Fiscal Q1 Holdings
ˆ200D$W8F64ez%%4GCŠ 200D$W8F64ez%%4GC VDI-W7-PFL-0217 BNY MELLON ASSET SER Donnelley Financial14.4.13.0 LSWmuktm0in 25-Feb-2021 20:10 EST 120068 MB841 1 9* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — 95.3% COMMON STOCKS — (Continued) Automobiles & Components — 1.0% Capital Goods — (Continued) Adient PLC (Ireland)* 11,947 $ 415,397 Emerson Electric Co.(a) 21,412 $ 1,720,882 American Axle & Flowserve Corp. 15,627 575,855 Manufacturing Holdings, Fortive Corp. 10,053 711,953 Inc.* 63,933 533,201 Fortune Brands Home & Security, BorgWarner, Inc. 2,661 102,821 Inc. 16,092 1,379,406 Cooper Tire & Rubber Co. 2,202 89,181 Franklin Electric Co., Inc. 3,759 260,160 Ford Motor Co. 62,531 549,647 FuelCell Energy, Inc.* 51,869 579,377 General Motors Co. 25,380 1,056,823 Gates Industrial Corp. PLC (United Gentherm, Inc.* 3,066 199,965 Kingdom)* 74 944 Harley-Davidson, Inc. 925 33,947 Generac Holdings, Inc.* 1,455 330,882 Magna International, Inc. Gibraltar Industries, Inc.* 7,032 505,882 (Canada) 9,357 662,476 GMS, Inc.* 2,371 72,268 Modine Manufacturing Co.* 11 138 Herc Holdings, Inc.* 829 55,054 Standard Motor Products, Inc. 183 7,404 Honeywell International, Inc.(a) 12,849 2,732,982 Tenneco, Inc., Class A* 36,643 388,416 Howmet Aerospace, Inc.(a) 140,337 4,005,218 Thor Industries, Inc. 2,170 201,788 Hubbell, Inc. 387 60,678 Visteon Corp.* 2,337 293,340 Huntington Ingalls Industries, Inc. 248 42,279 Winnebago Industries, Inc. 1,267 75,944 Illinois Tool Works, Inc. 1,799 366,780 4,610,488 Jacobs Engineering Group, Inc. 734 79,977 John Bean Technologies Corp. 1,407 160,215 Capital Goods — 11.8% Johnson Controls International (a) 3M Co. 12,041 2,104,646 PLC (Ireland) 4,007 186,686 A.O. Smith Corp. 425 23,298 L3Harris Technologies, Inc. 5,317 1,005,019 Acuity Brands, Inc. 3,231 391,242 Lennox International, Inc. 1,481 405,750 Advanced Drainage Systems, Lockheed Martin Corp.(a) 7,915 2,809,667 Inc. 4,232 353,711 Masco Corp.(a) 34,376 1,888,274 AECOM* 15,783 785,678 Middleby Corp. (The)* 3,382 436,007 AeroVironment, Inc.* 169 14,686 MRC Global, Inc.* 7,040 46,675 AGCO Corp. 193 19,896 Mueller Industries, Inc. 7,780 273,156 Albany International Corp., Northrop Grumman Corp. 1,967 599,384 Class A 1,365 100,218 NOW, Inc.* 31,514 226,271 AMETEK, Inc. 9,451 1,143,004 nVent Electric PLC (Ireland) 8,774 204,346 Apogee Enterprises, Inc. 3,302 104,607 Otis Worldwide Corp. 729 49,244 Applied Industrial Owens Corning 14,324 1,085,186 Technologies, Inc. 1,651 128,761 PACCAR, Inc. 3,239 279,461 Atkore International Group, Parker-Hannifin Corp. 2,119 577,237 Inc.* 7,156 294,183 Pentair PLC (Ireland) 27,672 1,469,106 Ballard Power Systems, Inc. Primoris Services Corp. 72 1,988 (Canada)* 6,674 156,172 Quanta Services, Inc.(a) 27,024 1,946,268 Barnes Group, Inc. 1,964 99,555 RBC Bearings, Inc.* 1,052 188,350 Carrier Global Corp. 2,515 94,866 Regal Beloit Corp. 1,925 236,409 Chart Industries, Inc.* 5,385 634,299 Rexnord Corp. 4,364 172,334 (a) Colfax Corp. * 54,964 2,101,823 Simpson Manufacturing Co., Inc. 8,640 807,408 Cubic Corp. 1,613 100,071 SiteOne Landscape Supply, Inc.* 2,392 379,443 Cummins, Inc. 1,656 376,078 Snap-on, Inc. 4,690 802,647 Curtiss-Wright Corp. 1,176 136,828 Deere & Co.(a) 6,126 1,648,200 Donaldson Co., Inc. 2,005 112,039 Dover Corp. 12,458 1,572,822 Dycom Industries, Inc.* 11,069 835,931 Eaton Corp. PLC (Ireland) 4,188 503,146
1 ˆ200D$W8F63wsqPjGcŠ 200D$W8F63wsqPjGc LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB841 2 7* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Capital Goods — (Continued) Commercial & Professional Services — (Continued) Stanley Black & Decker, Inc. 4,195 $ 749,059 TransUnion 3,724 $ 369,495 Textainer Group Holdings Ltd. TriNet Group, Inc.* 4,058 327,075 (Bermuda)* 851 16,322 UniFirst Corp. 604 127,861 Toro Co. (The) 1,658 157,245 Verisk Analytics, Inc. 1,666 345,845 TPI Composites, Inc.* 8,392 442,930 Waste Management, Inc. 4,795 565,474 Trane Technologies PLC (Ireland) 10,324 1,498,632 7,695,530 TransDigm Group, Inc.(a) * 3,675 2,274,274 UFP Industries, Inc. 12,571 698,319 Consumer Durables & Apparel — 3.3% United Rentals, Inc.(a) * 9,965 2,310,983 Brunswick Corp. 8,223 626,922 Univar Solutions, Inc.* 19,152 364,080 Capri Holdings Ltd. (British Virgin Valmont Industries, Inc. 2,142 374,700 Islands)* 31,580 1,326,360 Wabash National Corp. 12,679 218,459 Carter’s, Inc. 1,560 146,749 Watsco, Inc. 1,980 448,569 Cavco Industries, Inc.* 495 86,848 Watts Water Technologies, Inc., Crocs, Inc.* 276 17,294 Class A 744 90,545 Deckers Outdoor Corp.* 34 9,751 Westinghouse Air Brake DR Horton, Inc. 13,695 943,859 Technologies Corp. 4,110 300,852 Garmin Ltd. (Switzerland) 6,379 763,311 WW Grainger, Inc. 73 29,809 G-III Apparel Group Ltd.* 15,757 374,071 Gildan Activewear, Inc. (Canada) 3,393 95,038 53,527,646 Hanesbrands, Inc. 9,492 138,393 Commercial & Professional Services — 1.7% Hasbro, Inc. 324 30,307 ABM Industries, Inc. 6,698 253,452 Helen of Troy Ltd. (Bermuda)* 192 42,660 Cimpress PLC (Ireland)* 6,621 580,927 Kontoor Brands, Inc. 11,690 474,146 Cintas Corp. 521 184,153 La-Z-Boy, Inc. 8,323 331,588 Clarivate PLC (Jersey)* 9,485 281,799 Leggett & Platt, Inc. 775 34,332 Clean Harbors, Inc.* 2,654 201,969 Lovesac Co. (The)* 82 3,533 CoreLogic, Inc. 1,332 102,990 Mohawk Industries, Inc.* 11,250 1,585,687 Covanta Holding Corp. 65,410 858,833 Newell Brands, Inc. 4,635 98,401 Healthcare Services Group, Inc. 23,214 652,313 NIKE, Inc., Class B 12,615 1,784,644 Herman Miller, Inc. 2,670 90,246 Polaris, Inc. 8,529 812,643 HNI Corp. 988 34,046 PulteGroup, Inc. 18,208 785,129 ICF International, Inc. 25 1,858 PVH Corp. 7,691 722,108 IHS Markit Ltd. (Bermuda) 1,773 159,269 Smith & Wesson Brands, Inc. 23,246 412,616 KAR Auction Services, Inc. 4,309 80,190 Steven Madden Ltd 32,913 1,162,487 Kforce, Inc. 368 15,489 Sturm Ruger & Co., Inc. 8,103 527,262 ManpowerGroup, Inc. 6,134 553,164 Tempur Sealy International, Inc.* 35,141 948,807 Nielsen Holdings PLC (United TopBuild Corp.* 575 105,846 Kingdom) 26,331 549,528 Tupperware Brands Corp.* 8,823 285,777 Republic Services, Inc. 8,775 845,032 Whirlpool Corp. 1,332 240,413 Ritchie Bros Auctioneers, Inc. YETI Holdings, Inc.* 1,560 106,813 (Canada). 178 12,380 15,023,795 Robert Half International, Inc. 562 35,114 Steelcase, Inc., Class A. 17,116 231,922 Consumer Services — 3.1% Thomson Reuters Corp. Adtalem Global Education, Inc.* 9,410 319,470 (Canada) 2,871 235,106 Bloomin’ Brands, Inc. 57,408 1,114,863 Boyd Gaming Corp. 20,370 874,280
2 ˆ200D$W8F63ws&%ho;Š 200D$W8F63ws&%ho; LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB841 3 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Consumer Services — (Continued) Energy — (Continued) Brinker International, Inc. 2,492 $ 140,972 Cactus, Inc., Class A 8,688 $ 226,496 Chipotle Mexican Grill, Inc.* 21 29,121 Canadian Natural Resources Ltd. Darden Restaurants, Inc. 1,931 230,021 (Canada) 18,099 435,281 Dine Brands Global, Inc. 12,999 753,942 Cenovus Energy, Inc. (Canada) 36,618 221,173 Graham Holdings Co., Class B 148 78,940 Cheniere Energy, Inc.* 3,385 203,202 Grand Canyon Education, Inc.* 1,683 156,704 Chevron Corp.(a) 40,839 3,448,854 Hilton Worldwide Holdings, Inc. 2,537 282,267 Clean Energy Fuels Corp.*. 19,823 155,809 Hyatt Hotels Corp., Class A 3,983 295,738 Concho Resources, Inc. 3,021 176,275 Jack in the Box, Inc. 4,990 463,072 ConocoPhillips 23,489 939,325 Laureate Education, Inc., Class A* 38,035 553,790 Core Laboratories NV McDonald’s Corp. 5,541 1,188,988 (Netherlands) 9,341 247,630 MGM Resorts International(a) 65,933 2,077,549 DHT Holdings, Inc. (Marshall Norwegian Cruise Line Holdings Islands) . 22,233 116,279 Ltd. (Bermuda)* 9,627 244,815 DMC Global, Inc. 1,312 56,744 Papa John’s International, Inc. 10,501 891,010 Enerplus Corp. (Canada) 4,366 13,666 Perdoceo Education Corp.* 33,637 424,835 EOG Resources, Inc. 15,103 753,187 Red Rock Resorts, Inc., Class A 32,865 822,940 EQT Corp. 23,937 304,239 Royal Caribbean Cruises Ltd. Halliburton Co. 80,273 1,517,160 (Liberia) 2,079 155,281 Kinder Morgan, Inc. 68,280 933,388 Service Corp. International 10,048 493,357 Kosmos Energy Ltd. 178,930 420,486 Strategic Education, Inc. 4,654 443,666 Magnolia Oil & Gas Corp., Class A* 20,080 141,765 Texas Roadhouse, Inc. 143 11,177 Marathon Petroleum Corp. 13,526 559,435 Wingstop, Inc. 5,234 693,767 Murphy Oil Corp. 19,296 233,482 Wyndham Hotels & Resorts, Inc. 7,257 431,356 NexGen Energy Ltd. (Canada)* 2,572 7,099 Yum! Brands, Inc. 9,332 1,013,082 Occidental Petroleum Corp. 21,849 378,206 14,185,003 Range Resources Corp. 25,717 172,304 Renewable Energy Group, Inc.* 4,715 333,916 Diversified Financials — 1.2% Schlumberger NV (Curacao) 7,186 156,870 Berkshire Hathaway, Inc., Class B* 1,245 288,678 SM Energy Co. 35,133 215,014 BlackRock, Inc. 994 717,211 Targa Resources Corp. 4,168 109,952 Cboe Global Markets, Inc. 1,709 159,142 Vermilion Energy, Inc. (Canada) 10,528 46,850 Federated Hermes, Inc. 5,311 153,435 Williams Cos., Inc. (The) 23,018 461,511 Invesco Ltd. (Bermuda) 4,894 85,302 World Fuel Services Corp. 16,008 498,809 Moody’s Corp. 366 106,228 14,606,202 Nasdaq, Inc. 5,902 783,431 S&P Global, Inc.(a) 7,292 2,397,099 Food & Staples Retailing — 1.7% Sprott, Inc. (Canada) 353 10,233 BJ’s Wholesale Club Holdings, Inc.* 4,725 176,148 T Rowe Price Group, Inc. 4,376 662,483 Casey’s General Stores, Inc. 619 110,566 5,363,242 Costco Wholesale Corp. 2,275 857,174 Ingles Markets, Inc., Class A 239 10,196 Energy — 3.2% Kroger Co. (The) 21,191 673,026 Antero Midstream Corp. 65,866 507,827 Sprouts Farmers Market, Inc.* 33,998 683,360 Apache Corp. 42,603 604,537 Sysco Corp. 10,184 756,264 Archrock, Inc. 1,089 9,431 United Natural Foods, Inc.* 8,206 131,050 US Foods Holding Corp.* 5,610 186,869
3 ˆ200D$W8F63wtJqvo>Š 200D$W8F63wtJqvo> LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB841 4 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Food & Staples Retailing — (Continued) Health Care Equipment & Services — (Continued) Walgreens Boots Alliance, Inc. 15,779 $ 629,267 DaVita, Inc.* 10,080 $ 1,183,392 Walmart, Inc.(a) 23,031 3,319,919 DENTSPLY SIRONA, Inc. 9,822 514,280 7,533,839 Ensign Group, Inc. (The) 1,959 142,850 Envista Holdings Corp.* 4,637 156,406 Food, Beverage & Tobacco — 3.4% Hanger, Inc.* 94 2,067 Altria Group, Inc. 26,139 1,071,699 HCA Healthcare, Inc. 5,821 957,322 Archer-Daniels-Midland Co. 5,005 252,302 Hologic, Inc.(a) * 31,678 2,307,109 B&G Foods, Inc. 3,329 92,313 Humana, Inc.(a) 4,733 1,941,808 Bunge Ltd. (Bermuda) 482 31,610 IDEXX Laboratories, Inc.* 1,865 932,258 Campbell Soup Co. 4,452 215,254 Integer Holdings Corp.* 1,284 104,248 Coca-Cola Co. (The) 27,628 1,515,120 Laboratory Corp. of America Coca-Cola Consolidated, Inc. 232 61,775 Holdings* 1,772 360,691 Conagra Brands, Inc. 25,566 927,023 McKesson Corp. 3,054 531,152 Constellation Brands, Inc., Class MEDNAX, Inc.* 22 540 (a) A . 8,680 1,901,354 Medtronic PLC (Ireland) 12,576 1,473,153 Flowers Foods, Inc. 2,301 52,072 Meridian Bioscience, Inc.* 4,050 75,694 General Mills, Inc. 10,761 632,747 Merit Medical Systems, Inc.* 2,278 126,452 Hershey Co. (The) 1,806 275,108 National Research Corp. 11 470 JM Smucker Co. (The) 8,276 956,706 Natus Medical, Inc.* 1,244 24,930 Kellogg Co. 4,934 307,043 Neogen Corp.* 8 634 Kraft Heinz Co. (The) 43,799 1,518,073 Omnicell, Inc.* 103 12,362 McCormick & Co., Inc., non- Owens & Minor, Inc. 166 4,490 voting shares 5,378 514,137 Patterson Cos., Inc. 38,654 1,145,318 Molson Coors Beverage Co., Providence Service Corp. (The)* 1,245 172,594 Class B . 987 44,603 Quest Diagnostics, Inc. 4,115 490,385 Monster Beverage Corp.* 11,261 1,041,417 Quidel Corp.* 1,604 288,159 National Beverage Corp. 2,321 197,053 ResMed, Inc. 4,492 954,820 PepsiCo, Inc. 6,989 1,036,469 Schrodinger, Inc.* 3,033 240,153 Philip Morris International, Inc. 7,780 644,106 Select Medical Holdings Corp.* 21,633 598,369 TreeHouse Foods, Inc.* 5,428 230,636 STERIS PLC (Ireland) 4,890 926,851 (a) Tyson Foods, Inc., Class A 27,586 1,777,642 Stryker Corp. 4,000 980,160 Vector Group Ltd. 981 11,429 Teladoc Health, Inc.* 4,964 992,601 15,307,691 Tenet Healthcare Corp.* 9,927 396,385 Health Care Equipment & Services — 6.3% Tivity Health, Inc.* 25,719 503,835 Abbott Laboratories 1,935 211,863 UnitedHealth Group, Inc. 2,307 809,019 Align Technology, Inc.* 119 63,591 Universal Health Services, Inc., Allscripts Healthcare Solutions, Class B 5,567 765,462 Inc.* 3,479 50,237 Varian Medical Systems, Inc.* 9,808 1,716,498 AmerisourceBergen Corp. 24 2,346 West Pharmaceutical Services, Inc. 1,982 561,520 Anthem, Inc. 3,347 1,074,688 Zimmer Biomet Holdings, Inc. 1,309 201,704 Cardinal Health, Inc. 16,030 858,567 28,795,847 Centene Corp.* 1,821 109,315 Household & Personal Products — 1.2% Cerner Corp. 8,155 640,004 Church & Dwight Co., Inc. 808 70,482 Cigna Corp. 653 135,942 Community Health Systems, Inc.* 7,037 52,285 CONMED Corp. 2,390 267,680 CVS Health Corp. 8,521 581,984 Danaher Corp.(a) 9,684 2,151,204
4 ˆ200D$W8F63wtYQaGZŠ 200D$W8F63wtYQaGZ LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB841 5 6* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Household & Personal Products — (Continued) Materials — (Continued) Clorox Co. (The) 2,417 $ 488,041 Kinross Gold Corp. (Canada) 36,049 $ 264,600 Colgate-Palmolive Co. 13,005 1,112,058 Kraton Corp.* 8,899 247,303 Edgewell Personal Care Co. 4,317 149,282 Linde PLC (Ireland) 9,631 2,537,865 elf Beauty, Inc.* 19,244 484,756 Louisiana-Pacific Corp. 3,154 117,234 Estee Lauder Cos., Inc. (The), Class LyondellBasell Industries NV, A 2,463 655,626 Class A (Netherlands) 4,713 431,994 Kimberly-Clark Corp. 8,142 1,097,786 Martin Marietta Materials, Inc. 1,083 307,540 Procter & Gamble Co. (The) 8,846 1,230,832 Mosaic Co. (The) 10,026 230,698 5,288,863 NewMarket Corp. 546 217,466 Newmont Corp.(a) 28,860 1,728,425 Materials — 6.3% Nucor Corp. 10,314 548,602 Agnico Eagle Mines Ltd. (Canada) 242 17,063 O-I Glass, Inc. 69,123 822,564 Alcoa Corp.* 2,299 52,992 Pan American Silver Corp. Allegheny Technologies, Inc.* 40,607 680,979 (Canada) 18,777 647,994 Amcor PLC (Jersey) 56,311 662,780 PPG Industries, Inc. 7,104 1,024,539 (a) Avient Corp. 44,746 1,802,369 Pretium Resources, Inc. (Canada)* 25,256 289,939 Axalta Coating Systems Ltd. Reliance Steel & Aluminum Co. 1,461 174,955 (Bermuda)* 6,715 191,713 Royal Gold, Inc. 137 14,571 Ball Corp. 339 31,588 RPM International, Inc. 7,724 701,185 Barrick Gold Corp. (Canada) 9,608 218,870 Scotts Miracle-Gro Co. (The) 1,800 358,452 Boise Cascade Co. 3,454 165,101 Sealed Air Corp. 8,536 390,863 Cabot Corp. 2,660 119,381 Sensient Technologies Corp. 3,879 286,154 Carpenter Technology Corp. 10,562 307,565 Sherwin-Williams Co. (The)(a) 2,667 1,960,005 Celanese Corp. 1,490 193,611 Southern Copper Corp. 2,488 162,019 CF Industries Holdings, Inc. 19,645 760,458 SSR Mining, Inc. (Canada)* 12,650 254,392 Chemours Co. (The) 45,634 1,131,267 Summit Materials, Inc., Class A* 8,808 176,865 Commercial Metals Co. 49,755 1,021,968 Wheaton Precious Metals Corp. Compass Minerals International, Inc. 2,470 152,448 (Canada) 3,567 148,887 Dow, Inc. 23,294 1,292,817 Worthington Industries, Inc. 9,845 505,442 DuPont de Nemours, Inc. 9,532 677,821 28,705,092 Eastman Chemical Co. 3,041 304,951 Element Solutions, Inc. 1,428 25,318 Media & Entertainment — 8.7% First Majestic Silver Corp. (Canada)* 10,527 141,483 Activision Blizzard, Inc. 358 33,240 FMC Corp. 9,067 1,042,070 Alphabet, Inc., Class A(a) * 5,039 8,831,553 Forterra, Inc.* 122 2,098 Charter Communications, Inc., Franco-Nevada Corp. (Canada) 1,742 218,325 Class A(a) * 3,344 2,212,223 Freeport-McMoRan, Inc. 45,582 1,186,044 Discovery, Inc., Class A* 1,274 38,335 GCP Applied Technologies, Inc.* 440 10,406 DISH Network Corp., Class A* 40,039 1,294,861 Greif, Inc., Class A 167 7,829 Facebook, Inc., Class A(a) * 34,514 9,427,844 Hecla Mining Co. 109,261 708,011 Fox Corp., Class A 28,367 826,047 IAMGOLD Corp. (Canada)* 30,551 112,122 Gray Television, Inc.* 2,548 45,584 Ingevity Corp.* 5,131 388,571 Interpublic Group of Cos., Inc. Innospec, Inc. 1,138 103,251 (The) 38,006 893,901 International Paper Co. 6,323 314,380 Lions Gate Entertainment Corp., Kaiser Aluminum Corp. 1,101 108,889 Class B (Canada)* 2,046 21,237 Madison Square Garden Sports Corp.* 2,786 512,903
5 ˆ200D$W8F63wthjloeŠ 200D$W8F63wthjloe LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 6 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Media & Entertainment — (Continued) Retailing — 10.1% Meredith Corp. 2,559 $ 49,133 Abercrombie & Fitch Co., Class A 8,678 $ 176,684 MSG Networks, Inc., Class A* 759 11,188 Advance Auto Parts, Inc. 1,171 184,444 Netflix, Inc.* 2,825 1,527,562 Amazon.com, Inc.(a) * 1,735 5,650,774 News Corp., Class A(a) 108,255 1,945,342 AutoNation, Inc.* 5,318 371,143 Roku, Inc.* 615 204,192 AutoZone, Inc.* 660 782,390 Sciplay Corp., Class A* 1,041 14,418 Bed Bath & Beyond, Inc. 31,727 563,472 Snap, Inc., Class A* 10,640 532,745 Best Buy Co., Inc.(a) 17,388 1,735,149 TEGNA, Inc. 7,292 101,723 Booking Holdings, Inc.(a) * 2,462 5,483,539 Twitter, Inc.(a) * 62,341 3,375,765 Buckle, Inc. (The) 8,523 248,872 ViacomCBS, Inc., Class B 3,187 118,748 Camping World Holdings, Inc., Walt Disney Co. (The)(a) * 26,540 4,808,517 Class A 13,624 354,905 World Wrestling Entertainment, Dollar General Corp. 2,288 481,166 Inc., Class A 5,140 246,977 eBay, Inc.(a) 71,918 3,613,880 Zillow Group, Inc., Class C(a) * 19,586 2,542,263 Etsy, Inc.* 4,088 727,296 39,616,301 Expedia Group, Inc. 2,074 274,598 Foot Locker, Inc. 176 7,117 Pharmaceuticals, Biotechnology & Life Sciences — 5.3% Gap, Inc. (The)* 31,812 642,284 Agilent Technologies, Inc. 6,905 818,173 Genuine Parts Co. 5,377 540,012 Bio-Rad Laboratories, Inc., Class Guess?, Inc. 37,818 855,443 A* 129 75,199 Home Depot, Inc. (The)(a) 8,490 2,255,114 Blueprint Medicines Corp.* 121 13,570 L Brands, Inc.(a) 58,047 2,158,768 Bristol-Myers Squibb Co. 3,867 239,870 Lands’ End, Inc.* 55 1,186 Charles River Laboratories LKQ Corp.* 12,659 446,103 International, Inc.* 534 133,425 Lowe’s Cos., Inc.(a) 21,227 3,407,146 Denali Therapeutics, Inc.* 546 45,733 Macy’s, Inc. 62,917 707,816 Gilead Sciences, Inc. 4,540 264,500 Murphy USA, Inc. 5,570 728,946 Horizon Therapeutics PLC National Vision Holdings, Inc.* 9,527 431,478 (Ireland)* 2,216 162,100 ODP Corp. (The) 8,839 258,983 Innoviva, Inc.* 17,828 220,889 O’Reilly Automotive, Inc.* 2,010 909,666 Intellia Therapeutics, Inc.* 151 8,214 Overstock.com, Inc.* 1,328 63,704 (a) Johnson & Johnson 14,761 2,323,086 Pool Corp. 404 150,490 Luminex Corp. 6,437 148,823 Qurate Retail, Inc., Series A 45,578 499,991 Merck & Co., Inc. 15,748 1,288,186 RH(a) * 7,934 3,550,624 Mettler-Toledo International, Inc.* 183 208,561 Shutterstock, Inc. 4,387 314,548 NantKwest, Inc.* 344 4,586 Signet Jewelers Ltd. (Bermuda) 69,980 1,908,355 (a) Natera, Inc. * 22,997 2,288,661 Sleep Number Corp.* 11,277 923,135 (a) Novavax, Inc. * 46,725 5,210,305 Sonic Automotive, Inc., Class A 29,278 1,129,252 Ocular Therapeutix, Inc.* 9,361 193,773 Stamps.com, Inc.* 2,937 576,210 (a) PerkinElmer, Inc. 15,600 2,238,600 Target Corp. 3,476 613,618 (a) Pfizer, Inc. 79,267 2,917,818 TJX Cos., Inc. (The) 5,056 345,274 Prestige Consumer Healthcare, Urban Outfitters, Inc.* 13,240 338,944 Inc.* 10,124 353,024 Williams-Sonoma, Inc. 10,143 1,032,963 TG Therapeutics, Inc.* 15,046 782,693 Zumiez, Inc.* 8,848 325,429 Thermo Fisher Scientific, Inc.(a) 4,421 2,059,213 45,770,911 Vanda Pharmaceuticals, Inc.* 1,447 19,014 Viatris, Inc.* 46,904 878,981 Zoetis, Inc. 8,003 1,324,496 24,221,493
6 ˆ200D$W8F63wtw9VohŠ 200D$W8F63wtw9Voh LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 7 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Semiconductors & Semiconductor Equipment — 5.5% Software & Services — (Continued) Amkor Technology, Inc. 31,217 $ 470,752 CACI International, Inc., Class A* 164 $ 40,890 Analog Devices, Inc. 40 5,909 Cadence Design Systems, Inc.(a) * 15,371 2,097,066 Applied Materials, Inc.(a) 30,879 2,664,858 CDK Global, Inc. 1,890 97,959 Axcelis Technologies, Inc.* 4,669 135,961 Cerence, Inc.* 535 53,757 Broadcom, Inc. 251 109,900 CGI, Inc. (Canada)* 2,005 159,017 Brooks Automation, Inc. 1,718 116,566 Cloudera, Inc.* 8,380 116,566 Cirrus Logic, Inc.* 1,287 105,791 Cloudflare, Inc., Class A* 2,069 157,223 Cohu, Inc. 109 4,162 Cornerstone OnDemand, Inc.* 3,013 132,693 Enphase Energy, Inc.* 7,824 1,372,877 Crowdstrike Holdings, Inc., Class A* 1,831 387,842 First Solar, Inc.* 9,039 894,138 Domo, Inc., Class B* 664 42,343 Intel Corp.(a) 45,749 2,279,215 Elastic NV (Netherlands)* 638 93,231 KLA Corp. 4,070 1,053,764 Envestnet, Inc.* 858 70,605 Lam Research Corp. 60 28,336 Fair Isaac Corp.* 63 32,196 Lattice Semiconductor Corp.* 7,978 365,552 FireEye, Inc.* 5,762 132,872 MACOM Technology Solutions Fiserv, Inc.* 12,299 1,400,364 Holdings, Inc.* 29,096 1,601,444 FleetCor Technologies, Inc.* 900 245,547 Marvell Technology Group Ltd. Fortinet, Inc.* 6,789 1,008,370 (Bermuda) 1,400 66,556 Gartner, Inc.* 6,229 997,824 Maxim Integrated Products, Inc. 13,726 1,216,810 GoDaddy, Inc., Class A* 2,399 198,997 Microchip Technology, Inc. 4,158 574,261 International Business Machines Monolithic Power Systems, Inc. 975 357,074 Corp. 10,954 1,378,890 NVIDIA Corp.(a) 6,330 3,305,526 Intuit, Inc. 2,132 809,840 Qorvo, Inc.* 255 42,399 Jack Henry & Associates, Inc 3,377 547,040 QUALCOMM, Inc.(a) 12,345 1,880,637 Lightspeed POS, Inc. (Canada)* 25 1,760 Rambus, Inc.* 157 2,741 LiveRamp Holdings, Inc.* 3,073 224,913 Skyworks Solutions, Inc.(a) 12,726 1,945,551 Mastercard, Inc., Class A 2,655 947,676 Synaptics, Inc.(a) * 27,799 2,679,824 MAXIMUS, Inc. 14 1,025 Teradyne, Inc. 1,359 162,931 Microsoft Corp.(a) 19,605 4,360,544 Texas Instruments, Inc. 5,827 956,386 MicroStrategy, Inc., Class A* 1,047 406,812 Ultra Clean Holdings, Inc.* 20,610 642,002 NortonLifeLock, Inc. 74,200 1,541,876 Veeco Instruments, Inc.* 265 4,600 Open Text Corp. (Canada) 7,503 341,086 25,046,523 Oracle Corp.(a) 89,712 5,803,469 Paychex, Inc.(a) 27,797 2,590,124 Software & Services — 11.7% Paylocity Holding Corp.* 2 412 Accenture PLC, Class A (Ireland) 4,711 1,230,560 PayPal Holdings, Inc.(a) * 10,471 2,452,308 ACI Worldwide, Inc.* 33 1,268 Progress Software Corp. 3,949 178,455 Adobe, Inc.* 3,278 1,639,393 PTC, Inc.(a) * 15,054 1,800,609 Alliance Data Systems Corp. 3,739 277,060 QAD, Inc., Class A 48 3,033 Appian Corp.* 531 86,070 Sailpoint Technologies Holdings, Automatic Data Processing, Inc. 7,359 1,296,656 Inc.* . 25,941 1,381,099 Avalara, Inc.* 211 34,792 salesforce.com, Inc.* 2,226 495,352 Blackbaud, Inc. 10,862 625,217 Science Applications International Blackline, Inc.* 478 63,756 Corp. 3,260 308,526 Booz Allen Hamilton Holding SecureWorks Corp., Class A* 21 299 Corp. 825 71,924 ServiceNow, Inc.(a) * 10,065 5,540,078 Broadridge Financial Solutions, Inc. 7,969 1,220,851
7 ˆ200D$W8F63wu4JpG9Š 200D$W8F63wu4JpG9 LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 8 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Software & Services — (Continued) Technology Hardware & Equipment — (Continued) SolarWinds Corp.* 933 $ 13,948 Lumentum Holdings, Inc.* 1,676 $ 158,885 SPS Commerce, Inc.* 634 68,846 MTS Systems Corp. 372 21,636 Square, Inc., Class A* 251 54,628 NCR Corp.* 7,684 288,688 SVMK, Inc.* 14,083 359,821 NetApp, Inc. 12,772 846,017 Sykes Enterprises, Inc.* 266 10,020 NETGEAR, Inc.* 2,316 94,099 Synopsys, Inc.(a) * 8,923 2,313,199 OSI Systems, Inc.* 390 36,356 Teradata Corp.* 26,000 584,220 Ribbon Communications, Inc.* 249 1,633 TTEC Holdings, Inc. 9 656 Sanmina Corp.* 12,536 399,773 Tyler Technologies, Inc.* 18 7,857 ScanSource, Inc.* 17 448 Unity Software, Inc.* 727 111,573 Seagate Technology PLC (Ireland) 9,195 571,561 Verint Systems, Inc.* 1,390 93,380 SYNNEX Corp. 5,888 479,519 VeriSign, Inc.* 2,748 594,667 TE Connectivity Ltd. (Switzerland) 4,980 602,929 Virtusa Corp.* 3,884 198,589 TTM Technologies, Inc.* 11,983 165,305 Visa, Inc., Class A(a) 9,021 1,973,163 Ubiquiti, Inc. 1,809 503,825 Western Union Co. (The) 28,695 629,568 Vontier Corp.* 17,869 596,825 WEX, Inc.* 1,705 347,019 Xerox Holdings Corp. 7,169 166,249 Workiva, Inc.* 1,162 106,462 Zebra Technologies Corp., Class Zoom Video Communications, A* 1,281 492,327 Inc., Class A* 1,181 398,375 27,419,866 52,994,126 Telecommunication Services — 0.9% Technology Hardware & Equipment — 6.0% AT&T, Inc. 46,475 1,336,621 Amphenol Corp., Class A 5,863 766,705 ATN International, Inc. 20 835 Apple, Inc.(a) 92,956 12,334,332 CenturyLink, Inc. 26,154 255,002 Arrow Electronics, Inc.* 12,177 1,184,822 Iridium Communications, Inc.* 8,876 349,049 Avnet, Inc. 489 17,169 Rogers Communications, Inc., Badger Meter, Inc. 4,621 434,651 Class B (Canada) 773 36,014 Cambium Networks Corp. T-Mobile US, Inc.* 7,065 952,715 (Cayman Islands)* 330 8,276 Verizon Communications, Inc. 22,474 1,320,348 CDW Corp. 945 124,542 Vonage Holdings Corp.* 137 1,764 Cisco Systems, Inc.(a) 40,734 1,822,846 4,252,348 Corning, Inc. 18,387 661,932 Dell Technologies, Inc., Class C* 2,745 201,181 Transportation — 1.8% Diebold Nixdorf, Inc.* 26,843 286,146 Alaska Air Group, Inc. 4,096 212,992 EchoStar Corp., Class A* 400 8,476 ArcBest Corp. 476 20,311 ePlus, Inc.* 17 1,495 Atlas Air Worldwide Holdings, Inc.* 1,090 59,449 FLIR Systems, Inc. 3,812 167,080 CH Robinson Worldwide, Inc. 76 7,134 Hewlett Packard Enterprise Co. 51,929 615,359 CSX Corp. 15,107 1,370,960 HP, Inc.(a) 102,048 2,509,360 Echo Global Logistics, Inc.* 61 1,636 II-VI, Inc.* 312 23,700 Expeditors International of Inseego Corp.* 201 3,109 Washington, Inc. 2,621 249,283 InterDigital, Inc. 4,435 269,116 FedEx Corp. 1,931 501,326 Jabil, Inc. 2,090 88,888 Hub Group, Inc., Class A* 1,711 97,527 Juniper Networks, Inc. 20,640 464,606 JB Hunt Transport Services, Inc. 259 35,392 Kansas City Southern 846 172,694
8 ˆ200D$W8F63wuCz1GRŠ 200D$W8F63wuCz1GR LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 9 6* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Par of Shares Value Value Value COMMON STOCKS — (Continued) CORPORATE BONDS AND NOTES — 0.0% Transportation — (Continued) Capital Goods — 0.0% Knight-Swift Transportation Mueller Industries, Inc. Holdings, Inc. 4,303 $ 179,951 6.00%, 03/01/2027 $ 785 $ 799 Norfolk Southern Corp.(a) 13,700 3,255,257 TOTAL CORPORATE BONDS AND Old Dominion Freight Line, Inc. 1,074 209,623 NOTES Ryder System, Inc. 2,947 182,007 (Cost $785) 799 Schneider National, Inc., Class TOTAL INVESTMENTS - 95.3% 433,033,882 B 10,227 211,699 (Cost $297,790,320) SkyWest, Inc. 10,173 410,074 OTHER ASSETS IN EXCESS OF TFI International, Inc. (Canada) 3 155 LIABILITIES - 4.7% 21,291,900 United Parcel Service, Inc., Class B 2,983 502,337 NET ASSETS - 100.0% $454,325,782 Werner Enterprises, Inc. 8,916 349,686 8,029,493 (a) Security position is either entirely or partially designated as collateral for total return swaps. Utilities — 1.1% * Non-income producing. American Water Works Co., Inc. 912 139,965 Atmos Energy Corp. 251 23,953 PLC Public Limited Company CenterPoint Energy, Inc. 2,758 59,683 Dominion Energy, Inc. 14,522 1,092,054 Duke Energy Corp. 4,725 432,621 Evergy, Inc. 642 35,637 Exelon Corp. 30,024 1,267,613 IDACORP, Inc. 831 79,801 MDU Resources Group, Inc. 18,301 482,048 National Fuel Gas Co. 1,872 76,995 NiSource, Inc. 30,112 690,769 NRG Energy, Inc. 6,680 250,834 ONE Gas, Inc. 1,047 80,378 Public Service Enterprise Group, Inc. 2,224 129,659 Southern Co. (The) 3,026 185,887 Spire, Inc. 170 10,887 5,038,784 TOTAL COMMON STOCKS (Cost $297,789,535) 433,033,083
9 ˆ200D$W8F63w%e1zoGŠ 200D$W8F63w%e1zoG VDI-W7-PF10-035 BNY MELLON ASSET SER Donnelley Financial14.4.13.0 LSWkumar4ap 24-Feb-2021 13:32 EST 120068 MB841 10 8* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Over-the-counter total return swaps outstanding as of December 31, 2020 The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures on July 23, 2025, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (35.2)% of net assets as of December 31, 2020. The following table represents the individual long and short positions and related values of total return swaps as of December 31, 2020:
Total Return Swaps
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Long Automobiles & Components Adient PLC (Ireland) Morgan Stanley 839 $ 29,087 $ 29,172 $ 98 American Axle & Manufacturing Holdings, Inc. Morgan Stanley 18,937 146,267 157,935 12,540 BorgWarner, Inc. Morgan Stanley 14,712 566,392 568,472 6,846 Cooper Tire & Rubber Co. Morgan Stanley 6,443 220,889 260,942 41,240 Ford Motor Co. Morgan Stanley 87,019 739,028 764,897 25,881 General Motors Co. Morgan Stanley 21,172 904,105 881,602 (22,490) Gentherm, Inc. Morgan Stanley 1 39 65 38 Harley-Davidson, Inc. Morgan Stanley 522 18,504 19,157 674 Magna International, Inc. (Canada) Morgan Stanley 728 43,750 51,542 8,336 Modine Manufacturing Co. Morgan Stanley 4 50 50 13 Standard Motor Products, Inc. Morgan Stanley 64 2,711 2,589 (109) Tenneco, Inc., Class A Morgan Stanley 961 7,296 10,187 3,453 Thor Industries, Inc. Morgan Stanley 580 51,658 53,934 3,396 Visteon Corp. Morgan Stanley 114 10,017 14,309 4,305 Winnebago Industries, Inc. Morgan Stanley 565 35,950 33,866 (2,071) 152,661 2,775,743 2,848,719 82,150 Capital Goods 3M Co. Morgan Stanley 4,084 654,751 713,842 68,521 A.O. Smith Corp. Morgan Stanley 3,481 192,250 190,828 (1,409) AAR Corp. Morgan Stanley 198 7,200 7,172 (16) Advanced Drainage Systems, Inc. Morgan Stanley 1,113 61,815 93,025 31,580 AeroVironment, Inc. Morgan Stanley 1,086 94,330 94,373 56 AGCO Corp. Morgan Stanley 957 87,234 98,657 11,482 Albany International Corp., Class A Morgan Stanley 1 51 73 36 AMETEK, Inc. Morgan Stanley 1,266 118,636 153,110 34,936 Apogee Enterprises, Inc. Morgan Stanley 3,964 92,539 125,580 33,625 Applied Industrial Technologies, Inc. Morgan Stanley 51 3,948 3,977 42 Atkore International Group, Inc. Morgan Stanley 8,587 226,120 353,012 126,904 Barnes Group, Inc. Morgan Stanley 289 10,159 14,649 4,563 Carrier Global Corp. Morgan Stanley 5,372 202,942 202,632 250 Chart Industries, Inc. Morgan Stanley 1 64 118 66 Cubic Corp. Morgan Stanley 6,044 371,519 374,970 3,463 Cummins, Inc. Morgan Stanley 8,947 1,798,995 2,031,864 248,273 Curtiss-Wright Corp. Morgan Stanley 45 3,857 5,236 1,405 Deere & Co. Morgan Stanley 159 38,675 42,779 4,272
10 ˆ200D$W8F63wuZDzGfŠ 200D$W8F63wuZDzGf LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 11 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Donaldson Co., Inc. Morgan Stanley 3,572 $ 198,826 $ 199,603 $ 852 Dover Corp. Morgan Stanley 108 11,681 13,635 2,020 Dycom Industries, Inc. Morgan Stanley 7,941 340,665 599,704 259,762 Eaton Corp. PLC (Ireland) Morgan Stanley 1 116 120 117 Emerson Electric Co. Morgan Stanley 210 13,565 16,878 3,508 Fortive Corp. Morgan Stanley 7,762 483,136 549,705 67,150 Fortune Brands Home & Security, Inc. Morgan Stanley 667 52,946 57,175 4,480 Franklin Electric Co., Inc. Morgan Stanley 13 890 900 22 Gates Industrial Corp. PLC (United Kingdom) Morgan Stanley 19 247 242 8 Generac Holdings, Inc. Morgan Stanley 1,412 298,317 321,103 22,798 Gibraltar Industries, Inc. Morgan Stanley 322 16,878 23,165 6,299 GMS, Inc. Morgan Stanley 8,032 196,681 244,815 50,536 Herc Holdings, Inc. Morgan Stanley 4,574 168,939 303,759 134,833 Honeywell International, Inc. Morgan Stanley 236 48,404 50,197 1,806 Howmet Aerospace, Inc. Morgan Stanley 16,497 279,565 470,824 191,272 Hubbell, Inc. Morgan Stanley 3 468 470 15 Huntington Ingalls Industries, Inc. Morgan Stanley 79 13,189 13,468 291 Illinois Tool Works, Inc. Morgan Stanley 537 105,141 109,484 5,382 Jacobs Engineering Group, Inc. Morgan Stanley 512 54,838 55,788 962 John Bean Technologies Corp. Morgan Stanley 885 79,773 100,775 22,617 Johnson Controls International PLC. (Ireland) Morgan Stanley 5,642 254,199 262,861 10,086 L3Harris Technologies, Inc. Morgan Stanley 8,644 1,599,325 1,633,889 40,746 Lennox International, Inc. Morgan Stanley 422 118,287 115,615 (2,355) Lockheed Martin Corp. Morgan Stanley 1,799 673,330 638,609 (29,392) Masco Corp. Morgan Stanley 37 1,979 2,032 58 Middleby Corp. (The) Morgan Stanley 230 29,559 29,652 106 MRC Global, Inc. Morgan Stanley 16,408 101,565 108,785 7,353 Mueller Industries, Inc. Morgan Stanley 2,588 74,281 90,865 18,000 Northrop Grumman Corp. Morgan Stanley 640 195,456 195,021 (694) NOW, Inc. Morgan Stanley 46,623 399,014 334,753 (66,310) nVent Electric PLC (Ireland) Morgan Stanley 559 10,807 13,019 2,225 Otis Worldwide Corp. Morgan Stanley 1,209 76,984 81,668 4,696 Owens Corning Morgan Stanley 7 528 530 15 PACCAR, Inc. Morgan Stanley 920 77,259 79,378 3,189 Parker-Hannifin Corp. Morgan Stanley 2,819 728,462 767,924 39,485 Pentair PLC (Ireland) Morgan Stanley 8,025 399,676 426,047 26,825 Primoris Services Corp. Morgan Stanley 17 472 469 10 Quanta Services, Inc. Morgan Stanley 722 35,975 51,998 16,113 RBC Bearings, Inc. Morgan Stanley 222 27,140 39,747 12,620 Regal Beloit Corp. Morgan Stanley 187 21,910 22,965 1,177 Simpson Manufacturing Co., Inc. Morgan Stanley 1 89 93 17 SiteOne Landscape Supply, Inc. Morgan Stanley 1 111 159 60 Snap-on, Inc. Morgan Stanley 3,710 542,342 634,929 99,975 SPX FLOW, Inc. Morgan Stanley 12,909 507,582 748,206 240,636 Stanley Black & Decker, Inc. Morgan Stanley 2,483 445,841 443,364 (2,318)
11 ˆ200D$W8F63wuhpHoEŠ 200D$W8F63wuhpHoE LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 12 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Textainer Group Holdings Ltd. (Bermuda) Morgan Stanley 610 $ 11,270 $ 11,700 $ 443 Toro Co. (The) Morgan Stanley 448 37,678 42,488 4,995 TPI Composites, Inc. Morgan Stanley 1,780 71,641 93,948 23,462 Trane Technologies PLC (Ireland) Morgan Stanley 283 36,307 41,080 4,919 TransDigm Group, Inc. Morgan Stanley 1 464 619 167 UFP Industries, Inc. Morgan Stanley 86 4,541 4,777 312 United Rentals, Inc. Morgan Stanley 1,023 169,245 237,244 68,012 Wabash National Corp. Morgan Stanley 1,213 21,163 20,900 (251) Watsco, Inc. Morgan Stanley 617 142,453 139,781 (1,999) Westinghouse Air Brake Technologies Corp. Morgan Stanley 309 17,928 22,619 4,741 WW Grainger, Inc. Morgan Stanley 19 7,797 7,758 (26) 222,240 13,172,010 14,983,199 1,869,877 Commercial & Professional Services ABM Industries, Inc. Morgan Stanley 11,552 418,695 437,128 19,727 Cimpress PLC (Ireland) Morgan Stanley 1 86 88 14 Cintas Corp. Morgan Stanley 1,682 520,946 594,520 79,287 CoreLogic, Inc. Morgan Stanley 1,533 119,431 118,532 (887) Covanta Holding Corp. Morgan Stanley 638 5,772 8,377 2,701 Deluxe Corp. Morgan Stanley 3,504 75,441 102,317 31,809 Healthcare Services Group, Inc. Morgan Stanley 705 14,676 19,811 5,300 Herman Miller, Inc. Morgan Stanley 726 24,917 24,539 (365) HNI Corp. Morgan Stanley 879 31,634 30,290 (1,231) ICF International, Inc. Morgan Stanley 7 514 520 19 IHS Markit Ltd. (Bermuda) Morgan Stanley 843 74,751 75,727 988 KAR Auction Services, Inc. Morgan Stanley 8,270 147,332 153,905 6,586 Kforce, Inc. Morgan Stanley 424 17,402 17,846 513 ManpowerGroup, Inc. Morgan Stanley 1 72 90 32 Nielsen Holdings PLC (United Kingdom) Morgan Stanley 1,297 18,262 27,068 8,901 Republic Services, Inc. Morgan Stanley 4,308 371,677 414,860 46,826 Ritchie Bros Auctioneers, Inc. (Canada) Morgan Stanley 48 3,352 3,338 (2) Robert Half International, Inc. Morgan Stanley 148 9,235 9,247 24 Steelcase, Inc., Class A Morgan Stanley 13,737 157,743 186,136 33,169 Thomson Reuters Corp. (Canada) Morgan Stanley 1,665 136,313 136,347 312 TriNet Group, Inc. Morgan Stanley 1 58 81 35 Verisk Analytics, Inc. Morgan Stanley 437 81,244 90,717 9,672 Waste Management, Inc. Morgan Stanley 644 74,975 75,947 1,249 53,050 2,304,528 2,527,431 244,679 Consumer Durables & Apparel Brunswick Corp. Morgan Stanley 459 29,918 34,994 5,207 Capri Holdings Ltd. (British Virgin Islands) Morgan Stanley 4,350 63,592 182,700 119,121 Carter’s, Inc. Morgan Stanley 6,656 528,107 626,130 109,441 Cavco Industries, Inc. Morgan Stanley 744 138,342 130,535 (7,795) Crocs, Inc. Morgan Stanley 348 21,528 21,806 290
12 ˆ200D$W8F63wustJGFŠ 200D$W8F63wustJGF LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 13 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Consumer Durables & Apparel — (continued) Deckers Outdoor Corp. Morgan Stanley 490 $ 121,902 $ 140,522 $ 18,633 DR Horton, Inc. Morgan Stanley 220 16,078 15,162 (877) Garmin Ltd. (Switzerland) Morgan Stanley 1,080 102,303 129,233 27,601 G-III Apparel Group Ltd Morgan Stanley 20,548 239,758 487,810 249,807 Gildan Activewear, Inc. (Canada) Morgan Stanley 3,170 57,256 88,792 31,548 Hasbro, Inc. Morgan Stanley 148 13,516 13,844 340 Helen of Troy Ltd. (Bermuda) Morgan Stanley 277 52,565 61,547 11,586 Kontoor Brands, Inc. Morgan Stanley 1,724 37,468 69,925 33,156 La-Z-Boy, Inc. Morgan Stanley 1,309 42,314 52,151 10,047 Leggett & Platt, Inc. Morgan Stanley 1 42 44 15 Lovesac Co. (The) Morgan Stanley 22 988 948 (28) Mohawk Industries, Inc. Morgan Stanley 1,722 146,478 242,716 96,250 Newell Brands, Inc. Morgan Stanley 1,967 37,989 41,759 4,161 NIKE, Inc., Class B Morgan Stanley 4,596 568,453 650,196 82,762 Polaris, Inc. Morgan Stanley 2,481 243,524 236,390 (4,861) PulteGroup, Inc. Morgan Stanley 54 2,404 2,328 (63) PVH Corp. Morgan Stanley 8,807 448,276 826,889 378,625 Smith & Wesson Brands, Inc. Morgan Stanley 7,062 116,000 125,350 9,797 Steven Madden Ltd Morgan Stanley 1,876 38,862 66,260 27,410 Sturm Ruger & Co., Inc. Morgan Stanley 2,314 160,583 150,572 (7,051) Tempur Sealy International, Inc. Morgan Stanley 1,316 27,072 35,532 8,472 TopBuild Corp. Morgan Stanley 1 151 184 121 Tupperware Brands Corp. Morgan Stanley 2,417 35,732 78,286 42,568 Whirlpool Corp. Morgan Stanley 941 149,295 169,841 22,945 YETI Holdings, Inc. Morgan Stanley 666 40,891 45,601 4,722 77,766 3,481,387 4,728,047 1,273,950 Consumer Services Adtalem Global Education, Inc. Morgan Stanley 6,542 165,135 222,101 57,001 Boyd Gaming Corp. Morgan Stanley 1 36 43 20 Brinker International, Inc. Morgan Stanley 2,541 110,298 143,744 33,459 Chipotle Mexican Grill, Inc. Morgan Stanley 64 88,939 88,749 (919) Darden Restaurants, Inc. Morgan Stanley 2,204 260,170 262,540 2,383 Dine Brands Global, Inc. Morgan Stanley 5 297 290 5 Graham Holdings Co., Class B Morgan Stanley 483 217,947 257,623 39,688 Grand Canyon Education, Inc. Morgan Stanley 1,012 82,085 94,227 12,155 Jack in the Box, Inc. Morgan Stanley 4,324 393,705 401,267 8,451 Laureate Education, Inc., Class A Morgan Stanley 22,081 266,989 321,499 54,523 McDonald’s Corp. Morgan Stanley 1,802 388,670 386,673 107 Norwegian Cruise Line Holdings Ltd. (Bermuda) Morgan Stanley 2,591 64,468 65,889 1,433 Papa John’s International, Inc. Morgan Stanley 4,061 336,210 344,576 9,193 Perdoceo Education Corp. Morgan Stanley 4,869 60,082 61,495 1,426 Red Rock Resorts, Inc., Class A Morgan Stanley 22,690 246,242 568,158 321,929 Royal Caribbean Cruises Ltd. (Liberia) Morgan Stanley 569 40,603 42,499 1,908 Service Corp. International Morgan Stanley 2,862 133,745 140,524 7,334 Strategic Education, Inc. Morgan Stanley 542 47,616 51,669 4,391
13 ˆ200D$W8F63wu&rPG:Š 200D$W8F63wu&rPG: LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 14 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Consumer Services — (continued) Texas Roadhouse, Inc. Morgan Stanley 38 $ 2,950 $ 2,970 $ 33 Wingstop, Inc. Morgan Stanley 1,486 196,455 196,969 9,414 Yum! Brands, Inc. Morgan Stanley 8,031 744,979 871,845 134,344 88,798 3,847,621 4,525,350 698,278 Diversified Financials Berkshire Hathaway, Inc., Class B Morgan Stanley 17,833 3,928,198 4,134,938 206,789 BlackRock, Inc. Morgan Stanley 1,267 699,733 914,191 219,059 Cboe Global Markets, Inc. Morgan Stanley 4,886 420,623 454,984 36,015 Federated Hermes, Inc. Morgan Stanley 3,261 73,525 94,210 24,559 Invesco Ltd. (Bermuda) Morgan Stanley 3,403 55,686 59,314 3,654 Moody’s Corp. Morgan Stanley 95 26,046 27,573 2,000 Nasdaq, Inc. Morgan Stanley 2,075 258,036 275,436 18,373 S&P Global, Inc. Morgan Stanley 2,198 750,625 722,548 (26,850) Sprott, Inc. (Canada) Morgan Stanley 143 4,593 4,146 (414) T Rowe Price Group, Inc. Morgan Stanley 1,274 161,749 192,871 32,583 36,435 6,378,814 6,880,211 515,768 Energy Antero Midstream Corp. Morgan Stanley 1 5 8 15 Archrock, Inc. Morgan Stanley 10,802 91,407 93,545 2,151 Cactus, Inc., Class A Morgan Stanley 368 6,883 9,594 2,864 Canadian Natural Resources Ltd. (Canada) Morgan Stanley 18,558 301,877 446,320 185,849 Chevron Corp. Morgan Stanley 1,616 115,569 136,471 22,589 Clean Energy Fuels Corp. Morgan Stanley 23,858 62,463 187,524 125,073 Concho Resources, Inc. Morgan Stanley 1 41 58 30 ConocoPhillips Morgan Stanley 4,077 168,888 163,039 (5,836) Core Laboratories NV (Netherlands) Morgan Stanley 110 1,518 2,916 1,410 DHT Holdings, Inc. (Marshall Islands) Morgan Stanley 67,033 363,279 350,583 11,686 Enerplus Corp. (Canada) Morgan Stanley 5,152 16,572 16,126 (401) EOG Resources, Inc. Morgan Stanley 12,638 486,836 630,257 147,763 EQT Corp. Morgan Stanley 29,523 405,797 375,237 (30,547) Halliburton Co. Morgan Stanley 5,864 71,595 110,830 39,507 Kinder Morgan, Inc. Morgan Stanley 16,246 225,002 222,083 390 Kosmos Energy Ltd Morgan Stanley 693 1,114 1,629 527 Magnolia Oil & Gas Corp., Class A Morgan Stanley 1,080 6,406 7,625 1,231 Marathon Petroleum Corp. Morgan Stanley 14,796 553,484 611,963 63,119 Murphy Oil Corp. Morgan Stanley 5,657 47,690 68,450 27,982 NexGen Energy Ltd. (Canada) Morgan Stanley 1,354 3,320 3,737 430 Occidental Petroleum Corp. Morgan Stanley 41,870 606,901 724,770 118,286 Schlumberger NV (Curacao) Morgan Stanley 7,156 133,538 156,215 23,459 SM Energy Co. Morgan Stanley 21,460 128,464 131,335 2,884 Targa Resources Corp. Morgan Stanley 2,630 51,648 69,379 17,744 Transocean Ltd. (Switzerland) Morgan Stanley 371 380 857 490 Vermilion Energy, Inc. (Canada) Morgan Stanley 5,017 23,461 22,325 (1,123) Williams Cos., Inc. (The) Morgan Stanley 996 18,846 19,970 1,534
14 ˆ200D$W8F63wvCFqGxŠ 200D$W8F63wvCFqGx LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 15 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Energy — (continued) World Fuel Services Corp. Morgan Stanley 12,678 $ 336,577 $ 395,046 $ 60,020 311,605 4,229,561 4,957,892 819,126 Food & Staples Retailing BJ’s Wholesale Club Holdings, Inc. Morgan Stanley 4,668 187,447 174,023 (13,412) Casey’s General Stores, Inc. Morgan Stanley 895 158,235 159,865 1,707 Costco Wholesale Corp. Morgan Stanley 501 183,011 188,767 9,109 Ingles Markets, Inc., Class A Morgan Stanley 335 13,111 14,291 1,192 Kroger Co. (The) Morgan Stanley 3,410 105,598 108,302 2,718 Sprouts Farmers Market, Inc. Morgan Stanley 6,316 134,182 126,952 (8,402) Sysco Corp. Morgan Stanley 7,353 503,197 546,034 43,159 US Foods Holding Corp. Morgan Stanley 1,469 31,661 48,932 17,284 Walgreens Boots Alliance, Inc. Morgan Stanley 4,086 153,027 162,950 11,214 29,033 1,469,469 1,530,116 64,569 Food, Beverage & Tobacco Altria Group, Inc. Morgan Stanley 3,105 128,229 127,305 3,875 Archer-Daniels-Midland Co. Morgan Stanley 6,611 279,381 333,261 58,783 B&G Foods, Inc. Morgan Stanley 12,534 355,368 347,568 2,871 Campbell Soup Co. Morgan Stanley 8,352 396,484 403,819 7,348 Coca-Cola Co. (The) Morgan Stanley 93 5,071 5,100 42 Coca-Cola Consolidated, Inc. Morgan Stanley 431 111,942 114,762 2,939 Conagra Brands, Inc. Morgan Stanley 10,690 379,119 387,619 8,939 Constellation Brands, Inc., Class A Morgan Stanley 190 33,948 41,620 7,891 Flowers Foods, Inc. Morgan Stanley 3,665 88,698 82,939 (4,796) General Mills, Inc. Morgan Stanley 7,599 449,553 446,821 (1,006) Hershey Co. (The) Morgan Stanley 2,008 299,113 305,879 7,149 JM Smucker Co. (The) Morgan Stanley 2,881 317,782 333,044 19,160 Kellogg Co. Morgan Stanley 4,038 267,965 251,285 (13,703) Kraft Heinz Co. (The) Morgan Stanley 15,776 498,118 546,796 57,156 McCormick & Co., Inc., non-voting shares Morgan Stanley 219 20,675 20,936 415 Molson Coors Beverage Co., Class B Morgan Stanley 9,597 350,594 433,688 83,107 Monster Beverage Corp. Morgan Stanley 5,660 464,771 523,437 58,679 National Beverage Corp. Morgan Stanley 126 10,583 10,697 132 PepsiCo, Inc. Morgan Stanley 273 38,405 40,486 2,226 Philip Morris International, Inc. Morgan Stanley 2,116 161,300 175,184 18,251 TreeHouse Foods, Inc. Morgan Stanley 160 6,853 6,798 (42) Tyson Foods, Inc., Class A Morgan Stanley 6,335 393,468 408,227 18,971 Vector Group Ltd Morgan Stanley 258 3,046 3,006 (28) 102,717 5,060,466 5,350,277 338,359 Health Care Equipment & Services Abbott Laboratories Morgan Stanley 1,701 176,580 186,242 10,305 Align Technology, Inc. Morgan Stanley 468 214,833 250,090 35,269 Allscripts Healthcare Solutions, Inc. Morgan Stanley 13,298 94,549 192,023 97,486 AmerisourceBergen Corp. Morgan Stanley 6,105 616,592 596,825 (19,569) Anthem, Inc. Morgan Stanley 75 19,899 24,082 4,252
15 ˆ200D$W8F63wvQkCGÆŠ 200D$W8F63wvQkCG˘ LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 16 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Health Care Equipment & Services — (continued) Cardinal Health, Inc. Morgan Stanley 1,074 $ 56,176 $ 57,523 $ 1,873 Centene Corp. Morgan Stanley 998 59,670 59,910 253 Cigna Corp. Morgan Stanley 323 63,156 67,242 4,098 Community Health Systems, Inc. Morgan Stanley 19,289 162,298 143,317 (18,968) CONMED Corp. Morgan Stanley 1 83 112 42 CVS Health Corp. Morgan Stanley 6,905 457,523 471,612 15,114 Danaher Corp. Morgan Stanley 5,577 1,227,529 1,238,875 12,583 DENTSPLY SIRONA, Inc. Morgan Stanley 855 44,126 44,768 704 Ensign Group, Inc. (The) Morgan Stanley 1,941 112,032 141,538 29,694 Envista Holdings Corp. Morgan Stanley 11,626 342,665 392,145 49,492 Hanger, Inc. Morgan Stanley 25 554 550 8 HCA Healthcare, Inc. Morgan Stanley 64 8,852 10,525 1,703 Hologic, Inc. Morgan Stanley 3,679 217,408 267,942 50,546 Humana, Inc. Morgan Stanley 1,465 596,014 601,046 5,692 IDEXX Laboratories, Inc. Morgan Stanley 1,021 389,798 510,367 120,581 Laboratory Corp. of America Holdings Morgan Stanley 3,283 659,108 668,255 9,159 McKesson Corp. Morgan Stanley 330 51,101 57,394 6,433 MEDNAX, Inc. Morgan Stanley 4 96 98 15 Medtronic PLC (Ireland) Morgan Stanley 186 21,280 21,788 546 Meridian Bioscience, Inc. Morgan Stanley 3,106 57,690 58,051 374 Merit Medical Systems, Inc. Morgan Stanley 979 53,108 54,344 1,248 National Research Corp. Morgan Stanley 7 331 299 (19) Natus Medical, Inc. Morgan Stanley 6,621 141,014 132,685 (8,434) Neogen Corp. Morgan Stanley 2 158 159 13 Owens & Minor, Inc. Morgan Stanley 42 1,142 1,136 7 Providence Service Corp. (The) Morgan Stanley 623 70,796 86,366 15,583 Quest Diagnostics, Inc. Morgan Stanley 6,587 814,209 784,973 (29,224) Quidel Corp. Morgan Stanley 1,182 228,190 212,346 (15,831) ResMed, Inc. Morgan Stanley 1,215 212,751 258,260 46,307 Schrodinger, Inc. Morgan Stanley 1,277 102,223 101,113 (1,097) Select Medical Holdings Corp Morgan Stanley 1 19 28 21 STERIS PLC (Ireland) Morgan Stanley 51 9,328 9,667 352 Stryker Corp. Morgan Stanley 308 61,658 75,472 14,021 Teladoc Health, Inc. Morgan Stanley 1 193 200 20 Tenet Healthcare Corp. Morgan Stanley 1 32 40 20 Tivity Health, Inc. Morgan Stanley 1 14 20 18 Varian Medical Systems, Inc. Morgan Stanley 2,637 456,118 461,501 5,396 West Pharmaceutical Services, Inc. Morgan Stanley 27 7,527 7,649 135 104,961 7,808,423 8,248,578 446,221 Household & Personal Products Church & Dwight Co., Inc. Morgan Stanley 1,360 124,232 118,633 (5,260) Clorox Co. (The) Morgan Stanley 3,968 858,999 801,219 (54,318) Colgate-Palmolive Co. Morgan Stanley 4,102 304,948 350,762 47,613 Edgewell Personal Care Co. Morgan Stanley 21 735 726 4 Estee Lauder Cos., Inc. (The), Class A Morgan Stanley 1,152 259,558 306,651 47,579 Kimberly-Clark Corp. Morgan Stanley 17 2,248 2,292 75
16 ˆ200D$W8F63wvaDboIŠ 200D$W8F63wvaDboI LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 17 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Household & Personal Products — (continued) Procter & Gamble Co. (The) Morgan Stanley 559 $ 71,375 $ 77,779 $ 6,817 11,179 1,622,095 1,658,062 42,510 Materials Agnico Eagle Mines Ltd. (Canada) Morgan Stanley 5,133 380,659 361,928 (17,504) Alcoa Corp. Morgan Stanley 7,840 97,250 180,712 83,475 Amcor PLC (Jersey) Morgan Stanley 55,156 596,849 649,186 60,713 Avient Corp. Morgan Stanley 2,288 55,905 92,161 37,209 Axalta Coating Systems Ltd. (Bermuda) . Morgan Stanley 3,008 85,983 85,878 (92) Ball Corp. Morgan Stanley 778 71,677 72,494 830 Barrick Gold Corp. (Canada) Morgan Stanley 2,520 58,019 57,406 (601) Boise Cascade Co. Morgan Stanley 652 25,665 31,166 6,205 Cabot Corp. Morgan Stanley 270 10,446 12,118 3,550 Carpenter Technology Corp. Morgan Stanley 10,948 226,972 318,806 94,907 CF Industries Holdings, Inc. Morgan Stanley 2,326 62,071 90,039 28,679 Commercial Metals Co. Morgan Stanley 22,908 468,840 470,530 4,543 Dow, Inc. Morgan Stanley 2,618 118,497 145,299 28,979 Eastman Chemical Co. Morgan Stanley 623 48,699 62,474 14,537 Ecolab, Inc. Morgan Stanley 1,557 289,378 336,873 49,098 FMC Corp. Morgan Stanley 1,084 116,566 124,584 8,551 Forterra, Inc. Morgan Stanley 45 782 774 4 Franco-Nevada Corp. (Canada) Morgan Stanley 3,177 424,099 398,173 (25,423) Freeport-McMoRan, Inc. Morgan Stanley 322 7,637 8,378 754 GCP Applied Technologies, Inc. Morgan Stanley 614 14,775 14,521 (241) Greif, Inc., Class A Morgan Stanley 74 3,470 3,469 22 Hecla Mining Co. Morgan Stanley 63,968 339,727 414,513 82,082 IAMGOLD Corp. (Canada) Morgan Stanley 26,840 95,646 98,503 2,869 Innospec, Inc. Morgan Stanley 1,374 109,162 124,663 17,953 International Paper Co. Morgan Stanley 3,204 156,330 159,303 2,985 Kaiser Aluminum Corp. Morgan Stanley 2,364 160,458 233,800 75,150 Kinross Gold Corp. (Canada) Morgan Stanley 52,301 401,156 383,889 (16,466) Linde PLC (Ireland) Morgan Stanley 143 36,077 37,682 1,674 Louisiana-Pacific Corp. Morgan Stanley 1,890 58,989 70,251 11,672 Martin Marietta Materials, Inc. Morgan Stanley 248 65,672 70,425 4,809 Mosaic Co. (The) Morgan Stanley 2,788 50,746 64,152 13,558 NewMarket Corp. Morgan Stanley 87 31,762 34,651 3,067 Newmont Corp. Morgan Stanley 5,982 371,777 358,262 (11,210) Nucor Corp. Morgan Stanley 1,589 67,517 84,519 18,298 O-I Glass, Inc. Morgan Stanley 10,264 114,250 122,142 7,904 Pan American Silver Corp. (Canada) Morgan Stanley 3,374 105,106 116,437 11,547 PPG Industries, Inc. Morgan Stanley 3,110 414,632 448,524 35,025 Pretium Resources, Inc. (Canada) Morgan Stanley 10,827 133,531 124,294 (9,225) Royal Gold, Inc. Morgan Stanley 36 3,852 3,829 (11) RPM International, Inc. Morgan Stanley 2,429 212,930 220,505 7,935 Scotts Miracle-Gro Co. (The) Morgan Stanley 2,566 432,213 510,993 80,147 Sealed Air Corp. Morgan Stanley 1,776 71,565 81,323 10,106 Sensient Technologies Corp. Morgan Stanley 30 2,179 2,213 47
17 ˆ200D$W8F63wvk=nG9Š 200D$W8F63wvk=nG9 LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 18 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Materials — (continued) Sherwin-Williams Co. (The) Morgan Stanley 788 $ 545,382 $ 579,109 $ 34,823 Southern Copper Corp. Morgan Stanley 1 55 65 22 Wheaton Precious Metals Corp. (Canada) Morgan Stanley 994 47,654 41,489 (6,744) Worthington Industries, Inc. Morgan Stanley 2,684 126,938 137,796 11,489 325,598 7,319,545 8,040,301 767,701 Media & Entertainment Activision Blizzard, Inc. Morgan Stanley 13,936 1,059,354 1,293,958 236,458 Alphabet, Inc., Class A Morgan Stanley 65 113,060 113,922 874 Charter Communications, Inc., Class A Morgan Stanley 88 51,900 58,216 6,329 DISH Network Corp., Class A Morgan Stanley 10,475 321,692 338,762 17,082 Facebook, Inc., Class A Morgan Stanley 244 66,276 66,651 388 Fox Corp., Class A Morgan Stanley 4,632 116,680 134,884 19,336 Gray Television, Inc. Morgan Stanley 4,074 70,625 72,884 2,271 Interpublic Group of Cos., Inc. (The) Morgan Stanley 5,905 109,006 138,886 32,912 Lions Gate Entertainment Corp., Class B (Canada) Morgan Stanley 3,288 29,798 34,129 4,344 Madison Square Garden Sports Corp. Morgan Stanley 3,234 547,592 595,379 47,800 Meredith Corp. Morgan Stanley 2,229 42,594 42,797 216 MSG Networks, Inc., Class A Morgan Stanley 7,930 81,566 116,888 37,289 Netflix, Inc. Morgan Stanley 43 21,315 23,251 1,949 News Corp., Class A Morgan Stanley 337 6,007 6,056 62 Roku, Inc. Morgan Stanley 203 69,173 67,400 (1,761) Sciplay Corp., Class A Morgan Stanley 279 3,923 3,864 (46) Snap, Inc., Class A Morgan Stanley 2,915 119,285 145,954 26,682 TEGNA, Inc. Morgan Stanley 2,875 41,127 40,106 (930) Twitter, Inc. Morgan Stanley 655 31,961 35,468 3,520 ViacomCBS, Inc., Class B Morgan Stanley 837 29,740 31,187 1,533 Walt Disney Co. (The) Morgan Stanley 25 4,446 4,529 96 World Wrestling Entertainment, Inc. Class A Morgan Stanley 5,540 228,326 266,197 38,635 Zillow Group, Inc., Class C Morgan Stanley 3,972 328,009 515,566 187,569 73,781 3,493,455 4,146,934 662,608 Pharmaceuticals, Biotechnology & Life Sciences Agilent Technologies, Inc. Morgan Stanley 2,477 239,091 293,500 58,422 Athira Pharma, Inc. Morgan Stanley 8 272 274 15 Biogen, Inc Morgan Stanley 20 4,838 4,897 72 Bio-Rad Laboratories, Inc., Class A Morgan Stanley 316 170,448 184,209 13,774 Blueprint Medicines Corp. Morgan Stanley 32 3,618 3,589 (17) Bristol-Myers Squibb Co. Morgan Stanley 9,125 553,052 566,024 18,711 Charles River Laboratories International, Inc. Morgan Stanley 1 202 250 60 Denali Therapeutics, Inc. Morgan Stanley 146 5,089 12,229 7,152 Gilead Sciences, Inc. Morgan Stanley 1,523 87,227 88,730 1,516 Horizon Therapeutics PLC (Ireland) Morgan Stanley 2,018 142,005 147,617 5,625 Innoviva, Inc. Morgan Stanley 8,222 96,092 101,871 5,791
18 ˆ200D$W8F63wvoMwG8Š 200D$W8F63wvoMwG8 LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 19 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Pharmaceuticals, Biotechnology & Life Sciences — (continued) Intellia Therapeutics, Inc. Morgan Stanley 40 $ 2,169 $ 2,176 $ 114 Johnson & Johnson Morgan Stanley 2,823 408,673 444,284 38,629 Luminex Corp. Morgan Stanley 3,585 84,928 82,885 (1,522) Mettler-Toledo International, Inc. Morgan Stanley 108 121,962 123,085 1,136 Ocular Therapeutix, Inc. Morgan Stanley 5,142 105,199 106,439 1,253 PerkinElmer, Inc. Morgan Stanley 589 69,798 84,522 14,769 Pfizer, Inc. Morgan Stanley 4,056 154,909 149,301 (5,595) Prestige Consumer Healthcare, Inc. Morgan Stanley 1,617 58,662 56,385 (2,264) Thermo Fisher Scientific, Inc. Morgan Stanley 1,464 661,413 681,902 20,888 Vanda Pharmaceuticals, Inc. Morgan Stanley 1 9 13 16 Viatris, Inc. Morgan Stanley 763 11,743 14,299 2,569 Zoetis, Inc. Morgan Stanley 2,696 429,753 446,188 16,702 46,772 3,411,152 3,594,669 197,816 Retailing Abercrombie & Fitch Co., Class A Morgan Stanley 23,038 355,461 469,054 113,605 Advance Auto Parts, Inc. Morgan Stanley 6,657 1,008,252 1,048,544 43,185 Amazon.com, Inc. Morgan Stanley 61 202,469 198,673 (3,784) American Eagle Outfitters, Inc. Morgan Stanley 7,530 145,870 151,127 5,270 AutoNation, Inc. Morgan Stanley 8,687 469,810 606,266 137,382 AutoZone, Inc. Morgan Stanley 321 364,744 380,526 15,795 Booking Holdings, Inc. Morgan Stanley 28 57,722 62,364 4,654 Buckle, Inc. (The) Morgan Stanley 4,852 101,359 141,678 51,595 Camping World Holdings, Inc., Class A Morgan Stanley 30,840 881,390 803,382 (50,899) eBay, Inc. Morgan Stanley 1,700 84,794 85,425 799 Etsy, Inc. Morgan Stanley 3,474 439,441 618,059 178,631 Expedia Group, Inc. Morgan Stanley 2,346 293,780 310,610 16,843 Foot Locker, Inc. Morgan Stanley 5,039 148,960 203,777 55,578 Gap, Inc. (The) Morgan Stanley 10,543 223,003 212,863 (10,127) Genuine Parts Co. Morgan Stanley 1,271 117,179 127,647 12,385 Guess?, Inc. Morgan Stanley 2,582 49,141 58,405 9,404 L Brands, Inc. Morgan Stanley 1,133 41,932 42,136 217 Lands’ End, Inc. Morgan Stanley 15 318 324 18 LKQ Corp. Morgan Stanley 12,382 348,677 436,342 87,970 Macy’s, Inc. Morgan Stanley 28,161 169,756 316,811 147,068 Murphy USA, Inc. Morgan Stanley 366 45,905 47,898 2,113 O’Reilly Automotive, Inc. Morgan Stanley 573 256,270 259,323 3,065 Overstock.com, Inc. Morgan Stanley 349 17,744 16,742 (990) Pool Corp. Morgan Stanley 239 78,320 89,028 10,770 Qurate Retail, Inc., Series A Morgan Stanley 15,438 113,132 169,355 80,857 RH. Morgan Stanley 1 283 448 177 Shutterstock, Inc. Morgan Stanley 2,859 188,409 204,990 17,016 Sleep Number Corp. Morgan Stanley 1 63 82 31 Sonic Automotive, Inc., Class A Morgan Stanley 326 13,356 12,574 (741) Stamps.com, Inc. Morgan Stanley 95 20,107 18,638 (1,968) Target Corp. Morgan Stanley 1,444 222,557 254,909 33,292
19 ˆ200D$W8F63wvvdno/Š 200D$W8F63wvvdno/ LSWP64RS25 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:27 EST 120068 MB841 20 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Retailing — (continued) TJX Cos., Inc. (The) Morgan Stanley 2,010 $ 134,414 $ 137,263 $ 2,862 Urban Outfitters, Inc. Morgan Stanley 4,705 117,129 120,448 3,332 Zumiez, Inc. Morgan Stanley 3,663 101,024 134,725 33,714 182,729 6,812,771 7,740,436 999,119 Semiconductors & Semiconductor Equipment Amkor Technology, Inc. Morgan Stanley 18,617 228,503 280,744 56,033 Analog Devices, Inc. Morgan Stanley 1,078 151,002 159,253 8,932 Applied Materials, Inc. Morgan Stanley 210 17,845 18,123 290 Axcelis Technologies, Inc. Morgan Stanley 3,993 98,626 116,276 17,663 Broadcom, Inc. Morgan Stanley 5,225 1,846,313 2,287,766 472,607 Brooks Automation, Inc. Morgan Stanley 1 44 68 36 Cohu, Inc. Morgan Stanley 783 20,569 29,895 9,338 Enphase Energy, Inc. Morgan Stanley 1 102 175 86 First Solar, Inc. Morgan Stanley 12,722 1,054,169 1,258,460 204,304 Intel Corp. Morgan Stanley 7,872 368,685 392,183 26,904 KLA Corp. Morgan Stanley 332 58,733 85,958 27,533 Lam Research Corp. Morgan Stanley 31 14,814 14,640 (161) MACOM Technology Solutions Holdings, Inc. Morgan Stanley 6,000 220,705 330,240 110,872 Marvell Technology Group Ltd. (Bermuda) Morgan Stanley 369 17,311 17,542 243 Maxim Integrated Products, Inc. Morgan Stanley 415 28,261 36,790 8,542 Microchip Technology, Inc. Morgan Stanley 1,596 178,390 220,424 42,720 Monolithic Power Systems, Inc. Morgan Stanley 1 241 366 209 NVIDIA Corp. Morgan Stanley 34 17,721 17,755 46 Qorvo, Inc. Morgan Stanley 8,308 986,259 1,381,371 395,124 QUALCOMM, Inc. Morgan Stanley 7,699 1,119,243 1,172,866 57,169 Rambus, Inc. Morgan Stanley 39 680 681 14 Teradyne, Inc. Morgan Stanley 437 38,167 52,392 14,302 Texas Instruments, Inc. Morgan Stanley 1,639 241,588 269,009 28,619 Ultra Clean Holdings, Inc. Morgan Stanley 25 551 778 240 Veeco Instruments, Inc. Morgan Stanley 66 1,125 1,146 33 77,493 6,709,647 8,144,901 1,481,698 Software & Services Accenture PLC, Class A (Ireland) Morgan Stanley 554 118,832 144,710 26,389 ACI Worldwide, Inc. Morgan Stanley 5,097 128,066 195,878 70,320 Adobe, Inc. Morgan Stanley 181 86,128 90,522 4,406 Agilysys, Inc. Morgan Stanley 111 4,350 4,260 (77) Alliance Data Systems Corp. Morgan Stanley 4,866 217,822 360,571 144,803 Appian Corp. Morgan Stanley 2,058 312,518 333,581 21,076 Automatic Data Processing, Inc. Morgan Stanley 525 68,313 92,505 24,693 Avalara, Inc. Morgan Stanley 1,186 211,753 195,560 (16,352) Blackline, Inc. Morgan Stanley 1,813 246,144 241,818 (4,313) Booz Allen Hamilton Holding Corp. Morgan Stanley 8,105 705,825 706,594 1,672 Broadridge Financial Solutions, Inc. Morgan Stanley 4,257 602,532 652,172 52,873 CACI International, Inc., Class A Morgan Stanley 831 171,236 207,193 37,236
20 ˆ200D$W8F63wskH1GTŠ 200D$W8F63wskH1GT FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB841 21 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) Cadence Design Systems, Inc. Morgan Stanley 563 $ 58,145 $ 76,810 $ 18,678 CDK Global, Inc. Morgan Stanley 10,192 484,717 528,251 44,733 Cerence, Inc. Morgan Stanley 1,371 117,265 137,758 23,337 CGI, Inc. (Canada) Morgan Stanley 1,786 122,636 141,648 19,033 Cloudera, Inc. Morgan Stanley 18,067 233,953 251,312 17,372 Cloudflare, Inc., Class A Morgan Stanley 914 76,226 69,455 (6,759) Cornerstone On Demand, Inc. Morgan Stanley 217 7,475 9,557 2,094 Crowdstrike Holdings, Inc., Class A Morgan Stanley 1,886 351,679 399,493 47,826 Domo, Inc., Class B Morgan Stanley 579 37,858 36,923 (922) Elastic NV (Netherlands) Morgan Stanley 383 55,363 55,968 617 Envestnet, Inc. Morgan Stanley 364 27,755 29,954 2,211 Fair Isaac Corp. Morgan Stanley 16 8,137 8,177 52 FireEye, Inc. Morgan Stanley 2,908 65,709 67,058 1,362 Fiserv, Inc. Morgan Stanley 7,516 739,140 855,772 116,644 GoDaddy, Inc., Class A Morgan Stanley 1 68 83 28 International Business Machines Corp Morgan Stanley 1,668 187,530 209,968 24,969 Intuit, Inc. Morgan Stanley 481 141,779 182,708 43,825 Jack Henry & Associates, Inc. Morgan Stanley 499 81,012 80,833 42 Lightspeed POS, Inc. (Canada) Morgan Stanley 5 345 352 20 Mastercard, Inc., Class A Morgan Stanley 18 6,231 6,425 206 MAXIMUS, Inc. Morgan Stanley 3 219 220 13 Microsoft Corp. Morgan Stanley 40 9,022 8,897 (112) MicroStrategy, Inc., Class A Morgan Stanley 1,348 161,420 523,765 362,357 NortonLifeLock, Inc. Morgan Stanley 605 11,312 12,572 1,331 Open Text Corp. (Canada) Morgan Stanley 4,967 208,413 225,800 18,192 Paychex, Inc. Morgan Stanley 166 15,439 15,468 41 PayPal Holdings, Inc. Morgan Stanley 136 31,552 31,851 312 Progress Software Corp. Morgan Stanley 6,792 241,214 306,930 68,318 PTC, Inc. Morgan Stanley 1 81 120 51 QAD, Inc., Class A Morgan Stanley 7 432 442 23 Sailpoint Technologies Holding, Inc. Morgan Stanley 1 36 53 30 salesforce.com, Inc. Morgan Stanley 2,942 705,448 654,683 (50,752) SecureWorks Corp., Class A Morgan Stanley 2 29 28 12 ServiceNow, Inc. Morgan Stanley 104 54,755 57,245 2,503 SolarWinds Corp. Morgan Stanley 321 5,300 4,799 (489) SPS Commerce, Inc. Morgan Stanley 4,396 321,791 477,362 155,583 Square, Inc., Class A Morgan Stanley 251 58,535 54,628 (3,895) Sykes Enterprises, Inc. Morgan Stanley 69 2,607 2,599 5 Synopsys, Inc. Morgan Stanley 666 157,238 172,654 15,728 Teradata Corp. Morgan Stanley 7,400 157,487 166,278 8,803 TTEC Holdings, Inc. Morgan Stanley 2 146 146 12 Tyler Technologies, Inc. Morgan Stanley 5 2,151 2,183 44 Unity Software, Inc. Morgan Stanley 188 29,072 28,852 (207) Verint Systems, Inc. Morgan Stanley 1,187 71,986 79,742 7,769 VeriSign, Inc. Morgan Stanley 468 95,677 101,275 5,704 Virtusa Corp. Morgan Stanley 1,353 47,222 69,179 21,971 Visa, Inc., Class A Morgan Stanley 48 10,275 10,499 237
21 ˆ200D$W8F63ws!JVGuŠ 200D$W8F63ws!JVGu FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB841 22 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) Western Union Co. (The) Morgan Stanley 15,048 $ 339,509 $ 330,153 $ (3,137) WEX, Inc Morgan Stanley 1 138 203 78 Workiva, Inc Morgan Stanley 602 47,573 55,155 7,594 Zoom Video Communications, Inc., Class A Morgan Stanley 466 171,077 157,191 (13,873) 128,603 8,633,698 9,924,841 1,322,340 Technology Hardware & Equipment Apple, Inc Morgan Stanley 566 66,748 75,103 8,368 Avnet, Inc Morgan Stanley 1 25 35 23 Badger Meter, Inc Morgan Stanley 598 38,151 56,248 18,308 Cambium Networks Corp. (Cayman Islands) Morgan Stanley 322 8,341 8,076 (253) CDW Corp Morgan Stanley 1,110 125,604 146,287 21,245 Cisco Systems, Inc Morgan Stanley 1,174 44,295 52,537 8,456 Corning, Inc Morgan Stanley 3,825 118,030 137,700 21,403 Dell Technologies, Inc., Class C Morgan Stanley 4,046 285,866 296,531 10,674 Diebold Nixdorf, Inc Morgan Stanley 63,200 401,313 673,712 272,411 EchoStar Corp., Class A Morgan Stanley 34,664 924,835 734,530 (191,533) ePlus, Inc Morgan Stanley 6 523 528 17 FLIR Systems, Inc Morgan Stanley 412 15,002 18,058 3,166 Hewlett Packard Enterprise Co Morgan Stanley 21,614 209,774 256,126 51,465 HP, Inc Morgan Stanley 15,835 329,917 389,383 63,475 II-VI, Inc Morgan Stanley 82 6,256 6,229 (14) Inseego Corp Morgan Stanley 50 776 774 10 InterDigital, Inc Morgan Stanley 138 8,110 8,374 314 Jabil, Inc Morgan Stanley 976 41,792 41,509 (270) Juniper Networks, Inc Morgan Stanley 1,372 29,643 30,884 1,454 Lumentum Holdings, Inc Morgan Stanley 1 70 95 37 MTS Systems Corp Morgan Stanley 139 8,119 8,084 (22) NCR Corp Morgan Stanley 19,042 353,158 715,408 362,262 NetApp, Inc Morgan Stanley 6,854 303,631 454,009 153,632 NETGEAR, Inc Morgan Stanley 1,850 60,938 75,166 14,240 OSI Systems, Inc Morgan Stanley 563 39,406 52,483 13,090 Ribbon Communications, Inc Morgan Stanley 94 610 617 19 Sanmina Corp Morgan Stanley 5,303 139,269 169,113 30,111 ScanSource, Inc Morgan Stanley 4 104 105 14 Seagate Technology PLC (Ireland) Morgan Stanley 301 17,682 18,710 1,161 SYNNEX Corp Morgan Stanley 187 15,164 15,229 78 TE Connectivity Ltd. (Switzerland) Morgan Stanley 1 93 121 42 TTM Technologies, Inc Morgan Stanley 8,079 104,447 111,450 7,015 Ubiquiti, Inc Morgan Stanley 19 3,001 5,292 2,311 Vontier Corp Morgan Stanley 9,828 286,750 328,255 41,518 Xerox Holdings Corp Morgan Stanley 81 1,276 1,878 655 Zebra Technologies Corp., Class A Morgan Stanley 60 17,974 23,060 5,098 202,397 4,006,693 4,911,699 919,980
22 ˆ200D$W8F63wt7G=GeŠ 200D$W8F63wt7G=Ge FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB841 23 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Telecommunication Services AT&T, Inc. Morgan Stanley 18,721 $ 554,319 $ 538,416 $ (7,245) ATN International, Inc. Morgan Stanley 44 1,997 1,837 (140) CenturyLink, Inc. Morgan Stanley 8,884 88,517 86,619 892 Iridium Communications, Inc. Morgan Stanley 2,044 55,707 80,380 25,765 Rogers Communications, Inc., Class B (Canada) Morgan Stanley 242 11,291 11,275 10 T-Mobile US, Inc. Morgan Stanley 1,473 163,245 198,634 35,401 Verizon Communications, Inc. Morgan Stanley 7,377 413,646 433,399 24,153 Vonage Holdings Corp. Morgan Stanley 36 467 463 9 38,821 1,289,189 1,351,023 78,845 Transportation Alaska Air Group, Inc. Morgan Stanley 16,704 645,991 868,608 222,630 ArcBest Corp. Morgan Stanley 10,366 317,303 442,317 126,689 Atlas Air Worldwide Holdings, Inc. Morgan Stanley 6,440 369,209 351,238 (18,124) CH Robinson Worldwide, Inc. Morgan Stanley 73 6,837 6,853 684 CSX Corp. Morgan Stanley 1,847 131,201 167,615 37,366 Echo Global Logistics, Inc. Morgan Stanley 4,751 124,111 127,422 3,323 Expeditors International of Washington, Inc. Morgan Stanley 9,482 762,258 901,833 144,518 FedEx Corp. Morgan Stanley 1,957 534,771 508,076 (26,682) Hub Group, Inc., Class A Morgan Stanley 21 1,037 1,197 173 JB Hunt Transport Services, Inc. Morgan Stanley 67 9,168 9,156 1 Kansas City Southern Morgan Stanley 54 9,390 11,023 2,697 Knight-Swift Transportation Holdings, Inc. Morgan Stanley 1,571 60,253 65,699 5,596 Norfolk Southern Corp. Morgan Stanley 113 26,819 26,850 43 Old Dominion Freight Line, Inc. Morgan Stanley 47 9,211 9,173 (25) Ryder System, Inc. Morgan Stanley 1,702 93,880 105,115 11,942 Schneider National, Inc., Class B Morgan Stanley 18,841 474,316 390,009 (44,523) SkyWest, Inc. Morgan Stanley 8,312 241,025 335,057 94,240 TFI International, Inc. (Canada) Morgan Stanley 1 52 52 36 United Parcel Service, Inc., Class B Morgan Stanley 816 126,557 137,414 12,539 Werner Enterprises, Inc. Morgan Stanley 625 25,411 24,512 (882) 83,790 3,968,800 4,489,219 572,241 Utilities AES Corp. (The) Morgan Stanley 1,878 42,835 44,133 1,310 American Water Works Co., Inc. Morgan Stanley 804 115,358 123,390 8,405 Atmos Energy Corp. Morgan Stanley 399 38,090 38,077 54 CenterPoint Energy, Inc. Morgan Stanley 2,191 48,479 47,413 (1,053) Dominion Energy, Inc. Morgan Stanley 33 2,554 2,482 (39) Duke Energy Corp. Morgan Stanley 5,492 472,893 502,848 36,951 Evergy, Inc. Morgan Stanley 324 17,523 17,985 475 Exelon Corp. Morgan Stanley 18,554 731,132 783,350 58,041 IDACORP, Inc. Morgan Stanley 2,165 196,950 207,905 11,268 MDU Resources Group, Inc. Morgan Stanley 1 21 26 366 National Fuel Gas Co. Morgan Stanley 733 30,042 30,148 493
