UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number 811-22578
Vericimetry Funds
(Exact name of registrant as specified in charter)
1968 N. Lake Avenue, #303
Altadena, CA 91001
(Address of principal executive offices) (Zip code)
Dr. Mendel Fygenson
Vericimetry Advisors LLC
1968 N. Lake Avenue, #303
Altadena, CA 91001
(Name and address of agent for service)
Registrant's telephone number, including area code: (805) 570-1086
Date of fiscal year end: September 30
Date of reporting period: March 31, 2021
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
Vericimetry U.S. Small Cap Value Fund
Semi-Annual Report
March 31, 2021
Vericimetry Funds
TABLE OF CONTENTS
March 31, 2021
Letter to Shareholders | 1 |
Schedule of Investments | 2 |
Financial Statements | 14 |
Financial Highlights | 17 |
Notes to Financial Statements | 18 |
Expense Example | 24 |
Other Information | 25 |
This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
Except for historical information, the matters discussed in this report may constitute forward-looking statements. These include any predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Fund in the current prospectus, other factors bearing on these statements include the accuracy of the Adviser’s forecasts and predictions, and the appropriateness of the investment programs designed by the Adviser to implement its strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Fund to differ materially as compared to applicable benchmarks.
Vericimetry Funds
Letter to Shareholders
March 31, 2021 (Unaudited)
Dear Shareholders,
We are pleased to present the enclosed Semi-Annual report for the Vericimetry U.S. Small Cap Value Fund (the “Fund”) for the period ended March 31, 2021.
Vericimetry Advisors, LLC (the “Adviser”) is an academically based, quantitatively structured investment adviser. We provide a selected group of elite financial advisors access to an enhanced strategy for a well-defined asset class with a predetermined benchmark. The Fund’s objective is to achieve long-term capital appreciation, and its principal investment strategy invests in U.S. small capitalization and value securities.
The Fund invests in a wide and diverse universe of U.S. small capitalization value stocks using a structured quantitative investment approach based on a set of well defined fundamental characteristics that historically has shown to deliver the risk-premiums in U.S. small and value equities. Given our capacity advantage, we employ a multi-factor approach to identify value securities. To this end, securities considered for the Fund must pass a “value screen” which combines factors such as book-to-market, price-to-earnings, price- to-sales or price-to-operating cash flow.1
In an effort to enhance net returns to the investor, we implement disciplined and patient trading strategies. The Fund is managed with the intent of maintaining competitive management fees and low transactions costs, expenses and turnover in an effort to enhance net returns to the investor. We are committed to limiting the growth of the Fund’s assets under management once it reaches its optimal capacity.
We thank you for your investment in the Vericimetry U.S. Small Cap Value Fund and for the confidence and trust you place in Vericimetry’s investment team.
Sincerely,
Dr. Mendel Fygenson
Chief Executive Officer
Economic, political, and issuer specific events may cause the value of securities to rise or fall. Because the value of your investment in the Fund will fluctuate, there is the risk that you will lose money. Securities of small and microcap companies are often less liquid, more volatile and they may have more limited resources. Value stocks may perform differently from the market as a whole and may underperform equity funds that use other investment strategies. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results.
1 | Book-to-market is the value ratio of a company’s book value to its market value. Price-to-earnings, price-to-sales and price-to-operating cash flow ratios are the value of a company’s share price compared to its previous twelve months earnings per share, sales per share or operating cash flow per share, respectively. |
1
Vericimetry U.S. Small Cap Value Fund
Schedule of Investments
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 93.1% | ||||||||
BASIC MATERIALS — 6.7% | ||||||||
AdvanSix, Inc.* | 5,730 | $ | 153,679 | |||||
Alcoa Corp.* | 29,915 | 971,938 | ||||||
Allegheny Technologies, Inc.* | 19,035 | 400,877 | ||||||
American Vanguard Corp. | 5,290 | 107,969 | ||||||
Arconic Corp.* | 6,810 | 172,906 | ||||||
Carpenter Technology Corp. | 11,670 | 480,220 | ||||||
Century Aluminum Co.* | 11,720 | 206,975 | ||||||
Charles & Colvard Ltd.* | 16,062 | 47,544 | ||||||
Chemours Co. | 3,560 | 99,360 | ||||||
Clearwater Paper Corp.* | 1,145 | 43,075 | ||||||
Cleveland-Cliffs, Inc. | 24,391 | 490,503 | ||||||
Commercial Metals Co. | 25,350 | 781,794 | ||||||
Domtar Corp. | 10,620 | 392,409 | ||||||
Element Solutions, Inc. | 57,540 | 1,052,407 | ||||||
Friedman Industries, Inc. | 4,530 | 36,648 | ||||||
Glatfelter Corp. | 11,557 | 198,203 | ||||||
H.B. Fuller Co. | 2,120 | 133,369 | ||||||
Hecla Mining Co. | 79,008 | 449,556 | ||||||
Huntsman Corp. | 3,647 | 105,143 | ||||||
Innospec, Inc. | 750 | 77,017 | ||||||
Intrepid Potash, Inc.* | 3,960 | 128,938 | ||||||
Kaiser Aluminum Corp. | 1,763 | 194,811 | ||||||
Koppers Holdings, Inc.* | 2,050 | 71,258 | ||||||
Kraton Corp.* | 9,750 | 356,752 | ||||||
Kronos Worldwide, Inc. | 1,990 | 30,447 | ||||||
Livent Corp.* | 6,536 | 113,204 | ||||||
Mercer International, Inc. | 10,200 | 146,778 | ||||||
Minerals Technologies, Inc. | 3,200 | 241,024 | ||||||
Olin Corp. | 26,750 | 1,015,697 | ||||||
PQ Group Holdings, Inc. | 4,690 | 78,323 | ||||||
Rayonier Advanced Materials, Inc.* | 12,240 | 111,017 | ||||||
Reliance Steel & Aluminum Co. | 610 | 92,897 | ||||||
Resolute Forest Products, Inc.* | 10,940 | 119,793 | ||||||
Schnitzer Steel Industries, Inc. - Class A | 7,040 | 294,202 | ||||||
Schweitzer-Mauduit International, Inc. | 2,700 | 132,219 | ||||||
Stepan Co. | 1,350 | 171,598 | ||||||
Tronox Holdings PLC | 12,250 | 224,175 | ||||||
United States Steel Corp. | 26,020 | 680,943 | ||||||
Universal Stainless & Alloy Products, Inc.* | 3,840 | 39,053 | ||||||
Uranium Energy Corp.* | 11,380 | 32,547 | ||||||
Valhi, Inc. | 1,520 | 31,175 | ||||||
Verso Corp. - Class A | 4,480 | 65,363 | ||||||
| 10,773,806 | |||||||
COMMUNICATIONS — 2.2% | ||||||||
ADTRAN, Inc. | 1,230 | 20,516 | ||||||
AMC Networks, Inc. - Class A*1 | 1,595 | 84,790 | ||||||
ATN International, Inc. | 2,629 | 129,136 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
COMMUNICATIONS (Continued) | ||||||||
Beasley Broadcast Group, Inc. - Class A | 5,990 | $ | 16,952 | |||||
Cars.com, Inc.* | 8,225 | 106,596 | ||||||
Consolidated Communications Holdings, Inc.* | 20,520 | 147,744 | ||||||
DHI Group, Inc.* | 9,040 | 30,284 | ||||||
EchoStar Corp. - Class A* | 2,580 | 61,920 | ||||||
Entercom Communications Corp. - Class A | 5,940 | 31,185 | ||||||
ePlus, Inc.* | 450 | 44,838 | ||||||
EW Scripps Co. - Class A | 13,216 | 254,672 | ||||||
Gannett Co., Inc.* | 24,334 | 130,917 | ||||||
Gray Television, Inc. | 14,910 | 274,344 | ||||||
Houghton Mifflin Harcourt Co.* | 8,850 | 67,437 | ||||||
Iridium Communications, Inc.* | 14,670 | 605,138 | ||||||
Lands’ End, Inc.* | 1,255 | 31,137 | ||||||
Liberty Latin America Ltd. - Class A* | 7,200 | 92,376 | ||||||
Live Ventures, Inc.* | 860 | 20,545 | ||||||
Maxar Technologies, Inc. | 1,930 | 72,993 | ||||||
Meredith Corp. | 7,690 | 229,008 | ||||||
NeoPhotonics Corp.* | 6,440 | 76,958 | ||||||
NETGEAR, Inc.* | 1,330 | 54,663 | ||||||
Perficient, Inc.* | 810 | 47,563 | ||||||
Preformed Line Products Co. | 530 | 36,438 | ||||||
Ribbon Communications, Inc.* | 2,890 | 23,727 | ||||||
RigNet, Inc.* | 3,370 | 29,386 | ||||||
Saga Communications, Inc. - Class A | 1,290 | 28,187 | ||||||
Salem Media Group, Inc.1 | 12,210 | 35,897 | ||||||
Scholastic Corp. | 8,040 | 242,084 | ||||||
Shenandoah Telecommunications Co. | 1,050 | 51,251 | ||||||
TEGNA, Inc. | 1,360 | 25,609 | ||||||
Telephone and Data Systems, Inc. | 7,050 | 161,868 | ||||||
Townsquare Media, Inc. - Class A | 4,970 | 53,328 | ||||||
Tribune Publishing Co. | 2,000 | 35,980 | ||||||
United States Cellular Corp.* | 2,350 | 85,728 | ||||||
Viasat, Inc.* | 1,917 | 92,150 | ||||||
VirnetX Holding Corp. | 4,900 | 27,293 | ||||||
| 3,560,638 | |||||||
CONSUMER, CYCLICAL — 19.2% | ||||||||
Abercrombie & Fitch Co. - Class A | 15,090 | 517,738 | ||||||
Acushnet Holdings Corp. | 1,070 | 44,223 | ||||||
Adient PLC* | 4,030 | 178,126 | ||||||
Alaska Air Group, Inc. | 1,232 | 85,267 | ||||||
Allegiant Travel Co. | 725 | 176,943 | ||||||
Allison Transmission Holdings, Inc. | 1,200 | 48,996 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 10,160 | 98,146 | ||||||
American Eagle Outfitters, Inc. | 14,210 | 415,500 | ||||||
America’s Car-Mart, Inc.* | 220 | 33,521 |
See accompanying Notes to Financial Statements.
