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 Number811-22578
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, 2020
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, 2020
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank if you hold your shares through such an institution. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by calling 1-855-755-7550 if you hold your shares directly with Vericimetry U.S. Small Cap Value Fund, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary.
You may elect to receive all future reports in paper copies free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling 1-855-755-7550 if you hold your shares directly with Vericimetry U.S. Small Cap Value Fund, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary.
Vericimetry Funds
TABLE OF CONTENTS
March 31, 2020
Letter to Shareholders | 1 |
Schedule of Investments | 2 |
Financial Statements | 15 |
Financial Highlights | 18 |
Notes to Financial Statements | 19 |
Expense Example | 25 |
Other Information | 26 |
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
March 31, 2020 (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, 2020.
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 through its principal investment strategies of investing 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
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 95.0% | ||||||||
BASIC MATERIALS — 4.2% | ||||||||
AdvanSix, Inc.* | 1,650 | $ | 15,741 | |||||
Allegheny Technologies, Inc.* | 14,600 | 124,100 | ||||||
American Vanguard Corp. | 9,500 | 137,370 | ||||||
Balchem Corp. | 490 | 48,373 | ||||||
Carpenter Technology Corp. | 15,770 | 307,515 | ||||||
Century Aluminum Co.* | 9,050 | 32,761 | ||||||
Clearwater Paper Corp.* | 1,890 | 41,221 | ||||||
Cleveland-Cliffs, Inc.1 | 9,650 | 38,117 | ||||||
Coeur Mining, Inc.* | 68,980 | 221,426 | ||||||
Commercial Metals Co. | 40,330 | 636,811 | ||||||
Domtar Corp. | 7,940 | 171,821 | ||||||
Element Solutions, Inc.* | 63,900 | 534,204 | ||||||
Energy Fuels, Inc./Canada*1 | 11,150 | 13,157 | ||||||
Ferro Corp.* | 790 | 7,394 | ||||||
Friedman Industries, Inc. | 2,500 | 11,025 | ||||||
H.B. Fuller Co. | 1,980 | 55,301 | ||||||
Hawkins, Inc. | 1,000 | 35,600 | ||||||
Hecla Mining Co. | 130,038 | 236,669 | ||||||
Huntsman Corp. | 900 | 12,987 | ||||||
Innospec, Inc. | 900 | 62,541 | ||||||
Intrepid Potash, Inc.* | 10,900 | 8,720 | ||||||
Kaiser Aluminum Corp. | 2,113 | 146,389 | ||||||
Kraton Corp.* | 9,880 | 80,028 | ||||||
Kronos Worldwide, Inc. | 900 | 7,596 | ||||||
Livent Corp.* | 3,240 | 17,010 | ||||||
Mercer International, Inc. | 16,300 | 118,012 | ||||||
Minerals Technologies, Inc. | 3,200 | 116,032 | ||||||
Oil-Dri Corp. of America | 900 | 30,096 | ||||||
Olin Corp. | 13,400 | 156,378 | ||||||
PH Glatfelter Co. | 13,767 | 168,233 | ||||||
PolyOne Corp. | 740 | 14,038 | ||||||
Rayonier Advanced Materials, Inc. | 7,450 | 7,897 | ||||||
Reliance Steel & Aluminum Co. | 1,600 | 140,144 | ||||||
Resolute Forest Products, Inc.* | 4,900 | 6,174 | ||||||
Schnitzer Steel Industries, Inc. - Class A | 3,800 | 49,552 | ||||||
Schweitzer-Mauduit International, Inc. | 1,900 | 52,858 | ||||||
Stepan Co. | 2,550 | 225,573 | ||||||
Tronox Holdings PLC | 12,300 | 61,254 | ||||||
Univar Solutions, Inc.* | 1,450 | 15,544 | ||||||
Universal Stainless & Alloy Products, Inc.* | 1,700 | 13,107 | ||||||
Verso Corp. - Class A* | 5,600 | 63,168 | ||||||
4,241,937 | ||||||||
COMMUNICATIONS — 4.0% | ||||||||
1-800-Flowers.com, Inc. - Class A* | 840 | 11,113 | ||||||
ADTRAN, Inc. | 3,000 | 23,040 | ||||||
ATN International, Inc. | 4,879 | 286,446 | ||||||
Aviat Networks, Inc.* | 1,300 | 11,050 | ||||||
Beasley Broadcast Group, Inc. - Class A | 5,200 | 9,620 | ||||||
Cars.com, Inc.* | 5,840 | 25,112 | ||||||
Consolidated Communications Holdings, Inc. | 17,920 | 81,536 | ||||||
EchoStar Corp. - Class A* | 3,540 | 113,174 | ||||||
Entercom Communications Corp. - Class A | 10,230 | 17,493 | ||||||
Entravision Communications Corp. - Class A | 9,410 | 19,102 | ||||||
ePlus, Inc.* | 870 | 54,479 | ||||||
EW Scripps Co. - Class A | 19,396 | 146,246 | ||||||
Gannett Co., Inc. | 35,324 | 52,279 | ||||||
GCI Liberty, Inc.* | 700 | 39,879 | ||||||
Gray Television, Inc.* | 28,990 | 311,353 | ||||||
Harmonic, Inc.*1 | 2,800 | 16,128 | ||||||
HealthStream, Inc.* | 910 | 21,794 | ||||||
Houghton Mifflin Harcourt Co.* | 13,100 | 24,628 | ||||||
Infinera Corp.* | 3,890 | 20,617 | ||||||
Iridium Communications, Inc.* | 27,630 | 616,978 | ||||||
KVH Industries, Inc.* | 1,620 | 15,277 | ||||||
Lands’ End, Inc.* | 2,260 | 12,068 | ||||||
Liberty Latin America Ltd. - Class A* | 3,300 | 34,716 | ||||||
Liberty Latin America Ltd. - Class C* | 5,400 | 55,404 | ||||||
Limelight Networks, Inc.* | 10,000 | 57,000 | ||||||
LogMeIn, Inc. | 3,320 | 276,490 | ||||||
Maxar Technologies, Inc. | 920 | 9,826 | ||||||
Meet Group, Inc.* | 9,700 | 56,939 | ||||||
NeoPhotonics Corp.* | 6,800 | 49,300 | ||||||
NETGEAR, Inc.* | 1,710 | 39,056 | ||||||
Nexstar Media Group, Inc. - Class A | 630 | 36,370 | ||||||
NIC, Inc. | 5,600 | 128,800 | ||||||
Perficient, Inc.* | 1,340 | 36,301 | ||||||
Plantronics, Inc. | 780 | 7,847 | ||||||
Preformed Line Products Co. | 1,000 | 49,830 | ||||||
Ribbon Communications, Inc.* | 10,200 | 30,906 | ||||||
Saga Communications, Inc. - Class A | 1,290 | 35,488 | ||||||
Scholastic Corp. | 14,760 | 376,232 | ||||||
Shenandoah Telecommunications Co. | 1,340 | 65,995 | ||||||
Shutterstock, Inc. | 480 | 15,437 | ||||||
Spok Holdings, Inc. | 3,900 | 41,691 | ||||||
Stamps.com, Inc.* | 1,370 | 178,210 | ||||||
TEGNA, Inc. | 1,360 | 14,770 | ||||||
Telephone & Data Systems, Inc. | 21,530 | 360,843 | ||||||
Townsquare Media, Inc. - Class A | 2,110 | 9,727 | ||||||
Tribune Publishing Co. | 2,000 | 16,220 | ||||||
U.S. Auto Parts Network, Inc.* | 9,000 | 15,750 |
See accompanying Notes to Financial Statements.