23 ˆ200D$W8F63wtQ=3G.Š 200D$W8F63wtQ=3G. FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB841 24 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Utilities — (continued) NiSource, Inc. Morgan Stanley 27,125 $ 642,687 $ 622,248 $ (20,151) NRG Energy, Inc. Morgan Stanley 21,042 695,039 790,127 108,929 ONE Gas, Inc. Morgan Stanley 333 25,671 25,564 (94) Public Service Enterprise Group, Inc. Morgan Stanley 875 49,958 51,013 1,551 Southern Co. (The) Morgan Stanley 799 48,366 49,083 729 Spire, Inc. Morgan Stanley 44 2,807 2,818 23 82,792 3,160,405 3,338,610 207,258 Total Reference Entity — Long 100,955,472 113,920,515 13,605,093 Short Automobiles & Components Aptiv PLC (Jersey) Morgan Stanley (2,205) (261,030) (287,289) (26,546) Dorman Products, Inc. Morgan Stanley (2,024) (155,246) (175,724) (22,415) Fox Factory Holding Corp. Morgan Stanley (3,402) (294,224) (359,625) (66,906) Goodyear Tire & Rubber Co. (The) Morgan Stanley (20,910) (209,547) (228,128) (20,582) LCI Industries Morgan Stanley (6,815) (822,816) (883,769) (74,373) Patrick Industries, Inc Morgan Stanley (5,637) (368,772) (385,289) (20,448) XPEL, Inc. Morgan Stanley (1,589) (78,513) (81,929) (3,494) (42,582) (2,190,148) (2,401,753) (234,764) Capital Goods AAON, Inc. Morgan Stanley (181) (12,141) (12,060) 79 Aerojet Rocketdyne Holdings, Inc Morgan Stanley (6,825) (358,655) (360,701) (2,446) Alamo Group, Inc. Morgan Stanley (1,025) (106,073) (141,399) (36,835) American Woodmark Corp. Morgan Stanley (2,332) (210,998) (218,858) (8,154) Argan, Inc. Morgan Stanley (2,640) (121,450) (117,454) (70) Armstrong World Industries, Inc. Morgan Stanley (11,774) (902,819) (875,868) 23,813 .Axon Enterprise, Inc Morgan Stanley (5,621) (493,971) (688,741) (200,636) Bloom Energy Corp., Class A Morgan Stanley (54,016) (1,009,164) (1,548,099) (565,494) Boeing Co. (The) Morgan Stanley (14,279) (3,177,379) (3,056,563) 117,184 Builders FirstSource, Inc. Morgan Stanley (41,377) (1,518,103) (1,688,595) (172,221) BWX Technologies, Inc. Morgan Stanley (3,386) (207,414) (204,108) 3,080 Carlisle Cos, Inc. Morgan Stanley (2,115) (286,156) (330,321) (45,273) CIRCOR International, Inc. Morgan Stanley (1,148) (41,146) (44,129) (3,018) Construction Partners, Inc., Class A Morgan Stanley (7,026) (123,349) (204,527) (83,538) Ducommun, Inc. Morgan Stanley (15) (816) (806) 22 Encore Wire Corp. Morgan Stanley (111) (6,593) (6,723) (126) Enerpac Tool Group Corp. Morgan Stanley (1,024) (22,652) (23,153) (514) EnerSys Morgan Stanley (1,578) (105,205) (131,069) (27,836) GATX Corp. Morgan Stanley (4,997) (380,590) (415,650) (37,673) Graco, Inc. Morgan Stanley (2,488) (152,714) (180,007) (27,843) GrafTech International Ltd Morgan Stanley (5,157) (52,314) (54,974) (2,707) Great Lakes Dredge & Dock Corp. Morgan Stanley (609) (7,687) (8,021) (329) Hexcel Corp. Morgan Stanley (16,173) (701,811) (784,229) (91,916) Hillenbrand, Inc. Morgan Stanley (23,025) (663,613) (916,395) (268,426) Hyster-Yale Materials Handling, Inc. Morgan Stanley (3,276) (125,318) (195,086) (71,993) Kaman Corp. Morgan Stanley (3,375) (183,731) (192,814) (9,741)
24 ˆ200D$W8F63wtgaXG4Š 200D$W8F63wtgaXG4 FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 25 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Kennametal, Inc. Morgan Stanley (57,560) $ (1,691,437) $ (2,085,974) $ (420,108) Kratos Defense & Security Solutions, Inc. Morgan Stanley (35,891) (711,995) (984,490) (275,019) Maxar Technologies, Inc. Morgan Stanley (9,027) (315,377) (348,352) (33,324) Mercury Systems, Inc. Morgan Stanley (2,439) (191,030) (214,778) (23,955) Meritor, Inc. Morgan Stanley (45,998) (1,111,391) (1,283,804) (175,325) Mueller Water Products, Inc., Class A Morgan Stanley (55,180) (561,733) (683,128) (129,802) Navistar International Corp. Morgan Stanley (15,293) (673,270) (672,280) 230 Nordson Corp. Morgan Stanley (1,508) (312,589) (303,033) 8,605 NV5 Global, Inc. Morgan Stanley (9,035) (500,178) (711,777) (213,505) Oshkosh Corp. Morgan Stanley (10,327) (832,686) (888,845) (57,816) Parsons Corp. Morgan Stanley (14,331) (486,828) (521,792) (35,510) PGT Innovations, Inc. Morgan Stanley (21,043) (358,746) (428,015) (69,668) Proto Labs, Inc. Morgan Stanley (9,780) (1,447,628) (1,500,252) (54,273) Raytheon Technologies Corp. Morgan Stanley (7,081) (513,790) (506,362) 6,851 Resideo Technologies, Inc. Morgan Stanley (22,660) (308,176) (481,752) (180,931) Sensata Technologies Holding PLC (United Kingdom) Morgan Stanley (5,737) (257,978) (302,569) (44,875) Spirit AeroSystems Holdings, Inc., Class A Morgan Stanley (36,275) (952,346) (1,417,990) (467,287) SPX Corp. Morgan Stanley (2,459) (132,903) (134,114) (1,351) Sunrun, Inc. Morgan Stanley (8,852) (537,954) (614,152) (76,803) Terex Corp. Morgan Stanley (10,622) (278,941) (370,602) (92,606) Trex Co., Inc. Morgan Stanley (46,485) (3,378,502) (3,891,724) (521,422) Triumph Group, Inc. Morgan Stanley (13,777) (192,337) (173,039) 19,090 Vicor Corp. Morgan Stanley (3,939) (287,338) (363,255) (76,398) Welbilt, Inc. Morgan Stanley (56,934) (608,372) (751,529) (143,842) WESCO International, Inc. Morgan Stanley (25,307) (1,191,078) (1,986,600) (815,071) WillScot Mobile Mini Holdings Corp. Morgan Stanley (9,061) (200,559) (209,943) (9,602) Woodward, Inc. Morgan Stanley (1,494) (180,003) (181,566) (1,757) Xylem, Inc. Morgan Stanley (3,918) (348,931) (398,813) (54,134) (757,586) (29,535,958) (34,810,880) (5,452,219) Commercial & Professional Services Casella Waste Systems, Inc., Class A Morgan Stanley (4,149) (223,396) (257,031) (34,687) Equifax, Inc. Morgan Stanley (5,871) (1,130,981) (1,132,164) (2,468) Harsco Corp. Morgan Stanley (22,439) (338,928) (403,453) (64,902) Insperity, Inc. Morgan Stanley (1,984) (143,170) (161,537) (22,620) Knoll, Inc. Morgan Stanley (767) (10,856) (11,260) (404) Korn Ferry Morgan Stanley (714) (31,463) (31,059) 380 MSA Safety, Inc. Morgan Stanley (1,756) (251,707) (262,329) (11,275) Pitney Bowes, Inc. Morgan Stanley (1,035) (6,375) (6,376) 4 US Ecology, Inc. Morgan Stanley (24,954) (875,437) (906,579) (32,134) Viad Corp. Morgan Stanley (930) (31,533) (33,638) (2,129) (64,599) (3,043,846) (3,205,426) (170,235)
25 ˆ200D$W8F63wtxLkG:Š 200D$W8F63wtxLkG: FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 26 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Consumer Durables & Apparel Acushnet Holdings Corp. Morgan Stanley (5,012) $ (178,257) $ (203,186) $ (28,029) Callaway Golf Co. Morgan Stanley (38,553) (783,806) (925,658) (155,017) Canada Goose Holdings, Inc. (Canada) . Morgan Stanley (35,803) (1,242,535) (1,065,855) 175,573 Columbia Sportswear Co. Morgan Stanley (6,861) (590,411) (599,514) (9,768) GoPro, Inc., Class A Morgan Stanley (30,972) (163,996) (256,448) (104,140) Lululemon Athletica, Inc. Morgan Stanley (3,394) (1,273,413) (1,181,214) 97,142 Malibu Boats, Inc., Class A Morgan Stanley (4,587) (261,388) (286,412) (25,545) Oxford Industries, Inc. Morgan Stanley (6,240) (307,479) (408,782) (102,734) Purple Innovation, Inc. Morgan Stanley (2,793) (91,037) (92,001) (1,057) Ralph Lauren Corp. Morgan Stanley (3,199) (247,134) (331,864) (85,001) Skechers U.S.A., Inc., Class A Morgan Stanley (56,383) (1,850,638) (2,026,405) (177,878) Tapestry, Inc. Morgan Stanley (13,997) (293,030) (435,027) (142,321) Under Armour, Inc., Class C Morgan Stanley (60,478) (639,742) (899,913) (267,780) (268,272) (7,922,866) (8,712,279) (826,555) Consumer Services Aramark Morgan Stanley (29,483) (1,080,421) (1,134,506) (61,197) Bright Horizons Family Solutions, Inc. Morgan Stanley (9,595) (1,510,049) (1,659,839) (151,510) Caesars Entertainment, Inc. Morgan Stanley (21,178) (1,371,132) (1,572,890) (210,119) Carnival Corp. (Panama) Morgan Stanley (27,917) (586,919) (604,682) (18,424) Cheesecake Factory, Inc. (The) Morgan Stanley (28,414) (737,912) (1,053,023) (315,945) Chegg, Inc. Morgan Stanley (5,659) (438,550) (511,177) (87,797) Churchill Downs, Inc. Morgan Stanley (2,748) (459,483) (535,283) (77,460) Cracker Barrel Old Country Store, Inc. Morgan Stanley (10,757) (1,338,573) (1,419,063) (82,014) Dave & Buster’s Entertainment, Inc. Morgan Stanley (68,206) (1,042,252) (2,047,544) (1,021,423) Denny’s Corp. Morgan Stanley (38,865) (474,051) (570,538) (97,018) Everi Holdings, Inc. Morgan Stanley (15,157) (90,438) (209,318) (118,971) frontdoor, Inc. Morgan Stanley (3,057) (153,217) (153,492) (452) International Game Technology PLC (United Kingdom) Morgan Stanley (7,559) (90,851) (128,049) (37,585) Las Vegas Sands Corp. Morgan Stanley (7,749) (388,141) (461,840) (74,133) Monarch Casino & Resort, Inc. Morgan Stanley (5,184) (180,992) (317,364) (137,093) Planet Fitness, Inc., Class A Morgan Stanley (78) (6,023) (6,055) (43) Starbucks Corp. Morgan Stanley (547) (58,201) (58,518) (372) Stride, Inc. Morgan Stanley (40,013) (1,853,785) (849,476) 1,002,293 WW International, Inc. Morgan Stanley (4,422) (139,112) (107,897) 35,432 Wynn Resorts Ltd. Morgan Stanley (4,309) (348,747) (486,184) (137,826) (330,897) (12,348,849) (13,886,738) (1,591,657) Diversified Financials CME Group, Inc. Morgan Stanley (5,882) (1,072,225) (1,070,818) (30,041) Franklin Resources, Inc. Morgan Stanley (44,601) (1,081,391) (1,114,579) (45,776) Intercontinental Exchange, Inc. Morgan Stanley (22,684) (2,331,807) (2,615,238) (292,747) WisdomTree Investments, Inc. Morgan Stanley (2,503) (13,427) (13,391) 33 (75,670) (4,498,850) (4,814,026) (368,531) Energy Cabot Oil & Gas Corp. Morgan Stanley (56,477) (1,082,127) (919,446) 155,107
26 ˆ200D$W8F63wu6dGG&Š 200D$W8F63wu6dGG& FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 27 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Energy — (continued) Cameco Corp. (Canada) Morgan Stanley (1,402) $ (17,197) $ (18,787) $ (1,614) ChampionX Corp. Morgan Stanley (65,431) (591,418) (1,001,094) (417,657) CNX Resources Corp. Morgan Stanley (74,910) (823,266) (809,028) 13,306 Delek US Holdings, Inc. Morgan Stanley (126,145) (2,318,545) (2,027,150) 252,091 Dril-Quip, Inc. Morgan Stanley (13,419) (410,551) (397,471) 12,503 Exxon Mobil Corp. Morgan Stanley (10,936) (451,132) (450,782) (155) Hess Corp. Morgan Stanley (5,635) (287,610) (297,472) (13,582) HollyFrontier Corp. Morgan Stanley (3,291) (84,092) (85,072) (1,064) Liberty Oilfield Services, Inc., Class A Morgan Stanley (15,550) (149,742) (160,321) (10,737) Marathon Oil Corp. Morgan Stanley (19,094) (136,279) (127,357) 8,778 National Energy Services Reunited Corp. (British Virgin Islands) Morgan Stanley (105) (1,013) (1,043) (18) NexTier Oilfield Solutions, Inc. Morgan Stanley (45,902) (126,231) (157,903) (31,805) ONEOK, Inc. Morgan Stanley (10,495) (309,870) (402,798) (103,592) Ovintiv, Inc. Morgan Stanley (22,783) (273,365) (327,164) (60,302) PDC Energy, Inc. Morgan Stanley (17,553) (273,651) (360,363) (87,532) Pembina Pipeline Corp. (Canada) Morgan Stanley (83,648) (2,063,460) (1,979,112) 30,042 RPC, Inc. Morgan Stanley (94,946) (312,372) (299,080) 12,976 SFL Corp. Ltd. (Bermuda) Morgan Stanley (19,903) (172,660) (124,991) 39,877 Southwestern Energy Co. Morgan Stanley (763,804) (1,996,892) (2,276,136) (281,522) Suncor Energy, Inc. (Canada) Morgan Stanley (48,027) (823,292) (805,893) 3,469 TC Energy Corp. (Canada) Morgan Stanley (38,696) (1,650,139) (1,575,701) 41,343 (1,538,152) (14,354,904) (14,604,164) (440,088) Food & Staples Retailing Chefs’ Warehouse, Inc. (The) Morgan Stanley (1,996) (50,144) (51,277) (1,178) Grocery Outlet Holding Corp. Morgan Stanley (66,474) (2,703,462) (2,609,105) 91,268 Performance Food Group Co. Morgan Stanley (27,420) (851,647) (1,305,466) (458,040) Rite Aid Corp. Morgan Stanley (35,996) (458,010) (569,817) (112,319) (131,886) (4,063,263) (4,535,665) (480,269) Food, Beverage & Tobacco Beyond Meat, Inc. Morgan Stanley (34,051) (4,437,949) (4,256,375) 176,495 Calavo Growers, Inc. Morgan Stanley (8,368) (520,500) (580,990) (70,643) Darling Ingredients, Inc. Morgan Stanley (1,265) (72,167) (72,965) (869) Hormel Foods Corp. Morgan Stanley (23,679) (1,120,756) (1,103,678) 17,157 Hostess Brands, Inc. Morgan Stanley (16,978) (215,558) (248,558) (33,235) J&J Snack Foods Corp. Morgan Stanley (5,617) (793,497) (872,713) (84,682) Lancaster Colony Corp. Morgan Stanley (23) (4,163) (4,226) (55) MGP Ingredients, Inc. Morgan Stanley (11,445) (438,099) (538,602) (104,375) Pilgrim’s Pride Corp. Morgan Stanley (53,425) (866,918) (1,047,664) (184,298) Primo Water Corp. (Canada) Morgan Stanley (11,601) (162,646) (181,904) (22,454) Sanderson Farms, Inc. Morgan Stanley (7,486) (857,443) (989,649) (143,719) Simply Good Foods Co. (The) Morgan Stanley (17,367) (449,070) (544,629) (96,062) Sunopta, Inc. (Canada) Morgan Stanley (100) (1,158) (1,167) 2 Universal Corp. Morgan Stanley (7,603) (324,214) (369,582) (50,802) (199,008) (10,264,138) (10,812,702) (597,540)
27 ˆ200D$W8F63wuP2$GNŠ 200D$W8F63wuP2$GN FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 28 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Health Care Equipment & Services ABIOMED, Inc. Morgan Stanley (1,064) $ (339,781) $ (344,949) $ (5,545) Alcon, Inc. (Switzerland) Morgan Stanley (1,441) (88,560) (95,077) (6,606) Antares Pharma, Inc. Morgan Stanley (1,600) (6,327) (6,384) (52) AtriCure, Inc. Morgan Stanley (7,189) (294,080) (400,212) (108,993) Avanos Medical, Inc. Morgan Stanley (15,129) (489,262) (694,119) (206,060) Axogen, Inc. Morgan Stanley (30,780) (370,437) (550,962) (181,714) BioTelemetry, Inc. Morgan Stanley (12,023) (557,357) (866,618) (309,887) Cantel Medical Corp. Morgan Stanley (2,807) (159,382) (221,360) (68,628) Cardiovascular Systems, Inc. Morgan Stanley (7,618) (232,231) (333,364) (102,463) Castle Biosciences, Inc. Morgan Stanley (2,455) (137,695) (164,853) (27,303) CorVel Corp. Morgan Stanley (43) (4,482) (4,558) (69) Covetrus, Inc. Morgan Stanley (22,167) (611,629) (637,080) (26,140) CryoLife, Inc. Morgan Stanley (2,476) (53,160) (58,458) (5,347) DexCom, Inc. Morgan Stanley (411) (145,174) (151,955) (6,935) Edwards Lifesciences Corp. Morgan Stanley (23,295) (1,907,752) (2,125,203) (219,627) Encompass Health Corp. Morgan Stanley (6,184) (490,602) (511,355) (25,308) Evolent Health, Inc., Class A Morgan Stanley (7,024) (73,682) (112,595) (40,084) Fulgent Genetics, Inc. Morgan Stanley (12,949) (617,671) (674,643) (57,668) Glaukos Corp. Morgan Stanley (8,295) (340,842) (624,282) (288,581) Globus Medical, Inc., Class A Morgan Stanley (3,325) (214,368) (216,857) (2,722) Guardant Health, Inc. Morgan Stanley (6,081) (663,847) (783,719) (120,622) Haemonetics Corp. Morgan Stanley (16,216) (1,601,696) (1,925,650) (325,779) HealthEquity, Inc. Morgan Stanley (11,739) (750,120) (818,326) (76,267) HealthStream, Inc. Morgan Stanley (178) (3,885) (3,888) 6 Henry Schein, Inc. Morgan Stanley (6,331) (434,159) (423,291) 11,114 Inari Medical, Inc. Morgan Stanley (951) (81,117) (83,013) (1,976) Integra LifeSciences Holdings Corp. Morgan Stanley (12,503) (708,215) (811,695) (104,279) Intuitive Surgical, Inc. Morgan Stanley (791) (634,984) (647,117) (12,849) Lantheus Holdings, Inc Morgan Stanley (6,206) (83,654) (83,719) (149) .LHC Group, Inc. Morgan Stanley (1,229) (238,559) (262,170) (25,265) LivaNova PLC (United Kingdom) Morgan Stanley (23,063) (1,300,791) (1,527,001) (229,275) Masimo Corp. Morgan Stanley (398) (107,633) (106,815) 732 Mesa Laboratories, Inc Morgan Stanley (2,290) (536,026) (656,406) (122,066) .NuVasive, Inc. Morgan Stanley (8,271) (447,290) (465,905) (19,116) Ontrak, Inc. Morgan Stanley (3,041) (157,487) (187,903) (30,584) OraSure Technologies, Inc. Morgan Stanley (62,209) (803,966) (658,482) 144,574 OrthoPediatrics Corp. Morgan Stanley (1,323) (59,135) (54,574) 4,506 Pennant Group, Inc. (The) Morgan Stanley (1,783) (95,676) (103,521) (7,942) Penumbra, Inc. Morgan Stanley (634) (131,358) (110,950) 20,270 PetIQ, Inc. Morgan Stanley (34,989) (1,267,377) (1,345,327) (79,653) Phreesia, Inc. Morgan Stanley (3,702) (117,667) (200,871) (89,697) RadNet, Inc. Morgan Stanley (26,392) (425,954) (516,491) (91,138) Silk Road Medical, Inc. Morgan Stanley (5,414) (319,478) (340,974) (21,850) Simulations Plus, Inc. Morgan Stanley (1,679) (114,947) (120,754) (5,926) .SmileDirectClub, Inc. Morgan Stanley (95,205) (1,108,460) (1,136,748) (32,300) STAAR Surgical Co. Morgan Stanley (7,936) (459,307) (628,690) (170,635) Surgery Partners, Inc. Morgan Stanley (7,243) (193,045) (210,119) (17,283)
28 ˆ200D$W8F63wua=SGÄŠ 200D$W8F63wua=SG˜ FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 29 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Health Care Equipment & Services — (continued) Tabula Rasa HealthCare, Inc. Morgan Stanley (29,642) $ (1,558,666) $ (1,269,863) $ 287,027 Tactile Systems Technology, Inc. Morgan Stanley (10,230) (381,959) (459,736) (78,202) Tandem Diabetes Care, Inc. Morgan Stanley (2,550) (247,026) (243,984) 2,771 Teleflex, Inc. Morgan Stanley (3,245) (1,268,339) (1,335,545) (68,648) US Physical Therapy, Inc. Morgan Stanley (13) (1,567) (1,563) 14 Vapotherm, Inc. Morgan Stanley (13,077) (358,985) (351,248) 7,338 Varex Imaging Corp. Morgan Stanley (8,072) (114,098) (134,641) (20,789) Vocera Communications, Inc. Morgan Stanley (8,060) (191,989) (334,732) (146,876) (590,961) (24,102,936) (27,140,315) (3,110,546) Household & Personal Products BellRing Brands, Inc., Class A Morgan Stanley (5,091) (105,780) (123,762) (19,156) Central Garden & Pet Co., Class A Morgan Stanley (7,471) (256,629) (271,421) (15,402) Coty, Inc., Class A Morgan Stanley (24,660) (88,822) (173,113) (84,762) Reynolds Consumer Products, Inc. Morgan Stanley (3,636) (121,402) (109,225) 11,993 Spectrum Brands Holdings, Inc. Morgan Stanley (1,702) (129,000) (134,424) (5,560) WD-40 Co. Morgan Stanley (2,671) (524,341) (709,631) (192,626) (45,231) (1,225,974) (1,521,576) (305,513) Materials Air Products & Chemicals, Inc. Morgan Stanley (2,083) (574,098) (569,117) 1,544 Alamos Gold, Inc., Class A (Canada) Morgan Stanley (77,312) (811,555) (676,480) 135,749 Albemarle Corp. Morgan Stanley (1,844) (173,172) (272,027) (99,973) Amyris, Inc. Morgan Stanley (70,018) (247,039) (432,361) (185,593) Balchem Corp Morgan Stanley (2,650) (271,925) (305,333) (35,192) .Cleveland-Cliffs, Inc. Morgan Stanley (71,254) (418,553) (1,037,458) (665,882) Eagle Materials, Inc. Morgan Stanley (1,418) (119,761) (143,714) (24,976) Equinox Gold Corp. (Canada) Morgan Stanley (109,443) (1,261,748) (1,131,641) 128,672 Fortuna Silver Mines, Inc. (Canada) Morgan Stanley (87,860) (563,284) (723,966) (166,070) Glatfelter Corp. Morgan Stanley (1,217) (20,158) (19,934) 52 Graphic Packaging Holding Co. Morgan Stanley (49,565) (719,045) (839,631) (127,294) H.B. Fuller Co. Morgan Stanley (7,807) (362,253) (405,027) (46,225) Hudbay Minerals, Inc. (Canada) Morgan Stanley (18,113) (62,309) (126,791) (65,859) Kirkland Lake Gold Ltd. (Canada) Morgan Stanley (54,892) (2,372,819) (2,265,393) 92,586 Kronos Worldwide, Inc. Morgan Stanley (964) (13,973) (14,373) (437) Livent Corp. Morgan Stanley (89,362) (629,108) (1,683,580) (1,111,257) Materion Corp. Morgan Stanley (205) (12,671) (13,063) (393) Methanex Corp. (Canada) Morgan Stanley (29,032) (577,471) (1,337,795) (770,134) Myers Industries, Inc. Morgan Stanley (356) (7,012) (7,398) (381) Novagold Resources, Inc. (Canada) Morgan Stanley (45,205) (488,335) (437,132) 50,655 Nutrien Ltd. (Canada) Morgan Stanley (18,793) (904,140) (905,071) (13,731) Olin Corp. Morgan Stanley (33,245) (465,639) (816,497) (381,433) PQ Group Holdings, Inc. Morgan Stanley (183) (2,623) (2,610) 23 Quaker Chemical Corp. Morgan Stanley (3,094) (639,346) (783,989) (151,213) Schnitzer Steel Industries, Inc., Class A Morgan Stanley (1,137) (34,151) (36,282) (2,157) Schweitzer-Mauduit International, Inc. Morgan Stanley (26) (1,045) (1,045) 11 Seabridge Gold, Inc. (Canada) Morgan Stanley (5,784) (109,937) (121,869) (12,072) Steel Dynamics, Inc. Morgan Stanley (31,861) (1,066,551) (1,174,715) (123,874)
29 ˆ200D$W8F63wuoGLG$Š 200D$W8F63wuoGLG$ FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 30 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Materials — (continued) Teck Resources Ltd., Class B (Canada) Morgan Stanley (36,987) $ (563,342) $ (671,314) $ (109,867) Tronox Holdings PLC, Class A (United Kingdom) Morgan Stanley (77,924) (598,251) (1,139,249) (557,699) United States Steel Corp. Morgan Stanley (16,638) (136,792) (279,019) (157,303) Warrior Met Coal, Inc, Morgan Stanley (52,949) (866,539) (1,128,873) (267,108) Westlake Chemical Corp, Morgan Stanley (6,108) (431,754) (498,413) (68,848) (1,005,329) (15,526,399) (20,001,160) (4,735,679) Media & Entertainment ANGI Homeservices, Inc., Class A Morgan Stanley (108,256) (1,248,595) (1,428,438) (181,263) Cars.Com, Inc, Morgan Stanley (16,553) (184,467) (187,049) (2,781) Cinemark Holdings, Inc, Morgan Stanley (132,067) (1,725,337) (2,299,286) (600,313) EW Scripps Co. (The), Class A Morgan Stanley (6,557) (68,390) (100,257) (33,612) Glu Mobile, Inc, Morgan Stanley (123,956) (1,059,847) (1,116,844) (64,538) iHeartMedia, Inc., Class A Morgan Stanley (15,127) (137,692) (196,348) (59,602) Live Nation Entertainment, Inc, Morgan Stanley (17,775) (1,138,438) (1,306,107) (168,963) Loral Space & Communications, Inc, Morgan Stanley (41) (864) (861) 48 New York Times Co. (The), Class A Morgan Stanley (13,175) (659,543) (682,070) (23,271) Scholastic Corp, Morgan Stanley (368) (8,954) (9,200) (243) Sinclair Broadcast Group, Inc., Class A Morgan Stanley (8,717) (176,601) (277,636) (107,295) TripAdvisor, Inc, Morgan Stanley (89,842) (1,980,738) (2,585,653) (607,175) WideOpenWest, Inc, Morgan Stanley (479) (4,919) (5,111) (185) Yelp, Inc, Morgan Stanley (13,417) (310,764) (438,333) (138,086) Zynga, Inc., Class A Morgan Stanley (325,668) (2,752,438) (3,214,343) (465,051) (871,998) (11,457,587) (13,847,536) (2,452,330) Pharmaceuticals, Biotechnology & Life Sciences 10X Genomics, Inc., Class A Morgan Stanley (12,027) (1,708,437) (1,703,023) 3,467 Adaptive Biotechnologies Corp, Morgan Stanley (17,829) (763,270) (1,054,229) (295,088) Adverum Biotechnologies, Inc, Morgan Stanley (1,240) (14,555) (13,442) 1,109 Agios Pharmaceuticals, Inc, Morgan Stanley (1,603) (57,770) (69,458) (14,031) Akero Therapeutics, Inc, Morgan Stanley (79) (2,010) (2,038) (22) Alector, Inc, Morgan Stanley (22,290) (496,853) (337,248) 159,048 Allogene Therapeutics, Inc, Morgan Stanley (7,413) (218,401) (187,104) 31,059 Alnylam Pharmaceuticals, Inc, Morgan Stanley (40) (5,291) (5,199) 185 Amneal Pharmaceuticals, Inc, Morgan Stanley (13,688) (58,122) (62,554) (4,486) Arcturus Therapeutics Holdings, Inc, Morgan Stanley (4,970) (259,041) (215,599) 43,158 Arrowhead Pharmaceuticals, Inc, Morgan Stanley (5,583) (392,735) (428,384) (38,195) Arvinas, Inc, Morgan Stanley (23,840) (738,086) (2,024,731) (1,322,234) Athenex, Inc, Morgan Stanley (391) (4,387) (4,324) 54 Aurinia Pharmaceuticals, Inc. (Canada) Morgan Stanley (27,020) (391,109) (373,687) 16,987 Axsome Therapeutics, Inc, Morgan Stanley (544) (44,801) (44,320) 443 Bausch Health Cos, Inc. (Canada) Morgan Stanley (15,943) (293,016) (331,614) (41,701) Bruker Corp, Morgan Stanley (12,163) (601,580) (658,383) (59,730) Codexis, Inc, Morgan Stanley (28,384) (342,879) (619,623) (279,293) Deciphera Pharmaceuticals, Inc, Morgan Stanley (220) (12,524) (12,555) (44) Elanco Animal Health, Inc, Morgan Stanley (87,007) (2,614,333) (2,668,505) (57,158) Eli Lilly & Co, Morgan Stanley (14,198) (2,338,113) (2,397,190) (63,315)
30 ˆ200D$W8F63wu@eroÄŠ 200D$W8F63wu@ero˜ FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 31 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Pharmaceuticals, Biotechnology & Life Sciences — (continued) Epizyme, Inc. Morgan Stanley (16,402) $ (227,316) $ (178,126) $ 48,942 Esperion Therapeutics, Inc. Morgan Stanley (337) (9,251) (8,762) 483 Global Blood Therapeutics, Inc. Morgan Stanley (5,686) (251,051) (246,261) 4,514 Insmed, Inc. Morgan Stanley (1,872) (64,844) (62,319) 2,463 Intersect ENT, Inc. Morgan Stanley (10,395) (182,224) (238,046) (56,958) Ionis Pharmaceuticals, Inc. Morgan Stanley (4,906) (281,236) (277,385) 3,541 Jazz Pharmaceuticals PLC (Ireland) Morgan Stanley (134) (21,988) (22,117) (141) Karyopharm Therapeutics, Inc. Morgan Stanley (106) (1,582) (1,641) (150) Madrigal Pharmaceuticals, Inc. Morgan Stanley (678) (80,731) (75,373) 5,278 Medpace Holdings, Inc. Morgan Stanley (1,093) (156,146) (152,146) 3,835 Myriad Genetics, Inc. Morgan Stanley (7,782) (99,574) (153,889) (58,585) NanoString Technologies, Inc. Morgan Stanley (9,464) (344,526) (632,952) (302,432) NeoGenomics, Inc. Morgan Stanley (9,244) (340,034) (497,697) (162,161) Pacific Biosciences of California, Inc. Morgan Stanley(10,577) (41,462) (274,367) (266,120) Pacira BioSciences, Inc. Morgan Stanley (4,487) (278,748) (268,502) 10,667 Perrigo Co. PLC (Ireland) Morgan Stanley (16,033) (775,597) (716,996) 55,843 Phathom Pharmaceuticals, Inc. Morgan Stanley (360) (14,938) (11,959) 2,974 PRA Health Sciences, Inc. Morgan Stanley (5,855) (618,023) (734,451) (117,125) Reata Pharmaceuticals, Inc., Class A Morgan Stanley (10,953) (1,501,894) (1,354,010) 142,583 REGENXBIO, Inc. Morgan Stanley (13,197) (482,218) (598,616) (122,561) Seres Therapeutics, Inc. Morgan Stanley (4,170) (104,933) (102,165) 2,660 Theravance Biopharma, Inc. (Cayman Islands) Morgan Stanley (30,177) (602,681) (536,245) 65,757 VBI Vaccines, Inc. (Canada) Morgan Stanley (8,781) (25,352) (24,148) 1,187 Vir Biotechnology, Inc. Morgan Stanley (12,788) (381,583) (342,463) 38,695 Xencor, Inc. Morgan Stanley (5) (220) (218) 14 Zogenix, Inc. Morgan Stanley (6,789) (130,819) (135,712) (5,031) Zymeworks, Inc. (Canada) Morgan Stanley (5,264) (163,449) (248,776) (86,225) (494,007) (18,539,733) (21,108,552) (2,707,840) Retailing 1-800-Flowers.com, Inc., Class A Morgan Stanley (8,308) (216,707) (216,008) 463 Asbury Automotive Group, Inc. Morgan Stanley (874) (124,459) (127,377) (3,229) Burlington Stores, Inc. Morgan Stanley (16,291) (3,591,251) (4,260,911) (673,768) CarParts.Com, Inc. Morgan Stanley (14,299) (221,021) (177,165) 44,655 Carvana Co. Morgan Stanley (12,583) (2,815,233) (3,014,132) (202,116) Children’s Place, Inc. (The) Morgan Stanley (28,215) (1,247,601) (1,413,572) (167,389) Core-Mark Holding Co., Inc. Morgan Stanley (6,571) (181,010) (192,990) (13,861) Floor & Decor Holdings, Inc., Class A Morgan Stanley (9,093) (667,518) (844,285) (177,521) Grubhub, Inc. Morgan Stanley (9,117) (659,024) (677,120) (18,840) Lithia Motors, Inc., Class A Morgan Stanley (3,998) (1,110,130) (1,170,095) (62,393) Monro, Inc. Morgan Stanley (36,654) (2,261,691) (1,953,658) 293,101 Nordstrom, Inc. Morgan Stanley (29,356) (494,939) (916,201) (421,817) Penske Automotive Group, Inc. Morgan Stanley (10,494) (548,402) (623,239) (78,996) PetMed Express, Inc. Morgan Stanley (4,502) (160,740) (144,334) 15,278 RealReal, Inc. (The) Morgan Stanley (36,359) (515,321) (710,455) (198,303)
31 ˆ200D$W8F63wv4QMG6Š 200D$W8F63wv4QMG6 FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 32 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Retailing — (continued) Sally Beauty Holdings, Inc. Morgan Stanley (12,836) $ (175,725) $ (167,381) $ 8,154 Tiffany & Co. Morgan Stanley (7,875) (1,031,646) (1,035,169) (9,321) Ulta Beauty, Inc. Morgan Stanley (3,434) (958,943) (986,107) (35,165) (250,859) (16,981,361) (18,630,199) (1,701,068) Semiconductors & Semiconductor Equipment ACM Research, Inc., Class A Morgan Stanley (2,002) (177,417) (162,663) 14,543 Advanced Energy Industries, Inc. Morgan Stanley (4,241) (304,589) (411,250) (113,092) CEVA, Inc. Morgan Stanley (1,272) (50,857) (57,876) (7,064) Cree, Inc. Morgan Stanley (14,359) (948,294) (1,520,618) (607,897) Diodes, Inc. Morgan Stanley (4,029) (268,869) (284,045) (15,557) FormFactor, Inc. Morgan Stanley (6,693) (217,330) (287,933) (72,746) Ichor Holdings Ltd. (Cayman Islands) Morgan Stanley (10,216) (309,211) (307,961) 307 MaxLinear, Inc. Morgan Stanley (13,008) (373,313) (496,776) (123,878) ON Semiconductor Corp. Morgan Stanley (75,244) (2,082,214) (2,462,736) (382,899) Onto Innovation, Inc. Morgan Stanley (10,090) (369,092) (479,780) (112,683) PDF Solutions, Inc. Morgan Stanley (107) (2,300) (2,311) (1) Photronics, Inc. Morgan Stanley (522) (5,783) (5,826) (36) Power Integrations, Inc. Morgan Stanley (6,445) (467,735) (527,588) (60,745) Silicon Laboratories, Inc. Morgan Stanley (1,622) (169,358) (206,545) (37,369) SMART Global Holdings, Inc. (Cayman Islands) Morgan Stanley (497) (17,991) (18,702) (719) Universal Display Corp. Morgan Stanley (6,572) (1,233,384) (1,510,246) (298,271) Xilinx, Inc. Morgan Stanley (1,325) (201,452) (187,845) 23,632 (158,244) (7,199,189) (8,930,701) (1,794,475) Software & Services 8x8, Inc. Morgan Stanley (88,313) (1,470,006) (3,044,149) (1,636,673) Alarm.com Holdings, Inc. Morgan Stanley (1,351) (135,236) (139,761) (4,668) Altair Engineering, Inc., Class A Morgan Stanley (11,173) (441,555) (650,045) (214,004) Alteryx, Inc., Class A Morgan Stanley (22,231) (2,594,074) (2,707,513) (124,282) Appfolio, Inc., Class A Morgan Stanley (753) (131,490) (135,570) (4,218) Cardtronics PLC, Class A (United Kingdom) Morgan Stanley (10,007) (289,558) (353,247) (64,008) Ceridian HCM Holding, Inc. Morgan Stanley (20,806) (1,659,160) (2,217,087) (559,818) CommVault Systems, Inc. Morgan Stanley (7,465) (305,845) (413,337) (107,830) Conduent, Inc. Morgan Stanley (73,797) (151,284) (354,226) (207,016) Digital Turbine, Inc. Morgan Stanley (16,152) (905,771) (913,557) (8,813) DXC Technology Co. Morgan Stanley (53,009) (1,186,495) (1,364,982) (179,836) Euronet Worldwide, Inc. Morgan Stanley (10,653) (1,223,270) (1,543,833) (321,954) Everbridge, Inc. Morgan Stanley (5,238) (700,875) (780,829) (87,495) Guidewire Software, Inc. Morgan Stanley (489) (62,576) (62,949) (433) KBR, Inc. Morgan Stanley (3,087) (92,834) (95,481) (2,740) Medallia, Inc. Morgan Stanley (19,142) (586,045) (635,897) (50,512) New Relic, Inc. Morgan Stanley (34,669) (1,971,193) (2,267,353) (298,409) Paycom Software, Inc. Morgan Stanley (2,938) (1,212,221) (1,328,711) (122,323) Pegasystems, Inc. Morgan Stanley (5,999) (751,222) (799,427) (49,227) Ping Identity Holding Corp. Morgan Stanley (70,669) (2,161,607) (2,023,960) 135,180
32 ˆ200D$W8F63wvHVMoaŠ 200D$W8F63wvHVMoa FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 33 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) Pluralsight, Inc., Class A Morgan Stanley (21,450) $ (350,209) $ (449,592) $ (99,772) Proofpoint, Inc. Morgan Stanley (5,645) (654,415) (770,034) (124,968) PROS Holdings, Inc. Morgan Stanley (20,977) (807,218) (1,065,002) (260,889) Qualys, Inc. Morgan Stanley (2,828) (342,449) (344,648) (2,579) RealPage, Inc. Morgan Stanley (3,913) (342,119) (341,370) 369 RingCentral, Inc., Class A Morgan Stanley (1,042) (317,318) (394,887) (77,920) Sabre Corp. Morgan Stanley (77,301) (620,029) (929,158) (321,837) Splunk, Inc. Morgan Stanley (18,348) (2,945,371) (3,117,142) (175,137) Sprout Social, Inc., Class A Morgan Stanley (710) (33,407) (32,241) 1,140 Switch, Inc., Class A Morgan Stanley (68,515) (1,221,460) (1,121,591) 91,654 Tucows, Inc., Class A Morgan Stanley (3,851) (235,319) (284,550) (49,489) Upland Software, Inc. Morgan Stanley (14,807) (557,425) (679,493) (122,695) Verra Mobility Corp. Morgan Stanley (33,707) (394,971) (452,348) (57,818) Yext, Inc. Morgan Stanley (101,631) (1,663,764) (1,597,639) 64,229 Zuora, Inc., Class A Morgan Stanley (86,162) (1,003,146) (1,200,236) (204,709) (918,828) (29,520,937) (34,611,845) (5,249,500) Technology Hardware & Equipment 3D Systems Corp. Morgan Stanley (25,525) (147,914) (267,502) (119,745) Ciena Corp. Morgan Stanley (21,241) (1,044,635) (1,122,587) (79,137) Coherent, Inc. Morgan Stanley (2,261) (322,876) (339,195) (16,677) Dolby Laboratories, Inc., Class A Morgan Stanley (2,373) (206,833) (230,489) (24,243) Fabrinet (Cayman Islands) Morgan Stanley (6,880) (477,444) (533,819) (57,441) Fitbit, Inc., Class A Morgan Stanley (21,134) (145,191) (143,711) 1,325 Harmonic, Inc. Morgan Stanley (7,185) (47,847) (53,097) (5,292) Infinera Corp. Morgan Stanley (85,210) (664,638) (893,001) (234,867) Insight Enterprises, Inc. Morgan Stanley (17,668) (885,167) (1,344,358) (468,900) IPG Photonics Corp. Morgan Stanley (2,077) (403,412) (464,812) (61,850) Itron, Inc. Morgan Stanley (11,446) (802,801) (1,097,671) (295,779) Knowles Corp. Morgan Stanley (8,626) (145,338) (158,977) (13,793) Methode Electronics, Inc. Morgan Stanley (360) (13,678) (13,781) (106) National Instruments Corp. Morgan Stanley (23,599) (890,616) (1,036,940) (148,978) nLight, Inc. Morgan Stanley (29,485) (672,258) (962,685) (294,375) PC Connection, Inc. Morgan Stanley (61) (2,829) (2,885) (46) Plantronics, Inc. Morgan Stanley (14,307) (279,194) (386,718) (113,441) Pure Storage, Inc., Class A Morgan Stanley (20,843) (395,776) (471,260) (75,926) Rogers Corp. Morgan Stanley (911) (117,941) (141,469) (24,658) Stratasys Ltd. (Israel) Morgan Stanley (55,309) (866,139) (1,146,002) (285,365) Super Micro Computer, Inc. Morgan Stanley (7,326) (195,807) (231,941) (37,611) ViaSat, Inc. Morgan Stanley (25,831) (923,762) (843,382) 79,333 Viavi Solutions, Inc. Morgan Stanley (6,342) (94,095) (94,971) (972) Western Digital Corp. Morgan Stanley (11,644) (576,412) (644,961) (108,026) (407,644) (10,322,603) (12,626,214) (2,386,570)
33 ˆ200D$W8F63wvWH9GSŠ 200D$W8F63wvWH9GS FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 34 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Telecommunication Services Boingo Wireless, Inc. Morgan Stanley (56,150) $ (811,936) $ (714,228) $ 97,207 Cogent Communications Holdings, Inc. Morgan Stanley (7,223) (465,188) (432,441) 26,924 Shenandoah Telecommunications Co. Morgan Stanley (3,928) (194,515) (169,886) 23,532 United States Cellular Corp. Morgan Stanley (5,765) (177,833) (176,928) 713 (73,066) (1,649,472) (1,493,483) 148,376 Transportation Air Transport Services Group, Inc. Morgan Stanley (28,886) (696,441) (905,287) (211,460) Allegiant Travel Co. Morgan Stanley (1,731) (196,968) (327,574) (136,647) Hawaiian Holdings, Inc. Morgan Stanley (27,077) (366,613) (479,263) (114,728) Heartland Express, Inc. Morgan Stanley (5,978) (122,250) (108,202) 14,262 JetBlue Airways Corp. Morgan Stanley (25,002) (369,825) (363,529) 5,884 Kirby Corp. Morgan Stanley (8,468) (412,467) (438,896) (27,694) Matson, Inc. Morgan Stanley (8,392) (304,294) (478,092) (183,440) United Airlines Holdings, Inc. Morgan Stanley (671) (29,634) (29,021) 531 XPO Logistics, Inc. Morgan Stanley (1,222) (118,656) (145,662) (28,121) (107,427) (2,617,148) (3,275,526) (681,413) Utilities Algonquin Power & Utilities Corp. (Canada) Morgan Stanley (4,111) (66,049) (67,667) (2,274) ALLETE, Inc. Morgan Stanley (19,999) (1,184,646) (1,238,738) (80,933) Ameren Corp. Morgan Stanley (15,467) (1,226,995) (1,207,354) 12,972 American States Water Co. Morgan Stanley (240) (18,873) (19,082) (219) Avangrid, Inc. Morgan Stanley (13,608) (640,438) (618,484) 16,057 Avista Corp. Morgan Stanley (9,335) (359,159) (374,707) (17,804) Black Hills Corp. Morgan Stanley (7,848) (485,791) (482,260) (5,888) California Water Service Group Morgan Stanley (3,681) (172,463) (198,884) (27,910) Clearway Energy, Inc., Class A Morgan Stanley (4,274) (97,911) (126,297) (31,193) CMS Energy Corp. Morgan Stanley (8,417) (523,548) (513,521) 5,883 DTE Energy Co. Morgan Stanley (2,362) (282,152) (286,770) (9,254) Edison International Morgan Stanley (8,293) (474,347) (520,966) (57,249) Entergy Corp. Morgan Stanley (7,698) (807,669) (768,568) 35,439 Essential Utilities, Inc. Morgan Stanley (18,301) (826,888) (865,454) (46,275) Fortis, Inc. (Canada) Morgan Stanley (2,616) (103,306) (106,785) (7,282) New Jersey Resources Corp. Morgan Stanley (24,900) (798,640) (885,195) (103,339) NextEra Energy, Inc. Morgan Stanley (6,100) (456,489) (470,615) (15,271) Northwest Natural Holding Co. Morgan Stanley (1,122) (53,470) (51,601) 1,820 Ormat Technologies, Inc. Morgan Stanley (4,697) (348,179) (424,045) (76,561) Portland General Electric Co. Morgan Stanley (7,207) (316,943) (308,243) 2,182 PPL Corp. Morgan Stanley (31,495) (874,664) (888,159) (16,239) Sempra Energy Morgan Stanley (12,802) (1,677,860) (1,631,103) 31,931 SJW Group. Morgan Stanley (4,095) (269,904) (284,029) (17,045) Southwest Gas Holdings, Inc. Morgan Stanley (3,702) (266,285) (224,897) 36,828 Sunnova Energy International, Inc. Morgan Stanley (2,389) (58,030) (107,816) (49,840) Unitil Corp. Morgan Stanley (89) (3,856) (3,940) (76)
34 ˆ200D$W8F63wv=3LG-Š 200D$W8F63wv=3LG- FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB841 35 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Total Return Swaps (concluded)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Utilities — (continued) Xcel Energy, Inc. Morgan Stanley (2,138) $ (145,961) $ (142,540) $ 1,320 (226,986) (12,540,516) (12,817,720) (420,220) Total Reference Entity — Short (239,906,677) (273,788,460) (35,558,636) Net Value of Reference Entity $(138,951,205) $ (159,867,945) $ (21,953,543)
* Includes $(1,036,802) related to open trades, dividends receivables/payables and swap receivables/payables activities.
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for a corporate debt security with an end of period value of $799 and total return swaps with end of period unrealized depreciation of $(21,953,543), which are considered Level 2 as of and for the period ended December 31, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
35 ˆ200D$W8F63wseato,Š 200D$W8F63wseato, LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB721 1 10* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — 95.7% COMMON STOCKS — (Continued) Automobiles & Components — 0.8% Consumer Durables & Apparel — (Continued) BorgWarner, Inc. 8,562 $ 330,836 Whirlpool Corp. 958 $ 172,909 Capital Goods — 14.1% 566,389 3M Co.(a) 1,996 348,881 Consumer Services — 2.2% A.O. Smith Corp. 1,467 80,421 Hilton Worldwide Holdings, Inc. 1,569 174,567 AMETEK, Inc. 1,179 142,588 McDonald’s Corp.(a) 1,559 334,530 Carrier Global Corp. 3,557 134,170 MGM Resorts International 10,575 333,218 Caterpillar, Inc. 681 123,956 Yum! Brands, Inc. 695 75,449 (a) Cummins, Inc. 2,020 458,742 917,764 Dover Corp. 414 52,268 Eaton Corp. PLC (Ireland) 530 63,674 Diversified Financials — 3.2% Emerson Electric Co. 4,152 333,696 Berkshire Hathaway, Inc., Class B* 1,645 381,426 Flowserve Corp.(b) 1,882 69,352 BlackRock, Inc. 472 340,567 Fortive Corp. 373 26,416 Franklin Resources, Inc. 8,527 213,090 Fortune Brands Home & Security, Inc. 60 5,143 Invesco Ltd. (Bermuda) 1,663 28,986 Honeywell International, Inc.(a) 3,867 822,511 Nasdaq, Inc. 1,215 161,279 Howmet Aerospace, Inc. 6,960 198,638 T Rowe Price Group, Inc.(a) 1,530 231,627 Johnson Controls International PLC 1,356,975 (Ireland) 6,611 308,006 Energy — 0.9% Lockheed Martin Corp. 888 315,222 Masco Corp.(a) 10,360 569,075 Chevron Corp. 1,368 115,528 Northrop Grumman Corp. 112 34,129 ConocoPhillips 248 9,918 Pentair PLC (Ireland) 5,243 278,351 EOG Resources, Inc. 3,458 172,450 Quanta Services, Inc. 6,227 448,469 Phillips 66 384 26,857 Raytheon Technologies Corp. 1,900 135,869 Schlumberger NV (Curacao) 1,627 35,517 Roper Technologies, Inc. 66 28,452 360,270 Snap-on, Inc. 1,841 315,069 Stanley Black & Decker, Inc. 34 6,071 Food & Staples Retailing — 4.9% Trane Technologies PLC (Ireland) 3,736 542,318 Costco Wholesale Corp. 259 97,586 TransDigm Group, Inc.* 125 77,356 Kroger Co. (The)(a) 29,365 932,632 WW Grainger, Inc. 105 42,876 Sysco Corp. 3,222 239,266 (a) 5,961,719 Walmart, Inc. 5,538 798,303 2,067,787 Commercial & Professional Services — 0.0% Republic Services, Inc. 108 10,400 Food, Beverage & Tobacco — 13.3% Robert Half International, Inc. 18 1,125 Altria Group, Inc.(a) 11,648 477,568 11,525 Archer-Daniels-Midland Co. 5,906 297,721 Campbell Soup Co.(a) 11,519 556,944 Consumer Durables & Apparel — 1.3% Coca-Cola Co. (The) 993 54,456 Garmin Ltd. (Switzerland) 1,217 145,626 Conagra Brands, Inc.(a) 17,459 633,063 Hanesbrands, Inc.(b) 5,044 73,542 Constellation Brands, Inc., Class A 1,831 401,081 Leggett & Platt, Inc. 109 4,829 General Mills, Inc.(a) 12,040 707,952 Mohawk Industries, Inc.* 3 423 Hershey Co. (The) 96 14,624 NIKE, Inc., Class B 978 138,358 Hormel Foods Corp. 246 11,466 PVH Corp. 327 30,702 JM Smucker Co. (The)(a) 6,139 709,668 Kellogg Co.(a) 10,728 667,603 Kraft Heinz Co. (The) 9,045 313,500 Lamb Weston Holdings, Inc. 6 472
1 ˆ200D$W8F64esagvGfŠ 200D$W8F64esagvGf VDI-W7-PFL-0217 BNY MELLON ASSET SER Donnelley Financial14.4.13.0 LSWmuktm0in 25-Feb-2021 19:58 EST 120068 MB721 2 10* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Food, Beverage & Tobacco — (Continued) Materials — (Continued) McCormick & Co., Inc., Newmont Corp.(a) 7,465 $ 447,079 non-voting shares 2,190 $ 209,364 PPG Industries, Inc.(a) 3,326 479,676 Philip Morris International, Inc. 2,227 184,373 Sealed Air Corp. 7,937 363,435 Tyson Foods, Inc., Class A(a) 5,790 373,108 Sherwin-Williams Co. (The) 123 90,394 5,612,963 2,591,425 Health Care Equipment & Services — 4.3% Media & Entertainment — 5.3% Abbott Laboratories 1,488 162,921 Activision Blizzard, Inc. 2,550 236,767 CVS Health Corp. 2,667 182,156 Alphabet, Inc., Class A(a)* 281 492,492 Danaher Corp. 543 120,622 Charter Communications, Inc., DaVita, Inc.(a)* 3,988 468,191 Class A(a)* 773 511,378 Hologic, Inc.* 4,328 315,208 Electronic Arts, Inc. 137 19,673 Humana, Inc. 395 162,057 Facebook, Inc., Class A(a)* 2,159 589,752 Medtronic PLC (Ireland) 693 81,178 Interpublic Group of Cos., Inc. Quest Diagnostics, Inc. 2,711 323,070 (The) 635 14,935 Universal Health Services, Inc., Netflix, Inc.* 712 385,000 Class B 163 22,412 Take-Two Interactive Software, 1,837,815 Inc.* 76 15,792 2,265,789 Household & Personal Products — 6.8% Church & Dwight Co., Inc. 4,256 371,251 Pharmaceuticals, Biotechnology & Life Sciences — 4.2% Clorox Co. (The)(a) 4,983 1,006,167 Alexion Pharmaceuticals, Inc.* 1,323 206,706 Colgate-Palmolive Co.(a) 5,946 508,442 Biogen, Inc.(a)* 785 192,215 Kimberly-Clark Corp.(a) 4,202 566,556 Gilead Sciences, Inc.(a) 6,702 390,459 Procter & Gamble Co. (The)(a) 3,084 429,108 Illumina, Inc.* 105 38,850 2,881,524 Johnson & Johnson 2,014 316,963 Pfizer, Inc.(a) 12,617 464,432 Insurance — 1.4% Thermo Fisher Scientific, Inc. 359 167,215 Aflac, Inc. 30 1,334 1,776,840 Allstate Corp. (The) 34 3,738 Aon PLC, Class A (Ireland) 993 209,791 Retailing — 7.6% Cincinnati Financial Corp. 504 44,034 Advance Auto Parts, Inc. 479 75,447 Amazon.com, Inc.(a)* 246 801,205 Marsh & McLennan Cos., Inc. 2,641 308,997 AutoZone, Inc.* 41 48,603 Travelers Cos., Inc. (The) 167 23,442 Best Buy Co., Inc. 1,128 112,563 WR Berkley Corp. 71 4,716 Booking Holdings, Inc.* 8 17,818 596,052 Dollar General Corp.(a) 899 189,060 eBay, Inc.(a) 22,881 1,149,770 Materials — 6.1% Expedia Group, Inc. 17 2,251 Amcor PLC (Jersey) 23,774 279,820 Gap, Inc. (The)* 269 5,431 Celanese Corp. 351 45,609 Genuine Parts Co. 1,449 145,523 CF Industries Holdings, Inc. 265 10,258 L Brands, Inc. 2,052 76,314 DuPont de Nemours, Inc. 6,030 428,793 LKQ Corp.* 3,913 137,894 Eastman Chemical Co. 1,604 160,849 Lowe’s Cos., Inc.(a) 1,781 285,868 International Paper Co. 1,557 77,414 Pool Corp. 279 103,928 Linde PLC (Ireland) 421 110,938 Target Corp. 52 9,180 LyondellBasell Industries NV, Ulta Beauty, Inc.* 262 75,236 Class A (Netherlands) 1,060 97,160 3,236,091
2 ˆ200D$W8F63ws%vSGzŠ 200D$W8F63ws%vSGz LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB721 3 12* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Software & Services — 8.4% Utilities — 0.1% Accenture PLC, Class A (Ireland) 806 $ 210,535 NRG Energy, Inc. 1,207 $ 45,323 Broadridge Financial Solutions, Inc. 2,120 324,784 TOTAL COMMON STOCKS Gartner, Inc.* 137 21,946 (Cost $32,110,337) 40,546,813 International Business Machines OTHER ASSETS IN EXCESS OF (a) Corp. 910 114,551 LIABILITIES - 4.3% 1,816,727 Mastercard, Inc., Class A 405 144,561 NET ASSETS - 100% $42,363,540 Microsoft Corp.(a) 3,991 887,678 NortonLifeLock, Inc.(a) 19,093 396,753 Oracle Corp.(a) 6,844 442,738 (a) Security position is either entirely or partially designated as Paychex, Inc.(a) 6,019 560,850 collateral for total return swaps. PayPal Holdings, Inc.* 756 177,055 (b) The security or a portion of this security is on loan at Visa, Inc., Class A 1,289 281,943 December 31, 2020. The total value of securities on loan at Western Union Co. (The) 66 1,448 December 31, 2020 was $142,894, which was collateralized 3,564,842 $146,268 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - Technology Hardware & Equipment — 5.5% 8.13%, and maturity dates ranging from 1/15/2021 - Apple, Inc.(a) 8,412 1,116,188 8/15/2050. Cisco Systems, Inc. 8,566 383,328 * Non-income producing. F5 Networks, Inc.* 424 74,599 FLIR Systems, Inc. 602 26,386 PLC Public Limited Company HP, Inc. 13,455 330,858 REIT Real Estate Investment Trust Juniper Networks, Inc. 15,717 353,790 Vontier Corp.* 1,153 38,510 2,323,659 Telecommunication Services — 2.8% AT&T, Inc. 12,725 365,971 Verizon Communications, Inc.(a) 13,722 806,168 1,172,139 Transportation — 2.5% CH Robinson Worldwide, Inc. 3,741 351,168 Expeditors International of Washington, Inc.(a) 6,404 609,084 Norfolk Southern Corp. 368 87,440 Southwest Airlines Co. 459 21,394 1,069,086
3 ˆ200D$W8F63wtHhgGKŠ 200D$W8F63wtHhgGK LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB721 4 8* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Over-the-counter total return swaps outstanding as of December 31, 2020 The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between August 29, 2024 and November 3, 2025, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 3.3% of net assets as of December 31, 2020. The following table represents the individual long and short positions and related values of total return swaps as of December 31, 2020:
Total Return Swaps
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Long Automobiles & Components BorgWarner, Inc. Morgan Stanley 8,412 $ 235,073 $ 325,040 $ 94,462 Capital Goods 3M Co. Morgan Stanley 1,795 276,033 313,748 42,802 A.O. Smith Corp. Morgan Stanley 1,192 64,933 65,345 516 AMETEK, Inc. Morgan Stanley 1,069 85,609 129,285 44,318 Carrier Global Corp. Morgan Stanley 4,639 59,420 174,983 116,922 Caterpillar, Inc. Morgan Stanley 855 80,370 155,627 77,978 Cummins, Inc. Morgan Stanley 1,982 312,608 450,112 144,949 Dover Corp. Morgan Stanley 410 34,491 51,763 17,917 Eaton Corp. PLC (Ireland) Morgan Stanley 524 34,856 62,953 29,120 Emerson Electric Co. Morgan Stanley 4,340 198,260 348,806 157,165 Flowserve Corp. Morgan Stanley 1,867 41,478 68,799 28,655 Fortive Corp. Morgan Stanley 844 32,264 59,772 27,604 Fortune Brands Home & Security, Inc. Morgan Stanley 53 4,395 4,543 161 Honeywell International, Inc. Morgan Stanley 3,822 448,468 812,939 374,811 Howmet Aerospace, Inc. Morgan Stanley 6,904 78,730 197,040 118,388 Johnson Controls International PLC (Ireland) Morgan Stanley 5,902 193,574 274,974 85,755 Lockheed Martin Corp. Morgan Stanley 857 304,519 304,218 2,602 Masco Corp. Morgan Stanley 10,207 421,852 560,671 142,002 Northrop Grumman Corp. Morgan Stanley 45 14,472 13,712 (647) Pentair PLC (Ireland) Morgan Stanley 5,047 197,723 267,945 71,808 Quanta Services, Inc. Morgan Stanley 6,137 216,300 441,987 226,834 Raytheon Technologies Corp. Morgan Stanley 1,876 82,733 134,153 54,055 Roper Technologies, Inc. Morgan Stanley 33 13,066 14,226 1,210 Snap-on, Inc. Morgan Stanley 1,813 213,930 310,277 102,688 Stanley Black & Decker, Inc. Morgan Stanley 33 2,470 5,892 3,502 Trane Technologies PLC (Ireland) Morgan Stanley 3,687 304,732 535,205 236,571 TransDigm Group, Inc. Morgan Stanley 127 41,380 78,594 37,259 WW Grainger, Inc. Morgan Stanley 100 35,718 40,834 5,276 66,160 3,794,384 5,878,403 2,150,221
4 ˆ200D$W8F63wtSrcG\Š 200D$W8F63wtSrcG\ LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB721 5 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Commercial & Professional Services Republic Services, Inc. Morgan Stanley 110 $ 10,471 $ 10,593 $ 186 Robert Half International, Inc. Morgan Stanley 19 931 1,187 1,550 129 11,402 11,780 1,736 Consumer Durables & Apparel Garmin Ltd. (Switzerland) Morgan Stanley 1,203 84,251 143,951 61,983 Hanesbrands, Inc. Morgan Stanley 4,981 42,374 72,623 32,536 Leggett & Platt, Inc. Morgan Stanley 109 2,859 4,829 2,112 Mohawk Industries, Inc. Morgan Stanley 3 195 423 237 NIKE, Inc., Class B Morgan Stanley 965 129,729 136,519 7,239 PVH Corp. Morgan Stanley 338 10,950 31,735 20,805 Whirlpool Corp. Morgan Stanley 942 118,999 170,022 53,846 8,541 389,357 560,102 178,758 Consumer Services Hilton Worldwide Holdings, Inc. Morgan Stanley 1,526 157,584 169,783 12,481 McDonald’s Corp. Morgan Stanley 1,542 217,192 330,882 119,733 MGM Resorts International Morgan Stanley 10,792 146,572 340,056 193,701 Yum! Brands, Inc. Morgan Stanley 647 53,307 70,238 17,955 14,507 574,655 910,959 343,870 Diversified Financials Berkshire Hathaway, Inc., Class B Morgan Stanley 1,282 257,323 297,257 40,150 BlackRock, Inc. Morgan Stanley 444 204,278 320,364 119,695 Franklin Resources, Inc. Morgan Stanley 8,487 144,140 212,090 75,044 Invesco Ltd. (Bermuda) Morgan Stanley 1,643 11,189 28,637 17,976 Nasdaq, Inc. Morgan Stanley 1,198 140,836 159,023 20,119 T Rowe Price Group, Inc. Morgan Stanley 1,518 159,715 229,810 74,353 14,572 917,481 1,247,181 347,337 Energy ConocoPhillips Morgan Stanley 240 5,635 9,598 4,281 EOG Resources, Inc. Morgan Stanley 3,330 168,282 166,067 (2,197) Phillips 66. Morgan Stanley 386 24,335 26,997 2,696 Schlumberger NV (Curacao) Morgan Stanley 1,595 21,978 34,819 13,387 5,551 220,230 237,481 18,167 Food & Staples Retailing Costco Wholesale Corp. Morgan Stanley 256 93,778 96,456 2,789 Kroger Co. (The) Morgan Stanley 29,025 924,318 921,834 6,669 Sysco Corp. Morgan Stanley 3,349 149,619 248,697 102,369 Walmart, Inc. Morgan Stanley 5,476 632,892 789,365 164,930 38,106 1,800,607 2,056,352 276,757 Food, Beverage & Tobacco Altria Group, Inc. Morgan Stanley 10,047 388,014 411,927 39,607 Archer-Daniels-Midland Co. Morgan Stanley 6,666 241,893 336,033 101,171
5 ˆ200D$W8F63wteF$GhŠ 200D$W8F63wteF$Gh LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB721 6 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Food, Beverage & Tobacco — (continued) Campbell Soup Co. Morgan Stanley 14,148 $ 691,831 $ 684,056 $ 5,460 Coca-Cola Co. (The) Morgan Stanley 1,015 39,019 55,663 17,935 Conagra Brands, Inc. Morgan Stanley 16,683 600,089 604,926 9,316 Constellation Brands, Inc., Class A Morgan Stanley 1,811 254,708 396,700 145,582 General Mills, Inc. Morgan Stanley 11,566 667,168 680,081 29,484 Hershey Co. (The) Morgan Stanley 81 11,993 12,339 365 Hormel Foods Corp. Morgan Stanley 241 11,609 11,233 (313) JM Smucker Co. (The) Morgan Stanley 5,884 650,340 680,190 42,923 Kellogg Co. Morgan Stanley 10,414 673,302 648,063 (12,321) Kraft Heinz Co. (The) Morgan Stanley 8,925 283,365 309,341 30,783 Lamb Weston Holdings, Inc. Morgan Stanley 6 288 472 197 McCormick & Co., Inc., non-voting shares Morgan Stanley 2,068 189,617 197,701 9,327 Philip Morris International, Inc. Morgan Stanley 2,146 159,500 177,667 20,602 Tyson Foods, Inc., Class A Morgan Stanley 5,558 339,101 358,158 23,580 97,259 5,201,837 5,564,550 463,698 Health Care Equipment & Services Abbott Laboratories Morgan Stanley 189 16,879 20,694 4,130 CVS Health Corp. Morgan Stanley 1,915 126,915 130,795 4,567 Danaher Corp. Morgan Stanley 170 28,471 37,764 9,419 DaVita, Inc. Morgan Stanley 3,801 292,575 446,237 153,926 Hologic, Inc. Morgan Stanley 3,530 236,469 257,090 20,825 Humana, Inc. Morgan Stanley 345 137,195 141,543 4,797 Medtronic PLC (Ireland) Morgan Stanley 687 52,461 80,475 29,636 Quest Diagnostics, Inc. Morgan Stanley 2,636 325,363 314,132 (11,093) Universal Health Services, Inc., Class B Morgan Stanley 167 15,133 22,962 7,852 13,440 1,231,461 1,451,692 224,059 Household & Personal Products Church & Dwight Co., Inc. Morgan Stanley 3,519 300,547 306,962 7,821 Clorox Co. (The) Morgan Stanley 4,626 941,275 934,082 518 Colgate-Palmolive Co. Morgan Stanley 5,365 361,729 458,761 103,410 Kimberly-Clark Corp. Morgan Stanley 3,906 527,634 526,646 14,237 Procter & Gamble Co. (The) Morgan Stanley 3,045 332,197 423,681 98,223 20,461 2,463,382 2,650,132 224,209 Insurance Aflac, Inc. Morgan Stanley 29 789 1,290 535 Allstate Corp. (The) Morgan Stanley 33 2,401 3,628 1,291 Aon PLC, Class A (Ireland) Morgan Stanley 968 176,963 204,509 28,030 Cincinnati Financial Corp. Morgan Stanley 455 22,400 39,753 18,200 Marsh & McLennan Cos., Inc. Morgan Stanley 2,542 272,271 297,414 25,411 Travelers Cos., Inc. (The) Morgan Stanley 164 14,551 23,021 8,909 WR Berkley Corp. Morgan Stanley 68 3,177 4,517 1,375 4,259 492,552 574,132 83,751
6 ˆ200D$W8F63wtpkSGÇŠ 200D$W8F63wtpkSG˙ LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB721 7 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Materials Amcor PLC (Jersey) Morgan Stanley 15,507 $ 168,681 $ 182,517 $ 16,663 Celanese Corp. Morgan Stanley 425 27,545 55,225 28,503 CF Industries Holdings, Inc. Morgan Stanley 124 2,968 4,800 1,918 DuPont de Nemours, Inc. Morgan Stanley 6,132 232,738 436,047 209,039 Eastman Chemical Co. Morgan Stanley 1,709 95,351 171,379 79,119 International Paper Co. Morgan Stanley 1,548 46,777 76,967 32,619 Linde PLC (Ireland) Morgan Stanley 484 85,022 127,539 43,998 LyondellBasell Industries NV, Class A (Netherlands) Morgan Stanley 1,049 42,330 96,151 57,171 Newmont Corp. Morgan Stanley 7,375 447,908 441,689 (2,841) PPG Industries, Inc. Morgan Stanley 3,288 299,145 474,195 179,755 Sealed Air Corp. Morgan Stanley 7,836 225,314 358,810 141,945 Sherwin-Williams Co. (The) Morgan Stanley 127 91,509 93,334 1,904 45,604 1,765,288 2,518,653 789,793 Media & Entertainment Activision Blizzard, Inc. Morgan Stanley 1,689 134,487 156,824 22,755 Alphabet, Inc., Class A Morgan Stanley 621 704,914 1,088,389 384,098 Charter Communications, Inc., Class A Morgan Stanley 639 353,309 422,730 69,796 Electronic Arts, Inc. Morgan Stanley 137 16,183 19,673 5,339 Facebook, Inc., Class A Morgan Stanley 537 122,996 146,687 24,157 Interpublic Group of Cos., Inc. (The) Morgan Stanley 628 9,232 14,771 6,035 Netflix, Inc. Morgan Stanley 606 296,316 327,682 31,619 Take-Two Interactive Software, Inc. Morgan Stanley 66 8,455 13,714 5,276 4,923 1,645,892 2,190,470 549,075 Pharmaceuticals, Biotechnology & Life Sciences Alexion Pharmaceuticals, Inc. Morgan Stanley 1,437 133,876 224,517 90,766 Biogen, Inc. Morgan Stanley 797 183,522 195,153 11,736 Gilead Sciences, Inc. Morgan Stanley 3,796 231,007 221,155 (5,879) Illumina, Inc. Morgan Stanley 34 11,729 12,580 870 Johnson & Johnson Morgan Stanley 1,899 229,693 298,865 79,000 Pfizer, Inc. Morgan Stanley 12,464 476,267 458,800 (17,284) Thermo Fisher Scientific, Inc. Morgan Stanley 355 160,697 165,352 4,879 20,782 1,426,791 1,576,422 164,088 Retailing Advance Auto Parts, Inc. Morgan Stanley 600 49,235 94,506 45,815 Amazon.com, Inc. Morgan Stanley 450 794,191 1,465,619 672,127 AutoZone, Inc. Morgan Stanley 29 27,305 34,378 7,106 Best Buy Co., Inc. Morgan Stanley 1,161 63,358 115,856 54,558 Booking Holdings, Inc. Morgan Stanley 7 8,661 15,591 6,946 Dollar General Corp. Morgan Stanley 921 161,686 193,686 33,383 eBay, Inc. Morgan Stanley 22,204 798,116 1,115,751 328,893 Expedia Group, Inc. Morgan Stanley 15 687 1,986 1,308 Gap, Inc. (The) Morgan Stanley 264 1,482 5,330 3,858
7 ˆ200D$W8F63wt#J2o1Š 200D$W8F63wt#J2o1 LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB721 8 8* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)*
Retailing — (continued) Genuine Parts Co. Morgan Stanley 1,479 $ 126,913 $ 148,536 $ 24,980 L Brands, Inc. Morgan Stanley 2,004 76,865 74,529 (2,296) LKQ Corp. Morgan Stanley 4,097 75,855 144,378 68,599 Lowe’s Cos., Inc. Morgan Stanley 1,758 208,019 282,177 76,370 Pool Corp. Morgan Stanley 273 92,346 101,692 9,459 Target Corp. Morgan Stanley 51 8,828 9,003 191 Ulta Beauty, Inc. Morgan Stanley 260 38,967 74,662 35,737 35,573 2,532,514 3,877,680 1,367,034 Software & Services Accenture PLC, Class A (Ireland) Morgan Stanley 921 153,891 240,574 88,911 Broadridge Financial Solutions, Inc. Morgan Stanley 1,629 222,493 249,563 28,957 Gartner, Inc. Morgan Stanley 87 10,236 13,937 3,718 International Business Machines Corp. Morgan Stanley 965 90,980 121,474 35,961 Mastercard, Inc., Class A Morgan Stanley 845 212,579 301,614 90,243 Microsoft Corp. Morgan Stanley 6,045 884,694 1,344,529 470,098 NortonLifeLock, Inc. Morgan Stanley 18,845 376,982 391,599 22,728 Oracle Corp. Morgan Stanley 5,599 290,901 362,199 74,479 Paychex, Inc. Morgan Stanley 5,878 383,623 547,712 173,512 PayPal Holdings, Inc. Morgan Stanley 685 107,049 160,427 53,480 Visa, Inc., Class A Morgan Stanley 743 120,099 162,516 43,218 Western Union Co. (The) Morgan Stanley 60 1,080 1,316 1,378 42,302 2,854,607 3,897,460 1,086,683 Technology Hardware & Equipment Apple, Inc. Morgan Stanley 9,161 587,824 1,215,573 634,445 Cisco Systems, Inc. Morgan Stanley 8,161 326,115 365,205 41,614 F5 Networks, Inc. Morgan Stanley 377 44,911 66,329 21,467 FLIR Systems, Inc. Morgan Stanley 436 13,774 19,110 5,579 HP, Inc. Morgan Stanley 12,777 189,324 314,186 132,015 Juniper Networks, Inc. Morgan Stanley 15,032 328,342 338,370 16,052 Vontier Corp. Morgan Stanley 1,333 34,482 44,522 10,080 47,277 1,524,772 2,363,295 861,252 Telecommunication Services AT&T, Inc. Morgan Stanley 12,049 345,463 346,529 1,210 Verizon Communications, Inc. Morgan Stanley 13,072 744,561 767,980 33,553 25,121 1,090,024 1,114,509 34,763 Transportation CH Robinson Worldwide, Inc. Morgan Stanley 3,004 282,071 281,985 3,191 Expeditors International of Washington, Inc. Morgan Stanley 6,368 458,610 605,660 154,322 Norfolk Southern Corp. Morgan Stanley 363 58,877 86,252 28,118 Southwest Airlines Co. Morgan Stanley 470 21,996 21,907 (69) 10,205 821,554 995,804 185,562
8 ˆ200D$W8F63wuBprofŠ 200D$W8F63wuBprof LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB721 9 8* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Utilities NRG Energy, Inc. Morgan Stanley 1,194 $ 37,563 $ 44,835 $ 8,623 Total Reference Entity — Long 31,031,426 40,046,932 9,453,898 Short Automobiles & Components Aptiv PLC (Jersey) Morgan Stanley (2,412) (263,888) (314,259) (51,814) Tesla, Inc. Morgan Stanley (122) (80,781) (86,092) (5,836) (2,534) (344,669) (400,351) (57,650) Banks Bank of America Corp. Morgan Stanley (11,394) (395,830) (345,352) 41,370 Citigroup, Inc. Morgan Stanley (970) (55,780) (59,810) (4,184) Citizens Financial Group, Inc. Morgan Stanley (1,713) (59,149) (61,257) (2,350) Fifth Third Bancorp Morgan Stanley (3,138) (93,332) (86,515) 3,222 Huntington Bancshares, Inc. Morgan Stanley (4,506) (58,592) (56,911) 537 KeyCorp Morgan Stanley (2,528) (43,861) (41,484) 1,298 M&T Bank Corp. Morgan Stanley (1,293) (218,171) (164,599) 48,141 People’s United Financial, Inc. Morgan Stanley (2,959) (39,486) (38,260) 884 Regions Financial Corp. Morgan Stanley (11,985) (188,120) (193,198) (6,550) Truist Financial Corp. Morgan Stanley (5,656) (255,918) (271,092) (17,375) (46,142) (1,408,239) (1,318,478) 64,993 Capital Goods Boeing Co. (The) Morgan Stanley (2,952) (787,382) (631,905) 150,109 General Electric Co. Morgan Stanley (2,110) (25,112) (22,788) 2,191 Textron, Inc. Morgan Stanley (558) (26,284) (26,968) (986) (5,620) (838,778) (681,661) 151,314 Commercial & Professional Services Copart, Inc. Morgan Stanley (1,453) (167,208) (184,894) (18,352) Consumer Durables & Apparel NVR, Inc. Morgan Stanley (87) (353,733) (354,948) (2,021) Tapestry, Inc. Morgan Stanley (1,916) (56,554) (59,549) (3,117) VF Corp. Morgan Stanley (873) (75,549) (74,563) 379 (2,876) (485,836) (489,060) (4,759) Consumer Services Chipotle Mexican Grill, Inc. Morgan Stanley (41) (57,611) (56,855) 632 Darden Restaurants, Inc. Morgan Stanley (861) (96,302) (102,562) (7,868) Las Vegas Sands Corp. Morgan Stanley (3,443) (197,228) (205,203) (12,512) Marriott International, Inc., Class A Morgan Stanley (1,533) (219,336) (202,233) 15,870 Norwegian Cruise Line Holdings Ltd. (Bermuda) Morgan Stanley (2,137) (105,341) (54,344) 50,763 Starbucks Corp. Morgan Stanley (1,624) (162,560) (173,735) (12,540) Wynn Resorts Ltd. Morgan Stanley (1,823) (187,682) (205,689) (20,803) (11,462) (1,026,060) (1,000,621) 13,542
9 ˆ200D$W8F63wuSZloÇŠ 200D$W8F63wuSZlo˙ LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB721 10 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Diversified Financials Ameriprise Financial, Inc. Morgan Stanley (381) $ (72,333) $ (74,040) $ (1,865) Capital One Financial Corp. Morgan Stanley (378) (37,829) (37,365) (193) Charles Schwab Corp. (The) Morgan Stanley (742) (37,451) (39,356) (3,858) MarketAxess Holdings, Inc. Morgan Stanley (262) (141,571) (149,487) (8,707) Moody’s Corp. Morgan Stanley (63) (17,664) (18,285) (653) MSCI, Inc. Morgan Stanley (1,800) (617,885) (803,754) (191,718) Northern Trust Corp. Morgan Stanley (1,164) (125,538) (108,415) 14,355 Raymond James Financial, Inc. Morgan Stanley (2,526) (224,488) (241,662) (19,009) State Street Corp. Morgan Stanley (2,595) (187,508) (188,864) (3,244) (9,911) (1,462,267) (1,661,228) (214,892) Energy Cabot Oil & Gas Corp. Morgan Stanley (12,688) (255,669) (206,561) 45,650 Devon Energy Corp. Morgan Stanley (3,741) (69,673) (59,145) 7,832 Exxon Mobil Corp. Morgan Stanley (7,786) (314,967) (320,939) (6,689) Occidental Petroleum Corp. Morgan Stanley (19,958) (572,069) (345,473) 210,049 ONEOK, Inc. Morgan Stanley (12,005) (581,507) (460,752) 97,698 (56,178) (1,793,885) (1,392,870) 354,540 Health Care Equipment & Services ABIOMED, Inc. Morgan Stanley (1,094) (284,826) (354,675) (73,052) Align Technology, Inc. Morgan Stanley (1,031) (379,941) (550,946) (174,683) Boston Scientific Corp. Morgan Stanley (8,468) (303,776) (304,425) (1,340) Cooper Cos., Inc. (The) Morgan Stanley (1,346) (434,865) (489,029) (55,196) DexCom, Inc. Morgan Stanley (2,476) (989,316) (915,427) 71,299 Edwards Lifesciences Corp. Morgan Stanley (6,310) (490,677) (575,661) (88,223) Henry Schein, Inc. Morgan Stanley (1,615) (104,794) (107,979) (4,055) IDEXX Laboratories, Inc. Morgan Stanley (279) (116,878) (139,464) (23,490) Intuitive Surgical, Inc. Morgan Stanley (572) (425,877) (467,953) (45,737) ResMed, Inc. Morgan Stanley (419) (88,690) (89,063) (605) Teleflex, Inc. Morgan Stanley (1,049) (387,921) (431,737) (45,351) West Pharmaceutical Services, Inc. Morgan Stanley (93) (26,506) (26,348) 106 Zimmer Biomet Holdings, Inc. Morgan Stanley (2,609) (391,276) (402,021) (12,255) (27,361) (4,425,343) (4,854,728) (452,582) Household & Personal Products Estee Lauder Cos., Inc. (The), Class A Morgan Stanley (588) (147,976) (156,520) (8,876) Insurance American International Group, Inc. Morgan Stanley (2,498) (123,268) (94,574) 25,221 Everest Re Group Ltd. (Bermuda) Morgan Stanley (273) (63,097) (63,907) (946) Lincoln National Corp. Morgan Stanley (2,295) (114,703) (115,461) (1,015) Loews Corp. Morgan Stanley (1,754) (76,573) (78,965) (2,560) Principal Financial Group, Inc. Morgan Stanley (77) (3,988) (3,820) 287 Prudential Financial, Inc. Morgan Stanley (38) (3,544) (2,967) 452 Unum Group Morgan Stanley (889) (20,546) (20,394) 114
10 ˆ200D$W8F63wucrxGpŠ 200D$W8F63wucrxGp LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB721 11 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Insurance — (continued) Willis Towers Watson PLC (Ireland) Morgan Stanley (861) $ (180,830) $ (181,395) $ (1,585) (8,685) (586,549) (561,483) 19,968 Materials Air Products & Chemicals, Inc. Morgan Stanley (1,201) (338,326) (328,137) 7,808 Albemarle Corp. Morgan Stanley (2,149) (193,117) (317,020) (130,372) Ball Corp. Morgan Stanley (2,360) (225,817) (219,905) 5,096 (5,710) (757,260) (865,062) (117,468) Pharmaceuticals, Biotechnology & Life Sciences Bio-Rad Laboratories, Inc., Class A Morgan Stanley (348) (188,747) (202,863) (14,737) Catalent, Inc. Morgan Stanley (5,992) (533,124) (623,587) (91,684) IQVIA Holdings, Inc. Morgan Stanley (3,303) (549,571) (591,799) (43,759) Perrigo Co. PLC (Ireland) Morgan Stanley (6,755) (369,452) (302,084) 62,975 Vertex Pharmaceuticals, Inc. Morgan Stanley (2,789) (763,327) (659,152) 101,998 (19,187) (2,404,221) (2,379,485) 14,793 Real Estate Digital Realty Trust, Inc., REIT Morgan Stanley (1,598) (251,699) (222,937) 24,612 Duke Realty Corp., REIT Morgan Stanley (49) (1,928) (1,958) (33) Equinix, Inc., REIT Morgan Stanley (886) (646,332) (632,763) 8,555 Essex Property Trust, Inc., REIT Morgan Stanley (138) (32,384) (32,764) (707) Healthpeak Properties, Inc., REIT Morgan Stanley (12,703) (356,633) (384,012) (34,712) Host Hotels & Resorts, Inc., REIT Morgan Stanley (4,845) (70,084) (70,882) (953) Regency Centers Corp., REIT Morgan Stanley (557) (26,073) (25,394) 313 SL Green Realty Corp., REIT Morgan Stanley (1,257) (75,037) (74,892) (2,460) Vornado Realty Trust, REIT Morgan Stanley (1,783) (70,599) (66,577) 3,868 (23,816) (1,530,769) (1,512,179) (1,517) Retailing CarMax, Inc. Morgan Stanley (1,450) (137,353) (136,967) 59 Dollar Tree, Inc. Morgan Stanley (1,704) (188,014) (184,100) 3,602 Etsy, Inc. Morgan Stanley (4,355) (527,782) (774,798) (248,224) Home Depot, Inc. (The) Morgan Stanley (187) (50,045) (49,671) 267 Tiffany & Co. Morgan Stanley (511) (67,089) (67,171) (227) (8,207) (970,283) (1,212,707) (244,523) Semiconductors & Semiconductor Equipment Advanced Micro Devices, Inc. Morgan Stanley (9,805) (627,432) (899,217) (273,222) Analog Devices, Inc. Morgan Stanley (235) (33,862) (34,716) (936) Microchip Technology, Inc. Morgan Stanley (1,010) (128,442) (139,491) (11,940) NVIDIA Corp. Morgan Stanley (1,496) (787,395) (781,211) 4,122 Qorvo, Inc. Morgan Stanley (921) (136,802) (153,135) (17,827) Skyworks Solutions, Inc. Morgan Stanley (3,657) (530,372) (559,082) (31,732) Xilinx, Inc. Morgan Stanley (1,947) (272,666) (276,026) (4,146) (19,071) (2,516,971) (2,842,878) (335,681)
11 ˆ200D$W8F63wulB%G?Š 200D$W8F63wulB%G? LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB721 12 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services Akamai Technologies, Inc. Morgan Stanley (4,262) $ (461,106) $ (447,467) $ 12,566 Citrix Systems, Inc. Morgan Stanley (752) (98,009) (97,835) (110) DXC Technology Co. Morgan Stanley (15,591) (359,550) (401,468) (43,851) Fidelity National Information Services, Inc. Morgan Stanley (4,507) (638,856) (637,560) (3,815) Fiserv, Inc. Morgan Stanley (1,045) (124,170) (118,984) 4,909 FleetCor Technologies, Inc. Morgan Stanley (540) (145,143) (147,328) (2,644) Fortinet, Inc. Morgan Stanley (5,703) (797,322) (847,067) (52,019) Global Payments, Inc. Morgan Stanley (4,328) (788,440) (932,338) (151,744) Intuit, Inc. Morgan Stanley (1,459) (512,182) (554,201) (46,089) Jack Henry & Associates, Inc. Morgan Stanley (301) (56,792) (48,759) 7,526 Paycom Software, Inc. Morgan Stanley (2,019) (612,097) (913,093) (303,371) Tyler Technologies, Inc. Morgan Stanley (898) (325,443) (391,995) (67,888) VeriSign, Inc. Morgan Stanley (1,717) (367,565) (371,559) (4,940) (43,122) (5,286,675) (5,909,654) (651,470) Technology Hardware & Equipment Arista Networks, Inc. Morgan Stanley (1,052) (281,074) (305,680) (25,245) Hewlett Packard Enterprise Co. Morgan Stanley (4,507) (54,292) (53,408) 720 IPG Photonics Corp. Morgan Stanley (2,474) (424,939) (553,656) (131,755) Keysight Technologies, Inc. Morgan Stanley (2,800) (301,695) (369,852) (76,526) Motorola Solutions, Inc. Morgan Stanley (53) (9,161) (9,013) 68 TE Connectivity Ltd. (Switzerland) Morgan Stanley (184) (21,626) (22,277) (697) Western Digital Corp. Morgan Stanley (15,243) (727,189) (844,310) (123,376) Xerox Holdings Corp. Morgan Stanley (3,379) (77,116) (78,359) (2,228) (29,692) (1,897,092) (2,236,555) (359,039) Telecommunication Services T-Mobile US, Inc. Morgan Stanley (4,357) (508,808) (587,541) (80,413) Utilities Alliant Energy Corp. Morgan Stanley (4,547) (243,632) (234,307) 7,584 Ameren Corp. Morgan Stanley (6,852) (541,350) (534,867) (3,567) American Electric Power Co., Inc. Morgan Stanley (3,950) (341,785) (328,917) 8,884 American Water Works Co., Inc. Morgan Stanley (2,011) (290,691) (308,628) (20,520) Atmos Energy Corp. Morgan Stanley (4,443) (447,043) (423,995) 17,324 CenterPoint Energy, Inc. Morgan Stanley (17,123) (415,814) (370,542) 40,188 CMS Energy Corp. Morgan Stanley (6,721) (415,127) (410,048) 586 Consolidated Edison, Inc. Morgan Stanley (2,594) (197,759) (187,468) 8,223 Dominion Energy, Inc. Morgan Stanley (728) (54,860) (54,746) (56) DTE Energy Co. Morgan Stanley (3,794) (479,576) (460,630) 6,552 Edison International Morgan Stanley (8,841) (568,754) (555,392) (10,119) Entergy Corp. Morgan Stanley (4,406) (476,253) (439,895) 25,571 Evergy, Inc. Morgan Stanley (5,009) (278,093) (278,050) (4,665) Eversource Energy Morgan Stanley (5,543) (489,347) (479,525) 2,115 Exelon Corp. Morgan Stanley (9,705) (479,987) (409,745) 54,398
12 ˆ200D$W8F63wurk0oNŠ 200D$W8F63wurk0oN LSWP64RS38 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB721 13 9* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Total Return Swaps (concluded)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Utilities — (continued) FirstEnergy Corp. Morgan Stanley (15,084) $ (517,351) $ (461,721) $ 44,284 NextEra Energy, Inc. Morgan Stanley (4,553) (343,552) (351,264) (9,248) Pinnacle West Capital Corp. Morgan Stanley (4,213) (362,970) (336,829) 19,733 PPL Corp. Morgan Stanley (10,454) (332,268) (294,803) 26,899 Public Service Enterprise Group, Inc. Morgan Stanley (3,473) (205,230) (202,476) 902 Sempra Energy Morgan Stanley (3,236) (421,749) (412,299) 2,719 Southern Co. (The) Morgan Stanley (1,945) (117,636) (119,481) (2,108) WEC Energy Group, Inc. Morgan Stanley (3,955) (376,814) (363,979) 7,995 Xcel Energy, Inc. Morgan Stanley (5,516) (376,910) (367,752) 1,919 (138,696) (8,774,551) (8,387,359) 225,593 Total Reference Entity — Short (37,333,440) (38,635,314) (1,702,479) Net Value of Reference Entity $ (6,302,014) $ 1,411,618 $ 7,751,419
* Includes $(775,476) related to open trades, dividends receivables/payables and swap receivables/payables activities.