2
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
Asbury Automotive Group, Inc.* | 1,815 | $ | 356,647 | |||||
At Home Group, Inc.* | 7,790 | 223,573 | ||||||
AutoNation, Inc.* | 11,080 | 1,032,878 | ||||||
Avient Corp. | 1,390 | 65,705 | ||||||
Barnes & Noble Education, Inc.*1 | 9,860 | 80,260 | ||||||
Bassett Furniture Industries, Inc. | 2,310 | 56,064 | ||||||
Beacon Roofing Supply, Inc.* | 13,550 | 708,936 | ||||||
Beazer Homes USA, Inc.* | 5,590 | 116,943 | ||||||
Bed Bath & Beyond, Inc. | 6,611 | 192,711 | ||||||
Big Lots, Inc. | 4,790 | 327,157 | ||||||
BJ’s Restaurants, Inc.* | 2,385 | 138,521 | ||||||
Bloomin’ Brands, Inc. | 3,550 | 96,027 | ||||||
BlueLinx Holdings, Inc.* | 710 | 27,825 | ||||||
Boot Barn Holdings, Inc.* | 740 | 46,109 | ||||||
Boyd Gaming Corp.* | 2,265 | 133,544 | ||||||
Buckle, Inc.1 | 2,710 | 106,449 | ||||||
Build-A-Bear Workshop, Inc.* | 2,200 | 15,180 | ||||||
Caleres, Inc. | 9,980 | 217,564 | ||||||
Callaway Golf Co. | 1,920 | 51,360 | ||||||
Capri Holdings Ltd.* | 3,060 | 156,060 | ||||||
Carrols Restaurant Group, Inc.* | 2,520 | 15,082 | ||||||
Cato Corp. - Class A | 4,280 | 51,360 | ||||||
Century Casinos, Inc.* | 3,850 | 39,540 | ||||||
Century Communities, Inc.* | 8,007 | 482,982 | ||||||
Cheesecake Factory, Inc. | 1,960 | 114,680 | ||||||
Chico’s FAS, Inc. | 16,580 | 54,880 | ||||||
Children’s Place, Inc.* | 780 | 54,366 | ||||||
Chuy’s Holdings, Inc.* | 2,070 | 91,742 | ||||||
Cinemark Holdings, Inc.1 | 6,440 | 131,440 | ||||||
Citi Trends, Inc. | 3,150 | 263,907 | ||||||
Clean Energy Fuels Corp.* | 15,440 | 212,146 | ||||||
Commercial Vehicle Group, Inc.* | 5,700 | 55,005 | ||||||
Conn’s, Inc.* | 6,300 | 122,535 | ||||||
Container Store Group, Inc.* | 4,010 | 66,726 | ||||||
Cooper Tire & Rubber Co. | 8,850 | 495,423 | ||||||
Cooper-Standard Holdings, Inc.* | 2,410 | 87,531 | ||||||
Copa Holdings S.A. - Class A | 380 | 30,700 | ||||||
Core-Mark Holding Co., Inc. | 1,140 | 44,107 | ||||||
Daktronics, Inc. | 2,900 | 18,183 | ||||||
Dana, Inc. | 9,510 | 231,378 | ||||||
Dave & Buster’s Entertainment, Inc.* | 4,380 | 209,802 | ||||||
Del Taco Restaurants, Inc. | 2,470 | 23,663 | ||||||
Delta Apparel, Inc.* | 1,180 | 32,013 | ||||||
Denny’s Corp.* | 1,760 | 31,874 | ||||||
Designer Brands, Inc. - Class A | 5,800 | 100,920 | ||||||
Dick’s Sporting Goods, Inc. | 3,340 | 254,341 | ||||||
Dillard’s, Inc. - Class A1 | 3,410 | 329,304 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
El Pollo Loco Holdings, Inc.* | 1,530 | $ | 24,664 | |||||
Ethan Allen Interiors, Inc. | 5,760 | 159,034 | ||||||
Everi Holdings, Inc.* | 2,630 | 37,109 | ||||||
Foot Locker, Inc. | 5,650 | 317,812 | ||||||
Fossil Group, Inc.* | 4,910 | 60,884 | ||||||
Funko, Inc. - Class A* | 5,940 | 116,899 | ||||||
Genesco, Inc.* | 3,380 | 160,550 | ||||||
Gentherm, Inc.* | 560 | 41,502 | ||||||
G-III Apparel Group Ltd.* | 13,150 | 396,341 | ||||||
GMS, Inc.* | 8,000 | 334,000 | ||||||
Goodyear Tire & Rubber Co.* | 19,440 | 341,561 | ||||||
Green Brick Partners, Inc.* | 4,178 | 94,757 | ||||||
Group 1 Automotive, Inc. | 4,850 | 765,281 | ||||||
Guess?, Inc. | 11,960 | 281,060 | ||||||
H&E Equipment Services, Inc. | 1,140 | 43,320 | ||||||
Hamilton Beach Brands Holding Co. - Class A | 2,891 | 52,414 | ||||||
Haverty Furniture Cos., Inc. | 4,240 | 157,686 | ||||||
Hawaiian Holdings, Inc. | 9,282 | 247,551 | ||||||
Herman Miller, Inc. | 1,005 | 41,356 | ||||||
Hibbett Sports, Inc.* | 1,730 | 119,180 | ||||||
Hooker Furniture Corp. | 2,205 | 80,394 | ||||||
Houston Wire & Cable Co.* | 4,480 | 23,386 | ||||||
Hovnanian Enterprises, Inc. - Class A*1 | 810 | 85,649 | ||||||
Interface, Inc. | 3,710 | 46,301 | ||||||
iRobot Corp.* | 520 | 63,534 | ||||||
JetBlue Airways Corp.* | 13,210 | 268,691 | ||||||
Johnson Outdoors, Inc. - Class A | 1,130 | 161,307 | ||||||
KAR Auction Services, Inc. | 3,330 | 49,950 | ||||||
KB Home | 4,420 | 205,663 | ||||||
Knoll, Inc. | 1,890 | 31,204 | ||||||
Kohl’s Corp. | 3,830 | 228,306 | ||||||
La-Z-Boy, Inc. | 1,930 | 81,986 | ||||||
LGI Homes, Inc.* | 280 | 41,807 | ||||||
Liberty TripAdvisor Holdings, Inc. - Class A* | 5,760 | 36,749 | ||||||
Lifetime Brands, Inc. | 2,090 | 30,702 | ||||||
Lithia Motors, Inc. - Class A | 1,525 | 594,887 | ||||||
M/I Homes, Inc.* | 5,285 | 312,185 | ||||||
Macy’s, Inc. | 19,020 | 307,934 | ||||||
Marcus Corp.1 | 5,540 | 110,745 | ||||||
MarineMax, Inc.* | 3,510 | 173,254 | ||||||
Marriott Vacations Worldwide Corp. | 3,410 | 593,954 | ||||||
MDC Holdings, Inc. | 10,963 | 651,202 | ||||||
Meritage Homes Corp.* | 8,440 | 775,805 | ||||||
Mesa Air Group, Inc.* | 3,630 | 48,823 | ||||||
Methode Electronics, Inc. | 1,710 | 71,786 |
See accompanying Notes to Financial Statements.
3
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
Michaels Cos., Inc.* | 6,895 | $ | 151,276 | |||||
Miller Industries, Inc. | 2,525 | 116,630 | ||||||
Modine Manufacturing Co.* | 12,562 | 185,541 | ||||||
Motorcar Parts of America, Inc.* | 3,450 | 77,625 | ||||||
Movado Group, Inc. | 4,280 | 121,766 | ||||||
Nordstrom, Inc. | 3,450 | 130,651 | ||||||
ODP Corp. | 11,250 | 487,012 | ||||||
Oxford Industries, Inc. | 620 | 54,200 | ||||||
PC Connection, Inc. | 3,132 | 145,293 | ||||||
Penske Automotive Group, Inc. | 9,440 | 757,466 | ||||||
Playa Hotels & Resorts N.V.* | 4,570 | 33,361 | ||||||
PVH Corp. | 2,030 | 214,571 | ||||||
Qurate Retail, Inc. | 22,235 | 261,484 | ||||||
RCI Hospitality Holdings, Inc. | 1,180 | 75,036 | ||||||
Red Robin Gourmet Burgers, Inc.* | 4,320 | 172,325 | ||||||
Red Rock Resorts, Inc. - Class A | 4,040 | 131,664 | ||||||
Resideo Technologies, Inc.* | 13,500 | 381,375 | ||||||
REV Group, Inc. | 9,180 | 175,889 | ||||||
RH* | 150 | 89,490 | ||||||
Rite Aid Corp.* | 5,160 | 105,574 | ||||||
Rocky Brands, Inc. | 2,250 | 121,635 | ||||||
Rush Enterprises, Inc. - Class A1 | 10,155 | 506,024 | ||||||
Rush Enterprises, Inc. - Class B | 4,375 | 197,269 | ||||||
Ruth’s Hospitality Group, Inc. | 2,580 | 64,061 | ||||||
Sally Beauty Holdings, Inc.* | 5,860 | 117,962 | ||||||
ScanSource, Inc.* | 7,330 | 219,533 | ||||||
Shoe Carnival, Inc. | 2,850 | 176,358 | ||||||
Shyft Group, Inc. | 2,677 | 99,584 | ||||||
Signet Jewelers Ltd.* | 6,008 | 348,344 | ||||||
SkyWest, Inc. | 12,925 | 704,154 | ||||||
Sonic Automotive, Inc. - Class A | 3,850 | 190,844 | ||||||
Spirit Airlines, Inc.* | 15,020 | 554,238 | ||||||
Standard Motor Products, Inc. | 800 | 33,264 | ||||||
Steelcase, Inc. - Class A | 4,905 | 70,583 | ||||||
Steven Madden Ltd. | 2,090 | 77,873 | ||||||
Superior Group of Cos., Inc. | 1,764 | 44,841 | ||||||
Tapestry, Inc. | 3,330 | 137,229 | ||||||
Target Hospitality Corp.* | 13,980 | 35,090 | ||||||
Taylor Morrison Home Corp.* | 30,893 | 951,813 | ||||||
Tenneco, Inc. - Class A* | 2,940 | 31,517 | ||||||
Thor Industries, Inc. | 1,120 | 150,909 | ||||||
Titan Machinery, Inc.* | 6,360 | 162,180 | ||||||
Tri Pointe Homes, Inc.* | 24,280 | 494,341 | ||||||
Unifi, Inc.* | 3,807 | 104,921 | ||||||
UniFirst Corp. | 600 | 134,226 | ||||||
Univar Solutions, Inc.* | 6,320 | 136,133 | ||||||
Universal Electronics, Inc.* | 480 | 26,386 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
Urban Outfitters, Inc.* | 9,180 | $ | 341,404 | |||||
Vera Bradley, Inc.* | 5,110 | 51,611 | ||||||
Veritiv Corp.* | 2,320 | 98,693 | ||||||
Vista Outdoor, Inc.* | 6,480 | 207,814 | ||||||
VOXX International Corp.*1 | 2,480 | 47,269 | ||||||
VSE Corp. | 1,500 | 59,250 | ||||||
Wabash National Corp. | 7,960 | 149,648 | ||||||
WESCO International, Inc.* | 9,338 | 808,017 | ||||||
Winnebago Industries, Inc. | 1,350 | 103,558 | ||||||
World Fuel Services Corp. | 17,990 | 633,248 | ||||||
Zumiez, Inc.* | 6,360 | 272,844 | ||||||
| 30,795,665 | |||||||
CONSUMER, NON-CYCLICAL — 11.4% | ||||||||
Aaron’s Co., Inc. | 3,040 | 78,067 | ||||||
ABM Industries, Inc. | 11,285 | 575,648 | ||||||
Acadia Healthcare Co., Inc.* | 17,145 | 979,665 | ||||||
ACCO Brands Corp. | 20,950 | 176,818 | ||||||
Adtalem Global Education, Inc.* | 11,750 | 464,595 | ||||||
American Public Education, Inc.* | 2,595 | 92,460 | ||||||
Amneal Pharmaceuticals, Inc.* | 11,900 | 80,087 | ||||||
Andersons, Inc. | 7,990 | 218,766 | ||||||
AngioDynamics, Inc.* | 7,420 | 173,628 | ||||||
Anika Therapeutics, Inc.* | 860 | 35,079 | ||||||
ASGN, Inc.* | 730 | 69,671 | ||||||
Avanos Medical, Inc.* | 1,740 | 76,108 | ||||||
Avis Budget Group, Inc.*1 | 3,320 | 240,833 | ||||||
B&G Foods, Inc.1 | 1,430 | 44,416 | ||||||
BGSF, Inc. | 1,800 | 25,200 | ||||||
Bluebird Bio, Inc.* | 1,110 | 33,467 | ||||||
BrightView Holdings, Inc.* | 1,940 | 32,728 | ||||||
Brink’s Co. | 1,040 | 82,399 | ||||||
Brookdale Senior Living, Inc.* | 28,630 | 173,212 | ||||||
CAI International, Inc. | 4,790 | 218,041 | ||||||
Cardtronics PLC - Class A* | 1,190 | 46,172 | ||||||
Carriage Services, Inc. | 2,660 | 93,605 | ||||||
CBIZ, Inc.* | 13,210 | 431,439 | ||||||
Central Garden & Pet Co. - Class A* | 7,360 | 381,910 | ||||||
Chefs’ Warehouse, Inc.* | 4,680 | 142,553 | ||||||
Computer Task Group, Inc.* | 3,580 | 34,189 | ||||||
Coty, Inc. - Class A | 4,530 | 40,815 | ||||||
Covetrus, Inc.* | 7,840 | 234,965 | ||||||
CRA International, Inc. | 1,830 | 136,591 | ||||||
Cross Country Healthcare, Inc.* | 5,630 | 70,319 | ||||||
Darling Ingredients, Inc.* | 30,310 | 2,230,210 | ||||||
Edgewell Personal Care Co. | 3,270 | 129,492 | ||||||
Emerald Holding, Inc. | 2,660 | 14,683 | ||||||
Ennis, Inc. | 5,030 | 107,391 |
See accompanying Notes to Financial Statements.
