001388485
d. LEI of Registrant
549300C6U7XKIL1IY249
e. Address and telephone number of Registrant:
i. Street Address 1
103 Bellevue Parkway
ii. Street Address 2
iii. City
Wilmington
iv. State, if applicable
v. Foreign country, if applicable
vi. Zip / Postal Code
19809
vii. Telephone number
856-528-3500

Item A.2. Information about the Series.

a. Name of Series.
Gotham Total Return Fund
b. EDGAR series identifier (if any).
S000048691
c. LEI of Series.
54930046UND6Y7SS3C98

Item A.3. Reporting period.

a. Date of fiscal year-end.
2026-09-30
b. Date as of which information is reported.
2025-12-31

Item A.4. Final filing

a. Does the Fund anticipate that this will be its final filing on Form N PORT? ☐ Yes ☒ No

NPORT-P: Part B: Information About the Fund

Report the following information for the Fund and its consolidated subsidiaries.

Item B.1. Assets and liabilities. Report amounts in U.S. dollars.

a. Total assets, including assets attributable to miscellaneous securities reported in Part D.
16385583.34
b. Total liabilities.
23546.23
c. Net assets.
16362037.11

Item B.2. Certain assets and liabilities. Report amounts in U.S. dollars.

a. Assets attributable to miscellaneous securities reported in Part D.
0.00000000
b. Assets invested in a Controlled Foreign Corporation for the purpose of investing in certain types of instruments such as, but not limited to, commodities.
0.00000000
c. Borrowings attributable to amounts payable for notes payable, bonds, and similar debt, as reported pursuant to rule 6-04(13)(a) of Regulation S-X [17 CFR 210.6-04(13)(a)].
Amounts payable within one year.
Banks or other financial institutions for borrowings.
0.00000000
Controlled companies.
0.00000000
Other affiliates.
0.00000000
Others.
0.00000000
Amounts payable after one year.
Banks or other financial institutions for borrowings.
0.00000000
Controlled companies.
0.00000000
Other affiliates.
0.00000000
Others.
0.00000000
d. Payables for investments purchased either (i) on a delayed delivery, when-issued, or other firm commitment basis, or (ii) on a standby commitment basis.
(i) On a delayed delivery, when-issued, or other firm commitment basis:
0.00000000
(ii) On a standby commitment basis:
0.00000000
e. Liquidation preference of outstanding preferred stock issued by the Fund.
0.00000000
f. Cash and cash equivalents not reported in Parts C and D.
0.00000000

Item B.3. Portfolio level risk metrics.

If the average value of the Fund's debt securities positions for the previous three months, in the aggregate, exceeds 25% or more of the Fund's net asset value, provide:
a. Interest Rate Risk (DV01). For each currency for which the Fund had a value of 1% or more of the Fund’s net asset value, provide the change in value of the portfolio resulting from a 1 basis point change in interest rates, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.
b. Interest Rate Risk (DV100). For each currency for which the Fund had a value of 1% or more of the Fund’s net asset value, provide the change in value of the portfolio resulting from a 100 basis point change in interest rates, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.

Currency Metric RecordISO Currency code3 month1 year5 years10 years30 years
— — — — — — —

c. Credit Spread Risk (SDV01, CR01 or CS01). Provide the change in value of the portfolio resulting from a 1 basis point change in credit spreads where the shift is applied to the option adjusted spread, aggregated by investment grade and non-investment grade exposures, for each of the following maturities: 3 month, 1 year, 5 years, 10 years, and 30 years.

Credit Spread Risk3 month1 year5 years10 years30 years
— — — — — —

For purposes of Item B.3., calculate value as the sum of the absolute values of:
(i) the value of each debt security,
(ii) the notional value of each swap, including, but not limited to, total return swaps, interest rate swaps, and credit default swaps, for which the underlying reference asset or assets are debt securities or an interest rate;
(iii) the notional value of each futures contract for which the underlying reference asset or assets are debt securities or an interest rate; and
(iv) the delta-adjusted notional value of any option for which the underlying reference asset is an asset described in clause (i),(ii), or (iii).

Report zero for maturities to which the Fund has no exposure. For exposures that fall between any of the listed maturities in (a) and (b), use linear interpolation to approximate exposure to each maturity listed above. For exposures outside of the range of maturities listed above, include those exposures in the nearest maturity.

Item B.4. Securities lending.

a. For each borrower in any securities lending transaction, provide the following information:

Borrower Information RecordName of borrowerLEI (if any) of borrowerAggregate value of all securities on loan to the borrower
— — — —

b. Did any securities lending counterparty provide any non-cash collateral? ☐ Yes ☒ No

Item B.5. Return information.

a. Monthly total returns of the Fund for each of the preceding three months. If the Fund is a Multiple Class Fund, report returns for each class. Such returns shall be calculated in accordance with the methodologies outlined in Item 26(b) (1) of Form N-1A, Instruction 13 to sub-Item 1 of Item 4 of Form N-2, or Item 26(b) (i) of Form N-3, as applicable.

Monthly Total Return Record Monthly total returns of the Fund for each of the preceding three months Class identification number(s) (if any) of the Class(es) for which returns are reported
Month 1 Month 2 Month 3
#10.000000002.200000001.22000000C000153420

b. For each of the preceding three months, monthly net realized gain (loss) and net change in unrealized appreciation (or depreciation) attributable to derivatives for each of the following categories: commodity contracts, credit contracts, equity contracts, foreign exchange contracts, interest rate contracts, and other contracts. Within each such asset category, further report the same information for each of the following types of derivatives instrument: forward, future, option, swaption, swap, warrant, and other. Report in U.S. dollars. Losses and depreciation shall be reported as negative numbers.

Asset category Instrument type Month 1 Month 2 Month 3
Monthly net realized gain(loss) Monthly net change in unrealized appreciation (or depreciation) Monthly net realized gain(loss) Monthly net change in unrealized appreciation (or depreciation) Monthly net realized gain(loss) Monthly net change in unrealized appreciation (or depreciation)
Commodity Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Credit Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Equity Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Foreign Exchange Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Interest Rate Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000
Other Contracts0.000000000.000000000.000000000.000000000.000000000.00000000
Forward 0.000000000.000000000.000000000.000000000.000000000.00000000
Future 0.000000000.000000000.000000000.000000000.000000000.00000000
Option 0.000000000.000000000.000000000.000000000.000000000.00000000
Swaption 0.000000000.000000000.000000000.000000000.000000000.00000000
Swap 0.000000000.000000000.000000000.000000000.000000000.00000000
Warrant 0.000000000.000000000.000000000.000000000.000000000.00000000
Other 0.000000000.000000000.000000000.000000000.000000000.00000000

c. For each of the preceding three months, monthly net realized gain (loss) and net change in unrealized appreciation (or depreciation) attributable to investment other than derivatives. Report in U.S. dollars. Losses and depreciation shall be reported as negative numbers.

MonthMonthly net realized gain(loss)Monthly net change in unrealized appreciation (or depreciation)
Month 1 0.00000000-3041.13000000
Month 2 0.00000000352548.45000000
Month 3 0.00000000-786962.30000000

Item B.6. Flow information.

a. Provide the aggregate dollar amounts for sales and redemptions/repurchases of Fund shares during each of the preceding three months. If shares of the Fund are held in omnibus accounts, for purposes of calculating the Fund's sales, redemptions, and repurchases, use net sales or redemptions/repurchases from such omnibus accounts. The amounts to be reported under this Item should be after any front-end sales load has been deducted and before any deferred or contingent deferred sales load or charge has been deducted. Shares sold shall include shares sold by the Fund to a registered unit investment trust. For mergers and other acquisitions, include in the value of shares sold any transaction in which the Fund acquired the assets of another investment company or of a personal holding company in exchange for its own shares. For liquidations, include in the value of shares redeemed any transaction in which the Fund liquidated all or part of its assets. Exchanges are defined as the redemption or repurchase of shares of one Fund or series and the investment of all or part of the proceeds in shares of another Fund or series in the same family of investment companies.

MonthTotal net asset value of shares sold (including exchanges but excluding reinvestment of dividends and distributions)Total net asset value of shares sold in connection with reinvestments of dividends and distributionsTotal net asset value of shares redeemed or repurchased, including exchanges
Month 1 0.000000000.000000000.00000000
Month 2 0.000000000.000000000.00000000
Month 3 3.910000001417404.9400000022889.58000000

Item B.7. Highly Liquid Investment Minimum information.

a. If applicable, provide the Fund's current Highly Liquid Investment Minimum.
—
b. If applicable, provide the number of days that the Fund's holdings in Highly Liquid Investments fell below the Fund's Highly Liquid Investment Minimum during the reporting period.
—
c. Did the Fund's Highly Liquid Investment Minimum change during the reporting period? ☐ Yes ☐ No ☐ N/A

Item B.8. Derivatives Transactions.

For portfolio investments of open-end management investment companies, provide the percentage of the Fund's Highly Liquid Investments that it has pledged as margin or collateral in connection with derivatives transactions that are classified among the following categories as specified in rule 22e-4 [17 CFR 270.22e-4]:
(1) Moderately Liquid Investments
(2) Less Liquid Investments
(3) Illiquid Investments
For purposes of Item B.8, when computing the required percentage, the denominator should only include assets (and exclude liabilities) that are categorized by the Fund as Highly Liquid Investments.
Classification
—

Item B.9. Derivatives Exposure for limited derivatives users.

If the Fund is excepted from the rule 18f-4 [17 CFR 270.18f-4] program requirement and limit on fund leverage risk under rule 18f-4(c)(4) [17 CFR 270.18f-4(c)(4)], provide the following information:
a. Derivatives exposure (as defined in rule 18f-4(a) [17 CFR 270.18f-4(a)]), reported as a percentage of the Fund’s net asset value.
—
b. Exposure from currency derivatives that hedge currency risks, as provided in rule 18f-4(c)(4)(i)(B) [17 CFR 270.18f-4(c)(4)(i)(B)], reported as a percentage of the Fund's net asset value.
—
c. Exposure from interest rate derivatives that hedge interest rate risks, as provided in rule 18f-4(c)(4)(i)(B) [17 CFR 270.18f-4(c)(4)(i)(B)], reported as a percentage of the Fund's net asset value.
—
d. The number of business days, if any, in excess of the five-business-day period described in rule 18f-4(c)(4)(ii) [17 CFR 270.18f-4(c)(4)(ii)], that the Fund’s derivatives exposure exceeded 10 percent of its net assets during the reporting period.
—

Item B.10. VaR information.

For Funds subject to the limit on fund leverage risk described in rule 18f-4(c)(2) [17 CFR 270.18f-4(c)(2)], provide the following information, as determined in accordance with the requirement under rule 18f-4(c)(2)(ii) to determine the fund’s compliance with the applicable VaR test at least once each business day:
a. Median daily VaR during the reporting period, reported as a percentage of the Fund's net asset value.
—
b. For Funds that were subject to the Relative VaR Test during the reporting period, provide:
i. As applicable, the name of the Fund’s Designated Index, or a statement that the Fund's Designated Reference Portfolio is the Fund’s Securities Portfolio.
—
ii. As applicable, the index identifier for the Fund’s Designated Index.
—
iii. Median VaR Ratio during the reporting period, reported as a percentage of the VaRof the Fund's Designated Reference Portfolio.
—
c. Backtesting Results. Number of exceptions that the Fund identified as a result of its backtesting of its VaR calculation model (as described in rule 18f-4(c)(1)(iv) [17 CFR 270.18f-4(c)(1)(iv)] during the reporting period.
—

NPORT-P: Part C: Schedule of Portfolio Investments

For each investment held by the Fund and its consolidated subsidiaries, disclose the information requested in Part C. A Fund may report information for securities in an aggregate amount not exceeding five percent of its total assets as miscellaneous securities in Part D in lieu of reporting those securities in Part C, provided that the securities so listed are not restricted, have been held for not more than one year prior to the end of the reporting period covered by this report, and have not been previously reported by name to the shareholders of the Fund or to any exchange, or set forth in any registration statement, application, or report to shareholders or otherwise made available to the public.
Schedule of Portfolio Investments Record: 1

Item C.1. Identification of investment.

a. Name of issuer (if any).
Gotham Neutral Fund
b. LEI (if any) of issuer. (1)
5493007X1AFJSE0Z7E67
c. Title of the issue or description of the investment.
Gotham Neutral Fund
d. CUSIP (if any).
360873111
At least one of the following other identifiers:
- ISIN
US3608731119
- Ticker (if ISIN is not available).
GONIX

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
100062.70500000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
1501941.20000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
9.179426680813

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Registered fund

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 2

Item C.1. Identification of investment.

a. Name of issuer (if any).
Gotham Enhanced S&P 500 Index Fund
b. LEI (if any) of issuer. (1)
549300JE3D3EWZ7MSU86
c. Title of the issue or description of the investment.
Gotham Enhanced S&P 500 Index Fund
d. CUSIP (if any).
360875322
At least one of the following other identifiers:
- ISIN
US3608753220
- Ticker (if ISIN is not available).
GSPFX

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
134498.98400000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
2540685.81000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
15.52793086166

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Registered fund

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 3

Item C.1. Identification of investment.

a. Name of issuer (if any).
Gotham Index Plus Fund
b. LEI (if any) of issuer. (1)
5493002W3MN8N41WOJ28
c. Title of the issue or description of the investment.
Gotham Index Plus Fund
d. CUSIP (if any).
360875579
At least one of the following other identifiers:
- ISIN
US3608755795
- Ticker (if ISIN is not available).
GINDX

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
130935.24500000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
4286819.92000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
26.19979340702

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Registered fund

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 4

Item C.1. Identification of investment.

a. Name of issuer (if any).
Gotham Large Value Fund
b. LEI (if any) of issuer. (1)
5493000TBWZ0UBCYTO61
c. Title of the issue or description of the investment.
Gotham Large Value Fund
d. CUSIP (if any).
360875470
At least one of the following other identifiers:
- ISIN
US3608754707
- Ticker (if ISIN is not available).
GVALX

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
222968.25301000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
3134933.64000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
19.15980032879

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Registered fund

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 5

Item C.1. Identification of investment.

a. Name of issuer (if any).
Dreyfus Government Cash Management
b. LEI (if any) of issuer. (1)
5493000Q69I5Q3QZIA91
c. Title of the issue or description of the investment.
Dreyfus Government Cash Management
d. CUSIP (if any).
262006208
At least one of the following other identifiers:
- ISIN
US2620062081
- Ticker (if ISIN is not available).
DGCXX

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
538192.99000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
538192.99000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
3.289278629438

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Short-term investment vehicle (e.g., money market fund, liquidity pool, or other cash management vehicle)
b. Issuer type. (7)
Registered fund

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No
Schedule of Portfolio Investments Record: 6

Item C.1. Identification of investment.

a. Name of issuer (if any).
Gotham 1000 Value ETF
b. LEI (if any) of issuer. (1)
54930028MT7IXIH6GZ44
c. Title of the issue or description of the investment.
Gotham 1000 Value ETF
d. CUSIP (if any).
886364520
At least one of the following other identifiers:
- ISIN
US8863645201
- Ticker (if ISIN is not available).
GVLU

Item C.2. Amount of each investment.

Balance. (2)
a. Balance
177816.00000000
b. Units
Number of shares
c. Description of other units.
d. Currency. (3)
United States Dollar
e. Value. (4)
4382826.55000000
f. Exchange rate.
g. Percentage value compared to net assets of the Fund.
26.78655793612

Item C.3. Payoff profile.

a. Payoff profile. (5)☒ Long ☐ Short ☐ N/A

Item C.4. Asset and issuer type.

a. Asset type. (6)
Equity-common
b. Issuer type. (7)
Registered fund

Item C.5. Country of investment or issuer.

a. ISO country code. (8)
UNITED STATES OF AMERICA
b. Investment ISO country code. (9)

Item C.6. Is the investment a Restricted Security?

a. Is the investment a Restricted Security? ☐ Yes ☒ No

Item C.7. Liquidity classification information.

a. Liquidity classification information. (10)
Category.
N/A

Item C.8. Fair value level.

a. Level within the fair value hierarchy (12)☒ 1 ☐ 2 ☐ 3 ☐ N/A

Item C.9. Debt securities.

N/A

Item C.10. Repurchase and reverse repurchase agreements.

N/A

Item C.11. Derivatives.

N/A

Item C.12. Securities lending.

a. Does any amount of this investment represent reinvestment of cash collateral received for loaned securities? ☐ Yes ☒ No
b. Does any portion of this investment represent that is treated as a Fund asset and received for loaned securities? ☐ Yes ☒ No
c. Is any portion of this investment on loan by the Fund? ☐ Yes ☒ No

NPORT-P: Part E: Explanatory Notes (if any)

The Fund may provide any information it believes would be helpful in understanding the information reported in response to any Item of this Form. The Fund may also explain any assumptions that it made in responding to any Item of this Form. To the extent responses relate to a particular Item, provide the Item number(s), as applicable.

Explanatory Note RecordNote ItemExplanatory Notes
#1B.5.aMonthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees.

NPORT-P: Additional notes

IdentifierNote
(1) LEI (if any) of issuer. In the case of a holding in a fund that is a series of a series trust, report the LEI of the series.
(2) Balance. Indicate whether amount is expressed in number of shares, principal amount, or other units. For derivatives contracts, as applicable, provide the number of contracts.
(3) Currency. Indicate the currency in which the investment is denominated.
(4) Value. Report values in U.S. dollars. If currency of investment is not denominated in U.S. dollars, provide the exchange rate used to calculate value.
(5) Indicate payoff profile among the following categories (long, short, N/A). For derivatives, respond N/A to this Item and respond to the relevant payoff profile question in Item [C/D].11.
(6) Asset type (short-term investment vehicle (e.g., money market fund, liquidity pool, or other cash management vehicle), repurchase agreement, equity-common, equity-preferred, debt, derivative-commodity, derivative-credit, derivative-equity, derivative-foreign exchange, derivative-interest rate, derivatives-other, structured note, loan, ABS-mortgage backed security, ABS-asset backed commercial paper, ABS-collateralized bond/debt obligation, ABS-other, commodity, real estate, other). If “other” provide a brief description.
(7) Issuer type (corporate, U.S. Treasury, U.S. government agency, U.S. government sponsored entity, municipal, non-U.S. sovereign, private fund, registered fund, other). If “other” provide a brief description.
(8) Report the ISO country code that corresponds to the country where the issuer is organized.
(9) If different from the country where the issuer is organized, also report the ISO country code that corresponds to the country of investment or issuer based on the concentrations of the risk and economic exposure of the investments.
(10) Liquidity classification information. For portfolio investments of open-end management investment companies, provide the liquidity classification(s) for each portfolio investment among the following categories as specified in rule 22e-4 [17 CFR 270.22e-4]: Highly Liquid Investments, Moderately Liquid Investments, Less Liquid Investments, Illiquid Investments. For portfolio investments with multiple liquidity classifications, indicate the percentage amount attributable to each classification.
(11) Funds may choose to indicate the percentage amount of a holding attributable to multiple classification categories only in the following circumstances:
(1) if portions of the position have differing liquidity features that justify treating the portions separately;
(2) if a fund has multiple sub-advisers with differing liquidity views; or
(3) if the fund chooses to classify the position through evaluation of how long it would take to liquidate the entire position (rather than basing it on the sizes it would reasonably anticipated trading).
In (1) and (2), a fund would classify using the reasonably anticipated trade size for each portion of the position.
(12) Indicate the level within the fair value hierarchy in which the fair value measurements fall pursuant to U.S. Generally Accepted Accounting Principles 7 (ASC 820, Fair Value Measurement). [1/2/3] Report "N/A" if the investment does not have a level associated with it (i.e., net asset value used as the practical expedient).
(13) Select the category that most closely reflects the coupon type among the following (fixed, floating, variable, none).
(14) Are there any interest payments in arrears or have any coupon payments been legally deferred by the issuer? [Y/N]
(15) Enter "N" if the interest may be paid in kind but is not actually paid in kind or if the Fund has the option of electing in-kind payment and has elected to be paid in-kind.
(16) Description of the reference instrument, including the name of issuer, title of issue, and currency in which denominated, as well as CUSIP of reference instrument, ISIN (if CUSIP is not available), ticker (if CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available).
If other identifier provided, indicate the type of identifier used.
(17) Conversion ratio per US$1000 notional, or, if bond currency is not in U.S. dollars, per 1000 units of the relevant currency, indicating the relevant currency. If there is more than one conversion ratio, provide each conversion ratio.
(18) Select the category that reflects the transaction (repurchase, reverse repurchase). Select "repurchase agreement" if the Fund is the cash lender and receives collateral. Select "reverse repurchase agreement" if the Fund is the cash borrower and posts collateral.
(19) If multiple securities of an issuer are subject to the repurchase agreement, those securities may be aggregated.
(20) Category of investments that most closely represents the collateral, selected from among the following (asset-backed securities; agency collateralized mortgage obligations; agency debentures and agency strips; agency mortgage-backed securities; private label collateralized mortgage obligations; corporate debt securities; equities; money market; U.S. Treasuries (including strips); other instrument). If "other instrument", include a brief description, including, if applicable, whether it is a collateralized debt obligation, municipal debt, whole loan, or international debt
(21) Type of derivative instrument that most closely represents the investment, selected from among the following (forward, future, option, swaption, swap (including but not limited to total return swaps, credit default swaps, and interest rate swaps), warrant, other).
(22) In the case of a holding in a fund that is a series of a series trust, report the LEI of the series.
(23) Description and terms of payments necessary for a user of financial information to understand the terms of payments to be paid and received, including, as applicable, description of the reference instrument, obligation, or index, financing rate, floating coupon rate, fixed coupon rate, and payment frequency.
(24) Depreciation shall be reported as a negative number.
(25) If the reference instrument is a derivative, indicate the category of derivative from among the categories listed in sub-Item C.11.a. and provide all information required to be reported on this Form for that category.
(26) If the reference instrument is an index or custom basket, and if the index’s or custom basket’s components are publicly available on a website and are updated on that website no less frequently than quarterly, identify the index and provide the index identifier, if any. If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents 1% or less of the net asset value of the Fund, provide a narrative description of the index. If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents more than 5% of the net asset value of the Fund, provide the (i) name, (ii) identifier, (iii) number of shares or notional amount or contract value as of the trade date (all of which would be reported as negative for short positions), and (iv) value of every component in the index or custom basket. The identifier shall include CUSIP of the index’s or custom basket’s components, ISIN (if CUSIP is not available), ticker (if CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available). If other identifier provided, indicate the type of identifier used.

If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents greater than 1%, but 5% or less, of the net asset value of the Fund, Funds shall report the required component information described above, but may limit reporting to the (i) 50 largest components in the index and (ii) any other components where the notional value for that components is over 1% of the notional value of the index or custom basket.
An index or custom basket, where the components are publicly available on a website and are updated on that website no less frequently than quarterly.
(27) If the index’s or custom basket’s components are not publicly available in that manner, and the notional amount of the derivative represents 1% or less of the net asset value of the Fund, provide a narrative description of the index.
(28) If the reference instrument is neither a derivative or an index, the description of the reference instrument shall include the name of issuer and title of issue, as well as CUSIP of the reference instrument, ISIN (if CUSIP is not available), ticker if (CUSIP and ISIN are not available), or other identifier (if CUSIP, ISIN, and ticker are not available).
(29) If the Fund is required to adopt a policy as described in rule 35d-1(a)(2)(i) or (a)(3)(i) [17 CFR 270.35d-1(a)(2)(i) or (3)(i)], is the investment included in the Fund’s 80% basket, as defined in rule 35d-1(g), as applicable?

NPORT-P: Signatures

The Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Registrant:
FundVantage Trust
By (Signature):
Christine S. Catanzaro
Name:
Christine S. Catanzaro
Title:
Treasurer and Chief Financial Officer
Date:
2026-02-24
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — 86.9%
Automobiles & Components — 1.1%
Adient PLC (Ireland)*        475   $      9,106
American Axle & Manufacturing Holdings, Inc.*     32,793       210,203
Aptiv PLC (Jersey)*      8,236       626,677
BorgWarner, Inc.     11,264       507,556
Dana, Inc.     60,836     1,445,463
Ford Motor Co.(a)    132,780     1,742,074
General Motors Co.(a)     54,051     4,395,427
Harley-Davidson, Inc.      4,990       102,245
Magna International, Inc. (Canada)      9,124       486,309
Phinia, Inc.      2,713       170,078
Visteon Corp.      9,620       914,862
       10,610,000
Capital Goods — 10.4%
A. O. Smith Corp.     15,561     1,040,720
Advanced Drainage Systems, Inc.     13,110     1,898,721
AECOM      3,349       319,260
AGCO Corp.      1,211       126,331
Allegion PLC (Ireland)      3,052       485,939
AMETEK, Inc.      5,909     1,213,177
Astronics Corp.*     12,064       654,351
ATI, Inc.*      6,522       748,465
Bloom Energy Corp., Class A*     19,731     1,714,427
Blue Bird Corp.*     22,030     1,035,410
Carpenter Technology Corp.          1           315
Caterpillar, Inc.      1,692       969,296
Comfort Systems USA, Inc.        899       839,028
Crane Co.      6,976     1,286,584
Cummins, Inc.      3,354     1,712,049
Custom Truck One Source, Inc.*        213         1,227
Deere & Co.      2,178     1,014,011
DNOW, Inc.*     10,292       136,369
Donaldson Co., Inc.      5,159       457,397
Dycom Industries, Inc.*      7,974     2,694,415
EMCOR Group, Inc.      2,310     1,413,235
Emerson Electric Co.        369        48,974
Enerpac Tool Group Corp.      8,324       318,310
ESCO Technologies, Inc.      8,877     1,734,477
Fastenal Co.     30,902     1,240,097
Federal Signal Corp.      1,383       150,180
Flowserve Corp.      2,890       200,508
Fluor Corp.*     12,467       494,067
Fortive Corp.     15,814       873,091
GE Vernova, Inc.      2,591     1,693,400
Generac Holdings, Inc.*        519        70,776
General Dynamics Corp.(a)     13,347     4,493,401
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Electric Co.        311   $     95,797
Graco, Inc.      8,839       724,533
Griffon Corp.        462        34,026
Hayward Holdings, Inc.*    114,591     1,770,431
HEICO Corp.      4,811     1,556,791
Helios Technologies, Inc.        228        12,196
Hexcel Corp.      6,902       510,058
Honeywell International, Inc.     13,865     2,704,923
Howmet Aerospace, Inc.      6,684     1,370,354
Hubbell, Inc.      3,597     1,597,464
Huntington Ingalls Industries, Inc.      2,075       705,645
IDEX Corp.      5,550       987,567
IES Holdings, Inc.*      1,241       482,774
Illinois Tool Works, Inc.      4,114     1,013,278
ITT, Inc.     14,978     2,598,833
Johnson Controls International PLC (Ireland)     16,934     2,027,846
L3Harris Technologies, Inc.      2,077       609,745
Lindsay Corp.      1,494       176,098
Lockheed Martin Corp.        524       253,443
Mercury Systems, Inc.*     16,044     1,171,372
Microvast Holdings, Inc.*    202,188       566,126
Moog, Inc., Class A        384        93,523
Mueller Industries, Inc.      4,242       486,982
Mueller Water Products, Inc., Class A      3,999        95,256
MYR Group, Inc.*      7,391     1,614,933
Nextpower, Inc., Class A*        201        17,509
Nordson Corp.      8,047     1,934,740
Northrop Grumman Corp.(a)      8,155     4,650,063
nVent Electric PLC (Ireland)     24,128     2,460,332
Otis Worldwide Corp.     25,646     2,240,178
Owens Corning      1,483       165,963
Pentair PLC (Ireland)     16,335     1,701,127
Powell Industries, Inc.          1           319
Primoris Services Corp.     13,692     1,699,725
Regal Rexnord Corp.      8,349     1,171,532
REV Group, Inc.     36,548     2,222,484
Rockwell Automation, Inc.(a)     10,417     4,052,942
RTX Corp.     11,348     2,081,223
Rush Enterprises, Inc., Class A      7,122       384,161
Sensata Technologies Holding PLC (United Kingdom)     47,423     1,578,712
Simpson Manufacturing Co., Inc.        111        17,923
SiteOne Landscape Supply, Inc.*     11,975     1,491,606
SPX Technologies, Inc.*        741       148,244
Stanley Black & Decker, Inc.        962        71,457
 
1

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Stantec, Inc. (Canada)      5,425   $    511,903
Sterling Infrastructure, Inc.*      3,582     1,096,916
Textron, Inc.     19,074     1,662,681
Toro Co. (The)      6,572       517,348
Tutor Perini Corp.     55,795     3,739,381
V2X, Inc.*      4,200       229,110
Valmont Industries, Inc.      1,087       437,322
Vertiv Holdings Co., Class A     23,176     3,754,744
Vicor Corp.*      6,089       667,354
VSE Corp.      7,131     1,232,023
Watts Water Technologies, Inc., Class A        282        77,838
Woodward, Inc.      6,377     1,927,895
Worthington Enterprises, Inc.        311        16,038
WW Grainger, Inc.        240       242,172
Xylem, Inc.(a)     31,219     4,251,403
Zurn Elkay Water Solutions Corp.     20,856       969,595
      103,761,965
Commercial & Professional Services — 3.4%
Amentum Holdings, Inc.*     81,205     2,354,945
Automatic Data Processing, Inc.(a)      9,601     2,469,665
Brink's Co. (The)      4,239       494,819
Broadridge Financial Solutions, Inc.      5,204     1,161,377
CACI International, Inc., Class A*      1,006       536,007
Cintas Corp.      4,305       809,641
Copart, Inc.(a)*    154,395     6,044,564
CRA International, Inc.      2,273       456,180
CSG Systems International, Inc.     18,384     1,409,869
Exponent, Inc.        644        44,732
Healthcare Services Group, Inc.*     53,071     1,014,718
Jacobs Solutions, Inc.      2,456       325,322
KBR, Inc.     31,897     1,282,259
Leidos Holdings, Inc.      6,271     1,131,288
Montrose Environmental Group, Inc.*     13,377       332,151
Paychex, Inc.     19,819     2,223,295
Pitney Bowes, Inc.     46,572       492,266
Planet Labs PBC*     49,565       977,422
Republic Services, Inc.      7,031     1,490,080
Tetra Tech, Inc.     19,543       655,472
Thomson Reuters Corp. (Canada)      8,431     1,111,965
UniFirst Corp.      1,103       212,769
Upwork, Inc.*     98,303     1,948,365
Veralto Corp.(a)     20,910     2,086,400
Verisk Analytics, Inc.      4,499     1,006,381
Willdan Group, Inc.*     15,302     1,586,205
       33,658,157
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Discretionary Distribution & Retail — 4.9%
Advance Auto Parts, Inc.     61,413   $  2,413,531
Amazon.com, Inc.(a)*     48,715    11,244,396
AutoNation, Inc.*      1,312       270,902
AutoZone, Inc.*        534     1,811,061
Bath & Body Works, Inc.     35,802       718,904
Best Buy Co., Inc.      1,896       126,899
Buckle, Inc. (The)     10,158       542,640
CarMax, Inc.*     12,682       490,033
Chewy, Inc., Class A*     26,689       882,071
Dillard's, Inc., Class A      1,195       724,576
eBay, Inc.(a)     24,556     2,138,828
Five Below, Inc.*      1,804       339,801
GigaCloud Technology, Inc., Class A (Cayman Islands)*     15,759       619,014
Gold.com, Inc.      3,106       105,759
Groupon, Inc.*     33,511       590,129
Home Depot, Inc. (The)      4,018     1,382,594
Kohl's Corp.    145,607     2,971,839
Lithia Motors, Inc.      1,142       379,521
Lowe's Cos., Inc.(a)     14,701     3,545,293
Macy's, Inc.    104,760     2,309,958
National Vision Holdings, Inc.*        608        15,699
O'Reilly Automotive, Inc.*      8,952       816,512
Penske Automotive Group, Inc.      1,194       188,998
Petco Health & Wellness Co., Inc.*    143,390       402,926
Pool Corp.      1,974       451,553
RealReal, Inc. (The)*     36,935       582,834
Ross Stores, Inc.     13,282     2,392,620
Sally Beauty Holdings, Inc.*     32,919       469,425
Signet Jewelers Ltd. (Bermuda)     20,742     1,719,097
Sonic Automotive, Inc., Class A      9,401       581,546
Stitch Fix, Inc., Class A*     26,257       137,849
ThredUp, Inc., Class A*     45,132       288,393
TJX Cos., Inc. (The)(a)     20,671     3,175,272
Tractor Supply Co.     41,641     2,082,466
Ulta Beauty, Inc.*      1,113       673,376
Urban Outfitters, Inc.*      5,426       408,361
Wayfair, Inc., Class A*      7,644       767,534
Williams-Sonoma, Inc.          1           179
Winmark Corp.        403       163,191
       48,925,580
Consumer Durables & Apparel — 1.2%
Amer Sports, Inc. (Cayman Islands)*      2,517        94,010
BRP, Inc., sub-voting shares (Canada)      5,599       396,185
Brunswick Corp.      1,969       146,179
 
2

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Cricut, Inc., Class A        353   $      1,747
Deckers Outdoor Corp.*     14,919     1,546,653
DR Horton, Inc.      1,919       276,394
Garmin Ltd. (Switzerland)      2,472       501,445
Hasbro, Inc.      1,422       116,604
Installed Building Products, Inc.        862       223,594
La-Z-Boy, Inc.      1,006        37,494
Leggett & Platt, Inc.     87,152       958,672
Levi Strauss & Co., Class A      8,993       186,515
Lululemon Athletica, Inc.*     10,104     2,099,712
NVR, Inc.*        142     1,035,573
Peloton Interactive, Inc., Class A*    393,785     2,425,716
Polaris, Inc.      7,929       501,509
Ralph Lauren Corp.      1,943       687,064
Somnigroup International, Inc.      3,507       313,105
Sonos, Inc.*     15,995       280,872
Topgolf Callaway Brands Corp.*     49,197       574,129
       12,403,172
Consumer Services — 2.8%
ADT, Inc.     17,043       137,537
American Public Education, Inc.*        536        20,261
BJ's Restaurants, Inc.*      7,767       306,020
Booking Holdings, Inc.(a)        709     3,796,929
Bright Horizons Family Solutions, Inc.*     18,673     1,893,442
Carnival Corp. (Panama)*      6,553       200,129
Choice Hotels International, Inc.     11,699     1,114,447
Churchill Downs, Inc.      2,531       287,977
Darden Restaurants, Inc.      6,789     1,249,312
Driven Brands Holdings, Inc.*     27,932       413,952
Expedia Group, Inc.      8,470     2,399,636
Hilton Worldwide Holdings, Inc.        158        45,385
Las Vegas Sands Corp.     35,532     2,312,778
Marriott International, Inc., Class A      1,685       522,754
McDonald's Corp.     10,223     3,124,455
Monarch Casino & Resort, Inc.        125        11,963
Rush Street Interactive, Inc.*     11,599       225,369
Shake Shack, Inc., Class A*      9,228       749,037
Strategic Education, Inc.      5,092       408,378
Vail Resorts, Inc.     13,622     1,809,002
Viking Holdings Ltd. (Bermuda)*      9,150       653,401
Wingstop, Inc.      7,750     1,848,297
Wynn Resorts Ltd.     11,696     1,407,380
Yum! Brands, Inc.(a)     19,297     2,919,250
       27,857,091
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.(a)      4,314   $  3,720,135
Dollar General Corp.     20,524     2,724,971
Dollar Tree, Inc.*     12,586     1,548,204
Kroger Co. (The)     39,049     2,439,782
Sysco Corp.     15,628     1,151,627
Target Corp.(a)     27,624     2,700,246
United Natural Foods, Inc.*     48,468     1,631,918
Walmart, Inc.(a)     34,806     3,877,736
       19,794,619
Energy — 5.5%
Antero Midstream Corp.     63,211     1,124,524
APA Corp.(a)     97,025     2,373,232
Baker Hughes Co.     19,349       881,153
Borr Drilling Ltd. (Bermuda)     95,734       385,808
California Resources Corp.     15,208       679,950
Cenovus Energy, Inc. (Canada)    118,956     2,012,736
Centrus Energy Corp., Class A(a)*     21,203     5,147,240
Civitas Resources, Inc.     49,349     1,336,864
CNX Resources Corp.*     23,209       853,395
CVR Energy, Inc.*      9,377       238,551
Devon Energy Corp.     96,730     3,543,220
DHT Holdings, Inc. (Marshall Islands)     78,035       952,807
Enbridge, Inc. (Canada)     23,567     1,127,210
EQT Corp.      5,742       307,771
Expand Energy Corp.     10,537     1,162,863
Expro Group Holdings NV (Netherlands)*     17,547       234,252
Exxon Mobil Corp.(a)     40,215     4,839,473
Gulfport Energy Corp.*      7,635     1,588,004
Halliburton Co.     81,576     2,305,338
Helix Energy Solutions Group, Inc.*      3,975        24,923
HF Sinclair Corp.     30,745     1,416,730
Imperial Oil Ltd. (Canada)      3,267       281,975
Innovex International, Inc.*      8,483       185,523
Kinder Morgan, Inc.     32,105       882,566
Kodiak Gas Services, Inc.     33,295     1,245,233
Murphy Oil Corp.     18,559       579,969
Noble Corp. PLC (United Kingdom)      9,665       272,940
Occidental Petroleum Corp.(a)     94,191     3,873,134
Oceaneering International, Inc.*     12,578       302,249
Okeanis Eco Tankers Corp. (Marshall Islands)(b)      2,758        93,331
Patterson-UTI Energy, Inc.     47,845       292,333
Range Resources Corp.     26,681       940,772
Suncor Energy, Inc. (Canada)      9,440       418,758
 
3

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Energy — (Continued)
TechnipFMC PLC (United Kingdom)     64,655   $  2,881,027
Texas Pacific Land Corp.      1,229       352,993
Tidewater, Inc.*     31,999     1,616,270
Transocean Ltd. (Switzerland)*    548,219     2,264,144
Valaris Ltd. (Bermuda)*     13,553       683,071
Valero Energy Corp.(a)     24,471     3,983,634
World Kinect Corp.     51,267     1,201,186
       54,887,152
Financial Services — 3.7%
Berkshire Hathaway, Inc., Class B(a)*      4,956     2,491,133
Blackrock, Inc.        818       875,538
Block, Inc.*     46,207     3,007,614
Cboe Global Markets, Inc.      4,630     1,162,130
CME Group, Inc.(a)     13,397     3,658,453
Coinbase Global, Inc., Class A*     12,981     2,935,523
Corpay, Inc.*      3,863     1,162,493
FactSet Research Systems, Inc.      1,818       527,565
Fidelity National Information Services, Inc.      1,201        79,819
Fiserv, Inc.*     34,043     2,286,668
Flywire Corp.*     29,110       412,198
Franklin Resources, Inc.     29,042       693,813
Global Payments, Inc.(a)     27,233     2,107,834
Intercontinental Exchange, Inc.     10,089     1,634,014
Jack Henry & Associates, Inc.      8,564     1,562,759
Mastercard, Inc., Class A      2,270     1,295,898
Morningstar, Inc.      1,110       241,214
Nasdaq, Inc.      1,439       139,770
Paymentus Holdings, Inc., Class A*     60,816     1,921,177
PayPal Holdings, Inc.(a)     77,912     4,548,503
Sezzle, Inc.*      4,810       305,315
T Rowe Price Group, Inc.     11,886     1,216,889
Toast, Inc., Class A*     10,815       384,041
Visa, Inc., Class A      5,909     2,072,345
       36,722,706
Food, Beverage & Tobacco — 2.5%
Altria Group, Inc.(a)     39,118     2,255,544
Archer-Daniels-Midland Co.     13,051       750,302
Boston Beer Co., Inc. (The), Class A*      1,465       285,865
Brown-Forman Corp., Class B        485        12,639
Cal-Maine Foods, Inc.      5,482       436,203
Campbell's Company (The)     27,757       773,588
Coca-Cola Co. (The)(a)     84,349     5,896,839
Coca-Cola Consolidated, Inc.        218        33,419
Constellation Brands, Inc., Class A      7,475     1,031,251
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Dole PLC (Ireland)     21,303   $    319,332
Fresh Del Monte Produce, Inc. (Cayman Islands)     24,281       865,132
Freshpet, Inc.*      4,339       264,375
J & J Snack Foods Corp.      9,372       846,948
John B Sanfilippo & Son, Inc.        175        12,355
Keurig Dr Pepper, Inc.     93,498     2,618,879
Kraft Heinz Co. (The)     71,128     1,724,854
Lamb Weston Holdings, Inc.     36,788     1,541,049
Marzetti Company (The)        411        67,577
Mission Produce, Inc.*        334         3,874
Molson Coors Beverage Co., Class B     14,207       663,183
Monster Beverage Corp.*     19,773     1,515,996
National Beverage Corp.*      7,861       250,687
PepsiCo, Inc.      2,238       321,198
Philip Morris International, Inc.      8,564     1,373,666
Seneca Foods Corp., Class A*        454        50,226
Tyson Foods, Inc., Class A     26,915     1,577,757
       25,492,738
Health Care Equipment & Services — 5.9%
AdaptHealth Corp.*     13,475       134,211
Align Technology, Inc.*      4,467       697,522
Alphatec Holdings, Inc.*     17,937       377,394
Artivion, Inc.*      2,454       111,927
Becton Dickinson & Co.     20,604     3,998,618
Butterfly Network, Inc.*    133,377       506,833
Cardinal Health, Inc.      7,953     1,634,342
Cencora, Inc.      5,792     1,956,248
Chemed Corp.        448       191,681
CONMED Corp.     23,793       965,996
Cooper Cos., Inc. (The)*     10,573       866,563
CorVel Corp.*     12,436       841,544
CVS Health Corp.     38,420     3,049,011
Edwards Lifesciences Corp.*     15,598     1,329,730
Elevance Health, Inc.      7,695     2,697,482
Embecta Corp.     25,880       307,454
Envista Holdings Corp.*     24,953       541,730
GE HealthCare Technologies, Inc.      8,248       676,501
Guardant Health, Inc.*      6,484       662,276
Guardian Pharmacy Services, Inc., Class A*      7,204       216,768
HCA Healthcare, Inc.      6,942     3,240,942
HealthEquity, Inc.*      2,472       226,460
HealthStream, Inc.      1,525        35,182
ICU Medical, Inc.*      3,214       458,541
 
4

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
IDEXX Laboratories, Inc.*      3,102   $  2,098,596
Insulet Corp.*      5,427     1,542,571
Labcorp Holdings, Inc.      2,635       661,069
LeMaitre Vascular, Inc.      7,199       583,839
LivaNova PLC (United Kingdom)*      1,879       115,615
Masimo Corp.*     24,210     3,148,753
McKesson Corp.      1,002       821,931
Medtronic PLC (Ireland)      5,595       537,456
National HealthCare Corp.        419        57,441
Omnicell, Inc.*      8,144       368,923
Pediatrix Medical Group, Inc.*     51,630     1,104,366
Privia Health Group, Inc.*     18,838       446,649
Progyny, Inc.*     62,431     1,603,228
Quest Diagnostics, Inc.      4,495       780,017
ResMed, Inc.     13,590     3,273,423
Select Medical Holdings Corp.     20,571       305,479
Solventum Corp.*     46,542     3,687,988
STERIS PLC (Ireland)     12,361     3,133,761
Stryker Corp.        445       156,404
TransMedics Group, Inc.*     16,542     2,012,334
UFP Technologies, Inc.*      8,400     1,865,052
UnitedHealth Group, Inc.      7,808     2,577,499
Universal Health Services, Inc., Class B      4,322       942,282
Veeva Systems, Inc., Class A*      1,115       248,901
Waystar Holding Corp.*     49,180     1,610,645
       59,409,178
Household & Personal Products — 0.7%
Church & Dwight Co., Inc.     10,770       903,064
Clorox Co. (The)      3,822       385,372
Colgate-Palmolive Co.     11,441       904,068
Kenvue, Inc.     95,174     1,641,751
Kimberly-Clark Corp.     23,739     2,395,028
Procter & Gamble Co. (The)      6,921       991,849
        7,221,132
Materials — 3.4%
Agnico Eagle Mines Ltd. (Canada)      4,387       743,728
Americas Gold & Silver Corp. (Canada)*     24,031       122,798
Aura Minerals, Inc. (British Virgin Islands)      4,078       205,592
Avery Dennison Corp.      9,940     1,807,887
Ball Corp.      3,263       172,841
Cabot Corp.     11,464       759,834
Compass Minerals International, Inc.*     23,099       453,664
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Corteva, Inc.     16,827   $  1,127,914
CRH PLC (Ireland)      3,657       456,394
DuPont de Nemours, Inc.    101,920     4,097,184
Element Solutions, Inc.     22,720       567,773
Fortuna Mining Corp. (Canada)*     57,453       563,614
Freeport-McMoRan, Inc.     23,445     1,190,772
Huntsman Corp.     26,164       261,640
Hycroft Mining Holding Corp., Class A*      3,730        88,662
IAMGOLD Corp. (Canada)*     12,708       209,555
Ingevity Corp.*     13,258       784,608
International Flavors & Fragrances, Inc.     28,376     1,912,259
Kinross Gold Corp. (Canada)     90,746     2,555,407
Linde PLC (Ireland)      6,376     2,718,663
LyondellBasell Industries NV, Class A (Netherlands)     13,625       589,963
Mativ Holdings, Inc.      1,726        20,971
Metalla Royalty & Streaming Ltd. (Canada)*        470         3,657
New Gold, Inc. (Canada)*     15,149       131,948
NewMarket Corp.      2,170     1,491,354
Newmont Corp.     14,326     1,430,451
Novagold Resources, Inc. (Canada)*     58,862       548,594
Nutrien Ltd. (Canada)      9,160       565,355
O-I Glass, Inc.*     36,294       535,699
Pan American Silver Corp. (Canada)     50,523     2,617,597
PPG Industries, Inc.      7,204       738,122
Sherwin-Williams Co. (The)      2,667       864,188
Smurfit WestRock PLC (Ireland)     23,645       914,352
Southern Copper Corp.      1,496       214,631
Steel Dynamics, Inc.      9,457     1,602,489
United States Lime & Minerals, Inc.        670        80,226
Vulcan Materials Co.      4,284     1,221,882
       34,372,268
Media & Entertainment — 5.4%
Alphabet, Inc., Class A(a)     41,131    12,874,003
Cargurus, Inc.*      3,942       151,176
Cars.com, Inc.*     14,321       174,716
Charter Communications, Inc., Class A*        657       137,149
Clear Channel Outdoor Holdings, Inc.*     28,818        63,688
Comcast Corp., Class A     70,268     2,100,310
Electronic Arts, Inc.      2,285       466,894
EverQuote, Inc., Class A*     28,369       765,963
 
5

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
Fox Corp., Class A     22,867   $  1,670,892
Match Group, Inc.     65,213     2,105,728
Meta Platforms, Inc., Class A(a)     19,883    13,124,569
Netflix, Inc.(a)*     73,022     6,846,543
News Corp., Class A     61,833     1,615,078
Omnicom Group, Inc.     29,661     2,395,126
Paramount Skydance Corp., Class B     18,595       249,173
QuinStreet, Inc.*        290         4,167
Roku, Inc.*     30,483     3,307,101
Spotify Technology SA (Luxembourg)*        466       270,611
Stagwell, Inc.*      8,198        40,088
TripAdvisor, Inc.*     59,160       861,369
USA TODAY Co., Inc.*      2,082        10,722
Walt Disney Co. (The)(a)     13,853     1,576,056
Warner Music Group Corp., Class A     57,728     1,770,518
Yelp, Inc.*     22,192       674,415
Ziff Davis, Inc.*     11,508       404,506
       53,660,561
Pharmaceuticals, Biotechnology & Life Sciences — 4.8%
10X Genomics, Inc., Class A*     47,164       769,245
Adaptive Biotechnologies Corp.*     72,530     1,177,887
Agilent Technologies, Inc.(a)     37,328     5,079,221
Alkermes PLC (Ireland)*      5,678       158,870
Alnylam Pharmaceuticals, Inc.*      1,102       438,210
Amneal Pharmaceuticals, Inc.*      6,787        85,516
ANI Pharmaceuticals, Inc.*     17,485     1,380,266
Arrowhead Pharmaceuticals, Inc.*     23,427     1,555,319
Aurinia Pharmaceuticals, Inc. (Canada)*     29,631       472,614
Azenta, Inc.*     13,056       434,243
BioCryst Pharmaceuticals, Inc.*     67,299       524,932
Biogen, Inc.*      4,976       875,726
Bristol-Myers Squibb Co.(a)     44,822     2,417,699
CareDx, Inc.*     35,744       673,417
Charles River Laboratories International, Inc.*      3,827       763,410
Dynavax Technologies Corp.*     37,170       571,675
Elanco Animal Health, Inc.*     13,494       305,369
Exact Sciences Corp.*        144        14,625
Gilead Sciences, Inc.(a)     29,178     3,581,308
GRAIL, Inc.*      1,418       121,367
Harmony Biosciences Holdings, Inc.*     19,071       713,637
Incyte Corp.*     12,937     1,277,787
Innoviva, Inc.*     45,048       900,510
IQVIA Holdings, Inc.*      9,635     2,171,825
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences —
(Continued)
Johnson & Johnson(a)     33,873   $  7,010,017
Ligand Pharmaceuticals, Inc.*      4,916       929,468
MannKind Corp.*      4,769        27,040
Omeros Corp.*      1,324        22,740
Pfizer, Inc.(a)    226,444     5,638,456
Regeneron Pharmaceuticals, Inc.(a)      5,014     3,870,156
Theravance Biopharma, Inc. (Cayman Islands)*     10,780       201,694
Travere Therapeutics, Inc.*     10,966       419,011
Veracyte, Inc.*     23,605       993,770
Zoetis, Inc.     15,110     1,901,140
       47,478,170
Semiconductors & Semiconductor Equipment — 7.8%
Advanced Micro Devices, Inc.(a)*     28,511     6,105,916
Analog Devices, Inc.(a)     27,250     7,390,200
Applied Materials, Inc.      2,882       740,645
AXT, Inc.*     29,693       485,481
Broadcom, Inc.(a)     19,339     6,693,228
Credo Technology Group Holding Ltd. (Cayman Islands)*      5,619       808,518
Diodes, Inc.*      7,170       353,768
First Solar, Inc.*      6,392     1,669,782
GLOBALFOUNDRIES, Inc. (Cayman Islands)*      7,130       248,980
Intel Corp.*     21,710       801,099
KLA Corp.        621       754,565
Lam Research Corp.(a)     46,131     7,896,705
Marvell Technology, Inc.(a)     48,714     4,139,716
Micron Technology, Inc.(a)     24,215     6,911,203
Monolithic Power Systems, Inc.      1,093       990,651
NVIDIA Corp.(a)     71,594    13,352,281
NXP Semiconductors NV (Netherlands)      5,418     1,176,031
ON Semiconductor Corp.*     23,502     1,272,633
QUALCOMM, Inc.(a)     50,479     8,634,433
Rambus, Inc.*      5,034       462,574
Semtech Corp.*     20,062     1,478,369
SiTime Corp.*      3,834     1,354,130
Skyworks Solutions, Inc.     27,480     1,742,507
Teradyne, Inc.        338        65,423
Texas Instruments, Inc.(a)     10,941     1,898,154
Veeco Instruments, Inc.*         78         2,229
       77,429,221
Software & Services — 9.0%
A10 Networks, Inc.     11,174       197,668
 
6

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Accenture PLC, Class A (Ireland)     10,695   $  2,869,468
Adobe, Inc.(a)*     16,987     5,945,280
Agilysys, Inc.*        200        23,768
Alarm.com Holdings, Inc.*      5,625       286,987
Amdocs Ltd. (Guernsey)      5,721       460,598
Appian Corp., Class A*     23,559       834,460
AppLovin Corp., Class A*        662       446,069
Autodesk, Inc.*      3,071       909,047
Bentley Systems, Inc., Class B      5,326       203,267
BitMine Immersion Technologies, Inc.     22,821       619,590
Blackbaud, Inc.*     10,715       678,474
BlackBerry Ltd. (Canada)*    424,024     1,607,051
Braze, Inc., Class A*      3,913       134,177
Clear Secure, Inc., Class A     18,341       643,402
Cognizant Technology Solutions Corp., Class A     22,744     1,887,752
Crowdstrike Holdings, Inc., Class A(a)*     11,985     5,618,089
Datadog, Inc., Class A*      4,323       587,885
Descartes Systems Group, Inc. (The) (Canada)*      9,022       790,869
Dolby Laboratories, Inc., Class A     16,423     1,054,685
Dropbox, Inc., Class A*     46,283     1,286,667
Fastly, Inc., Class A*     30,175       307,181
Fortinet, Inc.*     36,380     2,888,936
Gartner, Inc.*      8,235     2,077,526
Gen Digital, Inc.     50,435     1,371,328
GoDaddy, Inc., Class A*     14,282     1,772,111
Guidewire Software, Inc.*      5,456     1,096,711
I3 Verticals, Inc., Class A*      8,423       212,175
InterDigital, Inc.      7,559     2,406,634
International Business Machines Corp.      3,715     1,100,420
JFrog Ltd. (Israel)*     30,993     1,935,823
LiveRamp Holdings, Inc.*     12,729       373,851
Microsoft Corp.(a)     25,962    12,555,742
MongoDB, Inc.*        978       410,457
NCR Voyix Corp.*     45,000       459,000
Okta, Inc.*     27,937     2,415,712
Oracle Corp.(a)     30,933     6,029,151
Palantir Technologies, Inc., Class A*        779       138,467
Palo Alto Networks, Inc.(a)*      8,136     1,498,651
Pegasystems, Inc.      6,561       391,823
PTC, Inc.(a)*     18,817     3,278,110
Q2 Holdings, Inc.*     32,868     2,371,755
Qualys, Inc.*      4,014       533,461
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
RingCentral, Inc., Class A*     48,917   $  1,412,723
Roper Technologies, Inc.      5,915     2,632,944
Salesforce, Inc.     11,762     3,115,871
ServiceNow, Inc.(a)*     32,805     5,025,398
ServiceTitan, Inc., Class A*      1,316       140,154
Sprinklr, Inc., Class A*     40,222       312,927
Tenable Holdings, Inc.*     18,713       440,317
UiPath, Inc., Class A*     38,418       629,671
Unity Software, Inc.*      4,997       220,717
VeriSign, Inc.      5,401     1,312,173
Yext, Inc.*     37,057       298,679
Zoom Communications, Inc.*     19,990     1,724,937
       89,976,789
Technology Hardware & Equipment — 7.5%
Advanced Energy Industries, Inc.        377        78,932
Amphenol Corp., Class A(a)     30,357     4,102,445
Apple, Inc.(a)     40,575    11,030,719
Arista Networks, Inc.*     10,753     1,408,966
Calix, Inc.*     16,524       874,615
CDW Corp.      1,620       220,644
Celestica, Inc. (Canada)*      1,233       364,487
Cisco Systems, Inc.(a)     41,917     3,228,866
Cognex Corp.     21,601       777,204
CommScope Holding Co., Inc.(a)*    244,420     4,431,335
CompoSecure, Inc., Class A*     18,682       360,189
Corning, Inc.      5,275       461,879
Daktronics, Inc.*     12,780       252,661
Dell Technologies, Inc., Class C     26,504     3,336,323
Diebold Nixdorf, Inc.*      4,156       282,151
ePlus, Inc.      4,494       394,124
F5, Inc.*      6,287     1,604,820
Hewlett Packard Enterprise Co.    156,688     3,763,646
HP, Inc.     97,277     2,167,332
Jabil, Inc.      5,275     1,202,805
Keysight Technologies, Inc.*      9,927     2,017,067
Knowles Corp.*     13,832       296,420
Littelfuse, Inc.      1,706       431,481
Lumentum Holdings, Inc.*      2,006       739,392
Mirion Technologies, Inc.*     42,516       995,725
NetApp, Inc.(a)     24,758     2,651,334
NetScout Systems, Inc.*     14,926       403,898
nLight, Inc.*     48,700     1,826,737
Ondas Holdings, Inc.*      7,203        70,301
OSI Systems, Inc.*      2,290       584,087
Ouster, Inc.*      4,028        87,166
Rogers Corp.*      7,569       693,093
 
7

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Sandisk Corp.(a)*     11,526   $  2,736,042
Sanmina Corp.*     14,143     2,122,440
ScanSource, Inc.*         55         2,148
Seagate Technology Holdings PLC (Ireland)     20,240     5,573,894
Super Micro Computer, Inc.*     28,750       841,512
TD SYNNEX Corp.      3,696       555,250
TE Connectivity PLC (Ireland)      3,957       900,257
Trimble, Inc.*      3,768       295,223
Viasat, Inc.*     15,680       540,333
Western Digital Corp.(a)     54,936     9,463,825
Zebra Technologies Corp., Class A*      1,039       252,290
       74,424,058
Telecommunication Services — 0.9%
AT&T, Inc.     68,129     1,692,324
IDT Corp., Class B      6,793       347,870
Iridium Communications, Inc.     18,901       328,499
Lumen Technologies, Inc.*    114,831       892,237
Rogers Communications, Inc., Class B (Canada)     12,658       477,586
TELUS Corp. (Canada)     68,809       906,215
T-Mobile US, Inc.     13,578     2,756,877
Verizon Communications, Inc.     31,392     1,278,596
        8,680,204
Transportation — 1.7%
Allegiant Travel Co.*      2,739       233,555
CH Robinson Worldwide, Inc.      5,534       889,646
CSX Corp.     11,868       430,215
Delta Air Lines, Inc.(a)     40,052     2,779,609
Expeditors International of Washington, Inc.      1,622       241,694
JB Hunt Transport Services, Inc.      7,788     1,513,520
Lyft, Inc., Class A*     26,717       517,508
Norfolk Southern Corp.      8,671     2,503,491
SkyWest, Inc.*      9,962     1,000,284
Sun Country Airlines Holdings, Inc.*     42,713       614,640
Uber Technologies, Inc.*     24,448     1,997,646
Union Pacific Corp.      3,643       842,699
United Parcel Service, Inc., Class B     21,451     2,127,725
XPO, Inc.*     12,711     1,727,552
       17,419,784
Utilities — 2.3%
Algonquin Power & Utilities Corp. (Canada)     93,451       574,724
Ameren Corp.        943        94,168
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
American States Water Co.      1,038   $     75,234
American Water Works Co., Inc.      2,207       288,013
Atmos Energy Corp.      1,964       329,225
CenterPoint Energy, Inc.     27,667     1,060,753
Consolidated Edison, Inc.     27,046     2,686,209
Constellation Energy Corp.(a)     12,696     4,485,116
Duke Energy Corp.(a)     41,242     4,833,975
Evergy, Inc.      6,920       501,631
Eversource Energy     29,102     1,959,438
Exelon Corp.     27,147     1,183,338
Hallador Energy Co.*     25,711       489,537
MDU Resources Group, Inc.        125         2,440
National Fuel Gas Co.     18,168     1,454,530
NRG Energy, Inc.          1           159
Otter Tail Corp.        634        51,233
Public Service Enterprise Group, Inc.     15,723     1,262,557
ReNew Energy Global PLC, Class A (United Kingdom)*      3,064        17,312
Vistra Corp.      8,703     1,404,055
WEC Energy Group, Inc.      2,529       266,708
       23,020,355
TOTAL COMMON STOCKS
(Cost $769,655,485) 		    867,204,900
SHORT-TERM INVESTMENT — 2.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%(c) 28,614,551    28,614,551
TOTAL SHORT-TERM INVESTMENT
(Cost $28,614,551) 		     28,614,551
 
TOTAL INVESTMENTS - 89.7%
(Cost $798,270,036) 		    895,819,451
OTHER ASSETS IN EXCESS OF LIABILITIES - 10.3%     102,372,182
NET ASSETS - 100.0%     $998,191,633
 
8

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
(a) Security position is either entirely or partially designated as collateral for total return swaps.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security was 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 December 31, 2025, this security amounted to $93,331 or 0.01% of net assets. This security has been determined by the Fund's adviser to be a liquid security.
(c) Rate disclosed is the 7-day yield at December 31, 2025.
* Non-income producing.
PLC Public Limited Company
9

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
The portfolio matures between January 5, 2026 and July 23, 2030, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps.
Total Return Swaps
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Long                                
Automobiles & Components                            
Adient PLC (Ireland)   USFF +0.250%   Weekly   MS   01/17/30   435   $7,068   $8,339   $1,478
American Axle & Manufacturing Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   18,008   112,953   115,431   5,932
Aptiv PLC (Jersey)   USFF +0.250%   Weekly   MS   07/23/30   4,295   347,846   326,807   (10,383)
BorgWarner, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,871   476,019   489,847   32,305
Dana, Inc.   USFF +0.250%   Weekly   MS   01/17/30   21,997   427,035   522,649   110,822
Ford Motor Co.   USFF +0.250%   Weekly   MS   07/16/29   191,501   2,014,468   2,512,493   588,266
General Motors Co.   USFF +0.250%   Weekly   MS   01/07/27   15,560   779,842   1,265,339   522,877
Harley-Davidson, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,881   44,913   38,542   (4,734)
Magna International, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   95   4,677   5,064   521
Phinia, Inc.   USFF +0.250%   Weekly   MS   07/16/29   1,846   85,355   115,726   34,611
Visteon Corp.   USFF +0.250%   Weekly   MS   07/16/29   9,326   821,901   886,903   94,831
                    275,815   5,122,077   6,287,140   1,376,526
Capital Goods                            
A. O. Smith Corp.   USFF -0.250%   Weekly   MS   07/16/29   7,245   480,665   484,546   21,646
Advanced Drainage Systems, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,812   411,205   407,262   8,922
AECOM   USFF +0.250%   Weekly   MS   07/23/30   399   40,023   38,037   (770)
AGCO Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,427   253,791   253,185   7,678
Allegion PLC (Ireland)   USFF +0.250%   Weekly   MS   01/17/30   2,383   367,655   379,421   24,251
AMETEK, Inc.   USFF +0.250%   Weekly   MS   01/10/28   5,937   1,070,969   1,218,925   188,463
Astronics Corp.   USFF +0.250%   Weekly   MS   01/17/30   2,482   61,500   134,624   75,000
ATI, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,355   520,740   614,540   109,757
ATS Corp. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   59   1,644   1,625   22
Babcock & Wilcox Enterprises, Inc.   USFF +0.250%   Weekly   MS   07/23/30   419   2,665   2,656   64
Bloom Energy Corp., Class A   USFF +0.250%   Weekly   MS   07/23/30   10,247   882,806   890,362   34,615
Blue Bird Corp.   USFF +0.250%   Weekly   MS   07/23/30   12,178   627,866   572,366   (36,258)
Carpenter Technology Corp.   USFF +0.250%   Weekly   MS   07/23/30   1   233   315   80
Caterpillar, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,806   1,580,702   1,607,473   75,229
Comfort Systems USA, Inc.   USFF +0.250%   Weekly   MS   07/23/30   458   426,778   427,447   13,745
Core & Main, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   701   36,638   36,431   907
Crane Co.   USFF +0.250%   Weekly   MS   07/23/30   2,534   461,537   467,346   20,742
Cummins, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,139   1,827,746   2,112,753   349,181
Custom Truck One Source, Inc.   USFF +0.250%   Weekly   MS   07/23/30   168   979   968   10
Deere & Co.   USFF +0.250%   Weekly   MS   07/23/30   1,330   627,587   619,208   13,927
DNOW, Inc.   USFF +0.250%   Weekly   MS   07/16/29   12,728   161,596   168,646   11,996
10

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Donaldson Co., Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,633   $238,592   $233,442   $2,156
Dycom Industries, Inc.   USFF +0.250%   Weekly   MS   07/23/30   675   230,945   228,083   4,209
EMCOR Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   664   417,658   406,229   1,389
Emerson Electric Co.   USFF +0.250%   Weekly   MS   07/23/30   429   57,422   56,937   1,287
Enerpac Tool Group Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,321   53,317   50,515   (1,176)
ESCO Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,710   337,274   334,117   7,224
Fastenal Co.   USFF +0.250%   Weekly   MS   07/23/30   6,084   252,115   244,151   370
Federal Signal Corp.   USFF +0.250%   Weekly   MS   07/23/30   771   89,964   83,723   (3,384)
Flowserve Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,632   141,024   182,608   46,419
Fluor Corp.   USFF +0.250%   Weekly   MS   07/23/30   4,397   177,973   174,253   1,728
Fortive Corp.   USFF +0.250%   Weekly   MS   01/17/30   3,304   165,585   182,414   22,258
GE Vernova, Inc.   USFF +0.250%   Weekly   MS   01/07/27   1,207   557,468   788,859   249,496
General Dynamics Corp.   USFF +0.250%   Weekly   MS   01/10/28   10,594   3,047,337   3,566,576   643,980
General Electric Co.   USFF +0.250%   Weekly   MS   07/23/30   266   82,517   81,936   2,785
Graco, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,242   265,159   265,747   9,301
Griffon Corp.   USFF +0.250%   Weekly   MS   07/23/30   296   22,061   21,800   407
Hayward Holdings, Inc.   USFF +0.250%   Weekly   MS   07/16/29   38,210   569,174   590,345   38,613
HEICO Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,323   436,900   428,110   4,596
Helios Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   90   4,814   4,814   138
Hexcel Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,660   195,531   196,574   6,933
Honeywell International, Inc.   USFF +0.250%   Weekly   MS   01/17/30   4,068   842,586   793,626   (16,868)
Howmet Aerospace, Inc.   USFF +0.250%   Weekly   MS   01/12/29   2,615   344,889   536,127   203,604
Hubbell, Inc.   USFF +0.250%   Weekly   MS   07/23/30   683   297,085   303,327   16,303
Huntington Ingalls Industries, Inc.   USFF +0.250%   Weekly   MS   07/23/30   684   216,926   232,608   23,172
IDEX Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,035   337,928   362,108   35,598
IES Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   419   168,325   162,999   (174)
Illinois Tool Works, Inc.   USFF +0.250%   Weekly   MS   07/23/30   388   95,478   95,564   3,630
ITT, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,353   610,469   581,779   (9,148)
Johnson Controls International PLC (Ireland)   USFF +0.250%   Weekly   MS   07/16/29   22,910   1,882,999   2,743,473   952,693
L3Harris Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   548   160,104   160,876   5,672
Lindsay Corp.   USFF +0.250%   Weekly   MS   01/12/29   412   52,517   48,562   (2,143)
Lockheed Martin Corp.   USFF +0.250%   Weekly   MS   07/23/30   145   70,345   70,132   2,495
Mercury Systems, Inc.   USFF +0.250%   Weekly   MS   07/16/29   24,687   1,104,129   1,802,398   732,101
11

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Microvast Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   20,291   $58,783   $56,815   $(176)
Moog, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   143   35,469   34,828   437
Mueller Industries, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,161   120,629   133,283   19,024
Mueller Water Products, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   25,919   584,665   617,391   58,010
MYR Group, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,018   387,971   440,933   64,849
Nextpower, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   5,266   188,406   458,721   276,082
Nordson Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,811   428,071   435,419   20,846
Northrop Grumman Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,033   1,202,488   1,159,237   365
nVent Electric PLC (Ireland)   USFF +0.250%   Weekly   MS   07/23/30   3,969   414,827   404,719   (1,595)
Otis Worldwide Corp.   USFF +0.250%   Weekly   MS   07/23/30   5,187   454,370   453,084   15,129
Owens Corning   USFF +0.250%   Weekly   MS   07/23/30   389   48,984   43,533   (3,818)
Pentair PLC (Ireland)   USFF +0.250%   Weekly   MS   07/16/29   3,594   364,231   374,279   23,226
Powell Industries, Inc.   USFF +0.250%   Weekly   MS   01/10/28   475   74,159   151,421   80,722
Primoris Services Corp.   USFF +0.250%   Weekly   MS   01/17/30   22   2,333   2,731   462
Regal Rexnord Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,842   391,516   398,789   20,436
REV Group, Inc.   USFF +0.250%   Weekly   MS   07/16/29   13,994   537,119   850,975   345,872
Rockwell Automation, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,088   1,108,009   1,201,448   131,253
RTX Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,554   398,346   468,404   84,955
Rush Enterprises, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   1,901   91,118   102,540   14,393
Simpson Manufacturing Co., Inc.   USFF +0.250%   Weekly   MS   07/23/30   42   6,834   6,782   148
SiteOne Landscape Supply, Inc.   USFF +0.250%   Weekly   MS   07/06/26   3,016   379,436   375,673   7,862
SPX Technologies, Inc.   USFF +0.250%   Weekly   MS   01/10/28   2,175   300,264   435,131   144,064
Stantec, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   751   72,590   70,864   596
Sterling Infrastructure, Inc.   USFF +0.250%   Weekly   MS   01/10/28   1,172   307,365   358,902   60,951
Textron, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,053   404,254   440,470   48,703
Toro Co. (The)   USFF +0.250%   Weekly   MS   07/23/30   1,222   94,352   96,196   5,190
Tutor Perini Corp.   USFF +0.250%   Weekly   MS   01/12/29   21,843   742,665   1,463,918   750,228
V2X, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,100   97,563   114,555   19,974
Valmont Industries, Inc.   USFF +0.250%   Weekly   MS   07/16/29   1   365   402   43
Vertiv Holdings Co., Class A   USFF +0.250%   Weekly   MS   07/23/30   4,928   783,600   798,385   38,803
Vicor Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,022   48,187   112,011   65,292
12

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
VSE Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,369   $220,474   $236,522   $22,926
Watts Water Technologies, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   211   43,562   58,240   16,334
Woodward, Inc.   USFF +0.250%   Weekly   MS   07/23/30   972   286,178   293,855   16,442
Worthington Enterprises, Inc.   USFF +0.250%   Weekly   MS   07/16/29   1,233   50,908   63,586   15,047
WW Grainger, Inc.   USFF +0.250%   Weekly   MS   07/06/26   138   128,128   139,249   22,922
Xylem, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,349   917,195   864,607   (22,536)
Zurn Elkay Water Solutions Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,287   153,169   152,813   4,520
                    375,804   35,300,518   40,323,659   6,272,852
Commercial & Professional
Services 		                           
Amentum Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   36,181   935,629   1,049,249   142,298
Automatic Data Processing, Inc.   USFF +0.250%   Weekly   MS   01/05/26   3,932   981,634   1,011,428   88,679
BOYD GROUP, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   16   2,575   2,549   44
Brink's Co. (The)   USFF +0.250%   Weekly   MS   07/23/30   1,537   173,719   179,414   11,044
Broadridge Financial Solutions, Inc.   USFF +0.250%   Weekly   MS   07/16/29   2,666   588,824   594,971   29,235
CACI International, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   1,015   554,511   540,802   3,284
Cimpress PLC (Ireland)   USFF +0.250%   Weekly   MS   07/23/30   22   1,464   1,465   37
Cintas Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,885   356,530   354,512   8,904
Copart, Inc.   USFF +0.250%   Weekly   MS   01/17/30   27,709   1,165,529   1,084,807   (53,731)
CRA International, Inc.   USFF +0.250%   Weekly   MS   07/23/30   770   137,801   154,535   22,130
CSG Systems International, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,911   186,789   223,245   43,903
Exponent, Inc.   USFF +0.250%   Weekly   MS   07/23/30   853   59,685   59,249   1,385
Healthcare Services Group, Inc.   USFF +0.250%   Weekly   MS   01/17/30   8,547   129,457   163,419   37,922
Jacobs Solutions, Inc.   USFF +0.250%   Weekly   MS   07/23/30   683   91,735   90,470   1,539
KBR, Inc.   USFF +0.250%   Weekly   MS   01/17/30   6,324   277,448   254,225   (13,699)
Leidos Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,106   204,177   199,522   1,941
Montrose Environmental Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,365   59,772   58,723   774
Paychex, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,265   594,262   590,628   14,577
Pitney Bowes, Inc.   USFF +0.250%   Weekly   MS   07/16/29   11,028   100,060   116,566   24,512
Planet Labs PBC   USFF +0.250%   Weekly   MS   07/23/30   11,296   158,339   222,757   69,264
Republic Services, Inc.   USFF +0.250%   Weekly   MS   01/10/28   3,663   798,313   776,300   13,395
Tetra Tech, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,989   134,944   133,791   3,188
13

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Commercial & Professional
Services — (continued) 		                           
Thomson Reuters Corp. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   762   $99,412   $100,500   $4,327
UniFirst Corp.   USFF +0.250%   Weekly   MS   07/16/29   150   25,173   28,935   4,747
Upwork, Inc.   USFF +0.250%   Weekly   MS   07/16/29   75,984   1,088,003   1,506,003   451,350
Veralto Corp.   USFF +0.250%   Weekly   MS   07/11/28   6,134   549,814   612,051   83,107
Verisk Analytics, Inc.   USFF +0.250%   Weekly   MS   01/07/27   1,202   266,844   268,875   10,724
Willdan Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,089   293,646   320,206   36,042
                    221,084   10,016,089   10,699,197   1,040,922
Consumer Discretionary
Distribution & Retail 		                           
Advance Auto Parts, Inc.   USFF +0.250%   Weekly   MS   01/17/30   22,562   1,016,942   886,687   (97,785)
Amazon.com, Inc.   USFF +0.250%   Weekly   MS   07/08/27   17,893   3,787,264   4,130,062   458,912
AutoNation, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,927   375,074   397,887   36,072
AutoZone, Inc.   USFF +0.250%   Weekly   MS   07/11/28   337   1,228,368   1,142,936   (47,779)
Bath & Body Works, Inc.   USFF +0.250%   Weekly   MS   07/23/30   11,022   219,102   221,322   10,311
Best Buy Co., Inc.   USFF +0.250%   Weekly   MS   01/07/27   187   13,616   12,516   351
Buckle, Inc. (The)   USFF +0.250%   Weekly   MS   07/23/30   5,648   304,438   301,716   7,269
CarMax, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,708   183,850   181,917   3,695
Chewy, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   8,183   270,359   270,448   8,369
Dillard's, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   129   79,142   78,218   1,545
eBay, Inc.   USFF +0.250%   Weekly   MS   07/08/27   1,673   120,717   145,718   33,462
Five Below, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1   122   188   60
GigaCloud Technology, Inc., Class A (Cayman Islands)   USFF +0.250%   Weekly   MS   07/23/30   5,450   146,399   214,076   72,156
Gold.com, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,275   35,246   43,414   9,376
Groupon, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,021   208,926   176,470   (27,698)
Home Depot, Inc. (The)   USFF +0.250%   Weekly   MS   07/23/30   353   121,262   121,467   4,674
Kohl's Corp.   USFF +0.250%   Weekly   MS   07/23/30   13,935   259,188   284,413   35,066
Lithia Motors, Inc.   USFF +0.250%   Weekly   MS   07/23/30   394   118,644   130,938   16,109
Lowe's Cos., Inc.   USFF +0.250%   Weekly   MS   01/12/29   1,437   321,939   346,547   38,707
Macy's, Inc.   USFF +0.250%   Weekly   MS   01/17/30   5,047   56,560   111,286   58,292
National Vision Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,448   37,487   37,387   1,040
O'Reilly Automotive, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,513   141,821   138,001   519
Penske Automotive Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   358   56,900   56,668   1,997
Petco Health & Wellness Co., Inc.   USFF +0.250%   Weekly   MS   01/17/30   28,360   83,106   79,692   (876)
Pool Corp.   USFF +0.250%   Weekly   MS   07/23/30   415   99,338   94,931   (1,303)
RealReal, Inc. (The)   USFF +0.250%   Weekly   MS   07/23/30   3,924   57,815   61,921   5,869
Ross Stores, Inc.   USFF +0.250%   Weekly   MS   07/23/30   702   120,053   126,458   10,258
14

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Discretionary
Distribution & Retail — (continued) 		                           
Sally Beauty Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   14,667   $148,255   $209,151   $65,433
Signet Jewelers Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   07/23/30   2,498   214,534   207,034   (931)
Sonic Automotive, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   1,362   96,836   84,253   (9,079)
Stitch Fix, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   6,410   34,100   33,653   589
ThredUp, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   4,440   32,237   28,372   (2,887)
TJX Cos., Inc. (The)   USFF +0.250%   Weekly   MS   01/17/30   2,455   346,307   377,113   42,330
Tractor Supply Co.   USFF +0.250%   Weekly   MS   07/23/30   5,554   293,748   277,756   (6,621)
Ulta Beauty, Inc.   USFF +0.250%   Weekly   MS   01/17/30   457   197,469   276,490   85,066
Winmark Corp.   USFF +0.250%   Weekly   MS   07/23/30   87   35,644   35,230   669
                    186,832   10,862,808   11,322,336   813,237
Consumer Durables & Apparel                            
BRP, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   1,298   85,672   91,846   9,106
Brunswick Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,208   74,463   89,682   19,148
Cricut, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   231   1,148   1,143   21
Deckers Outdoor Corp.   USFF +0.250%   Weekly   MS   01/17/30   6,267   595,112   649,700   72,826
DR Horton, Inc.   USFF +0.250%   Weekly   MS   07/23/30   788   114,801   113,496   2,205
Garmin Ltd. (Switzerland)   USFF +0.250%   Weekly   MS   07/23/30   950   194,419   192,708   5,089
Hasbro, Inc.   USFF +0.250%   Weekly   MS   07/16/29   8,747   514,455   717,254   241,147
Installed Building Products, Inc.   USFF +0.250%   Weekly   MS   07/23/30   193   47,993   50,062   3,579
La-Z-Boy, Inc.   USFF +0.250%   Weekly   MS   07/23/30   323   12,223   12,038   243
Leggett & Platt, Inc.   USFF +0.250%   Weekly   MS   01/17/30   21,700   191,030   238,700   57,201
Levi Strauss & Co., Class A   USFF +0.250%   Weekly   MS   07/23/30   1,469   29,512   30,467   1,873
Lululemon Athletica, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,096   643,807   643,380   19,303
NVR, Inc.   USFF +0.250%   Weekly   MS   01/07/27   67   491,348   488,616   12,323
Peloton Interactive, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   98,882   523,183   609,113   100,282
Polaris, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,577   169,670   162,995   471
Somnigroup International, Inc.   USFF +0.250%   Weekly   MS   07/23/30   965   84,500   86,155   3,851
Sonos, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,898   48,920   50,889   3,460
Topgolf Callaway Brands Corp.   USFF +0.250%   Weekly   MS   07/23/30   7,792   84,065   90,933   9,436
                    159,451   3,906,321   4,319,177   561,564
Consumer Services                            
ADT, Inc.   USFF +0.250%   Weekly   MS   01/17/30   8,208   67,681   66,239   1,527
American Public Education, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,183   82,433   82,517   2,603
15