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for total return swaps with end of period unrealized appreciation of $7,751,419, which are considered Level 2 as of and for the period ended December 31, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
13 ˆ200D$W8F63ws9tuo>Š 200D$W8F63ws9tuo> LSWP64RS10 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB94 1 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value LONG POSITIONS — 141.6% COMMON STOCKS — (Continued) COMMON STOCKS — 141.6% Capital Goods — (Continued) Automobiles & Components — 0.7% Parker-Hannifin Corp.† 77 $ 20,976 Aptiv PLC (Jersey)† 90 $ 11,726 Pentair PLC (Ireland) 110 5,840 BorgWarner, Inc. 67 2,589 Quanta Services, Inc. 92 6,626 Ford Motor Co. 37 325 Raytheon Technologies Corp.† 131 9,368 General Motors Co. 146 6,079 Rockwell Automation, Inc. 1 251 20,719 Roper Technologies, Inc. 10 4,311 Banks — 0.3% Snap-on, Inc. 36 6,161 Bank of America Corp. 26 788 Stanley Black & Decker, Inc.† 96 17,142 Citigroup, Inc. 31 1,911 Trane Technologies PLC (Ireland)† 144 20,903 Citizens Financial Group, Inc. 3 107 TransDigm Group, Inc.†* 28 17,328 Fifth Third Bancorp. 103 2,840 United Rentals, Inc.†* 45 10,436 US Bancorp† 2 93 Westinghouse Air Brake Technologies Wells Fargo & Co. 119 3,591 Corp.† 4 293 WW Grainger, Inc.† 33 13,475 9,330 556,791 Capital Goods — 18.1% 3M Co.† 343 59,953 Commercial & Professional Services — 0.7% A.O. Smith Corp. 17 932 Cintas Corp.† 23 8,130 AMETEK, Inc.† 141 17,053 Nielsen Holdings PLC (United Carrier Global Corp. 172 6,488 Kingdom) 4 83 Caterpillar, Inc.† 125 22,751 Republic Services, Inc. 71 6,837 Cummins, Inc.† 89 20,212 Robert Half International, Inc. 72 4,499 Deere & Co. 44 11,838 Waste Management, Inc. 6 708 Dover Corp.† 87 10,984 20,257 Eaton Corp. PLC (Ireland)† 107 12,855 Consumer Durables & Apparel — 1.3% Emerson Electric Co.† 355 28,531 DR Horton, Inc. 5 345 Fastenal Co. 5 244 Garmin Ltd. (Switzerland) 31 3,709 Flowserve Corp.(a) 16 590 Hanesbrands, Inc.(a) 208 3,033 Fortive Corp.† 198 14,022 Hasbro, Inc. 22 2,058 Fortune Brands Home & Security, Leggett & Platt, Inc. 40 1,772 Inc. 86 7,372 Lennar Corp., Class A 29 2,211 General Dynamics Corp.† 24 3,572 Mohawk Industries, Inc.* 45 6,343 Honeywell International, Inc.† 320 68,064 Newell Brands, Inc. 254 5,392 Howmet Aerospace, Inc. 290 8,277 NIKE, Inc., Class B 14 1,981 Huntington Ingalls Industries, Inc. 15 2,557 PulteGroup, Inc. 65 2,803 IDEX Corp. 23 4,582 PVH Corp. 47 4,413 Illinois Tool Works, Inc.† 69 14,068 Whirlpool Corp. 41 7,400 Jacobs Engineering Group, Inc. 33 3,596 41,460 Johnson Controls International PLC Consumer Services — 0.8% (Ireland)† 485 22,596 Darden Restaurants, Inc.† 67 7,981 L3Harris Technologies, Inc. 7 1,323 McDonald’s Corp.† 60 12,875 Lockheed Martin Corp.† 165 58,572 MGM Resorts International 44 1,386 Masco Corp.† 174 9,558 Yum! Brands, Inc.† 22 2,388 Northrop Grumman Corp. 15 4,571 24,630 Otis Worldwide Corp. 38 2,567 PACCAR, Inc.† 69 5,953
1 ˆ200D$W8F63wsKubGjŠ 200D$W8F63wsKubGj LSWP64RS10 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB94 2 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Diversified Financials — 6.3% Food, Beverage & Tobacco — (Continued) American Express Co.† 46 $ 5,562 Hershey Co. (The) 2 $ 305 Ameriprise Financial, Inc. 2 389 JM Smucker Co. (The) 69 7,976 Berkshire Hathaway, Inc., Class B†* 125 28,984 Kellogg Co.† 206 12,819 BlackRock, Inc.† 86 62,052 Kraft Heinz Co. (The)† 760 26,342 Capital One Financial Corp. 8 791 Lamb Weston Holdings, Inc. 30 2,362 Cboe Global Markets, Inc. 193McCormick & Co., Inc., non-voting Discover Financial Services† 133 12,039 shares 6 574 Franklin Resources, Inc.† 152 3,798 Molson Coors Beverage Co., Class B 125 5,649 Goldman Sachs Group, Inc. (The) 5 1,319 Mondelez International, Inc., Class A† 13 760 Intercontinental Exchange, Inc. 1 115 Monster Beverage Corp.* 5 462 Invesco Ltd. (Bermuda) 307 5,351 PepsiCo, Inc.† 13 1,928 Morgan Stanley 173 11,856 Philip Morris International, Inc.† 762 63,086 Nasdaq, Inc.† 91 12,079 Tyson Foods, Inc., Class A† 227 14,628 S&P Global, Inc.† 72 23,669 273,241 Synchrony Financial 142 4,929 Health Care Equipment & Services — 7.5% T Rowe Price Group, Inc.† 139 21,043 AmerisourceBergen Corp. 2 196 194,069 Anthem, Inc.† 83 26,650 Energy — 2.6% Centene Corp.* 19 1,141 Baker Hughes Co.(a) 348 7,256 Cigna Corp. 16 3,331 Chevron Corp. 96 8,107 CVS Health Corp.† 580 39,614 ConocoPhillips† 19 760 Danaher Corp.† 64 14,217 Halliburton Co.† 547 10,338 DaVita, Inc.†* 69 8,101 Kinder Morgan, Inc.† 1,514 20,696 HCA Healthcare, Inc.† 203 33,385 Marathon Petroleum Corp.† 36 1,489 Henry Schein, Inc.* 7 468 National Oilwell Varco, Inc.* 241 3,309 Hologic, Inc.†* 81 5,899 Schlumberger NV (Curacao)† 931 20,324 Humana, Inc.† 82 33,642 TechnipFMC PLC (United Kingdom) 300 2,820 Laboratory Corp. of America Holdings* 46 9,363 Williams Cos., Inc. (The)† 272 5,454 McKesson Corp. 2 348 80,553 Medtronic PLC (Ireland)† 126 14,760 Food & Staples Retailing — 3.7% Quest Diagnostics, Inc.† 50 5,957 Kroger Co. (The)† 113 3,589 UnitedHealth Group, Inc.† 84 29,457 Sysco Corp.† 340 25,248 Universal Health Services, Inc., Walgreens Boots Alliance, Inc.† 9 359 Class B† 30 4,125 Walmart, Inc.† 595 85,769 Varian Medical Systems, Inc.* 1 175 114,965 230,829 Food, Beverage & Tobacco — 8.9% Household & Personal Products — 3.2% Altria Group, Inc.† 1,161 47,601 Church & Dwight Co., Inc. 2 174 Archer-Daniels-Midland Co.† 346 17,442 Clorox Co. (The) 43 8,683 Campbell Soup Co.† 136 6,576 Colgate-Palmolive Co.† 286 24,456 Coca-Cola Co. (The)† 305 16,726 Kimberly-Clark Corp.† 182 24,539 Conagra Brands, Inc. 282 10,225 Procter & Gamble Co. (The)† 299 41,603 Constellation Brands, Inc., Class A† 111 24,315 99,455 General Mills, Inc. 229 13,465
2 ˆ200D$W8F63wsTXtGWŠ 200D$W8F63wsTXtGW LSWP64RS10 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB94 3 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Insurance — 3.4% Media & Entertainment — 9.8% Aflac, Inc.† 43 $ 1,912 Activision Blizzard, Inc. 73 $ 6,778 Allstate Corp. (The)† 4 440 Alphabet, Inc., Class A†* 67 117,427 American International Group, Inc.† 218 8,253 Charter Communications, Inc., Aon PLC, Class A (Ireland)† 97 20,493 Class A†* 37 24,477 Arthur J Gallagher & Co. 11 1,361 Comcast Corp., Class A 65 3,406 Assurant, Inc. 3 409 Discovery, Inc., Class A(a) * 64 1,926 Cincinnati Financial Corp.† 42 3,670 DISH Network Corp., Class A(a) * 117 3,784 Globe Life, Inc. 8 760 Electronic Arts, Inc. 27 3,877 Hartford Financial Services Group, Facebook, Inc., Class A†* 312 85,226 Inc. (The)† 16 784 Fox Corp., Class A† 367 10,687 Lincoln National Corp. 27 1,358 Interpublic Group of Cos., Inc. (The) 199 4,680 Marsh & McLennan Cos., Inc.† 303 35,451 Netflix, Inc.†* 41 22,170 MetLife, Inc.† 276 12,958 Omnicom Group, Inc.† 66 4,116 Principal Financial Group, Inc. 65 3,225 Take-Two Interactive Software, Inc.* 11 2,286 Prudential Financial, Inc.† 55 4,294 Twitter, Inc.* 76 4,115 Travelers Cos., Inc. (The)† 56 7,861 ViacomCBS, Inc., Class B 142 5,291 Unum Group 246 300,246 WR Berkley Corp. 24 1,594 Pharmaceuticals, Biotechnology & Life Sciences — 6.0% 104,869 AbbVie, Inc. 23 2,464 Materials — 6.4% Alexion Pharmaceuticals, Inc.†* 66 10,312 Amcor PLC (Jersey)† 969 11,405 Amgen, Inc. 5 1,150 Avery Dennison Corp. 25 3,878 Biogen, Inc.†* 49 11,998 Celanese Corp.† 23 2,989 Bristol-Myers Squibb Co.† 39 2,419 CF Industries Holdings, Inc. 143 5,536 Gilead Sciences, Inc. 33 1,923 Dow, Inc.† 446 24,753 Illumina, Inc.* 14 5,180 DuPont de Nemours, Inc.† 379 26,951 Incyte Corp.* 20 1,740 Eastman Chemical Co. 84 8,424 Johnson & Johnson† 200 31,476 Ecolab, Inc.† 94 20,338 Merck & Co., Inc.† 558 45,644 FMC Corp. 78 8,965 Pfizer, Inc.† 1,655 60,921 Freeport-McMoRan, Inc. 110 2,862 Regeneron Pharmaceuticals, Inc.†* 12 5,797 International Paper Co.† 263 13,076 Thermo Fisher Scientific, Inc. 3 1,397 Linde PLC (Ireland)† 27 7,115 Viatris, Inc.* 190 3,561 LyondellBasell Industries NV, 185,982 Class A (Netherlands)† 46 4,216 Real Estate — 2.0% Mosaic Co. (The) 235 5,407 Alexandria Real Estate Equities, Inc., Newmont Corp. 10 599 REIT† 21 3,743 Nucor Corp.† 189 10,053 American Tower Corp., REIT 41 9,203 Packaging Corp. of America 19 2,620 AvalonBay Communities, Inc., REIT† 2 321 PPG Industries, Inc.† 142 20,479 CBRE Group, Inc., Class A* 112 7,025 Sealed Air Corp. 104 4,762 Crown Castle International Corp., Sherwin-Williams Co. (The)† 12 8,819 REIT 40 6,368 Westrock Co. 51 2,220 Kimco Realty Corp., REIT 23 345 195,467 Mid-America Apartment Communities, Inc., REIT† 6 760
3 ˆ200D$W8F63wsinRG7Š 200D$W8F63wsinRG7 LSWP64RS10 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB94 4 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Real Estate — (Continued) Software & Services — 18.6% Public Storage, REIT† 17 $ 3,926 Accenture PLC, Class A (Ireland)† 114 $ 29,778 Realty Income Corp., REIT† 53 3,295 Adobe, Inc.†* 45 22,505 SBA Communications Corp., REIT 11 3,103 ANSYS, Inc.* 8 2,910 Simon Property Group, Inc., REIT† 5 426 Autodesk, Inc.* 21 6,412 Ventas, Inc., REIT† 113 5,542 Broadridge Financial Solutions, Inc. 48 7,354 Welltower, Inc., REIT† 7 452 Cadence Design Systems, Inc.* 27 3,684 Weyerhaeuser Co., REIT† 499 16,731 Cognizant Technology Solutions 61,240 Corp., Class A 48 3,934 Retailing — 18.6% Gartner, Inc.* 22 3,524 Advance Auto Parts, Inc. 45 7,088 International Business Machines Amazon.com, Inc.†* 56 182,388 Corp.† 431 54,254 AutoZone, Inc.†* 15 17,782 Mastercard, Inc., Class A† 92 32,838 Best Buy Co., Inc.† 160 15,966 Microsoft Corp.† 826 183,719 Booking Holdings, Inc.†* 2 4,455 NortonLifeLock, Inc.† 5 104 Dollar General Corp.† 160 33,648 Oracle Corp.† 1,510 97,682 Dollar Tree, Inc.* 4 432 Paychex, Inc.† 186 17,331 eBay, Inc.† 460 23,115 PayPal Holdings, Inc.†* 121 28,338 Gap, Inc. (The)* 224 4,523 salesforce.com, Inc.†* 87 19,360 Genuine Parts Co.† 90 9,039 ServiceNow, Inc.* 18 9,908 Home Depot, Inc. (The)† 363 96,420 Synopsys, Inc.* 15 3,889 L Brands, Inc. 172 6,397 Visa, Inc., Class A† 194 42,434 LKQ Corp.* 203 7,154 Western Union Co. (The)† 126 2,764 Lowe’s Cos., Inc.† 479 76,884 572,722 O’Reilly Automotive, Inc.†* 44 19,913 Technology Hardware & Equipment — 11.5% Target Corp.† 300 52,959 Amphenol Corp., Class A 5 654 Tractor Supply Co.† 73 10,262 Apple, Inc.† 1,544 204,873 Ulta Beauty, Inc.†* 12 3,446 CDW Corp. 24 3,163 571,871 Cisco Systems, Inc.† 2,235 100,016 Semiconductors & Semiconductor Equipment — 2.3% Corning, Inc. 392 14,112 Applied Materials, Inc.† 193 16,656 F5 Networks, Inc.* 2 352 Broadcom, Inc. 4 1,751 FLIR Systems, Inc. 9 394 Intel Corp.† 509 25,358 HP, Inc.† 767 18,861 KLA Corp. 35 9,062 Juniper Networks, Inc. 198 4,457 Lam Research Corp. 15 7,084 NetApp, Inc. 13 861 Maxim Integrated Products, Inc. 2 177 Seagate Technology PLC (Ireland) 21 1,305 Microchip Technology, Inc. 3 414 TE Connectivity Ltd. (Switzerland) 5 605 Micron Technology, Inc.* 105 7,894 Vontier Corp.* 102 3,407 Qorvo, Inc.* 2 333 353,060 QUALCOMM, Inc. 10 1,523 Telecommunication Services — 6.4% Teradyne, Inc. 1 120 AT&T, Inc.† 3,488 100,315 Texas Instruments, Inc. 9 1,477 CenturyLink, Inc. 10 97 71,849 Verizon Communications, Inc.† 1,632 95,880 196,292
4 ˆ200D$W8F63wsrZyoWŠ 200D$W8F63wsrZyoW LSWP64RS10 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB94 5 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Transportation — 2.3% Capital Goods — (Continued) CH Robinson Worldwide, Inc. 1$ 94 Teledyne Technologies, Inc.* (5) $ (1,960) CSX Corp.† 353 32,035 Textron, Inc. (50) (2,417) Expeditors International of Xylem, Inc. (40) (4,072) Washington, Inc. 102 9,701 (60,547) FedEx Corp. 2 519 Commercial & Professional Services — (0.8)% JB Hunt Transport Services, Inc. 1 137 Copart, Inc.* (54) (6,872) Kansas City Southern† 7 1,429 Equifax, Inc. (27) (5,207) Norfolk Southern Corp.† 94 22,335 IHS Markit Ltd. (Bermuda) (6) (539) Old Dominion Freight Line, Inc. 1 195 Rollins, Inc. (123) (4,806) Union Pacific Corp. 7 1,458 Verisk Analytics, Inc. (34) (7,058) United Parcel Service, Inc., Class B 8 1,347 (24,482) 69,250 Consumer Durables & Apparel — (0.5)% Utilities — 0.2% NVR, Inc.* (1) (4,080) AES Corp. 10 235 Ralph Lauren Corp. (16) (1,660) Dominion Energy, Inc.† 2 150 Tapestry, Inc. (59) (1,834) NRG Energy, Inc. 163 6,121 Under Armour, Inc., Class C* (99) (1,473) 6,506 VF Corp. (83) (7,089) TOTAL COMMON STOCKS (16,136) (Cost $3,411,136) 4,355,653 Consumer Services — (2.5)% TOTAL LONG POSITIONS - 141.6% 4,355,653 Carnival Corp. (Panama) (161) (3,487) (Cost $3,411,136) Chipotle Mexican Grill, Inc.* (7) (9,707) Domino’s Pizza, Inc. (9) (3,451) SHORT POSITIONS — (42.3)% Hilton Worldwide Holdings, Inc. (60) (6,676) COMMON STOCKS — (42.3)% Las Vegas Sands Corp. (151) (9,000) Banks — (1.9)% Marriott International, Inc., Class A (72) (9,498) Comerica, Inc. (31) (1,732) Norwegian Cruise Line Holdings Ltd. First Republic Bank (38) (5,583) (Bermuda)* (58) (1,475) Huntington Bancshares, Inc. (227) (2,867) Royal Caribbean Cruises Ltd. JPMorgan Chase & Co. (100) (12,707) (Liberia) (47) (3,510) KeyCorp (204) (3,348) Starbucks Corp. (249) (26,638) M&T Bank Corp. (28) (3,564) Wynn Resorts Ltd. (27) (3,046) People’s United Financial, Inc. (91) (1,177) (76,488) PNC Financial Services Group, Inc. Diversified Financials — (2.0)% (The) (56) (8,344) Bank of New York Mellon Corp. (The) (179) (7,597) Regions Financial Corp. (214) (3,450) Charles Schwab Corp. (The) (291) (15,435) Truist Financial Corp. (288) (13,804) CME Group, Inc. (66) (12,015) Zions Bancorp NA (35) (1,520) MarketAxess Holdings, Inc. (9) (5,135) (58,096) Moody’s Corp. (1) (290) Capital Goods — (2.0)% MSCI, Inc. (17) (7,591) Allegion PLC (Ireland) (20) (2,328) Northern Trust Corp. (46) (4,284) Boeing Co. (The) (127) (27,186) Raymond James Financial, Inc. (30) (2,870) General Electric Co. (1,703) (18,392) State Street Corp. (77) (5,604) Ingersoll Rand, Inc.* (92) (4,192) (60,821)
5 ˆ200D$W8F63ws@Tjo7Š 200D$W8F63ws@Tjo7 LSWP64RS10 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB94 6 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Energy — (2.2)% Health Care Equipment & Services — (Continued) Apache Corp. (80) $ (1,135) Zimmer Biomet Holdings, Inc. (46) $ (7,088) Cabot Oil & Gas Corp. (89) (1,449) (165,893) Concho Resources, Inc. (42) (2,451) Household & Personal Products — (0.7)% Devon Energy Corp. (81) (1,281) Estee Lauder Cos., Inc. (The), Diamondback Energy, Inc. (41) (1,984) Class A (76) (20,230) EOG Resources, Inc. (120) (5,984) Insurance — (0.9)% Exxon Mobil Corp. (570) (23,495) Chubb Ltd. (Switzerland) (94) (14,468) Hess Corp. (76) (4,012) Everest Re Group Ltd. (Bermuda) (8) (1,873) HollyFrontier Corp. (35) (905) Loews Corp. (60) (2,701) Marathon Oil Corp. (198) (1,321) Progressive Corp. (The) (26) (2,571) Occidental Petroleum Corp. (222) (3,843) Willis Towers Watson PLC (Ireland) (27) (5,688) ONEOK, Inc. (105) (4,030) Phillips 66 (92) (6,434) (27,301) Pioneer Natural Resources Co. (44) (5,011) Materials — (1.2)% Valero Energy Corp. (86) (4,865) Air Products & Chemicals, Inc. (49) (13,388) (68,200) Albemarle Corp. (26) (3,836) Ball Corp. (73) (6,802) Food & Staples Retailing — (0.2)% Corteva, Inc. (159) (6,156) Costco Wholesale Corp. (14) (5,275) International Flavors & Fragrances, Food, Beverage & Tobacco — (0.5)% Inc. (24) (2,612) Brown-Forman Corp., Class B (112) (8,896) Martin Marietta Materials, Inc. (7) (1,988) Hormel Foods Corp. (113) (5,267) Vulcan Materials Co. (26) (3,856) (14,163) (38,638) Health Care Equipment & Services — (5.4)% Media & Entertainment — (1.2)% Abbott Laboratories (100) (10,949) Live Nation Entertainment, Inc.* (48) (3,527) ABIOMED, Inc.* (11) (3,566) News Corp., Class A (125) (2,246) Align Technology, Inc.* (19) (10,153) Walt Disney Co. (The)* (172) (31,163) Baxter International, Inc. (111) (8,907) (36,936) Becton Dickinson and Co. (62) (15,514) Pharmaceuticals, Biotechnology & Life Sciences — (2.6)% Boston Scientific Corp.* (312) (11,216) Agilent Technologies, Inc. (20) (2,370) Cardinal Health, Inc. (62) (3,321) Bio-Rad Laboratories, Inc., Class A* (6) (3,498) Cerner Corp. (67) (5,258) Catalent, Inc.* (35) (3,642) Cooper Cos., Inc. (The) (13) (4,723) Eli Lilly & Co. (167) (28,196) DENTSPLY SIRONA, Inc. (46) (2,409) IQVIA Holdings, Inc.* (51) (9,138) DexCom, Inc.* (20) (7,394) Mettler-Toledo International, Inc.* (5) (5,698) Edwards Lifesciences Corp.* (141) (12,863) PerkinElmer, Inc. (9) (1,292) IDEXX Laboratories, Inc.* (22) (10,997) Perrigo Co. PLC (Ireland) (34) (1,520) Intuitive Surgical, Inc.* (29) (23,725) Vertex Pharmaceuticals, Inc.* (57) (13,471) ResMed, Inc. (32) (6,802) Waters Corp.* (17) (4,206) STERIS PLC (Ireland) (18) (3,412) Zoetis, Inc. (50) (8,275) Stryker Corp. (32) (7,841) (81,306) Teleflex, Inc. (12) (4,939) West Pharmaceutical Services, Inc. (17) (4,816) Real Estate — (2.0)% Boston Properties, Inc., REIT (33) (3,120) Digital Realty Trust, Inc., REIT (59) (8,231)
6 ˆ200D$W8F63wt65Ho~Š 200D$W8F63wt65Ho~ LSWP64RS10 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB94 7 8* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Real Estate — (Continued) Software & Services — (Continued) Duke Realty Corp., REIT (78) $ (3,118) Jack Henry & Associates, Inc. (17) $ (2,754) Equinix, Inc., REIT (22) (15,712) Leidos Holdings, Inc. (31) (3,259) Equity Residential, REIT (80) (4,742) Paycom Software, Inc.* (13) (5,879) Essex Property Trust, Inc., REIT (15) (3,561) Tyler Technologies, Inc.* (9) (3,929) Extra Space Storage, Inc., REIT (28) (3,244) VeriSign, Inc.* (30) (6,492) Federal Realty Investment Trust, (123,335) REIT (17) (1,447) Technology Hardware & Equipment — (0.9)% Healthpeak Properties, Inc., REIT (116) (3,507) Arista Networks, Inc.* (17) (4,940) Host Hotels & Resorts, Inc., REIT (161) (2,355) Hewlett Packard Enterprise Co. (271) (3,211) Iron Mountain, Inc., REIT (64) (1,887) IPG Photonics Corp.* (12) (2,685) Prologis, Inc., REIT (43) (4,285) Keysight Technologies, Inc.* (43) (5,680) Regency Centers Corp., REIT (37) (1,687) Motorola Solutions, Inc. (37) (6,292) SL Green Realty Corp., REIT (16) (953) Western Digital Corp. (74) (4,099) UDR, Inc., REIT (64) (2,460) Xerox Holdings Corp. (44) (1,020) Vornado Realty Trust, REIT (41) (1,531) Zebra Technologies Corp., Class A* (1) (384) (61,840) (28,311) Retailing — (1.2)% Telecommunication Services — (1.0)% CarMax, Inc.* (32) (3,023) T-Mobile US, Inc.* (229) (30,881) Etsy, Inc.* (28) (4,981) Transportation — (0.6)% Expedia Group, Inc. (31) (4,104) Alaska Air Group, Inc. (27) (1,404) Ross Stores, Inc. (76) (9,334) American Airlines Group, Inc. (108) (1,703) Tiffany & Co.* (26) (3,418) Delta Air Lines, Inc. (138) (5,549) TJX Cos., Inc. (The) (180) (12,292) Southwest Airlines Co. (126) (5,873) (37,152) United Airlines Holdings, Inc.* (61) (2,638) Semiconductors & Semiconductor Equipment — (2.2)% (17,167) Advanced Micro Devices, Inc.* (271) (24,853) Utilities — (5.8)% Analog Devices, Inc. (34) (5,023) Alliant Energy Corp. (61) (3,143) NVIDIA Corp. (49) (25,588) Ameren Corp. (62) (4,840) Skyworks Solutions, Inc. (35) (5,351) American Electric Power Co., Inc. (124) (10,325) Xilinx, Inc. (56) (7,939) American Water Works Co., Inc. (41) (6,292) (68,754) Atmos Energy Corp. (30) (2,863) Software & Services — (4.0)% CenterPoint Energy, Inc. (126) (2,727) Akamai Technologies, Inc.* (41) (4,305) CMS Energy Corp. (70) (4,271) Automatic Data Processing, Inc. (67) (11,805) Consolidated Edison, Inc. (82) (5,926) Citrix Systems, Inc. (27) (3,513) DTE Energy Co. (46) (5,585) DXC Technology Co. (55) (1,416) Duke Energy Corp. (161) (14,741) Fidelity National Information Edison International (90) (5,654) Services, Inc. (134) (18,956) Entergy Corp. (50) (4,992) Fiserv, Inc.* (126) (14,346) Evergy, Inc. (50) (2,776) FleetCor Technologies, Inc.* (19) (5,184) Eversource Energy (82) (7,094) Fortinet, Inc.* (43) (6,387) Exelon Corp. (219) (9,246) Global Payments, Inc. (66) (14,218) FirstEnergy Corp. (136) (4,163) Intuit, Inc. (55) (20,892) NextEra Energy, Inc. (384) (29,626)
7 ˆ200D$W8F63wtBkFoQŠ 200D$W8F63wtBkFoQ LSWP64RS10 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB94 8 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Number of Shares Value COMMON STOCKS — (Continued) Utilities — (Continued) NiSource, Inc. (94) $ (2,156) Pinnacle West Capital Corp. (26) (2,079) PPL Corp. (161) (4,540) Public Service Enterprise Group, Inc. (110) (6,413) Sempra Energy (64) (8,154) Southern Co. (The) (230) (14,129) WEC Energy Group, Inc. (79) (7,270) Xcel Energy, Inc. (133) (8,867) (177,872) TOTAL COMMON STOCKS (Proceeds $1,116,998) (1,299,824) TOTAL SECURITES SOLD SHORT - (42.3)% (1,299,824) (Proceeds $1,116,998) OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7% 21,090 NET ASSETS - 100.0% $ 3,076,919
† Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (a) The security or a portion of this security is on loan at December 31, 2020. The total value of securities on loan at December 31, 2020 was $16,589 which was collateralized by $1,952 in cash and $15,092 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 8.13%, and maturity dates ranging from 1/15/2021 - 8/15/2050. * Non-income producing. PLC Public Limited Company REIT Real Estate Investment Trust
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets as of and for the period ended December 31, 2020.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
8 ˆ200D$W8F63ws=C0o)Š 200D$W8F63ws=C0o) LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 1 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value LONG POSITIONS — 95.3% COMMON STOCKS — (Continued) COMMON STOCKS — 95.3% Capital Goods — (Continued) Automobiles & Components — 1.3% Dover Corp. 1,571 $ 198,339 Adient PLC (Ireland)* 4,103 $ 142,661 Dycom Industries, Inc.* 2,037 153,834 American Axle & Manufacturing EMCOR Group, Inc. 368 33,657 Holdings, Inc.* 46,458 387,460 Emerson Electric Co.(a) 4,165 334,741 BorgWarner, Inc. 753 29,096 EnPro Industries, Inc. 764 57,697 Cooper Tire & Rubber Co. 297 12,028 Flowserve Corp. 4,998 184,176 Ford Motor Co. 61,664 542,027 Fortive Corp. 6,412 454,098 General Motors Co. 21,788 907,252 Fortune Brands Home & Security, Inc. 5,580 478,318 Gentherm, Inc.* 461 30,066 Franklin Electric Co., Inc. 1,035 71,632 Harley-Davidson, Inc. 950 34,865 FuelCell Energy, Inc.* 23,210 259,256 Magna International, Inc. (Canada) 3,280 232,224 Generac Holdings, Inc.* 1,059 240,827 Standard Motor Products, Inc. 45 1,821 Gibraltar Industries, Inc.* 1,937 139,348 Thor Industries, Inc. 1,577 146,645 GMS, Inc.* 1,581 48,189 Visteon Corp.* 1,439 180,623 Herc Holdings, Inc.* 2,171 144,176 Winnebago Industries, Inc. 1,357 81,339 Honeywell International, Inc.(a) 4,464 949,493 2,728,107 Howmet Aerospace, Inc.(a) 51,051 1,456,996 Hubbell, Inc. 110 17,247 Capital Goods — 10.8% Huntington Ingalls Industries, Inc. 273 46,541 (a) 3M Co. 7,595 1,327,530 Illinois Tool Works, Inc. 747 152,298 A.O. Smith Corp. 1,229 67,374 ITT, Inc. 346 26,649 AAR Corp. 747 27,056 Jacobs Engineering Group, Inc. 400 43,584 Acuity Brands, Inc. 754 91,302 John Bean Technologies Corp. 882 100,433 Advanced Drainage Systems, Inc. 1,765 147,519 Johnson Controls International PLC AECOM* 5,135 255,620 (Ireland) 4,427 206,254 AeroVironment, Inc.* 347 30,154 L3Harris Technologies, Inc. 5,655 1,068,908 AGCO Corp. 535 55,153 Lennox International, Inc. 641 175,615 Albany International Corp., Class A 177 12,995 Lockheed Martin Corp.(a) 4,327 1,535,998 Altra Industrial Motion Corp. 1,645 91,182 Masco Corp. 12,744 700,028 AMETEK, Inc. 5,362 648,480 Masonite International Corp. Apogee Enterprises, Inc. 3,132 99,222 (Canada)* 331 32,551 Applied Industrial Technologies, Inc. 550 42,894 Middleby Corp. (The)* 1,228 158,314 Atkore International Group, Inc.* 4,395 180,678 MRC Global, Inc.* 4,346 28,814 Ballard Power Systems, Inc. Mueller Industries, Inc. 2,999 105,295 (Canada)* 1,489 34,843 Northrop Grumman Corp. 819 249,566 Barnes Group, Inc. 1,606 81,408 NOW, Inc.* 14,034 100,764 Bloom Energy Corp., Class A* 51 1,462 nVent Electric PLC (Ireland) 4,545 105,853 BMC Stock Holdings, Inc.* 515 27,645 Otis Worldwide Corp. 567 38,301 Carrier Global Corp. 2,063 77,816 Owens Corning 4,164 315,465 Colfax Corp.* 15,255 583,351 PACCAR, Inc. 1,140 98,359 Cubic Corp. 2,953 183,204 Parker-Hannifin Corp. 2,406 655,418 (a) Cummins, Inc. 6,455 1,465,930 Pentair PLC (Ireland) 14,293 758,815 Curtiss-Wright Corp. 707 82,259 Quanta Services, Inc. 9,968 717,895 Deere & Co. 2,105 566,350 Regal Beloit Corp. 240 29,474 Donaldson Co., Inc. 2,101 117,404 Rexnord Corp. 1,340 52,917
1 ˆ200D$W8F63wsnkpo#Š 200D$W8F63wsnkpo# LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 2 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Capital Goods — (Continued) Commercial & Professional Services — (Continued) Simpson Manufacturing Co., Inc. 2,421 $ 226,242 Robert Half International, Inc. 434 $ 27,116 SiteOne Landscape Supply, Inc.* 788 125,000 Steelcase, Inc., Class A 7,986 108,210 Snap-on, Inc. 1,731 296,243 Tetra Tech, Inc. 235 27,208 SPX FLOW, Inc.* 246 14,258 Thomson Reuters Corp. (Canada) 1,721 140,933 Stanley Black & Decker, Inc. 3,256 581,391 TransUnion 1,009 100,113 Systemax, Inc. 3 108 TriNet Group, Inc.* 546 44,008 Terex Corp. 2,298 80,177 UniFirst Corp. 117 24,768 Textainer Group Holdings Ltd. Verisk Analytics, Inc. 808 167,733 (Bermuda)* 480 9,206 Waste Management, Inc. 1,636 192,933 Toro Co. (The) 547 51,877 3,250,563 TPI Composites, Inc.* 3,386 178,713 Trane Technologies PLC (Ireland) 3,180 461,609 Consumer Durables & Apparel — 3.4% TransDigm Group, Inc.* 1,606 993,873 Brunswick Corp. 1,726 131,590 UFP Industries, Inc. 3,484 193,536 Capri Holdings Ltd. (British Virgin United Rentals, Inc.* 1,243 288,264 Islands)* 16,599 697,158 Univar Solutions, Inc.* 8,215 156,167 Carter’s, Inc. 4,085 384,276 Valmont Industries, Inc. 532 93,063 Cavco Industries, Inc.* 604 105,972 Watsco, Inc. 817 185,091 Crocs, Inc.* 2,475 155,084 Watts Water Technologies, Inc., Deckers Outdoor Corp.* 352 100,947 Class A 266 32,372 DR Horton, Inc. 2,679 184,637 Westinghouse Air Brake Garmin Ltd. (Switzerland) 2,900 347,014 Technologies Corp. 1,417 103,724 Hanesbrands, Inc. 5,675 82,742 Hasbro, Inc. 41 3,835 23,095,878 Helen of Troy Ltd. (Bermuda)* 214 47,549 Commercial & Professional Services — 1.5% Kontoor Brands, Inc. 5,805 235,451 ABM Industries, Inc. 6,503 246,074 La-Z-Boy, Inc. 2,751 109,600 Cimpress PLC (Ireland)* 1,458 127,925 Leggett & Platt, Inc. 556 24,631 Cintas Corp. 1,109 391,987 Lovesac Co. (The)* 18 776 Clarivate PLC (Jersey)* 3,287 97,657 Mattel, Inc.* 4,417 77,077 Clean Harbors, Inc.* 775 58,978 Mohawk Industries, Inc.* 4,130 582,124 CoreLogic, Inc. 906 70,052 Newell Brands, Inc. 2,946 62,544 Deluxe Corp. 3,151 92,009 NIKE, Inc., Class B(a) 8,329 1,178,304 Healthcare Services Group, Inc. 6,862 192,822 Polaris, Inc. 3,897 371,306 Herman Miller, Inc. 677 22,883 PulteGroup, Inc. 5,881 253,589 ICF International, Inc. 3 223 PVH Corp. 4,202 394,526 IHS Markit Ltd. (Bermuda) 1,487 133,577 Skyline Champion Corp.* 829 25,649 KAR Auction Services, Inc. 5,428 101,015 Smith & Wesson Brands, Inc. 6,666 118,322 Kforce, Inc. 234 9,849 Steven Madden Ltd. 11,493 405,933 ManpowerGroup, Inc. 1,568 141,402 Sturm Ruger & Co., Inc. 2,823 183,693 Nielsen Holdings PLC (United Tempur Sealy International, Inc.* 12,511 337,797 Kingdom) 10,266 214,251 TopBuild Corp.* 236 43,443 Republic Services, Inc. 5,359 516,072 Tupperware Brands Corp.* 5,241 169,756 Ritchie Bros Auctioneers, Inc. Whirlpool Corp. 1,681 303,404 (Canada) 11 765 YETI Holdings, Inc.* 1,412 96,680 7,215,409
2 ˆ200D$W8F63ws#czGjŠ 200D$W8F63ws#czGj LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 3 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Consumer Services — 2.9% Energy — (Continued) Adtalem Global Education, Inc.* 4,621 $ 156,883 ConocoPhillips 7,222 $ 288,808 Bloomin’ Brands, Inc. 23,082 448,252 Core Laboratories NV (Netherlands) 1,245 33,005 Boyd Gaming Corp. 9,314 399,757 Crescent Point Energy Corp. Darden Restaurants, Inc. 998 118,882 (Canada) 52,184 122,111 Dine Brands Global, Inc. 7,478 433,724 CVR Energy, Inc. 4,382 65,292 Hilton Worldwide Holdings, Inc. 703 78,216 Denbury, Inc.* 25 642 Hyatt Hotels Corp., Class A 1,110 82,418 DHT Holdings, Inc. (Marshall Islands) 23,596 123,407 Jack in the Box, Inc. 3,305 306,704 DMC Global, Inc. 107 4,628 Laureate Education, Inc., Class A* 17,926 261,003 Enbridge, Inc. (Canada) 43 1,376 Marriott International, Inc., Class A 1,285 169,517 Enerplus Corp. (Canada) 2,820 8,827 McDonald’s Corp.(a) 2,892 620,565 EOG Resources, Inc.(a) 10,396 518,449 MGM Resorts International 27,529 867,439 EQT Corp. 17,927 227,852 Norwegian Cruise Line Holdings Ltd. Halliburton Co. 31,184 589,378 (Bermuda)* 1,744 44,350 HollyFrontier Corp. 1,254 32,416 Papa John’s International, Inc. 4,244 360,103 Kinder Morgan, Inc.(a) 37,713 515,537 Perdoceo Education Corp.* 8,251 104,210 Kosmos Energy Ltd. 88,607 208,226 Scientific Games Corp.* 736 30,537 Magnolia Oil & Gas Corp., Class A* 6,801 48,015 Service Corp. International 4,519 221,883 Marathon Petroleum Corp. 7,538 311,772 Strategic Education, Inc. 1,857 177,028 Murphy Oil Corp. 13,279 160,676 Wingstop, Inc. 1,797 238,192 NexGen Energy Ltd. (Canada)* 1,085 2,995 Wyndham Hotels & Resorts, Inc. 2,168 128,866 Range Resources Corp. 18,285 122,510 Yum! Brands, Inc.(a) 9,850 1,069,316 Renewable Energy Group, Inc.* 2,986 211,469 6,317,845 Schlumberger NV (Curacao) 3,526 76,973 SM Energy Co. 23,149 141,672 Diversified Financials — 2.5% Transocean Ltd. (Switzerland)* 510 1,178 Berkshire Hathaway, Inc., (a) Vermilion Energy, Inc. (Canada) 5,283 23,509 Class B *. 8,943 2,073,613 Williams Cos., Inc. (The) 10,068 201,863 BlackRock, Inc. 880 634,955 World Fuel Services Corp. 6,704 208,897 Cboe Global Markets, Inc. 2,255 209,986 Federated Hermes, Inc. 2,960 85,514 5,527,526 Invesco Ltd. (Bermuda) 7,029 122,515 Food & Staples Retailing — 1.6% Moody’s Corp. 195 56,597 BJ’s Wholesale Club Holdings, Inc.* 2,082 77,617 Nasdaq, Inc. 3,698 490,873 Casey’s General Stores, Inc. 536 95,740 S&P Global, Inc.(a) 4,165 1,369,160 Costco Wholesale Corp. 1,135 427,645 Sprott, Inc. (Canada) 76 2,203 Ingles Markets, Inc., Class A 111 4,735 T Rowe Price Group, Inc. 2,459 372,268 Kroger Co. (The) 7,410 235,342 5,417,684 Sprouts Farmers Market, Inc.* 13,736 276,094 Sysco Corp. 8,251 612,719 Energy — 2.6% Walgreens Boots Alliance, Inc. 6,652 265,282 Antero Midstream Corp. 16,828 129,744 Walmart, Inc.(a) 10,150 1,463,122 Apache Corp. 10,154 144,085 Cactus, Inc., Class A 1,534 39,991 3,458,296 Canadian Natural Resources Ltd. Food, Beverage & Tobacco — 3.6% (Canada) 12,849 309,018 Altria Group, Inc.(a) 11,611 476,051 Cenovus Energy, Inc. (Canada) 7,086 42,799 Archer-Daniels-Midland Co. 1,984 100,013 Chevron Corp.(a) 6,734 568,686 B&G Foods, Inc. 1,889 52,382 Concho Resources, Inc. 715 41,720
3 ˆ200D$W8F63wtD#moŠ 200D$W8F63wtD#mo´ LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 4 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Food, Beverage & Tobacco — (Continued) Health Care Equipment & Services — (Continued) Campbell Soup Co. 4,078 $ 197,171 Hologic, Inc.* 13,008 $ 947,373 Celsius Holdings, Inc.* 764 38,437 Humana, Inc.(a) 2,744 1,125,781 Coca-Cola Co. (The)(a) 13,780 755,695 IDEXX Laboratories, Inc.* 1,281 640,333 Coca-Cola Consolidated, Inc. 199 52,988 Integer Holdings Corp.* 1,611 130,797 Conagra Brands, Inc. 13,575 492,230 Laboratory Corp. of America Constellation Brands, Inc., Holdings* 2,263 460,634 Class A(a) . 3,187 698,112 McKesson Corp. 991 172,355 Flowers Foods, Inc. 1,331 30,121 MEDNAX, Inc.* 4,502 110,479 General Mills, Inc. 5,773 339,452 Medtronic PLC (Ireland) 7,041 824,783 Hershey Co. (The) 1,278 194,678 Meridian Bioscience, Inc.* 2,037 38,072 JM Smucker Co. (The) 3,712 429,107 National Research Corp. 2 86 Kellogg Co. 2,700 168,021 Natus Medical, Inc.* 4,077 81,703 Kraft Heinz Co. (The)(a) 25,977 900,363 NextGen Healthcare, Inc.* 691 12,604 McCormick & Co., Inc., non-voting Patterson Cos., Inc. 10,701 317,071 shares 1,938 185,273 Quest Diagnostics, Inc. 4,311 513,742 Molson Coors Beverage Co., Quidel Corp.* 776 139,408 Class B . 3,204 144,789 ResMed, Inc. 2,381 506,105 Monster Beverage Corp.* 8,237 761,758 Schrodinger, Inc.* 1,226 97,075 National Beverage Corp. 147 12,480 Select Medical Holdings Corp.* 7,738 214,033 PepsiCo, Inc.(a) 3,458 512,821 STERIS PLC (Ireland) 2,041 386,851 Philip Morris International, Inc. 3,875 320,811 Stryker Corp. 1,794 439,602 TreeHouse Foods, Inc.* 1,428 60,676 Teladoc Health, Inc.* 1,404 280,744 Tyson Foods, Inc., Class A 14,051 905,446 Tenet Healthcare Corp.* 4,057 161,996 Vector Group Ltd. 210 2,446 Tivity Health, Inc.* 9,180 179,836 7,831,321 UnitedHealth Group, Inc.(a) 850 298,078 Universal Health Services, Inc., Class Health Care Equipment & Services — 7.1% B(a) 2,600 357,500 Abbott Laboratories 741 81,132 Varian Medical Systems, Inc.* 5,134 898,501 Align Technology, Inc.* 291 155,505 West Pharmaceutical Services, Inc. 830 235,147 Allscripts Healthcare Solutions, Inc.* 4,957 71,579 Zimmer Biomet Holdings, Inc. 207 31,897 AmerisourceBergen Corp. 2,895 283,015 15,182,092 Anthem, Inc.(a) 2,611 838,366 Cardinal Health, Inc. 6,218 333,036 Household & Personal Products — 1.3% Centene Corp.* 1,243 74,617 Church & Dwight Co., Inc. 525 45,796 Cerner Corp. 2,715 213,073 Clorox Co. (The) 2,675 540,136 Cigna Corp. 239 49,755 Colgate-Palmolive Co. 6,087 520,499 Community Health Systems, Inc.* 9,001 66,877 Edgewell Personal Care Co. 1,608 55,605 CONMED Corp. 1,013 113,456 elf Beauty, Inc.* 4,185 105,420 CVS Health Corp. 4,835 330,230 Estee Lauder Cos., Inc. (The), Class A 1,376 366,277 Danaher Corp.(a) 6,565 1,458,349 Kimberly-Clark Corp. 3,856 519,904 DaVita, Inc.(a) * 5,468 641,943 Procter & Gamble Co. (The)(a) 3,775 525,254 DENTSPLY SIRONA, Inc. 3,544 185,564 2,678,891 Ensign Group, Inc. (The) 1,476 107,630 Envista Holdings Corp.* 6,108 206,023 Materials — 5.8% Hanger, Inc.* 14 308 Agnico Eagle Mines Ltd. (Canada) 1,391 98,079 HCA Healthcare, Inc. 2,244 369,048
4 ˆ200D$W8F63wtRiLo*Š 200D$W8F63wtRiLo* LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 5 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Materials — (Continued) Materials — (Continued) Alcoa Corp.* 3,532 $ 81,413 NewMarket Corp. 249 $ 99,174 Allegheny Technologies, Inc.* 12,647 212,090 Newmont Corp. 12,186 729,820 Amcor PLC (Jersey) 41,974 494,034 Nucor Corp. 4,264 226,802 Ashland Global Holdings, Inc. 27 2,138 O-I Glass, Inc. 10,613 126,295 Avient Corp. 14,763 594,654 Pan American Silver Corp. (Canada) 4,920 169,789 Axalta Coating Systems Ltd. PPG Industries, Inc. 4,635 668,460 (Bermuda)* 2,079 59,355 Pretium Resources, Inc. (Canada)* 11,204 128,622 Ball Corp. 230 21,431 Reliance Steel & Aluminum Co. 621 74,365 Barrick Gold Corp. (Canada) 1,557 35,468 Royal Gold, Inc. 6 638 Berry Global Group, Inc.* 486 27,308 RPM International, Inc. 3,630 329,531 Boise Cascade Co. 1,123 53,679 Scotts Miracle-Gro Co. (The) 1,685 335,551 Cabot Corp. 267 11,983 Sealed Air Corp. 4,045 185,221 Carpenter Technology Corp 6,996 203,724 Sensient Technologies Corp 1,255 92,581 CF Industries Holdings, Inc. 6,743 261,022 Sherwin-Williams Co. (The) 1,396 1,025,934 Chemours Co. (The) 9,881 244,950 Sonoco Products Co. 894 52,970 Coeur Mining, Inc.* 3,227 33,399 Southern Copper Corp. 777 50,598 Commercial Metals Co. 20,870 428,670 SSR Mining, Inc. (Canada)* 2,680 53,895 Compass Minerals International, Inc. 883 54,499 Summit Materials, Inc., Class A* 2,564 51,485 Dow, Inc. 9,028 501,054 Trinseo SA (Luxembourg) 412 21,099 DuPont de Nemours, Inc. 3,563 253,365 Worthington Industries, Inc. 3,826 196,427 Eastman Chemical Co. 779 78,118 12,360,463 Ecolab, Inc. 461 99,742 Ferro Corp.* 1,811 26,495 Media & Entertainment — 8.3% First Majestic Silver Corp. (Canada)* 409 5,497 Activision Blizzard, Inc. 5,193 482,170 (a) FMC Corp. 4,376 502,934 Alphabet, Inc., Class A * 2,348 4,115,199 Forterra, Inc.* 38 653 Charter Communications, Inc., (a) Franco-Nevada Corp. (Canada) 1,487 186,366 Class A * 2,514 1,663,137 Freeport-McMoRan, Inc. 17,215 447,934 Discovery, Inc., Class A* 429 12,909 Greif, Inc., Class A 58 2,719 DISH Network Corp., Class A* 21,604 698,673 (a) Hecla Mining Co. 60,927 394,807 Facebook, Inc., Class A * 13,069 3,569,928 IAMGOLD Corp. (Canada)* 16,775 61,564 Fox Corp., Class A 12,347 359,545 Ingevity Corp.* 2,035 154,111 Gray Television, Inc.* 3,152 56,389 Innospec, Inc. 1,769 160,501 Interpublic Group of Cos., Inc. (The) 15,694 369,123 International Paper Co. 3,882 193,013 Lions Gate Entertainment Corp., Kaiser Aluminum Corp 1,052 104,043 Class B (Canada)* 2,771 28,763 Kinross Gold Corp. (Canada) 28,482 209,058 Madison Square Garden Sports Corp.* 1,127 207,481 Kraton Corp.* 3,012 83,703 MSG Networks, Inc., Class A* 2,728 40,211 (a) Linde PLC (Ireland) 3,354 883,813 Netflix, Inc. * 1,422 768,918 Louisiana-Pacific Corp 951 35,349 News Corp., Class A 30,792 553,332 LyondellBasell Industries NV, Pinterest, Inc., Class A* 574 37,827 Class A (Netherlands) 528 48,396 Roku, Inc.* 325 107,906 Martin Marietta Materials, Inc. 578 164,135 Sciplay Corp., Class A* 240 3,324 Minerals Technologies, Inc. 229 14,225 Snap, Inc., Class A* 3,292 164,830 (a) Mosaic Co. (The) 9,201 211,715 Twitter, Inc. * 25,948 1,405,084
5 ˆ200D$W8F63wtd4no,Š 200D$W8F63wtd4no, LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 6 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Media & Entertainment — (Continued) Retailing — (Continued) ViacomCBS, Inc., Class B 1,329 $ 49,519 AutoZone, Inc.* 247 $ 292,804 Walt Disney Co. (The)(a) * 10,502 1,902,752 Best Buy Co., Inc. 2,267 226,224 Zillow Group, Inc., Class C* 8,668 1,125,106 Booking Holdings, Inc.(a) * 813 1,810,770 17,722,126 Buckle, Inc. (The) 4,759 138,963 Camping World Holdings, Inc., Pharmaceuticals, Biotechnology & Life Sciences — 5.1% Class A 18,724 487,760 Agilent Technologies, Inc. 5,532 655,487 Dollar General Corp. 919 193,266 Alexion Pharmaceuticals, Inc.* 992 154,990 eBay, Inc.(a) 27,488 1,381,272 Biogen, Inc.* 108 26,445 Etsy, Inc.* 3,933 699,720 Bio-Rad Laboratories, Inc., Class A* 149 86,858 Expedia Group, Inc. 2,331 308,624 Blueprint Medicines Corp.* 36 4,037 Foot Locker, Inc. 6,817 275,679 Bristol-Myers Squibb Co. 5,627 349,043 Gap, Inc. (The)* 24,048 485,529 Charles River Laboratories Genuine Parts Co. 2,331 234,102 International, Inc.* 49 12,243 Guess?, Inc. 15,623 353,392 Denali Therapeutics, Inc.* 167 13,988 Home Depot, Inc. (The)(a) 3,273 869,374 Emergent BioSolutions, Inc.* 460 41,216 L Brands, Inc. 18,737 696,829 Gilead Sciences, Inc. 6,699 390,284 Lands’ End, Inc.* 8 173 Horizon Therapeutics PLC (Ireland)* 1,129 82,586 LKQ Corp.* 7,988 281,497 Innoviva, Inc.* 5,153 63,846 Lowe’s Cos., Inc.(a) 9,664 1,551,169 Intellia Therapeutics, Inc.* 453 24,643 Macy’s, Inc. 28,909 325,226 (a) Johnson & Johnson 7,472 1,175,943 Murphy USA, Inc. 1,546 202,325 Luminex Corp. 1,141 26,380 National Vision Holdings, Inc.* 1,991 90,172 (a) Merck & Co., Inc. 5,709 466,996 ODP Corp. (The) 961 28,157 Mettler-Toledo International, Inc.* 108 123,085 O’Reilly Automotive, Inc.* 668 302,317 NantKwest, Inc.* 106 1,413 Overstock.com, Inc.* 295 14,151 Natera, Inc.* 7,257 722,217 Pool Corp. 159 59,228 (a) Novavax, Inc. * 13,052 1,455,428 Qurate Retail, Inc., Series A 21,631 237,292 Ocular Therapeutix, Inc.* 5,638 116,707 RH* 1,619 724,535 PerkinElmer, Inc. 5,708 819,098 Shoe Carnival, Inc. 1,271 49,798 (a) Pfizer, Inc. 37,297 1,372,903 Shutterstock, Inc. 2,099 150,498 Prestige Consumer Healthcare, Inc.* 3,293 114,827 Signet Jewelers Ltd. (Bermuda) 20,707 564,680 TG Therapeutics, Inc.* 8,588 446,748 Sleep Number Corp.* 2,961 242,387 (a) Thermo Fisher Scientific, Inc. 2,449 1,140,695 Sonic Automotive, Inc., Class A 8,733 336,832 Vanda Pharmaceuticals, Inc.* 218 2,865 Stamps.com, Inc.* 1,110 217,771 Viatris, Inc.* 16,971 318,037 Target Corp. 2,187 386,071 Waters Corp.* 214 52,948 TJX Cos., Inc. (The) 3,585 244,820 Zoetis, Inc. 4,448 736,144 Williams-Sonoma, Inc. 2,860 291,262 10,998,100 Zumiez, Inc.* 7,183 264,191 Retailing — 9.2% 19,787,681 Advance Auto Parts, Inc. 2,272 357,863 Semiconductors & Semiconductor Equipment — 5.9% (a) Amazon.com, Inc. * 1,159 3,774,782 Amkor Technology, Inc. 15,627 235,655 American Eagle Outfitters, Inc. 3,429 68,820 Analog Devices, Inc. 583 86,127 Asbury Automotive Group, Inc.* 821 119,653 Applied Materials, Inc. 3,349 289,019 AutoNation, Inc.* 6,415 447,703
6 ˆ200D$W8F63wtnRzG†Š 200D$W8F63wtnRzG LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 7 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Semiconductors & Semiconductor Equipment — Software & Services — (Continued) (Continued) Cadence Design Systems, Inc.* 7,866 $ 1,073,158 Axcelis Technologies, Inc.* 3,506 $ 102,095 Cardtronics PLC, Class A (United Broadcom, Inc.(a) 2,906 1,272,392 Kingdom)* 1,113 39,289 Brooks Automation, Inc. 203 13,774 CDK Global, Inc. 4,913 254,641 Cirrus Logic, Inc.* 665 54,663 Cerence, Inc.* 841 84,504 Cohu, Inc. 413 15,768 CGI, Inc. (Canada)* 1,138 90,255 Enphase Energy, Inc.* 1,775 311,459 Cloudera, Inc.* 9,834 136,791 First Solar, Inc.* 7,520 743,878 Cornerstone OnDemand, Inc.* 1,472 64,827 Intel Corp.(a) 21,885 1,090,311 Crowdstrike Holdings, Inc., Class A* 1,105 234,061 KLA Corp. 2,000 517,820 Digimarc Corp.* 272 12,849 Lattice Semiconductor Corp.* 1,853 84,904 Domo, Inc., Class B* 481 30,673 MACOM Technology Solutions Elastic NV (Netherlands)* 278 40,624 Holdings, Inc.* 10,736 590,909 Envestnet, Inc.* 483 39,746 Marvell Technology Group Ltd. Fair Isaac Corp.* 19 9,710 (Bermuda) 203 9,651 FireEye, Inc.* 2,516 58,019 Maxim Integrated Products, Inc. 5,700 505,305 Fiserv, Inc.(a) * 9,289 1,057,646 Microchip Technology, Inc. 2,982 411,844 FleetCor Technologies, Inc.* 833 227,267 Monolithic Power Systems, Inc. 475 173,959 Fortinet, Inc.* 4,331 643,283 NVIDIA Corp.(a) 2,781 1,452,238 Gartner, Inc.* 2,325 372,442 Qorvo, Inc.(a) * 4,841 804,913 GoDaddy, Inc., Class A* 654 54,249 QUALCOMM, Inc.(a) 9,485 1,444,945 International Business Machines Rambus, Inc.* 13 227 Corp.(a) 5,480 689,822 Skyworks Solutions, Inc. 4,764 728,320 Intuit, Inc.(a) 995 377,951 SMART Global Holdings, Inc. Jack Henry & Associates, Inc. 1,574 254,972 (Cayman Islands)* 4,605 173,286 KBR, Inc. 1,493 46,178 Synaptics, Inc.* 8,253 795,589 Lightspeed POS, Inc. (Canada)* 12 845 Teradyne, Inc. 827 99,149 LiveRamp Holdings, Inc.* 1,095 80,143 Texas Instruments, Inc. 3,246 532,766 Mastercard, Inc., Class A 1,577 562,894 Ultra Clean Holdings, Inc.* 5,963 185,747 Microsoft Corp.(a) 12,249 2,724,423 Veeco Instruments, Inc.* 69 1,198 MicroStrategy, Inc., Class A* 549 213,314 12,727,911 Model N, Inc.* 868 30,970 NortonLifeLock, Inc.(a) 26,250 545,475 Software & Services — 12.8% Open Text Corp. (Canada) 4,566 207,570 Accenture PLC, Class A (Ireland) 1,274 332,782 Oracle Corp.(a) 53,350 3,451,212 ACI Worldwide, Inc.* 1,240 47,653 Paychex, Inc. 11,575 1,078,558 (a) Adobe, Inc. * 1,348 674,162 Paylocity Holding Corp.* 111 22,856 Agilysys, Inc.* 17 652 PayPal Holdings, Inc.(a) * 4,603 1,078,023 Alliance Data Systems Corp. 1,613 119,523 Progress Software Corp. 1,998 90,290 Appian Corp.* 1,106 179,272 PTC, Inc.* 4,236 506,668 (a) Automatic Data Processing, Inc. 3,708 653,350 QAD, Inc., Class A 13 821 Avalara, Inc.* 455 75,025 Sailpoint Technologies Holdings, Blackbaud, Inc. 3,315 190,811 Inc.* . 8,469 450,890 Blackline, Inc.* 727 96,967 salesforce.com, Inc.* 1,990 442,835 Booz Allen Hamilton Holding Corp. 3,303 287,956 Broadridge Financial Solutions, Inc. 5,473 838,464 CACI International, Inc., Class A* 340 84,772
7 ˆ200D$W8F63wtyuNGkŠ 200D$W8F63wtyuNGk LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 8 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Software & Services — (Continued) Technology Hardware & Equipment — (Continued) Science Applications International Jabil, Inc. 1,066 $ 45,337 Corp. 1,427 $ 135,051 Juniper Networks, Inc. 4,277 96,275 ServiceNow, Inc.(a) * 4,323 2,379,509 Lumentum Holdings, Inc.* 573 54,320 SolarWinds Corp.* 284 4,246 NCR Corp.* 9,250 347,522 SPS Commerce, Inc.* 1,742 189,164 NetApp, Inc. 5,687 376,707 SVMK, Inc.* 4,909 125,425 NETGEAR, Inc.* 1,293 52,535 Sykes Enterprises, Inc.* 62 2,336 OSI Systems, Inc.* 1,687 157,262 Synopsys, Inc.* 4,089 1,060,032 Ribbon Communications, Inc.* 65 426 Teradata Corp.* 11,169 250,967 Sanmina Corp.* 5,577 177,851 Unity Software, Inc.* 253 38,828 ScanSource, Inc.* 3 79 Verint Systems, Inc.* 2,303 154,716 Seagate Technology PLC (Ireland) 3,084 191,701 VeriSign, Inc.* 1,161 251,240 SYNNEX Corp. 2,407 196,026 Virtusa Corp.* 1,509 77,155 TE Connectivity Ltd. (Switzerland) 2,205 266,959 Visa, Inc., Class A 5,236 1,145,270 TTM Technologies, Inc.* 10,854 149,731 Western Union Co. (The) 20,889 458,305 Ubiquiti, Inc. 613 170,727 WEX, Inc.* 747 152,037 Vishay Intertechnology, Inc. 1,751 36,263 Workiva, Inc.* 686 62,851 Vontier Corp.* 11,151 372,443 Zoom Video Communications, Inc., Zebra Technologies Corp., Class A* 550 211,382 Class A* 171 57,682 10,558,541 27,506,947 Telecommunication Services — 1.3% Technology Hardware & Equipment — 4.9% AT&T, Inc.(a) 39,984 1,149,940 Acacia Communications, Inc.* 1,072 78,213 ATN International, Inc. 14 585 Amphenol Corp., Class A 745 97,424 CenturyLink, Inc. 13,317 129,841 Apple, Inc.(a) 25,058 3,324,946 Iridium Communications, Inc.* 4,258 167,446 Arrow Electronics, Inc.* 3,382 329,069 Rogers Communications, Inc., Class B Avnet, Inc. 135(Canada) 339 15,794 Badger Meter, Inc. 769 72,332 T-Mobile US, Inc.* 4,943 666,564 Belden, Inc. 3,351 140,407 Verizon Communications, Inc.(a) 11,835 695,306 Cambium Networks Corp. (Cayman 2,825,476 Islands)* 124 3,110 CDW Corp. 1,023 134,821 Transportation — 1.7% Cisco Systems, Inc.(a) 15,122 676,710 Alaska Air Group, Inc. 8,661 450,372 Corning, Inc. 11,452 412,272 ArcBest Corp. 1,454 62,042 Dell Technologies, Inc., Class C* 2,599 190,481 Atlas Air Worldwide Holdings, Inc.* 3,007 164,002 Diebold Nixdorf, Inc.* 39,441 420,441 CH Robinson Worldwide, Inc. 361 33,887 EchoStar Corp., Class A* 12,407 262,904 CSX Corp. 4,913 445,855 ePlus, Inc.* 3 264 Echo Global Logistics, Inc.* 1 27 FLIR Systems, Inc. 1,651 72,363 Expeditors International of Hewlett Packard Enterprise Co. 18,303 216,891 Washington, Inc. 2,797 266,023 HP, Inc.(a) 46,279 1,138,001 FedEx Corp. 1,657 430,190 II-VI, Inc.* 17 1,291 Hub Group, Inc., Class A* 253 14,421 Inseego Corp.* 32 495 JB Hunt Transport Services, Inc. 53 7,242 InterDigital, Inc. 1,360 82,525 Kansas City Southern 69 14,085
8 ˆ200D$W8F63wu1%JG?Š 200D$W8F63wu1%JG? LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 9 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number of Shares Value COMMON STOCKS — (Continued) Transportation — (Continued) Knight-Swift Transportation Holdings, Inc. 1,349 $ 56,415 Norfolk Southern Corp. 4,807 1,142,191 Old Dominion Freight Line, Inc. 304 59,335 Schneider National, Inc., Class B 13,680 283,176 TFI International, Inc. (Canada) 37 1,908 United Parcel Service, Inc., Class B 932 156,949 Werner Enterprises, Inc. 2,814 110,365 3,698,485 Utilities — 1.7% AES Corp. (The) 312 7,332 American Water Works Co., Inc. 412 63,230 Atmos Energy Corp. 55 5,249 CenterPoint Energy, Inc. 2,611 56,502 Dominion Energy, Inc.(a) 5,680 427,136 Duke Energy Corp. 4,510 412,936 Evergy, Inc. 254 14,100 Exelon Corp. 24,229 1,022,948 IDACORP, Inc. 1,186 113,892 MDU Resources Group, Inc. 7,062 186,013 National Fuel Gas Co. 1,160 47,711 NiSource, Inc. 23,852 547,165 NRG Energy, Inc. 16,422 616,646 ONE Gas, Inc. 990 76,002 Public Service Enterprise Group, Inc. 1,103 64,305 Southern Co. (The) 1,384 85,019 3,746,186 TOTAL COMMON STOCKS (Cost $152,902,484) 204,635,528 TOTAL LONG POSITIONS - 95.3% 204,635,528 (Cost $152,902,484) OTHER ASSETS IN EXCESS OF LIABILITIES - 4.7% 10,155,366 NET ASSETS - 100.0% $ 214,790,894
(a) Security position is either entirely or partially designated as collateral for total return swaps. * Non-income producing.