4
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, NON-CYCLICAL (Continued) | ||||||||
Ensign Group, Inc. | 2,020 | $ | 189,557 | |||||
Fresh Del Monte Produce, Inc. | 9,640 | 275,993 | ||||||
FTI Consulting, Inc.* | 3,245 | 454,657 | ||||||
GP Strategies Corp.* | 1,930 | 33,679 | ||||||
Graham Holdings Co. - Class B | 520 | 292,469 | ||||||
Heidrick & Struggles International, Inc. | 2,820 | 100,730 | ||||||
Helen of Troy Ltd.* | 170 | 35,812 | ||||||
Herc Holdings, Inc.* | 2,710 | 274,604 | ||||||
Hill International, Inc.* | 8,610 | 27,552 | ||||||
Hostess Brands, Inc.* | 21,510 | 308,453 | ||||||
ICF International, Inc. | 3,488 | 304,851 | ||||||
Ingles Markets, Inc. - Class A | 2,690 | 165,839 | ||||||
Insperity, Inc. | 770 | 64,480 | ||||||
Integer Holdings Corp.* | 4,160 | 383,136 | ||||||
Kelly Services, Inc. - Class A | 9,150 | 203,770 | ||||||
Korn Ferry | 8,155 | 508,627 | ||||||
LHC Group, Inc.* | 128 | 24,475 | ||||||
Limoneira Co. | 1,990 | 34,825 | ||||||
LivaNova PLC* | 1,040 | 76,679 | ||||||
Macquarie Infrastructure Corp. | 4,300 | 136,783 | ||||||
MacroGenics, Inc.* | 680 | 21,658 | ||||||
Magellan Health, Inc.* | 7,090 | 661,072 | ||||||
MEDNAX, Inc.*1 | 6,350 | 161,735 | ||||||
ModivCare, Inc.* | 80 | 11,850 | ||||||
Myriad Genetics, Inc.* | 6,050 | 184,222 | ||||||
National HealthCare Corp. | 1,230 | 95,829 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 1,790 | 31,415 | ||||||
Nature’s Sunshine Products, Inc. | 1,260 | 25,150 | ||||||
Natus Medical, Inc.* | 2,880 | 73,757 | ||||||
Orthofix Medical, Inc.* | 1,050 | 45,518 | ||||||
Owens & Minor, Inc. | 5,530 | 207,873 | ||||||
Patterson Cos., Inc. | 9,695 | 309,755 | ||||||
Performance Food Group Co.* | 1,670 | 96,209 | ||||||
Prestige Consumer Healthcare, Inc.* | 5,750 | 253,460 | ||||||
Quad/Graphics, Inc. | 6,400 | 22,592 | ||||||
Quanex Building Products Corp. | 8,450 | 221,643 | ||||||
Rent-A-Center, Inc. | 2,320 | 133,771 | ||||||
SEACOR Marine Holdings, Inc.* | 5,400 | 28,782 | ||||||
Select Medical Holdings Corp.* | 7,234 | 246,679 | ||||||
Seneca Foods Corp. - Class A* | 960 | 45,206 | ||||||
SpartanNash Co. | 5,570 | 109,339 | ||||||
Spectrum Brands Holdings, Inc. | 3,890 | 330,650 | ||||||
Stride, Inc.* | 6,560 | 197,522 | ||||||
Team, Inc.* | 2,180 | 25,135 | ||||||
Textainer Group Holdings Ltd.* | 6,260 | 179,349 | ||||||
Tivity Health, Inc.* | 7,000 | 156,240 | ||||||
Triple-S Management Corp. - Class B* | 4,947 | 128,770 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, NON-CYCLICAL (Continued) | ||||||||
Triton International Ltd. | 16,070 | $ | 883,689 | |||||
TrueBlue, Inc.* | 5,380 | 118,468 | ||||||
U.S. Foods Holding Corp.* | 4,320 | 164,678 | ||||||
United Natural Foods, Inc.* | 12,510 | 412,079 | ||||||
Universal Corp. | 2,450 | 144,526 | ||||||
Varex Imaging Corp.* | 4,820 | 98,762 | ||||||
Vectrus, Inc.* | 560 | 29,926 | ||||||
Viad Corp. | 4,210 | 175,767 | ||||||
Village Super Market, Inc. - Class A | 1,480 | 34,884 | ||||||
Viracta Therapeutics, Inc.*1 | 4,277 | 39,562 | ||||||
Weis Markets, Inc.1 | 4,552 | 257,279 | ||||||
WW International, Inc.* | 1,570 | 49,110 | ||||||
| 18,276,104 | |||||||
DIVERSIFIED — 0.0% | ||||||||
Professional Holding Corp. - Class A* | 1,490 | 27,371 | ||||||
ENERGY — 6.3% | ||||||||
Antero Resources Corp.*1 | 23,545 | 240,159 | ||||||
APA Corp. | 9,680 | 173,272 | ||||||
Arch Resources, Inc. | 540 | 22,464 | ||||||
Archrock, Inc. | 37,820 | 358,912 | ||||||
Bonanza Creek Energy, Inc.* | 4,080 | 145,778 | ||||||
Bristow Group, Inc.* | 1,030 | 26,656 | ||||||
Callon Petroleum Co.*1 | 7,858 | 302,926 | ||||||
Centennial Resource Development, Inc. - Class A* | 13,520 | 56,784 | ||||||
ChampionX Corp.* | 7,320 | 159,064 | ||||||
Cimarex Energy Co. | 3,260 | 193,611 | ||||||
CNX Resources Corp.* | 39,026 | 573,682 | ||||||
CONSOL Energy, Inc.* | 4,950 | 48,114 | ||||||
CVR Energy, Inc. | 2,760 | 52,937 | ||||||
Delek U.S. Holdings, Inc. | 7,683 | 167,336 | ||||||
Devon Energy Corp. | 10,070 | 220,029 | ||||||
Diamondback Energy, Inc. | 2,887 | 212,166 | ||||||
Dril-Quip, Inc.* | 2,395 | 79,586 | ||||||
Epsilon Energy Ltd.* | 5,340 | 20,799 | ||||||
EQT Corp. | 33,990 | 631,534 | ||||||
Falcon Minerals Corp. | 8,430 | 37,851 | ||||||
FutureFuel Corp. | 5,160 | 74,975 | ||||||
Green Plains, Inc.*1 | 5,880 | 159,172 | ||||||
Helix Energy Solutions Group, Inc.* | 25,420 | 128,371 | ||||||
Helmerich & Payne, Inc. | 10,000 | 269,600 | ||||||
HollyFrontier Corp. | 5,205 | 186,235 | ||||||
Kosmos Energy Ltd. | 56,210 | 172,565 | ||||||
Laredo Petroleum, Inc.* | 1,260 | 37,876 | ||||||
Liberty Oilfield Services, Inc. - Class A | 2,550 | 28,790 | ||||||
Matador Resources Co. | 20,520 | 481,194 |
See accompanying Notes to Financial Statements.
5
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
ENERGY (Continued) | ||||||||
Matrix Service Co.* | 2,600 | $ | 34,086 | |||||
MRC Global, Inc.* | 9,560 | 86,327 | ||||||
Murphy Oil Corp.1 | 25,780 | 423,050 | ||||||
Nabors Industries Ltd. | 1,150 | 107,467 | ||||||
NACCO Industries, Inc. - Class A | 820 | 20,459 | ||||||
Newpark Resources, Inc.* | 9,290 | 29,171 | ||||||
NexTier Oilfield Solutions, Inc.* | 8,140 | 30,281 | ||||||
NOV, Inc. | 3,120 | 42,806 | ||||||
NOW, Inc.* | 14,080 | 142,067 | ||||||
Oceaneering International, Inc.* | 14,870 | 169,815 | ||||||
Oil States International, Inc.* | 7,450 | 44,924 | ||||||
Ovintiv, Inc. | 4,750 | 113,145 | ||||||
Par Pacific Holdings, Inc.* | 2,420 | 34,170 | ||||||
Patterson-UTI Energy, Inc. | 29,335 | 209,159 | ||||||
PBF Energy, Inc. - Class A | 19,730 | 279,179 | ||||||
PDC Energy, Inc.* | 19,524 | 671,626 | ||||||
Penn Virginia Corp.* | 1,150 | 15,410 | ||||||
Pioneer Natural Resources Co. | 908 | 144,264 | ||||||
Profire Energy, Inc.* | 13,840 | 15,224 | ||||||
ProPetro Holding Corp.* | 8,990 | 95,833 | ||||||
Range Resources Corp.* | 32,300 | 333,659 | ||||||
Renewable Energy Group, Inc.* | 5,630 | 371,805 | ||||||
REX American Resources Corp.* | 1,448 | 121,878 | ||||||
Select Energy Services, Inc. - Class A* | 7,660 | 38,147 | ||||||
SM Energy Co. | 11,430 | 187,109 | ||||||
Solaris Oilfield Infrastructure, Inc. - Class A | 4,100 | 50,307 | ||||||
Southwestern Energy Co.* | 80,610 | 374,836 | ||||||
SunCoke Energy, Inc. | 12,950 | 90,780 | ||||||
SunPower Corp.*1 | 1,420 | 47,499 | ||||||
Talos Energy, Inc.* | 6,100 | 73,444 | ||||||
Targa Resources Corp. | 2,630 | 83,503 | ||||||
TechnipFMC PLC | 3,670 | 28,332 | ||||||
TETRA Technologies, Inc.* | 16,920 | 40,608 | ||||||
Transocean Ltd.*1 | 40,100 | 142,355 | ||||||
U.S. Silica Holdings, Inc. | 2,640 | 32,446 | ||||||
W&T Offshore, Inc.* | 5,100 | 18,309 | ||||||
Warrior Met Coal, Inc. | 3,210 | 54,987 | ||||||
Whiting Petroleum Corp.* | 1,600 | 56,720 | ||||||
| 10,117,625 | |||||||
FINANCIAL — 26.0% | ||||||||
1st Source Corp. | 4,412 | 209,923 | ||||||
Air Lease Corp.1 | 15,985 | 783,265 | ||||||
Allegiance Bancshares, Inc. | 1,110 | 44,999 | ||||||
Ambac Financial Group, Inc.* | 2,600 | 43,524 | ||||||
American Equity Investment Life Holding Co. | 25,155 | 793,137 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
American National Bankshares, Inc. | 1,050 | $ | 34,724 | |||||
American National Group, Inc. | 1,750 | 188,772 | ||||||
Ameris Bancorp | 2,085 | 109,483 | ||||||
Argo Group International Holdings Ltd. | 6,173 | 310,625 | ||||||
Associated Banc-Corp | 15,833 | 337,876 | ||||||
Assured Guaranty Ltd. | 4,425 | 187,089 | ||||||
Atlantic Capital Bancshares, Inc.* | 1,670 | 40,247 | ||||||
Atlantic Union Bankshares Corp. | 13,373 | 512,988 | ||||||
Atlanticus Holdings Corp.* | 880 | 26,690 | ||||||
B Riley Financial, Inc. | 1,320 | 74,422 | ||||||
Banc of California, Inc. | 7,500 | 135,600 | ||||||
BancFirst Corp. | 464 | 32,800 | ||||||
Bancorp, Inc.* | 1,870 | 38,746 | ||||||
BancorpSouth Bank | 3,840 | 124,723 | ||||||
Bank of Commerce Holdings | 2,000 | 25,500 | ||||||
Bank OZK | 10,000 | 408,500 | ||||||
BankFinancial Corp. | 7,030 | 72,550 | ||||||
BankUnited, Inc. | 8,610 | 378,409 | ||||||
Banner Corp. | 4,050 | 215,986 | ||||||
BBX Capital, Inc.* | 2,120 | 13,462 | ||||||
BCB Bancorp, Inc. | 3,960 | 54,648 | ||||||
Berkshire Hills Bancorp, Inc. | 5,246 | 117,091 | ||||||
Blucora, Inc.* | 8,140 | 135,450 | ||||||
Brookline Bancorp, Inc. | 10,635 | 159,525 | ||||||
Business First Bancshares, Inc. | 1,350 | 32,306 | ||||||
Byline Bancorp, Inc. | 1,540 | 32,571 | ||||||
C&F Financial Corp. | 520 | 23,031 | ||||||
Cadence BanCorp | 18,463 | 382,738 | ||||||
California BanCorp* | 1,410 | 25,112 | ||||||
Camden National Corp. | 1,051 | 50,301 | ||||||
Cannae Holdings, Inc.* | 1,290 | 51,110 | ||||||
Capital City Bank Group, Inc. | 935 | 24,329 | ||||||
Capitol Federal Financial, Inc. | 2,930 | 38,808 | ||||||
Carter Bankshares, Inc.* | 6,680 | 93,253 | ||||||
Cathay General Bancorp | 7,580 | 309,112 | ||||||
CB Financial Services, Inc. | 1,620 | 35,851 | ||||||
Central Pacific Financial Corp. | 3,750 | 100,050 | ||||||
Central Valley Community Bancorp | 1,800 | 33,138 | ||||||
Chemung Financial Corp. | 810 | 33,874 | ||||||
CIT Group, Inc. | 7,795 | 401,520 | ||||||
Citizens Community Bancorp, Inc. | 4,110 | 51,005 | ||||||
City Holding Co. | 1,219 | 99,690 | ||||||
Clipper Realty, Inc. | 3,910 | 30,967 | ||||||
CNB Financial Corp. | 1,900 | 46,759 | ||||||
CNO Financial Group, Inc. | 39,820 | 967,228 | ||||||
Codorus Valley Bancorp, Inc. | 960 | 17,674 | ||||||
Columbia Banking System, Inc. | 3,440 | 148,230 |
See accompanying Notes to Financial Statements.