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Services — (continued)                            
BJ's Restaurants, Inc.   USFF +0.250%   Weekly   MS   01/17/30   6,959   $230,312   $274,185   $50,925
Booking Holdings, Inc.   USFF +0.250%   Weekly   MS   07/08/27   313   1,526,780   1,676,218   209,212
Bright Horizons Family Solutions, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,439   1,052,741   1,058,515   38,043
Brightstar Lottery PLC (United Kingdom)   USFF +0.250%   Weekly   MS   07/23/30   1,423   22,035   22,028   (9,623)
Choice Hotels International, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,587   518,785   532,218   29,330
Churchill Downs, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,812   180,849   206,169   33,650
Darden Restaurants, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,873   352,326   344,669   3,269
Driven Brands Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   6,662   103,861   98,731   (1,955)
Expedia Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,039   782,643   860,979   103,419
Hilton Worldwide Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   59   16,992   16,948   467
Las Vegas Sands Corp.   USFF +0.250%   Weekly   MS   07/23/30   7,171   465,745   466,760   15,522
Marriott International, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   765   219,043   237,334   24,997
McDonald's Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,878   573,401   573,973   20,176
Monarch Casino & Resort, Inc.   USFF +0.250%   Weekly   MS   07/23/30   43   4,135   4,115   97
Rush Street Interactive, Inc.   USFF +0.250%   Weekly   MS   01/12/29   11,873   117,452   230,692   120,377
Shake Shack, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   802   63,625   65,098   3,415
Strategic Education, Inc.   USFF +0.250%   Weekly   MS   07/23/30   769   60,394   61,674   3,393
Vail Resorts, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,861   412,930   379,941   (12,312)
Viking Holdings Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   07/23/30   1,648   114,391   117,684   6,791
Wingstop, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,171   493,487   517,762   39,826
Wynn Resorts Ltd.   USFF +0.250%   Weekly   MS   07/16/29   5,330   525,371   641,359   134,961
Yum! Brands, Inc.   USFF +0.250%   Weekly   MS   07/08/27   5,615   753,099   849,437   138,860
                    89,483   8,740,511   9,385,245   956,970
Consumer Staples Distribution &
Retail 		                           
Costco Wholesale Corp.   USFF +0.250%   Weekly   MS   01/07/27   1,388   1,227,768   1,196,928   16,690
Dollar General Corp.   USFF +0.250%   Weekly   MS   07/16/29   8,761   737,930   1,163,198   474,612
Dollar Tree, Inc.   USFF +0.250%   Weekly   MS   07/16/29   10,596   775,299   1,303,414   551,878
Kroger Co. (The)   USFF +0.250%   Weekly   MS   07/16/29   25,870   1,604,786   1,616,358   83,149
Sysco Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,502   260,570   258,062   5,521
Target Corp.   USFF +0.250%   Weekly   MS   07/11/28   6,047   609,452   591,094   16,718
16

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Staples Distribution &
Retail — (continued) 		                           
United Natural Foods, Inc.   USFF +0.250%   Weekly   MS   07/16/29   17,355   $483,413   $584,343   $115,743
Walmart, Inc.   USFF +0.250%   Weekly   MS   01/07/27   9,264   940,034   1,032,102   131,863
                    82,783   6,639,252   7,745,499   1,396,174
Energy                            
Antero Midstream Corp.   USFF +0.250%   Weekly   MS   01/17/30   28,667   503,288   509,986   26,005
APA Corp.   USFF +0.250%   Weekly   MS   07/23/30   26,328   603,981   643,983   62,443
Baker Hughes Co.   USFF +0.250%   Weekly   MS   07/08/27   6,933   295,315   315,729   32,381
Borr Drilling Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   07/23/30   24,392   75,564   98,300   25,044
California Resources Corp.   USFF +0.250%   Weekly   MS   07/23/30   4,105   192,253   183,535   (1,643)
Cenovus Energy, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   38,941   659,071   658,882   20,674
Centrus Energy Corp., Class A   USFF +0.250%   Weekly   MS   01/17/30   16,209   1,232,354   3,934,897   2,740,319
Civitas Resources, Inc.   USFF +0.250%   Weekly   MS   07/23/30   30,050   832,625   814,055   17,931
CNX Resources Corp.   USFF +0.250%   Weekly   MS   07/23/30   17,863   639,229   656,823   37,184
Core Laboratories, Inc.   USFF +0.250%   Weekly   MS   07/23/30   193   3,086   3,094   93
CVR Energy, Inc.   USFF +0.250%   Weekly   MS   01/17/30   4,805   99,006   122,239   26,260
Devon Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   29,632   1,056,290   1,085,420   68,103
DHT Holdings, Inc. (Marshall Islands)   USFF +0.250%   Weekly   MS   01/17/30   23,739   275,885   289,853   26,574
Enbridge, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   8,637   412,032   413,108   15,030
EQT Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,025   162,942   162,140   4,185
Expand Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   6,500   714,441   717,340   26,900
Expro Group Holdings NV (Netherlands)   USFF +0.250%   Weekly   MS   07/23/30   4,594   60,837   61,330   2,348
Exxon Mobil Corp.   USFF +0.250%   Weekly   MS   07/23/30   6,781   803,710   816,026   41,342
Gulfport Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,499   258,377   311,777   61,313
Halliburton Co.   USFF +0.250%   Weekly   MS   01/17/30   16,648   378,235   470,472   107,428
Helix Energy Solutions Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,450   9,134   9,092   228
HF Sinclair Corp.   USFF +0.250%   Weekly   MS   07/23/30   9,341   413,970   430,433   36,820
Imperial Oil Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   1,014   86,977   87,518   3,201
Innovex International, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,858   40,215   40,634   1,643
Kinder Morgan, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,430   38,899   39,311   1,595
Kodiak Gas Services, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,641   223,600   248,373   33,451
17

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
Murphy Oil Corp.   USFF +0.250%   Weekly   MS   07/23/30   5,021   $156,876   $156,906   $4,830
Noble Corp. PLC (United Kingdom)   USFF +0.250%   Weekly   MS   07/23/30   2,491   73,916   70,346   (364)
Occidental Petroleum Corp.   USFF +0.250%   Weekly   MS   07/23/30   14,541   610,197   597,926   9,919
Oceaneering International, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,136   96,418   99,388   5,917
Okeanis Eco Tankers Corp. (Marshall Islands)   USFF +0.250%   Weekly   MS   07/23/30   760   26,866   25,718   (177)
Patterson-UTI Energy, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,368   7,314   8,358   906
Range Resources Corp.   USFF +0.250%   Weekly   MS   07/23/30   6,959   244,326   245,374   8,874
Suncor Energy, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   2,441   104,871   108,283   6,867
TC Energy Corp. (Canada)   USFF +0.250%   Weekly   MS   01/17/30   40,674   1,827,629   2,237,477   547,747
TechnipFMC PLC (United Kingdom)   USFF +0.250%   Weekly   MS   07/11/28   19,025   644,521   847,754   225,116
Texas Pacific Land Corp.   USFF +0.250%   Weekly   MS   07/23/30   426   117,591   122,356   8,361
Tidewater, Inc.   USFF +0.250%   Weekly   MS   01/17/30   9,289   421,422   469,187   60,678
Transocean Ltd. (Switzerland)   USFF +0.250%   Weekly   MS   07/23/30   111,447   326,442   460,276   143,834
Valaris Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   07/23/30   4,127   194,356   208,001   19,595
Valero Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   5,657   850,277   920,903   103,583
World Kinect Corp.   USFF +0.250%   Weekly   MS   01/17/30   3,843   98,172   90,041   (4,114)
                    553,480   15,872,510   19,792,644   4,558,424
Financial Services                            
Berkshire Hathaway, Inc., Class B   USFF +0.250%   Weekly   MS   07/23/30   11,792   5,691,173   5,927,249   410,567
Blackrock, Inc.   USFF +0.250%   Weekly   MS   01/10/28   230   162,811   246,178   93,222
Block, Inc.   USFF +0.250%   Weekly   MS   07/23/30   9,788   585,794   637,101   69,259
Cboe Global Markets, Inc.   USFF +0.250%   Weekly   MS   01/10/28   2,986   719,317   749,486   55,878
CME Group, Inc.   USFF +0.250%   Weekly   MS   07/08/27   2,693   719,383   735,404   57,459
Coinbase Global, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   12,442   3,020,230   2,813,634   (114,001)
Corpay, Inc.   USFF +0.250%   Weekly   MS   07/16/29   2,615   830,448   786,932   (18,063)
FactSet Research Systems, Inc.   USFF +0.250%   Weekly   MS   07/23/30   759   246,087   220,254   (17,635)
Fidelity National Information Services, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,911   123,035   127,005   8,498
Fiserv, Inc.   USFF +0.250%   Weekly   MS   07/11/28   7,993   973,824   536,890   (407,085)
Flywire Corp.   USFF +0.250%   Weekly   MS   07/23/30   4,722   64,552   66,864   4,281
18

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Financial Services — (continued)                            
Franklin Resources, Inc.   USFF +0.250%   Weekly   MS   01/07/27   7,589   $172,324   $181,301   $46,502
Global Payments, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,132   93,017   87,617   (1,992)
Intercontinental Exchange, Inc.   USFF +0.250%   Weekly   MS   07/16/29   1,901   295,659   307,886   38,882
Jack Henry & Associates, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,981   308,984   361,493   63,409
Mastercard, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   468   254,611   267,172   20,359
Morningstar, Inc.   USFF +0.250%   Weekly   MS   07/23/30   126   27,647   27,381   45
Paymentus Holdings, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   10,861   340,118   343,099   13,401
PayPal Holdings, Inc.   USFF +0.250%   Weekly   MS   07/11/28   17,336   1,134,293   1,012,076   (85,647)
Sezzle, Inc.   USFF +0.250%   Weekly   MS   07/16/29   19,049   730,658   1,209,135   500,871
T Rowe Price Group, Inc.   USFF +0.250%   Weekly   MS   01/07/27   3,157   337,851   323,214   49,833
Toast, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   753   25,571   26,739   1,943
Visa, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   1,803   610,539   632,330   42,364
                    124,087   17,467,926   17,626,440   832,350
Food, Beverage & Tobacco                            
Altria Group, Inc.   USFF +0.250%   Weekly   MS   01/05/26   30,299   1,585,477   1,747,040   377,014
Archer-Daniels-Midland Co.   USFF +0.250%   Weekly   MS   07/23/30   15,032   892,749   864,190   5,711
Boston Beer Co., Inc. (The), Class A   USFF +0.250%   Weekly   MS   01/17/30   370   76,904   72,198   (2,357)
Brown-Forman Corp., Class B   USFF +0.250%   Weekly   MS   07/23/30   2,989   78,623   77,893   1,671
Cal-Maine Foods, Inc.   USFF +0.250%   Weekly   MS   01/17/30   14,918   1,282,789   1,187,025   8,302
Campbell's Company (The)   USFF +0.250%   Weekly   MS   01/17/30   8,501   265,365   236,923   (20,313)
Coca-Cola Co. (The)   USFF +0.250%   Weekly   MS   01/05/26   20,651   1,381,007   1,443,711   141,287
Coca-Cola Consolidated, Inc.   USFF -0.250%   Weekly   MS   01/17/30   493   75,981   75,577   1,917
Constellation Brands, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   5,372   948,747   741,121   (162,972)
Dole PLC (Ireland)   USFF +0.250%   Weekly   MS   07/23/30   3,717   53,000   55,718   4,561
Fresh Del Monte Produce, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   01/17/30   9,111   296,923   324,625   42,372
Freshpet, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,403   149,636   146,415   1,358
J & J Snack Foods Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,823   166,565   164,745   3,777
John B Sanfilippo & Son, Inc.   USFF +0.250%   Weekly   MS   07/23/30   52   3,719   3,671   57
Keurig Dr Pepper, Inc.   USFF +0.250%   Weekly   MS   01/12/29   23,428   691,348   656,218   (1,811)
Kraft Heinz Co. (The)   USFF +0.250%   Weekly   MS   01/12/29   13,561   403,988   328,854   (45,919)
Lamb Weston Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   7,025   360,241   294,277   (51,901)
19

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Food, Beverage & Tobacco —
(continued) 		                           
Marzetti Company (The)   USFF +0.250%   Weekly   MS   07/23/30   153   $25,264   $25,156   $658
Mission Produce, Inc.   USFF +0.250%   Weekly   MS   07/23/30   701   8,161   8,132   211
Molson Coors Beverage Co., Class B   USFF +0.250%   Weekly   MS   07/08/27   4,334   228,330   202,311   (6,569)
Monster Beverage Corp.   USFF +0.250%   Weekly   MS   01/17/30   2,689   177,724   206,166   33,882
National Beverage Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,720   95,023   86,741   (5,378)
PepsiCo, Inc.   USFF +0.250%   Weekly   MS   07/23/30   824   118,483   118,260   3,716
Philip Morris International, Inc.   USFF +0.250%   Weekly   MS   01/12/29   2,429   357,009   389,612   51,804
Seneca Foods Corp., Class A   USFF +0.250%   Weekly   MS   07/23/30   117   12,999   12,944   334
Tyson Foods, Inc., Class A   USFF +0.250%   Weekly   MS   01/12/29   6,325   348,210   370,772   40,253
                    180,037   10,084,265   9,840,295   421,665
Health Care Equipment & Services                            
AdaptHealth Corp.   USFF +0.250%   Weekly   MS   07/23/30   8,774   78,738   87,389   11,056
Align Technology, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,377   310,015   371,169   70,650
Alphatec Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   7,299   146,069   153,571   11,972
Artivion, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,105   140,506   141,619   5,431
Becton Dickinson & Co.   USFF +0.250%   Weekly   MS   01/17/30   2,535   446,492   491,967   62,722
Butterfly Network, Inc.   USFF +0.250%   Weekly   MS   07/23/30   51,406   178,700   195,343   22,113
Cardinal Health, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,271   250,778   261,191   18,130
Cencora, Inc.   USFF +0.250%   Weekly   MS   01/10/28   4,307   1,280,889   1,454,689   219,235
Chemed Corp.   USFF +0.250%   Weekly   MS   07/23/30   176   74,294   75,303   3,278
CONMED Corp.   USFF +0.250%   Weekly   MS   01/17/30   7,137   333,400   289,762   (32,792)
Cooper Cos., Inc. (The)   USFF +0.250%   Weekly   MS   07/23/30   4,006   329,874   328,332   8,563
CorVel Corp.   USFF +0.250%   Weekly   MS   07/08/27   3,233   258,078   218,777   (31,397)
CVS Health Corp.   USFF +0.250%   Weekly   MS   07/16/29   17,911   964,284   1,421,417   519,949
Edwards Lifesciences Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,194   101,120   101,789   3,760
Elevance Health, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,911   611,165   669,901   80,956
Embecta Corp.   USFF +0.250%   Weekly   MS   07/23/30   5,993   83,345   71,197   (8,529)
Envista Holdings Corp.   USFF +0.250%   Weekly   MS   07/23/30   5,569   109,675   120,903   15,799
GE HealthCare Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   803   66,451   65,862   1,439
Guardant Health, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,598   152,707   163,220   15,185
Guardian Pharmacy Services, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   1,378   40,696   41,464   2,006
20

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services
— (continued) 		                           
HCA Healthcare, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,318   $521,933   $615,321   $110,528
HealthEquity, Inc.   USFF +0.250%   Weekly   MS   07/23/30   653   60,565   59,821   1,104
HealthStream, Inc.   USFF +0.250%   Weekly   MS   07/23/30   318   7,552   7,336   7
ICU Medical, Inc.   USFF +0.250%   Weekly   MS   07/22/30   729   86,868   104,006   19,792
IDEXX Laboratories, Inc.   USFF +0.250%   Weekly   MS   07/23/30   837   549,977   566,256   33,132
Insulet Corp.   USFF +0.250%   Weekly   MS   07/23/30   485   150,244   137,856   (7,790)
Labcorp Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   862   220,076   216,259   3,540
LeMaitre Vascular, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,135   99,590   92,049   (4,300)
LivaNova PLC (United Kingdom)   USFF +0.250%   Weekly   MS   01/17/30   3,261   129,650   200,649   74,966
Masimo Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,574   514,453   464,834   (33,854)
McKesson Corp.   USFF +0.250%   Weekly   MS   01/12/29   91   75,754   74,646   1,268
Medtronic PLC (Ireland)   USFF +0.250%   Weekly   MS   07/23/30   1,795   174,168   172,428   4,160
National HealthCare Corp.   USFF +0.250%   Weekly   MS   07/23/30   139   19,296   19,056   417
Omnicell, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,428   84,312   109,988   28,252
Pediatrix Medical Group, Inc.   USFF +0.250%   Weekly   MS   07/16/29   24,818   360,319   530,857   181,577
Privia Health Group, Inc.   USFF +0.250%   Weekly   MS   07/22/30   3,422   73,714   81,136   9,673
Progyny, Inc.   USFF +0.250%   Weekly   MS   01/17/30   11,846   238,125   304,205   73,373
Quest Diagnostics, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,947   337,392   337,863   11,682
ResMed, Inc.   USFF +0.250%   Weekly   MS   01/12/29   3,657   959,883   880,862   (47,181)
Select Medical Holdings Corp.   USFF +0.250%   Weekly   MS   07/23/30   5,681   76,283   84,363   10,610
Solventum Corp.   USFF +0.250%   Weekly   MS   01/12/29   8,541   613,902   676,789   81,700
STERIS PLC (Ireland)   USFF +0.250%   Weekly   MS   01/17/30   2,395   581,601   607,180   44,697
Stryker Corp.   USFF +0.250%   Weekly   MS   07/23/30   225   79,158   79,081   2,538
TransMedics Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,227   506,618   514,215   23,121
UFP Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,488   314,557   330,381   25,389
UnitedHealth Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,013   646,832   664,511   41,126
Universal Health Services, Inc., Class B   USFF +0.250%   Weekly   MS   01/17/30   798   157,797   173,980   21,166
Waystar Holding Corp.   USFF +0.250%   Weekly   MS   01/17/30   9,661   344,880   316,398   (19,050)
                    230,327   13,942,775   15,147,191   1,691,169
21

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Household & Personal Products                            
Central Garden & Pet Co., Class A   USFF +0.250%   Weekly   MS   07/23/30   69   $2,014   $2,014   $52
Church & Dwight Co., Inc.   USFF +0.250%   Weekly   MS   07/23/30   7,151   607,023   599,611   12,490
Clorox Co. (The)   USFF +0.250%   Weekly   MS   07/23/30   2,758   276,103   278,089   10,443
Colgate-Palmolive Co.   USFF +0.250%   Weekly   MS   07/11/28   4,298   329,295   339,628   31,094
Kenvue, Inc.   USFF +0.250%   Weekly   MS   07/23/30   21,897   365,021   377,723   28,428
Kimberly-Clark Corp.   USFF +0.250%   Weekly   MS   07/08/27   8,973   1,072,503   905,286   (77,151)
Procter & Gamble Co. (The)   USFF +0.250%   Weekly   MS   07/16/29   7,727   1,251,357   1,107,356   (81,766)
                    52,873   3,903,316   3,609,707   (76,410)
Materials                            
Agnico Eagle Mines Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   10,589   1,697,845   1,795,153   153,369
Americas Gold & Silver Corp. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   5,995   33,825   30,634   (2,163)
Aura Minerals, Inc. (British Virgin Islands)   USFF +0.250%   Weekly   MS   07/23/30   3,036   106,931   153,060   50,236
Avery Dennison Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,923   646,497   713,515   91,589
Ball Corp.   USFF +0.250%   Weekly   MS   07/23/30   4,541   224,218   240,537   17,578
Cabot Corp.   USFF +0.250%   Weekly   MS   07/23/30   7,040   456,439   466,611   27,535
CF Industries Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   22,841   1,780,049   1,766,523   74,900
Compass Minerals International, Inc.   USFF +0.250%   Weekly   MS   01/17/30   6,527   126,497   128,190   5,617
Corteva, Inc.   USFF +0.250%   Weekly   MS   01/17/30   4,721   288,883   316,449   38,816
CRH PLC (Ireland)   USFF +0.250%   Weekly   MS   07/23/30   1,103   139,730   137,654   2,200
DuPont de Nemours, Inc.   USFF +0.250%   Weekly   MS   07/23/30   27,283   1,075,653   1,096,777   59,745
Fortuna Mining Corp. (Canada)   USFF +0.250%   Weekly   MS   01/12/29   74,079   434,818   726,715   314,494
Freeport-McMoRan, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,873   247,650   349,080   110,044
Huntsman Corp.   USFF +0.250%   Weekly   MS   07/23/30   8,421   74,058   84,210   13,037
Hycroft Mining Holding Corp., Class A   USFF +0.250%   Weekly   MS   07/23/30   817   19,531   19,420   478
Ingevity Corp.   USFF +0.250%   Weekly   MS   07/16/29   5,363   232,808   317,382   95,483
International Flavors & Fragrances, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,163   335,228   347,935   27,106
Kinross Gold Corp. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   3,701   88,256   104,220   18,771
Linde PLC (Ireland)   USFF +0.250%   Weekly   MS   01/05/26   1,948   747,009   830,608   129,287
22

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
LyondellBasell Industries NV, Class A (Netherlands)   USFF +0.250%   Weekly   MS   07/23/30   4,033   $187,958   $174,629   $(2,050)
Mativ Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   444   5,532   5,395   23
Metalla Royalty & Streaming Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   132   1,029   1,027   20
New Gold, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/16/29   108,117   286,358   941,699   672,947
NewMarket Corp.   USFF +0.250%   Weekly   MS   01/10/28   927   580,436   637,090   81,170
Newmont Corp.   USFF +0.250%   Weekly   MS   07/16/29   30,210   1,240,666   3,016,469   1,842,453
Novagold Resources, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   9,827   96,156   91,588   (1,986)
Nutrien Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   1,794   103,443   110,726   11,276
O-I Glass, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,203   57,565   62,036   6,227
Pan American Silver Corp. (Canada)   USFF +0.250%   Weekly   MS   01/17/30   12,224   289,320   633,325   356,887
PPG Industries, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,979   190,333   202,768   19,499
Sherwin-Williams Co. (The)   USFF +0.250%   Weekly   MS   07/23/30   426   137,952   138,037   4,305
Smurfit WestRock PLC (Ireland)   USFF +0.250%   Weekly   MS   07/23/30   4,939   175,805   190,991   21,167
Steel Dynamics, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,500   375,664   423,625   60,720
United States Lime & Minerals, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,449   133,242   173,503   44,597
Vulcan Materials Co.   USFF +0.250%   Weekly   MS   01/17/30   551   156,681   157,156   5,546
                    387,719   12,774,065   16,584,737   4,350,923
Media & Entertainment                            
Alphabet, Inc., Class A   USFF +0.250%   Weekly   MS   01/05/26   11,142   2,203,169   3,487,446   1,365,749
Cargurus, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,675   50,249   64,236   15,519
Cars.com, Inc.   USFF +0.250%   Weekly   MS   07/23/30   7,061   81,323   86,144   7,306
Charter Communications, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   835   174,065   174,306   5,569
Clear Channel Outdoor Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,393   13,283   14,129   1,244
Comcast Corp., Class A   USFF +0.250%   Weekly   MS   07/08/27   23,575   766,931   704,657   (16,252)
Electronic Arts, Inc.   USFF +0.250%   Weekly   MS   07/11/28   5,636   820,034   1,151,604   361,621
EverQuote, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   10,921   226,182   294,867   75,611
Fox Corp., Class A   USFF +0.250%   Weekly   MS   01/12/29   9,678   481,719   707,171   245,406
Match Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   14,681   479,188   474,049   9,545
Meta Platforms, Inc., Class A   USFF +0.250%   Weekly   MS   07/08/27   2,575   1,600,273   1,699,732   153,575
Netflix, Inc.   USFF +0.250%   Weekly   MS   01/07/27   14,364   1,423,191   1,346,769   (32,795)
23

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Media & Entertainment —
(continued) 		                           
News Corp., Class A   USFF +0.250%   Weekly   MS   01/10/28   13,520   $355,841   $353,142   $9,688
Omnicom Group, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,837   129,480   148,338   25,712
Paramount Skydance Corp., Class B   USFF +0.250%   Weekly   MS   07/23/30   4,487   61,637   60,126   758
QuinStreet, Inc.   USFF +0.250%   Weekly   MS   07/23/30   104   1,498   1,494   33
Roku, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,164   658,050   668,732   30,850
Spotify Technology SA (Luxembourg)   USFF +0.250%   Weekly   MS   01/12/29   1   451   581   134
Stagwell, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,286   11,638   11,179   (112)
TripAdvisor, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,242   150,507   149,124   3,222
USA TODAY Co., Inc.   USFF +0.250%   Weekly   MS   07/23/30   678   3,576   3,492   16
Warner Music Group Corp., Class A   USFF +0.250%   Weekly   MS   07/23/30   9,630   282,856   295,352   21,851
Yelp, Inc.   USFF +0.250%   Weekly   MS   01/17/30   4,452   151,468   135,296   (11,537)
Ziff Davis, Inc.   USFF +0.250%   Weekly   MS   01/17/30   521   16,536   18,313   2,545
                    162,458   10,143,145   12,050,279   2,275,258
Pharmaceuticals, Biotechnology &
Life Sciences 		                           
10X Genomics, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   7,560   123,149   123,304   3,922
Adaptive Biotechnologies Corp.   USFF +0.250%   Weekly   MS   01/17/30   23,605   304,753   383,345   87,928
Agilent Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   12,615   1,767,554   1,716,523   3,156
Alkermes PLC (Ireland)   USFF +0.250%   Weekly   MS   07/23/30   15,030   422,294   420,539   11,184
Alnylam Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,563   630,927   621,527   9,936
Amneal Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/16/29   1,632   12,876   20,563   8,740
ANI Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/23/30   8,147   713,232   643,124   (48,249)
Arrowhead Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,600   309,092   305,394   5,770
Aurinia Pharmaceuticals, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   11,933   156,915   190,331   38,218
Azenta, Inc.   USFF +0.250%   Weekly   MS   07/23/30   12,042   351,475   400,517   59,809
BioCryst Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/23/30   23,169   173,478   180,718   9,130
Biogen, Inc.   USFF +0.250%   Weekly   MS   01/17/30   571   70,105   100,490   32,525
Bristol-Myers Squibb Co.   USFF +0.250%   Weekly   MS   07/23/30   72,918   3,258,155   3,933,197   793,900
24

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) 		                           
CareDx, Inc.   USFF +0.250%   Weekly   MS   07/23/30   16,080   $271,743   $302,947   $39,527
Charles River Laboratories International, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1   162   199   33
Collegium Pharmaceutical, Inc.   USFF +0.250%   Weekly   MS   07/23/30   312   14,435   14,446   444
Dynavax Technologies Corp.   USFF +0.250%   Weekly   MS   07/23/30   8,013   88,568   123,240   37,378
Exact Sciences Corp.   USFF +0.250%   Weekly   MS   07/23/30   53   5,396   5,383   143
Gilead Sciences, Inc.   USFF +0.250%   Weekly   MS   01/12/29   5,165   591,404   633,952   74,851
GRAIL, Inc.   USFF +0.250%   Weekly   MS   07/23/30   285   13,105   24,393   11,680
Harmony Biosciences Holdings, Inc.   USFF +0.250%   Weekly   MS   07/11/28   2,202   58,716   82,399   25,474
Incyte Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,301   296,597   326,040   38,527
Innoviva, Inc.   USFF +0.250%   Weekly   MS   07/16/29   21,082   379,722   421,429   53,340
IQVIA Holdings, Inc.   USFF +0.250%   Weekly   MS   01/12/29   1,779   350,530   401,004   61,213
Johnson & Johnson   USFF +0.250%   Weekly   MS   01/17/30   6,099   1,090,173   1,262,188   217,573
Ligand Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/23/30   683   112,034   129,135   20,527
MannKind Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,778   10,121   10,081   262
Omeros Corp.   USFF +0.250%   Weekly   MS   07/23/30   500   8,281   8,588   551
Pfizer, Inc.   USFF +0.250%   Weekly   MS   07/23/30   16,527   395,390   411,522   34,214
Regeneron Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   01/17/30   30   16,476   23,156   7,229
Theravance Biopharma, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   07/23/30   2,083   36,760   38,973   3,331
Travere Therapeutics, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,451   119,986   131,863   15,546
Veracyte, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,583   230,297   235,044   11,799
Zoetis, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,053   487,373   509,948   37,510
                    294,445   12,871,274   14,135,502   1,707,121
Semiconductors & Semiconductor
Equipment 		                           
Advanced Micro Devices, Inc.   USFF +0.250%   Weekly   MS   01/10/28   29,612   3,321,444   6,341,706   3,122,093
Analog Devices, Inc.   USFF +0.250%   Weekly   MS   01/17/30   9,731   2,232,370   2,639,047   489,906
Applied Materials, Inc.   USFF +0.250%   Weekly   MS   07/23/30   13,098   2,988,170   3,366,055   474,945
AXT, Inc.   USFF +0.250%   Weekly   MS   07/23/30   30,445   455,468   497,776   56,264
Broadcom, Inc.   USFF +0.250%   Weekly   MS   01/10/28   27,785   6,726,977   9,616,389   3,156,792
Cirrus Logic, Inc.   USFF +0.250%   Weekly   MS   07/23/30   87   10,336   10,310   281
25

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Semiconductors & Semiconductor
Equipment — (continued) 		                           
Credo Technology Group Holding Ltd. (Cayman Islands)   USFF +0.250%   Weekly   MS   07/23/30   1   $136   $144   $3
Diodes, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,620   72,538   79,931   9,608
First Solar, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,884   488,559   492,157   18,569
GLOBALFOUNDRIES, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   07/23/30   4,755   168,292   166,045   2,903
Intel Corp.   USFF +0.250%   Weekly   MS   07/23/30   6,160   224,917   227,304   9,274
KLA Corp.   USFF +0.250%   Weekly   MS   07/23/30   242   293,155   294,049   10,317
Lam Research Corp.   USFF +0.250%   Weekly   MS   07/23/30   5,788   585,882   990,790   425,671
Marvell Technology, Inc.   USFF +0.250%   Weekly   MS   07/23/30   11,078   986,650   941,408   (14,999)
Micron Technology, Inc.   USFF +0.250%   Weekly   MS   07/16/29   22,684   3,495,016   6,474,240   3,221,035
Monolithic Power Systems, Inc.   USFF +0.250%   Weekly   MS   01/10/28   2,663   1,821,126   2,413,637   665,555
NVIDIA Corp.   USFF +0.250%   Weekly   MS   01/10/28   13,892   2,189,380   2,590,858   469,229
NXP Semiconductors NV (Netherlands)   USFF +0.250%   Weekly   MS   07/23/30   2,008   442,729   435,856   6,698
ON Semiconductor Corp.   USFF +0.250%   Weekly   MS   07/23/30   8,742   428,083   473,379   58,412
QUALCOMM, Inc.   USFF +0.250%   Weekly   MS   07/08/27   15,215   2,235,148   2,602,526   531,711
Rambus, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,568   147,905   144,084   704
Semtech Corp.   USFF +0.250%   Weekly   MS   01/17/30   3,025   96,113   222,912   129,737
SiTime Corp.   USFF +0.250%   Weekly   MS   07/23/30   701   256,506   247,586   (1,064)
Skyworks Solutions, Inc.   USFF +0.250%   Weekly   MS   01/17/30   6,153   418,386   390,162   (7,946)
Texas Instruments, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,746   956,575   996,874   76,820
Veeco Instruments, Inc.   USFF +0.250%   Weekly   MS   07/23/30   29   829   829   16
                    224,712   31,042,690   42,656,054   12,912,534
Software & Services                            
A10 Networks, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,754   81,398   84,098   5,522
Accenture PLC, Class A (Ireland)   USFF +0.250%   Weekly   MS   01/12/29   8,505   2,103,759   2,281,892   264,068
Adobe, Inc.   USFF +0.250%   Weekly   MS   07/08/27   5,270   1,785,025   1,844,447   114,145
Agilysys, Inc.   USFF +0.250%   Weekly   MS   07/23/30   355   42,592   42,188   893
Alarm.com Holdings, Inc.   USFF +0.250%   Weekly   MS   07/16/29   547   28,710   27,908   68
Amdocs Ltd. (Guernsey)   USFF +0.250%   Weekly   MS   07/23/30   46   3,529   3,703   451
Appian Corp., Class A   USFF +0.250%   Weekly   MS   07/16/29   18,003   655,919   637,666   1,849
AppLovin Corp., Class A   USFF +0.250%   Weekly   MS   07/23/30   2,471   1,315,933   1,665,009   389,415
Autodesk, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,142   637,693   634,053   15,904
26

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
Bentley Systems, Inc., Class B   USFF +0.250%   Weekly   MS   07/23/30   4,884   $190,055   $186,398   $2,161
BitMine Immersion Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,532   78,906   68,744   (7,752)
Blackbaud, Inc.   USFF +0.250%   Weekly   MS   01/17/30   4,082   249,618   258,472   16,498
BlackBerry Ltd. (Canada)   USFF +0.250%   Weekly   MS   01/17/30   128,509   576,269   487,049   (71,561)
Braze, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   2,746   97,245   94,160   (112)
Clear Secure, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   4,674   144,465   163,964   24,479
Cognizant Technology Solutions Corp., Class A   USFF +0.250%   Weekly   MS   07/23/30   13,689   971,438   1,136,187   198,861
Crowdstrike Holdings, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   4,587   1,648,950   2,150,202   551,802
Datadog, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   2,198   310,503   298,906   (2,086)
Descartes Systems Group, Inc. (The) (Canada)   USFF +0.250%   Weekly   MS   07/23/30   2,558   223,700   224,234   7,383
Dolby Laboratories, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   5,474   370,246   351,540   (6,156)
Dropbox, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   13,394   379,473   372,353   4,506
Fastly, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   8,054   90,557   81,990   (5,801)
Fortinet, Inc.   USFF +0.250%   Weekly   MS   07/16/29   13,742   1,133,378   1,091,252   (7,384)
Gartner, Inc.   USFF +0.250%   Weekly   MS   07/16/29   1,788   587,532   451,077   (123,105)
Gen Digital, Inc.   USFF +0.250%   Weekly   MS   07/08/27   34,987   888,535   951,297   118,491
GoDaddy, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   7,453   1,195,903   924,768   (234,476)
Guidewire Software, Inc.   USFF +0.250%   Weekly   MS   01/12/29   1,150   255,309   231,162   (16,329)
I3 Verticals, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   1,780   54,406   44,838   (7,909)
InterDigital, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,184   738,222   695,342   (20,216)
International Business Machines Corp.   USFF +0.250%   Weekly   MS   07/23/30   323   97,229   95,676   1,878
JFrog Ltd. (Israel)   USFF +0.250%   Weekly   MS   07/23/30   6,936   434,289   433,223   12,240
LiveRamp Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   7,399   196,164   217,309   27,150
Microsoft Corp.   USFF +0.250%   Weekly   MS   07/08/27   7,040   2,868,731   3,404,685   663,679
MongoDB, Inc.   USFF +0.250%   Weekly   MS   01/17/30   219   44,443   91,912   48,822
NCR Voyix Corp.   USFF +0.250%   Weekly   MS   07/23/30   7,236   74,608   73,807   1,477
Okta, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,982   621,785   603,734   1,004
Oracle Corp.   USFF +0.250%   Weekly   MS   01/05/26   2,362   510,565   460,377   (29,157)
Palantir Technologies, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   30,374   2,153,980   5,398,979   3,311,034
27

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
Palo Alto Networks, Inc.   USFF +0.250%   Weekly   MS   01/10/28   10,405   $1,815,127   $1,916,601   $157,119
Pegasystems, Inc.   USFF +0.250%   Weekly   MS   07/23/30   987   53,374   58,944   7,196
PTC, Inc.   USFF +0.250%   Weekly   MS   01/17/30   3,194   627,130   556,427   (54,907)
Q2 Holdings, Inc.   USFF +0.250%   Weekly   MS   01/10/28   6,267   382,074   452,227   81,858
Qualys, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,167   160,692   155,094   (680)
RingCentral, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   6,651   179,001   192,081   18,559
Roper Technologies, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,364   638,554   607,157   (11,584)
Salesforce, Inc.   USFF +0.250%   Weekly   MS   07/08/27   3,237   753,262   857,514   129,738
ServiceNow, Inc.   USFF +0.250%   Weekly   MS   07/08/27   16,833   2,797,249   2,578,647   (132,843)
ServiceTitan, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   324   34,980   34,506   589
Sprinklr, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   11,836   92,320   92,084   2,585
Tenable Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,259   142,023   123,744   (13,933)
UiPath, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   8,554   153,352   140,200   (8,459)
Unity Software, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,913   93,204   84,497   (5,858)
VeriSign, Inc.   USFF +0.250%   Weekly   MS   01/12/29   901   231,619   218,898   (4,097)
Yext, Inc.   USFF +0.250%   Weekly   MS   07/08/27   12,268   83,651   98,880   17,784
Zoom Communications, Inc.   USFF +0.250%   Weekly   MS   01/17/30   4,077   332,566   351,804   29,426
                    466,666   32,411,240   36,783,906   5,464,229
Technology Hardware & Equipment                            
Advanced Energy Industries, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,712   350,939   358,441   18,326
Amphenol Corp., Class A   USFF +0.250%   Weekly   MS   01/17/30   9,876   1,154,831   1,334,643   216,908
Apple, Inc.   USFF +0.250%   Weekly   MS   01/07/27   17,591   3,937,515   4,782,289   988,522
Arista Networks, Inc.   USFF +0.250%   Weekly   MS   07/23/30   14,192   1,855,215   1,859,578   61,237
Badger Meter, Inc.   USFF +0.250%   Weekly   MS   07/23/30   73   12,732   12,732   381
Calix, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,024   590,272   530,570   (41,612)
CDW Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,125   157,917   153,225   462
Celestica, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   298   86,295   88,092   4,434
Cisco Systems, Inc.   USFF +0.250%   Weekly   MS   07/16/29   6,526   438,176   502,698   86,254
Cognex Corp.   USFF +0.250%   Weekly   MS   07/23/30   18,103   689,351   651,346   (16,235)
CommScope Holding Co., Inc.   USFF +0.250%   Weekly   MS   01/17/30   19,006   130,244   344,579   218,319
CompoSecure, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   20,666   253,375   398,440   152,825
Corning, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,351   192,372   205,854   19,370
Daktronics, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,572   87,325   90,388   5,724
Dell Technologies, Inc., Class C   USFF +0.250%   Weekly   MS   07/16/29   34,498   3,810,922   4,342,608   686,685
Diebold Nixdorf, Inc.   USFF +0.250%   Weekly   MS   07/23/30   749   42,619   50,850   9,528
ePlus, Inc.   USFF +0.250%   Weekly   MS   01/17/30   443   29,609   38,851   10,362
28

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Technology Hardware & Equipment
— (continued) 		                           
F5, Inc.   USFF +0.250%   Weekly   MS   07/08/27   1,481   $275,415   $378,040   $111,060
Hewlett Packard Enterprise Co.   USFF +0.250%   Weekly   MS   07/23/30   40,819   976,154   980,472   39,986
HP, Inc.   USFF +0.250%   Weekly   MS   01/17/30   11,283   283,265   251,385   (18,707)
Jabil, Inc.   USFF +0.250%   Weekly   MS   01/12/29   8,391   1,379,028   1,913,316   578,848
Keysight Technologies, Inc.   USFF +0.250%   Weekly   MS   01/17/30   600   96,133   121,914   28,720
Knowles Corp.   USFF +0.250%   Weekly   MS   07/16/29   9,982   176,082   213,914   43,222
Littelfuse, Inc.   USFF +0.250%   Weekly   MS   07/23/30   442   106,562   111,791   8,822
Lumentum Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   90   35,573   33,173   (1,319)
Mirion Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   12,170   291,161   285,021   2,778
NetApp, Inc.   USFF +0.250%   Weekly   MS   01/10/28   6,316   636,073   676,380   68,254
NetScout Systems, Inc.   USFF +0.250%   Weekly   MS   01/17/30   5,929   130,404   160,439   34,024
nLight, Inc.   USFF +0.250%   Weekly   MS   01/17/30   8,555   234,295   320,898   93,778
Ondas Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,703   26,926   26,381   271
OSI Systems, Inc.   USFF +0.250%   Weekly   MS   07/23/30   539   146,219   137,477   (4,268)
PC Connection, Inc.   USFF +0.250%   Weekly   MS   07/23/30   62   3,594   3,581   88
Rogers Corp.   USFF +0.250%   Weekly   MS   01/17/30   953   74,570   87,266   14,973
Sandisk Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,418   281,461   336,605   63,765
Sanmina Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,760   241,688   264,123   29,837
ScanSource, Inc.   USFF +0.250%   Weekly   MS   07/23/30   32   1,214   1,250   82
Seagate Technology Holdings PLC (Ireland)   USFF +0.250%   Weekly   MS   01/10/28   9,664   903,609   2,661,369   1,830,309
TD SYNNEX Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,151   174,699   172,915   3,634
TE Connectivity PLC (Ireland)   USFF +0.250%   Weekly   MS   07/11/28   1,507   328,656   342,858   25,498
Trimble, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,396   111,199   109,377   1,578
Viasat, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,939   121,315   135,738   18,134
Western Digital Corp.   USFF +0.250%   Weekly   MS   07/11/28   28,353   1,309,182   4,884,371   3,800,991
Zebra Technologies Corp., Class A   USFF +0.250%   Weekly   MS   07/23/30   297   73,470   72,118   891
                    321,637   22,237,656   30,427,356   9,196,739
Telecommunication Services                            
AT&T, Inc.   USFF +0.250%   Weekly   MS   01/10/28   50,554   1,102,522   1,255,761   246,727
IDT Corp., Class B   USFF +0.250%   Weekly   MS   01/17/30   1,293   72,073   66,215   (3,524)
Iridium Communications, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,042   53,315   52,870   1,610
Lumen Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   24,159   191,760   187,715   1,826
Rogers Communications, Inc., Class B (Canada)   USFF +0.250%   Weekly   MS   07/23/30   2,279   83,958   85,987   5,558
29

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Telecommunication Services —
(continued) 		                           
TELUS Corp. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   3,163   $40,682   $41,657   $2,326
T-Mobile US, Inc.   USFF +0.250%   Weekly   MS   07/23/30   668   134,222   135,631   5,514
Verizon Communications, Inc.   USFF +0.250%   Weekly   MS   07/08/27   36,751   1,461,495   1,496,868   175,803
                    121,909   3,140,027   3,322,704   435,840
Transportation                            
Allegiant Travel Co.   USFF +0.250%   Weekly   MS   01/17/30   3,184   192,456   271,500   84,936
CH Robinson Worldwide, Inc.   USFF +0.250%   Weekly   MS   01/17/30   4,897   682,488   787,242   128,250
CSX Corp.   USFF +0.250%   Weekly   MS   07/23/30   8,263   283,462   299,534   25,833
Delta Air Lines, Inc.   USFF +0.250%   Weekly   MS   07/11/28   19,264   939,468   1,336,922   439,381
JB Hunt Transport Services, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,883   257,127   365,942   117,586
Lyft, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   6,752   134,730   130,786   178
Norfolk Southern Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,013   571,272   581,193   30,034
SkyWest, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,579   252,979   258,957   13,726
Sun Country Airlines Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   5,101   56,090   73,403   19,024
Uber Technologies, Inc.   USFF +0.250%   Weekly   MS   01/10/28   6,231   406,681   509,135   114,914
Union Pacific Corp.   USFF +0.250%   Weekly   MS   07/23/30   282   66,519   65,232   1,025
United Parcel Service, Inc., Class B   USFF +0.250%   Weekly   MS   01/17/30   10,302   1,079,321   1,021,855   22,896
XPO, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,912   398,264   395,770   9,708
                    73,663   5,320,857   6,097,471   1,007,491
Utilities                            
Algonquin Power & Utilities Corp. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   43,120   244,699   265,188   32,753
Ameren Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,996   298,421   299,181   9,900
American States Water Co.   USFF +0.250%   Weekly   MS   07/23/30   1,932   141,537   140,031   2,825
American Water Works Co., Inc.   USFF +0.250%   Weekly   MS   07/08/27   1,420   184,409   185,310   8,936
Atmos Energy Corp.   USFF +0.250%   Weekly   MS   01/17/30   1,768   293,436   296,370   14,144
CenterPoint Energy, Inc.   USFF +0.250%   Weekly   MS   01/17/30   15,829   601,109   606,884   29,303
Consolidated Edison, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,799   381,317   377,317   11,094
Constellation Energy Corp.   USFF +0.250%   Weekly   MS   01/05/26   5,251   1,633,791   1,855,021   279,064
Duke Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   7,482   918,766   876,965   (8,651)
Evergy, Inc.   USFF +0.250%   Weekly   MS   01/17/30   17,994   1,198,896   1,304,385   180,690
30

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Utilities — (continued)                            
Eversource Energy   USFF +0.250%   Weekly   MS   07/23/30   2,505   $174,797   $168,662   $1,341
Exelon Corp.   USFF +0.250%   Weekly   MS   07/23/30   4,435   203,175   193,322   (7,208)
Hallador Energy Co.   USFF +0.250%   Weekly   MS   01/17/30   5,847   101,055   111,327   13,361
MDU Resources Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1   16   20   261
National Fuel Gas Co.   USFF +0.250%   Weekly   MS   07/16/29   2,990   240,446   239,379   11,674
NRG Energy, Inc.   USFF +0.250%   Weekly   MS   07/11/28   1   100   159   591
Otter Tail Corp.   USFF +0.250%   Weekly   MS   07/23/30   144   11,828   11,637   161
Public Service Enterprise Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,874   232,786   230,782   6,253
ReNew Energy Global PLC, Class A (United Kingdom)   USFF +0.250%   Weekly   MS   07/23/30   700   3,930   3,955   136
Vistra Corp.   USFF +0.250%   Weekly   MS   07/16/29   784   128,953   126,483   1,789
WEC Energy Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   773   81,668   81,521   2,212
                    122,645   7,075,135   7,373,899   590,629
Total Reference Entity — Long           278,874,457   325,530,438   57,786,207
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Short                                
Automobiles & Components                            
Dorman Products, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,423)   $(855,789)   $(791,249)   $56,328
Fox Factory Holding Corp.   USFF -0.250%   Weekly   MS   01/12/29   (15,823)   (703,191)   (270,732)   425,711
Lucid Group, Inc.   USFF -16.390%   Weekly   MS   07/23/30   (57,201)   (1,036,578)   (604,615)   422,020
Modine Manufacturing Co.   USFF -0.250%   Weekly   MS   07/23/30   (9,476)   (1,296,721)   (1,265,141)   19,143
Patrick Industries, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (5,917)   (624,313)   (641,580)   (25,132)
QuantumScape Corp.   USFF -0.250%   Weekly   MS   07/23/30   (130,500)   (1,417,051)   (1,359,810)   43,651
Thor Industries, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,254)   (647,961)   (642,098)   (357)
Winnebago Industries, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (10,600)   (449,794)   (429,512)   2,010
XPEL, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (9,435)   (420,256)   (470,901)   (54,681)
                    (251,629)   (7,451,654)   (6,475,638)   888,693
Capital Goods                            
AAON, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (16,979)   (1,392,834)   (1,294,649)   79,038
Aebi Schmidt Holding AG (Switzerland)   USFF -0.250%   Weekly   MS   07/23/30   (2,955)   (37,490)   (37,381)   (260)
AeroVironment, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (8,576)   (2,083,054)   (2,074,449)   (11,367)
31

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Albany International Corp., Class A   USFF -0.250%   Weekly   MS   01/10/28   (13,815)   $(868,312)   $(700,420)   $152,556
Allison Transmission Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (19,708)   (1,856,261)   (1,929,413)   (90,951)
Ameresco, Inc., Class A   USFF -0.250%   Weekly   MS   01/10/28   (26,573)   (1,199,716)   (778,323)   409,886
American Woodmark Corp.   USFF -0.250%   Weekly   MS   07/16/29   (4,499)   (355,497)   (242,496)   111,650
Amprius Technologies, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,353)   (50,037)   (50,125)   (577)
Apogee Enterprises, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (15,924)   (648,733)   (579,793)   56,402
Archer Aviation, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (144,343)   (1,168,256)   (1,085,459)   71,592
Arcosa, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (5,623)   (507,156)   (597,837)   (98,765)
Argan, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,715)   (2,246,439)   (2,103,944)   112,824
Array Technologies, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (28,900)   (284,199)   (266,458)   15,008
Astec Industries, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,966)   (310,776)   (301,767)   5,923
Atkore, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (10,097)   (749,796)   (638,635)   98,071
Axon Enterprise, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (8,098)   (4,795,651)   (4,599,097)   148,219
Boise Cascade Co.   USFF -0.250%   Weekly   MS   07/16/29   (29,343)   (2,452,011)   (2,159,645)   256,383
Cadre Holdings, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (14,555)   (548,419)   (594,426)   (57,459)
CAE, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (15,502)   (456,856)   (471,571)   (19,103)
CECO Environmental Corp.   USFF -0.250%   Weekly   MS   07/23/30   (51,918)   (2,790,249)   (3,107,292)   (343,793)
Centuri Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (138,889)   (3,220,337)   (3,506,947)   (317,482)
Chart Industries, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (16,068)   (3,244,691)   (3,313,704)   (100,118)
CSW Industrials, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (6,242)   (1,710,472)   (1,832,214)   (141,713)
Douglas Dynamics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (150)   (4,954)   (4,898)   (787)
Dover Corp.   USFF -0.250%   Weekly   MS   07/23/30   (3,755)   (749,250)   (733,126)   9,298
Ducommun, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (2,914)   (273,356)   (277,209)   (6,482)
DXP Enterprises, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (15,332)   (1,680,237)   (1,683,300)   (19,176)
Enovix Corp.   USFF -0.740%   Weekly   MS   07/23/30   (134,324)   (1,116,067)   (981,908)   123,453
Eos Energy Enterprises, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (25,667)   (292,334)   (294,144)   (4,621)
Esab Corp.   USFF -0.250%   Weekly   MS   07/23/30   (43,998)   (5,075,501)   (4,915,457)   104,933
Eve Holding, Inc.   USFF -1.390%   Weekly   MS   07/23/30   (63,590)   (270,854)   (253,724)   14,524
Franklin Electric Co., Inc.   USFF -0.250%   Weekly   MS   01/17/30   (3,535)   (334,210)   (337,699)   (8,553)
GATX Corp.   USFF -0.250%   Weekly   MS   07/11/28   (3,444)   (528,763)   (584,102)   (68,306)
Gibraltar Industries, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (7,525)   (508,401)   (372,036)   134,033
Graham Corp.   USFF -0.250%   Weekly   MS   07/23/30   (1,541)   (101,167)   (98,978)   1,209
Granite Construction, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (5,275)   (600,950)   (608,471)   (13,952)
Herc Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (12,527)   (1,824,317)   (1,858,756)   (65,859)
Hillman Solutions Corp.   USFF -0.250%   Weekly   MS   07/23/30   (38,010)   (332,863)   (329,167)   497
32

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Intuitive Machines, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (75,687)   $(778,508)   $(1,228,400)   $(465,214)
Kadant, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (88)   (25,272)   (25,082)   (61)
Karman Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (4,487)   (297,383)   (328,314)   (33,790)
Kennametal, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (59,950)   (1,303,786)   (1,703,179)   (429,390)
Kratos Defense & Security Solutions, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (35,946)   (2,733,026)   (2,728,661)   (25,871)
Lennox International, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (7,238)   (3,635,744)   (3,514,628)   77,586
Limbach Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (11,152)   (1,076,056)   (868,183)   197,552
Lincoln Electric Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (1,789)   (436,119)   (428,716)   1,801
MasTec, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (28,556)   (5,859,540)   (6,207,218)   (403,843)
Masterbrand, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (42,246)   (692,599)   (466,396)   220,244
Middleby Corp. (The)   USFF -0.250%   Weekly   MS   07/23/30   (9,737)   (1,454,399)   (1,447,600)   (7,149)
National Presto Industries, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (1,674)   (169,406)   (178,716)   (10,943)
Power Solutions International, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,534)   (431,856)   (373,353)   56,271
Quanex Building Products Corp.   USFF -0.250%   Weekly   MS   07/16/29   (39,303)   (782,315)   (604,480)   159,655
Quanta Services, Inc.   USFF +0.250%   Weekly   MS   07/08/27   (2,806)   (1,238,718)   (1,184,300)   42,492
QXO, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (65,800)   (1,389,748)   (1,269,282)   108,587
RBC Bearings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (1,194)   (520,362)   (535,425)   (20,060)
Redwire Corp.   USFF -3.090%   Weekly   MS   07/23/30   (197,215)   (1,743,596)   (1,498,834)   228,043
Resideo Technologies, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (109,927)   (3,638,061)   (3,860,636)   (257,450)
Shoals Technologies Group, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (424,284)   (3,191,295)   (3,606,414)   (445,712)
StandardAero, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (42,651)   (1,223,057)   (1,223,231)   (11,904)
Stratasys Ltd. (Israel)   USFF -0.590%   Weekly   MS   07/23/30   (536)   (4,649)   (4,652)   (57)
Sunrun, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (99,247)   (1,811,620)   (1,826,145)   (31,895)
Terex Corp.   USFF -0.250%   Weekly   MS   07/16/29   (13,262)   (730,994)   (707,926)   8,311
Transcat, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (1,656)   (208,404)   (93,945)   114,472
Watsco, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (1,286)   (622,565)   (433,318)   175,913
Westinghouse Air Brake Technologies Corp.   USFF -0.250%   Weekly   MS   07/23/30   (11,794)   (2,421,495)   (2,517,429)   (121,916)
                    (2,256,273)   (85,091,039)   (84,463,483)   (338,153)
Commercial & Professional
Services 		                           
ABM Industries, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (27,933)   (1,377,263)   (1,181,566)   170,455
ACV Auctions, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (274,116)   (2,701,900)   (2,198,410)   476,233
33

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Commercial & Professional
Services — (continued) 		                           
Booz Allen Hamilton Holding Corp.   USFF -0.250%   Weekly   MS   07/23/30   (5,413)   $(508,370)   $(456,641)   $58,113
Brady Corp., Class A   USFF -0.250%   Weekly   MS   07/23/30   (6,417)   (506,780)   (502,900)   (2,084)
BrightView Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (69,708)   (937,199)   (883,200)   45,008
Casella Waste Systems, Inc., Class A   USFF -0.250%   Weekly   MS   01/12/29   (13,503)   (1,436,934)   (1,322,484)   100,511
CBIZ, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (17,417)   (1,360,469)   (878,688)   468,734
Clarivate PLC (Jersey)   USFF -0.260%   Weekly   MS   07/11/28   (481,654)   (2,384,905)   (1,608,724)   753,299
Concentrix Corp.   USFF -0.250%   Weekly   MS   07/23/30   (2,094)   (87,791)   (87,069)   (128)
CoreCivic, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (48,128)   (851,904)   (919,726)   (75,995)
Enviri Corp.   USFF -0.250%   Weekly   MS   07/23/30   (30,154)   (367,670)   (540,360)   (178,384)
Huron Consulting Group, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (4,388)   (665,496)   (758,729)   (102,986)
ICF International, Inc.   USFF +0.250%   Weekly   MS   07/08/27   (4,547)   (393,802)   (387,859)   2,160
Innodata, Inc.   USFF -0.590%   Weekly   MS   07/23/30   (708)   (52,589)   (36,073)   16,003
Insperity, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (55,225)   (3,084,805)   (2,138,312)   846,181
Legalzoom.com, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (66,669)   (655,625)   (662,023)   (12,691)
ManpowerGroup, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (86,251)   (3,140,676)   (2,564,242)   487,250
Maximus, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (12,161)   (1,089,092)   (1,049,738)   25,359
MillerKnoll, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (18,326)   (438,713)   (334,999)   85,245
OPENLANE, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (29,668)   (823,137)   (883,513)   (68,274)
Parsons Corp.   USFF -0.250%   Weekly   MS   07/23/30   (23,055)   (1,948,930)   (1,424,799)   516,795
Science Applications International Corp.   USFF -0.250%   Weekly   MS   07/23/30   (38,827)   (3,969,086)   (3,908,326)   13,772
SS&C Technologies Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (9,912)   (849,198)   (866,507)   (27,426)
TransUnion   USFF -0.250%   Weekly   MS   01/17/30   (20,228)   (1,779,355)   (1,734,551)   27,016
TriNet Group, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (497)   (48,333)   (29,388)   18,062
UL Solutions, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (13,153)   (1,049,146)   (1,037,246)   (1,432)
Verra Mobility Corp.   USFF -0.250%   Weekly   MS   07/23/30   (26,616)   (607,755)   (596,465)   5,457
Vestis Corp.   USFF -0.250%   Weekly   MS   01/17/30   (217,480)   (1,642,659)   (1,450,592)   175,202
Waste Management, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (333)   (73,239)   (73,163)   (636)
                    (1,604,581)   (34,832,821)   (30,516,293)   3,820,819
Consumer Discretionary
Distribution & Retail 		                           
Academy Sports & Outdoors, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (20,174)   (1,011,366)   (1,007,893)   (10,747)
American Eagle Outfitters, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (77,107)   (1,640,818)   (2,033,312)   (414,824)
Asbury Automotive Group, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (1,791)   (414,946)   (416,461)   (5,501)
Build-A-Bear Workshop, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (2,229)   (128,899)   (136,571)   (8,916)
34

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Discretionary
Distribution & Retail — (continued) 		                           
Burlington Stores, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (13,936)   $(3,695,132)   $(4,025,414)   $(365,704)
Camping World Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (67,150)   (1,242,583)   (653,369)   556,750
Carvana Co.   USFF -0.250%   Weekly   MS   07/23/30   (13,554)   (4,959,245)   (5,720,059)   (820,598)
Dick's Sporting Goods, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (33,556)   (7,193,343)   (6,643,081)   450,037
Floor & Decor Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (13,119)   (1,088,466)   (798,816)   279,209
Guess?, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (15,050)   (254,821)   (252,087)   (4,480)
Murphy USA, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (2,183)   (887,301)   (880,884)   (2,096)
RH   USFF -0.250%   Weekly   MS   01/17/30   (1,764)   (425,322)   (316,021)   105,216
Savers Value Village, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (84,083)   (902,898)   (785,335)   108,901
Upbound Group, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (41,117)   (973,323)   (722,015)   214,026
Valvoline, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (14,894)   (451,823)   (432,820)   14,664
                    (401,707)   (25,270,286)   (24,824,138)   95,937
Consumer Durables & Apparel                            
Acushnet Holdings Corp.   USFF -0.250%   Weekly   MS   07/23/30   (2,476)   (199,865)   (197,634)   (505)
Canada Goose Holdings, Inc. (Canada)   USFF -1.340%   Weekly   MS   07/23/30   (275)   (3,570)   (3,561)   (35)
Columbia Sportswear Co.   USFF -0.250%   Weekly   MS   07/23/30   (4,922)   (260,587)   (271,153)   (14,349)
Crocs, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (5,513)   (471,527)   (471,472)   (6,245)
Figs, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (69,832)   (455,207)   (793,292)   (349,674)
KB Home   USFF -0.250%   Weekly   MS   07/23/30   (1,858)   (105,774)   (104,810)   (59)
Kontoor Brands, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (8,196)   (675,976)   (500,694)   167,956
Mattel, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (252,232)   (4,801,734)   (5,004,283)   (259,570)
Newell Brands, Inc.   USFF -0.260%   Weekly   MS   01/17/30   (113,759)   (634,739)   (423,183)   188,161
NIKE, Inc., Class B   USFF -0.250%   Weekly   MS   07/23/30   (11,593)   (703,526)   (738,590)   (41,816)
Oxford Industries, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (5,905)   (487,198)   (201,951)   271,769
Tapestry, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (1,501)   (194,875)   (191,783)   2,311
TopBuild Corp.   USFF -0.250%   Weekly   MS   07/23/30   (965)   (417,498)   (402,588)   11,574
Tri Pointe Homes, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (10,198)   (347,886)   (320,931)   23,612
VF Corp.   USFF -0.250%   Weekly   MS   07/23/30   (62,431)   (934,164)   (1,128,752)   (210,283)
Whirlpool Corp.   USFF -1.290%   Weekly   MS   07/11/28   (144)   (17,791)   (10,388)   8,461
                    (551,800)   (10,711,917)   (10,765,065)   (208,692)
Consumer Services                            
Brinker International, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (7,119)   (1,041,708)   (1,021,719)   9,192
Cava Group, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (5,084)   (358,496)   (298,380)   56,671
Chipotle Mexican Grill, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (20,853)   (773,935)   (771,561)   (5,052)
35

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Services — (continued)                            
Coursera, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (215,348)   $(1,941,239)   $(1,584,961)   $337,665
Dave & Buster's Entertainment, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (18,550)   (638,053)   (300,695)   331,234
DoorDash, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (2,331)   (539,645)   (527,925)   6,540
First Watch Restaurant Group, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (80,496)   (1,460,373)   (1,213,880)   232,488
Flutter Entertainment PLC (Ireland)   USFF -0.250%   Weekly   MS   07/23/30   (18,125)   (3,827,270)   (3,897,600)   (107,018)
Hyatt Hotels Corp., Class A   USFF -0.250%   Weekly   MS   07/23/30   (3,598)   (549,697)   (576,831)   (34,458)
Krispy Kreme, Inc.   USFF -0.300%   Weekly   MS   07/08/27   (34,200)   (515,621)   (137,484)   376,331
Kura Sushi USA, Inc., Class A   USFF -0.890%   Weekly   MS   07/23/30   (16,637)   (1,167,715)   (870,614)   286,417
Lincoln Educational Services Corp.   USFF -0.250%   Weekly   MS   07/23/30   (11,637)   (260,384)   (281,034)   (23,366)
Lucky Strike Entertainment Corp.   USFF -11.990%   Weekly   MS   07/23/30   (1,710)   (14,563)   (14,484)   (110)
Norwegian Cruise Line Holdings Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   01/17/30   (140,804)   (2,839,518)   (3,142,745)   (336,690)
OneSpaWorld Holdings Ltd. (Bahamas)   USFF -0.250%   Weekly   MS   01/17/30   (17,098)   (358,673)   (354,613)   (815)
Red Rock Resorts, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (20,452)   (1,181,227)   (1,267,001)   (102,194)
Royal Caribbean Cruises Ltd. (Liberia)   USFF -0.250%   Weekly   MS   07/23/30   (10,793)   (3,089,997)   (3,010,384)   38,864
Serve Robotics, Inc.   USFF -3.340%   Weekly   MS   07/23/30   (53,835)   (633,216)   (558,807)   68,331
Six Flags Entertainment Corp.   USFF -0.250%   Weekly   MS   07/16/29   (135,866)   (3,542,395)   (2,084,184)   1,424,252
Sweetgreen, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (169,877)   (1,739,173)   (1,148,369)   574,128
Texas Roadhouse, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (3,240)   (577,498)   (537,840)   32,992
Universal Technical Institute, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (62,013)   (1,834,720)   (1,620,400)   196,728
Wendy's Co. (The)   USFF -0.250%   Weekly   MS   07/23/30   (74,797)   (637,745)   (623,059)   484
Wyndham Hotels & Resorts, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (297)   (22,625)   (22,441)   (42)
                    (1,124,760)   (29,545,486)   (25,867,011)   3,362,572
Consumer Staples Distribution &
Retail 		                           
BJ's Wholesale Club Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (16,070)   (1,516,908)   (1,446,782)   61,029
36

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Staples Distribution &
Retail — (continued) 		                           
Casey's General Stores, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (7,174)   $(3,965,877)   $(3,965,142)   $(37,281)
Chefs' Warehouse, Inc. (The)   USFF -0.250%   Weekly   MS   07/23/30   (7,986)   (488,523)   (497,767)   (13,935)
Ingles Markets, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (7,025)   (477,138)   (481,564)   (11,642)
Maplebear, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (16,115)   (735,238)   (724,853)   3,330
Performance Food Group Co.   USFF -0.250%   Weekly   MS   07/16/29   (30,806)   (2,847,634)   (2,770,076)   50,259
Weis Markets, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (8,075)   (581,091)   (517,527)   54,455
                    (93,251)   (10,612,409)   (10,403,711)   106,215
Energy                            
Archrock, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (101,967)   (2,564,848)   (2,653,181)   (156,592)
Atlas Energy Solutions, Inc.   USFF -0.590%   Weekly   MS   01/12/29   (93,694)   (1,462,090)   (882,597)   508,702
BW LPG Ltd. (Singapore)   USFF -1.390%   Weekly   MS   01/17/30   (52,681)   (657,683)   (690,121)   (75,133)
Canadian Natural Resources Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (115,504)   (3,708,006)   (3,909,810)   (301,574)
Chevron Corp.   USFF -0.250%   Weekly   MS   07/23/30   (44,535)   (6,833,665)   (6,787,579)   (55,961)
Core Natural Resources, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (53,843)   (4,852,046)   (4,765,644)   28,342
Coterra Energy, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (22,404)   (583,002)   (589,673)   (23,873)
Crescent Energy Co., Class A   USFF -0.250%   Weekly   MS   07/11/28   (24,106)   (228,881)   (202,249)   18,672
Delek US Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (16,810)   (649,438)   (498,585)   140,334
Denison Mines Corp. (Canada)   USFF -0.285%   Weekly   MS   07/23/30   (709,254)   (1,922,559)   (1,886,616)   17,509
Diamondback Energy, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (6,705)   (1,138,535)   (1,007,963)   98,334
Dorian LPG Ltd. (Marshall Islands)   USFF -0.250%   Weekly   MS   01/17/30   (18,670)   (538,441)   (454,428)   54,732
Energy Fuels, Inc. (Canada)   USFF -0.690%   Weekly   MS   07/23/30   (11,321)   (164,945)   (164,607)   (1,253)
EOG Resources, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (50,622)   (5,417,070)   (5,315,816)   49,662
Excelerate Energy, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (40,857)   (1,086,317)   (1,146,039)   (72,414)
Helmerich & Payne, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (135,386)   (2,740,108)   (3,882,870)   (1,222,921)
Kinetik Holdings, Inc.   USFF -1.490%   Weekly   MS   01/07/27   (18,085)   (687,449)   (651,964)   (157,270)
Liberty Energy, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (96,943)   (1,848,727)   (1,789,568)   9,549
Marathon Petroleum Corp.   USFF -0.250%   Weekly   MS   07/23/30   (39,652)   (7,512,134)   (6,448,605)   955,794
Matador Resources Co.   USFF -0.250%   Weekly   MS   07/18/30   (21,467)   (1,012,677)   (911,059)   82,057
37

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
NexGen Energy Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (36,394)   $(318,114)   $(334,825)   $(19,769)
NextDecade Corp.   USFF -0.540%   Weekly   MS   01/12/29   (431,816)   (2,926,826)   (2,275,670)   623,097
Nordic American Tankers Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/23/30   (136,776)   (466,645)   (470,509)   (21,166)
Northern Oil & Gas, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (14,777)   (328,204)   (317,262)   1,137
ONEOK, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (16,601)   (1,555,660)   (1,220,173)   202,768
Peabody Energy Corp.   USFF -0.250%   Weekly   MS   07/23/30   (69,560)   (2,050,697)   (2,065,932)   (37,154)
ProFrac Holding Corp., Class A   USFF -0.790%   Weekly   MS   07/23/30   (128)   (499)   (498)   (13)
ProPetro Holding Corp.   USFF -0.250%   Weekly   MS   07/11/28   (75,276)   (778,573)   (715,875)   54,546
Sable Offshore Corp.   USFF -0.890%   Weekly   MS   07/23/30   (22,979)   (200,067)   (207,271)   (9,131)
Seadrill Ltd. (Bermuda)   USFF -0.640%   Weekly   MS   01/17/30   (25,153)   (779,767)   (870,294)   (98,009)
Select Water Solutions, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (154,513)   (1,470,438)   (1,625,477)   (186,994)
SFL Corp. Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/16/29   (23,525)   (250,252)   (183,730)   38,925
SLB Ltd. (Curacao)   USFF -0.250%   Weekly   MS   07/23/30   (47,295)   (1,785,097)   (1,815,182)   (56,312)
SM Energy Co.   USFF -0.250%   Weekly   MS   01/17/30   (130,589)   (3,159,283)   (2,442,014)   634,128
TETRA Technologies, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (171,491)   (1,399,835)   (1,606,871)   (220,461)
Venture Global, Inc., Class A   USFF -4.340%   Weekly   MS   07/23/30   (100,942)   (654,644)   (688,424)   (40,148)
                    (3,132,321)   (63,733,222)   (61,478,981)   762,140
Financial Services                            
MSCI, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (966)   (562,186)   (554,223)   2,566
Remitly Global, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (84,439)   (1,210,777)   (1,165,258)   33,906
S&P Global, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (3,530)   (1,861,933)   (1,844,743)   (663)
Shift4 Payments, Inc., Class A   USFF -2.190%   Weekly   MS   07/23/30   (9,860)   (696,479)   (620,884)   69,913
                    (98,795)   (4,331,375)   (4,185,108)   105,722
Food, Beverage & Tobacco                            
Bunge Global SA (Switzerland)   USFF -0.250%   Weekly   MS   07/16/29   (58,769)   (5,273,413)   (5,235,143)   (65,571)
Celsius Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (13,498)   (622,106)   (617,399)   (1,264)
Conagra Brands, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (43,580)   (758,353)   (754,370)   (345)
General Mills, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (15,303)   (716,473)   (711,589)   (1,992)
Hormel Foods Corp.   USFF -0.250%   Weekly   MS   07/23/30   (88,648)   (2,122,409)   (2,100,958)   1,102
Ingredion, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (65)   (7,189)   (7,167)   (56)
J M Smucker Co. (The)   USFF -0.250%   Weekly   MS   07/23/30   (4,135)   (464,873)   (404,444)   59,972
38

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Food, Beverage & Tobacco —
(continued) 		                           
McCormick & Co., Inc., non-voting shares   USFF -0.250%   Weekly   MS   07/23/30   (4,078)   $(279,247)   $(277,753)   $(1,191)
Post Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (41,083)   (4,095,398)   (4,069,271)   (13,130)
Primo Brands Corp.   USFF -0.250%   Weekly   MS   01/17/30   (329,963)   (7,834,500)   (5,394,895)   2,323,956
Simply Good Foods Co. (The)   USFF -0.250%   Weekly   MS   07/23/30   (995)   (20,074)   (19,980)   (108)
Turning Point Brands, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (49)   (5,313)   (5,312)   (59)
Universal Corp.   USFF -0.250%   Weekly   MS   07/23/30   (6,208)   (344,992)   (327,472)   8,882
Utz Brands, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (66,285)   (849,777)   (688,038)   144,165
Vita Coco Co., Inc. (The)   USFF -0.250%   Weekly   MS   07/23/30   (4,394)   (187,841)   (232,926)   (52,481)
Vital Farms, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (21,454)   (801,235)   (685,241)   108,307
                    (698,507)   (24,383,193)   (21,531,958)   2,510,187
Health Care Equipment & Services                            
Acadia Healthcare Co., Inc.   USFF -0.250%   Weekly   MS   07/11/28   (97,775)   (4,124,052)   (1,387,427)   2,697,092
Astrana Health, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (29,211)   (847,101)   (724,725)   114,248
Bausch + Lomb Corp. (Canada)   USFF -0.740%   Weekly   MS   01/17/30   (60,131)   (831,789)   (1,027,037)   (203,987)
Baxter International, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (40,452)   (776,333)   (773,038)   (4,286)
Centene Corp.   USFF -0.250%   Weekly   MS   07/23/30   (23,893)   (906,903)   (983,197)   (84,994)
Claritev Corp.   USFF -0.940%   Weekly   MS   07/23/30   (3,130)   (153,894)   (133,808)   18,602
DENTSPLY SIRONA, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (393,281)   (4,823,629)   (4,495,202)   199,207
Enovis Corp.   USFF -0.250%   Weekly   MS   01/12/29   (17,993)   (884,610)   (479,334)   397,824
GoodRx Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   01/12/29   (37,736)   (318,194)   (102,265)   221,963
Henry Schein, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (19,369)   (1,327,669)   (1,463,909)   (150,337)
Hims & Hers Health, Inc.   USFF -0.490%   Weekly   MS   07/23/30   (30,653)   (1,404,006)   (995,303)   395,238
Inspire Medical Systems, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (10,299)   (1,310,768)   (949,877)   348,112
Integer Holdings Corp.   USFF -0.250%   Weekly   MS   07/23/30   (15,235)   (1,405,754)   (1,194,881)   197,392
Integra LifeSciences Holdings Corp.   USFF -0.250%   Weekly   MS   07/11/28   (147,116)   (3,176,371)   (1,827,181)   1,318,935
iRadimed Corp.   USFF -0.250%   Weekly   MS   07/23/30   (70)   (6,815)   (6,810)   (70)
Lantheus Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (66,081)   (3,965,886)   (4,397,691)   (469,821)
Molina Healthcare, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (15,994)   (2,593,879)   (2,775,599)   (206,588)
Neogen Corp.   USFF -0.250%   Weekly   MS   01/10/28   (78,183)   (1,273,119)   (546,499)   731,379
NeoGenomics, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (88,827)   (762,633)   (1,044,606)   (294,181)
39

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services
— (continued) 		                           
Novocure Ltd. (Jersey)   USFF -0.250%   Weekly   MS   01/10/28   (223,764)   $(3,770,570)   $(2,893,269)   $839,995
Option Care Health, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (132,246)   (3,968,268)   (4,213,358)   (283,129)
Penumbra, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (2,769)   (868,859)   (860,910)   (387)
Phreesia, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (52,504)   (1,113,366)   (888,368)   214,319
PROCEPT BioRobotics Corp.   USFF -0.250%   Weekly   MS   07/23/30   (22,644)   (875,319)   (712,380)   154,540
Pulse Biosciences, Inc.   USFF -4.990%   Weekly   MS   07/23/30   (101)   (1,383)   (1,387)   (26)
QuidelOrtho Corp.   USFF -0.250%   Weekly   MS   07/06/26   (2,848)   (82,716)   (81,339)   575
Surgery Partners, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (76,009)   (2,354,757)   (1,174,339)   1,162,190
Teladoc Health, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (151,269)   (1,457,332)   (1,058,883)   384,473
Teleflex, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (41,967)   (4,847,116)   (5,121,653)   (325,079)
Tenet Healthcare Corp.   USFF -0.250%   Weekly   MS   07/23/30   (2,018)   (431,610)   (401,017)   26,894
US Physical Therapy, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,612)   (505,768)   (516,331)   (16,186)
Zimmer Biomet Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (20,324)   (1,900,500)   (1,827,534)   48,877
                    (1,910,504)   (53,070,969)   (45,059,157)   7,432,784
Household & Personal Products                            
BellRing Brands, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (9,718)   (759,379)   (259,762)   492,330
Edgewell Personal Care Co.   USFF -0.250%   Weekly   MS   01/17/30   (54,184)   (1,483,713)   (923,837)   522,681
elf Beauty, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (13,793)   (1,542,737)   (1,048,820)   479,123
Energizer Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (21,096)   (394,287)   (419,599)   (30,905)
Oddity Tech Ltd., Class A (Israel)   USFF -0.250%   Weekly   MS   07/23/30   (17,764)   (777,041)   (713,758)   56,136
Olaplex Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (16,872)   (20,010)   (22,608)   (2,799)
Spectrum Brands Holdings, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (21,877)   (1,618,539)   (1,292,493)   274,811
                    (155,304)   (6,595,706)   (4,680,877)   1,791,377
Materials                            
Air Products and Chemicals, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (88)   (28,660)   (21,738)   6,165
Amcor PLC (Jersey)   USFF -0.250%   Weekly   MS   07/23/30   (227,005)   (1,936,304)   (1,893,222)   (36,581)
AptarGroup, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (15,830)   (1,887,708)   (1,930,627)   (61,460)
Ashland, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (33,654)   (1,817,358)   (1,974,480)   (190,126)
Avient Corp.   USFF -0.250%   Weekly   MS   07/23/30   (37,115)   (1,121,323)   (1,159,473)   (56,873)
Avino Silver & Gold Mines Ltd. (Canada)   USFF -1.440%   Weekly   MS   07/23/30   (86,406)   (471,496)   (536,581)   (69,613)
40

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
Axalta Coating Systems Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/23/30   (75,429)   $(2,356,999)   $(2,437,111)   $(102,710)
Celanese Corp.   USFF -0.250%   Weekly   MS   01/17/30   (1,519)   (141,372)   (64,223)   70,759
Century Aluminum Co.   USFF -0.250%   Weekly   MS   07/23/30   (13,812)   (424,683)   (541,154)   (120,551)
Cleveland-Cliffs, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (123,053)   (1,580,428)   (1,634,144)   (69,162)
Dow, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (108,726)   (4,557,362)   (2,542,014)   1,728,269
Eagle Materials, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (4,329)   (943,427)   (894,718)   37,957
Eastman Chemical Co.   USFF -0.250%   Weekly   MS   07/23/30   (12,222)   (832,412)   (780,130)   24,282
Ecolab, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (5,064)   (1,340,162)   (1,329,401)   (4,901)
Ecovyst, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (53,470)   (486,088)   (520,263)   (39,441)
ERO Copper Corp. (Canada)   USFF -0.690%   Weekly   MS   07/23/30   (19,923)   (341,982)   (563,622)   (226,458)
First Majestic Silver Corp. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (44,246)   (540,491)   (737,138)   (204,498)
FMC Corp.   USFF -0.250%   Weekly   MS   01/17/30   (20,053)   (819,523)   (278,135)   509,496
Graphic Packaging Holding Co.   USFF -0.250%   Weekly   MS   07/16/29   (69,442)   (1,684,222)   (1,045,797)   601,293
Hawkins, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (4,411)   (659,245)   (626,627)   24,698
Hudbay Minerals, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (71,346)   (1,299,399)   (1,416,218)   (129,271)
Innospec, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (19,546)   (1,551,459)   (1,496,051)   31,397
International Paper Co.   USFF -0.250%   Weekly   MS   01/17/30   (40,648)   (2,031,054)   (1,601,125)   368,554
James Hardie Industries PLC (Ireland)   USFF -0.250%   Weekly   MS   07/23/30   (40,448)   (759,243)   (839,296)   (87,338)
Kaiser Aluminum Corp.   USFF -0.250%   Weekly   MS   01/17/30   (5,622)   (425,415)   (645,743)   (231,597)
Knife River Corp.   USFF -0.250%   Weekly   MS   01/17/30   (21,558)   (1,850,979)   (1,516,605)   316,626
Lithium Americas Corp. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (318,547)   (1,619,710)   (1,388,865)   215,313
Louisiana-Pacific Corp.   USFF -0.250%   Weekly   MS   07/23/30   (10,386)   (819,163)   (838,773)   (28,666)
Martin Marietta Materials, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (534)   (333,712)   (332,500)   (2,439)
Methanex Corp. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (29,655)   (1,052,098)   (1,177,897)   (143,836)
Mosaic Co. (The)   USFF -0.250%   Weekly   MS   07/23/30   (25,996)   (899,542)   (626,244)   258,694
MP Materials Corp.   USFF -0.250%   Weekly   MS   07/23/30   (6,832)   (390,676)   (345,153)   41,770
Olin Corp.   USFF -0.250%   Weekly   MS   07/23/30   (87,030)   (1,743,588)   (1,812,835)   (102,829)
Orla Mining Ltd. (Canada)   USFF -0.250%   Weekly   MS   01/17/30   (155,910)   (1,709,465)   (2,100,108)   (414,546)
Packaging Corp. of America   USFF -0.250%   Weekly   MS   07/23/30   (8,396)   (1,684,644)   (1,731,507)   (71,914)
Quaker Chemical Corp.   USFF -0.250%   Weekly   MS   07/23/30   (5,218)   (697,901)   (716,484)   (27,447)
41