PLC Public Limited Company
9 ˆ200D$W8F63wu8YLonŠ 200D$W8F63wu8YLon LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 10 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Over-the-counter total return swaps outstanding as of December 31, 2020 The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between August 27, 2024 and November 3, 2025, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 4.0% of net assets as of December 31, 2020. The following table represents the individual long and short positions and related values of total return swaps as of December 31, 2020:
Total Return Swaps
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Long Automobiles & Components Adient PLC (Ireland) Morgan Stanley 5,762 $ 73,342 $ 200,345 $127,061 American Axle & Manufacturing Holdings, Inc. Morgan Stanley 31,774 271,847 264,995 (7,062) BorgWarner, Inc. Morgan Stanley 11,720 368,222 452,861 103,507 Cooper Tire & Rubber Co. Morgan Stanley 247 9,528 10,004 542 Ford Motor Co. Morgan Stanley 50,722 432,545 445,846 14,221 General Motors Co. Morgan Stanley 17,179 726,728 715,334 (9,869) Gentherm, Inc. Morgan Stanley 1,913 67,965 124,766 59,288 Harley-Davidson, Inc. Morgan Stanley 782 26,771 28,699 1,861 Magna International, Inc. (Canada) Morgan Stanley 2,674 98,575 189,319 94,691 Standard Motor Products, Inc. Morgan Stanley 36 1,532 1,457 (34) Thor Industries, Inc. Morgan Stanley 1,294 117,754 120,329 4,340 Visteon Corp. Morgan Stanley 1,180 80,597 148,114 68,407 Winnebago Industries, Inc. Morgan Stanley 1,105 59,652 66,234 6,735 126,388 2,335,058 2,768,303 463,688 Capital Goods 3M Co. Morgan Stanley 5,826 889,889 1,018,327 152,437 A.O. Smith Corp. Morgan Stanley 1,006 55,708 55,149 (414) AAR Corp. Morgan Stanley 589 12,250 21,333 9,139 Acuity Brands, Inc. Morgan Stanley 1,202 96,579 145,550 49,588 Advanced Drainage Systems, Inc. Morgan Stanley 1,448 80,766 121,024 42,612 AECOM Morgan Stanley 3,837 128,874 191,006 62,428 AeroVironment, Inc. Morgan Stanley 283 24,514 24,593 160 AGCO Corp. Morgan Stanley 423 38,213 43,607 6,018 Albany International Corp., Class A Morgan Stanley 299 11,964 21,952 10,236 Altra Industrial Motion Corp. Morgan Stanley 2,859 59,222 158,474 100,009 AMETEK, Inc. Morgan Stanley 2,596 225,284 313,960 98,818 Apogee Enterprises, Inc. Morgan Stanley 1,343 31,191 42,546 11,678 Applied Industrial Technologies, Inc. Morgan Stanley 439 22,404 34,238 12,293 Atkore International Group, Inc. Morgan Stanley 4,135 119,536 169,990 50,731 Ballard Power Systems, Inc. (Canada) Morgan Stanley 2,652 21,306 62,057 40,826 Barnes Group, Inc. Morgan Stanley 975 35,277 49,423 14,657 Bloom Energy Corp., Class A Morgan Stanley 245 1,515 7,022 5,586 BMC Stock Holdings, Inc. Morgan Stanley 131 4,020 7,032 3,051 Carrier Global Corp. Morgan Stanley 1,704 63,991 64,275 680
10 ˆ200D$W8F63wuMbMGZŠ 200D$W8F63wuMbMGZ LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 11 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Colfax Corp. Morgan Stanley 18,333 $ 410,082 $ 701,054 $291,846 Cubic Corp. Morgan Stanley 2,401 147,527 148,958 1,269 Cummins, Inc. Morgan Stanley 1,922 424,267 436,486 13,426 Curtiss-Wright Corp. Morgan Stanley 432 36,771 50,263 13,754 Deere & Co. Morgan Stanley 1,716 234,323 461,690 234,376 Donaldson Co., Inc. Morgan Stanley 1,709 94,970 95,499 776 Dover Corp. Morgan Stanley 3,322 309,671 419,403 124,120 Dycom Industries, Inc. Morgan Stanley 1,826 106,792 137,900 31,831 EMCOR Group, Inc. Morgan Stanley 308 21,629 28,170 7,239 Emerson Electric Co. Morgan Stanley 4,593 235,602 369,139 140,764 EnPro Industries, Inc. Morgan Stanley 617 28,327 46,596 18,739 Flowserve Corp. Morgan Stanley 4,699 106,610 173,158 69,898 Fortive Corp. Morgan Stanley 5,169 325,764 366,068 41,488 Fortune Brands Home & Security, Inc. Morgan Stanley 4,998 230,948 428,429 201,343 Franklin Electric Co., Inc. Morgan Stanley 800 39,459 55,368 16,294 Fuelcell Energy, Inc. Morgan Stanley 18,957 26,733 211,750 185,103 Generac Holdings, Inc. Morgan Stanley 871 183,163 198,074 16,547 Gibraltar Industries, Inc. Morgan Stanley 1,596 75,849 114,816 39,857 GMS, Inc. Morgan Stanley 773 18,322 23,561 5,308 Herc Holdings, Inc. Morgan Stanley 3,003 113,807 199,429 88,232 Honeywell International, Inc. Morgan Stanley 3,638 424,387 773,803 360,272 Howmet Aerospace, Inc. Morgan Stanley 46,214 646,407 1,318,948 673,900 Hubbell, Inc. Morgan Stanley 89 9,696 13,954 4,558 Huntington Ingalls Industries, Inc. Morgan Stanley 225 33,017 38,358 5,642 Illinois Tool Works, Inc. Morgan Stanley 576 112,226 117,435 6,660 ITT, Inc. Morgan Stanley 280 10,651 21,566 11,109 Jacobs Engineering Group, Inc. Morgan Stanley 329 35,116 35,848 836 John Bean Technologies Corp. Morgan Stanley 715 65,217 81,417 17,186 Johnson Controls International PLC (Ireland) Morgan Stanley 3,608 155,348 168,097 14,310 L3Harris Technologies, Inc. Morgan Stanley 4,611 848,038 871,571 27,190 Lennox International, Inc. Morgan Stanley 517 145,544 141,642 (3,184) Lockheed Martin Corp. Morgan Stanley 3,486 1,283,477 1,237,460 (32,478) Masco Corp. Morgan Stanley 10,399 447,241 571,217 130,897 Masonite International Corp. (Canada) Morgan Stanley 269 23,982 26,453 2,559 Middleby Corp. (The) Morgan Stanley 947 65,891 122,087 56,363 MRC Global, Inc. Morgan Stanley 9,868 116,322 65,425 (51,904) Mueller Industries, Inc. Morgan Stanley 2,728 74,534 95,780 22,636 Northrop Grumman Corp. Morgan Stanley 673 205,283 205,076 (553) NOW, Inc. Morgan Stanley 12,208 86,972 87,653 (215) nVent Electric PLC (Ireland) Morgan Stanley 3,606 57,987 83,984 27,465 Otis Worldwide Corp. Morgan Stanley 470 29,941 31,749 2,141 Owens Corning Morgan Stanley 3,390 129,865 256,826 129,318 PACCAR, Inc. Morgan Stanley 930 77,915 80,240 3,972 Parker-Hannifin Corp. Morgan Stanley 1,962 483,601 534,468 52,381 Pentair PLC (Ireland) Morgan Stanley 11,662 525,651 619,135 96,858 Quanta Services, Inc. Morgan Stanley 8,050 260,590 579,761 321,289
11 ˆ200D$W8F63wuY3jo-Š 200D$W8F63wuY3jo- LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 12 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Regal Beloit Corp. Morgan Stanley 2,821 $ 198,438 $ 346,447 $ 160,586 Rexnord Corp. Morgan Stanley 1,436 33,109 56,708 31,271 Simpson Manufacturing Co., Inc. Morgan Stanley 1,976 131,727 184,657 54,623 SiteOne Landscape Supply, Inc. Morgan Stanley 633 39,040 100,413 61,484 Snap-on, Inc. Morgan Stanley 4,006 600,083 685,587 103,849 SPX FLOW, Inc. Morgan Stanley 7,504 237,859 434,932 201,590 Stanley Black & Decker, Inc. Morgan Stanley 2,650 476,445 473,184 (3,067) Systemax, Inc. Morgan Stanley 2,867 63,314 102,897 51,099 Terex Corp. Morgan Stanley 1,872 24,436 65,314 40,959 Textainer Group Holdings Ltd. (Bermuda) Morgan Stanley 397 7,375 7,614 286 Toro Co. (The) Morgan Stanley 450 37,894 42,678 5,065 TPI Composites, Inc. Morgan Stanley 2,753 77,518 145,303 69,005 Trane Technologies PLC (Ireland) Morgan Stanley 2,575 232,965 373,787 144,845 TransDigm Group, Inc. Morgan Stanley 1,154 374,513 714,153 340,441 UFP Industries, Inc. Morgan Stanley 2,818 123,652 156,540 34,181 United Rentals, Inc. Morgan Stanley 2,379 254,769 551,714 314,505 Univar Solutions, Inc. Morgan Stanley 6,693 90,185 127,234 37,266 Valmont Industries, Inc. Morgan Stanley 439 47,304 76,794 30,196 Watsco, Inc. Morgan Stanley 660 151,819 149,523 (1,272) Watts Water Technologies, Inc., Class A. Morgan Stanley 216 16,430 26,287 10,071 Westinghouse Air Brake Technologies Corp. Morgan Stanley 1,153 58,282 84,400 27,274 288,939 14,725,175 20,303,488 5,806,208 Commercial & Professional Services ABM Industries, Inc. Morgan Stanley 2,979 108,505 112,725 4,851 Cimpress PLC (Ireland) Morgan Stanley 2,346 135,021 205,838 71,126 Cintas Corp. Morgan Stanley 636 192,649 224,801 35,319 Clarivate PLC (Jersey) Morgan Stanley 2,321 52,023 68,957 17,072 Clean Harbors, Inc. Morgan Stanley 794 37,525 60,423 23,007 CoreLogic, Inc. Morgan Stanley 736 57,225 56,908 (169) Deluxe Corp. Morgan Stanley 43 997 1,256 317 Healthcare Services Group, Inc. Morgan Stanley 5,723 131,853 160,816 33,223 Herman Miller, Inc. Morgan Stanley 563 19,287 19,029 209 ICF International, Inc. Morgan Stanley 2 147 149 33 IHS Markit Ltd. (Bermuda) Morgan Stanley 1,145 92,997 102,855 10,185 KAR Auction Services, Inc. Morgan Stanley 4,429 79,305 82,424 3,312 Kforce, Inc. Morgan Stanley 194 8,021 8,165 213 ManpowerGroup, Inc. Morgan Stanley 1,245 74,728 112,274 40,485 Nielsen Holdings PLC (United Kingdom) Morgan Stanley 8,384 114,221 174,974 62,602 Republic Services, Inc. Morgan Stanley 4,269 341,952 411,105 75,049 Ritchie Bros Auctioneers, Inc. (Canada) Morgan Stanley 11 768 765 29 Robert Half International, Inc. Morgan Stanley 354 15,779 22,118 6,648 Steelcase, Inc., Class A Morgan Stanley 6,467 84,204 87,628 5,224 Tetra Tech, Inc. Morgan Stanley 192 14,757 22,230 8,208 Thomson Reuters Corp. (Canada) Morgan Stanley 1,405 115,292 115,055 125
12 ˆ200D$W8F63wud@6oiŠ 200D$W8F63wud@6oi LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 13 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Commercial & Professional Services — (continued) TransUnion Morgan Stanley 822 $ 48,264 $ 81,559 $ 33,610 TriNet Group, Inc. Morgan Stanley 422 19,300 34,013 14,784 UniFirst Corp. Morgan Stanley 92 13,558 19,475 6,072 Verisk Analytics, Inc. Morgan Stanley 663 124,576 137,632 13,681 Waste Management, Inc. Morgan Stanley 1,361 147,140 160,503 14,456 47,598 2,030,094 2,483,677 479,671 Consumer Durables & Apparel Brunswick Corp. Morgan Stanley 3,246 109,520 247,475 140,906 Capri Holdings Ltd. (British Virgin Islands) Morgan Stanley 12,075 147,157 507,150 360,326 Carter’s, Inc. Morgan Stanley 2,507 200,680 235,833 37,254 Cavco Industries, Inc. Morgan Stanley 505 85,245 88,602 3,564 Crocs, Inc. Morgan Stanley 2,020 109,051 126,573 17,807 Deckers Outdoor Corp. Morgan Stanley 291 72,660 83,453 11,079 DR Horton, Inc. Morgan Stanley 5,155 190,229 355,283 167,518 Garmin Ltd. (Switzerland) Morgan Stanley 2,245 171,446 268,637 102,154 Hanesbrands, Inc. Morgan Stanley 4,650 55,226 67,797 13,206 Hasbro, Inc. Morgan Stanley 35 3,203 3,274 109 Helen of Troy Ltd. (Bermuda) Morgan Stanley 164 31,359 36,439 6,349 Kontoor Brands, Inc. Morgan Stanley 4,498 94,268 182,439 90,167 La-Z-Boy, Inc. Morgan Stanley 2,103 57,464 83,784 26,813 Leggett & Platt, Inc. Morgan Stanley 455 13,315 20,157 7,447 Lovesac Co. (The) Morgan Stanley 8 360 345 16 Mattel, Inc. Morgan Stanley 3,606 31,630 62,925 32,557 Mohawk Industries, Inc. Morgan Stanley 3,338 252,924 470,491 218,119 Newell Brands, Inc. Morgan Stanley 2,382 46,406 50,570 4,694 NIKE, Inc., Class B Morgan Stanley 5,396 589,352 763,372 177,037 Polaris, Inc. Morgan Stanley 3,176 302,825 302,609 2,736 PulteGroup, Inc. Morgan Stanley 4,807 145,535 207,278 64,386 PVH Corp. Morgan Stanley 3,430 164,974 322,043 163,751 Skyline Champion Corp. Morgan Stanley 692 10,168 21,410 11,294 Smith & Wesson Brands, Inc. Morgan Stanley 5,448 87,992 96,702 9,169 Steven Madden Ltd. Morgan Stanley 9,361 202,098 330,631 128,979 Sturm Ruger & Co., Inc. Morgan Stanley 2,282 157,291 148,490 (6,464) Tempur Sealy International, Inc. Morgan Stanley 10,177 114,534 274,779 162,160 TopBuild Corp. Morgan Stanley 189 27,798 34,791 7,871 Tupperware Brands Corp. Morgan Stanley 4,270 61,677 138,305 77,376 Whirlpool Corp. Morgan Stanley 136 14,286 24,547 10,755 YETI Holdings, Inc. Morgan Stanley 1,172 60,363 80,247 20,038 99,819 3,611,036 5,636,431 2,069,173 Consumer Services Adtalem Global Education, Inc. Morgan Stanley 3,418 95,012 116,041 21,301 Bloomin’ Brands, Inc. Morgan Stanley 17,962 163,058 348,822 186,130 Boyd Gaming Corp. Morgan Stanley 9,202 124,950 394,950 270,288 Darden Restaurants, Inc. Morgan Stanley 813 96,001 96,845 1,072 Dine Brands Global, Inc. Morgan Stanley 5,951 206,453 345,158 139,159
13 ˆ200D$W8F63wumNFo(Š 200D$W8F63wumNFo( LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 14 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Consumer Services — (continued) Hilton Worldwide Holdings, Inc. Morgan Stanley 574 $ 29,485 $ 63,863 $ 34,470 Hyatt Hotels Corp., Class A Morgan Stanley 900 32,666 66,825 34,257 Jack in the Box, Inc. Morgan Stanley 2,697 210,462 250,282 41,021 Laureate Education, Inc., Class A Morgan Stanley 13,413 162,984 195,293 32,659 Marriott International, Inc., Class A Morgan Stanley 1,044 58,219 137,724 79,658 McDonald’s Corp. Morgan Stanley 2,358 369,247 505,980 145,412 MGM Resorts International Morgan Stanley 22,201 301,466 699,554 398,899 Norwegian Cruise Line Holdings Ltd. (Bermuda) Morgan Stanley 1,468 24,715 37,331 12,516 Papa John’s International, Inc. Morgan Stanley 3,479 288,633 295,193 7,975 Perdoceo Education Corp. Morgan Stanley 10,663 149,908 134,674 (15,130) Scientific Games Corp. Morgan Stanley 603 8,970 25,018 16,098 Service Corp. International Morgan Stanley 3,597 164,151 176,613 13,604 Strategic Education, Inc. Morgan Stanley 1,517 169,694 144,616 (23,000) Wingstop, Inc. Morgan Stanley 1,469 193,210 194,716 11,908 Wyndham Hotels & Resorts, Inc. Morgan Stanley 1,786 46,206 106,160 60,508 Yum! Brands, Inc. Morgan Stanley 2,980 259,225 323,509 67,792 108,095 3,154,715 4,659,167 1,536,597 Diversified Financials Berkshire Hathaway, Inc., Class B Morgan Stanley 5,925 1,307,768 1,373,830 73,448 BlackRock, Inc. Morgan Stanley 1,028 566,445 741,743 193,385 Cboe Global Markets, Inc. Morgan Stanley 1,761 150,816 163,984 14,424 Federated Hermes, Inc. Morgan Stanley 2,414 55,742 69,740 16,647 Invesco Ltd. (Bermuda) Morgan Stanley 5,653 88,792 98,532 10,089 Moody’s Corp. Morgan Stanley 158 43,268 45,858 3,474 Nasdaq, Inc. Morgan Stanley 3,018 376,129 400,609 26,652 S&P Global, Inc. Morgan Stanley 3,402 1,166,696 1,118,339 (47,556) Sprott, Inc. (Canada) Morgan Stanley 56 1,812 1,623 (148) T Rowe Price Group, Inc. Morgan Stanley 2,003 254,956 303,234 52,699 25,418 4,012,424 4,317,492 343,114 Energy Antero Midstream Corp. Morgan Stanley 13,741 54,638 105,943 59,899 Apache Corp. Morgan Stanley 15,374 75,944 218,157 143,553 Cactus, Inc., Class A Morgan Stanley 1,902 34,793 49,585 15,717 Canadian Natural Resources Ltd. (Canada) Morgan Stanley 12,267 188,341 295,021 126,641 Cenovus Energy, Inc. (Canada) Morgan Stanley 10,582 20,188 63,915 43,823 Chevron Corp. Morgan Stanley 12,827 799,981 1,083,240 348,787 Concho Resources, Inc. Morgan Stanley 2,112 75,593 123,235 49,096 ConocoPhillips Morgan Stanley 13,197 386,475 527,748 154,549 Core Laboratories NV (Netherlands) Morgan Stanley 2,557 24,583 67,786 43,314 Crescent Point Energy Corp. (Canada) Morgan Stanley 34,927 95,037 81,729 (12,369) Denbury, Inc. Morgan Stanley 20 501 514 45 DHT Holdings, Inc. (Marshall Islands) Morgan Stanley 18,327 100,075 95,850 1,222 DMC Global, Inc. Morgan Stanley 172 3,991 7,439 3,499 Enbridge, Inc. (Canada) Morgan Stanley 49 1,583 1,568 5
14 ˆ200D$W8F63wuvZ9oÆŠ 200D$W8F63wuvZ9o˘ LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 15 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Energy — (continued) Enerplus Corp. (Canada) Morgan Stanley 2,305 $ 7,346 $ 7,215 $ (115) EOG Resources, Inc. Morgan Stanley 8,479 324,025 422,848 108,897 EQT Corp. Morgan Stanley 14,623 199,432 185,858 (13,133) Halliburton Co. Morgan Stanley 27,353 214,362 516,972 306,312 HollyFrontier Corp. Morgan Stanley 1,009 19,578 26,083 7,486 Kinder Morgan, Inc. Morgan Stanley 24,123 333,768 329,761 4,297 Kosmos Energy Ltd. Morgan Stanley 72,181 117,239 169,625 52,658 Magnolia Oil & Gas Corp., Class A Morgan Stanley 5,527 32,313 39,021 7,257 Marathon Petroleum Corp. Morgan Stanley 6,138 191,589 253,868 67,370 Murphy Oil Corp. Morgan Stanley 10,955 93,785 132,556 46,194 NexGen Energy Ltd. (Canada) Morgan Stanley 852 2,053 2,352 333 Range Resources Corp. Morgan Stanley 14,825 63,641 99,328 36,159 Renewable Energy Group, Inc. Morgan Stanley 2,253 50,639 159,557 109,053 Schlumberger NV (Curacao) Morgan Stanley 2,963 52,077 64,682 13,427 SM Energy Co. Morgan Stanley 18,815 112,283 115,148 3,126 Transocean Ltd. (Switzerland) Morgan Stanley 537 469 1,240 804 Vermilion Energy, Inc. (Canada) Morgan Stanley 4,279 19,654 19,042 (542) Williams Cos., Inc. (The) Morgan Stanley 6,370 118,841 127,719 16,149 World Fuel Services Corp. Morgan Stanley 5,386 141,782 167,828 27,091 367,027 3,956,599 5,562,433 1,770,604 Food & Staples Retailing BJ’s Wholesale Club Holdings, Inc. Morgan Stanley 1,822 73,992 67,924 (5,884) Casey’s General Stores, Inc. Morgan Stanley 432 76,065 77,164 1,331 Costco Wholesale Corp. Morgan Stanley 715 216,336 269,398 62,508 Ingles Markets, Inc., Class A Morgan Stanley 106 4,137 4,522 424 Kroger Co. (The) Morgan Stanley 5,905 186,138 187,543 2,405 Sprouts Farmers Market, Inc. Morgan Stanley 10,101 191,512 203,030 10,180 Sysco Corp. Morgan Stanley 6,356 341,270 471,997 137,153 Walgreens Boots Alliance, Inc. Morgan Stanley 5,429 203,533 216,509 15,962 Walmart, Inc. Morgan Stanley 8,355 988,030 1,204,373 239,556 39,221 2,281,013 2,702,460 463,635 Food, Beverage & Tobacco Altria Group, Inc. Morgan Stanley 10,229 390,506 419,389 70,227 Archer-Daniels-Midland Co. Morgan Stanley 6,444 267,847 324,842 71,609 B&G Foods, Inc. Morgan Stanley 1,554 42,568 43,092 1,378 Bunge Ltd. (Bermuda) Morgan Stanley 71 2,286 4,656 2,513 Campbell Soup Co. Morgan Stanley 3,305 157,160 159,797 2,991 Celsius Holdings, Inc. Morgan Stanley 571 19,035 28,727 11,425 Coca-Cola Co. (The) Morgan Stanley 11,317 469,549 620,624 169,720 Coca-Cola Consolidated, Inc. Morgan Stanley 135 34,866 35,946 1,190 Conagra Brands, Inc. Morgan Stanley 9,535 338,926 345,739 9,401 Constellation Brands, Inc., Class A Morgan Stanley 2,532 313,017 554,635 250,290 Flowers Foods, Inc. Morgan Stanley 1,096 26,395 24,802 (1,311) General Mills, Inc. Morgan Stanley 4,697 277,356 276,184 438 Hershey Co. (The) Morgan Stanley 1,044 155,843 159,033 3,730 JM Smucker Co. (The) Morgan Stanley 2,961 329,398 342,292 16,466
15 ˆ200D$W8F63wv23uGiŠ 200D$W8F63wv23uGi LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 16 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Food, Beverage & Tobacco — (continued) Kellogg Co. Morgan Stanley 2,199 $ 141,649 $ 136,844 $ (3,682) Kraft Heinz Co. (The) Morgan Stanley 20,881 659,482 723,735 80,653 McCormick & Co., Inc., non-voting shares Morgan Stanley 1,495 119,596 142,922 25,160 Molson Coors Beverage Co., Class B Morgan Stanley 2,615 128,537 118,172 (8,720) Monster Beverage Corp. Morgan Stanley 6,713 548,057 620,818 74,919 National Beverage Corp. Morgan Stanley 125 10,611 10,613 55 PepsiCo, Inc. Morgan Stanley 1,849 230,315 274,207 49,883 Philip Morris International, Inc. Morgan Stanley 3,183 243,361 263,520 29,426 TreeHouse Foods, Inc. Morgan Stanley 1,171 50,144 49,756 (436) Tyson Foods, Inc., Class A Morgan Stanley 11,265 696,169 725,917 39,522 Vector Group Ltd. Morgan Stanley 174 2,056 2,027 6 107,161 5,654,729 6,408,289 896,853 Health Care Equipment & Services Abbott Laboratories Morgan Stanley 657 68,283 71,935 5,980 Align Technology, Inc. Morgan Stanley 238 106,648 127,182 22,201 Allscripts Healthcare Solutions, Inc. Morgan Stanley 3,907 30,942 56,417 25,569 AmerisourceBergen Corp. Morgan Stanley 2,355 239,952 230,225 (9,123) Anthem, Inc. Morgan Stanley 267 70,031 85,731 16,410 Cardinal Health, Inc. Morgan Stanley 4,905 248,886 262,712 21,033 Centene Corp. Morgan Stanley 935 55,772 56,128 502 Cerner Corp. Morgan Stanley 2,032 123,676 159,471 37,722 Cigna Corp. Morgan Stanley 195 38,131 40,595 3,444 Community Health Systems, Inc. Morgan Stanley 7,356 61,231 54,655 (6,419) CONMED Corp. Morgan Stanley 1,065 61,910 119,280 58,111 CVS Health Corp. Morgan Stanley 3,750 244,250 256,125 13,305 Danaher Corp. Morgan Stanley 5,190 1,123,314 1,152,907 32,918 DaVita, Inc. Morgan Stanley 1,056 58,075 123,974 66,050 DENTSPLY SIRONA, Inc. Morgan Stanley 2,891 117,437 151,373 34,959 Ensign Group, Inc. (The) Morgan Stanley 1,138 65,827 82,983 17,422 Envista Holdings Corp. Morgan Stanley 4,959 148,328 167,267 19,277 Hanger, Inc. Morgan Stanley 19 426 418 24 HCA Healthcare, Inc. Morgan Stanley 1,763 166,229 289,943 127,857 Hologic, Inc. Morgan Stanley 10,785 554,138 785,472 232,504 Humana, Inc. Morgan Stanley 2,197 883,621 901,363 20,821 IDEXX Laboratories, Inc. Morgan Stanley 1,052 414,718 525,863 112,823 Integer Holdings Corp. Morgan Stanley 86 4,608 6,982 2,414 Laboratory Corp. of America Holdings Morgan Stanley 1,856 371,114 377,789 7,468 McKesson Corp. Morgan Stanley 850 128,440 147,832 20,324 MEDNAX, Inc. Morgan Stanley 3,625 49,229 88,958 40,256 Medtronic PLC (Ireland) Morgan Stanley 5,744 504,085 672,852 180,587 Meridian Bioscience, Inc. Morgan Stanley 1,669 31,382 31,194 (93) National Research Corp. Morgan Stanley 3 147 128 6 NextGen Healthcare, Inc. Morgan Stanley 8,836 132,877 161,169 28,964 Patterson Cos., Inc. Morgan Stanley 8,602 130,071 254,877 130,164 Quest Diagnostics, Inc. Morgan Stanley 3,455 428,043 411,732 (15,400)
16 ˆ200D$W8F63wv9Mlo#Š 200D$W8F63wv9Mlo# LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 17 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Health Care Equipment & Services — (continued) Quidel Corp. Morgan Stanley 631 $ 116,513 $ 113,359 $ (2,883) ResMed, Inc. Morgan Stanley 1,941 340,820 412,579 76,514 Schrodinger, Inc. Morgan Stanley 998 80,384 79,022 (1,167) Select Medical Holdings Corp. Morgan Stanley 6,215 90,192 171,907 81,931 STERIS PLC (Ireland) Morgan Stanley 1,664 252,128 315,395 65,442 Stryker Corp. Morgan Stanley 1,460 273,062 357,758 92,861 Teladoc Health, Inc. Morgan Stanley 1,135 123,230 226,955 104,009 Tenet Healthcare Corp. Morgan Stanley 3,287 59,619 131,250 71,784 Tivity Health, Inc. Morgan Stanley 7,457 76,683 146,083 69,588 UnitedHealth Group, Inc. Morgan Stanley 565 156,883 198,134 48,821 Universal Health Services, Inc., Class B . Morgan Stanley 2,128 198,956 292,600 94,084 Varian Medical Systems, Inc. Morgan Stanley 4,188 724,684 732,942 9,802 West Pharmaceutical Services, Inc. Morgan Stanley 625 129,893 177,069 47,779 Zimmer Biomet Holdings, Inc. Morgan Stanley 168 14,243 25,887 11,866 125,900 9,299,111 11,236,472 2,018,511 Household & Personal Products Church & Dwight Co., Inc. Morgan Stanley 463 42,214 40,387 (1,999) Clorox Co. (The) Morgan Stanley 1,938 414,255 391,321 (20,449) Colgate-Palmolive Co. Morgan Stanley 7,436 495,095 635,852 157,052 Edgewell Personal Care Co. Morgan Stanley 1,305 34,232 45,127 11,191 elf Beauty, Inc. Morgan Stanley 4,277 46,480 107,738 61,384 Estee Lauder Cos., Inc. (The), Class A Morgan Stanley 1,556 270,359 414,192 147,640 Kimberly-Clark Corp. Morgan Stanley 1,678 230,484 226,245 3,236 Procter & Gamble Co. (The) Morgan Stanley 3,080 330,414 428,551 113,712 21,733 1,863,533 2,289,413 471,767 Materials Agnico Eagle Mines Ltd. (Canada) Morgan Stanley 1,111 79,377 78,337 (1,142) Alcoa Corp. Morgan Stanley 2,872 35,399 66,200 30,904 Allegheny Technologies, Inc. Morgan Stanley 14,775 108,045 247,777 139,984 Amcor PLC (Jersey) Morgan Stanley 39,367 373,813 463,349 99,764 Ashland Global Holdings, Inc. Morgan Stanley 23 1,000 1,822 873 Avient Corp. Morgan Stanley 11,156 235,517 449,364 218,639 Axalta Coating Systems Ltd. (Bermuda) Morgan Stanley 3,057 55,472 87,277 31,951 Ball Corp. Morgan Stanley 154 14,140 14,350 270 Barrick Gold Corp. (Canada) Morgan Stanley 1,271 29,339 28,953 (294) Berry Global Group, Inc. Morgan Stanley 393 21,157 22,083 1,054 Boise Cascade Co. Morgan Stanley 1,595 48,101 76,241 31,024 Cabot Corp. Morgan Stanley 501 12,653 22,485 10,415 Carpenter Technology Corp. Morgan Stanley 5,301 109,737 154,365 46,698 Celanese Corp. Morgan Stanley 86 5,825 11,175 5,552 CF Industries Holdings, Inc. Morgan Stanley 6,079 155,810 235,318 83,839 Chemours Co. (The) Morgan Stanley 23,035 267,321 571,038 321,608 Coeur Mining, Inc. Morgan Stanley 2,419 17,513 25,037 9,692 Commercial Metals Co. Morgan Stanley 22,584 412,727 463,875 58,860 Compass Minerals International, Inc. Morgan Stanley 691 31,904 42,649 12,262 Dow, Inc. Morgan Stanley 7,635 254,863 423,743 186,969
17 ˆ200D$W8F63wvKmsoeŠ 200D$W8F63wvKmsoe LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 18 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Materials — (continued) DuPont de Nemours, Inc. Morgan Stanley 3,537 $ 118,003 $ 251,516 $ 136,970 Eastman Chemical Co. Morgan Stanley 2,980 189,069 298,834 131,479 Ecolab, Inc. Morgan Stanley 376 69,858 81,351 13,943 Ferro Corp. Morgan Stanley 1,379 15,143 20,175 5,096 First Majestic Silver Corp. (Canada) Morgan Stanley 1,798 11,130 24,165 13,089 FMC Corp. Morgan Stanley 2,722 236,660 312,839 82,527 Forterra, Inc. Morgan Stanley 38 658 653 28 Franco-Nevada Corp. (Canada) Morgan Stanley 1,202 160,014 150,647 (8,851) Freeport-McMoRan, Inc. Morgan Stanley 11,494 121,762 299,074 184,318 Greif, Inc., Class A Morgan Stanley 52 2,437 2,438 123 Hecla Mining Co. Morgan Stanley 49,595 264,527 321,376 60,325 IAMGOLD Corp. (Canada) Morgan Stanley 13,669 49,621 50,165 629 Ingevity Corp. Morgan Stanley 1,680 78,287 127,226 49,131 Innospec, Inc. Morgan Stanley 193 15,206 17,511 2,577 International Paper Co. Morgan Stanley 3,155 153,288 156,867 4,089 Kaiser Aluminum Corp. Morgan Stanley 925 79,284 91,483 13,800 Kinross Gold Corp. (Canada) Morgan Stanley 23,239 176,040 170,574 (6,658) Kraton Corp. Morgan Stanley 2,456 36,385 68,252 31,973 Linde PLC (Ireland) Morgan Stanley 2,735 481,310 720,700 253,070 Louisiana-Pacific Corp. Morgan Stanley 758 24,211 28,175 4,101 LyondellBasell Industries NV, Class A (Netherlands) Morgan Stanley 432 17,596 39,597 23,428 Martin Marietta Materials, Inc. Morgan Stanley 467 110,262 132,614 23,257 Minerals Technologies, Inc. Morgan Stanley 1,955 88,446 121,445 34,746 Mosaic Co. (The) Morgan Stanley 7,517 135,554 172,966 39,898 NewMarket Corp. Morgan Stanley 41 14,940 16,330 1,530 Newmont Corp. Morgan Stanley 9,934 618,475 594,947 (18,006) Nucor Corp. Morgan Stanley 3,471 143,621 184,622 46,379 O-I Glass, Inc. Morgan Stanley 8,636 94,652 102,768 8,368 Pan American Silver Corp. (Canada) Morgan Stanley 4,006 104,582 138,247 35,098 PPG Industries, Inc. Morgan Stanley 3,798 480,950 547,748 71,296 Pretium Resources, Inc. (Canada) Morgan Stanley 9,123 113,276 104,732 (8,345) Reliance Steel & Aluminum Co. Morgan Stanley 513 48,245 61,432 15,370 Royal Gold, Inc. Morgan Stanley 5 534 532 29 RPM International, Inc. Morgan Stanley 2,955 258,953 268,255 10,420 Scotts Miracle-Gro Co. (The) Morgan Stanley 1,377 232,040 274,216 44,833 Sealed Air Corp. Morgan Stanley 3,241 112,774 148,405 37,021 Sensient Technologies Corp. Morgan Stanley 1,031 47,452 76,057 29,607 Sherwin-Williams Co. (The) Morgan Stanley 1,141 792,827 838,532 49,436 Sonoco Products Co. Morgan Stanley 726 34,117 43,016 11,174 Southern Copper Corp. Morgan Stanley 576 15,708 37,509 22,497 SSR Mining, Inc. (Canada) Morgan Stanley 2,239 27,437 45,026 17,677 Summit Materials, Inc., Class A Morgan Stanley 2,092 25,770 42,007 16,322 Trinseo SA (Luxembourg) Morgan Stanley 337 6,722 17,258 15,113 Worthington Industries, Inc. Morgan Stanley 3,115 135,086 159,924 26,189 336,816 8,212,625 10,847,644 2,814,018
18 ˆ200D$W8F63wvNRmG>Š 200D$W8F63wvNRmG> LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 19 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Media & Entertainment Activision Blizzard, Inc. Morgan Stanley 4,189 $ 317,683 $ 388,949 $ 77,637 Alphabet, Inc., Class A Morgan Stanley 1,730 2,133,472 3,032,067 903,013 Charter Communications, Inc., Class A . Morgan Stanley 188 110,776 124,371 13,854 Discovery, Inc., Class A Morgan Stanley 202 3,650 6,078 2,467 DISH Network Corp., Class A Morgan Stanley 17,778 518,718 574,941 57,081 Facebook, Inc., Class A Morgan Stanley 13,960 2,444,965 3,813,314 1,384,205 Fox Corp., Class A Morgan Stanley 10,069 252,039 293,209 46,392 Gray Television, Inc. Morgan Stanley 2,616 46,425 46,800 502 Interpublic Group of Cos., Inc. (The) Morgan Stanley 12,492 209,456 293,812 95,895 Lions Gate Entertainment Corp., Class B (Canada) Morgan Stanley 2,249 20,421 23,345 2,997 Madison Square Garden Sports Corp. Morgan Stanley 919 163,841 169,188 5,715 MSG Networks, Inc., Class A Morgan Stanley 7,371 122,601 108,649 (13,732) Netflix, Inc. Morgan Stanley 955 418,329 516,397 104,338 News Corp., Class A Morgan Stanley 24,673 234,631 443,374 211,981 Pinterest, Inc., Class A Morgan Stanley 468 17,046 30,841 13,861 Roku, Inc. Morgan Stanley 264 68,681 87,653 20,310 Sciplay Corp., Class A Morgan Stanley 181 2,561 2,507 (18) Snap, Inc., Class A Morgan Stanley 2,839 106,747 142,149 36,623 Twitter, Inc. Morgan Stanley 21,155 624,026 1,145,543 523,160 ViacomCBS, Inc., Class B Morgan Stanley 1,088 38,765 40,539 2,137 Walt Disney Co. (The) Morgan Stanley 10,078 984,687 1,825,932 844,271 Zillow Group, Inc., Class C Morgan Stanley 6,485 487,308 841,753 358,951 141,949 9,326,828 13,951,411 4,691,640 Pharmaceuticals, Biotechnology & Life Sciences Agilent Technologies, Inc. Morgan Stanley 1,023 95,341 121,215 26,329 Alexion Pharmaceuticals, Inc. Morgan Stanley 715 84,389 111,712 32,905 Biogen, Inc. Morgan Stanley 1,183 259,106 289,669 32,809 Bio-Rad Laboratories, Inc., Class A Morgan Stanley 111 59,470 64,706 5,390 Blueprint Medicines Corp. Morgan Stanley 30 3,392 3,365 (52) Bristol-Myers Squibb Co. Morgan Stanley 1,943 115,642 120,524 6,285 Charles River Laboratories International, Inc Morgan Stanley 381 39,786 95,197 55,524 Denali Therapeutics, Inc. Morgan Stanley 133 4,633 11,140 6,548 Emergent BioSolutions, Inc. Morgan Stanley 378 33,213 33,869 (438) Gilead Sciences, Inc. Morgan Stanley 4,967 287,811 289,377 2,268 Horizon Therapeutics PLC (Ireland) Morgan Stanley 973 68,377 71,175 2,743 Innoviva, Inc. Morgan Stanley 12,792 144,640 158,493 13,989 Intellia Therapeutics, Inc. Morgan Stanley 394 20,745 21,434 623 Johnson & Johnson Morgan Stanley 6,090 788,606 958,444 196,922 Luminex Corp. Morgan Stanley 938 20,514 21,687 1,347 Merck & Co., Inc. Morgan Stanley 4,653 323,537 380,615 73,679 Mettler-Toledo International, Inc. Morgan Stanley 92 103,702 104,851 1,166 NantKwest, Inc. Morgan Stanley 86 384 1,146 794 Natera, Inc. Morgan Stanley 5,896 215,382 586,770 371,861 Novavax, Inc. Morgan Stanley 10,565 348,303 1,178,103 830,548
19 ˆ200D$W8F63wvbPrG<Š 200D$W8F63wvbPrG< LSWP64RS29 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 20 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Pharmaceuticals, Biotechnology & Life Sciences — (continued) Ocular Therapeutix, Inc. Morgan Stanley 4,598 $ 93,875 $ 95,179 $ 1,528 PerkinElmer, Inc. Morgan Stanley 4,614 433,458 662,109 231,643 Pfizer, Inc. Morgan Stanley 30,525 964,305 1,123,625 160,767 Prestige Consumer Healthcare, Inc. Morgan Stanley 2,713 99,377 94,602 (4,572) TG Therapeutics, Inc. Morgan Stanley 3,842 48,271 199,861 151,721 Thermo Fisher Scientific, Inc. Morgan Stanley 1,933 875,982 900,353 25,823 Vanda Pharmaceuticals, Inc. Morgan Stanley 170 1,500 2,234 767 Viatris, Inc. Morgan Stanley 13,859 205,021 259,718 58,084 Waters Corp. Morgan Stanley 163 28,852 40,329 11,568 Zoetis, Inc. Morgan Stanley 3,658 582,099 605,399 24,780 119,418 6,349,713 8,606,901 2,323,349 Retailing Advance Auto Parts, Inc. Morgan Stanley 1,668 250,988 262,727 13,222 Amazon.com, Inc. Morgan Stanley 927 2,173,061 3,019,174 850,613 American Eagle Outfitters, Inc. Morgan Stanley 2,797 53,854 56,136 2,424 Asbury Automotive Group, Inc. Morgan Stanley 369 27,318 53,778 26,547 AutoNation, Inc. Morgan Stanley 2,376 95,868 165,821 71,562 AutoZone, Inc. Morgan Stanley 203 224,755 240,644 16,383 Best Buy Co., Inc. Morgan Stanley 4,282 237,739 427,301 198,181 Booking Holdings, Inc. Morgan Stanley 980 1,270,052 2,182,725 918,182 Buckle, Inc. (The) Morgan Stanley 3,869 84,195 112,975 38,564 Camping World Holdings, Inc., Class A Morgan Stanley 16,376 362,680 426,595 83,691 Dollar General Corp. Morgan Stanley 720 128,403 151,416 23,832 eBay, Inc. Morgan Stanley 22,778 664,426 1,144,595 493,029 Etsy, Inc. Morgan Stanley 2,378 297,705 423,070 126,011 Expedia Group, Inc. Morgan Stanley 1,902 238,314 251,825 14,124 Foot Locker, Inc. Morgan Stanley 4,938 148,898 199,693 54,180 Gap, Inc. (The) Morgan Stanley 19,381 284,162 391,302 107,084 Genuine Parts Co. Morgan Stanley 1,862 141,873 187,001 49,373 Guess?, Inc. Morgan Stanley 13,179 126,521 298,109 174,465 Home Depot, Inc. (The) Morgan Stanley 3,352 597,424 890,358 309,278 L Brands, Inc. Morgan Stanley 15,065 447,445 560,267 113,447 Lands’ End, Inc. Morgan Stanley 8 167 173 36 LKQ Corp. Morgan Stanley 10,723 270,137 377,879 112,954 Lowe’s Cos., Inc. Morgan Stanley 6,763 745,954 1,085,529 348,917 Macy’s, Inc. Morgan Stanley 23,781 142,688 267,536 125,173 Murphy USA, Inc. Morgan Stanley 1,178 130,424 154,165 24,479 National Vision Holdings, Inc. Morgan Stanley 1,885 34,913 85,372 50,562 ODP Corp. (The) Morgan Stanley 4,461 55,763 130,707 84,506 O’Reilly Automotive, Inc. Morgan Stanley 543 242,253 245,746 3,879 Overstock.com, Inc. Morgan Stanley 239 12,193 11,465 (672) Pool Corp. Morgan Stanley 131 41,700 48,798 7,926 Qurate Retail, Inc., Series A Morgan Stanley 17,708 129,835 194,257 94,756 RH Morgan Stanley 1,322 121,103 591,621 470,798 Shoe Carnival, Inc. Morgan Stanley 1,030 36,835 40,355 3,697
20 ˆ200D$W8F63wspDTo}Š 200D$W8F63wspDTo} LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 21 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Retailing — (continued) Shutterstock, Inc. Morgan Stanley 1,723 $ 118,653 $ 123,539 $ 5,365 Signet Jewelers Ltd. (Bermuda) Morgan Stanley 16,912 125,623 461,190 335,856 Sleep Number Corp. Morgan Stanley 2,421 64,343 198,183 134,003 Sonic Automotive, Inc., Class A Morgan Stanley 7,043 207,017 271,649 67,621 Stamps.com, Inc. Morgan Stanley 654 61,077 128,308 66,948 Target Corp. Morgan Stanley 1,785 274,760 315,106 42,069 TJX Cos., Inc. (The) Morgan Stanley 2,948 187,930 201,319 13,816 Williams-Sonoma, Inc. Morgan Stanley 2,331 85,340 237,389 155,728 Zumiez, Inc. Morgan Stanley 2,878 77,933 105,853 28,111 227,869 11,022,322 16,721,651 5,860,720 Semiconductors & Semiconductor Equipment Amkor Technology, Inc. Morgan Stanley 15,793 146,256 238,158 98,692 Analog Devices, Inc. Morgan Stanley 241 33,175 35,603 4,446 Applied Materials, Inc. Morgan Stanley 10,232 422,705 883,022 467,916 Axcelis Technologies, Inc. Morgan Stanley 1,640 40,506 47,757 7,449 Broadcom, Inc. Morgan Stanley 1,176 412,804 514,912 115,890 Brooks Automation, Inc. Morgan Stanley 479 12,283 32,500 20,417 Cirrus Logic, Inc. Morgan Stanley 1,194 65,750 98,147 32,563 Cohu, Inc. Morgan Stanley 326 8,855 12,447 3,668 Enphase Energy, Inc. Morgan Stanley 1,446 37,382 253,730 216,455 First Solar, Inc. Morgan Stanley 6,203 499,210 613,601 118,824 Intel Corp. Morgan Stanley 20,348 943,594 1,013,737 96,251 KLA Corp. Morgan Stanley 1,497 252,162 387,588 139,102 Lattice Semiconductor Corp. Morgan Stanley 1,509 26,370 69,142 42,857 MACOM Technology Solutions Holdings, Inc Morgan Stanley 8,715 303,306 479,674 177,535 Marvell Technology Group Ltd. (Bermuda) Morgan Stanley 165 7,706 7,844 185 Maxim Integrated Products, Inc. Morgan Stanley 4,612 256,417 408,854 158,697 Microchip Technology, Inc. Morgan Stanley 2,419 262,930 334,088 72,648 Monolithic Power Systems, Inc. Morgan Stanley 325 62,197 119,025 57,473 NVIDIA Corp. Morgan Stanley 2,047 647,578 1,068,943 423,703 Qorvo, Inc. Morgan Stanley 768 109,591 127,695 18,361 QUALCOMM, Inc. Morgan Stanley 5,031 727,383 766,423 44,716 Rambus, Inc. Morgan Stanley 14 243 244 33 Skyworks Solutions, Inc. Morgan Stanley 3,882 354,510 593,480 245,321 SMART Global Holdings, Inc. (Cayman Islands) Morgan Stanley 1,185 27,250 44,592 17,428 Synaptics, Inc. Morgan Stanley 6,668 401,107 642,795 242,544 Teradyne, Inc. Morgan Stanley 675 59,541 80,926 27,390 Texas Instruments, Inc. Morgan Stanley 2,661 391,799 436,750 50,442 Ultra Clean Holdings, Inc. Morgan Stanley 4,833 92,325 150,548 59,176 Veeco Instruments, Inc. Morgan Stanley 58 982 1,007 58 106,142 6,605,917 9,463,232 2,960,240 Software & Services Accenture PLC, Class A (Ireland) Morgan Stanley 2,943 508,303 768,741 269,234
21 ˆ200D$W8F63ws$m8osŠ 200D$W8F63ws$m8os LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 22 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) ACI Worldwide, Inc. Morgan Stanley 1,664 $ 41,990 $ 63,948 $ 24,326 Adobe, Inc. Morgan Stanley 931 313,836 465,612 152,453 Agilysys, Inc. Morgan Stanley 13 517 499 14 Alliance Data Systems Corp. Morgan Stanley 2,372 153,371 175,765 18,828 Appian Corp. Morgan Stanley 881 130,886 142,801 11,665 Automatic Data Processing, Inc. Morgan Stanley 3,117 418,794 549,215 139,921 Avalara, Inc. Morgan Stanley 366 63,923 60,350 (4,211) Blackbaud, Inc. Morgan Stanley 3,083 153,623 177,457 24,388 Blackline, Inc. Morgan Stanley 592 80,300 78,961 (1,143) Booz Allen Hamilton Holding Corp. Morgan Stanley 2,674 232,403 233,119 1,557 Broadridge Financial Solutions, Inc. Morgan Stanley 3,712 483,179 568,678 91,134 CACI International, Inc., Class A Morgan Stanley 294 62,312 73,303 11,150 Cadence Design Systems, Inc. Morgan Stanley 5,008 469,609 683,241 218,058 Cardtronics PLC, Class A (United Kingdom) Morgan Stanley 1,504 26,856 53,091 26,322 CDK Global, Inc. Morgan Stanley 3,408 163,406 176,637 13,876 Cerence, Inc. Morgan Stanley 685 58,700 68,829 11,963 CGI, Inc. (Canada) Morgan Stanley 920 62,942 72,965 10,471 Cloudera, Inc. Morgan Stanley 8,007 104,388 111,377 7,235 Cornerstone OnDemand, Inc. Morgan Stanley 1,124 38,698 49,501 10,913 Crowdstrike Holdings, Inc., Class A Morgan Stanley 901 168,034 190,850 22,175 Digimarc Corp. Morgan Stanley 220 10,935 10,393 (519) Domo, Inc., Class B Morgan Stanley 390 25,543 24,870 (589) Elastic NV (Netherlands) Morgan Stanley 225 32,171 32,879 347 Envestnet, Inc. Morgan Stanley 397 30,274 32,669 2,656 Fair Isaac Corp. Morgan Stanley 15 7,628 7,666 84 FireEye, Inc. Morgan Stanley 2,055 45,918 47,388 1,596 Fiserv, Inc. Morgan Stanley 7,314 712,917 832,772 121,163 FleetCor Technologies, Inc. Morgan Stanley 609 127,214 166,153 45,765 Fortinet, Inc. Morgan Stanley 3,509 359,545 521,192 162,417 Gartner, Inc. Morgan Stanley 1,815 208,263 290,745 82,941 GoDaddy, Inc., Class A Morgan Stanley 492 22,304 40,811 18,584 International Business Machines Corp. Morgan Stanley 4,465 515,061 562,054 63,040 Intuit, Inc. Morgan Stanley 824 238,899 312,996 84,359 Jack Henry & Associates, Inc. Morgan Stanley 1,194 200,082 193,416 (5,770) KBR, Inc. Morgan Stanley 1,217 17,127 37,642 20,946 Lightspeed POS, Inc. (Canada) Morgan Stanley 8 551 563 46 LiveRamp Holdings, Inc. Morgan Stanley 885 38,857 64,773 26,027 Mastercard, Inc., Class A Morgan Stanley 1,047 258,345 373,716 116,770 Microsoft Corp. Morgan Stanley 6,601 1,135,939 1,468,194 521,254 MicroStrategy, Inc., Class A Morgan Stanley 448 53,609 174,070 120,602 Model N, Inc. Morgan Stanley 712 21,728 25,404 3,975 NortonLifeLock, Inc. Morgan Stanley 21,388 383,128 444,443 73,142 Nuance Communications, Inc. Morgan Stanley 2 30 88 89 Open Text Corp. (Canada) Morgan Stanley 3,732 156,053 169,657 14,542 Oracle Corp. Morgan Stanley 39,986 1,968,594 2,586,694 645,411 Paychex, Inc. Morgan Stanley 9,440 569,811 879,619 328,245
22 ˆ200D$W8F63wtG5#GOŠ 200D$W8F63wtG5#GO LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 23 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) Paylocity Holding Corp. Morgan Stanley 96 $ 8,771 $ 19,767 $ 11,045 PayPal Holdings, Inc. Morgan Stanley 3,122 479,297 731,172 273,702 Progress Software Corp. Morgan Stanley 5,021 193,784 226,899 38,266 PTC, Inc. Morgan Stanley 3,325 195,679 397,703 202,457 QAD, Inc., Class A Morgan Stanley 7 421 442 54 Sailpoint Technologies Holding, Inc. Morgan Stanley 6,857 152,264 365,067 213,147 salesforce.com, Inc. Morgan Stanley 1,704 407,483 379,191 (33,626) Science Applications International Corp. Morgan Stanley 1,165 84,504 110,256 27,089 ServiceNow, Inc. Morgan Stanley 3,158 940,323 1,738,258 800,412 SolarWinds Corp. Morgan Stanley 235 3,941 3,513 (388) SPS Commerce, Inc. Morgan Stanley 181 12,285 19,655 7,426 SVMK, Inc. Morgan Stanley 3,113 46,922 79,537 32,743 Sykes Enterprises, Inc. Morgan Stanley 51 1,929 1,921 27 Synopsys, Inc. Morgan Stanley 3,285 634,821 851,603 220,155 Teradata Corp. Morgan Stanley 9,108 191,198 204,657 13,883 Unity Software, Inc. Morgan Stanley 208 31,151 31,922 776 Verint Systems, Inc. Morgan Stanley 1,880 98,644 126,298 28,118 VeriSign, Inc. Morgan Stanley 957 193,617 207,095 14,413 Virtusa Corp. Morgan Stanley 1,234 41,833 63,094 21,424 Visa, Inc., Class A Morgan Stanley 2,611 420,838 571,104 153,606 Western Union Co. (The) Morgan Stanley 9,248 181,302 202,901 27,396 WEX, Inc. Morgan Stanley 610 56,823 124,153 67,478 Workiva, Inc. Morgan Stanley 564 44,463 51,674 7,333 Zoom Video Communications, Inc., Class A Morgan Stanley 139 49,666 46,887 (2,646) 211,068 15,348,555 20,620,576 5,631,742 Technology Hardware & Equipment Amphenol Corp., Class A Morgan Stanley 1,913 130,961 250,163 121,034 Apple, Inc. Morgan Stanley 30,018 1,909,782 3,983,088 2,134,051 Arrow Electronics, Inc. Morgan Stanley 2,859 162,281 278,181 116,265 Avnet, Inc. Morgan Stanley 193 4,075 6,776 2,874 Badger Meter, Inc. Morgan Stanley 1,393 73,087 131,025 62,773 Belden, Inc. Morgan Stanley 691 21,427 28,953 7,689 Cambium Networks Corp. (Cayman Islands) Morgan Stanley 100 2,602 2,508 (58) CDW Corp. Morgan Stanley 760 86,474 100,160 14,283 Cisco Systems, Inc. Morgan Stanley 18,089 716,821 809,483 120,434 Corning, Inc. Morgan Stanley 7,334 183,823 264,024 86,839 Dell Technologies, Inc., Class C Morgan Stanley 2,125 149,664 155,741 6,463 Diebold Nixdorf, Inc. Morgan Stanley 8,722 53,187 92,977 39,930 EchoStar Corp., Class A Morgan Stanley 4,137 153,882 87,663 (68,976) ePlus, Inc. Morgan Stanley 1 86 88 33 FLIR Systems, Inc. Morgan Stanley 1,342 51,580 58,820 10,074 Hewlett Packard Enterprise Co. Morgan Stanley 39,758 502,124 471,132 (4,606) HP, Inc. Morgan Stanley 39,883 658,777 980,723 346,183
23 ˆ200D$W8F63wtT!ro*Š 200D$W8F63wtT!ro* LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB851 24 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Technology Hardware & Equipment — (continued) II-VI, Inc. Morgan Stanley 15 $ 1,140 $ 1,139 $ 33 Inseego Corp. Morgan Stanley 22 342 340 30 InterDigital, Inc. Morgan Stanley 1,002 47,452 60,801 14,239 Jabil, Inc. Morgan Stanley 869 37,192 36,958 (126) Juniper Networks, Inc. Morgan Stanley 10,530 236,659 237,030 10,095 Lumentum Holdings, Inc. Morgan Stanley 348 23,359 32,990 9,710 NCR Corp. Morgan Stanley 7,515 150,716 282,339 131,964 NetApp, Inc. Morgan Stanley 6,245 273,874 413,669 161,982 NETGEAR, Inc. Morgan Stanley 1,073 36,160 43,596 7,575 OSI Systems, Inc. Morgan Stanley 238 20,576 22,186 1,684 Ribbon Communications, Inc. Morgan Stanley 53 339 348 41 Sanmina Corp. Morgan Stanley 4,657 118,998 148,512 29,960 ScanSource, Inc. Morgan Stanley 3 78 79 32 Seagate Technology PLC (Ireland) Morgan Stanley 2,508 124,381 155,897 35,803 SYNNEX Corp. Morgan Stanley 1,960 112,395 159,622 47,490 TE Connectivity Ltd. (Switzerland) Morgan Stanley 1,795 101,690 217,321 118,726 TTM Technologies, Inc. Morgan Stanley 9,224 108,053 127,245 20,001 Ubiquiti, Inc. Morgan Stanley 503 86,452 140,091 54,245 Vishay Intertechnology, Inc. Morgan Stanley 1,387 20,538 28,725 10,105 Vontier Corp. Morgan Stanley 9,106 266,220 304,140 38,499 Zebra Technologies Corp., Class A Morgan Stanley 451 99,430 173,333 75,584 218,822 6,726,677 10,287,866 3,762,957 Telecommunication Services AT&T, Inc. Morgan Stanley 10,069 284,480 289,584 25,120 ATN International, Inc. Morgan Stanley 8 366 334 1 CenturyLink, Inc. Morgan Stanley 9,684 96,865 94,419 243 Iridium Communications, Inc. Morgan Stanley 3,448 90,388 135,593 48,793 Rogers Communications, Inc., Class B (Canada) Morgan Stanley 270 12,618 12,579 (193) T-Mobile US, Inc. Morgan Stanley 2,099 199,672 283,050 88,249 Verizon Communications, Inc. Morgan Stanley 10,443 552,596 613,526 81,342 36,021 1,236,985 1,429,085 243,555 Transportation Alaska Air Group, Inc. Morgan Stanley 7,709 314,040 400,868 87,504 ArcBest Corp. Morgan Stanley 3,740 106,114 159,586 55,747 Atlas Air Worldwide Holdings, Inc. Morgan Stanley 1,428 80,252 77,883 (2,173) CH Robinson Worldwide, Inc. Morgan Stanley 292 26,938 27,410 957 CSX Corp. Morgan Stanley 7,333 381,389 665,470 293,256 Echo Global Logistics, Inc. Morgan Stanley 10,709 205,934 287,215 81,845 Expeditors International of Washington, Inc Morgan Stanley 5,784 404,319 550,116 162,848 FedEx Corp. Morgan Stanley 1,350 366,199 350,487 (15,195) Hub Group, Inc., Class A Morgan Stanley 1,368 55,971 77,976 22,784 JB Hunt Transport Services, Inc. Morgan Stanley 44 6,061 6,013 (5) Kansas City Southern Morgan Stanley 56 6,738 11,431 7,467
24 ˆ200D$W8F63wtfRDoBŠ 200D$W8F63wtfRDoB LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 25 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Transportation — (continued) Knight-Swift Transportation Holdings, Inc Morgan Stanley 1,099 $ 42,154 $ 45,960 $ 4,800 Norfolk Southern Corp. Morgan Stanley 3,916 561,243 930,481 381,785 Schneider National, Inc., Class B Morgan Stanley 2,219 49,730 45,933 479 TFI International, Inc. (Canada) Morgan Stanley 30 1,531 1,547 57 United Parcel Service, Inc., Class B Morgan Stanley 770 116,519 129,668 17,847 Werner Enterprises, Inc. Morgan Stanley 2,248 91,820 88,167 (3,181) 50,095 2,816,952 3,856,211 1,096,822 Utilities AES Corp. (The) Morgan Stanley 188 4,328 4,418 127 American Water Works Co., Inc. Morgan Stanley 471 67,515 72,284 5,075 Atmos Energy Corp. Morgan Stanley 36 3,404 3,435 31 CenterPoint Energy, Inc. Morgan Stanley 2,144 47,298 46,396 (797) Dominion Energy, Inc. Morgan Stanley 4,638 351,783 348,778 6,829 Duke Energy Corp. Morgan Stanley 3,735 325,074 341,977 21,568 Evergy, Inc. Morgan Stanley 210 11,398 11,657 313 Exelon Corp. Morgan Stanley 17,574 683,821 741,974 65,791 IDACORP, Inc. Morgan Stanley 973 88,619 93,437 5,213 MDU Resources Group, Inc. Morgan Stanley 5,124 109,265 134,966 30,624 National Fuel Gas Co. Morgan Stanley 950 39,008 39,074 630 NiSource, Inc. Morgan Stanley 19,412 456,363 445,311 (9,661) NRG Energy, Inc. Morgan Stanley 2,706 84,758 101,610 17,484 ONE Gas, Inc. Morgan Stanley 799 60,980 61,339 625 Public Service Enterprise Group, Inc. Morgan Stanley 901 51,496 52,528 1,804 Southern Co. (The) Morgan Stanley 1,119 68,100 68,740 686 60,980 2,453,210 2,567,924 146,342 Total Reference Entity — Long 123,023,271 166,720,126 45,851,206 Short Automobiles & Components Aptiv PLC (Jersey) Morgan Stanley (530) (64,583) (69,054) (4,631) Dana, Inc. Morgan Stanley (11,686) (193,494) (228,111) (39,256) Dorman Products, Inc. Morgan Stanley (4,572) (374,882) (396,941) (24,028) Fox Factory Holding Corp. Morgan Stanley (1,949) (164,620) (206,029) (45,089) Goodyear Tire & Rubber Co. (The) Morgan Stanley (4,386) (44,296) (47,851) (5,202) LCI Industries Morgan Stanley (2,565) (286,886) (332,629) (55,907) Patrick Industries, Inc. Morgan Stanley (3,412) (175,334) (233,210) (65,879) Tenneco, Inc., Class A Morgan Stanley (18,084) (239,070) (191,690) 47,248 XPEL, Inc. Morgan Stanley (852) (41,812) (43,929) (2,239) (48,036) (1,584,977) (1,749,444) (194,983)
25 ˆ200D$W8F63wtt66o:Š 200D$W8F63wtt66o: LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 26 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods AAON, Inc. Morgan Stanley (1,693) $ (94,990) $ (112,805) $ (18,652) Aerojet Rocketdyne Holdings, Inc. Morgan Stanley (3,534) (185,637) (186,772) (1,654) Alamo Group, Inc. Morgan Stanley (1,194) (134,949) (164,712) (31,908) Allison Transmission Holdings, Inc. Morgan Stanley (6,581) (322,083) (283,839) 35,363 American Woodmark Corp. Morgan Stanley (3,410) (281,464) (320,029) (40,251) Argan, Inc. Morgan Stanley (3,404) (144,085) (151,444) (19,839) Armstrong World Industries, Inc. Morgan Stanley (5,921) (457,131) (440,463) 14,459 Astec Industries, Inc. Morgan Stanley (1,357) (42,014) (78,543) (39,540) Axon Enterprise, Inc. Morgan Stanley (2,443) (218,260) (299,341) (89,446) Beacon Roofing Supply, Inc. Morgan Stanley (5,875) (204,264) (236,116) (33,662) Boeing Co. (The) Morgan Stanley (6,479) (1,874,925) (1,386,895) 474,462 Builders FirstSource, Inc. Morgan Stanley (21,789) (797,153) (889,209) (94,385) BWX Technologies, Inc. Morgan Stanley (1,773) (109,180) (106,876) 1,919 Carlisle Cos, Inc. Morgan Stanley (1,094) (149,943) (170,861) (24,530) CIRCOR International, Inc. Morgan Stanley (431) (15,249) (16,568) (1,332) Construction Partners, Inc., Class A Morgan Stanley (2,141) (40,886) (62,324) (23,253) Encore Wire Corp. Morgan Stanley (24) (1,401) (1,454) (27) Enerpac Tool Group Corp. Morgan Stanley (338) (7,464) (7,642) (169) EnerSys Morgan Stanley (1,973) (135,246) (163,877) (33,048) Federal Signal Corp. Morgan Stanley (3,757) (125,473) (124,620) (774) Gates Industrial Corp. PLC (United Kingdom) Morgan Stanley (6,269) (64,657) (79,992) (15,774) GATX Corp. Morgan Stanley (2,613) (201,701) (217,349) (17,607) Graco, Inc. Morgan Stanley (1,211) (74,900) (87,616) (14,060) GrafTech International Ltd. Morgan Stanley (1,910) (19,211) (20,361) (1,175) Great Lakes Dredge & Dock Corp. Morgan Stanley (183) (2,280) (2,410) (106) Helios Technologies, Inc. Morgan Stanley (2,174) (97,160) (115,852) (20,298) Hexcel Corp. Morgan Stanley (8,417) (384,337) (408,140) (34,920) Hillenbrand, Inc. Morgan Stanley (5,572) (119,613) (221,766) (111,965) Hyster-Yale Materials Handling, Inc. Morgan Stanley (3,408) (193,409) (202,946) (16,850) JELD-WEN Holding, Inc. Morgan Stanley (3,311) (56,506) (83,967) (30,226) Kaman Corp. Morgan Stanley (1,527) (82,654) (87,237) (5,020) Kennametal, Inc. Morgan Stanley (25,736) (817,548) (932,673) (130,509) Kratos Defense & Security Solutions, Inc Morgan Stanley (19,678) (397,364) (539,768) (146,880) Maxar Technologies, Inc. Morgan Stanley (4,298) (149,536) (165,860) (16,735) Mercury Systems, Inc. Morgan Stanley (1,089) (85,454) (95,897) (11,046) Meritor, Inc. Morgan Stanley (23,969) (603,278) (668,975) (69,331) Moog, Inc., Class A Morgan Stanley (3,754) (333,847) (297,692) 32,164 Mueller Water Products, Inc., Class A Morgan Stanley (35,027) (369,151) (433,634) (76,545) Navistar International Corp. Morgan Stanley (8,271) (364,153) (363,593) (488) Nordson Corp. Morgan Stanley (445) (93,202) (89,423) 4,521 NV5 Global, Inc. Morgan Stanley (4,448) (300,205) (350,413) (51,914) Oshkosh Corp. Morgan Stanley (5,720) (462,583) (492,320) (32,447) Parsons Corp. Morgan Stanley (7,305) (247,260) (265,975) (19,416) PGT Innovations, Inc. Morgan Stanley (20,519) (332,287) (417,356) (88,017) Primoris Services Corp. Morgan Stanley (3,605) (73,218) (99,534) (29,377)
26 ˆ200D$W8F63wu37=oAŠ 200D$W8F63wu37=oA LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 27 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Proto Labs, Inc. Morgan Stanley (5,234) $ (774,823) $ (802,896) $ (31,213) Raytheon Technologies Corp. Morgan Stanley (1,752) (129,341) (125,285) 4,759 Resideo Technologies, Inc. Morgan Stanley (31,228) (380,747) (663,907) (294,779) REV Group, Inc. Morgan Stanley (13,990) (161,277) (123,252) 35,427 Sensata Technologies Holding PLC (United Kingdom) Morgan Stanley (2,106) (96,104) (111,070) (17,089) Spirit AeroSystems Holdings, Inc., Class A Morgan Stanley (16,408) (500,169) (641,389) (152,997) SPX Corp. Morgan Stanley (1,191) (64,356) (64,957) (882) Sunrun, Inc. Morgan Stanley (2,308) (148,783) (160,129) (20,492) Trex Co., Inc. Morgan Stanley (24,309) (1,778,924) (2,035,149) (266,236) Triumph Group, Inc. Morgan Stanley (5,808) (82,688) (72,948) 9,312 Vicor Corp. Morgan Stanley (3,352) (153,198) (309,121) (159,180) Welbilt, Inc. Morgan Stanley (27,036) (284,780) (356,875) (72,907) WESCO International, Inc. Morgan Stanley (11,687) (560,230) (917,430) (372,180) WillScot Mobile Mini Holdings Corp. Morgan Stanley (4,364) (96,107) (101,114) (5,261) Xylem, Inc. Morgan Stanley (1,616) (145,607) (164,493) (24,986) (428,059) (16,624,445) (18,595,154) (2,198,992) Commercial & Professional Services Brink’s Co. (The) Morgan Stanley (3,464) (286,031) (249,408) 34,248 Casella Waste Systems, Inc., Class A Morgan Stanley (2,631) (119,157) (162,990) (46,362) Covanta Holding Corp. Morgan Stanley (15,655) (266,586) (205,550) 45,740 Equifax, Inc. Morgan Stanley (3,291) (633,965) (634,636) (2,588) Forrester Research, Inc. Morgan Stanley (2,811) (98,081) (117,781) (20,146) Harsco Corp. Morgan Stanley (9,198) (138,988) (165,380) (26,773) HNI Corp. Morgan Stanley (2,018) (70,952) (69,540) (2,528) Insperity, Inc. Morgan Stanley (13,121) (1,239,016) (1,068,312) 145,587 Knoll, Inc. Morgan Stanley (247) (3,452) (3,626) (154) Korn Ferry Morgan Stanley (8,330) (352,437) (362,355) (14,470) MSA Safety, Inc. Morgan Stanley (960) (138,630) (143,414) (6,104) Pitney Bowes, Inc. Morgan Stanley (22) (135) (136) 30 US Ecology, Inc. Morgan Stanley (11,816) (678,317) (429,275) 243,829 Viad Corp. Morgan Stanley (337) (11,322) (12,189) (870) (73,901) (4,037,069) (3,624,592) 349,439 Consumer Durables & Apparel Acushnet Holdings Corp. Morgan Stanley (2,431) (86,515) (98,553) (14,126) Callaway Golf Co. Morgan Stanley (17,227) (350,075) (413,620) (73,576) Canada Goose Holdings, Inc. (Canada) Morgan Stanley (19,347) (730,944) (575,960) 154,057 Columbia Sportswear Co. Morgan Stanley (5,995) (602,228) (523,843) 74,846 G-III Apparel Group Ltd. Morgan Stanley (8,321) (190,669) (197,541) (7,405) Gildan Activewear, Inc. (Canada) Morgan Stanley (5,677) (206,760) (159,013) 46,236 GoPro, Inc., Class A Morgan Stanley (33,731) (158,396) (279,293) (134,655) Levi Strauss & Co., Class A Morgan Stanley (18,068) (353,128) (362,805) (14,718) Lululemon Athletica, Inc. Morgan Stanley (1,174) (443,000) (408,587) 42,909 Malibu Boats, Inc., Class A Morgan Stanley (2,051) (117,159) (128,064) (12,011) Oxford Industries, Inc. Morgan Stanley (2,510) (124,404) (164,430) (40,899)
27 ˆ200D$W8F63wuJY&G=Š 200D$W8F63wuJY&G= LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 28 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Consumer Durables & Apparel — (continued) Purple Innovation, Inc. Morgan Stanley (1,136) $ (37,287) $ (37,420) $ (212) Skechers U.S.A., Inc., Class A Morgan Stanley (29,689) (1,026,837) (1,067,023) (43,195) Under Armour, Inc., Class C Morgan Stanley (17,978) (196,704) (267,513) (77,754) Wolverine World Wide, Inc. Morgan Stanley (21,612) (621,815) (675,375) (69,767) (186,947) (5,245,921) (5,359,040) (170,270) Consumer Services Aramark Morgan Stanley (27,651) (1,102,841) (1,064,010) 26,039 Bright Horizons Family Solutions, Inc. Morgan Stanley (5,008) (839,656) (866,334) (29,133) Caesars Entertainment, Inc. Morgan Stanley (10,613) (691,935) (788,227) (99,468) Carnival Corp. (Panama) Morgan Stanley (9,223) (195,476) (199,770) (7,136) Cheesecake Factory, Inc. (The) Morgan Stanley (12,517) (339,585) (463,880) (126,014) Chegg, Inc. Morgan Stanley (2,999) (233,260) (270,900) (47,158) Churchill Downs, Inc. Morgan Stanley (1,459) (253,984) (284,199) (31,476) Cracker Barrel Old Country Store, Inc. Morgan Stanley (6,281) (793,464) (828,590) (36,829) Dave & Buster’s Entertainment, Inc. Morgan Stanley (31,491) (539,347) (945,360) (419,651) Denny’s Corp. Morgan Stanley (20,609) (250,499) (302,540) (52,752) frontdoor, Inc. Morgan Stanley (3,081) (151,047) (154,697) (4,778) Graham Holdings Co., Class B Morgan Stanley (85) (55,071) (45,337) 10,006 Las Vegas Sands Corp. Morgan Stanley (5,332) (267,493) (317,787) (51,055) Monarch Casino & Resort, Inc. Morgan Stanley (4,130) (181,266) (252,839) (72,204) Planet Fitness, Inc., Class A Morgan Stanley (12) (934) (932) 18 Stride, Inc. Morgan Stanley (5,542) (149,254) (117,657) 31,339 WW International, Inc. Morgan Stanley (2,114) (66,893) (51,582) 19,503 Wynn Resorts Ltd. Morgan Stanley (2,350) (196,404) (265,151) (69,297) (150,497) (6,308,409) (7,219,792) (960,046) Diversified Financials CME Group, Inc. Morgan Stanley (2,891) (527,312) (526,307) (18,423) Franklin Resources, Inc. Morgan Stanley (24,383) (589,944) (609,331) (27,671) Intercontinental Exchange, Inc. Morgan Stanley (12,703) (1,302,418) (1,464,529) (181,251) WisdomTree Investments, Inc. Morgan Stanley (707) (3,794) (3,782) 32 (40,684) (2,423,468) (2,603,949) (227,313) Energy Archrock, Inc. Morgan Stanley (10,907) (115,287) (94,455) 12,842 Cabot Oil & Gas Corp. Morgan Stanley (35,317) (685,578) (574,961) 103,771 Cameco Corp. (Canada) Morgan Stanley (578) (7,389) (7,745) (802) ChampionX Corp. Morgan Stanley (28,807) (252,564) (440,747) (195,647) CNX Resources Corp. Morgan Stanley (47,171) (512,413) (509,447) 1,480 Delek US Holdings, Inc. Morgan Stanley (57,760) (1,045,819) (928,203) 76,266 Diamondback Energy, Inc. Morgan Stanley (3,461) (344,231) (167,512) 169,580 Dril-Quip, Inc. Morgan Stanley (8,141) (241,525) (241,136) (653) Equitrans Midstream Corp. Morgan Stanley (29,571) (431,762) (237,751) 167,411 Hess Corp. Morgan Stanley (4,615) (330,142) (243,626) 88,466 Liberty Oilfield Services, Inc., Class A Morgan Stanley (8,264) (78,924) (85,202) (6,790) Marathon Oil Corp. Morgan Stanley (50,826) (517,637) (339,009) 175,601
28 ˆ200D$W8F63wuTh@GFŠ 200D$W8F63wuTh@GF LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 29 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Energy — (continued) National Energy Services Reunited Corp. (British Virgin Islands) Morgan Stanley (19) $ (179) $ (189) $ 21 Occidental Petroleum Corp. Morgan Stanley (13,356) (529,259) (231,192) 282,983 ONEOK, Inc. Morgan Stanley (5,655) (413,977) (217,039) 203,586 Pembina Pipeline Corp. (Canada) Morgan Stanley (39,780) (1,051,695) (941,195) 72,443 Pioneer Natural Resources Co. Morgan Stanley (4,152) (573,283) (472,871) 89,611 RPC, Inc. Morgan Stanley (45,399) (209,965) (143,007) 68,083 SFL Corp. Ltd. (Bermuda) Morgan Stanley (38,537) (528,342) (242,012) 221,667 Southwestern Energy Co. Morgan Stanley (436,101) (1,151,061) (1,299,581) (151,897) Suncor Energy, Inc. (Canada) Morgan Stanley (23,880) (413,300) (400,706) 335 Talos Energy, Inc. Morgan Stanley (4,111) (50,984) (33,875) 16,991 Targa Resources Corp. Morgan Stanley (5,115) (205,139) (134,934) 67,909 TC Energy Corp. (Canada) Morgan Stanley (20,661) (891,273) (841,316) 29,278 WPX Energy, Inc. Morgan Stanley (22,575) (209,273) (183,986) 24,698 (944,759) (10,791,001) (9,011,697) 1,517,233 Food & Staples Retailing Chefs’ Warehouse, Inc. (The) Morgan Stanley (720) (18,090) (18,497) (429) Grocery Outlet Holding Corp. Morgan Stanley (35,837) (1,453,488) (1,406,602) 42,613 Performance Food Group Co. Morgan Stanley (4,477) (188,287) (213,150) (25,944) PriceSmart, Inc. Morgan Stanley (4,674) (298,523) (425,755) (133,376) Rite Aid Corp. Morgan Stanley (18,517) (230,815) (293,124) (62,961) United Natural Foods, Inc. Morgan Stanley (18,234) (314,825) (291,197) 22,429 US Foods Holding Corp. Morgan Stanley (9,495) (392,995) (316,278) 82,918 (91,954) (2,897,023) (2,964,603) (74,750) Food, Beverage & Tobacco Beyond Meat, Inc. Morgan Stanley (18,577) (2,418,001) (2,322,125) 88,544 Calavo Growers, Inc. Morgan Stanley (6,073) (451,635) (421,648) 18,822 Darling Ingredients, Inc. Morgan Stanley (281) (15,696) (16,208) (528) Fresh Del Monte Produce, Inc. (Cayman Islands) Morgan Stanley (9,212) (244,763) (221,733) 19,001 Hormel Foods Corp. Morgan Stanley (14,657) (693,956) (683,163) 9,938 Hostess Brands, Inc. Morgan Stanley (11,004) (135,046) (161,099) (26,517) J&J Snack Foods Corp. Morgan Stanley (3,296) (510,251) (512,100) (8,219) MGP Ingredients, Inc. Morgan Stanley (6,468) (326,212) (304,384) 17,052 Pilgrim’s Pride Corp. Morgan Stanley (24,443) (471,730) (479,327) (10,917) Primo Water Corp. (Canada) Morgan Stanley (15,161) (203,720) (237,724) (37,717) Sanderson Farms, Inc. Morgan Stanley (3,752) (472,675) (496,014) (30,497) Simply Good Foods Co. (The) Morgan Stanley (13,522) (344,620) (424,050) (80,420) Universal Corp. Morgan Stanley (3,385) (168,217) (164,545) (1,993) (129,831) (6,456,522) (6,444,120) (43,451) Health Care Equipment & Services ABIOMED, Inc. Morgan Stanley (511) (162,996) (165,666) (3,122) Alcon, Inc. (Switzerland) Morgan Stanley (1,505) (91,532) (99,300) (9,530) Antares Pharma, Inc. Morgan Stanley (387) (1,521) (1,544) 4 AtriCure, Inc. Morgan Stanley (3,646) (149,537) (202,973) (57,094)
29 ˆ200D$W8F63wubiho@Š 200D$W8F63wubiho@ LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 30 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Health Care Equipment & Services — (continued) Avanos Medical, Inc. Morgan Stanley (9,973) $ (366,571) $ (457,561) $ (93,516) Axogen, Inc. Morgan Stanley (17,272) (264,678) (309,169) (47,100) BioTelemetry, Inc. Morgan Stanley (6,653) (348,092) (479,548) (132,456) Brookdale Senior Living, Inc. Morgan Stanley (13,078) (94,866) (57,936) 39,140 Cantel Medical Corp. Morgan Stanley (15,318) (1,364,068) (1,207,977) 154,872 Cardiovascular Systems, Inc. Morgan Stanley (6,228) (301,324) (272,537) 27,803 Castle Biosciences, Inc. Morgan Stanley (1,412) (78,516) (94,816) (16,501) CorVel Corp. Morgan Stanley (7) (725) (742) 11 Covetrus, Inc. Morgan Stanley (2,700) (82,239) (77,598) 4,429 CryoLife, Inc. Morgan Stanley (1,208) (25,587) (28,521) (2,979) Edwards Lifesciences Corp. Morgan Stanley (12,746) (1,040,411) (1,162,818) (125,457) Encompass Health Corp. Morgan Stanley (6,099) (490,726) (504,326) (22,346) Evolent Health, Inc., Class A Morgan Stanley (6,469) (51,493) (103,698) (55,187) Fulgent Genetics, Inc. Morgan Stanley (6,633) (314,212) (345,579) (32,267) Glaukos Corp. Morgan Stanley (8,116) (536,299) (610,810) (80,492) Globus Medical, Inc., Class A Morgan Stanley (1,718) (110,549) (112,048) (1,795) Guardant Health, Inc. Morgan Stanley (3,425) (382,404) (441,414) (60,992) Haemonetics Corp. Morgan Stanley (8,848) (884,588) (1,050,700) (168,701) HealthEquity, Inc. Morgan Stanley (10,248) (780,197) (714,388) 63,941 HealthStream, Inc. Morgan Stanley (58) (1,265) (1,267) 26 Inari Medical, Inc. Morgan Stanley (379) (32,181) (33,083) (966) Inogen, Inc. Morgan Stanley (1,022) (37,697) (45,663) (8,235) Inovalon Holdings, Inc., Class A Morgan Stanley (1,899) (39,562) (34,505) 5,198 Integra LifeSciences Holdings Corp. Morgan Stanley (7,356) (415,182) (477,552) (63,568) Intuitive Surgical, Inc. Morgan Stanley (234) (185,813) (191,435) (6,141) Lantheus Holdings, Inc. Morgan Stanley (3,008) (40,150) (40,578) (516) LHC Group, Inc. Morgan Stanley (499) (94,326) (106,447) (15,873) LivaNova PLC (United Kingdom) Morgan Stanley (11,087) (594,374) (734,070) (144,757) Masimo Corp. Morgan Stanley (204) (55,173) (54,750) 548 Merit Medical Systems, Inc. Morgan Stanley (1,000) (39,543) (55,510) (20,696) Mesa Laboratories, Inc. Morgan Stanley (1,091) (264,288) (312,724) (50,429) NuVasive, Inc. Morgan Stanley (3,403) (184,714) (191,691) (8,049) Ontrak, Inc. Morgan Stanley (1,603) (82,988) (99,049) (17,671) OraSure Technologies, Inc. Morgan Stanley (31,000) (383,381) (328,135) 54,141 OrthoPediatrics Corp. Morgan Stanley (582) (26,058) (24,008) 2,004 Pennant Group, Inc. (The) Morgan Stanley (776) (41,128) (45,055) (4,165) Penumbra, Inc. Morgan Stanley (335) (63,224) (58,625) 5,235 PetIQ, Inc. Morgan Stanley (19,133) (588,400) (735,664) (150,683) Phreesia, Inc. Morgan Stanley (1,704) (55,189) (92,459) (43,594) Providence Service Corp. (The) Morgan Stanley (1,830) (116,340) (253,693) (144,391) RadNet, Inc. Morgan Stanley (12,230) (176,494) (239,341) (63,733) Silk Road Medical, Inc. Morgan Stanley (2,952) (173,862) (185,917) (12,539) Simulations Plus, Inc. Morgan Stanley (814) (54,553) (58,543) (4,121) SmileDirectClub, Inc. Morgan Stanley (46,431) (544,970) (554,386) (14,432) STAAR Surgical Co. Morgan Stanley (3,971) (202,753) (314,583) (117,874) Surgery Partners, Inc. Morgan Stanley (3,026) (80,310) (87,784) (7,681) Tabula Rasa HealthCare, Inc. Morgan Stanley (13,940) (733,774) (597,190) 134,002
30 ˆ200D$W8F63wuk1ooxŠ 200D$W8F63wuk1oox LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 31 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Health Care Equipment & Services — (continued) Tactile Systems Technology, Inc. Morgan Stanley (4,759) $ (180,269) $ (213,869) $ (34,704) Tandem Diabetes Care, Inc. Morgan Stanley (1,655) (164,764) (158,350) 5,041 Teleflex, Inc. Morgan Stanley (1,826) (710,754) (751,527) (42,846) US Physical Therapy, Inc. Morgan Stanley (4,113) (540,748) (494,588) 42,412 Vapotherm, Inc. Morgan Stanley (8,825) (243,378) (237,040) 5,559 Varex Imaging Corp. Morgan Stanley (3,769) (53,714) (62,867) (9,555) Vocera Communications, Inc. Morgan Stanley (12,808) (308,232) (531,916) (229,185) (353,522) (15,432,682) (16,905,533) (1,581,573) Household & Personal Products BellRing Brands, Inc., Class A Morgan Stanley (2,492) (47,282) (60,581) (15,079) Central Garden & Pet Co., Class A Morgan Stanley (7,112) (197,938) (258,379) (62,645) Reynolds Consumer Products, Inc. Morgan Stanley (3,116) (103,487) (93,605) 9,375 Spectrum Brands Holdings, Inc. Morgan Stanley (650) (49,463) (51,337) (1,990) WD-40 Co. Morgan Stanley (1,470) (293,601) (390,550) (104,958) (14,840) (691,771) (854,452) (175,297) Materials Air Products & Chemicals, Inc. Morgan Stanley (819) (228,586) (223,767) 2,859 Alamos Gold, Inc., Class A (Canada) Morgan Stanley (44,435) (452,285) (388,806) 62,722 Albemarle Corp. Morgan Stanley (336) (32,412) (49,567) (33,965) Amyris, Inc. Morgan Stanley (31,874) (111,768) (196,822) (85,354) Balchem Corp. Morgan Stanley (1,335) (138,720) (153,819) (16,295) Cleveland-Cliffs, Inc. Morgan Stanley (25,901) (217,794) (377,119) (199,103) Element Solutions, Inc. Morgan Stanley (24,445) (382,766) (433,410) (51,944) Equinox Gold Corp. (Canada) Morgan Stanley (58,428) (636,035) (604,146) 29,966 Fortuna Silver Mines, Inc. (Canada) Morgan Stanley (52,145) (232,154) (429,675) (208,179) GCP Applied Technologies, Inc. Morgan Stanley (3,529) (72,167) (83,461) (11,957) Glatfelter Corp. Morgan Stanley (8,989) (127,387) (147,240) (21,448) Graphic Packaging Holding Co. Morgan Stanley (26,351) (380,917) (446,386) (69,680) H.B. Fuller Co. Morgan Stanley (2,687) (128,497) (139,402) (13,329) Kirkland Lake Gold Ltd. (Canada) Morgan Stanley (34,084) (1,422,390) (1,406,647) 2,889 Kronos Worldwide, Inc. Morgan Stanley (418) (6,026) (6,232) (210) Livent Corp. Morgan Stanley (36,674) (332,247) (690,938) (392,582) Materion Corp. Morgan Stanley (74) (4,545) (4,715) (153) Methanex Corp. (Canada) Morgan Stanley (7,714) (206,626) (355,461) (156,766) Myers Industries, Inc. Morgan Stanley (105) (2,042) (2,182) (115) New Gold, Inc. (Canada) Morgan Stanley (39,057) (66,628) (85,535) (21,344) Novagold Resources, Inc. (Canada) Morgan Stanley (27,939) (301,918) (270,170) 30,885 Nutrien Ltd. (Canada) Morgan Stanley (9,431) (464,071) (454,197) 2,729 Olin Corp. Morgan Stanley (12,200) (186,668) (299,632) (133,941) PQ Group Holdings, Inc. Morgan Stanley (30) (433) (428) 34 Quaker Chemical Corp. Morgan Stanley (1,193) (220,040) (302,294) (89,304) Schnitzer Steel Industries, Inc., Class A Morgan Stanley (513) (15,148) (16,370) (1,235) Seabridge Gold, Inc. (Canada) Morgan Stanley (2,895) (55,310) (60,998) (6,164) Steel Dynamics, Inc. Morgan Stanley (16,901) (576,690) (623,140) (59,063) Teck Resources Ltd., Class B (Canada) Morgan Stanley (20,168) (334,591) (366,049) (37,746)
31 ˆ200D$W8F63wuy93GnŠ 200D$W8F63wuy93Gn LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 32 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Materials — (continued) Tronox Holdings PLC, Class A (United Kingdom) Morgan Stanley (42,032) $ (405,266) $ (614,508) $ (228,457) United States Steel Corp. Morgan Stanley (2,795) (37,040) (46,872) (25,584) Warrior Met Coal, Inc. Morgan Stanley (28,341) (458,532) (604,230) (149,558) Westlake Chemical Corp. Morgan Stanley (3,366) (250,555) (274,666) (28,118) (567,204) (8,488,254) (10,158,884) (1,909,510) Media & Entertainment ANGI Homeservices, Inc., Class A Morgan Stanley (56,027) (645,084) (739,276) (96,071) Cars.Com, Inc. Morgan Stanley (7,842) (88,031) (88,615) (1,463) Cinemark Holdings, Inc. Morgan Stanley (52,509) (694,430) (914,182) (253,106) EW Scripps Co. (The), Class A Morgan Stanley (13,393) (170,640) (204,779) (39,533) Glu Mobile, Inc. Morgan Stanley (64,638) (568,714) (582,388) (19,681) iHeartMedia, Inc., Class A Morgan Stanley (5,887) (53,945) (76,413) (23,888) Live Nation Entertainment, Inc. Morgan Stanley (4,265) (307,760) (313,392) (7,935) Meredith Corp. Morgan Stanley (17,522) (628,474) (336,422) 281,821 New York Times Co. (The), Class A Morgan Stanley (6,865) (341,995) (355,401) (14,388) Nexstar Media Group, Inc., Class A Morgan Stanley (6,102) (710,783) (666,277) 27,184 Scholastic Corp. Morgan Stanley (115) (2,803) (2,875) (49) Sinclair Broadcast Group, Inc., Class A Morgan Stanley (43,557) (1,544,343) (1,387,290) 110,055 TEGNA, Inc. Morgan Stanley (60,726) (1,043,162) (847,128) 176,207 TripAdvisor, Inc. Morgan Stanley (47,158) (1,049,123) (1,357,207) (314,599) WideOpenWest, Inc. Morgan Stanley (12,694) (72,638) (135,445) (63,017) World Wrestling Entertainment, Inc., Class A Morgan Stanley (15,859) (1,045,083) (762,025) 281,939 Yelp, Inc. Morgan Stanley (4,795) (111,338) (156,653) (53,629) Zynga, Inc., Class A Morgan Stanley (184,008) (1,546,187) (1,816,159) (274,519) (603,962) (10,624,533) (10,741,927) (284,672) Pharmaceuticals, Biotechnology & Life Sciences 10X Genomics, Inc., Class A Morgan Stanley (7,312) (1,035,672) (1,035,379) (2,743) Adaptive Biotechnologies Corp. Morgan Stanley (9,030) (391,293) (533,944) (147,437) Adverum Biotechnologies, Inc. Morgan Stanley (378) (4,574) (4,098) 484 Aerie Pharmaceuticals, Inc. Morgan Stanley (3,190) (47,562) (43,097) 4,420 Agios Pharmaceuticals, Inc. Morgan Stanley (1,092) (38,299) (47,316) (12,100) Alector, Inc. Morgan Stanley (8,631) (214,738) (130,587) 83,546 Allogene Therapeutics, Inc. Morgan Stanley (4,418) (130,035) (111,510) 18,170 Amneal Pharmaceuticals, Inc. Morgan Stanley (6,252) (26,300) (28,572) (2,319) Arcturus Therapeutics Holdings, Inc. Morgan Stanley (3,330) (175,365) (144,455) 30,421 Arrowhead Pharmaceuticals, Inc. Morgan Stanley (3,575) (244,842) (274,310) (34,849) Arvinas, Inc. Morgan Stanley (11,184) (339,379) (949,857) (636,938) Aurinia Pharmaceuticals, Inc. (Canada) Morgan Stanley (11,659) (174,471) (161,244) 12,721 Axsome Therapeutics, Inc. Morgan Stanley (205) (16,907) (16,701) 187 Bausch Health Cos, Inc. (Canada) Morgan Stanley (4,469) (83,288) (92,955) (13,057) Bruker Corp. Morgan Stanley (6,914) (345,954) (374,255) (32,514) Codexis, Inc. Morgan Stanley (20,052) (281,547) (437,735) (159,129) Deciphera Pharmaceuticals, Inc. Morgan Stanley (7) (415) (399) 32 Elanco Animal Health, Inc. Morgan Stanley (51,570) (1,550,926) (1,581,652) (36,416)
32 ˆ200D$W8F63wu%i5o3Š 200D$W8F63wu%i5o3 LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 33 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Pharmaceuticals, Biotechnology & Life Sciences — (continued) Eli Lilly & Co. Morgan Stanley (7,344) $ (1,215,975) $ (1,239,961) $ (35,660) Endo International PLC (Ireland) Morgan Stanley (18,231) (115,383) (130,899) (17,202) Epizyme, Inc. Morgan Stanley (8,365) (163,507) (90,844) 72,222 Esperion Therapeutics, Inc. Morgan Stanley (21) (600) (546) 90 Global Blood Therapeutics, Inc. Morgan Stanley (3,202) (138,749) (138,679) (631) Gossamer Bio, Inc. Morgan Stanley (1,659) (26,217) (16,043) 12,376 Insmed, Inc. Morgan Stanley (929) (32,743) (30,926) 1,750 Intersect ENT, Inc. Morgan Stanley (3,794) (79,712) (86,883) (8,204) Ionis Pharmaceuticals, Inc. Morgan Stanley (2,725) (156,154) (154,072) 1,651 Madrigal Pharmaceuticals, Inc. Morgan Stanley (524) (63,237) (58,253) 4,828 Medpace Holdings, Inc. Morgan Stanley (534) (76,889) (74,333) 2,415 Myriad Genetics, Inc. Morgan Stanley (17,887) (558,145) (353,715) 208,420 NanoString Technologies, Inc. Morgan Stanley (3,859) (127,984) (258,090) (148,272) NeoGenomics, Inc. Morgan Stanley (3,324) (98,737) (178,964) (87,901) Pacific Biosciences of California, Inc. Morgan Stanley (9,960) (54,680) (258,362) (257,965) Pacira BioSciences, Inc. Morgan Stanley (1,802) (112,317) (107,832) 4,808 Perrigo Co. PLC (Ireland) Morgan Stanley (14,059) (754,019) (628,718) 117,355 Phathom Pharmaceuticals, Inc. Morgan Stanley (137) (5,768) (4,551) 1,230 PRA Health Sciences, Inc. Morgan Stanley (2,398) (256,137) (300,805) (45,585) Reata Pharmaceuticals, Inc., Class A Morgan Stanley (5,466) (743,216) (675,707) 62,416 REGENXBIO, Inc. Morgan Stanley (4,226) (168,216) (191,691) (27,366) Seres Therapeutics, Inc. Morgan Stanley (2,026) (50,787) (49,637) 935 Theravance Biopharma, Inc. (Cayman Islands) Morgan Stanley (13,371) (272,990) (237,603) 34,602 VBI Vaccines, Inc. (Canada) Morgan Stanley (3,430) (9,979) (9,433) 548 Vir Biotechnology, Inc. Morgan Stanley (8,898) (261,518) (238,288) 22,486 ZIOPHARM Oncology, Inc. Morgan Stanley (793) (3,871) (1,998) 1,892 Zogenix, Inc. Morgan Stanley (4,657) (97,086) (93,093) 3,410 Zymeworks, Inc. (Canada) Morgan Stanley (1,146) (45,396) (54,160) (9,533) (298,035) (10,791,579) (11,632,152) (1,012,406) Retailing 1-800-Flowers.com, Inc., Class A Morgan Stanley (3,405) (89,239) (88,530) 476 Abercrombie & Fitch Co., Class A Morgan Stanley (4,057) (73,929) (82,601) (16,848) Boot Barn Holdings, Inc. Morgan Stanley (15,070) (662,663) (653,435) 6,563 Burlington Stores, Inc. Morgan Stanley (7,897) (1,773,713) (2,065,460) (297,418) CarParts.Com, Inc. Morgan Stanley (6,051) (95,484) (74,972) 22,627 Carvana Co. Morgan Stanley (7,092) (1,560,910) (1,698,818) (159,331) Children’s Place, Inc. (The) Morgan Stanley (14,423) (638,473) (722,592) (86,817) Core-Mark Holding Co., Inc. Morgan Stanley (3,832) (108,827) (112,546) (5,817) Floor & Decor Holdings, Inc., Class A Morgan Stanley (3,987) (293,141) (370,193) (77,889) Grubhub, Inc. Morgan Stanley (5,113) (372,012) (379,742) (9,309) Lithia Motors, Inc., Class A Morgan Stanley (2,572) (714,866) (752,747) (43,280) Monro, Inc. Morgan Stanley (19,202) (1,256,257) (1,023,467) 211,863 Nordstrom, Inc. Morgan Stanley (16,967) (307,259) (529,540) (221,847) Penske Automotive Group, Inc. Morgan Stanley (5,529) (287,430) (328,367) (43,625)
33 ˆ200D$W8F63wv7s1oDŠ 200D$W8F63wv7s1oD LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 34 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Retailing — (continued) PetMed Express, Inc. Morgan Stanley (1,367) $ (49,544) $ (43,826) $ 5,701 RealReal, Inc. (The) Morgan Stanley (18,175) (259,668) (355,140) (101,062) Sally Beauty Holdings, Inc. Morgan Stanley (2,773) (39,920) (36,160) 3,673 Tiffany & Co. Morgan Stanley (4,146) (543,319) (544,992) (5,883) Ulta Beauty, Inc. Morgan Stanley (1,657) (467,105) (475,824) (10,874) Urban Outfitters, Inc. Morgan Stanley (6,258) (181,605) (160,205) 20,894 (149,573) (9,775,364) (10,499,157) (808,203) Semiconductors & Semiconductor Equipment ACM Research, Inc., Class A Morgan Stanley (1,031) (92,337) (83,769) 8,614 Advanced Energy Industries, Inc. Morgan Stanley (1,669) (121,380) (161,843) (45,764) CEVA, Inc. Morgan Stanley (573) (22,768) (26,072) (3,340) Cree, Inc. Morgan Stanley (5,979) (381,335) (633,176) (285,498) Diodes, Inc. Morgan Stanley (1,891) (127,170) (133,316) (6,752) FormFactor, Inc. Morgan Stanley (3,112) (104,274) (133,878) (33,250) Ichor Holdings Ltd. (Cayman Islands) Morgan Stanley (3,487) (96,053) (105,116) (10,797) MaxLinear, Inc. Morgan Stanley (13,815) (299,429) (527,595) (230,753) ON Semiconductor Corp. Morgan Stanley (39,876) (1,115,102) (1,305,141) (202,611) Onto Innovation, Inc. Morgan Stanley (3,688) (131,527) (175,364) (46,295) PDF Solutions, Inc. Morgan Stanley (26) (559) (562) 26 Photronics, Inc. Morgan Stanley (149) (1,655) (1,663) 18 Power Integrations, Inc. Morgan Stanley (2,532) (188,636) (207,270) (19,230) Silicon Laboratories, Inc. Morgan Stanley (740) (78,397) (94,232) (17,205) Universal Display Corp. Morgan Stanley (3,075) (578,896) (706,635) (142,963) (81,643) (3,339,518) (4,295,632) (1,035,800) Software & Services 8x8, Inc. Morgan Stanley (51,321) (1,248,640) (1,769,035) (548,056) Alarm.com Holdings, Inc. Morgan Stanley (633) (62,804) (65,484) (2,835) Altair Engineering, Inc., Class A Morgan Stanley (3,974) (156,207) (231,207) (79,458) Alteryx, Inc., Class A Morgan Stanley (11,931) (1,386,071) (1,453,076) (80,765) Appfolio, Inc., Class A Morgan Stanley (357) (62,100) (64,274) (2,327) BlackBerry Ltd. (Canada) Morgan Stanley (21,372) (152,810) (141,696) 12,012 Ceridian HCM Holding, Inc. Morgan Stanley (10,618) (849,210) (1,131,454) (286,918) CommVault Systems, Inc. Morgan Stanley (3,729) (161,065) (206,475) (46,388) Conduent, Inc. Morgan Stanley (99,314) (679,739) (476,707) 203,467 Digital Turbine, Inc. Morgan Stanley (7,208) (403,656) (407,684) (5,193) DXC Technology Co. Morgan Stanley (30,451) (727,316) (784,113) (59,992) Euronet Worldwide, Inc. Morgan Stanley (6,013) (701,135) (871,404) (172,804) Everbridge, Inc. Morgan Stanley (3,090) (415,592) (460,626) (52,403) Medallia, Inc. Morgan Stanley (9,725) (290,743) (323,065) (34,389) New Relic, Inc. Morgan Stanley (18,567) (1,058,952) (1,214,282) (158,615) Paycom Software, Inc. Morgan Stanley (1,400) (585,380) (633,150) (60,119) Pegasystems, Inc. Morgan Stanley (3,456) (431,708) (460,547) (30,188) Ping Identity Holding Corp. Morgan Stanley (35,122) (1,050,656) (1,005,894) 41,682 Pluralsight, Inc., Class A Morgan Stanley (11,622) (190,378) (243,597) (55,950) Proofpoint, Inc. Morgan Stanley (3,253) (361,816) (443,742) (93,780) PROS Holdings, Inc. Morgan Stanley (8,845) (345,930) (449,061) (107,439)
34 ˆ200D$W8F63wvMGXouŠ 200D$W8F63wvMGXou LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 35 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) Qualys, Inc. Morgan Stanley (1,111) $ (134,997) $ (135,398) $ (770) RealPage, Inc. Morgan Stanley (1,906) (166,701) (166,279) (41) RingCentral, Inc., Class A Morgan Stanley (413) (126,567) (156,515) (51,754) Sabre Corp. Morgan Stanley (23,075) (188,104) (277,362) (103,564) Splunk, Inc. Morgan Stanley (10,305) (1,649,624) (1,750,716) (108,130) Sprout Social, Inc., Class A Morgan Stanley (211) (10,023) (9,581) 443 Switch, Inc., Class A Morgan Stanley (39,462) (643,440) (645,993) (11,745) Tucows, Inc., Class A Morgan Stanley (1,878) (100,387) (138,765) (38,670) Upland Software, Inc. Morgan Stanley (7,032) (265,013) (322,698) (58,970) Verra Mobility Corp. Morgan Stanley (15,307) (179,034) (205,420) (26,885) Yext, Inc. Morgan Stanley (47,418) (742,785) (745,411) (4,794) Zuora, Inc., Class A Morgan Stanley (49,467) (681,767) (689,075) (14,371) (539,586) (16,210,350) (18,079,786) (2,039,709) Technology Hardware & Equipment 3D Systems Corp. Morgan Stanley (16,629) (122,107) (174,272) (56,994) ADTRAN, Inc. Morgan Stanley (11,237) (126,078) (165,970) (45,999) Celestica, Inc. (Canada) Morgan Stanley (14,650) (108,589) (118,226) (10,013) Ciena Corp. Morgan Stanley (11,675) (570,408) (617,024) (48,273) Coherent, Inc. Morgan Stanley (1,177) (167,064) (176,574) (9,974) CommScope Holding Co., Inc. Morgan Stanley (9,054) (97,907) (121,324) (26,731) Dolby Laboratories, Inc., Class A Morgan Stanley (1,398) (122,496) (135,788) (15,379) Extreme Networks, Inc. Morgan Stanley (24,762) (164,766) (170,610) (6,424) Fabrinet (Cayman Islands) Morgan Stanley (3,358) (224,663) (260,547) (37,569) Fitbit, Inc., Class A Morgan Stanley (20,407) (135,732) (138,768) (3,754) Harmonic, Inc. Morgan Stanley (3,556) (23,437) (26,279) (2,880) Infinera Corp. Morgan Stanley (50,336) (277,131) (527,521) (260,624) Insight Enterprises, Inc. Morgan Stanley (9,383) (632,699) (713,952) (85,968) IPG Photonics Corp. Morgan Stanley (956) (186,002) (213,943) (30,414) Itron, Inc. Morgan Stanley (4,489) (315,775) (430,495) (115,624) Knowles Corp. Morgan Stanley (4,760) (79,898) (87,727) (8,035) Littelfuse, Inc. Morgan Stanley (2,141) (402,745) (545,227) (154,690) Methode Electronics, Inc. Morgan Stanley (283) (10,680) (10,833) (154) MTS Systems Corp. Morgan Stanley (912) (44,300) (53,042) (11,189) National Instruments Corp. Morgan Stanley (13,346) (500,766) (586,423) (88,062) nLight, Inc. Morgan Stanley (13,384) (214,947) (436,988) (226,763) PC Connection, Inc. Morgan Stanley (11) (498) (520) 7 Plantronics, Inc. Morgan Stanley (2,349) (36,084) (63,493) (34,423) Pure Storage, Inc., Class A Morgan Stanley (10,362) (196,865) (234,285) (41,848) Stratasys Ltd. (Israel) Morgan Stanley (29,887) (675,524) (619,259) 50,536 Super Micro Computer, Inc. Morgan Stanley (3,135) (83,983) (99,254) (16,515) ViaSat, Inc. Morgan Stanley (11,845) (457,569) (386,739) 69,506 Viavi Solutions, Inc. Morgan Stanley (2,710) (40,222) (40,582) (449) Western Digital Corp. Morgan Stanley (1,174) (77,715) (65,028) 15,746 (279,366) (6,096,650) (7,220,693) (1,202,953)
35 ˆ200D$W8F63wvXSSo,Š 200D$W8F63wvXSSo, LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 36 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Telecommunication Services Boingo Wireless, Inc. Morgan Stanley (26,378) $ (360,076) $ (335,528) $ 23,764 Cogent Communications Holdings, Inc. Morgan Stanley (4,278) (272,600) (256,124) 12,631 Shenandoah Telecommunications Co. Morgan Stanley (1,757) (84,597) (75,990) 8,018 United States Cellular Corp. Morgan Stanley (2,620) (82,840) (80,408) 2,220 (35,033) (800,113) (748,050) 46,633 Transportation Air Transport Services Group, Inc. Morgan Stanley (14,433) (292,627) (452,330) (163,330) Allegiant Travel Co. Morgan Stanley (337) (57,618) (63,774) (7,847) Hawaiian Holdings, Inc. Morgan Stanley (9,354) (253,306) (165,566) 88,290 Heartland Express, Inc. Morgan Stanley (3,703) (80,340) (67,024) 13,379 JetBlue Airways Corp. Morgan Stanley (8,824) (132,365) (128,301) 3,473 Kirby Corp. Morgan Stanley (4,814) (236,388) (249,510) (16,594) Matson, Inc. Morgan Stanley (5,602) (215,117) (319,146) (115,591) Ryder System, Inc. Morgan Stanley (10,596) (530,805) (654,409) (166,910) (57,663) (1,798,566) (2,100,060) (365,130) Utilities Algonquin Power & Utilities Corp. (Canada) Morgan Stanley (2,392) (38,285) (39,372) (1,541) ALLETE, Inc. Morgan Stanley (9,694) (646,713) (600,446) 25,885 Ameren Corp. Morgan Stanley (9,129) (726,688) (712,610) 8,553 American States Water Co. Morgan Stanley (67) (5,276) (5,327) (36) Avangrid, Inc. Morgan Stanley (9,302) (449,742) (422,776) 16,322 Avista Corp. Morgan Stanley (5,242) (201,268) (210,414) (10,786) Black Hills Corp. Morgan Stanley (9,590) (746,575) (589,306) 133,929 California Water Service Group Morgan Stanley (1,882) (88,149) (101,684) (14,969) CMS Energy Corp. Morgan Stanley (4,154) (259,527) (253,436) 3,894 DTE Energy Co. Morgan Stanley (1,385) (179,187) (168,153) 4,948 Edison International Morgan Stanley (6,225) (457,614) (391,055) 46,222 Entergy Corp. Morgan Stanley (4,186) (444,893) (417,930) 23,370 Essential Utilities, Inc. Morgan Stanley (9,100) (397,544) (430,339) (37,654) Fortis, Inc. (Canada) Morgan Stanley (1,142) (44,689) (46,616) (4,382) New Jersey Resources Corp. Morgan Stanley (10,473) (341,468) (372,315) (40,231) NextEra Energy, Inc. Morgan Stanley (1,859) (140,466) (143,422) (4,978) Northwest Natural Holding Co. Morgan Stanley (474) (22,871) (21,799) 1,035 NorthWestern Corp. Morgan Stanley (2,179) (166,155) (127,057) 34,257 Ormat Technologies, Inc. Morgan Stanley (2,519) (186,531) (227,415) (41,747) Pinnacle West Capital Corp. Morgan Stanley (672) (57,878) (53,726) 4,586 Portland General Electric Co. Morgan Stanley (3,510) (162,284) (150,123) 7,901 PPL Corp. Morgan Stanley (11,596) (315,187) (327,007) (12,723) Sempra Energy Morgan Stanley (7,049) (928,506) (898,113) 19,845 SJW Group. Morgan Stanley (1,522) (92,491) (105,566) (14,815) South Jersey Industries, Inc. Morgan Stanley (4,432) (124,840) (95,510) 24,043 Southwest Gas Holdings, Inc. Morgan Stanley (4,818) (440,882) (292,694) 135,580 Spire, Inc. Morgan Stanley (1,793) (154,152) (114,824) 36,746 Unitil Corp. Morgan Stanley (14) (603) (620) 13
36 ˆ200D$W8F63wve0koSŠ 200D$W8F63wve0koS LSWP64RS27 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB851 37 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Total Return Swaps (concluded)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Utilities — (continued) Xcel Energy, Inc. Morgan Stanley (862) $ (57,639) $ 57,470) $ (1,764) (127,262) (7,878,103) (7,377,125) 341,503 Total Reference Entity — Short (148,296,318) (158,185,842) (12,030,250) Net Value of Reference Entity $ (25,273,047) $ 8,534,284 $ 33,820,956
* Includes $13,625 related to open trades, dividends receivables/payables and swap receivables/payables activities.