6
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Comerica, Inc. | 710 | $ | 50,935 | |||||
Community Bank System, Inc. | 3,332 | 255,631 | ||||||
Community Trust Bancorp, Inc. | 1,680 | 73,970 | ||||||
ConnectOne Bancorp, Inc. | 4,250 | 107,737 | ||||||
Cowen, Inc. - Class A1 | 3,760 | 132,164 | ||||||
Crawford & Co. - Class A | 3,480 | 37,062 | ||||||
CrossFirst Bankshares, Inc.* | 2,490 | 34,337 | ||||||
Curo Group Holdings Corp. | 2,160 | 31,514 | ||||||
Customers Bancorp, Inc.* | 9,100 | 289,562 | ||||||
CVB Financial Corp. | 7,910 | 174,732 | ||||||
Dime Community Bancshares, Inc. | 5,009 | 150,971 | ||||||
Donegal Group, Inc. - Class A | 2,411 | 35,827 | ||||||
Eagle Bancorp, Inc. | 1,307 | 69,545 | ||||||
Employers Holdings, Inc. | 4,030 | 173,532 | ||||||
Encore Capital Group, Inc.*1 | 2,470 | 99,368 | ||||||
Enova International, Inc.* | 2,700 | 95,796 | ||||||
Enstar Group Ltd.* | 810 | 199,851 | ||||||
Enterprise Financial Services Corp. | 440 | 21,754 | ||||||
Equity Bancshares, Inc. - Class A* | 750 | 20,550 | ||||||
Esquire Financial Holdings, Inc.* | 1,400 | 31,934 | ||||||
ESSA Bancorp, Inc. | 2,068 | 33,088 | ||||||
Essent Group Ltd. | 525 | 24,932 | ||||||
Evans Bancorp, Inc. | 1,000 | 33,890 | ||||||
FB Financial Corp. | 672 | 29,877 | ||||||
FBL Financial Group, Inc. - Class A | 6,350 | 355,092 | ||||||
Federal Agricultural Mortgage Corp. - Class C | 948 | 95,483 | ||||||
Fidelity D&D Bancorp, Inc. | 570 | 35,055 | ||||||
Financial Institutions, Inc. | 4,410 | 133,579 | ||||||
First BanCorp/Puerto Rico | 70,230 | 790,790 | ||||||
First Bancshares, Inc. | 566 | 20,721 | ||||||
First Bank/Hamilton NJ | 3,490 | 42,473 | ||||||
First Busey Corp. | 4,189 | 107,448 | ||||||
First Business Financial Services, Inc. | 1,320 | 32,644 | ||||||
First Choice Bancorp | 1,490 | 36,222 | ||||||
First Citizens BancShares, Inc. - Class A | 70 | 58,504 | ||||||
First Commonwealth Financial Corp. | 17,650 | 253,630 | ||||||
First Community Bankshares, Inc. | 1,620 | 48,584 | ||||||
First Financial Bancorp | 15,743 | 377,832 | ||||||
First Financial Bankshares, Inc.1 | 5,430 | 253,744 | ||||||
First Financial Corp. | 1,311 | 59,008 | ||||||
First Financial Northwest, Inc. | 2,600 | 37,050 | ||||||
First Foundation, Inc. | 1,450 | 34,017 | ||||||
First Horizon Corp. | 23,082 | 390,317 | ||||||
First Internet Bancorp | 1,660 | 58,482 | ||||||
First Interstate BancSystem, Inc. - Class A | 2,026 | 93,277 | ||||||
First Merchants Corp. | 4,100 | 190,650 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
First Mid Bancshares, Inc. | 732 | $ | 32,157 | |||||
First Midwest Bancorp, Inc. | 13,640 | 298,852 | ||||||
First Western Financial, Inc.* | 830 | 20,758 | ||||||
Flagstar Bancorp, Inc. | 13,170 | 593,967 | ||||||
Flushing Financial Corp. | 5,360 | 113,793 | ||||||
FNB Corp. | 16,462 | 209,067 | ||||||
FRP Holdings, Inc.* | 500 | 24,610 | ||||||
Fulton Financial Corp. | 37,840 | 644,415 | ||||||
Genworth Financial, Inc. - Class A* | 36,100 | 119,852 | ||||||
Glacier Bancorp, Inc. | 5,090 | 290,537 | ||||||
Global Indemnity Group LLC - Class A | 1,970 | 58,391 | ||||||
Great Southern Bancorp, Inc. | 1,025 | 58,087 | ||||||
Great Western Bancorp, Inc. | 11,320 | 342,883 | ||||||
Hancock Whitney Corp. | 12,610 | 529,746 | ||||||
Hanmi Financial Corp. | 9,080 | 179,148 | ||||||
Hanover Insurance Group, Inc. | 1,000 | 129,460 | ||||||
Heartland Financial USA, Inc. | 2,500 | 125,650 | ||||||
Heritage Commerce Corp. | 3,320 | 40,570 | ||||||
Heritage Financial Corp. | 1,750 | 49,420 | ||||||
Heritage Insurance Holdings, Inc. | 5,370 | 59,500 | ||||||
Hilltop Holdings, Inc. | 13,737 | 468,844 | ||||||
Home Bancorp, Inc. | 940 | 33,887 | ||||||
Home BancShares, Inc. | 2,160 | 58,428 | ||||||
HomeStreet, Inc. | 7,885 | 347,492 | ||||||
HomeTrust Bancshares, Inc. | 1,340 | 32,629 | ||||||
Hope Bancorp, Inc. | 11,607 | 174,801 | ||||||
Horace Mann Educators Corp. | 7,991 | 345,291 | ||||||
Horizon Bancorp, Inc. | 941 | 17,484 | ||||||
Howard Hughes Corp.* | 185 | 17,599 | ||||||
Independent Bank Corp. | 1,093 | 92,020 | ||||||
Independent Bank Group, Inc. | 7,585 | 547,940 | ||||||
International Bancshares Corp. | 14,650 | 680,053 | ||||||
Invesco Ltd. | 7,660 | 193,185 | ||||||
Investar Holding Corp. | 1,630 | 33,497 | ||||||
Investors Bancorp, Inc. | 13,090 | 192,292 | ||||||
Janus Henderson Group PLC | 7,000 | 218,050 | ||||||
Kearny Financial Corp. | 14,272 | 172,406 | ||||||
Kemper Corp. | 6,266 | 499,526 | ||||||
Lakeland Bancorp, Inc. | 5,725 | 99,787 | ||||||
Lakeland Financial Corp. | 690 | 47,741 | ||||||
LendingClub Corp.* | 2,100 | 34,692 | ||||||
LPL Financial Holdings, Inc. | 760 | 108,042 | ||||||
Macatawa Bank Corp. | 2,830 | 28,159 | ||||||
Mackinac Financial Corp. | 1,830 | 25,657 | ||||||
Marlin Business Services Corp. | 2,240 | 30,554 | ||||||
MBIA, Inc.* | 7,000 | 67,340 | ||||||
McGrath RentCorp | 3,115 | 251,225 |
See accompanying Notes to Financial Statements.
7
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Mercantile Bank Corp. | 1,560 | $ | 50,653 | |||||
Merchants Bancorp | 1,460 | 61,232 | ||||||
Meridian Bancorp, Inc. | 3,610 | 66,496 | ||||||
Meta Financial Group, Inc. | 5,240 | 237,424 | ||||||
Midland States Bancorp, Inc. | 2,900 | 80,446 | ||||||
MidWestOne Financial Group, Inc. | 1,400 | 43,358 | ||||||
Mr Cooper Group, Inc.* | 10,077 | 350,277 | ||||||
National Western Life Group, Inc. - Class A | 460 | 114,540 | ||||||
Navient Corp. | 35,870 | 513,300 | ||||||
NBT Bancorp, Inc. | 1,180 | 47,082 | ||||||
Nelnet, Inc. - Class A | 7,330 | 533,184 | ||||||
Newmark Group, Inc. - Class A | 4,990 | 49,925 | ||||||
Nicolet Bankshares, Inc.* | 795 | 66,351 | ||||||
NMI Holdings, Inc. - Class A* | 6,420 | 151,769 | ||||||
Northeast Bank | 930 | 24,543 | ||||||
Northfield Bancorp, Inc. | 3,400 | 54,128 | ||||||
Northrim BanCorp, Inc. | 1,860 | 79,069 | ||||||
Northwest Bancshares, Inc. | 17,480 | 252,586 | ||||||
OceanFirst Financial Corp. | 9,388 | 224,749 | ||||||
OFG Bancorp | 12,390 | 280,262 | ||||||
Ohio Valley Banc Corp. | 650 | 15,782 | ||||||
Old National Bancorp | 40,566 | 784,546 | ||||||
OneMain Holdings, Inc. | 7,250 | 389,470 | ||||||
Oppenheimer Holdings, Inc. - Class A | 1,120 | 44,856 | ||||||
Pacific Premier Bancorp, Inc. | 16,330 | 709,375 | ||||||
PacWest Bancorp | 3,210 | 122,461 | ||||||
PCB Bancorp | 2,170 | 32,550 | ||||||
Peapack-Gladstone Financial Corp. | 2,455 | 75,810 | ||||||
PennyMac Financial Services, Inc. | 1,430 | 95,624 | ||||||
Peoples Bancorp, Inc. | 4,300 | 142,631 | ||||||
Peoples Financial Services Corp. | 780 | 32,947 | ||||||
Pinnacle Financial Partners, Inc. | 3,943 | 349,586 | ||||||
Piper Sandler Cos. | 2,260 | 247,809 | ||||||
Popular, Inc. | 7,240 | 509,117 | ||||||
Portman Ridge Finance Corp. | 4,389 | 9,480 | ||||||
PRA Group, Inc.* | 1,755 | 65,058 | ||||||
Preferred Bank/Los Angeles CA | 2,090 | 133,091 | ||||||
Premier Financial Bancorp, Inc. | 1,442 | 26,807 | ||||||
Premier Financial Corp. | 3,094 | 102,906 | ||||||
Primerica, Inc. | 610 | 90,170 | ||||||
Primis Financial Corp. | 2,444 | 35,536 | ||||||
ProAssurance Corp. | 1,980 | 52,985 | ||||||
PROG Holdings, Inc. | 4,040 | 174,892 | ||||||
Provident Bancorp, Inc. | 3,410 | 49,104 | ||||||
Provident Financial Holdings, Inc. | 3,810 | 64,389 | ||||||
Provident Financial Services, Inc. | 18,890 | 420,869 | ||||||
QCR Holdings, Inc. | 610 | 28,804 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Radius Global Infrastructure, Inc. - Class A* | 1,650 | $ | 24,255 | |||||
RBB Bancorp | 820 | 16,621 | ||||||
Realogy Holdings Corp.* | 33,420 | 505,645 | ||||||
Regional Management Corp. | 2,220 | 76,945 | ||||||
Reliant Bancorp, Inc. | 1,120 | 32,166 | ||||||
Renasant Corp. | 9,703 | 401,510 | ||||||
Republic Bancorp, Inc. - Class A | 1,110 | 49,162 | ||||||
Riverview Bancorp, Inc. | 8,628 | 59,792 | ||||||
S&T Bancorp, Inc. | 3,526 | 118,121 | ||||||
Safety Insurance Group, Inc. | 870 | 73,297 | ||||||
Sandy Spring Bancorp, Inc. | 4,031 | 175,066 | ||||||
Sculptor Capital Management, Inc. | 1,120 | 24,506 | ||||||
Seacoast Banking Corp. of Florida* | 3,525 | 127,746 | ||||||
Selective Insurance Group, Inc. | 1,683 | 122,085 | ||||||
ServisFirst Bancshares, Inc. | 290 | 17,786 | ||||||
Sierra Bancorp | 3,400 | 91,120 | ||||||
Simmons First National Corp. - Class A | 15,604 | 462,971 | ||||||
SiriusPoint Ltd.* | 14,940 | 151,940 | ||||||
South State Corp. | 4,261 | 334,531 | ||||||
Southside Bancshares, Inc. | 3,476 | 133,861 | ||||||
Spirit of Texas Bancshares, Inc. | 1,910 | 42,612 | ||||||
State Auto Financial Corp. | 3,520 | 69,379 | ||||||
Sterling Bancorp | 28,776 | 662,424 | ||||||
Sterling Bancorp, Inc.1 | 5,870 | 33,224 | ||||||
Stewart Information Services Corp. | 1,680 | 87,410 | ||||||
Stifel Financial Corp. | 8,970 | 574,618 | ||||||
Stock Yards Bancorp, Inc.1 | 970 | 49,528 | ||||||
Stratus Properties, Inc.* | 1,300 | 39,650 | ||||||
Summit Financial Group, Inc. | 1,401 | 37,197 | ||||||
Synovus Financial Corp. | 3,960 | 181,170 | ||||||
TCF Financial Corp. | 9,673 | 449,408 | ||||||
Texas Capital Bancshares, Inc.* | 5,390 | 382,259 | ||||||
Timberland Bancorp, Inc. | 1,578 | 43,884 | ||||||
Tiptree, Inc. | 5,570 | 49,852 | ||||||
Tompkins Financial Corp. | 329 | 27,208 | ||||||
Towne Bank/Portsmouth VA | 1,212 | 36,845 | ||||||
TriCo Bancshares | 1,445 | 68,450 | ||||||
TriState Capital Holdings, Inc.* | 1,280 | 29,517 | ||||||
Triumph Bancorp, Inc.* | 2,520 | 195,023 | ||||||
Trustmark Corp.1 | 7,130 | 239,996 | ||||||
Umpqua Holdings Corp. | 22,284 | 391,084 | ||||||
United Bankshares, Inc. | 8,336 | 321,603 | ||||||
United Community Banks, Inc. | 5,450 | 185,954 | ||||||
United Fire Group, Inc. | 6,270 | 218,196 | ||||||
United Insurance Holdings Corp. | 8,890 | 64,097 | ||||||
Unity Bancorp, Inc. | 1,193 | 26,246 |
See accompanying Notes to Financial Statements.