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
Ramaco Resources, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (125,561)   $(2,905,100)   $(2,260,098)   $617,152
Reliance, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (2,062)   (575,582)   (595,650)   (27,943)
Royal Gold, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (23,284)   (4,402,740)   (5,175,800)   (840,625)
Silgan Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (45,036)   (2,248,202)   (1,818,103)   387,676
Skeena Resources Ltd. (Canada)   USFF -0.540%   Weekly   MS   07/23/30   (19,324)   (331,814)   (458,559)   (131,444)
Sonoco Products Co.   USFF -0.250%   Weekly   MS   01/17/30   (10,879)   (516,622)   (474,760)   18,204
Sylvamo Corp.   USFF -0.250%   Weekly   MS   01/05/26   (10,203)   (452,946)   (491,274)   (45,061)
Taseko Mines Ltd. (Canada)   USFF -0.250%   Weekly   MS   01/12/29   (279,267)   (757,897)   (1,580,651)   (841,040)
Teck Resources Ltd., Class B (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (26,074)   (1,138,778)   (1,248,684)   (125,680)
TMC the metals Co., Inc. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (10,340)   (64,315)   (63,798)   (108)
Triple Flag Precious Metals Corp. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (20,248)   (626,562)   (672,639)   (53,277)
Tronox Holdings PLC (United Kingdom)   USFF -0.261%   Weekly   MS   01/12/29   (128,887)   (1,088,473)   (537,459)   511,251
United States Antimony Corp.   USFF -0.250%   Weekly   MS   07/23/30   (153,014)   (961,231)   (768,130)   183,879
Warrior Met Coal, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (7,720)   (561,946)   (680,672)   (136,763)
West Fraser Timber Co. Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (4,318)   (310,399)   (263,873)   40,910
Westlake Corp.   USFF -0.250%   Weekly   MS   01/17/30   (32,511)   (2,440,641)   (2,403,863)   (22,763)
Wheaton Precious Metals Corp. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (9,008)   (1,071,390)   (1,058,620)   2,493
Worthington Steel, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (11,865)   (378,255)   (410,766)   (38,241)
                    (2,723,070)   (63,672,186)   (61,059,401)   1,311,636
Media & Entertainment                            
EchoStar Corp., Class A   USFF -0.250%   Weekly   MS   01/07/27   (10,767)   (851,892)   (1,170,373)   (326,654)
fuboTV, Inc., Class A   USFF -0.268%   Weekly   MS   01/17/30   (168,638)   (633,422)   (424,968)   202,374
Grindr, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (15,714)   (367,871)   (212,768)   151,568
IAC, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,501)   (258,444)   (254,189)   1,769
Ibotta, Inc., Class A   USFF -0.540%   Weekly   MS   01/17/30   (26,579)   (1,026,563)   (604,141)   412,828
Live Nation Entertainment, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (13,754)   (2,106,256)   (1,959,945)   126,116
Madison Square Garden Sports Corp.   USFF -0.250%   Weekly   MS   01/17/30   (14,713)   (3,070,701)   (3,805,517)   (774,721)
Nexstar Media Group, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (182)   (37,292)   (36,955)   (29)
ROBLOX Corp., Class A   USFF -0.250%   Weekly   MS   07/23/30   (10,850)   (968,491)   (879,175)   80,025
Scholastic Corp.   USFF -0.250%   Weekly   MS   07/23/30   (10,343)   (297,851)   (306,463)   (13,242)
42

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Media & Entertainment —
(continued) 		                           
Sirius XM Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (16,468)   $(363,050)   $(329,278)   $29,462
Snap, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (36,088)   (324,563)   (291,230)   32,576
Taboola.com Ltd. (Israel)   USFF -1.140%   Weekly   MS   07/23/30   (5,965)   (27,253)   (27,499)   (516)
TKO Group Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (9,215)   (1,884,833)   (1,925,935)   (64,159)
Trade Desk, Inc. (The), Class A   USFF -0.250%   Weekly   MS   07/23/30   (47,048)   (2,038,150)   (1,785,942)   232,666
Warner Bros Discovery, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (46,813)   (1,301,973)   (1,349,151)   (79,442)
Webtoon Entertainment, Inc.   USFF -2.640%   Weekly   MS   07/23/30   (17,976)   (237,703)   (234,227)   1,188
ZoomInfo Technologies, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (49,212)   (583,497)   (500,486)   77,409
                    (506,826)   (16,379,805)   (16,098,242)   89,218
Pharmaceuticals, Biotechnology &
Life Sciences 		                           
AbCellera Biologics, Inc. (Canada)   USFF -1.770%   Weekly   MS   07/11/28   (286,205)   (1,012,454)   (978,821)   23,921
ADMA Biologics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (113,056)   (1,873,241)   (2,062,141)   (209,054)
Arcellx, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (59)   (3,809)   (3,847)   (83)
Biohaven Ltd. (British Virgin Islands)   USFF -0.250%   Weekly   MS   01/17/30   (11,159)   (298,801)   (125,985)   169,943
BioMarin Pharmaceutical, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (5,553)   (330,747)   (330,015)   (2,447)
Bio-Techne Corp.   USFF -0.250%   Weekly   MS   07/16/29   (4,339)   (323,537)   (255,177)   64,041
Bruker Corp.   USFF -0.250%   Weekly   MS   07/16/29   (8,382)   (572,355)   (394,876)   169,904
Corcept Therapeutics, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (24,825)   (2,142,200)   (863,910)   1,257,751
CorMedix, Inc.   USFF -0.840%   Weekly   MS   07/23/30   (3,638)   (45,095)   (42,310)   2,343
Crinetics Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (13,178)   (642,157)   (613,436)   22,557
CytomX Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (10,379)   (44,232)   (44,215)   (416)
Danaher Corp.   USFF -0.250%   Weekly   MS   07/23/30   (2,722)   (617,420)   (623,120)   (12,494)
Disc Medicine, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (381)   (29,921)   (30,255)   (630)
Dyne Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (11,194)   (218,821)   (218,955)   (2,240)
Eli Lilly & Co.   USFF -0.250%   Weekly   MS   07/23/30   (675)   (726,837)   (725,409)   (5,547)
EyePoint, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (50,924)   (674,771)   (930,381)   (263,876)
Fortrea Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (17,359)   (181,144)   (299,443)   (123,271)
Geron Corp.   USFF -0.250%   Weekly   MS   07/23/30   (2,559)   (3,395)   (3,378)   (25)
ImmunityBio, Inc.   USFF -4.249%   Weekly   MS   07/23/30   (1,970)   (3,870)   (3,901)   (77)
Krystal Biotech, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (346)   (85,805)   (85,303)   (330)
LENZ Therapeutics, Inc.   USFF -0.940%   Weekly   MS   07/23/30   (17,115)   (486,156)   (273,840)   207,647
43

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) 		                           
Ocular Therapeutix, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (74,868)   $(733,535)   $(908,898)   $(182,402)
Organon & Co.   USFF -0.250%   Weekly   MS   07/23/30   (88,777)   (943,805)   (636,531)   296,444
Pacira BioSciences, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (32,279)   (793,222)   (835,381)   (49,769)
Perrigo Co. PLC (Ireland)   USFF -0.250%   Weekly   MS   07/23/30   (112,459)   (1,538,249)   (1,565,429)   (59,503)
Personalis, Inc.   USFF -0.690%   Weekly   MS   07/23/30   (16,329)   (145,277)   (129,979)   13,897
Phibro Animal Health Corp., Class A   USFF -0.250%   Weekly   MS   07/23/30   (5,507)   (216,806)   (205,742)   8,977
Protagonist Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (30,209)   (2,025,368)   (2,638,454)   (670,646)
QIAGEN NV (Netherlands)   USFF -0.250%   Weekly   MS   07/23/30   (20,914)   (957,386)   (940,503)   7,310
Recursion Pharmaceuticals, Inc., Class A   USFF -1.012%   Weekly   MS   07/23/30   (9,732)   (39,826)   (39,804)   (369)
Repligen Corp.   USFF -0.250%   Weekly   MS   07/23/30   (7,216)   (1,220,122)   (1,182,414)   26,006
Revvity, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (10,001)   (891,610)   (967,597)   (85,254)
Sarepta Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (51,305)   (3,058,117)   (1,104,084)   1,924,717
Stoke Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (35,495)   (1,034,166)   (1,126,611)   (102,366)
Summit Therapeutics, Inc.   USFF -0.840%   Weekly   MS   07/23/30   (504)   (8,785)   (8,815)   (124)
Supernus Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (50,584)   (2,385,068)   (2,514,025)   (151,824)
Tempus AI, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (16,746)   (1,233,434)   (988,851)   232,752
TG Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (124)   (3,681)   (3,696)   (60)
Twist Bioscience Corp.   USFF -0.250%   Weekly   MS   07/23/30   (89)   (2,824)   (2,823)   (35)
Ultragenyx Pharmaceutical, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (19,342)   (579,084)   (444,866)   128,659
Vaxcyte, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (6,535)   (350,341)   (301,525)   45,449
Vertex Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (2,275)   (1,047,291)   (1,031,394)   5,851
Viatris, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (194,993)   (2,106,575)   (2,427,663)   (374,203)
Waters Corp.   USFF -0.250%   Weekly   MS   07/23/30   (1,019)   (361,003)   (387,047)   (31,409)
West Pharmaceutical Services, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (58)   (23,098)   (15,958)   18,308
                    (1,373,378)   (32,015,441)   (29,316,808)   2,298,023
Semiconductors & Semiconductor
Equipment 		                           
ACM Research, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (59,176)   (1,869,751)   (2,334,493)   (482,670)
44

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Semiconductors & Semiconductor
Equipment — (continued) 		                           
Aehr Test Systems   USFF -1.240%   Weekly   MS   07/23/30   (25,529)   $(616,201)   $(515,431)   $95,144
Ambarella, Inc. (Cayman Islands)   USFF -0.250%   Weekly   MS   07/23/30   (6,974)   (496,680)   (494,038)   (2,128)
Amkor Technology, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (7,711)   (347,843)   (304,430)   41,759
Cohu, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (9,125)   (296,893)   (212,339)   82,850
Enphase Energy, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (59,999)   (1,975,770)   (1,922,968)   33,858
FormFactor, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (11,384)   (365,992)   (635,000)   (288,700)
Kulicke & Soffa Industries, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (21,292)   (1,045,455)   (970,064)   43,346
Lattice Semiconductor Corp.   USFF -0.250%   Weekly   MS   07/23/30   (15,034)   (977,262)   (1,106,202)   (138,639)
MACOM Technology Solutions Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (3,368)   (490,634)   (576,871)   (107,129)
Microchip Technology, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (49,707)   (3,311,975)   (3,167,330)   116,757
Onto Innovation, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (1,358)   (301,665)   (214,374)   84,391
PDF Solutions, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (5,049)   (148,060)   (144,048)   2,583
Penguin Solutions, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (10,249)   (214,082)   (200,470)   11,551
Photronics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (2,006)   (67,116)   (64,192)   2,272
Power Integrations, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (33,886)   (1,231,564)   (1,204,308)   14,774
Rigetti Computing, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (155,303)   (3,615,988)   (3,439,961)   141,363
SkyWater Technology, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (1,317)   (24,893)   (23,917)   728
Wolfspeed, Inc.   USFF -1.790%   Weekly   MS   07/23/30   (81,587)   (1,519,931)   (1,420,430)   84,926
                    (560,054)   (18,917,755)   (18,950,866)   (262,964)
Software & Services                            
Adeia, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (7,357)   (126,173)   (126,908)   (1,954)
Akamai Technologies, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (24,474)   (1,993,110)   (2,135,356)   (165,107)
Alkami Technology, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (22,896)   (552,497)   (528,211)   18,568
Applied Digital Corp.   USFF -0.250%   Weekly   MS   07/23/30   (26,367)   (615,291)   (646,519)   (37,134)
BlackLine, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (18,257)   (1,024,215)   (1,009,430)   4,960
Blend Labs, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (218,309)   (696,285)   (663,659)   25,944
C3.ai, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (53,706)   (921,915)   (723,957)   189,497
Clearwater Analytics Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (82,895)   (1,735,553)   (1,999,427)   (280,516)
Commvault Systems, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (4,422)   (562,046)   (554,342)   2,309
Core Scientific, Inc.   USFF -0.640%   Weekly   MS   01/17/30   (70,162)   (889,942)   (1,021,559)   (140,155)
45

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
CoreWeave, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (45,635)   $(4,454,440)   $(3,267,922)   $1,143,819
Daily Journal Corp.   USFF -0.590%   Weekly   MS   07/23/30   (1,224)   (633,099)   (596,480)   30,542
DigitalOcean Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (26,775)   (1,263,173)   (1,288,413)   (37,355)
DoubleVerify Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (184,345)   (1,976,491)   (2,108,907)   (151,367)
D-Wave Quantum, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (36,279)   (849,374)   (948,696)   (107,471)
DXC Technology Co.   USFF -0.250%   Weekly   MS   07/23/30   (51,091)   (718,798)   (748,483)   (37,444)
Elastic NV (Netherlands)   USFF -0.250%   Weekly   MS   07/23/30   (37,853)   (2,779,880)   (2,855,630)   (102,400)
Fair Isaac Corp.   USFF -0.250%   Weekly   MS   07/23/30   (533)   (991,469)   (901,100)   84,113
Five9, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (69,799)   (2,806,034)   (1,399,470)   1,381,242
Gitlab, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (31,743)   (1,279,585)   (1,191,315)   75,998
Globant SA (Luxembourg)   USFF -0.250%   Weekly   MS   01/17/30   (47,844)   (3,936,617)   (3,127,562)   766,277
Grid Dynamics Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (40,910)   (352,762)   (369,417)   (20,990)
Hive Digital Technologies Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (804,530)   (2,529,563)   (2,075,687)   433,225
Jamf Holding Corp.   USFF -0.250%   Weekly   MS   07/16/29   (6,129)   (93,033)   (79,738)   13,020
Karooooo Ltd. (Singapore)   USFF -2.190%   Weekly   MS   07/23/30   (546)   (25,141)   (24,843)   47
Klaviyo, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (3,516)   (144,987)   (114,165)   31,964
Lightspeed Commerce, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/06/26   (55,166)   (1,459,060)   (666,405)   779,205
PAR Technology Corp.   USFF -0.250%   Weekly   MS   07/23/30   (10,321)   (441,576)   (374,446)   62,899
Quantum Computing, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (95,583)   (1,393,539)   (980,682)   399,493
Rapid7, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (62,681)   (1,060,562)   (952,751)   97,637
SEMrush Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (68,081)   (636,269)   (809,483)   (179,873)
SentinelOne, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (36,232)   (800,812)   (543,480)   249,538
Shopify, Inc., Class A (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (7,859)   (1,323,564)   (1,265,063)   53,287
Snowflake, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (5,207)   (1,147,241)   (1,142,208)   (5,970)
SoundHound AI, Inc., Class A   USFF -0.790%   Weekly   MS   07/23/30   (100,064)   (1,193,204)   (997,638)   184,122
SPS Commerce, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (16,688)   (1,743,734)   (1,487,401)   239,612
Synopsys, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (17,384)   (7,933,677)   (8,165,612)   (307,978)
Terawulf, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (92,501)   (1,123,606)   (1,062,836)   49,992
Varonis Systems, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (127,028)   (4,237,934)   (4,166,518)   30,792
46

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
Vertex, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (156,744)   $(4,749,377)   $(3,130,178)   $1,577,476
Zscaler, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (16,607)   (3,886,184)   (3,735,246)   113,685
                    (2,785,743)   (67,081,812)   (59,987,143)   6,463,549
Technology Hardware & Equipment                            
ADTRAN Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (17,476)   (153,467)   (151,866)   120
Aeva Technologies, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (158,917)   (2,291,786)   (2,110,418)   159,396
Applied Optoelectronics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (47,139)   (1,112,334)   (1,643,266)   (541,601)
Arlo Technologies, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (42,856)   (597,264)   (599,555)   (8,024)
Arrow Electronics, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (23,557)   (2,638,795)   (2,595,510)   17,987
Avnet, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (4,373)   (211,858)   (210,254)   (1,982)
Bel Fuse, Inc., Class B   USFF -0.250%   Weekly   MS   01/17/30   (11,698)   (1,442,054)   (1,984,332)   (556,976)
Coherent Corp.   USFF -0.250%   Weekly   MS   07/23/30   (5,169)   (716,471)   (954,042)   (244,447)
Crane NXT Co.   USFF -0.250%   Weekly   MS   01/12/29   (6,771)   (433,264)   (318,711)   110,214
Fabrinet (Cayman Islands)   USFF -0.250%   Weekly   MS   07/23/30   (6,272)   (2,833,100)   (2,855,516)   (94,092)
Harmonic, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (893)   (12,391)   (8,832)   4,320
Insight Enterprises, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (6,653)   (855,852)   (542,020)   305,620
IonQ, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (23,263)   (973,182)   (1,043,811)   (79,965)
IPG Photonics Corp.   USFF -0.250%   Weekly   MS   07/23/30   (8,604)   (699,552)   (616,046)   77,480
Motorola Solutions, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (1,617)   (620,165)   (619,828)   (5,616)
NETGEAR, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (19,640)   (520,435)   (481,769)   33,669
Novanta, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (8,723)   (1,104,531)   (1,037,950)   55,987
Plexus Corp.   USFF -0.250%   Weekly   MS   07/23/30   (3,228)   (474,622)   (474,516)   (5,152)
Powerfleet, Inc. NJ   USFF -0.250%   Weekly   MS   07/23/30   (4,525)   (24,523)   (24,073)   206
Pure Storage, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (40,633)   (2,803,273)   (2,722,817)   53,581
Vishay Intertechnology, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (209,258)   (3,780,012)   (3,032,148)   639,377
Vontier Corp.   USFF -0.250%   Weekly   MS   07/23/30   (7,498)   (283,210)   (278,776)   1,710
                    (658,763)   (24,582,141)   (24,306,056)   (78,188)
Telecommunication Services                            
Array Digital Infrastructure, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (5,995)   (428,462)   (321,452)   (34,991)
BCE, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (81,174)   (1,882,893)   (1,933,565)   (93,219)
Cogent Communications Holdings, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (81,866)   (2,952,199)   (1,765,031)   1,120,723
47

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Telecommunication Services —
(continued) 		                           
Frontier Communications Parent, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (59,358)   $(2,198,952)   $(2,259,759)   $(83,805)
Shenandoah Telecommunications Co.   USFF -0.250%   Weekly   MS   01/05/26   (38,166)   (695,061)   (441,199)   208,269
                    (266,559)   (8,157,567)   (6,721,006)   1,116,977
Transportation                            
Alaska Air Group, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (17,294)   (949,201)   (869,888)   72,088
ArcBest Corp.   USFF -0.250%   Weekly   MS   07/16/29   (29,163)   (2,712,068)   (2,163,603)   511,444
Canadian Pacific Kansas City Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (12,240)   (875,276)   (901,231)   (39,668)
Frontier Group Holdings, Inc.   USFF -0.264%   Weekly   MS   07/16/29   (129,492)   (718,330)   (609,907)   101,529
Hertz Global Holdings, Inc.   USFF -0.990%   Weekly   MS   01/17/30   (30,706)   (212,406)   (157,829)   52,532
Hub Group, Inc., Class A   USFF -0.250%   Weekly   MS   07/23/30   (28,227)   (1,053,702)   (1,202,752)   (162,125)
JetBlue Airways Corp.   USFF -0.256%   Weekly   MS   07/16/29   (94,708)   (470,482)   (430,921)   35,042
Knight-Swift Transportation Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (77,326)   (3,459,499)   (4,042,603)   (630,225)
RXO, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (82,990)   (2,205,983)   (1,048,994)   1,145,963
Ryder System, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (7,681)   (1,364,107)   (1,470,067)   (120,419)
Saia, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (2,283)   (1,111,462)   (745,445)   355,356
Southwest Airlines Co.   USFF -0.250%   Weekly   MS   07/23/30   (73,445)   (2,451,923)   (3,035,482)   (620,080)
United Airlines Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (5,902)   (634,222)   (659,962)   (31,828)
                    (591,457)   (18,218,661)   (17,338,684)   669,609
Utilities                            
AES Corp. (The)   USFF -0.250%   Weekly   MS   01/10/28   (128,034)   (2,084,918)   (1,836,008)   93,565
Avista Corp.   USFF -0.250%   Weekly   MS   07/16/29   (16,537)   (646,379)   (637,336)   (24,789)
Brookfield Renewable Corp. (Canada)   USFF -0.250%   Weekly   MS   01/17/30   (16,300)   (554,621)   (624,942)   (85,843)
California Water Service Group   USFF -0.250%   Weekly   MS   01/10/28   (32,558)   (1,570,862)   (1,410,738)   109,752
Chesapeake Utilities Corp.   USFF -0.250%   Weekly   MS   01/12/29   (8,018)   (956,822)   (1,000,326)   (72,656)
Clearway Energy, Inc., Class C   USFF -0.250%   Weekly   MS   07/23/30   (32,282)   (985,522)   (1,073,699)   (120,001)
Dominion Energy, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (51,032)   (3,109,070)   (2,989,965)   48,275
Edison International   USFF -0.250%   Weekly   MS   07/23/30   (821)   (49,415)   (49,276)   (344)
Emera, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/23/30   (30)   (1,479)   (1,477)   (21)
H2O America   USFF -0.250%   Weekly   MS   01/12/29   (20,192)   (1,055,762)   (989,206)   28,071
IDACORP, Inc.   USFF -0.250%   Weekly   MS   01/10/28   (8,239)   (973,452)   (1,042,728)   (104,738)
48

 

GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Concluded)
December 31, 2025
(Unaudited)
Total Return Swaps (concluded)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Utilities — (continued)                            
Middlesex Water Co.   USFF -0.250%   Weekly   MS   07/23/30   (5,105)   $(264,861)   $(257,394)   $4,277
New Jersey Resources Corp.   USFF -0.250%   Weekly   MS   07/23/30   (24,021)   (1,126,522)   (1,107,849)   (9,538)
NextEra Energy, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (55,909)   (4,589,039)   (4,488,375)   12,321
NiSource, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (32,925)   (1,364,265)   (1,374,948)   (33,408)
Northwest Natural Holding Co.   USFF -0.250%   Weekly   MS   01/05/26   (34,966)   (1,564,222)   (1,634,311)   (183,419)
Northwestern Energy Group, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (13,551)   (886,428)   (874,582)   (5,790)
Oklo, Inc.   USFF -0.540%   Weekly   MS   07/23/30   (12,298)   (989,293)   (882,504)   97,299
PPL Corp.   USFF -0.250%   Weekly   MS   07/23/30   (43,302)   (1,596,260)   (1,516,436)   49,687
Sempra   USFF -0.250%   Weekly   MS   01/10/28   (12,058)   (1,018,296)   (1,064,601)   (97,339)
Southwest Gas Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (28,429)   (2,120,663)   (2,274,889)   (210,696)
Spire, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (21,396)   (1,655,698)   (1,769,449)   (169,354)
TransAlta Corp. (Canada)   USFF -0.250%   Weekly   MS   07/16/29   (128,416)   (1,575,531)   (1,623,178)   (75,820)
TXNM Energy, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (20,343)   (1,154,024)   (1,197,796)   (73,225)
Xcel Energy, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (13,738)   (1,000,265)   (1,014,689)   (45,496)
                    (760,500)   (32,893,669)   (32,736,702)   (869,230)
Total Reference Entity — Short           (637,549,114)   (596,766,328)   31,068,231
Net Value of Reference Entity           $(358,674,657)   $(271,235,890)   $88,854,438
* Includes $1,415,671 related to open trades, dividends receivables/payables and swap receivables/payables activities.
MS Morgan Stanley
USFF U.S. Fed Funds
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for total return swaps with end of period unrealized appreciation of $88,854,438, which are considered Level 2 as of and for the period ended December 31, 2025.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
49

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — 31.3%
Automobiles & Components — 0.3%
American Axle & Manufacturing Holdings, Inc.*      2,922   $     18,730
Aptiv PLC (Jersey)*        517        39,339
BorgWarner, Inc.      1,125        50,692
Dana, Inc.      6,560       155,866
Ford Motor Co.     35,863       470,523
Garrett Motion, Inc.        772        13,456
General Motors Co.      1,922       156,297
Harley-Davidson, Inc.      1,020        20,900
Magna International, Inc. (Canada)        584        31,127
Phinia, Inc.      1,280        80,243
Solid Power, Inc.*     13,227        56,215
Visteon Corp.      1,784       169,658
        1,263,046
Capital Goods — 4.3%
A. O. Smith Corp.        447        29,895
Advanced Drainage Systems, Inc.      3,531       511,395
AECOM        195        18,589
AGCO Corp.         59         6,155
Allegion PLC (Ireland)        237        37,735
AMETEK, Inc.        918       188,475
Astronics Corp.*      2,127       115,368
ATI, Inc.*      1,803       206,912
Bloom Energy Corp., Class A*      1,439       125,035
Blue Bird Corp.*      1,241        58,327
BWX Technologies, Inc.        176        30,420
Caterpillar, Inc.         40        22,915
Comfort Systems USA, Inc.         49        45,731
Crane Co.      1,438       265,210
Cummins, Inc.        138        70,442
Deere & Co.        174        81,009
DNOW, Inc.*      1,011        13,396
Donaldson Co., Inc.        720        63,835
Dycom Industries, Inc.*      1,159       391,626
Eaton Corp. PLC (Ireland)         57        18,155
EMCOR Group, Inc.        209       127,864
Emerson Electric Co.        137        18,183
Enerpac Tool Group Corp.        437        16,711
ESCO Technologies, Inc.      1,163       227,239
Fastenal Co.      2,875       115,374
Federal Signal Corp.        420        45,608
Flowserve Corp.        537        37,257
Fluor Corp.*      1,344        53,263
Fortive Corp.      4,651       256,782
GE Vernova, Inc.        171       111,760
General Dynamics Corp.      1,477       497,247
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Electric Co.         80   $     24,642
Graco, Inc.      1,414       115,906
Griffon Corp.      1,186        87,349
Hayward Holdings, Inc.*     24,131       372,824
HEICO Corp.        517       167,296
Helios Technologies, Inc.        320        17,117
Hexcel Corp.        560        41,384
Honeywell International, Inc.      1,232       240,351
Howmet Aerospace, Inc.        554       113,581
Hubbell, Inc.        616       273,572
Huntington Ingalls Industries, Inc.        272        92,499
IDEX Corp.        977       173,847
IES Holdings, Inc.*        195        75,859
Illinois Tool Works, Inc.        633       155,908
ITT, Inc.      2,601       451,300
Johnson Controls International PLC (Ireland)      1,975       236,506
L3Harris Technologies, Inc.        385       113,024
Lindsay Corp.        260        30,646
Mercury Systems, Inc.*      2,879       210,196
Microvast Holdings, Inc.*     54,027       151,276
Mueller Industries, Inc.        923       105,960
Mueller Water Products, Inc., Class A        984        23,439
MYR Group, Inc.*      1,707       372,979
Nextpower, Inc., Class A*         19         1,655
Nordson Corp.      1,955       470,041
Northrop Grumman Corp.      1,229       700,788
nVent Electric PLC (Ireland)      5,868       598,360
Oshkosh Corp.        256        32,161
Otis Worldwide Corp.      4,336       378,750
Owens Corning        390        43,645
Pentair PLC (Ireland)      3,046       317,210
Primoris Services Corp.         26         3,228
Regal Rexnord Corp.      2,302       323,017
REV Group, Inc.      8,199       498,581
Rockwell Automation, Inc.      2,062       802,262
RTX Corp.      2,258       414,117
Rush Enterprises, Inc., Class A      1,606        86,628
Sensata Technologies Holding PLC (United Kingdom)      6,474       215,519
Simpson Manufacturing Co., Inc.         41         6,620
SiteOne Landscape Supply, Inc.*      3,360       418,522
Snap-on, Inc.        146        50,312
SPX Technologies, Inc.*        144        28,809
Stantec, Inc. (Canada)      1,176       110,967
 
50

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Sterling Infrastructure, Inc.*        974   $    298,268
Textron, Inc.      3,859       336,389
Toro Co. (The)      1,736       136,658
Tutor Perini Corp.     12,770       855,845
V2X, Inc.*        482        26,293
Vertiv Holdings Co., Class A      6,106       989,233
Vicor Corp.*      1,298       142,261
VSE Corp.      1,863       321,871
Woodward, Inc.      1,676       506,688
Worthington Enterprises, Inc.         55         2,836
WW Grainger, Inc.         55        55,498
Xylem, Inc.      7,356     1,001,740
Zurn Elkay Water Solutions Corp.      3,216       149,512
       17,779,658
Commercial & Professional Services — 1.2%
Amentum Holdings, Inc.*      7,186       208,394
Brink's Co. (The)        224        26,148
Broadridge Financial Solutions, Inc.        700       156,219
CACI International, Inc., Class A*         23        12,255
Copart, Inc.*     15,046       589,051
CRA International, Inc.        198        39,738
CSG Systems International, Inc.      2,350       180,221
Exponent, Inc.        237        16,462
GFL Environmental, Inc. (Canada)      1,021        43,852
Healthcare Services Group, Inc.*      7,673       146,708
Jacobs Solutions, Inc.        316        41,857
KBR, Inc.      5,393       216,799
Korn Ferry        252        16,637
Leidos Holdings, Inc.      1,036       186,894
Montrose Environmental Group, Inc.*      2,375        58,971
Paychex, Inc.      5,354       600,612
Pitney Bowes, Inc.      2,615        27,641
Planet Labs PBC*     14,349       282,962
Republic Services, Inc.      1,793       379,990
Rollins, Inc.        566        33,971
Tetra Tech, Inc.      4,911       164,715
Thomson Reuters Corp. (Canada)      2,177       287,125
UniFirst Corp.         79        15,239
Upwork, Inc.*     14,775       292,840
Veralto Corp.      4,772       476,150
Verisk Analytics, Inc.      1,005       224,808
Willdan Group, Inc.*      4,060       420,860
        5,147,119
Consumer Discretionary Distribution & Retail — 1.6%
Advance Auto Parts, Inc.      3,536       138,965
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Discretionary Distribution & Retail — (Continued)
Amazon.com, Inc.*      1,801   $    415,707
AutoNation, Inc.*        125        25,810
AutoZone, Inc.*         37       125,486
Bath & Body Works, Inc.      2,679        53,794
Best Buy Co., Inc.         87         5,823
Buckle, Inc. (The)        471        25,161
CarMax, Inc.*      4,066       157,110
Chewy, Inc., Class A*      5,922       195,722
Dillard's, Inc., Class A         32        19,403
eBay, Inc.      6,492       565,453
GigaCloud Technology, Inc., Class A (Cayman Islands)*      1,504        59,077
Gold.com, Inc.        386        13,143
Groupon, Inc.*      4,089        72,007
Home Depot, Inc. (The)        734       252,569
Kohl's Corp.     23,038       470,206
Lithia Motors, Inc.        377       125,288
Lowe's Cos., Inc.      1,626       392,126
Macy's, Inc.      6,414       141,429
National Vision Holdings, Inc.*        282         7,281
O'Reilly Automotive, Inc.*      2,268       206,864
Penske Automotive Group, Inc.        333        52,711
Petco Health & Wellness Co., Inc.*     32,447        91,176
Pool Corp.        408        93,330
RealReal, Inc. (The)*      9,795       154,565
Ross Stores, Inc.      2,397       431,796
Sally Beauty Holdings, Inc.*      6,673        95,157
Signet Jewelers Ltd. (Bermuda)      3,636       301,352
Sonic Automotive, Inc., Class A      1,803       111,534
Stitch Fix, Inc., Class A*      8,497        44,609
ThredUp, Inc., Class A*     10,807        69,057
TJX Cos., Inc. (The)      3,468       532,719
Tractor Supply Co.     10,491       524,655
Ulta Beauty, Inc.*        166       100,432
Urban Outfitters, Inc.*        159        11,966
Wayfair, Inc., Class A*      4,661       468,011
Winmark Corp.        112        45,353
        6,596,847
Consumer Durables & Apparel — 0.6%
BRP, Inc., sub-voting shares (Canada)        766        54,202
Brunswick Corp.        813        60,357
Deckers Outdoor Corp.*      1,123       116,421
DR Horton, Inc.        201        28,950
Garmin Ltd. (Switzerland)        308        62,478
Gildan Activewear, Inc. (Canada)        434        27,108
 
51

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Hasbro, Inc.        314   $     25,748
Installed Building Products, Inc.        134        34,758
La-Z-Boy, Inc.        327        12,187
Leggett & Platt, Inc.     15,930       175,230
Levi Strauss & Co., Class A      1,682        34,885
Lululemon Athletica, Inc.*      1,493       310,260
NVR, Inc.*         40       291,711
Peloton Interactive, Inc., Class A*    111,843       688,953
Polaris, Inc.      1,991       125,931
Somnigroup International, Inc.      1,068        95,351
Sonos, Inc.*     11,913       209,192
Topgolf Callaway Brands Corp.*      9,818       114,576
        2,468,298
Consumer Services — 1.1%
ADT, Inc.        479         3,866
BJ's Restaurants, Inc.*        107         4,216
Bright Horizons Family Solutions, Inc.*      2,010       203,814
Choice Hotels International, Inc.      1,240       118,122
Churchill Downs, Inc.         44         5,006
Darden Restaurants, Inc.        493        90,722
Driven Brands Holdings, Inc.*      2,431        36,027
Expedia Group, Inc.      1,398       396,067
Hilton Worldwide Holdings, Inc.         68        19,533
Las Vegas Sands Corp.      7,561       492,146
Marriott International, Inc., Class A        831       257,810
McDonald's Corp.      1,282       391,818
Monarch Casino & Resort, Inc.        414        39,620
Rush Street Interactive, Inc.*      3,373        65,537
Shake Shack, Inc., Class A*      2,279       184,986
Strategic Education, Inc.      1,189        95,358
Vail Resorts, Inc.      2,948       391,494
Viking Holdings Ltd. (Bermuda)*      2,219       158,459
Wingstop, Inc.      2,381       567,845
Wynn Resorts Ltd.      3,082       370,857
Yum! Brands, Inc.      4,029       609,507
        4,502,810
Consumer Staples Distribution & Retail — 0.8%
Costco Wholesale Corp.        476       410,474
Dollar General Corp.      2,713       360,205
Dollar Tree, Inc.*      1,436       176,642
Kroger Co. (The)     10,005       625,113
Sysco Corp.      3,973       292,770
Target Corp.      5,063       494,908
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Staples Distribution & Retail — (Continued)
United Natural Foods, Inc.*     11,073   $    372,828
Walmart, Inc.      6,822       760,039
        3,492,979
Energy — 1.8%
Antero Midstream Corp.      8,555       152,193
APA Corp.      3,592        87,860
Baker Hughes Co.        552        25,138
Borr Drilling Ltd. (Bermuda)      5,397        21,750
California Resources Corp.      1,074        48,018
Cenovus Energy, Inc. (Canada)     15,224       257,590
Centrus Energy Corp., Class A*         56        13,595
Cheniere Energy, Inc.        212        41,211
Civitas Resources, Inc.      2,646        71,680
CNX Resources Corp.*      2,471        90,859
CVR Energy, Inc.*      1,613        41,035
Devon Energy Corp.     13,909       509,487
DHT Holdings, Inc. (Marshall Islands)     10,713       130,806
Enbridge, Inc. (Canada)      1,909        91,307
EQT Corp.        724        38,806
Expand Energy Corp.        269        29,687
Expro Group Holdings NV (Netherlands)*      4,068        54,308
Exxon Mobil Corp.      7,269       874,751
Gulfport Energy Corp.*        945       196,551
Halliburton Co.      4,956       140,057
Helix Energy Solutions Group, Inc.*        538         3,373
HF Sinclair Corp.      1,970        90,778
Imperial Oil Ltd. (Canada)        620        53,512
Innovex International, Inc.*      1,287        28,147
Kinder Morgan, Inc.      4,929       135,498
Kodiak Gas Services, Inc.      5,648       211,235
Murphy Oil Corp.      6,115       191,094
Noble Corp. PLC (United Kingdom)        605        17,085
Occidental Petroleum Corp.     15,913       654,343
Oceaneering International, Inc.*      2,815        67,644
Okeanis Eco Tankers Corp. (Marshall Islands)(a)        317        10,727
Range Resources Corp.      8,473       298,758
Suncor Energy, Inc. (Canada)      2,964       131,483
TechnipFMC PLC (United Kingdom)      3,183       141,834
Texas Pacific Land Corp.        573       164,577
Tidewater, Inc.*      4,902       247,600
Transocean Ltd. (Switzerland)*    177,005       731,031
Valaris Ltd. (Bermuda)*      2,795       140,868
 
52

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Valero Energy Corp.      5,882   $    957,531
World Kinect Corp.     12,411       290,790
        7,484,597
Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B*      2,436     1,224,455
Block, Inc.*      9,038       588,283
Cboe Global Markets, Inc.        453       113,703
CME Group, Inc.      1,078       294,380
Coinbase Global, Inc., Class A*        244        55,178
Corpay, Inc.*        306        92,085
FactSet Research Systems, Inc.        228        66,163
Fiserv, Inc.*      5,003       336,052
Flywire Corp.*      3,285        46,516
Franklin Resources, Inc.      4,707       112,450
Global Payments, Inc.        591        45,743
Intercontinental Exchange, Inc.      1,536       248,771
Jack Henry & Associates, Inc.      1,374       250,728
Mastercard, Inc., Class A        175        99,904
Morningstar, Inc.        275        59,760
Nasdaq, Inc.          1            97
Paymentus Holdings, Inc., Class A*     14,628       462,099
PayPal Holdings, Inc.     14,859       867,468
T Rowe Price Group, Inc.      2,867       293,523
Toast, Inc., Class A*      3,768       133,802
Visa, Inc., Class A      1,093       383,326
        5,774,486
Food, Beverage & Tobacco — 0.9%
Altria Group, Inc.      2,969       171,192
Boston Beer Co., Inc. (The), Class A*        385        75,125
Cal-Maine Foods, Inc.        274        21,802
Campbell's Company (The)      2,541        70,818
Coca-Cola Co. (The)     11,835       827,385
Constellation Brands, Inc., Class A      2,008       277,024
Dole PLC (Ireland)      2,783        41,717
Fresh Del Monte Produce, Inc. (Cayman Islands)      3,167       112,840
Freshpet, Inc.*      1,248        76,041
J & J Snack Foods Corp.      1,584       143,146
Keurig Dr Pepper, Inc.     14,572       408,162
Kraft Heinz Co. (The)     11,494       278,729
Lamb Weston Holdings, Inc.      3,151       131,995
Molson Coors Beverage Co., Class B      3,550       165,714
Monster Beverage Corp.*      3,517       269,648
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
National Beverage Corp.*        748   $     23,854
PepsiCo, Inc.        925       132,756
Philip Morris International, Inc.      1,727       277,011
Seneca Foods Corp., Class A*        117        12,944
Tyson Foods, Inc., Class A      5,785       339,117
        3,857,020
Health Care Equipment & Services — 2.5%
AdaptHealth Corp.*        487         4,851
Alphatec Holdings, Inc.*      1,686        35,473
Artivion, Inc.*        594        27,092
Becton Dickinson & Co.      4,093       794,328
Butterfly Network, Inc.*     10,055        38,209
Cardinal Health, Inc.        887       182,278
Cencora, Inc.        285        96,259
Chemed Corp.         80        34,229
CONMED Corp.      2,970       120,582
CorVel Corp.*        894        60,497
CVS Health Corp.      9,694       769,316
Edwards Lifesciences Corp.*      1,340       114,235
Elevance Health, Inc.        277        97,102
Embecta Corp.      2,283        27,122
Envista Holdings Corp.*      6,571       142,656
Guardant Health, Inc.*        883        90,190
Guardian Pharmacy Services, Inc., Class A*      1,052        31,655
HCA Healthcare, Inc.        793       370,220
HealthEquity, Inc.*        397        36,369
HealthStream, Inc.        163         3,760
ICU Medical, Inc.*        502        71,620
IDEXX Laboratories, Inc.*        353       238,815
Insulet Corp.*      1,130       321,191
iRhythm Technologies, Inc.*        207        36,730
Labcorp Holdings, Inc.        444       111,391
LeMaitre Vascular, Inc.      1,187        96,266
LivaNova PLC (United Kingdom)*        537        33,042
Masimo Corp.*      4,799       624,158
McKesson Corp.        168       137,809
Medtronic PLC (Ireland)      1,412       135,637
National HealthCare Corp.        108        14,806
Omnicell, Inc.*      1,782        80,725
Pediatrix Medical Group, Inc.*     10,242       219,076
Privia Health Group, Inc.*      4,158        98,586
Progyny, Inc.*     11,830       303,794
Quest Diagnostics, Inc.        182        31,582
ResMed, Inc.      2,822       679,735
Select Medical Holdings Corp.      4,143        61,524
 
53

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Solventum Corp.*     11,624   $    921,086
STERIS PLC (Ireland)      2,924       741,292
Stryker Corp.        197        69,240
TransMedics Group, Inc.*      4,557       554,359
UFP Technologies, Inc.*      2,084       462,710
UnitedHealth Group, Inc.      1,694       559,206
Universal Health Services, Inc., Class B        926       201,887
Veeva Systems, Inc., Class A*        372        83,042
Waystar Holding Corp.*     13,069       428,010
       10,393,742
Household & Personal Products — 0.3%
BellRing Brands, Inc.*      7,650       204,484
Central Garden & Pet Co., Class A*        486        14,186
Church & Dwight Co., Inc.        941        78,903
Clorox Co. (The)        291        29,342
Colgate-Palmolive Co.      1,050        82,971
Interparfums, Inc.        326        27,655
Kenvue, Inc.      9,640       166,290
Kimberly-Clark Corp.      4,791       483,364
Procter & Gamble Co. (The)      1,923       275,585
        1,362,780
Materials — 1.4%
Agnico Eagle Mines Ltd. (Canada)        228        38,653
Americas Gold & Silver Corp. (Canada)*      7,459        38,116
Aura Minerals, Inc. (British Virgin Islands)        500        25,208
Avery Dennison Corp.        629       114,403
Ball Corp.        189        10,011
Cabot Corp.        903        59,851
Compass Minerals International, Inc.*      1,782        34,998
Corteva, Inc.      1,826       122,397
CRH PLC (Ireland)        185        23,088
DuPont de Nemours, Inc.     10,431       419,326
Fortuna Mining Corp. (Canada)*      6,885        67,542
Freeport-McMoRan, Inc.      4,569       232,060
Huntsman Corp.      4,742        47,420
Hycroft Mining Holding Corp., Class A*        400         9,508
IAMGOLD Corp. (Canada)*      1,131        18,650
Ingevity Corp.*      2,307       136,528
International Flavors & Fragrances, Inc.      2,504       168,745
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Kinross Gold Corp. (Canada)     32,937   $    927,506
Linde PLC (Ireland)      1,108       472,440
LyondellBasell Industries NV, Class A (Netherlands)      2,388       103,400
Mativ Holdings, Inc.        476         5,783
Metalla Royalty & Streaming Ltd. (Canada)*        139         1,081
New Gold, Inc. (Canada)*      9,425        82,092
NewMarket Corp.        520       357,375
Newmont Corp.      2,688       268,397
Novagold Resources, Inc. (Canada)*      9,419        87,785
Nutrien Ltd. (Canada)      2,141       132,143
O-I Glass, Inc.*      6,753        99,674
Pan American Silver Corp. (Canada)     11,771       609,856
PPG Industries, Inc.        672        68,853
Sherwin-Williams Co. (The)        809       262,140
Smurfit WestRock PLC (Ireland)      4,865       188,130
Southern Copper Corp.          1           143
Steel Dynamics, Inc.      2,484       420,914
United States Lime & Minerals, Inc.         11         1,317
Vulcan Materials Co.      1,002       285,790
        5,941,323
Media & Entertainment — 1.9%
Alphabet, Inc., Class A      5,515     1,726,195
Cargurus, Inc.*        682        26,155
Cars.com, Inc.*        908        11,078
Clear Channel Outdoor Holdings, Inc.*      1,892         4,181
Comcast Corp., Class A      4,552       136,059
Electronic Arts, Inc.        297        60,686
EverQuote, Inc., Class A*      2,833        76,491
Fox Corp., Class A      5,335       389,828
IAC, Inc.*        388        15,171
Madison Square Garden Entertainment Corp.*        137         7,383
Match Group, Inc.     12,611       407,209
Meta Platforms, Inc., Class A      1,672     1,103,670
Netflix, Inc.*     13,766     1,290,700
News Corp., Class A     12,919       337,444
Omnicom Group, Inc.      3,184       257,108
Paramount Skydance Corp., Class B      5,943        79,636
QuinStreet, Inc.*      3,857        55,425
Roku, Inc.*      7,561       820,293
Stagwell, Inc.*      2,176        10,641
TEGNA, Inc.        342         6,638
TripAdvisor, Inc.*     14,819       215,765
 
54

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
USA TODAY Co., Inc.*        689   $      3,548
Warner Music Group Corp., Class A     14,092       432,202
Yelp, Inc.*      6,594       200,392
Ziff Davis, Inc.*      2,210        77,682
        7,751,580
Pharmaceuticals, Biotechnology & Life Sciences — 1.4%
10X Genomics, Inc., Class A*     11,587       188,984
Adaptive Biotechnologies Corp.*      6,465       104,992
Agilent Technologies, Inc.      2,765       376,234
Alkermes PLC (Ireland)*      1,560        43,649
Alnylam Pharmaceuticals, Inc.*        247        98,220
Amneal Pharmaceuticals, Inc.*      1,505        18,963
ANI Pharmaceuticals, Inc.*      1,846       145,723
Arrowhead Pharmaceuticals, Inc.*      1,770       117,510
Aurinia Pharmaceuticals, Inc. (Canada)*      2,025        32,299
Azenta, Inc.*         91         3,027
BioCryst Pharmaceuticals, Inc.*      6,927        54,031
Biogen, Inc.*        117        20,591
Bristol-Myers Squibb Co.        110         5,933
CareDx, Inc.*      2,306        43,445
Dynavax Technologies Corp.*      3,136        48,232
Exact Sciences Corp.*         58         5,890
Gilead Sciences, Inc.      4,163       510,967
GRAIL, Inc.*        254        21,740
Halozyme Therapeutics, Inc.*        473        31,833
Harmony Biosciences Holdings, Inc.*      1,874        70,125
Incyte Corp.*      2,004       197,935
Innoviva, Inc.*      7,555       151,024
IQVIA Holdings, Inc.*      1,049       236,455
Jazz Pharmaceuticals PLC (Ireland)*        124        21,080
Johnson & Johnson      3,211       664,516
Ligand Pharmaceuticals, Inc.*        958       181,129
MannKind Corp.*      1,640         9,299
Omeros Corp.*        502         8,622
Pfizer, Inc.     53,599     1,334,615
Regeneron Pharmaceuticals, Inc.        201       155,146
Supernus Pharmaceuticals, Inc.*        224        11,133
Theravance Biopharma, Inc. (Cayman Islands)*      2,347        43,912
Travere Therapeutics, Inc.*      3,816       145,809
Veracyte, Inc.*      6,865       289,016
Zoetis, Inc.      3,349       421,371
        5,813,450
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — 1.8%
Advanced Micro Devices, Inc.*      1,147   $    245,641
Analog Devices, Inc.      1,898       514,738
AXT, Inc.*      4,471        73,101
Broadcom, Inc.        497       172,012
Diodes, Inc.*        751        37,054
First Solar, Inc.*        281        73,406
GLOBALFOUNDRIES, Inc. (Cayman Islands)*      1,238        43,231
Intel Corp.*      2,888       106,567
KLA Corp.         61        74,120
Lam Research Corp.        637       109,042
Marvell Technology, Inc.      8,755       744,000
Micron Technology, Inc.      6,772     1,932,796
Monolithic Power Systems, Inc.         77        69,790
NVIDIA Corp.      5,743     1,071,069
NXP Semiconductors NV (Netherlands)        477       103,538
ON Semiconductor Corp.*      5,309       287,482
QUALCOMM, Inc.      3,418       584,649
Rambus, Inc.*      1,840       169,078
SiTime Corp.*      1,004       354,603
Skyworks Solutions, Inc.      4,750       301,197
Texas Instruments, Inc.      2,158       374,391
Veeco Instruments, Inc.*         36         1,029
        7,442,534
Software & Services — 3.3%
A10 Networks, Inc.        629        11,127
Adobe, Inc.*        602       210,694
Amdocs Ltd. (Guernsey)        858        69,078
Appian Corp., Class A*      2,118        75,020
AppLovin Corp., Class A*        852       574,095
Autodesk, Inc.*        881       260,785
Bentley Systems, Inc., Class B          6           229
Blackbaud, Inc.*      1,533        97,070
BlackBerry Ltd. (Canada)*     54,156       205,251
Clear Secure, Inc., Class A      4,418       154,983
Cognizant Technology Solutions Corp., Class A      1,242       103,086
Crowdstrike Holdings, Inc., Class A*        326       152,816
Datadog, Inc., Class A*        615        83,634
Descartes Systems Group, Inc. (The) (Canada)*      1,179       103,351
Dolby Laboratories, Inc., Class A      2,012       129,211
Dropbox, Inc., Class A*      4,741       131,800
EPAM Systems, Inc.*        129        26,429
Fastly, Inc., Class A*      3,930        40,007
 
55

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Fortinet, Inc.*      2,794   $    221,872
Gartner, Inc.*      1,232       310,809
Gen Digital, Inc.      3,205        87,144
GoDaddy, Inc., Class A*      2,621       325,214
Guidewire Software, Inc.*        806       162,014
I3 Verticals, Inc., Class A*      1,077        27,130
InterDigital, Inc.      1,325       421,853
JFrog Ltd. (Israel)*      4,202       262,457
Kyndryl Holdings, Inc.*      1,994        52,961
LiveRamp Holdings, Inc.*        880        25,846
Microsoft Corp.      5,479     2,649,754
MongoDB, Inc.*        276       115,834
NCR Voyix Corp.*      9,615        98,073
Okta, Inc.*      6,627       573,037
Oracle Corp.      1,461       284,763
Palantir Technologies, Inc., Class A*        743       132,068
Palo Alto Networks, Inc.*      1,904       350,717
Pegasystems, Inc.      1,870       111,676
Porch Group, Inc.*      3,663        33,443
PTC, Inc.*      5,542       965,472
Q2 Holdings, Inc.*      7,831       565,085
Qualys, Inc.*      1,467       194,964
RingCentral, Inc., Class A*      8,794       253,971
Roper Technologies, Inc.      1,021       454,478
Salesforce, Inc.      1,574       416,968
ServiceNow, Inc.*      6,965     1,066,968
ServiceTitan, Inc., Class A*        447        47,605
Sprinklr, Inc., Class A*      4,391        34,162
Tenable Holdings, Inc.*      5,328       125,368
Twilio, Inc., Class A*        459        65,288
UiPath, Inc., Class A*     11,382       186,551
Unity Software, Inc.*      2,602       114,930
VeriSign, Inc.        896       217,683
Yext, Inc.*      6,735        54,284
Zoom Communications, Inc.*      5,828       502,898
       13,942,006
Technology Hardware & Equipment — 2.9%
Advanced Energy Industries, Inc.        196        41,037
Amphenol Corp., Class A        468        63,246
Apple, Inc.      3,824     1,039,593
Arista Networks, Inc.*      2,602       340,940
Calix, Inc.*      1,226        64,892
CDW Corp.        139        18,932
Cisco Systems, Inc.     10,237       788,556
Cognex Corp.      1,855        66,743
CommScope Holding Co., Inc.*     51,518       934,021
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
CompoSecure, Inc., Class A*      1,290   $     24,871
Corning, Inc.      1,253       109,713
Daktronics, Inc.*        787        15,559
Dell Technologies, Inc., Class C      2,199       276,810
Diebold Nixdorf, Inc.*        410        27,835
ePlus, Inc.        821        72,002
F5, Inc.*        910       232,287
Hewlett Packard Enterprise Co.     12,739       305,991
HP, Inc.     12,241       272,729
Jabil, Inc.      1,121       255,610
Keysight Technologies, Inc.*        419        85,137
Knowles Corp.*      2,346        50,275
Littelfuse, Inc.        321        81,187
Lumentum Holdings, Inc.*        383       141,170
Mirion Technologies, Inc.*     11,398       266,941
NetApp, Inc.      6,179       661,709
NetScout Systems, Inc.*      2,540        68,732
nLight, Inc.*      9,030       338,715
Ondas Holdings, Inc.*      7,175        70,028
OSI Systems, Inc.*        567       144,619
Rogers Corp.*      1,188       108,785
Sandisk Corp.*      1,828       433,931
Sanmina Corp.*      3,550       532,748
ScanSource, Inc.*        135         5,273
Seagate Technology Holdings PLC (Ireland)        438       120,621
Super Micro Computer, Inc.*      2,200        64,394
TD SYNNEX Corp.      1,059       159,094
TE Connectivity PLC (Ireland)      1,179       268,234
Trimble, Inc.*      1,223        95,822
Viasat, Inc.*      4,676       161,135
Western Digital Corp.     19,579     3,372,874
Zebra Technologies Corp., Class A*        169        41,037
       12,223,828
Telecommunication Services — 0.4%
AT&T, Inc.     12,799       317,927
IDT Corp., Class B      1,050        53,771
Iridium Communications, Inc.      3,746        65,105
Lumen Technologies, Inc.*     25,123       195,206
Rogers Communications, Inc., Class B (Canada)      3,096       116,812
TELUS Corp. (Canada)     20,002       263,426
T-Mobile US, Inc.      2,441       495,621
Verizon Communications, Inc.      7,333       298,673
        1,806,541
 
56

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Transportation — 0.8%
Allegiant Travel Co.*      1,279   $    109,060
CH Robinson Worldwide, Inc.      1,181       189,858
CSX Corp.      3,072       111,360
Delta Air Lines, Inc.      2,169       150,529
JB Hunt Transport Services, Inc.      1,119       217,466
Lyft, Inc., Class A*      7,777       150,640
Norfolk Southern Corp.      1,419       409,694
SkyWest, Inc.*      2,486       249,619
Sun Country Airlines Holdings, Inc.*      8,786       126,430
Uber Technologies, Inc.*      5,908       482,743
Union Pacific Corp.        709       164,006
United Parcel Service, Inc., Class B      4,498       446,157
XPO, Inc.*      3,645       495,392
        3,302,954
Utilities — 0.6%
Algonquin Power & Utilities Corp. (Canada)      3,722        22,890
American Water Works Co., Inc.        160        20,880
Atmos Energy Corp.         76        12,740
CenterPoint Energy, Inc.      1,233        47,273
Consolidated Edison, Inc.      2,694       267,568
Constellation Energy Corp.        521       184,054
Duke Energy Corp.      2,877       337,213
Evergy, Inc.        727        52,700
Eversource Energy      5,560       374,355
Exelon Corp.      2,270        98,949
Hallador Energy Co.*      4,574        87,089
MDU Resources Group, Inc.      4,214        82,257
National Fuel Gas Co.      3,982       318,799
Otter Tail Corp.        193        15,596
Public Service Enterprise Group, Inc.      3,778       303,374
ReNew Energy Global PLC, Class A (United Kingdom)*        837         4,729
Talen Energy Corp.*        100        37,484
Vistra Corp.      1,241       200,211
WEC Energy Group, Inc.        669        70,553
        2,538,714
TOTAL COMMON STOCKS
(Cost $119,364,444) 		    130,886,312
  Number
of Shares 		  Value
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANIES — 41.1% 		   
Gotham 1000 Value ETF(b)(c)  3,390,000   $ 83,557,059
Gotham Enhanced 500 ETF(b)(c)  2,398,000    88,313,304
TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES
(Cost $129,815,780) 		    171,870,363
EXCHANGE TRADED FUNDS — 2.1%
SPDR S&P 500 ETF Trust     13,154     8,969,976
TOTAL EXCHANGE TRADED FUNDS
(Cost $8,921,913) 		      8,969,976
SHORT-TERM INVESTMENT — 6.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%(d) 25,731,419    25,731,419
TOTAL SHORT-TERM INVESTMENT
(Cost $25,731,419) 		     25,731,419
 
TOTAL INVESTMENTS - 80.7%
(Cost $283,833,556) 		    337,458,070
OTHER ASSETS IN EXCESS OF LIABILITIES - 19.3%      80,677,625
NET ASSETS - 100.0%     $418,135,695
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security was 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 December 31, 2025, this security amounted to $10,727 or less than 0.005% of net assets. This security has been determined by the Fund's adviser to be a liquid security.
(b) 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.
(c) Security position is either entirely or partially designated as collateral for total return swaps.
(d) Rate disclosed is the 7-day yield at December 31, 2025.
* Non-income producing.
ETF Exchange-Traded Fund
PLC Public Limited Company
S&P Standard & Poor's
 
57

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
The portfolio matures between January 5, 2026 and November 4, 2030, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps.
Total Return Swaps
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Long                                
Automobiles & Components                            
Adient PLC (Ireland)   USFF +0.250%   Weekly   MS   01/22/30   2,729   $44,332   $52,315   $8,554
American Axle & Manufacturing Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   21,876   138,698   140,225   3,226
Aptiv PLC (Jersey)   USFF +0.250%   Weekly   MS   01/22/30   4,992   322,118   379,841   61,617
BorgWarner, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,000   436,411   450,600   21,336
Dana, Inc.   USFF +0.250%   Weekly   MS   01/22/30   33,782   635,639   802,660   178,749
Ford Motor Co.   USFF +0.250%   Weekly   MS   07/16/29   88,126   928,368   1,156,213   291,573
Garrett Motion, Inc.   USFF +0.250%   Weekly   MS   01/22/30   5,640   56,516   98,305   43,980
General Motors Co.   USFF +0.250%   Weekly   MS   07/08/27   24,164   1,246,895   1,965,016   752,682
Harley-Davidson, Inc.   USFF +0.250%   Weekly   MS   11/04/30   2,907   68,451   59,564   (7,624)
Magna International, Inc. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   2,064   101,747   110,011   9,521
Phinia, Inc.   USFF +0.250%   Weekly   MS   07/16/29   1,942   91,607   121,744   35,172
Solid Power, Inc.   USFF +0.250%   Weekly   MS   01/22/30   15,436   53,554   65,603   13,304
Visteon Corp.   USFF +0.250%   Weekly   MS   07/16/29   7,675   687,120   729,893   54,537
                    221,333   4,811,456   6,131,990   1,466,627
Capital Goods                            
A. O. Smith Corp.   USFF -0.250%   Weekly   MS   07/16/29   9,646   625,710   645,124   32,745
Advanced Drainage Systems, Inc.   USFF +0.250%   Weekly   MS   11/04/30   4,615   679,582   668,390   (2,633)
AECOM   USFF +0.250%   Weekly   MS   11/04/30   1,901   196,076   181,222   (12,468)
AGCO Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,957   204,669   204,154   2,399
Allegion PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   1,773   287,108   282,297   (674)
AMETEK, Inc.   USFF +0.250%   Weekly   MS   01/10/28   4,275   777,632   877,700   114,940
Astronics Corp.   USFF +0.250%   Weekly   MS   01/22/30   4,043   95,444   219,292   125,030
ATI, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,332   322,227   382,380   69,014
ATS Corp. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   32   890   881   41
AZZ, Inc.   USFF +0.250%   Weekly   MS   07/23/30   899   88,760   96,355   9,514
Babcock & Wilcox Enterprises, Inc.   USFF +0.250%   Weekly   MS   11/04/30   333   2,118   2,111   58
Bloom Energy Corp., Class A   USFF +0.250%   Weekly   MS   11/04/30   14,143   1,268,312   1,228,885   (24,209)
Blue Bird Corp.   USFF +0.250%   Weekly   MS   07/23/30   14,701   766,990   690,947   (66,825)
BWX Technologies, Inc.   USFF +0.250%   Weekly   MS   11/04/30   416   72,950   71,901   (100)
Carpenter Technology Corp.   USFF +0.250%   Weekly   MS   07/11/28   2   378   630   296
Caterpillar, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,776   1,011,044   1,017,417   18,513
58

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Comfort Systems USA, Inc.   USFF +0.250%   Weekly   MS   11/04/30   677   $637,324   $631,837   $2,180
Core & Main, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   473   24,722   24,582   195
Crane Co.   USFF +0.250%   Weekly   MS   07/08/27   3,477   626,828   641,263   23,139
Cummins, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,758   1,210,399   1,407,821   218,040
Custom Truck One Source, Inc.   USFF +0.250%   Weekly   MS   11/04/30   266   1,560   1,532   30
Deere & Co.   USFF +0.250%   Weekly   MS   07/16/29   1,232   576,785   573,582   6,300
DNOW, Inc.   USFF +0.250%   Weekly   MS   07/16/29   11,788   148,495   156,191   9,513
Donaldson Co., Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,391   309,245   300,646   (4,824)
Dycom Industries, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,234   1,126,947   1,092,769   (20,652)
Eaton Corp. PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   222   71,699   70,709   (93)
EMCOR Group, Inc.   USFF +0.250%   Weekly   MS   11/04/30   928   580,533   567,741   (5,805)
Emerson Electric Co.   USFF +0.250%   Weekly   MS   11/04/30   328   44,137   43,532   (37)
Enerpac Tool Group Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,949   158,662   151,010   (5,714)
ESCO Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,229   841,304   826,304   (4,772)
Fastenal Co.   USFF +0.250%   Weekly   MS   07/23/30   12,237   512,197   491,071   (14,001)
Federal Signal Corp.   USFF +0.250%   Weekly   MS   07/23/30   906   106,142   98,383   (6,292)
Flowserve Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,755   153,842   191,142   39,779
Fluor Corp.   USFF +0.250%   Weekly   MS   11/04/30   8,045   327,904   318,823   (5,117)
Fortive Corp.   USFF +0.250%   Weekly   MS   01/22/30   3,794   191,109   209,467   21,111
GE Vernova, Inc.   USFF +0.250%   Weekly   MS   07/08/27   2,043   833,723   1,335,244   512,549
Generac Holdings, Inc.   USFF +0.250%   Weekly   MS   01/22/30   189   19,453   25,774   6,593
General Dynamics Corp.   USFF +0.250%   Weekly   MS   01/22/30   8,088   2,448,832   2,722,906   319,268
General Electric Co.   USFF +0.250%   Weekly   MS   07/08/27   307   95,280   94,565   1,488
Graco, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,722   386,119   387,062   5,979
Granite Construction, Inc.   USFF +0.250%   Weekly   MS   07/16/29   2   172   231   101
Griffon Corp.   USFF +0.250%   Weekly   MS   11/04/30   2,347   172,726   172,857   2,392
Hayward Holdings, Inc.   USFF +0.250%   Weekly   MS   07/16/29   55,871   836,482   863,207   36,775
HEICO Corp.   USFF +0.250%   Weekly   MS   11/04/30   2,644   878,533   855,572   (12,407)
Helios Technologies, Inc.   USFF +0.250%   Weekly   MS   07/06/26   1,395   48,789   74,619   26,712
Hexcel Corp.   USFF +0.250%   Weekly   MS   11/04/30   4,350   319,625   321,465   5,705
Honeywell International, Inc.   USFF +0.250%   Weekly   MS   01/22/30   5,838   1,226,364   1,138,935   (61,009)
Howmet Aerospace, Inc.   USFF +0.250%   Weekly   MS   07/08/27   3,393   522,677   695,633   182,222
59

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Hubbell, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,254   $541,901   $556,914   $22,532
Huntington Ingalls Industries, Inc.   USFF +0.250%   Weekly   MS   07/23/30   823   262,071   279,878   21,909
IDEX Corp.   USFF +0.250%   Weekly   MS   11/04/30   2,460   407,657   437,732   35,329
IES Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   702   283,552   273,092   (7,028)
Illinois Tool Works, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,391   342,683   342,603   6,300
ITT, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,616   1,198,107   1,147,942   (34,986)
Johnson Controls International PLC (Ireland)   USFF +0.250%   Weekly   MS   07/16/29   12,987   1,094,840   1,555,193   492,889
L3Harris Technologies, Inc.   USFF +0.250%   Weekly   MS   11/04/30   614   178,941   180,252   3,492
Lindsay Corp.   USFF -0.250%   Weekly   MS   07/16/29   813   104,933   95,828   (7,387)
Lockheed Martin Corp.   USFF +0.250%   Weekly   MS   07/23/30   377   175,910   182,344   10,675
Mercury Systems, Inc.   USFF +0.250%   Weekly   MS   07/16/29   16,448   809,888   1,200,868   400,698
Microvast Holdings, Inc.   USFF +0.250%   Weekly   MS   01/22/30   75,809   206,563   212,265   8,213
Mueller Industries, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,009   208,559   230,633   25,901
Mueller Water Products, Inc., Class A   USFF +0.250%   Weekly   MS   01/12/29   16,542   375,507   394,030   27,977
MYR Group, Inc.   USFF +0.250%   Weekly   MS   01/22/30   2,918   570,705   637,583   73,748
Nextpower, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   3,508   123,979   305,582   183,126
Nordson Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,791   658,632   671,040   21,834
Northrop Grumman Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,597   1,533,603   1,480,835   (25,487)
nVent Electric PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   8,236   865,208   839,825   (18,137)
Oshkosh Corp.   USFF +0.250%   Weekly   MS   07/23/30   431   52,313   54,147   2,769
Otis Worldwide Corp.   USFF +0.250%   Weekly   MS   07/23/30   7,691   674,517   671,809   8,611
Owens Corning   USFF +0.250%   Weekly   MS   07/23/30   1,141   144,470   127,689   (15,531)
Pentair PLC (Ireland)   USFF +0.250%   Weekly   MS   07/16/29   4,819   493,569   501,851   16,777
Powell Industries, Inc.   USFF +0.250%   Weekly   MS   01/10/28   64   9,765   20,402   10,961
Primoris Services Corp.   USFF +0.250%   Weekly   MS   01/22/30   6,899   396,832   856,442   466,100
Regal Rexnord Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,435   474,094   481,999   14,974
REV Group, Inc.   USFF +0.250%   Weekly   MS   07/16/29   17,785   770,493   1,081,506   330,293
Rockwell Automation, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,904   1,394,051   1,518,929   147,152
RTX Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,376   535,552   619,158   93,600
60

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Rush Enterprises, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   2,944   $142,759   $158,799   $18,073
Sensata Technologies Holding PLC (United Kingdom)   USFF +0.250%   Weekly   MS   01/22/30   19,806   430,040   659,342   241,086
Simpson Manufacturing Co., Inc.   USFF +0.250%   Weekly   MS   11/04/30   52   8,461   8,396   75
SiteOne Landscape Supply, Inc.   USFF -0.250%   Weekly   MS   07/06/26   4,443   558,755   553,420   1,391
Snap-on, Inc.   USFF +0.250%   Weekly   MS   01/10/28   184   56,509   63,406   15,876
SPX Technologies, Inc.   USFF +0.250%   Weekly   MS   01/10/28   1,353   194,406   270,681   78,641
Stanley Black & Decker, Inc.   USFF +0.250%   Weekly   MS   01/22/30   222   12,351   16,490   5,315
Stantec, Inc. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   1,569   150,164   148,051   (58)
Sterling Infrastructure, Inc.   USFF +0.250%   Weekly   MS   01/10/28   1,609   443,580   492,724   54,492
Textron, Inc.   USFF +0.250%   Weekly   MS   01/22/30   6,366   495,953   554,924   65,105
Toro Co. (The)   USFF +0.250%   Weekly   MS   07/23/30   2,317   177,954   182,394   7,634
Tutor Perini Corp.   USFF +0.250%   Weekly   MS   01/12/29   24,756   1,014,647   1,659,147   658,281
V2X, Inc.   USFF +0.250%   Weekly   MS   01/22/30   2,212   101,953   120,665   20,156
Valmont Industries, Inc.   USFF +0.250%   Weekly   MS   07/16/29   674   189,295   271,164   85,620
Vertiv Holdings Co., Class A   USFF +0.250%   Weekly   MS   11/04/30   8,350   1,359,940   1,352,784   9,158
Vicor Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,530   72,981   167,688   95,620
VSE Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,427   391,017   419,313   33,636
Watts Water Technologies, Inc., Class A   USFF +0.250%   Weekly   MS   01/22/30   278   56,074   76,734   21,830
Woodward, Inc.   USFF +0.250%   Weekly   MS   11/04/30   2,002   590,849   605,245   21,507
Worthington Enterprises, Inc.   USFF +0.250%   Weekly   MS   07/16/29   886   36,989   45,691   9,730
WW Grainger, Inc.   USFF +0.250%   Weekly   MS   07/06/26   126   117,864   127,140   20,994
Xylem, Inc.   USFF +0.250%   Weekly   MS   07/23/30   9,772   1,397,045   1,330,751   (47,238)
Zurn Elkay Water Solutions Corp.   USFF +0.250%   Weekly   MS   07/11/28   9,451   363,113   439,377   82,301
                    531,491   45,090,093   49,738,858   5,361,518
Commercial & Professional
Services 		                           
Amentum Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   51,774   1,334,468   1,501,446   182,988
61

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Commercial & Professional
Services — (continued) 		                           
Automatic Data Processing, Inc.   USFF +0.250%   Weekly   MS   08/27/26   5,439   $1,374,215   $1,399,074   $96,021
BOYD GROUP, Inc. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   8   1,288   1,274   42
Brink's Co. (The)   USFF +0.250%   Weekly   MS   11/04/30   2,807   317,638   327,661   13,879
Broadridge Financial Solutions, Inc.   USFF +0.250%   Weekly   MS   01/10/28   2,792   612,546   623,091   25,117
CACI International, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   1,054   579,368   561,582   (10,814)
Cimpress PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   18   1,198   1,199   1
Cintas Corp.   USFF +0.250%   Weekly   MS   11/04/30   3,551   674,667   667,837   1,284
Copart, Inc.   USFF +0.250%   Weekly   MS   07/23/30   68,849   2,814,883   2,695,438   (104,123)
CRA International, Inc.   USFF +0.250%   Weekly   MS   11/04/30   935   167,335   187,650   22,974
CSG Systems International, Inc.   USFF +0.250%   Weekly   MS   01/22/30   7,313   464,534   560,834   107,203
Exponent, Inc.   USFF +0.250%   Weekly   MS   11/04/30   556   39,095   38,620   31
GFL Environmental, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   3,275   151,690   140,661   (10,122)
Healthcare Services Group, Inc.   USFF +0.250%   Weekly   MS   01/22/30   19,939   298,806   381,234   86,326
Jacobs Solutions, Inc.   USFF +0.250%   Weekly   MS   11/04/30   869   117,213   115,108   (664)
KBR, Inc.   USFF +0.250%   Weekly   MS   01/22/30   14,042   620,637   564,488   (46,154)
Korn Ferry   USFF +0.250%   Weekly   MS   01/22/30   1,822   113,332   120,288   10,320
Leidos Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,784   333,640   321,834   (7,192)
Montrose Environmental Group, Inc.   USFF +0.250%   Weekly   MS   11/04/30   4,418   112,303   109,699   (1,221)
Paychex, Inc.   USFF +0.250%   Weekly   MS   11/04/30   7,505   848,933   841,911   3,177
Pitney Bowes, Inc.   USFF +0.250%   Weekly   MS   07/16/29   28,553   247,445   301,805   69,136
Planet Labs PBC   USFF +0.250%   Weekly   MS   07/23/30   20,078   283,343   395,938   116,025
Republic Services, Inc.   USFF +0.250%   Weekly   MS   01/10/28   2,342   498,958   496,340   9,831
Rollins, Inc.   USFF +0.250%   Weekly   MS   07/23/30   868   48,034   52,097   5,193
Tetra Tech, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,320   211,843   211,973   3,095
Thomson Reuters Corp. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   2,676   355,520   352,938   1,551
UniFirst Corp.   USFF +0.250%   Weekly   MS   01/12/29   457   76,528   88,155   12,813
Upwork, Inc.   USFF +0.250%   Weekly   MS   07/16/29   73,550   1,019,567   1,457,761   450,435
Veralto Corp.   USFF +0.250%   Weekly   MS   07/11/28   6,463   607,181   644,878   49,222
Verisk Analytics, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,794   402,961   401,300   4,012
Willdan Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,338   508,548   553,337   51,558
                    347,189   15,237,717   16,117,451   1,141,944
62

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Discretionary
Distribution & Retail 		                           
Advance Auto Parts, Inc.   USFF +0.250%   Weekly   MS   01/22/30   39,313   $1,538,357   $1,545,001   $38,525
Amazon.com, Inc.   USFF +0.250%   Weekly   MS   07/08/27   22,948   4,924,598   5,296,857   431,236
AutoNation, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,768   343,415   365,057   26,149
AutoZone, Inc.   USFF +0.250%   Weekly   MS   07/23/30   340   1,240,516   1,153,110   (72,521)
Bath & Body Works, Inc.   USFF +0.250%   Weekly   MS   11/04/30   18,463   349,590   370,737   26,058
Best Buy Co., Inc.   USFF +0.250%   Weekly   MS   08/27/26   704   45,809   47,119   11,993
Buckle, Inc. (The)   USFF +0.250%   Weekly   MS   01/22/30   8,119   379,874   433,717   61,267
CarMax, Inc.   USFF +0.250%   Weekly   MS   11/04/30   5,342   208,595   206,415   355
Chewy, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   12,086   400,344   399,442   3,929
Dillard's, Inc., Class A   USFF +0.250%   Weekly   MS   01/22/30   411   158,441   249,206   102,438
eBay, Inc.   USFF +0.250%   Weekly   MS   08/27/26   2,642   177,781   230,118   67,065
Five Below, Inc.   USFF +0.250%   Weekly   MS   01/22/30   961   55,088   181,014   126,624
GigaCloud Technology, Inc., Class A (Cayman Islands)   USFF +0.250%   Weekly   MS   07/23/30   9,636   261,047   378,502   120,683
Gold.com, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,878   54,302   63,946   10,420
Groupon, Inc.   USFF +0.250%   Weekly   MS   07/23/30   17,141   360,097   301,853   (57,706)
Home Depot, Inc. (The)   USFF +0.250%   Weekly   MS   11/04/30   1,077   369,793   370,596   7,631
Kohl's Corp.   USFF +0.250%   Weekly   MS   07/23/30   52,117   920,274   1,063,708   163,482
Lithia Motors, Inc.   USFF +0.250%   Weekly   MS   07/23/30   633   189,467   210,365   24,645
Lowe's Cos., Inc.   USFF +0.250%   Weekly   MS   01/12/29   4,389   987,155   1,058,451   95,708
Macy's, Inc.   USFF +0.250%   Weekly   MS   01/22/30   38,294   419,647   844,383   448,102
National Vision Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,993   96,432   103,099   7,861
O'Reilly Automotive, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,057   289,359   278,829   (7,028)
Penske Automotive Group, Inc.   USFF +0.250%   Weekly   MS   01/10/28   607   96,418   96,082   1,635
Petco Health & Wellness Co., Inc.   USFF +0.250%   Weekly   MS   01/22/30   51,923   153,904   145,904   (6,120)
Pool Corp.   USFF +0.250%   Weekly   MS   01/07/27   647   155,580   148,001   (5,521)
RealReal, Inc. (The)   USFF +0.250%   Weekly   MS   11/04/30   14,166   206,542   223,539   19,508
Ross Stores, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,904   693,061   703,267   19,911
Sally Beauty Holdings, Inc.   USFF +0.250%   Weekly   MS   07/16/29   22,036   220,131   314,233   96,776
Signet Jewelers Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   01/22/30   8,669   649,236   718,487   80,034
Sonic Automotive, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   2,407   175,809   148,897   (24,281)
Stitch Fix, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   11,117   59,351   58,364   (237)
63

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Discretionary
Distribution & Retail — (continued) 		                           
ThredUp, Inc., Class A   USFF +0.250%   Weekly   MS   01/22/30   18,507   $134,610   $118,260   $(15,089)
TJX Cos., Inc. (The)   USFF +0.250%   Weekly   MS   01/22/30   6,636   892,586   1,019,356   142,218
Tractor Supply Co.   USFF +0.250%   Weekly   MS   07/23/30   13,902   735,365   695,239   (30,894)
Ulta Beauty, Inc.   USFF +0.250%   Weekly   MS   01/22/30   460   216,034   278,305   64,896
Urban Outfitters, Inc.   USFF +0.250%   Weekly   MS   01/22/30   3,376   158,438   254,078   97,575
Winmark Corp.   USFF +0.250%   Weekly   MS   11/04/30   146   59,806   59,121   70
                    403,815   18,376,852   20,132,658   2,077,397
Consumer Durables & Apparel                            
Amer Sports, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   01/22/30   2,570   56,193   95,990   40,508
BRP, Inc., sub-voting shares (Canada)   USFF +0.250%   Weekly   MS   07/23/30   2,538   166,602   179,589   15,576
Brunswick Corp.   USFF +0.250%   Weekly   MS   11/04/30   1,298   79,375   96,364   18,921
Cricut, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   348   1,733   1,723   49
Deckers Outdoor Corp.   USFF +0.250%   Weekly   MS   01/22/30   8,297   802,707   860,150   67,089
DR Horton, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,178   171,751   169,667   93
Garmin Ltd. (Switzerland)   USFF +0.250%   Weekly   MS   07/23/30   1,083   218,432   219,687   4,857
Gildan Activewear, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   1,069   43,283   66,770   24,044
Hasbro, Inc.   USFF +0.250%   Weekly   MS   07/11/28   6,413   381,486   525,866   168,368
Installed Building Products, Inc.   USFF +0.250%   Weekly   MS   11/04/30   603   150,648   156,412   7,771
La-Z-Boy, Inc.   USFF +0.250%   Weekly   MS   11/04/30   431   16,313   16,063   (15)
Leggett & Platt, Inc.   USFF +0.250%   Weekly   MS   01/22/30   39,997   355,036   439,967   95,049
Levi Strauss & Co., Class A   USFF +0.250%   Weekly   MS   07/23/30   5,228   107,885   108,429   1,874
Lululemon Athletica, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,989   829,035   828,954   9,880
NVR, Inc.   USFF +0.250%   Weekly   MS   01/12/29   35   269,521   255,247   (11,009)
Peloton Interactive, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   124,625   723,600   767,690   50,068
Polaris, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,327   218,754   210,433   (3,506)
Ralph Lauren Corp.   USFF +0.250%   Weekly   MS   01/10/28   913   178,356   322,846   149,565
Somnigroup International, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,431   126,083   127,760   3,254
Sonos, Inc.   USFF +0.250%   Weekly   MS   01/22/30   15,171   181,127   266,403   87,482
Tapestry, Inc.   USFF +0.250%   Weekly   MS   07/11/28   2   161   256   1,407
Topgolf Callaway Brands Corp.   USFF +0.250%   Weekly   MS   11/04/30   19,176   211,379   223,784   14,974
                    239,722   5,289,460   5,940,050   746,299
64

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Services                            
ADT, Inc.   USFF +0.250%   Weekly   MS   01/22/30   12,949   $106,877   $104,498   $843
American Public Education, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,249   47,209   47,212   607
BJ's Restaurants, Inc.   USFF +0.250%   Weekly   MS   01/22/30   7,367   244,099   290,260   49,164
Booking Holdings, Inc.   USFF +0.250%   Weekly   MS   07/08/27   410   1,987,690   2,195,685   243,680
Bright Horizons Family Solutions, Inc.   USFF +0.250%   Weekly   MS   07/23/30   12,863   1,303,254   1,304,308   16,691
Carnival Corp. (Panama)   USFF +0.250%   Weekly   MS   01/22/30   6,060   106,832   185,072   79,558
Choice Hotels International, Inc.   USFF +0.250%   Weekly   MS   11/04/30   7,949   727,131   757,222   38,212
Churchill Downs, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,822   283,747   321,087   42,019
Darden Restaurants, Inc.   USFF +0.250%   Weekly   MS   11/04/30   4,121   776,539   758,346   (8,860)
Driven Brands Holdings, Inc.   USFF +0.250%   Weekly   MS   01/22/30   15,435   244,179   228,747   (12,471)
Expedia Group, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,476   867,278   984,786   128,793
Hilton Worldwide Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   89   25,632   25,565   279
Las Vegas Sands Corp.   USFF +0.250%   Weekly   MS   07/23/30   14,419   938,933   938,533   11,369
Life Time Group Holdings, Inc.   USFF +0.250%   Weekly   MS   07/16/29   3,910   86,150   103,928   21,944
Marriott International, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   455   130,605   141,159   12,158
McDonald's Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,762   1,144,199   1,149,780   23,784
Monarch Casino & Resort, Inc.   USFF +0.250%   Weekly   MS   07/23/30   873   86,139   83,546   (1,174)
Rush Street Interactive, Inc.   USFF +0.250%   Weekly   MS   01/12/29   11,021   107,529   214,138   110,276
Shake Shack, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   3,351   281,248   272,001   (5,842)
Strategic Education, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,566   123,447   125,593   4,162
Vail Resorts, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,926   710,042   654,173   (32,285)
Viking Holdings Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   11/04/30   3,657   254,892   261,146   9,723
Wingstop, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,052   703,716   727,871   33,094
Wynn Resorts Ltd.   USFF +0.250%   Weekly   MS   07/16/29   5,027   561,722   604,899   51,274
Yum! Brands, Inc.   USFF +0.250%   Weekly   MS   07/08/27   5,890   818,476   891,039   98,882
                    136,699   12,667,565   13,370,594   915,880
65