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for total return swaps with end of period unrealized appreciation of $33,820,956, which are considered Level 2 as of and for the period ended December 31, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
37 ˆ200D$W8F63wjc$!oMŠ 200D$W8F63wjc$!oM LSWP64RS30 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:17 EST 120068 MB68 1 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — 99.6% COMMON STOCKS — (Continued) Automobiles & Components — 1.3% Capital Goods — (Continued) Aptiv PLC (Jersey) 56 $ 7,296 General Dynamics Corp. 11 $ 1,637 BorgWarner, Inc. 27 1,043 General Electric Co. 327 3,532 Ford Motor Co. 149 1,310 Honeywell International, Inc. 625 132,938 General Motors Co. 502 20,903 Howmet Aerospace, Inc. 649 18,522 Tesla, Inc.* 173 122,081 Huntington Ingalls Industries, Inc. 16 2,728 152,633 IDEX Corp. 4 797 Banks — 0.4% Illinois Tool Works, Inc. 97 19,776 Bank of America Corp. 324 9,820 Ingersoll Rand, Inc.* 16 729 Citigroup, Inc. 77 4,748 Jacobs Engineering Group, Inc. 6 654 Citizens Financial Group, Inc. 15 536 Johnson Controls International Comerica, Inc. 5279PLC (Ireland) 1,087 50,643 Fifth Third Bancorp 27 744 L3Harris Technologies, Inc. 8 1,512 First Republic Bank 71,029Lockheed Martin Corp. 418 148,382 Huntington Bancshares, Inc. 38 480 Masco Corp. 390 21,423 JPMorgan Chase & Co. 114 14,486 Northrop Grumman Corp. 61 18,588 KeyCorp 36 591 Otis Worldwide Corp. 17 1,148 M&T Bank Corp. 4509PACCAR, Inc. 18 1,553 People’s United Financial, Inc. 16 207 Parker-Hannifin Corp. 193 52,575 PNC Financial Services Group, Pentair PLC (Ireland) 249 13,219 Inc. (The) 16 2,384 Quanta Services, Inc. 208 14,980 Regions Financial Corp. 36 580 Raytheon Technologies Corp. 57 4,076 SVB Financial Group* 2 776 Rockwell Automation, Inc. 5 1,254 Truist Financial Corp. 50 2,396 Roper Technologies, Inc. 38 16,381 US Bancorp 56 2,609 Snap-on, Inc. 82 14,033 Wells Fargo & Co. 222 6,700 Stanley Black & Decker, Inc. 240 42,854 Zions Bancorp NA 6 261 Teledyne Technologies, Inc.* 1 392 Textron, Inc. 9 435 49,135 Trane Technologies PLC (Ireland) 360 52,258 Capital Goods — 10.0% TransDigm Group, Inc.* 48 29,705 3M Co. 863 150,844 United Rentals, Inc.* 108 25,046 A.O. Smith Corp. 7384Westinghouse Air Brake Allegion PLC (Ireland) 4 466 AMETEK, Inc. 345 41,724 Technologies Corp. 8 586 Boeing Co. (The) 21 4,495 WW Grainger, Inc. 81 33,076 Carrier Global Corp. 218 8,223 Xylem, Inc. 7 713 Caterpillar, Inc. 283 51,512 1,213,675 Cummins, Inc. 222 50,416 Commercial & Professional Services — 0.2% Deere & Co. 58 15,605 Cintas Corp. 4 1,414 Dover Corp. 218 27,522 Copart, Inc.* 8 1,018 Eaton Corp. PLC (Ireland) 99 11,894 Equifax, Inc. 5 964 Emerson Electric Co. 880 70,726 IHS Markit Ltd. (Bermuda) 15 1,347 Fastenal Co. 22 1,074 Nielsen Holdings PLC (United Flowserve Corp. 5184Kingdom) 14 292 Fortive Corp. 489 34,631 Republic Services, Inc. 17 1,637 Fortune Brands Home & Security, Robert Half International, Inc. 171 10,684 Inc. 208 17,830
1 ˆ200D$W8F63wjmylo2Š 200D$W8F63wjmylo2 LSWP64RS30 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:17 EST 120068 MB68 2 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Commercial & Professional Services — (Continued) Diversified Financials — (Continued) Rollins, Inc. 19 $ 742 Ameriprise Financial, Inc. 5 $ 972 Verisk Analytics, Inc. 71,453Bank of New York Mellon Corp. (The) 34 1,443 Waste Management, Inc. 16 1,887 Berkshire Hathaway, Inc., Class B* 469 108,747 21,438 BlackRock, Inc. 217 156,574 Consumer Durables & Apparel — 0.7% Capital One Financial Corp. 17 1,680 DR Horton, Inc. 14 965 Cboe Global Markets, Inc. 5 466 Garmin Ltd. (Switzerland) 8 957 Charles Schwab Corp. (The) 48 2,546 Hanesbrands, Inc. 522 7,611 CME Group, Inc. 14 2,549 Hasbro, Inc. 6561Discover Financial Services 177 16,024 Leggett & Platt, Inc. 7310Franklin Resources, Inc. 27 675 Lennar Corp., Class A 112 8,538 Goldman Sachs Group, Inc. (The) 14 3,692 Mohawk Industries, Inc.* 107 15,082 Intercontinental Exchange, Inc. 21 2,421 Newell Brands, Inc. 635 13,481 Invesco Ltd. (Bermuda) 689 12,009 NIKE, Inc., Class B 58 8,205 MarketAxess Holdings, Inc. 2 1,141 NVR, Inc.* 1 4,080 Moody’s Corp. 8 2,322 PulteGroup, Inc. 11 474 Morgan Stanley 133 9,114 PVH Corp. 107 10,046 MSCI, Inc. 3 1,340 Ralph Lauren Corp. 2207Nasdaq, Inc. 172 22,831 Tapestry, Inc. 10 311 Northern Trust Corp. 7 652 Under Armour, Inc., Class C* 17 253 Raymond James Financial, Inc. 5 478 VF Corp. 14 1,196 S&P Global, Inc. 137 45,036 Whirlpool Corp. 93 16,786 State Street Corp. 13 946 Synchrony Financial 22 764 89,063 T Rowe Price Group, Inc. 314 47,536 Consumer Services — 0.3% 445,585 Carnival Corp. (Panama) 28 606 Chipotle Mexican Grill, Inc.* 1 1,387 Energy — 1.8% Darden Restaurants, Inc. 114 13,580 Apache Corp. 14 199 Domino’s Pizza, Inc. 1383Baker Hughes Co. 586 12,218 Hilton Worldwide Holdings, Inc. 11 1,224 Cabot Oil & Gas Corp. 15 244 Las Vegas Sands Corp. 28 1,669 Chevron Corp. 372 31,415 Marriott International, Inc., Class A 12 1,583 Concho Resources, Inc. 7 408 McDonald’s Corp. 30 6,437 ConocoPhillips 40 1,600 MGM Resorts International 18 567 Devon Energy Corp. 15 237 Norwegian Cruise Line Holdings Diamondback Energy, Inc. 5 242 Ltd. (Bermuda)* 10 254 EOG Resources, Inc. 22 1,097 Exxon Mobil Corp. 910 37,510 Royal Caribbean Cruises Ltd. Halliburton Co. 1,321 24,967 (Liberia) 8 598 Hess Corp. 11 581 Starbucks Corp. 43 4,600 HollyFrontier Corp. 6 155 Wynn Resorts Ltd. 4451Kinder Morgan, Inc. 3,387 46,300 Yum! Brands, Inc. 12 1,303 Marathon Oil Corp. 29 193 34,642 Marathon Petroleum Corp. 24 993 Diversified Financials — 3.7% National Oilwell Varco, Inc.* 581 7,977 American Express Co. 30 3,627 Occidental Petroleum Corp. 34 589
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Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Energy — (Continued) Health Care Equipment & Services — (Continued) ONEOK, Inc. 16 $ 614 AmerisourceBergen Corp. 8 $ 782 Phillips 66 16 1,119 Anthem, Inc. 174 55,870 Pioneer Natural Resources Co. 6683Baxter International, Inc. 19 1,525 Schlumberger NV (Curacao) 2,083 45,472 Becton Dickinson and Co. 11 2,752 TechnipFMC PLC (United Kingdom) 673 6,326 Boston Scientific Corp.* 53 1,905 Valero Energy Corp. 15 849 Cardinal Health, Inc. 11 589 Williams Cos., Inc. (The) 65 1,303 Centene Corp.* 22 1,321 223,291 Cerner Corp. 12 942 Food & Staples Retailing — 2.3% Cigna Corp. 14 2,915 Costco Wholesale Corp. 17 6,405 Cooper Cos., Inc. (The) 1 363 Kroger Co. (The) 41 1,302 CVS Health Corp. 1,145 78,204 Sysco Corp. 762 56,586 Danaher Corp. 257 57,090 Walgreens Boots Alliance, Inc. 33 1,316 DaVita, Inc.* 171 20,075 Walmart, Inc. 1,456 209,882 DENTSPLY SIRONA, Inc. 9 471 DexCom, Inc.* 3 1,109 275,491 Edwards Lifesciences Corp.* 23 2,098 Food, Beverage & Tobacco — 5.6% HCA Healthcare, Inc. 507 83,381 Altria Group, Inc. 2,781 114,021 Henry Schein, Inc.* 5 334 Archer-Daniels-Midland Co. 832 41,941 Hologic, Inc.* 24 1,748 Brown-Forman Corp., Class B 18 1,430 Humana, Inc. 198 81,233 Campbell Soup Co. 289 13,973 IDEXX Laboratories, Inc.* 4 1,999 Coca-Cola Co. (The) 815 44,695 Intuitive Surgical, Inc.* 4 3,272 Conagra Brands, Inc. 712 25,817 Laboratory Corp. of America Constellation Brands, Inc., Class A 276 60,458 General Mills, Inc. 461 27,107 Holdings* 69 14,045 Hershey Co. (The) 8 1,219 McKesson Corp. 7 1,217 Hormel Foods Corp. 21 979 Medtronic PLC (Ireland) 51 5,974 JM Smucker Co. (The) 171 19,768 Quest Diagnostics, Inc. 41 4,886 Kellogg Co. 515 32,048 ResMed, Inc. 6 1,275 Kraft Heinz Co. (The) 1,830 63,428 STERIS PLC (Ireland) 4 758 Lamb Weston Holdings, Inc. 6472Stryker Corp. 15 3,676 McCormick & Co., Inc., Teleflex, Inc. 2 823 UnitedHealth Group, Inc. 223 78,202 non-voting shares 10 956 Universal Health Services, Inc., Molson Coors Beverage Co., Class B 312 14,099 Class B 68 9,350 Mondelez International, Inc., Varian Medical Systems, Inc.* 4 700 Class A 54 3,157 West Pharmaceutical Services, Inc. 3 850 Monster Beverage Corp.* 20 1,850 Zimmer Biomet Holdings, Inc. 7 1,079 PepsiCo, Inc. 52 7,712 594,604 Philip Morris International, Inc. 2,075 171,789 Household & Personal Products — 2.0% Tyson Foods, Inc., Class A 547 35,249 Church & Dwight Co., Inc. 10 872 682,168 Clorox Co. (The) 24 4,846 Health Care Equipment & Services — 4.9% Colgate-Palmolive Co. 653 55,838 Abbott Laboratories 640 70,074 Estee Lauder Cos., Inc. (The), ABIOMED, Inc.* 2 648 Class A 13 3,460 Align Technology, Inc.* 2 1,069
3 ˆ200D$W8F63wj#bkGDŠ 200D$W8F63wj#bkGD LSWP64RS30 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB68 4 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Household & Personal Products — (Continued) Materials — (Continued) Kimberly-Clark Corp. 389 $ 52,449 International Flavors & Procter & Gamble Co. (The) 922 128,287 Fragrances, Inc. 4 $ 435 245,752 International Paper Co. 589 29,285 Insurance — 1.3% Linde PLC (Ireland) 20 5,270 Aflac, Inc. 27 1,201 LyondellBasell Industries NV, Allstate Corp. (The) 12 1,319 Class A (Netherlands) 13 1,192 American International Group, Inc. 33 1,249 Martin Marietta Materials, Inc. 3 852 Aon PLC, Class A (Ireland) 172 36,338 Mosaic Co. (The) 568 13,070 Arthur J Gallagher & Co. 8990Newmont Corp. 43 2,575 Assurant, Inc. 3409Nucor Corp. 452 24,042 Chubb Ltd. (Switzerland) 17 2,617 Packaging Corp. of America 5 690 Cincinnati Financial Corp. 7612PPG Industries, Inc. 354 51,054 Everest Re Group Ltd. (Bermuda) 2 468 Sealed Air Corp. 233 10,669 Globe Life, Inc. 4380Sherwin-Williams Co. (The) 4 2,940 Hartford Financial Services Vulcan Materials Co. 5 742 Group, Inc. (The) 14 686 Westrock Co. 10 435 Lincoln National Corp. 8402 382,149 Loews Corp. 10 450 Media & Entertainment — 8.8% Marsh & McLennan Cos., Inc. 757 88,569 Activision Blizzard, Inc. 279 25,905 MetLife, Inc. 34 1,596 Alphabet, Inc., Class A* 269 471,460 Principal Financial Group, Inc. 10 496 Charter Communications, Inc., Progressive Corp. (The) 22 2,175 Class A* 82 54,247 Prudential Financial, Inc. 15 1,171 Comcast Corp., Class A 172 9,013 Travelers Cos., Inc. (The) 107 15,020 Discovery, Inc., Class A* 27 812 Unum Group 8184 DISH Network Corp., Class A* 20 647 Willis Towers Watson PLC (Ireland) 4 843 Electronic Arts, Inc. 105 15,078 WR Berkley Corp. 7465 Facebook, Inc., Class A* 1,235 337,353 157,640 Fox Corp., Class A 865 25,189 Materials — 3.1% Interpublic Group of Cos., Inc. (The) 336 7,903 Air Products & Chemicals, Inc. 82,186Live Nation Entertainment, Inc.* 8 588 Albemarle Corp. 3443Netflix, Inc.* 159 85,976 Amcor PLC (Jersey) 2,336 27,495 News Corp., Class A 23 413 Avery Dennison Corp. 4620Omnicom Group, Inc. 12 748 Ball Corp. 12 1,118 Take-Two Interactive Software, Inc.* 43 8,935 Celanese Corp. 5650Twitter, Inc.* 286 15,487 CF Industries Holdings, Inc. 320 12,387 ViacomCBS, Inc., Class B 33 1,230 Corteva, Inc. 28 1,084 Walt Disney Co. (The)* 66 11,958 Dow, Inc. 1,110 61,605 1,072,942 DuPont de Nemours, Inc. 653 46,435 Pharmaceuticals, Biotechnology & Life Sciences — 4.6% Eastman Chemical Co. 203 20,357 AbbVie, Inc. 67 7,179 Ecolab, Inc. 188 40,676 Agilent Technologies, Inc. 12 1,422 FMC Corp. 195 22,411 Alexion Pharmaceuticals, Inc.* 82 12,812 Freeport-McMoRan, Inc. 55 1,431 Amgen, Inc. 22 5,058 Biogen, Inc.* 49 11,998
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Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Pharmaceuticals, Biotechnology & Life Sciences — Real Estate — (Continued) (Continued) Mid-America Apartment Bio-Rad Laboratories, Inc., Class A* 1 $ 583 Communities, Inc., REIT 5 $ 633 Bristol-Myers Squibb Co. 85 5,273 Prologis, Inc., REIT 28 2,790 Catalent, Inc.* 6 624 Public Storage, REIT 30 6,928 Eli Lilly & Co. 35 5,909 Realty Income Corp., REIT 13 808 Gilead Sciences, Inc. 47 2,738 Regency Centers Corp., REIT 6 274 Illumina, Inc.* 55 20,350 SBA Communications Corp., REIT 40 11,285 Incyte Corp.* 79 6,871 Simon Property Group, Inc., REIT 11 938 IQVIA Holdings, Inc.* 7 1,254 SL Green Realty Corp., REIT 2 119 Johnson & Johnson 657 103,399 UDR, Inc., REIT 11 423 Merck & Co., Inc. 1,836 150,185 Ventas, Inc., REIT 14 687 Mettler-Toledo International, Inc.* 1 1,140 Vornado Realty Trust, REIT 7 261 PerkinElmer, Inc. 5718Welltower, Inc., REIT 16 1,034 Perrigo Co. PLC (Ireland) 5 224 Weyerhaeuser Co., REIT 1,117 37,453 Pfizer, Inc. 4,780 175,952 144,190 Regeneron Pharmaceuticals, Inc.* 46 22,223 Retailing — 13.8% Thermo Fisher Scientific, Inc. 15 6,987 Advance Auto Parts, Inc. 103 16,224 Vertex Pharmaceuticals, Inc.* 9 2,127 Amazon.com, Inc.* 219 713,268 Viatris, Inc.* 259 4,854 AutoZone, Inc.* 35 41,490 Waters Corp.* 3 742 Best Buy Co., Inc. 389 38,818 Zoetis, Inc. 18 2,979 Booking Holdings, Inc.* 2 4,455 553,601 CarMax, Inc.* 7 661 Real Estate — 1.2% Dollar General Corp. 365 76,760 Alexandria Real Estate Equities, Dollar Tree, Inc.* 9 972 Inc., REIT 5 891 eBay, Inc. 1,031 51,808 American Tower Corp., REIT 160 35,914 Etsy, Inc.* 4 712 AvalonBay Communities, Inc., REIT 6 963 Expedia Group, Inc. 5 662 Boston Properties, Inc., REIT 6 567 Gap, Inc. (The)* 560 11,306 CBRE Group, Inc., Class A* 157 9,847 Genuine Parts Co. 216 21,693 Crown Castle International Home Depot, Inc. (The) 1,035 274,917 Corp., REIT 155 24,674 L Brands, Inc. 416 15,471 Digital Realty Trust, Inc., REIT 10 1,395 LKQ Corp.* 456 16,069 Duke Realty Corp., REIT 14 560 Lowe’s Cos., Inc. 1,126 180,734 Equinix, Inc., REIT 3 2,143 O’Reilly Automotive, Inc.* 110 49,783 Equity Residential, REIT 14 830 Pool Corp. 2 745 Essex Property Trust, Inc., REIT 2 475 Ross Stores, Inc. 13 1,597 Extra Space Storage, Inc., REIT 5 579 Target Corp. 750 132,398 Federal Realty Investment Trust, Tiffany & Co.* 5 657 REIT 2 170 TJX Cos., Inc. (The) 45 3,073 Tractor Supply Co. 175 24,602 Healthpeak Properties, Inc., REIT 20 605 Ulta Beauty, Inc.* 3 861 Host Hotels & Resorts, Inc., REIT 26 380 Iron Mountain, Inc., REIT 11 324 1,679,736 Kimco Realty Corp., REIT 16 240 Semiconductors & Semiconductor Equipment — 1.6% Advanced Micro Devices, Inc.* 45 4,127
5 ˆ200D$W8F63wkCsGG[Š 200D$W8F63wkCsGG[ LSWP64RS30 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB68 6 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Semiconductors & Semiconductor Equipment — Software & Services — (Continued) (Continued) NortonLifeLock, Inc. 23 $ 478 Analog Devices, Inc. 14 $ 2,068 Oracle Corp. 4,178 270,275 Applied Materials, Inc. 327 28,220 Paychex, Inc. 319 29,724 Broadcom, Inc. 16 7,006 Paycom Software, Inc.* 2 904 Intel Corp. 1,176 58,588 PayPal Holdings, Inc.* 465 108,903 KLA Corp. 55 14,240 salesforce.com, Inc.* 329 73,212 Lam Research Corp. 52 24,558 ServiceNow, Inc.* 70 38,530 Maxim Integrated Products, Inc. 10 886 Synopsys, Inc.* 54 13,999 Microchip Technology, Inc. 10 1,381 Tyler Technologies, Inc.* 1 437 Micron Technology, Inc.* 404 30,373 VeriSign, Inc.* 4 866 NVIDIA Corp. 23 12,011 Visa, Inc., Class A 767 167,766 Qorvo, Inc.* 5 831 Western Union Co. (The) 22 483 QUALCOMM, Inc. 43 6,551 1,914,730 Skyworks Solutions, Inc. 6917Technology Hardware & Equipment — 9.9% Teradyne, Inc. 7839Amphenol Corp., Class A 12 1,569 Texas Instruments, Inc. 36 5,909 Apple, Inc. 6,122 812,328 Xilinx, Inc. 91,276Arista Networks, Inc.* 2 581 199,781 CDW Corp. 7 923 Software & Services — 15.7% Cisco Systems, Inc. 6,317 282,686 Accenture PLC, Class A (Ireland) 183 47,801 Corning, Inc. 917 33,012 Adobe, Inc.* 172 86,021 F5 Networks, Inc.* 3 528 Akamai Technologies, Inc.* 6 630 FLIR Systems, Inc. 5 219 ANSYS, Inc.* 31 11,278 Hewlett Packard Enterprise Co. 48 569 Autodesk, Inc.* 79 24,122 HP, Inc. 1,917 47,139 Automatic Data Processing, Inc. 17 2,995 IPG Photonics Corp.* 2 448 Broadridge Financial Solutions, Inc. 76 11,643 Juniper Networks, Inc. 493 11,097 Cadence Design Systems, Inc.* 100 13,643 Keysight Technologies, Inc.* 6 793 Citrix Systems, Inc. 5650Motorola Solutions, Inc. 6 1,020 Cognizant Technology Solutions NetApp, Inc. 9 596 Corp., Class A 193 15,816 Seagate Technology PLC (Ireland) 10 622 DXC Technology Co. 10 258 TE Connectivity Ltd. (Switzerland) 12 1,453 Fidelity National Information Vontier Corp.* 253 8,450 Services, Inc. 23 3,254 Western Digital Corp. 11 609 Xerox Holdings Corp. 7 162 Fiserv, Inc.* 25 2,846 Zebra Technologies Corp., Class A* 2 769 FleetCor Technologies, Inc.* 3 818 Fortinet, Inc.* 6 891 1,205,573 Gartner, Inc.* 4 641 Telecommunication Services — 4.7% Global Payments, Inc. 11 2,370 AT&T, Inc. 10,029 288,434 International Business Machines CenturyLink, Inc. 42 410 Corp. 970 122,104 T-Mobile US, Inc.* 46 6,203 Intuit, Inc. 93,419Verizon Communications, Inc. 4,788 281,295 Jack Henry & Associates, Inc. 3486 576,342 Leidos Holdings, Inc. 6631 Mastercard, Inc., Class A 361 128,855 Microsoft Corp. 3,273 727,981
6 ˆ200D$W8F63wkHgRG2Š 200D$W8F63wkHgRG2 LSWP64RS30 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB68 7 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Transportation — 1.3% Utilities — (Continued) Alaska Air Group, Inc. 4 $ 208 Entergy Corp. 7 $ 699 American Airlines Group, Inc. 19 300 Evergy, Inc. 8 444 CH Robinson Worldwide, Inc. 6 563 Eversource Energy 12 1,038 CSX Corp. 811 73,598 Exelon Corp. 36 1,520 Delta Air Lines, Inc. 23 925 FirstEnergy Corp. 20 612 Expeditors International of NextEra Energy, Inc. 73 5,632 Washington, Inc. 254 24,158 NiSource, Inc. 14 321 FedEx Corp. 10 2,596 NRG Energy, Inc. 366 13,743 JB Hunt Transport Services, Inc. 4 547 Pinnacle West Capital Corp. 4 320 Kansas City Southern 4 817 PPL Corp. 28 790 Norfolk Southern Corp. 186 44,195 Public Service Enterprise Group, Inc. 18 1,049 Old Dominion Freight Line, Inc. 5 976 Sempra Energy 11 1,402 Southwest Airlines Co. 22 1,025 Southern Co. (The) 39 2,396 Union Pacific Corp. 28 5,830 WEC Energy Group, Inc. 11 1,012 United Airlines Holdings, Inc.* 10 432 Xcel Energy, Inc. 19 1,267 United Parcel Service, Inc., Class B 33 5,557 45,796 161,727 TOTAL COMMON STOCKS Utilities — 0.4% (Cost $10,435,253) 12,121,684 AES Corp. 42 987 Alliant Energy Corp. 9 464 TOTAL INVESTMENTS - 99.6% Ameren Corp. 9 703 (Cost $10,435,253) 12,121,684 American Electric Power Co., Inc. 18 1,499 OTHER ASSETS IN EXCESS OF American Water Works Co., Inc. 6 921 LIABILITIES - 0.4% 49,344 Atmos Energy Corp. 4 382 NET ASSETS - 100.0% $ 12,171,028 CenterPoint Energy, Inc. 20 433 CMS Energy Corp. 11 671 * Non-income producing. Consolidated Edison, Inc. 12 867 Dominion Energy, Inc. 31 2,331 DTE Energy Co. 7 850 PLC Public Limited Company Duke Energy Corp. 28 2,564 REIT Real Estate Investment Trust Edison International 14 879
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, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
7 ˆ200D$W8F63wsFh$oTŠ 200D$W8F63wsFh$oT FWPLAN-PFRS54 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB97 1 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ESG LARGE VALUE FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — 99.4% COMMON STOCKS — (Continued) Automobiles & Components — 0.4% Capital Goods — (Continued) Aptiv PLC (Jersey) 26 $ 3,387 Raytheon Technologies Corp. 21 $ 1,502 BorgWarner, Inc. 59 2,280 Snap-on, Inc. 14 2,396 Stanley Black & Decker, Inc. 38 6,785 5,667 Trane Technologies PLC (Ireland) 59 8,564 Banks — 3.0% United Rentals, Inc.* 17 3,942 Citizens Financial Group, Inc. 65 2,324 WW Grainger, Inc. 13 5,308 Comerica, Inc. 33 1,843 197,122 Fifth Third Bancorp 191 5,266 JPMorgan Chase & Co. 77 9,784 Commercial & Professional Services — 1.6% KeyCorp 226 3,709 Cintas Corp. 15 5,302 M&T Bank Corp. 29 3,692 Nielsen Holdings PLC (United People’s United Financial, Inc. 97 1,254 Kingdom) 62 1,294 SVB Financial Group* 13 5,042 Republic Services, Inc. 63 6,067 Truist Financial Corp. 50 2,396 Robert Half International, Inc. 27 1,687 US Bancorp 34 1,584 Waste Management, Inc. 56 6,604 Zions Bancorp NA 35 1,520 20,954 38,414 Consumer Durables & Apparel — 1.4% Capital Goods — 15.4% Garmin Ltd. (Switzerland) 39 4,667 3M Co. 93 16,255 Hanesbrands, Inc. 81 1,181 A.O. Smith Corp. 38 2,083 Hasbro, Inc. 8 748 AMETEK, Inc. 54 6,531 Leggett & Platt, Inc. 24 1,063 Carrier Global Corp. 201 7,582 Mohawk Industries, Inc.* 21 2,960 Cummins, Inc. 45 10,220 Newell Brands, Inc. 99 2,102 Deere & Co. 32 8,610 PulteGroup, Inc. 5 216 Dover Corp. 41 5,176 PVH Corp. 21 1,972 Eaton Corp. PLC (Ireland) 39 4,685 Whirlpool Corp. 18 3,249 Emerson Electric Co. 91 7,314 18,158 Fortive Corp. 78 5,524 Consumer Services — 0.7% Fortune Brands Home & Security, Darden Restaurants, Inc. 29 3,454 Inc. 40 3,429 McDonald’s Corp. 11 2,360 General Dynamics Corp. 1149Yum! Brands, Inc. 26 2,823 Honeywell International, Inc. 98 20,845 Howmet Aerospace, Inc. 107 3,054 8,637 IDEX Corp. 18 3,586 Diversified Financials — 5.9% Illinois Tool Works, Inc. 40 8,155 Berkshire Hathaway, Inc., Class B* 43 9,970 Jacobs Engineering Group, Inc. 30 3,269 BlackRock, Inc. 30 21,646 Johnson Controls International Cboe Global Markets, Inc. 25 2,328 PLC (Ireland) 184 8,573 Discover Financial Services 54 4,889 L3Harris Technologies, Inc. 91,701Franklin Resources, Inc. 148 3,699 Lockheed Martin Corp. 45 15,974 Invesco Ltd. (Bermuda) 128 2,231 Masco Corp. 79 4,339 Morgan Stanley 27 1,850 Otis Worldwide Corp. 91 6,147 Nasdaq, Inc. 40 5,310 PACCAR, Inc. 30 2,588 S&P Global, Inc. 36 11,834 Parker-Hannifin Corp. 30 8,172 Synchrony Financial 57 1,978 Pentair PLC (Ireland) 39 2,071 Quanta Services, Inc. 36 2,593
1 ˆ200D$W8F63wsMQCGZŠ 200D$W8F63wsMQCGZ FWPLAN-PFRS54 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB97 2 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ESG LARGE VALUE FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Diversified Financials — (Continued) Health Care Equipment & Services — (Continued) T Rowe Price Group, Inc. 66 $ 9,992 HCA Healthcare, Inc. 73 $ 12,006 75,727 Hologic, Inc.* 60 4,370 Humana, Inc. 31 12,718 Energy — 2.2% Laboratory Corp. of America Apache Corp. 23 326 Holdings* 23 4,682 Baker Hughes Co. 158 3,294 Medtronic PLC (Ireland) 24 2,811 Halliburton Co . 227 4,290 Quest Diagnostics, Inc. 32 3,813 Kinder Morgan, Inc. 527 7,204 UnitedHealth Group, Inc. 22 7,715 National Oilwell Varco, Inc.* 90 1,236 Varian Medical Systems, Inc.* 14 2,450 Schlumberger NV (Curacao) 341 7,444 TechnipFMC PLC (United Kingdom) 126 1,184 96,501 Williams Cos., Inc. (The) 133 2,667 Household & Personal Products — 3.8% 27,645 Church & Dwight Co., Inc. 45 3,925 Clorox Co. (The) 30 6,058 Food & Staples Retailing — 1.4% Colgate-Palmolive Co. 186 15,905 Kroger Co. (The) 180 5,717 Kimberly-Clark Corp. 83 11,191 Sysco Corp. 125 9,282 Procter & Gamble Co. (The) 83 11,549 Walgreens Boots Alliance, Inc. 71 2,831 48,628 17,830 Insurance — 3.3% Food, Beverage & Tobacco — 6.0% American International Group, Inc. 117 4,430 Archer-Daniels-Midland Co. 144 7,259 Aon PLC, Class A (Ireland) 51 10,775 Campbell Soup Co. 82 3,965 Arthur J Gallagher & Co. 41 5,072 Coca-Cola Co. (The) 90 4,936 Cincinnati Financial Corp. 2 175 Conagra Brands, Inc. 114 4,134 Lincoln National Corp. 3 151 Constellation Brands, Inc., Class A 45 9,857 Marsh & McLennan Cos., Inc. 118 13,806 General Mills, Inc. 146 8,585 MetLife, Inc. 75 3,521 Hershey Co. (The) 31 4,722 Principal Financial Group, Inc. 17 843 JM Smucker Co. (The) 28 3,237 Prudential Financial, Inc. 52 4,060 Kellogg Co. 84 5,227 Kraft Heinz Co. (The) 284 9,843 42,833 Lamb Weston Holdings, Inc. 21 1,654 Materials — 7.5% McCormick & Co., Inc., Amcor PLC (Jersey) 363 4,273 non-voting shares 61 5,832 Avery Dennison Corp. 20 3,102 Molson Coors Beverage Co., CF Industries Holdings, Inc. 50 1,936 Class B 52 2,350 Dow, Inc. 172 9,546 Mondelez International, Inc., Class A 39 2,280 DuPont de Nemours, Inc. 134 9,529 Monster Beverage Corp.* 14 1,295 Eastman Chemical Co. 38 3,811 PepsiCo, Inc. 11 1,631 Ecolab, Inc. 29 6,274 76,807 FMC Corp. 31 3,563 International Paper Co. 111 5,519 Health Care Equipment & Services — 7.5% Linde PLC (Ireland) 56 14,757 AmerisourceBergen Corp. 42 4,106 LyondellBasell Industries NV, Anthem, Inc. 42 13,486 Class A (Netherlands) 8 733 Centene Corp.* 92 5,523 Mosaic Co. (The) 88 2,025 Cigna Corp. 35 7,286 Newmont Corp. 42 2,515 CVS Health Corp. 169 11,543 DaVita, Inc.* 34 3,992
2 ˆ200D$W8F63wsWpLGDŠ 200D$W8F63wsWpLGD FWPLAN-PFRS54 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB97 3 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ESG LARGE VALUE FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Materials — (Continued) Retailing — (Continued) Nucor Corp. 70 $ 3,723 Dollar Tree, Inc.* 9 $ 972 Packaging Corp. of America 22 3,034 eBay, Inc. 193 9,698 PPG Industries, Inc. 67 9,663 Gap, Inc. (The)* 87 1,757 Sealed Air Corp. 40 1,832 Genuine Parts Co. 42 4,218 Sherwin-Williams Co. (The) 11 8,084 Home Depot, Inc. (The) 75 19,922 Westrock Co. 59 2,568 L Brands, Inc. 69 2,566 96,487 LKQ Corp.* 85 2,995 Lowe’s Cos., Inc. 142 22,792 Media & Entertainment — 2.7% O’Reilly Automotive, Inc.* 18 8,146 Charter Communications, Inc., Pool Corp. 10 3,725 Class A* 20 13,231 Ross Stores, Inc. 29 3,561 Comcast Corp., Class A 25 1,310 Target Corp. 112 19,771 Discovery, Inc., Class A* 24 722 Tiffany & Co.* 13 1,709 DISH Network Corp., Class A* 97 3,137 Tractor Supply Co. 28 3,936 Fox Corp., Class A 149 4,339 Ulta Beauty, Inc.* 2 574 Interpublic Group of Cos., Inc. (The) 110 2,587 135,301 News Corp., Class A 69 1,240 Omnicom Group, Inc. 63 3,929 Semiconductors & Semiconductor Equipment — 2.4% ViacomCBS, Inc., Class B 122 4,546 Applied Materials, Inc. 117 10,097 35,041 Intel Corp. 106 5,281 KLA Corp. 25 6,473 Pharmaceuticals, Biotechnology & Life Sciences — 4.9% Lam Research Corp. 3 1,417 AbbVie, Inc. 68 7,286 Maxim Integrated Products, Inc. 13 1,152 Alexion Pharmaceuticals, Inc.* 51 7,968 Teradyne, Inc. 41 4,915 Amgen, Inc. 3690Texas Instruments, Inc. 9 1,477 Biogen, Inc.* 35 8,570 30,812 Gilead Sciences, Inc. 198 11,535 Merck & Co., Inc. 99 8,098 Software & Services — 5.2% PerkinElmer, Inc. 4574Accenture PLC, Class A (Ireland) 38 9,926 Pfizer, Inc. 389 14,319 Broadridge Financial Solutions, Inc. 27 4,136 Thermo Fisher Scientific, Inc. 94,192Gartner, Inc.* 21 3,364 63,232 International Business Machines Corp. 116 14,602 Real Estate — 1.8% NortonLifeLock, Inc. 143 2,972 Alexandria Real Estate Equities, Oracle Corp. 324 20,960 Inc., REIT 23 4,099 Paychex, Inc. 87 8,107 CBRE Group, Inc., Class A* 78 4,892 Western Union Co. (The) 124 2,721 Public Storage, REIT 13 3,002 66,788 Ventas, Inc., REIT 90 4,414 Weyerhaeuser Co., REIT 184 6,170 Technology Hardware & Equipment — 6.1% 22,577 Amphenol Corp., Class A 12 1,569 Apple, Inc. 144 19,107 Retailing — 10.6% CDW Corp. 34 4,481 Advance Auto Parts, Inc. 16 2,520 Cisco Systems, Inc. 426 19,064 AutoZone, Inc.* 6 7,113 Corning, Inc. 176 6,336 Best Buy Co., Inc. 63 6,287 F5 Networks, Inc.* 14 2,463 Dollar General Corp. 62 13,039
3 ˆ200D$W8F63wsdReGYŠ 200D$W8F63wsdReGY FWPLAN-PFRS54 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB97 4 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM ESG LARGE VALUE FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Number of Shares Value COMMON STOCKS — (Continued) Technology Hardware & Equipment — (Continued) HP, Inc. 394 $ 9,688 Juniper Networks, Inc. 91 2,048 Seagate Technology PLC (Ireland) 61 3,792 TE Connectivity Ltd. (Switzerland) 69 8,354 Vontier Corp.* 40 1,336 78,238 Telecommunication Services — 2.9% AT&T, Inc. 635 18,263 Verizon Communications, Inc. 331 19,446 37,709 Transportation — 2.5% CH Robinson Worldwide, Inc. 32 3,004 CSX Corp. 82 7,442 Expeditors International of Washington, Inc. 41 3,900 FedEx Corp. 11 2,856 JB Hunt Transport Services, Inc. 25 3,416 Norfolk Southern Corp. 47 11,168 United Parcel Service, Inc., Class B 3 505 32,291 Utilities — 0.2% NRG Energy, Inc. 57 2,140 TOTAL COMMON STOCKS (Cost $1,038,732) 1,275,539 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6% 7,457 NET ASSETS - 100.0% $ 1,282,996
* Non-income producing. PLC Public Limited Company REIT Real Estate Investment Trust
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, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
4 ˆ200D$W8F63wlBQ8GnŠ 200D$W8F63wlBQ8Gn LSWP64RS21 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB73 1 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED CORE FUND
Portfolio of Investment December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value LONG POSITIONS — 139.4% COMMON STOCKS — (Continued) COMMON STOCKS — 139.4% Commercial & Professional Services — 1.1% Automobiles & Components — 0.5% Cintas Corp.† 23 $ 8,130 BorgWarner, Inc.† 1,465 $ 56,608 Republic Services, Inc.† 436 41,987 Robert Half International, Inc.† 1,099 68,665 Banks — 0.1% Waste Management, Inc.† 45 5,307 Citigroup, Inc.† 13 802 124,089 Fifth Third Bancorp† 252 6,948 First Republic Bank† 6 882 Consumer Durables & Apparel — 1.4% 8,632 DR Horton, Inc.† 17 1,172 Garmin Ltd. (Switzerland) 10 1,197 Capital Goods — 15.7% Hanesbrands, Inc.†(a) 2,278 33,213 3M Co.† 1,035 180,908 Hasbro, Inc.† 10 935 A.O. Smith Corp. 1,373 75,268 Leggett & Platt, Inc.† 32 1,418 AMETEK, Inc.† 45 5,442 Newell Brands, Inc. 63 1,337 Carrier Global Corp.† 2,363 89,132 NIKE, Inc., Class B 503 71,159 Caterpillar, Inc.† 20 3,640 PulteGroup, Inc.† 147 6,339 Cummins, Inc.† 727 165,102 PVH Corp.† 78 7,323 Dover Corp.† 61 7,701 Tapestry, Inc.† 6 186 Eaton Corp. PLC (Ireland)† 50 6,007 Whirlpool Corp. 145 26,171 Emerson Electric Co.† 288 23,147 150,450 Flowserve Corp.†(a) 256 9,434 Fortive Corp.† 113 8,003 Consumer Services — 1.7% Fortune Brands Home & Security, Darden Restaurants, Inc.† 157 18,702 Inc.† 140 12,001 Hilton Worldwide Holdings, Inc. 273 30,374 General Dynamics Corp. 13 1,935 Las Vegas Sands Corp. 53 3,159 Honeywell International, Inc.† 366 77,848 McDonald’s Corp.† 118 25,320 Howmet Aerospace, Inc.† 609 17,381 MGM Resorts International† 529 16,669 Huntington Ingalls Industries, Inc. 240 40,915 Yum! Brands, Inc.† 817 88,693 IDEX Corp. 100 19,920 182,917 Jacobs Engineering Group, Inc. 42 4,576 Diversified Financials — 2.9% Johnson Controls International Berkshire Hathaway, Inc., Class B†* 755 175,062 PLC (Ireland)† 2,927 136,369 BlackRock, Inc.† 50 36,077 Lockheed Martin Corp.† 437 155,126 Discover Financial Services† 117 10,592 Masco Corp.† 3,028 166,328 Franklin Resources, Inc.† 244 6,098 Northrop Grumman Corp.† 40 12,189 Goldman Sachs Group, Inc. (The)† 24 6,329 Otis Worldwide Corp.† 23 1,554 Intercontinental Exchange, Inc.† 19 2,190 PACCAR, Inc. 272 23,468 Invesco Ltd. (Bermuda)† 571 9,952 Pentair PLC (Ireland)† 1,427 75,759 Nasdaq, Inc.† 356 47,255 Quanta Services, Inc.† 1,969 141,807 S&P Global, Inc.† 5 1,644 Raytheon Technologies Corp.† 14 1,001 Synchrony Financial† 137 4,755 Roper Technologies, Inc.† 25 10,777 T Rowe Price Group, Inc.† 96 14,533 Snap-on, Inc.† 256 43,812 314,487 Trane Technologies PLC (Ireland)† 1,000 145,160 TransDigm Group, Inc.†* 31 19,184 Energy — 0.8% United Rentals, Inc.†(a)* 46 10,668 Apache Corp. 861 12,218 WW Grainger, Inc.† 79 32,259 ConocoPhillips† 63 2,519 EOG Resources, Inc. 465 23,190 1,723,821
1 ˆ200D$W8F63wlPV8oKŠ 200D$W8F63wlPV8oK LSWP64RS21 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB73 2 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED CORE FUND
Portfolio of Investment (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Energy — (Continued) Health Care Equipment & Services — (Continued) Halliburton Co.† 161 $ 3,043 DENTSPLY SIRONA, Inc.† 87 $ 4,555 HollyFrontier Corp. 91 2,352 Henry Schein, Inc.†* 14 936 Kinder Morgan, Inc.† 184 2,515 Hologic, Inc.†* 1,167 84,993 Marathon Petroleum Corp.† 12 496 Humana, Inc. 117 48,002 Phillips 66 262 18,324 Medtronic PLC (Ireland)† 34 3,983 Schlumberger NV (Curacao)† 846 18,468 Quest Diagnostics, Inc.† 1,147 136,688 83,125 Stryker Corp.† 12 2,940 UnitedHealth Group, Inc.† 20 7,014 Food & Staples Retailing — 6.7% Universal Health Services, Inc., Class Costco Wholesale Corp. 66 24,867 B† 55 7,562 Kroger Co. (The)† 11,981 380,517 651,102 Sysco Corp.† 159 11,807 Walgreens Boots Alliance, Inc. 470 18,744 Household & Personal Products — 10.2% Walmart, Inc.† 2,091 301,418 Church & Dwight Co., Inc.† 1,490 129,973 737,353 Clorox Co. (The)† 1,941 391,927 Colgate-Palmolive Co.† 2,246 192,055 Food, Beverage & Tobacco — 24.0% Kimberly-Clark Corp.† 1,716 231,368 Altria Group, Inc.† 5,643 231,363 Procter & Gamble Co. (The)† 1,227 170,725 Archer-Daniels-Midland Co.† 2,443 123,152 1,116,048 Campbell Soup Co.† 6,069 293,436 Coca-Cola Co. (The)† 969 53,140 Insurance — 2.3% Conagra Brands, Inc.† 8,583 311,220 Aflac, Inc.† 37 1,645 Constellation Brands, Inc., Class A† 456 99,887 Aon PLC, Class A (Ireland)† 508 107,325 General Mills, Inc.† 4,972 292,354 Cincinnati Financial Corp.† 20 1,747 Hershey Co. (The) 203 30,923 Hartford Financial Services Group, Hormel Foods Corp.† 714 33,280 Inc. (The)† 14 686 JM Smucker Co. (The)† 2,514 290,618 Marsh & McLennan Cos., Inc.† 1,136 132,912 Kellogg Co.† 4,542 282,649 MetLife, Inc.† 89 4,179 Kraft Heinz Co. (The)† 4,102 142,175 Prudential Financial, Inc.† 36 2,810 Lamb Weston Holdings, Inc.† 69 5,433 Travelers Cos., Inc. (The)† 18 2,527 McCormick & Co., Inc., non-voting WR Berkley Corp.† 12 797 shares† 873 83,459 254,628 Molson Coors Beverage Co., Class Materials — 7.1% B† 904 40,852 Amcor PLC (Jersey)† 8,818 103,788 Mondelez International, Inc., Class Celanese Corp.† 67 8,706 A† 56 3,274 CF Industries Holdings, Inc.† 227 8,787 Philip Morris International, Inc.† 1,469 121,618 Dow, Inc.† 10 555 Tyson Foods, Inc., Class A† 2,958 190,613 DuPont de Nemours, Inc.† 292 20,764 2,629,446 Eastman Chemical Co.† 646 64,781 Ecolab, Inc. 156 33,752 Health Care Equipment & Services — 5.9% FMC Corp. 22 2,528 Abbott Laboratories† 431 47,190 International Paper Co.† 89 4,425 Anthem, Inc.† 23 7,385 Linde PLC (Ireland)† 49 12,912 CVS Health Corp.† 1,581 107,982 Danaher Corp.† 173 38,430 LyondellBasell Industries NV, DaVita, Inc.†* 1,307 153,442 Class A (Netherlands)† 63 5,775
2 ˆ200D$W8F63wlbhSoÁŠ 200D$W8F63wlbhSo` LSWP64RS21 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB73 3 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED CORE FUND
Portfolio of Investment (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Materials — (Continued) Real Estate — (Continued) Newmont Corp.† 3,030 $ 181,467 Simon Property Group, Inc., REIT† 1 $ 85 Nucor Corp.† 1,053 56,009 Ventas, Inc., REIT† 171 8,386 PPG Industries, Inc.† 678 97,781 Welltower, Inc., REIT† 16 1,034 Sealed Air Corp.† 3,430 157,060 Weyerhaeuser Co., REIT† 939 31,485 Sherwin-Williams Co. (The) 27 19,843 47,471 778,933 Retailing — 15.4% Media & Entertainment — 8.3% Advance Auto Parts, Inc.† 68 10,711 Activision Blizzard, Inc.† 188 17,456 Amazon.com, Inc.†* 123 400,602 Alphabet, Inc., Class A†* 165 289,186 AutoZone, Inc.†* 30 35,563 Charter Communications, Inc., Best Buy Co., Inc.† 84 8,382 Class A†* 238 157,449 Dollar General Corp.† 1,219 256,356 Discovery, Inc., Class A(a)*10301Dollar Tree, Inc.†* 491 53,048 Electronic Arts, Inc.† 141 20,248 eBay, Inc.† 5,843 293,611 Facebook, Inc., Class A†* 694 189,573 Expedia Group, Inc.† 59 7,812 Fox Corp., Class A† 1,309 38,118 Gap, Inc. (The)†* 584 11,791 Interpublic Group of Cos., Inc. (The)† 52 1,223 Genuine Parts Co.† 848 85,165 Netflix, Inc.* 252 136,264 Home Depot, Inc. (The)† 285 75,702 Take-Two Interactive Software, Inc.†* 27 5,610 L Brands, Inc. 865 32,169 Walt Disney Co. (The)* 266 48,194 LKQ Corp.†* 522 18,395 903,622 Lowe’s Cos., Inc.† 523 83,947 O’Reilly Automotive, Inc.†* 1 453 Pharmaceuticals, Biotechnology & Life Sciences — 6.3% Target Corp.† 1,114 196,654 AbbVie, Inc. 265 28,395 Tractor Supply Co.† 689 96,860 Alexion Pharmaceuticals, Inc.†* 524 81,870 Ulta Beauty, Inc.†* 57 16,368 Amgen, Inc. 1230 1,683,589 Biogen, Inc.†* 37 9,060 Bristol-Myers Squibb Co. 4248Semiconductors & Semiconductor Equipment — 0.2% Gilead Sciences, Inc.† 2,745 159,924 Applied Materials, Inc.† 68 5,868 Illumina, Inc.†* 36 13,320 Broadcom, Inc.† 4 1,751 Johnson & Johnson† 889 139,911 NVIDIA Corp.† 5 2,611 Merck & Co., Inc.† 67 5,481 Qorvo, Inc.†* 24 3,990 PerkinElmer, Inc.† 25 3,587 Skyworks Solutions, Inc.† 25 3,822 Pfizer, Inc.† 5,536 203,780 18,042 Thermo Fisher Scientific, Inc. 75 34,933 Software & Services — 11.2% Viatris, Inc.* 626 11,731 Accenture PLC, Class A (Ireland)† 18 4,702 692,470 Automatic Data Processing, Inc.† 8 1,410 Real Estate — 0.4% Broadridge Financial Solutions, Inc.† 720 110,304 Alexandria Real Estate Equities, FleetCor Technologies, Inc.†* 5 1,364 Inc., REIT† 2 356 Gartner, Inc.†* 4 641 CBRE Group, Inc., Class A†* 10 627 International Business Machines Kimco Realty Corp., REIT† 88 1,321 Corp.† 353 44,436 Prologis, Inc., REIT† 1 100 Mastercard, Inc., Class A† 243 86,736 Public Storage, REIT 12 2,771 Microsoft Corp.† 1,842 409,698 Realty Income Corp., REIT† 21 1,306 NortonLifeLock, Inc.† 6,657 138,332
3 ˆ200D$W8F63wlk0=oHŠ 200D$W8F63wlk0=oH LSWP64RS21 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB73 4 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED CORE FUND
Portfolio of Investment (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) SHORT POSITIONS — (40.4)% Software & Services — (Continued) COMMON STOCKS — (40.4)% Oracle Corp.† 2,961 $ 191,547 Automobiles & Components — (0.6)% Paychex, Inc.† 214 19,940 Aptiv PLC (Jersey) (354) $ (46,123) PayPal Holdings, Inc.†* 285 66,747 Tesla, Inc.* (32) (22,581) Visa, Inc., Class A† 517 113,083 (68,704) Western Union Co. (The)† 1,548 33,963 Banks — (0.7)% 1,222,903 Citizens Financial Group, Inc. (247) (8,833) Technology Hardware & Equipment — 8.3% Huntington Bancshares, Inc. (29) (366) Apple, Inc.† 3,895 516,828 KeyCorp (356) (5,842) CDW Corp.† 7 922 Regions Financial Corp. (1,579) (25,453) Cisco Systems, Inc.† 3,244 145,169 Truist Financial Corp. (816) (39,111) F5 Networks, Inc.†* 124 21,817 (79,605) FLIR Systems, Inc.† 169 7,407 HP, Inc.† 459 11,287 Capital Goods — (0.7)% Juniper Networks, Inc.† 6,642 149,511 Boeing Co. (The) (364) (77,918) NetApp, Inc.† 3 199 Ingersoll Rand, Inc.* (27) (1,230) TE Connectivity Ltd. (Switzerland)† 57 6,901 (79,148) Vontier Corp.* 1,339 44,723 Commercial & Professional Services — (0.3)% 904,764 Copart, Inc.* (231) (29,395) Telecommunication Services — 4.8% Equifax, Inc. (6) (1,157) AT&T, Inc.† 6,590 189,528 (30,552) Verizon Communications, Inc.† 5,758 338,282 Consumer Durables & Apparel — (0.6)% 527,810 NVR, Inc.* (11) (44,878) Transportation — 3.6% VF Corp. (230) (19,644) CH Robinson Worldwide, Inc.†(a) 1,577 148,033 (64,522) CSX Corp.† 93 8,440 Consumer Services — (0.1)% Expeditors International of Chipotle Mexican Grill, Inc.* (3) (4,160) Washington, Inc.† 2,200 209,242 Starbucks Corp. (64) (6,847) JB Hunt Transport Services, Inc.† 5 683 (11,007) Norfolk Southern Corp.† 22 5,227 Southwest Airlines Co. 414 19,297 Diversified Financials — (2.1)% Union Pacific Corp.† 1 208 Ameriprise Financial, Inc. (109) (21,182) 391,130 Capital One Financial Corp. (82) (8,106) MarketAxess Holdings, Inc. (47) (26,816) Utilities — 0.5% Moody’s Corp. (58) (16,834) Dominion Energy, Inc.† 28 2,106 MSCI, Inc. (219) (97,790) NRG Energy, Inc.† 1,485 55,762 Northern Trust Corp. (68) (6,334) 57,868 Raymond James Financial, Inc. (349) (33,389) TOTAL COMMON STOCKS State Street Corp. (312) (22,707) (Cost $13,538,796) 15,261,308 (233,158) TOTAL LONG POSITIONS - 139.4% 15,261,308 Energy — (1.2)% (Cost $13,538,796) Exxon Mobil Corp. (719) (29,637) Occidental Petroleum Corp. (2,345) (40,592) ONEOK, Inc. (1,487) (57,071) (127,300)
4 ˆ200D$W8F63wlv4aGDŠ 200D$W8F63wlv4aGD LSWP64RS21 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB73 5 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED CORE FUND
Portfolio of Investment (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Health Care Equipment & Services — (5.5)% Real Estate — (Continued) ABIOMED, Inc.* (117) $ (37,931) Vornado Realty Trust, REIT (32) $ (1,195) Align Technology, Inc.* (147) (78,554) (178,289) Boston Scientific Corp.* (1,024) (36,813) Cooper Cos., Inc. (The) (156) (56,678) Retailing — (2.3)% DexCom, Inc.* (279) (103,152) Booking Holdings, Inc.* (22) (49,000) Edwards Lifesciences Corp.* (757) (69,061) Carmax, Inc.* (189) (17,853) IDEXX Laboratories, Inc.* (56) (27,993) Etsy, Inc.* (562) (99,985) Intuitive Surgical, Inc.* (74) (60,539) Tiffany & Co.* (676) (88,860) ResMed, Inc. (101) (21,469) (255,698) Teleflex, Inc. (123) (50,623) Semiconductors & Semiconductor Equipment — (1.7)% West Pharmaceutical Services, Inc. (39) (11,049) Advanced Micro Devices, Inc.* (1,036) (95,012) Zimmer Biomet Holdings, Inc. (303) (46,689) Analog Devices, Inc. (119) (17,580) (600,551) Microchip Technology, Inc. (226) (31,213) Household & Personal Products — (0.2)% QUALCOMM, Inc. (20) (3,047) Estee Lauder Cos., Inc. (The), Xilinx, Inc. (260) (36,860) Class A (70) (18,633) (183,712) Insurance — (0.9)% Software & Services — (6.6)% Everest Re Group Ltd. (Bermuda) (61) (14,279) Akamai Technologies, Inc.* (530) (55,645) Lincoln National Corp. (692) (34,814) Citrix Systems, Inc. (112) (14,571) Loews Corp. (299) (13,461) DXC Technology Co. (2,502) (64,426) Unum Group (428) (9,818) Fidelity National Information Willis Towers Watson PLC (Ireland) (112) (23,596) Services, Inc. (595) (84,169) (95,968) Fiserv, Inc.* (202) (23,000) Fortinet, Inc.* (720) (106,942) Materials — (1.0)% Global Payments, Inc. (456) (98,231) Air Products & Chemicals, Inc. (155) (42,349) Intuit, Inc. (209) (79,389) Albemarle Corp. (230) (33,930) Paycom Software, Inc.* (221) (99,947) Ball Corp. (301) (28,047) Tyler Technologies, Inc.* (103) (44,962) Freeport-McMoRan, Inc. (265) (6,895) VeriSign, Inc.* (234) (50,638) (111,221) (721,920) Pharmaceuticals, Biotechnology & Life Sciences — (2.8)% Technology Hardware & Equipment — (2.5)% Bio-Rad Laboratories, Inc., Class A* (54) (31,479) Arista Networks, Inc.* (138) (40,099) Catalent, Inc.* (855) (88,980) Hewlett Packard Enterprise Co. (603) (7,146) IQVIA Holdings, Inc.* (433) (77,581) IPG Photonics Corp.* (285) (63,780) Perrigo Co. PLC (Ireland) (613) (27,413) Keysight Technologies, Inc.* (340) (44,911) Vertex Pharmaceuticals, Inc.* (345) (81,537) Motorola Solutions, Inc. (2) (340) (306,990) Western Digital Corp. (1,892) (104,798) Xerox Holdings Corp. (396) (9,183) Real Estate — (1.6)% Digital Realty Trust, Inc., REIT (186) (25,949) (270,257) Duke Realty Corp., REIT (218) (8,713) Telecommunication Services — (0.7)% Equinix, Inc., REIT (115) (82,131) T-Mobile US, Inc.* (569) (76,730) Essex Property Trust, Inc., REIT (16) (3,799) Healthpeak Properties, Inc., REIT (1,739) (52,570) Utilities — (8.3)% SL Green Realty Corp., REIT (66) (3,932) Alliant Energy Corp. (423) (21,797)
5 ˆ200D$W8F63wl%GXGIŠ 200D$W8F63wl%GXGI LSWP64RS21 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB73 6 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED CORE FUND
Portfolio of Investment (Concluded) December 31, 2020 (Unaudited)
Number of Shares Value † Security position is either entirely or partially held in a COMMON STOCKS — (Continued) segregated account as collateral for securities sold short. Utilities — (Continued) (a) The security or a portion of this security is on loan at Ameren Corp. (766) $ (59,794) December 31, 2020. The total value of securities on loan at American Electric Power Co., Inc. (370) (30,810) December 31, 2020 was $38,841 which was collateralized by American Water Works Co., Inc. (241) (36,986) $305 in cash and $39,538 of collateral in the form of U.S. Atmos Energy Corp. (510) (48,669) Government Treasury Securities, interest rates ranging from CenterPoint Energy, Inc. (2,195) (47,500) 0.00% - 8.13%, and maturity dates ranging from 1/15/2021 - CMS Energy Corp. (726) (44,293) 8/15/2050. Consolidated Edison, Inc. (211) (15,249) * Non-income producing. DTE Energy Co. (470) (57,063) Edison International (1,059) (66,526) PLC Public Limited Company Entergy Corp. (508) (50,719) REIT Real Estate Investment Trust Evergy, Inc. (594) (32,973) Eversource Energy (672) (58,135) Exelon Corp. (143) (6,037) FirstEnergy Corp. (1,907) (58,373) NextEra Energy, Inc. (503) (38,806) Pinnacle West Capital Corp. (490) (39,176) PPL Corp. (1,158) (32,656) Public Service Enterprise Group, Inc. (376) (21,921) Sempra Energy (361) (45,995) Southern Co. (The) (202) (12,409) WEC Energy Group, Inc. (443) (40,769) Xcel Energy, Inc. (673) (44,869) (911,525) TOTAL COMMON STOCKS (Proceeds $4,086,224) (4,425,490) TOTAL SECURITES SOLD SHORT - (40.4)% (4,425,490) (Proceeds $4,086,224)
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0% 108,596 NET ASSETS - 100.0% $10,944,414
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets as of and for the period ended December 31, 2020.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
6 ˆ200D$W8F63wrsceGbŠ 200D$W8F63wrsceGb LSWP64RS22 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB92 1 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED PLUS FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value LONG POSITIONS — 173.1% COMMON STOCKS — (Continued) COMMON STOCKS — 173.1% Capital Goods — (Continued) Automobiles & Components — 0.5% Sensata Technologies Holding PLC BorgWarner, Inc.† 1,498 $ 57,883 (United Kingdom)†* 234 $ 12,341 Snap-on, Inc.† 203 34,741 Banks — 0.1% Stanley Black & Decker, Inc. 4 714 Citigroup, Inc.† 36 2,220 Timken Co. (The) 127 9,825 Fifth Third Bancorp† 386 10,642 Toro Co. (The) 221 20,960 First Republic Bank† 4 588 Trane Technologies PLC (Ireland)† 812 117,870 13,450 TransDigm Group, Inc.†* 54 33,418 Capital Goods — 17.7% United Rentals, Inc.†* 87 20,176 3M Co.† 931 162,729 Watsco, Inc.† 546 123,696 A.O. Smith Corp. 479 26,259 WW Grainger, Inc.† 79 32,259 Advanced Drainage Systems, Inc.† 309 25,826 2,162,461 AECOM* 7 348 Commercial & Professional Services — 1.8% AGCO Corp.† 641 66,081 Cintas Corp.† 35 12,371 AMETEK, Inc.† 84 10,159 CoreLogic, Inc.† 675 52,191 Carrier Global Corp.† 45 1,697 ManpowerGroup, Inc.† 590 53,206 Caterpillar, Inc. 33 6,007 Republic Services, Inc.† 36 3,467 Cummins, Inc.† 582 132,172 Ritchie Bros Auctioneers, Inc. Dover Corp.† 78 9,848 (Canada) 15 1,043 Eaton Corp. PLC (Ireland)† 91 10,933 Robert Half International, Inc.† 189 11,809 EMCOR Group, Inc. 4 366 Thomson Reuters Corp. (Canada) 349 28,580 Emerson Electric Co.† 259 20,816 TriNet Group, Inc.†* 618 49,811 Flowserve Corp.† 564 20,783 Waste Management, Inc.† 22 2,594 Fortive Corp.† 54 3,824 Fortune Brands Home & Security, 215,072 Inc.† 868 74,405 Consumer Durables & Apparel — 2.9% General Dynamics Corp.† 36 5,358 BRP, Inc., sub-voting shares (Canada) 11 726 Honeywell International, Inc.† 443 94,226 Brunswick Corp. 136 10,369 Howmet Aerospace, Inc.† 2,241 63,958 Deckers Outdoor Corp.* 136 39,002 Hubbell, Inc.† 339 53,152 Garmin Ltd. (Switzerland)† 22 2,633 Johnson Controls International PLC Gildan Activewear, Inc. (Canada)† 1,474 41,287 (Ireland)† 2,650 123,464 Hanesbrands, Inc.† 151 2,202 Lennox International, Inc. 116 31,781 Hasbro, Inc.† 15 1,403 Lockheed Martin Corp.† 428 151,931 Leggett & Platt, Inc.† 118 5,227 Masco Corp.† 5,131 281,846 Newell Brands, Inc.† 120 2,548 MSC Industrial Direct Co., Inc., Class NIKE, Inc., Class B† 352 49,797 A† 303 25,570 PulteGroup, Inc.† 242 10,435 Northrop Grumman Corp.† 45 13,712 PVH Corp.† 131 12,300 Otis Worldwide Corp.† 52 3,513 Tapestry, Inc.† 32 995 Owens Corning† 605 45,835 Tempur Sealy International, Inc.* 1,812 48,924 Pentair PLC (Ireland)† 2,155 114,409 Whirlpool Corp.† 597 107,753 Quanta Services, Inc.† 1,991 143,392 YETI Holdings, Inc.* 241 16,501 Raytheon Technologies Corp.† 58 4,148 352,102 Regal Beloit Corp.† 129 15,842 Roper Technologies, Inc.† 28 12,071
1 ˆ200D$W8F63wrwQnG!Š 200D$W8F63wrwQnG! LSWP64RS22 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB92 2 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Consumer Services — 1.6% Food, Beverage & Tobacco — (Continued) Choice Hotels International, Inc. 74 $ 7,898 Bunge Ltd. (Bermuda)† 2,661 $ 174,508 Darden Restaurants, Inc.† 266 31,686 Campbell Soup Co.† 5,793 280,092 Hilton Worldwide Holdings, Inc.† 5 556 Coca-Cola Co. (The)† 465 25,501 McDonald’s Corp.† 47 10,085 Conagra Brands, Inc.† 6,064 219,881 MGM Resorts International† 1,017 32,046 Constellation Brands, Inc., Class A† 446 97,696 Wendy’s Co. (The) 1,463 32,069 Flowers Foods, Inc.† 2,669 60,399 Wyndham Hotels & Resorts, Inc. 65 3,864 General Mills, Inc.† 4,766 280,241 Yum! Brands, Inc.† 738 80,117 Hershey Co. (The)† 41 6,246 198,321 JM Smucker Co. (The)† 2,609 301,600 Kellogg Co.† 3,936 244,937 Diversified Financials — 5.8% Keurig Dr Pepper, Inc.† 5,517 176,544 American Express Co.† 8 967 Kraft Heinz Co. (The)† 5,995 207,787 Berkshire Hathaway, Inc., Class B* 830 192,452 Lamb Weston Holdings, Inc.† 102 8,031 BlackRock, Inc.† 206 148,637 McCormick & Co., Inc., non-voting Discover Financial Services† 208 18,830 shares† 753 71,987 Franklin Resources, Inc.† 298 7,447 Mondelez International, Inc., Class A 70 4,093 Goldman Sachs Group, Inc. (The)† 39 10,285 PepsiCo, Inc. 11 1,631 Intercontinental Exchange, Inc.† 52 5,995 Philip Morris International, Inc.† 850 70,372 Invesco Ltd. (Bermuda)† 4,667 81,346 Post Holdings, Inc.* 435 43,939 Morgan Stanley† 234 16,036 Tyson Foods, Inc., Class A† 3,183 205,113 Nasdaq, Inc.† 839 111,369 2,821,761 S&P Global, Inc.† 113 37,146 SEI Investments Co.† 180 10,345 Health Care Equipment & Services — 8.3% Synchrony Financial† 35 1,215 Abbott Laboratories† 480 52,555 T Rowe Price Group, Inc.† 472 71,456 Anthem, Inc.† 25 8,027 713,526 CVS Health Corp.† 909 62,085 Danaher Corp.† 192 42,651 Energy — 0.7% DaVita, Inc.†* 1,470 172,578 Canadian Natural Resources Ltd. DENTSPLY SIRONA, Inc.† 257 13,457 (Canada) 1,817 43,699 Henry Schein, Inc.†* 19 1,270 ConocoPhillips† 106 4,239 Hologic, Inc.†* 2,206 160,663 Halliburton Co.† 1,175 22,208 Humana, Inc.† 398 163,287 Kinder Morgan, Inc.† 306 4,183 Laboratory Corp. of America Holdings* 150 30,532 New Fortress Energy, Inc. 253 13,558 Medtronic PLC (Ireland)† 530 62,084 87,887 Quest Diagnostics, Inc.† 1,297 154,563 Food & Staples Retailing — 8.4% Stryker Corp.† 35 8,576 Albertsons Cos, Inc., Class A(a) 60 1,055 UnitedHealth Group, Inc.† 166 58,213 BJ’s Wholesale Club Holdings, Inc.†* 7,220 269,162 Universal Health Services, Inc., Class Kroger Co. (The)† 11,139 353,775 B† 187 25,712 Sysco Corp.† 239 17,748 Zimmer Biomet Holdings, Inc.† 7 1,079 Walmart, Inc.† 2,665 384,160 1,017,332 1,025,900 Household & Personal Products — 9.4% Food, Beverage & Tobacco — 23.0% Church & Dwight Co., Inc.† 970 84,613 Altria Group, Inc.† 5,878 240,998 Clorox Co. (The)† 1,961 395,965 Archer-Daniels-Midland Co.† 1,987 100,165
2 ˆ200D$W8F63wr#YPG-Š 200D$W8F63wr#YPG- LSWP64RS22 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB92 3 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Household & Personal Products — (Continued) Materials — (Continued) Colgate-Palmolive Co.† 2,715 $ 232,160 Southern Copper Corp.† 1,050 $ 68,376 Kimberly-Clark Corp.† 1,768 238,379 1,124,068 Procter & Gamble Co. (The)† 1,357 188,813 Reynolds Consumer Products, Inc. 225 6,759 Media & Entertainment — 8.5% Activision Blizzard, Inc.† 209 19,406 1,146,689 Alphabet, Inc., Class A†* 183 320,733 Insurance — 1.7% Charter Communications, Inc., Class Aflac, Inc.† 49 2,179 A†* 341 225,589 Aon PLC, Class A (Ireland)† 301 63,592 Comcast Corp., Class A† 64 3,354 Chubb Ltd. (Switzerland)† 23 3,540 Electronic Arts, Inc.† 78 11,201 Cincinnati Financial Corp.† 39 3,407 Facebook, Inc., Class A†* 771 210,606 Everest Re Group Ltd. (Bermuda)† 5 1,170 Interpublic Group of Cos., Inc. (The)† 96 2,258 Hartford Financial Services Group, Netflix, Inc.* 14 7,570 Inc. (The)† 20 980 Roku, Inc.* 165 54,783 Marsh & McLennan Cos., Inc.† 1,060 124,020 Shaw Communications, Inc., Class B MetLife, Inc.† 131 6,150 (Canada)† 2,609 45,814 Prudential Financial, Inc.† 56 4,372 Take-Two Interactive Software, Inc.†* 31 6,441 Travelers Cos., Inc. (The)† 35 4,913 Walt Disney Co. (The)†* 691 125,195 WR Berkley Corp.† 7 465 Warner Music Group Corp., Class A 58 2,203 214,788 1,035,153 Materials — 9.2% Pharmaceuticals, Biotechnology & Life Sciences — 15.8% Amcor PLC (Jersey)† 11,404 134,225 AbbVie, Inc.† 2,129 228,122 Avery Dennison Corp. 5 775 Alexion Pharmaceuticals, Inc.†* 2,021 315,761 Berry Global Group, Inc.* 259 14,553 Amgen, Inc. 359 82,541 Celanese Corp.† 99 12,864 Biogen, Inc.†* 1,008 246,819 Crown Holdings, Inc.* 21 2,104 Blueprint Medicines Corp.* 257 28,822 DuPont de Nemours, Inc.† 537 38,186 Gilead Sciences, Inc.† 6,508 379,156 Eastman Chemical Co.† 514 51,544 Illumina, Inc.†* 39 14,430 Ecolab, Inc.† 134 28,992 Jazz Pharmaceuticals PLC (Ireland)†* 217 35,816 FMC Corp.† 190 21,837 Johnson & Johnson† 992 156,121 International Paper Co.† 139 6,911 Merck & Co., Inc.† 111 9,080 Linde PLC (Ireland)† 93 24,506 PerkinElmer, Inc.† 56 8,036 LyondellBasell Industries NV, Pfizer, Inc.† 4,106 151,142 Class A (Netherlands)† 122 11,183 Thermo Fisher Scientific, Inc.† 152 70,799 NewMarket Corp.† 62 24,694 United Therapeutics Corp.†* 1,376 208,863 Newmont Corp.† 136 8,145 Viatris, Inc.* 222 4,160 Nucor Corp.† 271 14,414 1,939,668 Nutrien Ltd. (Canada)† 1,791 86,255 PPG Industries, Inc.† 675 97,348 Real Estate — 0.8% Reliance Steel & Aluminum Co. 68 8,143 Alexandria Real Estate Equities, Inc., RPM International, Inc.† 789 71,625 REIT†. 6 1,069 Scotts Miracle-Gro Co. (The)† 774 154,134 CBRE Group, Inc., Class A†* 34 2,132 Sealed Air Corp.† 3,272 149,825 Kimco Realty Corp., REIT† 113 1,696 Sherwin-Williams Co. (The)† 126 92,599 Realty Income Corp., REIT† 41 2,549 Sonoco Products Co.† 14 830
3 ˆ200D$W8F63ws1Vno3Š 200D$W8F63ws1Vno3 LSWP64RS22 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB92 4 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Real Estate — (Continued) Software & Services — (Continued) Simon Property Group, Inc., REIT† 20 $ 1,706 CDK Global, Inc.† 1,744 $ 90,392 Ventas, Inc., REIT† 394 19,322 CGI, Inc. (Canada)†* 569 45,127 Welltower, Inc., REIT† 24 1,551 Citrix Systems, Inc.† 8 1,041 Weyerhaeuser Co., REIT† 1,973 66,155 FleetCor Technologies, Inc.†* 9 2,455 96,180 International Business Machines Corp.† 126 15,861 Retailing — 19.6% Leidos Holdings, Inc.† 12 1,261 Advance Auto Parts, Inc.† 387 60,956 Mastercard, Inc., Class A† 270 96,374 Amazon.com, Inc.†* 135 439,685 Microsoft Corp.† 2,046 455,071 AutoNation, Inc.†* 581 40,548 NortonLifeLock, Inc.† 1,392 28,926 AutoZone, Inc.†* 83 98,391 Open Text Corp. (Canada) 168 7,637 Best Buy Co., Inc.† 99 9,879 Oracle Corp.† 4,676 302,490 Dollar General Corp.† 96 20,189 Paychex, Inc.† 1,247 116,195 Dollar Tree, Inc.†* 324 35,005 PayPal Holdings, Inc.†* 317 74,241 eBay, Inc.† 8,645 434,411 SS&C Technologies Holdings, Inc.† 1,567 113,999 Expedia Group, Inc.† 116 15,358 Visa, Inc., Class A† 575 125,770 Gap, Inc. (The)†* 518 10,458 Western Union Co. (The)† 165 3,620 Genuine Parts Co.† 1,225 123,027 1,902,182 Home Depot, Inc. (The)† 214 56,843 Kohl’s Corp.† 1,394 56,722 Technology Hardware & Equipment — 9.6% L Brands, Inc. 961 35,740 Apple, Inc.† 4,481 594,584 LKQ Corp.†* 519 18,290 Arrow Electronics, Inc.†* 1,743 169,594 Lowe’s Cos., Inc.† 1,398 224,393 CDW Corp. 13 1,713 O’Reilly Automotive, Inc.†* 113 51,140 Cisco Systems, Inc.† 4,781 213,950 Pool Corp.† 224 83,440 F5 Networks, Inc.†* 40 7,038 Qurate Retail, Inc., Series A 480 5,266 FLIR Systems, Inc.† 248 10,870 Target Corp.† 1,265 223,310 HP, Inc.† 592 14,557 Tractor Supply Co.† 1,077 151,405 Jabil, Inc. 24 1,021 Ulta Beauty, Inc.†* 104 29,865 Juniper Networks, Inc.† 2,624 59,066 Williams-Sonoma, Inc.† 1,721 175,267 NetApp, Inc.† 10 662 2,399,588 SYNNEX Corp.† 660 53,750 TE Connectivity Ltd. (Switzerland)† 159 19,250 Semiconductors & Semiconductor Equipment — 1.7% Vontier Corp.* 853 28,490 Applied Materials, Inc.† 98 8,457 1,174,545 First Solar, Inc.†* 1,866 184,585 NVIDIA Corp.† 7 3,655 Telecommunication Services — 6.4% Qorvo, Inc.†* 51 8,480 AT&T, Inc.† 6,832 196,488 Skyworks Solutions, Inc.† 44 6,727 BCE, Inc. (Canada)† 3,287 140,684 211,904 Rogers Communications, Inc., Class B (Canada)† 1,300 60,567 Software & Services — 15.5% TELUS Corp. (Canada) 36 713 Accenture PLC, Class A (Ireland)† 94 24,554 T-Mobile US, Inc.†* 16 2,158 Amdocs, Ltd. (Guernsey)† 2,241 158,954 Verizon Communications, Inc.† 6,536 383,990 Automatic Data Processing, Inc.† 4 705 784,600 Booz Allen Hamilton Holding Corp.† 1,554 135,478 Broadridge Financial Solutions, Inc.† 666 102,031
4 ˆ200D$W8F63xaRQ3GzŠ 200D$W8F63xaRQ3Gz VDI-W7-PF10-035 BNY MELLON ASSET SER Donnelley Financial14.4.13.0 LSWkumar4ap 24-Feb-2021 13:41 EST 120068 MB92 5 8* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Transportation — 3.6% Banks — (Continued) Alaska Air Group, Inc.† 21 $ 1,092 Prosperity Bancshares, Inc. (197) $ (13,664) Canadian National Railway Co. Regions Financial Corp. (528) (8,511) (Canada)† 680 74,698 Signature Bank (168) (22,729) CH Robinson Worldwide, Inc.† 1,084 101,755 South State Corp. (180) (13,014) CSX Corp.† 152 13,794 Synovus Financial Corp. (453) (14,664) Expeditors International of TCF Financial Corp. (1,606) (59,454) Washington, Inc.† 2,206 209,813 Truist Financial Corp. (54) (2,588) JB Hunt Transport Services, Inc.† 70 9,566 (339,597) Kansas City Southern† 4 817 Norfolk Southern Corp. 24 5,703 Capital Goods — (7.8)% Southwest Airlines Co. 62 2,890 AerCap Holdings NV (Netherlands)* (251) (11,440) TFI International, Inc. (Canada)† 512 26,409 Axon Enterprise, Inc.* (773) (94,716) Ballard Power Systems, Inc. 446,537 (Canada)* (5,327) (124,652) Utilities — 0.5% Boeing Co. (The) (847) (181,309) Dominion Energy, Inc.† 33 2,482 Mercury Systems, Inc.* (677) (59,617) NRG Energy, Inc.† 1,306 49,040 Plug Power, Inc.* (4,723) (160,157) Public Service Enterprise Group, Sunrun, Inc.* (2,379) (165,055) Inc.† 3 175 Trex Co., Inc.* (23) (1,926) Vistra Corp.† 209 4,109 Virgin Galactic Holdings, Inc.* (4,587) (108,850) 55,806 WillScot Mobile Mini Holdings Corp.* (2,249) (52,109) TOTAL COMMON STOCKS (959,831) (Cost $18,675,345) 21,197,403 Commercial & Professional Services — (0.0)% TOTAL LONG POSITIONS - 173.1% Clarivate PLC (Jersey)* (196) (5,823) (Cost $18,675,345) 21,197,403 Consumer Durables & Apparel — (0.4)% Columbia Sportswear Co (249) (21,758) SHORT POSITIONS — (74.2)% Skechers U.S.A., Inc., Class A* (314) (11,285) COMMON STOCKS — (74.2)% VF Corp. (123) (10,505) Automobiles & Components — (0.3)% Lear Corp. (161) (25,604) (43,548) Tesla, Inc.* (19) (13,408) Consumer Services — (0.3)% (39,012) Aramark. (61) (2,347) Caesars Entertainment, Inc.* (214) (15,894) Banks — (2.8)% Planet Fitness, Inc., Class A* (23) (1,785) Comerica, Inc. (573) (32,008) Texas Roadhouse, Inc. (248) (19,384) Cullen/Frost Bankers, Inc. (147) (12,823) East West Bancorp, Inc. (148) (7,505) (39,410) Essent Group Ltd. (Bermuda) (391) (16,891) Diversified Financials — (0.2)% First Financial Bankshares, Inc. (210) (7,597) Credit Acceptance Corp.* (3) (1,038) First Horizon Corp. (2,864) (36,545) Raymond James Financial, Inc. (118) (11,289) Huntington Bancshares, Inc. (2,590) (32,712) XP, Inc., Class A (Cayman Islands)* (244) (9,679) M&T Bank Corp. (219) (27,879) (22,006) New York Community Bancorp, Inc. (6) (63) People’s United Financial, Inc. (2,299) (29,726) Energy — (2.5)% Pinnacle Financial Partners, Inc. (19) (1,224) Cameco Corp. (Canada) (3) (40) Cenovus Energy, Inc. (Canada) (14,955) (90,328)
5 ˆ200D$W8F63wsJLxG7Š 200D$W8F63wsJLxG7 LSWP64RS22 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB92 6 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Energy — (Continued) Materials — (Continued) Exxon Mobil Corp. (2,412) $ (99,423) Kirkland Lake Gold Ltd. (Canada) (1,205) $ (49,730) Hess Corp. (219) (11,561) Novagold Resources, Inc. (Canada)* (132) (1,276) Occidental Petroleum Corp. (557) (9,642) Teck Resources Ltd., Class B ONEOK, Inc. (840) (32,239) (Canada) (3,450) (62,618) Pembina Pipeline Corp. (Canada) (421) (9,961) (237,180) Suncor Energy, Inc. (Canada) (3,195) (53,612) Media & Entertainment — (0.3)% (306,806) ANGI Homeservices, Inc., Class A* (1) (13) Food & Staples Retailing — (0.2)% Pinterest, Inc., Class A* (72) (4,745) Grocery Outlet Holding Corp.* (308) (12,089) Zynga, Inc., Class A* (3,681) (36,331) Performance Food Group Co.* (134) (6,380) (41,089) (18,469) Pharmaceuticals, Biotechnology & Life Sciences — (13.9)% Food, Beverage & Tobacco — (1.0)% 10X Genomics, Inc., Class A* (236) (33,418) Beyond Meat, Inc.* (714) (89,250) ACADIA Pharmaceuticals, Inc.* (1,310) (70,033) Freshpet, Inc.* (236) (33,510) Acceleron Pharma, Inc.* (127) (16,248) (122,760) Adaptive Biotechnologies Corp.* (1,130) (66,817) Agios Pharmaceuticals, Inc.* (160) (6,933) Health Care Equipment & Services — (6.1)% Allakos, Inc.* (481) (67,340) 1Life Healthcare, Inc.* (368) (16,063) Allogene Therapeutics, Inc.* (1,358) (34,276) Change Healthcare, Inc.* (3,031) (56,528) Alnylam Pharmaceuticals, Inc.* (433) (56,277) DexCom, Inc.* (115) (42,518) Amicus Therapeutics, Inc.* (2,082) (48,073) Globus Medical, Inc., Class A* (437) (28,501) Arrowhead Pharmaceuticals, Inc.* (552) (42,355) Guardant Health, Inc.* (879) (113,286) Biohaven Pharmaceutical Holding Haemonetics Corp.* (215) (25,531) Co. Ltd. (British Virgin Islands)* (853) (73,111) HealthEquity, Inc.* (1,436) (100,104) BioMarin Pharmaceutical, Inc.* (91) (7,980) Insulet Corp.* (184) (47,036) Bluebird Bio, Inc.* (748) (32,366) Integra Lifesciences Holdings Corp.* (217) (14,088) Bridgebio Pharma, Inc.* (1,370) (97,421) iRhythm Technologies, Inc.* (31) (7,354) Bruker Corp. (508) (27,498) Neogen Corp.* (136) (10,785) ChemoCentryx, Inc.* (599) (37,090) Nevro Corp.* (320) (55,392) Denali Therapeutics, Inc.* (551) (46,152) Novocure Ltd. (Jersey)* (220) (38,069) Editas Medicine, Inc.* (50) (3,506) Omnicell, Inc.* (15) (1,800) Eidos Therapeutics, Inc.* (9) (1,184) Penumbra, Inc.* (352) (61,600) Elanco Animal Health, Inc.* (3,850) (118,080) Schrodinger, Inc.* (3) (238) Exact Sciences Corp.* (3) (397) SmileDirectClub, Inc.* (4,073) (48,632) Fate Therapeutics, Inc.* (406) (36,917) Tandem Diabetes Care, Inc.* (681) (65,158) FibroGen, Inc.* (919) (34,086) Teladoc Health, Inc.* (56) (11,198) Global Blood Therapeutics, Inc.* (1,191) (51,582) (743,881) Invitae Corp.* (1,833) (76,638) Household & Personal Products — (1.5)% Ionis Pharmaceuticals, Inc.* (371) (20,976) Coty, Inc., Class A (26,011) (182,597) Iovance Biotherapeutics, Inc.* (1,995) (92,568) Kodiak Sciences, Inc.* (319) (46,864) Insurance — (0.1)% Mirati Therapeutics, Inc.* (74) (16,253) Unum Group (377) (8,648) Moderna, Inc.* (217) (22,670) Materials — (1.9)% Nektar Therapeutics* (3,042) (51,714) Cleveland Cliffs, Inc. (8,486) (123,556) NeoGenomics, Inc.* (1,338) (72,038)