8
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Universal Insurance Holdings, Inc. | 3,360 | $ | 48,182 | |||||
Univest Financial Corp. | 5,540 | 158,389 | ||||||
Unum Group | 3,220 | 89,613 | ||||||
Valley National Bancorp | 14,843 | 203,943 | ||||||
Veritex Holdings, Inc. | 3,840 | 125,645 | ||||||
Virtus Investment Partners, Inc. | 220 | 51,810 | ||||||
Waddell & Reed Financial, Inc. - Class A | 2,570 | 64,379 | ||||||
Walker & Dunlop, Inc. | 3,000 | 308,220 | ||||||
Washington Federal, Inc. | 19,350 | 595,980 | ||||||
Waterstone Financial, Inc. | 3,414 | 69,714 | ||||||
Webster Financial Corp. | 1,240 | 68,336 | ||||||
WesBanco, Inc. | 11,601 | 418,332 | ||||||
Western New England Bancorp, Inc. | 7,980 | 67,271 | ||||||
White Mountains Insurance Group Ltd. | 120 | 133,788 | ||||||
Wintrust Financial Corp. | 3,805 | 288,419 | ||||||
WisdomTree Investments, Inc. | 7,880 | 49,250 | ||||||
World Acceptance Corp.* | 220 | 28,547 | ||||||
WSFS Financial Corp. | 4,266 | 212,404 | ||||||
| 41,668,267 | |||||||
INDUSTRIAL — 16.3% | ||||||||
AAR Corp. | 8,900 | 370,685 | ||||||
Acuity Brands, Inc. | 370 | 61,050 | ||||||
Aegion Corp.* | 8,239 | 236,871 | ||||||
AGCO Corp. | 880 | 126,412 | ||||||
Alamo Group, Inc. | 120 | 18,738 | ||||||
Altra Industrial Motion Corp. | 1,120 | 61,958 | ||||||
American Outdoor Brands, Inc.* | 3,547 | 89,384 | ||||||
Apogee Enterprises, Inc. | 1,600 | 65,408 | ||||||
ArcBest Corp. | 7,820 | 550,293 | ||||||
Arcosa, Inc. | 440 | 28,640 | ||||||
Armstrong World Industries, Inc. | 410 | 36,937 | ||||||
Astec Industries, Inc. | 2,837 | 213,967 | ||||||
Atkore, Inc.* | 650 | 46,735 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 6,710 | 405,552 | ||||||
Avnet, Inc. | 3,240 | 134,492 | ||||||
AZZ, Inc. | 1,200 | 60,420 | ||||||
Barnes Group, Inc. | 7,780 | 385,421 | ||||||
Bel Fuse, Inc. - Class B | 850 | 16,907 | ||||||
Benchmark Electronics, Inc. | 8,830 | 273,024 | ||||||
Boise Cascade Co. | 8,280 | 495,392 | ||||||
Brady Corp. - Class A | 1,565 | 83,649 | ||||||
Builders FirstSource, Inc.* | 12,923 | 599,240 | ||||||
CECO Environmental Corp.* | 3,860 | 30,610 | ||||||
Chart Industries, Inc.* | 1,715 | 244,130 | ||||||
CIRCOR International, Inc.* | 1,510 | 52,578 | ||||||
Colfax Corp.* | 17,650 | 773,246 | ||||||
Columbus McKinnon Corp. | 2,650 | 139,814 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
Comfort Systems USA, Inc. | 1,030 | $ | 77,013 | |||||
Comtech Telecommunications Corp. | 6,110 | 151,772 | ||||||
Concrete Pumping Holdings, Inc.* | 16,020 | 118,708 | ||||||
Core Molding Technologies, Inc.* | 2,200 | 25,798 | ||||||
Cornerstone Building Brands, Inc.* | 7,780 | 109,153 | ||||||
Costamare, Inc. | 17,300 | 166,426 | ||||||
Covenant Logistics Group, Inc.* | 2,872 | 59,134 | ||||||
Curtiss-Wright Corp. | 285 | 33,801 | ||||||
Daseke, Inc.* | 4,080 | 34,639 | ||||||
DHT Holdings, Inc. | 13,550 | 80,352 | ||||||
Diamond S Shipping, Inc.* | 9,500 | 95,285 | ||||||
Dorian LPG Ltd.* | 10,201 | 133,939 | ||||||
Ducommun, Inc.* | 2,252 | 135,120 | ||||||
DXP Enterprises, Inc.* | 2,070 | 62,452 | ||||||
Dycom Industries, Inc.* | 3,270 | 303,619 | ||||||
Eastern Co. | 710 | 19,028 | ||||||
Echo Global Logistics, Inc.* | 4,340 | 136,319 | ||||||
EMCOR Group, Inc. | 1,320 | 148,051 | ||||||
Encore Wire Corp. | 4,970 | 333,636 | ||||||
EnPro Industries, Inc. | 1,550 | 132,169 | ||||||
ESCO Technologies, Inc. | 2,910 | 316,870 | ||||||
Federal Signal Corp. | 1,980 | 75,834 | ||||||
Fortress Transportation and Infrastructure Investors LLC | 3,430 | 96,692 | ||||||
GasLog Ltd. | 9,610 | 55,450 | ||||||
Gates Industrial Corp. PLC* | 2,060 | 32,939 | ||||||
GATX Corp.1 | 8,585 | 796,173 | ||||||
Generac Holdings, Inc.* | 1,055 | 345,460 | ||||||
General Finance Corp.* | 2,990 | 36,329 | ||||||
Gibraltar Industries, Inc.* | 2,290 | 209,558 | ||||||
Granite Construction, Inc. | 3,955 | 159,189 | ||||||
Great Lakes Dredge & Dock Corp.* | 7,590 | 110,662 | ||||||
Greenbrier Cos., Inc. | 7,660 | 361,705 | ||||||
Greif, Inc. - Class A1 | 5,350 | 304,950 | ||||||
Griffon Corp. | 6,850 | 186,115 | ||||||
Harsco Corp.* | 3,120 | 53,508 | ||||||
Haynes International, Inc. | 3,650 | 108,296 | ||||||
Heritage-Crystal Clean, Inc.* | 1,280 | 34,726 | ||||||
Hexcel Corp. | 580 | 32,480 | ||||||
Hillenbrand, Inc. | 3,237 | 154,437 | ||||||
Hub Group, Inc. - Class A* | 7,580 | 509,982 | ||||||
Hurco Cos., Inc. | 762 | 26,899 | ||||||
Hyster-Yale Materials Handling, Inc. | 1,680 | 146,362 | ||||||
II-VI, Inc.* | 375 | 25,639 | ||||||
Insteel Industries, Inc. | 2,040 | 62,914 | ||||||
International Seaways, Inc. | 1,730 | 33,527 | ||||||
IntriCon Corp.* | 970 | 24,871 |
See accompanying Notes to Financial Statements.