2
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
COMMUNICATIONS (Continued) | ||||||||
United States Cellular Corp.* | 2,740 | $ | 80,255 | |||||
Vonage Holdings Corp.* | 4,210 | 30,438 | ||||||
World Wrestling Entertainment, Inc. - Class A1 | 780 | 26,465 | ||||||
4,065,718 | ||||||||
CONSUMER, CYCLICAL — 13.0% | ||||||||
Abercrombie & Fitch Co. - Class A | 15,510 | 140,986 | ||||||
Acushnet Holdings Corp. | 1,600 | 41,152 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 17,500 | 63,175 | ||||||
Anixter International, Inc.* | 8,100 | 711,747 | ||||||
At Home Group, Inc.*1 | 2,720 | 5,494 | ||||||
AutoNation, Inc.* | 3,900 | 109,434 | ||||||
Barnes & Noble Education, Inc.* | 8,350 | 11,356 | ||||||
Beacon Roofing Supply, Inc.* | 9,720 | 160,769 | ||||||
Bed Bath & Beyond, Inc.1 | 12,020 | 50,604 | ||||||
Big Lots, Inc. | 3,960 | 56,311 | ||||||
BJ’s Wholesale Club Holdings, Inc.*1 | 3,820 | 97,295 | ||||||
BMC Stock Holdings, Inc.* | 14,480 | 256,730 | ||||||
Buckle, Inc.1 | 2,610 | 35,783 | ||||||
Caleres, Inc. | 6,420 | 33,384 | ||||||
Callaway Golf Co. | 3,960 | 40,471 | ||||||
Cannae Holdings, Inc.* | 8,300 | 277,967 | ||||||
Cato Corp. - Class A | 7,750 | 82,693 | ||||||
Century Communities, Inc.* | 6,372 | 92,458 | ||||||
Chico’s FAS, Inc. | 16,450 | 21,221 | ||||||
Choice Hotels International, Inc. | 700 | 42,875 | ||||||
Citi Trends, Inc. | 3,090 | 27,501 | ||||||
Columbia Sportswear Co. | 1,416 | 98,794 | ||||||
CompX International, Inc. | 1,200 | 18,240 | ||||||
Conn’s, Inc.* | 4,960 | 20,733 | ||||||
Container Store Group, Inc.*1 | 4,000 | 9,440 | ||||||
Cooper Tire & Rubber Co. | 7,490 | 122,087 | ||||||
Cooper-Standard Holdings, Inc.* | 3,220 | 33,069 | ||||||
Core-Mark Holding Co., Inc. | 3,220 | 91,995 | ||||||
Daktronics, Inc. | 2,900 | 14,297 | ||||||
Dana, Inc. | 5,550 | 43,346 | ||||||
Dave & Buster’s Entertainment, Inc. | 700 | 9,156 | ||||||
Deckers Outdoor Corp.* | 160 | 21,440 | ||||||
Del Taco Restaurants, Inc.* | 1,300 | 4,459 | ||||||
Delta Apparel, Inc.* | 1,700 | 17,697 | ||||||
Designer Brands, Inc. - Class A1 | 7,770 | 38,695 | ||||||
Dick’s Sporting Goods, Inc. | 4,060 | 86,316 | ||||||
Dillard’s, Inc. - Class A1 | 2,400 | 88,680 | ||||||
Douglas Dynamics, Inc. | 900 | 31,959 | ||||||
El Pollo Loco Holdings, Inc.* | 3,170 | 26,787 | ||||||
Ethan Allen Interiors, Inc. | 4,120 | 42,106 | ||||||
Express, Inc.* | 9,300 | 13,857 | ||||||
FirstCash, Inc. | 208 | 14,922 | ||||||
Five Below, Inc.* | 140 | 9,853 | ||||||
Flexsteel Industries, Inc. | 1,100 | 12,056 | ||||||
Fossil Group, Inc.* | 11,170 | 36,749 | ||||||
Freshpet, Inc.* | 600 | 38,322 | ||||||
GameStop Corp. - Class A1 | 13,270 | 46,445 | ||||||
Genesco, Inc.* | 2,290 | 30,549 | ||||||
Gentherm, Inc.* | 1,480 | 46,472 | ||||||
G-III Apparel Group Ltd.* | 15,620 | 120,274 | ||||||
GMS, Inc.* | 7,070 | 111,211 | ||||||
Goodyear Tire & Rubber Co. | 10,120 | 58,898 | ||||||
Green Brick Partners, Inc.* | 6,698 | 53,919 | ||||||
Group 1 Automotive, Inc. | 5,760 | 254,938 | ||||||
Guess?, Inc.1 | 15,300 | 103,581 | ||||||
Hamilton Beach Brands Holding Co. - Class A | 2,891 | 27,493 | ||||||
Haverty Furniture Cos., Inc. | 6,300 | 74,907 | ||||||
Hawaiian Holdings, Inc. | 3,000 | 31,320 | ||||||
Hibbett Sports, Inc.* | 2,300 | 25,151 | ||||||
Hooker Furniture Corp. | 1,760 | 27,474 | ||||||
Installed Building Products, Inc.* | 1,000 | 39,870 | ||||||
Interface, Inc. | 1,270 | 9,601 | ||||||
iRobot Corp.*1 | 2,080 | 85,072 | ||||||
Johnson Outdoors, Inc. - Class A | 1,800 | 112,860 | ||||||
KAR Auction Services, Inc. | 760 | 9,120 | ||||||
KB Home | 3,740 | 67,694 | ||||||
Lakeland Industries, Inc.*1 | 2,060 | 31,930 | ||||||
La-Z-Boy, Inc. | 1,930 | 39,662 | ||||||
LCI Industries | 1,165 | 77,857 | ||||||
Liberty TripAdvisor Holdings, Inc. - Class A* | 6,870 | 12,366 | ||||||
Lifetime Brands, Inc. | 5,240 | 29,606 | ||||||
Lindblad Expeditions Holdings, Inc.* | 1,000 | 4,170 | ||||||
Lithia Motors, Inc. - Class A | 1,860 | 152,129 | ||||||
M/I Homes, Inc.* | 7,965 | 131,661 | ||||||
Marcus Corp. | 6,180 | 76,138 | ||||||
MarineMax, Inc.* | 7,270 | 75,753 | ||||||
Marriott Vacations Worldwide Corp. | 3,405 | 189,250 | ||||||
MDC Holdings, Inc. | 19,131 | 443,839 | ||||||
Meritage Homes Corp.* | 16,090 | 587,446 | ||||||
Methode Electronics, Inc. | 4,020 | 106,249 | ||||||
Miller Industries, Inc. | 3,325 | 94,031 | ||||||
Mobile Mini, Inc. | 10,110 | 265,185 | ||||||
Modine Manufacturing Co.* | 12,604 | 40,963 |
See accompanying Notes to Financial Statements.
3
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
Monarch Casino & Resort, Inc.* | 290 | $ | 8,140 | |||||
Motorcar Parts of America, Inc.* | 3,310 | 41,640 | ||||||
Movado Group, Inc. | 4,350 | 51,417 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 790 | 8,658 | ||||||
Office Depot, Inc. | 221,570 | 363,375 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 730 | 33,828 | ||||||
Oxford Industries, Inc. | 240 | 8,702 | ||||||
Papa John’s International, Inc. | 390 | 20,814 | ||||||
Party City Holdco, Inc.* | 16,380 | 7,507 | ||||||
PC Connection, Inc. | 5,772 | 237,864 | ||||||
Penn National Gaming, Inc.* | 2,310 | 29,222 | ||||||
Penske Automotive Group, Inc. | 7,790 | 218,120 | ||||||
PetIQ, Inc.* | 690 | 16,029 | ||||||
PetMed Express, Inc. | 730 | 21,009 | ||||||
PriceSmart, Inc. | 610 | 32,056 | ||||||
Qurate Retail, Inc.* | 5,960 | 36,386 | ||||||
Red Robin Gourmet Burgers, Inc.* | 1,300 | 11,076 | ||||||
Red Rock Resorts, Inc. - Class A | 1,160 | 9,918 | ||||||
Regis Corp.* | 5,496 | 32,481 | ||||||
Resideo Technologies, Inc.* | 6,710 | 32,476 | ||||||
REV Group, Inc. | 5,240 | 21,851 | ||||||
Rite Aid Corp.*1 | 4,410 | 66,150 | ||||||
Rocky Brands, Inc. | 2,200 | 42,570 | ||||||
Rush Enterprises, Inc. - Class A | 9,707 | 309,847 | ||||||
Rush Enterprises, Inc. - Class B | 3,440 | 104,954 | ||||||
ScanSource, Inc.* | 7,200 | 154,008 | ||||||
Shoe Carnival, Inc.1 | 4,340 | 90,142 | ||||||
Signet Jewelers Ltd. | 3,650 | 23,543 | ||||||
SkyWest, Inc.1 | 17,745 | 464,742 | ||||||
Sonic Automotive, Inc. - Class A | 3,200 | 42,496 | ||||||
Spartan Motors, Inc. | 5,557 | 71,741 | ||||||
Spirit Airlines, Inc.* | 2,230 | 28,745 | ||||||
Sportsman’s Warehouse Holdings, Inc.* | 4,200 | 25,872 | ||||||
Standard Motor Products, Inc. | 2,900 | 120,553 | ||||||
Steelcase, Inc. - Class A | 3,780 | 37,309 | ||||||
Steven Madden Ltd. | 1,800 | 41,814 | ||||||
Superior Group of Cos., Inc. | 1,094 | 9,255 | ||||||
Systemax, Inc. | 940 | 16,666 | ||||||
Taylor Morrison Home Corp.* | 40,388 | 444,268 | ||||||
Telenav, Inc.* | 3,030 | 13,090 | ||||||
Tenneco, Inc. - Class A | 2,800 | 10,080 | ||||||
Thor Industries, Inc.1 | 2,660 | 112,199 | ||||||
Tilly’s, Inc. - Class A | 4,880 | 20,154 | ||||||
Titan Machinery, Inc.* | 5,800 | 50,402 | ||||||
TravelCenters of America, Inc.* | 900 | 8,798 | ||||||
TRI Pointe Group, Inc.* | 47,400 | 415,698 | ||||||
Triton International Ltd./Bermuda | 18,520 | 479,112 | ||||||
Unifi, Inc.* | 3,897 | 45,010 | ||||||
UniFirst Corp. | 2,290 | 345,996 | ||||||
Universal Electronics, Inc.* | 1,050 | 40,289 | ||||||
Urban Outfitters, Inc.* | 3,400 | 48,416 | ||||||
Vera Bradley, Inc.* | 11,600 | 47,792 | ||||||
Veritiv Corp.* | 2,270 | 17,842 | ||||||
Vista Outdoor, Inc.* | 11,840 | 104,192 | ||||||
Visteon Corp.*1 | 500 | 23,990 | ||||||
Wabash National Corp. | 11,300 | 81,586 | ||||||
WESCO International, Inc.* | 8,630 | 197,196 | ||||||
Winnebago Industries, Inc.1 | 1,620 | 45,052 | ||||||
World Fuel Services Corp. | 23,700 | 596,766 | ||||||
Zumiez, Inc.*1 | 7,560 | 130,939 | ||||||
13,171,388 | ||||||||
CONSUMER, NON-CYCLICAL — 14.1% | ||||||||
Aaron’s, Inc. | 9,940 | 226,433 | ||||||
ABM Industries, Inc. | 14,270 | 347,617 | ||||||
Acadia Healthcare Co., Inc.* | 15,100 | 277,085 | ||||||
ACCO Brands Corp. | 32,900 | 166,145 | ||||||
Adtalem Global Education, Inc.* | 14,700 | 393,813 | ||||||
Aduro Biotech, Inc.* | 4,916 | 13,470 | ||||||
Alico, Inc. | 1,330 | 41,283 | ||||||
Alpha Pro Tech Ltd.*1 | 1,520 | 18,362 | ||||||
Amedisys, Inc.* | 390 | 71,581 | ||||||
American Public Education, Inc.* | 6,560 | 156,981 | ||||||
AnaptysBio, Inc.* | 2,570 | 36,314 | ||||||
Andersons, Inc. | 9,160 | 171,750 | ||||||
AngioDynamics, Inc.* | 9,800 | 102,214 | ||||||
Arena Pharmaceuticals, Inc.*1 | 310 | 13,020 | ||||||
Assertio Therapeutics, Inc.* | 14,400 | 9,360 | ||||||
Avanos Medical, Inc.* | 1,800 | 48,474 | ||||||
Avis Budget Group, Inc.* | 570 | 7,923 | ||||||
B&G Foods, Inc.1 | 4,270 | 77,244 | ||||||
BG Staffing, Inc. | 1,150 | 8,602 | ||||||
BioTelemetry, Inc.* | 240 | 9,242 | ||||||
Brookdale Senior Living, Inc.* | 24,460 | 76,315 | ||||||
CAI International, Inc.* | 4,290 | 60,661 | ||||||
Cal-Maine Foods, Inc. | 1,370 | 60,253 | ||||||
Cardtronics PLC - Class A* | 550 | 11,506 | ||||||
Carriage Services, Inc. | 2,100 | 33,915 | ||||||
CBIZ, Inc.* | 14,300 | 299,156 | ||||||
CEL-SCI Corp.* | 720 | 8,309 | ||||||
Central Garden & Pet Co. - Class A* | 11,270 | 288,174 | ||||||
Chefs’ Warehouse, Inc.*1 | 1,980 | 19,939 |
See accompanying Notes to Financial Statements.