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Staples Distribution &
Retail 		                           
Costco Wholesale Corp.   USFF +0.250%   Weekly   MS   07/06/26   1,856   $1,608,568   $1,600,503   $25,836
Dollar General Corp.   USFF +0.250%   Weekly   MS   07/16/29   9,953   976,874   1,321,460   371,346
Dollar Tree, Inc.   USFF +0.250%   Weekly   MS   07/16/29   8,646   672,635   1,063,544   398,999
Kroger Co. (The)   USFF +0.250%   Weekly   MS   07/16/29   23,439   1,475,498   1,464,469   16,153
Sysco Corp.   USFF +0.250%   Weekly   MS   07/23/30   5,232   389,217   385,546   1,026
Target Corp.   USFF +0.250%   Weekly   MS   01/22/30   7,148   650,755   698,717   65,789
United Natural Foods, Inc.   USFF +0.250%   Weekly   MS   07/16/29   22,755   657,147   766,161   116,917
Walmart, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,500   1,143,554   1,169,805   40,918
                    89,529   7,574,248   8,470,205   1,036,984
Energy                            
Antero Midstream Corp.   USFF +0.250%   Weekly   MS   01/22/30   37,087   651,576   659,778   23,439
APA Corp.   USFF +0.250%   Weekly   MS   07/23/30   56,739   1,290,120   1,387,836   124,366
Baker Hughes Co.   USFF +0.250%   Weekly   MS   07/08/27   14,159   582,448   644,801   79,866
Borr Drilling Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   11/04/30   33,429   111,217   134,719   25,048
California Resources Corp.   USFF +0.250%   Weekly   MS   11/04/30   9,567   447,687   427,741   (12,399)
Cenovus Energy, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   67,992   1,153,905   1,150,425   13,450
Centrus Energy Corp., Class A   USFF +0.250%   Weekly   MS   01/22/30   18,341   1,285,986   4,452,461   3,181,905
Cheniere Energy, Inc.   USFF +0.250%   Weekly   MS   11/04/30   721   136,376   140,155   5,451
Civitas Resources, Inc.   USFF +0.250%   Weekly   MS   11/04/30   38,732   1,087,137   1,049,250   (10,882)
CNX Resources Corp.   USFF +0.250%   Weekly   MS   07/23/30   19,447   699,442   715,066   24,034
Core Laboratories, Inc.   USFF +0.250%   Weekly   MS   11/04/30   121   1,934   1,940   67
CVR Energy, Inc.   USFF +0.250%   Weekly   MS   01/22/30   9,251   209,945   235,345   27,952
Devon Energy Corp.   USFF +0.250%   Weekly   MS   11/04/30   45,846   1,639,050   1,679,339   69,675
DHT Holdings, Inc. (Marshall Islands)   USFF +0.250%   Weekly   MS   01/22/30   39,735   461,368   485,164   37,681
Enbridge, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   15,381   733,752   735,673   16,031
EQT Corp.   USFF +0.250%   Weekly   MS   11/04/30   6,693   361,800   358,745   1,314
Expand Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,345   138,742   148,434   13,033
Expro Group Holdings NV (Netherlands)   USFF +0.250%   Weekly   MS   11/04/30   5,328   70,758   71,129   1,257
Exxon Mobil Corp.   USFF +0.250%   Weekly   MS   11/04/30   8,836   1,046,111   1,063,324   35,560
Gulfport Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,709   644,711   771,435   134,475
Halliburton Co.   USFF +0.250%   Weekly   MS   01/22/30   36,556   815,068   1,033,073   237,676
66

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
Helix Energy Solutions Group, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,554   $9,788   $9,744   $112
HF Sinclair Corp.   USFF +0.250%   Weekly   MS   07/23/30   19,363   871,631   892,247   45,587
Imperial Oil Ltd. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   1,751   150,835   151,129   2,137
Innovex International, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,227   70,448   70,574   1,008
Kinder Morgan, Inc.   USFF +0.250%   Weekly   MS   11/04/30   9,293   252,091   255,465   12,253
Kodiak Gas Services, Inc.   USFF +0.250%   Weekly   MS   07/23/30   13,768   463,839   514,923   61,211
Murphy Oil Corp.   USFF +0.250%   Weekly   MS   11/04/30   8,632   268,959   269,750   4,049
Noble Corp. PLC (United Kingdom)   USFF +0.250%   Weekly   MS   11/04/30   781   22,012   22,055   346
Occidental Petroleum Corp.   USFF +0.250%   Weekly   MS   11/04/30   29,909   1,248,914   1,229,858   2,635
Oceaneering International, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,888   114,092   117,459   4,771
Okeanis Eco Tankers Corp. (Marshall Islands)   USFF +0.250%   Weekly   MS   11/04/30   1,186   42,185   40,134   (1,243)
Ovintiv, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,889   176,402   191,600   20,163
Range Resources Corp.   USFF +0.250%   Weekly   MS   07/23/30   11,492   405,873   405,208   3,834
Suncor Energy, Inc. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   4,066   175,041   180,368   8,069
TC Energy Corp. (Canada)   USFF +0.250%   Weekly   MS   01/22/30   21,005   943,625   1,155,485   266,999
TechnipFMC PLC (United Kingdom)   USFF +0.250%   Weekly   MS   07/08/27   37,979   1,263,825   1,692,344   448,268
Texas Pacific Land Corp.   USFF +0.250%   Weekly   MS   11/04/30   734   205,966   210,819   7,436
Tidewater, Inc.   USFF +0.250%   Weekly   MS   01/22/30   16,339   727,606   825,283   106,424
Transocean Ltd. (Switzerland)   USFF +0.250%   Weekly   MS   01/22/30   397,371   1,093,978   1,641,142   560,296
Valaris Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   07/23/30   3,744   180,792   188,698   10,110
Valero Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   8,138   1,269,718   1,324,785   79,699
World Kinect Corp.   USFF +0.250%   Weekly   MS   01/22/30   12,231   305,608   286,572   (10,501)
                    1,081,355   23,832,361   29,021,475   5,662,662
Exchange Traded Funds                            
SPDR S&P 500 ETF Trust   USFF +0.250%   Weekly   MS   07/23/30   14,539   9,845,872   9,914,435   212,013
Financial Services                            
Affirm Holdings, Inc.   USFF +0.250%   Weekly   MS   07/16/29   2   77   149   112
67

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Financial Services — (continued)                            
Berkshire Hathaway, Inc., Class B   USFF +0.250%   Weekly   MS   08/27/26   2,916   $792,950   $1,465,727   $682,306
Blackrock, Inc.   USFF +0.250%   Weekly   MS   01/10/28   185   127,065   198,013   77,307
Block, Inc.   USFF +0.250%   Weekly   MS   11/04/30   13,540   812,669   881,319   78,415
Cboe Global Markets, Inc.   USFF +0.250%   Weekly   MS   01/10/28   2,529   582,726   634,779   64,670
CME Group, Inc.   USFF +0.250%   Weekly   MS   01/12/29   5,109   1,367,227   1,395,166   62,317
Coinbase Global, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   13,259   3,217,652   2,998,390   (180,713)
Corpay, Inc.   USFF +0.250%   Weekly   MS   07/16/29   2,253   714,650   677,995   (28,063)
FactSet Research Systems, Inc.   USFF +0.250%   Weekly   MS   07/23/30   905   305,925   262,622   (38,663)
Fiserv, Inc.   USFF +0.250%   Weekly   MS   07/11/28   10,828   1,474,108   727,317   (729,110)
Flywire Corp.   USFF +0.250%   Weekly   MS   11/04/30   14,352   196,072   203,224   9,538
Franklin Resources, Inc.   USFF +0.250%   Weekly   MS   01/07/27   9,737   220,026   232,617   55,557
Global Payments, Inc.   USFF +0.250%   Weekly   MS   01/22/30   10,673   764,817   826,090   78,449
Intercontinental Exchange, Inc.   USFF +0.250%   Weekly   MS   07/16/29   3,236   507,788   524,103   36,861
Jack Henry & Associates, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,909   446,478   530,834   91,576
Mastercard, Inc., Class A   USFF +0.250%   Weekly   MS   07/11/28   1,036   554,682   591,432   44,931
Morningstar, Inc.   USFF +0.250%   Weekly   MS   07/23/30   532   124,151   115,609   (10,723)
Nasdaq, Inc.   USFF +0.250%   Weekly   MS   01/22/30   371   26,331   36,035   10,382
Paymentus Holdings, Inc., Class A   USFF +0.250%   Weekly   MS   01/22/30   21,172   676,097   668,823   857
PayPal Holdings, Inc.   USFF +0.250%   Weekly   MS   07/11/28   27,122   1,731,625   1,583,382   (125,222)
Sezzle, Inc.   USFF +0.250%   Weekly   MS   07/16/29   12,778   490,086   811,084   328,014
T Rowe Price Group, Inc.   USFF +0.250%   Weekly   MS   01/07/27   2,462   262,668   252,060   35,775
Toast, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   4,128   137,812   146,585   11,610
Visa, Inc., Class A   USFF +0.250%   Weekly   MS   01/22/30   1,973   665,381   691,951   37,099
                    164,007   16,199,063   16,455,306   593,282
Food, Beverage & Tobacco                            
Altria Group, Inc.   USFF +0.250%   Weekly   MS   08/27/26   23,731   1,305,449   1,368,329   266,100
Archer-Daniels-Midland Co.   USFF +0.250%   Weekly   MS   07/23/30   13,710   799,967   788,188   4,311
Boston Beer Co., Inc. (The), Class A   USFF +0.250%   Weekly   MS   01/22/30   550   113,553   107,322   (4,834)
Brown-Forman Corp., Class B   USFF +0.250%   Weekly   MS   11/04/30   2,079   54,639   54,179   233
Cal-Maine Foods, Inc.   USFF +0.250%   Weekly   MS   01/22/30   10,117   874,971   805,010   (23,108)
Campbell's Company (The)   USFF +0.250%   Weekly   MS   01/22/30   12,981   402,244   361,780   (24,653)
68

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Food, Beverage & Tobacco —
(continued) 		                           
Coca-Cola Co. (The)   USFF +0.250%   Weekly   MS   08/27/26   33,971   $2,321,471   $2,374,913   $137,804
Coca-Cola Consolidated, Inc.   USFF +0.250%   Weekly   MS   11/04/30   419   64,620   64,233   425
Constellation Brands, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   3,307   599,051   456,234   (126,456)
Dole PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   8,952   128,708   134,190   7,684
Fresh Del Monte Produce, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   01/22/30   11,510   389,657   410,101   30,307
Freshpet, Inc.   USFF +0.250%   Weekly   MS   11/04/30   5,478   325,094   333,775   12,611
J & J Snack Foods Corp.   USFF +0.250%   Weekly   MS   11/04/30   3,713   339,363   335,544   2,034
Keurig Dr Pepper, Inc.   USFF +0.250%   Weekly   MS   07/23/30   29,965   835,709   839,320   19,562
Kraft Heinz Co. (The)   USFF +0.250%   Weekly   MS   01/22/30   22,649   631,185   549,238   (62,518)
Lamb Weston Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   4,146   176,595   173,676   (767)
Mission Produce, Inc.   USFF +0.250%   Weekly   MS   11/04/30   484   5,648   5,614   73
Molson Coors Beverage Co., Class B   USFF +0.250%   Weekly   MS   01/10/28   4,173   223,339   194,796   (15,113)
Monster Beverage Corp.   USFF +0.250%   Weekly   MS   01/22/30   6,574   448,681   504,029   60,756
National Beverage Corp.   USFF +0.250%   Weekly   MS   07/23/30   3,782   135,087   120,608   (12,823)
PepsiCo, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,217   174,948   174,664   2,256
Philip Morris International, Inc.   USFF +0.250%   Weekly   MS   01/12/29   2,894   456,539   464,198   20,998
Seneca Foods Corp., Class A   USFF +0.250%   Weekly   MS   11/04/30   158   17,566   17,480   162
Tyson Foods, Inc., Class A   USFF +0.250%   Weekly   MS   01/12/29   8,932   493,621   523,594   44,607
                    215,492   11,317,705   11,161,015   339,651
Health Care Equipment & Services                            
AdaptHealth Corp.   USFF +0.250%   Weekly   MS   07/23/30   8,464   75,957   84,301   9,353
Align Technology, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,336   438,907   520,916   87,301
Alphatec Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   11,632   244,039   244,737   3,658
Artivion, Inc.   USFF +0.250%   Weekly   MS   11/04/30   2,352   106,330   107,275   2,262
Becton Dickinson & Co.   USFF +0.250%   Weekly   MS   01/22/30   4,739   858,642   919,698   79,323
Butterfly Network, Inc.   USFF +0.250%   Weekly   MS   11/04/30   81,814   271,361   310,893   42,819
Cardinal Health, Inc.   USFF +0.250%   Weekly   MS   01/22/30   1,504   246,858   309,072   66,011
Cencora, Inc.   USFF +0.250%   Weekly   MS   01/10/28   3,751   1,208,236   1,266,900   77,391
Chemed Corp.   USFF +0.250%   Weekly   MS   11/04/30   237   100,048   101,403   2,592
69

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services
— (continued) 		                           
CONMED Corp.   USFF +0.250%   Weekly   MS   01/22/30   12,658   $614,540   $513,915   $(91,998)
CorVel Corp.   USFF +0.250%   Weekly   MS   07/08/27   5,961   506,002   403,381   (96,526)
CVS Health Corp.   USFF +0.250%   Weekly   MS   07/16/29   11,564   688,511   917,719   253,697
Edwards Lifesciences Corp.   USFF +0.250%   Weekly   MS   11/04/30   4,627   394,863   394,452   4,354
Elevance Health, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,308   1,050,715   1,159,619   127,649
Embecta Corp.   USFF +0.250%   Weekly   MS   07/23/30   10,821   150,911   128,553   (18,440)
Envista Holdings Corp.   USFF +0.250%   Weekly   MS   01/22/30   15,740   278,539   341,715   66,943
Guardant Health, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,482   338,032   355,651   21,704
Guardian Pharmacy Services, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   2,614   77,152   78,655   2,466
HCA Healthcare, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,802   1,129,149   1,308,142   194,886
HealthEquity, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,402   130,490   128,437   (451)
HealthStream, Inc.   USFF +0.250%   Weekly   MS   11/04/30   659   15,775   15,203   (344)
ICU Medical, Inc.   USFF +0.250%   Weekly   MS   01/22/30   2,026   242,772   289,049   49,222
IDEXX Laboratories, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,438   945,793   972,850   38,415
Insulet Corp.   USFF +0.250%   Weekly   MS   11/04/30   1,979   622,233   562,511   (52,236)
iRhythm Technologies, Inc.   USFF +0.250%   Weekly   MS   01/22/30   627   92,004   111,255   20,709
Labcorp Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,275   325,250   319,872   (553)
LeMaitre Vascular, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,548   222,091   206,643   (12,392)
LivaNova PLC (United Kingdom)   USFF +0.250%   Weekly   MS   07/16/29   3,249   129,769   199,911   72,943
Masimo Corp.   USFF +0.250%   Weekly   MS   11/04/30   9,094   1,304,369   1,182,766   (105,954)
McKesson Corp.   USFF +0.250%   Weekly   MS   11/04/30   316   267,734   259,212   (5,137)
Medtronic PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   2,011   195,128   193,177   1,121
National HealthCare Corp.   USFF +0.250%   Weekly   MS   11/04/30   148   20,619   20,289   39
Omnicell, Inc.   USFF +0.250%   Weekly   MS   07/23/30   3,016   105,021   136,625   33,718
Pediatrix Medical Group, Inc.   USFF +0.250%   Weekly   MS   07/16/29   24,935   370,021   533,360   167,806
Privia Health Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,981   154,076   165,520   13,326
Progyny, Inc.   USFF +0.250%   Weekly   MS   01/22/30   22,536   467,611   578,724   116,749
Quest Diagnostics, Inc.   USFF +0.250%   Weekly   MS   01/22/30   2,718   475,578   471,655   2,695
ResMed, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,610   1,204,319   1,110,411   (77,140)
Select Medical Holdings Corp.   USFF +0.250%   Weekly   MS   07/23/30   7,115   95,684   105,658   11,381
70

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services
— (continued) 		                           
Solventum Corp.   USFF +0.250%   Weekly   MS   01/12/29   15,180   $1,174,367   $1,202,863   $42,590
STERIS PLC (Ireland)   USFF +0.250%   Weekly   MS   01/22/30   4,006   978,167   1,015,601   51,149
Stryker Corp.   USFF +0.250%   Weekly   MS   11/04/30   261   91,821   91,734   1,281
TransMedics Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,984   723,697   727,954   12,957
UFP Technologies, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,795   596,991   620,574   30,647
UnitedHealth Group, Inc.   USFF +0.250%   Weekly   MS   11/04/30   2,311   744,152   762,884   31,238
Universal Health Services, Inc., Class B   USFF +0.250%   Weekly   MS   11/04/30   1,214   271,841   264,676   (3,680)
Veeva Systems, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   507   122,029   113,178   (7,352)
Waystar Holding Corp.   USFF +0.250%   Weekly   MS   01/22/30   17,110   614,518   560,353   (48,355)
                    339,457   21,482,712   22,389,942   1,219,837
Household & Personal Products                            
BellRing Brands, Inc.   USFF +0.250%   Weekly   MS   11/04/30   36,633   1,112,193   979,200   (119,643)
Central Garden & Pet Co., Class A   USFF +0.250%   Weekly   MS   07/16/29   2,614   76,970   76,303   293
Church & Dwight Co., Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,180   526,921   518,193   (1,140)
Clorox Co. (The)   USFF +0.250%   Weekly   MS   11/04/30   2,262   225,610   228,077   5,032
Colgate-Palmolive Co.   USFF +0.250%   Weekly   MS   07/11/28   5,549   431,147   438,482   29,018
Interparfums, Inc.   USFF +0.250%   Weekly   MS   11/04/30   738   60,024   62,605   3,961
Kenvue, Inc.   USFF +0.250%   Weekly   MS   07/23/30   38,186   618,270   658,709   55,800
Kimberly-Clark Corp.   USFF +0.250%   Weekly   MS   07/08/27   8,249   935,400   832,242   (49,428)
Procter & Gamble Co. (The)   USFF +0.250%   Weekly   MS   07/16/29   4,207   668,334   602,905   (45,107)
                    104,618   4,654,869   4,396,716   (121,214)
Materials                            
Agnico Eagle Mines Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   7,456   1,200,624   1,264,016   80,514
Alamos Gold, Inc., Class A (Canada)   USFF +0.250%   Weekly   MS   07/23/30   3,002   91,918   115,817   25,107
Americas Gold & Silver Corp. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   9,613   54,477   49,122   (4,663)
Aura Minerals, Inc. (British Virgin Islands)   USFF +0.250%   Weekly   MS   11/04/30   2,854   100,979   143,884   45,437
71

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
Avery Dennison Corp.   USFF +0.250%   Weekly   MS   01/22/30   5,525   $912,171   $1,004,887   $110,273
Ball Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,906   92,325   100,961   12,432
Cabot Corp.   USFF +0.250%   Weekly   MS   07/23/30   8,298   546,170   549,991   13,441
CF Industries Holdings, Inc.   USFF +0.250%   Weekly   MS   01/22/30   9,454   732,014   731,172   21,568
Compass Minerals International, Inc.   USFF +0.250%   Weekly   MS   01/22/30   12,939   253,018   254,122   4,457
Corteva, Inc.   USFF +0.250%   Weekly   MS   01/22/30   7,435   462,964   498,368   43,275
CRH PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   2,035   258,080   253,968   (984)
DuPont de Nemours, Inc.   USFF +0.250%   Weekly   MS   01/22/30   51,225   1,938,368   2,059,245   154,726
Element Solutions, Inc.   USFF +0.250%   Weekly   MS   01/22/30   11,076   203,342   276,789   78,579
Fortuna Mining Corp. (Canada)   USFF +0.250%   Weekly   MS   01/12/29   64,598   409,160   633,706   232,568
Freeport-McMoRan, Inc.   USFF +0.250%   Weekly   MS   07/23/30   9,239   335,063   469,249   141,276
Huntsman Corp.   USFF +0.250%   Weekly   MS   11/04/30   14,329   130,058   143,290   15,921
Hycroft Mining Holding Corp., Class A   USFF +0.250%   Weekly   MS   11/04/30   2,360   57,321   56,097   (499)
IAMGOLD Corp. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   8,520   106,086   140,495   35,718
Ingevity Corp.   USFF +0.250%   Weekly   MS   07/16/29   6,619   293,325   391,712   103,854
International Flavors & Fragrances, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,875   706,283   732,866   43,776
Kinross Gold Corp. (Canada)   USFF +0.250%   Weekly   MS   01/22/30   12,957   271,378   364,869   97,359
Linde PLC (Ireland)   USFF +0.250%   Weekly   MS   08/27/26   2,196   888,760   936,352   83,168
LyondellBasell Industries NV, Class A (Netherlands)   USFF +0.250%   Weekly   MS   07/23/30   5,038   235,682   218,145   (7,809)
Mativ Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   624   7,815   7,582   (101)
Metalla Royalty & Streaming Ltd. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   178   1,388   1,385   52
New Gold, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/16/29   75,875   199,269   660,871   476,924
NewMarket Corp.   USFF +0.250%   Weekly   MS   01/07/27   1,075   736,296   738,805   15,197
Newmont Corp.   USFF +0.250%   Weekly   MS   07/16/29   17,859   845,022   1,783,221   963,054
Novagold Resources, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   23,915   235,242   222,888   (9,500)
Nutrien Ltd. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   3,059   172,920   188,801   19,407
O-I Glass, Inc.   USFF +0.250%   Weekly   MS   11/04/30   10,164   138,336   150,021   13,379
72

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
Pan American Silver Corp. (Canada)   USFF +0.250%   Weekly   MS   01/22/30   19,493   $462,349   $1,009,932   $558,504
PPG Industries, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,140   108,538   116,804   14,634
Sherwin-Williams Co. (The)   USFF +0.250%   Weekly   MS   11/04/30   1,067   345,739   345,740   4,178
Smurfit WestRock PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   6,500   230,704   251,355   24,209
Southern Copper Corp.   USFF +0.250%   Weekly   MS   01/22/30   857   67,636   122,954   58,188
Steel Dynamics, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,917   437,974   494,286   63,051
United States Lime & Minerals, Inc.   USFF +0.250%   Weekly   MS   01/22/30   849   77,574   101,659   25,204
Vulcan Materials Co.   USFF +0.250%   Weekly   MS   01/22/30   941   257,316   268,392   15,017
                    436,062   14,603,684   17,853,819   3,570,891
Media & Entertainment                            
Alphabet, Inc., Class A   USFF +0.250%   Weekly   MS   08/27/26   13,633   2,811,116   4,267,129   1,503,927
Cargurus, Inc.   USFF +0.250%   Weekly   MS   01/22/30   2,174   66,281   83,373   19,462
Cars.com, Inc.   USFF +0.250%   Weekly   MS   11/04/30   6,531   76,421   79,678   4,211
Charter Communications, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   799   166,040   166,791   2,777
Clear Channel Outdoor Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   14,876   30,461   32,876   2,818
Comcast Corp., Class A   USFF +0.250%   Weekly   MS   07/08/27   33,125   1,066,951   990,106   (37,852)
Electronic Arts, Inc.   USFF +0.250%   Weekly   MS   07/11/28   2,929   467,187   598,483   138,657
EverQuote, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   14,588   313,085   393,876   84,827
Fox Corp., Class A   USFF +0.250%   Weekly   MS   01/12/29   7,678   382,194   561,031   187,983
IAC, Inc.   USFF +0.250%   Weekly   MS   01/22/30   3,576   115,649   139,822   25,596
Madison Square Garden Entertainment Corp.   USFF +0.250%   Weekly   MS   01/22/30   1,440   47,736   77,602   30,476
Match Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   24,697   808,374   797,466   (1,194)
Meta Platforms, Inc., Class A   USFF +0.250%   Weekly   MS   07/08/27   6,587   3,725,615   4,348,013   684,117
Netflix, Inc.   USFF +0.250%   Weekly   MS   01/07/27   20,768   2,025,594   1,947,208   (54,105)
News Corp., Class A   USFF +0.250%   Weekly   MS   08/27/26   19,105   504,688   499,023   2,675
Omnicom Group, Inc.   USFF +0.250%   Weekly   MS   08/27/26   10,844   745,563   875,653   157,372
Paramount Skydance Corp., Class B   USFF +0.250%   Weekly   MS   07/23/30   7,945   110,265   106,463   (1,770)
QuinStreet, Inc.   USFF +0.250%   Weekly   MS   01/22/30   8,371   124,087   120,291   (2,272)
Roku, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,797   1,144,138   1,171,367   40,961
73

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Media & Entertainment —
(continued) 		                           
Stagwell, Inc.   USFF +0.250%   Weekly   MS   11/04/30   2,879   $14,692   $14,078   $(399)
TEGNA, Inc.   USFF +0.250%   Weekly   MS   07/16/29   5,075   88,572   98,506   13,290
TripAdvisor, Inc.   USFF +0.250%   Weekly   MS   07/23/30   20,144   301,546   293,297   (4,601)
USA TODAY Co., Inc.   USFF +0.250%   Weekly   MS   11/04/30   908   4,795   4,676   (23)
Walt Disney Co. (The)   USFF +0.250%   Weekly   MS   01/22/30   5,768   485,444   656,225   183,840
Warner Music Group Corp., Class A   USFF +0.250%   Weekly   MS   11/04/30   18,496   530,583   567,272   44,012
Yelp, Inc.   USFF +0.250%   Weekly   MS   01/22/30   8,468   286,940   257,343   (26,124)
Ziff Davis, Inc.   USFF +0.250%   Weekly   MS   01/22/30   4,346   135,519   152,762   18,998
                    276,547   16,579,536   19,300,410   3,017,659
Pharmaceuticals, Biotechnology &
Life Sciences 		                           
10X Genomics, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   16,181   276,983   263,912   (9,717)
Adaptive Biotechnologies Corp.   USFF +0.250%   Weekly   MS   01/22/30   43,361   547,811   704,183   163,083
Agilent Technologies, Inc.   USFF +0.250%   Weekly   MS   11/04/30   20,124   2,948,184   2,738,273   (174,588)
Alkermes PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   14,994   426,281   419,532   (1,608)
Alnylam Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,343   544,364   534,044   (3,766)
Amneal Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/16/29   4,066   30,324   51,232   21,665
ANI Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,492   916,304   828,238   (77,061)
Arrowhead Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   11/04/30   13,362   822,966   887,103   74,026
Aurinia Pharmaceuticals, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   15,498   209,464   247,193   40,275
Azenta, Inc.   USFF +0.250%   Weekly   MS   07/23/30   11,929   350,750   396,759   50,255
BioCryst Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   01/22/30   45,591   356,094   355,610   3,061
Biogen, Inc.   USFF +0.250%   Weekly   MS   01/22/30   1,695   231,488   298,303   69,624
Bristol-Myers Squibb Co.   USFF +0.250%   Weekly   MS   07/23/30   45,177   2,022,162   2,436,847   453,648
CareDx, Inc.   USFF +0.250%   Weekly   MS   11/04/30   20,136   353,640   379,362   29,993
74

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) 		                           
Charles River Laboratories International, Inc.   USFF +0.250%   Weekly   MS   01/22/30   1,900   $202,551   $379,012   $178,924
Collegium Pharmaceutical, Inc.   USFF +0.250%   Weekly   MS   11/04/30   182   8,420   8,427   146
Dynavax Technologies Corp.   USFF +0.250%   Weekly   MS   11/04/30   13,777   151,632   211,890   64,873
Elanco Animal Health, Inc.   USFF +0.250%   Weekly   MS   01/22/30   14,049   117,252   317,929   202,119
Exact Sciences Corp.   USFF +0.250%   Weekly   MS   11/04/30   219   22,269   22,242   278
Gilead Sciences, Inc.   USFF +0.250%   Weekly   MS   01/12/29   7,681   886,152   942,766   83,688
GRAIL, Inc.   USFF +0.250%   Weekly   MS   07/23/30   639   29,453   54,692   25,630
Halozyme Therapeutics, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,304   81,430   87,759   9,819
Harmony Biosciences Holdings, Inc.   USFF +0.250%   Weekly   MS   07/11/28   8,397   229,459   314,216   87,542
Incyte Corp.   USFF +0.250%   Weekly   MS   07/23/30   4,919   455,844   485,850   35,501
Innoviva, Inc.   USFF +0.250%   Weekly   MS   07/16/29   23,007   423,574   459,910   41,445
IQVIA Holdings, Inc.   USFF +0.250%   Weekly   MS   07/11/28   4,064   659,843   916,066   264,160
Jazz Pharmaceuticals PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   439   73,167   74,630   2,398
Johnson & Johnson   USFF +0.250%   Weekly   MS   07/23/30   12,219   2,219,196   2,528,722   357,873
Ligand Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,959   325,335   370,388   48,986
MannKind Corp.   USFF +0.250%   Weekly   MS   11/04/30   2,154   12,258   12,213   141
Omeros Corp.   USFF +0.250%   Weekly   MS   11/04/30   658   10,886   11,301   585
Pfizer, Inc.   USFF +0.250%   Weekly   MS   01/22/30   40,031   905,378   996,772   140,479
Regeneron Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   01/22/30   1,551   763,006   1,197,170   446,094
Supernus Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/16/29   473   14,751   23,508   8,972
Theravance Biopharma, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   07/23/30   3,109   56,034   58,169   2,845
Travere Therapeutics, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,377   184,894   205,455   22,813
Veracyte, Inc.   USFF +0.250%   Weekly   MS   11/04/30   9,091   377,826   382,731   9,466
Zoetis, Inc.   USFF +0.250%   Weekly   MS   11/04/30   4,441   534,008   558,767   31,232
                    425,589   18,781,433   21,161,176   2,704,899
75

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Semiconductors & Semiconductor
Equipment 		                           
Advanced Micro Devices, Inc.   USFF +0.250%   Weekly   MS   01/22/30   20,855   $2,493,798   $4,466,307   $2,002,393
Analog Devices, Inc.   USFF +0.250%   Weekly   MS   01/22/30   13,742   3,314,917   3,726,830   472,395
Applied Materials, Inc.   USFF +0.250%   Weekly   MS   11/04/30   6,282   1,461,351   1,614,411   173,090
AXT, Inc.   USFF +0.250%   Weekly   MS   11/04/30   29,159   435,092   476,750   46,904
Broadcom, Inc.   USFF +0.250%   Weekly   MS   08/27/26   16,472   4,189,320   5,700,959   1,627,303
Cirrus Logic, Inc.   USFF +0.250%   Weekly   MS   11/04/30   67   7,960   7,940   114
Credo Technology Group Holding Ltd. (Cayman Islands)   USFF +0.250%   Weekly   MS   01/12/29   3,249   294,407   467,499   176,654
Diodes, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,737   169,355   184,384   17,094
First Solar, Inc.   USFF +0.250%   Weekly   MS   11/04/30   2,874   762,948   750,775   (3,003)
GLOBALFOUNDRIES, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   11/04/30   5,295   188,671   184,901   (1,472)
Intel Corp.   USFF +0.250%   Weekly   MS   11/04/30   9,536   348,946   351,878   7,862
KLA Corp.   USFF +0.250%   Weekly   MS   11/04/30   81   98,422   98,421   1,990
Lam Research Corp.   USFF +0.250%   Weekly   MS   07/23/30   20,248   1,997,819   3,466,053   1,502,334
Marvell Technology, Inc.   USFF +0.250%   Weekly   MS   11/04/30   21,718   1,983,518   1,845,596   (138,874)
Micron Technology, Inc.   USFF +0.250%   Weekly   MS   07/16/29   13,532   2,056,514   3,862,168   1,851,097
Monolithic Power Systems, Inc.   USFF +0.250%   Weekly   MS   07/11/28   1,409   935,167   1,277,061   362,703
NVIDIA Corp.   USFF +0.250%   Weekly   MS   01/10/28   26,552   3,522,746   4,951,948   1,472,903
NXP Semiconductors NV (Netherlands)   USFF +0.250%   Weekly   MS   11/04/30   627   136,513   136,097   1,257
ON Semiconductor Corp.   USFF +0.250%   Weekly   MS   11/04/30   5,108   258,336   276,598   21,393
QUALCOMM, Inc.   USFF +0.250%   Weekly   MS   01/10/28   21,711   3,099,199   3,713,667   749,908
Rambus, Inc.   USFF +0.250%   Weekly   MS   07/16/29   2,419   228,361   222,282   (3,307)
Semtech Corp.   USFF +0.250%   Weekly   MS   01/22/30   13,181   388,011   971,308   587,980
SiTime Corp.   USFF +0.250%   Weekly   MS   11/04/30   1,392   506,960   491,640   (9,213)
Skyworks Solutions, Inc.   USFF +0.250%   Weekly   MS   01/22/30   10,923   705,834   692,627   10,873
Texas Instruments, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,629   774,704   803,085   43,941
Veeco Instruments, Inc.   USFF +0.250%   Weekly   MS   11/04/30   49   1,401   1,400   —
                    254,847   30,360,270   40,742,585   10,974,319
Software & Services                            
A10 Networks, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,546   94,918   98,109   4,630
Accenture PLC, Class A (Ireland)   USFF +0.250%   Weekly   MS   01/12/29   7,924   2,100,458   2,126,009   76,015
76

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
Adobe, Inc.   USFF +0.250%   Weekly   MS   07/08/27   7,912   $2,712,515   $2,769,121   $89,108
Agilysys, Inc.   USFF +0.250%   Weekly   MS   11/04/30   319   38,475   37,910   (66)
Alarm.com Holdings, Inc.   USFF +0.250%   Weekly   MS   07/16/29   3,114   162,211   158,876   (1,354)
Amdocs Ltd. (Guernsey)   USFF +0.250%   Weekly   MS   07/23/30   2,645   202,071   212,949   14,835
Appian Corp., Class A   USFF +0.250%   Weekly   MS   07/16/29   19,016   714,959   673,547   (32,817)
AppLovin Corp., Class A   USFF +0.250%   Weekly   MS   11/04/30   472   280,109   318,043   41,325
Autodesk, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,895   564,865   560,939   2,339
AvePoint, Inc.   USFF +0.250%   Weekly   MS   07/16/29   10,620   156,989   147,512   (8,631)
Bentley Systems, Inc., Class B   USFF +0.250%   Weekly   MS   11/04/30   5,816   228,147   221,968   (3,410)
BitMine Immersion Technologies, Inc.   USFF +0.250%   Weekly   MS   11/04/30   14,138   445,198   383,847   (66,494)
Blackbaud, Inc.   USFF +0.250%   Weekly   MS   01/22/30   5,871   357,642   371,752   18,376
BlackBerry Ltd. (Canada)   USFF +0.250%   Weekly   MS   01/22/30   217,799   968,488   825,458   (131,400)
Braze, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   3,896   138,693   133,594   (3,400)
Clear Secure, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   7,470   231,449   262,048   34,308
Cognizant Technology Solutions Corp., Class A   USFF +0.250%   Weekly   MS   07/23/30   13,354   943,735   1,108,382   181,096
Crowdstrike Holdings, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   6,065   2,359,212   2,843,029   512,092
Datadog, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   2,253   322,467   306,385   (12,184)
Descartes Systems Group, Inc. (The) (Canada)   USFF +0.250%   Weekly   MS   07/23/30   4,769   419,919   418,051   3,196
Dolby Laboratories, Inc., Class A   USFF +0.250%   Weekly   MS   01/22/30   8,927   612,816   573,292   (29,867)
Dropbox, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   26,678   765,771   741,648   (14,919)
EPAM Systems, Inc.   USFF +0.250%   Weekly   MS   01/22/30   411   59,849   84,206   25,112
Fastly, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   16,422   186,491   167,176   (17,044)
Fortinet, Inc.   USFF -0.250%   Weekly   MS   08/27/26   15,610   1,272,315   1,239,590   (17,459)
Gartner, Inc.   USFF +0.250%   Weekly   MS   07/16/29   3,066   882,794   773,490   (98,699)
Gen Digital, Inc.   USFF +0.250%   Weekly   MS   01/10/28   31,620   864,688   859,748   28,981
GoDaddy, Inc., Class A   USFF +0.250%   Weekly   MS   01/22/30   7,406   1,057,433   918,936   (125,802)
Guidewire Software, Inc.   USFF +0.250%   Weekly   MS   07/11/28   2,551   558,049   512,777   (38,555)
77

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
I3 Verticals, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   3,270   $100,489   $82,371   $(17,016)
InterDigital, Inc.   USFF -0.250%   Weekly   MS   07/08/27   3,537   1,196,888   1,126,110   (56,414)
International Business Machines Corp.   USFF +0.250%   Weekly   MS   11/04/30   2,021   610,522   598,640   (4,160)
JFrog Ltd. (Israel)   USFF +0.250%   Weekly   MS   11/04/30   14,967   948,852   934,839   (2,618)
Kyndryl Holdings, Inc.   USFF +0.250%   Weekly   MS   07/06/26   2,276   54,350   60,451   6,790
LiveRamp Holdings, Inc.   USFF +0.250%   Weekly   MS   01/22/30   8,897   237,071   261,305   27,018
Microsoft Corp.   USFF +0.250%   Weekly   MS   08/27/26   7,074   3,270,307   3,421,128   233,824
MongoDB, Inc.   USFF +0.250%   Weekly   MS   01/22/30   363   73,435   152,347   79,831
NCR Voyix Corp.   USFF +0.250%   Weekly   MS   11/04/30   12,867   131,710   131,243   1,148
Okta, Inc.   USFF +0.250%   Weekly   MS   07/23/30   11,818   1,047,263   1,021,902   (12,788)
Oracle Corp.   USFF +0.250%   Weekly   MS   08/27/26   8,247   1,131,433   1,607,423   528,920
Palantir Technologies, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   13,980   1,115,120   2,484,945   1,383,210
Palo Alto Networks, Inc.   USFF +0.250%   Weekly   MS   01/10/28   5,434   930,748   1,000,943   81,373
Pegasystems, Inc.   USFF +0.250%   Weekly   MS   01/12/29   4,130   205,459   246,644   44,829
Porch Group, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,090   94,314   55,602   (38,574)
PTC, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,184   814,291   728,895   (78,142)
Q2 Holdings, Inc.   USFF +0.250%   Weekly   MS   01/10/28   11,684   763,590   843,117   88,705
Qualys, Inc.   USFF +0.250%   Weekly   MS   07/16/29   1,902   258,999   252,776   (3,085)
RingCentral, Inc., Class A   USFF +0.250%   Weekly   MS   01/22/30   19,095   512,484   551,464   45,153
Roper Technologies, Inc.   USFF +0.250%   Weekly   MS   01/22/30   1,761   863,767   783,874   (68,610)
Salesforce, Inc.   USFF +0.250%   Weekly   MS   07/08/27   4,273   994,590   1,131,960   156,089
ServiceNow, Inc.   USFF +0.250%   Weekly   MS   08/27/26   13,269   2,134,008   2,032,678   (75,751)
ServiceTitan, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   588   63,788   62,622   (364)
Sprinklr, Inc., Class A   USFF +0.250%   Weekly   MS   07/23/30   21,847   170,499   169,970   1,550
Tenable Holdings, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,989   186,539   164,451   (19,816)
Twilio, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   725   86,801   103,124   17,401
UiPath, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   14,963   269,694   245,244   (21,184)
Unity Software, Inc.   USFF +0.250%   Weekly   MS   11/04/30   2,806   134,990   123,941   (9,394)
VeriSign, Inc.   USFF +0.250%   Weekly   MS   07/06/26   1,734   452,825   421,275   (23,356)
Yext, Inc.   USFF +0.250%   Weekly   MS   07/08/27   14,915   105,550   120,215   15,968
Zoom Communications, Inc.   USFF +0.250%   Weekly   MS   01/22/30   6,887   559,680   594,279   41,336
                    686,178   39,222,782   41,364,170   2,751,185
78

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Technology Hardware & Equipment                            
Advanced Energy Industries, Inc.   USFF +0.250%   Weekly   MS   11/04/30   995   $205,041   $208,323   $5,818
Amphenol Corp., Class A   USFF +0.250%   Weekly   MS   01/22/30   15,966   1,721,863   2,157,645   463,464
Apple, Inc.   USFF +0.250%   Weekly   MS   08/27/26   18,101   3,915,655   4,920,938   1,098,743
Arista Networks, Inc.   USFF +0.250%   Weekly   MS   07/23/30   7,507   1,036,982   983,642   (40,890)
Badger Meter, Inc.   USFF +0.250%   Weekly   MS   11/04/30   54   9,418   9,418   152
Calix, Inc.   USFF +0.250%   Weekly   MS   07/23/30   12,098   705,795   640,347   (56,961)
CDW Corp.   USFF +0.250%   Weekly   MS   11/04/30   1,131   160,178   154,042   (4,057)
Celestica, Inc. (Canada)   USFF +0.250%   Weekly   MS   11/04/30   1,019   300,220   301,227   4,639
Cisco Systems, Inc.   USFF +0.250%   Weekly   MS   01/22/30   9,510   579,545   732,555   166,467
Cognex Corp.   USFF +0.250%   Weekly   MS   07/23/30   19,149   728,971   688,981   (30,397)
CommScope Holding Co., Inc.   USFF +0.250%   Weekly   MS   01/22/30   91,666   632,216   1,661,905   1,037,295
CompoSecure, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   16,004   191,851   308,557   119,041
Corning, Inc.   USFF +0.250%   Weekly   MS   11/04/30   2,584   211,627   226,255   17,200
Daktronics, Inc.   USFF +0.250%   Weekly   MS   07/23/30   6,352   120,707   125,579   6,321
Dell Technologies, Inc., Class C   USFF +0.250%   Weekly   MS   01/22/30   23,343   2,979,410   2,938,417   4,555
Diebold Nixdorf, Inc.   USFF +0.250%   Weekly   MS   07/23/30   1,819   104,461   123,492   20,519
ePlus, Inc.   USFF +0.250%   Weekly   MS   07/16/29   2,994   198,826   262,574   67,767
F5, Inc.   USFF +0.250%   Weekly   MS   07/08/27   2,310   491,118   589,651   104,449
Hewlett Packard Enterprise Co.   USFF +0.250%   Weekly   MS   07/23/30   74,476   1,759,430   1,788,914   60,853
HP, Inc.   USFF +0.250%   Weekly   MS   08/27/26   31,698   790,286   706,231   (26,356)
Jabil, Inc.   USFF +0.250%   Weekly   MS   01/12/29   4,589   789,921   1,046,384   266,927
Keysight Technologies, Inc.   USFF +0.250%   Weekly   MS   01/22/30   4,270   684,902   867,621   190,956
Knowles Corp.   USFF +0.250%   Weekly   MS   07/16/29   10,742   192,617   230,201   39,928
Littelfuse, Inc.   USFF +0.250%   Weekly   MS   01/22/30   1,385   299,815   350,294   55,772
Lumentum Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   753   277,318   277,548   3,588
Mirion Technologies, Inc.   USFF +0.250%   Weekly   MS   11/04/30   17,954   434,012   420,483   (8,296)
NetApp, Inc.   USFF +0.250%   Weekly   MS   08/27/26   7,948   825,191   851,151   60,202
NetScout Systems, Inc.   USFF +0.250%   Weekly   MS   01/22/30   7,319   165,120   198,052   34,948
nLight, Inc.   USFF +0.250%   Weekly   MS   01/22/30   20,178   539,450   756,877   223,922
Ondas Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   9,438   89,309   92,115   3,914
OSI Systems, Inc.   USFF +0.250%   Weekly   MS   07/23/30   961   258,211   245,113   (9,968)
Ouster, Inc.   USFF +0.250%   Weekly   MS   01/22/30   2,095   25,623   45,336   20,058
PC Connection, Inc.   USFF +0.250%   Weekly   MS   11/04/30   33   1,913   1,906   55
Rogers Corp.   USFF +0.250%   Weekly   MS   01/22/30   2,848   195,792   260,791   67,465
Sandisk Corp.   USFF +0.250%   Weekly   MS   11/04/30   3,366   664,625   799,021   142,390
79

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Technology Hardware & Equipment
— (continued) 		                           
Sanmina Corp.   USFF +0.250%   Weekly   MS   07/23/30   4,574   $630,357   $686,420   $63,646
ScanSource, Inc.   USFF +0.250%   Weekly   MS   01/22/30   173   6,648   6,757   204
Seagate Technology Holdings PLC (Ireland)   USFF +0.250%   Weekly   MS   01/10/28   11,624   966,677   3,201,133   2,280,991
Super Micro Computer, Inc.   USFF +0.250%   Weekly   MS   01/22/30   11,366   389,666   332,683   (52,281)
TD SYNNEX Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,674   254,643   251,485   284
TE Connectivity PLC (Ireland)   USFF +0.250%   Weekly   MS   07/11/28   1,455   325,564   331,027   10,317
Trimble, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,609   128,149   126,065   (511)
Viasat, Inc.   USFF +0.250%   Weekly   MS   07/23/30   5,895   188,674   203,142   16,465
Western Digital Corp.   USFF +0.250%   Weekly   MS   07/11/28   20,754   937,220   3,575,292   2,749,222
Zebra Technologies Corp., Class A   USFF +0.250%   Weekly   MS   11/04/30   224   54,917   54,392   171
                    492,003   26,169,934   34,739,982   9,178,991
Telecommunication Services                            
AT&T, Inc.   USFF +0.250%   Weekly   MS   01/10/28   34,399   785,165   854,471   123,865
IDT Corp., Class B   USFF +0.250%   Weekly   MS   01/22/30   2,513   139,541   128,691   (8,890)
Iridium Communications, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,159   179,855   176,563   484
Lumen Technologies, Inc.   USFF +0.250%   Weekly   MS   11/04/30   48,969   389,707   380,489   (6,906)
Rogers Communications, Inc., Class B (Canada)   USFF +0.250%   Weekly   MS   07/23/30   4,313   153,946   162,729   12,555
TELUS Corp. (Canada)   USFF +0.250%   Weekly   MS   01/22/30   22,877   307,486   301,290   3,169
T-Mobile US, Inc.   USFF +0.250%   Weekly   MS   11/04/30   3,223   663,574   654,398   (1,196)
Verizon Communications, Inc.   USFF +0.250%   Weekly   MS   07/08/27   20,496   809,476   834,802   93,011
                    146,949   3,428,750   3,493,433   216,092
Transportation                            
Allegiant Travel Co.   USFF +0.250%   Weekly   MS   01/22/30   3,807   222,506   324,623   104,819
CH Robinson Worldwide, Inc.   USFF +0.250%   Weekly   MS   01/22/30   3,220   425,389   517,647   99,431
CSX Corp.   USFF +0.250%   Weekly   MS   11/04/30   5,811   201,679   210,649   12,176
Delta Air Lines, Inc.   USFF +0.250%   Weekly   MS   07/11/28   21,486   1,088,109   1,491,128   427,458
Expeditors International of Washington, Inc.   USFF +0.250%   Weekly   MS   01/22/30   937   105,368   139,622   36,798
80

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Transportation — (continued)                            
JB Hunt Transport Services, Inc.   USFF +0.250%   Weekly   MS   07/23/30   2,897   $392,832   $563,003   $176,209
Lyft, Inc., Class A   USFF +0.250%   Weekly   MS   11/04/30   10,887   218,913   210,881   (5,372)
Norfolk Southern Corp.   USFF +0.250%   Weekly   MS   07/23/30   2,710   767,099   782,431   28,416
SkyWest, Inc.   USFF +0.250%   Weekly   MS   07/23/30   4,003   393,685   401,941   13,007
Sun Country Airlines Holdings, Inc.   USFF +0.250%   Weekly   MS   01/22/30   14,131   161,386   203,345   44,124
Uber Technologies, Inc.   USFF +0.250%   Weekly   MS   07/11/28   6,525   446,892   533,158   91,653
Union Pacific Corp.   USFF +0.250%   Weekly   MS   11/04/30   933   217,244   215,822   2,586
United Parcel Service, Inc., Class B   USFF +0.250%   Weekly   MS   01/22/30   7,859   770,577   779,534   44,655
XPO, Inc.   USFF +0.250%   Weekly   MS   11/04/30   4,783   650,379   650,058   7,501
                    89,989   6,062,058   7,023,842   1,083,461
Utilities                            
Algonquin Power & Utilities Corp. (Canada)   USFF +0.250%   Weekly   MS   07/23/30   68,374   389,239   420,500   43,565
Ameren Corp.   USFF +0.250%   Weekly   MS   11/04/30   1,753   174,642   175,055   2,542
American States Water Co.   USFF +0.250%   Weekly   MS   11/04/30   1,610   118,065   116,693   80
American Water Works Co., Inc.   USFF +0.250%   Weekly   MS   01/10/28   1,576   204,852   205,668   8,413
Atmos Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   1,439   243,159   241,220   2,222
CenterPoint Energy, Inc.   USFF +0.250%   Weekly   MS   01/22/30   15,307   580,987   586,870   17,717
Consolidated Edison, Inc.   USFF +0.250%   Weekly   MS   07/23/30   10,479   1,046,136   1,040,774   15,240
Constellation Energy Corp.   USFF +0.250%   Weekly   MS   08/27/26   5,927   1,598,966   2,093,831   522,385
Duke Energy Corp.   USFF +0.250%   Weekly   MS   07/23/30   17,552   2,153,518   2,057,270   (56,931)
Evergy, Inc.   USFF +0.250%   Weekly   MS   01/22/30   10,133   687,005   734,541   72,767
Eversource Energy   USFF +0.250%   Weekly   MS   11/04/30   10,033   697,462   675,522   (7,407)
Exelon Corp.   USFF +0.250%   Weekly   MS   11/04/30   13,609   620,750   593,216   (20,949)
Hallador Energy Co.   USFF +0.250%   Weekly   MS   01/22/30   9,645   167,033   183,641   18,646
MDU Resources Group, Inc.   USFF +0.250%   Weekly   MS   01/22/30   7,925   128,882   154,696   29,997
National Fuel Gas Co.   USFF +0.250%   Weekly   MS   07/16/29   6,604   544,053   528,716   1,007
Otter Tail Corp.   USFF +0.250%   Weekly   MS   07/08/27   253   20,829   20,445   (95)
Public Service Enterprise Group, Inc.   USFF +0.250%   Weekly   MS   11/04/30   6,220   507,240   499,466   2,698
81

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Utilities — (continued)                            
ReNew Energy Global PLC, Class A (United Kingdom)   USFF +0.250%   Weekly   MS   11/04/30   1,294   $7,837   $7,311   $(393)
Talen Energy Corp.   USFF +0.250%   Weekly   MS   11/04/30   126   44,429   47,230   5,323
Vistra Corp.   USFF +0.250%   Weekly   MS   01/10/28   1,917   278,880   309,270   34,672
WEC Energy Group, Inc.   USFF +0.250%   Weekly   MS   11/04/30   882   93,133   93,016   1,036
                    192,658   10,307,097   10,784,951   692,535
Total Reference Entity — Long           361,895,517   409,705,063   54,842,912
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Short                                
Automobiles & Components                            
Dorman Products, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,926)   $(659,427)   $(606,834)   $39,872
Fox Factory Holding Corp.   USFF -0.250%   Weekly   MS   01/12/29   (9,004)   (391,762)   (154,058)   230,162
Lucid Group, Inc.   USFF -16.390%   Weekly   MS   07/18/30   (23,791)   (430,673)   (251,471)   170,908
Modine Manufacturing Co.   USFF -0.250%   Weekly   MS   07/18/30   (4,380)   (600,713)   (584,774)   4,355
Patrick Industries, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,693)   (284,880)   (292,002)   (13,414)
QuantumScape Corp.   USFF -0.250%   Weekly   MS   07/18/30   (77,917)   (847,541)   (811,895)   19,285
Thor Industries, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,980)   (309,041)   (305,957)   (2,857)
Winnebago Industries, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (7,916)   (331,280)   (320,756)   (4,435)
XPEL, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,156)   (185,827)   (207,426)   (25,155)
                    (137,763)   (4,041,144)   (3,535,173)   418,721
Capital Goods                            
AAON, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (6,922)   (570,308)   (527,802)   29,171
Aebi Schmidt Holding AG (Switzerland)   USFF -0.250%   Weekly   MS   07/18/30   (1,396)   (17,725)   (17,659)   (239)
AeroVironment, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,585)   (890,487)   (867,176)   6,121
Albany International Corp., Class A   USFF -0.250%   Weekly   MS   01/10/28   (6,418)   (401,261)   (325,393)   64,938
Allison Transmission Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (11,287)   (1,064,165)   (1,104,997)   (61,385)
Ameresco, Inc., Class A   USFF -0.250%   Weekly   MS   07/08/27   (12,053)   (508,014)   (353,032)   145,190
American Woodmark Corp.   USFF -0.250%   Weekly   MS   07/16/29   (3,061)   (265,312)   (164,988)   95,981
Amprius Technologies, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,465)   (35,153)   (35,229)   (717)
Apogee Enterprises, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (7,184)   (292,115)   (261,569)   22,185
82

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Archer Aviation, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (56,654)   $(458,364)   $(426,038)   $23,495
Arcosa, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (3,150)   (283,956)   (334,908)   (57,686)
Argan, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,531)   (1,202,374)   (1,106,333)   69,665
Array Technologies, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (13,832)   (135,807)   (127,531)   5,687
Astec Industries, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,057)   (136,457)   (132,429)   1,385
Atkore, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (6,262)   (451,929)   (396,071)   42,628
Axon Enterprise, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,349)   (2,562,184)   (2,469,928)   41,679
Ballard Power Systems, Inc. (Canada)   USFF -1.048%   Weekly   MS   07/18/30   (1,687)   (4,307)   (4,285)   (23)
Boise Cascade Co.   USFF -0.250%   Weekly   MS   07/16/29   (14,443)   (1,223,886)   (1,063,005)   131,085
Cadre Holdings, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (6,635)   (247,372)   (270,973)   (31,122)
CAE, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (10,698)   (305,174)   (325,433)   (26,125)
CECO Environmental Corp.   USFF -0.250%   Weekly   MS   07/16/29   (25,620)   (1,335,727)   (1,533,357)   (223,437)
Centuri Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (72,654)   (1,689,926)   (1,834,513)   (177,248)
Chart Industries, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (8,347)   (1,687,194)   (1,721,402)   (66,816)
Construction Partners, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (71)   (7,741)   (7,707)   (76)
CSW Industrials, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (2,535)   (705,682)   (744,099)   (52,979)
Douglas Dynamics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,614)   (51,623)   (52,697)   (2,368)
Dover Corp.   USFF -0.250%   Weekly   MS   07/18/30   (2,355)   (468,794)   (459,790)   41
Ducommun, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,219)   (114,611)   (115,963)   (3,531)
DXP Enterprises, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (7,268)   (796,561)   (797,954)   (16,767)
EnerSys   USFF -0.250%   Weekly   MS   07/16/29   (993)   (101,675)   (145,723)   (55,126)
Enovix Corp.   USFF -0.740%   Weekly   MS   07/18/30   (56,707)   (473,987)   (414,528)   50,326
Eos Energy Enterprises, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (12,593)   (143,366)   (144,316)   (3,685)
Esab Corp.   USFF -0.250%   Weekly   MS   07/18/30   (22,412)   (2,579,903)   (2,503,869)   22,886
Eve Holding, Inc.   USFF -1.390%   Weekly   MS   07/18/30   (27,830)   (118,934)   (111,042)   5,630
Franklin Electric Co., Inc.   USFF -0.250%   Weekly   MS   01/17/30   (1,970)   (185,397)   (188,194)   (7,354)
GATX Corp.   USFF -0.250%   Weekly   MS   07/11/28   (1,779)   (274,798)   (301,718)   (35,884)
Gibraltar Industries, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (3,823)   (256,075)   (189,009)   62,150
Graham Corp.   USFF -0.250%   Weekly   MS   07/18/30   (717)   (46,914)   (46,053)   (7)
Herc Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (5,189)   (787,014)   (769,944)   (4,561)
Hillenbrand, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,294)   (104,579)   (104,486)   (2,656)
Hillman Solutions Corp.   USFF -0.250%   Weekly   MS   07/18/30   (17,262)   (151,290)   (149,489)   (1,087)
Intuitive Machines, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (33,300)   (305,581)   (540,459)   (240,751)
Kadant, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (47)   (13,498)   (13,396)   (120)
Karman Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,796)   (252,221)   (277,753)   (30,374)
Kennametal, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (28,943)   (627,286)   (822,271)   (215,091)
83

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Kratos Defense & Security Solutions, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (19,285)   $(1,465,008)   $(1,463,924)   $(28,920)
Lennox International, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,681)   (1,849,025)   (1,787,420)   21,247
Limbach Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (4,818)   (460,914)   (375,081)   76,953
Lincoln Electric Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (998)   (243,135)   (239,161)   (1,480)
MasTec, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (15,076)   (3,096,427)   (3,277,070)   (240,520)
Masterbrand, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (22,886)   (362,575)   (252,661)   103,077
Middleby Corp. (The)   USFF -0.250%   Weekly   MS   07/18/30   (5,522)   (824,478)   (820,956)   (12,392)
Moog, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (622)   (138,754)   (151,488)   (18,278)
National Presto Industries, Inc.   USFF +0.250%   Weekly   MS   08/27/26   (766)   (77,566)   (81,778)   (5,674)
Power Solutions International, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,709)   (245,077)   (211,932)   29,089
Quanex Building Products Corp.   USFF -0.250%   Weekly   MS   07/16/29   (17,303)   (344,771)   (266,120)   67,329
Quanta Services, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (1,462)   (642,301)   (617,052)   12,841
QXO, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (30,485)   (644,172)   (588,056)   44,067
RBC Bearings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (681)   (296,124)   (305,381)   (14,948)
Redwire Corp.   USFF -3.090%   Weekly   MS   07/18/30   (79,111)   (704,259)   (601,244)   89,427
Resideo Technologies, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (53,174)   (1,787,137)   (1,867,471)   (114,876)
Shoals Technologies Group, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (212,317)   (1,639,702)   (1,804,694)   (196,681)
StandardAero, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (23,620)   (675,833)   (677,422)   (14,627)
Stratasys Ltd. (Israel)   USFF -0.590%   Weekly   MS   07/18/30   (361)   (3,129)   (3,133)   (26)
Sunrun, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (41,533)   (771,879)   (764,207)   (7,225)
Terex Corp.   USFF -0.250%   Weekly   MS   07/16/29   (8,491)   (489,483)   (453,250)   21,082
Transcat, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (858)   (105,059)   (48,674)   54,652
TransDigm Group, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (154)   (208,756)   (204,797)   (42)
Watsco, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (694)   (336,501)   (233,843)   92,282
WESCO International, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (465)   (119,483)   (113,758)   3,601
Westinghouse Air Brake Technologies Corp.   USFF -0.250%   Weekly   MS   07/18/30   (6,381)   (1,311,418)   (1,362,024)   (77,397)
                    (1,077,460)   (43,179,693)   (42,877,108)   (614,411)
Commercial & Professional
Services 		                           
ABM Industries, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (14,319)   (706,071)   (605,694)   81,384
ACV Auctions, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (122,245)   (1,196,592)   (980,405)   193,036
Booz Allen Hamilton Holding Corp.   USFF -0.250%   Weekly   MS   07/18/30   (4,177)   (391,311)   (352,372)   35,675
84

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Commercial & Professional
Services — (continued) 		                           
Brady Corp., Class A   USFF -0.250%   Weekly   MS   07/18/30   (3,031)   $(239,414)   $(237,539)   $(3,197)
BrightView Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (30,165)   (405,423)   (382,191)   15,427
Casella Waste Systems, Inc., Class A   USFF -0.250%   Weekly   MS   01/12/29   (7,670)   (808,104)   (751,200)   40,921
CBIZ, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (8,255)   (647,039)   (416,465)   218,093
Clarivate PLC (Jersey)   USFF -0.260%   Weekly   MS   07/11/28   (228,540)   (1,163,635)   (763,324)   377,835
Concentrix Corp.   USFF -0.250%   Weekly   MS   07/18/30   (978)   (40,976)   (40,665)   (443)
CoreCivic, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (24,065)   (427,297)   (459,882)   (40,814)
Enviri Corp.   USFF -0.250%   Weekly   MS   07/18/30   (14,177)   (171,978)   (254,052)   (85,715)
First Advantage Corp.   USFF -0.250%   Weekly   MS   07/16/29   (7,239)   (105,868)   (105,183)   (1,332)
Huron Consulting Group, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,271)   (194,082)   (219,769)   (30,353)
ICF International, Inc.   USFF -0.250%   Weekly   MS   07/08/27   (2,063)   (178,518)   (175,974)   (872)
Innodata, Inc.   USFF -0.590%   Weekly   MS   07/18/30   (838)   (60,472)   (42,696)   16,644
Insperity, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (28,253)   (1,604,517)   (1,093,956)   442,105
Legalzoom.com, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (36,130)   (355,414)   (358,771)   (10,195)
ManpowerGroup, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (41,029)   (1,484,433)   (1,219,792)   210,084
Maximus, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (7,050)   (628,923)   (608,556)   6,211
MillerKnoll, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (10,056)   (237,564)   (183,824)   41,716
MSA Safety, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (628)   (112,303)   (100,568)   8,918
OPENLANE, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (14,049)   (398,616)   (418,379)   (27,437)
Parsons Corp.   USFF -0.250%   Weekly   MS   01/17/30   (12,309)   (1,035,074)   (760,696)   258,338
Robert Half, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (5,973)   (157,149)   (162,227)   (11,604)
Science Applications International Corp.   USFF -0.250%   Weekly   MS   07/16/29   (20,047)   (2,050,251)   (2,017,931)   (11,675)
SS&C Technologies Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (5,461)   (467,907)   (477,401)   (19,408)
TransUnion   USFF -0.250%   Weekly   MS   01/17/30   (11,794)   (1,036,413)   (1,011,335)   4,653
TriNet Group, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (452)   (43,871)   (26,727)   15,889
UL Solutions, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (7,343)   (582,608)   (579,069)   (9,492)
Verra Mobility Corp.   USFF -0.250%   Weekly   MS   01/17/30   (16,521)   (389,603)   (370,236)   11,868
Vestis Corp.   USFF -0.250%   Weekly   MS   01/12/29   (101,663)   (818,828)   (678,092)   123,806
Waste Management, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (267)   (58,723)   (58,663)   (1,037)
                    (788,058)   (18,198,977)   (15,913,634)   1,849,029
Consumer Discretionary
Distribution & Retail 		                           
Academy Sports & Outdoors, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (8,489)   (416,357)   (424,110)   (17,856)
American Eagle Outfitters, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (39,387)   (856,630)   (1,038,635)   (201,519)
Arhaus, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (11,928)   (145,737)   (133,713)   9,243
Asbury Automotive Group, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (858)   (198,683)   (199,511)   (4,633)
85

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Discretionary
Distribution & Retail — (continued) 		                           
Build-A-Bear Workshop, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (986)   $(57,657)   $(60,412)   $(3,832)
Burlington Stores, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (7,433)   (1,973,083)   (2,147,022)   (212,079)
Camping World Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (31,164)   (574,645)   (303,226)   251,803
Carvana Co.   USFF -0.250%   Weekly   MS   07/18/30   (7,352)   (2,741,475)   (3,102,691)   (417,259)
Dick's Sporting Goods, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (18,238)   (3,923,585)   (3,610,577)   219,412
Etsy, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,957)   (364,055)   (274,816)   82,233
Floor & Decor Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (5,807)   (496,410)   (353,588)   133,255
Guess?, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (6,024)   (102,018)   (100,902)   (2,729)
Murphy USA, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,214)   (493,535)   (489,873)   (5,849)
RH   USFF -0.250%   Weekly   MS   01/17/30   (1,051)   (252,000)   (188,287)   58,876
Savers Value Village, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (38,151)   (411,739)   (356,330)   47,480
Upbound Group, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (20,861)   (488,283)   (366,319)   98,843
Valvoline, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (5,292)   (160,371)   (153,786)   3,522
                    (209,192)   (13,656,263)   (13,303,798)   38,911
Consumer Durables & Apparel                            
Acushnet Holdings Corp.   USFF -0.250%   Weekly   MS   01/17/30   (4,242)   (334,254)   (338,596)   (12,931)
Canada Goose Holdings, Inc. (Canada)   USFF -1.340%   Weekly   MS   07/18/30   (200)   (2,596)   (2,590)   (5)
Columbia Sportswear Co.   USFF -0.250%   Weekly   MS   07/18/30   (2,407)   (127,577)   (132,602)   (8,040)
Crocs, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,198)   (188,600)   (187,973)   (3,401)
Figs, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (40,130)   (256,679)   (455,877)   (207,121)
KB Home   USFF -0.250%   Weekly   MS   07/18/30   (1,165)   (66,237)   (65,718)   (723)
Kontoor Brands, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,999)   (321,326)   (244,299)   69,612
Mattel, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (126,667)   (2,418,946)   (2,513,073)   (145,971)
Newell Brands, Inc.   USFF -0.260%   Weekly   MS   01/17/30   (55,085)   (304,678)   (204,916)   85,404
NIKE, Inc., Class B   USFF -0.250%   Weekly   MS   07/18/30   (5,680)   (346,977)   (361,873)   (21,570)
Oxford Industries, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (2,979)   (245,020)   (101,882)   132,790
Sturm Ruger & Co., Inc.   USFF -0.250%   Weekly   MS   01/12/29   (2,125)   (97,153)   (69,381)   24,640
TopBuild Corp.   USFF -0.250%   Weekly   MS   07/18/30   (583)   (252,051)   (243,222)   4,176
Tri Pointe Homes, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (5,310)   (180,688)   (167,106)   10,125
VF Corp.   USFF -0.250%   Weekly   MS   07/18/30   (34,352)   (514,644)   (621,084)   (119,473)
Whirlpool Corp.   USFF -1.290%   Weekly   MS   07/11/28   (907)   (73,598)   (65,431)   6,631
                    (288,029)   (5,731,024)   (5,775,623)   (185,857)
Consumer Services                            
Bloomin' Brands, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (6,122)   (125,529)   (37,773)   79,684
86

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Services — (continued)                            
Brightstar Lottery PLC (United Kingdom)   USFF -0.250%   Weekly   MS   01/17/30   (8,610)   $(149,249)   $(133,283)   $5,232
Brinker International, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,528)   (516,106)   (506,339)   (716)
Cava Group, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,493)   (175,591)   (146,314)   25,918
Chipotle Mexican Grill, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (15,913)   (591,572)   (588,781)   (8,617)
Coursera, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (109,282)   (1,011,139)   (804,316)   187,297
Dave & Buster's Entertainment, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (8,445)   (300,386)   (136,893)   157,719
DoorDash, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (1,645)   (382,574)   (372,560)   2,650
Dutch Bros, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (1,734)   (97,559)   (106,155)   (10,445)
First Watch Restaurant Group, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (35,200)   (630,458)   (530,816)   87,482
Flutter Entertainment PLC (Ireland)   USFF -0.250%   Weekly   MS   07/18/30   (9,989)   (2,113,135)   (2,148,035)   (75,749)
Hyatt Hotels Corp., Class A   USFF -0.250%   Weekly   MS   07/18/30   (1,984)   (302,700)   (318,075)   (21,503)
Krispy Kreme, Inc.   USFF -0.300%   Weekly   MS   07/08/27   (14,998)   (225,025)   (60,292)   161,258
Kura Sushi USA, Inc., Class A   USFF -0.890%   Weekly   MS   07/18/30   (7,462)   (528,971)   (390,486)   128,476
Lincoln Educational Services Corp.   USFF -0.250%   Weekly   MS   07/18/30   (5,106)   (114,208)   (123,310)   (11,376)
Lucky Strike Entertainment Corp.   USFF -11.990%   Weekly   MS   07/18/30   (900)   (7,620)   (7,623)   (134)
Norwegian Cruise Line Holdings Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/18/30   (71,658)   (1,434,966)   (1,599,407)   (192,956)
OneSpaWorld Holdings Ltd. (Bahamas)   USFF -0.250%   Weekly   MS   01/17/30   (9,712)   (201,519)   (201,427)   (4,650)
Red Rock Resorts, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (10,000)   (578,105)   (619,500)   (55,044)
Royal Caribbean Cruises Ltd. (Liberia)   USFF -0.250%   Weekly   MS   07/18/30   (5,545)   (1,587,007)   (1,546,611)   3,943
Serve Robotics, Inc.   USFF -3.340%   Weekly   MS   07/18/30   (21,188)   (247,674)   (219,931)   22,989
Six Flags Entertainment Corp.   USFF -0.250%   Weekly   MS   07/16/29   (68,153)   (1,787,651)   (1,045,467)   707,632
Sweetgreen, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (67,494)   (694,905)   (456,259)   225,238
Texas Roadhouse, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,063)   (367,394)   (342,458)   17,250
87

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Services — (continued)                            
Udemy, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (16,019)   $(112,313)   $(93,711)   $16,467
Universal Technical Institute, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (28,493)   (846,146)   (744,522)   85,290
Wendy's Co. (The)   USFF -0.250%   Weekly   MS   07/18/30   (33,528)   (284,737)   (279,288)   (3,438)
Wyndham Hotels & Resorts, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (219)   (16,683)   (16,548)   (148)
                    (567,483)   (15,430,922)   (13,576,180)   1,529,749
Consumer Staples Distribution &
Retail 		                           
BJ's Wholesale Club Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,482)   (894,846)   (853,664)   26,378
Casey's General Stores, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,810)   (2,107,187)   (2,105,825)   (39,373)
Chefs' Warehouse, Inc. (The)   USFF -0.250%   Weekly   MS   07/18/30   (3,300)   (202,301)   (205,689)   (7,263)
Ingles Markets, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (3,293)   (221,832)   (225,735)   (9,440)
Maplebear, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,217)   (418,392)   (414,581)   (4,245)
Performance Food Group Co.   USFF -0.250%   Weekly   MS   07/16/29   (16,417)   (1,518,736)   (1,476,217)   13,171
PriceSmart, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (839)   (106,679)   (102,920)   1,738
Weis Markets, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (3,714)   (267,221)   (238,030)   22,437
                    (50,072)   (5,737,194)   (5,622,661)   3,403
Energy                            
Archrock, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (52,171)   (1,312,155)   (1,357,489)   (93,875)
Atlas Energy Solutions, Inc.   USFF -0.590%   Weekly   MS   01/12/29   (41,223)   (622,037)   (388,321)   198,816
BW LPG Ltd. (Singapore)   USFF -1.390%   Weekly   MS   01/17/30   (21,750)   (271,499)   (284,925)   (33,677)
Canadian Natural Resources Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (60,101)   (1,936,827)   (2,034,419)   (165,568)
Chevron Corp.   USFF -0.250%   Weekly   MS   07/18/30   (18,369)   (2,767,337)   (2,799,619)   (85,792)
Chord Energy Corp.   USFF -0.250%   Weekly   MS   07/18/30   (1,218)   (115,541)   (112,909)   91
Core Natural Resources, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (23,674)   (1,956,044)   (2,095,386)   (185,536)
Coterra Energy, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (11,604)   (303,403)   (305,417)   (13,667)
Crescent Energy Co., Class A   USFF -0.250%   Weekly   MS   08/27/26   (18,994)   (179,158)   (159,360)   11,337
Delek US Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (8,032)   (310,499)   (238,229)   64,251
Denison Mines Corp. (Canada)   USFF -0.285%   Weekly   MS   07/18/30   (351,781)   (945,352)   (935,737)   (8,638)
Diamondback Energy, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (2,864)   (494,533)   (430,545)   44,741
Dorian LPG Ltd. (Marshall Islands)   USFF -0.250%   Weekly   MS   01/17/30   (10,199)   (293,121)   (248,244)   26,237
88

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
Energy Fuels, Inc. (Canada)   USFF -0.640%   Weekly   MS   07/18/30   (11,094)   $(163,189)   $(161,307)   $(1,236)
EOG Resources, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (26,413)   (2,825,032)   (2,773,629)   (3,222)
Excelerate Energy, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (17,082)   (456,657)   (479,150)   (32,158)
Helmerich & Payne, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (71,940)   (1,522,360)   (2,063,239)   (591,710)
Kinetik Holdings, Inc.   USFF -1.490%   Weekly   MS   01/07/27   (7,183)   (273,188)   (258,947)   (64,852)
Liberty Energy, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (46,456)   (894,761)   (857,578)   5,783
Marathon Petroleum Corp.   USFF -0.250%   Weekly   MS   07/18/30   (20,521)   (3,876,199)   (3,337,330)   446,394
Matador Resources Co.   USFF -0.250%   Weekly   MS   07/16/29   (11,041)   (546,957)   (468,580)   60,564
NexGen Energy Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (18,959)   (164,609)   (174,423)   (12,960)
NextDecade Corp.   USFF -0.540%   Weekly   MS   01/12/29   (210,800)   (1,441,321)   (1,110,916)   302,554
Nordic American Tankers Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/18/30   (57,973)   (197,960)   (199,427)   (10,462)
Northern Oil & Gas, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (6,607)   (146,301)   (141,852)   (1,328)
ONEOK, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (7,259)   (686,254)   (533,536)   117,047
Peabody Energy Corp.   USFF -0.250%   Weekly   MS   07/18/30   (39,456)   (1,160,411)   (1,171,843)   (35,949)
ProFrac Holding Corp., Class A   USFF -0.790%   Weekly   MS   07/18/30   (181)   (705)   (704)   27
ProPetro Holding Corp.   USFF -0.250%   Weekly   MS   07/11/28   (39,238)   (404,778)   (373,153)   23,813
Sable Offshore Corp.   USFF -0.890%   Weekly   MS   07/18/30   (9,032)   (78,114)   (81,469)   (4,828)
Seadrill Ltd. (Bermuda)   USFF -0.640%   Weekly   MS   01/17/30   (23,809)   (696,001)   (823,791)   (141,219)
Select Water Solutions, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (71,597)   (705,635)   (753,200)   (72,148)
SFL Corp. Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/16/29   (12,689)   (134,758)   (99,101)   19,501
SLB Ltd. (Curacao)   USFF -0.250%   Weekly   MS   07/18/30   (27,228)   (1,031,958)   (1,045,011)   (37,171)
SM Energy Co.   USFF -0.250%   Weekly   MS   01/17/30   (67,663)   (1,618,743)   (1,265,298)   295,942
TETRA Technologies, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (75,111)   (616,105)   (703,790)   (99,567)
Venture Global, Inc., Class A   USFF -4.340%   Weekly   MS   07/18/30   (55,017)   (356,174)   (375,216)   (25,931)
                    (1,556,329)   (31,505,676)   (30,643,090)   (104,396)
Financial Services                            
Chime Financial, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (6,193)   (150,600)   (155,878)   (8,153)
MSCI, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (544)   (316,313)   (312,109)   (1,878)
Remitly Global, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (27,515)   (391,423)   (379,707)   4,181
89

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Financial Services — (continued)                            
S&P Global, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,943)   $(1,024,643)   $(1,015,392)   $(10,537)
Shift4 Payments, Inc., Class A   USFF -2.190%   Weekly   MS   07/18/30   (4,993)   (349,519)   (314,409)   28,385
                    (41,188)   (2,232,498)   (2,177,495)   11,998
Food, Beverage & Tobacco                            
Bunge Global SA (Switzerland)   USFF -0.250%   Weekly   MS   07/16/29   (28,125)   (2,531,127)   (2,505,375)   (47,995)
Celsius Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (7,551)   (347,864)   (345,383)   (4,211)
Conagra Brands, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (24,749)   (430,632)   (428,405)   (2,946)
General Mills, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (10,680)   (499,900)   (496,620)   (6,354)
Hormel Foods Corp.   USFF -0.250%   Weekly   MS   07/18/30   (48,402)   (1,158,578)   (1,147,127)   (10,929)
J M Smucker Co. (The)   USFF -0.250%   Weekly   MS   07/18/30   (3,853)   (432,546)   (376,862)   46,499
John B Sanfilippo & Son, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (821)   (71,850)   (57,963)   10,558
Marzetti Company (The)   USFF -0.250%   Weekly   MS   01/17/30   (975)   (177,085)   (160,309)   11,915
McCormick & Co., Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,368)   (162,083)   (161,284)   (2,299)
Post Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (22,522)   (2,265,744)   (2,230,804)   (8,863)
Primo Brands Corp.   USFF -0.250%   Weekly   MS   01/17/30   (165,263)   (3,856,932)   (2,702,050)   1,061,130
Simply Good Foods Co. (The)   USFF -0.250%   Weekly   MS   07/18/30   (664)   (13,396)   (13,333)   (157)
Turning Point Brands, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (46)   (4,987)   (4,986)   (56)
Universal Corp.   USFF -0.250%   Weekly   MS   07/18/30   (2,967)   (164,782)   (156,509)   3,636
Utz Brands, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (32,003)   (407,615)   (332,191)   63,171
Vita Coco Co., Inc. (The)   USFF -0.250%   Weekly   MS   07/18/30   (3,917)   (166,559)   (207,640)   (46,603)
Vital Farms, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (10,722)   (411,420)   (342,461)   61,037
                    (365,628)   (13,103,100)   (11,669,302)   1,127,533
Health Care Equipment & Services                            
Acadia Healthcare Co., Inc.   USFF -0.250%   Weekly   MS   01/10/28   (47,217)   (2,012,939)   (670,009)   1,304,020
Alcon AG (Switzerland)   USFF -0.250%   Weekly   MS   07/18/30   (1,498)   (122,728)   (118,057)   2,137
Astrana Health, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (12,911)   (372,844)   (320,322)   45,346
Bausch + Lomb Corp. (Canada)   USFF -0.740%   Weekly   MS   01/17/30   (25,856)   (355,944)   (441,620)   (92,675)
Baxter International, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (20,166)   (386,706)   (385,372)   (6,110)
Centene Corp.   USFF -0.250%   Weekly   MS   07/18/30   (16,027)   (604,318)   (659,511)   (66,847)
Claritev Corp.   USFF -0.940%   Weekly   MS   07/18/30   (1,434)   (69,688)   (61,304)   7,075
Cooper Cos., Inc. (The)   USFF -0.250%   Weekly   MS   01/17/30   (1,169)   (107,464)   (95,811)   9,612
DENTSPLY SIRONA, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (194,206)   (2,355,108)   (2,219,775)   50,630
Enovis Corp.   USFF -0.250%   Weekly   MS   01/12/29   (9,109)   (445,388)   (242,664)   194,145
90