9
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
JELD-WEN Holding, Inc.* | 2,650 | $ | 73,379 | |||||
Kadant, Inc. | 280 | 51,803 | ||||||
Kaman Corp. | 1,440 | 73,858 | ||||||
KBR, Inc. | 2,220 | 85,226 | ||||||
Kennametal, Inc. | 2,030 | 81,139 | ||||||
Kimball Electronics, Inc.* | 7,590 | 195,822 | ||||||
Kirby Corp.* | 790 | 47,621 | ||||||
Knowles Corp.* | 16,515 | 345,494 | ||||||
L B Foster Co. - Class A* | 1,800 | 32,220 | ||||||
Louisiana-Pacific Corp. | 3,120 | 173,035 | ||||||
LS Starrett Co. - Class A* | 6,510 | 41,990 | ||||||
LSB Industries, Inc.* | 5,730 | 29,395 | ||||||
Lydall, Inc.* | 2,638 | 89,006 | ||||||
Manitowoc Co., Inc.* | 4,320 | 89,078 | ||||||
Marten Transport Ltd. | 12,365 | 209,834 | ||||||
MasTec, Inc.* | 2,380 | 223,006 | ||||||
Materion Corp. | 3,460 | 229,190 | ||||||
Matson, Inc. | 2,530 | 168,751 | ||||||
Matthews International Corp. - Class A | 2,370 | 93,734 | ||||||
Mistras Group, Inc.* | 7,380 | 84,206 | ||||||
Moog, Inc. - Class A | 2,515 | 209,122 | ||||||
MYR Group, Inc.* | 4,300 | 308,181 | ||||||
National Presto Industries, Inc. | 220 | 22,455 | ||||||
Navigator Holdings Ltd.* | 4,740 | 42,186 | ||||||
NN, Inc.* | 5,840 | 41,289 | ||||||
Nordic American Tankers Ltd. | 9,290 | 30,193 | ||||||
Northwest Pipe Co.* | 760 | 25,399 | ||||||
nVent Electric PLC | 1,860 | 51,913 | ||||||
O-I Glass, Inc. | 7,050 | 103,917 | ||||||
Olympic Steel, Inc. | 2,369 | 69,767 | ||||||
Orion Group Holdings, Inc.* | 6,760 | 41,033 | ||||||
Oshkosh Corp. | 440 | 52,210 | ||||||
Overseas Shipholding Group, Inc. - Class A* | 9,780 | 20,147 | ||||||
Owens Corning | 840 | 77,356 | ||||||
PAM Transportation Services, Inc.* | 1,156 | 71,325 | ||||||
Park-Ohio Holdings Corp. | 2,180 | 68,648 | ||||||
PGT Innovations, Inc.* | 1,500 | 37,875 | ||||||
Plexus Corp.* | 4,115 | 377,922 | ||||||
Powell Industries, Inc. | 1,470 | 49,789 | ||||||
Primoris Services Corp. | 1,260 | 41,744 | ||||||
Regal Beloit Corp. | 5,110 | 729,095 | ||||||
Rexnord Corp. | 3,210 | 151,159 | ||||||
Ryder System, Inc. | 530 | 40,095 | ||||||
Ryerson Holding Corp.* | 8,260 | 140,750 | ||||||
Saia, Inc.* | 330 | 76,091 | ||||||
Sanmina Corp.* | 16,890 | 698,908 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
Schneider National, Inc. - Class B | 2,550 | $ | 63,674 | |||||
Scorpio Tankers, Inc. | 9,160 | 169,094 | ||||||
SEACOR Holdings, Inc.* | 4,864 | 198,208 | ||||||
SFL Corp. Ltd. | 11,735 | 94,115 | ||||||
SIFCO Industries, Inc.* | 2,410 | 30,221 | ||||||
Smith & Wesson Brands, Inc. | 6,905 | 120,492 | ||||||
Spirit AeroSystems Holdings, Inc. - Class A | 3,330 | 162,005 | ||||||
SPX FLOW, Inc. | 4,050 | 256,486 | ||||||
Standex International Corp. | 590 | 56,386 | ||||||
Sterling Construction Co., Inc.* | 2,590 | 60,088 | ||||||
Stoneridge, Inc.*1 | 410 | 13,042 | ||||||
Summit Materials, Inc. - Class A* | 14,530 | 407,131 | ||||||
Synalloy Corp.* | 3,180 | 28,111 | ||||||
SYNNEX Corp. | 2,985 | 342,797 | ||||||
Tecnoglass, Inc. | 3,670 | 44,113 | ||||||
Teekay Corp.*1 | 14,800 | 47,360 | ||||||
Teekay Tankers Ltd. - Class A*1 | 2,380 | 33,082 | ||||||
Terex Corp. | 7,005 | 322,720 | ||||||
Tetra Tech, Inc. | 290 | 39,359 | ||||||
Thermon Group Holdings, Inc.* | 4,500 | 87,705 | ||||||
Timken Co. | 1,350 | 109,580 | ||||||
TimkenSteel Corp.* | 11,030 | 129,603 | ||||||
TopBuild Corp.* | 1,766 | 369,853 | ||||||
Tredegar Corp. | 5,762 | 86,488 | ||||||
TriMas Corp.* | 4,440 | 134,621 | ||||||
Trinity Industries, Inc. | 12,115 | 345,156 | ||||||
Trinseo S.A.1 | 5,360 | 341,271 | ||||||
Triumph Group, Inc. | 5,930 | 108,993 | ||||||
TTM Technologies, Inc.* | 29,604 | 429,258 | ||||||
Turtle Beach Corp.* | 1,280 | 34,138 | ||||||
Tutor Perini Corp.* | 6,130 | 116,164 | ||||||
U.S. Concrete, Inc.* | 2,315 | 169,736 | ||||||
U.S. Xpress Enterprises, Inc. - Class A* | 13,320 | 156,510 | ||||||
UFP Industries, Inc. | 8,140 | 617,338 | ||||||
Universal Logistics Holdings, Inc. | 1,310 | 34,466 | ||||||
USA Truck, Inc.* | 1,290 | 24,652 | ||||||
USD Partners LP | 6,320 | 36,972 | ||||||
Vishay Intertechnology, Inc. | 27,940 | 672,795 | ||||||
Vishay Precision Group, Inc.* | 1,600 | 49,296 | ||||||
Watts Water Technologies, Inc. - Class A | 820 | 97,424 | ||||||
Welbilt, Inc.* | 8,225 | 133,656 | ||||||
Werner Enterprises, Inc. | 7,660 | 361,322 | ||||||
Willis Lease Finance Corp.* | 1,720 | 74,751 | ||||||
WillScot Mobile Mini Holdings Corp.* | 18,764 | 520,708 | ||||||
Yellow Corp.* | 5,220 | 45,884 | ||||||
| 26,032,714 |
See accompanying Notes to Financial Statements.
10
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
TECHNOLOGY — 4.9% | ||||||||
Allscripts Healthcare Solutions, Inc.* | 14,020 | $ | 210,510 | |||||
Alpha & Omega Semiconductor Ltd.* | 4,900 | 160,230 | ||||||
Ambarella, Inc.* | 500 | 50,195 | ||||||
Amkor Technology, Inc. | 50,370 | 1,194,273 | ||||||
Amtech Systems, Inc.* | 2,900 | 34,278 | ||||||
AstroNova, Inc. | 1,700 | 22,780 | ||||||
Avaya Holdings Corp.* | 4,810 | 134,824 | ||||||
AXT, Inc.* | 4,640 | 54,102 | ||||||
BM Technologies, Inc.* | 889 | 10,357 | ||||||
Brooks Automation, Inc. | 480 | 39,192 | ||||||
CACI International, Inc. - Class A* | 1,920 | 473,587 | ||||||
Cloudera, Inc.* | 6,120 | 74,480 | ||||||
Cohu, Inc. | 3,862 | 161,586 | ||||||
Concentrix Corp.* | 1,905 | 285,217 | ||||||
Conduent, Inc.* | 4,100 | 27,306 | ||||||
CTS Corp. | 1,260 | 39,136 | ||||||
Cubic Corp. | 460 | 34,302 | ||||||
Diebold Nixdorf, Inc.* | 3,260 | 46,064 | ||||||
Digi International, Inc.* | 4,485 | 85,170 | ||||||
Diodes, Inc.* | 4,825 | 385,228 | ||||||
Donnelley Financial Solutions, Inc.* | 4,850 | 134,976 | ||||||
Evolent Health, Inc. - Class A* | 2,480 | 50,096 | ||||||
ExlService Holdings, Inc.* | 410 | 36,966 | ||||||
FormFactor, Inc.* | 1,576 | 71,093 | ||||||
Inovalon Holdings, Inc. - Class A*1 | 3,300 | 94,974 | ||||||
Insight Enterprises, Inc.* | 8,495 | 810,593 | ||||||
inTEST Corp.* | 2,940 | 34,721 | ||||||
Kulicke & Soffa Industries, Inc. | 8,718 | 428,141 | ||||||
ManTech International Corp. - Class A | 5,043 | 438,489 | ||||||
MicroStrategy, Inc. - Class A* | 120 | 81,456 | ||||||
MTS Systems Corp. | 3,460 | 201,372 | ||||||
NetScout Systems, Inc.* | 8,320 | 234,291 | ||||||
NextGen Healthcare, Inc.* | 820 | 14,842 | ||||||
Onto Innovation, Inc.* | 3,049 | 200,350 | ||||||
Photronics, Inc.* | 10,190 | 131,043 | ||||||
Rambus, Inc.* | 2,165 | 42,088 | ||||||
Rimini Street, Inc.* | 3,860 | 34,624 | ||||||
Stratasys Ltd.* | 3,330 | 86,247 | ||||||
Super Micro Computer, Inc.* | 1,200 | 46,872 | ||||||
Sykes Enterprises, Inc.* | 9,817 | 432,733 | ||||||
Synaptics, Inc.* | 1,400 | 189,588 | ||||||
TTEC Holdings, Inc. | 570 | 57,257 | ||||||
Ultra Clean Holdings, Inc.* | 1,620 | 94,025 | ||||||
Veeco Instruments, Inc.* | 960 | 19,910 | ||||||
Xerox Holdings Corp. | 1,280 | 31,066 | ||||||
Xperi Holding Corp. | 10,910 | 237,507 | ||||||
| 7,758,137 |
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UTILITIES — 0.1% | ||||||||
Ameresco, Inc. - Class A* | 2,453 | $ | 119,289 | |||||
TOTAL COMMON STOCKS | ||||||||
(Cost $82,991,960) | 149,129,616 | |||||||
PREFERRED STOCKS — 0.1% | ||||||||
CONSUMER, CYCLICAL — 0.1% | ||||||||
Qurate Retail, Inc. 8.00%, 3/15/20312 | 274 | 27,852 | ||||||
WESCO International, Inc. 10.62%2,3,4 | 5,008 | 154,146 | ||||||
| 181,998 | |||||||
INDUSTRIAL — 0.0% | ||||||||
Steel Partners Holdings LP 6.00%, 2/7/20262 | 1,855 | 37,193 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $188,490) | 219,191 | |||||||
EXCHANGE-TRADED FUNDS — 3.1% | ||||||||
Direxion Daily Homebuilders & Supplies Bull 3x Shares - ETF*1 | 2,060 | 158,888 | ||||||
Direxion Daily Regional Banks Bull 3x Shares - ETF | 3,552 | 822,892 | ||||||
Direxion Daily Retail Bull 3X Shares - ETF | 2,495 | 487,074 | ||||||
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares - ETF | 2,670 | 188,155 | ||||||
Direxion Daily Small Cap Bull 3X Shares - ETF1 | 5,495 | 491,858 | ||||||
iShares Russell 2000 Value ETF | 5,805 | 925,723 | ||||||
ProShares UltraPro Russell2000 - ETF | 4,961 | 528,694 | ||||||
SPDR S&P Metals & Mining ETF | 6,170 | 246,306 | ||||||
SPDR S&P Oil & Gas Equipment & Services ETF | 3,110 | 165,576 | ||||||
SPDR S&P Regional Banking ETF1 | 13,430 | 890,946 | ||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $1,941,384) | 4,906,112 | |||||||
RIGHTS — 0.0% | ||||||||
CONSUMER, NON-CYCLICAL — 0.0% | ||||||||
Elanco Animal Health, Inc.*,7 | 3,800 | — | ||||||
TOTAL RIGHTS | ||||||||
(Cost $0) | — | |||||||
See accompanying Notes to Financial Statements.
11
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2021 (Unaudited)
Number | Value | |||||||
MONEY MARKET INVESTMENTS — 7.0% | ||||||||
Blackrock Liquidity Funds FedFund- Class Institutional, 0.08%3,5 | 5,249,233 | $ | 5,249,233 | |||||
Federated Treasury Obligations Fund- Class Institutional, 0.01%3,6 | 6,061,167 | 6,061,167 | ||||||
TOTAL MONEY MARKET INVESTMENTS | ||||||||
(Cost $11,310,400) | 11,310,400 | |||||||
TOTAL INVESTMENTS — 103.3% | ||||||||
(Cost $96,432,234) | 165,565,319 | |||||||
Liabilities less other assets — (3.3)% | (5,352,167 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 160,213,152 |
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
* | Non-income producing security. |
1 | All or a portion of shares are on loan. Total loaned securities had a fair value of $5,089,833 at March 31, 2021. |
2 | Callable. |
3 | Variable rate security; the rate shown represents the rate at March 31, 2021. |
4 | Perpetual security; maturity date is not applicable. |
5 | Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $5,249,233 at March 31, 2021. |
6 | All or a portion of this security is segregated as collateral for options contracts. The total value of these securities is $500,000 March 31, 2021. |
7 | Security valued at fair value as determined by the investment adviser under the supervision of the Board of Trustees. Value determined using significant unobservable inputs. See Note 2 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements.
12
Vericimetry U.S. Small Cap Value Fund
SUMMARY OF INVESTMENTS
As of As of March 31, 2021 (Unaudited)
Security Type/Industry | Percent of |
Common Stocks | |
Banks | 15.4% |
Retail | 9.4% |
Oil & Gas | 4.6% |
Commercial Services | 4.4% |
Insurance | 3.8% |
Diversified Financial Services | 3.3% |
Home Builders | 2.8% |
Savings & Loans | 2.8% |
Transportation | 2.6% |
Chemicals | 2.6% |
Electronics | 2.5% |
Semiconductors | 2.1% |
Building Materials | 2.1% |
Iron/Steel | 2.1% |
Engineering & Construction | 1.9% |
Agriculture | 1.8% |
Healthcare-Services | 1.8% |
Distribution/Wholesale | 1.6% |
Computers | 1.6% |
Machinery-Diversified | 1.4% |
Auto Parts & Equipment | 1.4% |
Mining | 1.4% |
Airlines | 1.3% |
Miscellaneous Manufacturing | 1.3% |
Software | 1.2% |
Food | 1.1% |
Oil & Gas Services | 1.0% |
Telecommunications | 1.0% |
Media | 1.0% |
Aerospace/Defense | 1.0% |
Trucking & Leasing | 0.9% |
Apparel | 0.8% |
Healthcare-Products | 0.8% |
Household Products/Wares | 0.7% |
Forest Products & Paper | 0.7% |
Metal Fabricate/Hardware | 0.6% |
Entertainment | 0.6% |
Real Estate | 0.6% |
Hand/Machine Tools | 0.5% |
Electrical Components & Equipment | 0.5% |
Pharmaceuticals | 0.5% |
Machinery-Construction & Mining | 0.5% |
Energy-Alternate Sources | 0.5% |
Packaging & Containers | 0.4% |
Leisure Time | 0.3% |
Home Furnishings | 0.3% |
Lodging | 0.2% |
Auto Manufacturers | 0.2% |
Internet | 0.2% |
Biotechnology | 0.2% |
Coal | 0.1% |
Cosmetics/Personal Care | 0.1% |
Environmental Control | 0.1% |
Office Furnishings | 0.1% |
Textiles | 0.1% |
Electric | 0.1% |
Toys/Games/Hobbies | 0.1% |
Pipelines | 0.1% |
Investment Companies | 0.0%1 |
Office/Business Equipment | 0.0%1 |
REITS | 0.0%1 |
Housewares | 0.0%1 |
Holding Companies-Diversified | 0.0%1 |
Total Common Stocks | 93.1% |
Preferred Stocks | 0.1% |
Total Preferred Stocks | 0.1% |
Exchange-Traded Funds | 3.1% |
Rights | 0.0% |
Money Market Investments | 7.0% |
Total Investments | 103.3% |
Liabilities less other assets | (3.3)% |
Total Net Assets | 100.0% |
1 | Resulted in less than 0.05% per industry. |
See accompanying Notes to Financial Statements.
