Strategy. The Fund seeks to achieve its objective primarily by investing in other funds managed by the Adviser as described below. By following the investment strategy described below, the Fund hopes to achieve its investment objective and in doing so, outperform the investment returns of the top ranked university endowments over a full market cycle, which is a period that includes both a bull (rising) market and a bear (falling) market cycle. The Fund intends to allocate the majority of its assets among other investment companies advised or sub-advised by Gotham (each an underlying fund and collectively, the underlying funds). The underlying funds utilize long/short equity strategies with varying levels of net exposure (long positions less short positions) or long-only equity … Show more… The Fund seeks to achieve its objective primarily by investing in other funds managed by the Adviser as described below. By following the investment strategy described below, the Fund hopes to achieve its investment objective and in doing so, outperform the investment returns of the top ranked university endowments over a full market cycle, which is a period that includes both a bull (rising) market and a bear (falling) market cycle. The Fund intends to allocate the majority of its assets among other investment companies advised or sub-advised by Gotham (each an underlying fund and collectively, the underlying funds). The underlying funds utilize long/short equity strategies with varying levels of net exposure (long positions less short positions) or long-only equity strategies. The Funds allocation to the underlying funds and investments may be rebalanced based on the Advisers current assessment of market conditions. As a fund of funds, in addition to the underlying funds, the Fund may purchase shares of other registered investment companies where the investment adviser is not the same as, or affiliated with, Gotham, including ETFs. The Fund may also invest in equity or equity-related securities directly. The Underlying Funds Each of the underlying funds takes long positions in securities that the Adviser believes to be undervalued and, for those underlying funds that utilize a long/short strategy, short positions in securities that the Adviser believes to be overvalued, based on the Advisers analysis of the issuers financial reports and market valuation. Certain of the underlying funds obtain some or all of their long and short exposure, respectively, through the use of one or more swaps. The underlying funds generally invest in companies traded on U.S. markets. For each of the underlying funds, the Adviser employs a systematic bottom-up approach based on the Advisers proprietary analytical framework. This approach consists of: ? Researching and analyzing each company in the Advisers coverage universe according to a methodology that emphasizes fundamentals such as recurring earnings, cash flows, capital efficiency, capital structure, and valuation; ? Identifying and excluding companies that do not conform to the Advisers valuation methodology or companies judged by the Adviser to have questionable financial reporting; ? Updating the analysis for earning releases, annual (Form 10-K) and quarterly (Form 10-Q) reports and other corporate filings; and ? Recording analysis in a centralized database enabling the Adviser to compare companies and identify longs and, as applicable, shorts based on the Advisers assessment of value. Generally, each underlying funds long portfolio is weighted most heavily towards those stocks that are priced at the largest discount to the Advisers assessment of value. Similarly, the short portfolio of each underlying fund that utilizes a long/short strategy is generally weighted most heavily towards those short positions selling at the largest premium to the Advisers measures of value. The underlying funds are subject to the Advisers risk controls, which include liquidity and diversification considerations. The underlying funds are rebalanced (generally daily) to maintain exposure levels, manage risk and reposition the portfolios to reflect earnings releases and other new information related to particular companies. Because each underlying fund generally rebalances its long and, where applicable, short positions daily, the Fund and the underlying funds may each experience a high portfolio turnover rate. An underlying fund may lend portfolio securities to brokers, dealers and other financial organizations meeting capital and other credit requirements or other criteria established by the Board of Trustees. Loans of portfolio securities will be collateralized by liquid securities and cash. An underlying fund may invest cash collateral received in securities consistent with its principal investment strategy. Show less