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services
— (continued) 		                           
GE HealthCare Technologies, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (8,741)   $(737,803)   $(716,937)   $8,460
GoodRx Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   01/12/29   (20,276)   (166,713)   (54,948)   111,523
Henry Schein, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,203)   (632,212)   (695,563)   (75,545)
Hims & Hers Health, Inc.   USFF -0.490%   Weekly   MS   07/18/30   (12,898)   (583,553)   (418,798)   153,503
Inspire Medical Systems, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (6,285)   (763,849)   (579,666)   169,182
Integer Holdings Corp.   USFF -0.250%   Weekly   MS   07/18/30   (8,281)   (755,454)   (649,479)   91,396
Integra LifeSciences Holdings Corp.   USFF -0.250%   Weekly   MS   07/11/28   (68,381)   (1,504,030)   (849,292)   625,741
iRadimed Corp.   USFF -0.250%   Weekly   MS   07/18/30   (62)   (6,044)   (6,031)   (65)
Lantheus Holdings, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (35,082)   (2,151,960)   (2,334,707)   (224,349)
Molina Healthcare, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,186)   (1,490,496)   (1,594,138)   (132,445)
Neogen Corp.   USFF -0.250%   Weekly   MS   01/10/28   (38,860)   (633,037)   (271,631)   355,102
NeoGenomics, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (41,837)   (357,415)   (492,003)   (142,978)
Novocure Ltd. (Jersey)   USFF -0.250%   Weekly   MS   01/10/28   (98,322)   (1,632,434)   (1,271,303)   329,250
Option Care Health, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (69,256)   (2,084,709)   (2,206,496)   (162,087)
Penumbra, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,747)   (548,200)   (543,160)   (5,528)
Phreesia, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (24,151)   (506,587)   (408,635)   88,188
PROCEPT BioRobotics Corp.   USFF -0.250%   Weekly   MS   07/18/30   (10,048)   (385,787)   (316,110)   62,251
Pulse Biosciences, Inc.   USFF -4.890%   Weekly   MS   07/18/30   (61)   (836)   (838)   21
QuidelOrtho Corp.   USFF -0.250%   Weekly   MS   07/06/26   (12,883)   (356,706)   (367,938)   (18,096)
RadNet, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (3,503)   (252,706)   (249,939)   (2,084)
Surgery Partners, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (34,891)   (1,035,977)   (539,066)   476,914
Teladoc Health, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (80,001)   (732,652)   (560,007)   158,507
Teleflex, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (21,171)   (2,457,195)   (2,583,709)   (176,045)
Tenet Healthcare Corp.   USFF -0.250%   Weekly   MS   07/18/30   (1,457)   (310,740)   (289,535)   15,231
US Physical Therapy, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,913)   (222,869)   (227,476)   (9,173)
Zimmer Biomet Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (10,854)   (1,015,352)   (975,992)   16,641
                    (959,943)   (28,158,443)   (24,417,842)   3,160,848
Household & Personal Products                            
Edgewell Personal Care Co.   USFF -0.250%   Weekly   MS   01/17/30   (24,412)   (655,030)   (416,225)   216,727
elf Beauty, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (5,501)   (542,959)   (418,296)   114,196
91

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Household & Personal Products —
(continued) 		                           
Energizer Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,537)   $(178,979)   $(189,691)   $(14,906)
Oddity Tech Ltd., Class A (Israel)   USFF -0.250%   Weekly   MS   07/18/30   (8,513)   (373,274)   (342,052)   24,077
Olaplex Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (8,130)   (9,686)   (10,894)   (1,357)
Spectrum Brands Holdings, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (12,319)   (898,191)   (727,807)   133,564
                    (68,412)   (2,658,119)   (2,104,965)   472,301
Materials                            
Air Products and Chemicals, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (4)   (1,280)   (988)   285
Amcor PLC (Jersey)   USFF -0.250%   Weekly   MS   07/18/30   (109,847)   (937,247)   (916,124)   (26,874)
AptarGroup, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (8,355)   (997,930)   (1,018,976)   (40,317)
Ashland, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (18,318)   (990,639)   (1,074,717)   (112,255)
Avient Corp.   USFF -0.250%   Weekly   MS   07/18/30   (17,569)   (532,410)   (548,856)   (30,198)
Avino Silver & Gold Mines Ltd. (Canada)   USFF -1.440%   Weekly   MS   07/18/30   (42,391)   (232,728)   (263,248)   (34,985)
Axalta Coating Systems Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/18/30   (41,447)   (1,299,016)   (1,339,153)   (65,234)
Celanese Corp.   USFF -0.250%   Weekly   MS   01/17/30   (1,017)   (94,651)   (42,999)   47,431
Century Aluminum Co.   USFF -0.250%   Weekly   MS   07/18/30   (7,306)   (226,135)   (286,249)   (64,451)
Cleveland-Cliffs, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (59,554)   (770,223)   (790,877)   (35,519)
Dow, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (53,586)   (2,256,811)   (1,252,841)   839,535
Eagle Materials, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (2,302)   (502,191)   (475,777)   15,874
Eastman Chemical Co.   USFF -0.250%   Weekly   MS   07/18/30   (7,117)   (484,742)   (454,278)   9,107
Ecolab, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,196)   (847,256)   (839,014)   (10,109)
Ecovyst, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (24,979)   (226,462)   (243,046)   (21,122)
ERO Copper Corp. (Canada)   USFF -0.690%   Weekly   MS   07/18/30   (9,796)   (170,288)   (277,129)   (110,097)
First Majestic Silver Corp. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (27,296)   (331,197)   (454,751)   (129,998)
FMC Corp.   USFF -0.250%   Weekly   MS   01/07/27   (10,526)   (435,200)   (145,996)   268,430
Graphic Packaging Holding Co.   USFF -0.250%   Weekly   MS   07/16/29   (26,611)   (666,468)   (400,762)   244,233
Hawkins, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (2,265)   (337,760)   (321,766)   8,683
Hudbay Minerals, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (33,247)   (643,415)   (659,953)   (28,934)
Innospec, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (8,748)   (693,953)   (669,572)   7,017
International Paper Co.   USFF -0.250%   Weekly   MS   01/17/30   (15,654)   (798,952)   (616,611)   149,477
James Hardie Industries PLC (Ireland)   USFF -0.250%   Weekly   MS   07/18/30   (18,350)   (344,316)   (380,762)   (43,070)
92

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
Kaiser Aluminum Corp.   USFF -0.250%   Weekly   MS   01/17/30   (2,745)   $(205,952)   $(315,291)   $(118,081)
Knife River Corp.   USFF -0.250%   Weekly   MS   01/17/30   (9,831)   (830,633)   (691,611)   122,988
Lithium Americas Corp. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (166,232)   (845,940)   (724,772)   104,839
Louisiana-Pacific Corp.   USFF -0.250%   Weekly   MS   07/18/30   (5,254)   (415,067)   (424,313)   (17,816)
Martin Marietta Materials, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (304)   (189,979)   (189,289)   (3,199)
Methanex Corp. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (13,402)   (481,437)   (532,327)   (63,550)
Mosaic Co. (The)   USFF -0.250%   Weekly   MS   07/18/30   (17,322)   (594,021)   (417,287)   160,400
MP Materials Corp.   USFF -0.250%   Weekly   MS   07/18/30   (4,601)   (263,100)   (232,443)   25,606
Nucor Corp.   USFF -0.250%   Weekly   MS   07/18/30   (880)   (126,284)   (143,537)   (22,518)
Olin Corp.   USFF -0.250%   Weekly   MS   07/18/30   (36,516)   (738,003)   (760,628)   (44,037)
Orla Mining Ltd. (Canada)   USFF -0.250%   Weekly   MS   01/17/30   (67,633)   (740,967)   (911,017)   (187,166)
Packaging Corp. of America   USFF -0.250%   Weekly   MS   07/18/30   (4,441)   (889,511)   (915,867)   (47,963)
Perpetua Resources Corp. (Canada)   USFF -0.250%   Weekly   MS   01/17/30   (5,372)   (92,891)   (130,056)   (38,923)
Quaker Chemical Corp.   USFF -0.250%   Weekly   MS   07/18/30   (2,210)   (297,247)   (303,455)   (12,808)
Ramaco Resources, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (64,078)   (1,451,618)   (1,153,404)   270,164
Reliance, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,075)   (299,642)   (310,535)   (17,741)
Royal Gold, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (12,125)   (2,294,591)   (2,695,266)   (455,956)
Sensient Technologies Corp.   USFF -0.250%   Weekly   MS   07/18/30   (914)   (87,306)   (85,870)   (214)
Silgan Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (17,487)   (896,682)   (705,950)   164,469
Skeena Resources Ltd. (Canada)   USFF -0.540%   Weekly   MS   07/18/30   (9,340)   (160,980)   (221,638)   (63,989)
Sonoco Products Co.   USFF -0.250%   Weekly   MS   01/17/30   (6,841)   (323,614)   (298,541)   6,902
Sylvamo Corp.   USFF -0.250%   Weekly   MS   07/18/30   (4,631)   (206,533)   (222,983)   (21,467)
Taseko Mines Ltd. (Canada)   USFF -0.250%   Weekly   MS   01/12/29   (134,985)   (367,892)   (764,015)   (407,005)
Teck Resources Ltd., Class B (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (13,510)   (588,952)   (646,994)   (70,821)
TMC the metals Co., Inc. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (6,370)   (39,599)   (39,303)   (431)
Triple Flag Precious Metals Corp. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (9,013)   (279,847)   (299,412)   (25,396)
Tronox Holdings PLC (United Kingdom)   USFF -0.261%   Weekly   MS   01/12/29   (62,919)   (474,740)   (262,372)   191,830
United States Antimony Corp.   USFF -0.250%   Weekly   MS   07/18/30   (71,288)   (442,177)   (357,866)   75,795
Warrior Met Coal, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (4,142)   (301,882)   (365,200)   (74,221)
93

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
West Fraser Timber Co. Ltd. (Canada)   USFF -0.250%   Weekly   MS   01/17/30   (2,751)   $(200,310)   $(168,114)   $26,268
Westlake Corp.   USFF -0.250%   Weekly   MS   01/17/30   (15,491)   (1,153,580)   (1,145,405)   (30,598)
Wheaton Precious Metals Corp. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (5,252)   (625,236)   (617,215)   (4,038)
Worthington Steel, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (5,224)   (167,682)   (180,855)   (17,203)
                    (1,333,660)   (31,895,165)   (30,707,276)   241,029
Media & Entertainment                            
EchoStar Corp., Class A   USFF -0.250%   Weekly   MS   01/07/27   (5,684)   (431,176)   (617,851)   (194,979)
fuboTV, Inc., Class A   USFF -0.268%   Weekly   MS   01/17/30   (80,212)   (302,185)   (202,134)   94,242
Grindr, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (10,376)   (238,698)   (140,491)   93,627
Ibotta, Inc., Class A   USFF -0.540%   Weekly   MS   01/17/30   (12,087)   (473,695)   (274,738)   189,860
Live Nation Entertainment, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (5,756)   (880,436)   (820,230)   43,209
Madison Square Garden Sports Corp.   USFF -0.250%   Weekly   MS   01/17/30   (7,417)   (1,551,024)   (1,918,407)   (401,327)
Nexstar Media Group, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,037)   (201,941)   (210,563)   (12,490)
ROBLOX Corp., Class A   USFF -0.250%   Weekly   MS   07/18/30   (6,258)   (558,249)   (507,086)   40,400
Scholastic Corp.   USFF -0.250%   Weekly   MS   07/18/30   (4,395)   (126,471)   (130,224)   (6,867)
Sirius XM Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,741)   (213,535)   (194,771)   14,078
Snap, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (30,709)   (271,895)   (247,822)   18,924
Taboola.com Ltd. (Israel)   USFF -1.140%   Weekly   MS   07/18/30   (2,894)   (13,208)   (13,341)   (349)
TKO Group Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,851)   (793,471)   (804,859)   (28,410)
Trade Desk, Inc. (The), Class A   USFF -0.250%   Weekly   MS   07/18/30   (24,349)   (1,080,273)   (924,288)   135,121
Warner Bros Discovery, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (29,759)   (790,657)   (857,654)   (90,179)
Webtoon Entertainment, Inc.   USFF -2.640%   Weekly   MS   07/18/30   (7,833)   (103,530)   (102,064)   (498)
ZoomInfo Technologies, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (27,437)   (324,666)   (279,034)   39,388
                    (269,795)   (8,355,110)   (8,245,557)   (66,250)
Pharmaceuticals, Biotechnology &
Life Sciences 		                           
AbCellera Biologics, Inc. (Canada)   USFF -1.770%   Weekly   MS   07/11/28   (118,892)   (400,221)   (406,611)   (14,094)
ADMA Biologics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (58,212)   (966,650)   (1,061,787)   (115,206)
Arcellx, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (37)   (2,389)   (2,412)   (31)
94

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) 		                           
Biohaven Ltd. (British Virgin Islands)   USFF -0.250%   Weekly   MS   01/17/30   (6,285)   $(168,805)   $(70,958)   $94,620
BioMarin Pharmaceutical, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,946)   (175,451)   (175,081)   (2,985)
Bio-Techne Corp.   USFF -0.250%   Weekly   MS   01/10/28   (3,430)   (256,963)   (201,718)   49,326
Bruker Corp.   USFF -0.250%   Weekly   MS   07/16/29   (5,486)   (372,073)   (258,445)   104,999
Corcept Therapeutics, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (13,126)   (1,124,282)   (456,785)   645,781
CorMedix, Inc.   USFF -0.840%   Weekly   MS   07/18/30   (1,698)   (20,977)   (19,748)   862
Crinetics Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (7,672)   (375,561)   (357,132)   11,201
CytomX Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,096)   (13,171)   (13,189)   (234)
Danaher Corp.   USFF -0.250%   Weekly   MS   07/18/30   (2,018)   (453,951)   (461,961)   (17,293)
Disc Medicine, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (205)   (16,108)   (16,279)   (443)
Dyne Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (6,455)   (125,745)   (126,260)   (2,909)
Eli Lilly & Co.   USFF -0.250%   Weekly   MS   07/18/30   (471)   (507,171)   (506,174)   (8,778)
EyePoint, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (24,678)   (331,293)   (450,867)   (126,177)
Fortrea Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (12,274)   (124,175)   (211,726)   (91,175)
Geron Corp.   USFF -0.250%   Weekly   MS   07/18/30   (692)   (918)   (913)   26
ImmunityBio, Inc.   USFF -4.249%   Weekly   MS   07/18/30   (321)   (631)   (636)   22
Krystal Biotech, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (228)   (55,755)   (56,211)   (1,496)
LENZ Therapeutics, Inc.   USFF -0.940%   Weekly   MS   07/18/30   (7,962)   (222,996)   (127,392)   91,328
Merck & Co., Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,438)   (468,182)   (467,144)   (6,080)
Ocular Therapeutix, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (38,527)   (379,519)   (467,718)   (95,503)
Organon & Co.   USFF -0.250%   Weekly   MS   01/17/30   (75,686)   (789,885)   (542,669)   230,240
Pacira BioSciences, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (14,020)   (345,246)   (362,838)   (24,233)
Perrigo Co. PLC (Ireland)   USFF -0.250%   Weekly   MS   07/18/30   (57,756)   (789,693)   (803,964)   (38,481)
Personalis, Inc.   USFF -0.690%   Weekly   MS   07/18/30   (7,548)   (66,897)   (60,082)   5,559
Phibro Animal Health Corp., Class A   USFF -0.250%   Weekly   MS   07/18/30   (2,875)   (113,064)   (107,410)   3,505
Prestige Consumer Healthcare, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (290)   (18,155)   (17,890)   (47)
Protagonist Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (14,425)   (959,527)   (1,259,879)   (337,987)
QIAGEN NV (Netherlands)   USFF -0.250%   Weekly   MS   07/18/30   (11,356)   (519,516)   (510,679)   (1,310)
Recursion Pharmaceuticals, Inc., Class A   USFF -1.012%   Weekly   MS   07/18/30   (2,451)   (10,029)   (10,025)   (151)
Repligen Corp.   USFF -0.250%   Weekly   MS   07/18/30   (4,262)   (719,696)   (698,371)   7,438
Revvity, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,470)   (397,567)   (432,472)   (42,737)
95

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) 		                           
Sarepta Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (26,623)   $(1,635,155)   $(572,927)   $1,030,627
Stoke Therapeutics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (18,406)   (536,945)   (584,206)   (57,612)
Summit Therapeutics, Inc.   USFF -0.840%   Weekly   MS   07/18/30   (82)   (1,429)   (1,434)   7
Tempus AI, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (7,046)   (517,175)   (416,066)   91,141
Twist Bioscience Corp.   USFF -0.250%   Weekly   MS   07/18/30   (57)   (1,809)   (1,808)   5
Ultragenyx Pharmaceutical, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (10,411)   (311,270)   (239,453)   65,833
Vaxcyte, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (3,955)   (201,799)   (182,484)   15,449
Vertex Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,249)   (574,957)   (566,247)   (2,376)
Viatris, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (107,579)   (1,161,785)   (1,339,359)   (217,018)
Waters Corp.   USFF -0.250%   Weekly   MS   07/18/30   (817)   (287,728)   (310,321)   (28,397)
West Pharmaceutical Services, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (41)   (16,328)   (11,281)   12,346
                    (690,554)   (16,538,642)   (14,949,012)   1,227,562
Semiconductors & Semiconductor
Equipment 		                           
ACM Research, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (29,810)   (931,650)   (1,176,004)   (262,342)
Aehr Test Systems   USFF -1.240%   Weekly   MS   07/18/30   (12,140)   (292,329)   (245,107)   41,631
Alpha & Omega Semiconductor Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/16/29   (4,224)   (142,286)   (83,677)   55,894
Ambarella, Inc. (Cayman Islands)   USFF -0.250%   Weekly   MS   07/18/30   (4,935)   (351,773)   (349,595)   (4,590)
Amkor Technology, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (6,416)   (286,700)   (253,304)   27,918
Cohu, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (4,397)   (139,446)   (102,318)   34,592
Enphase Energy, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (24,877)   (826,715)   (797,308)   13,449
FormFactor, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (6,220)   (198,503)   (346,952)   (158,532)
Kulicke & Soffa Industries, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (11,385)   (558,415)   (518,701)   17,230
Lattice Semiconductor Corp.   USFF -0.250%   Weekly   MS   07/18/30   (5,971)   (389,314)   (439,346)   (57,527)
MACOM Technology Solutions Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,032)   (292,855)   (348,041)   (66,916)
Microchip Technology, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (26,916)   (1,791,609)   (1,715,088)   43,524
Onto Innovation, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (1,007)   (222,309)   (158,965)   59,081
PDF Solutions, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,043)   (112,118)   (115,347)   (5,359)
96

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Semiconductors & Semiconductor
Equipment — (continued) 		                           
Penguin Solutions, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (4,974)   $(103,163)   $(97,291)   $3,915
Photronics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (1,362)   (45,604)   (43,584)   1,176
Power Integrations, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (13,048)   (478,729)   (463,726)   5,778
Rigetti Computing, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (65,938)   (1,538,410)   (1,460,527)   48,154
SkyWater Technology, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (925)   (17,449)   (16,798)   352
Ultra Clean Holdings, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (4,335)   (146,674)   (109,806)   34,070
Wolfspeed, Inc.   USFF -1.790%   Weekly   MS   07/18/30   (42,740)   (798,088)   (744,103)   38,580
                    (277,695)   (9,664,139)   (9,585,588)   (129,922)
Software & Services                            
Adeia, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,242)   (55,577)   (55,925)   (1,383)
Akamai Technologies, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (12,341)   (1,011,859)   (1,076,752)   (85,604)
Alkami Technology, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (10,137)   (235,761)   (233,861)   (2,865)
Applied Digital Corp.   USFF -0.250%   Weekly   MS   07/18/30   (16,782)   (394,861)   (411,495)   (24,235)
BlackLine, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (7,411)   (415,001)   (409,754)   (2,744)
Blend Labs, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (102,602)   (326,348)   (311,910)   8,162
C3.ai, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (24,593)   (419,953)   (331,514)   80,353
CCC Intelligent Solutions Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (13,064)   (129,654)   (103,859)   23,326
Cleanspark, Inc.   USFF -0.540%   Weekly   MS   07/18/30   (10,486)   (109,822)   (106,118)   1,617
Clearwater Analytics Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (34,598)   (725,529)   (834,504)   (122,974)
Commvault Systems, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,519)   (320,119)   (315,782)   (1,818)
Confluent, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (3,712)   (87,863)   (112,251)   (29,744)
Core Scientific, Inc.   USFF -0.640%   Weekly   MS   01/17/30   (28,531)   (344,861)   (415,411)   (77,185)
CoreWeave, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (24,333)   (2,306,308)   (1,742,486)   519,234
Daily Journal Corp.   USFF -0.590%   Weekly   MS   07/18/30   (616)   (319,257)   (300,189)   12,929
DigitalOcean Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (14,068)   (659,352)   (676,952)   (30,320)
DoubleVerify Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (98,416)   (1,093,462)   (1,125,879)   (53,537)
D-Wave Quantum, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (16,727)   (383,510)   (437,411)   (61,283)
DXC Technology Co.   USFF -0.250%   Weekly   MS   07/18/30   (21,243)   (302,673)   (311,210)   (14,441)
Elastic NV (Netherlands)   USFF -0.250%   Weekly   MS   07/18/30   (20,864)   (1,535,098)   (1,573,980)   (68,547)
97

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
Fair Isaac Corp.   USFF -0.250%   Weekly   MS   07/18/30   (299)   $(555,910)   $(505,495)   $39,993
Five9, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (35,321)   (1,386,180)   (708,186)   651,710
Gitlab, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (19,494)   (804,652)   (731,610)   57,511
Globant SA (Luxembourg)   USFF -0.250%   Weekly   MS   07/16/29   (25,377)   (2,191,993)   (1,658,894)   488,361
Grid Dynamics Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (17,941)   (154,649)   (162,007)   (10,641)
Hive Digital Technologies Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (433,683)   (1,359,933)   (1,118,902)   216,293
Jamf Holding Corp.   USFF -0.250%   Weekly   MS   07/16/29   (5,302)   (78,994)   (68,979)   8,763
Karooooo Ltd. (Singapore)   USFF -2.190%   Weekly   MS   07/18/30   (261)   (12,028)   (11,876)   (41)
Klaviyo, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (2,750)   (112,790)   (89,293)   22,664
Lightspeed Commerce, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/06/26   (25,485)   (723,848)   (307,859)   402,053
PAR Technology Corp.   USFF -0.250%   Weekly   MS   07/18/30   (4,368)   (183,367)   (158,471)   21,387
Quantum Computing, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (40,219)   (577,361)   (412,647)   153,581
Rapid7, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (28,939)   (503,532)   (439,873)   53,955
SEMrush Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (30,134)   (284,703)   (358,293)   (79,061)
SentinelOne, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (19,403)   (430,525)   (291,045)   131,189
Shopify, Inc., Class A (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (4,529)   (761,158)   (729,033)   22,033
Snowflake, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (3,141)   (690,066)   (689,010)   (12,257)
SoundHound AI, Inc., Class A   USFF -0.790%   Weekly   MS   07/18/30   (42,105)   (499,489)   (419,787)   70,076
Sprout Social, Inc., Class A   USFF -0.250%   Weekly   MS   01/12/29   (7,674)   (248,395)   (86,486)   157,379
SPS Commerce, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (9,546)   (1,037,032)   (850,835)   166,170
Synopsys, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (9,242)   (4,204,823)   (4,341,152)   (217,654)
Terawulf, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (36,587)   (446,312)   (420,385)   17,330
Varonis Systems, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (66,735)   (2,224,805)   (2,188,908)   (7,114)
Vertex, Inc., Class A   USFF -0.250%   Weekly   MS   01/17/30   (77,163)   (2,354,771)   (1,540,945)   769,593
Zscaler, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,370)   (2,193,874)   (2,107,500)   43,961
                    (1,421,353)   (35,198,058)   (31,284,714)   3,236,175
Technology Hardware & Equipment                            
ADTRAN Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (8,457)   (74,199)   (73,491)   (688)
Aeva Technologies, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (77,653)   (1,119,000)   (1,031,232)   66,155
Applied Optoelectronics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (19,153)   (443,683)   (667,674)   (232,537)
98

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Technology Hardware & Equipment
— (continued) 		                           
Arlo Technologies, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (22,303)   $(311,260)   $(312,019)   $(6,743)
Arrow Electronics, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (12,036)   (1,345,892)   (1,326,126)   (6,239)
Avnet, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (2,066)   (99,912)   (99,333)   (2,042)
Bel Fuse, Inc., Class B   USFF -0.250%   Weekly   MS   01/17/30   (5,072)   (691,870)   (860,363)   (182,055)
Coherent Corp.   USFF -0.250%   Weekly   MS   07/18/30   (3,122)   (429,795)   (576,228)   (154,710)
Crane NXT Co.   USFF -0.250%   Weekly   MS   01/12/29   (4,139)   (263,978)   (194,823)   62,702
Fabrinet (Cayman Islands)   USFF -0.250%   Weekly   MS   07/18/30   (3,488)   (1,558,596)   (1,588,017)   (83,254)
Harmonic, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (688)   (10,831)   (6,804)   4,571
Insight Enterprises, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,229)   (415,623)   (263,067)   144,553
IonQ, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,361)   (439,298)   (420,028)   10,808
IPG Photonics Corp.   USFF -0.250%   Weekly   MS   07/18/30   (4,040)   (328,438)   (289,264)   33,093
Motorola Solutions, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (959)   (367,803)   (367,604)   (6,878)
NETGEAR, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (9,694)   (257,602)   (237,794)   14,862
Novanta, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (3,812)   (486,226)   (453,590)   23,267
Plexus Corp.   USFF -0.250%   Weekly   MS   07/18/30   (883)   (130,156)   (129,801)   (2,409)
Powerfleet, Inc. NJ   USFF -0.250%   Weekly   MS   07/18/30   (2,173)   (11,758)   (11,560)   9
Pure Storage, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (22,803)   (1,574,825)   (1,528,029)   16,362
Vishay Intertechnology, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (96,917)   (1,722,823)   (1,404,327)   254,302
Vontier Corp.   USFF -0.250%   Weekly   MS   07/18/30   (4,169)   (157,434)   (155,003)   (576)
                    (316,217)   (12,241,002)   (11,996,177)   (47,447)
Telecommunication Services                            
Array Digital Infrastructure, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (2,541)   (180,943)   (136,248)   (18,979)
BCE, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (40,272)   (935,213)   (959,279)   (53,882)
Cogent Communications Holdings, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (41,242)   (1,500,958)   (889,178)   560,531
Frontier Communications Parent, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (29,636)   (1,096,655)   (1,128,243)   (53,537)
Shenandoah Telecommunications Co.   USFF -0.250%   Weekly   MS   01/05/26   (17,317)   (333,551)   (200,185)   83,748
                    (131,008)   (4,047,320)   (3,313,133)   517,881
Transportation                            
Alaska Air Group, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (7,834)   (430,587)   (394,050)   29,353
ArcBest Corp.   USFF -0.250%   Weekly   MS   07/16/29   (11,956)   (1,191,196)   (887,016)   275,983
99

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Transportation — (continued)                            
Canadian Pacific Kansas City Ltd. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (6,773)   $(482,998)   $(498,696)   $(26,914)
Frontier Group Holdings, Inc.   USFF -0.264%   Weekly   MS   07/16/29   (53,322)   (300,269)   (251,147)   43,352
GXO Logistics, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (2,755)   (172,570)   (145,023)   25,968
Hertz Global Holdings, Inc.   USFF -0.990%   Weekly   MS   01/17/30   (15,288)   (104,490)   (78,580)   23,927
Hub Group, Inc., Class A   USFF -0.250%   Weekly   MS   07/18/30   (14,573)   (546,429)   (620,956)   (86,563)
JetBlue Airways Corp.   USFF -0.256%   Weekly   MS   07/16/29   (34,262)   (178,516)   (155,892)   19,209
Knight-Swift Transportation Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (38,906)   (1,742,460)   (2,034,006)   (332,213)
RXO, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (34,667)   (953,209)   (438,191)   500,569
Ryder System, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,794)   (680,875)   (726,134)   (58,639)
Saia, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (1,010)   (493,800)   (329,785)   154,499
Southwest Airlines Co.   USFF -0.250%   Weekly   MS   07/18/30   (38,083)   (1,280,804)   (1,573,970)   (324,283)
United Airlines Holdings, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (3,008)   (330,972)   (336,355)   (11,748)
                    (266,231)   (8,889,175)   (8,469,801)   232,500
Utilities                            
AES Corp. (The)   USFF -0.250%   Weekly   MS   01/10/28   (59,482)   (974,925)   (852,972)   41,756
Avista Corp.   USFF -0.250%   Weekly   MS   07/16/29   (10,191)   (394,432)   (392,761)   (22,681)
Brookfield Renewable Corp. (Canada)   USFF -0.250%   Weekly   MS   01/17/30   (8,802)   (297,114)   (337,469)   (51,911)
California Water Service Group   USFF -0.250%   Weekly   MS   01/10/28   (16,734)   (795,082)   (725,084)   39,308
Chesapeake Utilities Corp.   USFF -0.250%   Weekly   MS   01/12/29   (3,686)   (441,613)   (459,865)   (35,584)
Clearway Energy, Inc., Class C   USFF -0.250%   Weekly   MS   07/18/30   (15,840)   (480,439)   (526,838)   (66,130)
CMS Energy Corp.   USFF -0.250%   Weekly   MS   01/17/30   (3,762)   (265,799)   (263,077)   (6,610)
Dominion Energy, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (26,705)   (1,629,674)   (1,564,646)   11,625
DTE Energy Co.   USFF -0.250%   Weekly   MS   07/18/30   (685)   (95,425)   (88,351)   4,468
Edison International   USFF -0.250%   Weekly   MS   07/18/30   (614)   (36,956)   (36,852)   (572)
Emera, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/18/30   (27)   (1,332)   (1,329)   16
H2O America   USFF -0.250%   Weekly   MS   01/12/29   (10,098)   (525,232)   (494,701)   6,847
IDACORP, Inc.   USFF -0.250%   Weekly   MS   01/10/28   (3,333)   (385,038)   (421,824)   (57,049)
Middlesex Water Co.   USFF -0.250%   Weekly   MS   07/18/30   (2,319)   (120,336)   (116,924)   849
New Jersey Resources Corp.   USFF -0.250%   Weekly   MS   07/16/29   (13,902)   (658,468)   (641,160)   (8,003)
NextEra Energy, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (29,919)   (2,478,510)   (2,401,897)   5,190
NiSource, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (16,136)   (671,127)   (673,839)   (20,306)
Northwest Natural Holding Co.   USFF -0.250%   Weekly   MS   01/05/26   (15,964)   (715,937)   (746,157)   (92,674)
Northwestern Energy Group, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (7,001)   (457,955)   (451,845)   (7,395)
100

 

GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Concluded)
December 31, 2025
(Unaudited)
Total Return Swaps (concluded)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Utilities — (continued)                            
Oklo, Inc.   USFF -0.540%   Weekly   MS   07/18/30   (5,890)   $(477,892)   $(422,666)   $46,018
Pinnacle West Capital Corp.   USFF -0.250%   Weekly   MS   01/17/30   (1,294)   (121,265)   (114,778)   856
Portland General Electric Co.   USFF -0.250%   Weekly   MS   07/16/29   (3,140)   (151,778)   (150,689)   (12,259)
PPL Corp.   USFF -0.250%   Weekly   MS   07/18/30   (22,464)   (828,555)   (786,689)   17,635
Sempra   USFF -0.250%   Weekly   MS   07/16/29   (5,796)   (493,677)   (511,729)   (44,546)
Southern Co. (The)   USFF -0.250%   Weekly   MS   07/18/30   (2,618)   (239,914)   (228,290)   4,173
Southwest Gas Holdings, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (13,864)   (1,036,765)   (1,109,397)   (108,805)
Spire, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (10,752)   (834,008)   (889,190)   (91,018)
TransAlta Corp. (Canada)   USFF -0.250%   Weekly   MS   07/16/29   (61,838)   (762,102)   (781,632)   (40,455)
TXNM Energy, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (10,762)   (610,413)   (633,667)   (44,511)
Xcel Energy, Inc.   USFF -0.250%   Weekly   MS   01/17/30   (7,636)   (564,595)   (563,995)   (21,021)
                    (391,254)   (17,546,358)   (17,390,313)   (552,789)
Total Reference Entity — Short           (328,008,022)   (307,558,442)   12,366,568
Net Value of Reference Entity           $33,887,495   $102,146,621   $67,209,480
* Includes $(1,049,646) related to open trades, dividends receivables/payables and swap receivables/payables activities.
MS Morgan Stanley
USFF U.S. Fed Funds
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for total return swaps with end of period unrealized appreciation of $67,209,480, which are considered Level 2 as of and for the period ended December 31, 2025.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
101

 

GOTHAM NEUTRAL FUND
Portfolio of Investments
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — 87.8%
Automobiles & Components — 1.0%
American Axle & Manufacturing Holdings, Inc.*     5,181   $     33,210
Aptiv PLC (Jersey)*       558        42,458
BorgWarner, Inc.     2,451       110,442
Dana, Inc.(a)    11,336       269,343
Ford Motor Co.(a)    21,074       276,491
Garrett Motion, Inc.     1,981        34,529
General Motors Co.(a)     3,129       254,450
Harley-Davidson, Inc.       859        17,601
Solid Power, Inc.*     3,481        14,794
Visteon Corp.     1,625       154,538
        1,207,856
Capital Goods — 12.4%
A. O. Smith Corp.     2,289       153,088
Advanced Drainage Systems, Inc.(a)     2,667       386,262
AECOM       727        69,305
AGCO Corp.       395        41,206
Allegion PLC (Ireland)       172        27,386
AMETEK, Inc.(a)       472        96,906
Armstrong World Industries, Inc.       106        20,257
ATI, Inc.*     1,137       130,482
ATS Corp. (Canada)*         3            83
AZZ, Inc.       501        53,698
Bloom Energy Corp., Class A(a)*     2,246       195,155
Blue Bird Corp.*     3,396       159,612
Caterpillar, Inc.       148        84,785
Comfort Systems USA, Inc.       186       173,592
Crane Co.(a)     1,479       272,772
Cummins, Inc.       280       142,926
Custom Truck One Source, Inc.*        22           127
Deere & Co.       177        82,406
DNOW, Inc.*     2,439        32,317
Donaldson Co., Inc.     1,196       106,037
Dycom Industries, Inc.(a)*     1,331       449,745
EMCOR Group, Inc.       103        63,014
Emerson Electric Co.        79        10,485
Enerpac Tool Group Corp.     1,054        40,305
Enpro, Inc.       173        37,045
ESCO Technologies, Inc.(a)     1,597       312,038
Fastenal Co.       478        19,182
Federal Signal Corp.       402        43,653
Flowserve Corp.       836        58,002
Fluor Corp.*     2,646       104,861
Fortive Corp.(a)     2,079       114,782
GE Vernova, Inc.(a)       269       175,810
General Dynamics Corp.(a)     1,896       638,307
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Electric Co.        83   $     25,566
Graco, Inc.(a)     2,265       185,662
Hayward Holdings, Inc.(a)*    20,404       315,242
HEICO Corp.       922       298,350
Helios Technologies, Inc.        49         2,621
Hexcel Corp.     1,380       101,982
Honeywell International, Inc.(a)     1,245       242,887
Howmet Aerospace, Inc.(a)       616       126,292
Hubbell, Inc.       356       158,103
Huntington Ingalls Industries, Inc.       170        57,812
IDEX Corp.       588       104,629
IES Holdings, Inc.*       135        52,518
Illinois Tool Works, Inc.       503       123,889
ITT, Inc.(a)     2,722       472,294
Johnson Controls International PLC (Ireland)     2,486       297,699
Lindsay Corp.       404        47,619
Lockheed Martin Corp.       125        60,459
Mercury Systems, Inc.(a)*     3,766       274,956
Microvast Holdings, Inc.*    28,051        78,543
Mueller Industries, Inc.(a)     1,034       118,703
Mueller Water Products, Inc., Class A(a)     5,076       120,910
MYR Group, Inc.(a)*     1,495       326,658
Nordson Corp.(a)     1,264       303,904
Northrop Grumman Corp.(a)       610       347,828
nVent Electric PLC (Ireland)     4,007       408,594
Otis Worldwide Corp.     1,732       151,290
Owens Corning(a)       584        65,355
Pentair PLC (Ireland)     1,496       155,793
Primoris Services Corp.       303        37,614
Regal Rexnord Corp.(a)     1,892       265,485
REV Group, Inc.(a)     5,566       338,468
Rockwell Automation, Inc.(a)     1,274       495,675
RTX Corp.(a)       672       123,245
Rush Enterprises, Inc., Class A     1,009        54,425
Sensata Technologies Holding PLC (United Kingdom)     2,492        82,959
Simpson Manufacturing Co., Inc.        27         4,360
SiteOne Landscape Supply, Inc.(a)*     2,341       291,595
SPX Technologies, Inc.*        78        15,605
Stantec, Inc. (Canada)       778        73,412
Sterling Infrastructure, Inc.*       700       214,361
Textron, Inc.(a)     1,931       168,325
Toro Co. (The)     1,199        94,385
Trex Co., Inc.*       799        28,029
 
102

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Tutor Perini Corp.(a)     9,342   $    626,101
V2X, Inc.*       739        40,312
Vertiv Holdings Co., Class A(a)     3,865       626,169
VSE Corp.(a)       946       163,440
Watsco, Inc.(a)       337       113,552
Woodward, Inc.(a)     1,042       315,017
WW Grainger, Inc.(a)        45        45,407
Xylem, Inc.(a)     4,298       585,302
Zurn Elkay Water Solutions Corp.     2,593       120,549
       14,245,581
Commercial & Professional Services — 4.5%
Amentum Holdings, Inc.(a)*    16,215       470,235
Automatic Data Processing, Inc.(a)     1,103       283,725
BOYD GROUP, Inc. (Canada)         1           159
Brink's Co. (The)       750        87,547
Broadridge Financial Solutions, Inc.(a)       974       217,368
CACI International, Inc., Class A*       242       128,940
Cintas Corp.     1,150       216,280
Copart, Inc.(a)*    20,851       816,317
CRA International, Inc.       156        31,308
CSG Systems International, Inc.     2,530       194,026
Exponent, Inc.     1,104        76,684
GFL Environmental, Inc. (Canada)     2,757       118,413
Healthcare Services Group, Inc.*     6,548       125,198
HNI Corp.       645        27,116
Huron Consulting Group, Inc.*       129        22,305
Jacobs Solutions, Inc.        63         8,345
KBR, Inc.(a)     6,309       253,622
Korn Ferry     1,178        77,772
Leidos Holdings, Inc.       399        71,980
Montrose Environmental Group, Inc.*     1,404        34,861
Paychex, Inc.(a)     3,656       410,130
Pitney Bowes, Inc.(a)     8,042        85,004
Planet Labs PBC*     9,095       179,353
Republic Services, Inc.(a)       835       176,962
Rollins, Inc.       859        51,557
Tetra Tech, Inc.(a)     2,918        97,870
Thomson Reuters Corp. (Canada)     1,436       189,394
TriNet Group, Inc.       881        52,093
Upwork, Inc.*       308         6,105
Veralto Corp.(a)     1,703       169,925
Verisk Analytics, Inc.(a)       680       152,109
Waste Connections, Inc. (Canada)       182        31,915
Willdan Group, Inc.(a)*     2,892       299,785
        5,164,403
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Discretionary Distribution & Retail — 4.2%
Advance Auto Parts, Inc.(a)     8,900   $    349,770
Amazon.com, Inc.(a)*     1,220       281,600
Arhaus, Inc.*     4,735        53,079
AutoNation, Inc.*       601       124,095
AutoZone, Inc.*        59       200,099
Bath & Body Works, Inc.     4,644        93,252
Best Buy Co., Inc.        71         4,752
Buckle, Inc. (The)     2,110       112,716
Build-A-Bear Workshop, Inc.       401        24,569
CarMax, Inc.*     1,887        72,914
Chewy, Inc., Class A*     6,123       202,365
Dillard's, Inc., Class A        38        23,041
Genuine Parts Co.       189        23,239
GigaCloud Technology, Inc., Class A (Cayman Islands)*     4,992       196,086
Gold.com, Inc.       492        16,753
Groupon, Inc.(a)*     7,210       126,968
Home Depot, Inc. (The)        83        28,560
Kohl's Corp.(a)    21,668       442,244
Lithia Motors, Inc.       399       132,600
Lowe's Cos., Inc.(a)       971       234,166
National Vision Holdings, Inc.*     3,998       103,228
O'Reilly Automotive, Inc.*     1,152       105,074
Penske Automotive Group, Inc.       344        54,452
Petco Health & Wellness Co., Inc.*    14,869        41,782
Pool Corp.       167        38,201
RealReal, Inc. (The)*     7,102       112,070
Ross Stores, Inc.     1,388       250,034
Sally Beauty Holdings, Inc.*     2,606        37,162
Signet Jewelers Ltd. (Bermuda)     2,922       242,175
Sonic Automotive, Inc., Class A     1,545        95,574
Stitch Fix, Inc., Class A*     6,141        32,240
ThredUp, Inc., Class A*     9,721        62,117
TJX Cos., Inc. (The)(a)     1,649       253,303
Tractor Supply Co.(a)     9,210       460,592
Ulta Beauty, Inc.*       121        73,206
Urban Outfitters, Inc.*       357        26,868
Winmark Corp.       229        92,731
        4,823,677
Consumer Durables & Apparel — 1.8%
BRP, Inc., sub-voting shares (Canada)       806        57,033
Brunswick Corp.     1,825       135,488
Capri Holdings Ltd. (British Virgin Islands)*     8,063       196,737
Cricut, Inc., Class A        83           411
 
103

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Deckers Outdoor Corp.*     1,209   $    125,337
DR Horton, Inc.       255        36,728
Garmin Ltd. (Switzerland)       175        35,499
Gildan Activewear, Inc. (Canada)       390        24,359
Hasbro, Inc.       393        32,226
Installed Building Products, Inc.       327        84,821
La-Z-Boy, Inc.       202         7,529
Leggett & Platt, Inc.(a)    17,023       187,253
Levi Strauss & Co., Class A     2,327        48,262
Lululemon Athletica, Inc.*     1,004       208,641
NVR, Inc.*        12        87,513
Peloton Interactive, Inc., Class A(a)*    54,340       334,734
Polaris, Inc.     2,185       138,201
Somnigroup International, Inc.       650        58,032
Sonos, Inc.*     7,011       123,113
Steven Madden Ltd.        80         3,331
Topgolf Callaway Brands Corp.*     8,666       101,132
        2,026,380
Consumer Services — 3.6%
ADT, Inc.     5,019        40,503
American Public Education, Inc.*       178         6,728
BJ's Restaurants, Inc.*     1,871        73,717
Booking Holdings, Inc.(a)        78       417,716
Bright Horizons Family Solutions, Inc.(a)*     3,208       325,291
Choice Hotels International, Inc.     2,217       211,191
Churchill Downs, Inc.(a)     1,506       171,353
Darden Restaurants, Inc.     1,325       243,827
Driven Brands Holdings, Inc.*     5,663        83,926
Expedia Group, Inc.(a)       974       275,944
Golden Entertainment, Inc.        23           625
Hilton Worldwide Holdings, Inc.        40        11,490
Las Vegas Sands Corp.(a)     5,644       367,368
Marriott International, Inc., Class A       424       131,542
McDonald's Corp.(a)     1,067       326,107
Monarch Casino & Resort, Inc.       366        35,026
Rush Street Interactive, Inc.*     1,127        21,898
Service Corp. International       259        20,194
Shake Shack, Inc., Class A*     1,456       118,184
Strategic Education, Inc.       509        40,822
Travel + Leisure Co.        31         2,186
Vail Resorts, Inc.(a)     1,815       241,032
Viking Holdings Ltd. (Bermuda)*     1,490       106,401
Wingstop, Inc.(a)     1,528       364,413
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Wynn Resorts Ltd.     1,805   $    217,196
Yum! Brands, Inc.     1,518       229,643
        4,084,323
Consumer Staples Distribution & Retail — 1.9%
Costco Wholesale Corp.(a)       289       249,216
Dollar General Corp.(a)     3,308       439,203
Dollar Tree, Inc.(a)*     1,537       189,066
Kroger Co. (The)(a)    10,544       658,789
Sysco Corp.     2,102       154,897
United Natural Foods, Inc.*     6,428       216,431
Walmart, Inc.     2,125       236,746
        2,144,348
Energy — 6.4%
Antero Midstream Corp.(a)    13,033       231,857
APA Corp.(a)    16,903       413,447
Baker Hughes Co.     1,454        66,215
Borr Drilling Ltd. (Bermuda)     7,587        30,576
California Resources Corp.     2,796       125,009
Cameco Corp. (Canada)       331        30,283
Cenovus Energy, Inc. (Canada)    26,823       453,845
Centrus Energy Corp., Class A*       246        59,719
Cheniere Energy, Inc.       268        52,097
Civitas Resources, Inc.(a)     9,552       258,764
CNX Resources Corp.*     5,808       213,560
CVR Energy, Inc.*     1,582        40,246
Devon Energy Corp.(a)    12,073       442,234
DHT Holdings, Inc. (Marshall Islands)    12,778       156,019
Enbridge, Inc. (Canada)     4,938       236,185
EQT Corp.     1,710        91,656
Expro Group Holdings NV (Netherlands)*     3,224        43,040
Green Plains, Inc.*     2,862        28,048
Gulfport Energy Corp.*     1,112       231,285
Halliburton Co.(a)     3,616       102,188
Helix Energy Solutions Group, Inc.*       423         2,652
HF Sinclair Corp.(a)     7,468       344,126
Imperial Oil Ltd. (Canada)       726        62,661
Innovex International, Inc.*       900        19,683
Kinder Morgan, Inc.     2,084        57,289
Kodiak Gas Services, Inc.(a)     5,186       193,957
Murphy Oil Corp.     3,129        97,781
Noble Corp. PLC (United Kingdom)     2,426        68,510
Occidental Petroleum Corp.(a)     7,910       325,259
Oceaneering International, Inc.*     1,989        47,796
 
104

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Okeanis Eco Tankers Corp. (Marshall Islands)(b)       310   $     10,490
Ovintiv, Inc.(a)     2,050        80,340
Patterson-UTI Energy, Inc.    12,720        77,719
Pembina Pipeline Corp. (Canada)       589        22,417
Precision Drilling Corp. (Canada)*       322        23,145
Range Resources Corp.     5,665       199,748
Suncor Energy, Inc. (Canada)     2,110        93,600
Talos Energy, Inc.*     5,885        64,853
TC Energy Corp. (Canada)     1,280        70,413
TechnipFMC PLC (United Kingdom)    14,554       648,526
Texas Pacific Land Corp.       407       116,899
Tidewater, Inc.(a)*     5,402       272,855
Transocean Ltd. (Switzerland)*    90,560       374,013
Valaris Ltd. (Bermuda)*     2,986       150,494
Valero Energy Corp.(a)     3,265       531,509
World Kinect Corp.     6,197       145,196
        7,408,204
Financial Services — 3.2%
Berkshire Hathaway, Inc., Class B(a)*       658       330,744
Blackrock, Inc.(a)        93        99,542
Block, Inc.(a)*     2,739       178,281
Cboe Global Markets, Inc.       495       124,245
CME Group, Inc.(a)     1,123       306,669
Coinbase Global, Inc., Class A(a)*     2,990       676,159
Corpay, Inc.*        25         7,523
Euronet Worldwide, Inc.*       297        22,605
FactSet Research Systems, Inc.       277        80,383
Fiserv, Inc.*     2,385       160,200
Flywire Corp.*     5,599        79,282
Franklin Resources, Inc.(a)     2,821        67,394
Global Payments, Inc.(a)     2,242       173,531
Intercontinental Exchange, Inc.(a)       247        40,004
Jack Henry & Associates, Inc.(a)       992       181,020
Mastercard, Inc., Class A       222       126,735
Morningstar, Inc.       305        66,279
Paymentus Holdings, Inc., Class A(a)*     9,918       313,310
PayPal Holdings, Inc.(a)     8,352       487,590
Remitly Global, Inc.(a)*     3,513        48,479
T Rowe Price Group, Inc.(a)       812        83,133
Toast, Inc., Class A(a)*     1,142        40,552
        3,693,660
Food, Beverage & Tobacco — 3.2%
Altria Group, Inc.(a)     4,764       274,692
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Archer-Daniels-Midland Co.     3,134   $    180,174
Boston Beer Co., Inc. (The), Class A*       236        46,051
Brown-Forman Corp., Class B       411        10,711
Cal-Maine Foods, Inc.(a)     3,705       294,807
Campbell's Company (The)(a)     4,419       123,157
Coca-Cola Co. (The)(a)     9,568       668,899
Coca-Cola Consolidated, Inc.       139        21,309
Constellation Brands, Inc., Class A       771       106,367
Dole PLC (Ireland)     2,696        40,413
Flowers Foods, Inc.     2,695        29,322
Fresh Del Monte Produce, Inc. (Cayman Islands)     4,271       152,176
Freshpet, Inc.*     2,236       136,239
J & J Snack Foods Corp.     1,192       107,721
John B Sanfilippo & Son, Inc.        23         1,624
Keurig Dr Pepper, Inc.(a)     7,297       204,389
Kraft Heinz Co. (The)(a)     7,309       177,243
Lamb Weston Holdings, Inc.(a)     7,460       312,499
Mission Produce, Inc.*        82           951
Molson Coors Beverage Co., Class B     1,727        80,616
Monster Beverage Corp.*     1,754       134,479
National Beverage Corp.*     1,112        35,462
PepsiCo, Inc.(a)     1,025       147,108
Philip Morris International, Inc.       895       143,558
Seneca Foods Corp., Class A*        66         7,302
Simply Good Foods Co. (The)*     1,107        22,229
Tyson Foods, Inc., Class A(a)     3,296       193,211
        3,652,709
Health Care Equipment & Services — 6.9%
Align Technology, Inc.(a)*       852       133,040
Alphatec Holdings, Inc.*     4,289        90,241
Artivion, Inc.*       475        21,665
Becton Dickinson & Co.(a)     1,573       305,272
Butterfly Network, Inc.*    18,322        69,624
Cardinal Health, Inc.       229        47,059
Cencora, Inc.       415       140,166
Certara, Inc.*     4,447        39,178
Chemed Corp.       101        43,214
CONMED Corp.     4,501       182,741
CorVel Corp.*     1,470        99,475
CVS Health Corp.(a)     3,536       280,617
Edwards Lifesciences Corp.*       805        68,626
Elevance Health, Inc.       533       186,843
Embecta Corp.     2,623        31,161
 
105

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Envista Holdings Corp.*     6,547   $    142,135
GoodRx Holdings, Inc., Class A*        32            87
Guardant Health, Inc.(a)*     1,362       139,115
Guardian Pharmacy Services, Inc., Class A*       754        22,688
HCA Healthcare, Inc.(a)       842       393,096
HealthEquity, Inc.*       531        48,645
HealthStream, Inc.       165         3,807
ICU Medical, Inc.(a)*     1,146       163,500
IDEXX Laboratories, Inc.*       391       264,523
Insulet Corp.(a)*     1,020       289,925
iRhythm Technologies, Inc.(a)*       485        86,058
Labcorp Holdings, Inc.       534       133,970
LeMaitre Vascular, Inc.       905        73,395
LifeStance Health Group, Inc.*     9,316        65,585
Masimo Corp.(a)*     4,020       522,841
McKesson Corp.        94        77,107
Medtronic PLC (Ireland)       618        59,365
Merit Medical Systems, Inc.*       612        53,942
National HealthCare Corp.        49         6,717
Omnicell, Inc.*     1,023        46,342
Pediatrix Medical Group, Inc.(a)*     6,672       142,714
Privia Health Group, Inc.*     3,665        86,897
Progyny, Inc.(a)*     9,114       234,047
Quest Diagnostics, Inc.(a)     1,027       178,215
QuidelOrtho Corp.(a)*     3,389        96,790
ResMed, Inc.(a)     1,671       402,494
Select Medical Holdings Corp.     2,133        31,675
Solventum Corp.(a)*     7,602       602,382
STERIS PLC (Ireland)     1,740       441,125
Stryker Corp.       159        55,884
TransMedics Group, Inc.(a)*     3,094       376,385
UFP Technologies, Inc.(a)*     1,223       271,543
UnitedHealth Group, Inc.       566       186,842
Universal Health Services, Inc., Class B       564       122,963
Veeva Systems, Inc., Class A*       234        52,236
Waystar Holding Corp.(a)*     9,005       294,914
        7,908,871
Household & Personal Products — 1.0%
BellRing Brands, Inc.(a)*    11,121       297,264
Central Garden & Pet Co., Class A*     1,024        29,891
Church & Dwight Co., Inc.       943        79,070
Clorox Co. (The)       276        27,829
Colgate-Palmolive Co.(a)     1,636       129,277
Interparfums, Inc.       331        28,079
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Kenvue, Inc.(a)     8,411   $    145,090
Kimberly-Clark Corp.(a)     2,427       244,860
Procter & Gamble Co. (The)       960       137,578
WD-40 Co.       125        24,612
        1,143,550
Materials — 4.1%
Agnico Eagle Mines Ltd. (Canada)     1,660       281,420
Alamos Gold, Inc., Class A (Canada)       806        31,096
Americas Gold & Silver Corp. (Canada)*     5,305        27,109
Aura Minerals, Inc. (British Virgin Islands)       563        28,384
Avery Dennison Corp.(a)     1,360       247,357
Cabot Corp.     1,873       124,142
Celanese Corp.(a)    12,250       517,930
CF Industries Holdings, Inc.(a)     2,177       168,369
Compass Minerals International, Inc.*     4,322        84,884
Corteva, Inc.(a)     2,239       150,080
CRH PLC (Ireland)       265        33,072
DuPont de Nemours, Inc.(a)    14,545       584,709
Fortuna Mining Corp. (Canada)*    12,946       127,000
Freeport-McMoRan, Inc.(a)     2,527       128,346
Graphic Packaging Holding Co.     2,473        37,243
Huntsman Corp.     4,672        46,720
Hycroft Mining Holding Corp., Class A*       876        20,823
i-80 Gold Corp. (Canada)*     2,779         4,057
IAMGOLD Corp. (Canada)*     2,667        43,979
Ingevity Corp.*     1,796       106,287
International Flavors & Fragrances, Inc.(a)     2,949       198,733
Kinross Gold Corp. (Canada)     5,309       149,502
Linde PLC (Ireland)       551       234,941
LyondellBasell Industries NV, Class A (Netherlands)     1,015        43,950
Mativ Holdings, Inc.       168         2,041
Metalla Royalty & Streaming Ltd. (Canada)*        73           568
NewMarket Corp.(a)       447       307,205
Newmont Corp.(a)     1,793       179,031
Novagold Resources, Inc. (Canada)*     9,969        92,911
Nutrien Ltd. (Canada)     1,195        73,755
O-I Glass, Inc.*     3,175        46,863
PPG Industries, Inc.        42         4,303
Sherwin-Williams Co. (The)       544       176,272
 
106

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Smurfit WestRock PLC (Ireland)       556   $     21,501
Steel Dynamics, Inc.(a)     1,246       211,135
SunCoke Energy, Inc.     1,750        12,600
TriMas Corp.       612        21,695
Vulcan Materials Co.       358       102,109
        4,672,122
Media & Entertainment — 4.4%
Alphabet, Inc., Class A(a)     2,100       657,300
Cargurus, Inc.*     1,425        54,649
Cars.com, Inc.*        46           561
Charter Communications, Inc., Class A*       112        23,380
Cinemark Holdings, Inc.     1,878        43,645
Clear Channel Outdoor Holdings, Inc.*     2,652         5,861
Comcast Corp., Class A(a)     5,611       167,713
Electronic Arts, Inc.       451        92,153
EverQuote, Inc., Class A(a)*     4,478       120,906
Fox Corp., Class A(a)     2,684       196,120
Grindr, Inc.*     9,239       125,096
IAC, Inc.(a)*     2,049        80,116
John Wiley & Sons, Inc., Class A       486        14,886
Madison Square Garden Entertainment Corp.*       710        38,262
Match Group, Inc.(a)    10,404       335,945
Meta Platforms, Inc., Class A(a)       592       390,773
Netflix, Inc.(a)*     7,221       677,041
News Corp., Class A(a)     7,721       201,673
Omnicom Group, Inc.(a)     4,062       328,007
Paramount Skydance Corp., Class B     5,109        68,461
QuinStreet, Inc.*     2,839        40,796
Roku, Inc.(a)*     5,936       643,997
Spotify Technology SA (Luxembourg)*       103        59,813
Stagwell, Inc.*     1,098         5,369
TripAdvisor, Inc.*     9,874       143,765
USA TODAY Co., Inc.*       403         2,075
Warner Music Group Corp., Class A(a)    10,805       331,389
Yelp, Inc.(a)*     5,012       152,315
Ziff Davis, Inc.*     1,775        62,391
        5,064,458
Pharmaceuticals, Biotechnology & Life Sciences — 4.1%
10X Genomics, Inc., Class A*     7,754       126,468
Adaptive Biotechnologies Corp.(a)*    10,010       162,563
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences —
(Continued)
Agilent Technologies, Inc.(a)     4,883   $    664,430
Alkermes PLC (Ireland)*     4,744       132,737
Alnylam Pharmaceuticals, Inc.*       539       214,333
ANI Pharmaceuticals, Inc.*     2,565       202,481
Arrowhead Pharmaceuticals, Inc.(a)*     4,444       295,037
Aurinia Pharmaceuticals, Inc. (Canada)*     1,790        28,551
Azenta, Inc.*     3,036       100,977
BioCryst Pharmaceuticals, Inc.(a)*    16,604       129,511
Biogen, Inc.*        74        13,023
Bristol-Myers Squibb Co.(a)     7,448       401,745
CareDx, Inc.*     2,943        55,446
Collegium Pharmaceutical, Inc.*       464        21,483
CorMedix, Inc.*     1,521        17,689
Dynavax Technologies Corp.*     1,899        29,207
Exact Sciences Corp.(a)*       490        49,765
Gilead Sciences, Inc.       489        60,020
Halozyme Therapeutics, Inc.(a)*     1,044        70,261
Harmony Biosciences Holdings, Inc.*     2,003        74,952
Incyte Corp.*     1,480       146,180
Innoviva, Inc.*     8,285       165,617
IQVIA Holdings, Inc.*       418        94,221
Jazz Pharmaceuticals PLC (Ireland)*       198        33,660
Johnson & Johnson(a)     2,074       429,214
Ligand Pharmaceuticals, Inc.*       859       162,411
MannKind Corp.*     1,184         6,713
Omeros Corp.*       347         5,960
Pfizer, Inc.(a)    13,739       342,101
Theravance Biopharma, Inc. (Cayman Islands)*     1,136        21,255
Travere Therapeutics, Inc.*     3,160       120,744
Veracyte, Inc.*     4,142       174,378
West Pharmaceutical Services, Inc.       263        72,362
Zoetis, Inc.       896       112,735
        4,738,230
Semiconductors & Semiconductor Equipment — 5.5%
Advanced Micro Devices, Inc.(a)*     2,636       564,526
Analog Devices, Inc.(a)     3,172       860,246
Applied Materials, Inc.        58        14,905
AXT, Inc.*     6,885       112,570
Broadcom, Inc.(a)     2,306       798,107
Cirrus Logic, Inc.*        41         4,859
Diodes, Inc.*     1,918        94,634
First Solar, Inc.*       428       111,806
 
107

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
GLOBALFOUNDRIES, Inc. (Cayman Islands)*     1,838   $     64,183
Intel Corp.*     1,389        51,254
Lam Research Corp.(a)     1,163       199,082
Marvell Technology, Inc.(a)     7,904       671,682
Micron Technology, Inc.(a)     4,046     1,154,769
NVIDIA Corp.(a)     2,680       499,820
ON Semiconductor Corp.*       723        39,150
QUALCOMM, Inc.(a)     2,657       454,480
Rambus, Inc.*     1,088        99,976
SiTime Corp.(a)*       659       232,752
Skyworks Solutions, Inc.(a)     2,285       144,892
Texas Instruments, Inc.(a)       922       159,958
Veeco Instruments, Inc.*        17           486
        6,334,137
Software & Services — 9.1%
A10 Networks, Inc.     1,233        21,812
Accenture PLC, Class A (Ireland)     1,607       431,158
Adobe, Inc.(a)*     1,336       467,587
Agilysys, Inc.*        58         6,893
Alarm.com Holdings, Inc.*       863        44,030
Amdocs Ltd. (Guernsey)     1,284       103,375
Appian Corp., Class A*     3,988       141,255
AppLovin Corp., Class A*       190       128,026
ASGN, Inc.*       514        24,759
Autodesk, Inc.*       622       184,118
AvePoint, Inc.*     5,310        73,756
Bentley Systems, Inc., Class B     1,446        55,187
BitMine Immersion Technologies, Inc.     2,083        56,553
Blackbaud, Inc.*     1,900       120,308
BlackBerry Ltd. (Canada)*    70,408       266,846
Braze, Inc., Class A*     1,041        35,696
Clear Secure, Inc., Class A     3,623       127,095
Cognizant Technology Solutions Corp., Class A(a)     2,953       245,099
Crowdstrike Holdings, Inc., Class A(a)*       942       441,572
Datadog, Inc., Class A*       317        43,109
Descartes Systems Group, Inc. (The) (Canada)*     1,792       157,087
Dolby Laboratories, Inc., Class A     3,707       238,063
Dropbox, Inc., Class A*     9,526       264,823
Fortinet, Inc.*     1,737       137,935
Gartner, Inc.(a)*       931       234,873
Gen Digital, Inc.(a)     4,026       109,467
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
GoDaddy, Inc., Class A(a)*     2,964   $    367,773
Guidewire Software, Inc.(a)*     1,167       234,579
I3 Verticals, Inc., Class A*     1,018        25,643
InterDigital, Inc.(a)     1,456       463,561
International Business Machines Corp.       460       136,257
JFrog Ltd. (Israel)*     5,707       356,459
Kyndryl Holdings, Inc.*     1,361        36,148
LiveRamp Holdings, Inc.*     2,688        78,947
Microsoft Corp.(a)     1,838       888,894
NCR Voyix Corp.*     4,636        47,287
Okta, Inc.(a)*     5,807       502,131
Palantir Technologies, Inc., Class A*       558        99,184
Palo Alto Networks, Inc.(a)*     1,244       229,145
Pegasystems, Inc.     1,662        99,255
PTC, Inc.(a)*     2,331       406,083
Q2 Holdings, Inc.(a)*     6,058       437,145
Qualys, Inc.*     1,026       136,355
RingCentral, Inc., Class A(a)*     8,123       234,592
Roper Technologies, Inc.       395       175,826
Salesforce, Inc.(a)       924       244,777
ServiceNow, Inc.(a)*     2,568       393,392
ServiceTitan, Inc., Class A*       301        32,056
Sprinklr, Inc., Class A*     8,382        65,212
Tenable Holdings, Inc.*     3,760        88,473
Twilio, Inc., Class A*       108        15,362
UiPath, Inc., Class A*     6,971       114,255
Unity Software, Inc.*       921        40,681
VeriSign, Inc.(a)       292        70,941
Yext, Inc.*     6,083        49,029
Zoom Communications, Inc.*     2,695       232,552
       10,462,476
Technology Hardware & Equipment — 5.3%
Advanced Energy Industries, Inc.       198        41,455
Amphenol Corp., Class A(a)     1,324       178,925
Apple, Inc.(a)     1,510       410,509
Arista Networks, Inc.*     1,058       138,630
Calix, Inc.*     3,419       180,968
CDW Corp.       104        14,165
Celestica, Inc. (Canada)*       159        47,002
Cisco Systems, Inc.(a)     3,259       251,041
Cognex Corp.     5,337       192,025
CommScope Holding Co., Inc.(a)*     5,888       106,749
Corning, Inc.(a)       938        82,131
Daktronics, Inc.*     1,291        25,523
Dell Technologies, Inc., Class C(a)     4,159       523,535
 
108

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Diebold Nixdorf, Inc.*       432   $     29,329
ePlus, Inc.(a)       582        51,041
F5, Inc.(a)*       703       179,448
Harmonic, Inc.*     3,820        37,780
Hewlett Packard Enterprise Co.(a)    19,450       467,189
HP, Inc.(a)     9,804       218,433
Jabil, Inc.(a)       598       136,356
Keysight Technologies, Inc.(a)*       831       168,851
Knowles Corp.*     2,679        57,411
Littelfuse, Inc.       457       115,584
Lumentum Holdings, Inc.*       158        58,237
Mirion Technologies, Inc.*     8,849       207,244
NetApp, Inc.(a)     3,792       406,085
NetScout Systems, Inc.*     2,687        72,710
nLight, Inc.(a)*     8,462       317,410
Ondas Holdings, Inc.*       839         8,189
OSI Systems, Inc.*       464       118,348
PC Connection, Inc.         8           462
Rogers Corp.*       778        71,241
Sandisk Corp.(a)*       363        86,169
Sanmina Corp.(a)*     2,339       351,014
Seagate Technology Holdings PLC (Ireland)       517       142,377
TD SYNNEX Corp.       780       117,179
TE Connectivity PLC (Ireland)       444       101,014
Trimble, Inc.*     1,097        85,950
Viasat, Inc.*     2,236        77,053
Western Digital Corp.(a)     1,271       218,955
        6,093,717
Telecommunication Services — 0.7%
AT&T, Inc.       322         7,999
IDT Corp., Class B       854        43,733
Iridium Communications, Inc.(a)     6,367       110,658
Lumen Technologies, Inc.*    14,819       115,144
Rogers Communications, Inc., Class B (Canada)     2,599        98,060
TELUS Corp. (Canada)    15,920       209,666
T-Mobile US, Inc.       794       161,214
Verizon Communications, Inc.       307        12,504
          758,978
Transportation — 2.0%
Allegiant Travel Co.(a)*     2,476       211,129
CH Robinson Worldwide, Inc.(a)       848       136,324
CSX Corp.       618        22,403
Delta Air Lines, Inc.(a)     4,606       319,656
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Expeditors International of Washington, Inc.       368   $     54,836
JB Hunt Transport Services, Inc.(a)       850       165,189
Lyft, Inc., Class A*     4,525        87,649
Norfolk Southern Corp.       583       168,324
SkyWest, Inc.*     1,827       183,449
Sun Country Airlines Holdings, Inc.*     6,202        89,247
TFI International, Inc. (Canada)     2,146       221,789
Uber Technologies, Inc.(a)*     2,055       167,914
Union Pacific Corp.       260        60,143
United Parcel Service, Inc., Class B     1,425       141,346
XPO, Inc.(a)*     2,411       327,679
        2,357,077
Utilities — 2.5%
Algonquin Power & Utilities Corp. (Canada)    27,914       171,671
Ameren Corp.       229        22,868
American States Water Co.     1,151        83,424
American Water Works Co., Inc.       513        66,947
Atmos Energy Corp.       187        31,347
Brookfield Infrastructure Corp., Class A (Canada)       572        25,969
CenterPoint Energy, Inc.     2,469        94,661
Consolidated Edison, Inc.(a)     3,564       353,977
Constellation Energy Corp.       346       122,231
Duke Energy Corp.(a)     3,744       438,834
Evergy, Inc.(a)     2,920       211,671
Eversource Energy(a)     4,507       303,456
Exelon Corp.(a)     5,392       235,037
Hallador Energy Co.*     4,686        89,221
MDU Resources Group, Inc.(a)     3,027        59,087
National Fuel Gas Co.(a)     3,632       290,778
Otter Tail Corp.       138        11,152
Public Service Enterprise Group, Inc.(a)     2,732       219,380
ReNew Energy Global PLC, Class A (United Kingdom)*       617         3,486
Talen Energy Corp.(a)*        13         4,873
Vistra Corp.       253        40,817
WEC Energy Group, Inc.       296        31,216
        2,912,103
TOTAL COMMON STOCKS
(Cost $96,791,828) 		    100,896,860
 
109

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
SHORT-TERM INVESTMENT — 3.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%(c) 4,261,715   $  4,261,715
TOTAL SHORT-TERM INVESTMENT
(Cost $4,261,715) 		      4,261,715
 
TOTAL INVESTMENTS - 91.5%
(Cost $101,053,543) 		    105,158,575
OTHER ASSETS IN EXCESS OF LIABILITIES - 8.5%       9,767,431
NET ASSETS - 100.0%     $114,926,006
(a) Security position is either entirely or partially designated as collateral for total return swaps.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security was 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 December 31, 2025, this security amounted to $10,490 or 0.01% of net assets. This security has been determined by the Fund's adviser to be a liquid security.
(c) Rate disclosed is the 7-day yield at December 31, 2025.
* Non-income producing.
PLC Public Limited Company
110

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
The portfolio matures between January 5, 2026 and September 19, 2030, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps.
Total Return Swaps
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Long                                
Automobiles & Components                            
American Axle & Manufacturing Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3,720   $23,287   $23,845   $1,476
Aptiv PLC (Jersey)   USFF +0.250%   Weekly   MS   07/18/30   565   44,637   42,991   115
BorgWarner, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,422   61,820   64,075   5,043
Dana, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,676   53,821   63,582   12,032
Garrett Motion, Inc.   USFF +0.250%   Weekly   MS   01/17/30   593   6,705   10,336   3,961
General Motors Co.   USFF +0.250%   Weekly   MS   07/18/30   1,128   63,949   91,729   30,473
Harley-Davidson, Inc.   USFF +0.250%   Weekly   MS   07/18/30   304   7,215   6,229   (655)
Solid Power, Inc.   USFF +0.250%   Weekly   MS   01/17/30   3,027   10,683   12,865   2,602
Visteon Corp.   USFF +0.250%   Weekly   MS   09/13/29   1,143   98,778   108,699   14,298
                    14,578   370,895   424,351   69,345
Capital Goods                            
A. O. Smith Corp.   USFF -0.250%   Weekly   MS   09/17/29   911   56,925   60,928   7,094
Advanced Drainage Systems, Inc.   USFF +0.250%   Weekly   MS   07/18/30   832   121,828   120,499   3,575
AECOM   USFF +0.250%   Weekly   MS   07/18/30   251   25,817   23,928   (872)
AGCO Corp.   USFF +0.250%   Weekly   MS   07/18/30   397   41,182   41,415   1,924
Allegion PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   105   16,960   16,718   447
AMETEK, Inc.   USFF +0.250%   Weekly   MS   07/18/30   27   5,565   5,543   203
Armstrong World Industries, Inc.   USFF -0.250%   Weekly   MS   09/17/29   57   10,468   10,893   876
ATI, Inc.   USFF +0.250%   Weekly   MS   07/18/30   123   12,162   14,115   2,431
ATS Corp. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   3   83   83   —
AZZ, Inc.   USFF +0.250%   Weekly   MS   07/18/30   13   1,274   1,393   168
Babcock & Wilcox Enterprises, Inc.   USFF +0.250%   Weekly   MS   07/18/30   51   324   323   9
Bloom Energy Corp., Class A   USFF +0.250%   Weekly   MS   07/18/30   3,094   281,092   268,838   (1,151)
Blue Bird Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,857   96,787   87,279   (5,686)
BWX Technologies, Inc.   USFF +0.250%   Weekly   MS   07/18/30   187   32,652   32,321   993
Caterpillar, Inc.   USFF +0.250%   Weekly   MS   07/18/30   150   83,714   85,931   5,521
Comfort Systems USA, Inc.   USFF +0.250%   Weekly   MS   07/18/30   57   53,557   53,198   1,754
Core & Main, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   149   7,788   7,744   261
Crane Co.   USFF +0.250%   Weekly   MS   07/18/30   411   74,196   75,801   4,630
Cummins, Inc.   USFF +0.250%   Weekly   MS   07/18/30   180   83,652   91,881   11,857
Custom Truck One Source, Inc.   USFF +0.250%   Weekly   MS   07/18/30   8   47   46   (2)
Deere & Co.   USFF +0.250%   Weekly   MS   07/18/30   58   27,698   27,003   495
Donaldson Co., Inc.   USFF +0.250%   Weekly   MS   07/18/30   362   33,031   32,095   376
111

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Dycom Industries, Inc.   USFF +0.250%   Weekly   MS   07/18/30   431   $149,563   $145,635   $1,979
EMCOR Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   34   20,587   20,801   1,046
Emerson Electric Co.   USFF +0.250%   Weekly   MS   07/18/30   26   3,495   3,451   101
Enerpac Tool Group Corp.   USFF +0.250%   Weekly   MS   07/18/30   373   14,921   14,264   (71)
Enpro, Inc.   USFF +0.250%   Weekly   MS   07/18/30   15   3,097   3,212   234
ESCO Technologies, Inc.   USFF +0.250%   Weekly   MS   07/18/30   473   95,159   92,419   1,028
Fastenal Co.   USFF +0.250%   Weekly   MS   07/18/30   2,433   103,195   97,636   (896)
Federal Signal Corp.   USFF +0.250%   Weekly   MS   07/18/30   41   4,771   4,452   (125)
Flowserve Corp.   USFF +0.250%   Weekly   MS   07/18/30   55   3,874   3,816   99
Fluor Corp.   USFF +0.250%   Weekly   MS   07/18/30   814   33,145   32,259   421
General Dynamics Corp.   USFF +0.250%   Weekly   MS   07/18/30   169   57,078   56,896   2,222
General Electric Co.   USFF +0.250%   Weekly   MS   07/18/30   25   7,768   7,701   239
Hayward Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3,375   53,671   52,144   591
HEICO Corp.   USFF +0.250%   Weekly   MS   07/18/30   284   94,282   91,900   1,341
Helios Technologies, Inc.   USFF +0.250%   Weekly   MS   07/06/26   12   642   642   22
Hexcel Corp.   USFF +0.250%   Weekly   MS   07/18/30   425   31,210   31,408   1,019
Howmet Aerospace, Inc.   USFF +0.250%   Weekly   MS   07/18/30   345   66,624   70,732   6,738
Hubbell, Inc.   USFF +0.250%   Weekly   MS   07/18/30   87   36,961   38,638   3,202
Huntington Ingalls Industries, Inc.   USFF +0.250%   Weekly   MS   07/18/30   59   18,643   20,064   2,224
IDEX Corp.   USFF +0.250%   Weekly   MS   07/18/30   138   22,396   24,556   3,042
IES Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   41   16,280   15,950   310
ITT, Inc.   USFF +0.250%   Weekly   MS   07/18/30   885   160,569   153,556   (489)
Johnson Controls International PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   40   4,641   4,790   346
Lindsay Corp.   USFF -0.250%   Weekly   MS   07/16/29   189   23,463   22,277   (92)
Mercury Systems, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,181   69,256   86,225   19,703
Microvast Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   5,926   16,332   16,593   904
Mueller Industries, Inc.   USFF +0.250%   Weekly   MS   07/18/30   76   7,858   8,725   1,200
Mueller Water Products, Inc., Class A   USFF +0.250%   Weekly   MS   01/12/29   138   2,998   3,287   470
MYR Group, Inc.   USFF +0.250%   Weekly   MS   01/17/30   396   76,126   86,526   13,405
Nordson Corp.   USFF +0.250%   Weekly   MS   07/18/30   337   80,779   81,025   3,526
Northrop Grumman Corp.   USFF +0.250%   Weekly   MS   07/18/30   84   48,973   47,898   1,279
nVent Electric PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   1,375   144,666   140,209   1,256
112

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Otis Worldwide Corp.   USFF +0.250%   Weekly   MS   07/18/30   747   $65,657   $65,250   $2,418
Pentair PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   130   13,136   13,538   952
Primoris Services Corp.   USFF +0.250%   Weekly   MS   07/18/30   52   6,243   6,455   459
Regal Rexnord Corp.   USFF +0.250%   Weekly   MS   07/18/30   317   43,357   44,481   2,946
REV Group, Inc.   USFF +0.250%   Weekly   MS   09/13/29   3,629   149,718   220,679   77,595
Rockwell Automation, Inc.   USFF +0.250%   Weekly   MS   07/18/30   387   139,088   150,570   17,464
RTX Corp.   USFF +0.250%   Weekly   MS   07/18/30   496   77,821   90,966   16,671
Rush Enterprises, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   358   17,352   19,311   2,668
Sensata Technologies Holding PLC (United Kingdom)   USFF +0.250%   Weekly   MS   01/17/30   2,631   49,353   87,586   41,148
Simpson Manufacturing Co., Inc.   USFF +0.250%   Weekly   MS   07/18/30   10   1,627   1,615   49
SiteOne Landscape Supply, Inc.   USFF +0.250%   Weekly   MS   07/18/30   671   84,020   83,580   2,876
Snap-on, Inc.   USFF +0.250%   Weekly   MS   01/10/28   75   23,092   25,845   6,154
SPX Technologies, Inc.   USFF +0.250%   Weekly   MS   07/18/30   25   5,055   5,002   144
Stantec, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   250   24,680   23,590   (74)
Sterling Infrastructure, Inc.   USFF +0.250%   Weekly   MS   07/18/30   216   68,474   66,146   374
Textron, Inc.   USFF -0.250%   Weekly   MS   07/16/29   629   50,233   54,830   6,592
Toro Co. (The)   USFF +0.250%   Weekly   MS   07/18/30   374   28,689   29,441   2,043
Trex Co., Inc.   USFF +0.250%   Weekly   MS   07/18/30   490   15,578   17,189   2,224
Tutor Perini Corp.   USFF +0.250%   Weekly   MS   03/12/29   3,708   161,585   248,510   93,530
V2X, Inc.   USFF +0.250%   Weekly   MS   01/17/30   181   8,231   9,874   1,965
Vertiv Holdings Co., Class A   USFF +0.250%   Weekly   MS   07/18/30   1,195   193,767   193,602   7,488
VSE Corp.   USFF +0.250%   Weekly   MS   07/18/30   359   58,239   62,024   6,118
Watsco, Inc.   USFF +0.250%   Weekly   MS   07/18/30   148   51,039   49,869   844
Woodward, Inc.   USFF +0.250%   Weekly   MS   07/18/30   352   104,041   106,417   6,483
Xylem, Inc.   USFF +0.250%   Weekly   MS   01/10/28   1,433   204,946   195,146   (1,321)
Zurn Elkay Water Solutions Corp.   USFF +0.250%   Weekly   MS   01/17/30   1,482   57,119   68,898   14,269
                    49,910   4,241,965   4,478,076   413,256
Commercial & Professional
Services 		                           
Amentum Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   7,033   183,253   203,957   27,942
Automatic Data Processing, Inc.   USFF +0.250%   Weekly   MS   07/18/30   48   12,398   12,347   436
BOYD GROUP, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   1   160   159   3
113