6 ˆ200D$W8F63wsSMdorŠ 200D$W8F63wsSMdor LSWP64RS22 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB92 7 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Pharmaceuticals, Biotechnology & Life Sciences — Semiconductors & Semiconductor Equipment — (Continued) (Continued) Cree, Inc.* (791) $ (83,767) Novavax, Inc.* (462) $ (51,518) Enphase Energy, Inc.* (496) (87,033) Pacific Biosciences of California, Power Integrations, Inc. (12) (982) Inc.* (613) (15,901) Silicon Laboratories, Inc.* (410) (52,209) PTC Therapeutics, Inc.* (593) (36,191) (229,170) Reata Pharmaceuticals, Inc., Class A* (551) (68,115) Software & Services — (13.2)% TG Therapeutics, Inc.* (726) (37,767) Alteryx, Inc., Class A* (696) (84,766) Turning Point Therapeutics, Inc.* (256) (31,194) Anaplan, Inc.* (1,485) (106,697) Twist Bioscience Corp.* (223) (31,508) Appfolio, Inc., Class A* (383) (68,955) Ultragenyx Pharmaceutical, Inc.* (55) (7,614) Appian Corp.* (371) (60,135) Vir Biotechnology, Inc.* (564) (15,104) Atlassian Corp. PLC, Class A (United Kingdom)* (122) (28,532) (1,703,773) Avalara, Inc.* (7) (1,154) Real Estate — (1.8)% Bill.com Holdings, Inc.* (216) (29,484) Brixmor Property Group, Inc., REIT (1,395) (23,087) BlackBerry Ltd. (Canada)* (60) (398) Cousins Properties, Inc., REIT (103) (3,450) Ceridian HCM Holding, Inc.* (105) (11,189) eXp World Holdings, Inc.* (35) (2,209) Cloudera, Inc.* (2,530) (35,192) Federal Realty Investment Trust, Coupa Software, Inc.* (10) (3,389) REIT (129) (10,980) Digital Turbine, Inc.* (671) (37,952) Healthpeak Properties, Inc., REIT (588) (17,775) Dropbox, Inc., Class A* (3,231) (71,696) Host Hotels & Resorts, Inc., REIT (2,943) (43,056) Dynatrace, Inc.* (1,435) (62,092) Jones Lang LaSalle, Inc.* (358) (53,116) Envestnet, Inc.* (119) (9,792) Rayonier, Inc., REIT (497) (14,602) Everbridge, Inc.* (263) (39,205) Regency Centers Corp., REIT (502) (22,886) Fastly, Inc., Class A* (721) (62,994) Vornado Realty Trust, REIT (774) (28,901) FireEye, Inc.* (588) (13,559) (220,062) Global Payments, Inc. (228) (49,116) Guidewire Software, Inc.* (79) (10,170) Retailing — (8.9)% Lightspeed POS, Inc. (Canada)* (346) (24,355) Booking Holdings, Inc.* (27) (60,136) LiveRamp Holdings, Inc.* (42) (3,074) Carvana Co.* (731) (175,104) Medallia, Inc.* (3,094) (102,783) Five Below, Inc.* (924) (161,682) New Relic, Inc.* (125) (8,175) Floor & Decor Holdings, Inc., Class Nutanix, Inc., Class A* (4,339) (138,284) A* (1,393) (129,340) Paycom Software, Inc.* (9) (4,070) Grubhub, Inc.* (1,015) (75,384) Paylocity Holding Corp.* (31) (6,383) Leslie’s, Inc.* (4) (111) Pegasystems, Inc. (122) (16,258) Nordstrom, Inc. (1,886) (58,862) Proofpoint, Inc.* (823) (112,265) Ollie’s Bargain Outlet Holdings, Inc.* (2,322) (189,870) Q2 Holdings, Inc.* (597) (75,538) Penske Automotive Group, Inc. (85) (5,048) RingCentral, Inc., Class A* (81) (30,697) RH* (381) (170,505) Slack Technologies, Inc., Class A* (1,735) (73,286) Stitch Fix, Inc., Class A* (390) (22,901) Smartsheet, Inc., Class A* (1,247) (86,405) Vroom, Inc.* (643) (26,344) SolarWinds Corp.* (648) (9,688) Wayfair, Inc., Class A* (56) (12,645) Splunk, Inc.* (487) (82,736) (1,087,932) Switch, Inc., Class A (2,487) (40,712) Semiconductors & Semiconductor Equipment — (1.9)% Tenable Holdings, Inc.* (69) (3,606) Cirrus Logic, Inc.* (63) (5,179)
7 ˆ200D$W8F63xaY4JoGŠ 200D$W8F63xaY4JoG VDI-W7-PF10-035 BNY MELLON ASSET SER Donnelley Financial14.4.13.0 LSWkumar4ap 24-Feb-2021 13:42 EST 120068 MB92 8 9* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM HEDGED PLUS FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Software & Services — (Continued) Utilities — (Continued) Workday, Inc., Class A* (44) $ (10,543) NextEra Energy, Inc. (109) $ (8,409) (1,615,325) ONE Gas, Inc. (17) (1,305) PNM Resources, Inc. (24) (1,165) Technology Hardware & Equipment — Sempra Energy (233) (29,687) (2.1)% Southwest Gas Holdings, Inc. (85) (5,164) Novanta, Inc. (Canada)* (35) (4,138) Xcel Energy, Inc. (1) (67) Pure Storage, Inc., Class A* (4,879) (110,314) (590,520) Western Digital Corp. (2,678) (148,334) (262,786) TOTAL COMMON STOCK (Proceeds $8,400,875) (9,085,322) Transportation — (2.2)% Lyft, Inc., Class A* (4,064) (199,664) TOTAL SECURITES SOLD SHORT - (74.2)% Uber Technologies, Inc.* (1,283) (65,433) (Proceeds $8,400,875) (9,085,322) (265,097) OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1% 129,921 Utilities — (4.8)% NET ASSETS - 100.0% $ 12,242,002 Alliant Energy Corp. (277) (14,274) Ameren Corp. (524) (40,903) American Electric Power Co., Inc. (489) (40,719) † Security position is either entirely or partially held in a Atmos Energy Corp. (748) (71,382) segregated account as collateral for securities sold short. Avangrid, Inc. (841) (38,223) (a) The security or portion of this security is on loan at Black Hills Corp. (366) (22,491) December 31, 2020. The total value of securities on loan at Brookfield Renewable Corp., December 31, 2020 was $457 which was collateralized by Class A (Canada) (116) (6,759) $489 in cash. CMS Energy Corp. (555) (33,860) * Non-income producing. DTE Energy Co. (400) (48,564) PLC Public Limited Company Edison International (1,186) (74,504) REIT Real Estate Investment Trust Entergy Corp. (668) (66,693) Essential Utilities, Inc. (1,826) (86,351)
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets as of and for the period ended December 31, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
8 ˆ200D$W8F63wt17xGBŠ 200D$W8F63wt17xGB FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB901 1 8* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — 95.7% COMMON STOCKS — (Continued) Automobiles & Components — 1.2% Capital Goods — (Continued) BorgWarner, Inc.(a) 42,265 $ 1,633,120 Quanta Services, Inc.(a) 60,924 $ 4,387,746 Ford Motor Co. 147,387 1,295,532 Raytheon Technologies Corp. 2,778 198,655 General Motors Co. 51,292 2,135,799 Roper Technologies, Inc. 705 303,918 5,064,451 Snap-on, Inc.(a) 13,442 2,300,464 Stanley Black & Decker, Inc. 4,036 720,668 Banks — 2.6% Trane Technologies PLC (Ireland) 7,427 1,078,103 (a) Bank of America Corp. 56,382 1,708,938 TransDigm Group, Inc.(a) * 5,232 3,237,823 Citigroup, Inc. 4,327 266,803 United Rentals, Inc.* 8,315 1,928,332 (a) Fifth Third Bancorp 57,214 1,577,390 WW Grainger, Inc. 1,761 719,087 First Republic Bank 4,457 654,867 49,611,652 JPMorgan Chase & Co.(a) 13,948 1,772,372 PNC Financial Services Group, Inc. Commercial & Professional Services — 1.4% (The)(a) 9,905 1,475,845 Cintas Corp.(a) 4,668 1,649,951 SVB Financial Group* 3,490 1,353,527 IHS Markit Ltd. (Bermuda) 9,234 829,490 Truist Financial Corp. 8,831 423,270 Nielsen Holdings PLC (United US Bancorp 5,052 235,373 Kingdom) 41,617 868,547 Wells Fargo & Co. 64,878 1,958,018 Republic Services, Inc. 13,301 1,280,886 11,426,403 Robert Half International, Inc. 9,657 603,369 Waste Management, Inc. 8,152 961,365 Capital Goods — 11.5% 6,193,608 3M Co. 11,637 2,034,031 AMETEK, Inc. 10,470 1,266,242 Consumer Durables & Apparel — 3.1% Carrier Global Corp. 26,743 1,008,746 DR Horton, Inc. 10,628 732,482 Caterpillar, Inc. 9,114 1,658,930 Garmin Ltd. (Switzerland) 2,373 283,953 Cummins, Inc. 8,046 1,827,247 Hanesbrands, Inc. 117,227 1,709,170 Deere & Co. 3,072 826,522 Leggett & Platt, Inc. 8,567 379,518 Dover Corp. 13,681 1,727,226 Lennar Corp., Class A 1,635 124,636 Eaton Corp. PLC (Ireland) 8,684 1,043,296 Mohawk Industries, Inc.* 7,913 1,115,337 Emerson Electric Co.(a) 20,836 1,674,589 Newell Brands, Inc. 22,371 474,936 Flowserve Corp.(a) 59,216 2,182,110 NIKE, Inc., Class B 10,123 1,432,101 Fortive Corp. 7,125 504,592 PulteGroup, Inc. 29,218 1,259,880 Fortune Brands Home & Security, PVH Corp.(a) 52,894 4,966,218 Inc. 13,311 1,141,019 Tapestry, Inc. 2,656 82,548 General Dynamics Corp. 3,612 537,538 Whirlpool Corp. 4,415 796,863 Honeywell International, Inc.(a) 10,919 2,322,471 13,357,642 Howmet Aerospace, Inc.(a) 128,734 3,674,068 Illinois Tool Works, Inc. 2,319 472,798 Consumer Services — 1.5% Johnson Controls International PLC Hilton Worldwide Holdings, Inc. 2,864 318,649 (a) (Ireland) 28,512 1,328,374 McDonald’s Corp. 10,865 2,331,412 L3Harris Technologies, Inc. 2,249 425,106 MGM Resorts International 59,022 1,859,783 (a) Lockheed Martin Corp.(a) 7,071 2,510,064 Yum! Brands, Inc. 18,532 2,011,834 Masco Corp.(a) 31,901 1,752,322 6,521,678 Northrop Grumman Corp. 1,116 340,068 Diversified Financials — 3.9% Otis Worldwide Corp. 10,893 735,822 American Express Co. 1,561 188,740 PACCAR, Inc. 4,435 382,652 Berkshire Hathaway, Inc., Class B* 996 230,943 Parker-Hannifin Corp. 3,776 1,028,620 BlackRock, Inc. 687 495,698 Pentair PLC (Ireland) 43,933 2,332,403
1 ˆ200D$W8F63wtM3NoKŠ 200D$W8F63wtM3NoK FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB901 2 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Diversified Financials — (Continued) Food, Beverage & Tobacco — (Continued) Discover Financial Services(a) 33,938 $ 3,072,407 Mondelez International, Inc., Class A 3,182 $ 186,052 Franklin Resources, Inc.(a) 63,913 1,597,186 PepsiCo, Inc. 2,851 422,803 Goldman Sachs Group, Inc. (The)(a) 7,685 2,026,611 Philip Morris International, Inc. 12,930 1,070,475 Intercontinental Exchange, Inc. 6,083 701,309 Tyson Foods, Inc., Class A 23,399 1,507,832 Invesco Ltd. (Bermuda) 188,620 3,287,647 17,393,243 Moody’s Corp. 1,663 482,669 Nasdaq, Inc. 9,115 1,209,925 Health Care Equipment & Services — 5.1% S&P Global, Inc.(a) 8,083 2,657,125 Abbott Laboratories 8,391 918,731 T Rowe Price Group, Inc. 7,048 1,066,997 AmerisourceBergen Corp. 8,567 837,510 Anthem, Inc.(a) 3,808 1,222,711 17,017,257 Cigna Corp. 138 28,729 Energy — 3.7% CVS Health Corp. 17,198 1,174,623 Apache Corp.(a) 128,554 1,824,181 Danaher Corp. 6,578 1,461,237 Chevron Corp.(a) 35,893 3,031,164 DaVita, Inc.* 6,890 808,886 Concho Resources, Inc. 4,828 281,714 DENTSPLY SIRONA, Inc. 21,296 1,115,059 ConocoPhillips(a) 34,185 1,367,058 HCA Healthcare, Inc. 2,067 339,939 EOG Resources, Inc. 26,243 1,308,738 Henry Schein, Inc.* 983 65,723 Halliburton Co.(a) 130,501 2,466,469 Hologic, Inc.(a) * 34,741 2,530,187 Kinder Morgan, Inc.(a) 121,389 1,659,388 Humana, Inc. 1,757 720,844 Marathon Petroleum Corp. 4,792 198,197 McKesson Corp. 3,433 597,067 National Oilwell Varco, Inc.* 89,543 1,229,425 Medtronic PLC (Ireland) 18,706 2,191,221 Phillips 66 840 58,750 Quest Diagnostics, Inc. 4,703 560,456 TechnipFMC PLC (United Kingdom) 146,740 1,379,356 ResMed, Inc. 556 118,183 Williams Cos., Inc. (The) 56,469 1,132,203 STERIS PLC (Ireland) 3,863 732,193 15,936,643 Stryker Corp. 5,407 1,324,931 UnitedHealth Group, Inc. 3,902 1,368,353 Food & Staples Retailing — 1.3% Universal Health Services, Inc., Kroger Co. (The) 9,900 314,424 Class B 8,095 1,113,062 Sysco Corp. 13,928 1,034,293 Varian Medical Systems, Inc.* 10,805 1,890,983 Walgreens Boots Alliance, Inc. 9,327 371,961 West Pharmaceutical Services, Inc. 2,408 682,210 (a) Walmart, Inc. 27,685 3,990,793 Zimmer Biomet Holdings, Inc. 30 4,623 5,711,471 21,807,461 Food, Beverage & Tobacco — 4.0% Household & Personal Products — 1.8% (a) Altria Group, Inc. 36,547 1,498,427 Clorox Co. (The) 2,992 604,145 Archer-Daniels-Midland Co. 11,678 588,688 Colgate-Palmolive Co. 15,667 1,339,685 Campbell Soup Co. 13,764 665,489 Estee Lauder Cos., Inc. (The), (a) Coca-Cola Co. (The) 57,055 3,128,896 Class A 1,549 412,328 Conagra Brands, Inc. 22,940 831,804 Kimberly-Clark Corp. 7,219 973,338 Constellation Brands, Inc., Procter & Gamble Co. (The)(a) 33,380 4,644,493 Class A(a) 11,057 2,422,036 7,973,989 General Mills, Inc. 15,343 902,168 JM Smucker Co. (The) 9,323 1,077,739 Insurance — 2.4% Kellogg Co. 14,294 889,516 Aflac, Inc. 16,949 753,722 Kraft Heinz Co. (The)(a) 50,711 1,757,643 Aon PLC, Class A (Ireland) 8,083 1,707,695 Molson Coors Beverage Co., Arthur J Gallagher & Co. 4,873 602,839 Class B 9,818 443,675
2 ˆ200D$W8F63wtZ=poFŠ 200D$W8F63wtZ=poF FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB901 3 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Insurance — (Continued) Media & Entertainment — (Continued) Assurant, Inc. 1,493 $ 203,376 Electronic Arts, Inc. 2,198 $ 315,633 Cincinnati Financial Corp.(a) 13,255 1,158,089 Facebook, Inc., Class A(a) * 31,996 8,740,027 Globe Life, Inc. 1,688 160,292 Fox Corp., Class A 32,013 932,219 Hartford Financial Services Group, Interpublic Group of Cos., Inc. (The) 24,784 582,920 Inc. (The) 8,333 408,150 Netflix, Inc.* 2,833 1,531,888 Loews Corp. 608 27,372 Omnicom Group, Inc. 3,163 197,276 Marsh & McLennan Cos., Inc. 15,565 1,821,105 Take-Two Interactive Software, Inc.* 785 163,115 MetLife, Inc. 23,642 1,109,992 Twitter, Inc.* 5,519 298,854 Progressive Corp. (The) 3,373 333,522 Walt Disney Co. (The)(a) * 11,560 2,094,441 Prudential Financial, Inc. 14,392 1,123,583 22,657,196 Travelers Cos., Inc. (The) 4,607 646,685 WR Berkley Corp. 6,198 411,671 Pharmaceuticals, Biotechnology & Life Sciences — 4.8% 10,468,093 AbbVie, Inc. 21,308 2,283,152 Materials — 5.7% Agilent Technologies, Inc. 9,962 1,180,397 Amcor PLC (Jersey) 101,476 1,194,373 Alexion Pharmaceuticals, Inc.* 9,098 1,421,471 Avery Dennison Corp. 575 89,188 Amgen, Inc. 1,143 262,799 Celanese Corp. 14,013 1,820,849 Biogen, Inc.* 1,980 484,823 CF Industries Holdings, Inc.(a) 67,559 2,615,209 Bristol-Myers Squibb Co. 12,836 796,217 Dow, Inc. 12,085 670,718 Gilead Sciences, Inc. 19,975 1,163,744 DuPont de Nemours, Inc.(a) 54,046 3,843,211 Illumina, Inc.* 943 348,910 Eastman Chemical Co. 7,372 739,264 Incyte Corp.* 1,469 127,774 Ecolab, Inc.(a) 3,388 733,028 Johnson & Johnson 11,674 1,837,254 FMC Corp. 7,170 824,048 Merck & Co., Inc.(a) 31,383 2,567,129 Freeport-McMoRan, Inc. 11,793 306,854 PerkinElmer, Inc. 6,557 940,930 International Paper Co. 23,461 1,166,481 Pfizer, Inc.(a) 92,593 3,408,348 Linde PLC (Ireland) 7,847 2,067,763 Regeneron Pharmaceuticals, Inc.* 987 476,830 LyondellBasell Industries NV, Thermo Fisher Scientific, Inc.(a) 5,010 2,333,558 Class A (Netherlands) 12,082 1,107,436 Viatris, Inc.* 63,684 1,193,438 Martin Marietta Materials, Inc. 1,622 460,599 20,826,774 Mosaic Co. (The) 50,873 1,170,588 Newmont Corp. 6,055 362,634 Real Estate — 3.3% Nucor Corp. 9,799 521,209 Alexandria Real Estate Equities, Inc., PPG Industries, Inc.(a) 11,422 1,647,281 REIT 5,742 1,023,339 Sealed Air Corp.(a) 53,977 2,471,607 American Tower Corp., REIT 2,878 645,996 Sherwin-Williams Co. (The) 979 719,477 AvalonBay Communities, Inc., REIT 4,494 720,972 Boston Properties, Inc., REIT 4,046 382,468 24,531,817 CBRE Group, Inc., Class A* 7,422 465,508 Media & Entertainment — 5.3% Crown Castle International Corp., Activision Blizzard, Inc. 5,158 478,920 REIT 2,855 454,487 Alphabet, Inc., Class A(a) * 2,936 5,145,751 Extra Space Storage, Inc., REIT 136 15,757 Charter Communications, Inc., Mid-America Apartment Class A* 449 297,036 Communities, Inc., REIT 9,996 1,266,393 Comcast Corp., Class A(a) 30,663 1,606,741 Prologis, Inc., REIT 6,316 629,453 Discovery, Inc., Class A* 9,052 272,375 Public Storage, REIT 2,567 592,797 Realty Income Corp., REIT 8,222 511,162
3 ˆ200D$W8F63wtis@GIŠ 200D$W8F63wtis@GI FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 4 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Real Estate — (Continued) Software & Services — (Continued) SBA Communications Corp., REIT 745 $ 210,187 Cadence Design Systems, Inc.* 4,153 $ 566,594 Simon Property Group, Inc., REIT 11,656 994,024 Cognizant Technology Solutions Welltower, Inc., REIT 16,801 1,085,681 Corp., Class A 1,085 88,916 Weyerhaeuser Co., REIT(a) 151,198 5,069,669 FleetCor Technologies, Inc.* 948 258,643 14,067,893 International Business Machines Corp.(a) 19,345 2,435,149 Retailing — 8.9% Mastercard, Inc., Class A(a) 9,077 3,239,944 Advance Auto Parts, Inc. 6,040 951,360 Microsoft Corp.(a) 88,761 19,742,222 (a) Amazon.com, Inc. * 4,744 15,450,876 NortonLifeLock, Inc. 2,297 47,732 AutoZone, Inc.* 909 1,077,565 Oracle Corp.(a) 47,101 3,046,964 Best Buy Co., Inc. 5,816 580,379 Paychex, Inc.(a) 37,522 3,496,300 Booking Holdings, Inc.* 182 405,363 PayPal Holdings, Inc.(a) * 8,553 2,003,113 Dollar General Corp. 6,236 1,311,431 salesforce.com, Inc.(a) * 8,414 1,872,367 (a) eBay, Inc. 46,443 2,333,761 ServiceNow, Inc.* 1,320 726,568 Gap, Inc. (The)* 101,640 2,052,112 Synopsys, Inc.* 2,415 626,065 Genuine Parts Co. 12,530 1,258,388 VeriSign, Inc.* 2,195 474,998 (a) Home Depot, Inc. (The) 12,437 3,303,516 Visa, Inc., Class A(a) 15,464 3,382,441 L Brands, Inc. 52,712 1,960,359 Western Union Co. (The)(a) 97,813 2,146,017 LKQ Corp.* 46,629 1,643,206 51,721,900 Lowe’s Cos., Inc. 10,104 1,621,793 O’Reilly Automotive, Inc.* 2,537 1,148,170 Technology Hardware & Equipment — 3.8% Target Corp. 8,510 1,502,270 Amphenol Corp., Class A 6,804 889,759 Tractor Supply Co.(a) 12,932 1,817,981 Apple, Inc. 7,649 1,014,946 38,418,530 CDW Corp. 2,779 366,244 Cisco Systems, Inc.(a) 59,357 2,656,226 Semiconductors & Semiconductor Corning, Inc. 10,000 360,000 Equipment — 3.3% F5 Networks, Inc.* 4,093 720,122 Applied Materials, Inc. 19,968 1,723,238 FLIR Systems, Inc.(a) 20,984 919,729 (a) Broadcom, Inc. 4,971 2,176,552 HP, Inc. 66,876 1,644,481 Intel Corp. 23,685 1,179,987 Juniper Networks, Inc. 61,152 1,376,532 KLA Corp. 2,765 715,886 NetApp, Inc. 18,716 1,239,748 Lam Research Corp. 1,100 519,497 Seagate Technology PLC (Ireland) 21,449 1,333,270 Maxim Integrated Products, Inc. 8,236 730,121 TE Connectivity Ltd. (Switzerland) 14,618 1,769,801 Micron Technology, Inc.* 7,395 555,956 Vontier Corp.(a) * 58,599 1,957,207 NVIDIA Corp.(a) 3,615 1,887,753 16,248,065 Qorvo, Inc.* 1,791 297,790 QUALCOMM, Inc. 11,325 1,725,250 Telecommunication Services — 1.5% Skyworks Solutions, Inc. 5,468 835,948 AT&T, Inc.(a) 125,166 3,599,774 Texas Instruments, Inc.(a) 10,481 1,720,247 CenturyLink, Inc. 10,369 101,098 14,068,225 T-Mobile US, Inc.* 5,233 705,670 Verizon Communications, Inc.(a) 35,589 2,090,854 Software & Services — 12.0% 6,497,396 Accenture PLC, Class A (Ireland) 11,807 3,084,106 Adobe, Inc.(a) * 4,099 2,049,992 Transportation — 1.7% ANSYS, Inc.* 570 207,366 Alaska Air Group, Inc. 5,409 281,268 Autodesk, Inc.* 2,796 853,731 Broadridge Financial Solutions, Inc. 8,960 1,372,672
4 ˆ200D$W8F63wtr#xGtŠ 200D$W8F63wtr#xGt FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 5 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number of Shares Value COMMON STOCKS — (Continued) Transportation — (Continued) CH Robinson Worldwide, Inc. 5,792 $ 543,695 CSX Corp. 17,237 1,564,258 Expeditors International of Washington, Inc.(a) 25,096 2,386,881 JB Hunt Transport Services, Inc. 4,969 679,014 Norfolk Southern Corp. 7,592 1,803,935 Union Pacific Corp. 901 187,606 7,446,657 Utilities — 1.9% AES Corp. (The) 4,431 104,128 CenterPoint Energy, Inc. 14,844 321,224 Dominion Energy, Inc.(a) 18,123 1,362,850 Duke Energy Corp. 16,381 1,499,844 Evergy, Inc. 4,117 228,535 NextEra Energy, Inc. 1,861 143,576 NRG Energy, Inc.(a) 92,209 3,462,448 Public Service Enterprise Group, Inc. 5,836 340,239 Southern Co. (The) 8,329 511,650 7,974,494 TOTAL COMMON STOCKS (Cost $302,097,472) 412,942,538 OTHER ASSETS IN EXCESS OF LIABILITIES - 4.3% 18,577,393 NET ASSETS - 100.0% $ 431,519,931
(a) Security position is either entirely or partially designated as collateral for total return swaps. * Non-income producing.
PLC Public Limited Company REIT Real Estate Investment Trust
5 ˆ200D$W8F63wu0v0o_Š 200D$W8F63wu0v0o_ FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 6 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Over-the-counter total return swaps outstanding as of December 31, 2020 The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between July 29, 2024 and November 3, 2025, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 3.3% of net assets as of December 31, 2020. The following table represents the individual long and short positions and related values of total return swaps as of December 31, 2020:
Total Return Swaps
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Long Automobiles & Components BorgWarner, Inc. Morgan Stanley 33,346 $1,120,425 $ 1,288,489 $ 184,992 Ford Motor Co. Morgan Stanley 269,102 2,351,091 2,365,407 18,153 General Motors Co. Morgan Stanley 52,145 2,058,216 2,171,318 116,496 354,593 5,529,732 5,825,214 319,641 Banks Bank of America Corp. Morgan Stanley 63,014 1,458,212 1,909,954 478,183 Citigroup, Inc. Morgan Stanley 4,850 190,468 299,051 115,887 Fifth Third Bancorp Morgan Stanley 46,242 937,312 1,274,892 369,632 First Republic Bank Morgan Stanley 4,616 593,389 678,229 86,518 JPMorgan Chase & Co. Morgan Stanley 9,359 923,170 1,189,248 276,115 PNC Financial Services Group, Inc. (The) Morgan Stanley 9,656 964,531 1,438,744 503,794 SVB Financial Group Morgan Stanley 3,560 1,257,021 1,380,675 125,838 Truist Financial Corp. Morgan Stanley 7,627 217,287 365,562 160,635 US Bancorp Morgan Stanley 5,144 167,869 239,659 78,810 Wells Fargo & Co. Morgan Stanley 66,189 1,505,093 1,997,584 503,240 220,257 8,214,352 10,773,598 2,698,652
Capital Goods 3M Co. Morgan Stanley 11,922 1,779,482 2,083,846 354,485 AMETEK, Inc. Morgan Stanley 7,000 455,332 846,580 396,001 Carrier Global Corp. Morgan Stanley 4,103 49,618 154,765 106,656 Caterpillar, Inc. Morgan Stanley 3,956 647,025 720,071 75,965 Cummins, Inc. Morgan Stanley 6,660 1,147,046 1,512,486 391,702 Deere & Co. Morgan Stanley 3,310 672,294 890,556 224,332 Dover Corp. Morgan Stanley 12,621 1,079,908 1,593,401 533,659 Eaton Corp. PLC (Ireland) Morgan Stanley 8,856 603,772 1,063,960 479,736 Emerson Electric Co. Morgan Stanley 20,825 1,043,989 1,673,705 663,300 Flowserve Corp. Morgan Stanley 54,112 1,221,050 1,994,027 813,441 Fortive Corp. Morgan Stanley 6,393 289,470 452,752 164,990 Fortune Brands Home & Security, Inc. Morgan Stanley 14,488 854,905 1,241,911 397,131 General Dynamics Corp. Morgan Stanley 3,689 436,535 548,997 126,963 Honeywell International, Inc. Morgan Stanley 11,137 1,399,381 2,368,840 1,001,311 Howmet Aerospace, Inc. Morgan Stanley 130,752 1,698,762 3,731,662 2,035,752
6 ˆ200D$W8F63wuGCaGTŠ 200D$W8F63wuGCaGT FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 7 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Illinois Tool Works, Inc. Morgan Stanley 2,062 $ 345,630 $ 420,401 $ 87,717 Johnson Controls International PLC (Ireland) Morgan Stanley 30,544 1,228,783 1,423,045 209,781 L3Harris Technologies, Inc. Morgan Stanley 2,298 426,972 434,368 8,327 Lockheed Martin Corp. Morgan Stanley 4,380 1,615,873 1,554,812 (32,403) Masco Corp. Morgan Stanley 32,544 1,301,287 1,787,642 500,035 Northrop Grumman Corp. Morgan Stanley 1,018 310,035 310,205 2,462 Otis Worldwide Corp. Morgan Stanley 9,190 412,262 620,785 214,945 PACCAR, Inc. Morgan Stanley 4,504 386,523 388,605 8,557 Parker-Hannifin Corp. Morgan Stanley 3,990 944,115 1,086,916 146,396 Pentair PLC (Ireland) Morgan Stanley 44,864 1,554,920 2,381,830 846,292 Quanta Services, Inc. Morgan Stanley 55,448 1,832,584 3,993,365 2,175,012 Raytheon Technologies Corp. Morgan Stanley 2,836 124,819 202,802 82,205 Roper Technologies, Inc. Morgan Stanley 638 246,721 275,035 29,622 Snap-on, Inc. Morgan Stanley 13,712 1,587,456 2,346,672 808,383 Stanley Black & Decker, Inc. Morgan Stanley 4,031 657,286 719,775 66,849 Trane Technologies PLC (Ireland) Morgan Stanley 7,590 685,705 1,101,764 427,677 TransDigm Group, Inc. Morgan Stanley 5,332 1,635,554 3,299,708 1,666,910 United Rentals, Inc. Morgan Stanley 8,342 943,442 1,934,593 992,862 WW Grainger, Inc. Morgan Stanley 1,721 509,878 702,753 199,254 534,868 30,128,414 45,862,635 16,206,307 Commercial & Professional Services Cintas Corp. Morgan Stanley 4,374 858,992 1,546,034 703,545 IHS Markit Ltd. (Bermuda) Morgan Stanley 8,997 666,661 808,201 144,840 Nielsen Holdings PLC (United Kingdom). Morgan Stanley 43,216 698,433 901,918 209,428 Republic Services, Inc. Morgan Stanley 13,715 1,114,885 1,320,755 225,233 Robert Half International, Inc. Morgan Stanley 9,854 471,546 615,678 152,183 Waste Management, Inc. Morgan Stanley 8,209 823,392 968,087 157,650 88,365 4,633,909 6,160,673 1,592,879 Consumer Durables & Apparel DR Horton, Inc. Morgan Stanley 8,198 417,812 565,006 151,613 Garmin Ltd. (Switzerland) Morgan Stanley 2,381 176,657 284,910 112,890 Hanesbrands, Inc. Morgan Stanley 114,086 1,445,046 1,663,374 234,657 Leggett & Platt, Inc. Morgan Stanley 8,750 236,470 387,625 162,297 Lennar Corp., Class A Morgan Stanley 2,328 113,766 177,463 65,917 Mohawk Industries, Inc. Morgan Stanley 7,380 601,148 1,040,211 440,256 Newell Brands, Inc. Morgan Stanley 22,814 365,587 484,341 129,274 NIKE, Inc., Class B Morgan Stanley 9,856 1,028,621 1,394,328 372,935 PulteGroup, Inc. Morgan Stanley 29,811 744,025 1,285,450 553,778 PVH Corp. Morgan Stanley 53,973 2,418,879 5,067,525 2,652,774 Tapestry, Inc. Morgan Stanley 2,692 28,541 83,667 55,455 Whirlpool Corp. Morgan Stanley 4,505 417,387 813,107 412,423 266,774 7,993,939 13,247,007 5,344,269 Consumer Services McDonald’s Corp. Morgan Stanley 11,622 2,083,112 2,493,849 455,645
7 ˆ200D$W8F63wuVrBoRŠ 200D$W8F63wuVrBoR FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 8 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Consumer Services — (continued) MGM Resorts International Morgan Stanley 60,400 $ 462,909 $ 1,903,204 $1,441,732 Yum! Brands, Inc. Morgan Stanley 18,911 1,514,572 2,052,978 564,071 90,933 4,060,593 6,450,031 2,461,448 Diversified Financials American Express Co. Morgan Stanley 1,502 113,368 181,607 70,042 Berkshire Hathaway, Inc., Class B Morgan Stanley 30,616 6,037,157 7,098,932 1,074,857 BlackRock, Inc. Morgan Stanley 5,386 2,356,332 3,886,214 1,638,432 Discover Financial Services Morgan Stanley 28,904 1,063,108 2,616,679 1,588,583 Franklin Resources, Inc. Morgan Stanley 35,721 636,410 892,668 292,173 Goldman Sachs Group, Inc. (The) Morgan Stanley 7,834 1,387,840 2,065,904 703,625 Intercontinental Exchange, Inc. Morgan Stanley 6,242 472,045 719,640 254,779 Invesco Ltd. (Bermuda) Morgan Stanley 194,907 1,682,152 3,397,229 1,800,686 Moody’s Corp. Morgan Stanley 1,691 461,631 490,796 36,766 Nasdaq, Inc. Morgan Stanley 20,523 2,078,742 2,724,223 700,845 S&P Global, Inc. Morgan Stanley 6,021 1,954,624 1,979,283 34,430 T Rowe Price Group, Inc. Morgan Stanley 11,194 1,207,427 1,694,660 536,479 350,541 19,450,836 27,747,835 8,731,697 Energy Apache Corp. Morgan Stanley 131,609 634,810 1,867,532 1,243,836 Chevron Corp. Morgan Stanley 12,420 810,859 1,048,869 270,649 Concho Resources, Inc. Morgan Stanley 4,620 195,223 269,577 75,794 ConocoPhillips Morgan Stanley 34,870 973,902 1,394,451 453,495 EOG Resources, Inc. Morgan Stanley 29,155 1,102,879 1,453,960 352,064 Halliburton Co. Morgan Stanley 128,767 1,251,714 2,433,696 1,197,272 Kinder Morgan, Inc. Morgan Stanley 119,679 1,652,474 1,636,012 58,299 Marathon Petroleum Corp. Morgan Stanley 5,003 115,702 206,924 98,353 National Oilwell Varco, Inc. Morgan Stanley 90,573 824,250 1,243,567 420,847 Phillips 66. Morgan Stanley 857 37,727 59,939 24,866 TechnipFMC PLC (United Kingdom) Morgan Stanley 152,035 1,006,024 1,429,129 432,579 Williams Cos., Inc. (The) Morgan Stanley 57,632 1,179,123 1,155,522 10,924 767,220 9,784,687 14,199,178 4,638,978 Food & Staples Retailing Kroger Co. (The) Morgan Stanley 18,311 493,900 581,557 103,751 Sysco Corp. Morgan Stanley 14,198 563,986 1,054,344 506,875 Walgreens Boots Alliance, Inc. Morgan Stanley 9,522 352,196 379,737 34,227 Walmart, Inc. Morgan Stanley 26,477 3,000,994 3,816,660 884,882 68,508 4,411,076 5,832,298 1,529,735 Food, Beverage & Tobacco Altria Group, Inc. Morgan Stanley 16,613 631,988 681,133 95,449 Archer-Daniels-Midland Co. Morgan Stanley 16,807 688,981 847,241 184,520 Campbell Soup Co. Morgan Stanley 16,932 781,866 818,662 46,405 Coca-Cola Co. (The) Morgan Stanley 34,070 1,590,020 1,868,399 311,032 Conagra Brands, Inc. Morgan Stanley 27,398 980,726 993,452 14,492 Constellation Brands, Inc., Class A Morgan Stanley 11,144 1,566,328 2,441,093 898,866
8 ˆ200D$W8F63wuf4QG%Š 200D$W8F63wuf4QG% FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 9 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Food, Beverage & Tobacco — (continued) General Mills, Inc. Morgan Stanley 15,931 $ 919,247 $ 936,743 $ 32,064 JM Smucker Co. (The) Morgan Stanley 9,586 1,066,671 1,108,142 59,526 Kellogg Co. Morgan Stanley 18,363 1,252,004 1,142,730 (88,602) Kraft Heinz Co. (The) Morgan Stanley 41,777 1,344,002 1,447,991 139,087 Molson Coors Beverage Co., Class B Morgan Stanley 9,988 355,298 451,358 96,882 Mondelez International, Inc., Class A Morgan Stanley 3,239 146,387 189,384 47,391 PepsiCo, Inc. Morgan Stanley 10,535 1,319,395 1,562,341 299,807 Philip Morris International, Inc. Morgan Stanley 13,309 957,456 1,101,852 177,930 Tyson Foods, Inc., Class A Morgan Stanley 23,604 1,296,229 1,521,042 250,298 269,296 14,896,598 17,111,563 2,565,147 Health Care Equipment & Services Abbott Laboratories Morgan Stanley 15,817 1,184,468 1,731,803 566,492 AmerisourceBergen Corp. Morgan Stanley 10,155 1,033,479 992,753 (38,880) Anthem, Inc. Morgan Stanley 3,652 739,475 1,172,621 444,580 Cigna Corp. Morgan Stanley 219 41,679 45,591 4,260 CVS Health Corp. Morgan Stanley 17,393 1,031,254 1,187,942 177,064 Danaher Corp. Morgan Stanley 11,248 1,942,510 2,498,631 568,317 DaVita, Inc. Morgan Stanley 10,790 914,958 1,266,746 353,514 DENTSPLY SIRONA, Inc. Morgan Stanley 22,076 1,037,337 1,155,899 123,420 HCA Healthcare, Inc. Morgan Stanley 2,047 290,083 336,650 47,290 Henry Schein, Inc. Morgan Stanley 1,002 44,056 66,994 23,289 Hologic, Inc. Morgan Stanley 29,992 1,771,203 2,184,317 416,075 Humana, Inc. Morgan Stanley 4,500 1,831,204 1,846,215 23,256 McKesson Corp. Morgan Stanley 3,525 553,771 613,068 62,916 Medtronic PLC (Ireland) Morgan Stanley 19,098 1,827,562 2,237,140 443,304 Quest Diagnostics, Inc. Morgan Stanley 4,197 369,127 500,157 135,317 ResMed, Inc. Morgan Stanley 629 105,522 133,700 29,894 STERIS PLC (Ireland) Morgan Stanley 4,044 620,877 766,500 150,261 Stryker Corp. Morgan Stanley 5,584 1,137,574 1,368,303 238,672 UnitedHealth Group, Inc. Morgan Stanley 8,961 2,164,735 3,142,444 1,057,082 Universal Health Services, Inc., Class B Morgan Stanley 8,256 687,493 1,135,200 449,031 Varian Medical Systems, Inc. Morgan Stanley 11,033 1,909,507 1,930,885 24,549 West Pharmaceutical Services, Inc. Morgan Stanley 2,451 508,816 694,393 187,439 Zimmer Biomet Holdings, Inc. Morgan Stanley 1 111 154 329 196,670 21,746,801 27,008,106 5,487,471 Household & Personal Products Clorox Co. (The) Morgan Stanley 3,062 638,543 618,279 (16,943) Colgate-Palmolive Co. Morgan Stanley 10,696 719,371 914,615 213,218 Estee Lauder Cos., Inc. (The), Class A Morgan Stanley 1,548 237,505 412,062 176,764 Kimberly-Clark Corp. Morgan Stanley 7,776 1,071,267 1,048,438 2,524 Procter & Gamble Co. (The) Morgan Stanley 5,443 642,950 757,339 123,564 28,525 3,309,636 3,750,733 499,127 Insurance Aflac, Inc. Morgan Stanley 7,243 256,184 322,096 71,099 Aon PLC, Class A (Ireland) Morgan Stanley 5,096 901,323 1,076,632 180,306
9 ˆ200D$W8F63wuqarGEŠ 200D$W8F63wuqarGE FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 10 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Insurance — (continued) Arthur J Gallagher & Co. Morgan Stanley 5,722 $ 611,825 $ 707,869 $ 99,786 Assurant, Inc. Morgan Stanley 546 60,486 74,376 15,132 Cincinnati Financial Corp. Morgan Stanley 11,310 616,184 988,155 393,544 Globe Life, Inc. Morgan Stanley 1,667 122,903 158,298 36,533 Hartford Financial Services Group, Inc. (The) Morgan Stanley 8,504 280,580 416,526 144,089 Loews Corp. Morgan Stanley 621 17,753 27,957 10,633 Marsh & McLennan Cos., Inc. Morgan Stanley 15,826 1,646,813 1,851,642 214,393 MetLife, Inc. Morgan Stanley 17,614 530,661 826,977 321,424 Progressive Corp. (The) Morgan Stanley 3,704 336,784 366,252 30,262 Prudential Financial, Inc. Morgan Stanley 14,676 753,672 1,145,755 441,084 Travelers Cos., Inc. (The) Morgan Stanley 4,700 430,020 659,739 242,639 WR Berkley Corp. Morgan Stanley 6,318 327,550 419,642 95,116 103,547 6,892,738 9,041,916 2,296,040 Materials Amcor PLC (Jersey) Morgan Stanley 73,138 618,305 860,834 263,268 Avery Dennison Corp. Morgan Stanley 372 47,061 57,701 11,662 Celanese Corp. Morgan Stanley 10,633 777,202 1,381,652 625,249 CF Industries Holdings, Inc. Morgan Stanley 16,749 475,068 648,354 183,028 Dow, Inc. Morgan Stanley 10,082 413,469 559,551 161,514 DuPont de Nemours, Inc. Morgan Stanley 49,839 1,805,916 3,544,051 1,786,004 Eastman Chemical Co. Morgan Stanley 7,290 379,016 731,041 370,701 Ecolab, Inc. Morgan Stanley 3,539 667,070 765,698 105,887 FMC Corp. Morgan Stanley 7,506 693,596 862,665 178,685 Freeport-McMoRan, Inc. Morgan Stanley 19,598 357,022 509,940 153,742 International Paper Co. Morgan Stanley 23,823 751,579 1,184,480 470,449 Linde PLC (Ireland) Morgan Stanley 8,004 1,369,425 2,109,134 765,187 LyondellBasell Industries NV, Class A (Netherlands) Morgan Stanley 9,914 417,333 908,717 523,529 Martin Marietta Materials, Inc. Morgan Stanley 1,631 277,344 463,155 189,467 Mosaic Co. (The) Morgan Stanley 57,594 1,034,308 1,325,238 298,529 Newmont Corp. Morgan Stanley 6,249 382,954 374,253 (5,266) Nucor Corp. Morgan Stanley 9,993 424,642 531,528 121,431 PPG Industries, Inc. Morgan Stanley 11,611 1,049,864 1,674,538 642,620 Sealed Air Corp. Morgan Stanley 53,665 1,336,426 2,457,320 1,148,958 Sherwin-Williams Co. (The) Morgan Stanley 1,002 684,498 736,380 54,881 382,232 13,962,098 21,686,230 8,049,525 Media & Entertainment Activision Blizzard, Inc. Morgan Stanley 4,787 336,844 444,473 108,423 Alphabet, Inc., Class A Morgan Stanley 6,606 7,771,359 11,577,940 3,818,450 Charter Communications, Inc., Class A Morgan Stanley 5,976 2,387,115 3,953,423 1,608,633 Comcast Corp., Class A Morgan Stanley 25,320 957,302 1,326,768 383,474 Discovery, Inc., Class A Morgan Stanley 7,579 148,124 228,052 80,437 Electronic Arts, Inc. Morgan Stanley 1,510 178,922 216,836 38,726 Facebook, Inc., Class A Morgan Stanley 11,782 2,318,962 3,218,371 903,198 Fox Corp., Class A Morgan Stanley 29,601 745,245 861,981 127,811
10 ˆ200D$W8F63wuzLLoAŠ 200D$W8F63wuzLLoA FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 11 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Media & Entertainment — (continued) Interpublic Group of Cos., Inc. (The) Morgan Stanley 25,164 $ 423,411 $ 591,857 $ 181,591 Netflix, Inc. Morgan Stanley 2,763 1,162,842 1,494,037 333,237 Omnicom Group, Inc. Morgan Stanley 3,422 171,586 213,430 48,680 Take-Two Interactive Software, Inc. Morgan Stanley 695 92,877 144,414 51,962 Twitter, Inc. Morgan Stanley 4,902 150,633 265,443 115,323 Walt Disney Co. (The) Morgan Stanley 11,557 1,123,742 2,093,897 972,991 141,664 17,968,964 26,630,922 8,772,936 Pharmaceuticals, Biotechnology & Life Sciences AbbVie, Inc. Morgan Stanley 14,955 1,434,658 1,602,428 177,413 Agilent Technologies, Inc. Morgan Stanley 7,030 681,466 832,985 154,160 Alexion Pharmaceuticals, Inc. Morgan Stanley 7,373 806,578 1,151,958 346,883 Amgen, Inc. Morgan Stanley 1,405 304,272 323,038 32,019 Biogen, Inc. Morgan Stanley 9,254 2,204,547 2,265,934 65,003 Bristol-Myers Squibb Co. Morgan Stanley 9,868 605,053 612,112 14,310 Gilead Sciences, Inc. Morgan Stanley 26,204 1,655,509 1,526,645 (88,107) Illumina, Inc. Morgan Stanley 939 340,525 347,430 7,705 Incyte Corp. Morgan Stanley 1,310 131,316 113,944 (16,889) Johnson & Johnson Morgan Stanley 42,008 5,489,199 6,611,219 1,373,728 Merck & Co., Inc. Morgan Stanley 19,655 1,441,421 1,607,779 200,519 PerkinElmer, Inc. Morgan Stanley 6,361 537,542 912,804 377,375 Pfizer, Inc. Morgan Stanley 95,665 3,149,756 3,521,429 407,625 Regeneron Pharmaceuticals, Inc. Morgan Stanley 609 302,330 294,214 (7,374) Thermo Fisher Scientific, Inc. Morgan Stanley 4,730 2,056,062 2,203,139 150,772 Viatris, Inc. Morgan Stanley 65,222 1,005,610 1,222,260 218,454 312,588 22,145,844 25,149,318 3,413,596 Real Estate Alexandria Real Estate Equities, Inc., REIT. Morgan Stanley 5,680 861,691 1,012,290 173,901 American Tower Corp., REIT Morgan Stanley 2,746 701,429 616,367 (74,629) AvalonBay Communities, Inc., REIT Morgan Stanley 3,676 524,527 589,741 80,661 Boston Properties, Inc., REIT Morgan Stanley 1,131 83,603 106,913 32,656 CBRE Group, Inc., Class A Morgan Stanley 7,385 358,681 463,187 105,333 Crown Castle International Corp., REIT . Morgan Stanley 2,607 437,565 415,008 (12,616) Extra Space Storage, Inc., REIT Morgan Stanley 139 10,691 16,105 6,090 Mid-America Apartment Communities, Inc., REIT Morgan Stanley 7,432 873,259 941,560 76,899 Prologis, Inc., REIT Morgan Stanley 6,527 638,551 650,481 16,816 Public Storage, REIT Morgan Stanley 2,619 462,032 604,806 159,135 Realty Income Corp., REIT Morgan Stanley 8,135 362,998 505,753 162,591 SBA Communications Corp., REIT Morgan Stanley 668 205,992 188,463 (16,343) Simon Property Group, Inc., REIT Morgan Stanley 11,744 658,918 1,001,528 383,705 Welltower, Inc., REIT Morgan Stanley 14,534 618,304 939,187 347,119 Weyerhaeuser Co., REIT Morgan Stanley 154,260 2,665,893 5,172,338 2,536,982 229,283 9,464,134 13,223,727 3,978,300
11 ˆ200D$W8F63wu$6Wo(Š 200D$W8F63wu$6Wo( FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 12 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Retailing Advance Auto Parts, Inc. Morgan Stanley 6,989 $ 1,080,377 $ 1,100,837 $ 23,967 Amazon.com, Inc. Morgan Stanley 2,964 6,275,840 9,653,541 3,407,537 AutoZone, Inc. Morgan Stanley 1,156 1,115,626 1,370,369 256,714 Best Buy Co., Inc. Morgan Stanley 7,727 606,368 771,077 178,022 Booking Holdings, Inc. Morgan Stanley 185 221,890 412,045 190,776 Dollar General Corp. Morgan Stanley 6,025 1,212,360 1,267,058 58,568 eBay, Inc. Morgan Stanley 46,903 1,417,342 2,356,876 963,369 Gap, Inc. (The) Morgan Stanley 103,538 1,931,469 2,090,432 162,167 Genuine Parts Co. Morgan Stanley 13,021 1,152,500 1,307,699 173,690 Home Depot, Inc. (The) Morgan Stanley 2,304 518,132 611,988 103,296 L Brands, Inc. Morgan Stanley 41,112 1,530,052 1,528,955 1,500 LKQ Corp. Morgan Stanley 46,990 1,150,074 1,655,928 507,876 Lowe’s Cos., Inc. Morgan Stanley 10,512 1,276,777 1,687,281 424,807 O’Reilly Automotive, Inc. Morgan Stanley 1,954 845,823 884,322 40,061 Target Corp. Morgan Stanley 11,368 1,593,234 2,006,793 444,829 Tractor Supply Co. Morgan Stanley 12,598 1,625,822 1,771,027 156,200 315,346 23,553,686 30,476,228 7,093,379 Semiconductors & Semiconductor Equipment Applied Materials, Inc. Morgan Stanley 12,530 497,369 1,081,339 593,276 Broadcom, Inc. Morgan Stanley 2,503 843,882 1,095,939 268,975 Intel Corp. Morgan Stanley 91,852 4,265,531 4,576,067 452,087 KLA Corp. Morgan Stanley 2,644 584,039 684,558 104,339 Lam Research Corp. Morgan Stanley 947 255,460 447,240 196,001 Maxim Integrated Products, Inc. Morgan Stanley 8,385 556,739 743,330 187,717 Micron Technology, Inc. Morgan Stanley 6,919 324,110 520,170 196,835 NVIDIA Corp. Morgan Stanley 2,845 774,303 1,485,659 714,076 Qorvo, Inc. Morgan Stanley 1,877 172,512 312,089 140,123 QUALCOMM, Inc. Morgan Stanley 11,541 1,667,617 1,758,156 100,564 Skyworks Solutions, Inc. Morgan Stanley 4,560 404,186 697,133 300,409 Texas Instruments, Inc. Morgan Stanley 10,906 1,565,941 1,790,002 240,137 157,509 11,911,689 15,191,682 3,494,539 Software & Services Accenture PLC, Class A (Ireland) Morgan Stanley 4,753 899,079 1,241,531 352,572 Adobe, Inc. Morgan Stanley 2,018 665,950 1,009,242 344,583 ANSYS, Inc. Morgan Stanley 525 149,090 190,995 42,415 Broadridge Financial Solutions, Inc. Morgan Stanley 14,904 2,077,065 2,283,293 226,698 Cadence Design Systems, Inc. Morgan Stanley 4,261 431,080 581,328 151,185 Citrix Systems, Inc. Morgan Stanley 54 5,481 7,025 1,913 Cognizant Technology Solutions Corp., Class A Morgan Stanley 5,745 351,863 470,803 126,834 FleetCor Technologies, Inc. Morgan Stanley 916 164,972 249,912 85,475 International Business Machines Corp. Morgan Stanley 19,958 2,208,635 2,512,313 380,197 Mastercard, Inc., Class A Morgan Stanley 3,698 1,047,443 1,319,964 277,219 Microsoft Corp. Morgan Stanley 27,427 4,732,774 6,100,313 1,440,379 NortonLifeLock, Inc. Morgan Stanley 2,331 43,773 48,438 15,267 Oracle Corp. Morgan Stanley 48,048 2,239,780 3,108,225 903,665
12 ˆ200D$W8F63wv6isG;Š 200D$W8F63wv6isG; FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 13 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) Paychex, Inc. Morgan Stanley 38,256 $ 2,273,728 $ 3,564,694 $ 1,365,400 PayPal Holdings, Inc. Morgan Stanley 8,682 1,309,580 2,033,324 726,008 salesforce.com, Inc. Morgan Stanley 3,731 499,810 830,259 331,489 ServiceNow, Inc. Morgan Stanley 1,167 446,434 642,352 196,877 Synopsys, Inc. Morgan Stanley 2,323 459,377 602,215 143,817 VeriSign, Inc. Morgan Stanley 2,235 456,884 483,654 27,746 Visa, Inc., Class A Morgan Stanley 14,590 2,557,844 3,191,271 667,009 Western Union Co. (The) Morgan Stanley 40,979 824,066 899,079 97,034 246,601 23,844,708 31,370,230 7,903,782 Technology Hardware & Equipment Amphenol Corp., Class A Morgan Stanley 4,806 339,722 628,481 293,354 Apple, Inc. Morgan Stanley 215,249 11,489,480 28,561,390 17,369,018 CDW Corp. Morgan Stanley 2,801 292,721 369,144 78,998 Cisco Systems, Inc. Morgan Stanley 86,538 3,588,565 3,872,576 355,916 Corning, Inc. Morgan Stanley 10,748 358,891 386,928 31,005 F5 Networks, Inc. Morgan Stanley 4,177 394,722 734,901 341,060 FLIR Systems, Inc. Morgan Stanley 20,494 659,280 898,252 250,439 HP, Inc. Morgan Stanley 110,721 1,818,721 2,722,629 954,424 Juniper Networks, Inc. Morgan Stanley 80,047 1,671,847 1,801,858 163,715 NetApp, Inc. Morgan Stanley 19,240 804,151 1,274,458 481,382 Seagate Technology PLC (Ireland) Morgan Stanley 22,238 1,138,495 1,382,314 268,376 TE Connectivity Ltd. (Switzerland) Morgan Stanley 14,647 862,128 1,773,312 934,536 Vontier Corp. Morgan Stanley 61,874 1,780,609 2,066,592 288,958 653,580 25,199,332 46,472,835 21,811,181 Telecommunication Services AT&T, Inc. Morgan Stanley 3,111 87,020 89,472 4,041 CenturyLink, Inc. Morgan Stanley 15,831 158,768 154,352 1,180 T-Mobile US, Inc. Morgan Stanley 2,800 234,832 377,580 143,388 Verizon Communications, Inc. Morgan Stanley 33,259 1,765,393 1,953,966 241,470 55,001 2,246,013 2,575,370 390,079 Transportation Alaska Air Group, Inc. Morgan Stanley 5,359 129,673 278,668 149,476 CH Robinson Worldwide, Inc. Morgan Stanley 1,405 109,616 131,887 24,313 CSX Corp. Morgan Stanley 17,585 936,113 1,595,839 675,141 Expeditors International of Washington, Inc Morgan Stanley 24,400 1,598,764 2,320,684 749,347 JB Hunt Transport Services, Inc. Morgan Stanley 5,194 670,178 709,760 43,441 Norfolk Southern Corp. Morgan Stanley 5,160 875,417 1,226,068 365,215 Union Pacific Corp. Morgan Stanley 1,042 188,785 216,965 32,745 60,145 4,508,546 6,479,871 2,039,678 Utilities AES Corp. (The) Morgan Stanley 11,038 195,947 259,393 69,217 CenterPoint Energy, Inc. Morgan Stanley 15,348 295,851 332,131 39,296 Dominion Energy, Inc. Morgan Stanley 13,276 945,602 998,355 81,729
13 ˆ200D$W8F63wvF7uo†Š 200D$W8F63wvF7uo FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 14 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Utilities — (continued) Duke Energy Corp. Morgan Stanley 16,648 $ 1,462,353 $ 1,524,291 $ 82,432 Evergy, Inc. Morgan Stanley 4,491 240,718 249,295 12,527 NextEra Energy, Inc. Morgan Stanley 1,968 146,037 151,831 6,936 NRG Energy, Inc. Morgan Stanley 115,025 3,407,279 4,319,189 1,022,281 Public Service Enterprise Group, Inc. Morgan Stanley 5,752 229,551 335,342 114,876 Southern Co. (The) Morgan Stanley 9,752 557,055 599,065 50,301 193,298 7,480,393 8,768,892 1,479,595 Total Reference Entity — Long 303,338,718 421,036,092 122,797,981 Short Automobiles & Components Aptiv PLC (Jersey) Morgan Stanley (19,045) (1,665,034) (2,481,373) (839,065) Banks Citizens Financial Group, Inc. Morgan Stanley (39,744) (1,571,688) (1,421,245) 87,399 Comerica, Inc. Morgan Stanley (18,018) (951,686) (1,006,486) (64,708) Huntington Bancshares, Inc. Morgan Stanley (166,016) (2,214,858) (2,096,782) (1,359) KeyCorp Morgan Stanley (55,222) (1,073,673) (906,193) 122,661 M&T Bank Corp. Morgan Stanley (15,667) (2,665,080) (1,994,409) 591,497 People’s United Financial, Inc. Morgan Stanley (167,331) (1,872,567) (2,163,590) (342,769) Regions Financial Corp. Morgan Stanley (107,911) (1,655,499) (1,739,525) (139,460) Zions Bancorp NA Morgan Stanley (43,355) (1,875,684) (1,883,341) (41,981) (613,264) (13,880,735) (13,211,571) 211,280 Capital Goods A.O. Smith Corp. Morgan Stanley (28,178) (1,347,540) (1,544,718) (215,695) Allegion PLC (Ireland) Morgan Stanley (30,748) (3,197,803) (3,578,452) (409,237) Boeing Co. (The) Morgan Stanley (18,053) (5,613,668) (3,864,425) 1,668,170 Fastenal Co. Morgan Stanley (45,879) (1,980,954) (2,240,272) (301,073) General Electric Co. Morgan Stanley (265,384) (2,788,356) (2,866,147) (102,893) Huntington Ingalls Industries, Inc. Morgan Stanley (1,153) (234,894) (196,563) 35,191 IDEX Corp. Morgan Stanley (4,943) (935,427) (984,646) (54,199) Ingersoll Rand, Inc. Morgan Stanley (123,022) (3,830,792) (5,604,882) (1,788,933) Jacobs Engineering Group, Inc. Morgan Stanley (40,875) (4,001,592) (4,453,740) (486,428) Rockwell Automation, Inc. Morgan Stanley (9,746) (2,188,157) (2,444,394) (285,553) Teledyne Technologies, Inc. Morgan Stanley (5,448) (1,988,511) (2,135,507) (154,564) Textron, Inc. Morgan Stanley (75,479) (3,685,740) (3,647,900) 17,219 Westinghouse Air Brake Technologies Corp Morgan Stanley (26,693) (1,766,579) (1,953,928) (199,351) Xylem, Inc. Morgan Stanley (48,611) (3,727,014) (4,948,114) (1,265,422) (724,212) (37,287,027) (40,463,688) (3,542,768) Commercial & Professional Services Copart, Inc. Morgan Stanley (20,877) (2,249,523) (2,656,598) (425,411) Equifax, Inc. Morgan Stanley (11,493) (1,933,987) (2,216,310) (293,995) Rollins, Inc. Morgan Stanley (70,690) (2,043,490) (2,761,858) (742,492) Verisk Analytics, Inc. Morgan Stanley (3,095) (608,635) (642,491) (39,923) (106,155) (6,835,635) (8,277,257) (1,501,821)
14 ˆ200D$W8F63wvPa@o9Š 200D$W8F63wvPa@o9 FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 15 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Consumer Durables & Apparel Hasbro, Inc. Morgan Stanley (3,698) $ (348,754) $ (345,911) $ (4,539) NVR, Inc. Morgan Stanley (880) (3,410,292) (3,590,277) (193,168) Ralph Lauren Corp. Morgan Stanley (43,416) (3,125,516) (4,503,976) (1,390,517) Under Armour, Inc., Class C Morgan Stanley (232,646) (2,296,916) (3,461,773) (1,173,642) VF Corp. Morgan Stanley (52,308) (3,556,226) (4,467,626) (964,629) (332,948) (12,737,704) (16,369,563) (3,726,495) Consumer Services Carnival Corp. (Panama) Morgan Stanley (20,384) (390,039) (441,517) (52,733) Chipotle Mexican Grill, Inc. Morgan Stanley (1,060) (1,346,104) (1,469,913) (128,839) Darden Restaurants, Inc. Morgan Stanley (16,810) (2,068,849) (2,002,407) 52,066 Domino’s Pizza, Inc. Morgan Stanley (7,653) (3,031,076) (2,934,619) 74,821 Las Vegas Sands Corp. Morgan Stanley (18,657) (1,124,741) (1,111,957) (16,521) Marriott International, Inc., Class A Morgan Stanley (4,252) (468,406) (560,924) (94,083) Norwegian Cruise Line Holdings Ltd. (Bermuda) Morgan Stanley (88,145) (3,143,538) (2,241,527) 889,882 Royal Caribbean Cruises Ltd. (Liberia) Morgan Stanley (17,734) (1,715,442) (1,324,552) 377,242 Starbucks Corp. Morgan Stanley (6,529) (648,381) (698,472) (81,452) Wynn Resorts Ltd. Morgan Stanley (13,991) (1,651,886) (1,578,605) 24,792 (195,215) (15,588,462) (14,364,493) 1,045,175 Diversified Financials Ameriprise Financial, Inc. Morgan Stanley (5,395) (828,254) (1,048,410) (233,160) Bank of New York Mellon Corp. (The) Morgan Stanley (49,585) (2,101,819) (2,104,387) (37,097) Capital One Financial Corp. Morgan Stanley (19,154) (1,612,381) (1,893,373) (300,772) Cboe Global Markets, Inc. Morgan Stanley (7,658) (959,884) (713,113) 231,319 Charles Schwab Corp. (The) Morgan Stanley (13,057) (656,463) (692,543) (49,057) CME Group, Inc. Morgan Stanley (2,967) (567,159) (540,142) 7,319 MarketAxess Holdings, Inc. Morgan Stanley (4,270) (2,207,894) (2,436,291) (243,922) MSCI, Inc. Morgan Stanley (9,115) (3,309,174) (4,070,121) (789,494) Northern Trust Corp. Morgan Stanley (40,781) (4,174,581) (3,798,342) 246,823 Raymond James Financial, Inc. Morgan Stanley (19,527) (1,509,798) (1,868,148) (368,897) State Street Corp. Morgan Stanley (52,158) (4,061,758) (3,796,059) 150,741 Synchrony Financial Morgan Stanley (32,011) (1,068,844) (1,111,102) (55,935) (255,678) (23,058,009) (24,072,031) (1,442,132) Energy Baker Hughes Co. Morgan Stanley (124,943) (1,979,015) (2,605,062) (649,241) Cabot Oil & Gas Corp. Morgan Stanley (189,983) (3,666,665) (3,092,923) 512,448 Devon Energy Corp. Morgan Stanley (120,290) (1,378,718) (1,901,785) (567,475) Diamondback Energy, Inc. Morgan Stanley (45,908) (3,972,533) (2,221,947) 1,660,923 Exxon Mobil Corp. Morgan Stanley (1,171) (48,628) (48,269) 452 Hess Corp. Morgan Stanley (81,137) (5,197,636) (4,283,222) 813,037 HollyFrontier Corp. Morgan Stanley (75,941) (1,618,134) (1,963,075) (374,408) Marathon Oil Corp. Morgan Stanley (348,891) (3,850,333) (2,327,103) 1,489,461 Occidental Petroleum Corp. Morgan Stanley (109,880) (4,613,775) (1,902,023) 2,603,715 ONEOK, Inc. Morgan Stanley (113,172) (5,529,165) (4,343,541) 845,808 Pioneer Natural Resources Co. Morgan Stanley (16,654) (2,254,011) (1,896,724) 312,031
15 ˆ200D$W8F63wvc=0oKŠ 200D$W8F63wvc=0oK FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 16 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Energy — (continued) Schlumberger NV (Curacao) Morgan Stanley (55,434) $ (1,910,828) $ (1,210,124) $ 672,655 Valero Energy Corp. Morgan Stanley (23,816) (1,099,273) (1,347,271) (273,815) (1,307,220) (37,118,714) (29,143,069) 7,045,591 Food & Staples Retailing Costco Wholesale Corp. Morgan Stanley (121) (46,437) (45,590) (1,072) Food, Beverage & Tobacco Brown-Forman Corp., Class B Morgan Stanley (43,190) (2,891,909) (3,430,582) (580,333) Hershey Co. (The) Morgan Stanley (4,156) (616,962) (633,084) (22,363) Hormel Foods Corp. Morgan Stanley (61,357) (2,955,908) (2,859,850) 65,585 Lamb Weston Holdings, Inc. Morgan Stanley (22,384) (2,047,036) (1,762,516) 264,566 McCormick & Co., Inc., non-voting shares Morgan Stanley (5,310) (518,849) (507,636) 6,805 Monster Beverage Corp. Morgan Stanley (1,878) (165,597) (173,677) (8,450) (138,275) (9,196,261) (9,367,345) (274,190) Health Care Equipment & Services ABIOMED, Inc. Morgan Stanley (11,125) (2,351,338) (3,606,725) (1,315,827) Align Technology, Inc. Morgan Stanley (2,833) (1,156,326) (1,513,899) (361,854) Baxter International, Inc. Morgan Stanley (9,503) (802,966) (762,521) 33,324 Becton Dickinson and Co. Morgan Stanley (1,517) (400,103) (379,584) 17,269 Boston Scientific Corp. Morgan Stanley (55,468) (2,100,349) (1,994,075) 98,265 Cardinal Health, Inc. Morgan Stanley (40,631) (2,232,993) (2,176,196) 28,521 Centene Corp. Morgan Stanley (16,047) (1,050,243) (963,301) 88,633 Cerner Corp. Morgan Stanley (1,754) (134,082) (137,654) (4,177) Cooper Cos., Inc. (The) Morgan Stanley (9,383) (3,016,669) (3,409,032) (404,248) DexCom, Inc. Morgan Stanley (12,871) (4,936,749) (4,758,666) 154,105 Edwards Lifesciences Corp. Morgan Stanley (36,396) (2,853,809) (3,320,407) (488,492) IDEXX Laboratories, Inc. Morgan Stanley (1,082) (446,491) (540,859) (97,380) Intuitive Surgical, Inc. Morgan Stanley (1,181) (886,697) (966,176) (92,586) Laboratory Corp. of America Holdings Morgan Stanley (778) (158,595) (158,362) (109) Teleflex, Inc. Morgan Stanley (7,450) (2,680,851) (3,066,197) (405,398) (208,019) (25,208,261) (27,753,654) (2,749,954) Household & Personal Products Church & Dwight Co., Inc. Morgan Stanley (20,230) (1,742,825) (1,764,663) (36,844) Insurance Allstate Corp. (The) Morgan Stanley (8,152) (785,590) (896,149) (118,811) American International Group, Inc. Morgan Stanley (22,545) (1,115,777) (853,554) 229,245 Chubb Ltd. (Switzerland) Morgan Stanley (11,907) (1,489,001) (1,832,725) (358,286) Everest Re Group Ltd. (Bermuda) Morgan Stanley (3,428) (727,701) (802,461) (81,242) Lincoln National Corp. Morgan Stanley (49,380) (2,996,888) (2,484,308) 441,774 Principal Financial Group, Inc. Morgan Stanley (23,817) (1,288,606) (1,181,561) 58,466 Unum Group Morgan Stanley (55,922) (1,671,899) (1,282,851) 334,918 Willis Towers Watson PLC (Ireland) Morgan Stanley (22,318) (4,412,832) (4,701,956) (328,580) (197,469) (14,488,294) (14,035,565) 177,484
16 ˆ200D$W8F63wvjQYo†Š 200D$W8F63wvjQYo FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 17 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Materials Air Products & Chemicals, Inc. Morgan Stanley (8,619) $ (2,360,707) $ (2,354,883) $ (26,303) Albemarle Corp. Morgan Stanley (37,088) (3,340,930) (5,471,222) (2,212,649) Ball Corp. Morgan Stanley (6,988) (607,466) (651,142) (48,095) Corteva, Inc. Morgan Stanley (105,294) (2,949,752) (4,076,984) (1,155,322) International Flavors & Fragrances, Inc. Morgan Stanley (38,996) (4,796,559) (4,244,325) 459,974 Packaging Corp. of America Morgan Stanley (11,770) (1,307,654) (1,623,201) (336,264) Vulcan Materials Co. Morgan Stanley (4,445) (652,553) (659,238) (12,451) Westrock Co. Morgan Stanley (47,381) (1,581,244) (2,062,495) (506,025) (260,581) (17,596,865) (21,143,490) (3,837,135) Media & Entertainment DISH Network Corp., Class A Morgan Stanley (59,279) (2,451,237) (1,917,083) 524,759 Live Nation Entertainment, Inc. Morgan Stanley (31,959) (2,313,519) (2,348,347) (43,679) News Corp., Class A Morgan Stanley (19,864) (304,656) (356,956) (55,197) ViacomCBS, Inc., Class B Morgan Stanley (2,532) (81,166) (94,342) (17,983) (113,634) (5,150,578) (4,716,728) 407,900 Pharmaceuticals, Biotechnology & Life Sciences Bio-Rad Laboratories, Inc., Class A Morgan Stanley (4,312) (2,191,258) (2,513,637) (330,748) Catalent, Inc. Morgan Stanley (37,656) (3,278,357) (3,918,860) (653,164) Eli Lilly & Co. Morgan Stanley (4,733) (754,434) (799,120) (47,380) IQVIA Holdings, Inc. Morgan Stanley (16,915) (2,813,159) (3,030,661) (228,703) Mettler-Toledo International, Inc. Morgan Stanley (373) (392,326) (425,101) (34,039) Perrigo Co. PLC (Ireland) Morgan Stanley (99,301) (5,693,386) (4,440,741) 1,154,759 Vertex Pharmaceuticals, Inc. Morgan Stanley (18,630) (4,792,838) (4,403,014) 368,168 Waters Corp. Morgan Stanley (4,346) (973,953) (1,075,287) (106,167) Zoetis, Inc. Morgan Stanley (804) (135,106) (133,062) 1,668 (187,070) (21,024,817) (20,739,483) 124,394 Real Estate Digital Realty Trust, Inc., REIT Morgan Stanley (24,086) (3,529,806) (3,360,238) 95,326 Duke Realty Corp., REIT Morgan Stanley (18,647) (722,282) (745,321) (25,606) Equinix, Inc., REIT Morgan Stanley (6,677) (4,671,972) (4,768,580) (147,494) Equity Residential, REIT Morgan Stanley (21,819) (1,330,918) (1,293,430) (1,315) Essex Property Trust, Inc., REIT Morgan Stanley (7,531) (1,760,815) (1,788,010) (63,827) Federal Realty Investment Trust, REIT Morgan Stanley (17,981) (1,487,822) (1,530,543) (67,170) Healthpeak Properties, Inc., REIT Morgan Stanley (89,058) (2,458,749) (2,692,223) (292,680) Host Hotels & Resorts, Inc., REIT Morgan Stanley (51,644) (695,288) (755,552) (67,897) Iron Mountain, Inc., REIT Morgan Stanley (48,129) (1,614,601) (1,418,843) 71,930 Kimco Realty Corp., REIT Morgan Stanley (96,188) (1,272,432) (1,443,782) (196,079) Regency Centers Corp., REIT Morgan Stanley (39,589) (2,573,115) (1,804,863) 657,373 SL Green Realty Corp., REIT Morgan Stanley (29,626) (1,939,247) (1,765,117) 40,524 UDR, Inc., REIT Morgan Stanley (47,016) (1,670,136) (1,806,825) (164,328) Ventas, Inc., REIT Morgan Stanley (1) (73) (49) 305 Vornado Realty Trust, REIT Morgan Stanley (54,242) (2,584,613) (2,025,396) 475,300 (552,234) (28,311,869) (27,198,772) 314,362
17 ˆ200D$W8F63wvnBgoSŠ 200D$W8F63wvnBgoS FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB901 18 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Retailing CarMax, Inc. Morgan Stanley (34,891) $ (3,233,509) $ (3,295,804) $ (74,779) Dollar Tree, Inc. Morgan Stanley (23,113) (2,547,033) (2,497,129) 40,131 Etsy, Inc. Morgan Stanley (24,092) (3,015,412) (4,286,208) (1,282,418) Expedia Group, Inc. Morgan Stanley (32,368) (4,074,884) (4,285,523) (282,283) Pool Corp. Morgan Stanley (8,048) (2,812,016) (2,997,880) (204,844) Ross Stores, Inc. Morgan Stanley (31,402) (3,219,172) (3,856,480) (649,735) Tiffany & Co. Morgan Stanley (8,699) (1,128,926) (1,143,484) (22,478) TJX Cos., Inc. (The) Morgan Stanley (21,055) (1,338,183) (1,437,846) (104,663) Ulta Beauty, Inc. Morgan Stanley (5,302) (1,369,534) (1,522,522) (158,112) (188,970) (22,738,669) (25,322,876) (2,739,181) Semiconductors & Semiconductor Equipment Advanced Micro Devices, Inc. Morgan Stanley (46,934) (3,952,781) (4,304,317) (371,853) Analog Devices, Inc. Morgan Stanley (4,039) (564,169) (596,682) (35,826) Microchip Technology, Inc. Morgan Stanley (1,089) (131,191) (150,402) (20,952) Teradyne, Inc. Morgan Stanley (8,557) (874,122) (1,025,899) (155,412) Xilinx, Inc. Morgan Stanley (15,820) (1,882,292) (2,242,801) (379,339) (76,439) (7,404,555) (8,320,101) (963,382) Software & Services Akamai Technologies, Inc. Morgan Stanley (21,826) (2,284,603) (2,291,512) (15,646) Automatic Data Processing, Inc. Morgan Stanley (3,983) (669,166) (701,805) (38,817) DXC Technology Co. Morgan Stanley (91,799) (2,424,583) (2,363,824) 28,719 Fidelity National Information Services, Inc. Morgan Stanley (27,946) (3,946,139) (3,953,241) (42,689) Fiserv, Inc. Morgan Stanley (9,985) (1,113,831) (1,136,892) (27,175) Fortinet, Inc. Morgan Stanley (42,566) (5,614,121) (6,322,328) (741,125) Gartner, Inc. Morgan Stanley (5,226) (821,739) (837,153) (18,374) Global Payments, Inc. Morgan Stanley (23,418) (4,183,491) (5,044,706) (914,269) Intuit, Inc. Morgan Stanley (1,038) (392,565) (394,284) (3,614) Jack Henry & Associates, Inc. Morgan Stanley (7,810) (1,410,917) (1,265,142) 133,348 Leidos Holdings, Inc. Morgan Stanley (18,871) (1,756,669) (1,983,720) (254,310) Paycom Software, Inc. Morgan Stanley (6,017) (1,931,197) (2,721,188) (797,333) Tyler Technologies, Inc. Morgan Stanley (6,119) (2,195,993) (2,671,066) (483,460) (266,604) (28,745,014) (31,686,861) (3,174,745) Technology Hardware & Equipment Arista Networks, Inc. Morgan Stanley (12,829) (3,112,919) (3,727,723) (627,257) Hewlett Packard Enterprise Co. Morgan Stanley (231,714) (2,391,938) (2,745,811) (389,760) IPG Photonics Corp. Morgan Stanley (16,556) (2,221,119) (3,705,067) (1,517,948) Keysight Technologies, Inc. Morgan Stanley (30,797) (3,145,290) (4,067,976) (978,168) Motorola Solutions, Inc. Morgan Stanley (18,890) (2,839,899) (3,212,433) (410,181) Western Digital Corp. Morgan Stanley (95,733) (6,411,539) (5,302,651) 1,027,524 Xerox Holdings Corp. Morgan Stanley (101,481) (2,039,306) (2,353,344) (351,009) Zebra Technologies Corp., Class A Morgan Stanley (2,013) (633,216) (773,656) (142,656) (510,013) (22,795,226) (25,888,661) (3,389,455)
18 ˆ200D$W8F63wvsyuGLŠ 200D$W8F63wvsyuGL FWPLAN-PFRS52 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:27 EST 120068 MB901 19 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM INDEX PLUS FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Total Return Swaps (concluded)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Transportation American Airlines Group, Inc. Morgan Stanley (94,120) $ (1,616,655) $ (1,484,272) $ 126,283 Delta Air Lines, Inc. Morgan Stanley (25,945) (988,772) (1,043,248) (58,096) FedEx Corp. Morgan Stanley (1,165) (325,255) (302,457) 20,974 Kansas City Southern Morgan Stanley (6,341) (1,182,007) (1,294,388) (126,769) Old Dominion Freight Line, Inc. Morgan Stanley (2,986) (592,957) (582,808) 6,574 Southwest Airlines Co. Morgan Stanley (31,691) (1,345,617) (1,477,118) (136,560) United Airlines Holdings, Inc. Morgan Stanley (23,939) (1,394,880) (1,035,362) 354,295 United Parcel Service, Inc., Class B Morgan Stanley (811) (140,370) (136,572) 3,528 (186,998) (7,586,513) (7,356,225) 190,229 Utilities Alliant Energy Corp. Morgan Stanley (32,944) (1,753,644) (1,697,604) 21,148 Ameren Corp. Morgan Stanley (27,354) (2,133,563) (2,135,253) (71,291) American Electric Power Co., Inc. Morgan Stanley (25,167) (2,230,173) (2,095,656) 56,386 American Water Works Co., Inc. Morgan Stanley (5,223) (742,486) (801,574) (66,575) Atmos Energy Corp. Morgan Stanley (13,426) (1,391,280) (1,281,243) 78,782 CMS Energy Corp. Morgan Stanley (35,897) (2,278,981) (2,190,076) 51,735 Consolidated Edison, Inc. Morgan Stanley (21,075) (1,659,110) (1,523,090) 97,484 DTE Energy Co. Morgan Stanley (12,874) (1,666,952) (1,563,032) 47,907 Edison International Morgan Stanley (49,752) (3,494,198) (3,125,421) 202,666 Entergy Corp. Morgan Stanley (17,179) (1,791,287) (1,715,151) 14,244 Eversource Energy Morgan Stanley (27,159) (2,316,359) (2,349,525) (86,336) Exelon Corp. Morgan Stanley (41,687) (2,041,030) (1,760,025) 212,408 FirstEnergy Corp. Morgan Stanley (55,933) (1,739,989) (1,712,109) 5,498 NiSource, Inc. Morgan Stanley (40,276) (1,212,457) (923,931) 258,648 Pinnacle West Capital Corp. Morgan Stanley (23,102) (2,105,159) (1,847,005) 207,214 PPL Corp. Morgan Stanley (58,772) (1,816,952) (1,657,370) 107,438 Sempra Energy Morgan Stanley (8,653) (1,062,853) (1,102,479) (57,316) WEC Energy Group, Inc. Morgan Stanley (18,854) (1,749,434) (1,735,134) (31,475) Xcel Energy, Inc. Morgan Stanley (26,598) (1,747,429) (1,773,289) (76,059) (541,925) (34,933,336) (32,988,967) 972,506 Total Reference Entity — Short (395,140,840) (406,712,026) (17,729,318) Net Value of Reference Entity $ (91,802,122) $ 14,324,066 $105,068,663
* Includes $(1,057,505) related to open trades, dividends receivables/payables and swap receivables/payables activities.