13
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
STATEMENT OF ASSETS AND LIABILITIES
As of March 31, 2021 (Unaudited)
ASSETS: | ||||
Investments in securities, at value (cost $96,432,234) | $ | 165,565,319 | (1) | |
Cash held at broker | 279,522 | |||
Receivables: | ||||
Securities sold | 389,006 | |||
Fund shares issued | 61,352 | |||
Dividends and interest | 73,723 | |||
Securities lending income | 994 | |||
Due from Adviser | 11,597 | |||
Prepaid expenses and other assets | 26,213 | |||
Total assets | 166,407,726 | |||
LIABILITIES: | ||||
Collateral due to broker for securities loaned | 5,249,233 | |||
Payables: | ||||
Securities purchased | 707,256 | |||
Fund shares redeemed | 125,000 | |||
Due to Trustees | 4,283 | |||
Due to Adviser | 69,589 | |||
Fund accounting and administration fees and expenses | 6,847 | |||
Transfer agent fees | 5,115 | |||
Custody fees | 3,107 | |||
Accrued other expenses | 24,144 | |||
Total liabilities | 6,194,574 | |||
NET ASSETS | $ | 160,213,152 | ||
COMPONENTS OF NET ASSETS: | ||||
Paid-in capital | $ | 78,616,649 | ||
Total distributable earnings | 81,596,503 | |||
NET ASSETS | $ | 160,213,152 | ||
Shares outstanding, no par value (unlimited shares authorized) | 7,117,186 | |||
Net asset value, offering and redemption price per share | $ | 22.51 |
(1) | Includes securities on loan of $5,089,833 (see Note 2). |
See accompanying Notes to Financial Statements.
14
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
STATEMENT OF OPERATIONS
For the Six Months Ended March 31, 2021 (Unaudited)
INVESTMENT INCOME | ||||
Income | ||||
Dividends (net of foreign withholding taxes of $574) | $ | 1,107,099 | ||
Securities lending income | 41,571 | |||
Interest | 196 | |||
Total investment Income | 1,148,866 | |||
Expenses | ||||
Investment advisory fees | 349,805 | |||
Fund accounting and administration fees and expenses | 38,977 | |||
Registration fees | 26,632 | |||
Professional fees | 22,772 | |||
Custody fees | 20,846 | |||
Transfer agent fees | 20,124 | |||
Shareholder reporting fees | 6,225 | |||
Trustees’ fees and expenses | 4,283 | |||
Insurance fees | 3,382 | |||
Miscellaneous expenses | 2,536 | |||
Total expenses | 495,582 | |||
Fees waived/expenses reimbursed by the Adviser | (75,816 | ) | ||
Net expenses | 419,766 | |||
Net investment income | 729,100 | |||
Net Realized and Unrealized Gain on Investments and Purchased Options Contracts | ||||
Net realized gain (loss) on: | ||||
Investments | 16,513,964 | |||
Purchased options contracts | (42,587 | ) | ||
Net realized gain | 16,471,377 | |||
Net change in unrealized appreciation/depreciation on investments | 51,282,394 | |||
Net realized and unrealized gain on investments and purchased options contracts | 67,753,771 | |||
Net Increase in Net Assets from Operations | $ | 68,482,871 |
See accompanying Notes to Financial Statements.
15
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the Year Ended | |||||||
INCREASE (DECREASE) IN NET ASSETS FROM: | ||||||||
Operations | ||||||||
Net investment income | $ | 729,100 | $ | 1,499,527 | ||||
Net realized gain (loss) on investments and purchased options contracts | 16,471,377 | (2,398,176 | ) | |||||
Net change in unrealized appreciation/depreciation on investments | 51,282,394 | (26,687,497 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 68,482,871 | (27,586,146 | ) | |||||
Distributions to Shareholders | $ | (932,180 | ) | $ | (4,225,722 | ) | ||
Capital Transactions | ||||||||
Proceeds from shares issued | 4,680,042 | 30,125,854 | ||||||
Reinvestment of distributions | 930,851 | 4,218,469 | ||||||
Cost of shares redeemed | (23,043,833 | ) | (74,886,844 | ) | ||||
Net decrease resulting from capital transactions | (17,432,940 | ) | (40,542,521 | ) | ||||
Total increase (decrease) in net assets | 50,117,751 | (72,354,389 | ) | |||||
Net Assets: | ||||||||
Beginning of year | 110,095,401 | 182,449,790 | ||||||
End of year | $ | 160,213,152 | $ | 110,095,401 | ||||
Capital Share Activity | ||||||||
Shares issued | 246,641 | 2,375,403 | ||||||
Shares reinvested | 49,287 | 251,368 | ||||||
Shares redeemed | (1,223,206 | ) | (5,597,636 | ) | ||||
Net decrease in capital shares | (927,278 | ) | (2,970,865 | ) |
See accompanying Notes to Financial Statements.
16
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
Financial Highlights
For a capital share outstanding throughout each period | ||||||||||||||||||||||||
For the | For the | For the | For the | For the | For the | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.69 | $ | 16.56 | $ | 21.14 | $ | 19.69 | $ | 16.64 | $ | 14.98 | ||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.10 | 0.16 | 0.17 | 0.15 | 0.12 | 0.14 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.84 | (2.61 | ) | (2.92 | ) | 1.54 | 3.04 | 1.65 | ||||||||||||||||
Total from investment operations | 8.86 | (2.45 | ) | (2.75 | ) | 1.69 | 3.16 | 1.79 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.12 | ) | (0.19 | ) | (0.15 | ) | (0.16 | ) | (0.11 | ) | (0.13 | ) | ||||||||||||
From net realized gain | — | (0.23 | ) | (1.68 | ) | (0.08 | ) | — | — | |||||||||||||||
Total distributions | (0.12 | ) | (0.42 | ) | (1.83 | ) | (0.24 | ) | (0.11 | ) | (0.13 | ) | ||||||||||||
Net asset value, end of period | $ | 22.51 | $ | 13.69 | $ | 16.56 | $ | 21.14 | $ | 19.69 | $ | 16.64 | ||||||||||||
Total return | 65.49 | %1 | (15.24 | )% | (12.70 | )% | 8.62 | % | 19.06 | % | 12.01 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 160,213 | $ | 110,095 | $ | 182,450 | $ | 303,020 | $ | 301,760 | $ | 261,222 | ||||||||||||
Ratio of expenses to average net assets (including interest expense) | ||||||||||||||||||||||||
Before fees reimbursed by the Adviser | 0.71 | %2 | 0.76 | %3 | 0.67 | %4 | 0.65 | %4 | 0.66 | % | 0.68 | % | ||||||||||||
After fees reimbursed by the Adviser | 0.60 | %2 | 0.63 | %3 | 0.60 | %4 | 0.60 | %4 | 0.60 | % | 0.60 | % | ||||||||||||
Ratio of net investment income to average net assets (including interest expense) | ||||||||||||||||||||||||
Before fees reimbursed by the Adviser | 0.93 | %2 | 0.93 | % | 0.86 | % | 0.69 | % | 0.58 | % | 0.84 | % | ||||||||||||
After fees reimbursed by the Adviser | 1.04 | %2 | 1.06 | % | 0.93 | % | 0.74 | % | 0.64 | % | 0.92 | % | ||||||||||||
Portfolio turnover rate | 46 | %1 | 69 | % | 47 | % | 46 | % | 42 | % | 39 | % |
1 | Not annualized. |
2 | Annualized. |
3 | If litigation expenses had been excluded, the expense ratios would have been lowered by 0.03% for the year end September 30, 2020. |
4 | Ratio of interest expense to average net assets was less than 0.005%. |
See accompanying Notes to Financial Statements.
17
Vericimetry Funds
Notes to Financial Statements
As of March 31, 2021 (Unaudited)
1. Organization
Vericimetry Funds (the “Trust”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust consists of one diversified series of shares: the Vericimetry U.S. Small Cap Value Fund (the “Fund”). The Fund’s investment objective is to achieve long-term capital appreciation. The Fund commenced operations on December 27, 2011.
2. Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses. Actual results may differ from those estimates and disclosure of contingent assets and liabilities.
(a) | Investment Valuation – Investments in securities traded on a national securities exchange, including common stocks, preferred stocks, exchange-traded funds and rights, are valued at the last reported sales price on the day of valuation. Securities traded on the Nasdaq National Market are valued at the Nasdaq Official Closing Price (“NOCP”). If there is no last reported sale or NOCP, the value of such securities will be at the mean between the most recent quoted bid and ask prices. Purchased options and other when-issued securities will follow the same pricing methods as the applicable equity securities. Debt securities are valued on the basis of bid-side prices. Money market investments are valued at their traded net asset value. Short-term investments may be valued at amortized cost, when it approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by Vericimetry Advisors LLC (the “Adviser”) under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). |
Under GAAP, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels and described below:
Level 1 – | quoted prices in active markets for identical securities that the Fund has the ability to access. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value. |
Level 2 – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement to a Level 3 measurement. |
Level 3 – | significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments. |
18
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2021 (Unaudited)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund’s investments in each category as of March 31, 2021:
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | 10,773,806 | $ | — | $ | — | $ | 10,773,806 | ||||||||
Communications | 3,560,638 | — | — | 3,560,638 | ||||||||||||
Consumer, Cyclical | 30,795,665 | — | — | 30,795,665 | ||||||||||||
Consumer, Non-Cyclical | 18,276,104 | — | — | 18,276,104 | ||||||||||||
Diversified | 27,371 | 27,371 | ||||||||||||||
Energy | 10,117,625 | — | — | 10,117,625 | ||||||||||||
Financial | 41,668,267 | — | — | 41,668,267 | ||||||||||||
Industrial | 26,032,714 | — | — | 26,032,714 | ||||||||||||
Technology | 7,758,137 | — | — | 7,758,137 | ||||||||||||
Utilities | 119,289 | — | — | 119,289 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Consumer, Cyclical | 181,998 | — | — | 181,998 | ||||||||||||
Industrial | 37,193 | 37,193 | ||||||||||||||
Exchange-Traded Funds | 4,906,112 | — | — | 4,906,112 | ||||||||||||
Rights | — | — | — | * | — | |||||||||||
Money Market Investments | 11,310,400 | — | — | 11,310,400 | ||||||||||||
Total Investments in Securities | $ | 165,565,319 | $ | — | $ | — | $ | 165,565,319 |
* | The Adviser valued these holdings at $0 as of March 31, 2021. |
There were no transfers into or out of Level 3 during the reporting period.
(b) | Investment Transactions, Investment Income and Expenses – Investment transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Securities gains and losses are calculated based on highest cost, long-term holdings. Interest income is recognized on accrual basis and includes, where applicable, the amortization or accretion of premium or discount over the life of the security. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. |
(c) | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund. The Fund may utilize earnings and profits on redemption of shares as part of the dividends paid deduction. |
19
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2021 (Unaudited)
GAAP requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.
