GOTHAM INDEX PLUS FUND INVESTOR CLASS

Company Description

TheFund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-relatedsecurities. The Adviser will invest a portion of the assets in securities intended to track or exceed the performance of the S&P 500®Index (the “Index”) and additional exposure to a long/short portfolio (the “Long/Short Portfolio”), consistingof long and short positions, generally selected from the largest 500 to 700 U.S. companies by market capitalization. The Fund is nota passive index fund, but instead utilizes an enhanced index or “index plus” strategy. TheLong/Short Portfolio consists of long positions in securities that the Adviser believes to be undervalued and short positions in securitiesthat the Adviser believes to be overvalued, based on the Adviser’s analysis of the issuer’s financial reports and market valuation.Under normal market conditions, the Fund targets a net exposure of approximately 100% and a gross exposure in the range of approximately250 – 290%. Indetermining in which securities to take a long or short position for the Long/Short Portfolio, the Adviser employs a systematic, bottom-up,valuation approach based on the Adviser’s proprietary analytical framework to identify companies that appear to be undervalued orovervalued on both an absolute and relative basis. This approach consists of:  ● Researching and analyzing each company in the Adviser’s 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 Adviser’s 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 shorts based on the Adviser’s assessment of value.  Generally,the long portion of the Long/Short Portfolio is weighted towards those stocks that are priced at the largest discount to the Adviser’sassessment of value. Similarly, the short portion of the Long/Short Portfolio is generally weighted towards those short positions sellingat the largest premium to the Adviser’s measures of value. The Long/Short Portfolio is also subject to the Adviser’s riskcontrols, which include liquidity and diversification considerations. The Fund is rebalanced (generally daily) to maintain exposure levels,manage risk and reposition the portfolio to reflect earnings releases and other new information related to particular companies. TheFund obtains exposure to the Index and invests some or all of the long portion of the Long/Short Portfolio through investment in one ormore exchange-traded funds (“ETFs”) or mutual funds intended to track or exceed the performance of the Index. Such ETFs andmutual funds may include ETFs or mutual funds advised or sub-advised by the Adviser (each an “underlying fund” and collectively,the “underlying funds”). Presently, the Fund obtains some or all of its exposure to the Index and/or invests some or all ofthe long portion of the Long/Short Portfolio through its investment in the Gotham Enhanced 500 ETF. The Gotham Enhanced 500 ETF is anactively managed ETF sub-advised by Gotham that invests in securities of issuers included in the Index weighted based on Gotham’sassessment of value and each security’s weight in the Index. TheFund currently obtains its long exposure through direct investment in securities, investments in other ETFs and through one or more swapsand its short exposure through one or more swaps. In addition, the Fund may lend portfolio securities to brokers, dealers and other financialorganizations meeting capital and other credit requirements or other criteria established by the Fund’s Board of Trustees. Loansof portfolio securities will be collateralized by liquid securities and cash. The Fund may invest cash collateral received in securitiesconsistent with its principal investment strategy. Because the Fund generally rebalances its long and short positions daily, the Fundwill experience a high portfolio turnover rate.