4
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, NON-CYCLICAL (Continued) | ||||||||
Chemed Corp. | 430 | $ | 186,276 | |||||
Collectors Universe, Inc. | 700 | 10,969 | ||||||
CONMED Corp. | 920 | 52,688 | ||||||
CorVel Corp.* | 310 | 16,898 | ||||||
Covetrus, Inc.* | 8,570 | 69,760 | ||||||
CRA International, Inc. | 1,850 | 61,808 | ||||||
Cross Country Healthcare, Inc.* | 4,480 | 30,195 | ||||||
Darling Ingredients, Inc.* | 58,320 | 1,117,994 | ||||||
Deluxe Corp. | 400 | 10,372 | ||||||
DLH Holdings Corp.* | 6,000 | 25,260 | ||||||
Edgewell Personal Care Co.* | 3,660 | 88,133 | ||||||
Emerald Holding, Inc.1 | 1,900 | 4,921 | ||||||
Endo International PLC* | 6,130 | 22,681 | ||||||
Ennis, Inc. | 9,900 | 185,922 | ||||||
Ensign Group, Inc. | 2,810 | 105,684 | ||||||
Enzo Biochem, Inc.* | 3,090 | 7,818 | ||||||
EVERTEC, Inc. | 1,240 | 28,185 | ||||||
FONAR Corp.* | 1,200 | 17,544 | ||||||
Fresh Del Monte Produce, Inc. | 12,220 | 337,394 | ||||||
FTI Consulting, Inc.* | 9,070 | 1,086,314 | ||||||
GP Strategies Corp.* | 2,000 | 13,020 | ||||||
Graham Holdings Co. - Class B | 520 | 177,408 | ||||||
Grand Canyon Education, Inc.*1 | 360 | 27,463 | ||||||
Green Dot Corp. - Class A* | 1,840 | 46,718 | ||||||
Hain Celestial Group, Inc.* | 920 | 23,892 | ||||||
Heidrick & Struggles International, Inc. | 2,700 | 60,750 | ||||||
Helen of Troy Ltd.* | 690 | 99,381 | ||||||
Herc Holdings, Inc.* | 940 | 19,232 | ||||||
Hertz Global Holdings, Inc.* | 48,410 | 299,174 | ||||||
HMS Holdings Corp.* | 820 | 20,721 | ||||||
Horizon Therapeutics Plc* | 1,300 | 38,506 | ||||||
Hostess Brands, Inc.* | 27,900 | 297,414 | ||||||
Huron Consulting Group, Inc.* | 810 | 36,742 | ||||||
ICF International, Inc. | 6,498 | 446,413 | ||||||
ICU Medical, Inc.* | 150 | 30,266 | ||||||
Information Services Group, Inc.* | 5,240 | 13,467 | ||||||
Ingles Markets, Inc. - Class A | 3,930 | 142,109 | ||||||
Integer Holdings Corp.* | 7,420 | 466,421 | ||||||
Intellia Therapeutics, Inc.*1 | 790 | 9,662 | ||||||
Invacare Corp. | 820 | 6,093 | ||||||
John B Sanfilippo & Son, Inc. | 568 | 50,779 | ||||||
Jounce Therapeutics, Inc.* | 3,000 | 14,250 | ||||||
K12, Inc.* | 11,810 | 222,737 | ||||||
Kelly Services, Inc. - Class A | 13,600 | 172,584 | ||||||
Korn Ferry | 9,620 | 233,958 | ||||||
Landec Corp.* | 2,900 | 25,201 | ||||||
Lannett Co., Inc.* | 5,810 | 40,380 | ||||||
Lantheus Holdings, Inc.*1 | 1,900 | 24,244 | ||||||
LHC Group, Inc.* | 1,478 | 207,216 | ||||||
Ligand Pharmaceuticals, Inc.* | 140 | 10,181 | ||||||
Limoneira Co. | 880 | 11,528 | ||||||
LiveRamp Holdings, Inc.* | 1,100 | 36,212 | ||||||
Luminex Corp. | 1,570 | 43,222 | ||||||
Macquarie Infrastructure Corp. | 4,300 | 108,575 | ||||||
Magellan Health, Inc.* | 9,000 | 432,990 | ||||||
Mallinckrodt PLC*1 | 25,600 | 50,688 | ||||||
ManpowerGroup, Inc. | 160 | 8,478 | ||||||
MEDNAX, Inc.* | 9,300 | 108,252 | ||||||
Meridian Bioscience, Inc.* | 3,200 | 26,880 | ||||||
Merit Medical Systems, Inc.* | 3,590 | 112,187 | ||||||
Misonix, Inc.* | 1,000 | 9,420 | ||||||
Monro, Inc. | 280 | 12,267 | ||||||
Myriad Genetics, Inc.*1 | 5,550 | 79,420 | ||||||
National HealthCare Corp. | 1,930 | 138,439 | ||||||
Natural Alternatives International, Inc.* | 1,300 | 8,190 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 4,460 | 37,955 | ||||||
NeoGenomics, Inc.* | 1,500 | 41,415 | ||||||
OPKO Health, Inc.*1 | 11,730 | 15,718 | ||||||
OraSure Technologies, Inc.* | 1,880 | 20,229 | ||||||
Owens & Minor, Inc. | 6,370 | 58,286 | ||||||
Patterson Cos., Inc. | 12,990 | 198,617 | ||||||
PDL BioPharma, Inc.* | 18,400 | 51,888 | ||||||
Pennant Group, Inc.* | 770 | 10,903 | ||||||
PhaseBio Pharmaceuticals, Inc.*1 | 3,840 | 12,710 | ||||||
Phibro Animal Health Corp. - Class A | 500 | 12,085 | ||||||
Prestige Consumer Healthcare, Inc.* | 12,000 | 440,160 | ||||||
Prothena Corp. PLC* | 1,060 | 11,342 | ||||||
Providence Service Corp.* | 360 | 19,757 | ||||||
Quad/Graphics, Inc. | 2,855 | 7,195 | ||||||
Quanex Building Products Corp. | 6,550 | 66,024 | ||||||
Rent-A-Center, Inc. | 4,600 | 65,044 | ||||||
Resources Connection, Inc.* | 4,600 | 50,462 | ||||||
Rosetta Stone, Inc.* | 1,390 | 19,488 | ||||||
RTI Surgical Holdings, Inc.* | 8,910 | 15,236 | ||||||
Sanderson Farms, Inc. | 320 | 39,462 | ||||||
Select Medical Holdings Corp.* | 12,829 | 192,435 | ||||||
Seneca Foods Corp. - Class A* | 2,480 | 98,654 | ||||||
ShotSpotter, Inc.* | 680 | 18,686 | ||||||
SpartanNash Co. | 14,760 | 211,363 | ||||||
Spectrum Brands Holdings, Inc. | 4,150 | 150,935 | ||||||
Surgery Partners, Inc.* | 1,710 | 11,166 | ||||||
Surmodics, Inc.* | 490 | 16,327 |
See accompanying Notes to Financial Statements.
5
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, NON-CYCLICAL (Continued) | ||||||||
Syneos Health, Inc.* | 760 | $ | 29,959 | |||||
Team, Inc.* | 2,600 | 16,900 | ||||||
Tejon Ranch Co.* | 920 | 12,935 | ||||||
Textainer Group Holdings Ltd.* | 2,800 | 23,016 | ||||||
Tivity Health, Inc.*1 | 4,920 | 30,947 | ||||||
Tootsie Roll Industries, Inc.1 | 545 | 19,594 | ||||||
TreeHouse Foods, Inc.* | 3,330 | 147,019 | ||||||
Triple-S Management Corp. - Class B*1 | 7,347 | 103,593 | ||||||
TrueBlue, Inc.* | 7,100 | 90,596 | ||||||
United Natural Foods, Inc.* | 8,160 | 74,909 | ||||||
United Therapeutics Corp.* | 70 | 6,638 | ||||||
UNITY Biotechnology, Inc.*1 | 1,830 | 10,614 | ||||||
Universal Corp. | 3,720 | 164,461 | ||||||
Universal Technical Institute, Inc.* | 2,110 | 12,555 | ||||||
USANA Health Sciences, Inc.* | 1,000 | 57,760 | ||||||
Vector Group Ltd. | 915 | 8,619 | ||||||
Vectrus, Inc.* | 1,500 | 62,115 | ||||||
Viad Corp. | 4,550 | 96,596 | ||||||
Village Super Market, Inc. - Class A | 3,370 | 82,835 | ||||||
Weis Markets, Inc. | 8,582 | 357,526 | ||||||
14,287,816 | ||||||||
ENERGY — 3.1% | ||||||||
Adams Resources & Energy, Inc. | 1,575 | 37,013 | ||||||
Antero Resources Corp.*1 | 19,700 | 14,044 | ||||||
Arch Coal, Inc. - Class A | 730 | 21,097 | ||||||
Archrock, Inc. | 42,820 | 161,003 | ||||||
Berry Corp. | 3,800 | 9,158 | ||||||
Bonanza Creek Energy, Inc.* | 4,300 | 48,375 | ||||||
Callon Petroleum Co.* | 36,325 | 19,902 | ||||||
Centennial Resource Development, Inc. - Class A* | 14,650 | 3,853 | ||||||
Cimarex Energy Co. | 800 | 13,464 | ||||||
Clean Energy Fuels Corp.* | 20,030 | 35,653 | ||||||
CNX Resources Corp.* | 43,590 | 231,899 | ||||||
CONSOL Energy, Inc.* | 4,000 | 14,760 | ||||||
Delek U.S. Holdings, Inc. | 13,408 | 211,310 | ||||||
Denbury Resources, Inc.* | 20,500 | 3,784 | ||||||
Diamond Offshore Drilling, Inc.*1 | 12,650 | 23,150 | ||||||
Diamondback Energy, Inc. | 1,260 | 33,012 | ||||||
Dril-Quip, Inc.* | 4,095 | 124,897 | ||||||
Earthstone Energy, Inc. - Class A* | 5,500 | 9,680 | ||||||
Energy Transfer LP | 18,187 | 83,660 | ||||||
EQT Corp. | 5,940 | 41,996 | ||||||
Era Group, Inc.* | 3,550 | 18,922 | ||||||
Exterran Corp.* | 11,600 | 55,680 | ||||||
FutureFuel Corp. | 7,540 | 84,976 | ||||||
Green Plains, Inc. | 12,900 | 62,565 | ||||||
Helix Energy Solutions Group, Inc.* | 29,940 | 49,102 | ||||||