GAAP requires management of the Fund to analyze all open tax years (for the Fund, tax years 2017-2020), as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the six months ended March 31, 2021, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
(d) | Distributions to Shareholders – The Fund declares and pays dividends at least annually from net investment income and from net realized gains, if any. Distributions to shareholders are recorded on ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. |
(e) | Securities Lending – The Fund is authorized to lend a portion of its portfolio securities (up to a maximum value of one-third of the Fund’s total asset value) for the purpose of seeking to earn additional income net of fees. The Fund may pay reasonable administrative and custodial fees in connection with any such loan. A principal risk in lending portfolio securities, as with other extensions of credit, is the possible loss of rights in the collateral should the borrower fail financially. In addition, the Fund may be exposed to the risk that the sale of any collateral realized will not yield proceeds sufficient to replace the loaned securities. In determining whether to lend securities to a particular borrower, all relevant facts and circumstances are considered, including the creditworthiness of the borrower. The loans are made only to firms deemed to be of good standing, and when the consideration that can be earned from securities’ loans of this type justifies the attendant risk. All loans are required to be secured continuously by collateral in cash, cash equivalents (negotiable certificates of deposit, bankers acceptances or letters of credit), or securities of the U.S. Government or its agencies maintained on a current basis at an amount at least equal to 102% of the current value of the securities loaned for domestic U.S. securities, (excluding Government Securities as defined below), and 105% of the current value of foreign equity loaned securities. Securities issued or guaranteed by the United States Government or its federal agencies or instrumentalities (“Government Securities”) may be maintained at 100% of current value. Collateral is received and maintained by the Fund’s securities lending agent concurrent with delivery of the loaned securities and kept in a segregated account or designated on the records of the custodian for the benefit of the Fund. The Fund will have the right to call a loan and obtain the securities loaned at any time on five days’ notice. While securities are on loan, the borrower will pay the Fund any income from the securities. Gain or loss in the value of securities loaned that may occur while the securities are on loan will be for the account of the Fund. |
The Fund may invest any cash collateral in portfolio securities and earn additional income or receive an agreed-upon amount of income from a borrower who has delivered equivalent collateral. Any such investment of cash collateral will subject the Fund to the related investment risks. The Fund will not have the right to vote on any securities having voting rights during the existence of the loan. However, the Fund will have the right to regain record ownership of loaned securities in order to exercise ownership rights such as voting rights, subscription rights and rights to dividends, interest or distributions.
At March 31, 2021, the value of securities loaned by the Fund was $5,089,833 and the Fund received cash collateral of $5,249,233. Securities purchased via reinvestment of cash collateral received as part of the securities lending program consisted of institutional money market funds with overnight and continuous maturities.
(f) | Option Contracts – An option is an agreement whereby for a premium or fee, one party gains the right to buy (or sell) the underlying asset from the other party at a specified price on or after a specified date. The Fund may lose the value of the premium paid if the underlying asset does not change in price sufficiently and the Fund chooses not to exercise the option before it expires. The Fund may buy options on individual equities as a potentially cost effective way to gain exposure to these securities and possibly acquire or dispose of the underlying securities. The Fund may buy options on equity indexes or their ETF equivalents as a potentially cost-effective way to gain exposure to these indexes. The Fund held no option contracts as of March 31, 2021. |
(g) | Asset Coverage for Options Positions – The Fund is required to deposit and maintain margin with respect to its futures and options positions. Such margin deposits will vary depending on the nature of the underlying instrument (and the related initial margin requirements), the current market value of the instrument and other positions held by the Fund. The Fund will hold liquid assets or enter into transactions to cover the underlying obligation or set aside in a segregated account at the Fund’s custodian liquid |
20
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2021 (Unaudited)
assets, such as cash, U.S. Government securities or other high grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be placed in the segregated account whenever the total value of the segregated account falls below the amount due on the underlying obligation. The amount of such collateral as of March 31, 2021 is denoted in the Fund’s Schedule of Investments.
(h) | GAAP requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position, performance and cash flows. As of March 31, 2021, the Fund had no open derivative instruments and therefore there was no impact to the Statement of Assets and Liabilities. The limited use of derivatives by the Fund during the six months ended March 31, 2021 was related to purchased equity and index options and resulted in a net realized loss of $42,587 which is reflected on the Statement of Operations. The Fund had purchased option transactions during the six months ended March 31, 2021, however, due to the timing of these transactions, the average monthly notional amount for the Fund was $0. |
For the six months ended March 31, 2021, the Fund’s purchases and sales of option contracts were as follows:
Purchases | Sales |
$ 59,640 | $ 17,642 |
(i) | GAAP requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented. Management has evaluated the impact on the financial statement disclosures and determined that there is no effect. As there are no master netting arrangements relating to the Fund’s participation in securities lending, and all amounts related to securities lending are presented gross on the Fund’s Statement of Assets and Liabilities, no additional disclosures have been made on behalf of the Fund. Please reference Note 2(e) for additional disclosures related to securities lending, including collateral related to securities on loan. There are no master netting arrangements relating to the Fund’s use of option contracts. |
3. Investment Advisory and Other Agreements
The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly, at an annual rate equal to 0.50% of the Fund’s average daily net assets. However, the Adviser has contractually agreed through an Expense Limitation Agreement to waive its management fee or reimburse the Fund so that its total annual operating expenses (excluding non-operating costs, which includes but is not limited to taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) do not exceed 0.60% of the Fund’s average daily net assets through January 31, 2022. For the six months ended March 31, 2021, the Fund accrued $349,805 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $75,816.
Under the terms of the Expense Limitation Agreement, if at any time the expenses of the Fund are less than the expense limitation, the Adviser retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed within the prior three years, to the extent that such reimbursement will not cause the Fund’s annualized expenses to exceed 0.60% of its average net assets on an annualized basis, or the expense limitation in place at time of waiver or reimbursement. The Fund is not obligated to reimburse the Adviser for fees previously waived or expenses previously assumed by the Adviser more than three years before the date of such reimbursement. All such reimbursements are contingent upon Board review and approval. As of March 31, 2021, reimbursements that may potentially be made by the Fund to the Adviser total $571,063, which expire as follows:
September 30, 2021 | $ | 147,633 | ||
September 30, 2022 | $ | 163,798 | ||
September 30, 2023 | $ | 183,816 | ||
September 30, 2024 | $ | 75,816 |
21
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2021 (Unaudited)
UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and administrator; UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund’s custodian. UMB Distribution Services, LLC, an affiliate of UMBFS, serves as the Fund’s distributor. On October 31, 2020, the Fund’s distribution agreement with UMB Distribution Services, LLC, expired in accordance with its terms. Effective November 1, 2020, the Fund became self-distributed. Amounts paid to UMBFS and its affiliates by the Fund are reflected on the Statement of Operations.
Certain officers and a Trustee of the Trust are also officers of the Adviser and/or an employee of UMBFS. Such persons are not compensated by the Fund for the services they provide to the Fund.
4. Federal Income Tax Information
At September 30, 2020, gross unrealized appreciation and depreciation on investments owned by the Fund, based on cost for federal income tax purposes were as follows:
Cost of Investments | $ | 99,849,130 | ||
Gross Unrealized Appreciation | $ | 26,259,539 | ||
Gross Unrealized Depreciation | (11,852,009 | ) | ||
Net Unrealized Appreciation | $ | 14,407,530 |
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.
As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:
Undistributed Ordinary Income | $ | 247,563 | ||
Undistributed Long-term Gains | — | |||
Other Accumulated Losses | (609,281 | ) | ||
Unrealized Appreciation on Investments | 14,407,530 | |||
Total Distributable Earnings | $ | 14,045,812 |
As of September 30, 2020, the Fund has a net short-term non-expiring capital loss carryover of $602,355. Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions.
The tax character of distributions paid during the fiscal years ended September 30, 2020 and September 30, 2019 were as follows:
September 30, | September 30, | |||||||
Distributions Paid From: | ||||||||
Ordinary Income | $ | 1,789,630 | $ | 1,961,219 | ||||
Long-term Capital Gains | 2,436,092 | 23,442,001 | ||||||
Total Distributions | $ | 4,225,722 | $ | 25,403,220 |
5. Investment Transactions
For the six months ended March 31, 2021, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:
Purchases | Sales |
$ 60,208,809 | $ 79,126,239 |
22
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2021 (Unaudited)
6. Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.
7. Change in Independent Public Accountant
On November 30, 2020, the Trust, by action of the Audit Committee of the Board, approved BBD, LLP (“BBD”) to serve as the independent registered public accounting firm to audit the financial statements of the Fund for the fiscal year ending September 30, 2021. Previously, Cohen & Company, Ltd. (“Cohen”) served as the independent registered public accounting firm to the Fund.
Cohen’s report on the financial statements for the Fund for the fiscal years ended September 30, 2020 and September 30, 2019 contained no adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles. During such fiscal years and the interim period of October 1, 2020 through November 30, 2020 (the “Interim Period”) there were no (i) disagreements with Cohen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Cohen, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Fund’s financial statements for such years, nor (ii) “reportable events” of the kinds described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
During the fiscal years ended September 30, 2020 and September 30, 2019 and the Interim Period, neither the Fund nor anyone on behalf of the Fund had consulted BBD, LLP on items that concerned (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund’s financial statements, or (b) the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K and related instructions) or reportable events (as described in paragraph (a)(1)(v) of Item 304 of Regulation S-K). The selection of BBD does not reflect any disagreements or dissatisfaction by the Fund, the Board, or the Audit Committee with the performance of Cohen.
8. Events Subsequent to the Fiscal Period End
The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. There were no subsequent events or transactions that occurred that materially impacted the amounts or disclosures in the Fund’s financial statements, through the date of issuance of these financial statements.
23
Vericimetry Funds
Expense Example
For the Six Months Ended March 31, 2021 (Unaudited)
As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2020 through March 31, 2021 (the “period”).
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.
Expenses Paid During the Period
Beginning | Ending | Expenses paid during | |
Actual Example | $ 1,000.00 | $ 1,654.90 | $ 3.97 |
Hypothetical Example, assuming a 5% return before expenses | 1,000.00 | 1,022.01 | 3.02 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.60% multiplied by the average account value over the period, multiplied by 182/365 (to reflect the six month period). |
24
Vericimetry Funds
Other Information (Unaudited)
Proxy Voting
The Fund’s proxy voting guidelines and a record of the Vericimetry U.S. Small Cap Value Fund’s proxy votes for the year ended June 30 are available without charge, upon request, by calling 1-855-755-7550 and on the Securities and Exchange Commission’s website at www.sec.gov.
Quarterly Holdings
The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.
A list of the Fund’s quarter-end holdings is also available at www.vericimetryfunds.com and upon request on or about 80 days following each quarter and remains available on the website until the list is updated in the subsequent quarter.
Risk Disclosures
Economic, political, and issuer specific events may cause the value of securities to rise or fall. Because the value of your investment in the Fund will fluctuate, there is the risk that you will lose money. Securities of small and microcap companies are often less liquid, more volatile and they may have more limited resources. Value stocks may perform differently from the market as a whole and may underperform equity funds that use other investment strategies. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results.
The recent global outbreak of COVID-19 has disrupted economies and markets, and the prolonged duration and economic impact is uncertain. These events can have a significant impact to the Fund’s operations and performance.
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the Fund, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Program is tailored to reflect the Fund’s particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of the Fund. As part of its adoption of the Program, the Board approved the appointment of the Liquidity Program Administrator, which is comprised of certain Trust officers. The Liquidity Program Administrator maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”).
The Liquidity Program Administrator reviewed the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions and assessed the Program’s procedures and operations (which revealed no material exceptions during the review period). As a result of its review, the Liquidity Program Administrator concluded that the Program was adequate and effectively implemented. The Liquidity Program Administrator presented a written report of its review at a regularly scheduled Board meeting.
25
Vericimetry U.S. Small Cap Value Fund
www.vericimetryfunds.com
Item 2. Code of Ethics.
Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services
Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
(a) The schedule of investments in securities in unaffiliated issuers is included as part of the report to shareholders filed under Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submissions of Matters to a Vote of Security Holders
As of the end of the period covered by this report, the Registrant had not adopted any procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) The registrant's certifying officer has concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-2 under the Investment Company Act of 1940 (the "Act")) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on his evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no significant changes in the Registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 13. Exhibits.
(a)(1) Code of Ethics – Not applicable to semi-annual reports.
(a)(3) Not Applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Vericimetry Funds
By: | /s/ Mendel Fygenson | |
Dr. Mendel Fygenson | ||
President | ||
Date: | June 4, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the dates indicated.
Vericimetry Funds
By: | /s/ Mendel Fygenson | |
Dr. Mendel Fygenson | ||
President | ||
Date: | June 4, 2021 | |
By: | /s/ Michael Thill | |
Michael Thill | ||
Treasurer | ||
Date: | June 4, 2021 |