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Commercial & Professional
Services — (continued) 		                           
Brink's Co. (The)   USFF +0.250%   Weekly   MS   07/18/30   443   $49,830   $51,711   $3,852
Broadridge Financial Solutions, Inc.   USFF +0.250%   Weekly   MS   07/18/30   70   15,670   15,622   568
CACI International, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   188   103,679   100,168   583
Cimpress PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   5   333   333   11
Cintas Corp.   USFF -0.250%   Weekly   MS   01/07/27   286   54,212   53,788   1,717
Copart, Inc.   USFF +0.250%   Weekly   MS   07/18/30   7,783   308,892   304,704   8,014
CRA International, Inc.   USFF +0.250%   Weekly   MS   07/18/30   100   17,662   20,070   3,151
CSG Systems International, Inc.   USFF +0.250%   Weekly   MS   01/17/30   712   45,083   54,603   11,834
Exponent, Inc.   USFF +0.250%   Weekly   MS   07/18/30   69   4,850   4,793   132
GFL Environmental, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   12   549   515   15
Healthcare Services Group, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,779   25,461   34,014   9,557
Huron Consulting Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   16   2,092   2,767   755
Jacobs Solutions, Inc.   USFF +0.250%   Weekly   MS   07/18/30   21   2,805   2,782   85
KBR, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,484   63,931   59,657   (1,557)
Korn Ferry   USFF +0.250%   Weekly   MS   01/17/30   148   9,250   9,771   1,014
Leidos Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   130   24,169   23,452   267
Montrose Environmental Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   457   11,649   11,347   156
Paychex, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,145   129,690   128,446   3,878
Pitney Bowes, Inc.   USFF +0.250%   Weekly   MS   09/13/29   4,327   34,559   45,736   13,673
Planet Labs PBC   USFF +0.250%   Weekly   MS   07/18/30   1,731   32,266   34,135   3,141
Republic Services, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2   428   424   10
Rollins, Inc.   USFF +0.250%   Weekly   MS   01/17/30   199   11,172   11,944   1,292
Tetra Tech, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,739   60,170   58,326   639
Thomson Reuters Corp. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   548   73,334   72,276   1,951
TriNet Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   255   15,251   15,078   429
UniFirst Corp.   USFF +0.250%   Weekly   MS   09/13/29   153   25,630   29,514   5,498
Upwork, Inc.   USFF +0.250%   Weekly   MS   09/13/29   8,640   111,804   171,245   63,856
Veralto Corp.   USFF +0.250%   Weekly   MS   07/11/28   763   73,383   76,132   6,051
Verisk Analytics, Inc.   USFF +0.250%   Weekly   MS   01/10/28   270   59,738   60,396   3,140
Waste Connections, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   74   12,553   12,977   945
Willdan Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   985   95,031   102,105   10,826
                    41,616   1,670,937   1,785,294   183,864
114

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Discretionary
Distribution & Retail 		                           
Advance Auto Parts, Inc.   USFF +0.250%   Weekly   MS   01/17/30   5,456   $227,364   $214,421   $(3,021)
Amazon.com, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,344   530,629   541,042   31,376
Arhaus, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,965   19,934   22,028   2,879
AutoNation, Inc.   USFF +0.250%   Weekly   MS   07/18/30   134   25,919   27,668   2,771
AutoZone, Inc.   USFF +0.250%   Weekly   MS   07/18/30   28   100,433   94,962   (1,506)
Bath & Body Works, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3,295   65,317   66,164   3,757
Best Buy Co., Inc.   USFF +0.250%   Weekly   MS   01/17/30   33   2,151   2,209   218
Buckle, Inc. (The)   USFF +0.250%   Weekly   MS   01/17/30   1,062   56,604   56,732   2,537
Build-A-Bear Workshop, Inc.   USFF +0.250%   Weekly   MS   07/18/30   327   16,058   20,035   4,683
CarMax, Inc.   USFF +0.250%   Weekly   MS   07/18/30   596   23,316   23,029   632
Chewy, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   3,330   111,401   110,057   3,055
Dillard's, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   13   8,022   7,882   176
GigaCloud Technology, Inc., Class A (Cayman Islands)   USFF +0.250%   Weekly   MS   07/18/30   244   6,379   9,584   3,455
Gold.com, Inc.   USFF +0.250%   Weekly   MS   07/18/30   326   9,014   11,100   2,466
Groupon, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,408   28,820   24,795   (2,889)
Home Depot, Inc. (The)   USFF +0.250%   Weekly   MS   07/18/30   51   17,480   17,549   878
Kohl's Corp.   USFF +0.250%   Weekly   MS   07/18/30   6,297   115,916   128,522   18,174
Lowe's Cos., Inc.   USFF +0.250%   Weekly   MS   07/18/30   55   13,681   13,264   138
National Vision Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   313   7,679   8,082   704
O'Reilly Automotive, Inc.   USFF +0.250%   Weekly   MS   07/18/30   361   34,107   32,927   165
Penske Automotive Group, Inc.   USFF +0.250%   Weekly   MS   01/10/28   76   11,995   12,030   599
Petco Health & Wellness Co., Inc.   USFF +0.250%   Weekly   MS   09/13/29   21,644   72,381   60,820   (8,704)
Pool Corp.   USFF -0.250%   Weekly   MS   09/17/29   58   13,952   13,268   (121)
RealReal, Inc. (The)   USFF +0.250%   Weekly   MS   07/18/30   2,167   31,785   34,195   3,663
Ross Stores, Inc.   USFF +0.250%   Weekly   MS   01/17/30   437   77,976   78,721   3,946
Sally Beauty Holdings, Inc.   USFF +0.250%   Weekly   MS   09/13/29   4,828   50,918   68,847   19,939
Signet Jewelers Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   07/18/30   875   75,168   72,520   320
Sonic Automotive, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   283   20,522   17,506   (2,095)
Stitch Fix, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   1,883   10,045   9,886   235
ThredUp, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   4,076   30,643   26,046   (3,389)
TJX Cos., Inc. (The)   USFF +0.250%   Weekly   MS   01/17/30   580   79,767   89,094   12,733
Tractor Supply Co.   USFF +0.250%   Weekly   MS   07/18/30   2,609   138,012   130,476   (1,972)
115

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Discretionary
Distribution & Retail — (continued) 		                           
Ulta Beauty, Inc.   USFF +0.250%   Weekly   MS   07/18/30   45   $26,907   $27,225   $1,379
Urban Outfitters, Inc.   USFF +0.250%   Weekly   MS   07/18/30   377   25,867   28,373   3,526
Winmark Corp.   USFF +0.250%   Weekly   MS   07/18/30   70   29,042   28,346   756
                    67,646   2,115,204   2,129,405   101,463
Consumer Durables & Apparel                            
BRP, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   285   18,428   20,167   2,531
Brunswick Corp.   USFF +0.250%   Weekly   MS   07/18/30   792   48,548   58,798   12,595
Capri Holdings Ltd. (British Virgin Islands)   USFF +0.250%   Weekly   MS   07/18/30   1,859   36,533   45,360   10,267
Cricut, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   27   134   134   2
Deckers Outdoor Corp.   USFF +0.250%   Weekly   MS   07/18/30   961   92,757   99,627   10,532
DR Horton, Inc.   USFF +0.250%   Weekly   MS   07/18/30   80   11,646   11,522   334
Garmin Ltd. (Switzerland)   USFF +0.250%   Weekly   MS   07/18/30   59   11,593   11,968   883
Gildan Activewear, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   23   1,316   1,437   170
Hasbro, Inc.   USFF +0.250%   Weekly   MS   07/18/30   129   10,107   10,578   930
Installed Building Products, Inc.   USFF +0.250%   Weekly   MS   07/18/30   11   2,912   2,853   54
La-Z-Boy, Inc.   USFF +0.250%   Weekly   MS   07/18/30   62   2,346   2,311   55
Leggett & Platt, Inc.   USFF +0.250%   Weekly   MS   09/13/29   3,874   33,067   42,614   11,436
Levi Strauss & Co., Class A   USFF +0.250%   Weekly   MS   07/18/30   334   6,754   6,927   440
Lululemon Athletica, Inc.   USFF +0.250%   Weekly   MS   07/18/30   308   64,615   64,005   1,941
NVR, Inc.   USFF +0.250%   Weekly   MS   01/17/30   3   20,836   21,878   1,863
Peloton Interactive, Inc., Class A   USFF +0.250%   Weekly   MS   03/12/29   30,325   187,827   186,802   6,394
Polaris, Inc.   USFF +0.250%   Weekly   MS   07/18/30   198   9,860   12,524   3,324
Somnigroup International, Inc.   USFF +0.250%   Weekly   MS   07/18/30   225   19,735   20,088   1,152
Sonos, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,051   22,544   36,016   14,360
Steven Madden Ltd.   USFF +0.250%   Weekly   MS   07/18/30   27   1,128   1,124   (159)
Topgolf Callaway Brands Corp.   USFF +0.250%   Weekly   MS   07/18/30   2,890   31,826   33,726   3,155
                    44,523   634,512   690,459   82,259
Consumer Services                            
American Public Education, Inc.   USFF +0.250%   Weekly   MS   07/18/30   94   3,552   3,553   138
BJ's Restaurants, Inc.   USFF +0.250%   Weekly   MS   01/17/30   667   20,660   26,280   6,433
Bright Horizons Family Solutions, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,950   196,941   197,730   8,567
Choice Hotels International, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,715   157,597   163,371   11,998
116

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Services — (continued)                            
Darden Restaurants, Inc.   USFF +0.250%   Weekly   MS   07/18/30   405   $76,225   $74,528   $1,312
Driven Brands Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,406   20,507   20,837   1,138
Expedia Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   80   18,883   22,665   4,526
Golden Entertainment, Inc.   USFF +0.250%   Weekly   MS   07/18/30   10   272   272   24
Hilton Worldwide Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   13   3,744   3,734   136
Las Vegas Sands Corp.   USFF +0.250%   Weekly   MS   07/18/30   2,106   136,766   137,080   5,770
Marriott International, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   130   37,128   40,331   4,667
McDonald's Corp.   USFF +0.250%   Weekly   MS   07/18/30   112   35,118   34,231   497
Monarch Casino & Resort, Inc.   USFF -0.250%   Weekly   MS   01/07/27   109   10,806   10,431   88
Service Corp. International   USFF +0.250%   Weekly   MS   07/18/30   77   5,934   6,004   326
Shake Shack, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   515   43,042   41,803   458
Strategic Education, Inc.   USFF +0.250%   Weekly   MS   07/18/30   167   13,131   13,393   837
Travel + Leisure Co.   USFF +0.250%   Weekly   MS   07/18/30   10   712   705   19
Vail Resorts, Inc.   USFF +0.250%   Weekly   MS   07/18/30   349   49,567   46,347   (161)
Viking Holdings Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   07/18/30   502   34,969   35,848   2,258
Wingstop, Inc.   USFF +0.250%   Weekly   MS   07/18/30   503   115,405   119,960   9,202
Wynn Resorts Ltd.   USFF +0.250%   Weekly   MS   07/18/30   564   70,115   67,866   523
Yum! Brands, Inc.   USFF +0.250%   Weekly   MS   09/13/29   602   83,890   91,071   11,215
                    12,086   1,134,964   1,158,040   69,971
Consumer Staples Distribution &
Retail 		                           
Costco Wholesale Corp.   USFF +0.250%   Weekly   MS   07/18/30   187   162,146   161,258   5,525
Dollar General Corp.   USFF +0.250%   Weekly   MS   01/17/30   288   25,186   38,238   14,420
Kroger Co. (The)   USFF +0.250%   Weekly   MS   07/18/30   2,499   156,771   156,138   5,558
Sysco Corp.   USFF +0.250%   Weekly   MS   07/18/30   651   48,601   47,972   1,303
United Natural Foods, Inc.   USFF +0.250%   Weekly   MS   09/13/29   4,845   139,791   163,131   28,861
Walmart, Inc.   USFF +0.250%   Weekly   MS   07/18/30   648   72,501   72,194   2,722
                    9,118   604,996   638,931   58,389
Energy                            
Antero Midstream Corp.   USFF +0.250%   Weekly   MS   01/17/30   5,746   100,545   102,221   7,010
APA Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,665   37,371   40,726   5,003
Baker Hughes Co.   USFF +0.250%   Weekly   MS   07/18/30   1,244   57,676   56,652   1,296
Borr Drilling Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   07/18/30   3,980   13,192   16,039   3,366
117

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
California Resources Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,095   $51,511   $48,957   $(235)
Cenovus Energy, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   5,470   93,953   92,552   2,911
Centrus Energy Corp., Class A   USFF +0.250%   Weekly   MS   07/18/30   77   17,630   18,693   1,756
Cheniere Energy, Inc.   USFF +0.250%   Weekly   MS   07/18/30   77   14,592   14,968   950
Civitas Resources, Inc.   USFF +0.250%   Weekly   MS   07/18/30   5,835   163,400   158,070   3,134
CNX Resources Corp.   USFF +0.250%   Weekly   MS   07/18/30   2,728   98,706   100,309   5,500
Core Laboratories, Inc.   USFF +0.250%   Weekly   MS   07/18/30   44   703   705   27
CVR Energy, Inc.   USFF +0.250%   Weekly   MS   01/17/30   840   28,112   21,370   (5,634)
Devon Energy Corp.   USFF +0.250%   Weekly   MS   07/18/30   6,513   231,781   238,571   17,452
DHT Holdings, Inc. (Marshall Islands)   USFF +0.250%   Weekly   MS   01/17/30   4,451   51,540   54,347   5,852
Enbridge, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   2,025   96,479   96,856   4,802
EQT Corp.   USFF +0.250%   Weekly   MS   07/18/30   524   28,466   28,086   742
Expro Group Holdings NV (Netherlands)   USFF +0.250%   Weekly   MS   07/18/30   1,024   13,795   13,670   418
Green Plains, Inc.   USFF +0.250%   Weekly   MS   07/18/30   950   9,467   9,310   215
Gulfport Energy Corp.   USFF +0.250%   Weekly   MS   07/18/30   290   52,790   60,317   9,610
Halliburton Co.   USFF +0.250%   Weekly   MS   01/17/30   2,426   51,817   68,559   19,633
Helix Energy Solutions Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   137   863   859   27
HF Sinclair Corp.   USFF +0.250%   Weekly   MS   07/18/30   817   41,186   37,647   (1,786)
Imperial Oil Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   218   18,796   18,816   753
Innovex International, Inc.   USFF +0.250%   Weekly   MS   07/18/30   329   7,208   7,195   270
Kinder Morgan, Inc.   USFF +0.250%   Weekly   MS   07/18/30   700   19,028   19,243   965
Kodiak Gas Services, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,502   50,327   56,175   8,198
Murphy Oil Corp.   USFF +0.250%   Weekly   MS   07/18/30   936   29,339   29,250   1,067
Noble Corp. PLC (United Kingdom)   USFF +0.250%   Weekly   MS   07/18/30   821   24,483   23,185   13
Occidental Petroleum Corp.   USFF +0.250%   Weekly   MS   07/18/30   3,212   133,544   132,077   4,603
Oceaneering International, Inc.   USFF +0.250%   Weekly   MS   07/18/30   404   9,429   9,708   649
Okeanis Eco Tankers Corp. (Marshall Islands)   USFF +0.250%   Weekly   MS   07/18/30   96   3,430   3,249   (26)
Ovintiv, Inc.   USFF +0.250%   Weekly   MS   07/18/30   231   8,320   9,053   1,133
118

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
Patterson-UTI Energy, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,826   $10,056   $11,157   $1,622
Pembina Pipeline Corp. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   162   6,013   6,166   406
Precision Drilling Corp. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   103   6,210   7,404   1,437
Range Resources Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,704   60,153   60,083   2,373
Suncor Energy, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   665   28,617   29,499   2,089
Talos Energy, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,610   21,038   28,762   8,553
TechnipFMC PLC (United Kingdom)   USFF +0.250%   Weekly   MS   07/18/30   433   16,629   19,294   3,336
Texas Pacific Land Corp.   USFF +0.250%   Weekly   MS   07/18/30   133   37,550   38,200   2,140
Tidewater, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,431   64,880   72,280   9,961
Transocean Ltd. (Switzerland)   USFF +0.250%   Weekly   MS   01/17/30   24,588   69,867   101,548   34,439
Valaris Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   01/17/30   1,194   48,960   60,178   13,150
Valero Energy Corp.   USFF +0.250%   Weekly   MS   07/18/30   943   154,593   153,511   6,113
World Kinect Corp.   USFF +0.250%   Weekly   MS   01/17/30   2,556   63,550   59,887   68
                    94,755   2,147,595   2,235,404   185,361
Financial Services                            
Berkshire Hathaway, Inc., Class B   USFF +0.250%   Weekly   MS   08/31/26   181   51,335   90,980   41,670
Blackrock, Inc.   USFF +0.250%   Weekly   MS   01/10/28   33   23,433   35,321   13,667
Block, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,372   81,220   89,303   11,290
Cboe Global Markets, Inc.   USFF +0.250%   Weekly   MS   01/10/28   234   54,794   58,734   6,365
CME Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   30   8,220   8,192   295
Coinbase Global, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   2,127   525,013   481,000   (23,272)
Corpay, Inc.   USFF +0.250%   Weekly   MS   09/13/29   495   167,657   148,960   (12,075)
FactSet Research Systems, Inc.   USFF +0.250%   Weekly   MS   07/18/30   17   5,167   4,933   (22)
Fiserv, Inc.   USFF +0.250%   Weekly   MS   01/17/30   573   77,852   38,488   (36,290)
Flywire Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,626   22,128   23,024   1,768
Franklin Resources, Inc.   USFF +0.250%   Weekly   MS   07/08/27   821   18,102   19,614   5,594
Intercontinental Exchange, Inc.   USFF +0.250%   Weekly   MS   01/17/30   593   90,906   96,042   9,579
Jack Henry & Associates, Inc.   USFF +0.250%   Weekly   MS   07/18/30   34   4,994   6,204   1,425
Mastercard, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   21   11,315   11,988   994
Morningstar, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1   214   217   9
Paymentus Holdings, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   2,873   91,953   90,758   2,436
119

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Financial Services — (continued)                            
PayPal Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,503   $152,407   $146,125   $(195)
Remitly Global, Inc.   USFF +0.250%   Weekly   MS   07/18/30   254   3,821   3,505   (168)
T Rowe Price Group, Inc.   USFF +0.250%   Weekly   MS   07/08/27   233   23,381   23,855   5,507
Toast, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   1,555   52,892   55,218   4,413
                    15,576   1,466,804   1,432,461   32,990
Food, Beverage & Tobacco                            
Altria Group, Inc.   USFF +0.250%   Weekly   MS   09/13/29   309   16,270   17,817   3,186
Archer-Daniels-Midland Co.   USFF +0.250%   Weekly   MS   07/18/30   1,584   90,355   91,064   4,945
Boston Beer Co., Inc. (The), Class A   USFF +0.250%   Weekly   MS   09/13/29   194   44,856   37,855   (5,231)
Brown-Forman Corp., Class B   USFF +0.250%   Weekly   MS   07/18/30   313   8,207   8,157   221
Cal-Maine Foods, Inc.   USFF +0.250%   Weekly   MS   07/18/30   510   41,144   40,581   1,060
Campbell's Company (The)   USFF +0.250%   Weekly   MS   07/18/30   6   168   167   1,025
Coca-Cola Co. (The)   USFF +0.250%   Weekly   MS   07/18/30   2,966   206,120   207,353   9,847
Coca-Cola Consolidated, Inc.   USFF +0.250%   Weekly   MS   07/18/30   44   6,786   6,745   224
Constellation Brands, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   391   66,215   53,942   (8,898)
Dole PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   1,175   16,857   17,613   1,499
Fresh Del Monte Produce, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   01/17/30   840   29,116   29,929   2,228
Freshpet, Inc.   USFF +0.250%   Weekly   MS   07/18/30   678   39,402   41,311   3,462
J & J Snack Foods Corp.   USFF -0.250%   Weekly   MS   09/17/29   380   34,738   34,341   1,170
John B Sanfilippo & Son, Inc.   USFF +0.250%   Weekly   MS   07/18/30   7   501   494   10
Keurig Dr Pepper, Inc.   USFF +0.250%   Weekly   MS   07/18/30   999   26,285   27,982   2,852
Kraft Heinz Co. (The)   USFF +0.250%   Weekly   MS   07/18/30   108   2,620   2,619   111
Lamb Weston Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,624   86,790   68,029   (14,918)
Mission Produce, Inc.   USFF +0.250%   Weekly   MS   07/18/30   49   570   568   18
Molson Coors Beverage Co., Class B   USFF +0.250%   Weekly   MS   08/31/26   822   44,569   38,371   (2,723)
Monster Beverage Corp.   USFF +0.250%   Weekly   MS   01/17/30   1,226   77,660   93,997   19,404
National Beverage Corp.   USFF +0.250%   Weekly   MS   07/18/30   331   11,644   10,556   (631)
PepsiCo, Inc.   USFF +0.250%   Weekly   MS   07/18/30   184   26,462   26,408   989
Philip Morris International, Inc.   USFF +0.250%   Weekly   MS   07/18/30   100   15,856   16,040   999
Seneca Foods Corp., Class A   USFF +0.250%   Weekly   MS   07/18/30   19   2,110   2,102   73
120

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Food, Beverage & Tobacco —
(continued) 		                           
Simply Good Foods Co. (The)   USFF +0.250%   Weekly   MS   07/18/30   507   $12,421   $10,181   $(1,752)
Tyson Foods, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   399   21,287   23,389   3,174
                    15,765   929,009   907,611   22,344
Health Care Equipment & Services                            
Align Technology, Inc.   USFF +0.250%   Weekly   MS   07/18/30   156   19,981   24,359   5,165
Alphatec Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3,302   60,089   69,474   11,757
Artivion, Inc.   USFF +0.250%   Weekly   MS   07/18/30   574   25,963   26,180   1,240
Butterfly Network, Inc.   USFF +0.250%   Weekly   MS   07/18/30   9,140   30,424   34,732   5,507
Cardinal Health, Inc.   USFF +0.250%   Weekly   MS   07/18/30   241   49,149   49,526   2,316
Cencora, Inc.   USFF +0.250%   Weekly   MS   07/18/30   399   143,749   134,762   (3,310)
Certara, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,185   19,900   19,250   133
Chemed Corp.   USFF +0.250%   Weekly   MS   07/18/30   45   19,108   19,254   898
CONMED Corp.   USFF +0.250%   Weekly   MS   01/17/30   1,462   68,205   59,357   (6,052)
CorVel Corp.   USFF +0.250%   Weekly   MS   01/17/30   630   53,197   42,632   (8,466)
CVS Health Corp.   USFF +0.250%   Weekly   MS   07/18/30   300   23,188   23,808   1,720
Edwards Lifesciences Corp.   USFF +0.250%   Weekly   MS   07/18/30   251   21,368   21,398   871
Elevance Health, Inc.   USFF +0.250%   Weekly   MS   07/18/30   163   52,075   57,140   7,403
Embecta Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,011   14,086   12,011   (1,332)
Envista Holdings Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,137   22,091   24,684   3,464
GoodRx Holdings, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   14   38   38   (1)
Guardant Health, Inc.   USFF +0.250%   Weekly   MS   07/18/30   89   8,253   9,090   1,161
Guardian Pharmacy Services, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   255   7,474   7,673   491
HCA Healthcare, Inc.   USFF +0.250%   Weekly   MS   07/18/30   117   55,287   54,623   1,527
HealthEquity, Inc.   USFF +0.250%   Weekly   MS   07/18/30   163   15,146   14,932   382
HealthStream, Inc.   USFF +0.250%   Weekly   MS   07/18/30   51   1,218   1,177   4
ICU Medical, Inc.   USFF +0.250%   Weekly   MS   07/18/30   6   860   856   27
IDEXX Laboratories, Inc.   USFF +0.250%   Weekly   MS   07/11/28   106   70,697   71,712   3,806
Insulet Corp.   USFF +0.250%   Weekly   MS   07/18/30   276   85,765   78,450   (3,929)
Labcorp Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   48   12,016   12,042   525
LeMaitre Vascular, Inc.   USFF +0.250%   Weekly   MS   07/18/30   297   25,788   24,087   (643)
LifeStance Health Group, Inc.   USFF +0.250%   Weekly   MS   01/17/30   3,201   17,530   22,535   5,695
Masimo Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,331   191,047   173,110   (10,391)
McKesson Corp.   USFF +0.250%   Weekly   MS   07/18/30   34   28,942   27,890   108
Medtronic PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   191   18,513   18,347   614
121

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services
— (continued) 		                           
Merit Medical Systems, Inc.   USFF +0.250%   Weekly   MS   07/18/30   8   $636   $705   $92
National HealthCare Corp.   USFF +0.250%   Weekly   MS   07/18/30   21   2,924   2,879   80
Omnicell, Inc.   USFF +0.250%   Weekly   MS   07/18/30   358   12,530   16,217   4,180
Pediatrix Medical Group, Inc.   USFF +0.250%   Weekly   MS   03/12/29   3,112   46,797   66,566   21,615
Privia Health Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,160   25,439   27,504   3,067
Progyny, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,334   48,977   59,937   12,893
Quest Diagnostics, Inc.   USFF +0.250%   Weekly   MS   07/18/30   40   7,088   6,941   131
QuidelOrtho Corp.   USFF +0.250%   Weekly   MS   07/06/26   1,011   24,898   28,874   4,957
ResMed, Inc.   USFF +0.250%   Weekly   MS   07/18/30   350   86,737   84,305   1,097
Select Medical Holdings Corp.   USFF +0.250%   Weekly   MS   09/13/29   2,744   45,029   40,748   (2,054)
Solventum Corp.   USFF +0.250%   Weekly   MS   01/17/30   2,507   197,850   198,655   8,619
STERIS PLC (Ireland)   USFF +0.250%   Weekly   MS   01/17/30   610   148,543   154,647   12,292
Stryker Corp.   USFF +0.250%   Weekly   MS   07/18/30   47   16,530   16,519   681
TransMedics Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   986   118,949   119,947   5,695
UFP Technologies, Inc.   USFF +0.250%   Weekly   MS   07/18/30   383   82,119   85,037   6,160
UnitedHealth Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   172   56,740   56,779   2,391
Universal Health Services, Inc., Class B   USFF +0.250%   Weekly   MS   07/18/30   168   37,625   36,627   299
Veeva Systems, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   83   19,934   18,528   (621)
Waystar Holding Corp.   USFF +0.250%   Weekly   MS   01/17/30   3,021   109,530   98,938   (6,267)
                    46,290   2,250,022   2,255,482   95,997
Household & Personal Products                            
BellRing Brands, Inc.   USFF +0.250%   Weekly   MS   07/18/30   6,368   191,468   170,217   (13,689)
Central Garden & Pet Co., Class A   USFF +0.250%   Weekly   MS   07/18/30   101   2,788   2,948   268
Church & Dwight Co., Inc.   USFF +0.250%   Weekly   MS   07/18/30   789   67,359   66,158   1,604
Clorox Co. (The)   USFF +0.250%   Weekly   MS   07/18/30   247   24,826   24,905   1,057
Colgate-Palmolive Co.   USFF +0.250%   Weekly   MS   07/18/30   66   5,241   5,215   186
Interparfums, Inc.   USFF +0.250%   Weekly   MS   07/18/30   109   8,859   9,246   825
Kenvue, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,489   22,566   25,685   4,309
Kimberly-Clark Corp.   USFF +0.250%   Weekly   MS   07/18/30   594   60,001   59,929   2,945
122

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Household & Personal Products —
(continued) 		                           
Procter & Gamble Co. (The)   USFF +0.250%   Weekly   MS   09/13/29   398   $61,561   $57,037   $(1,245)
WD-40 Co.   USFF +0.250%   Weekly   MS   07/18/30   41   7,958   8,073   456
                    10,202   452,627   429,413   (3,284)
Materials                            
Agnico Eagle Mines Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   1,353   218,648   229,374   19,754
Alamos Gold, Inc., Class A (Canada)   USFF +0.250%   Weekly   MS   07/18/30   475   14,596   18,326   4,314
Americas Gold & Silver Corp. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   1,630   9,222   8,329   (531)
Aura Minerals, Inc. (British Virgin Islands)   USFF +0.250%   Weekly   MS   07/18/30   455   16,055   22,939   7,596
Avery Dennison Corp.   USFF +0.250%   Weekly   MS   07/18/30   588   96,133   106,945   15,196
Ball Corp.   USFF +0.250%   Weekly   MS   07/18/30   439   20,911   23,254   3,475
Cabot Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,242   81,721   82,320   4,376
Celanese Corp.   USFF +0.250%   Weekly   MS   07/18/30   8,243   324,469   348,514   35,535
CF Industries Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   162   12,497   12,529   523
Compass Minerals International, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,294   24,844   25,414   1,563
CRH PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   80   10,129   9,984   253
DuPont de Nemours, Inc.   USFF +0.250%   Weekly   MS   07/18/30   7,158   280,446   287,752   19,881
Graphic Packaging Holding Co.   USFF +0.250%   Weekly   MS   07/18/30   764   11,574   11,506   387
Huntsman Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,708   15,215   17,080   2,594
Hycroft Mining Holding Corp., Class A   USFF +0.250%   Weekly   MS   07/18/30   263   6,350   6,252   150
i-80 Gold Corp. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   819   1,245   1,196   (3)
Ingevity Corp.   USFF +0.250%   Weekly   MS   09/13/29   706   28,563   41,781   14,344
Kinross Gold Corp. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   49   1,126   1,380   299
Linde PLC (Ireland)   USFF +0.250%   Weekly   MS   01/05/26   29   11,970   12,365   1,335
LyondellBasell Industries NV, Class A (Netherlands)   USFF +0.250%   Weekly   MS   07/18/30   584   27,636   25,287   (462)
Mativ Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   60   744   729   11
Metalla Royalty & Streaming Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   22   171   171   4
NewMarket Corp.   USFF +0.250%   Weekly   MS   01/05/26   140   102,996   96,216   (2,494)
Newmont Corp.   USFF +0.250%   Weekly   MS   07/18/30   2   201   200   4
123

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
Novagold Resources, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   1,770   $17,167   $16,496   $5
Nutrien Ltd. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   391   21,931   24,133   3,247
O-I Glass, Inc.   USFF +0.250%   Weekly   MS   07/18/30   998   14,025   14,730   1,257
PPG Industries, Inc.   USFF +0.250%   Weekly   MS   07/18/30   175   16,862   17,931   1,850
Sherwin-Williams Co. (The)   USFF +0.250%   Weekly   MS   07/18/30   176   57,041   57,029   2,240
Smurfit WestRock PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   413   14,581   15,971   2,028
Steel Dynamics, Inc.   USFF +0.250%   Weekly   MS   07/18/30   276   41,227   46,768   7,305
SunCoke Energy, Inc.   USFF +0.250%   Weekly   MS   09/13/29   2,426   22,556   17,467   (3,241)
TriMas Corp.   USFF +0.250%   Weekly   MS   07/18/30   236   7,454   8,366   1,205
Vulcan Materials Co.   USFF +0.250%   Weekly   MS   01/17/30   89   24,144   25,385   2,287
                    35,215   1,554,450   1,634,119   146,287
Media & Entertainment                            
Alphabet, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   646   203,693   202,198   6,627
Cars.com, Inc.   USFF +0.250%   Weekly   MS   07/18/30   151   1,848   1,842   65
Charter Communications, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   75   15,654   15,656   618
Cinemark Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   573   12,996   13,317   832
Clear Channel Outdoor Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,389   2,839   3,070   340
Comcast Corp., Class A   USFF +0.250%   Weekly   MS   07/08/27   1,312   39,570   39,216   1,591
Electronic Arts, Inc.   USFF +0.250%   Weekly   MS   07/18/30   144   29,293   29,424   1,296
EverQuote, Inc., Class A   USFF +0.250%   Weekly   MS   09/13/29   1,083   21,584   29,241   8,507
Grindr, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,942   39,717   39,835   1,684
IAC, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,445   47,262   56,500   11,102
John Wiley & Sons, Inc., Class A   USFF +0.250%   Weekly   MS   09/13/29   670   27,985   20,522   (5,508)
Match Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,121   68,734   68,487   2,466
Meta Platforms, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   288   189,852   190,106   7,781
Netflix, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,635   155,235   153,298   4,193
News Corp., Class A   USFF +0.250%   Weekly   MS   07/18/30   1,379   36,383   36,019   1,085
Omnicom Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   41   2,884   3,311   595
Paramount Skydance Corp., Class B   USFF +0.250%   Weekly   MS   07/18/30   514   6,868   6,888   320
QuinStreet, Inc.   USFF +0.250%   Weekly   MS   01/17/30   864   12,792   12,416   126
Roku, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,866   198,131   202,442   12,137
Spotify Technology SA (Luxembourg)   USFF +0.250%   Weekly   MS   07/18/30   154   87,620   89,429   5,269
Stagwell, Inc.   USFF +0.250%   Weekly   MS   07/18/30   306   1,575   1,496   (19)
TripAdvisor, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3,009   44,899   43,811   683
124

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Media & Entertainment —
(continued) 		                           
USA TODAY Co., Inc.   USFF +0.250%   Weekly   MS   07/18/30   129   $680   $664   $8
Warner Music Group Corp., Class A   USFF +0.250%   Weekly   MS   07/18/30   3,548   102,664   108,817   10,419
Yelp, Inc.   USFF +0.250%   Weekly   MS   03/12/29   1,845   62,719   56,070   (4,174)
Ziff Davis, Inc.   USFF +0.250%   Weekly   MS   01/17/30   666   20,463   23,410   3,753
                    28,795   1,433,940   1,447,485   71,796
Pharmaceuticals, Biotechnology &
Life Sciences 		                           
10X Genomics, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   2,791   47,238   45,521   147
Adaptive Biotechnologies Corp.   USFF +0.250%   Weekly   MS   01/17/30   5,237   61,187   85,049   26,277
Agilent Technologies, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,476   358,230   336,909   (7,170)
Alkermes PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   3,022   85,894   84,556   2,052
Alnylam Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/18/30   219   88,357   87,085   2,217
ANI Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,082   181,218   164,353   (9,708)
Arrowhead Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,863   117,471   123,685   10,853
Aurinia Pharmaceuticals, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   1,396   21,391   22,266   1,717
Azenta, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,184   34,781   39,380   5,970
BioCryst Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3,130   22,364   24,414   2,931
Biogen, Inc.   USFF +0.250%   Weekly   MS   07/18/30   34   5,936   5,984   280
Bristol-Myers Squibb Co.   USFF +0.250%   Weekly   MS   07/18/30   131   7,080   7,066   263
CareDx, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,011   34,407   37,887   4,837
Collegium Pharmaceutical, Inc.   USFF +0.250%   Weekly   MS   07/18/30   208   6,940   9,630   2,962
CorMedix, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,395   13,399   16,224   3,352
Dynavax Technologies Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,440   15,977   22,147   6,799
Exact Sciences Corp.   USFF +0.250%   Weekly   MS   07/18/30   47   4,782   4,773   178
Gilead Sciences, Inc.   USFF +0.250%   Weekly   MS   07/18/30   149   17,978   18,288   1,080
Halozyme Therapeutics, Inc.   USFF +0.250%   Weekly   MS   07/18/30   490   30,903   32,977   3,292
125

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) 		                           
Harmony Biosciences Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   513   $13,453   $19,196   $6,273
Incyte Corp.   USFF +0.250%   Weekly   MS   07/18/30   546   51,758   53,928   4,213
Innoviva, Inc.   USFF +0.250%   Weekly   MS   07/11/28   2,124   38,652   42,459   5,332
IQVIA Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   75   11,384   16,906   5,969
Jazz Pharmaceuticals PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   65   10,833   11,050   642
Johnson & Johnson   USFF +0.250%   Weekly   MS   07/18/30   401   77,411   82,987   9,058
Ligand Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/18/30   256   43,063   48,402   7,038
MannKind Corp.   USFF +0.250%   Weekly   MS   07/18/30   369   2,101   2,092   72
Omeros Corp.   USFF +0.250%   Weekly   MS   07/18/30   113   1,873   1,941   139
Pfizer, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,333   31,724   33,192   3,152
Theravance Biopharma, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   07/18/30   371   6,660   6,941   542
Travere Therapeutics, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,267   43,784   48,412   6,356
Veracyte, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,359   56,608   57,214   2,840
West Pharmaceutical Services, Inc.   USFF +0.250%   Weekly   MS   07/18/30   91   24,644   25,038   1,372
Zoetis, Inc.   USFF -0.250%   Weekly   MS   07/08/27   521   66,926   65,552   1,366
                    38,709   1,636,407   1,683,504   112,693
Semiconductors & Semiconductor
Equipment 		                           
Analog Devices, Inc.   USFF +0.250%   Weekly   MS   07/18/30   661   172,802   179,263   13,893
Applied Materials, Inc.   USFF +0.250%   Weekly   MS   07/18/30   799   184,342   205,335   28,571
AXT, Inc.   USFF +0.250%   Weekly   MS   07/18/30   4,949   74,213   80,916   9,633
Broadcom, Inc.   USFF +0.250%   Weekly   MS   07/18/30   97   32,810   33,572   2,353
Cirrus Logic, Inc.   USFF +0.250%   Weekly   MS   07/18/30   14   1,680   1,659   42
Diodes, Inc.   USFF +0.250%   Weekly   MS   07/18/30   304   13,552   14,999   1,980
First Solar, Inc.   USFF +0.250%   Weekly   MS   07/18/30   146   38,188   38,140   1,458
GLOBALFOUNDRIES, Inc. (Cayman Islands)   USFF +0.250%   Weekly   MS   07/18/30   572   20,350   19,974   426
Intel Corp.   USFF +0.250%   Weekly   MS   07/18/30   422   15,534   15,572   649
Marvell Technology, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,816   249,247   239,304   (98)
Micron Technology, Inc.   USFF +0.250%   Weekly   MS   07/18/30   931   235,190   265,717   39,931
NVIDIA Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,480   272,221   276,020   14,567
ON Semiconductor Corp.   USFF +0.250%   Weekly   MS   07/18/30   221   12,088   11,967   354
QUALCOMM, Inc.   USFF +0.250%   Weekly   MS   01/17/30   822   127,220   140,603   19,897
Rambus, Inc.   USFF +0.250%   Weekly   MS   07/18/30   347   32,744   31,886   433
126

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Semiconductors & Semiconductor
Equipment — (continued) 		                           
SiTime Corp.   USFF +0.250%   Weekly   MS   07/18/30   207   $75,242   $73,110   $839
Skyworks Solutions, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,247   135,035   142,482   16,171
Texas Instruments, Inc.   USFF +0.250%   Weekly   MS   07/18/30   261   43,887   45,281   (1,216)
Veeco Instruments, Inc.   USFF +0.250%   Weekly   MS   07/18/30   5   143   143   3
                    17,301   1,736,488   1,815,943   149,886
Software & Services                            
A10 Networks, Inc.   USFF +0.250%   Weekly   MS   07/18/30   615   10,506   10,879   814
Accenture PLC, Class A (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   150   40,618   40,245   1,230
Agilysys, Inc.   USFF +0.250%   Weekly   MS   07/18/30   50   5,984   5,942   192
Amdocs Ltd. (Guernsey)   USFF +0.250%   Weekly   MS   07/18/30   434   33,549   34,941   2,991
Appian Corp., Class A   USFF +0.250%   Weekly   MS   09/13/29   3,079   116,347   109,058   (2,695)
ASGN, Inc.   USFF +0.250%   Weekly   MS   07/18/30   488   22,584   23,507   1,812
Autodesk, Inc.   USFF +0.250%   Weekly   MS   07/18/30   406   120,405   120,180   4,530
Bentley Systems, Inc., Class B   USFF +0.250%   Weekly   MS   07/18/30   876   34,382   33,433   407
Blackbaud, Inc.   USFF +0.250%   Weekly   MS   01/17/30   833   50,720   52,746   4,026
BlackBerry Ltd. (Canada)   USFF +0.250%   Weekly   MS   01/17/30   34,899   153,042   132,267   (14,730)
Braze, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   376   13,336   12,893   81
Clear Secure, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   1,286   39,961   45,113   6,885
Datadog, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   98   13,810   13,327   59
Descartes Systems Group, Inc. (The) (Canada)   USFF +0.250%   Weekly   MS   07/18/30   460   39,070   40,324   2,795
Dolby Laboratories, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   775   52,151   49,771   (203)
Dropbox, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   2,905   83,204   80,759   839
Fortinet, Inc.   USFF +0.250%   Weekly   MS   07/18/30   691   55,708   54,872   1,363
Gartner, Inc.   USFF +0.250%   Weekly   MS   07/18/30   119   27,246   30,021   3,849
Gen Digital, Inc.   USFF +0.250%   Weekly   MS   01/10/28   4,125   111,454   112,159   8,256
GoDaddy, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   388   48,804   48,143   1,265
Guidewire Software, Inc.   USFF +0.250%   Weekly   MS   07/18/30   115   23,151   23,116   877
I3 Verticals, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   288   8,844   7,255   (1,242)
InterDigital, Inc.   USFF +0.250%   Weekly   MS   07/18/30   489   165,938   155,688   (3,696)
127

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
International Business Machines Corp.   USFF +0.250%   Weekly   MS   07/18/30   183   $55,277   $54,206   $1,111
JFrog Ltd. (Israel)   USFF +0.250%   Weekly   MS   07/18/30   1,841   116,342   114,989   3,241
Kyndryl Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   338   8,011   8,977   1,280
LiveRamp Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,030   25,429   30,251   5,824
NCR Voyix Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,479   15,199   15,086   484
Okta, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,492   131,479   129,013   2,727
Palantir Technologies, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   201   33,517   35,728   3,533
Pegasystems, Inc.   USFF +0.250%   Weekly   MS   07/18/30   438   23,596   26,157   3,491
PTC, Inc.   USFF -0.250%   Weekly   MS   09/17/29   662   127,804   115,327   (7,430)
Q2 Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,625   113,543   117,260   8,201
Qualys, Inc.   USFF +0.250%   Weekly   MS   07/18/30   258   35,291   34,288   389
RingCentral, Inc., Class A   USFF +0.250%   Weekly   MS   01/17/30   2,672   71,425   77,167   8,562
Roper Technologies, Inc.   USFF +0.250%   Weekly   MS   01/17/30   89   43,289   39,617   (1,931)
ServiceNow, Inc.   USFF +0.250%   Weekly   MS   07/08/27   1,624   268,387   248,781   (9,005)
ServiceTitan, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   92   9,975   9,798   215
Sprinklr, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   2,278   17,789   17,723   634
Tenable Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,203   32,153   28,307   (2,579)
Twilio, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   158   18,931   22,474   4,288
UiPath, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   2,092   37,565   34,288   (1,796)
Unity Software, Inc.   USFF +0.250%   Weekly   MS   07/18/30   353   16,937   15,592   (678)
VeriSign, Inc.   USFF +0.250%   Weekly   MS   01/17/30   388   95,992   94,265   2,761
Yext, Inc.   USFF +0.250%   Weekly   MS   07/08/27   1,206   8,782   9,720   1,282
Zoom Communications, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,091   165,748   180,432   21,231
                    77,738   2,743,275   2,696,085   65,540
Technology Hardware & Equipment                            
Advanced Energy Industries, Inc.   USFF +0.250%   Weekly   MS   07/18/30   158   32,232   33,080   2,125
Amphenol Corp., Class A   USFF +0.250%   Weekly   MS   07/18/30   2,642   344,947   357,040   26,207
Apple, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,602   342,734   435,520   107,221
Arista Networks, Inc.   USFF +0.250%   Weekly   MS   07/18/30   574   76,249   75,211   1,972
Badger Meter, Inc.   USFF +0.250%   Weekly   MS   07/18/30   22   3,837   3,837   149
Calix, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,137   122,954   113,111   (4,988)
CDW Corp.   USFF +0.250%   Weekly   MS   07/18/30   80   11,237   10,896   102
Celestica, Inc. (Canada)   USFF +0.250%   Weekly   MS   07/18/30   31   8,977   9,164   539
Cisco Systems, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2   154   154   3
Cognex Corp.   USFF +0.250%   Weekly   MS   07/18/30   3,267   120,812   117,547   1,573
Daktronics, Inc.   USFF +0.250%   Weekly   MS   07/18/30   619   11,707   12,238   991
128

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Technology Hardware & Equipment
— (continued) 		                           
Dell Technologies, Inc., Class C   USFF +0.250%   Weekly   MS   07/18/30   1,552   $215,234   $195,366   $(11,367)
Diebold Nixdorf, Inc.   USFF +0.250%   Weekly   MS   07/18/30   208   11,831   14,121   2,755
ePlus, Inc.   USFF +0.250%   Weekly   MS   01/17/30   335   19,481   29,380   10,835
Hewlett Packard Enterprise Co.   USFF +0.250%   Weekly   MS   07/18/30   5,804   138,811   139,412   6,909
HP, Inc.   USFF +0.250%   Weekly   MS   07/18/30   316   7,282   7,040   126
Jabil, Inc.   USFF +0.250%   Weekly   MS   01/17/30   76   14,008   17,330   3,882
Knowles Corp.   USFF +0.250%   Weekly   MS   07/18/30   267   5,847   5,722   103
Littelfuse, Inc.   USFF +0.250%   Weekly   MS   01/17/30   120   21,357   30,350   10,045
Lumentum Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   68   25,167   25,064   889
Mirion Technologies, Inc.   USFF +0.250%   Weekly   MS   07/18/30   2,608   62,802   61,079   757
NetApp, Inc.   USFF +0.250%   Weekly   MS   07/18/30   295   32,468   31,592   484
NetScout Systems, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,098   24,128   29,712   6,534
nLight, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,494   66,372   93,550   29,798
Ondas Holdings, Inc.   USFF +0.250%   Weekly   MS   07/18/30   270   2,690   2,635   49
OSI Systems, Inc.   USFF +0.250%   Weekly   MS   07/18/30   159   42,528   40,555   (295)
PC Connection, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3   174   173   4
Rogers Corp.   USFF +0.250%   Weekly   MS   01/17/30   530   33,159   48,532   16,681
Sandisk Corp.   USFF +0.250%   Weekly   MS   07/18/30   417   82,043   98,987   20,184
Sanmina Corp.   USFF +0.250%   Weekly   MS   07/18/30   837   115,198   125,609   14,960
Seagate Technology Holdings PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   158   44,610   43,512   696
TD SYNNEX Corp.   USFF +0.250%   Weekly   MS   07/18/30   292   44,434   43,867   1,200
TE Connectivity PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   258   61,986   58,698   (682)
Trimble, Inc.   USFF +0.250%   Weekly   MS   07/18/30   366   28,905   28,676   910
Viasat, Inc.   USFF +0.250%   Weekly   MS   07/18/30   994   31,276   34,253   4,211
Western Digital Corp.   USFF +0.250%   Weekly   MS   01/17/30   373   47,863   64,257   18,332
                    31,032   2,255,494   2,437,270   273,894
Telecommunication Services                            
AT&T, Inc.   USFF +0.250%   Weekly   MS   07/11/28   8,560   191,542   212,630   37,736
IDT Corp., Class B   USFF +0.250%   Weekly   MS   01/17/30   281   15,655   14,390   (620)
Iridium Communications, Inc.   USFF +0.250%   Weekly   MS   07/18/30   12   204   209   10
Lumen Technologies, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3,300   25,893   25,641   774
Rogers Communications, Inc., Class B (Canada)   USFF +0.250%   Weekly   MS   07/18/30   622   21,998   23,468   2,628
TELUS Corp. (Canada)   USFF +0.250%   Weekly   MS   09/13/29   4,392   59,537   57,843   2,380
129

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Telecommunication Services —
(continued) 		                           
T-Mobile US, Inc.   USFF +0.250%   Weekly   MS   07/18/30   239   $48,587   $48,527   $1,857
Verizon Communications, Inc.   USFF +0.250%   Weekly   MS   07/11/28   5,161   203,685   210,208   25,450
                    22,567   567,101   592,916   70,215
Transportation                            
Allegiant Travel Co.   USFF +0.250%   Weekly   MS   07/18/30   45   3,807   3,837   178
CH Robinson Worldwide, Inc.   USFF +0.250%   Weekly   MS   07/18/30   249   34,695   40,029   6,836
CSX Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,328   46,003   48,140   4,125
Delta Air Lines, Inc.   USFF +0.250%   Weekly   MS   07/18/30   28   1,973   1,943   45
Lyft, Inc., Class A   USFF +0.250%   Weekly   MS   07/18/30   1,486   29,917   28,784   46
Norfolk Southern Corp.   USFF +0.250%   Weekly   MS   07/18/30   153   42,621   44,174   3,441
SkyWest, Inc.   USFF +0.250%   Weekly   MS   07/18/30   613   60,099   61,551   3,824
Sun Country Airlines Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   1,568   17,773   22,564   5,490
TFI International, Inc. (Canada)   USFF +0.250%   Weekly   MS   01/17/30   492   43,212   50,848   9,707
Uber Technologies, Inc.   USFF +0.250%   Weekly   MS   09/13/29   151   9,149   12,338   3,548
Union Pacific Corp.   USFF +0.250%   Weekly   MS   07/18/30   82   19,117   18,968   656
United Parcel Service, Inc., Class B   USFF +0.250%   Weekly   MS   01/17/30   665   61,060   65,961   8,387
XPO, Inc.   USFF +0.250%   Weekly   MS   07/18/30   912   123,248   123,950   5,569
                    7,772   492,674   523,087   51,852
Utilities                            
Algonquin Power & Utilities Corp. (Canada)   USFF +0.250%   Weekly   MS   01/17/30   13,865   79,018   85,270   10,782
Ameren Corp.   USFF +0.250%   Weekly   MS   07/18/30   341   35,095   34,052   493
American States Water Co.   USFF +0.250%   Weekly   MS   07/18/30   547   40,130   39,647   1,099
American Water Works Co., Inc.   USFF +0.250%   Weekly   MS   01/12/29   211   27,783   27,536   863
Atmos Energy Corp.   USFF +0.250%   Weekly   MS   07/18/30   308   52,877   51,630   1,120
CenterPoint Energy, Inc.   USFF +0.250%   Weekly   MS   07/18/30   421   16,055   16,141   738
Consolidated Edison, Inc.   USFF +0.250%   Weekly   MS   07/18/30   327   32,217   32,478   1,794
Constellation Energy Corp.   USFF +0.250%   Weekly   MS   07/18/30   435   156,893   153,672   2,975
Duke Energy Corp.   USFF +0.250%   Weekly   MS   07/18/30   1,447   177,955   169,603   (460)
Evergy, Inc.   USFF +0.250%   Weekly   MS   07/18/30   203   14,920   14,715   382
Eversource Energy   USFF +0.250%   Weekly   MS   07/18/30   1,486   101,820   100,052   3,447
Exelon Corp.   USFF +0.250%   Weekly   MS   07/18/30   459   20,869   20,008   (39)
130

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Utilities — (continued)                            
Hallador Energy Co.   USFF +0.250%   Weekly   MS   01/17/30   771   $12,942   $14,680   $2,246
MDU Resources Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   4   78   78   53
National Fuel Gas Co.   USFF +0.250%   Weekly   MS   07/18/30   746   63,002   59,725   (162)
Otter Tail Corp.   USFF +0.250%   Weekly   MS   07/18/30   41   3,374   3,313   70
Public Service Enterprise Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   1,445   118,114   116,034   3,619
ReNew Energy Global PLC, Class A (United Kingdom)   USFF +0.250%   Weekly   MS   07/18/30   219   1,295   1,237   (9)
Talen Energy Corp.   USFF +0.250%   Weekly   MS   07/18/30   89   31,751   33,361   2,862
Vistra Corp.   USFF +0.250%   Weekly   MS   07/18/30   78   13,375   12,584   (250)
WEC Energy Group, Inc.   USFF +0.250%   Weekly   MS   07/18/30   93   9,830   9,808   364
                    23,536   1,009,393   995,624   31,987
Total Reference Entity — Long           31,448,752   32,390,960   2,286,105
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Short                                
Automobiles & Components                            
Dorman Products, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (845)   $(112,126)   $(104,096)   $7,725
Lucid Group, Inc.   USFF -16.390%   Weekly   MS   09/19/30   (6,519)   (118,533)   (68,906)   49,304
Modine Manufacturing Co.   USFF -0.250%   Weekly   MS   09/17/29   (1,258)   (176,893)   (167,956)   8,456
Patrick Industries, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (733)   (77,357)   (79,479)   (2,561)
QuantumScape Corp.   USFF -0.250%   Weekly   MS   09/19/30   (30,344)   (329,623)   (316,184)   12,545
Standard Motor Products, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (817)   (23,322)   (30,106)   (7,558)
Thor Industries, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (795)   (82,381)   (81,623)   533
Winnebago Industries, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (3,854)   (134,220)   (156,164)   (25,433)
XPEL, Inc.   USFF -0.250%   Weekly   MS   07/08/27   (1,150)   (51,279)   (57,396)   (6,259)
                    (46,315)   (1,105,734)   (1,061,910)   36,752
Capital Goods                            
AAON, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (1,893)   (158,476)   (144,341)   13,048
AAR Corp.   USFF -0.250%   Weekly   MS   01/12/29   (570)   (41,623)   (47,190)   (5,832)
Aebi Schmidt Holding AG (Switzerland)   USFF -0.250%   Weekly   MS   09/19/30   (397)   (5,037)   (5,022)   (1)
AeroVironment, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (946)   (236,617)   (228,828)   7,147
Albany International Corp., Class A   USFF -0.250%   Weekly   MS   03/18/30   (1,929)   (118,419)   (97,800)   19,415
131

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Allison Transmission Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (4,044)   $(378,669)   $(395,908)   $(18,273)
Ameresco, Inc., Class A   USFF -0.250%   Weekly   MS   07/08/27   (4,673)   (205,413)   (136,872)   67,983
Amprius Technologies, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (6,150)   (52,331)   (48,523)   3,663
Apogee Enterprises, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,297)   (94,358)   (83,634)   9,444
Archer Aviation, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (15,927)   (127,908)   (119,771)   7,789
Arcosa, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (1,433)   (128,911)   (152,357)   (24,310)
Argan, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,352)   (464,259)   (423,609)   38,308
Array Technologies, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,772)   (36,960)   (34,778)   2,079
Atkore, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (2,519)   (169,745)   (159,327)   8,333
Axon Enterprise, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,591)   (941,005)   (903,577)   34,654
Ballard Power Systems, Inc. (Canada)   USFF -0.996%   Weekly   MS   09/19/30   (873)   (2,230)   (2,217)   4
Boise Cascade Co.   USFF -0.250%   Weekly   MS   07/16/29   (4,664)   (405,346)   (343,270)   58,618
Cadre Holdings, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (1,598)   (60,669)   (65,262)   (5,374)
CAE, Inc. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (2,340)   (68,587)   (71,183)   (2,784)
CECO Environmental Corp.   USFF -0.250%   Weekly   MS   09/17/29   (7,269)   (368,703)   (435,050)   (67,346)
Centuri Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (25,753)   (599,582)   (650,263)   (52,304)
Chart Industries, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,274)   (662,618)   (675,197)   (14,372)
Construction Partners, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (49)   (5,368)   (5,319)   32
CSW Industrials, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (676)   (197,626)   (198,426)   (1,644)
Curtiss-Wright Corp.   USFF -0.250%   Weekly   MS   09/19/30   (53)   (31,872)   (29,217)   2,552
Douglas Dynamics, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (416)   (13,279)   (13,582)   (435)
Dover Corp.   USFF -0.250%   Weekly   MS   09/19/30   (938)   (186,610)   (183,135)   2,991
Ducommun, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (316)   (29,689)   (30,061)   (455)
DXP Enterprises, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,446)   (260,383)   (268,546)   (8,870)
EnerSys   USFF -0.250%   Weekly   MS   07/16/29   (713)   (72,681)   (104,633)   (35,663)
Enovix Corp.   USFF -0.740%   Weekly   MS   03/18/30   (14,981)   (130,363)   (109,511)   20,497
Eos Energy Enterprises, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (4,281)   (48,750)   (49,060)   (445)
Esab Corp.   USFF -0.250%   Weekly   MS   09/17/29   (8,539)   (987,022)   (953,977)   29,069
Eve Holding, Inc.   USFF -1.390%   Weekly   MS   03/18/30   (8,547)   (36,603)   (34,103)   2,399
Everus Construction Group, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (365)   (18,770)   (31,229)   (13,556)
Franklin Electric Co., Inc.   USFF -0.250%   Weekly   MS   03/18/30   (673)   (63,505)   (64,292)   (1,295)
GATX Corp.   USFF -0.250%   Weekly   MS   07/11/28   (690)   (106,773)   (117,024)   (11,890)
Generac Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (5,269)   (845,003)   (718,534)   126,675
132

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Gibraltar Industries, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,090)   $(73,073)   $(53,890)   $19,221
Graham Corp.   USFF -0.250%   Weekly   MS   09/19/30   (199)   (12,995)   (12,782)   176
Granite Construction, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (306)   (35,939)   (35,297)   508
Griffon Corp.   USFF -0.250%   Weekly   MS   03/18/30   (487)   (39,013)   (35,868)   3,046
Herc Holdings, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (1,391)   (214,651)   (206,397)   5,939
Hillman Solutions Corp.   USFF -0.250%   Weekly   MS   09/19/30   (4,802)   (42,064)   (41,585)   363
Intuitive Machines, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (11,338)   (101,642)   (184,016)   (82,651)
Kadant, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (14)   (4,021)   (3,990)   (12)
Karman Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,498)   (99,768)   (109,609)   (10,113)
Kennametal, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (9,083)   (196,351)   (258,048)   (64,741)
Kratos Defense & Security Solutions, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (7,068)   (536,888)   (536,532)   (1,646)
L3Harris Technologies, Inc.   USFF -0.250%   Weekly   MS   07/18/30   (143)   (42,148)   (41,981)   51
Lennox International, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,319)   (662,768)   (640,480)   18,871
Limbach Holdings, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,416)   (134,199)   (110,236)   23,598
Lincoln Electric Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (383)   (93,307)   (91,782)   967
MasTec, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (5,604)   (1,095,945)   (1,218,141)   (125,161)
Masterbrand, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (6,151)   (99,246)   (67,907)   31,128
Middleby Corp. (The)   USFF -0.250%   Weekly   MS   09/19/30   (2,046)   (305,438)   (304,179)   431
Moog, Inc., Class A   USFF -0.250%   Weekly   MS   09/17/29   (269)   (59,238)   (65,515)   (7,502)
National Presto Industries, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (224)   (22,515)   (23,914)   (1,462)
Powell Industries, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (140)   (35,732)   (44,629)   (10,155)
Power Solutions International, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,454)   (95,858)   (83,082)   12,617
Quanex Building Products Corp.   USFF -0.250%   Weekly   MS   09/17/29   (5,209)   (102,035)   (80,114)   20,249
Quanta Services, Inc.   USFF +0.250%   Weekly   MS   07/11/28   (448)   (200,121)   (189,083)   10,495
QXO, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (8,283)   (175,394)   (159,779)   15,234
RBC Bearings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (215)   (92,977)   (96,412)   (3,689)
Red Cat Holdings, Inc.   USFF -5.440%   Weekly   MS   09/19/30   (3,940)   (26,030)   (31,244)   (5,287)
Redwire Corp.   USFF -3.090%   Weekly   MS   03/18/30   (21,406)   (197,971)   (162,686)   34,748
Resideo Technologies, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (18,290)   (623,379)   (642,345)   (20,653)
Shoals Technologies Group, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (74,101)   (601,692)   (629,858)   (29,795)
StandardAero, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (8,939)   (255,895)   (256,371)   (1,170)
133

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Stratasys Ltd. (Israel)   USFF -0.590%   Weekly   MS   09/19/30   (151)   $(1,311)   $(1,311)   $(6)
Sunrun, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (10,940)   (206,766)   (201,296)   4,908
Terex Corp.   USFF -0.250%   Weekly   MS   01/12/29   (2,778)   (170,102)   (148,290)   19,217
Timken Co. (The)   USFF -0.250%   Weekly   MS   09/17/29   (406)   (32,547)   (34,157)   (2,721)
TransDigm Group, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (61)   (82,686)   (81,121)   1,339
UFP Industries, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (448)   (47,636)   (40,790)   6,643
WESCO International, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (243)   (61,989)   (59,448)   2,352
Westinghouse Air Brake Technologies Corp.   USFF -0.250%   Weekly   MS   09/19/30   (2,242)   (461,440)   (478,555)   (18,878)
Worthington Enterprises, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,688)   (94,402)   (87,050)   6,830
                    (360,429)   (15,798,935)   (15,684,398)   43,140
Commercial & Professional
Services 		                           
ABM Industries, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (4,870)   (242,063)   (206,001)   33,515
ACV Auctions, Inc., Class A   USFF -0.250%   Weekly   MS   09/17/29   (36,843)   (393,164)   (295,481)   96,455
BlackSky Technology, Inc.   USFF -0.640%   Weekly   MS   09/19/30   (358)   (6,876)   (6,713)   142
Booz Allen Hamilton Holding Corp.   USFF -0.250%   Weekly   MS   09/19/30   (1,566)   (146,600)   (132,108)   15,553
Brady Corp., Class A   USFF -0.250%   Weekly   MS   03/18/30   (906)   (71,463)   (71,003)   123
BrightView Holdings, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (8,563)   (115,247)   (108,493)   6,440
Casella Waste Systems, Inc., Class A   USFF -0.250%   Weekly   MS   09/17/29   (2,162)   (239,252)   (211,746)   26,945
CBIZ, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (857)   (70,788)   (43,236)   27,865
Clarivate PLC (Jersey)   USFF -0.260%   Weekly   MS   07/11/28   (61,760)   (330,844)   (206,278)   123,669
Concentrix Corp.   USFF -0.250%   Weekly   MS   09/19/30   (283)   (11,862)   (11,767)   60
CoreCivic, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (7,431)   (132,201)   (142,006)   (10,165)
Enviri Corp.   USFF -0.250%   Weekly   MS   03/18/30   (5,014)   (60,758)   (89,851)   (29,300)
First Advantage Corp.   USFF +0.250%   Weekly   MS   09/13/29   (2,418)   (35,394)   (35,134)   161
ICF International, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (537)   (46,455)   (45,806)   520
Insperity, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (8,515)   (471,587)   (329,701)   130,207
Legalzoom.com, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (13,481)   (132,555)   (133,866)   (1,673)
ManpowerGroup, Inc.   USFF +0.250%   Weekly   MS   07/16/29   (13,954)   (508,615)   (414,852)   83,717
Maximus, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,778)   (246,885)   (239,797)   5,450
MillerKnoll, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (2,861)   (67,804)   (52,299)   13,224
MSA Safety, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (363)   (64,573)   (58,131)   5,923
OPENLANE, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,280)   (97,623)   (97,678)   (321)
Parsons Corp.   USFF -0.250%   Weekly   MS   03/18/30   (4,366)   (368,115)   (269,819)   99,060
Robert Half, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,018)   (27,750)   (27,649)   (577)
Science Applications International Corp.   USFF -0.250%   Weekly   MS   03/18/30   (7,020)   (717,899)   (706,633)   7,771
134

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Commercial & Professional
Services — (continued) 		                           
SS&C Technologies Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,536)   $(132,269)   $(134,277)   $(2,573)
TransUnion   USFF -0.250%   Weekly   MS   09/19/30   (4,269)   (370,868)   (366,067)   3,797
UL Solutions, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (3,010)   (238,006)   (237,369)   (691)
Verra Mobility Corp.   USFF -0.250%   Weekly   MS   09/17/29   (5,578)   (132,173)   (125,003)   6,810
Vestis Corp.   USFF -0.250%   Weekly   MS   09/17/29   (31,046)   (238,623)   (207,077)   30,718
Waste Management, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (70)   (15,395)   (15,380)   (28)
                    (236,713)   (5,733,707)   (5,021,221)   672,797
Consumer Discretionary
Distribution & Retail 		                           
Academy Sports & Outdoors, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,080)   (103,966)   (103,917)   (699)
American Eagle Outfitters, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (13,155)   (285,858)   (346,897)   (62,880)
Asbury Automotive Group, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (306)   (71,021)   (71,154)   (328)
Burlington Stores, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,467)   (651,542)   (712,593)   (62,814)
Camping World Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (4,982)   (94,215)   (48,475)   43,845
Carvana Co.   USFF -0.250%   Weekly   MS   09/19/30   (2,742)   (1,029,544)   (1,157,179)   (131,993)
Dick's Sporting Goods, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (6,079)   (1,314,851)   (1,203,460)   101,712
Etsy, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,379)   (102,031)   (76,452)   25,301
Five Below, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,823)   (518,834)   (531,740)   (14,311)
Floor & Decor Holdings, Inc., Class A   USFF +0.250%   Weekly   MS   07/11/28   (1,317)   (110,473)   (80,192)   29,980
Guess?, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,421)   (24,080)   (23,802)   (252)
LKQ Corp.   USFF -0.250%   Weekly   MS   09/19/30   (2,345)   (73,821)   (70,819)   2,081
Macy's, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (10,986)   (255,689)   (242,241)   11,353
Murphy USA, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (416)   (169,147)   (167,864)   823
Savers Value Village, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (15,416)   (164,890)   (143,985)   20,456
Upbound Group, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (5,887)   (137,830)   (103,376)   30,200
Valvoline, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (746)   (22,221)   (21,679)   480
Williams-Sonoma, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (351)   (71,542)   (62,685)   8,705
                    (74,898)   (5,201,555)   (5,168,510)   1,659
Consumer Durables & Apparel                            
Acushnet Holdings Corp.   USFF -0.250%   Weekly   MS   03/18/30   (1,180)   (92,486)   (94,188)   (2,481)
135

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Durables & Apparel —
(continued) 		                           
Canada Goose Holdings, Inc. (Canada)   USFF -1.340%   Weekly   MS   09/19/30   (48)   $(623)   $(622)   $(3)
Columbia Sportswear Co.   USFF -0.250%   Weekly   MS   09/19/30   (617)   (32,755)   (33,991)   (1,483)
Crocs, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (465)   (39,675)   (39,767)   (310)
Figs, Inc., Class A   USFF -0.250%   Weekly   MS   09/17/29   (11,800)   (77,714)   (134,048)   (57,607)
KB Home   USFF -0.250%   Weekly   MS   09/19/30   (374)   (21,276)   (21,097)   118
Kontoor Brands, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,331)   (105,050)   (81,311)   23,100
Mattel, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (47,054)   (894,980)   (933,551)   (42,991)
Newell Brands, Inc.   USFF -0.260%   Weekly   MS   03/18/30   (10,069)   (58,943)   (37,457)   19,645
NIKE, Inc., Class B   USFF -0.250%   Weekly   MS   09/19/30   (1,943)   (119,734)   (123,789)   (4,381)
Tapestry, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (515)   (67,052)   (65,802)   1,067
TopBuild Corp.   USFF -0.250%   Weekly   MS   09/19/30   (154)   (66,410)   (64,247)   1,981
Tri Pointe Homes, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,800)   (61,096)   (56,646)   4,282
VF Corp.   USFF -0.250%   Weekly   MS   03/18/30   (13,998)   (210,148)   (253,084)   (45,813)
Whirlpool Corp.   USFF -1.290%   Weekly   MS   09/19/30   (322)   (24,710)   (23,229)   1,153
Wolverine World Wide, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,517)   (27,415)   (27,534)   (195)
                    (93,187)   (1,900,067)   (1,990,363)   (103,918)
Consumer Services                            
Brightstar Lottery PLC (United Kingdom)   USFF -0.250%   Weekly   MS   03/18/30   (3,044)   (52,600)   (47,121)   2,901
Brinker International, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,234)   (181,428)   (177,104)   3,645
Cava Group, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,162)   (76,003)   (68,198)   7,597
Chipotle Mexican Grill, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (9,765)   (365,048)   (361,305)   2,754
Coursera, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (36,286)   (340,458)   (267,065)   72,470
DoorDash, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (810)   (186,082)   (183,449)   2,127
Dutch Bros, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (1,004)   (56,564)   (61,465)   (5,057)
First Watch Restaurant Group, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (11,319)   (203,988)   (170,691)   32,744
Flutter Entertainment PLC (Ireland)   USFF -0.250%   Weekly   MS   09/19/30   (3,510)   (741,331)   (754,790)   (15,466)
Hyatt Hotels Corp., Class A   USFF -0.250%   Weekly   MS   09/19/30   (576)   (89,265)   (92,344)   (3,414)
Kura Sushi USA, Inc., Class A   USFF -0.890%   Weekly   MS   07/16/29   (2,606)   (190,468)   (136,372)   53,653
Life Time Group Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (5,169)   (136,339)   (137,392)   (1,424)
Lincoln Educational Services Corp.   USFF -0.250%   Weekly   MS   03/18/30   (1,856)   (41,211)   (44,822)   (3,732)
136

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Services — (continued)                            
Lucky Strike Entertainment Corp.   USFF -11.990%   Weekly   MS   09/19/30   (444)   $(3,689)   $(3,761)   $(95)
Norwegian Cruise Line Holdings Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   03/18/30   (24,975)   (491,210)   (557,442)   (68,392)
OneSpaWorld Holdings Ltd. (Bahamas)   USFF -0.250%   Weekly   MS   03/18/30   (4,635)   (93,567)   (96,130)   (3,282)
Red Rock Resorts, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (3,217)   (187,058)   (199,293)   (13,659)
Royal Caribbean Cruises Ltd. (Liberia)   USFF -0.250%   Weekly   MS   09/19/30   (1,880)   (538,339)   (524,370)   10,556
Serve Robotics, Inc.   USFF -3.340%   Weekly   MS   09/19/30   (6,704)   (76,584)   (69,588)   6,787
Six Flags Entertainment Corp.   USFF -0.250%   Weekly   MS   09/17/29   (9,674)   (267,780)   (148,399)   119,306
Sweetgreen, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (18,916)   (198,922)   (127,872)   70,510
Texas Roadhouse, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (717)   (127,765)   (119,022)   8,204
Udemy, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (5,929)   (41,649)   (34,685)   6,849
Universal Technical Institute, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (9,513)   (283,660)   (248,575)   34,316
Wendy's Co. (The)   USFF -0.250%   Weekly   MS   09/19/30   (4,753)   (39,523)   (39,592)   (356)
Wyndham Hotels & Resorts, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (66)   (5,028)   (4,987)   25
                    (169,764)   (5,015,559)   (4,675,834)   319,567
Consumer Staples Distribution &
Retail 		                           
BJ's Wholesale Club Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,085)   (291,349)   (277,743)   13,698
Casey's General Stores, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,294)   (715,730)   (715,207)   (1,414)
Chefs' Warehouse, Inc. (The)   USFF -0.250%   Weekly   MS   09/19/30   (718)   (43,965)   (44,753)   (909)
Ingles Markets, Inc., Class A   USFF -0.250%   Weekly   MS   09/17/29   (992)   (66,457)   (68,002)   (2,133)
Maplebear, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,649)   (120,455)   (119,152)   975
Performance Food Group Co.   USFF -0.250%   Weekly   MS   09/17/29   (5,774)   (539,061)   (519,198)   18,403
PriceSmart, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (275)   (34,962)   (33,734)   1,135
Weis Markets, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,045)   (75,466)   (66,974)   7,817
                    (15,832)   (1,887,445)   (1,844,763)   37,572
Energy                            
Archrock, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (17,473)   (444,798)   (454,647)   (20,228)
137

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
Atlas Energy Solutions, Inc.   USFF -0.590%   Weekly   MS   01/12/29   (11,620)   $(183,671)   $(109,460)   $66,409
BW LPG Ltd. (Singapore)   USFF -1.390%   Weekly   MS   09/17/29   (6,683)   (81,322)   (87,547)   (11,307)
Canadian Natural Resources Ltd. (Canada)   USFF -0.250%   Weekly   MS   03/18/30   (22,229)   (716,657)   (752,452)   (47,939)
Chevron Corp.   USFF -0.250%   Weekly   MS   09/19/30   (8,403)   (1,287,495)   (1,280,701)   (5,009)
Chord Energy Corp.   USFF -0.250%   Weekly   MS   09/19/30   (652)   (61,397)   (60,440)   624
Core Natural Resources, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (505)   (39,606)   (44,698)   (5,905)
Coterra Energy, Inc.   USFF +0.250%   Weekly   MS   07/11/28   (2,633)   (68,931)   (69,301)   (1,958)
Crescent Energy Co., Class A   USFF -0.250%   Weekly   MS   08/31/26   (7,958)   (74,878)   (66,768)   5,896
Delek US Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,997)   (115,949)   (88,891)   25,977
Denison Mines Corp. (Canada)   USFF -0.285%   Weekly   MS   09/19/30   (15,036)   (38,362)   (39,996)   (1,740)
Diamondback Energy, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (718)   (126,352)   (107,937)   15,587
Dorian LPG Ltd. (Marshall Islands)   USFF -0.250%   Weekly   MS   03/18/30   (2,495)   (74,371)   (60,728)   10,524
Energy Fuels, Inc. (Canada)   USFF -0.690%   Weekly   MS   09/19/30   (158)   (2,302)   (2,297)   (4)
EOG Resources, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (9,512)   (1,016,707)   (998,855)   15,171
Excelerate Energy, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (4,278)   (115,513)   (119,998)   (5,003)
Expand Energy Corp.   USFF -0.250%   Weekly   MS   09/19/30   (702)   (77,579)   (77,473)   (106)
Helmerich & Payne, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (22,997)   (498,651)   (659,554)   (170,564)
Kinetik Holdings, Inc.   USFF -1.490%   Weekly   MS   01/07/27   (2,575)   (97,246)   (92,829)   (22,405)
Liberty Energy, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (9,248)   (158,457)   (170,718)   (13,989)
Marathon Petroleum Corp.   USFF -0.250%   Weekly   MS   03/18/30   (7,460)   (1,422,072)   (1,213,220)   198,639
Matador Resources Co.   USFF -0.250%   Weekly   MS   07/16/29   (3,835)   (200,556)   (162,757)   34,128
NexGen Energy Ltd. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (3,010)   (25,496)   (27,692)   (2,268)
NextDecade Corp.   USFF -0.540%   Weekly   MS   01/12/29   (69,623)   (485,218)   (366,913)   116,990
Nordic American Tankers Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   03/18/30   (14,995)   (51,274)   (51,583)   (1,802)
Northern Oil & Gas, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,080)   (46,167)   (44,658)   446
ONEOK, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,507)   (113,642)   (110,764)   (6,987)
ProFrac Holding Corp., Class A   USFF -0.790%   Weekly   MS   09/19/30   (87)   (339)   (338)   (3)
ProPetro Holding Corp.   USFF -0.250%   Weekly   MS   09/19/30   (12,317)   (127,198)   (117,135)   9,691
138

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
Sable Offshore Corp.   USFF -0.890%   Weekly   MS   09/19/30   (2,910)   $(25,330)   $(26,248)   $(989)
Seadrill Ltd. (Bermuda)   USFF -0.640%   Weekly   MS   03/18/30   (8,307)   (242,771)   (287,422)   (45,310)
Select Water Solutions, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (23,396)   (230,497)   (246,126)   (20,477)
SFL Corp. Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   09/17/29   (3,076)   (32,843)   (24,024)   5,457
SLB Ltd. (Curacao)   USFF -0.250%   Weekly   MS   09/19/30   (9,333)   (354,953)   (358,201)   (5,536)
SM Energy Co.   USFF -0.250%   Weekly   MS   09/17/29   (28,338)   (687,384)   (529,921)   142,905
TETRA Technologies, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (21,626)   (176,449)   (202,636)   (26,666)
Venture Global, Inc., Class A   USFF -4.340%   Weekly   MS   09/19/30   (21,573)   (139,788)   (147,128)   (7,732)
                    (382,345)   (9,642,221)   (9,262,056)   224,517
Financial Services                            
Chime Financial, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (3,031)   (73,228)   (76,290)   (3,263)
MSCI, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (199)   (115,761)   (114,172)   1,273
Nasdaq, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,635)   (357,931)   (353,068)   3,894
S&P Global, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (682)   (359,757)   (356,406)   2,375
Sezzle, Inc.   USFF -0.690%   Weekly   MS   09/19/30   (345)   (25,291)   (21,899)   3,322
Shift4 Payments, Inc., Class A   USFF -2.190%   Weekly   MS   09/19/30   (1,349)   (94,873)   (84,947)   9,667
                    (9,241)   (1,026,841)   (1,006,782)   17,268
Food, Beverage & Tobacco                            
Bunge Global SA (Switzerland)   USFF -0.250%   Weekly   MS   03/18/30   (9,198)   (846,301)   (819,358)   16,622
Celsius Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,690)   (123,985)   (123,041)   606
Conagra Brands, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (8,921)   (155,229)   (154,423)   384
General Mills, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (5,495)   (257,023)   (255,517)   808
Hormel Foods Corp.   USFF -0.250%   Weekly   MS   09/19/30   (16,421)   (393,101)   (389,178)   2,859
J M Smucker Co. (The)   USFF -0.250%   Weekly   MS   03/18/30   (1,488)   (167,013)   (145,541)   20,578
Marzetti Company (The)   USFF -0.250%   Weekly   MS   03/18/30   (299)   (54,480)   (49,162)   4,723
McCormick & Co., Inc., non-voting shares   USFF -0.250%   Weekly   MS   09/19/30   (811)   (55,516)   (55,237)   126
Post Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (7,644)   (764,289)   (757,138)   5,083
Primo Brands Corp.   USFF -0.250%   Weekly   MS   09/17/29   (56,079)   (1,348,045)   (916,892)   420,463
Turning Point Brands, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (13)   (1,409)   (1,409)   (6)
Universal Corp.   USFF -0.250%   Weekly   MS   03/18/30   (462)   (25,731)   (24,370)   1,048
Utz Brands, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (8,165)   (104,481)   (84,753)   18,393
Vita Coco Co., Inc. (The)   USFF -0.250%   Weekly   MS   03/18/30   (4,324)   (172,484)   (229,215)   (58,826)
Vital Farms, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,909)   (115,617)   (92,913)   22,388
                    (124,919)   (4,584,704)   (4,098,147)   455,249
139

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services                            
Acadia Healthcare Co., Inc.   USFF -0.250%   Weekly   MS   07/11/28   (12,229)   $(504,251)   $(173,530)   $329,356
Alcon AG (Switzerland)   USFF -0.250%   Weekly   MS   03/18/30   (409)   (33,511)   (32,233)   758
Astrana Health, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (3,918)   (115,324)   (97,206)   17,804
Bausch + Lomb Corp. (Canada)   USFF -0.740%   Weekly   MS   03/18/30   (7,973)   (108,663)   (136,179)   (27,852)
Baxter International, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (5,452)   (104,665)   (104,188)   192
Centene Corp.   USFF -0.250%   Weekly   MS   09/19/30   (4,775)   (182,300)   (196,491)   (14,686)
Claritev Corp.   USFF -0.840%   Weekly   MS   09/19/30   (117)   (4,968)   (5,002)   (50)
DENTSPLY SIRONA, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (65,919)   (807,544)   (753,454)   38,403
Enovis Corp.   USFF -0.250%   Weekly   MS   01/12/29   (2,510)   (124,907)   (66,866)   57,700
GE HealthCare Technologies, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (7,601)   (630,623)   (623,434)   5,169
Henry Schein, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,575)   (177,783)   (194,618)   (17,399)
Hims & Hers Health, Inc.   USFF -0.490%   Weekly   MS   03/18/30   (3,396)   (154,744)   (110,268)   44,055
Inspire Medical Systems, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,909)   (254,255)   (176,067)   77,529
Integer Holdings Corp.   USFF -0.250%   Weekly   MS   07/06/26   (2,714)   (242,661)   (212,859)   29,144
Integra LifeSciences Holdings Corp.   USFF -0.250%   Weekly   MS   07/11/28   (21,378)   (485,816)   (265,515)   219,010
iRadimed Corp.   USFF -0.250%   Weekly   MS   09/19/30   (21)   (2,049)   (2,043)   (2)
Lantheus Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (12,407)   (742,983)   (825,686)   (84,714)
LivaNova PLC (United Kingdom)   USFF -0.250%   Weekly   MS   09/19/30   (1,299)   (82,584)   (79,927)   2,442
Molina Healthcare, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,305)   (535,997)   (573,550)   (39,004)
Neogen Corp.   USFF -0.250%   Weekly   MS   01/10/28   (7,666)   (138,490)   (53,585)   87,046
NeoGenomics, Inc.   USFF +0.250%   Weekly   MS   01/05/26   (14,384)   (127,509)   (169,156)   (42,478)
Novocure Ltd. (Jersey)   USFF -0.250%   Weekly   MS   01/10/28   (30,660)   (564,502)   (396,434)   166,471
Option Care Health, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (24,744)   (742,018)   (788,344)   (48,334)
Penumbra, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (626)   (196,378)   (194,630)   1,215
Phreesia, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (8,444)   (180,970)   (142,872)   37,606
PROCEPT BioRobotics Corp.   USFF +0.250%   Weekly   MS   01/12/29   (2,896)   (117,052)   (91,108)   25,625
Pulse Biosciences, Inc.   USFF -4.890%   Weekly   MS   09/19/30   (25)   (346)   (343)   (1)
RadNet, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,235)   (91,067)   (88,117)   2,701
Surgery Partners, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (7,814)   (246,949)   (120,726)   126,308
Teladoc Health, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (29,894)   (250,497)   (209,258)   40,559
140