Helmerich & Payne, Inc. | 3,100 | 48,515 | ||||||
HollyFrontier Corp. | 2,500 | 61,275 | ||||||
Laredo Petroleum, Inc.* | 21,300 | 8,090 | ||||||
Matador Resources Co.*1 | 13,330 | 33,058 | ||||||
Matrix Service Co.* | 4,510 | 42,710 | ||||||
Murphy Oil Corp. | 7,700 | 47,201 | ||||||
Nabors Industries Ltd. | 42,980 | 16,767 | ||||||
NACCO Industries, Inc. - Class A | 991 | 27,728 | ||||||
National Energy Services Reunited Corp.* | 1,660 | 8,433 | ||||||
Natural Gas Services Group, Inc.* | 3,241 | 14,455 | ||||||
Noble Energy, Inc. | 2,950 | 17,818 | ||||||
NOW, Inc.* | 17,500 | 90,300 | ||||||
Oceaneering International, Inc.* | 13,120 | 38,573 | ||||||
Oil States International, Inc.* | 10,200 | 20,706 | ||||||
Par Pacific Holdings, Inc.* | 730 | 5,183 | ||||||
Patterson-UTI Energy, Inc. | 38,700 | 90,945 | ||||||
PBF Energy, Inc. - Class A | 23,820 | 168,646 | ||||||
PDC Energy, Inc.* | 17,694 | 109,880 | ||||||
ProPetro Holding Corp.* | 5,600 | 14,000 | ||||||
QEP Resources, Inc. | 33,410 | 11,176 | ||||||
Ramaco Resources, Inc.* | 2,260 | 5,401 | ||||||
Range Resources Corp.1 | 27,240 | 62,107 | ||||||
Renewable Energy Group, Inc.* | 8,180 | 167,935 | ||||||
REX American Resources Corp.* | 2,218 | 103,159 | ||||||
Ring Energy, Inc.* | 3,600 | 2,371 | ||||||
Select Energy Services, Inc. - Class A* | 9,200 | 29,716 | ||||||
SM Energy Co.1 | 15,620 | 19,056 | ||||||
Southwestern Energy Co.*1 | 81,870 | 138,360 | ||||||
SunCoke Energy, Inc. | 21,650 | 83,352 | ||||||
Talos Energy, Inc.* | 2,100 | 12,075 | ||||||
TerraForm Power, Inc. - Class A | 7,500 | 118,275 | ||||||
TETRA Technologies, Inc.* | 16,000 | 5,120 | ||||||
Trecora Resources* | 1,300 | 7,735 | ||||||
Warrior Met Coal, Inc. | 4,650 | 49,383 | ||||||
WPX Energy, Inc.* | 13,860 | 42,273 | ||||||
3,134,732 | ||||||||
FINANCIAL — 29.5% | ||||||||
1st Source Corp. | 6,102 | 197,888 | ||||||
ACNB Corp. | 900 | 27,000 | ||||||
Affiliated Managers Group, Inc. | 180 | 10,645 | ||||||
Air Lease Corp. | 15,190 | 336,307 | ||||||
Allegiance Bancshares, Inc. | 1,110 | 26,762 | ||||||
Altisource Portfolio Solutions S.A.* | 1,180 | 9,051 | ||||||
Ambac Financial Group, Inc.* | 7,900 | 97,486 |
See accompanying Notes to Financial Statements.
6
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Amerant Bancorp, Inc.* | 1,280 | $ | 19,699 | |||||
American Equity Investment Life Holding Co. | 30,800 | 579,040 | ||||||
American National Bankshares, Inc. | 766 | 18,307 | ||||||
American National Insurance Co. | 1,900 | 156,522 | ||||||
American River Bankshares | 1,300 | 11,206 | ||||||
Ameris Bancorp | 3,475 | 82,566 | ||||||
AMERISAFE, Inc. | 1,288 | 83,037 | ||||||
AmeriServ Financial, Inc. | 2,500 | 6,550 | ||||||
Argo Group International Holdings Ltd. | 9,133 | 338,469 | ||||||
Associated Banc-Corp | 14,253 | 182,296 | ||||||
Assured Guaranty Ltd. | 2,055 | 52,998 | ||||||
Atlantic Union Bankshares Corp. | 18,103 | 396,456 | ||||||
B. Riley Financial, Inc. | 590 | 10,868 | ||||||
Banc of California, Inc. | 12,270 | 98,160 | ||||||
BancFirst Corp. | 1,324 | 44,182 | ||||||
Bancorp, Inc.* | 1,870 | 11,351 | ||||||
BancorpSouth Bank | 3,840 | 72,653 | ||||||
Bank of Commerce Holdings | 2,000 | 15,740 | ||||||
Bank of Marin Bancorp | 670 | 20,100 | ||||||
Bank OZK | 9,000 | 150,300 | ||||||
BankFinancial Corp. | 4,650 | 40,967 | ||||||
BankUnited, Inc. | 3,650 | 68,255 | ||||||
Banner Corp. | 6,600 | 218,064 | ||||||
Bar Harbor Bankshares | 1,254 | 21,669 | ||||||
Benefytt Technologies, Inc.*1 | 3,200 | 71,648 | ||||||
Berkshire Hills Bancorp, Inc. | 13,996 | 207,981 | ||||||
Blucora, Inc.* | 10,270 | 123,753 | ||||||
Boston Private Financial Holdings, Inc. | 6,390 | 45,689 | ||||||
Bridge Bancorp, Inc. | 1,000 | 21,160 | ||||||
Brookline Bancorp, Inc. | 20,780 | 234,398 | ||||||
C&F Financial Corp. | 600 | 23,940 | ||||||
Cadence BanCorp | 20,923 | 137,046 | ||||||
Camden National Corp. | 1,401 | 44,061 | ||||||
Capital City Bank Group, Inc. | 2,045 | 41,145 | ||||||
Capitol Federal Financial, Inc. | 25,200 | 292,572 | ||||||
Carolina Financial Corp. | 810 | 20,955 | ||||||
Cathay General Bancorp | 9,970 | 228,811 | ||||||
CenterState Bank Corp. | 3,208 | 55,274 | ||||||
Central Pacific Financial Corp. | 3,000 | 47,700 | ||||||
Central Valley Community Bancorp | 1,360 | 17,734 | ||||||
Century Bancorp, Inc. - Class A | 315 | 19,606 | ||||||
CIT Group, Inc. | 1,850 | 31,931 | ||||||
Citizens & Northern Corp. | 700 | 14,000 | ||||||
Citizens, Inc.*1 | 6,560 | 42,771 | ||||||
City Holding Co. | 2,099 | 139,646 | ||||||
Civista Bancshares, Inc. | 1,096 | 16,396 | ||||||
CNB Financial Corp. | 3,730 | 70,385 | ||||||
CNO Financial Group, Inc. | 37,700 | 467,103 | ||||||
Codorus Valley Bancorp, Inc. | 840 | 13,524 | ||||||
Columbia Banking System, Inc. | 10,200 | 273,360 | ||||||
Community Bank System, Inc. | 4,202 | 247,078 | ||||||
Community Bankers Trust Corp. | 3,286 | 15,937 | ||||||
Community Financial Corp. | 1,500 | 33,150 | ||||||
Community Trust Bancorp, Inc. | 1,680 | 53,407 | ||||||
ConnectOne Bancorp, Inc. | 5,000 | 67,200 | ||||||
Consumer Portfolio Services, Inc.* | 2,600 | 3,536 | ||||||
Cowen, Inc. - Class A | 4,550 | 43,953 | ||||||
Crawford & Co. - Class B | 8,300 | 53,037 | ||||||
Customers Bancorp, Inc.* | 9,150 | 100,009 | ||||||
CVB Financial Corp. | 15,300 | 306,765 | ||||||
Dime Community Bancshares, Inc. | 10,700 | 146,697 | ||||||
Donegal Group, Inc. - Class A | 4,331 | 65,831 | ||||||
Eagle Bancorp, Inc. | 1,307 | 39,484 | ||||||
Employers Holdings, Inc. | 10,700 | 433,457 | ||||||
Encore Capital Group, Inc.*1 | 4,450 | 104,041 | ||||||
Enova International, Inc.* | 1,240 | 17,968 | ||||||
Enstar Group Ltd.* | 1,200 | 190,860 | ||||||
Enterprise Financial Services Corp. | 1,500 | 41,865 | ||||||
Equity Bancshares, Inc. - Class A* | 1,200 | 20,700 | ||||||
ESSA Bancorp, Inc. | 3,328 | 45,427 | ||||||
EZCORP, Inc. - Class A* | 17,430 | 72,683 | ||||||
Farmers National Banc Corp. | 730 | 8,490 | ||||||
FBL Financial Group, Inc. - Class A | 8,500 | 396,695 | ||||||
Federal Agricultural Mortgage Corp. - Class C | 1,948 | 108,367 | ||||||
Federated Hermes, Inc. | 1,700 | 32,385 | ||||||
FedNat Holding Co. | 1,590 | 18,253 | ||||||
Fifth Third Bancorp | 3,072 | 45,619 | ||||||
Financial Institutions, Inc. | 4,430 | 80,360 | ||||||
First Bancorp, Inc. | 1,370 | 30,140 | ||||||
First BanCorp/Puerto Rico | 80,750 | 429,590 | ||||||
First Bancorp/Southern Pines NC | 2,300 | 53,084 | ||||||
First Bancshares, Inc. | 566 | 10,794 | ||||||
First Bank/Hamilton NJ | 1,300 | 9,022 | ||||||
First Busey Corp. | 7,329 | 125,399 | ||||||
First Business Financial Services, Inc. | 1,612 | 24,986 | ||||||
First Citizens BancShares, Inc. - Class A | 110 | 36,616 | ||||||
First Commonwealth Financial Corp. | 21,390 | 195,505 | ||||||
First Community Bankshares, Inc. | 2,650 | 61,745 | ||||||
First Defiance Financial Corp. | 5,614 | 82,750 | ||||||
First Financial Bancorp | 15,183 | 226,379 |
See accompanying Notes to Financial Statements.