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for total return swaps with end of period unrealized appreciation of $105,068,663, which are considered Level 2 as of and for the period ended December 31, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
19 ˆ200D$W8F63xK%w!oHŠ 200D$W8F63xK%w!oH LSWP64RS05 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:37 EST 120068 MB91 1 9* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM LARGE VALUE FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — 99.4% COMMON STOCKS — (Continued) Automobiles & Components — 0.7% Capital Goods — (Continued) Aptiv PLC (Jersey) 1,989 $ 259,147 Masco Corp. 3,995 $ 219,445 BorgWarner, Inc. 3,019 116,654 Northrop Grumman Corp. 464 141,390 Ford Motor Co. 10,665 93,745 Otis Worldwide Corp. 3,158 213,323 General Motors Co. 2,990 124,504 PACCAR, Inc. 4,310 371,867 594,050 Parker-Hannifin Corp. 1,622 441,849 Pentair PLC (Ireland) 2,096 111,277 Banks — 3.5% Quanta Services, Inc. 2,081 149,874 Citigroup, Inc. 25,965 1,601,002 Raytheon Technologies Corp. 1,116 79,805 Citizens Financial Group, Inc. 1,242 44,414 Snap-on, Inc. 795 136,056 Comerica, Inc. 1,752 97,867 Stanley Black & Decker, Inc. 2,019 360,513 Fifth Third Bancorp 8,975 247,441 Trane Technologies PLC JPMorgan Chase & Co. 1,911 242,831 (Ireland) 3,026 439,254 KeyCorp 3,431 56,303 TransDigm Group, Inc.* 758 469,088 M&T Bank Corp. 1,616 205,717 United Rentals, Inc.* 1,033 239,563 People’s United Financial, WW Grainger, Inc. 677 276,446 Inc. 5,278 68,245 13,945,481 SVB Financial Group* 653 253,253 US Bancorp. 1,381 64,341 Commercial & Professional Services — 1.0% Zions Bancorp NA 1,456 63,249 Cintas Corp. 354 125,125 2,944,663 Republic Services, Inc. 4,012 386,356 Robert Half International, Inc. 1,439 89,909 Capital Goods — 16.8% Waste Management, Inc. 2,069 243,997 3M Co. 6,895 1,205,177 845,387 A.O. Smith Corp. 2,034 111,504 AMETEK, Inc. 3,225 390,032 Consumer Durables & Apparel — 1.2% Carrier Global Corp. 10,910 411,525 Garmin Ltd. (Switzerland) 1,765 211,200 Caterpillar, Inc. 2,560 465,971 Hanesbrands, Inc. 4,387 63,962 Cummins, Inc. 2,186 496,441 Hasbro, Inc. 617 57,714 Deere & Co. 1,942 522,495 Leggett & Platt, Inc. 1,669 73,937 Dover Corp. 2,127 268,534 Mohawk Industries, Inc.* 1,048 147,716 Eaton Corp. PLC (Ireland) 4,110 493,775 Newell Brands, Inc. 5,345 113,474 Emerson Electric Co. 7,486 601,650 PulteGroup, Inc. 508 21,905 Fastenal Co. 925 45,168 PVH Corp. 1,057 99,242 Flowserve Corp. 531 19,567 Whirlpool Corp. 921 166,231 Fortive Corp. 4,248 300,843 955,381 Fortune Brands Home & Security, Inc. 1,751 150,096 Consumer Services — 0.8% General Dynamics Corp. 594 88,399 Darden Restaurants, Inc. 1,284 152,950 Honeywell International, Inc. 7,269 1,546,116 McDonald’s Corp. 757 162,437 Howmet Aerospace, Inc. 6,328 180,601 MGM Resorts International 1,972 62,138 Huntington Ingalls Industries, Yum! Brands, Inc. 2,423 263,041 Inc. 510 86,945 640,566 IDEX Corp. 953 189,838 Diversified Financials — 5.5% Illinois Tool Works, Inc. 2,450 499,506 Berkshire Hathaway, Inc., Jacobs Engineering Group, Class B* 2,321 538,170 Inc. 1,634 178,041 BlackRock, Inc. 1,791 1,292,278 Johnson Controls Cboe Global Markets, Inc. 1,364 127,016 International PLC (Ireland) 11,168 520,317 Discover Financial Services 3,704 335,323 L3Harris Technologies, Inc. 1,814 342,882 Lockheed Martin Corp. 3,325 1,180,308
1 ˆ200D$W8F63xMJ77G\Š 200D$W8F63xMJ77G\ LSWP64RS05 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:37 EST 120068 MB91 2 8* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM LARGE VALUE FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Diversified Financials — (Continued) Food, Beverage & Tobacco — (Continued) Franklin Resources, Inc. 7,274 $ 181,777 PepsiCo, Inc. 457 $ 67,773 Invesco Ltd. (Bermuda) 6,662 116,119 Philip Morris International, Inc. 11,875 983,131 Morgan Stanley 4,334 297,009 Tyson Foods, Inc., Class A 4,599 296,360 Nasdaq, Inc. 2,100 278,754 6,780,768 S&P Global, Inc. 2,317 761,667 Health Care Equipment & Services — 7.4% Synchrony Financial 4,001 138,875 AmerisourceBergen Corp. 2,510 245,378 T Rowe Price Group, Inc. 3,407 515,786 Anthem, Inc. 2,369 760,662 4,582,774 Centene Corp.* 7,078 424,892 Energy — 2.3% Cigna Corp. 2,319 482,769 Apache Corp. 223 3,164 CVS Health Corp. 11,931 814,887 Baker Hughes Co. 8,347 174,035 DaVita, Inc.* 1,840 216,016 Chevron Corp. 3,059 258,333 HCA Healthcare, Inc. 4,263 701,093 Halliburton Co. 12,835 242,582 Hologic, Inc.* 3,244 236,260 Kinder Morgan, Inc. 31,612 432,136 Humana, Inc. 1,668 684,330 National Oilwell Varco, Inc.* 4,890 67,140 Laboratory Corp. of America Schlumberger NV (Curacao) 20,290 442,931 Holdings* 1,227 249,756 TechnipFMC PLC (United McKesson Corp. 895 155,658 Kingdom) 6,542 61,495 Medtronic PLC (Ireland) 1,570 183,910 Williams Cos., Inc. (The) 13,443 269,532 Quest Diagnostics, Inc. 1,701 202,708 UnitedHealth Group, Inc. 1,690 592,649 1,951,348 Universal Health Services, Food & Staples Retailing — 2.6% Inc., Class B 348 47,850 Kroger Co. (The) 9,666 306,992 Varian Medical Systems, Inc.* 789 138,083 Sysco Corp. 7,438 552,346 6,136,901 Walgreens Boots Alliance, Inc. 6,749 269,150 Household & Personal Products — 3.5% Walmart, Inc. 7,429 1,070,890 Church & Dwight Co., Inc. 2,724 237,614 Clorox Co. (The) 1,588 320,649 2,199,378 Colgate-Palmolive Co. 10,251 876,563 Food, Beverage & Tobacco — 8.1% Kimberly-Clark Corp. 4,806 647,993 Altria Group, Inc. 23,414 959,974 Procter & Gamble Co. (The) 6,108 849,867 Archer-Daniels-Midland Co. 8,143 410,489 2,932,686 Campbell Soup Co. 4,411 213,272 Insurance — 2.9% Coca-Cola Co. (The) 8,406 460,985 Aflac, Inc. 1,244 55,321 Conagra Brands, Inc. 6,155 223,180 American International Group, Constellation Brands, Inc., Inc. 7,221 273,387 Class A 2,428 531,853 Aon PLC, Class A (Ireland) 2,887 609,936 General Mills, Inc. 8,173 480,572 Arthur J Gallagher & Co. 2,408 297,894 Hershey Co. (The) 2,547 387,984 LIncoln National Corp. 1,675 84,269 JM Smucker Co. (The) 1,667 192,705 Marsh & McLennan Cos., Inc. 6,375 745,875 Kellogg Co. 4,331 269,518 MetLife, Inc. 2,258 106,013 Kraft Heinz Co. (The) 15,408 534,041 PrIncipal Financial Group, Inc. 1,077 53,430 Lamb Weston Holdings, Inc. 824 64,882 Prudential Financial, Inc. 1,981 154,657 McCormick & Co., Inc., Travelers Cos., Inc. (The) 45 6,317 non-voting shares 3,361 321,312 2,387,099 Molson Coors Beverage Co., Class B 2,732 123,459 Mondelez International, Inc., Class A 757 44,262 Monster Beverage Corp.* 2,325 215,016
2 ˆ200D$W8F63xNChnGRŠ 200D$W8F63xNChnGR LSWP64RS05 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:37 EST 120068 MB91 3 9* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM LARGE VALUE FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Materials — 7.3% Pharmaceuticals, Biotechnology & Life Sciences — Amcor PLC (Jersey) 19,667 $ 231,481 (Continued) Avery Dennison Corp. 1,051 163,021 Thermo Fisher Scientific, Inc. 463 $ 215,656 Celanese Corp. 475 61,722 Viatris, Inc.* 7,371 138,133 CF Industries Holdings, Inc. 3,158 122,246 4,558,641 Dow, Inc. 9,345 518,648 Real Estate — 1.1% DuPont de Nemours, Inc. 10,728 762,868 Alexandria Real Estate Eastman Chemical Co. 1,987 199,256 Equities, Inc., REIT 44 7,842 Ecolab, Inc. 2,097 453,707 CBRE Group, Inc., Class A* 3,498 219,395 FMC Corp. 1,634 187,796 Mid-America Apartment Freeport-McMoRan, Inc. 16,682 434,066 Communities, Inc., REIT 4 507 International Paper Co. 5,732 284,995 Public Storage, REIT 498 115,003 Linde PLC (Ireland) 1,512 398,427 Simon Property Group, Inc., LyondellBasell Industries NV, REIT 12 1,023 Class A Ventas, Inc., REIT 3,608 176,936 (Netherlands) 1,308 119,891 Weyerhaeuser Co., REIT 10,895 365,309 Mosaic Co. (The) 4,775 109,873 886,015 Newmont Corp. 4,851 290,526 Nucor Corp. 3,803 202,282 Retailing — 8.8% Packaging Corp. of America 1,194 164,665 Advance Auto Parts, Inc. 863 135,931 PPG Industries, Inc. 3,458 498,713 AutoZone, Inc.* 297 352,076 Sealed Air Corp. 2,259 103,440 Best Buy Co., Inc. 3,274 326,712 Sherwin-Williams Co. (The) 867 637,167 Dollar General Corp. 3,206 674,222 Westrock Co. 3,092 134,595 Dollar Tree, Inc.* 286 30,899 6,079,385 eBay, Inc. 10,666 535,966 Gap, Inc. (The)* 4,712 95,135 Media & Entertainment — 2.5% Genuine Parts Co. 2,126 213,514 Charter Communications, Home Depot, Inc. (The) 4,938 1,311,632 Inc., Class A* 1,261 834,215 L Brands, Inc. 4,034 150,024 Discovery, Inc., Class A* 6,765 203,559 LKQ Corp.* 4,484 158,016 DISH Network Corp., Lowe’s Cos., Inc. 9,191 1,475,247 Class A* 6,597 213,347 O’Reilly Automotive, Inc.* 924 418,175 Fox Corp., Class A 7,802 227,194 Pool Corp. 431 160,548 Interpublic Group of Cos., Target Corp. 6,309 1,113,728 Inc. (The) 5,696 133,970 Tractor Supply Co. 1,472 206,934 News Corp., Class A 459 8,248 Ulta Beauty, Inc.* 11 3,159 Omnicom Group, Inc. 3,169 197,650 7,361,918 ViacomCBS, Inc., Class B 7,760 289,138 2,107,321 Semiconductors & Semiconductor Equipment — 1.9% Applied Materials, Inc. 5,516 476,031 Pharmaceuticals, Biotechnology & Life Sciences — 5.5% Intel Corp. 9,480 472,294 AbbVie, Inc. 5,844 626,185 KLA Corp. 1,209 313,022 Alexion Pharmaceuticals, QUALCOMM, Inc. 669 101,915 Inc.* 2,759 431,066 Teradyne, Inc. 1,751 209,927 Amgen, Inc. 19 4,368 Texas Instruments, Inc. 107 17,562 Biogen, Inc.* 1,938 474,539 1,590,751 Gilead Sciences, Inc. 13,107 763,614 Johnson & Johnson 4,069 640,379 Merck & Co., Inc. 4,215 344,787 PerkinElmer, Inc. 11 1,578 Pfizer, Inc. 24,948 918,336
3 ˆ200D$W8F63x=g8io!Š 200D$W8F63x=g8io! FWPLAN-PFRS48 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:40 EST 120068 MB91 4 10* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM LARGE VALUE FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Software & Services — 4.6% Telecommunication Services — (Continued) Accenture PLC, Class A Verizon Communications, (Ireland) 1,806 $ 471,745 Inc. 21,544 $ 1,265,710 Broadridge Financial 2,486,342 Solutions, Inc. 1,457 223,212 Gartner, Inc.* 1,130 181,015 Transportation — 2.7% International Business CH Robinson Worldwide, Machines Corp. 6,798 855,732 Inc. 1,712 160,705 NortonLifeLock, Inc. 6,167 128,150 CSX Corp. 6,342 575,536 Oracle Corp. 20,860 1,349,433 Expeditors International of Paychex, Inc. 5,243 488,543 Washington, Inc. 2,479 235,778 Western Union Co. (The) 6,111 134,075 FedEx Corp. 1,297 336,727 JB Hunt Transport Services, 3,831,905 Inc. 1,321 180,515 Technology Hardware & Equipment — 5.5% Norfolk Southern Corp. 2,809 667,446 Apple, Inc. 11,776 1,562,557 Old Dominion Freight Line, CDW Corp. 1,768 233,005 Inc. 17 3,318 Cisco Systems, Inc. 27,585 1,234,429 United Parcel Service, Inc., Corning, Inc. 9,625 346,500 Class B 743 125,121 F5 Networks, Inc.* 718 126,325 2,285,146 FLIR Systems, Inc. 25 1,096 HP, Inc. 20,773 510,808 Utilities — 0.2% Juniper Networks, Inc. 4,879 109,826 NRG Energy, Inc. 3,640 136,682 NetApp, Inc. 1,335 88,430 TOTAL COMMON STOCKS Seagate Technology (Cost $68,653,896) 82,780,159 PLC (Ireland) 3,173 197,234 OTHER ASSETS IN EXCESS OF TE Connectivity Ltd. LIABILITIES - 0.6% 474,452 (Switzerland) 648 78,453 NET ASSETS - 100.0% $ 83,254,611 Vontier Corp.* 2,123 70,908 4,559,571 Telecommunication Services — 3.0% * Non-income producing. AT&T, Inc. 42,442 1,220,632 PLC Public Limited Company REIT Real Estate Investment Trust
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, 2020.
For additional information about significant accounting policies, Including valuation of investments, refer to the Fund’s most recent annual or semi-annual report
4 ˆ200D$W8F63wklv0GsŠ 200D$W8F63wklv0Gs FWPLAN-PFRS50 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB69 1 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL 500 FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value LONG POSITIONS — 122.3% COMMON STOCKS — (Continued) COMMON STOCKS — 122.3% Consumer Durables & Apparel — 6.8% Automobiles & Components — 2.1% Garmin Ltd. (Switzerland)† 46 $ 5,504 Aptiv PLC (Jersey)† 319 $ 41,563 Hanesbrands, Inc.† 683 9,958 BorgWarner, Inc.† 47 1,816 Hasbro, Inc.† 129 12,067 43,379 Leggett & Platt, Inc.† 64 2,835 Capital Goods — 28.5% Mohawk Industries, Inc.†* 189 26,640 3M Co.† 105 18,353 Newell Brands, Inc.† 149 3,163 A.O. Smith Corp. 2110PVH Corp.† 441 41,405 AMETEK, Inc.† 174 21,044 Whirlpool Corp.† 203 36,639 Carrier Global Corp.† 582 21,953 138,211 Caterpillar, Inc.† 192 34,948 Consumer Services — 3.0% Cummins, Inc.† 110 24,981 Darden Restaurants, Inc.† 278 33,115 Deere & Co. 1269MGM Resorts International† 811 25,555 Dover Corp.† 40 5,050 Yum! Brands, Inc.† 19 2,063 Eaton Corp. PLC (Ireland)† 221 26,551 60,733 Emerson Electric Co.† 113 9,082 Diversified Financials — 5.0% Fortive Corp.† 346 24,504 BlackRock, Inc.† 41 29,583 Fortune Brands Home & Invesco Ltd. (Bermuda)† 3,520 61,354 Security, Inc.† 201 17,230 Nasdaq, Inc.† 40 5,310 Honeywell International, Inc.† 292 62,108 S&P Global, Inc. 4 1,315 Howmet Aerospace, Inc.† 2,049 58,478 Synchrony Financial† 46 1,597 Huntington Ingalls Industries, Inc.† 11 1,875 T Rowe Price Group, Inc.† 22 3,331 IDEX Corp.†. 14 2,789 102,490 Illinois Tool Works, Inc. 3612Energy — 3.9% Jacobs Engineering Group, Inc. 4436Halliburton Co.† 1,760 33,264 Johnson Controls International Kinder Morgan, Inc.† 238 3,253 PLC Marathon Petroleum Corp.† 53 2,192 (Ireland)† 522 24,320 National Oilwell Varco, Inc.†* 837 11,492 Lockheed Martin Corp.† 43 15,264 Schlumberger NV (Curacao)† 925 20,193 Masco Corp.† 423 23,235 TechnipFMC PLC (United Kingdom) PACCAR, Inc.† 44 3,796 † . 947 8,902 Parker-Hannifin Corp.† 23 6,265 79,296 Pentair PLC (Ireland)† 415 22,032 Food & Staples Retailing — 4.6% Quanta Services, Inc.† 802 57,760 Kroger Co. (The)† 459 14,578 Snap-on, Inc.† 69 11,809 Sysco Corp.† 816 60,596 Stanley Black & Decker, Inc.† 13 2,321 Walmart, Inc.† 126 18,163 Trane Technologies PLC (Ireland)† 194 28,161 TransDigm Group, Inc.†* 27 16,709 93,337 United Rentals, Inc.†* 122 28,293 Food, Beverage & Tobacco — 10.9% WW Grainger, Inc.† 20 8,167 Altria Group, Inc.† 505 20,705 578,505 Archer-Daniels-Midland Co.† 490 24,701 Campbell Soup Co.† 268 12,958 Commercial & Professional Services — 1.5% Coca-Cola Co. (The) 61 3,345 Cintas Corp.† 14 4,948 Conagra Brands, Inc.† 430 15,592 Republic Services, Inc.† 29 2,793 Constellation Brands, Inc., Class A† 154 33,734 Robert Half International, Inc.† 348 21,743 General Mills, Inc.† 230 13,524 29,484
1 ˆ200D$W8F63wk!n9opŠ 200D$W8F63wk!n9op FWPLAN-PFRS50 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB69 2 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Food, Beverage & Tobacco — (Continued) Materials — (Continued) JM Smucker Co. (The)† 180 $ 20,808 International Paper Co.† 328 $ 16,308 Kellogg Co.† 282 17,549 LyondellBasell Industries NV, Kraft Heinz Co. (The)† 525 18,196 Class A McCormick & Co., Inc., (Netherlands)† 50 4,583 non-voting shares 1 96 Mosaic Co. (The)† 405 9,319 Molson Coors Beverage Co., Nucor Corp.† 210 11,170 Class B† 97 4,383 PPG Industries, Inc.† 144 20,768 Philip Morris International, Inc.† 188 15,565 Sealed Air Corp.† 640 29,306 Tyson Foods, Inc., Class A† 309 19,912 234,059 221,068 Media & Entertainment — 0.7% Health Care Equipment & Services — 3.7% Charter Communications, Inc., Anthem, Inc. 2642Class A* 14 9,262 CVS Health Corp.† 118 8,059 Fox Corp., Class A† 169 4,921 DaVita, Inc.†* 140 16,436 14,183 HCA Healthcare, Inc.† 40 6,578 Pharmaceuticals, Biotechnology & Life Sciences — 2.2% Hologic, Inc.†* 49 3,569 Alexion Pharmaceuticals, Inc.†* 35 5,468 Humana, Inc.† 19 7,795 Biogen, Inc.†* 36 8,815 Laboratory Corp. of America Gilead Sciences, Inc. 82 4,777 Holdings†* 127 25,851 Johnson & Johnson† 39 6,138 Quest Diagnostics, Inc.† 46 5,482 Pfizer, Inc.† 510 18,773 74,412 43,971 Household & Personal Products — 2.4% Real Estate — 3.0% Clorox Co. (The)† 76 15,346 Ventas, Inc., REIT† 30 1,471 Colgate-Palmolive Co.† 130 11,116 Weyerhaeuser Co., REIT† 1,792 60,086 Kimberly-Clark Corp.† 99 13,348 61,557 Procter & Gamble Co. (The) 62 8,627 Retailing — 15.2% 48,437 Advance Auto Parts, Inc.† 152 23,942 Insurance — 2.6% Amazon.com, Inc.†* 1 3,257 American International Group, Inc.† 225 8,518 AutoZone, Inc.†* 13 15,411 Aon PLC, Class A (Ireland)† 35 7,394 Best Buy Co., Inc.† 172 17,164 Marsh & McLennan Cos., Inc.† 131 15,327 Dollar General Corp.† 89 18,717 MetLife, Inc.† 70 3,287 eBay, Inc.† 1,148 57,687 Principal Financial Group, Inc.† 170 8,434 Expedia Group, Inc.† 2 265 Prudential Financial, Inc.† 137 10,696 Gap, Inc. (The)†* 314 6,340 53,656 Genuine Parts Co.† 289 29,024 Materials — 11.5% Home Depot, Inc. (The)† 62 16,468 Amcor PLC (Jersey)† 1,911 22,492 L Brands, Inc.† 58 2,157 Celanese Corp.† 13 1,689 LKQ Corp.†* 1,351 47,609 CF Industries Holdings, Inc.† 171 6,619 Lowe’s Cos., Inc.† 118 18,940 Dow, Inc.† 278 15,429 O’Reilly Automotive, Inc.†* 23 10,409 DuPont de Nemours, Inc.† 870 61,866 Target Corp.† 112 19,771 Eastman Chemical Co.† 296 29,683 Tractor Supply Co.† 148 20,806 FMC Corp.† 42 4,827 307,967
2 ˆ200D$W8F63wl50PG-Š 200D$W8F63wl50PG- FWPLAN-PFRS50 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB69 3 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Semiconductors & Semiconductor Equipment — 0.1% Banks — (Continued) Intel Corp. 52 $ 2,591 Huntington Bancshares, Inc. (1,066) $ (13,464) Software & Services — 3.9% KeyCorp (104) (1,707) Broadridge Financial Solutions, M&T Bank Corp. (67) (8,529) Inc.† . 48 7,354 People’s United Financial, Inc. (1,125) (14,546) Gartner, Inc.†* 130 20,825 Regions Financial Corp. (901) (14,524) International Business Truist Financial Corp. (448) (21,473) Machines Corp.† 82 10,322 Zions Bancorp Na (136) (5,908) Oracle Corp.† 298 19,278 (87,517) Paychex, Inc.† 209 19,475 Capital Goods — (2.8)% Western Union Co. (The)† 93 2,040 Boeing Co. (The) (87) (18,623) 79,294 Ingersoll Rand, Inc.* (176) (8,019) Technology Hardware & Equipment — 6.1% Raytheon Technologies Corp. (405) (28,962) Apple, Inc.† 447 59,312 Textron, Inc. (28) (1,353) Cisco Systems, Inc.† 590 26,402 (56,957) Corning, Inc. 8 288 Commercial & Professional Services — (0.2)% HP, Inc.† 269 6,615 Copart, Inc.* (32) (4,072) Juniper Networks, Inc.† 742 16,702 Equifax, Inc. (4) (771) Vontier Corp.†* 441 14,729 (4,843) 124,048 Consumer Durables & Apparel — (2.6)% Telecommunication Services — 2.7% NVR, Inc.* (2) (8,160) AT&T, Inc.† 870 25,021 Ralph Lauren Corp. (99) (10,270) Verizon Communications, Inc.† 508 29,845 Tapestry, Inc. (323) (10,039) 54,866 Under Armour, Inc., Class C* (581) (8,645) Transportation — 1.0% VF Corp. (195) (16,655) CSX Corp. 48 4,356 (53,769) Expeditors International of Consumer Services — (8.0)% Washington, Inc.† 156 14,837 Carnival Corp. (Panama) (1,177) (25,494) Norfolk Southern Corp. 5 1,188 Chipotle Mexican Grill, Inc.* (3) (4,160) Domino’s Pizza, Inc. (24) (9,203) 20,381 Hilton Worldwide Holdings, Inc. (179) (19,915) Utilities — 0.9% Las Vegas Sands Corp. (171) (10,192) NRG Energy, Inc.† 486 18,249 Marriott International, Inc., Class A (114) (15,039) TOTAL COMMON STOCKS Norwegian Cruise Line Holdings Ltd. (Cost $1,637,315) 2,484,174 (Bermuda)* (1,039) (26,422) TOTAL LONG POSITIONS - 122.3% 2,484,174 Royal Caribbean Cruises Ltd. (Cost $1,637,315) (Liberia) (461) (34,432) Starbucks Corp. (74) (7,916) SHORT POSITIONS — (97.5)% Wynn Resorts Ltd. (88) (9,929) COMMON STOCKS — (97.5)% (162,702) Automobiles & Components — (0.2)% Diversified Financials — (2.1)% Tesla, Inc.* (6) (4,234) Charles Schwab Corp. (The) (47) (2,493) Banks — (4.3)% MSCI, Inc. (43) (19,201) Citizens Financial Group, Inc. (106) (3,791) Northern Trust Corp. (19) (1,770) Comerica, Inc. (64) (3,575)
3 ˆ200D$W8F63wlJvBoPŠ 200D$W8F63wlJvBoP FWPLAN-PFRS50 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB69 4 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Diversified Financials — (Continued) Insurance — (Continued) Raymond James Financial, Inc. (170) $ (16,264) Willis Towers Watson PLC (Ireland) (30) $ (6,320) State Street Corp. (48) (3,493) (23,524) (43,221) Materials — (1.4)% Energy — (13.4)% Air Products And Chemicals, Inc. (36) (9,836) Apache Corp. (1,519) (21,555) Albemarle Corp. (62) (9,146) Cabot Oil & Gas Corp. (1,193) (19,422) Ball Corp. (102) (9,504) Concho Resources, Inc. (115) (6,710) (28,486) Conocophillips (29) (1,160) Media & Entertainment — (1.4)% Devon Energy Corp. (1,452) (22,956) Live Nation Entertainment, Inc.* (313) (22,999) Diamondback Energy, Inc. (517) (25,023) Walt Disney Co. (The)* (31) (5,617) Exxon Mobil Corp. (413) (17,024) (28,616) Hess Corp. (457) (24,125) Hollyfrontier Corp. (936) (24,196) Pharmaceuticals, Biotechnology & Life Sciences — (3.3)% Marathon Oil Corp. (2,660) (17,742) Bio-Rad Laboratories, Inc., Class A* (6) (3,498) Occidental Petroleum Corp. (798) (13,813) Catalent, Inc.* (157) (16,339) ONEOK, Inc. (554) (21,263) IQVIA Holdings, Inc.* (90) (16,125) Phillips 66 (296) (20,702) Perrigo Co. PLC (Ireland) (434) (19,408) Pioneer Natural Resources Co. (125) (14,236) Vertex Pharmaceuticals, Inc.* (45) (10,635) Valero Energy Corp. (389) (22,006) (66,005) (271,933) Real Estate — (5.1)% Health Care Equipment & Services — (9.4)% Boston Properties, Inc., REIT (4) (378) Abbott Laboratories (21) (2,299) Digital Realty Trust, Inc., REIT (47) (6,557) ABIOMED, Inc.* (51) (16,534) Equinix, Inc., REIT (28) (19,997) Align Technology, Inc.* (31) (16,566) Equity Residential, REIT (9) (534) Boston Scientific Corp.* (320) (11,504) Essex Property Trust, Inc., REIT (16) (3,799) Cooper Cos., Inc. (The) (60) (21,799) Federal Realty Investment DexCom, Inc.* (87) (32,166) Trust, REIT (64) (5,448) Edwards Lifesciences Corp.* (262) (23,902) Healthpeak Properties, Inc., REIT (647) (19,559) Henry Schein, Inc.* (236) (15,779) Host Hotels & Resorts, Inc., REIT (534) (7,812) Intuitive Surgical, Inc.* (11) (8,999) Kimco Realty Corp., REIT (459) (6,890) ResMed, Inc. (2) (425) Realty, Income Corp., REIT (24) (1,492) Teleflex, Inc. (41) (16,874) Regency Centers Corp., REIT (187) (8,525) Zimmer Biomet Holdings, Inc. (150) (23,114) SL Green Realty Corp., REIT (153) (9,116) (189,961) UDR, Inc., REIT (153) (5,880) Vornado Realty Trust, REIT (197) (7,356) Household & Personal Products — (0.1)% Estee Lauder Cos., Inc. (The), (103,343) Class A (4) (1,065) Retailing — (2.0)% Booking Holdings, Inc.* (7) (15,591) Insurance — (1.2)% Etsy, Inc.* (95) (16,901) Chubb Ltd. (Switzerland) (17) (2,617) Ross Stores, Inc. (66) (8,105) Everest Re Group Ltd. (Bermuda) (44) (10,300) Lincoln National Corp. (2) (101) (40,597) Loews Corp. (67) (3,016) Semiconductors & Semiconductor Equipment — (2.1)% Unum Group (51) (1,170) Advanced Micro Devices, Inc.* (298) (27,330)
4 ˆ200D$W8F63wlZ#=G;Š 200D$W8F63wlZ#=G; FWPLAN-PFRS50 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB69 5 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL 500 FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Semiconductors & Semiconductor Equipment — Utilities — (Continued) (Continued) American Electric Power Co., Inc. (214) $ (17,820) NVIDIA Corp. (22) $ (11,488) American Water Works Co., Inc. (109) (16,728) Skyworks Solutions, Inc. (31) (4,739) Atmos Energy Corp. (288) (27,484) (43,557) CenterPoint Energy, Inc. (708) (15,321) Software & Services — (7.7)% CMS Energy Corp. (400) (24,404) Akamai Technologies, Inc.* (171) (17,953) Consolidated Edison, Inc. (225) (16,261) Citrix Systems, Inc. (6) (781) Dominion Energy, Inc. (8) (602) DXC Technology Co. (236) (6,077) DTE Energy Co. (207) (25,132) Fidelity National Information Edison International (554) (34,802) Services, Inc (157) (22,209) Entergy Corp. (177) (17,672) Evergy, Inc. (165) (9,159) Fleetcor Technologies, Inc.* (3) (818) Eversource Energy (291) (25,174) Fortinet, Inc.* (134) (19,903) FirstEnergy Corp. (557) (17,050) Global Payments, Inc. (165) (35,544) NextEra Energy, Inc. (122) (9,412) Intuit, Inc. (21) (7,977) Pinnacle West Capital Corp. (265) (21,187) Paycom Software, Inc.* (61) (27,587) Ppl Corp. (636) (17,935) Tyler Technologies, Inc.* (33) (14,405) Public Service Enterprise Group, VeriSign, Inc.* (15) (3,246) Inc. (266) (15,508) (156,500) Sempra Energy (141) (17,965) Technology Hardware & Equipment — Southern Co. (The) (57) (3,501) (3.0)% WEC Energy Group, Inc. (225) (20,707) Hewlett Packard Enterprise Co. (315) (3,733) Xcel Energy, Inc. (277) (18,468) IPG Photonics Corp.* (86) (19,246) (411,827) Keysight Technologies, Inc.* (79) (10,435) TOTAL COMMON STOCK Western Digital Corp. (490) (27,141) (Proceeds $1,951,647) (1,979,751) Xerox Holdings Corp. (19) (441) TOTAL SECURITES SOLD SHORT (60,996) - (97.5)% (1,979,751) Telecommunication Services — (1.2)% (Proceeds $1,951,647) T-Mobile US, Inc.* (178) (24,003) Transportation — (5.7)% OTHER ASSETS IN EXCESS OF Alaska Air Group, Inc. (481) (25,012) LIABILITIES - 75.2% 1,525,889 American Airlines Group, Inc. (1,529) (24,112) NET ASSETS - 100.0% $ 2,030,312 Delta Air Lines, Inc. (538) (21,633) Southwest Airlines Co. (454) (21,161) United Airlines Holdings, Inc.* (559) (24,177) † Security position is either entirely or partially held in a (116,095) segregated account as collateral for securities sold short. * Non-income producing. Utilities — (20.3)% Alliant Energy Corp. (284) (14,634) PLC Public Limited Company Ameren Corp. (319) (24,901) REIT Real Estate Investment Trust
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, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
5 ˆ200D$W8F63wsXybo,Š 200D$W8F63wsXybo, LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 1 3* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — 95.7% COMMON STOCKS — (Continued) Automobiles & Components — 1.2% Capital Goods — (Continued) Adient PLC (Ireland)* 2,345 $ 81,536 Generac Holdings, Inc.(a)* 89 $ 20,239 American Axle & Manufacturing Gibraltar Industries, Inc.(a)* 2,039 146,686 Holdings, Inc.(a)* 4,505 37,572 GMS, Inc.(a)* 3,337 101,712 BorgWarner, Inc.(a) 386 14,915 Honeywell International, Inc.(a) 673 143,147 Cooper Tire & Rubber Co.(a) 294 11,907 Howmet Aerospace, Inc.(a) 21,468 612,697 Ford Motor Co.(a) 195 1,714 Hubbell, Inc.(a) 188 29,477 General Motors Co.(a) 26 1,083 ITT, Inc.(a) 359 27,650 Gentherm, Inc.(a)* 758 49,437 L3Harris Technologies, Inc.(a) 657 124,186 Magna International, Inc. (Canada) 2,290 162,132 Lennox International, Inc.(a) 165 45,205 Standard Motor Products, Inc.(a) 4 162 Lockheed Martin Corp.(a) 406 144,122 Tenneco, Inc., Class A(a)* 5,463 57,908 Masco Corp.(a) 2,737 150,343 Thor Industries, Inc.(a) 96 8,927 Middleby Corp. (The)(a)* 229 29,523 Visteon Corp.(a)* 424 53,220 Mueller Industries, Inc.(a) 1,497 52,560 Winnebago Industries, Inc.(a) 34 2,038 Northrop Grumman Corp.(a) 210 63,991 482,551 NOW, Inc.(a)* 22 158 Capital Goods — 16.2% nVent Electric PLC (Ireland) 2,093 48,746 (a) 3M Co.(a) 501 87,570 Owens Corning 3,928 297,585 (a) Acuity Brands, Inc.(a) 561 67,931 Parker-Hannifin Corp. 60 16,345 Advanced Drainage Systems, Inc.(a) 104 8,692 Pentair PLC (Ireland) 2,939 156,032 AECOM(a)* 2,272 113,100 Primoris Services Corp. 2 55 (a) Altra Industrial Motion Corp.(a) 1,315 72,890 Quanta Services, Inc. 2,675 192,653 (a) AMETEK, Inc.(a) 553 66,880 Regal Beloit Corp. 521 63,984 (a) Apogee Enterprises, Inc.(a) 27 855 Rexnord Corp. 1,230 48,573 (a) Atkore International Group, Inc.(a)* 1,559 64,090 Simpson Manufacturing Co., Inc. 2,508 234,373 (a) Ballard Power Systems, Inc. SiteOne Landscape Supply, Inc. * 935 148,319 (a) (Canada)* 4,351 101,813 Snap-on, Inc. 618 105,765 (a) Bloom Energy Corp., Class A(a)* 416 11,923 SPX FLOW, Inc. * 1,512 87,636 (a) BMC Stock Holdings, Inc.(a)* 235 12,615 Stanley Black & Decker, Inc. 51 9,107 Carrier Global Corp.(a) 170 6,412 Textainer Group Holdings Ltd. Colfax Corp.(a)* 12,855 491,575 (Bermuda)* 15 288 (a) Columbus McKinnon Corp.(a) 918 35,288 Toro Co. (The) 163 15,459 (a) Crane Co.(a) 184 14,289 TPI Composites, Inc. * 1,177 62,122 Cubic Corp.(a) 38 2,358 Trane Technologies PLC (Ireland) 1,205 174,918 (a) Cummins, Inc.(a) 272 61,771 TransDigm Group, Inc. * 71 43,938 (a) Curtiss-Wright Corp.(a) 72 8,377 UFP Industries, Inc. 2,931 162,817 (a) Dover Corp.(a) 1,037 130,921 United Rentals, Inc. * 201 46,614 (a) Dycom Industries, Inc.(a)* 345 26,054 Univar Solutions, Inc. * 2,379 45,225 (a) Emerson Electric Co.(a) 594 47,740 Valmont Industries, Inc. 513 89,739 (a) Flowserve Corp.(a) 2,571 94,741 Wabash National Corp. 5,130 88,390 (a) Fortive Corp.(a) 1,257 89,021 Watsco, Inc. 290 65,700 Fortune Brands Home & Security, Watts Water Technologies, Inc., (a) Inc.(a) 2,855 244,731 Class A 837 101,863 Franklin Electric Co., Inc.(a) 596 41,249 FuelCell Energy, Inc.(a)* 33,206 370,911
1 ˆ200D$W8F63wsmbaG=Š 200D$W8F63wsmbaG= LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 2 3* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Capital Goods — (Continued) Consumer Durables & Apparel — (Continued) Westinghouse Air Brake Mohawk Industries, Inc.(a)* 1,871 $ 263,717 Technologies Corp.(a) 1,144 $ 83,741 NIKE, Inc., Class B(a) 492 69,603 6,355,480 Polaris, Inc.(a) 614 58,502 (a) Commercial & Professional Services — 2.7% PulteGroup, Inc. 1,317 56,789 (a) ABM Industries, Inc.(a) 1,846 69,853 PVH Corp. 323 30,326 (a) Cimpress PLC (Ireland)* 1,257 110,289 Smith & Wesson Brands, Inc. 4,592 81,508 (a) Clarivate PLC (Jersey)* 1,795 53,329 Sonos, Inc. * 1,916 44,815 (a) Clean Harbors, Inc.(a)* 561 42,692 Steven Madden Ltd. 326 11,514 (a) Covanta Holding Corp.(a) 11,102 145,769 Sturm Ruger & Co., Inc. 2,068 134,565 (a) Deluxe Corp.(a) 10 292 Tempur Sealy International, Inc. * 7,325 197,775 (a) Healthcare Services Group, Inc.(a) 43 1,208 TopBuild Corp. * 203 37,368 (a) Herman Miller, Inc.(a) 48 1,622 Tupperware Brands Corp. * 1,027 33,265 (a) HNI Corp.(a) 33 1,137 Vista Outdoor, Inc. * 653 15,515 KAR Auction Services, Inc.(a) 326 6,067 YETI Holdings, Inc.* 32 2,191 Kforce, Inc.(a) 10 421 1,793,055 ManpowerGroup, Inc.(a) 2,156 194,428 Consumer Services — 4.3% Nielsen Holdings PLC (United Adtalem Global Education, Inc.(a)* 1,230 41,758 Kingdom) 1,696 35,396 Bloomin’ Brands, Inc.(a) 12,269 238,264 Republic Services, Inc.(a) 595 57,298 Boyd Gaming Corp.(a) 1,258 53,993 Ritchie Bros Auctioneers, Inc. Brinker International, Inc.(a) 109 6,166 (Canada) 14 974 Dine Brands Global, Inc.(a) 2,423 140,534 Steelcase, Inc., Class A(a) 33 447 Graham Holdings Co., Class B(a) 10 5,334 Tetra Tech, Inc.(a) 185 21,419 Grand Canyon Education, Inc.(a)* 111 10,335 Thomson Reuters Corp. (Canada) 357 29,235 Hyatt Hotels Corp., Class A(a) 2,713 201,440 TransUnion(a) 813 80,666 Jack in the Box, Inc.(a) 345 32,016 TriNet Group, Inc.(a)* 1,023 82,454 Laureate Education, Inc., Class A(a)* 7,777 113,233 UniFirst Corp.(a) 393 83,194 McDonald’s Corp.(a) 126 27,037 Waste Management, Inc.(a) 229 27,006 Papa John’s International, Inc.(a) 1,995 169,276 1,045,196 Perdoceo Education Corp.(a)* 299 3,776 (a) Consumer Durables & Apparel — 4.6% Red Rock Resorts, Inc., Class A 9,011 225,635 (a) Brunswick Corp.(a) 1,562 119,087 Service Corp. International 1,834 90,049 (a) Capri Holdings Ltd. (British Virgin Strategic Education, Inc. 190 18,113 Islands)* 5,531 232,302 Texas Roadhouse, Inc. 8 625 (a) Cavco Industries, Inc.(a)* 43 7,544 Wingstop, Inc. 893 118,367 (a) DR Horton, Inc.(a) 793 54,654 Wyndham Hotels & Resorts, Inc. 2,344 139,327 (a) Garmin Ltd. (Switzerland) 201 24,052 Yum! Brands, Inc. 586 63,616 G-III Apparel Group Ltd.(a)* 426 10,113 1,698,894 Gildan Activewear, Inc. (Canada) 316 8,851 Diversified Financials — 0.5% Hanesbrands, Inc.(a) 2,083 30,370 Berkshire Hathaway, Inc., Class B(a)* 93 21,564 Kontoor Brands, Inc.(a) 2,885 117,016 BlackRock, Inc.(a) 1 722 La-Z-Boy, Inc.(a) 1,052 41,912 Cboe Global Markets, Inc. 162 15,085 Leggett & Platt, Inc.(a) 240 10,632 Federated Hermes, Inc.(a) 196 5,662 Lovesac Co. (The)* 5 215 Nasdaq, Inc.(a) 191 25,353 Mattel, Inc.(a)* 5,665 98,854
2 ˆ200D$W8F63wsz7BopŠ 200D$W8F63wsz7Bop LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 3 6* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Diversified Financials — (Continued) Food & Staples Retailing — (Continued) S&P Global, Inc.(a) 451 $ 148,257 Walgreens Boots Alliance, Inc.(a) 547 $ 21,814 Sprott, Inc. (Canada) 26 754 Walmart, Inc.(a) 768 110,707 217,397 Weis Markets, Inc.(a) 17 813 Energy — 3.7% 620,973 Antero Midstream Corp.(a) 17,649 136,074 Food, Beverage & Tobacco — 3.0% Apache Corp.(a) 8,631 122,474 Altria Group, Inc.(a) 686 28,126 Cactus, Inc., Class A(a) 1,509 39,340 Archer-Daniels-Midland Co.(a) 539 27,171 Canadian Natural Resources Ltd. B&G Foods, Inc.(a) 863 23,931 (Canada) 2,437 58,610 Bunge Ltd. (Bermuda) 477 31,282 Cenovus Energy, Inc. (Canada) 5,233 31,607 Coca-Cola Co. (The)(a) 234 12,833 Cheniere Energy, Inc.* 337 20,230 Coca-Cola Consolidated, Inc.(a) 33 8,787 Chevron Corp.(a) 2,262 191,026 Conagra Brands, Inc.(a) 4,111 149,065 Concho Resources, Inc.(a) 1,479 86,300 Constellation Brands, Inc., Class A(a) 574 125,735 ConocoPhillips(a) 3,280 131,167 Flowers Foods, Inc.(a) 256 5,793 Core Laboratories NV (Netherlands) 1,378 36,531 General Mills, Inc.(a) 1,311 77,087 DHT Holdings, Inc. (Marshall Hain Celestial Group, Inc. (The)(a)* 323 12,968 Islands) 1,047 5,476 Hershey Co. (The)(a) 125 19,041 EOG Resources, Inc.(a) 676 33,712 JM Smucker Co. (The)(a) 1,348 155,829 EQT Corp.(a) 297 3,775 Kellogg Co.(a) 498 30,991 Halliburton Co.(a) 3,208 60,631 Kraft Heinz Co. (The)(a) 1,735 60,135 Kinder Morgan, Inc.(a) 527 7,204 McCormick & Co., Inc., non-voting Marathon Petroleum Corp. 239 9,885 shares(a) 405 38,718 Murphy Oil Corp.(a) 2,509 30,359 Molson Coors Beverage Co., NexGen Energy Ltd. (Canada)* 22 61 Class B(a) 233 10,529 Occidental Petroleum Corp. 249 4,310 Monster Beverage Corp.(a)* 311 28,761 Range Resources Corp.(a) 19,842 132,941 National Beverage Corp.(a) 1,414 120,049 Renewable Energy Group, Inc.(a)* 3,284 232,573 PepsiCo, Inc.(a) 36 5,339 SM Energy Co.(a) 1,170 7,160 Philip Morris International, Inc. 9 745 Targa Resources Corp. 379Tyson Foods, Inc., Class A(a) 1,293 83,321 TechnipFMC PLC (United Kingdom) 2,156 20,266 Vector Group Ltd.(a) 9,255 107,821 Vermilion Energy, Inc. (Canada) 126 561 1,164,057 Williams Cos., Inc. (The) 99 1,985 Health Care Equipment & Services — 6.3% (a) World Fuel Services Corp. 1,194 37,205 Allscripts Healthcare Solutions, Inc.(a)* 463 6,686 1,441,542 Cardinal Health, Inc.(a) 1,329 71,181 Food & Staples Retailing — 1.6% Cerner Corp.(a) 706 55,407 BJ’s Wholesale Club Holdings, Community Health Systems, Inc.(a)*60446 Inc.(a)* 1,234 46,004 CONMED Corp.(a) 1,136 127,232 Casey’s General Stores, Inc.(a) 74 13,218 CVS Health Corp.(a) 41 2,800 Ingles Markets, Inc., Class A(a) 9 384 Danaher Corp.(a) 580 128,841 Kroger Co. (The)(a) 1,997 63,425 DaVita, Inc.(a)* 1,356 159,194 SpartanNash Co.(a) 38 662 DENTSPLY SIRONA, Inc.(a) 2,000 104,720 Sprouts Farmers Market, Inc.(a)* 9,395 188,840 Ensign Group, Inc. (The)(a) 138 10,063 Sysco Corp.(a) 1,108 82,280 Envista Holdings Corp.(a)* 253 8,534 United Natural Foods, Inc.(a)* 3,952 63,113 US Foods Holding Corp.(a)* 892 29,713
3 ˆ200D$W8F63wt9a%GÇŠ 200D$W8F63wt9a%G˙ LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 4 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Health Care Equipment & Services — (Continued) Materials — (Continued) Hologic, Inc.(a)* 2,336 $ 170,131 Alamos Gold, Inc., Class A (Canada) 7,240 $ 63,350 Humana, Inc.(a) 139 57,028 Allegheny Technologies, Inc.(a)* 9,883 165,738 IDEXX Laboratories, Inc.(a)* 75 37,490 Amcor PLC (Jersey) 1,991 23,434 Integer Holdings Corp.(a)* 265 21,515 Ashland Global Holdings, Inc.(a) 606 47,995 Laboratory Corp. of America Avient Corp.(a) 8,841 356,115 Holdings(a)* 37 7,531 Axalta Coating Systems Ltd. Magellan Health, Inc.(a)* 597 49,455 (Bermuda)* 3,424 97,755 McKesson Corp.(a) 21 3,652 Barrick Gold Corp. (Canada) 185 4,214 MEDNAX, Inc.(a)* 3,964 97,277 Boise Cascade Co.(a) 309 14,770 Medtronic PLC (Ireland) 612 71,690 Cabot Corp.(a) 589 26,434 Meridian Bioscience, Inc.(a)* 202 3,775 Carpenter Technology Corp.(a) 251 7,309 NextGen Healthcare, Inc.(a)* 3,311 60,393 CF Industries Holdings, Inc.(a) 2,988 115,665 Owens & Minor, Inc. 13 352 Chemours Co. (The)(a) 7,551 187,189 Patterson Cos., Inc.(a) 10,800 320,004 Commercial Metals Co.(a) 14,782 303,622 Providence Service Corp. (The)(a)* 71 9,843 Compass Minerals International, Quest Diagnostics, Inc.(a) 463 55,176 Inc.(a) 625 38,575 Quidel Corp.(a)* 258 46,350 Dow, Inc.(a) 397 22,033 ResMed, Inc.(a) 110 23,382 DuPont de Nemours, Inc.(a) 170 12,089 Schrodinger, Inc.(a)* 92 7,285 Ferro Corp.(a)* 855 12,509 Select Medical Holdings Corp.(a)* 4,879 134,953 First Majestic Silver Corp. (Canada)* 19,675 264,432 STERIS PLC (Ireland) 23 4,359 FMC Corp.(a) 1,437 165,154 Teladoc Health, Inc.(a)* 1,172 234,353 Franco-Nevada Corp. (Canada) 229 28,701 Tenet Healthcare Corp.(a)* 1,176 46,958 Hecla Mining Co.(a) 22,474 145,632 Tivity Health, Inc.(a)* 2,846 55,753 IAMGOLD Corp. (Canada)* 5,717 20,981 Universal Health Services, Inc., Ingevity Corp.(a)* 1,849 140,025 Class B(a) 591 81,262 Innospec, Inc.(a) 3 272 Varian Medical Systems, Inc.(a)* 906 158,559 International Paper Co. 13 646 West Pharmaceutical Services, Kinross Gold Corp. (Canada) 5,012 36,788 Inc.(a) 93 26,348 Linde PLC (Ireland) 329 86,695 Zimmer Biomet Holdings, Inc.(a) 127 19,569 NewMarket Corp.(a) 2 797 2,479,547 Newmont Corp.(a) 2,886 172,843 (a) Household & Personal Products — 1.1% Nucor Corp. 227 12,074 (a) Central Garden & Pet Co., O-I Glass, Inc. 10,296 122,522 Class A(a)* 4 145 Pan American Silver Corp. (Canada) 8,593 296,544 (a) Church & Dwight Co., Inc.(a) 79 6,891 PPG Industries, Inc. 190 27,402 Clorox Co. (The)(a) 245 49,470 Pretium Resources, Inc. (Canada)* 7,664 87,983 (a) Colgate-Palmolive Co.(a) 944 80,721 Reliance Steel & Aluminum Co. 505 60,474 (a) Edgewell Personal Care Co.(a) 2,013 69,610 Royal Gold, Inc. 83 8,828 (a) elf Beauty, Inc.(a)* 5,061 127,487 RPM International, Inc. 1,002 90,962 (a) Estee Lauder Cos, Inc., (The) Scotts Miracle-Gro Co. (The) 258 51,378 (a) Class A(a) 25 6,655 Sealed Air Corp. 501 22,941 (a) Kimberly-Clark Corp.(a) 314 42,337 Sensient Technologies Corp. 1,147 84,614 (a) Procter & Gamble Co. (The)(a) 241 33,533 Sherwin-Williams Co. (The) 215 158,006 Sonoco Products Co.(a) 597 35,372 416,849 Materials — 11.6% Agnico Eagle Mines Ltd. (Canada) 35 2,468
4 ˆ200D$W8F63wtPPto<Š 200D$W8F63wtPPto< LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 5 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Materials — (Continued) Pharmaceuticals, Biotechnology & Life Southern Copper Corp.(a) 720 $ 46,886 Sciences — (Continued) SSR Mining, Inc. (Canada)* 7,197 144,732 Gilead Sciences, Inc. 233 $ 13,575 Summit Materials, Inc., Class A(a)* 694 13,936 Horizon Therapeutics PLC (Ireland)* 281 20,555 Wheaton Precious Metals Corp. Innoviva, Inc.(a)* 256 3,172 (Canada) 696 29,051 Intellia Therapeutics, Inc.* 8 435 Worthington Industries, Inc.(a) 605 31,061 Johnson & Johnson(a) 321 50,519 Yamana Gold, Inc. (Canada) 115,528 659,665 Luminex Corp.(a) 1,055 24,392 4,548,661 Medpace Holdings, Inc.(a)* 69 9,605 (a) Media & Entertainment — 4.0% Merck & Co., Inc. 332 27,158 (a) Alphabet, Inc., Class A(a)* 91 159,490 Mettler-Toledo International, Inc. * 5 5,698 (a) Charter Communications, Inc., Novavax, Inc. * 4,624 515,622 (a) Class A(a)* 64 42,339 Ocular Therapeutix, Inc. * 299 6,189 (a) DISH Network Corp., Class A(a)* 2,069 66,911 Pacira BioSciences, Inc. * 2,091 125,125 (a) Facebook, Inc., Class A(a)* 393 107,352 PerkinElmer, Inc. 1,708 245,098 (a) Fox Corp., Class A(a) 1,374 40,011 Pfizer, Inc. 2,317 85,289 Gray Television, Inc.(a)* 89 1,592 Prestige Consumer Healthcare, (a) Interpublic Group of Cos., Inc. Inc. * 172 5,998 (a) (The)(a) 3,111 73,171 TG Therapeutics, Inc. * 3,651 189,925 (a) Lions Gate Entertainment Corp., Thermo Fisher Scientific, Inc. 256 119,240 (a) Class B (Canada)* 709 7,359 United Therapeutics Corp. * 1 152 (a) Madison Square Garden Sports Viatris, Inc. * 2,584 48,424 (a) Corp.(a)* 274 50,443 Zoetis, Inc. 362 59,911 Meredith Corp.(a) 130 2,496 1,690,437 Netflix, Inc.(a)* 148 80,028 Retailing — 11.6% News Corp., Class A(a) 23,451 421,414 Abercrombie & Fitch Co., Class A(a) 1,796 36,567 Roku, Inc.(a)* 126 41,835 Advance Auto Parts, Inc.(a) 258 40,638 Sciplay Corp. Class A* 30 416 Amazon.com, Inc.(a)* 32 104,222 Snap, Inc., Class A(a)* 615 30,793 Asbury Automotive Group, Inc.(a)* 180 26,233 TEGNA, Inc.(a) 482 6,724 AutoNation, Inc.(a)* 3,271 228,283 Twitter, Inc.(a)* 260 14,079 AutoZone, Inc.(a)* 26 30,821 Warner Music Group Corp. Bed Bath & Beyond, Inc.(a) 3,232 57,400 Class A(a) 146 5,547 Best Buy Co., Inc.(a) 5,434 542,259 World Wrestling Entertainment, Inc., Buckle, Inc. (The)(a) 2,839 82,899 Class A(a) 1,065 51,173 Camping World Holdings, Inc., Zillow Group, Inc., Class C(a)* 3,001 389,530 Class A(a) 663 17,271 1,592,703 Dollar General Corp.(a) 76 15,983 (a) Pharmaceuticals, Biotechnology & Life Sciences — 4.3% eBay, Inc. 3,061 153,815 (a) Agilent Technologies, Inc.(a) 237 28,082 Etsy, Inc. * 33 5,871 (a) Anika Therapeutics, Inc.(a)* 81 3,666 Foot Locker, Inc. 1,424 57,587 (a) Bio-Rad Laboratories, Inc., Gap, Inc. (The) * 2,273 45,892 (a) Class A(a)* 11 6,412 Genuine Parts Co. 417 41,879 (a) Bristol-Myers Squibb Co.(a) 133 8,250 Guess?, Inc. 2,602 58,857 (a) Charles River Laboratories L Brands, Inc. 3,142 116,851 (a) International, Inc.(a)* 297 74,208 LKQ Corp. * 886 31,223 Denali Therapeutics, Inc.(a)* 164 13,737
5 ˆ200D$W8F63wtasGoŠ 200D$W8F63wtasGo´ LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 6 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Retailing — (Continued) Software & Services — 9.6% Lowe’s Cos., Inc.(a) 344 $ 55,215 A10 Networks, Inc.(a)* 374 $ 3,688 Lumber Liquidators Holdings, ACI Worldwide, Inc.(a)* 183 7,033 Inc.(a)* 712 21,887 Alarm.com Holdings, Inc.(a)* 338 34,966 Macy’s, Inc.(a) 12,710 142,987 Alliance Data Systems Corp.(a) 575 42,608 Murphy USA, Inc.(a) 1,342 175,628 Appian Corp.(a)* 8 1,297 National Vision Holdings, Inc.(a)* 1,687 76,404 Blackbaud, Inc.(a) 2,191 126,114 ODP Corp. (The)(a) 1,416 41,489 Blackline, Inc.(a)* 318 42,415 O’Reilly Automotive, Inc.(a)* 109 49,330 Booz Allen Hamilton Holding Corp.(a) 27 2,354 Overstock.com, Inc.* 127 6,092 Broadridge Financial Solutions, Inc.(a) 470 72,004 Qurate Retail, Inc., Series A(a) 6,406 70,274 Cadence Design Systems, Inc.(a)* 329 44,885 RH(a)* 1,784 798,376 Cardtronics PLC, Class A (United Shutterstock, Inc.(a) 457 32,767 Kingdom)* 965 34,064 Signet Jewelers Ltd. (Bermuda) 13,474 367,436 CDK Global, Inc.(a) 1,326 68,727 Sleep Number Corp.(a)* 2,594 212,345 CGI, Inc. (Canada)* 190 15,069 Sonic Automotive, Inc., Class A(a) 3,524 135,921 Cloudflare, Inc., Class A(a)* 96 7,295 Stamps.com, Inc.(a)* 951 186,577 CSG Systems International, Inc.(a) 60 2,704 Target Corp.(a) 97 17,123 Fair Isaac Corp.* 4 2,044 TJX Cos., Inc. (The)(a) 160 10,926 Fiserv, Inc.(a)* 25 2,846 Urban Outfitters, Inc.(a)* 1,882 48,179 FleetCor Technologies, Inc.(a)* 42 11,459 Williams-Sonoma, Inc.(a) 3,161 321,916 Gartner, Inc.(a)* 371 59,430 Zumiez, Inc.(a)* 3,030 111,443 GoDaddy, Inc., Class A(a)* 1,324 109,826 4,576,866 Guidewire Software, Inc.(a)* 68 8,754 Semiconductors & Semiconductor Equipment — 3.2% International Business Machines (a) Amkor Technology, Inc.(a) 8,505 128,255 Corp. 75 9,441 (a) Applied Materials, Inc.(a) 156 13,463 Jack Henry & Associates, Inc. 36 5,832 (a) Axcelis Technologies, Inc.(a)* 60 1,747 LiveRamp Holdings, Inc. * 693 50,721 (a) Cirrus Logic, Inc.(a)* 493 40,525 Microsoft Corp. 288 64,057 (a) First Solar, Inc.(a)* 1,274 126,024 MicroStrategy, Inc., Class A * 752 292,190 (a) KLA Corp.(a) 70 18,124 Model N, Inc. * 670 23,906 (a) Lattice Semiconductor Corp.(a)* 2,224 101,904 NIC, Inc. 3,991 103,088 (a) MACOM Technology Solutions NortonLifeLock, Inc. 8,773 182,303 Holdings, Inc.(a)* 703 38,693 Open Text Corp. (Canada) 1,016 46,187 (a) Marvell Technology Group Ltd. Oracle Corp. 2,608 168,712 (a) (Bermuda) 39 1,854 Paychex, Inc. 1,655 154,213 (a) Maxim Integrated Products, Inc.(a) 371 32,889 Paylocity Holding Corp. * 75 15,443 Power Integrations, Inc.(a) 161 13,179 PayPal Holdings, Inc.* 20 4,684 (a) Qorvo, Inc.(a)* 511 84,964 Progress Software Corp. 2,653 119,889 (a) QUALCOMM, Inc.(a) 279 42,503 PTC, Inc. * 4,707 563,004 (a) Rambus, Inc.* 3 52 Qualys, Inc. * 185 22,546 Synaptics, Inc.(a)* 5,299 510,824 Sailpoint Technologies Holdings, (a) Texas Instruments, Inc. 22 3,611 Inc. * 6,861 365,280 Ultra Clean Holdings, Inc.(a)* 2,952 91,955 Science Applications International (a) Veeco Instruments, Inc.* 1 17 Corp. 718 67,952 ServiceNow, Inc.(a)* 312 171,734 1,250,583
6 ˆ200D$W8F63wtj#Bo0Š 200D$W8F63wtj#Bo0 LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 7 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Software & Services — (Continued) Telecommunication Services — (Continued) SolarWinds Corp.(a)* 16 $ 239 Iridium Communications, Inc.(a)* 2,366 $ 93,043 SPS Commerce, Inc.(a)* 1,194 129,656 Rogers Communications, Inc., SVMK, Inc.(a)* 4,762 121,669 Class B (Canada) 22 1,025 Sykes Enterprises, Inc.(a)* 4 151 T-Mobile US, Inc.* 31 4,180 Synopsys, Inc.(a)* 376 97,474 Verizon Communications, Inc.(a) 931 54,696 Teradata Corp.(a)* 4,740 106,508 Vonage Holdings Corp.* 5 64 Tyler Technologies, Inc.* 1 437 196,446 Unity Software, Inc.* 14 2,149 Transportation — 1.6% (a) Verint Systems, Inc. * 35 2,351 Alaska Air Group, Inc.(a) 922 47,944 (a) VeriSign, Inc. * 111 24,020 Atlas Air Worldwide Holdings, Inc.(a)* 140 7,636 (a) Virtusa Corp. * 840 42,949 Echo Global Logistics, Inc.(a)* 2,005 53,774 Visa, Inc., Class A 46 10,062 Expeditors International of (a) Western Union Co. (The) 2,670 58,580 Washington, Inc.(a) 819 77,895 (a) Workiva, Inc. * 106 9,712 Hub Group, Inc., Class A(a)* 974 55,518 Zoom Video Communications, Inc., Kansas City Southern(a) 215 43,888 (a) Class A * 109 36,768 Knight-Swift Transportation Holdings, 3,773,489 Inc.(a) 380 15,892 Technology Hardware & Equipment — 3.3% Norfolk Southern Corp.(a) 268 63,679 Amphenol Corp., Class A(a) 218 28,508 Ryder System, Inc.(a) 413 25,507 Apple, Inc.(a) 719 95,404 Schneider National, Inc., Class B(a) 6,078 125,815 Arrow Electronics, Inc.(a)* 2,919 284,019 SkyWest, Inc.(a) 1,706 68,769 Badger Meter, Inc.(a) 1,314 123,595 TFI International, Inc. (Canada) 4 206 Cisco Systems, Inc.(a) 342 15,304 United Parcel Service, Inc., Class B 6 1,010 Dell Technologies, Inc., Class C(a)* 96 7,036 Werner Enterprises, Inc.(a) 1,567 61,458 Diebold Nixdorf, Inc.(a)* 4,053 43,205 648,991 (a) HP, Inc. 2,775 68,237 Utilities — 0.8% II-VI, Inc.* 11 836 Dominion Energy, Inc.(a) 97 7,294 (a) InterDigital, Inc. 609 36,954 Duke Energy Corp.(a) 31 2,838 Jabil, Inc. 21 893 Exelon Corp.(a) 1,143 48,257 (a) Juniper Networks, Inc. 1,854 41,734 IDACorp., Inc.(a) 134 12,868 MTS Systems Corp. 2 116 MDU Resources Group, Inc.(a) 3,871 101,962 (a) NCR Corp. * 69 2,592 National Fuel Gas Co.(a) 721 29,655 (a) NetApp, Inc. 953 63,127 NiSource, Inc.(a) 2,227 51,087 (a) NETGEAR, Inc. * 455 18,487 NRG Energy, Inc.(a) 1,537 57,714 (a) Sanmina Corp. * 3,268 104,217 ONE Gas, Inc.(a) 115 8,829 (a) SYNNEX Corp. 1,229 100,090 Public Service Enterprise Group, TE Connectivity Ltd. (Switzerland) 227 27,483 Inc.(a) 136 7,929 (a) TTM Technologies, Inc. * 3,384 46,682 Spire, Inc. 6 384 Ubiquiti, Inc.(a) 386 107,505 328,817 Vontier Corp.(a)* 1,941 64,829 TOTAL COMMON STOCKS 1,280,853 (Cost $22,591,523) 37,603,387 Telecommunication Services — 0.5% AT&T, Inc.(a) 1,408 40,494 CenturyLink, Inc.(a) 302 2,944
7 ˆ200D$W8F63wtob8o‹Š 200D$W8F63wtob8o LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 8 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Par Value Value CORPORATE BONDS AND NOTES — 0.0% Capital Goods — 0.0% Mueller Industries, Inc. 6.00%, 03/01/2027 $ 715 $ 728 TOTAL CORPORATE BONDS AND NOTES (Cost $715) 728 TOTAL INVESTMENTS - 95.7% 37,604,115 (Cost $22,592,238)
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.3% 1,691,607 NET ASSETS - 100.0% $ 39,295,722
(a) Security position is either entirely or partially designated as collateral for total return swaps. * Non-income producing.