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services
— (continued) 		                           
Teleflex, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (7,263)   $(843,000)   $(886,377)   $(46,403)
Tenet Healthcare Corp.   USFF -0.250%   Weekly   MS   09/19/30   (469)   (99,892)   (93,200)   6,420
US Physical Therapy, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (803)   (61,415)   (62,706)   (1,551)
Zimmer Biomet Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,808)   (355,947)   (342,415)   11,455
                    (300,638)   (9,311,660)   (8,268,387)   1,004,494
Household & Personal Products                            
Edgewell Personal Care Co.   USFF -0.250%   Weekly   MS   03/18/30   (5,643)   (148,277)   (96,213)   49,576
elf Beauty, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,525)   (152,063)   (115,961)   35,688
Energizer Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,500)   (46,922)   (49,725)   (3,148)
Oddity Tech Ltd., Class A (Israel)   USFF -0.250%   Weekly   MS   09/19/30   (1,502)   (64,464)   (60,350)   3,937
Olaplex Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,393)   (2,845)   (3,207)   (372)
Spectrum Brands Holdings, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (3,614)   (254,856)   (213,515)   35,054
                    (17,177)   (669,427)   (538,971)   120,735
Materials                            
Amcor PLC (Jersey)   USFF -0.250%   Weekly   MS   03/18/30   (30,750)   (263,633)   (256,455)   (2,168)
AptarGroup, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,999)   (358,293)   (365,758)   (8,499)
Ashland, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (7,268)   (390,673)   (426,414)   (41,167)
Avient Corp.   USFF -0.250%   Weekly   MS   09/19/30   (5,246)   (159,126)   (163,885)   (6,186)
Avino Silver & Gold Mines Ltd. (Canada)   USFF -1.440%   Weekly   MS   09/19/30   (13,161)   (71,933)   (81,730)   (9,994)
Axalta Coating Systems Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   09/19/30   (15,163)   (475,022)   (489,917)   (16,181)
Century Aluminum Co.   USFF -0.250%   Weekly   MS   09/19/30   (2,642)   (81,320)   (103,514)   (22,416)
Cleveland-Cliffs, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (18,426)   (247,170)   (244,697)   1,802
Dow, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (7,222)   (277,852)   (168,850)   95,427
Eagle Materials, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (784)   (171,521)   (162,037)   8,703
Eastman Chemical Co.   USFF -0.250%   Weekly   MS   03/18/30   (2,452)   (168,255)   (156,511)   6,950
Ecolab, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,079)   (286,074)   (283,259)   1,392
Ecovyst, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (7,666)   (69,288)   (74,590)   (5,542)
ERO Copper Corp. (Canada)   USFF -0.690%   Weekly   MS   03/18/30   (3,376)   (58,892)   (95,507)   (36,777)
First Majestic Silver Corp. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (7,894)   (96,378)   (131,514)   (35,424)
Hawkins, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (777)   (115,678)   (110,381)   4,687
Hudbay Minerals, Inc. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (12,291)   (237,698)   (243,976)   (6,916)
141

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
Innospec, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,674)   $(215,875)   $(204,668)   $9,041
International Paper Co.   USFF -0.250%   Weekly   MS   03/18/30   (4,450)   (228,844)   (175,285)   47,643
James Hardie Industries PLC (Ireland)   USFF -0.250%   Weekly   MS   09/19/30   (5,105)   (95,612)   (105,929)   (10,577)
Kaiser Aluminum Corp.   USFF -0.250%   Weekly   MS   09/17/29   (1,066)   (78,584)   (122,441)   (46,046)
Knife River Corp.   USFF -0.250%   Weekly   MS   09/17/29   (2,743)   (263,071)   (192,970)   69,387
Lithium Americas Corp. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (44,080)   (227,985)   (192,189)   35,178
Louisiana-Pacific Corp.   USFF -0.250%   Weekly   MS   09/19/30   (1,683)   (132,753)   (135,919)   (3,711)
Martin Marietta Materials, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (100)   (62,493)   (62,266)   (28)
Methanex Corp. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (1,003)   (37,933)   (39,839)   (2,147)
MP Materials Corp.   USFF -0.250%   Weekly   MS   09/19/30   (1,052)   (60,157)   (53,147)   6,845
Olin Corp.   USFF -0.250%   Weekly   MS   09/19/30   (9,909)   (202,865)   (206,404)   (5,911)
Orla Mining Ltd. (Canada)   USFF -0.250%   Weekly   MS   03/18/30   (19,298)   (212,477)   (259,944)   (48,852)
Packaging Corp. of America   USFF -0.250%   Weekly   MS   09/19/30   (1,497)   (300,270)   (308,726)   (10,640)
Perpetua Resources Corp. (Canada)   USFF -0.250%   Weekly   MS   03/18/30   (2,106)   (36,456)   (50,986)   (14,631)
Quaker Chemical Corp.   USFF -0.250%   Weekly   MS   03/18/30   (655)   (87,658)   (89,938)   (2,776)
Ramaco Resources, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (22,077)   (509,188)   (397,386)   110,423
Reliance, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (370)   (103,352)   (106,882)   (4,235)
Royal Gold, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (4,223)   (798,699)   (938,731)   (146,445)
Sensient Technologies Corp.   USFF -0.250%   Weekly   MS   03/18/30   (911)   (91,537)   (85,588)   5,465
Silgan Holdings, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (4,916)   (258,086)   (198,459)   56,285
Skeena Resources Ltd. (Canada)   USFF -0.540%   Weekly   MS   09/19/30   (2,762)   (47,954)   (65,542)   (17,824)
Sonoco Products Co.   USFF -0.250%   Weekly   MS   09/17/29   (1,647)   (78,509)   (71,875)   3,534
Sylvamo Corp.   USFF -0.250%   Weekly   MS   03/18/30   (1,416)   (63,050)   (68,180)   (5,612)
Taseko Mines Ltd. (Canada)   USFF -0.250%   Weekly   MS   01/12/29   (52,018)   (142,443)   (294,422)   (153,864)
Teck Resources Ltd., Class B (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (4,150)   (181,624)   (198,743)   (17,951)
TMC the metals Co., Inc. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (2,659)   (16,532)   (16,406)   78
Triple Flag Precious Metals Corp. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (2,632)   (82,039)   (87,435)   (5,748)
Tronox Holdings PLC (United Kingdom)   USFF -0.261%   Weekly   MS   03/18/30   (17,824)   (79,056)   (74,326)   3,826
142

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
United States Antimony Corp.   USFF -0.250%   Weekly   MS   09/19/30   (19,491)   $(121,238)   $(97,845)   $23,063
Vizsla Silver Corp. (Canada)   USFF -0.990%   Weekly   MS   03/18/30   (10,187)   (36,110)   (55,723)   (19,713)
Warrior Met Coal, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (963)   (69,940)   (84,908)   (16,435)
West Fraser Timber Co. Ltd. (Canada)   USFF -0.250%   Weekly   MS   03/18/30   (829)   (60,453)   (50,660)   8,967
Westlake Corp.   USFF -0.250%   Weekly   MS   09/17/29   (4,848)   (373,450)   (358,461)   8,171
Wheaton Precious Metals Corp. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (1,797)   (213,718)   (211,183)   1,954
Worthington Steel, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,571)   (50,554)   (54,388)   (4,213)
                    (393,908)   (9,149,371)   (9,276,789)   (219,808)
Media & Entertainment                            
EchoStar Corp., Class A   USFF -0.250%   Weekly   MS   01/07/27   (1,627)   (136,917)   (176,855)   (40,311)
fuboTV, Inc., Class A   USFF -0.268%   Weekly   MS   09/17/29   (25,576)   (97,531)   (64,452)   32,813
Ibotta, Inc., Class A   USFF -0.540%   Weekly   MS   03/18/30   (3,591)   (147,631)   (81,623)   65,630
Live Nation Entertainment, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,514)   (235,788)   (215,745)   19,401
Madison Square Garden Sports Corp.   USFF -0.250%   Weekly   MS   09/17/29   (2,658)   (557,666)   (687,492)   (133,353)
Nexstar Media Group, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (422)   (81,228)   (85,687)   (4,681)
ROBLOX Corp., Class A   USFF -0.250%   Weekly   MS   09/19/30   (2,035)   (181,484)   (164,896)   16,095
Scholastic Corp.   USFF -0.250%   Weekly   MS   09/19/30   (1,198)   (34,452)   (35,497)   (1,333)
Sirius XM Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,883)   (63,258)   (57,646)   5,242
Snap, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (8,908)   (79,246)   (71,888)   7,142
Taboola.com Ltd. (Israel)   USFF -1.140%   Weekly   MS   09/19/30   (854)   (3,894)   (3,937)   (56)
TEGNA, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,270)   (64,736)   (63,471)   683
TKO Group Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,008)   (208,117)   (210,672)   (3,579)
Trade Desk, Inc. (The), Class A   USFF -0.250%   Weekly   MS   09/19/30   (6,934)   (309,490)   (263,215)   45,436
Walt Disney Co. (The)   USFF -0.250%   Weekly   MS   09/19/30   (6,757)   (758,837)   (768,744)   (11,960)
Warner Bros Discovery, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (5,213)   (154,102)   (150,239)   3,343
Webtoon Entertainment, Inc.   USFF -2.640%   Weekly   MS   09/19/30   (2,248)   (29,680)   (29,291)   306
ZoomInfo Technologies, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (2,948)   (36,054)   (29,981)   6,090
                    (79,644)   (3,180,111)   (3,161,331)   6,908
143

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Pharmaceuticals, Biotechnology &
Life Sciences 		                           
AbCellera Biologics, Inc. (Canada)   USFF -1.770%   Weekly   MS   07/11/28   (32,312)   $(114,020)   $(110,507)   $3,202
ADMA Biologics, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (24,197)   (396,756)   (441,353)   (46,582)
Arcellx, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (16)   (1,033)   (1,043)   (16)
Avantor, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,394)   (37,176)   (27,435)   9,637
BioMarin Pharmaceutical, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,145)   (68,202)   (68,047)   (33)
Bio-Techne Corp.   USFF -0.250%   Weekly   MS   09/19/30   (593)   (38,368)   (34,874)   3,387
Bruker Corp.   USFF -0.250%   Weekly   MS   03/18/30   (1,548)   (54,752)   (72,926)   (18,480)
Catalyst Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,145)   (27,604)   (26,724)   834
Charles River Laboratories International, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,920)   (381,516)   (383,002)   (2,519)
Corcept Therapeutics, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (4,627)   (401,249)   (161,020)   244,149
Crinetics Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,980)   (94,555)   (92,169)   2,127
CytomX Therapeutics, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (648)   (2,737)   (2,760)   (34)
Danaher Corp.   USFF -0.250%   Weekly   MS   09/19/30   (493)   (111,724)   (112,858)   (1,591)
Disc Medicine, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (91)   (7,128)   (7,226)   (121)
Dyne Therapeutics, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,857)   (55,585)   (55,883)   (450)
Edgewise Therapeutics, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,761)   (59,129)   (68,514)   (9,980)
Elanco Animal Health, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (5,512)   (99,919)   (124,737)   (25,091)
Eli Lilly & Co.   USFF -0.250%   Weekly   MS   09/19/30   (169)   (181,979)   (181,621)   (137)
EyePoint, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (8,243)   (112,560)   (150,600)   (38,451)
Fortrea Holdings, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (6,006)   (57,714)   (103,603)   (46,414)
Geron Corp.   USFF -0.250%   Weekly   MS   09/19/30   (304)   (403)   (401)   (2)
Harrow, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (500)   (14,525)   (24,500)   (10,017)
Indivior PLC (United Kingdom)   USFF -0.250%   Weekly   MS   03/18/30   (794)   (16,161)   (28,489)   (13,163)
Krystal Biotech, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (104)   (25,370)   (25,640)   (341)
LENZ Therapeutics, Inc.   USFF -0.940%   Weekly   MS   09/19/30   (2,248)   (63,848)   (35,968)   27,704
Merck & Co., Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,412)   (362,189)   (359,147)   2,061
Nektar Therapeutics   USFF -0.250%   Weekly   MS   09/19/30   (70)   (2,939)   (2,960)   (31)
Neurocrine Biosciences, Inc.   USFF +0.250%   Weekly   MS   01/17/30   (340)   (52,739)   (48,222)   5,633
Ocular Therapeutix, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (14,127)   (138,572)   (171,502)   (33,307)
Organon & Co.   USFF -0.250%   Weekly   MS   03/18/30   (13,176)   (140,201)   (94,472)   47,010
144

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) 		                           
Pacira BioSciences, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (8,306)   $(216,410)   $(214,959)   $864
Perrigo Co. PLC (Ireland)   USFF -0.250%   Weekly   MS   09/19/30   (19,286)   (264,647)   (268,461)   (7,474)
Personalis, Inc.   USFF -0.690%   Weekly   MS   09/19/30   (2,291)   (20,285)   (18,236)   1,991
Phibro Animal Health Corp., Class A   USFF -0.250%   Weekly   MS   09/19/30   (865)   (34,018)   (32,316)   1,607
Prestige Consumer Healthcare, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (104)   (6,514)   (6,416)   78
Protagonist Therapeutics, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (5,482)   (372,385)   (478,798)   (115,001)
QIAGEN NV (Netherlands)   USFF -0.250%   Weekly   MS   09/19/30   (3,995)   (182,993)   (179,655)   2,785
Recursion Pharmaceuticals, Inc., Class A   USFF -1.012%   Weekly   MS   09/19/30   (640)   (2,619)   (2,618)   (9)
Repligen Corp.   USFF -0.250%   Weekly   MS   09/19/30   (1,558)   (263,058)   (255,294)   7,050
Revvity, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,225)   (108,346)   (118,519)   (10,543)
Stoke Therapeutics, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (5,575)   (161,245)   (176,950)   (16,144)
Supernus Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (9,185)   (432,581)   (456,494)   (25,085)
Tempus AI, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,855)   (138,725)   (109,538)   28,810
Ultragenyx Pharmaceutical, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (4,541)   (141,187)   (104,443)   36,360
Vaxcyte, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,333)   (60,753)   (61,505)   (918)
Vertex Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (474)   (218,237)   (214,893)   2,817
Viatris, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (39,153)   (421,292)   (487,455)   (73,927)
Waters Corp.   USFF -0.250%   Weekly   MS   09/19/30   (245)   (86,369)   (93,058)   (7,132)
WaVe Life Sciences Ltd. (Singapore)   USFF -0.250%   Weekly   MS   03/18/30   (2,124)   (15,340)   (36,108)   (21,538)
                    (241,969)   (6,267,657)   (6,333,919)   (96,425)
Semiconductors & Semiconductor
Equipment 		                           
ACM Research, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (11,118)   (352,721)   (438,605)   (86,841)
Aehr Test Systems   USFF -1.240%   Weekly   MS   09/19/30   (3,959)   (94,999)   (79,932)   14,808
Ambarella, Inc. (Cayman Islands)   USFF -0.250%   Weekly   MS   09/19/30   (1,915)   (136,373)   (135,659)   343
Amkor Technology, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (2,887)   (111,971)   (113,979)   (2,990)
Cohu, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (2,099)   (63,456)   (48,844)   14,450
Enphase Energy, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (6,630)   (223,453)   (212,491)   10,355
145

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Semiconductors & Semiconductor
Equipment — (continued) 		                           
FormFactor, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (3,122)   $(100,009)   $(174,145)   $(76,287)
indie Semiconductor, Inc., Class A   USFF -0.987%   Weekly   MS   07/11/28   (6,570)   (43,560)   (23,192)   20,247
KLA Corp.   USFF -0.250%   Weekly   MS   09/19/30   (48)   (61,484)   (58,324)   7,619
Kulicke & Soffa Industries, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (2,312)   (114,886)   (105,335)   6,874
Lattice Semiconductor Corp.   USFF -0.250%   Weekly   MS   09/19/30   (1,624)   (106,169)   (119,494)   (13,614)
MACOM Technology Solutions Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (773)   (111,148)   (132,399)   (23,143)
MaxLinear, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (2,299)   (53,747)   (40,072)   13,548
Microchip Technology, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (9,795)   (650,477)   (624,137)   25,069
Monolithic Power Systems, Inc.   USFF +0.250%   Weekly   MS   01/17/30   (138)   (135,226)   (125,078)   12,957
NXP Semiconductors NV (Netherlands)   USFF -0.250%   Weekly   MS   09/19/30   (935)   (215,254)   (202,951)   14,872
PDF Solutions, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (3,244)   (72,379)   (92,551)   (20,371)
Penguin Solutions, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,450)   (29,959)   (28,362)   1,514
Photronics, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (558)   (18,659)   (17,856)   750
Rigetti Computing, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (17,367)   (415,147)   (384,679)   29,343
SkyWater Technology, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (472)   (8,920)   (8,572)   322
Universal Display Corp.   USFF -0.250%   Weekly   MS   09/19/30   (214)   (32,312)   (24,991)   7,130
Wolfspeed, Inc.   USFF -1.790%   Weekly   MS   09/19/30   (14,587)   (273,780)   (253,960)   19,078
                    (94,116)   (3,426,089)   (3,445,608)   (23,967)
Software & Services                            
Adeia, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (875)   (15,013)   (15,094)   (124)
Akamai Technologies, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (3,564)   (308,711)   (310,959)   (3,718)
Alkami Technology, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (3,094)   (68,986)   (71,379)   (2,655)
Applied Digital Corp.   USFF -0.250%   Weekly   MS   09/19/30   (4,465)   (104,709)   (109,482)   (5,058)
BigBear.ai Holdings, Inc.   USFF -2.690%   Weekly   MS   09/19/30   (4,452)   (25,339)   (24,041)   1,227
Bitfarms Ltd. (Canada)   USFF -0.863%   Weekly   MS   09/19/30   (6,599)   (15,473)   (15,508)   (79)
BlackLine, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,117)   (119,342)   (117,049)   1,967
Blend Labs, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (29,912)   (95,030)   (90,932)   3,838
C3.ai, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (6,871)   (117,310)   (92,621)   24,369
Cleanspark, Inc.   USFF -0.540%   Weekly   MS   03/18/30   (2,439)   (27,243)   (24,683)   2,484
146

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
Clearwater Analytics Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (9,155)   $(188,128)   $(220,819)   $(33,202)
Commvault Systems, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (944)   (119,961)   (118,340)   1,294
Confluent, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (2,334)   (54,664)   (70,580)   (17,187)
Core Scientific, Inc.   USFF -0.640%   Weekly   MS   03/18/30   (7,719)   (96,147)   (112,389)   (16,504)
CoreWeave, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (9,088)   (821,668)   (650,792)   168,653
Daily Journal Corp.   USFF -0.590%   Weekly   MS   09/19/30   (164)   (84,938)   (79,920)   4,785
DigitalOcean Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (5,149)   (239,858)   (247,770)   (8,562)
DoubleVerify Holdings, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (34,701)   (386,790)   (396,979)   (11,237)
D-Wave Quantum, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (4,451)   (101,636)   (116,394)   (15,035)
DXC Technology Co.   USFF -0.250%   Weekly   MS   03/18/30   (5,271)   (75,965)   (77,220)   (1,464)
Elastic NV (Netherlands)   USFF -0.250%   Weekly   MS   09/19/30   (7,717)   (566,054)   (582,170)   (17,649)
Fair Isaac Corp.   USFF -0.250%   Weekly   MS   09/19/30   (81)   (150,752)   (136,940)   13,559
Five9, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (12,834)   (316,607)   (257,322)   58,589
Freshworks, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (1,984)   (22,454)   (24,304)   (1,951)
Gitlab, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (7,414)   (310,909)   (278,247)   31,807
Globant S.A. (Luxembourg)   USFF -0.250%   Weekly   MS   09/19/30   (8,996)   (574,859)   (588,069)   (15,936)
Grid Dynamics Holdings, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (5,498)   (46,958)   (49,647)   (2,896)
Hive Digital Technologies Ltd. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (170,142)   (533,669)   (438,966)   93,789
Jamf Holding Corp.   USFF -0.250%   Weekly   MS   09/17/29   (1,880)   (27,847)   (24,459)   3,360
Karooooo Ltd. (Singapore)   USFF -2.190%   Weekly   MS   09/19/30   (61)   (2,800)   (2,776)   14
Lightspeed Commerce, Inc. (Canada)   USFF -0.250%   Weekly   MS   07/06/26   (11,023)   (328,152)   (133,158)   194,146
Onestream, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (1,410)   (28,480)   (25,916)   2,588
Oracle Corp.   USFF -0.250%   Weekly   MS   09/19/30   (4,234)   (794,090)   (825,249)   (33,308)
PAR Technology Corp.   USFF -0.250%   Weekly   MS   03/18/30   (1,238)   (50,622)   (44,915)   5,568
Quantum Computing, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (10,590)   (153,404)   (108,653)   44,333
Rapid7, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (8,675)   (156,451)   (131,860)   24,166
SEMrush Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   03/18/30   (8,351)   (66,722)   (99,293)   (32,754)
Shopify, Inc., Class A (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (1,765)   (296,545)   (284,112)   13,888
147

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Software & Services — (continued)                            
Snowflake, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (1,181)   $(261,253)   $(259,064)   $1,480
SoundHound AI, Inc., Class A   USFF -0.790%   Weekly   MS   09/19/30   (11,086)   (132,675)   (110,527)   21,786
SPS Commerce, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,113)   (301,671)   (277,462)   23,392
Synopsys, Inc.   USFF +0.250%   Weekly   MS   01/17/30   (3,270)   (1,484,690)   (1,535,984)   (55,309)
Terawulf, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (10,115)   (123,889)   (116,221)   7,330
Varonis Systems, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (24,341)   (812,335)   (798,385)   11,752
Vertex, Inc., Class A   USFF -0.250%   Weekly   MS   09/17/29   (20,537)   (710,246)   (410,124)   299,280
Zscaler, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,412)   (798,276)   (767,427)   28,689
                    (484,312)   (12,119,321)   (11,274,201)   813,505
Technology Hardware & Equipment                            
ADTRAN Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,445)   (21,428)   (21,247)   121
Aeva Technologies, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (28,634)   (419,810)   (380,260)   38,413
Applied Optoelectronics, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (5,450)   (123,677)   (189,987)   (66,647)
Arlo Technologies, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (7,550)   (105,695)   (105,624)   (218)
Arrow Electronics, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (4,350)   (485,363)   (479,283)   4,765
Avnet, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (717)   (34,700)   (34,473)   (121)
Bel Fuse, Inc., Class B   USFF -0.250%   Weekly   MS   09/17/29   (1,989)   (244,051)   (337,394)   (94,165)
Coherent Corp.   USFF -0.250%   Weekly   MS   09/19/30   (946)   (131,740)   (174,603)   (43,222)
Crane NXT Co.   USFF -0.250%   Weekly   MS   09/17/29   (757)   (48,597)   (35,632)   12,732
Fabrinet (Cayman Islands)   USFF -0.250%   Weekly   MS   03/18/30   (1,270)   (565,572)   (578,206)   (22,999)
IonQ, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,631)   (124,417)   (118,053)   6,025
IPG Photonics Corp.   USFF -0.250%   Weekly   MS   03/18/30   (1,461)   (118,827)   (104,608)   13,948
Motorola Solutions, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (347)   (133,084)   (133,012)   (290)
NETGEAR, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (3,521)   (93,814)   (86,370)   7,188
Novanta, Inc. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (1,450)   (184,856)   (172,535)   11,818
Ouster, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (15,805)   (339,875)   (342,020)   (3,066)
Plexus Corp.   USFF -0.250%   Weekly   MS   09/19/30   (526)   (77,391)   (77,322)   (220)
Powerfleet, Inc. NJ   USFF -0.250%   Weekly   MS   09/19/30   (716)   (3,872)   (3,809)   50
Pure Storage, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (8,651)   (596,805)   (579,704)   15,486
Super Micro Computer, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (3,727)   (143,591)   (109,089)   34,111
Ubiquiti, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (74)   (50,314)   (40,948)   9,170
Vishay Intertechnology, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (32,448)   (565,132)   (470,172)   83,755
148

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Technology Hardware & Equipment
— (continued) 		                           
Vontier Corp.   USFF -0.250%   Weekly   MS   09/19/30   (1,751)   $(66,137)   $(65,102)   $853
Zebra Technologies Corp., Class A   USFF -0.250%   Weekly   MS   09/19/30   (95)   (25,894)   (23,068)   3,979
                    (127,311)   (4,704,642)   (4,662,521)   11,466
Telecommunication Services                            
BCE, Inc. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (10,446)   (243,928)   (248,824)   (7,766)
Cogent Communications Holdings, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (14,499)   (522,515)   (312,598)   201,465
Frontier Communications Parent, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (9,612)   (355,893)   (365,929)   (11,310)
Globalstar, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (585)   (15,098)   (35,708)   (20,654)
Shenandoah Telecommunications Co.   USFF -0.250%   Weekly   MS   01/05/26   (4,709)   (85,139)   (54,436)   22,591
                    (39,851)   (1,222,573)   (1,017,495)   184,326
Transportation                            
Alaska Air Group, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (950)   (53,723)   (47,785)   6,114
ArcBest Corp.   USFF -0.250%   Weekly   MS   01/12/29   (3,226)   (359,844)   (239,337)   117,666
Canadian Pacific Kansas City Ltd. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (1,881)   (134,545)   (138,498)   (4,741)
Frontier Group Holdings, Inc.   USFF -0.264%   Weekly   MS   03/18/30   (14,020)   (66,493)   (66,034)   256
FTAI Infrastructure, Inc.   USFF -0.266%   Weekly   MS   03/18/30   (5,036)   (31,128)   (23,216)   7,558
Hub Group, Inc., Class A   USFF -0.250%   Weekly   MS   09/19/30   (4,822)   (181,796)   (205,465)   (24,651)
JetBlue Airways Corp.   USFF -0.256%   Weekly   MS   09/19/30   (9,360)   (40,456)   (42,588)   (2,244)
Knight-Swift Transportation Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (13,844)   (620,389)   (723,764)   (107,545)
RXO, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (9,117)   (259,646)   (115,239)   145,101
Ryder System, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,005)   (190,092)   (192,347)   (2,771)
Southwest Airlines Co.   USFF -0.250%   Weekly   MS   03/18/30   (13,694)   (459,164)   (565,973)   (110,677)
United Airlines Holdings, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (1,221)   (135,310)   (136,532)   (1,591)
                    (78,176)   (2,532,586)   (2,496,778)   22,475
Utilities                            
AES Corp. (The)   USFF -0.250%   Weekly   MS   07/11/28   (16,385)   (275,764)   (234,961)   25,519
Avista Corp.   USFF -0.250%   Weekly   MS   09/17/29   (2,910)   (113,783)   (112,151)   (2,448)
Brookfield Renewable Corp. (Canada)   USFF -0.250%   Weekly   MS   03/18/30   (2,640)   (90,040)   (101,218)   (13,535)
California Water Service Group   USFF -0.250%   Weekly   MS   01/10/28   (5,750)   (274,842)   (249,147)   19,748
149

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Concluded)
December 31, 2025
(Unaudited)
Total Return Swaps (concluded)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Utilities — (continued)                            
Chesapeake Utilities Corp.   USFF -0.250%   Weekly   MS   01/12/29   (1,160)   $(140,235)   $(144,722)   $(7,557)
Clearway Energy, Inc., Class C   USFF -0.250%   Weekly   MS   03/18/30   (4,818)   (147,301)   (160,247)   (16,623)
CMS Energy Corp.   USFF -0.250%   Weekly   MS   03/18/30   (1,070)   (75,481)   (74,825)   (837)
Dominion Energy, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (8,756)   (535,944)   (513,014)   14,138
DTE Energy Co.   USFF -0.250%   Weekly   MS   09/19/30   (419)   (58,173)   (54,043)   3,474
Edison International   USFF -0.250%   Weekly   MS   09/19/30   (202)   (12,158)   (12,124)   (1)
Emera, Inc. (Canada)   USFF -0.250%   Weekly   MS   09/19/30   (7)   (345)   (345)   (3)
FirstEnergy Corp.   USFF -0.250%   Weekly   MS   09/19/30   (1,057)   (48,864)   (47,322)   (3,678)
H2O America   USFF -0.250%   Weekly   MS   01/12/29   (3,069)   (159,773)   (150,350)   4,822
IDACORP, Inc.   USFF -0.250%   Weekly   MS   01/10/28   (886)   (103,698)   (112,132)   (11,313)
Middlesex Water Co.   USFF -0.250%   Weekly   MS   09/19/30   (584)   (30,325)   (29,445)   724
New Jersey Resources Corp.   USFF -0.250%   Weekly   MS   09/17/29   (4,711)   (223,958)   (217,271)   1,690
NextEra Energy, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (10,152)   (841,399)   (815,003)   18,382
NiSource, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (4,349)   (183,801)   (181,614)   436
Northwest Natural Holding Co.   USFF -0.250%   Weekly   MS   01/05/26   (4,792)   (210,525)   (223,978)   (27,427)
Northwestern Energy Group, Inc.   USFF -0.250%   Weekly   MS   09/19/30   (2,077)   (136,105)   (134,050)   286
Oklo, Inc.   USFF -0.540%   Weekly   MS   09/19/30   (1,550)   (127,206)   (111,228)   15,631
Portland General Electric Co.   USFF -0.250%   Weekly   MS   09/17/29   (616)   (31,074)   (29,562)   (631)
PPL Corp.   USFF -0.250%   Weekly   MS   03/18/30   (6,183)   (228,399)   (216,529)   9,267
Sempra   USFF -0.250%   Weekly   MS   09/17/29   (1,577)   (136,293)   (139,233)   (7,149)
Southern Co. (The)   USFF -0.250%   Weekly   MS   09/19/30   (458)   (41,981)   (39,938)   1,360
Southwest Gas Holdings, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (4,751)   (358,555)   (380,175)   (28,530)
Spire, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (3,819)   (297,931)   (315,831)   (25,888)
TransAlta Corp. (Canada)   USFF -0.250%   Weekly   MS   09/17/29   (20,057)   (245,097)   (253,520)   (11,156)
TXNM Energy, Inc.   USFF -0.250%   Weekly   MS   03/18/30   (3,384)   (191,992)   (199,250)   (10,807)
Xcel Energy, Inc.   USFF -0.250%   Weekly   MS   09/17/29   (2,420)   (185,046)   (178,741)   2,804
                    (120,609)   (5,506,088)   (5,431,969)   (49,302)
Total Reference Entity — Short           (109,986,293)   (105,721,953)   3,479,010
Net Value of Reference Entity           $(78,537,541)   $(73,330,993)   $5,765,115
* Includes $558,567 related to open trades, dividends receivables/payables and swap receivables/payables activities.
MS Morgan Stanley
USFF U.S. Fed Funds
150

 

GOTHAM NEUTRAL FUND
Portfolio of Investments (Concluded)
December 31, 2025
(Unaudited)
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for total return swaps with end of period unrealized appreciation of $5,765,115, which are considered Level 2 as of and for the period ended December 31, 2025.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
151

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — 25.0%
Automobiles & Components — 0.1%
Aptiv PLC (Jersey)*      4,469   $      340,046
Ford Motor Co.     46,242         606,695
General Motors Co.      3,404         276,814
          1,223,555
Banks — 0.7%
Bank of America Corp.     25,860       1,422,300
Citigroup, Inc.      6,182         721,377
Citizens Financial Group, Inc.      1,404          82,008
Fifth Third Bancorp         59           2,762
Huntington Bancshares, Inc.         15             260
JPMorgan Chase & Co.     12,623       4,067,383
M&T Bank Corp.        667         134,387
PNC Financial Services Group, Inc. (The)      1,157         241,501
Truist Financial Corp.      5,341         262,831
US Bancorp      6,140         327,630
Wells Fargo & Co.     15,046       1,402,287
          8,664,726
Capital Goods — 2.0%
3M Co.          1             160
A. O. Smith Corp.        407          27,220
Allegion PLC (Ireland)      7,400       1,178,228
AMETEK, Inc.      4,107         843,208
Caterpillar, Inc.      1,814       1,039,186
Comfort Systems USA, Inc.          3           2,800
Cummins, Inc.      2,697       1,376,684
EMCOR Group, Inc.      5,079       3,107,281
Emerson Electric Co.      3,566         473,280
Fortive Corp.         30           1,656
GE Vernova, Inc.        136          88,886
General Dynamics Corp.        931         313,430
General Electric Co.        167          51,441
Honeywell International, Inc.      6,877       1,341,634
Howmet Aerospace, Inc.         26           5,331
Huntington Ingalls Industries, Inc.      5,264       1,790,128
Illinois Tool Works, Inc.      3,311         815,499
Ingersoll Rand, Inc.        122           9,665
Johnson Controls International PLC (Ireland)      7,014         839,926
L3Harris Technologies, Inc.        677         198,747
Lockheed Martin Corp.        100          48,367
Masco Corp.     12,684         804,927
Nordson Corp.      3,875         931,666
Northrop Grumman Corp.        798         455,028
Otis Worldwide Corp.     14,046       1,226,918
Pentair PLC (Ireland)      9,485         987,768
Rockwell Automation, Inc.      6,009       2,337,922
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
RTX Corp.         12   $        2,201
Snap-on, Inc.      2,061         710,221
Stanley Black & Decker, Inc.      5,326         395,615
Textron, Inc.     22,056       1,922,622
United Rentals, Inc.         14          11,330
         23,338,975
Commercial & Professional Services — 0.7%
Automatic Data Processing, Inc.      4,474       1,150,847
Broadridge Financial Solutions, Inc.      1,651         368,454
Cintas Corp.        152          28,587
Jacobs Solutions, Inc.      5,655         749,061
Leidos Holdings, Inc.      5,357         966,403
Paychex, Inc.     28,542       3,201,841
Republic Services, Inc.      1,620         343,327
Veralto Corp.     16,099       1,606,358
          8,414,878
Consumer Discretionary Distribution & Retail — 0.8%
Amazon.com, Inc.*     22,103       5,101,814
AutoZone, Inc.*        206         698,649
Bath & Body Works, Inc.     81,086       1,628,207
Best Buy Co., Inc.      5,626         376,548
Lowe's Cos., Inc.      2,817         679,348
Pool Corp.      3,391         775,691
TJX Cos., Inc. (The)        790         121,352
Ulta Beauty, Inc.*         85          51,426
Williams-Sonoma, Inc.        922         164,660
          9,597,695
Consumer Durables & Apparel — 0.4%
Deckers Outdoor Corp.*     20,695       2,145,451
Garmin Ltd. (Switzerland)        900         182,565
Hasbro, Inc.     10,470         858,540
Lennar Corp., Class A        300          30,840
Ralph Lauren Corp.        136          48,091
Tapestry, Inc.      6,412         819,261
          4,084,748
Consumer Services — 0.6%
Booking Holdings, Inc.         12          64,264
Carnival Corp. (Panama)*     47,667       1,455,750
Expedia Group, Inc.      4,357       1,234,381
Las Vegas Sands Corp.     17,420       1,133,868
Marriott International, Inc., Class A      2,847         883,253
McDonald's Corp.      2,022         617,984
Royal Caribbean Cruises Ltd. (Liberia)          3             837
 
152

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Wynn Resorts Ltd.      4,754   $      572,049
Yum! Brands, Inc.      7,279       1,101,167
          7,063,553
Consumer Staples Distribution & Retail — 0.4%
Dollar General Corp.      8,062       1,070,392
Dollar Tree, Inc.*     10,318       1,269,217
Kroger Co. (The)      2,971         185,628
Sysco Corp.      6,020         443,614
Target Corp.     19,857       1,941,022
Walmart, Inc.          1             111
          4,909,984
Energy — 1.1%
APA Corp.      7,908         193,430
Baker Hughes Co.      1,571          71,543
Devon Energy Corp.     40,040       1,466,665
Exxon Mobil Corp.     11,608       1,396,907
Halliburton Co.     46,306       1,308,608
Kinder Morgan, Inc.     14,694         403,938
Occidental Petroleum Corp.     69,538       2,859,402
Valero Energy Corp.     32,508       5,291,977
         12,992,470
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp.        820         143,967
AvalonBay Communities, Inc.      5,385         976,354
Digital Realty Trust, Inc.      9,497       1,469,281
Equity Residential      4,343         273,783
Extra Space Storage, Inc.      2,294         298,725
Prologis, Inc.      3,159         403,278
Realty Income Corp.     10,936         616,462
Simon Property Group, Inc.     21,988       4,070,199
Ventas, Inc.     32,157       2,488,309
VICI Properties, Inc.     25,502         717,116
Welltower, Inc.      3,784         702,348
         12,159,822
Financial Services — 1.7%
American Express Co.      1,080         399,546
Ameriprise Financial, Inc.        210         102,971
Apollo Global Management, Inc.         56           8,107
Bank of New York Mellon Corp. (The)      3,016         350,127
Berkshire Hathaway, Inc., Class B*      3,043       1,529,564
Blackrock, Inc.        394         421,714
Blackstone, Inc.         67          10,327
Capital One Financial Corp.      2,343         567,849
Cboe Global Markets, Inc.      3,042         763,542
Charles Schwab Corp. (The)      6,470         646,418
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Financial Services — (Continued)
CME Group, Inc.        349   $       95,305
Corpay, Inc.*      3,420       1,029,181
Fiserv, Inc.*     11,174         750,558
Franklin Resources, Inc.     29,940         715,267
Global Payments, Inc.     54,762       4,238,579
Goldman Sachs Group, Inc. (The)      1,782       1,566,378
Interactive Brokers Group, Inc., Class A         54           3,473
Intercontinental Exchange, Inc.         13           2,105
Invesco Ltd. (Bermuda)      1,102          28,950
KKR & Co., Inc.      4,102         522,923
Mastercard, Inc., Class A        169          96,479
Morgan Stanley        155          27,517
Nasdaq, Inc.      6,953         675,345
Northern Trust Corp.        295          40,294
PayPal Holdings, Inc.     35,208       2,055,443
Raymond James Financial, Inc.        994         159,626
Robinhood Markets, Inc., Class A*      3,375         381,712
S&P Global, Inc.      3,388       1,770,535
State Street Corp.      1,380         178,034
Synchrony Financial      1,710         142,665
T Rowe Price Group, Inc.      7,639         782,081
Visa, Inc., Class A        772         270,748
         20,333,363
Food, Beverage & Tobacco — 1.0%
Altria Group, Inc.     11,139         642,275
Archer-Daniels-Midland Co.      1,716          98,653
Campbell's Company (The)     24,374         679,303
Coca-Cola Co. (The)      4,863         339,972
Conagra Brands, Inc.     25,140         435,173
Constellation Brands, Inc., Class A      4,145         571,844
General Mills, Inc.     31,258       1,453,497
Keurig Dr Pepper, Inc.     22,347         625,940
Kraft Heinz Co. (The)     73,877       1,791,517
Lamb Weston Holdings, Inc.     12,821         537,072
Molson Coors Beverage Co., Class B     14,360         670,325
PepsiCo, Inc.      5,685         815,911
Philip Morris International, Inc.      8,715       1,397,886
Tyson Foods, Inc., Class A     28,035       1,643,412
         11,702,780
Health Care Equipment & Services — 1.5%
Abbott Laboratories        755          94,594
Baxter International, Inc.     46,680         892,055
Cardinal Health, Inc.     17,417       3,579,194
Cencora, Inc.        984         332,346
Centene Corp.*      2,868         118,018
 
153

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Cigna Group (The)        882   $      242,753
CVS Health Corp.     17,019       1,350,628
DaVita, Inc.*      3,748         425,810
Elevance Health, Inc.        480         168,264
GE HealthCare Technologies, Inc.     17,951       1,472,341
HCA Healthcare, Inc.        129          60,225
IDEXX Laboratories, Inc.*      1,815       1,227,902
McKesson Corp.        724         593,890
Medtronic PLC (Ireland)      8,004         768,864
Molina Healthcare, Inc.*      5,612         973,906
ResMed, Inc.      5,948       1,432,695
Solventum Corp.*     32,351       2,563,493
UnitedHealth Group, Inc.      2,327         768,166
         17,065,144
Household & Personal Products — 0.4%
Clorox Co. (The)      1,537         154,976
Colgate-Palmolive Co.      4,016         317,344
Kenvue, Inc.    141,339       2,438,098
Kimberly-Clark Corp.     10,719       1,081,440
Procter & Gamble Co. (The)      5,990         858,427
          4,850,285
Insurance — 0.7%
Aflac, Inc.        495          54,584
Brown & Brown, Inc.      6,345         505,696
Chubb Ltd. (Switzerland)        822         256,563
Cincinnati Financial Corp.      4,637         757,315
Erie Indemnity Co., Class A        663         190,049
Globe Life, Inc.      1,340         187,412
Hartford Insurance Group, Inc. (The)      1,278         176,108
Loews Corp.     14,528       1,529,944
Marsh & McLennan Cos., Inc.      4,125         765,270
Progressive Corp. (The)      9,990       2,274,923
W R Berkley Corp.      2,183         153,072
Willis Towers Watson PLC (Ireland)      3,956       1,299,941
          8,150,877
Materials — 1.2%
Avery Dennison Corp.      5,533       1,006,342
CF Industries Holdings, Inc.     17,639       1,364,200
CRH PLC (Ireland)        546          68,141
DuPont de Nemours, Inc.     33,751       1,356,790
International Flavors & Fragrances, Inc.     26,314       1,773,300
Linde PLC (Ireland)        704         300,179
LyondellBasell Industries NV, Class A (Netherlands)     37,738       1,634,055
Newmont Corp.     10,375       1,035,944
PPG Industries, Inc.     11,532       1,181,569
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Smurfit WestRock PLC (Ireland)     87,144   $    3,369,859
Vulcan Materials Co.      4,402       1,255,538
         14,345,917
Media & Entertainment — 2.1%
Alphabet, Inc., Class A     32,445      10,155,285
Charter Communications, Inc., Class A*        170          35,488
Comcast Corp., Class A     28,194         842,719
Electronic Arts, Inc.         23           4,700
Fox Corp., Class A     32,634       2,384,566
Meta Platforms, Inc., Class A     11,201       7,393,668
Netflix, Inc.*     13,324       1,249,258
News Corp., Class A     16,118         421,002
Omnicom Group, Inc.      8,938         721,743
Take-Two Interactive Software, Inc.*        574         146,961
Walt Disney Co. (The)     15,682       1,784,141
         25,139,531
Pharmaceuticals, Biotechnology & Life Sciences — 1.3%
Agilent Technologies, Inc.      8,507       1,157,548
Biogen, Inc.*     10,966       1,929,906
Bristol-Myers Squibb Co.     22,866       1,233,392
Charles River Laboratories International, Inc.*      1,793         357,668
Danaher Corp.         74          16,940
Gilead Sciences, Inc.      9,803       1,203,220
Incyte Corp.*      3,409         336,707
IQVIA Holdings, Inc.*      4,523       1,019,529
Johnson & Johnson      6,899       1,427,748
Merck & Co., Inc.      3,069         323,043
Pfizer, Inc.     47,269       1,176,998
Regeneron Pharmaceuticals, Inc.      6,156       4,751,632
Viatris, Inc.        393           4,893
         14,939,224
Real Estate Management & Development — 0.0%
CBRE Group, Inc., Class A*        573          92,133
Semiconductors & Semiconductor Equipment — 2.1%
Advanced Micro Devices, Inc.*        323          69,174
Analog Devices, Inc.      2,527         685,322
Applied Materials, Inc.        788         202,508
Broadcom, Inc.     11,253       3,894,663
Lam Research Corp.      3,154         539,902
Micron Technology, Inc.      1,232         351,625
NVIDIA Corp.(a)     72,861      13,588,577
ON Semiconductor Corp.*     40,663       2,201,902
Qnity Electronics, Inc.         16           1,306
 
154

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
QUALCOMM, Inc.      7,142   $    1,221,639
Skyworks Solutions, Inc.     26,930       1,707,631
         24,464,249
Software & Services — 3.1%
Accenture PLC, Class A (Ireland)      4,946       1,327,012
Adobe, Inc.*      6,156       2,154,538
AppLovin Corp., Class A*        791         532,992
Cognizant Technology Solutions Corp., Class A     16,900       1,402,700
EPAM Systems, Inc.*      5,288       1,083,405
Gen Digital, Inc.    141,200       3,839,228
GoDaddy, Inc., Class A*     18,406       2,283,816
Microsoft Corp.(a)     24,030      11,621,389
Oracle Corp.        201          39,177
Palantir Technologies, Inc., Class A*      5,081         903,148
PTC, Inc.*     25,495       4,441,484
Roper Technologies, Inc.      5,916       2,633,389
Salesforce, Inc.      7,523       1,992,918
VeriSign, Inc.      9,374       2,277,413
         36,532,609
Technology Hardware & Equipment — 0.9%
Amphenol Corp., Class A      1,317         177,979
Apple, Inc.      8,453       2,298,033
CDW Corp.      1,392         189,590
Cisco Systems, Inc.      9,545         735,251
Corning, Inc.        249          21,803
Dell Technologies, Inc., Class C      4,911         618,197
F5, Inc.*      6,881       1,756,444
Hewlett Packard Enterprise Co.     11,345         272,507
HP, Inc.        281           6,261
Jabil, Inc.        710         161,894
Keysight Technologies, Inc.*      4,523         919,028
NetApp, Inc.      7,108         761,196
Seagate Technology Holdings PLC (Ireland)      1,367         376,458
TE Connectivity PLC (Ireland)      3,790         862,263
Western Digital Corp.      3,870         666,685
Zebra Technologies Corp., Class A*      5,212       1,265,578
         11,089,167
Telecommunication Services — 0.4%
AT&T, Inc.     48,146       1,195,947
T-Mobile US, Inc.      6,499       1,319,557
Verizon Communications, Inc.     38,452       1,566,150
          4,081,654
Transportation — 0.4%
Delta Air Lines, Inc.     12,318         854,869
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Expeditors International of Washington, Inc.        129   $       19,222
FedEx Corp.      3,071         887,089
JB Hunt Transport Services, Inc.      2,551         495,762
Norfolk Southern Corp.      1,709         493,423
Uber Technologies, Inc.*      2,599         212,364
Union Pacific Corp.      1,643         380,059
United Parcel Service, Inc., Class B     10,238       1,015,507
          4,358,295
Utilities — 0.4%
Constellation Energy Corp.        872         308,051
DTE Energy Co.        450          58,041
Duke Energy Corp.      3,532         413,986
Evergy, Inc.        798          57,847
Eversource Energy     28,528       1,920,790
NRG Energy, Inc.      8,271       1,317,074
PG&E Corp.      7,644         122,839
Vistra Corp.      2,026         326,855
          4,525,483
TOTAL COMMON STOCKS
(Cost $241,898,365) 		      294,121,117
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANY — 44.5% 		   
Gotham Enhanced 500 ETF(a)(b) 14,210,300     523,335,507
TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANY
(Cost $375,173,391) 		      523,335,507
EXCHANGE TRADED FUNDS — 0.2%
SPDR S&P 500 ETF Trust      2,763       1,884,145
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,886,390) 		        1,884,145
 
155

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
SHORT-TERM INVESTMENT — 2.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%(c) 32,772,214   $   32,772,214
TOTAL SHORT-TERM INVESTMENT
(Cost $32,772,214) 		       32,772,214
 
TOTAL INVESTMENTS - 72.5%
(Cost $651,730,360) 		      852,112,983
OTHER ASSETS IN EXCESS OF LIABILITIES - 27.5%       322,486,860
NET ASSETS - 100.0%     $1,174,599,843
(a) Security position is either entirely or partially designated as collateral for total return swaps.
(b) 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.
(c) Rate disclosed is the 7-day yield at December 31, 2025.
* Non-income producing.
ETF Exchange-Traded Fund
PLC Public Limited Company
S&P Standard & Poor's
156

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
The portfolio matures between January 5, 2026 and November 4, 2030, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps.
Total Return Swaps
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Long                                
Automobiles & Components                            
Aptiv PLC (Jersey)   USFF +0.250%   Weekly   MS   01/17/30   40,981   $3,137,620   $3,118,244   $53,392
Ford Motor Co.   USFF +0.250%   Weekly   MS   07/29/30   347,188   3,963,890   4,555,107   758,754
General Motors Co.   USFF +0.250%   Weekly   MS   07/11/28   23,182   1,655,449   1,885,160   271,467
                    411,351   8,756,959   9,558,511   1,083,613
Banks                            
Bank of America Corp.   USFF +0.250%   Weekly   MS   01/07/27   50,412   1,921,545   2,772,660   1,005,647
Citigroup, Inc.   USFF +0.250%   Weekly   MS   01/12/29   12,698   770,558   1,481,730   778,469
Citizens Financial Group, Inc.   USFF +0.250%   Weekly   MS   01/10/28   2,306   66,252   134,693   81,307
Fifth Third Bancorp   USFF +0.250%   Weekly   MS   07/16/29   6,179   266,059   289,239   44,143
Huntington Bancshares, Inc.   USFF +0.250%   Weekly   MS   01/17/30   13,897   233,931   241,113   21,927
JPMorgan Chase & Co.   USFF +0.250%   Weekly   MS   01/07/27   20,630   2,811,473   6,647,399   4,181,582
M&T Bank Corp.   USFF +0.250%   Weekly   MS   07/16/29   832   175,693   167,631   2,534
PNC Financial Services Group, Inc. (The)   USFF +0.250%   Weekly   MS   01/10/28   2,543   445,707   530,800   115,729
Truist Financial Corp.   USFF +0.250%   Weekly   MS   01/10/28   5,303   174,093   260,961   122,524
US Bancorp   USFF +0.250%   Weekly   MS   01/10/28   6,145   214,098   327,897   154,697
Wells Fargo & Co.   USFF +0.250%   Weekly   MS   01/12/29   16,680   978,131   1,554,576   643,702
                    137,625   8,057,540   14,408,699   7,152,261
Capital Goods                            
3M Co.   USFF +0.250%   Weekly   MS   01/12/29   328   41,352   52,513   14,517
A. O. Smith Corp.   USFF +0.250%   Weekly   MS   01/17/30   98,743   6,256,726   6,603,932   579,730
Allegion PLC (Ireland)   USFF +0.250%   Weekly   MS   07/16/29   63,020   9,175,693   10,034,044   1,151,709
AMETEK, Inc.   USFF +0.250%   Weekly   MS   01/07/27   23,541   4,434,413   4,833,203   535,011
Caterpillar, Inc.   USFF +0.250%   Weekly   MS   07/08/27   17,306   5,807,721   9,914,088   4,411,748
Comfort Systems USA, Inc.   USFF +0.250%   Weekly   MS   11/04/30   1,707   1,637,164   1,593,126   (5,705)
Cummins, Inc.   USFF +0.250%   Weekly   MS   01/12/29   10,535   4,300,207   5,377,591   1,226,299
EMCOR Group, Inc.   USFF +0.250%   Weekly   MS   07/29/30   11,633   7,406,756   7,116,953   (117,418)
Emerson Electric Co.   USFF +0.250%   Weekly   MS   01/10/28   43,637   5,521,807   5,791,503   464,258
Fortive Corp.   USFF +0.250%   Weekly   MS   07/29/30   23,934   1,119,190   1,321,396   231,523
GE Vernova, Inc.   USFF +0.250%   Weekly   MS   07/29/30   907   558,087   592,788   48,213
General Dynamics Corp.   USFF +0.250%   Weekly   MS   01/10/28   36,987   10,705,226   12,452,043   2,102,912
General Electric Co.   USFF +0.250%   Weekly   MS   01/07/27   9,903   2,477,843   3,050,421   650,505
Honeywell International, Inc.   USFF +0.250%   Weekly   MS   07/18/30   21,695   4,372,436   4,232,478   (10,422)
Howmet Aerospace, Inc.   USFF +0.250%   Weekly   MS   07/08/27   10,531   1,302,815   2,159,066   893,759
157

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Capital Goods — (continued)                            
Huntington Ingalls Industries, Inc.   USFF +0.250%   Weekly   MS   11/04/30   13,880   $4,312,341   $4,720,172   $523,796
Illinois Tool Works, Inc.   USFF +0.250%   Weekly   MS   01/07/27   11,666   2,838,866   2,873,336   195,428
Johnson Controls International PLC (Ireland)   USFF +0.250%   Weekly   MS   07/11/28   72,232   7,073,986   8,649,782   1,833,915
L3Harris Technologies, Inc.   USFF +0.250%   Weekly   MS   01/17/30   15,521   3,232,325   4,556,500   1,470,305
Lockheed Martin Corp.   USFF +0.250%   Weekly   MS   01/05/26   2,250   950,932   1,088,258   244,840
Masco Corp.   USFF +0.250%   Weekly   MS   07/08/27   54,191   3,479,665   3,438,961   63,750
Nordson Corp.   USFF +0.250%   Weekly   MS   11/04/30   17,868   4,293,502   4,296,003   104,904
Northrop Grumman Corp.   USFF +0.250%   Weekly   MS   01/05/26   6,253   3,406,152   3,565,523   275,297
Otis Worldwide Corp.   USFF +0.250%   Weekly   MS   11/04/30   32,742   2,880,816   2,860,014   46,071
Pentair PLC (Ireland)   USFF +0.250%   Weekly   MS   07/18/30   67,510   6,947,487   7,030,491   256,772
Rockwell Automation, Inc.   USFF +0.250%   Weekly   MS   07/29/30   23,063   8,044,564   8,973,121   1,158,343
RTX Corp.   USFF +0.250%   Weekly   MS   01/17/30   26,182   3,685,470   4,801,779   1,235,675
Snap-on, Inc.   USFF +0.250%   Weekly   MS   07/08/27   3,743   1,156,093   1,289,838   240,664
Stanley Black & Decker, Inc.   USFF +0.250%   Weekly   MS   01/17/30   52,234   3,018,753   3,879,942   1,060,445
Textron, Inc.   USFF +0.250%   Weekly   MS   01/07/27   80,866   5,785,152   7,049,089   1,401,671
United Rentals, Inc.   USFF +0.250%   Weekly   MS   01/17/30   6,056   3,855,447   4,901,242   1,167,557
                    860,664   130,078,987   149,099,196   23,456,072
Commercial & Professional
Services 		                           
Automatic Data Processing, Inc.   USFF +0.250%   Weekly   MS   01/05/26   31,741   8,525,517   8,164,737   85,928
Broadridge Financial Solutions, Inc.   USFF +0.250%   Weekly   MS   07/11/28   2,634   598,938   587,830   7,580
Cintas Corp.   USFF +0.250%   Weekly   MS   01/12/29   2,884   545,376   542,394   10,477
Jacobs Solutions, Inc.   USFF +0.250%   Weekly   MS   01/10/28   65,828   8,355,317   8,719,577   626,196
Leidos Holdings, Inc.   USFF +0.250%   Weekly   MS   07/11/28   34,738   5,655,374   6,266,735   812,502
Paychex, Inc.   USFF +0.250%   Weekly   MS   01/17/30   70,543   8,372,297   7,913,514   (211,075)
Republic Services, Inc.   USFF +0.250%   Weekly   MS   01/10/28   9,707   1,931,806   2,057,205   204,062
Veralto Corp.   USFF +0.250%   Weekly   MS   07/11/28   69,612   6,795,389   6,945,885   336,805
                    287,687   40,780,014   41,197,877   1,872,475
Consumer Discretionary
Distribution & Retail 		                           
Amazon.com, Inc.   USFF +0.250%   Weekly   MS   01/07/27   109,298   18,295,321   25,228,164   7,353,473
AutoZone, Inc.   USFF +0.250%   Weekly   MS   07/11/28   995   3,487,455   3,374,543   (32,116)
Bath & Body Works, Inc.   USFF +0.250%   Weekly   MS   07/16/29   296,690   6,193,921   5,957,535   (11,710)
Best Buy Co., Inc.   USFF +0.250%   Weekly   MS   07/08/27   32,228   2,168,129   2,157,020   132,369
Lowe's Cos., Inc.   USFF +0.250%   Weekly   MS   01/17/30   17,024   3,841,875   4,105,508   381,307
158

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Consumer Discretionary
Distribution & Retail — (continued) 		                           
Pool Corp.   USFF +0.250%   Weekly   MS   11/04/30   15,246   $3,571,154   $3,487,523   $(1,074)
TJX Cos., Inc. (The)   USFF +0.250%   Weekly   MS   01/10/28   39,549   4,807,846   6,075,122   1,454,129
Ulta Beauty, Inc.   USFF +0.250%   Weekly   MS   01/17/30   10,734   3,693,038   6,494,177   2,886,653
Williams-Sonoma, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,789   474,830   498,088   36,084
                    524,553   46,533,569   57,377,680   12,199,115
Consumer Durables & Apparel                            
Deckers Outdoor Corp.   USFF +0.250%   Weekly   MS   01/17/30   67,045   6,413,408   6,950,555   685,093
Garmin Ltd. (Switzerland)   USFF +0.250%   Weekly   MS   01/10/28   6,952   1,316,619   1,410,213   153,670
Hasbro, Inc.   USFF +0.250%   Weekly   MS   07/16/29   29,395   1,890,279   2,410,390   615,009
Lennar Corp., Class A   USFF +0.250%   Weekly   MS   01/07/27   2,714   308,239   278,999   (18,228)
Ralph Lauren Corp.   USFF +0.250%   Weekly   MS   07/11/28   8,786   2,000,805   3,106,817   1,217,219
Tapestry, Inc.   USFF +0.250%   Weekly   MS   07/11/28   31,016   2,389,207   3,962,914   1,733,110
                    145,908   14,318,557   18,119,888   4,385,873
Consumer Services                            
Booking Holdings, Inc.   USFF +0.250%   Weekly   MS   07/08/27   1,155   5,400,719   6,185,406   978,907
Carnival Corp. (Panama)   USFF +0.250%   Weekly   MS   01/17/30   197,203   4,045,492   6,022,580   2,070,690
Darden Restaurants, Inc.   USFF +0.250%   Weekly   MS   01/12/29   6,100   1,092,748   1,122,522   35,572
Expedia Group, Inc.   USFF +0.250%   Weekly   MS   01/17/30   32,104   8,280,551   9,095,384   1,016,843
Las Vegas Sands Corp.   USFF +0.250%   Weekly   MS   07/29/30   50,400   2,940,603   3,280,536   420,404
Marriott International, Inc., Class A   USFF +0.250%   Weekly   MS   07/29/30   7,242   1,936,978   2,246,758   362,328
McDonald's Corp.   USFF +0.250%   Weekly   MS   07/11/28   18,754   5,568,195   5,731,785   392,753
Wynn Resorts Ltd.   USFF +0.250%   Weekly   MS   07/16/29   29,100   2,767,546   3,501,603   814,243
Yum! Brands, Inc.   USFF +0.250%   Weekly   MS   07/11/28   50,085   6,700,654   7,576,859   1,175,298
                    392,143   38,733,486   44,763,433   7,267,038
Consumer Staples Distribution &
Retail 		                           
Dollar General Corp.   USFF +0.250%   Weekly   MS   07/29/30   36,752   3,840,764   4,879,563   1,149,646
Dollar Tree, Inc.   USFF +0.250%   Weekly   MS   01/17/30   91,935   8,421,502   11,308,924   3,081,453
Kroger Co. (The)   USFF +0.250%   Weekly   MS   07/08/27   20,656   1,285,383   1,290,587   46,054
Sysco Corp.   USFF +0.250%   Weekly   MS   07/11/28   20,108   1,441,894   1,481,759   91,313
Target Corp.   USFF +0.250%   Weekly   MS   01/17/30   45,544   4,117,550   4,451,926   521,433
Walmart, Inc.   USFF +0.250%   Weekly   MS   07/16/29   6,934   595,996   772,517   197,673
                    221,929   19,703,089   24,185,276   5,087,572
Energy                            
APA Corp.   USFF +0.250%   Weekly   MS   07/29/30   574,660   13,177,066   14,056,184   1,302,616
Baker Hughes Co.   USFF +0.250%   Weekly   MS   01/12/29   20,307   774,748   924,781   193,328
Devon Energy Corp.   USFF +0.250%   Weekly   MS   01/17/30   365,724   12,277,564   13,396,470   1,486,191
159

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy — (continued)                            
Exxon Mobil Corp.   USFF +0.250%   Weekly   MS   11/04/30   25,684   $3,104,232   $3,090,813   $59,719
Halliburton Co.   USFF +0.250%   Weekly   MS   01/17/30   221,821   4,777,631   6,268,661   1,676,384
Kinder Morgan, Inc.   USFF +0.250%   Weekly   MS   07/11/28   117,876   3,089,744   3,240,411   386,512
Occidental Petroleum Corp.   USFF +0.250%   Weekly   MS   11/04/30   196,310   8,161,627   8,072,267   133,328
Valero Energy Corp.   USFF +0.250%   Weekly   MS   07/29/30   51,551   8,119,212   8,391,987   506,369
                    1,573,933   53,481,824   57,441,574   5,744,447
Equity Real Estate Investment
Trusts (REITs) 		                           
American Tower Corp.   USFF +0.250%   Weekly   MS   07/29/30   14,557   2,679,098   2,555,772   (25,373)
AvalonBay Communities, Inc.   USFF +0.250%   Weekly   MS   07/11/28   20,770   3,967,827   3,765,809   22,378
Digital Realty Trust, Inc.   USFF +0.250%   Weekly   MS   01/10/28   25,509   4,058,751   3,946,497   150,786
Equity Residential   USFF +0.250%   Weekly   MS   07/29/30   34,461   2,061,632   2,172,421   158,864
Extra Space Storage, Inc.   USFF +0.250%   Weekly   MS   07/11/28   8,370   1,138,799   1,089,941   15,404
Prologis, Inc.   USFF +0.250%   Weekly   MS   01/17/30   12,285   1,350,403   1,568,303   273,640
Realty Income Corp.   USFF +0.250%   Weekly   MS   07/11/28   97,179   5,354,879   5,477,980   476,568
Simon Property Group, Inc.   USFF +0.250%   Weekly   MS   07/29/30   17,365   3,199,568   3,214,435   108,884
Ventas, Inc.   USFF +0.250%   Weekly   MS   07/16/29   63,881   4,333,642   4,943,112   783,739
VICI Properties, Inc.   USFF +0.250%   Weekly   MS   07/11/28   195,899   5,808,527   5,508,680   121,374
Welltower, Inc.   USFF +0.250%   Weekly   MS   07/08/27   46,110   6,290,237   8,558,477   2,573,857
                    536,386   40,243,363   42,801,427   4,660,121
Exchange Traded Funds                            
SPDR S&P 500 ETF Trust   USFF +0.250%   Weekly   MS   11/04/30   21,258   14,423,471   14,496,255   443,704
Financial Services                            
American Express Co.   USFF +0.250%   Weekly   MS   01/07/27   6,121   1,008,245   2,264,464   1,326,158
Ameriprise Financial, Inc.   USFF +0.250%   Weekly   MS   07/11/28   721   301,657   353,535   67,060
Apollo Global Management, Inc.   USFF +0.250%   Weekly   MS   07/16/29   5,234   898,168   757,674   (108,692)
Bank of New York Mellon Corp. (The)   USFF +0.250%   Weekly   MS   01/12/29   4,233   274,007   491,409   235,979
Berkshire Hathaway, Inc., Class B   USFF +0.250%   Weekly   MS   01/07/27   19,481   8,455,414   9,792,125   1,531,519
Blackrock, Inc.   USFF +0.250%   Weekly   MS   07/08/27   2,371   2,343,349   2,537,776   273,113
Blackstone, Inc.   USFF +0.250%   Weekly   MS   07/11/28   7,420   1,027,408   1,143,719   190,956
Capital One Financial Corp.   USFF +0.250%   Weekly   MS   07/08/27   4,303   530,296   1,042,875   545,324
Cboe Global Markets, Inc.   USFF +0.250%   Weekly   MS   01/10/28   19,360   4,657,356   4,859,360   336,351
Charles Schwab Corp. (The)   USFF +0.250%   Weekly   MS   01/07/27   12,179   930,243   1,216,804   335,908
160

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Financial Services — (continued)                            
CME Group, Inc.   USFF +0.250%   Weekly   MS   07/08/27   3,519   $931,952   $960,969   $101,432
Corpay, Inc.   USFF +0.250%   Weekly   MS   07/08/27   25,574   6,758,238   7,695,984   1,093,605
Fiserv, Inc.   USFF +0.250%   Weekly   MS   01/10/28   102,885   10,151,695   6,910,785   (3,007,172)
Franklin Resources, Inc.   USFF +0.250%   Weekly   MS   01/07/27   79,070   2,063,174   1,888,982   128,895
Global Payments, Inc.   USFF +0.250%   Weekly   MS   01/17/30   19,112   1,474,850   1,479,269   48,781
Goldman Sachs Group, Inc. (The)   USFF +0.250%   Weekly   MS   07/08/27   2,513   873,664   2,208,927   1,446,031
Interactive Brokers Group, Inc., Class A   USFF +0.250%   Weekly   MS   07/29/30   4,588   287,643   295,054   15,489
Intercontinental Exchange, Inc.   USFF +0.250%   Weekly   MS   01/07/27   30,107   4,453,811   4,876,130   604,133
Invesco Ltd. (Bermuda)   USFF +0.250%   Weekly   MS   01/17/30   3,552   70,627   93,311   26,503
KKR & Co., Inc.   USFF +0.250%   Weekly   MS   01/12/29   4,203   463,061   535,798   88,584
Mastercard, Inc., Class A   USFF +0.250%   Weekly   MS   01/07/27   9,024   4,628,498   5,151,621   649,523
Nasdaq, Inc.   USFF +0.250%   Weekly   MS   01/12/29   33,300   2,557,018   3,234,429   782,194
Northern Trust Corp.   USFF +0.250%   Weekly   MS   07/11/28   1,331   93,672   181,801   100,157
PayPal Holdings, Inc.   USFF +0.250%   Weekly   MS   07/11/28   139,046   9,027,117   8,117,505   (686,431)
Raymond James Financial, Inc.   USFF +0.250%   Weekly   MS   01/07/27   1,046   113,071   167,977   63,682
Robinhood Markets, Inc., Class A   USFF +0.250%   Weekly   MS   07/29/30   3,848   482,959   435,209   (35,906)
S&P Global, Inc.   USFF +0.250%   Weekly   MS   01/05/26   6,888   3,280,511   3,599,600   413,107
State Street Corp.   USFF +0.250%   Weekly   MS   07/16/29   1,570   153,501   202,546   57,759
Synchrony Financial   USFF +0.250%   Weekly   MS   07/16/29   1,848   95,565   154,179   64,568
T Rowe Price Group, Inc.   USFF +0.250%   Weekly   MS   01/07/27   13,275   1,364,105   1,359,095   141,367
Visa, Inc., Class A   USFF +0.250%   Weekly   MS   07/08/27   18,819   5,840,125   6,600,011   955,257
                    586,541   75,591,000   80,608,923   7,785,234
Food, Beverage & Tobacco                            
Altria Group, Inc.   USFF +0.250%   Weekly   MS   07/11/28   34,082   1,879,660   1,965,168   314,365
Archer-Daniels-Midland Co.   USFF +0.250%   Weekly   MS   11/04/30   75,029   4,287,022   4,313,417   153,656
Campbell's Company (The)   USFF +0.250%   Weekly   MS   01/17/30   126,224   4,069,946   3,517,863   (385,759)
Coca-Cola Co. (The)   USFF +0.250%   Weekly   MS   07/16/29   76,450   4,915,229   5,344,620   635,192
Conagra Brands, Inc.   USFF +0.250%   Weekly   MS   01/12/29   389,787   8,131,796   6,747,213   (912,449)
Constellation Brands, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   29,079   4,780,739   4,011,739   (597,665)
General Mills, Inc.   USFF +0.250%   Weekly   MS   01/05/26   109,258   5,587,140   5,080,497   (250,530)
Keurig Dr Pepper, Inc.   USFF +0.250%   Weekly   MS   07/11/28   195,023   5,375,834   5,462,594   234,903
Kraft Heinz Co. (The)   USFF +0.250%   Weekly   MS   01/17/30   202,880   5,615,230   4,919,840   (436,316)
Lamb Weston Holdings, Inc.   USFF +0.250%   Weekly   MS   11/04/30   63,333   2,664,648   2,653,019   50,284
161

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Food, Beverage & Tobacco —
(continued) 		                           
Molson Coors Beverage Co., Class B   USFF +0.250%   Weekly   MS   01/12/29   26,044   $1,223,970   $1,215,734   $41,756
PepsiCo, Inc.   USFF +0.250%   Weekly   MS   01/17/30   11,974   1,566,478   1,718,508   233,556
Philip Morris International, Inc.   USFF +0.250%   Weekly   MS   01/10/28   21,180   3,007,445   3,397,272   554,248
Tyson Foods, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   139,488   7,702,953   8,176,787   823,626
                    1,499,831   60,808,090   58,524,271   458,867
Health Care Equipment & Services                            
Abbott Laboratories   USFF +0.250%   Weekly   MS   07/11/28   17,018   2,056,507   2,132,185   149,620
Baxter International, Inc.   USFF +0.250%   Weekly   MS   01/17/30   405,389   8,921,852   7,746,984   (936,919)
Cardinal Health, Inc.   USFF +0.250%   Weekly   MS   07/08/27   16,022   2,703,868   3,292,521   657,679
Cencora, Inc.   USFF +0.250%   Weekly   MS   01/05/26   13,111   3,319,138   4,428,240   1,242,317
Centene Corp.   USFF +0.250%   Weekly   MS   07/18/30   23,032   595,430   947,767   366,762
Cigna Group (The)   USFF +0.250%   Weekly   MS   07/06/26   5,787   1,572,105   1,592,756   113,023
CVS Health Corp.   USFF +0.250%   Weekly   MS   01/12/29   71,070   3,842,123   5,640,115   2,033,627
DaVita, Inc.   USFF +0.250%   Weekly   MS   07/11/28   38,506   4,692,170   4,374,667   (209,059)
Elevance Health, Inc.   USFF +0.250%   Weekly   MS   01/17/30   14,878   4,728,028   5,215,483   634,802
GE HealthCare Technologies, Inc.   USFF +0.250%   Weekly   MS   01/07/27   138,381   9,163,627   11,350,010   2,410,562
HCA Healthcare, Inc.   USFF +0.250%   Weekly   MS   07/29/30   3,877   1,800,697   1,810,016   54,157
IDEXX Laboratories, Inc.   USFF +0.250%   Weekly   MS   07/29/30   5,449   3,841,900   3,686,412   (66,557)
McKesson Corp.   USFF +0.250%   Weekly   MS   07/16/29   6,773   4,669,218   5,555,824   1,006,179
Medtronic PLC (Ireland)   USFF +0.250%   Weekly   MS   07/16/29   26,920   2,178,910   2,585,935   518,438
Molina Healthcare, Inc.   USFF +0.250%   Weekly   MS   07/18/30   26,739   4,180,425   4,640,286   556,427
ResMed, Inc.   USFF +0.250%   Weekly   MS   07/29/30   28,406   7,771,428   6,842,153   (733,737)
Solventum Corp.   USFF +0.250%   Weekly   MS   01/12/29   61,266   4,160,745   4,854,718   790,220
UnitedHealth Group, Inc.   USFF +0.250%   Weekly   MS   01/17/30   19,315   5,716,547   6,376,075   896,642
Universal Health Services, Inc., Class B   USFF +0.250%   Weekly   MS   01/17/30   21,563   3,706,279   4,701,165   1,092,373
                    943,502   79,620,997   87,773,312   10,576,556
Household & Personal Products                            
Clorox Co. (The)   USFF +0.250%   Weekly   MS   01/17/30   35,144   4,143,614   3,543,570   (442,331)
Colgate-Palmolive Co.   USFF +0.250%   Weekly   MS   07/11/28   17,425   1,294,588   1,376,924   171,981
Kenvue, Inc.   USFF +0.250%   Weekly   MS   07/29/30   185,395   2,804,728   3,198,064   493,672
Kimberly-Clark Corp.   USFF +0.250%   Weekly   MS   01/07/27   27,606   2,926,214   2,785,169   16,197
Procter & Gamble Co. (The)   USFF +0.250%   Weekly   MS   07/08/27   19,181   2,847,002   2,748,829   16,876
                    284,751   14,016,146   13,652,556   256,395
162

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Insurance                            
Aflac, Inc.   USFF +0.250%   Weekly   MS   07/06/26   23,581   $2,431,378   $2,600,277   $296,396
Brown & Brown, Inc.   USFF +0.250%   Weekly   MS   07/08/27   106,747   9,455,724   8,507,736   (693,647)
Chubb Ltd. (Switzerland)   USFF +0.250%   Weekly   MS   01/10/28   12,653   3,437,384   3,949,254   641,397
Cincinnati Financial Corp.   USFF +0.250%   Weekly   MS   07/11/28   16,369   2,479,418   2,673,385   288,308
Erie Indemnity Co., Class A   USFF +0.250%   Weekly   MS   11/04/30   2,419   695,643   693,406   11,441
Globe Life, Inc.   USFF +0.250%   Weekly   MS   01/17/30   18,990   2,393,274   2,655,941   323,882
Hartford Insurance Group, Inc. (The)   USFF +0.250%   Weekly   MS   01/12/29   41,267   4,913,218   5,686,593   978,247
Loews Corp.   USFF +0.250%   Weekly   MS   01/05/26   50,401   4,502,417   5,307,729   928,711
Marsh & McLennan Cos., Inc.   USFF +0.250%   Weekly   MS   07/29/30   49,789   9,440,600   9,236,855   22,121
Progressive Corp. (The)   USFF +0.250%   Weekly   MS   07/29/30   12,424   2,540,080   2,829,193   343,859
W R Berkley Corp.   USFF +0.250%   Weekly   MS   01/17/30   86,983   6,100,264   6,099,248   277,846
Willis Towers Watson PLC (Ireland)   USFF +0.250%   Weekly   MS   07/29/30   8,755   2,791,908   2,876,893   159,197
                    430,378   51,181,308   53,116,510   3,577,758
Materials                            
Avery Dennison Corp.   USFF +0.250%   Weekly   MS   01/17/30   27,916   4,680,313   5,077,362   547,186
Ball Corp.   USFF +0.250%   Weekly   MS   11/04/30   3,616   167,996   191,540   28,962
CF Industries Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   100,502   8,082,560   7,772,825   (9,709)
Corteva, Inc.   USFF +0.250%   Weekly   MS   07/16/29   77,048   4,791,316   5,164,527   506,768
CRH PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   11,598   1,480,882   1,447,430   1,295
DuPont de Nemours, Inc.   USFF +0.250%   Weekly   MS   07/16/29   345,326   12,361,687   13,882,105   1,872,847
International Flavors & Fragrances, Inc.   USFF +0.250%   Weekly   MS   11/04/30   113,121   7,140,738   7,623,224   692,578
Linde PLC (Ireland)   USFF +0.250%   Weekly   MS   01/10/28   12,692   5,284,586   5,411,742   313,522
LyondellBasell Industries NV, Class A (Netherlands)   USFF +0.250%   Weekly   MS   01/17/30   176,959   8,326,932   7,662,325   (299,597)
Newmont Corp.   USFF +0.250%   Weekly   MS   07/16/29   43,369   1,983,328   4,330,395   2,432,738
PPG Industries, Inc.   USFF +0.250%   Weekly   MS   07/29/30   24,365   2,358,284   2,496,438   209,404
Smurfit WestRock PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   231,761   8,106,504   8,962,198   1,097,682
Vulcan Materials Co.   USFF +0.250%   Weekly   MS   07/29/30   5,927   1,712,517   1,690,499   19,981
                    1,174,200   66,477,643   71,712,610   7,413,657
Media & Entertainment                            
Alphabet, Inc., Class A   USFF +0.250%   Weekly   MS   07/11/28   104,624   20,512,144   32,747,312   12,760,307
Charter Communications, Inc., Class A   USFF +0.250%   Weekly   MS   07/29/30   16,219   3,605,341   3,385,716   (136,123)
163

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Media & Entertainment —
(continued) 		                           
Comcast Corp., Class A   USFF +0.250%   Weekly   MS   01/17/30   47,237   $1,507,599   $1,411,914   $(45,582)
Electronic Arts, Inc.   USFF +0.250%   Weekly   MS   01/17/30   2,524   293,047   515,729   232,045
Fox Corp., Class A   USFF +0.250%   Weekly   MS   07/16/29   66,421   3,430,166   4,853,382   1,536,227
Meta Platforms, Inc., Class A   USFF +0.250%   Weekly   MS   01/07/27   19,796   6,854,897   13,067,142   6,434,924
Netflix, Inc.   USFF +0.250%   Weekly   MS   01/07/27   55,581   5,415,626   5,211,275   (84,544)
News Corp., Class A   USFF +0.250%   Weekly   MS   07/29/30   81,399   2,295,691   2,126,142   (108,929)
Omnicom Group, Inc.   USFF +0.250%   Weekly   MS   07/08/27   91,342   6,616,235   7,375,867   1,089,805
Take-Two Interactive Software, Inc.   USFF +0.250%   Weekly   MS   01/07/27   1,313   228,244   336,167   113,922
Walt Disney Co. (The)   USFF +0.250%   Weekly   MS   07/11/28   67,566   6,269,061   7,686,984   1,673,621
                    554,022   57,028,051   78,717,630   23,465,673
Pharmaceuticals, Biotechnology &
Life Sciences 		                           
Agilent Technologies, Inc.   USFF +0.250%   Weekly   MS   11/04/30   42,088   5,961,529   5,726,914   (98,093)
Biogen, Inc.   USFF +0.250%   Weekly   MS   07/16/29   52,649   7,007,672   9,265,698   2,419,608
Bristol-Myers Squibb Co.   USFF +0.250%   Weekly   MS   01/12/29   109,838   4,916,467   5,924,662   1,255,965
Charles River Laboratories International, Inc.   USFF +0.250%   Weekly   MS   07/29/30   29,184   4,346,395   5,821,624   1,575,738
Danaher Corp.   USFF +0.250%   Weekly   MS   01/17/30   7,140   1,315,701   1,634,489   367,756
Gilead Sciences, Inc.   USFF +0.250%   Weekly   MS   01/07/27   20,964   2,234,523   2,573,121   526,391
Incyte Corp.   USFF +0.250%   Weekly   MS   07/11/28   95,203   6,216,434   9,403,200   3,330,191
IQVIA Holdings, Inc.   USFF +0.250%   Weekly   MS   01/17/30   52,475   7,499,795   11,828,390   4,501,472
Johnson & Johnson   USFF +0.250%   Weekly   MS   07/16/29   46,605   7,092,202   9,644,905   2,887,949
Merck & Co., Inc.   USFF +0.250%   Weekly   MS   07/06/26   43,198   3,576,229   4,547,021   1,141,285
Pfizer, Inc.   USFF +0.250%   Weekly   MS   01/17/30   210,876   4,787,462   5,250,812   773,864
Regeneron Pharmaceuticals, Inc.   USFF +0.250%   Weekly   MS   07/29/30   7,629   4,256,305   5,888,596   1,737,679
Viatris, Inc.   USFF +0.250%   Weekly   MS   01/17/30   43,266   318,920   538,662   243,281
                    761,115   59,529,634   78,048,094   20,663,086
Real Estate Management &
Development 		                           
CBRE Group, Inc., Class A   USFF +0.250%   Weekly   MS   01/12/29   12,752   1,739,109   2,050,394   351,957
Semiconductors & Semiconductor
Equipment 		                           
Advanced Micro Devices, Inc.   USFF +0.250%   Weekly   MS   07/29/30   5,770   916,396   1,235,703   341,098
Analog Devices, Inc.   USFF +0.250%   Weekly   MS   11/04/30   16,072   4,496,857   4,358,726   (28,890)
Applied Materials, Inc.   USFF +0.250%   Weekly   MS   01/17/30   13,550   1,733,308   3,482,215   1,805,004
Broadcom, Inc.   USFF +0.250%   Weekly   MS   07/08/27   37,137   8,996,277   12,853,116   4,212,156
164