7
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
First Financial Bankshares, Inc. | 7,710 | $ | 206,936 | |||||
First Financial Corp. | 1,981 | 66,799 | ||||||
First Financial Northwest, Inc. | 2,600 | 26,104 | ||||||
First Foundation, Inc. | 1,700 | 17,374 | ||||||
First Internet Bancorp | 1,400 | 22,988 | ||||||
First Interstate BancSystem, Inc. - Class A | 3,766 | 108,611 | ||||||
First Merchants Corp. | 5,700 | 150,993 | ||||||
First Mid Bancshares, Inc. | 732 | 17,378 | ||||||
First Midwest Bancorp, Inc. | 22,420 | 296,729 | ||||||
First United Corp. | 1,200 | 17,148 | ||||||
Flagstar Bancorp, Inc. | 13,000 | 257,790 | ||||||
Flushing Financial Corp. | 8,000 | 106,880 | ||||||
FNB Corp. | 13,152 | 96,930 | ||||||
Franklin Financial Network, Inc. | 500 | 10,195 | ||||||
FRP Holdings, Inc.* | 400 | 17,200 | ||||||
Fulton Financial Corp. | 49,700 | 571,053 | ||||||
Genworth Financial, Inc. - Class A* | 50,090 | 166,299 | ||||||
German American Bancorp, Inc. | 787 | 21,603 | ||||||
Glacier Bancorp, Inc. | 7,110 | 241,776 | ||||||
Global Indemnity Ltd. | 3,500 | 89,250 | ||||||
Great Southern Bancorp, Inc. | 2,015 | 81,406 | ||||||
Great Western Bancorp, Inc. | 9,960 | 203,981 | ||||||
Griffin Industrial Realty, Inc. | 400 | 13,080 | ||||||
Hallmark Financial Services, Inc.* | 2,759 | 11,146 | ||||||
Hancock Whitney Corp. | 12,400 | 242,048 | ||||||
Hanover Insurance Group, Inc. | 2,990 | 270,834 | ||||||
HCI Group, Inc. | 400 | 16,100 | ||||||
Heartland Financial USA, Inc. | 2,500 | 75,500 | ||||||
Heritage Commerce Corp. | 1,140 | 8,744 | ||||||
Heritage Financial Corp. | 2,870 | 57,400 | ||||||
Heritage Insurance Holdings, Inc. | 3,400 | 36,414 | ||||||
Hilltop Holdings, Inc. | 13,347 | 201,807 | ||||||
HMN Financial, Inc.* | 1,120 | 20,160 | ||||||
Home Bancorp, Inc. | 1,820 | 44,444 | ||||||
HomeStreet, Inc. | 8,950 | 198,958 | ||||||
Hope Bancorp, Inc. | 22,217 | 182,624 | ||||||
Horace Mann Educators Corp. | 14,500 | 530,555 | ||||||
Horizon Bancorp, Inc. | 3,241 | 31,956 | ||||||
Howard Bancorp, Inc.* | 600 | 6,516 | ||||||
IBERIABANK Corp.1 | 9,271 | 335,239 | ||||||
Independence Holding Co. | 1,910 | 48,820 | ||||||
Independent Bank Corp. | 1,289 | 16,589 | ||||||
Independent Bank Corp. | 3,113 | 200,384 | ||||||
Independent Bank Group, Inc. | 3,975 | 94,128 | ||||||
International Bancshares Corp. | 17,800 | 478,464 | ||||||
Investors Title Co. | 400 | 51,200 | ||||||
James River Group Holdings Ltd. | 2,600 | 94,224 | ||||||
Janus Henderson Group PLC | 4,430 | 67,868 | ||||||
Kearny Financial Corp. | 17,922 | 153,950 | ||||||
Kemper Corp. | 14,691 | 1,092,570 | ||||||
Lakeland Bancorp, Inc. | 6,795 | 73,454 | ||||||
Lakeland Financial Corp. | 2,090 | 76,808 | ||||||
LCNB Corp. | 1,000 | 12,600 | ||||||
Legg Mason, Inc.1 | 2,300 | 112,355 | ||||||
Live Oak Bancshares, Inc.1 | 800 | 9,976 | ||||||
LPL Financial Holdings, Inc. | 500 | 27,215 | ||||||
Macatawa Bank Corp. | 4,200 | 29,904 | ||||||
Marlin Business Services Corp. | 3,000 | 33,510 | ||||||
MBIA, Inc.* | 1,365 | 9,746 | ||||||
McGrath RentCorp | 4,525 | 237,019 | ||||||
Mercantile Bank Corp. | 4,330 | 91,666 | ||||||
Meridian Bancorp, Inc. | 3,300 | 37,026 | ||||||
Meta Financial Group, Inc. | 1,400 | 30,408 | ||||||
Metropolitan Bank Holding Corp.* | 400 | 10,772 | ||||||
MGIC Investment Corp. | 6,280 | 39,878 | ||||||
Midland States Bancorp, Inc. | 2,900 | 50,721 | ||||||
MidWestOne Financial Group, Inc. | 1,400 | 29,316 | ||||||
Mr Cooper Group, Inc.* | 7,907 | 57,958 | ||||||
MutualFirst Financial, Inc. | 1,226 | 34,573 | ||||||
MVB Financial Corp. | 1,300 | 16,575 | ||||||
National Western Life Group, Inc. - Class A | 940 | 161,680 | ||||||
Navient Corp. | 26,360 | 199,809 | ||||||
NBT Bancorp, Inc. | 3,020 | 97,818 | ||||||
Nelnet, Inc. - Class A | 6,900 | 313,329 | ||||||
Nicolet Bankshares, Inc.* | 1,095 | 59,765 | ||||||
Northfield Bancorp, Inc. | 3,400 | 38,046 | ||||||
Northrim BanCorp, Inc. | 2,320 | 62,640 | ||||||
Northwest Bancshares, Inc. | 22,598 | 261,459 | ||||||
OceanFirst Financial Corp. | 9,668 | 153,818 | ||||||
OFG Bancorp | 14,470 | 161,775 | ||||||
Old National Bancorp | 40,566 | 535,066 | ||||||
Old Second Bancorp, Inc. | 3,600 | 24,876 | ||||||
On Deck Capital, Inc.* | 9,270 | 14,276 | ||||||
OneMain Holdings, Inc. | 9,970 | 190,626 | ||||||
Oppenheimer Holdings, Inc. - Class A | 2,700 | 53,352 | ||||||
Opus Bank | 4,600 | 79,718 | ||||||
Pacific Premier Bancorp, Inc. | 8,988 | 169,334 | ||||||
PacWest Bancorp | 1,220 | 21,862 | ||||||
Park National Corp. | 70 | 5,435 | ||||||
Parke Bancorp, Inc. | 763 | 10,293 | ||||||
Peapack Gladstone Financial Corp. | 3,025 | 54,299 | ||||||
PennyMac Financial Services, Inc. | 1,800 | 39,798 |
See accompanying Notes to Financial Statements.
8
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Peoples Bancorp, Inc. | 3,300 | $ | 73,095 | |||||
People’s United Financial, Inc. | 2,267 | 25,050 | ||||||
Pinnacle Financial Partners, Inc. | 2,223 | 83,451 | ||||||
Piper Sandler Cos. | 4,700 | 237,679 | ||||||
PJT Partners, Inc. - Class A | 260 | 11,281 | ||||||
Popular, Inc. | 7,940 | 277,900 | ||||||
PRA Group, Inc.* | 8,910 | 246,985 | ||||||
Preferred Bank/Los Angeles CA | 970 | 32,805 | ||||||
Premier Financial Bancorp, Inc. | 3,712 | 46,029 | ||||||
Primerica, Inc. | 1,250 | 110,600 | ||||||
Protective Insurance Corp. | 2,500 | 34,375 | ||||||
Provident Financial Holdings, Inc. | 2,320 | 35,334 | ||||||
Provident Financial Services, Inc. | 22,880 | 294,237 | ||||||
QCR Holdings, Inc. | 1,400 | 37,898 | ||||||
RE/MAX Holdings, Inc. - Class A | 700 | 15,344 | ||||||
Realogy Holdings Corp. | 19,820 | 59,658 | ||||||
Regional Management Corp.* | 3,160 | 43,166 | ||||||
Renasant Corp. | 9,703 | 211,914 | ||||||
Republic Bancorp, Inc. - Class A | 1,500 | 49,545 | ||||||
Riverview Bancorp, Inc. | 6,648 | 33,306 | ||||||
RLI Corp. | 1,500 | 131,895 | ||||||
S&T Bancorp, Inc. | 6,516 | 178,017 | ||||||
Safehold, Inc. | 360 | 22,763 | ||||||
Safety Insurance Group, Inc. | 2,470 | 208,542 | ||||||
Sandy Spring Bancorp, Inc. | 4,031 | 91,262 | ||||||
Seacoast Banking Corp. of Florida* | 4,075 | 74,613 | ||||||
Security National Financial Corp. - Class A* | 160 | 683 | ||||||
Selective Insurance Group, Inc. | 4,173 | 207,398 | ||||||
ServisFirst Bancshares, Inc. | 800 | 23,456 | ||||||
Shore Bancshares, Inc. | 2,400 | 26,040 | ||||||
Sierra Bancorp | 3,970 | 69,793 | ||||||
Simmons First National Corp. - Class A | 19,764 | 363,658 | ||||||
SmartFinancial, Inc. | 770 | 11,712 | ||||||
South State Corp. | 4,169 | 244,845 | ||||||
Southern First Bancshares, Inc.* | 1,300 | 36,881 | ||||||
Southern Missouri Bancorp, Inc. | 600 | 14,562 | ||||||
Southern National Bancorp of Virginia, Inc. | 3,504 | 34,479 | ||||||
Southside Bancshares, Inc. | 4,166 | 126,605 | ||||||
State Auto Financial Corp. | 4,515 | 125,472 | ||||||
Sterling Bancorp | 29,966 | 313,145 | ||||||
Stewart Information Services Corp. | 3,980 | 106,147 | ||||||
Stifel Financial Corp. | 8,350 | 344,688 | ||||||
Stock Yards Bancorp, Inc. | 1,450 | 41,949 | ||||||
Summit Financial Group, Inc. | 1,401 | 29,715 | ||||||
TCF Financial Corp. | 12,663 | 286,944 | ||||||
Territorial Bancorp, Inc. | 700 | 17,185 | ||||||
Third Point Reinsurance Ltd.* | 15,000 | 111,150 | ||||||
Timberland Bancorp, Inc. | 1,578 | 28,862 | ||||||
Tiptree, Inc. | 12,080 | 63,058 | ||||||
Tompkins Financial Corp. | 2,049 | 147,118 | ||||||
Towne Bank/Portsmouth VA | 3,092 | 55,934 | ||||||
TriCo Bancshares | 2,225 | 66,350 | ||||||
TriState Capital Holdings, Inc.* | 1,030 | 9,960 | ||||||
TrustCo Bank Corp. NY | 5,540 | 29,971 | ||||||
Trustmark Corp. | 8,780 | 204,574 | ||||||
Umpqua Holdings Corp. | 17,074 | 186,107 | ||||||
United Bankshares, Inc. | 4,341 | 100,190 | ||||||
United Community Banks, Inc. | 7,840 | 143,550 | ||||||
United Fire Group, Inc. | 8,150 | 265,771 | ||||||
Unity Bancorp, Inc. | 1,003 | 11,735 | ||||||
Universal Insurance Holdings, Inc. | 1,860 | 33,331 | ||||||
Univest Financial Corp. | 6,830 | 111,466 | ||||||
Valley National Bancorp | 14,843 | 108,502 | ||||||
Veritex Holdings, Inc. | 3,270 | 45,682 | ||||||
Virtus Investment Partners, Inc. | 620 | 47,188 | ||||||
Waddell & Reed Financial, Inc. - Class A1 | 2,570 | 29,247 | ||||||
Walker & Dunlop, Inc. | 3,270 | 131,683 | ||||||
Washington Federal, Inc. | 29,310 | 760,888 | ||||||
Washington Trust Bancorp, Inc. | 200 | 7,312 | ||||||
Waterstone Financial, Inc. | 6,014 | 87,444 | ||||||
WesBanco, Inc. | 14,241 | 337,512 | ||||||
Westamerica Bancorporation | 2,000 | 117,560 | ||||||
Western New England Bancorp, Inc.” | 8,381 | 56,656 | ||||||
White Mountains Insurance Group Ltd. | 40 | 36,400 | ||||||
Wintrust Financial Corp. | 2,300 | 75,578 | ||||||
WisdomTree Investments, Inc. | 2,910 | 6,780 | ||||||
World Acceptance Corp.*1 | 230 | 12,560 | ||||||
WSFS Financial Corp. | 4,696 | 117,024 | ||||||
29,933,390 | ||||||||
GOVERNMENT — 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. - Class E | 800 | 8,248 | ||||||
INDUSTRIAL — 19.8% | ||||||||
AAON, Inc. | 340 | 16,429 | ||||||
AAR Corp. | 11,730 | 208,325 | ||||||
Advanced Energy Industries, Inc.* | 760 | 36,852 | ||||||
Aegion Corp.* | 11,789 | 211,377 | ||||||
AeroVironment, Inc.* | 730 | 44,501 | ||||||
Air Transport Services Group, Inc.* | 3,100 | 56,668 | ||||||
Alamo Group, Inc. | 1,950 | 173,121 | ||||||
Allied Motion Technologies, Inc. | 596 | 14,125 | ||||||
Altra Industrial Motion Corp. | 1,650 | 28,859 |
See accompanying Notes to Financial Statements.