PLC Public Limited Company
8 ˆ200D$W8F63wtz$do;Š 200D$W8F63wtz$do; LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 9 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Over-the-counter total return swaps outstanding as of December 31, 2020 The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures on August 29, 2025, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (70.9)% of net assets as of December 31, 2020. The following table represents the individual long and help short positions and related values of total return swaps as of December 31, 2020:
Total Return Swaps
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Long Automobiles & Components American Axle & Manufacturing Holdings, Inc. Morgan Stanley 15 $ 100 $ 125 $ 26 BorgWarner, Inc. Morgan Stanley 6 220 232 25 Cooper Tire & Rubber Co. Morgan Stanley 643 22,839 26,042 3,276 Ford Motor Co. Morgan Stanley 2,320 20,445 20,393 (51) General Motors Co. Morgan Stanley 580 24,181 24,151 (29) Gentherm, Inc. Morgan Stanley 1 40 65 27 Standard Motor Products, Inc. Morgan Stanley 2 87 81 (5) Thor Industries, Inc. Morgan Stanley 27 2,358 2,511 272 Visteon Corp. Morgan Stanley 1 88 126 39 Winnebago Industries, Inc. Morgan Stanley 59 3,794 3,536 (256) 3,654 74,152 77,262 3,324 Capital Goods 3M Co. Morgan Stanley 55 9,109 9,613 549 A.O. Smith Corp. Morgan Stanley 430 23,760 23,573 (186) AAR Corp. Morgan Stanley 4 145 145 1 Advanced Drainage Systems, Inc. Morgan Stanley 170 9,689 14,209 5,311 AeroVironment, Inc. Morgan Stanley 57 4,962 4,953 (8) Albany International Corp., Class A Morgan Stanley 474 24,601 34,801 10,863 Altra Industrial Motion Corp. Morgan Stanley 1 54 55 2 Apogee Enterprises, Inc. Morgan Stanley 321 6,908 10,169 3,322 Atkore International Group, Inc. Morgan Stanley 69 1,530 2,837 1,308 BWX Technologies, Inc. Morgan Stanley 599 34,093 36,108 2,306 Carrier Global Corp. Morgan Stanley 631 23,785 23,801 79 Cubic Corp. Morgan Stanley 395 24,347 24,506 159 Cummins, Inc. Morgan Stanley 432 95,648 98,107 2,509 Deere & Co. Morgan Stanley 1 266 269 4 Donaldson Co., Inc. Morgan Stanley 502 27,957 28,052 104 Dycom Industries, Inc. Morgan Stanley 242 13,637 18,276 5,048 Flowserve Corp. Morgan Stanley 1 29 37 9 Fortive Corp. Morgan Stanley 478 31,216 33,852 2,671 Generac Holdings, Inc. Morgan Stanley 164 34,480 37,295 2,933 Gibraltar Industries, Inc. Morgan Stanley 2 123 144 22 Howmet Aerospace, Inc. Morgan Stanley 244 4,097 6,964 2,868 Illinois Tool Works, Inc. Morgan Stanley 54 10,903 11,010 152 Jacobs Engineering Group, Inc. Morgan Stanley 83 8,864 9,044 181
9 ˆ200D$W8F63wu5T%o"Š 200D$W8F63wu5T%o" LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 10 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Johnson Controls International PLC (Ireland) Morgan Stanley 7 $ 321 $ 326 $ 19 L3Harris Technologies, Inc. Morgan Stanley 799 141,678 151,027 10,018 Lennox International, Inc. Morgan Stanley 100 27,963 27,397 (493) Lockheed Martin Corp. Morgan Stanley 113 40,691 40,113 (577) Middleby Corp. (The) Morgan Stanley 52 6,612 6,704 93 MRC Global, Inc. Morgan Stanley 2,821 16,051 18,703 2,692 Mueller Industries, Inc. Morgan Stanley 5 134 176 43 Northrop Grumman Corp. Morgan Stanley 101 30,745 30,777 15 NOW, Inc. Morgan Stanley 13,581 98,734 97,512 (1,251) nVent Electric PLC (Ireland) Morgan Stanley 21 479 489 12 Otis Worldwide Corp. Morgan Stanley 139 8,883 9,389 507 Parker-Hannifin Corp. Morgan Stanley 47 12,059 12,803 745 Pentair PLC (Ireland) Morgan Stanley 810 42,099 43,003 917 Primoris Services Corp. Morgan Stanley 1 28 28 1 Regal Beloit Corp. Morgan Stanley 1 116 123 8 Snap-on, Inc. Morgan Stanley 134 22,620 22,933 332 SPX FLOW, Inc. Morgan Stanley 1 42 58 17 Stanley Black & Decker, Inc. Morgan Stanley 83 14,501 14,820 322 Textainer Group Holdings Ltd. (Bermuda) Morgan Stanley 10 188 192 5 Toro Co. (The) Morgan Stanley 48 3,949 4,552 624 TPI Composites, Inc. Morgan Stanley 121 4,794 6,386 1,630 TransDigm Group, Inc. Morgan Stanley 1 475 619 145 Tutor Perini Corp. Morgan Stanley 1,103 13,589 14,284 702 United Rentals, Inc. Morgan Stanley 1 226 232 7 Watsco, Inc. Morgan Stanley 163 38,472 36,928 (1,295) 25,672 915,652 967,394 55,445 Commercial & Professional Services ABM Industries, Inc. Morgan Stanley 330 11,995 12,487 512 Cintas Corp. Morgan Stanley 7 2,433 2,474 42 Clean Harbors, Inc. Morgan Stanley 2 105 152 48 CoreLogic, Inc. Morgan Stanley 248 19,196 19,175 (20) Deluxe Corp. Morgan Stanley 2,636 74,860 76,971 2,953 Healthcare Services Group, Inc. Morgan Stanley 5,003 104,059 140,584 38,453 Herman Miller, Inc. Morgan Stanley 116 3,982 3,921 (60) HNI Corp. Morgan Stanley 31 1,095 1,068 (18) ICF International, Inc. Morgan Stanley 1 73 74 2 IHS Markit Ltd. (Bermuda) Morgan Stanley 4 345 359 16 KAR Auction Services, Inc. Morgan Stanley 775 13,648 14,423 776 Kforce, Inc. Morgan Stanley 10 413 421 10 Ritchie Bros Auctioneers, Inc. (Canada) Morgan Stanley 4 280 278 — SP Plus Corp. Morgan Stanley 1,611 33,170 46,445 13,418 Steelcase, Inc., Class A Morgan Stanley 6,460 67,500 87,533 21,757 Tetra Tech, Inc. Morgan Stanley 1 87 116 30 Thomson Reuters Corp. (Canada) Morgan Stanley 295 24,052 24,158 127
10 ˆ200D$W8F63wuHNpoVŠ 200D$W8F63wuHNpoV LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 11 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Commercial & Professional Services — (continued) Waste Management, Inc. Morgan Stanley 202 $ 23,700 $ 23,822 $ 213 17,736 380,993 454,461 78,259 Consumer Durables & Apparel Carter’s, Inc. Morgan Stanley 1,256 98,357 118,152 21,934 Cavco Industries, Inc. Morgan Stanley 32 6,000 5,614 (385) Crocs, Inc. Morgan Stanley 19 1,176 1,191 16 Deckers Outdoor Corp. Morgan Stanley 2 573 574 2 Garmin Ltd. (Switzerland) Morgan Stanley 63 5,912 7,539 1,666 G-III Apparel Group Ltd. Morgan Stanley 1,353 16,156 32,120 16,987 Gildan Activewear, Inc. (Canada) Morgan Stanley 119 2,324 3,333 1,417 Hanesbrands, Inc. Morgan Stanley 1 13 15 3 Kontoor Brands, Inc. Morgan Stanley 7 155 284 133 La-Z-Boy, Inc. Morgan Stanley 34 1,076 1,355 283 Lovesac Co. (The) Morgan Stanley 2 90 86 (3) Mattel, Inc. Morgan Stanley 1 14 17 5 NIKE, Inc., Class B Morgan Stanley 467 64,502 66,066 1,601 Polaris, Inc. Morgan Stanley 429 42,832 40,875 (1,828) Smith & Wesson Brands, Inc. Morgan Stanley 921 14,883 16,348 1,511 Steven Madden Ltd. Morgan Stanley 5,760 121,791 203,443 81,654 Sturm Ruger & Co., Inc. Morgan Stanley 200 13,262 13,014 (135) Universal Electronics, Inc. Morgan Stanley 300 12,087 15,738 3,652 Vista Outdoor, Inc. Morgan Stanley 223 4,618 5,298 682 YETI Holdings, Inc. Morgan Stanley 8 548 548 1 11,197 406,369 531,610 129,196 Consumer Services Adtalem Global Education, Inc. Morgan Stanley 553 13,601 18,774 5,174 Boyd Gaming Corp. Morgan Stanley 1 33 43 11 Brinker International, Inc. Morgan Stanley 45 1,908 2,546 639 Darden Restaurants, Inc. Morgan Stanley 359 42,272 42,764 493 Graham Holdings Co., Class B Morgan Stanley 20 8,933 10,668 1,735 Grand Canyon Education, Inc. Morgan Stanley 68 5,352 6,331 1,046 Jack in the Box, Inc. Morgan Stanley 651 59,238 60,413 1,289 Laureate Education, Inc., Class A Morgan Stanley 155 2,107 2,257 151 McDonald’s Corp. Morgan Stanley 176 37,195 37,766 648 Papa John’s International, Inc. Morgan Stanley 515 43,107 43,698 720 Perdoceo Education Corp. Morgan Stanley 6,445 94,553 81,400 (13,186) Service Corp. International Morgan Stanley 223 10,631 10,949 364 Strategic Education, Inc. Morgan Stanley 679 68,806 64,729 (3,275) Texas Roadhouse, Inc. Morgan Stanley 2 155 156 2 Wingstop, Inc. Morgan Stanley 230 30,405 30,487 1,373 Yum! Brands, Inc. Morgan Stanley 81 7,378 8,793 1,453 10,203 425,674 421,774 (1,363) Diversified Financials Berkshire Hathaway, Inc., Class B Morgan Stanley 599 131,693 138,890 7,216 BlackRock, Inc. Morgan Stanley 8 5,684 5,772 89
11 ˆ200D$W8F63wuRPXGDŠ 200D$W8F63wuRPXGD LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 12 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Diversified Financials — (continued) Cboe Global Markets, Inc. Morgan Stanley 599 $ 50,882 $ 55,779 $ 5,184 Federated Hermes, Inc. Morgan Stanley 149 3,833 4,305 565 Nasdaq, Inc. Morgan Stanley 54 6,596 7,168 600 S&P Global, Inc. Morgan Stanley 150 49,938 49,310 (558) Sprott, Inc. (Canada) Morgan Stanley 13 426 377 (46) 1,572 249,052 261,601 13,050 Energy Antero Midstream Corp. Morgan Stanley 1 5 8 4 Apache Corp. Morgan Stanley 1 9 14 6 Cactus, Inc., Class A Morgan Stanley 26 465 678 216 Canadian Natural Resources Ltd. (Canada) Morgan Stanley 2,204 35,643 53,006 24,312 Concho Resources, Inc. Morgan Stanley 1 41 58 19 ConocoPhillips Morgan Stanley 136 5,446 5,439 (6) Core Laboratories NV (Netherlands) Morgan Stanley 21 290 557 268 Denbury, Inc. Morgan Stanley 11 278 283 6 DHT Holdings, Inc. (Marshall Islands) Morgan Stanley 14,839 77,344 77,608 2,983 DMC Global, Inc. Morgan Stanley 1,070 38,820 46,278 7,546 Enbridge, Inc. (Canada) Morgan Stanley 34 1,087 1,088 2 Enerplus Corp. (Canada) Morgan Stanley 305 985 955 (27) EOG Resources, Inc. Morgan Stanley 211 7,455 10,523 3,147 EQT Corp. Morgan Stanley 5,964 80,970 75,802 (5,167) Halliburton Co. Morgan Stanley 113 1,298 2,136 1,132 Kinder Morgan, Inc. Morgan Stanley 4,568 62,468 62,445 (8) Kosmos Energy Ltd. Morgan Stanley 27,715 40,187 65,130 24,945 Magnolia Oil & Gas Corp., Class A Morgan Stanley 1,600 9,680 11,296 1,772 Marathon Petroleum Corp. Morgan Stanley 345 14,196 14,269 74 Murphy Oil Corp. Morgan Stanley 770 6,486 9,317 3,805 NexGen Energy Ltd. (Canada) Morgan Stanley 23 64 63 1 Occidental Petroleum Corp. Morgan Stanley 1,155 17,748 19,993 2,239 SM Energy Co. Morgan Stanley 3,177 18,784 19,443 660 Vermilion Energy, Inc. (Canada) Morgan Stanley 160 746 712 (33) Williams Cos., Inc. (The) Morgan Stanley 26 522 521 1 World Fuel Services Corp. Morgan Stanley 1,060 27,560 33,030 5,635 65,536 448,577 510,652 73,532 Food & Staples Retailing BJ’s Wholesale Club Holdings, Inc. Morgan Stanley 537 21,748 20,019 (1,728) Casey’s General Stores, Inc. Morgan Stanley 127 22,376 22,685 323 Costco Wholesale Corp. Morgan Stanley 98 35,834 36,924 1,711 Ingles Markets, Inc., Class A Morgan Stanley 27 1,060 1,152 92 Kroger Co. (The) Morgan Stanley 833 25,795 26,456 604 SpartanNash Co. Morgan Stanley 993 19,894 17,288 (2,260) Sprouts Farmers Market, Inc. Morgan Stanley 67 1,275 1,347 73 Sysco Corp. Morgan Stanley 687 46,719 51,017 4,299 US Foods Holding Corp. Morgan Stanley 4 84 133 50 Walgreens Boots Alliance, Inc. Morgan Stanley 575 22,590 22,931 357
12 ˆ200D$W8F63wu=Q8oHŠ 200D$W8F63wu=Q8oH LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 13 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Food & Staples Retailing — (continued) Weis Markets, Inc. Morgan Stanley 376 $ 18,650 $ 17,977 $ (558) 4,324 216,025 217,929 2,963 Food, Beverage & Tobacco Altria Group, Inc. Morgan Stanley 78 3,209 3,198 (10) B&G Foods, Inc. Morgan Stanley 2,592 76,543 71,876 (2,260) Campbell Soup Co. Morgan Stanley 1,444 68,723 69,817 1,095 Coca-Cola Co. (The) Morgan Stanley 144 7,348 7,897 581 Coca-Cola Consolidated, Inc. Morgan Stanley 181 49,927 48,195 (1,685) Conagra Brands, Inc. Morgan Stanley 740 25,907 26,832 1,007 Flowers Foods, Inc. Morgan Stanley 653 15,830 14,777 (921) General Mills, Inc. Morgan Stanley 862 50,836 50,686 (4) Hershey Co. (The) Morgan Stanley 294 43,719 44,785 1,146 JM Smucker Co. (The) Morgan Stanley 121 13,488 13,988 596 John B. Sanfilippo & Son, Inc. Morgan Stanley 249 20,035 19,636 (401) Kellogg Co. Morgan Stanley 597 38,646 37,151 (1,308) Kraft Heinz Co. (The) Morgan Stanley 489 14,327 16,949 2,914 Molson Coors Beverage Co., Class B Morgan Stanley 66 2,223 2,983 761 Monster Beverage Corp. Morgan Stanley 84 6,607 7,768 1,163 National Beverage Corp. Morgan Stanley 3 258 255 (3) PepsiCo, Inc. Morgan Stanley 38 5,476 5,635 169 Philip Morris International, Inc. Morgan Stanley 27 2,224 2,235 23 TreeHouse Foods, Inc. Morgan Stanley 2,750 117,728 116,848 (933) Tyson Foods, Inc., Class A Morgan Stanley 1,294 80,118 83,385 3,784 12,706 643,172 644,896 5,714 Health Care Equipment & Services Abbott Laboratories Morgan Stanley 6 651 657 7 Allscripts Healthcare Solutions, Inc. Morgan Stanley 3,802 33,915 54,901 20,987 AmerisourceBergen Corp. Morgan Stanley 276 27,722 26,982 (735) Anthem, Inc. Morgan Stanley 4 1,259 1,284 27 Cardinal Health, Inc. Morgan Stanley 240 12,537 12,854 429 Cigna Corp. Morgan Stanley 42 8,234 8,744 548 Community Health Systems, Inc. Morgan Stanley 985 8,320 7,319 (1,000) CVS Health Corp. Morgan Stanley 1,443 98,229 98,557 329 Danaher Corp. Morgan Stanley 550 122,270 122,177 1 DENTSPLY SIRONA, Inc. Morgan Stanley 45 2,320 2,356 39 Ensign Group, Inc. (The) Morgan Stanley 169 9,956 12,323 2,385 Envista Holdings Corp. Morgan Stanley 1,076 32,296 36,293 3,998 Hologic, Inc. Morgan Stanley 115 8,239 8,375 138 Humana, Inc. Morgan Stanley 130 53,740 53,335 (595) IDEXX Laboratories, Inc. Morgan Stanley 10 3,554 4,999 1,445 Laboratory Corp. of America Holdings Morgan Stanley 185 36,819 37,657 839 McKesson Corp. Morgan Stanley 80 13,717 13,914 198 MEDNAX, Inc. Morgan Stanley 141 2,211 3,460 1,250 Meridian Bioscience, Inc. Morgan Stanley 320 6,005 5,981 (23) Natus Medical, Inc. Morgan Stanley 2,716 49,323 54,429 5,359 NextGen Healthcare, Inc. Morgan Stanley 1 12 18 7
13 ˆ200D$W8F63wugg0G?Š 200D$W8F63wugg0G? LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 14 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Health Care Equipment & Services — (continued) Owens & Minor, Inc. Morgan Stanley 5 $ 136 $ 135 $ — Providence Service Corp. (The) Morgan Stanley 98 10,168 13,586 3,418 Quest Diagnostics, Inc. Morgan Stanley 584 71,422 69,595 (1,826) Quidel Corp. Morgan Stanley 118 21,138 21,199 62 ResMed, Inc. Morgan Stanley 60 10,660 12,754 2,124 Schrodinger, Inc. Morgan Stanley 305 24,571 24,150 (420) STERIS PLC (Ireland) Morgan Stanley 30 5,466 5,686 223 Stryker Corp. Morgan Stanley 24 4,804 5,881 1,093 Varian Medical Systems, Inc. Morgan Stanley 251 43,337 43,928 592 13,811 723,031 763,529 40,899 Household & Personal Products BellRing Brands, Inc., Class A Morgan Stanley 21 500 511 12 Central Garden & Pet Co., Class A Morgan Stanley 51 1,834 1,853 20 Church & Dwight Co., Inc. Morgan Stanley 91 8,290 7,938 (328) Clorox Co. (The) Morgan Stanley 198 41,136 39,980 (1,079) Colgate-Palmolive Co. Morgan Stanley 4 339 342 4 Estee Lauder Cos, Inc. (The), Class A Morgan Stanley 50 11,664 13,310 1,681 Procter & Gamble Co. (The) Morgan Stanley 40 5,496 5,566 71 455 69,259 69,500 381 Materials Agnico Eagle Mines Ltd. (Canada) Morgan Stanley 774 56,936 54,575 (2,263) Alamos Gold, Inc., Class A (Canada) Morgan Stanley 63 547 551 5 Alcoa Corp. Morgan Stanley 131 1,548 3,020 1,473 Amcor PLC (Jersey) Morgan Stanley 4,618 49,518 54,354 5,572 Ashland Global Holdings, Inc. Morgan Stanley 1 69 79 12 Ball Corp. Morgan Stanley 3 278 280 3 Barrick Gold Corp. (Canada) Morgan Stanley 1,356 31,347 30,890 (456) Carpenter Technology Corp. Morgan Stanley 1,311 27,741 38,176 10,897 Dow, Inc. Morgan Stanley 150 6,765 8,325 2,272 Forterra, Inc. Morgan Stanley 1 18 17 1 Franco-Nevada Corp. (Canada) Morgan Stanley 514 68,878 64,420 (4,377) Greif, Inc., Class A Morgan Stanley 1 46 47 2 Hecla Mining Co. Morgan Stanley 5,553 29,326 35,983 6,744 IAMGOLD Corp. (Canada) Morgan Stanley 4,497 16,229 16,504 273 Innospec, Inc. Morgan Stanley 283 21,649 25,677 4,410 International Paper Co. Morgan Stanley 364 17,747 18,098 352 Kaiser Aluminum Corp. Morgan Stanley 944 60,680 93,362 34,072 Kinross Gold Corp. (Canada) Morgan Stanley 7,869 62,251 57,758 (4,733) Kraton Corp. Morgan Stanley 647 9,601 17,980 8,380 Martin Marietta Materials, Inc. Morgan Stanley 3 786 852 67 NewMarket Corp. Morgan Stanley 406 151,231 161,706 12,099 Newmont Corp. Morgan Stanley 896 55,595 53,661 (1,593) O-I Glass, Inc. Morgan Stanley 387 4,187 4,605 419 PPG Industries, Inc. Morgan Stanley 264 37,589 38,074 495 Pretium Resources, Inc. (Canada) Morgan Stanley 1,111 13,875 12,754 (1,145) Royal Gold, Inc. Morgan Stanley 39 4,538 4,148 (389)
14 ˆ200D$W8F63wupRbo(Š 200D$W8F63wupRbo( LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 15 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Materials — (continued) RPM International, Inc. Morgan Stanley 320 $ 28,018 $ 29,050 $ 1,086 Scotts Miracle-Gro Co. (The) Morgan Stanley 293 49,353 58,348 9,344 Sealed Air Corp. Morgan Stanley 139 5,635 6,365 755 Sherwin-Williams Co. (The) Morgan Stanley 64 43,657 47,034 3,464 Wheaton Precious Metals Corp. (Canada) Morgan Stanley 201 9,623 8,390 (1,216) Worthington Industries, Inc. Morgan Stanley 178 8,240 9,139 944 33,381 873,501 954,222 86,969 Media & Entertainment Activision Blizzard, Inc. Morgan Stanley 603 45,408 55,989 10,581 Alphabet, Inc., Class A Morgan Stanley 44 75,381 77,116 1,736 Charter Communications, Inc., Class A Morgan Stanley 24 14,708 15,877 1,171 DISH Network Corp., Class A Morgan Stanley 864 25,074 27,942 2,869 Facebook, Inc., Class A Morgan Stanley 142 38,448 38,789 342 Gray Television, Inc. Morgan Stanley 241 4,124 4,311 189 Lions Gate Entertainment Corp., Class B (Canada) Morgan Stanley 3,288 28,383 34,129 5,747 Madison Square Garden Sports Corp. Morgan Stanley 676 118,114 124,452 6,339 Meredith Corp. Morgan Stanley 124 2,339 2,381 43 MSG Networks, Inc., Class A Morgan Stanley 5,699 55,508 84,003 28,813 Netflix, Inc. Morgan Stanley 150 73,383 81,110 7,728 Roku, Inc. Morgan Stanley 291 92,066 96,618 4,461 Sciplay Corp., Class A Morgan Stanley 48 680 665 (14) Snap, Inc., Class A Morgan Stanley 353 14,369 17,675 3,307 TEGNA, Inc. Morgan Stanley 736 10,535 10,267 (240) Twitter, Inc. Morgan Stanley 51 2,775 2,762 (12) Warner Music Group Corp. Class A Morgan Stanley 364 10,887 13,828 2,942 World Wrestling Entertainment, Inc., Class A Morgan Stanley 1,439 60,707 69,144 8,598 15,137 672,889 757,058 84,600 Pharmaceuticals, Biotechnology & Life Sciences Agilent Technologies, Inc. Morgan Stanley 63 6,173 7,465 1,311 Bio-Rad Laboratories, Inc., Class A Morgan Stanley 33 17,591 19,237 1,647 Blueprint Medicines Corp. Morgan Stanley 13 1,470 1,458 (11) Bristol-Myers Squibb Co. Morgan Stanley 518 31,527 32,132 859 Denali Therapeutics, Inc. Morgan Stanley 98 3,510 8,208 4,700 Gilead Sciences, Inc. Morgan Stanley 90 5,154 5,243 (116) Horizon Therapeutics PLC (Ireland) Morgan Stanley 102 6,987 7,461 475 Innoviva, Inc. Morgan Stanley 6,483 77,417 80,324 2,931 Intellia Therapeutics, Inc. Morgan Stanley 2 108 109 104 Johnson & Johnson Morgan Stanley 181 26,191 28,486 2,301 Luminex Corp. Morgan Stanley 399 9,698 9,225 (411) Medpace Holdings, Inc. Morgan Stanley 1 110 139 30 Merck & Co., Inc. Morgan Stanley 10 811 818 8 Mettler-Toledo International, Inc. Morgan Stanley 19 21,443 21,654 212 Ocular Therapeutix, Inc. Morgan Stanley 982 20,236 20,327 93
15 ˆ200D$W8F63wu!WcGjŠ 200D$W8F63wu!WcGj LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 16 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Pharmaceuticals, Biotechnology & Life Sciences — (continued) PerkinElmer, Inc. Morgan Stanley 1 $ 114 $ 144 $ 30 Pfizer, Inc. Morgan Stanley 198 7,353 7,288 (63) Prestige Consumer Healthcare, Inc. Morgan Stanley 2,067 75,470 72,076 (3,396) Thermo Fisher Scientific, Inc. Morgan Stanley 127 58,687 59,154 484 Viatris, Inc. Morgan Stanley 100 1,539 1,874 336 Zoetis, Inc. Morgan Stanley 214 34,255 35,417 1,190 11,701 405,844 418,239 12,714 Retailing Abercrombie & Fitch Co., Class A Morgan Stanley 3,679 51,745 74,904 23,161 Advance Auto Parts, Inc. Morgan Stanley 504 76,166 79,385 3,389 Amazon.com, Inc. Morgan Stanley 17 52,579 55,368 2,790 American Eagle Outfitters, Inc. Morgan Stanley 928 17,939 18,625 687 Asbury Automotive Group, Inc. Morgan Stanley 1 93 146 54 AutoNation, Inc. Morgan Stanley 24 1,231 1,675 445 AutoZone, Inc. Morgan Stanley 35 39,659 41,490 1,832 Buckle, Inc. (The) Morgan Stanley 404 8,675 11,797 4,041 Camping World Holdings, Inc., Class A Morgan Stanley 4,566 130,584 118,944 (7,362) Dollar Tree, Inc. Morgan Stanley 2 217 216 — eBay, Inc. Morgan Stanley 252 12,316 12,663 371 Etsy, Inc. Morgan Stanley 11 1,946 1,957 12 Gap, Inc. (The) Morgan Stanley 1,025 21,145 20,695 (449) Guess?, Inc. Morgan Stanley 355 6,810 8,030 1,231 Home Depot, Inc. (The) Morgan Stanley 197 51,633 52,327 726 L Brands, Inc. Morgan Stanley 285 10,946 10,599 (346) Lowe’s Cos., Inc. Morgan Stanley 51 7,662 8,186 666 Lumber Liquidators Holdings, Inc. Morgan Stanley 1,376 30,652 42,298 11,722 Macy’s, Inc. Morgan Stanley 5,402 32,735 60,773 28,038 O’Reilly Automotive, Inc. Morgan Stanley 44 19,476 19,913 461 Overstock.com, Inc. Morgan Stanley 34 1,737 1,631 (105) Qurate Retail, Inc., Series A Morgan Stanley 1,766 12,756 19,373 9,628 Shutterstock, Inc. Morgan Stanley 548 33,890 39,292 5,482 Target Corp. Morgan Stanley 89 13,507 15,711 2,268 TJX Cos., Inc. (The) Morgan Stanley 468 31,379 31,960 581 Urban Outfitters, Inc. Morgan Stanley 929 22,306 23,782 1,477 Zumiez, Inc. Morgan Stanley 121 3,485 4,450 967 23,113 693,269 776,190 91,767 Semiconductors & Semiconductor Equipment Amkor Technology, Inc. Morgan Stanley 39 434 588 157 Axcelis Technologies, Inc. Morgan Stanley 851 20,516 24,781 4,385 Broadcom, Inc. Morgan Stanley 315 131,623 137,923 7,486 First Solar, Inc. Morgan Stanley 1,276 102,870 126,222 23,771 Intel Corp. Morgan Stanley 885 41,208 44,091 2,884 MACOM Technology Solutions Holdings, Inc. Morgan Stanley 2,250 82,696 123,840 41,908
16 ˆ200D$W8F63wv0!eo‹Š 200D$W8F63wv0!eo LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 17 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Semiconductors & Semiconductor Equipment — (continued) Marvell Technology Group Ltd. (Bermuda) Morgan Stanley 48 $ 2,235 $ 2,282 $ 48 QUALCOMM, Inc. Morgan Stanley 868 127,524 132,231 4,809 Rambus, Inc. Morgan Stanley 6 105 105 1 Texas Instruments, Inc. Morgan Stanley 6 971 985 14 Ultra Clean Holdings, Inc. Morgan Stanley 1 21 31 11 6,545 510,203 593,079 85,474 Software & Services A10 Networks, Inc. Morgan Stanley 586 4,128 5,778 1,686 Accenture PLC, Class A (Ireland) Morgan Stanley 23 5,947 6,008 62 ACI Worldwide, Inc. Morgan Stanley 127 3,161 4,881 2,094 Agilysys, Inc. Morgan Stanley 2 78 77 — Appian Corp. Morgan Stanley 151 22,936 24,476 1,541 Automatic Data Processing, Inc. Morgan Stanley 13 2,278 2,291 13 Avalara, Inc. Morgan Stanley 115 20,532 18,962 (1,656) Blackline, Inc. Morgan Stanley 191 25,829 25,476 (352) Booz Allen Hamilton Holding Corp. Morgan Stanley 1,225 105,885 106,796 1,104 Broadridge Financial Solutions, Inc. Morgan Stanley 619 87,605 94,831 7,732 CDK Global, Inc. Morgan Stanley 756 35,948 39,183 3,310 CGI, Inc. (Canada) Morgan Stanley 379 27,330 30,058 2,793 Cloudera, Inc. Morgan Stanley 2,373 31,627 33,008 1,382 Cloudflare, Inc., Class A Morgan Stanley 194 15,976 14,742 (1,350) Cornerstone On Demand, Inc. Morgan Stanley 1,121 39,011 49,369 10,460 Crowdstrike Holdings, Inc., Class A Morgan Stanley 361 70,650 76,467 5,818 CSG Systems International, Inc. Morgan Stanley 878 37,175 39,571 2,814 Domo, Inc., Class B Morgan Stanley 77 5,036 4,910 (124) Elastic NV (Netherlands) Morgan Stanley 60 8,898 8,768 (154) Fair Isaac Corp. Morgan Stanley 3 1,526 1,533 9 FireEye, Inc. Morgan Stanley 806 18,093 18,586 495 Fiserv, Inc. Morgan Stanley 738 79,864 84,029 4,166 Guidewire Software, Inc. Morgan Stanley 22 2,222 2,832 1,874 International Business Machines Corp. Morgan Stanley 69 8,219 8,686 522 Jack Henry & Associates, Inc. Morgan Stanley 271 44,425 43,899 (306) Microsoft Corp. Morgan Stanley 196 42,761 43,594 857 NIC, Inc. Morgan Stanley 14 275 362 89 Open Text Corp. (Canada) Morgan Stanley 552 23,104 25,094 2,078 PayPal Holdings, Inc. Morgan Stanley 111 25,396 25,996 601 Progress Software Corp. Morgan Stanley 19 700 859 163 PTC, Inc. Morgan Stanley 1 80 120 41 salesforce.com, Inc. Morgan Stanley 34 7,584 7,566 (17) SolarWinds Corp. Morgan Stanley 18 301 269 (31) SPS Commerce, Inc. Morgan Stanley 9 673 977 305 Sykes Enterprises, Inc. Morgan Stanley 3 114 113 — Synopsys, Inc. Morgan Stanley 32 7,253 8,296 1,175 Teradata Corp. Morgan Stanley 564 11,849 12,673 825
17 ˆ200D$W8F63wv5=co$Š 200D$W8F63wv5=co$ LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 18 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) Unity Software, Inc. Morgan Stanley 5 $ 775 $ 767 $ (6) Verint Systems, Inc. Morgan Stanley 96 5,808 6,449 653 VeriSign, Inc. Morgan Stanley 3 594 649 56 Visa, Inc., Class A Morgan Stanley 32 6,744 6,999 257 Western Union Co. (The) Morgan Stanley 178 3,876 3,905 30 Workiva, Inc. Morgan Stanley 98 7,793 8,979 1,187 Zoom Video Communications, Inc., Class A Morgan Stanley 108 39,789 36,431 (3,357) 13,233 889,848 935,315 48,839 Technology Hardware & Equipment Apple, Inc. Morgan Stanley 170 22,461 22,557 97 Avnet, Inc. Morgan Stanley 361 9,931 12,675 3,776 Belden, Inc. Morgan Stanley 1,012 35,450 42,403 7,153 Cambium Networks Corp. (Cayman Islands) Morgan Stanley 25 638 627 (10) CDW Corp. Morgan Stanley 10 1,299 1,318 20 Cisco Systems, Inc. Morgan Stanley 334 13,940 14,947 1,007 Dell Technologies, Inc., Class C Morgan Stanley 528 37,003 38,697 1,705 EchoStar Corp., Class A Morgan Stanley 3,717 109,205 78,763 (30,668) FLIR Systems, Inc. Morgan Stanley 710 26,196 31,119 6,219 HP, Inc. Morgan Stanley 1,569 32,267 38,582 7,763 II-VI, Inc. Morgan Stanley 13 1,000 987 (12) Inseego Corp. Morgan Stanley 15 233 232 — InterDigital, Inc. Morgan Stanley 5 280 303 27 Jabil, Inc. Morgan Stanley 194 8,262 8,251 (10) Juniper Networks, Inc. Morgan Stanley 257 5,436 5,785 400 MTS Systems Corp. Morgan Stanley 3 175 174 — NCR Corp. Morgan Stanley 2,770 55,511 104,069 48,559 NetApp, Inc. Morgan Stanley 49 2,019 3,246 1,252 NETGEAR, Inc. Morgan Stanley 242 7,922 9,832 1,912 OSI Systems, Inc. Morgan Stanley 775 61,031 72,246 11,286 Sanmina Corp. Morgan Stanley 28 697 893 197 TE Connectivity Ltd. (Switzerland) Morgan Stanley 1 94 121 29 TTM Technologies, Inc. Morgan Stanley 619 7,991 8,539 549 Ubiquiti, Inc. Morgan Stanley 1 160 279 120 Vontier Corp. Morgan Stanley 664 19,272 22,178 2,907 14,072 458,473 518,823 64,278 Telecommunication Services AT&T, Inc. Morgan Stanley 707 20,074 20,333 261 CenturyLink, Inc. Morgan Stanley 584 5,786 5,694 (91) Iridium Communications, Inc. Morgan Stanley 39 974 1,534 561 Rogers Communications, Inc., Class B (Canada) Morgan Stanley 40 1,865 1,864 — T-Mobile US, Inc. Morgan Stanley 10 1,335 1,349 15 Verizon Communications, Inc. Morgan Stanley 69 4,002 4,054 53
18 ˆ200D$W8F63wvJddGÊ 200D$W8F63wvJddGˆ LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 19 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Telecommunication Services — (continued) Vonage Holdings Corp. Morgan Stanley 1 $ 13 $ 13 $ 1 1,450 34,049 34,841 800 Transportation Alaska Air Group, Inc. Morgan Stanley 570 21,058 29,640 8,583 ArcBest Corp. Morgan Stanley 2,269 76,738 96,818 20,927 Atlas Air Worldwide Holdings, Inc. Morgan Stanley 887 50,267 48,377 (1,929) CH Robinson Worldwide, Inc. Morgan Stanley 2 186 188 62 CSX Corp. Morgan Stanley 30 2,700 2,723 23 FedEx Corp. Morgan Stanley 133 35,623 34,529 (1,093) Kansas City Southern Morgan Stanley 1 174 204 32 Knight-Swift Transportation Holdings, Inc. Morgan Stanley 193 7,304 8,071 788 Ryder System, Inc. Morgan Stanley 169 8,878 10,437 1,647 Schneider National, Inc., Class B Morgan Stanley 33 774 683 (11) TFI International, Inc. (Canada) Morgan Stanley 1 51 52 1 United Parcel Service, Inc., Class B Morgan Stanley 1 170 168 15 Werner Enterprises, Inc. Morgan Stanley 61 2,444 2,392 (45) 4,350 206,367 234,282 29,000 Utilities Dominion Energy, Inc. Morgan Stanley 8 591 602 12 Duke Energy Corp. Morgan Stanley 44 3,669 4,029 388 Exelon Corp. Morgan Stanley 491 20,066 20,730 678 IDACORP, Inc. Morgan Stanley 282 25,604 27,080 1,510 National Fuel Gas Co. Morgan Stanley 237 9,842 9,748 76 NiSource, Inc. Morgan Stanley 4,058 93,872 93,091 (560) NRG Energy, Inc. Morgan Stanley 212 6,432 7,961 1,607 ONE Gas, Inc. Morgan Stanley 91 6,922 6,986 74 Public Service Enterprise Group, Inc. Morgan Stanley 108 6,147 6,296 298 Spire, Inc. Morgan Stanley 4 255 256 2 5,535 173,400 176,779 4,085 Total Reference Entity — Long 9,469,799 10,319,436 909,926 Short Automobiles & Components Aptiv PLC (Jersey) Morgan Stanley (134) (16,844) (17,459) (628) Dana, Inc. Morgan Stanley (593) (11,670) (11,575) 85 Dorman Products, Inc. Morgan Stanley (283) (25,124) (24,570) 531 Fox Factory Holding Corp. Morgan Stanley (1,013) (102,121) (107,084) (5,187) Goodyear Tire & Rubber Co. (The) Morgan Stanley (3,255) (31,964) (35,512) (3,820) LCI Industries Morgan Stanley (1,271) (147,441) (164,823) (19,890) Patrick Industries, Inc. Morgan Stanley (1,169) (70,161) (79,901) (10,286) Tesla, Inc. Morgan Stanley (104) (69,276) (73,390) (4,172) XPEL, Inc. Morgan Stanley (135) (6,423) (6,961) (542) (7,957) (481,024) (521,275) (43,909)
19 ˆ200D$W8F63wvRtVo=Š 200D$W8F63wvRtVo= LSWP64RS09 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 20 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods AAON, Inc. Morgan Stanley (14) $ (938) $ (933) $ 5 Aerojet Rocketdyne Holdings, Inc. Morgan Stanley (770) (40,457) (40,695) (271) American Woodmark Corp. Morgan Stanley (260) (23,499) (24,401) (921) Armstrong World Industries, Inc. Morgan Stanley (1,646) (124,847) (122,446) 2,041 Astec Industries, Inc. Morgan Stanley (1,036) (55,840) (59,964) (4,341) Axon Enterprise, Inc. Morgan Stanley (691) (63,014) (84,668) (22,626) Beacon Roofing Supply, Inc. Morgan Stanley (831) (29,239) (33,398) (4,183) Boeing Co. (The) Morgan Stanley (1,904) (430,791) (407,570) 22,852 Builders FirstSource, Inc. Morgan Stanley (6,355) (230,904) (259,348) (28,641) Carlisle Cos, Inc. Morgan Stanley (184) (25,335) (28,737) (3,497) Chart Industries, Inc. Morgan Stanley (15) (1,777) (1,767) 10 CIRCOR International, Inc. Morgan Stanley (87) (3,100) (3,344) (246) Construction Partners, Inc., Class A Morgan Stanley (1,208) (23,042) (35,165) (12,346) Encore Wire Corp. Morgan Stanley (7) (415) (424) (8) Enerpac Tool Group Corp. Morgan Stanley (62) (1,375) (1,402) (27) EnerSys Morgan Stanley (1,054) (77,985) (87,545) (10,202) GATX Corp. Morgan Stanley (495) (37,963) (41,174) (3,450) GrafTech International Ltd. Morgan Stanley (408) (4,136) (4,349) (216) Great Lakes Dredge & Dock Corp. Morgan Stanley (14) (179) (184) (4) Helios Technologies, Inc. Morgan Stanley (788) (33,633) (41,993) (8,490) Hexcel Corp. Morgan Stanley (2,183) (100,126) (105,854) (7,177) Hillenbrand, Inc. Morgan Stanley (2,581) (83,379) (102,724) (20,970) Hyster-Yale Materials Handling, Inc. Morgan Stanley (627) (25,550) (37,338) (12,015) Kaman Corp. Morgan Stanley (260) (13,940) (14,854) (963) Kennametal, Inc. Morgan Stanley (7,880) (236,093) (285,571) (52,004) Kratos Defense & Security Solutions, Inc. Morgan Stanley (6,581) (132,862) (180,517) (48,396) Maxar Technologies, Inc. Morgan Stanley (1,967) (60,452) (75,907) (15,521) Mercury Systems, Inc. Morgan Stanley (177) (13,936) (15,587) (1,661) Meritor, Inc. Morgan Stanley (7,149) (167,545) (199,529) (32,447) Mueller Water Products, Inc., Class A Morgan Stanley (8,064) (89,136) (99,832) (11,389) Navistar International Corp. Morgan Stanley (1,953) (85,984) (85,854) 57 Nordson Corp. Morgan Stanley (301) (61,905) (60,486) 1,198 NV5 Global, Inc. Morgan Stanley (842) (43,818) (66,333) (22,880) Oshkosh Corp. Morgan Stanley (1,306) (105,286) (112,407) (7,309) Parsons Corp. Morgan Stanley (1,035) (34,836) (37,684) (2,877) PGT Innovations, Inc. Morgan Stanley (1,953) (37,190) (39,724) (2,565) Proto Labs, Inc. Morgan Stanley (1,474) (230,730) (226,112) 4,404 Raven Industries, Inc. Morgan Stanley (291) (7,537) (9,629) (2,105) Resideo Technologies, Inc. Morgan Stanley (6,946) (98,286) (147,672) (50,825) REV Group, Inc. Morgan Stanley (3,491) (28,006) (30,756) (2,932) Sensata Technologies Holding PLC (United Kingdom) Morgan Stanley (453) (21,026) (23,891) (2,890) Spirit AeroSystems Holdings, Inc., Class A Morgan Stanley (4,547) (110,654) (177,742) (67,250) SPX Corp. Morgan Stanley (193) (10,346) (10,526) (188) Sunrun, Inc. Morgan Stanley (684) (44,199) (47,456) (3,293)
20 ˆ200D$W8F63wsPikG#Š 200D$W8F63wsPikG# LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 21 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Capital Goods — (continued) Terex Corp. Morgan Stanley (1,161) $ (30,264) $ (40,507) $ (10,413) Trex Co., Inc. Morgan Stanley (6,930) (527,835) (580,180) (53,795) Triumph Group, Inc. Morgan Stanley (2,323) (32,155) (29,177) 2,951 Vicor Corp. Morgan Stanley (1,775) (156,307) (163,691) (7,792) Welbilt, Inc. Morgan Stanley (5,140) (53,993) (67,848) (13,900) WESCO International, Inc. Morgan Stanley (4,070) (193,498) (319,495) (129,468) WillScot Mobile Mini Holdings Corp. Morgan Stanley (1,098) (24,275) (25,441) (1,185) Woodward, Inc. Morgan Stanley (202) (24,337) (24,549) (232) Xylem, Inc. Morgan Stanley (406) (37,012) (41,327) (4,727) (103,872) (4,130,967) (4,765,707) (655,120) Commercial & Professional Services Casella Waste Systems, Inc., Class A Morgan Stanley (228) (13,359) (14,125) (810) Equifax, Inc. Morgan Stanley (755) (145,426) (145,594) (292) Forrester Research, Inc. Morgan Stanley (544) (19,704) (22,794) (3,182) Harsco Corp. Morgan Stanley (5,037) (73,281) (90,565) (17,360) Insperity, Inc. Morgan Stanley (961) (66,169) (78,245) (13,347) Knoll, Inc. Morgan Stanley (38) (536) (558) (21) Korn Ferry Morgan Stanley (44) (1,939) (1,914) 25 MSA Safety, Inc. Morgan Stanley (174) (25,068) (25,994) (986) Pitney Bowes, Inc. Morgan Stanley (175) (1,077) (1,078) — US Ecology, Inc. Morgan Stanley (2,179) (82,171) (79,163) 2,959 Viad Corp. Morgan Stanley (58) (1,973) (2,098) (125) (10,193) (430,703) (462,128) (33,139) Consumer Durables & Apparel Acushnet Holdings Corp. Morgan Stanley (226) (8,148) (9,162) (1,225) Callaway Golf Co. Morgan Stanley (5,396) (116,284) (129,558) (14,227) Canada Goose Holdings, Inc. (Canada) Morgan Stanley (4,103) (143,381) (122,146) 21,158 Columbia Sportswear Co. Morgan Stanley (841) (76,914) (73,487) 3,363 GoPro, Inc., Class A Morgan Stanley (14,027) (62,713) (116,144) (55,960) Lululemon Athletica, Inc. Morgan Stanley (416) (156,759) (144,780) 12,831 Malibu Boats, Inc., Class A Morgan Stanley (342) (19,257) (21,354) (2,148) Oxford Industries, Inc. Morgan Stanley (58) (3,790) (3,800) (11) Purple Innovation, Inc. Morgan Stanley (321) (10,461) (10,574) (121) Skechers U.S.A., Inc., Class A Morgan Stanley (7,878) (259,387) (283,135) (23,970) Tapestry, Inc. Morgan Stanley (1,684) (35,166) (52,339) (17,202) Under Armour, Inc., Class C Morgan Stanley (10,685) (104,386) (158,993) (56,092) (45,977) (996,646) (1,125,472) (133,604) Consumer Services Aramark Morgan Stanley (3,846) (141,475) (147,994) (7,325) Bright Horizons Family Solutions, Inc. Morgan Stanley (1,701) (261,660) (294,256) (33,278) Caesars Entertainment, Inc. Morgan Stanley (2,210) (142,867) (164,137) (22,580) Carnival Corp. (Panama) Morgan Stanley (7,774) (162,201) (168,385) (6,322) Cheesecake Factory, Inc. (The) Morgan Stanley (4,336) (134,858) (160,692) (25,949) Chegg, Inc. Morgan Stanley (407) (31,920) (36,764) (6,713) Churchill Downs, Inc. Morgan Stanley (155) (30,342) (30,192) 96
21 ˆ200D$W8F63wsaNJGhŠ 200D$W8F63wsaNJGh LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 22 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Consumer Services — (continued) Cracker Barrel Old Country Store, Inc. Morgan Stanley (1,713) $ (211,888) $ (225,979) $ (14,272) Dave & Buster’s Entertainment, Inc. Morgan Stanley (11,506) (209,526) (345,410) (138,647) Denny’s Corp. Morgan Stanley (3,429) (41,443) (50,338) (8,929) frontdoor, Inc. Morgan Stanley (304) (15,250) (15,264) (30) Hilton Worldwide Holdings, Inc. Morgan Stanley (1,228) (128,800) (136,627) (7,937) Monarch Casino & Resort, Inc. Morgan Stanley (1,012) (47,564) (61,955) (14,488) Planet Fitness, Inc., Class A Morgan Stanley (8) (621) (621) (1) Starbucks Corp. Morgan Stanley (86) (9,150) (9,200) (57) Stride, Inc. Morgan Stanley (2,419) (93,978) (51,355) 42,543 WW International, Inc. Morgan Stanley (647) (20,319) (15,787) 4,985 (42,781) (1,683,862) (1,914,956) (238,904) Diversified Financials CME Group, Inc. Morgan Stanley (693) (126,081) (126,161) (4,364) Franklin Resources, Inc. Morgan Stanley (5,646) (136,878) (141,094) (5,773) Intercontinental Exchange, Inc. Morgan Stanley (3,101) (313,715) (357,514) (45,699) WisdomTree Investments, Inc. Morgan Stanley (167) (894) (893) — (9,607) (577,568) (625,662) (55,836) Energy Archrock, Inc. Morgan Stanley (7,011) (45,712) (60,715) (16,254) Cabot Oil & Gas Corp. Morgan Stanley (6,475) (119,325) (105,413) 13,405 Cameco Corp. (Canada) Morgan Stanley (43) (581) (576) 5 ChampionX Corp. Morgan Stanley (4,029) (34,396) (61,644) (27,276) CNX Resources Corp. Morgan Stanley (7,970) (82,744) (86,076) (3,402) Delek US Holdings, Inc. Morgan Stanley (18,670) (290,781) (300,027) (9,789) Dril-Quip, Inc. Morgan Stanley (770) (24,415) (22,807) 1,587 Hess Corp. Morgan Stanley (355) (16,664) (18,740) (2,361) HollyFrontier Corp. Morgan Stanley (447) (11,270) (11,555) (293) National Energy Services Reunited Corp. (British Virgin Islands) Morgan Stanley (9) (88) (89) — NexTier Oilfield Solutions, Inc. Morgan Stanley (6,190) (15,289) (21,294) (6,016) ONEOK, Inc. Morgan Stanley (1,003) (30,042) (38,495) (9,530) Ovintiv, Inc. Morgan Stanley (4,724) (52,862) (67,837) (16,513) PDC Energy, Inc. Morgan Stanley (5,130) (78,694) (105,319) (27,081) Pembina Pipeline Corp. (Canada) Morgan Stanley (14,303) (355,342) (338,409) 7,297 RPC, Inc. Morgan Stanley (5,381) (16,412) (16,950) (553) Southwestern Energy Co. Morgan Stanley (123,804) (344,776) (368,936) (24,455) Suncor Energy, Inc. (Canada) Morgan Stanley (5,976) (102,809) (100,277) 265 TC Energy Corp. (Canada) Morgan Stanley (5,590) (250,943) (227,625) 17,730 WPX Energy, Inc. Morgan Stanley (7,137) (40,253) (58,166) (19,058) (225,017) (1,913,398) (2,010,950) (122,292) Food & Staples Retailing Chefs’ Warehouse, Inc. (The) Morgan Stanley (627) (15,339) (16,108) (781) Grocery Outlet Holding Corp. Morgan Stanley (8,071) (332,057) (316,787) 14,987 Performance Food Group Co. Morgan Stanley (4,549) (169,204) (216,578) (48,619)
22 ˆ200D$W8F63wssi8G"Š 200D$W8F63wssi8G" LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 23 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Food & Staples Retailing — (continued) Rite Aid Corp. Morgan Stanley (3,213) $ (44,381) $ (50,862) $ (6,517) (16,460) (560,981) (600,335) (40,930) Food, Beverage & Tobacco Beyond Meat, Inc. Morgan Stanley (4,162) (545,507) (520,250) 24,790 Calavo Growers, Inc. Morgan Stanley (1,090) (69,890) (75,679) (7,105) Darling Ingredients, Inc. Morgan Stanley (160) (9,049) (9,229) (187) Hormel Foods Corp. Morgan Stanley (3,038) (143,883) (141,601) 2,361 Hostess Brands, Inc. Morgan Stanley (77) (1,122) (1,127) (5) J&J Snack Foods Corp. Morgan Stanley (466) (67,100) (72,402) (5,761) Lancaster Colony Corp. Morgan Stanley (3) (543) (551) (8) MGP Ingredients, Inc. Morgan Stanley (1,245) (48,045) (58,590) (11,376) Pilgrim’s Pride Corp. Morgan Stanley (4,716) (76,447) (92,481) (16,375) Sanderson Farms, Inc. Morgan Stanley (1,172) (139,046) (154,938) (17,136) Simply Good Foods Co. (The) Morgan Stanley (582) (16,518) (18,252) (1,747) SunOpta, Inc. (Canada) Morgan Stanley (14) (162) (163) — Universal Corp. Morgan Stanley (426) (18,196) (20,708) (2,823) (17,151) (1,135,508) (1,165,971) (35,372) Health Care Equipment & Services ABIOMED, Inc. Morgan Stanley (118) (37,816) (38,256) (471) Alcon, Inc. (Switzerland) Morgan Stanley (8) (531) (528) 4 Antares Pharma, Inc. Morgan Stanley (86) (340) (343) (2) AtriCure, Inc. Morgan Stanley (702) (30,811) (39,080) (8,609) Avanos Medical, Inc. Morgan Stanley (568) (18,927) (26,060) (7,148) Axogen, Inc. Morgan Stanley (3,185) (37,965) (57,012) (19,617) BioTelemetry, Inc. Morgan Stanley (1,979) (81,413) (142,646) (61,302) Brookdale Senior Living, Inc. Morgan Stanley (5,220) (15,503) (23,125) (7,728) Cantel Medical Corp. Morgan Stanley (890) (48,226) (70,185) (22,883) Cardiovascular Systems, Inc. Morgan Stanley (1,232) (41,555) (53,912) (12,559) Castle Biosciences, Inc. Morgan Stanley (126) (7,228) (8,461) (1,238) Covetrus, Inc. Morgan Stanley (2,714) (71,439) (78,000) (6,621) CryoLife, Inc. Morgan Stanley (120) (2,546) (2,833) (288) Edwards Lifesciences Corp. Morgan Stanley (2,945) (241,994) (268,672) (26,885) Encompass Health Corp. Morgan Stanley (1,030) (77,552) (85,171) (8,770) Evolent Health, Inc., Class A Morgan Stanley (7,797) (111,562) (124,986) (13,687) Fulgent Genetics, Inc. Morgan Stanley (1,927) (92,484) (100,397) (7,991) Glaukos Corp. Morgan Stanley (1,773) (84,803) (133,436) (49,960) Globus Medical, Inc., Class A Morgan Stanley (345) (22,211) (22,501) (308) Guardant Health, Inc. Morgan Stanley (677) (78,138) (87,252) (9,180) Haemonetics Corp. Morgan Stanley (2,298) (228,792) (272,888) (44,291) HealthEquity, Inc. Morgan Stanley (2,440) (153,745) (170,092) (17,641) HealthStream, Inc. Morgan Stanley (4) (87) (87) 1 Henry Schein, Inc. Morgan Stanley (588) (40,091) (39,314) 770 ICU Medical, Inc. Morgan Stanley (1) (214) (214) 1 Inari Medical, Inc. Morgan Stanley (102) (8,716) (8,904) (194) Integra LifeSciences Holdings Corp. Morgan Stanley (1,368) (78,726) (88,811) (10,151) Intuitive Surgical, Inc. Morgan Stanley (74) (59,278) (60,539) (1,311)
23 ˆ200D$W8F63wt31@ouŠ 200D$W8F63wt31@ou LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 24 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Health Care Equipment & Services — (continued) Lantheus Holdings, Inc. Morgan Stanley (355) $ (4,738) $ (4,789) $ (54) LHC Group, Inc. Morgan Stanley (367) (76,679) (78,288) (1,724) LivaNova PLC (United Kingdom) Morgan Stanley (3,738) (178,884) (247,493) (69,733) Merit Medical Systems, Inc. Morgan Stanley (785) (38,967) (43,575) (4,881) Mesa Laboratories, Inc. Morgan Stanley (284) (71,639) (81,406) (9,874) NuVasive, Inc. Morgan Stanley (1,622) (86,536) (91,367) (5,026) Ontrak, Inc. Morgan Stanley (434) (22,398) (26,817) (4,437) OraSure Technologies, Inc. Morgan Stanley (5,502) (63,419) (58,239) 5,127 OrthoPediatrics Corp. Morgan Stanley (48) (2,164) (1,980) 183 PetIQ, Inc. Morgan Stanley (4,161) (147,050) (159,990) (13,130) Progyny, Inc. Morgan Stanley (1,054) (30,743) (44,679) (14,046) RadNet, Inc. Morgan Stanley (2,613) (39,691) (51,136) (11,912) Silk Road Medical, Inc. Morgan Stanley (499) (29,479) (31,427) (1,972) Simulations Plus, Inc. Morgan Stanley (83) (5,709) (5,969) (264) SmileDirectClub, Inc. Morgan Stanley (12,268) (144,880) (146,480) (2,178) STAAR Surgical Co. Morgan Stanley (551) (32,845) (43,650) (10,962) Surgery Partners, Inc. Morgan Stanley (1,988) (43,230) (57,672) (14,478) Tabula Rasa HealthCare, Inc. Morgan Stanley (3,741) (189,667) (160,264) 29,241 Tactile Systems Technology, Inc. Morgan Stanley (842) (31,077) (37,839) (6,798) Tandem Diabetes Care, Inc. Morgan Stanley (202) (20,909) (19,327) 1,565 Teleflex, Inc. Morgan Stanley (417) (162,556) (171,625) (9,207) US Physical Therapy, Inc. Morgan Stanley (161) (15,198) (19,360) (4,175) Vapotherm, Inc. Morgan Stanley (3) (82) (81) 2 Varex Imaging Corp. Morgan Stanley (520) (7,311) (8,674) (1,385) (82,555) (3,118,544) (3,595,832) (488,177) Household & Personal Products Coty, Inc., Class A Morgan Stanley (1,752) (6,603) (12,299) (5,808) Spectrum Brands Holdings, Inc. Morgan Stanley (182) (13,819) (14,374) (566) WD-40 Co. Morgan Stanley (397) (81,881) (105,475) (24,563) (2,331) (102,303) (132,148) (30,937) Materials Air Products & Chemicals, Inc. Morgan Stanley (55) (15,068) (15,027) (34) Amyris, Inc. Morgan Stanley (5,306) (18,899) (32,765) (13,881) Balchem Corp. Morgan Stanley (293) (29,676) (33,759) (4,275) Cleveland-Cliffs, Inc. Morgan Stanley (10,698) (72,348) (155,763) (91,540) Element Solutions, Inc. Morgan Stanley (5,684) (82,484) (100,777) (18,487) Equinox Gold Corp. (Canada) Morgan Stanley (11,180) (143,737) (115,601) 28,014 Fortuna Silver Mines, Inc. (Canada) Morgan Stanley (6,457) (46,944) (53,206) (6,564) GCP Applied Technologies, Inc. Morgan Stanley (697) (18,638) (16,484) 2,182 Glatfelter Corp. Morgan Stanley (49) (816) (803) 7 Graphic Packaging Holding Co. Morgan Stanley (5,660) (82,475) (95,880) (14,183) H.B. Fuller Co. Morgan Stanley (301) (14,842) (15,616) (900) Hudbay Minerals, Inc. (Canada) Morgan Stanley (3,730) (16,934) (26,110) (9,346) Kirkland Lake Gold Ltd. (Canada) Morgan Stanley (7,746) (346,588) (319,677) 24,920 Kronos Worldwide, Inc. Morgan Stanley (15) (223) (224) — Livent Corp. Morgan Stanley (13,805) (124,245) (260,086) (143,555)
24 ˆ200D$W8F63wtK!5GyŠ 200D$W8F63wtK!5Gy LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 25 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Materials — (continued) LyondellBasell Industries NV, Class A (Netherlands) Morgan Stanley (447) $ (35,569) $ (40,972) $ (5,866) Materion Corp. Morgan Stanley (15) (926) (956) (29) Methanex Corp. (Canada) Morgan Stanley (5,227) (120,864) (240,860) (124,504) Myers Industries, Inc. Morgan Stanley (16) (315) (332) (16) Novagold Resources, Inc. (Canada) Morgan Stanley (5,533) (60,432) (53,504) 6,877 Nutrien Ltd. (Canada) Morgan Stanley (2,014) (99,254) (96,994) 1,238 Olin Corp. Morgan Stanley (4,944) (72,723) (121,425) (52,994) PQ Group Holdings, Inc. Morgan Stanley (7) (100) (100) 1 Quaker Chemical Corp. Morgan Stanley (425) (83,734) (107,691) (24,769) Schnitzer Steel Industries, Inc., Class A Morgan Stanley (59) (1,771) (1,883) (112) Steel Dynamics, Inc. Morgan Stanley (4,698) (157,489) (173,215) (18,227) Teck Resources Ltd., Class B (Canada) Morgan Stanley (4,902) (74,358) (88,971) (14,863) Tronox Holdings PLC, Class A (United Kingdom) Morgan Stanley (13,177) (124,271) (192,648) (70,140) United States Steel Corp. Morgan Stanley (1,056) (8,398) (17,709) (11,333) Warrior Met Coal, Inc. Morgan Stanley (5,644) (91,492) (120,330) (29,183) Westlake Chemical Corp. Morgan Stanley (1,468) (98,474) (119,789) (22,087) (121,308) (2,044,087) (2,619,157) (613,649) Media & Entertainment ANGI Homeservices, Inc., Class A Morgan Stanley (9,482) (109,226) (125,115) (15,982) Cars.com, Inc. Morgan Stanley (1,433) (15,629) (16,193) (577) Cinemark Holdings, Inc. Morgan Stanley (9,143) (114,531) (159,180) (47,583) Discovery, Inc., Class A Morgan Stanley (10,778) (297,189) (324,310) (27,375) Eventbrite, Inc., Class A Morgan Stanley (2,183) (24,493) (39,512) (15,561) EW Scripps Co. (The), Class A Morgan Stanley (4,461) (50,454) (68,209) (18,400) Glu Mobile, Inc. Morgan Stanley (13,361) (108,200) (120,383) (12,998) iHeartMedia, Inc., Class A Morgan Stanley (1,348) (12,357) (17,497) (5,236) Live Nation Entertainment, Inc. Morgan Stanley (1,732) (107,314) (127,267) (20,258) Loral Space & Communications, Inc. Morgan Stanley (2) (42) (42) 2 New York Times Co. (The), Class A Morgan Stanley (1,011) (51,254) (52,339) (1,129) Scholastic Corp. Morgan Stanley (9) (219) (225) (5) Sinclair Broadcast Group, Inc., Class A Morgan Stanley (1,948) (40,129) (62,044) (23,117) TripAdvisor, Inc. Morgan Stanley (14,755) (344,272) (424,649) (81,268) Walt Disney Co. (The) Morgan Stanley (1,103) (181,657) (199,841) (18,340) WideOpenWest, Inc. Morgan Stanley (30) (307) (320) (12) Yelp, Inc. Morgan Stanley (2,648) (61,229) (86,510) (26,770) Zynga, Inc., Class A Morgan Stanley (41,486) (351,361) (409,467) (58,406) (116,913) (1,869,863) (2,233,103) (373,015) Pharmaceuticals, Biotechnology & Life Sciences 10X Genomics, Inc., Class A Morgan Stanley (1,699) (239,360) (240,578) (1,423) Adaptive Biotechnologies Corp. Morgan Stanley (2,423) (105,574) (143,272) (38,405) Adverum Biotechnologies, Inc. Morgan Stanley (135) (1,598) (1,463) 134 Agios Pharmaceuticals, Inc. Morgan Stanley (128) (5,143) (5,546) (632) Akero Therapeutics, Inc. Morgan Stanley (13) (335) (335) (1) Allogene Therapeutics, Inc. Morgan Stanley (755) (22,640) (19,056) 3,565
25 ˆ200D$W8F63wt=i&GhŠ 200D$W8F63wt=i&Gh LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB861 26 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Pharmaceuticals, Biotechnology & Life Sciences — (continued) Alnylam Pharmaceuticals, Inc. Morgan Stanley (15) $ (2,017) $ (1,950) $ 76 Amneal Pharmaceuticals, Inc. Morgan Stanley (3,426) (13,489) (15,657) (2,178) Arcturus Therapeutics Holdings, Inc. Morgan Stanley (804) (43,116) (34,878) 8,203 Arrowhead Pharmaceuticals, Inc. Morgan Stanley (1,325) (89,294) (101,667) (12,978) Arvinas, Inc. Morgan Stanley (2,853) (73,287) (242,305) (173,885) Athenex, Inc. Morgan Stanley (57) (645) (630) 13 Aurinia Pharmaceuticals, Inc. (Canada) Morgan Stanley (1,271) (18,778) (17,578) 1,185 Axsome Therapeutics, Inc. Morgan Stanley (64) (5,269) (5,214) 52 Bausch Health Cos, Inc. (Canada) Morgan Stanley (2,560) (44,043) (53,248) (9,907) Bluebird Bio, Inc. Morgan Stanley (6) (260) (260) 2 Bruker Corp. Morgan Stanley (1,567) (77,943) (84,822) (7,370) Codexis, Inc. Morgan Stanley (4,568) (63,130) (99,719) (36,958) Deciphera Pharmaceuticals, Inc. Morgan Stanley (69) (3,967) (3,938) 27 Elanco Animal Health, Inc. Morgan Stanley (13,205) (397,862) (404,997) (7,505) Eli Lilly & Co. Morgan Stanley (1,830) (303,247) (308,977) (6,574) Epizyme, Inc. Morgan Stanley (2,714) (35,339) (29,474) 5,836 Esperion Therapeutics, Inc. Morgan Stanley (86) (2,393) (2,236) 156 Global Blood Therapeutics, Inc. Morgan Stanley (1,319) (57,678) (57,126) 504 Insmed, Inc. Morgan Stanley (408) (14,301) (13,582) 707 Intersect ENT, Inc. Morgan Stanley (2,186) (42,234) (50,059) (7,941) Ionis Pharmaceuticals, Inc. Morgan Stanley (1,262) (69,665) (71,353) (1,748) Jazz Pharmaceuticals PLC (Ireland) Morgan Stanley (12) (1,969) (1,981) (12) Kadmon Holdings, Inc. Morgan Stanley (2) (8) (8) 1 Karyopharm Therapeutics, Inc. Morgan Stanley (49) (747) (759) (20) Madrigal Pharmaceuticals, Inc. Morgan Stanley (46) (5,590) (5,114) 472 Myriad Genetics, Inc. Morgan Stanley (2,711) (37,141) (53,610) (16,926) NanoString Technologies, Inc. Morgan Stanley (1,302) (54,254) (87,078) (34,460) NeoGenomics, Inc. Morgan Stanley (1,278) (50,245) (68,808) (19,232) OPKO Health, Inc. Morgan Stanley (51) (205) (201) 5 Pacific Biosciences of California, Inc. Morgan Stanley (1,487) (10,550) (38,573) (32,795) Perrigo Co. PLC (Ireland) Morgan Stanley (2,669) (132,914) (119,358) 13,171 Phathom Pharmaceuticals, Inc. Morgan Stanley (13) (535) (432) 104 PRA Health Sciences, Inc. Morgan Stanley (982) (105,339) (123,182) (17,933) Reata Pharmaceuticals, Inc., Class A Morgan Stanley (1,350) (143,159) (166,887) (24,459) REGENXBIO, Inc. Morgan Stanley (2,638) (80,512) (119,660) (40,393) Seres Therapeutics, Inc. Morgan Stanley (412) (10,316) (10,094) 215 Theravance Biopharma, Inc. (Cayman Islands) Morgan Stanley (4,504) (84,270) (80,036) 4,305 VBI Vaccines, Inc. (Canada) Morgan Stanley (1,312) (3,812) (3,608) 202 Vir Biotechnology, Inc. Morgan Stanley (862) (25,760) (23,084) 2,654 Xencor, Inc. Morgan Stanley (6) (266) (262) 4 Zogenix, Inc. Morgan Stanley (1,027) (24,637) (20,530) 4,113 Zymeworks, Inc. (Canada) Morgan Stanley (27) (1,296) (1,276) 20 (69,488) (2,506,132) (2,934,461) (448,009)
26 ˆ200D$W8F63wtl5VGYŠ 200D$W8F63wtl5VGY LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 27 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Retailing 1-800-Flowers.com, Inc., Class A Morgan Stanley (377) $ (9,901) $ (9,802) $ 91 Booking Holdings, Inc. Morgan Stanley (4) (8,845) (8,909) 2,045 Boot Barn Holdings, Inc. Morgan Stanley (969) (27,675) (42,016) (15,218) Burlington Stores, Inc. Morgan Stanley (1,926) (422,310) (503,745) (81,797) Carvana Co. Morgan Stanley (1,808) (399,580) (433,088) (33,850) Children’s Place, Inc. (The) Morgan Stanley (3,890) (171,090) (194,889) (23,945) Floor & Decor Holdings, Inc., Class A Morgan Stanley (660) (49,879) (61,281) (12,586) Grubhub, Inc. Morgan Stanley (878) (64,416) (65,209) (847) Lithia Motors, Inc., Class A Morgan Stanley (652) (179,008) (190,821) (12,216) Monro, Inc. Morgan Stanley (4,296) (199,517) (228,977) (31,546) Nordstrom, Inc. Morgan Stanley (5,857) (99,183) (182,797) (83,698) Penske Automotive Group, Inc. Morgan Stanley (1,333) (69,683) (79,167) (10,020) RealReal, Inc. (The) Morgan Stanley (4,213) (60,005) (82,322) (22,779) Sally Beauty Holdings, Inc. Morgan Stanley (2,055) (23,633) (26,797) (3,184) Tiffany & Co. Morgan Stanley (1,358) (177,840) (178,509) (1,609) Ulta Beauty, Inc. Morgan Stanley (849) (228,518) (243,799) (15,476) (31,125) (2,191,083) (2,532,128) (346,635) Semiconductors & Semiconductor Equipment ACM Research, Inc., Class A Morgan Stanley (211) (18,915) (17,144) 1,763 Advanced Energy Industries, Inc. Morgan Stanley (1,479) (109,623) (143,419) (34,816) Brooks Automation, Inc. Morgan Stanley (277) (14,634) (18,794) (4,673) CEVA, Inc. Morgan Stanley (1,246) (53,162) (56,693) (3,576) CMC Materials, Inc. Morgan Stanley (114) (18,353) (17,248) 978 Cree, Inc. Morgan Stanley (2,089) (134,290) (221,225) (93,904) Diodes, Inc. Morgan Stanley (375) (24,926) (26,438) (1,543) Enphase Energy, Inc. Morgan Stanley (1,067) (186,468) (187,226) (917) FormFactor, Inc. Morgan Stanley (687) (23,761) (29,555) (6,075) Ichor Holdings Ltd. (Cayman Islands) Morgan Stanley (1,186) (31,702) (35,752) (4,177) Impinj, Inc. Morgan Stanley (33) (1,356) (1,382) (26) MaxLinear, Inc. Morgan Stanley (1,368) (38,732) (52,244) (13,544) ON Semiconductor Corp. Morgan Stanley (11,115) (308,137) (363,794) (56,328) Onto Innovation, Inc. Morgan Stanley (1,502) (49,836) (71,420) (21,907) PDF Solutions, Inc. Morgan Stanley (4) (86) (86) — Photronics, Inc. Morgan Stanley (30) (332) (335) (2) Semtech Corp. Morgan Stanley (399) (24,605) (28,764) (4,179) Silicon Laboratories, Inc. Morgan Stanley (184) (19,869) (23,431) (3,578) Skyworks Solutions, Inc. Morgan Stanley (777) (117,315) (118,788) (1,572) SMART Global Holdings, Inc. (Cayman Islands) Morgan Stanley (33) (1,196) (1,242) (45) Universal Display Corp. Morgan Stanley (956) (171,783) (219,689) (51,418) (25,132) (1,349,081) (1,634,669) (299,539) Software & Services 8x8, Inc. Morgan Stanley (12,024) (210,660) (414,467) (211,756) Altair Engineering, Inc., Class A Morgan Stanley (1,932) (83,725) (112,404) (29,317) Alteryx, Inc., Class A Morgan Stanley (3,199) (389,923) (389,606) (284) Appfolio, Inc., Class A Morgan Stanley (82) (14,339) (14,763) (436)
27 ˆ200D$W8F63wt@6tGTŠ 200D$W8F63wt@6tGT LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 28 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Software & Services — (continued) Avaya Holdings Corp. Morgan Stanley (3,969) $ (64,933) $ (76,006) $ (11,433) Ceridian HCM Holding, Inc. Morgan Stanley (3,141) (260,074) (334,705) (74,934) CommVault Systems, Inc. Morgan Stanley (1,086) (48,286) (60,132) (11,909) Conduent, Inc. Morgan Stanley (20,049) (71,976) (96,235) (24,583) Digital Turbine, Inc. Morgan Stanley (2,124) (119,109) (120,133) (1,126) DXC Technology Co. Morgan Stanley (10,655) (227,424) (274,366) (47,137) Euronet Worldwide, Inc. Morgan Stanley (1,596) (190,337) (231,292) (41,118) Everbridge, Inc. Morgan Stanley (646) (99,125) (96,299) 2,770 Fortinet, Inc. Morgan Stanley (1,171) (170,375) (173,929) (3,698) GreenSky, Inc., Class A Morgan Stanley (10) (46) (46) (4) KBR, Inc. Morgan Stanley (354) (10,659) (10,949) (298) Leidos Holdings, Inc. Morgan Stanley (95) (8,843) (9,986) (1,686) Manhattan Associates, Inc. Morgan Stanley (297) (29,339) (31,238) (1,963) Medallia, Inc. Morgan Stanley (2,295) (86,951) (76,240) 10,636 New Relic, Inc. Morgan Stanley (5,665) (340,840) (370,491) (29,972) Paycom Software, Inc. Morgan Stanley (396) (161,560) (179,091) (18,879) Pegasystems, Inc. Morgan Stanley (873) (108,490) (116,336) (7,964) Ping Identity Holding Corp. Morgan Stanley (8,268) (269,843) (236,796) 32,817 Pluralsight, Inc., Class A Morgan Stanley (2,419) (39,675) (50,702) (11,060) Proofpoint, Inc. Morgan Stanley (563) (62,317) (76,799) (15,843) PROS Holdings, Inc. Morgan Stanley (3,019) (118,955) (153,275) (34,750) RealPage, Inc. Morgan Stanley (463) (40,479) (40,392) 53 Sabre Corp. Morgan Stanley (12,715) (91,340) (152,834) (64,483) Splunk, Inc. Morgan Stanley (2,541) (407,098) (431,690) (24,940) Sprout Social, Inc., Class A Morgan Stanley (67) (3,137) (3,042) 93 Switch, Inc., Class A Morgan Stanley (10,745) (182,913) (175,896) 6,363 Tucows, Inc., Class A Morgan Stanley (1) (74) (74) 1 Upland Software, Inc. Morgan Stanley (1,386) (56,470) (63,604) (7,181) Verra Mobility Corp. Morgan Stanley (3,150) (35,712) (42,273) (6,591) WEX, Inc. Morgan Stanley (595) (112,741) (121,100) (8,455) Yext, Inc. Morgan Stanley (13,642) (273,545) (214,452) 59,051 Zuora, Inc., Class A Morgan Stanley (14,717) (214,478) (205,008) 9,183 (145,950) (4,605,791) (5,156,651) (570,833) Technology Hardware & Equipment 3D Systems Corp. Morgan Stanley (6,014) (33,821) (63,027) (29,535) Ciena Corp. Morgan Stanley (2,566) (126,023) (135,613) (9,697) Coherent, Inc. Morgan Stanley (204) (29,254) (30,604) (1,375) Dolby Laboratories, Inc., Class A Morgan Stanley (216) (19,243) (20,980) (1,782) Fabrinet (Cayman Islands) Morgan Stanley (1,458) (101,739) (113,126) (11,596) FARO Technologies, Inc. Morgan Stanley (675) (40,734) (47,675) (7,005) Harmonic, Inc. Morgan Stanley (268) (1,787) (1,981) (194) Infinera Corp. Morgan Stanley (17,961) (130,925) (188,231) (58,747) Insight Enterprises, Inc. Morgan Stanley (2,054) (123,076) (156,289) (33,902) IPG Photonics Corp. Morgan Stanley (128) (25,348) (28,645) (3,317) Itron, Inc. Morgan Stanley (1,338) (89,943) (128,314) (38,448) Knowles Corp. Morgan Stanley (57) (1,041) (1,051) (9)
28 ˆ200D$W8F63wu9gcGÊ 200D$W8F63wu9gcGˆ LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 29 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Technology Hardware & Equipment — (continued) Littelfuse, Inc. Morgan Stanley (157) $ (29,184) $ (39,982) $ (11,111) Methode Electronics, Inc. Morgan Stanley (48) (1,811) (1,837) (27) National Instruments Corp. Morgan Stanley (2,622) (98,150) (115,211) (17,323) nLight, Inc. Morgan Stanley (3,088) (73,988) (100,823) (27,191) Novanta, Inc. (Canada) Morgan Stanley (148) (15,849) (17,497) (1,758) Plantronics, Inc. Morgan Stanley (1,712) (21,023) (46,275) (26,472) Pure Storage, Inc., Class A Morgan Stanley (2,855) (53,593) (64,552) (11,125) Rogers Corp. Morgan Stanley (346) (41,876) (53,730) (12,158) Seagate Technology PLC (Ireland) Morgan Stanley (317) (20,847) (19,705) 1,256 Stratasys Ltd. (Israel) Morgan Stanley (10,296) (153,161) (213,333) (61,449) Super Micro Computer, Inc. Morgan Stanley (523) (14,292) (16,558) (2,379) ViaSat, Inc. Morgan Stanley (3,736) (143,498) (121,980) 21,396 Viavi Solutions, Inc. Morgan Stanley (679) (10,075) (10,168) (101) Western Digital Corp. Morgan Stanley (4,666) (202,020) (258,450) (59,455) Xerox Holdings Corp. Morgan Stanley (3,427) (77,898) (79,472) (2,740) (67,559) (1,680,199) (2,075,109) (406,244) Telecommunication Services Boingo Wireless, Inc. Morgan Stanley (5,150) (69,165) (65,508) 3,822 Cogent Communications Holdings, Inc. Morgan Stanley (770) (48,663) (46,100) 2,161 Shenandoah Telecommunications Co. Morgan Stanley (430) (23,985) (18,598) 5,334 United States Cellular Corp. Morgan Stanley (584) (21,316) (17,923) 3,376 (6,934) (163,129) (148,129) 14,693 Transportation Air Transport Services Group, Inc. Morgan Stanley (4,240) (108,988) (132,882) (24,256) Allegiant Travel Co. Morgan Stanley (197) (25,348) (37,280) (12,535) Hawaiian Holdings, Inc. Morgan Stanley (3,413) (47,240) (60,410) (13,491) JB Hunt Transport Services, Inc. Morgan Stanley (322) (44,175) (44,001) (280) JetBlue Airways Corp. Morgan Stanley (1,897) (28,418) (27,582) 812 Kirby Corp. Morgan Stanley (1,278) (62,339) (66,239) (4,207) Matson, Inc. Morgan Stanley (2,464) (100,441) (140,374) (41,293) XPO Logistics, Inc. Morgan Stanley (91) (8,654) (10,847) (2,414) (13,902) (425,603) (519,615) (97,664) Utilities Algonquin Power & Utilities Corp. (Canada) Morgan Stanley (347) (5,568) (5,712) (323) ALLETE, Inc. Morgan Stanley (3,550) (190,701) (219,887) (32,004) Ameren Corp. Morgan Stanley (2,003) (160,056) (156,354) 2,776 American States Water Co. Morgan Stanley (13) (1,023) (1,034) (10) Avangrid, Inc. Morgan Stanley (1,592) (74,960) (72,356) 2,030 Avista Corp. Morgan Stanley (824) (31,548) (33,075) (1,733) Black Hills Corp. Morgan Stanley (1,195) (67,367) (73,433) (6,931) California Water Service Group Morgan Stanley (319) (14,728) (17,236) (2,659) Edison International Morgan Stanley (72) (4,456) (4,523) (106) Entergy Corp. Morgan Stanley (810) (86,216) (80,870) 4,972 Essential Utilities, Inc. Morgan Stanley (1,989) (85,753) (94,060) (8,735)
29 ˆ200D$W8F63wuKhGoPŠ 200D$W8F63wuKhGoP LSWP64RS19 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB861 30 5* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM NEUTRAL FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Total Return Swaps (concluded)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty Long/(Short) Amount Value (Depreciation)* Utilities — (continued) New Jersey Resources Corp. Morgan Stanley (4,018) $ (121,197) $ (142,840) $ (24,440) NextEra Energy, Inc. Morgan Stanley (238) (17,886) (18,362) (490) Northwest Natural Holding Co. Morgan Stanley (57) (2,700) (2,621) 77 Ormat Technologies, Inc. Morgan Stanley (312) (24,473) (28,167) (3,732) Portland General Electric Co. Morgan Stanley (1,060) (41,275) (45,336) (5,018) PPL Corp. Morgan Stanley (4,008) (112,078) (113,026) (1,582) Sempra Energy Morgan Stanley (1,691) (223,781) (215,450) 6,380 SJW Group. Morgan Stanley (432) (27,320) (29,964) (2,805) South Jersey Industries, Inc. Morgan Stanley (830) (18,343) (17,887) (105) Southwest Gas Holdings, Inc. Morgan Stanley (302) (18,944) (18,347) 402 Unitil Corp. Morgan Stanley (3) (130) (133) (2) (25,665) (1,330,503) (1,390,673) (74,038) Total Reference Entity — Short (33,296,975) (38,164,131) (5,093,153) Net Value of Reference Entity $(23,827,176) $(27,844,695) $(4,183,227)
* Includes $(165,700) related to open trades, dividends receivables/payables and swap receivables/payables activities.
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for a corporate debt security with an end of period value of $728 and total return swaps with end of period unrealized depreciation of $(4,183,227), which are considered Level 2 as of and for the period ended December 31, 2020.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
30 ˆ200D$W8F63wsN=VoÆŠ 200D$W8F63wsN=Vo˘ LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB791 1 6* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — 98.2% Commercial & Professional Services — (Continued) Automobiles & Components — 4.1% Waste Management, Inc.(a) 263 $ 31,016 BorgWarner, Inc.(a) 311 $ 12,017 88,591 Ford Motor Co. 2,806 24,665 General Motors Co. 220 9,161 Consumer Durables & Apparel — 10.3% Harley-Davidson, Inc.(a) 1,901 69,767 BRP, Inc., sub-voting shares Magna International, Inc. (Canada) 116 8,213 (Canada) 65 4,289 123,823 Brunswick Corp.(a) 842 64,194 Carter’s, Inc. 111 10,442 Capital Goods — 23.8% Crocs, Inc.* 7 439 3M Co. 4 699 Leggett & Platt, Inc.(a) 944 41,819 (a) A.O. Smith Corp. 872 47,803 Newell Brands, Inc.(a) 2,531 53,733 (a) AGCO Corp. 550 56,700 NIKE, Inc., Class B 74 10,469 (a) Carrier Global Corp. 1,035 39,040 Polaris, Inc.(a) 679 64,695 (a) Cummins, Inc. 160 36,336 Tempur Sealy International, Donaldson Co., Inc. 412 23,023 Inc.* 128 3,456 (a) Fortive Corp. 510 36,118 Under Armour, Inc., Class C* 71 1,056 Fortune Brands Home & Security, Whirlpool Corp.(a) 158 28,517 (a) Inc. 107 9,172 YETI Holdings, Inc.(a)* 433 29,647 Illinois Tool Works, Inc. 47 9,582 312,756 Jacobs Engineering Group, Inc.(a) 363 39,552 L3Harris Technologies, Inc.(a) 287 54,249 Consumer Services — 0.8% Lennox International, Inc.(a) 181 49,589 Darden Restaurants, Inc. 12 1,429 Lockheed Martin Corp. 12 4,260 Service Corp. International(a) 472 23,175 Masco Corp. 7 385 24,604 Middleby Corp. (The)* 38 4,899 Nordson Corp. 5 1,005 Energy — 0.9% Northrop Grumman Corp. 18 5,485 EQT Corp. 807 10,257 Owens Corning(a) 354 26,819 Kinder Morgan, Inc. 582 7,956 Parker-Hannifin Corp. 5 1,362 Occidental Petroleum Corp. 443 7,668 Pentair PLC (Ireland) 1,125 59,726 25,881 Quanta Services, Inc. 216 15,556 Food & Staples Retailing — 2.7% Regal Beloit Corp. 218 26,772 BJ’s Wholesale Club (a) Snap-on, Inc. 237 40,560 Holdings, Inc.(a)* 932 34,745 (a) Stanley Black & Decker, Inc. 144 25,713 Casey’s General Stores, Inc. 94 16,790 Toro Co. (The) 47 4,457 Costco Wholesale Corp. 40 15,071 Trane Technologies PLC (Ireland) 441 64,016 Sysco Corp. 16 1,188 United Rentals, Inc.* 3 696 Walmart, Inc. 107 15,424 Watsco, Inc.(a) 172 38,967 83,218 722,541 Food, Beverage & Tobacco — 7.1% Commercial & Professional Services — 2.9% Altria Group, Inc. 10 410 (a) Cintas Corp. 96 33,932 Boston Beer Co., Inc. (The), CoreLogic, Inc. 19 1,469 Class A(a)* 11 10,937 Republic Services, Inc. 9 867 Campbell Soup Co.(a) 673 32,540 Ritchie Bros Auctioneers, Inc. Conagra Brands, Inc.(a) 836 30,313 (Canada) 12 835 General Mills, Inc.(a) 543 31,928 Thomson Reuters Corp. (Canada) 250 20,472 Hershey Co. (The) 25 3,808 JM Smucker Co. (The)(a) 257 29,709
1 ˆ200D$W8F63wsZ1rGhŠ 200D$W8F63wsZ1rGh LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB791 2 8* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Food, Beverage & Tobacco — (Continued) Materials — (Continued) Kellogg Co. 182 $ 11,326 PPG Industries, Inc. 38 $ 5,480 Molson Coors Beverage Co., Class Quaker Chemical Corp. 3 760 B(a) 618 27,927 RPM International, Inc.(a) 480 43,574 National Beverage Corp. 268 22,753 Scotts Miracle-Gro Co. (The) 2 398 Tyson Foods, Inc., Class A 200 12,888 Sherwin-Williams Co. 214,539 (The)(a) 55 40,420 Health Care Equipment & Services — 5.1% 349,313 Cardinal Health, Inc. 39 2,089 Media & Entertainment — 4.1% Cigna Corp. 6 1,249 Alphabet, Inc., Class A* 11 19,279 CVS Health Corp. 165 11,270 DISH Network Corp., Danaher Corp.(a) 129 28,656 Class A(a)* 684 22,121 DENTSPLY SIRONA, Inc. 10 524 Fox Corp., Class A 22 641 Ensign Group, Inc. (The) 1 73 Madison Square Garden Envista Holdings Corp.* 190 6,409 Sports Corp.(a) * 184 33,874 Hologic, Inc.* 52 3,787 News Corp., Class A 57 1,024 Humana, Inc.(a) 133 54,566 Roku, Inc.* 10 3,320 Merit Medical Systems,. Inc.* 133 7,383 Sirius XM Holdings, Inc. 375 2,389 Quest Diagnostics, Inc. 111 13,228 World Wrestling Quidel Corp.* 8 1,437 Entertainment, Inc., Varian Medical Systems, Inc.(a)* 136 23,801 Class A(a) 356 17,106 154,472 Zillow Group, Inc., Class C (a)* 194 25,181 Household & Personal Products — 1.4% Clorox Co. (The) 11 2,221 124,935 Colgate-Palmolive Co. 272 23,259 Pharmaceuticals, Biotechnology & Life Sciences — 3.9% Procter & Gamble Co. (The)(a) 125 17,392 Blueprint Medicines Corp.* 24 2,692 42,872 Denali Therapeutics, Inc.(a)* 352 29,484 Editas Medicine, Inc.* 20 1,402 Materials — 11.5% Gilead Sciences, Inc.(a) 825 48,064 Axalta Coating Systems Ltd. Intellia Therapeutics, Inc.* 4 218 (Bermuda)* 27 771 PerkinElmer, Inc. 5 718 Barrick Gold Corp. (Canada) 46 1,048 Thermo Fisher Scientific, Inc. 26 12,110 Berry Global Group, Inc.* 368 20,678 Ultragenyx Pharmaceutical, Chemours Co. (The) 72 1,785 Inc.(a)* 160 22,149 Dow, Inc. 210 11,655 Eastman Chemical Co. 6 602 116,837 FMC Corp. 204 23,446 Retailing — 6.9% Franco-Nevada Corp. (Canada) 34 4,261 Advance Auto Parts, Inc. 4 630 Freeport-McMoRan, Inc. 127 3,305 AutoZone, Inc.(a)* 25 29,636 International Paper Co.(a) 639 31,771 CarMax, Inc.* 9 850 Kinross Gold Corp. (Canada) 3,876 28,450 eBay, Inc. 16 804 Louisiana-Pacific Corp.(a) 454 16,875 Gap, Inc. (The)(a)* 2,205 44,519 Martin Marietta Materials, Inc.(a) 165 46,855 Genuine Parts Co.(a) 212 21,291 Newmont Corp.(a) 693 41,504 Kohl’s Corp. 22 895 Pan American Silver Corp. (Canada) 744 25,675 L Brands, Inc.(a) 1,553 57,756 LKQ Corp.* 74 2,608 Williams-Sonoma, Inc.(a) 489 49,800 208,789
2 ˆ200D$W8F63wslSJoÉŠ 200D$W8F63wslSJo LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB791 3 7* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Number Number of Shares Value of Shares Value COMMON STOCKS — (Continued) COMMON STOCKS — (Continued) Semiconductors & Semiconductor Equipment — 4.2% Utilities — 0.5% Advanced Energy Industries, Inc.* 15 $ 1,455 NiSource, Inc. 184 $ 4,221 Broadcom, Inc.(a) 98 42,909 Vistra Corp.(a) 573 11,265 First Solar, Inc.(a)* 664 65,683 15,486 QUALCOMM, Inc. 107 16,300 TOTAL COMMON 126,347 STOCKS Software & Services — 3.5% (Cost $2,785,414) 2,978,139 Blackline, Inc.* 10 1,334 OTHER ASSETS IN EXCESS Booz Allen Hamilton Holding OF LIABILITIES - 1.8% 55,016 Corp.(a) 365 31,821 NET ASSETS - 100.0% $ 3,033,155 Broadridge Financial Solutions, Inc.(a) 233 35,696 (a) Security position is either entirely or partially designated Cloudera, Inc.* 283 3,937 as collateral for total return swaps. Descartes Systems Group, Inc. * Non-income producing. (The)* 88 5,146 MAXIMUS, Inc. 88 6,441 PLC Public Limited Company Open Text Corp. (Canada) 9 409 Verint Systems, Inc.* 310 20,826 105,610 Technology Hardware & Equipment — 2.1% CDW Corp.(a) 212 27,939 Jabil, Inc. 113 4,806 SYNNEX Corp.(a) 369 30,051 Vontier Corp.* 2 67 62,863 Telecommunication Services — 0.8% AT&T, Inc. 665 19,125 Rogers Communications, Inc., Class B (Canada) 138 6,429 25,554 Transportation — 1.6% FedEx Corp. 34 8,827 Norfolk Southern Corp. 101 23,999 Old Dominion Freight Line, Inc. 12 2,342 Schneider National, Inc., Class B(a) 651 13,476 TFI International, Inc. (Canada) 9 464 49,108
3 ˆ200D$W8F63wsvlXGPŠ 200D$W8F63wsvlXGP LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB791 4 6* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Over-the-counter total return swaps outstanding as of December 31, 2020 The Fund maintains a portfolio of short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between June 3, 2021 and November 2, 2022, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (149.4)% of net assets as of December 31. 2020. The following table represents the individual short positions and related values of total return swaps as of December 31, 2020:
Total Return Swaps
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty (Short) Amount Value (Depreciation)* Short Automobiles & Components Tesla, Inc. Morgan Stanley (9) $ (5,959) $ (6,351) $ (394) Capital Goods Aerojet Rocketdyne Holdings, Inc. Morgan Stanley (134) (6,912) (7,082) (172) Bloom Energy Corp., Class A Morgan Stanley (515) (13,415) (14,760) (1,348) Boeing Co. (The) Morgan Stanley (375) (81,325) (80,272) 1,034 Builders FirstSource, Inc. Morgan Stanley (59) (2,446) (2,408) 37 BWX Technologies, Inc. Morgan Stanley (466) (27,119) (28,090) (1,006) Carlisle Cos, Inc. Morgan Stanley (3) (463) (469) (7) Flowserve Corp. Morgan Stanley (1,042) (36,619) (38,398) (2,010) Huntington Ingalls Industries, Inc. Morgan Stanley (97) (17,008) (16,537) 513 Mercury Systems, Inc. Morgan Stanley (1) (88) (88) (1) Navistar International Corp. Morgan Stanley (321) (14,131) (14,111) 17 Oshkosh Corp. Morgan Stanley (608) (49,940) (52,331) (2,402) Parsons Corp. Morgan Stanley (509) (17,570) (18,533) (967) Proto Labs, Inc. Morgan Stanley (209) (31,741) (32,061) (327) Rexnord Corp Morgan Stanley (5) (199) (197) 1 Spirit AeroSystems Holdings, Inc., Class A Morgan Stanley (132) (4,882) (5,160) (280) Sunrun, Inc. Morgan Stanley (49) (3,196) (3,400) (205) Trex Co., Inc. Morgan Stanley (525) (41,571) (43,953) (2,392) Woodward, Inc. Morgan Stanley (275) (31,652) (33,421) (1,776) (5,325) (380,277) (391,271) (11,291) Commercial & Professional Services Equifax, Inc. Morgan Stanley (388) (74,753) (74,822) (92) MSA Safety, Inc. Morgan Stanley (134) (19,602) (20,018) (421) TransUnion Morgan Stanley (169) (16,293) (16,768) (491) (691) (110,648) (111,608) (1,004)
4 ˆ200D$W8F63wt4dfoKŠ 200D$W8F63wt4dfoK LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB791 5 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty (Short) Amount Value (Depreciation)* Consumer Durables & Apparel Capri Holdings Ltd. (British Virgin Islands) Morgan Stanley (311) $ (12,189) $ (13,062) $ (876) Skechers U.S.A., Inc., Class A Morgan Stanley (560) (21,031) (20,126) 899 (871) (33,220) (33,188) 23 Consumer Services Aramark Morgan Stanley (492) (18,685) (18,932) (252) Bright Horizons Family Solutions, Inc. Morgan Stanley (7) (1,183) (1,211) (29) Caesars Entertainment, Inc. Morgan Stanley (17) (1,149) (1,263) (114) Churchill Downs, Inc. Morgan Stanley (14) (2,520) (2,727) (214) frontdoor, Inc. Morgan Stanley (8) (401) (402) (1) Hilton Worldwide Holdings, Inc. Morgan Stanley (6) (661) (668) (8) Hyatt Hotels Corp., Class A Morgan Stanley (103) (7,290) (7,648) (360) Planet Fitness, Inc., Class A Morgan Stanley (5) (382) (388) (6) Starbucks Corp. Morgan Stanley (11) (1,168) (1,177) (9) (663) (33,439) (34,416) (993) Energy Cabot Oil & Gas Corp. Morgan Stanley (1,359) (28,808) (22,125) 6,269 Cameco Corp. (Canada) Morgan Stanley (36) (393) (482) (90) Cenovus Energy, Inc. (Canada) Morgan Stanley (150) (878) (906) (29) Exxon Mobil Corp. Morgan Stanley (16) (667) (660) 7 HollyFrontier Corp. Morgan Stanley (208) (4,871) (5,377) (508) Pembina Pipeline Corp. (Canada) Morgan Stanley (1,323) (46,914) (31,302) 13,413 Renewable Energy Group, Inc. Morgan Stanley (8) (604) (567) 37 Suncor Energy, Inc. (Canada) Morgan Stanley (3,175) (56,571) (53,276) 2,868 TC Energy Corp. (Canada) Morgan Stanley (765) (33,722) (31,151) 2,103 TechnipFMC PLC (United Kingdom) Morgan Stanley (176) (1,587) (1,654) (68) (7,216) (175,015) (147,500) 24,002 Food & Staples Retailing Grocery Outlet Holding Corp. Morgan Stanley (953) (41,982) (37,405) 4,567 Performance Food Group Co. Morgan Stanley (44) (2,070) (2,095) (26) (997) (44,052) (39,500) 4,541 Food, Beverage & Tobacco Beyond Meat, Inc. Morgan Stanley (763) (107,457) (95,375) 12,058 Darling Ingredients, Inc. Morgan Stanley (159) (8,813) (9,171) (360) Hormel Foods Corp. Morgan Stanley (1,694) (79,809) (78,957) 895 (2,616) (196,079) (183,503) 12,593 Health Care Equipment & Services ABIOMED, Inc. Morgan Stanley (26) (8,309) (8,429) (122) Alcon, Inc. (Switzerland) Morgan Stanley (13) (842) (858) (17) Covetrus, Inc. Morgan Stanley (61) (1,786) (1,753) 32 DexCom, Inc. Morgan Stanley (86) (30,377) (31,796) (1,426) Edwards Lifesciences Corp. Morgan Stanley (386) (33,901) (35,215) (1,322) Encompass Health Corp. Morgan Stanley (578) (47,374) (47,795) (610) Globus Medical, Inc., Class A Morgan Stanley (637) (35,701) (41,545) (5,853)
5 ˆ200D$W8F63wtNDeG†Š 200D$W8F63wtNDeG LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:25 EST 120068 MB791 6 6* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty (Short) Amount Value (Depreciation)* Health Care Equipment & Services — (continued) Guardant Health, Inc. Morgan Stanley (11) $ (1,390) $ (1,418) $ (28) Haemonetics Corp. Morgan Stanley (368) (39,314) (43,700) (4,395) ICU Medical, Inc. Morgan Stanley (2) (429) (429) (1) IDEXX Laboratories, Inc. Morgan Stanley (1) (499) (500) (2) Inari Medical, Inc. Morgan Stanley (20) (1,719) (1,746) (28) Integra LifeSciences Holdings Corp. Morgan Stanley (488) (27,199) (31,681) (4,489) Intuitive Surgical, Inc. Morgan Stanley (20) (16,139) (16,362) (227) SmileDirectClub, Inc. Morgan Stanley (91) (1,178) (1,087) 91 Tandem Diabetes Care, Inc. Morgan Stanley (7) (623) (670) (47) Teleflex, Inc. Morgan Stanley (195) (73,705) (80,256) (6,568) (2,990) (320,485) (345,240) (25,012) Materials Air Products & Chemicals, Inc. Morgan Stanley (273) (78,132) (74,589) 3,160 Balchem Corp. Morgan Stanley (29) (2,995) (3,341) (364) CF Industries Holdings, Inc. Morgan Stanley (844) (32,840) (32,671) 161 Element Solutions, Inc. Morgan Stanley (1,389) (19,869) (24,627) (4,787) Equinox Gold Corp. (Canada) Morgan Stanley (1,090) (14,078) (11,271) 2,804 Graphic Packaging Holding Co. Morgan Stanley (72) (1,219) (1,220) (1) Kirkland Lake Gold Ltd. (Canada) Morgan Stanley (1,813) (80,096) (74,823) 4,915 Nutrien Ltd. (Canada) Morgan Stanley (684) (33,914) (32,941) 657 SSR Mining, Inc. (Canada) Morgan Stanley (33) (660) (664) (4) Steel Dynamics, Inc. Morgan Stanley (476) (18,029) (17,550) 356 Teck Resources Ltd., Class B (Canada) Morgan Stanley (4,957) (80,962) (89,970) (9,233) Westlake Chemical Corp. Morgan Stanley (136) (10,719) (11,098) (381) (11,796) (373,513) (374,765) (2,717) Media & Entertainment ANGI Homeservices, Inc., Class A Morgan Stanley (2,743) (33,575) (36,194) (2,626) Discovery, Inc., Class A Morgan Stanley (1,533) (43,130) (46,128) (3,008) Live Nation Entertainment, Inc. Morgan Stanley (222) (12,383) (16,313) (3,933) New York Times Co. (The), Class A Morgan Stanley (253) (13,023) (13,098) (78) TripAdvisor, Inc. Morgan Stanley (1,590) (38,924) (45,760) (6,845) Walt Disney Co. (The) Morgan Stanley (367) (53,044) (66,493) (13,461) Zynga, Inc., Class A Morgan Stanley (10,904) (100,920) (107,622) (6,724) (17,612) (294,999) (331,608) (36,675) Pharmaceuticals, Biotechnology & Life Sciences 10X Genomics, Inc., Class A Morgan Stanley (295) (43,676) (41,772) 1,894 Adaptive Biotechnologies Corp. Morgan Stanley (5) (297) (296) — Allogene Therapeutics, Inc. Morgan Stanley (742) (26,220) (18,728) 7,485 Alnylam Pharmaceuticals, Inc. Morgan Stanley (5) (653) (650) 2 Arrowhead Pharmaceuticals, Inc. Morgan Stanley (308) (13,308) (23,633) (10,328) Bruker Corp. Morgan Stanley (603) (30,192) (32,640) (2,473) Elanco Animal Health, Inc. Morgan Stanley (3,520) (109,099) (107,958) 1,117 Eli Lilly & Co. Morgan Stanley (534) (86,963) (90,161) (3,217) Exelixis, Inc. Morgan Stanley (1,156) (23,613) (23,201) 407 Ionis Pharmaceuticals, Inc. Morgan Stanley (112) (6,347) (6,332) 12
6 ˆ200D$W8F63wtb@ZGFŠ 200D$W8F63wtb@ZGF LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB791 7 6* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty (Short) Amount Value (Depreciation)* Pharmaceuticals, Biotechnology & Life Sciences — (continued) Jazz Pharmaceuticals PLC (Ireland) Morgan Stanley (14) $ (2,296) $ (2,311) $ (16) Medpace Holdings, Inc. Morgan Stanley (210) (29,634) (29,232) 408 Novavax, Inc. Morgan Stanley (372) (40,082) (41,482) (1,409) Perrigo Co. PLC (Ireland) Morgan Stanley (355) (17,348) (15,876) 1,405 PRA Health Sciences, Inc. Morgan Stanley (1) (124) (125) (2) QIAGEN NV (Netherlands) Morgan Stanley (6) (314) (317) (4) Vir Biotechnology, Inc. Morgan Stanley (839) (24,684) (22,468) 2,210 (9,077) (454,850) (457,182) (2,509) Retailing Booking Holdings, Inc. Morgan Stanley (9) (19,816) (20,045) (235) Burlington Stores, Inc. Morgan Stanley (419) (92,875) (109,589) (16,735) Carvana Co. Morgan Stanley (139) (34,538) (33,296) 1,234 Expedia Group, Inc. Morgan Stanley (7) (863) (927) (64) Floor & Decor Holdings, Inc., Class A Morgan Stanley (171) (14,050) (15,877) (1,831) Grubhub, Inc. Morgan Stanley (32) (2,301) (2,377) (77) Ollie’s Bargain Outlet Holdings, Inc. Morgan Stanley (1) (85) (82) 3 RH Morgan Stanley (112) (51,287) (50,122) 1,153 (890) (215,815) (232,315) (16,552) Semiconductors & Semiconductor Equipment Amkor Technology, Inc. Morgan Stanley (910) (13,875) (13,723) 112 Cirrus Logic, Inc. Morgan Stanley (440) (34,322) (36,168) (1,854) Diodes, Inc. Morgan Stanley (39) (2,750) (2,750) — Enphase Energy, Inc. Morgan Stanley (9) (1,570) (1,579) (10) ON Semiconductor Corp. Morgan Stanley (2,214) (64,993) (72,464) (7,486) Power Integrations, Inc. Morgan Stanley (361) (24,781) (29,551) (4,808) Skyworks Solutions, Inc. Morgan Stanley (52) (7,907) (7,950) (45) Universal Display Corp. Morgan Stanley (47) (9,564) (10,801) (1,930) (4,072) (159,762) (174,986) (16,021) Software & Services Alarm.com Holdings, Inc. Morgan Stanley (22) (2,227) (2,276) (50) Alteryx, Inc., Class A Morgan Stanley (580) (82,405) (70,638) 11,749 Appfolio, Inc., Class A Morgan Stanley (107) (18,792) (19,264) (477) Ceridian HCM Holding, Inc. Morgan Stanley (63) (6,699) (6,713) (16) Coupa Software, Inc. Morgan Stanley (8) (2,734) (2,711) 22 Digital Turbine, Inc. Morgan Stanley (271) (14,451) (15,328) (881) DXC Technology Co. Morgan Stanley (11) (270) (283) (14) Dynatrace, Inc. Morgan Stanley (19) (831) (822) 8 Euronet Worldwide, Inc. Morgan Stanley (55) (7,611) (7,971) (361) Fortinet, Inc. Morgan Stanley (550) (72,669) (81,691) (9,039) GoDaddy, Inc., Class A Morgan Stanley (152) (12,959) (12,608) 476 Guidewire Software, Inc. Morgan Stanley (21) (2,671) (2,703) (33) Medallia, Inc. Morgan Stanley (42) (1,388) (1,395) (9) New Relic, Inc. Morgan Stanley (520) (32,618) (34,008) (1,398) Paychex, Inc. Morgan Stanley (57) (5,369) (5,311) 56
7 ˆ200D$W8F63wtmGjo:Š 200D$W8F63wtmGjo: LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB791 8 5* FUNDVANTAGE GOTHAM P START PAGE LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Continued) December 31, 2020 (Unaudited)
Total Return Swaps (continued)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty (Short) Amount Value (Depreciation)* Software & Services — (continued) Paycom Software, Inc. Morgan Stanley (106) $ (44,666) $ (47,938) $ (3,282) Pegasystems, Inc. Morgan Stanley (269) (33,996) (35,847) (1,867) Qualys, Inc. Morgan Stanley (338) (34,786) (41,192) (6,415) RealPage, Inc. Morgan Stanley (69) (6,025) (6,020) 4 RingCentral, Inc., Class A Morgan Stanley (4) (1,564) (1,516) 47 Splunk, Inc. Morgan Stanley (597) (102,313) (101,424) 866 Switch, Inc., Class A Morgan Stanley (164) (2,909) (2,685) 207 WEX, Inc. Morgan Stanley (113) (21,028) (22,999) (1,976) (4,138) (510,981) (523,343) (12,383) Technology Hardware & Equipment Apple, Inc. Morgan Stanley (338) (45,963) (44,849) 1,104 Ciena Corp. Morgan Stanley (1,078) (51,517) (56,972) (5,467) Coherent, Inc. Morgan Stanley (3) (454) (450) 4 FLIR Systems, Inc. Morgan Stanley (9) (392) (394) (3) Hewlett Packard Enterprise Co. Morgan Stanley (1,733) (20,846) (20,536) 326 Itron, Inc. Morgan Stanley (20) (1,905) (1,918) (14) National Instruments Corp. Morgan Stanley (767) (29,767) (33,702) (3,942) NCR Corp. Morgan Stanley (6) (223) (225) (3) Pure Storage, Inc., Class A Morgan Stanley (670) (13,455) (15,149) (1,698) Seagate Technology PLC (Ireland) Morgan Stanley (798) (51,292) (49,604) 1,543 TE Connectivity Ltd. (Switzerland) Morgan Stanley (132) (14,346) (15,981) (1,699) Western Digital Corp. Morgan Stanley (1,623) (72,549) (89,898) (17,365) Xerox Holdings Corp. Morgan Stanley (2,530) (56,907) (58,671) (2,409) (9,707) (359,616) (388,349) (29,623) Transportation JetBlue Airways Corp. Morgan Stanley (403) (5,282) (5,860) (579) Utilities Algonquin Power & Utilities Corp. (Canada) Morgan Stanley (630) (9,973) (10,370) (497) Alliant Energy Corp. Morgan Stanley (36) (1,811) (1,855) (45) Ameren Corp. Morgan Stanley (1,364) (113,216) (106,474) 6,015 Atmos Energy Corp. Morgan Stanley (294) (30,700) (28,056) 2,308 Avangrid, Inc. Morgan Stanley (730) (37,537) (33,178) 4,029 CMS Energy Corp. Morgan Stanley (44) (2,592) (2,684) (94) Dominion Energy, Inc. Morgan Stanley (272) (20,243) (20,454) (217) Edison International Morgan Stanley (767) (54,857) (48,183) 4,669 Entergy Corp. Morgan Stanley (894) (98,208) (89,257) 8,929 Essential Utilities, Inc. Morgan Stanley (1,105) (50,515) (52,255) (2,315) MDU Resources Group, Inc. Morgan Stanley (17) (441) (448) (7) National Fuel Gas Co. Morgan Stanley (477) (20,357) (19,619) 521 New Jersey Resources Corp. Morgan Stanley (561) (22,739) (19,944) 2,087 NextEra Energy, Inc. Morgan Stanley (728) (54,985) (56,165) (1,348) Ormat Technologies, Inc. Morgan Stanley (538) (41,105) (48,571) (7,491) PNM Resources, Inc. Morgan Stanley (36) (1,752) (1,747) 4 PPL Corp. Morgan Stanley (3,857) (114,865) (108,767) 4,472
8 ˆ200D$W8F63wtuHQGXŠ 200D$W8F63wtuHQGX LSWP64RS35 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:26 EST 120068 MB791 9 7* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM SHORT STRATEGIES FUND
Portfolio of Investments (Concluded) December 31, 2020 (Unaudited)
Total Return Swaps (concluded)
Number of Unrealized Contracts Notional Appreciation/ Reference Entity Counterparty (Short) Amount Value (Depreciation)* Utilities — (continued) Sempra Energy Morgan Stanley (754) $ (101,352) $ (96,067) $ 4,475 Southern Co. (The) Morgan Stanley (11) (659) (676) (17) Xcel Energy, Inc. Morgan Stanley (75) (4,899) (5,000) (116) (13,190) (782,806) (749,770) 25,362 Total Reference Entity — Short $ (4,456,798) $ (4,530,755) $ (89,232)
* Includes $(15,275) related to open trades, dividends receivables/payables and swap receivables/payables activities.
All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for total return swaps with end of period unrealized depreciation of $(89,232), which are considered Level 2 as of and for the period ended December 31, 2020. For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
9 ˆ200D$W8F63wloF3G6Š 200D$W8F63wloF3G6 FWPLAN-PFRS49 BNY MELLON ASSET SER Donnelley Financial14.4.10.0 LSWpf_rend 24-Feb-2021 13:18 EST 120068 MB89 1 4* FUNDVANTAGE GOTHAM P None LNF HTM ESS 0C Page 1 of 1 GOTHAM TOTAL RETURN FUND
Portfolio of Investments December 31, 2020 (Unaudited)
Number of Shares Value AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES(a) — 99.6% Gotham Defensive Long 500 Fund 241,059 $ 2,743,251 Gotham Enhanced S&P 500 Index Fund 298,549 4,170,725 Gotham Hedged Core Fund 486,629 5,513,502 Gotham Hedged Plus Fund 437,840 4,190,130 Gotham Index Plus Fund 325,394 5,544,711 Gotham Neutral Fund* 487,363 4,152,336 Gotham Short Strategies Fund 232,228 1,379,437 TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES (Cost $26,645,451) 27,694,092 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% 123,008 NET ASSETS - 100.0% $ 27,817,100
(a) All affiliated fund investments are in Institutional Class shares. The financial statements of the affiliated funds are publicly available on the Securities and Exchange Commission’s website. * Non-income producing.
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, 2020.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual or semi-annual report.
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