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Semiconductors & Semiconductor
Equipment — (continued) 		                           
Lam Research Corp.   USFF +0.250%   Weekly   MS   07/08/27   111,504   $9,759,233   $19,087,255   $9,615,554
Micron Technology, Inc.   USFF +0.250%   Weekly   MS   01/17/30   25,176   2,285,912   7,185,482   4,959,571
NVIDIA Corp.   USFF +0.250%   Weekly   MS   01/10/28   169,972   14,755,508   31,699,778   17,294,725
ON Semiconductor Corp.   USFF +0.250%   Weekly   MS   01/17/30   151,134   6,098,173   8,183,906   2,226,443
Qnity Electronics, Inc.   USFF +0.250%   Weekly   MS   01/17/30   23,414   1,607,626   1,911,753   343,187
QUALCOMM, Inc.   USFF +0.250%   Weekly   MS   07/08/27   50,743   7,200,036   8,679,590   1,907,204
Skyworks Solutions, Inc.   USFF +0.250%   Weekly   MS   01/17/30   211,391   13,729,905   13,404,303   405,466
                    815,863   71,579,231   112,081,827   43,081,518
Software & Services                            
Accenture PLC, Class A (Ireland)   USFF +0.250%   Weekly   MS   01/12/29   29,000   7,351,904   7,780,700   656,418
Adobe, Inc.   USFF +0.250%   Weekly   MS   11/04/30   28,095   9,702,535   9,832,969   353,863
AppLovin Corp., Class A   USFF +0.250%   Weekly   MS   07/29/30   2,710   1,591,639   1,826,052   271,701
Cognizant Technology Solutions Corp., Class A   USFF +0.250%   Weekly   MS   07/08/27   85,567   5,947,132   7,102,061   1,339,091
EPAM Systems, Inc.   USFF +0.250%   Weekly   MS   11/04/30   15,875   2,873,930   3,252,470   445,256
Gen Digital, Inc.   USFF +0.250%   Weekly   MS   07/11/28   442,667   11,816,185   12,036,116   729,277
GoDaddy, Inc., Class A   USFF +0.250%   Weekly   MS   01/12/29   58,910   7,951,069   7,309,553   (458,282)
Microsoft Corp.   USFF +0.250%   Weekly   MS   01/05/26   67,354   25,408,418   32,573,741   8,084,248
Oracle Corp.   USFF +0.250%   Weekly   MS   11/04/30   684   133,641   133,318   1,983
Palantir Technologies, Inc., Class A   USFF +0.250%   Weekly   MS   07/16/29   11,759   1,405,231   2,090,162   717,941
PTC, Inc.   USFF +0.250%   Weekly   MS   07/29/30   74,300   14,194,120   12,943,803   (923,808)
Roper Technologies, Inc.   USFF +0.250%   Weekly   MS   07/08/27   15,186   7,244,401   6,759,744   (299,883)
Salesforce, Inc.   USFF +0.250%   Weekly   MS   07/08/27   10,188   2,471,814   2,698,903   289,742
VeriSign, Inc.   USFF +0.250%   Weekly   MS   01/07/27   15,517   3,248,503   3,769,855   620,630
                    857,812   101,340,522   110,109,447   11,828,177
Technology Hardware & Equipment                            
Amphenol Corp., Class A   USFF +0.250%   Weekly   MS   07/18/30   25,235   2,849,279   3,410,258   636,638
Apple, Inc.   USFF +0.250%   Weekly   MS   07/08/27   142,448   29,363,985   38,725,913   10,120,217
CDW Corp.   USFF +0.250%   Weekly   MS   01/07/27   4,639   669,653   631,832   (15,758)
Cisco Systems, Inc.   USFF +0.250%   Weekly   MS   01/07/27   115,563   7,542,342   8,901,818   1,677,027
Corning, Inc.   USFF +0.250%   Weekly   MS   01/17/30   11,222   487,882   982,598   515,296
Dell Technologies, Inc., Class C   USFF +0.250%   Weekly   MS   01/17/30   27,932   2,560,543   3,516,080   1,045,949
F5, Inc.   USFF +0.250%   Weekly   MS   01/10/28   22,297   5,411,777   5,691,532   404,713
Hewlett Packard Enterprise Co.   USFF +0.250%   Weekly   MS   01/17/30   259,734   3,845,857   6,238,811   2,602,592
165

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Technology Hardware & Equipment
— (continued) 		                           
HP, Inc.   USFF +0.250%   Weekly   MS   01/17/30   95,966   $2,325,399   $2,138,122   $(101,587)
Jabil, Inc.   USFF +0.250%   Weekly   MS   07/16/29   21,874   3,389,698   4,987,709   1,683,190
Keysight Technologies, Inc.   USFF +0.250%   Weekly   MS   07/29/30   16,240   3,081,880   3,299,806   289,414
NetApp, Inc.   USFF +0.250%   Weekly   MS   07/08/27   26,490   2,369,123   2,836,814   603,550
Seagate Technology Holdings PLC (Ireland)   USFF +0.250%   Weekly   MS   01/17/30   25,176   3,203,428   6,933,219   3,857,615
TE Connectivity PLC (Ireland)   USFF +0.250%   Weekly   MS   11/04/30   7,586   1,768,445   1,725,891   2,124
Western Digital Corp.   USFF +0.250%   Weekly   MS   01/17/30   113,262   6,824,039   19,511,645   12,869,188
Zebra Technologies Corp., Class A   USFF +0.250%   Weekly   MS   01/17/30   31,364   7,300,126   7,615,806   483,976
                    947,028   82,993,456   117,147,854   36,674,144
Telecommunication Services                            
AT&T, Inc.   USFF +0.250%   Weekly   MS   07/08/27   88,610   2,009,424   2,201,073   401,553
T-Mobile US, Inc.   USFF +0.250%   Weekly   MS   07/06/26   8,966   1,599,987   1,820,457   280,202
Verizon Communications, Inc.   USFF +0.250%   Weekly   MS   07/08/27   55,013   2,062,446   2,240,679   396,395
                    152,589   5,671,857   6,262,209   1,078,150
Transportation                            
CSX Corp.   USFF +0.250%   Weekly   MS   01/17/30   45,934   1,251,153   1,665,108   462,273
Delta Air Lines, Inc.   USFF +0.250%   Weekly   MS   07/11/28   174,981   9,216,869   12,143,681   3,235,923
Expeditors International of Washington, Inc.   USFF +0.250%   Weekly   MS   07/18/30   3,479   388,087   518,406   143,208
FedEx Corp.   USFF +0.250%   Weekly   MS   01/17/30   21,325   4,631,167   6,159,940   1,716,782
JB Hunt Transport Services, Inc.   USFF +0.250%   Weekly   MS   07/18/30   25,867   3,917,845   5,026,993   1,212,571
Norfolk Southern Corp.   USFF +0.250%   Weekly   MS   07/29/30   9,116   2,536,611   2,631,972   164,231
Uber Technologies, Inc.   USFF +0.250%   Weekly   MS   01/17/30   8,151   663,819   666,018   18,194
Union Pacific Corp.   USFF +0.250%   Weekly   MS   01/17/30   4,534   1,029,316   1,048,805   53,068
United Parcel Service, Inc., Class B   USFF +0.250%   Weekly   MS   01/17/30   42,043   3,972,823   4,170,245   424,996
                    335,430   27,607,690   34,031,168   7,431,246
Utilities                            
Constellation Energy Corp.   USFF +0.250%   Weekly   MS   01/05/26   11,171   2,740,570   3,946,379   1,291,586
DTE Energy Co.   USFF +0.250%   Weekly   MS   01/17/30   22,369   3,008,609   2,885,154   (5,758)
Duke Energy Corp.   USFF +0.250%   Weekly   MS   11/04/30   47,181   5,797,958   5,530,085   (102,198)
Evergy, Inc.   USFF +0.250%   Weekly   MS   01/17/30   43,584   3,066,671   3,159,404   225,725
Eversource Energy   USFF +0.250%   Weekly   MS   07/18/30   66,610   4,417,206   4,484,851   251,926
NRG Energy, Inc.   USFF +0.250%   Weekly   MS   07/11/28   10,349   952,519   1,647,975   752,907
166

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Pay   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
Long 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Utilities — (continued)                            
PG&E Corp.   USFF +0.250%   Weekly   MS   07/08/27   14,989   $215,142   $240,873   $33,695
Vistra Corp.   USFF +0.250%   Weekly   MS   07/16/29   25,568   3,440,731   4,124,885   781,891
                    241,821   23,639,406   26,019,606   3,229,774
Total Reference Entity — Long           1,193,934,999   1,403,306,227   251,224,483
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Short                                
Banks                            
KeyCorp.   USFF -0.250%   Weekly   MS   01/07/27   (6,548)   $(160,409)   $(135,151)   $2,151
Capital Goods                            
Axon Enterprise, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (20,600)   (13,696,437)   (11,699,358)   1,616,561
Boeing Co. (The)   USFF -0.250%   Weekly   MS   07/11/28   (38,335)   (8,246,534)   (8,323,295)   (305,565)
Builders FirstSource, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (37,712)   (4,733,872)   (3,880,188)   722,665
Carrier Global Corp.   USFF -0.250%   Weekly   MS   07/16/29   (108,561)   (7,330,087)   (5,736,363)   1,367,864
Deere & Co.   USFF -0.250%   Weekly   MS   07/29/30   (613)   (288,480)   (285,394)   (5,178)
Dover Corp.   USFF -0.250%   Weekly   MS   07/29/30   (33,115)   (6,085,118)   (6,465,373)   (573,556)
Eaton Corp. PLC (Ireland)   USFF -0.250%   Weekly   MS   01/22/30   (17,912)   (6,348,525)   (5,705,151)   454,031
Fastenal Co.   USFF -0.250%   Weekly   MS   07/29/30   (18,021)   (866,882)   (723,183)   117,492
Generac Holdings, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (82,025)   (14,035,567)   (11,185,749)   2,459,860
Hubbell, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (8,465)   (3,808,598)   (3,759,391)   (81,983)
IDEX Corp.   USFF -0.250%   Weekly   MS   07/16/29   (10,831)   (1,996,493)   (1,927,268)   12,171
Lennox International, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (23,943)   (13,496,400)   (11,626,242)   1,411,409
PACCAR, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (86,424)   (9,300,864)   (9,464,292)   (796,301)
Parker-Hannifin Corp.   USFF -0.250%   Weekly   MS   07/29/30   (4,089)   (3,334,755)   (3,594,067)   (355,697)
Quanta Services, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (21,383)   (8,793,901)   (9,024,909)   (476,426)
Trane Technologies PLC (Ireland)   USFF -0.250%   Weekly   MS   01/22/30   (13,495)   (5,809,179)   (5,252,254)   383,000
TransDigm Group, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (6,817)   (9,332,473)   (9,065,587)   (446,648)
Westinghouse Air Brake Technologies Corp.   USFF -0.250%   Weekly   MS   11/04/30   (20,989)   (4,253,930)   (4,480,102)   (343,832)
WW Grainger, Inc.   USFF -0.250%   Weekly   MS   11/04/30   (4,170)   (4,270,245)   (4,207,738)   (55,607)
Xylem, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (7,535)   (1,094,310)   (1,026,116)   33,336
                    (565,035)   (127,122,650)   (117,432,020)   5,137,596
Commercial & Professional
Services 		                           
Copart, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (21,168)   (1,290,346)   (828,727)   426,459
Dayforce, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (137,869)   (9,537,934)   (9,535,020)   (261,840)
Equifax, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (48,407)   (12,380,296)   (10,503,351)   1,460,711
Paycom Software, Inc.   USFF -0.250%   Weekly   MS   11/04/30   (48,570)   (8,159,312)   (7,740,115)   176,436
167

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Commercial & Professional
Services — (continued) 		                           
Rollins, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (86,116)   $(4,771,762)   $(5,168,682)   $(567,791)
Verisk Analytics, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (7,791)   (2,279,506)   (1,742,769)   464,323
Waste Management, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (15,814)   (3,503,282)   (3,474,494)   (89,351)
                    (365,735)   (41,922,438)   (38,993,158)   1,608,947
Consumer Discretionary
Distribution & Retail 		                           
Carvana Co.   USFF -0.250%   Weekly   MS   11/04/30   (4,287)   (1,875,347)   (1,809,200)   14,702
eBay, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (15,847)   (1,463,764)   (1,380,274)   44,275
Genuine Parts Co.   USFF -0.250%   Weekly   MS   07/16/29   (25,916)   (3,536,230)   (3,186,631)   177,469
Home Depot, Inc. (The)   USFF -0.250%   Weekly   MS   07/29/30   (3,079)   (1,110,046)   (1,059,484)   19,996
O'Reilly Automotive, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (24,480)   (2,460,902)   (2,232,821)   160,335
Ross Stores, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (9,705)   (1,580,038)   (1,748,259)   (226,567)
Tractor Supply Co.   USFF -0.250%   Weekly   MS   01/12/29   (190,598)   (10,544,791)   (9,531,806)   590,805
                    (273,912)   (22,571,118)   (20,948,475)   781,015
Consumer Durables & Apparel                            
DR Horton, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (10,186)   (1,784,699)   (1,467,090)   264,199
Lululemon Athletica, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (9,166)   (3,936,294)   (1,904,786)   1,922,691
NIKE, Inc., Class B   USFF -0.250%   Weekly   MS   01/22/30   (159,720)   (11,235,662)   (10,175,761)   670,074
NVR, Inc.   USFF -0.250%   Weekly   MS   11/04/30   (657)   (4,884,461)   (4,791,350)   (42,101)
PulteGroup, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (19,913)   (2,467,358)   (2,334,998)   57,682
                    (199,642)   (24,308,474)   (20,673,985)   2,872,545
Consumer Services                            
Airbnb, Inc., Class A   USFF -0.250%   Weekly   MS   07/11/28   (24,329)   (3,585,385)   (3,301,932)   184,404
Chipotle Mexican Grill, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (68,405)   (4,209,630)   (2,530,985)   1,562,219
Domino's Pizza, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (10,792)   (4,998,669)   (4,498,321)   299,628
DoorDash, Inc., Class A   USFF -0.250%   Weekly   MS   07/29/30   (22,015)   (5,813,775)   (4,985,957)   666,736
Hilton Worldwide Holdings, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (9,798)   (2,715,326)   (2,814,476)   (187,211)
MGM Resorts International   USFF -0.250%   Weekly   MS   07/16/29   (201,123)   (6,992,606)   (7,338,978)   (540,270)
Norwegian Cruise Line Holdings Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   01/05/26   (550,054)   (12,475,530)   (12,277,205)   (148,205)
Starbucks Corp.   USFF -0.250%   Weekly   MS   07/16/29   (68,925)   (6,711,429)   (5,804,174)   596,761
                    (955,441)   (47,502,350)   (43,552,028)   2,434,062
Consumer Staples Distribution &
Retail 		                           
Costco Wholesale Corp.   USFF -0.250%   Weekly   MS   01/22/30   (9,058)   (8,883,508)   (7,811,076)   810,145
168

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Energy                            
Chevron Corp.   USFF -0.250%   Weekly   MS   11/04/30   (64,259)   $(9,733,688)   $(9,793,714)   $(330,229)
ConocoPhillips   USFF -0.250%   Weekly   MS   01/22/30   (34,327)   (3,447,839)   (3,213,350)   30,474
Coterra Energy, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (153,075)   (3,847,935)   (4,028,934)   (363,779)
Diamondback Energy, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (40,456)   (7,192,809)   (6,081,750)   745,554
EOG Resources, Inc.   USFF -0.250%   Weekly   MS   11/04/30   (119,866)   (13,054,713)   (12,587,129)   110,303
EQT Corp.   USFF -0.250%   Weekly   MS   07/29/30   (88,064)   (4,789,221)   (4,720,230)   (74,901)
Expand Energy Corp.   USFF -0.250%   Weekly   MS   07/29/30   (24,242)   (2,656,465)   (2,675,347)   (101,092)
Marathon Petroleum Corp.   USFF -0.250%   Weekly   MS   01/22/30   (51,395)   (9,506,729)   (8,358,369)   843,397
ONEOK, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (28,296)   (2,770,781)   (2,079,756)   530,719
Phillips 66   USFF -0.250%   Weekly   MS   07/29/30   (66,216)   (8,531,824)   (8,544,513)   (350,815)
SLB Ltd. (Curacao)   USFF -0.250%   Weekly   MS   07/23/30   (160,077)   (5,709,024)   (6,143,755)   (659,517)
Targa Resources Corp.   USFF -0.250%   Weekly   MS   07/16/29   (21,591)   (4,006,343)   (3,983,540)   (138,838)
Texas Pacific Land Corp.   USFF -0.250%   Weekly   MS   07/29/30   (13,897)   (4,356,329)   (3,991,496)   234,303
Williams Cos., Inc. (The)   USFF -0.250%   Weekly   MS   07/16/29   (83,357)   (4,908,316)   (5,010,589)   (325,177)
                    (949,118)   (84,512,016)   (81,212,472)   150,402
Equity Real Estate Investment
Trusts (REITs) 		                           
Alexandria Real Estate Equities, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (54,759)   (5,626,217)   (2,679,905)   2,502,294
BXP, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (17,392)   (1,366,362)   (1,173,612)   90,175
Camden Property Trust   USFF -0.250%   Weekly   MS   01/22/30   (32,956)   (3,918,434)   (3,627,796)   61,818
Crown Castle, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (62,069)   (6,021,116)   (5,516,072)   217,608
Equinix, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (10,596)   (8,952,412)   (8,118,231)   410,216
Essex Property Trust, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (23,492)   (6,436,045)   (6,147,387)   33,863
Federal Realty Investment Trust   USFF -0.250%   Weekly   MS   07/16/29   (23,154)   (2,375,766)   (2,333,923)   (40,403)
Healthpeak Properties, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (746,450)   (13,615,009)   (12,002,916)   939,368
Host Hotels & Resorts, Inc.   USFF -0.250%   Weekly   MS   01/07/27   (68,392)   (1,309,141)   (1,212,590)   (13,643)
Invitation Homes, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (20,752)   (735,631)   (576,698)   119,956
Iron Mountain, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (98,226)   (9,708,869)   (8,147,847)   1,048,582
Kimco Realty Corp.   USFF -0.250%   Weekly   MS   11/04/30   (236,086)   (4,774,155)   (4,785,463)   (143,449)
Mid-America Apartment Communities, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (570)   (85,605)   (79,179)   4,042
Public Storage   USFF -0.250%   Weekly   MS   07/16/29   (12,032)   (3,610,019)   (3,122,304)   306,186
Regency Centers Corp.   USFF -0.250%   Weekly   MS   07/16/29   (58,045)   (4,178,161)   (4,006,846)   (31,004)
SBA Communications Corp.   USFF -0.250%   Weekly   MS   07/16/29   (21,971)   (4,927,979)   (4,249,851)   486,937
169

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Equity Real Estate Investment
Trusts (REITs) — (continued) 		                           
UDR, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (36,517)   $(1,591,384)   $(1,339,444)   $167,035
Weyerhaeuser Co.   USFF -0.250%   Weekly   MS   01/10/28   (134,395)   (3,847,467)   (3,183,818)   452,929
                    (1,657,854)   (83,079,772)   (72,303,882)   6,612,510
Financial Services                            
Block, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (43,618)   (3,493,971)   (2,839,096)   558,372
Coinbase Global, Inc., Class A   USFF -0.250%   Weekly   MS   07/29/30   (6,562)   (2,205,050)   (1,483,931)   660,496
FactSet Research Systems, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (2,534)   (1,209,070)   (735,341)   431,803
Fidelity National Information Services, Inc.   USFF -0.250%   Weekly   MS   01/05/26   (168,183)   (13,804,307)   (11,177,442)   1,989,759
Jack Henry & Associates, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (27,208)   (4,885,993)   (4,964,916)   (250,597)
Moody's Corp.   USFF -0.250%   Weekly   MS   07/29/30   (5,722)   (2,816,426)   (2,923,084)   (187,931)
MSCI, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (15,780)   (9,262,065)   (9,053,459)   (177,142)
                    (269,607)   (37,676,882)   (33,177,269)   3,024,760
Food, Beverage & Tobacco                            
Brown-Forman Corp., Class B   USFF -0.250%   Weekly   MS   01/05/26   (45,423)   (2,843,361)   (1,183,723)   1,510,812
Bunge Global SA (Switzerland)   USFF -0.250%   Weekly   MS   07/11/28   (84,459)   (7,469,237)   (7,523,608)   (350,610)
Hershey Co. (The)   USFF -0.250%   Weekly   MS   07/16/29   (41,044)   (7,682,193)   (7,469,187)   (105,241)
Hormel Foods Corp.   USFF -0.250%   Weekly   MS   01/22/30   (196,230)   (6,085,674)   (4,650,651)   1,148,925
J M Smucker Co. (The)   USFF -0.250%   Weekly   MS   01/12/29   (53,945)   (6,099,001)   (5,276,360)   472,451
McCormick & Co., Inc., non-voting shares   USFF -0.250%   Weekly   MS   07/16/29   (152,472)   (11,882,065)   (10,384,868)   913,787
Mondelez International, Inc., Class A   USFF -0.250%   Weekly   MS   07/29/30   (99,380)   (5,731,744)   (5,349,625)   174,270
Monster Beverage Corp.   USFF -0.250%   Weekly   MS   01/12/29   (31,569)   (2,171,456)   (2,420,395)   (308,627)
                    (704,522)   (49,964,731)   (44,258,417)   3,455,767
Health Care Equipment & Services                            
Align Technology, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (1,029)   (613,553)   (160,678)   436,556
Becton Dickinson & Co.   USFF -0.250%   Weekly   MS   01/22/30   (9,114)   (2,227,268)   (1,768,754)   359,267
Boston Scientific Corp.   USFF -0.250%   Weekly   MS   07/29/30   (56,733)   (5,541,531)   (5,409,492)   (21,464)
Cooper Cos., Inc. (The)   USFF -0.250%   Weekly   MS   07/06/26   (88,144)   (7,676,804)   (7,224,282)   239,578
Dexcom, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (79,518)   (8,726,342)   (5,277,610)   3,206,571
Edwards Lifesciences Corp.   USFF -0.250%   Weekly   MS   07/06/26   (66,345)   (5,940,820)   (5,655,911)   120,291
Henry Schein, Inc.   USFF -0.250%   Weekly   MS   01/07/27   (182,102)   (12,350,391)   (13,763,269)   (1,761,244)
170

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Health Care Equipment & Services
— (continued) 		                           
Humana, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (19,833)   $(5,196,159)   $(5,079,826)   $(64,915)
Insulet Corp.   USFF -0.250%   Weekly   MS   01/10/28   (25,547)   (8,107,355)   (7,261,479)   620,946
Intuitive Surgical, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (8,690)   (4,890,201)   (4,921,668)   (166,839)
Labcorp Holdings, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (7,024)   (1,950,505)   (1,762,181)   130,440
Quest Diagnostics, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (4,441)   (829,604)   (770,647)   36,624
STERIS PLC (Ireland)   USFF -0.250%   Weekly   MS   01/07/27   (3,338)   (874,140)   (846,250)   (1,011)
Stryker Corp.   USFF -0.250%   Weekly   MS   01/22/30   (8,335)   (3,256,138)   (2,929,502)   214,379
Zimmer Biomet Holdings, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (74,412)   (7,341,465)   (6,691,127)   420,033
                    (634,605)   (75,522,276)   (69,522,676)   3,769,212
Household & Personal Products                            
Church & Dwight Co., Inc.   USFF -0.250%   Weekly   MS   01/22/30   (15,257)   (1,662,418)   (1,279,299)   318,669
Estee Lauder Cos., Inc. (The), Class A   USFF -0.250%   Weekly   MS   07/08/27   (53,223)   (5,355,984)   (5,573,513)   (404,948)
                    (68,480)   (7,018,402)   (6,852,812)   (86,279)
Insurance                            
Allstate Corp. (The)   USFF -0.250%   Weekly   MS   07/16/29   (40,328)   (8,095,786)   (8,394,273)   (629,458)
American International Group, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (95,002)   (7,603,380)   (8,127,421)   (788,112)
Aon PLC, Class A (Ireland)   USFF -0.250%   Weekly   MS   07/29/30   (32,114)   (11,472,501)   (11,332,388)   (197,235)
Arch Capital Group Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   01/12/29   (69,000)   (6,357,871)   (6,618,480)   (463,917)
Arthur J Gallagher & Co.   USFF -0.250%   Weekly   MS   07/29/30   (13,030)   (3,526,773)   (3,372,034)   50,773
Assurant, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (11,127)   (2,385,134)   (2,679,938)   (390,242)
Everest Group Ltd. (Bermuda)   USFF -0.250%   Weekly   MS   07/11/28   (7,917)   (2,784,454)   (2,686,634)   (40,743)
MetLife, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (54,284)   (4,269,288)   (4,285,179)   (162,625)
Principal Financial Group, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (15,764)   (1,361,818)   (1,390,542)   (134,951)
Prudential Financial, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (35,814)   (3,980,817)   (4,042,684)   (246,896)
Travelers Cos., Inc. (The)   USFF -0.250%   Weekly   MS   07/29/30   (8,445)   (2,345,455)   (2,449,557)   (175,073)
                    (382,825)   (54,183,277)   (55,379,130)   (3,178,479)
Materials                            
Air Products and Chemicals, Inc.   USFF -0.250%   Weekly   MS   01/10/28   (25,094)   (7,430,742)   (6,198,720)   824,991
Albemarle Corp.   USFF -0.250%   Weekly   MS   07/08/27   (87,931)   (9,646,725)   (12,436,961)   (3,130,840)
Amcor PLC (Jersey)   USFF -0.250%   Weekly   MS   07/29/30   (1,110,959)   (9,472,377)   (9,265,398)   (328,156)
Dow, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (478,837)   (17,845,171)   (11,195,209)   5,329,608
171

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Materials — (continued)                            
Ecolab, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (22,407)   $(5,945,144)   $(5,882,286)   $(121,026)
Freeport-McMoRan, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (20,734)   (1,018,471)   (1,053,080)   (77,694)
International Paper Co.   USFF -0.250%   Weekly   MS   01/22/30   (46,090)   (2,294,360)   (1,815,485)   361,807
Martin Marietta Materials, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (9,592)   (5,935,431)   (5,972,555)   (214,209)
Mosaic Co. (The)   USFF -0.250%   Weekly   MS   07/16/29   (465,762)   (14,412,493)   (11,220,207)   2,593,825
Nucor Corp.   USFF -0.250%   Weekly   MS   01/12/29   (15,021)   (2,385,793)   (2,450,075)   (165,137)
Packaging Corp. of America   USFF -0.250%   Weekly   MS   11/04/30   (51,741)   (10,233,602)   (10,670,546)   (787,461)
Sherwin-Williams Co. (The)   USFF -0.250%   Weekly   MS   07/16/29   (24,704)   (9,141,272)   (8,004,837)   807,584
Steel Dynamics, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (4,929)   (775,754)   (835,219)   (85,209)
                    (2,363,801)   (96,537,335)   (87,000,578)   5,008,083
Media & Entertainment                            
Live Nation Entertainment, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (16,198)   (2,663,636)   (2,308,215)   282,032
Match Group, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (90,255)   (4,529,990)   (2,914,334)   1,437,179
Paramount Skydance Corp., Class B   USFF -0.250%   Weekly   MS   07/29/30   (244,179)   (3,631,469)   (3,271,999)   242,373
TKO Group Holdings, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (10,831)   (2,141,513)   (2,263,679)   (191,578)
Trade Desk, Inc. (The), Class A   USFF -0.250%   Weekly   MS   01/22/30   (215,623)   (12,950,616)   (8,185,049)   4,405,811
Warner Bros Discovery, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (261,360)   (5,326,286)   (7,532,395)   (2,353,621)
                    (838,446)   (31,243,510)   (26,475,671)   3,822,196
Pharmaceuticals, Biotechnology &
Life Sciences 		                           
AbbVie, Inc.   USFF -0.250%   Weekly   MS   11/04/30   (6,455)   (1,481,549)   (1,474,903)   (33,836)
Amgen, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (11,796)   (3,728,781)   (3,860,949)   (311,416)
Bio-Techne Corp.   USFF -0.250%   Weekly   MS   07/06/26   (157,890)   (10,991,136)   (9,285,511)   1,367,042
Eli Lilly & Co.   USFF -0.250%   Weekly   MS   11/04/30   (668)   (693,456)   (717,886)   (51,056)
Mettler-Toledo International, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (2,545)   (3,371,606)   (3,548,214)   (269,705)
Moderna, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (67,661)   (6,057,247)   (1,995,323)   3,894,065
Revvity, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (15,798)   (1,935,340)   (1,528,457)   349,858
Thermo Fisher Scientific, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (6,352)   (3,479,757)   (3,680,666)   (299,617)
Vertex Pharmaceuticals, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (19,046)   (8,796,557)   (8,634,695)   (82,253)
Waters Corp.   USFF -0.250%   Weekly   MS   07/16/29   (16,525)   (6,215,143)   (6,276,691)   (233,803)
West Pharmaceutical Services, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (29,004)   (8,716,085)   (7,980,161)   477,175
Zoetis, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (33,776)   (5,179,104)   (4,249,696)   744,240
                    (367,516)   (60,645,761)   (53,233,152)   5,550,694
172

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Real Estate Management &
Development 		                           
CoStar Group, Inc.   USFF -0.250%   Weekly   MS   07/08/27   (72,152)   $(6,165,395)   $(4,851,500)   $1,143,025
Semiconductors & Semiconductor
Equipment 		                           
First Solar, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (32,860)   (7,533,790)   (8,584,018)   (1,259,191)
Intel Corp.   USFF -0.250%   Weekly   MS   07/08/27   (187,183)   (7,587,458)   (6,907,053)   411,284
KLA Corp.   USFF -0.250%   Weekly   MS   11/04/30   (2,249)   (2,732,293)   (2,732,715)   (77,258)
Microchip Technology, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (134,967)   (9,664,906)   (8,600,097)   573,174
Monolithic Power Systems, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (2,532)   (2,316,682)   (2,294,904)   (51,636)
NXP Semiconductors NV (Netherlands)   USFF -0.250%   Weekly   MS   01/22/30   (27,904)   (6,486,712)   (6,056,842)   182,969
Teradyne, Inc.   USFF -0.250%   Weekly   MS   01/12/29   (56,746)   (8,168,690)   (10,983,756)   (3,058,333)
Texas Instruments, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (24,740)   (4,762,487)   (4,292,143)   287,144
                    (469,181)   (49,253,018)   (50,451,528)   (2,991,847)
Software & Services                            
Akamai Technologies, Inc.   USFF -0.250%   Weekly   MS   07/11/28   (152,744)   (13,408,211)   (13,326,914)   (291,197)
Autodesk, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (16,145)   (4,916,482)   (4,779,081)   1,192
Cadence Design Systems, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (12,803)   (4,257,562)   (4,001,962)   137,840
Crowdstrike Holdings, Inc., Class A   USFF -0.250%   Weekly   MS   01/22/30   (9,561)   (4,425,378)   (4,481,814)   (178,868)
Datadog, Inc., Class A   USFF -0.250%   Weekly   MS   01/22/30   (27,602)   (4,065,647)   (3,753,596)   199,633
Fair Isaac Corp.   USFF -0.250%   Weekly   MS   01/22/30   (4,182)   (7,341,209)   (7,070,173)   67,434
Fortinet, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (59,014)   (4,729,095)   (4,686,302)   (88,094)
Gartner, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (519)   (287,076)   (130,933)   148,912
International Business Machines Corp.   USFF -0.250%   Weekly   MS   07/29/30   (29,941)   (9,051,100)   (8,868,824)   (89,949)
Intuit, Inc.   USFF -0.250%   Weekly   MS   11/04/30   (3,626)   (2,420,434)   (2,401,935)   (48,120)
Palo Alto Networks, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (34,329)   (6,520,538)   (6,323,402)   16,380
ServiceNow, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (23,105)   (4,558,766)   (3,539,455)   893,166
Synopsys, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (10,917)   (5,498,643)   (5,127,933)   218,400
Tyler Technologies, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (15,889)   (8,945,756)   (7,212,812)   1,484,675
Workday, Inc., Class A   USFF -0.250%   Weekly   MS   07/16/29   (38,665)   (9,509,621)   (8,304,469)   941,187
                    (439,042)   (89,935,518)   (84,009,605)   3,412,591
Technology Hardware & Equipment                            
Arista Networks, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (25,803)   (3,470,070)   (3,380,967)   (6,735)
Motorola Solutions, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (13,744)   (6,221,946)   (5,268,350)   756,539
Sandisk Corp.   USFF -0.250%   Weekly   MS   11/04/30   (43,062)   (9,482,531)   (10,222,058)   (1,002,738)
173

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
Total Return Swaps (continued)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Technology Hardware & Equipment
— (continued) 		                           
Super Micro Computer, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (39,736)   $(1,584,729)   $(1,163,073)   $378,302
Teledyne Technologies, Inc.   USFF -0.250%   Weekly   MS   01/07/27   (10,775)   (5,470,704)   (5,503,116)   (183,943)
Trimble, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (73,894)   (6,027,422)   (5,789,595)   70,798
                    (207,014)   (32,257,402)   (31,327,159)   12,223
Transportation                            
CH Robinson Worldwide, Inc.   USFF -0.250%   Weekly   MS   07/29/30   (23,909)   (2,990,731)   (3,843,611)   (957,854)
Old Dominion Freight Line, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (41,356)   (7,249,564)   (6,484,621)   531,793
Southwest Airlines Co.   USFF -0.250%   Weekly   MS   01/05/26   (259,316)   (9,320,664)   (10,717,530)   (1,846,607)
United Airlines Holdings, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (26,549)   (2,726,527)   (2,968,709)   (317,322)
                    (351,130)   (22,287,486)   (24,014,471)   (2,589,990)
Utilities                            
AES Corp. (The)   USFF -0.250%   Weekly   MS   01/10/28   (581,475)   (9,917,211)   (8,338,351)   843,013
Alliant Energy Corp.   USFF -0.250%   Weekly   MS   07/06/26   (54,016)   (3,419,782)   (3,511,580)   (396,284)
Ameren Corp.   USFF -0.250%   Weekly   MS   07/29/30   (234)   (24,459)   (23,367)   (2,258)
American Electric Power Co., Inc.   USFF -0.250%   Weekly   MS   01/07/27   (32,309)   (3,595,740)   (3,725,551)   (402,045)
American Water Works Co., Inc.   USFF -0.250%   Weekly   MS   01/05/26   (29,204)   (4,342,584)   (3,811,122)   287,792
Atmos Energy Corp.   USFF -0.250%   Weekly   MS   07/11/28   (13,014)   (2,131,586)   (2,181,537)   (128,295)
CenterPoint Energy, Inc.   USFF -0.250%   Weekly   MS   07/23/30   (107,976)   (4,161,769)   (4,139,800)   (123,804)
CMS Energy Corp.   USFF -0.250%   Weekly   MS   01/07/27   (47,140)   (3,426,797)   (3,296,500)   (63,039)
Consolidated Edison, Inc.   USFF -0.250%   Weekly   MS   07/16/29   (20,030)   (2,030,356)   (1,989,380)   (33,500)
Dominion Energy, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (76,285)   (4,418,587)   (4,469,538)   (254,242)
Edison International   USFF -0.250%   Weekly   MS   07/16/29   (52,804)   (3,545,440)   (3,169,296)   186,045
Entergy Corp.   USFF -0.250%   Weekly   MS   07/29/30   (47,735)   (4,552,300)   (4,412,146)   (4,375)
Exelon Corp.   USFF -0.250%   Weekly   MS   01/22/30   (62,958)   (2,898,181)   (2,744,339)   36,255
FirstEnergy Corp.   USFF -0.250%   Weekly   MS   01/07/27   (80,713)   (3,583,992)   (3,613,521)   (248,714)
NextEra Energy, Inc.   USFF -0.250%   Weekly   MS   07/06/26   (106,477)   (8,569,803)   (8,547,974)   (424,747)
NiSource, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (84,815)   (3,590,632)   (3,541,874)   (64,540)
Pinnacle West Capital Corp.   USFF -0.250%   Weekly   MS   01/22/30   (68,508)   (6,267,642)   (6,076,660)   (89,832)
PPL Corp.   USFF -0.250%   Weekly   MS   01/22/30   (146,351)   (5,322,990)   (5,125,212)   (13,181)
Public Service Enterprise Group, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (28,534)   (2,442,835)   (2,291,280)   45,881
Sempra   USFF -0.250%   Weekly   MS   07/16/29   (21,310)   (1,958,577)   (1,881,460)   5,338
Southern Co. (The)   USFF -0.250%   Weekly   MS   07/23/30   (24,274)   (2,264,050)   (2,116,693)   62,323
174

 

GOTHAM INDEX PLUS FUND
Portfolio of Investments (Concluded)
December 31, 2025
(Unaudited)
Total Return Swaps (concluded)
Reference
Entity 		  Receive   Payment
Frequency 		  Counter-
party 		  Maturity
Date 		  Number of
Contracts
(Short) 		  Notional
Amount 		  Value   Unrealized
Appreciation/
(Depreciation)*
Utilities — (continued)                            
WEC Energy Group, Inc.   USFF -0.250%   Weekly   MS   01/22/30   (16,593)   $(1,847,164)   $(1,749,898)   $30,234
Xcel Energy, Inc.   USFF -0.250%   Weekly   MS   01/05/26   (84,808)   (6,358,383)   (6,263,919)   (240,398)
                    (1,787,563)   (90,670,860)   (87,020,998)   (992,373)
Total Reference Entity — Short           (1,143,424,588)   (1,060,637,213)   39,768,956
Net Value of Reference Entity           $50,510,411   $342,669,014   $290,993,439
* Includes $(1,165,164) related to open trades, dividends receivables/payables and swap receivables/payables activities.
MS Morgan Stanley
USFF U.S. Fed Funds
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for total return swaps with end of period unrealized appreciation of $290,993,439, which are considered Level 2 as of and for the period ended December 31, 2025.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
175

 

GOTHAM LARGE VALUE FUND
Portfolio of Investments
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — 99.3%
Automobiles & Components — 1.3%
Aptiv PLC (Jersey)*     836   $    63,611
Ford Motor Co.  11,669      153,098
General Motors Co.   2,697      219,320
         436,029
Banks — 3.0%
Citigroup, Inc.   4,816      561,979
Citizens Financial Group, Inc.   1,247       72,837
Fifth Third Bancorp   2,551      119,412
Huntington Bancshares, Inc.   5,621       97,524
KeyCorp.   2,381       49,144
PNC Financial Services Group, Inc. (The)     669      139,641
       1,040,537
Capital Goods — 11.8%
A. O. Smith Corp.     539       36,048
Allegion PLC (Ireland)     285       45,378
AMETEK, Inc.     643      132,014
Builders FirstSource, Inc.*     319       32,822
Carrier Global Corp.   2,348      124,068
Caterpillar, Inc.   1,009      578,026
Cummins, Inc.     399      203,670
Dover Corp.     302       58,962
EMCOR Group, Inc.     129       78,921
Emerson Electric Co.   1,627      215,935
Fastenal Co.      67        2,689
Fortive Corp.   1,114       61,504
General Dynamics Corp.     789      265,625
Honeywell International, Inc.   1,836      358,185
Howmet Aerospace, Inc.      52       10,661
Hubbell, Inc.      27       11,991
Huntington Ingalls Industries, Inc.     113       38,428
IDEX Corp.     248       44,129
Illinois Tool Works, Inc.   1,059      260,832
Ingersoll Rand, Inc.     313       24,796
Johnson Controls International PLC (Ireland)   1,958      234,471
Masco Corp.     644       40,868
Nordson Corp.     173       41,594
Northrop Grumman Corp.     413      235,497
Otis Worldwide Corp.   1,150      100,453
Parker-Hannifin Corp.     267      234,682
Pentair PLC (Ireland)     481       50,091
Rockwell Automation, Inc.     328      127,615
RTX Corp.     132       24,209
Snap-on, Inc.     201       69,265
Stanley Black & Decker, Inc.     597       44,345
Textron, Inc.     597       52,040
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
United Rentals, Inc.     203   $   164,292
Xylem, Inc.     703       95,735
       4,099,841
Commercial & Professional Services — 3.1%
Automatic Data Processing, Inc.   1,205      309,962
Broadridge Financial Solutions, Inc.     326       72,754
Copart, Inc.*   2,799      109,581
Jacobs Solutions, Inc.     461       61,064
Leidos Holdings, Inc.     376       67,830
Paychex, Inc.   1,067      119,696
Republic Services, Inc.     712      150,894
Veralto Corp.     809       80,722
Verisk Analytics, Inc.     406       90,818
       1,063,321
Consumer Discretionary Distribution & Retail — 2.7%
AutoZone, Inc.*      13       44,090
Bath & Body Works, Inc.     717       14,397
Best Buy Co., Inc.     813       54,414
eBay, Inc.   1,379      120,111
Genuine Parts Co.     402       49,430
Lowe's Cos., Inc.     582      140,355
Pool Corp.     107       24,476
Ross Stores, Inc.     935      168,431
TJX Cos., Inc. (The)   1,217      186,943
Ulta Beauty, Inc.*     151       91,357
Williams-Sonoma, Inc.     348       62,149
         956,153
Consumer Durables & Apparel — 1.2%
Deckers Outdoor Corp.*     422       43,749
Garmin Ltd. (Switzerland)     556      112,785
Hasbro, Inc.     540       44,280
Lululemon Athletica, Inc.*     341       70,863
Ralph Lauren Corp.     115       40,665
Tapestry, Inc.     800      102,216
         414,558
Consumer Services — 3.7%
Airbnb, Inc., Class A*     143       19,408
Booking Holdings, Inc.      38      203,503
Carnival Corp. (Panama)*   3,866      118,068
Chipotle Mexican Grill, Inc.*   3,832      141,784
Expedia Group, Inc.     355      100,575
Hilton Worldwide Holdings, Inc.     203       58,312
Las Vegas Sands Corp.   1,960      127,576
Marriott International, Inc., Class A     787      244,159
McDonald's Corp.     286       87,410
 
176

 

GOTHAM LARGE VALUE FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Royal Caribbean Cruises Ltd. (Liberia)      21   $     5,857
Wynn Resorts Ltd.     375       45,124
Yum! Brands, Inc.     911      137,816
       1,289,592
Consumer Staples Distribution & Retail — 1.5%
Dollar General Corp.     727       96,524
Dollar Tree, Inc.*     700       86,107
Kroger Co. (The)   1,856      115,963
Sysco Corp.   1,507      111,051
Target Corp.   1,310      128,052
         537,697
Energy — 2.3%
APA Corp.   1,184       28,961
Baker Hughes Co.   2,850      129,789
Devon Energy Corp.   1,818       66,593
Exxon Mobil Corp.     758       91,218
Halliburton Co.   2,438       68,898
Occidental Petroleum Corp.   2,849      117,151
ONEOK, Inc.     671       49,318
SLB Ltd. (Curacao)   2,956      113,451
Valero Energy Corp.     882      143,581
         808,960
Equity Real Estate Investment Trusts (REITs) — 3.8%
Alexandria Real Estate Equities, Inc.     555       27,162
AvalonBay Communities, Inc.     407       73,793
Federal Realty Investment Trust     279       28,123
Host Hotels & Resorts, Inc.   1,501       26,613
Invitation Homes, Inc.   1,772       49,244
Mid-America Apartment Communities, Inc.     338       46,951
Prologis, Inc.   1,457      186,000
Realty Income Corp.   2,659      149,888
Regency Centers Corp.     486       33,548
Simon Property Group, Inc.     943      174,559
UDR, Inc.     956       35,066
Ventas, Inc.   1,357      105,005
VICI Properties, Inc.   3,089       86,863
Welltower, Inc.   1,562      289,923
       1,312,738
Financial Services — 4.9%
Block, Inc.*   1,766      114,949
Cboe Global Markets, Inc.     303       76,053
CME Group, Inc.     561      153,198
Corpay, Inc.*     272       81,853
FactSet Research Systems, Inc.     110       31,921
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Financial Services — (Continued)
Fiserv, Inc.*   1,553   $   104,315
Franklin Resources, Inc.   1,997       47,708
Global Payments, Inc.     723       55,960
Intercontinental Exchange, Inc.   1,656      268,206
Jack Henry & Associates, Inc.     209       38,138
Mastercard, Inc., Class A      87       49,667
Nasdaq, Inc.   1,730      168,035
PayPal Holdings, Inc.   3,633      212,094
S&P Global, Inc.     281      146,848
T Rowe Price Group, Inc.     845       86,511
Visa, Inc., Class A     225       78,910
       1,714,366
Food, Beverage & Tobacco — 7.0%
Altria Group, Inc.   6,475      373,348
Archer-Daniels-Midland Co.     585       33,632
Brown-Forman Corp., Class B   1,545       40,263
Campbell's Company (The)     946       26,365
Coca-Cola Co. (The)   6,586      460,427
Conagra Brands, Inc.   1,384       23,957
Constellation Brands, Inc., Class A     506       69,808
General Mills, Inc.   1,590       73,935
Hormel Foods Corp.   1,591       37,707
J M Smucker Co. (The)     298       29,147
Keurig Dr Pepper, Inc.   4,311      120,751
Kraft Heinz Co. (The)   3,426       83,080
Lamb Weston Holdings, Inc.     409       17,133
Molson Coors Beverage Co., Class B     572       26,701
Monster Beverage Corp.*   2,614      200,415
PepsiCo, Inc.   1,884      270,392
Philip Morris International, Inc.   2,942      471,897
Tyson Foods, Inc., Class A   1,167       68,410
       2,427,368
Health Care Equipment & Services — 8.8%
Align Technology, Inc.*     208       32,479
Baxter International, Inc.   1,483       28,340
Becton Dickinson & Co.     889      172,528
Cardinal Health, Inc.     777      159,674
Cencora, Inc.     566      191,167
Cigna Group (The)     773      212,753
CVS Health Corp.   3,901      309,583
DaVita, Inc.*     276       31,356
Elevance Health, Inc.     647      226,806
GE HealthCare Technologies, Inc.   1,488      122,046
HCA Healthcare, Inc.     665      310,462
Humana, Inc.     374       95,793
Labcorp Holdings, Inc.     239       59,960
 
177

 

GOTHAM LARGE VALUE FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
McKesson Corp.     367   $   301,046
Molina Healthcare, Inc.*     152       26,378
Quest Diagnostics, Inc.     331       57,438
ResMed, Inc.     424      102,129
Solventum Corp.*     521       41,284
UnitedHealth Group, Inc.   1,588      524,215
Universal Health Services, Inc., Class B     224       48,836
       3,054,273
Household & Personal Products — 3.1%
Church & Dwight Co., Inc.     695       58,276
Clorox Co. (The)     353       35,593
Colgate-Palmolive Co.   2,582      204,030
Estee Lauder Cos., Inc. (The), Class A     852       89,221
Kenvue, Inc.   5,539       95,548
Kimberly-Clark Corp.   1,279      129,038
Procter & Gamble Co. (The)   3,359      481,378
       1,093,084
Insurance — 3.9%
Aflac, Inc.     862       95,053
Arthur J Gallagher & Co.     442      114,385
Assurant, Inc.      91       21,917
Brown & Brown, Inc.     975       77,707
Chubb Ltd. (Switzerland)     364      113,612
Cincinnati Financial Corp.     238       38,870
Erie Indemnity Co., Class A     151       43,284
Hartford Insurance Group, Inc. (The)     807      111,205
Loews Corp.     802       84,459
Marsh & McLennan Cos., Inc.   1,420      263,438
Principal Financial Group, Inc.      33        2,911
Progressive Corp. (The)     363       82,662
Travelers Cos., Inc. (The)     348      100,941
W R Berkley Corp.   1,181       82,812
Willis Towers Watson PLC (Ireland)     327      107,452
       1,340,708
Materials — 2.6%
Avery Dennison Corp.     301       54,746
Ball Corp.      87        4,608
CF Industries Holdings, Inc.     578       44,702
Corteva, Inc.   2,245      150,482
DuPont de Nemours, Inc.   1,613       64,843
International Flavors & Fragrances, Inc.     822       55,395
LyondellBasell Industries NV, Class A (Netherlands)     930       40,269
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Newmont Corp.   3,683   $   367,748
PPG Industries, Inc.     648       66,394
Smurfit WestRock PLC (Ireland)   1,510       58,392
         907,579
Media & Entertainment — 3.2%
Charter Communications, Inc., Class A*     387       80,786
Comcast Corp., Class A  11,783      352,194
Fox Corp., Class A   1,717      125,461
Match Group, Inc.     888       28,673
News Corp., Class A   1,663       43,438
Omnicom Group, Inc.     754       60,885
Paramount Skydance Corp., Class B   3,175       42,545
Walt Disney Co. (The)   3,432      390,459
       1,124,441
Pharmaceuticals, Biotechnology & Life Sciences — 8.4%
AbbVie, Inc.     604      138,008
Agilent Technologies, Inc.     794      108,040
Amgen, Inc.     225       73,645
Biogen, Inc.*     425       74,796
Bristol-Myers Squibb Co.   6,293      339,444
Charles River Laboratories International, Inc.*     142       28,326
Gilead Sciences, Inc.   2,838      348,336
Incyte Corp.*     633       62,521
IQVIA Holdings, Inc.*     535      120,594
Johnson & Johnson   2,027      419,488
Merck & Co., Inc.   3,075      323,674
Pfizer, Inc.  17,799      443,195
Regeneron Pharmaceuticals, Inc.     380      293,311
Zoetis, Inc.   1,280      161,050
       2,934,428
Semiconductors & Semiconductor Equipment — 4.2%
Analog Devices, Inc.      28        7,594
Applied Materials, Inc.   1,368      351,562
KLA Corp.      19       23,087
Lam Research Corp.   3,640      623,095
Microchip Technology, Inc.     182       11,597
ON Semiconductor Corp.*   1,171       63,410
Qnity Electronics, Inc.     605       49,398
QUALCOMM, Inc.   1,709      292,324
Skyworks Solutions, Inc.     526       33,354
       1,455,421
Software & Services — 4.1%
Accenture PLC, Class A (Ireland)   1,826      489,916
Adobe, Inc.*     992      347,190
 
178

 

GOTHAM LARGE VALUE FUND
Portfolio of Investments (Concluded)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cognizant Technology Solutions Corp., Class A   1,434   $   119,022
EPAM Systems, Inc.*     159       32,576
Gartner, Inc.*     216       54,492
Gen Digital, Inc.   2,376       64,603
GoDaddy, Inc., Class A*     407       50,501
PTC, Inc.*     346       60,277
Roper Technologies, Inc.     311      138,435
VeriSign, Inc.     359       87,219
       1,444,231
Technology Hardware & Equipment — 6.5%
Amphenol Corp., Class A     419       56,624
Apple, Inc.     320       86,995
CDW Corp.     436       59,383
Cisco Systems, Inc.   5,632      433,833
Dell Technologies, Inc., Class C   2,293      288,643
F5, Inc.*     223       56,923
Hewlett Packard Enterprise Co.   3,813       91,588
HP, Inc.   3,616       80,565
Jabil, Inc.     413       94,172
Keysight Technologies, Inc.*     496      100,782
Motorola Solutions, Inc.      16        6,133
NetApp, Inc.     770       82,459
Sandisk Corp.*     422      100,174
Seagate Technology Holdings PLC (Ireland)     691      190,295
TE Connectivity PLC (Ireland)   1,138      258,907
Trimble, Inc.*     465       36,433
Western Digital Corp.   1,131      194,837
Zebra Technologies Corp., Class A*     168       40,794
       2,259,540
Telecommunication Services — 3.6%
AT&T, Inc.  20,553      510,536
T-Mobile US, Inc.   1,272      258,267
Verizon Communications, Inc.  12,190      496,499
       1,265,302
Transportation — 4.4%
CH Robinson Worldwide, Inc.     346       55,623
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
CSX Corp.   5,383   $   195,134
Delta Air Lines, Inc.   2,159      149,835
Expeditors International of Washington, Inc.     443       66,011
FedEx Corp.     688      198,736
JB Hunt Transport Services, Inc.     283       54,998
Norfolk Southern Corp.     658      189,978
Union Pacific Corp.   1,541      356,464
United Airlines Holdings, Inc.*     275       30,750
United Parcel Service, Inc., Class B   2,452      243,214
       1,540,743
Utilities — 0.2%
Eversource Energy      50        3,367
Vistra Corp.     334       53,884
          57,251
TOTAL COMMON STOCKS
(Cost $30,532,333) 		    34,578,161
SHORT-TERM INVESTMENT — 0.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%(a) 271,598      271,598
TOTAL SHORT-TERM INVESTMENT
(Cost $271,598) 		       271,598
 
TOTAL INVESTMENTS - 100.1%
(Cost $30,803,931) 		    34,849,759
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%        (29,205)
NET ASSETS - 100.0%     $34,820,554
(a) Rate disclosed is the 7-day yield at December 31, 2025.
* Non-income producing.
PLC Public Limited Company
 
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 as of and for the period ended December 31, 2025.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
179

 

GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — 99.2%
Automobiles & Components — 2.3%
Aptiv PLC (Jersey)*     366   $    27,849
Ford Motor Co.   6,343       83,220
General Motors Co.   1,459      118,646
Tesla, Inc.*     705      317,053
         546,768
Banks — 3.3%
Bank of America Corp.   2,779      152,845
Citigroup, Inc.     688       80,283
Citizens Financial Group, Inc.     163        9,521
Fifth Third Bancorp     251       11,749
Huntington Bancshares, Inc.      69        1,197
JPMorgan Chase & Co.   1,042      335,753
KeyCorp.     367        7,575
M&T Bank Corp.      39        7,858
PNC Financial Services Group, Inc. (The)     148       30,892
Regions Financial Corp.      45        1,219
Truist Financial Corp.     485       23,867
US Bancorp     589       31,429
Wells Fargo & Co.   1,194      111,281
         805,469
Capital Goods — 5.4%
3M Co.      30        4,803
A. O. Smith Corp.     214       14,312
Allegion PLC (Ireland)     137       21,813
AMETEK, Inc.      13        2,669
Axon Enterprise, Inc.*       4        2,272
Boeing Co. (The)*      37        8,033
Builders FirstSource, Inc.*       6          617
Carrier Global Corp.      48        2,536
Caterpillar, Inc.     513      293,882
Comfort Systems USA, Inc.       1          933
Cummins, Inc.       8        4,084
Deere & Co.      15        6,984
Dover Corp.       7        1,367
Eaton Corp. PLC (Ireland)      22        7,007
EMCOR Group, Inc.      69       42,214
Emerson Electric Co.      33        4,380
Fastenal Co.      56        2,247
Fortive Corp.      18          994
GE Vernova, Inc.      15        9,804
Generac Holdings, Inc.*       3          409
General Dynamics Corp.     431      145,100
General Electric Co.      60       18,482
Honeywell International, Inc.     993      193,724
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Howmet Aerospace, Inc.      23   $     4,715
Hubbell, Inc.       3        1,332
Huntington Ingalls Industries, Inc.      61       20,744
IDEX Corp.       4          712
Illinois Tool Works, Inc.      16        3,941
Ingersoll Rand, Inc.      22        1,743
Johnson Controls International PLC (Ireland)     943      112,924
L3Harris Technologies, Inc.      10        2,936
Lennox International, Inc.       2          971
Lockheed Martin Corp.      89       43,047
Masco Corp.      11          698
Nordson Corp.      89       21,398
Northrop Grumman Corp.      56       31,932
Otis Worldwide Corp.     539       47,082
PACCAR, Inc.      30        3,285
Parker-Hannifin Corp.       7        6,153
Pentair PLC (Ireland)     264       27,493
Quanta Services, Inc.       8        3,377
Rockwell Automation, Inc.     173       67,309
RTX Corp.      76       13,938
Snap-on, Inc.       2          689
Stanley Black & Decker, Inc.       8          594
Textron, Inc.     280       24,408
Trane Technologies PLC (Ireland)      12        4,670
TransDigm Group, Inc.       3        3,990
United Rentals, Inc.      14       11,331
Westinghouse Air Brake Technologies Corp.       9        1,921
WW Grainger, Inc.       2        2,018
Xylem, Inc.     249       33,909
       1,287,926
Commercial & Professional Services — 1.7%
Automatic Data Processing, Inc.     657      169,000
Broadridge Financial Solutions, Inc.       6        1,339
Cintas Corp.      20        3,761
Copart, Inc.*   1,494       58,490
Dayforce, Inc.*       8          553
Equifax, Inc.       6        1,302
Jacobs Solutions, Inc.     189       25,035
Leidos Holdings, Inc.     197       35,539
Paychex, Inc.     560       62,821
Paycom Software, Inc.       3          478
Republic Services, Inc.      17        3,603
Rollins, Inc.      24        1,441
Veralto Corp.     387       38,615
 
180

 

GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Verisk Analytics, Inc.       7   $     1,566
Waste Management, Inc.      20        4,394
         407,937
Consumer Discretionary Distribution & Retail — 5.4%
Amazon.com, Inc.*   4,845    1,118,323
AutoZone, Inc.*       1        3,391
Bath & Body Works, Inc.     362        7,269
Best Buy Co., Inc.     366       24,496
Carvana Co.*       5        2,110
eBay, Inc.     730       63,583
Genuine Parts Co.       7          861
Home Depot, Inc. (The)      56       19,270
Lowe's Cos., Inc.      31        7,476
O'Reilly Automotive, Inc.*      45        4,104
Pool Corp.       2          458
Ross Stores, Inc.      66       11,889
TJX Cos., Inc. (The)      66       10,138
Tractor Supply Co.      30        1,500
Ulta Beauty, Inc.*      59       35,696
Williams-Sonoma, Inc.       6        1,072
       1,311,636
Consumer Durables & Apparel — 0.8%
Deckers Outdoor Corp.*     259       26,851
DR Horton, Inc.      16        2,304
Garmin Ltd. (Switzerland)     176       35,702
Hasbro, Inc.     227       18,614
Lennar Corp., Class A      98       10,074
Lululemon Athletica, Inc.*     182       37,821
NIKE, Inc., Class B      84        5,352
NVR, Inc.*       1        7,293
PulteGroup, Inc.      11        1,290
Ralph Lauren Corp.       3        1,061
Tapestry, Inc.     390       49,830
         196,192
Consumer Services — 1.4%
Airbnb, Inc., Class A*      30        4,072
Booking Holdings, Inc.      17       91,041
Carnival Corp. (Panama)*   1,667       50,910
Chipotle Mexican Grill, Inc.*      76        2,812
Darden Restaurants, Inc.       6        1,104
Domino's Pizza, Inc.       1          417
DoorDash, Inc., Class A*      17        3,850
Expedia Group, Inc.     189       53,545
Hilton Worldwide Holdings, Inc.      13        3,734
Las Vegas Sands Corp.   1,060       68,995
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Marriott International, Inc., Class A      15   $     4,654
McDonald's Corp.      40       12,225
MGM Resorts International*      15          547
Norwegian Cruise Line Holdings Ltd. (Bermuda)*      26          580
Royal Caribbean Cruises Ltd. (Liberia)      15        4,184
Starbucks Corp.      65        5,474
Wynn Resorts Ltd.     160       19,253
Yum! Brands, Inc.      17        2,572
         329,969
Consumer Staples Distribution & Retail — 1.0%
Costco Wholesale Corp.      21       18,109
Dollar General Corp.     340       45,142
Dollar Tree, Inc.*     342       42,069
Kroger Co. (The)      36        2,249
Sysco Corp.      27        1,990
Target Corp.     768       75,072
Walmart, Inc.     454       50,580
         235,211
Energy — 1.9%
APA Corp.     570       13,942
Baker Hughes Co.      56        2,550
Chevron Corp.     450       68,584
ConocoPhillips      68        6,365
Coterra Energy, Inc.      43        1,132
Devon Energy Corp.     971       35,568
Diamondback Energy, Inc.      16        2,405
EOG Resources, Inc.      31        3,255
EQT Corp.      35        1,876
Expand Energy Corp.      10        1,104
Exxon Mobil Corp.   1,183      142,362
Halliburton Co.   1,496       42,277
Kinder Morgan, Inc.     126        3,464
Marathon Petroleum Corp.      17        2,765
Occidental Petroleum Corp.   1,175       48,316
ONEOK, Inc.      35        2,572
Phillips 66      24        3,097
SLB Ltd. (Curacao)      78        2,994
Targa Resources Corp.      11        2,030
Texas Pacific Land Corp.       3          862
Valero Energy Corp.     470       76,511
Williams Cos., Inc. (The)      64        3,847
         467,878
 
181

 

GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Equity Real Estate Investment Trusts (REITs) — 1.6%
Alexandria Real Estate Equities, Inc.       9   $       440
American Tower Corp.      26        4,565
AvalonBay Communities, Inc.       8        1,451
BXP, Inc.       9          607
Camden Property Trust       6          661
Crown Castle, Inc.      24        2,133
Digital Realty Trust, Inc.      15        2,321
Equinix, Inc.       4        3,065
Equity Residential      21        1,324
Essex Property Trust, Inc.       3          785
Extra Space Storage, Inc.      11        1,432
Federal Realty Investment Trust       5          504
Healthpeak Properties, Inc.      34          547
Host Hotels & Resorts, Inc.      34          603
Invitation Homes, Inc.      30          834
Iron Mountain, Inc.      14        1,161
Kimco Realty Corp.      38          770
Mid-America Apartment Communities, Inc.       6          833
Prologis, Inc.      52        6,638
Public Storage       9        2,336
Realty Income Corp.      51        2,875
Regency Centers Corp.      10          690
SBA Communications Corp.       6        1,161
Simon Property Group, Inc.     504       93,295
UDR, Inc.      18          660
Ventas, Inc.     724       56,023
VICI Properties, Inc.      49        1,378
Welltower, Inc.   1,059      196,561
Weyerhaeuser Co.      41          971
         386,624
Financial Services — 8.7%
American Express Co.     270       99,887
Ameriprise Financial, Inc.      35       17,162
Apollo Global Management, Inc.     217       31,413
Ares Management Corp., Class A      37        5,980
Bank of New York Mellon Corp. (The)     264       30,648
Berkshire Hathaway, Inc., Class B*     817      410,665
Blackrock, Inc.      62       66,361
Blackstone, Inc.     284       43,776
Block, Inc.*     567       36,906
Capital One Financial Corp.     246       59,621
Cboe Global Markets, Inc.       5        1,255
Charles Schwab Corp. (The)     677       67,639
CME Group, Inc.      20        5,462
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Financial Services — (Continued)
Coinbase Global, Inc., Class A*     135   $    30,529
Corpay, Inc.*     120       36,112
FactSet Research Systems, Inc.      60       17,411
Fidelity National Information Services, Inc.      29        1,927
Fiserv, Inc.*     897       60,251
Franklin Resources, Inc.     224        5,351
Global Payments, Inc.     406       31,424
Goldman Sachs Group, Inc. (The)     119      104,601
Interactive Brokers Group, Inc., Class A     169       10,868
Intercontinental Exchange, Inc.      32        5,183
Invesco Ltd. (Bermuda)     181        4,755
Jack Henry & Associates, Inc.       4          730
KKR & Co., Inc.     338       43,088
Mastercard, Inc., Class A     348      198,666
Moody's Corp.      10        5,109
Morgan Stanley     634      112,554
MSCI, Inc.       4        2,295
Nasdaq, Inc.     902       87,611
Northern Trust Corp.      71        9,698
PayPal Holdings, Inc.   1,719      100,355
Raymond James Financial, Inc.      75       12,044
Robinhood Markets, Inc., Class A*     226       25,561
S&P Global, Inc.      17        8,884
State Street Corp.     108       13,933
Synchrony Financial     136       11,346
T Rowe Price Group, Inc.     107       10,955
Visa, Inc., Class A     742      260,227
       2,088,243
Food, Beverage & Tobacco — 2.9%
Altria Group, Inc.     965       55,642
Archer-Daniels-Midland Co.      27        1,552
Brown-Forman Corp., Class B      26          677
Bunge Global SA (Switzerland)       8          713
Campbell's Company (The)      16          446
Coca-Cola Co. (The)   1,622      113,394
Conagra Brands, Inc.      27          467
Constellation Brands, Inc., Class A     309       42,630
General Mills, Inc.      30        1,395
Hershey Co. (The)      11        2,002
Hormel Foods Corp.      31          735
J M Smucker Co. (The)       6          587
Keurig Dr Pepper, Inc.   2,146       60,109
Kraft Heinz Co. (The)      67        1,625
Lamb Weston Holdings, Inc.       7          293
 
182

 

GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
McCormick & Co., Inc., non-voting shares      15   $     1,022
Molson Coors Beverage Co., Class B     304       14,191
Mondelez International, Inc., Class A      73        3,930
Monster Beverage Corp.*     356       27,294
PepsiCo, Inc.      77       11,051
Philip Morris International, Inc.   2,053      329,301
Tyson Foods, Inc., Class A     546       32,006
         701,062
Health Care Equipment & Services — 7.2%
Abbott Laboratories     673       84,320
Align Technology, Inc.*     116       18,113
Baxter International, Inc.      29          554
Becton Dickinson & Co.     440       85,391
Boston Scientific Corp.*      70        6,675
Cardinal Health, Inc.     367       75,419
Cencora, Inc.      11        3,715
Centene Corp.*      27        1,111
Cigna Group (The)     410      112,844
Cooper Cos., Inc. (The)*      11          902
CVS Health Corp.   2,041      161,974
DaVita, Inc.*     113       12,838
Dexcom, Inc.*      18        1,195
Edwards Lifesciences Corp.*      29        2,472
Elevance Health, Inc.     367      128,652
GE HealthCare Technologies, Inc.     721       59,136
HCA Healthcare, Inc.     358      167,136
Henry Schein, Inc.*       6          453
Humana, Inc.       6        1,537
IDEXX Laboratories, Inc.*       4        2,706
Insulet Corp.*       4        1,137
Intuitive Surgical, Inc.*      16        9,062
Labcorp Holdings, Inc.     129       32,364
McKesson Corp.     198      162,417
Medtronic PLC (Ireland)      72        6,916
Molina Healthcare, Inc.*      87       15,098
Quest Diagnostics, Inc.     171       29,674
ResMed, Inc.     211       50,824
Solventum Corp.*     267       21,157
STERIS PLC (Ireland)       5        1,268
Stryker Corp.      18        6,326
UnitedHealth Group, Inc.   1,393      459,843
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Universal Health Services, Inc., Class B      97   $    21,148
Zimmer Biomet Holdings, Inc.      11          989
       1,745,366
Household & Personal Products — 1.1%
Church & Dwight Co., Inc.     370       31,025
Clorox Co. (The)     188       18,956
Colgate-Palmolive Co.      45        3,556
Estee Lauder Cos., Inc. (The), Class A     588       61,575
Kenvue, Inc.     109        1,880
Kimberly-Clark Corp.     512       51,656
Procter & Gamble Co. (The)     606       86,846
         255,494
Insurance — 1.1%
Aflac, Inc.      30        3,307
Allstate Corp. (The)      13        2,706
American International Group, Inc.      31        2,652
Aon PLC, Class A (Ireland)      12        4,234
Arch Capital Group Ltd. (Bermuda)*      20        1,918
Arthur J Gallagher & Co.      14        3,623
Assurant, Inc.       2          482
Brown & Brown, Inc.     527       42,002
Chubb Ltd. (Switzerland)      22        6,867
Cincinnati Financial Corp.       9        1,470
Erie Indemnity Co., Class A       2          573
Everest Group Ltd. (Bermuda)       2          679
Globe Life, Inc.       4          559
Hartford Insurance Group, Inc. (The)      17        2,343
Loews Corp.      11        1,158
Marsh & McLennan Cos., Inc.     769      142,665
MetLife, Inc.      37        2,921
Principal Financial Group, Inc.      12        1,058
Progressive Corp. (The)      33        7,515
Prudential Financial, Inc.      19        2,145
Travelers Cos., Inc. (The)      12        3,481
W R Berkley Corp.      21        1,472
Willis Towers Watson PLC (Ireland)     121       39,761
         275,591
Materials — 1.7%
Air Products and Chemicals, Inc.      10        2,470
Albemarle Corp.       6          849
Amcor PLC (Jersey)     121        1,009
Avery Dennison Corp.       4          728
Ball Corp.      15          795
 
183

 

GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Materials — (Continued)
CF Industries Holdings, Inc.     289   $    22,351
Corteva, Inc.   1,044       69,979
CRH PLC (Ireland)      25        3,120
Dow, Inc.      40          935
DuPont de Nemours, Inc.     646       25,969
Ecolab, Inc.      16        4,200
Freeport-McMoRan, Inc.      81        4,114
International Flavors & Fragrances, Inc.     407       27,428
International Paper Co.      27        1,064
Linde PLC (Ireland)      26       11,086
LyondellBasell Industries NV, Class A (Netherlands)      18          779
Martin Marietta Materials, Inc.       3        1,868
Mosaic Co. (The)      18          434
Newmont Corp.   1,883      188,018
Nucor Corp.      13        2,120
Packaging Corp. of America       5        1,031
PPG Industries, Inc.      12        1,229
Sherwin-Williams Co. (The)      14        4,536
Smurfit WestRock PLC (Ireland)     806       31,168
Steel Dynamics, Inc.       8        1,356
Vulcan Materials Co.       7        1,997
         410,633
Media & Entertainment — 10.8%
Alphabet, Inc., Class A   3,666    1,147,458
Charter Communications, Inc., Class A*     217       45,299
Comcast Corp., Class A   6,048      180,775
Electronic Arts, Inc.     106       21,659
Fox Corp., Class A     783       57,214
Live Nation Entertainment, Inc.*      11        1,567
Match Group, Inc.      40        1,292
Meta Platforms, Inc., Class A   1,170      772,305
Netflix, Inc.*     240       22,502
News Corp., Class A     900       23,508
Omnicom Group, Inc.      11          888
Paramount Skydance Corp., Class B      63          844
Take-Two Interactive Software, Inc.*      72       18,434
TKO Group Holdings, Inc.       4          836
Trade Desk, Inc. (The), Class A*      20          759
Walt Disney Co. (The)   2,596      295,347
Warner Bros Discovery, Inc.*     141        4,064
       2,594,751
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — 3.5%
AbbVie, Inc.     100   $    22,849
Agilent Technologies, Inc.      14        1,905
Amgen, Inc.      30        9,819
Biogen, Inc.*     250       43,998
Bio-Techne Corp.       8          470
Bristol-Myers Squibb Co.   1,656       89,325
Charles River Laboratories International, Inc.*       2          399
Danaher Corp.     274       62,724
Eli Lilly & Co.      45       48,361
Gilead Sciences, Inc.     103       12,642
Incyte Corp.*     303       29,927
IQVIA Holdings, Inc.*     285       64,242
Johnson & Johnson     879      181,909
Merck & Co., Inc.     691       72,735
Mettler-Toledo International, Inc.*       1        1,394
Moderna, Inc.*      22          649
Pfizer, Inc.   6,755      168,199
Regeneron Pharmaceuticals, Inc.       6        4,631
Revvity, Inc.       6          581
Thermo Fisher Scientific, Inc.      22       12,748
Vertex Pharmaceuticals, Inc.*      14        6,347
Viatris, Inc.      67          834
Waters Corp.*       3        1,139
West Pharmaceutical Services, Inc.       4        1,101
Zoetis, Inc.      21        2,642
         841,570
Real Estate Management & Development — 0.0%
CBRE Group, Inc., Class A*      17        2,733
CoStar Group, Inc.*      19        1,278
           4,011
Semiconductors & Semiconductor Equipment — 11.5%
Advanced Micro Devices, Inc.*      77       16,490
Analog Devices, Inc.      23        6,238
Applied Materials, Inc.     925      237,716
Broadcom, Inc.   1,009      349,215
First Solar, Inc.*       5        1,306
Intel Corp.*     245        9,040
KLA Corp.       7        8,505
Lam Research Corp.   2,043      349,721
Microchip Technology, Inc.      31        1,975
Micron Technology, Inc.     431      123,012
Monolithic Power Systems, Inc.       2        1,813
NVIDIA Corp.   7,504    1,399,496
 
184

 

GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
NXP Semiconductors NV (Netherlands)      14   $     3,039
ON Semiconductor Corp.*     702       38,013
Qnity Electronics, Inc.      11          898
QUALCOMM, Inc.   1,130      193,286
Skyworks Solutions, Inc.     273       17,311
Teradyne, Inc.      10        1,936
Texas Instruments, Inc.      38        6,593
       2,765,603
Software & Services — 10.7%
Accenture PLC, Class A (Ireland)   1,006      269,910
Adobe, Inc.*     635      222,244
Akamai Technologies, Inc.*       8          698
AppLovin Corp., Class A*      14        9,433
Autodesk, Inc.*      12        3,552
Cadence Design Systems, Inc.*      15        4,689
Cognizant Technology Solutions Corp., Class A     779       64,657
Crowdstrike Holdings, Inc., Class A*      10        4,688
Datadog, Inc., Class A*      14        1,904
EPAM Systems, Inc.*      85       17,415
Fair Isaac Corp.*       1        1,691
Fortinet, Inc.*      37        2,938
Gartner, Inc.*     125       31,535
Gen Digital, Inc.   1,046       28,441
GoDaddy, Inc., Class A*     223       27,670
International Business Machines Corp.      53       15,699
Intuit, Inc.      13        8,611
Microsoft Corp.   3,448    1,667,522
Oracle Corp.     163       31,770
Palantir Technologies, Inc., Class A*     134       23,818
Palo Alto Networks, Inc.*      32        5,894
PTC, Inc.*     185       32,229
Roper Technologies, Inc.      70       31,159
Salesforce, Inc.      53       14,040
ServiceNow, Inc.*      59        9,038
Synopsys, Inc.*      10        4,697
Tyler Technologies, Inc.*       2          908
VeriSign, Inc.     148       35,957
Workday, Inc., Class A*      11        2,363
       2,575,170
Technology Hardware & Equipment — 11.7%
Amphenol Corp., Class A     910      122,977
Apple, Inc.   5,711    1,552,593
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Arista Networks, Inc.*      75   $     9,827
CDW Corp.       7          953
Cisco Systems, Inc.   5,113      393,854
Corning, Inc.      48        4,203
Dell Technologies, Inc., Class C   1,205      151,685
F5, Inc.*     109       27,823
Hewlett Packard Enterprise Co.   2,029       48,737
HP, Inc.   1,594       35,514
Jabil, Inc.     203       46,288
Keysight Technologies, Inc.*      10        2,032
Motorola Solutions, Inc.       9        3,450
NetApp, Inc.     376       40,266
Sandisk Corp.*     226       53,648
Seagate Technology Holdings PLC (Ireland)     347       95,560
Super Micro Computer, Inc.*      35        1,025
TE Connectivity PLC (Ireland)     479      108,977
Teledyne Technologies, Inc.*       2        1,022
Trimble, Inc.*      12          940
Western Digital Corp.     591      101,812
Zebra Technologies Corp., Class A*      86       20,883
       2,824,069
Telecommunication Services — 1.4%
AT&T, Inc.   6,709      166,651
T-Mobile US, Inc.      64       12,995
Verizon Communications, Inc.   4,053      165,079
         344,725
Transportation — 1.8%
CH Robinson Worldwide, Inc.       7        1,125
CSX Corp.     108        3,915
Delta Air Lines, Inc.   1,055       73,217
Expeditors International of Washington, Inc.     219       32,633
FedEx Corp.     393      113,522
JB Hunt Transport Services, Inc.       5          972
Norfolk Southern Corp.     147       42,442
Old Dominion Freight Line, Inc.      10        1,568
Southwest Airlines Co.      29        1,199
Uber Technologies, Inc.*      98        8,008
Union Pacific Corp.      33        7,633
United Airlines Holdings, Inc.*      18        2,013
United Parcel Service, Inc., Class B   1,403      139,163
         427,410
Utilities — 0.3%
AES Corp. (The)      40          574
 
185

 

GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Concluded)
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Alliant Energy Corp.      13   $       845
Ameren Corp.      13        1,298
American Electric Power Co., Inc.      25        2,883
American Water Works Co., Inc.       9        1,174
Atmos Energy Corp.       7        1,173
CenterPoint Energy, Inc.      30        1,150
CMS Energy Corp.      14          979
Consolidated Edison, Inc.      20        1,986
Constellation Energy Corp.      17        6,006
Dominion Energy, Inc.      49        2,871
DTE Energy Co.      11        1,419
Duke Energy Corp.      44        5,157
Edison International      18        1,080
Entergy Corp.      20        1,849
Evergy, Inc.      11          797
Eversource Energy      21        1,414
Exelon Corp.      57        2,485
FirstEnergy Corp.      28        1,254
NextEra Energy, Inc.      97        7,787
NiSource, Inc.      21          877
NRG Energy, Inc.      11        1,752
PG&E Corp.     845       13,579
Pinnacle West Capital Corp.       6          532
PPL Corp.      42        1,471
Public Service Enterprise Group, Inc.      28        2,248
Sempra      30        2,649
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Southern Co. (The)      52   $     4,534
Vistra Corp.      20        3,227
WEC Energy Group, Inc.      15        1,582
Xcel Energy, Inc.      27        1,994
          78,626
TOTAL COMMON STOCKS
(Cost $16,984,267) 		    23,907,934
SHORT-TERM INVESTMENT — 1.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%(a) 237,153      237,153
TOTAL SHORT-TERM INVESTMENT
(Cost $237,153) 		       237,153
 
TOTAL INVESTMENTS - 100.2%
(Cost $17,221,420) 		    24,145,087
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%        (56,286)
NET ASSETS - 100.0%     $24,088,801
(a) Rate disclosed is the 7-day yield at December 31, 2025.
* Non-income producing.
PLC Public Limited Company
 
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 as of and for the period ended December 31, 2025.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
186

 

GOTHAM TOTAL RETURN FUND
Portfolio of Investments
December 31, 2025
(Unaudited)
  Number
of Shares 		  Value
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANIES(a) — 96.8% 		   
Gotham 1000 Value ETF 177,816   $ 4,382,826
Gotham Enhanced S&P 500 Index Fund 134,499    2,540,686
Gotham Index Plus Fund 130,935    4,286,820
Gotham Large Value Fund 222,968    3,134,934
Gotham Neutral Fund* 100,063    1,501,941
TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES
(Cost $13,104,381) 		    15,847,207
SHORT-TERM INVESTMENT — 3.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%(b) 538,193      538,193
TOTAL SHORT-TERM INVESTMENT
(Cost $538,193) 		       538,193
 
TOTAL INVESTMENTS - 100.1%
(Cost $13,642,574) 		    16,385,400
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%        (23,363)
NET ASSETS - 100.0%     $16,362,037
(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) Rate disclosed is the 7-day yield at December 31, 2025.
* Non-income producing.
ETF Exchange-Traded Fund
S&P Standard & Poor's
 
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 as of and for the period ended December 31, 2025.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
187