9
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
American Outdoor Brands Corp.* | 12,700 | $ | 105,410 | |||||
American Woodmark Corp.* | 240 | 10,937 | ||||||
Apogee Enterprises, Inc. | 1,530 | 31,855 | ||||||
ArcBest Corp. | 9,640 | 168,893 | ||||||
Arcosa, Inc. | 680 | 27,023 | ||||||
Ardmore Shipping Corp. | 7,420 | 38,955 | ||||||
Argan, Inc. | 260 | 8,988 | ||||||
Armstrong Flooring, Inc.* | 5,000 | 7,150 | ||||||
Astec Industries, Inc. | 5,617 | 196,426 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 9,050 | 232,313 | ||||||
Avnet, Inc. | 2,250 | 56,475 | ||||||
AZZ, Inc. | 700 | 19,684 | ||||||
Barnes Group, Inc. | 12,500 | 522,875 | ||||||
Bel Fuse, Inc. - Class B1 | 890 | 8,669 | ||||||
Belden, Inc. | 1,690 | 60,975 | ||||||
Benchmark Electronics, Inc. | 12,190 | 243,678 | ||||||
Boise Cascade Co. | 12,410 | 295,110 | ||||||
Brady Corp. - Class A | 4,800 | 216,624 | ||||||
CECO Environmental Corp.* | 2,900 | 13,543 | ||||||
CIRCOR International, Inc.* | 3,790 | 44,078 | ||||||
Colfax Corp.* | 13,730 | 271,854 | ||||||
Columbus McKinnon Corp. | 3,000 | 75,000 | ||||||
Comfort Systems USA, Inc. | 2,530 | 92,472 | ||||||
Comtech Telecommunications Corp. | 5,760 | 76,550 | ||||||
Construction Partners, Inc. - Class A* | 510 | 8,614 | ||||||
Cornerstone Building Brands, Inc.* | 3,600 | 16,416 | ||||||
Costamare, Inc. | 15,410 | 69,653 | ||||||
Covenant Transportation Group, Inc. - Class A* | 3,832 | 33,223 | ||||||
CPI Aerostructures, Inc.* | 5,870 | 13,208 | ||||||
CSW Industrials, Inc. | 960 | 62,256 | ||||||
Curtiss-Wright Corp. | 2,650 | 244,886 | ||||||
DHT Holdings, Inc. | 29,680 | 227,646 | ||||||
Dorian LPG Ltd.* | 11,511 | 100,261 | ||||||
Ducommun, Inc.* | 3,562 | 88,516 | ||||||
Dycom Industries, Inc.* | 830 | 21,290 | ||||||
Eastern Co. | 710 | 13,845 | ||||||
Echo Global Logistics, Inc.* | 6,000 | 102,480 | ||||||
EMCOR Group, Inc. | 1,990 | 122,027 | ||||||
Encore Wire Corp. | 6,400 | 268,736 | ||||||
Enerpac Tool Group Corp. | 2,200 | 36,410 | ||||||
EnPro Industries, Inc. | 1,300 | 51,454 | ||||||
ESCO Technologies, Inc. | 5,090 | 386,382 | ||||||
Fabrinet* | 2,280 | 124,397 | ||||||
FARO Technologies, Inc.* | 400 | 17,800 | ||||||
Federal Signal Corp. | 8,140 | 222,059 | ||||||
Fitbit, Inc. - Class A* | 10,390 | 69,197 | ||||||
Forward Air Corp. | 510 | 25,832 | ||||||
Frontline Ltd./Bermuda1 | 11,250 | 108,113 | ||||||
GasLog Ltd.1 | 6,480 | 23,458 | ||||||
GATX Corp. | 15,040 | 940,902 | ||||||
Gencor Industries, Inc.* | 1,700 | 17,850 | ||||||
Generac Holdings, Inc.* | 3,170 | 295,349 | ||||||
General Finance Corp.* | 1,600 | 9,984 | ||||||
Gibraltar Industries, Inc.* | 4,620 | 198,290 | ||||||
Golar LNG Ltd. | 2,550 | 20,094 | ||||||
Goldfield Corp.* | 6,400 | 18,176 | ||||||
Granite Construction, Inc. | 8,345 | 126,677 | ||||||
Great Lakes Dredge & Dock Corp.* | 13,200 | 109,560 | ||||||
Greenbrier Cos., Inc. | 9,300 | 164,982 | ||||||
Greif, Inc. - Class A | 6,110 | 189,960 | ||||||
Griffon Corp. | 12,630 | 159,770 | ||||||
Haynes International, Inc. | 3,100 | 63,891 | ||||||
Heartland Express, Inc. | 2,600 | 48,282 | ||||||
Heritage-Crystal Clean, Inc.* | 1,990 | 32,318 | ||||||
Hillenbrand, Inc. | 1,777 | 33,958 | ||||||
Hub Group, Inc. - Class A*1 | 10,700 | 486,529 | ||||||
Hurco Cos., Inc. | 1,582 | 46,036 | ||||||
Hyster-Yale Materials Handling, Inc. | 1,580 | 63,342 | ||||||
Ichor Holdings Ltd.* | 1,400 | 26,824 | ||||||
IES Holdings, Inc.* | 960 | 16,944 | ||||||
II-VI, Inc.* | 4,015 | 114,428 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 15,530 | 31,215 | ||||||
Insteel Industries, Inc. | 900 | 11,925 | ||||||
International Seaways, Inc. | 3,940 | 94,127 | ||||||
Intevac, Inc.* | 4,200 | 17,178 | ||||||
Itron, Inc.* | 1,180 | 65,879 | ||||||
Kadant, Inc. | 820 | 61,213 | ||||||
Kaman Corp. | 2,600 | 100,022 | ||||||
KBR, Inc. | 4,490 | 92,853 | ||||||
KEMET Corp. | 3,130 | 75,621 | ||||||
Kimball Electronics, Inc.* | 6,850 | 74,802 | ||||||
Kirby Corp.* | 800 | 34,776 | ||||||
Knowles Corp.* | 19,110 | 255,692 | ||||||
Lawson Products, Inc.* | 1,086 | 29,018 | ||||||
Louisiana-Pacific Corp. | 2,020 | 34,704 | ||||||
Lydall, Inc.* | 2,738 | 17,687 | ||||||
Manitowoc Co., Inc.* | 3,500 | 29,750 | ||||||
Marten Transport Ltd. | 17,750 | 364,230 | ||||||
Materion Corp. | 5,740 | 200,957 | ||||||
Matson, Inc. | 3,550 | 108,701 | ||||||
Matthews International Corp. - Class A | 4,530 | 109,581 |
See accompanying Notes to Financial Statements.
10
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
Moog, Inc. - Class A | 5,600 | $ | 282,968 | |||||
MSA Safety, Inc. | 790 | 79,948 | ||||||
MYR Group, Inc.* | 3,800 | 99,522 | ||||||
National Presto Industries, Inc. | 100 | 7,081 | ||||||
Navios Maritime Acquisition Corp. | 2,320 | 11,182 | ||||||
NL Industries, Inc. | 4,900 | 14,602 | ||||||
NN, Inc. | 5,350 | 9,256 | ||||||
Nordic American Tankers Ltd. | 26,220 | 118,777 | ||||||
Olympic Steel, Inc. | 1,469 | 15,204 | ||||||
Orion Group Holdings, Inc.* | 3,700 | 9,620 | ||||||
OSI Systems, Inc.* | 120 | 8,270 | ||||||
Overseas Shipholding Group, Inc. - Class A* | 29,090 | 66,034 | ||||||
PAM Transportation Services, Inc.*1 | 1,006 | 30,935 | ||||||
Park-Ohio Holdings Corp. | 1,500 | 28,410 | ||||||
Patrick Industries, Inc. | 490 | 13,798 | ||||||
Perma-Pipe International Holdings, Inc.* | 1,520 | 9,454 | ||||||
Plexus Corp.* | 7,380 | 402,653 | ||||||
Powell Industries, Inc. | 1,500 | 38,505 | ||||||
Regal Beloit Corp. | 5,720 | 360,074 | ||||||
Rexnord Corp. | 3,960 | 89,773 | ||||||
Saia, Inc.* | 1,330 | 97,808 | ||||||
Sanmina Corp.* | 27,080 | 738,742 | ||||||
Schneider National, Inc. - Class B | 2,550 | 49,317 | ||||||
Scorpio Bulkers, Inc. | 4,950 | 12,524 | ||||||
Scorpio Tankers, Inc. | 6,873 | 131,412 | ||||||
SEACOR Holdings, Inc.* | 4,654 | 125,472 | ||||||
SFL Corp. Ltd. | 21,445 | 203,084 | ||||||
Simpson Manufacturing Co., Inc. | 570 | 35,329 | ||||||
Spirit AeroSystems Holdings, Inc. - Class A | 1,040 | 24,887 | ||||||
SPX Corp.* | 1,450 | 47,328 | ||||||
SPX FLOW, Inc.* | 5,300 | 150,626 | ||||||
Standex International Corp. | 700 | 34,314 | ||||||
Sterling Construction Co., Inc.* | 3,900 | 37,050 | ||||||
Stoneridge, Inc.* | 1,400 | 23,450 | ||||||
Strattec Security Corp. | 1,392 | 20,142 | ||||||
Summit Materials, Inc. - Class A* | 12,900 | 193,500 | ||||||
Synalloy Corp.* | 1,200 | 10,476 | ||||||
SYNNEX Corp. | 5,325 | 389,257 | ||||||
Tech Data Corp.* | 6,525 | 853,796 | ||||||
Teekay Corp.*1 | 9,410 | 29,736 | ||||||
Teekay Tankers Ltd. - Class A* | 6,910 | 153,678 | ||||||
Teledyne Technologies, Inc.* | 460 | 136,744 | ||||||
Terex Corp. | 1,200 | 17,232 | ||||||
Tetra Tech, Inc. | 1,470 | 103,811 | ||||||
TimkenSteel Corp.* | 6,500 | 20,995 | ||||||
TopBuild Corp.* | 7,200 | 515,808 | ||||||
Tredegar Corp. | 11,592 | 181,183 | ||||||
Trex Co., Inc.* | 1,330 | 106,586 | ||||||
TriMas Corp.* | 6,000 | 138,600 | ||||||
Trinity Industries, Inc. | 12,950 | 208,106 | ||||||
Trinseo S.A. | 3,720 | 67,369 | ||||||
Triumph Group, Inc. | 2,390 | 16,156 | ||||||
TTM Technologies, Inc.* | 37,464 | 387,378 | ||||||
Tutor Perini Corp.* | 11,580 | 77,818 | ||||||
U.S. Concrete, Inc.* | 670 | 12,154 | ||||||
UFP Technologies, Inc.* | 800 | 30,472 | ||||||
Ultralife Corp.* | 2,600 | 13,520 | ||||||
Universal Forest Products, Inc. | 13,000 | 483,470 | ||||||
Vishay Intertechnology, Inc. | 37,710 | 543,401 | ||||||
Vishay Precision Group, Inc.* | 2,700 | 54,216 | ||||||
VSE Corp. | 1,500 | 24,585 | ||||||
Watts Water Technologies, Inc. - Class A | 2,400 | 203,160 | ||||||
Werner Enterprises, Inc. | 16,020 | 580,885 | ||||||
Willis Lease Finance Corp.* | 2,390 | 63,574 | ||||||
WillScot Corp.* | 1,000 | 10,130 | ||||||
YRC Worldwide, Inc.*1 | 4,840 | 8,131 | ||||||
ZAGG, Inc.* | 6,000 | 18,660 | ||||||
20,150,168 | ||||||||
TECHNOLOGY — 7.2% | ||||||||
3D Systems Corp.* | 1,630 | 12,567 | ||||||
Agilysys, Inc.* | 1,540 | 25,718 | ||||||
Allscripts Healthcare Solutions, Inc.* | 14,020 | 98,701 | ||||||
Alpha & Omega Semiconductor Ltd.* | 5,850 | 37,498 | ||||||
Amkor Technology, Inc.* | 66,470 | 517,801 | ||||||
Amtech Systems, Inc.* | 3,800 | 16,530 | ||||||
Asure Software, Inc.* | 2,080 | 12,397 | ||||||
Avaya Holdings Corp.* | 3,400 | 27,506 | ||||||
Axcelis Technologies, Inc.* | 3,910 | 71,592 | ||||||
AXT, Inc.* | 10,500 | 33,705 | ||||||
Bandwidth, Inc. - Class A*1 | 800 | 53,832 | ||||||
Brooks Automation, Inc. | 800 | 24,400 | ||||||
Cabot Microelectronics Corp. | 266 | 30,361 | ||||||
CACI International, Inc. - Class A* | 5,500 | 1,161,325 | ||||||
CEVA, Inc.* | 1,370 | 34,154 | ||||||
Cirrus Logic, Inc.* | 3,400 | 223,142 | ||||||
Cloudera, Inc.* | 17,830 | 140,322 | ||||||
Cohu, Inc. | 6,452 | 79,876 | ||||||
Computer Programs & Systems, Inc. | 1,100 | 24,475 | ||||||
Conduent, Inc.* | 7,910 | 19,380 | ||||||
CSG Systems International, Inc. | 500 | 20,925 | ||||||
CTS Corp. | 3,640 | 90,600 |
See accompanying Notes to Financial Statements.
11
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
TECHNOLOGY (Continued) | ||||||||
Cubic Corp. | 860 | $ | 35,527 | |||||
Digi International, Inc.* | 7,800 | 74,412 | ||||||
Diodes, Inc.* | 9,380 | 381,156 | ||||||
DSP Group, Inc.* | 3,400 | 45,560 | ||||||
Ebix, Inc. | 485 | 7,362 | ||||||
EMCORE Corp.* | 2,750 | 6,160 | ||||||
ExlService Holdings, Inc.* | 1,040 | 54,111 | ||||||
FormFactor, Inc.* | 14,076 | 282,787 | ||||||
Inphi Corp.* | 980 | 77,587 | ||||||
Insight Enterprises, Inc.* | 10,260 | 432,254 | ||||||
Key Tronic Corp.* | 3,400 | 9,894 | ||||||
Kulicke & Soffa Industries, Inc. | 22,400 | 467,488 | ||||||
Lattice Semiconductor Corp.* | 900 | 16,038 | ||||||
Lumentum Holdings, Inc.* | 1,365 | 100,600 | ||||||
ManTech International Corp. - Class A | 9,280 | 674,378 | ||||||
MKS Instruments, Inc. | 270 | 21,991 | ||||||
MTS Systems Corp. | 1,500 | 33,750 | ||||||
NCR Corp.* | 1,220 | 21,594 | ||||||
NetScout Systems, Inc.* | 14,340 | 339,428 | ||||||
NextGen Healthcare, Inc.* | 1,030 | 10,753 | ||||||
OneSpan, Inc.* | 1,330 | 24,139 | ||||||
Onto Innovation, Inc.* | 4,479 | 132,892 | ||||||
PDF Solutions, Inc.* | 5,710 | 66,921 | ||||||
Perspecta, Inc. | 1,700 | 31,008 | ||||||
Photronics, Inc.* | 16,300 | 167,238 | ||||||
Pitney Bowes, Inc. | 3,700 | 7,548 | ||||||
Rambus, Inc.* | 4,600 | 51,060 | ||||||
Rimini Street, Inc.* | 2,120 | 8,671 | ||||||
Science Applications International Corp. | 397 | 29,628 | ||||||
StarTek, Inc.* | 2,750 | 10,340 | ||||||
Stratasys Ltd.* | 7,370 | 117,551 | ||||||
Super Micro Computer, Inc.* | 840 | 17,875 | ||||||
Sykes Enterprises, Inc.* | 11,797 | 319,935 | ||||||
Synaptics, Inc.* | 1,880 | 108,796 | ||||||
Tabula Rasa HealthCare, Inc.* | 1,110 | 58,042 | ||||||
TiVo Corp. | 15,670 | 110,944 | ||||||
TTEC Holdings, Inc. | 1,650 | 60,588 | ||||||
Ultra Clean Holdings, Inc.* | 3,550 | 48,990 | ||||||
Unisys Corp.* | 1,920 | 23,712 | ||||||
Veeco Instruments, Inc.* | 1,070 | 10,240 | ||||||
Veritone, Inc.*1 | 7,900 | 18,407 | ||||||
Xperi Corp. | 1,580 | 21,978 | ||||||
Zscaler, Inc.* | 880 | 53,557 | ||||||
7,349,697 | ||||||||
Ameresco, Inc. - Class A* | 4,593 | 78,219 | ||||||
PICO Holdings, Inc.* | 1,600 | 12,448 | ||||||
90,667 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $101,875,846) | 96,433,761 | |||||||
PREFERRED STOCKS — 0.0% | ||||||||
INDUSTRIAL — 0.0% | ||||||||
Steel Partners Holdings LP | ||||||||
6.00%, 2/7/20262 | 1,828 | 30,948 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $39,598) | 30,948 | |||||||
EXCHANGE-TRADED FUNDS — 0.9% | ||||||||
iShares Russell 2000 Value ETF | 6,280 | 515,149 | ||||||
SPDR S&P Regional Banking ETF1 | 10,790 | 351,646 | ||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $905,461) | 866,795 | |||||||
RIGHTS — 0.0% | ||||||||
CONSUMER, NON-CYCLICAL — 0.0% | ||||||||
Elanco Animal Health, Inc. * | 3,800 | — | ||||||
FINANCIAL — 0.0% | ||||||||
A Schulman, Inc.* | 8,650 | — | ||||||
First Eagle Holdings, Inc.* | 8,200 | — | ||||||
— | ||||||||
TOTAL RIGHTS | ||||||||
(Cost $0) | — | |||||||
MONEY MARKET INVESTMENTS — 7.3% | ||||||||
Blackrock Liquidity Funds FedFund Portfolio - Class Institutional, 0.33%3,4 | 487,114 | 487,114 | ||||||
Federated Treasury Obligations Fund - Class Institutional, 0.31%3,5 | 4,688,062 | 4,688,062 | ||||||
Invesco Government & Agency Portfolio - Class Institutional, 0.43%3,4 | 2,200,000 | 2,200,000 | ||||||
TOTAL MONEY MARKET INVESTMENTS | ||||||||
(Cost $7,375,176) | 7,375,176 |
See accompanying Notes to Financial Statements.
12
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS(Continued)
As of March 31, 2020 (Unaudited)
Number | Value | |||||||
TOTAL INVESTMENTS — 103.2% | ||||||||
(Cost $110,196,081) | $ | 104,706,680 | ||||||
Liabilities less other assets — (3.2)% | (3,212,125 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 101,494,555 |
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 $2,481,349 at March 31, 2020. |
2 | Callable. |
3 | Variable rate security; the rate shown represents the rate at March 31, 2020. |
4 | Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $2,687,114 at March 31, 2020. |
5 | 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, 2020. |
See accompanying Notes to Financial Statements.
13
Vericimetry U.S. Small Cap Value Fund
SUMMARY OF INVESTMENTS
As of March 31, 2020 (Unaudited)
Security Type/Industry | Percent of |
Common Stocks | |
Banks | 15.4% |
Insurance | 7.0% |
Commercial Services | 5.3% |
Retail | 5.2% |
Electronics | 4.9% |
Transportation | 3.9% |
Savings & Loans | 3.7% |
Diversified Financial Services | 3.0% |
Semiconductors | 3.0% |
Computers | 2.9% |
Home Builders | 2.5% |
Telecommunications | 2.2% |
Healthcare-Services | 2.0% |
Distribution/Wholesale | 1.9% |
Agriculture | 1.8% |
Food | 1.7% |
Building Materials | 1.6% |
Engineering & Construction | 1.6% |
Chemicals | 1.6% |
Oil & Gas | 1.6% |
Miscellaneous Manufacturing | 1.5% |
Aerospace/Defense | 1.4% |
Software | 1.4% |
Iron/Steel | 1.3% |
Healthcare-Products | 1.2% |
Media | 1.2% |
Trucking & Leasing | 1.2% |
Auto Parts & Equipment | 0.9% |
Machinery-Diversified | 0.9% |
Pharmaceuticals | 0.8% |
Household Products/Wares | 0.8% |
Hand/Machine Tools | 0.7% |
Electrical Components & Equipment | 0.7% |
Oil & Gas Services | 0.7% |
Mining | 0.7% |
Forest Products & Paper | 0.6% |
Internet | 0.6% |
Energy-Alternate Sources | 0.6% |
Airlines | 0.5% |
Metal Fabricate/Hardware | 0.5% |
Packaging & Containers | 0.5% |
Real Estate | 0.4% |
Textiles | 0.3% |
Leisure Time | 0.3% |
Apparel | 0.3% |
Machinery-Construction & Mining | 0.3% |
Biotechnology | 0.3% |
Storage/Warehousing | 0.3% |
Home Furnishings | 0.2% |
Entertainment | 0.2% |
Coal | 0.2% |
Environmental Control | 0.1% |
Lodging | 0.1% |
Auto Manufacturers | 0.1% |
Cosmetics/Personal Care | 0.1% |
Pipelines | 0.1% |
Electric | 0.1% |
Office Furnishings | 0.1% |
Housewares | 0.0%1 |
Water | 0.0%1 |
Multi-National | 0.0%1 |
Office/Business Equipment | 0.0%1 |
Total Common Stocks | 95.0% |
Preferred Stocks | 0.0% |
Total Preferred Stocks | 0.0% |
Exchange-Traded Funds | 0.9% |
Rights | 0.0% |
Money Market Investments | 7.3% |
Total Investments | 103.2% |
Liabilities less other assets | (3.2)% |
Total Net Assets | 100.0% |
1 | Resulted in less than 0.05% per industry. |
See accompanying Notes to Financial Statements.
14
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
STATEMENT OF ASSETS AND LIABILITIES
As of March 31, 2020 (Unaudited)
Investments in securities, at value (cost $110,196,081) | $ | 104,706,680 | (1) | |
Cash held at broker | 409,930 | |||
Receivables: | ||||
Securities sold | 2,009,472 | |||
Fund shares issued | 790,110 | |||
Dividends and interest | 118,711 | |||
Securities lending income | 4,984 | |||
Due from Advisor | 16,889 | |||
Prepaid expenses and other assets | 37,702 | |||
Total assets | 108,094,478 | |||
LIABILITIES: | ||||
Collateral due to broker for securities loaned | 2,687,114 | |||
Payables: | ||||
Securities purchased | 208,017 | |||
Fund shares redeemed | 3,588,112 | |||
Due to Trustees | 4,789 | |||
Due to Adviser | 49,723 | |||
Fund accounting and administration fees and expenses | 5,766 | |||
Transfer agent fees | 12,810 | |||
Custody fees | 16,061 | |||
Accrued other expenses | 27,531 | |||
Total liabilities | 6,599,923 | |||
NET ASSETS | $ | 101,494,555 | ||
COMPONENTS OF NET ASSETS: | ||||
Paid-in capital | $ | 109,502,565 | ||
Total accumulated deficit | (8,008,010 | ) | ||
NET ASSETS | $ | 101,494,555 | ||
Shares outstanding, no par value (unlimited shares authorized) | 9,108,800 | |||
Net asset value, offering and redemption price per share | $ | 11.14 |
(1) | Includes securities on loan of $2,481,349 (see Note 2). |
See accompanying Notes to Financial Statements.
15
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
STATEMENT OF OPERATIONS
For the Six Months Ended March 31, 2020 (Unaudited)
INVESTMENT INCOME | ||||
Income | ||||
Dividends (net of foreign withholding taxes of $139) | $ | 1,355,025 | ||
Securities lending income | 36,265 | |||
Interest | 36,992 | |||
Total investment Income | 1,428,282 | |||
Expenses | ||||
Investment advisory fees | 427,103 | |||
Fund accounting and administration fees and expenses | 47,557 | |||
Transfer agent fees | 34,012 | |||
Custody fees | 23,938 | |||
Registration fees | 23,639 | |||
Professional fees | 23,500 | |||
Shareholder reporting fees | 11,223 | |||
Trustees’ fees and expenses | 4,163 | |||
Insurance fees | 3,716 | |||
Miscellaneous expenses | 2,767 | |||
Total expenses | 601,618 | |||
Fees waived/expenses reimbursed by the Adviser | (89,095 | ) | ||
Net expenses | 512,523 | |||
Net investment income | 915,759 | |||
Net Realized and Unrealized Loss on Investments and Purchased Options Contracts | ||||
Net realized gain (loss) on: | ||||
Investments | 96,990 | |||
Purchased options contracts | (1,396,052 | ) | ||
Net realized gain | (1,299,062 | ) | ||
Net change in unrealized depreciation on investments | (50,027,589 | ) | ||
Net realized and unrealized loss on investments and purchased options contracts | (51,326,651 | ) | ||
Net Decrease in Net Assets from Operations | $ | (50,410,892 | ) |
See accompanying Notes to Financial Statements.
16
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 | $ | 915,759 | $ | 2,084,517 | ||||
Net realized gain (loss) on investments and purchased options contracts | (1,299,062 | ) | 6,586,904 | |||||
Net change in unrealized appreciation/depreciation on foreign currency translations | (50,027,589 | ) | (45,482,592 | ) | ||||
Net decrease in net assets resulting from operations | (50,410,892 | ) | (36,811,171 | ) | ||||
Distributions to Shareholders | (3,456,344 | ) | (25,403,220 | ) | ||||
Capital Transactions | ||||||||
Proceeds from shares issued | 24,528,846 | 47,662,209 | ||||||
Reinvestment of distributions | 3,450,293 | 25,351,366 | ||||||
Cost of shares redeemed | (55,067,138 | ) | (131,369,255 | ) | ||||
Net decrease resulting from capital transactions | (27,087,999 | ) | (58,355,680 | ) | ||||
Total decrease in net assets | (80,955,235 | ) | (120,570,071 | ) | ||||
Net Assets: | ||||||||
Beginning of year | 182,449,790 | 303,019,861 | ||||||
End of year | $ | 101,494,555 | $ | 182,449,790 | ||||
Capital Share Activity | ||||||||
Shares issued | 1,920,012 | 2,981,484 | ||||||
Shares reinvested | 198,816 | 1,576,695 | ||||||
Shares redeemed | (4,025,356 | ) | (7,875,451 | ) | ||||
Net decrease in capital share | (1,906,528 | ) | (3,317,272 | ) |
See accompanying Notes to Financial Statements.
17
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
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 | $ | 16.56 | $ | 21.14 | $ | 19.69 | $ | 16.64 | $ | 14.98 | $ | 15.32 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.09 | 0.17 | 0.15 | 0.12 | 0.14 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.18 | ) | (2.92 | ) | 1.54 | 3.04 | 1.65 | (0.32 | ) | |||||||||||||||
Total from investment operations | (5.09 | ) | (2.75 | ) | 1.69 | 3.16 | 1.79 | (0.16 | ) | |||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.10 | ) | (0.15 | ) | (0.16 | ) | (0.11 | ) | (0.13 | ) | (0.14 | ) | ||||||||||||
From net realized gain | (0.23 | ) | (1.68 | ) | (0.08 | ) | — | — | (0.04 | ) | ||||||||||||||
Total distributions | (0.33 | ) | (1.83 | ) | (0.24 | ) | (0.11 | ) | (0.13 | ) | (0.18 | ) | ||||||||||||
Net asset value, end of period | $ | 11.14 | $ | 16.56 | $ | 21.14 | $ | 19.69 | $ | 16.64 | $ | 14.98 | ||||||||||||
Total return | (31.46 | )%1 | (12.70 | )% | 8.62 | % | 19.06 | % | 12.01 | % | (1.10 | )% | ||||||||||||
Ratios and Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 101,495 | $ | 182,450 | $ | 303,020 | $ | 301,760 | $ | 261,222 | $ | 190,102 | ||||||||||||
Ratio of expenses to average net assets (including interest expense) | ||||||||||||||||||||||||
Before fees reimbursed by the Adviser | 0.70 | %2 | 0.67 | %3 | 0.65 | %3 | 0.66 | % | 0.68 | % | 0.69 | % | ||||||||||||
After fees reimbursed by the Adviser | 0.60 | %2 | 0.60 | %3 | 0.60 | %3 | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
Ratio of net investment income to average net assets (including interest expense) | ||||||||||||||||||||||||
Before fees reimbursed by the Adviser | 0.97 | %2 | 0.86 | % | 0.69 | % | 0.58 | % | 0.84 | % | 0.91 | % | ||||||||||||
After fees reimbursed by the Adviser | 1.07 | %2 | 0.93 | % | 0.74 | % | 0.64 | % | 0.92 | % | 1.00 | % | ||||||||||||
Portfolio turnover rate | 35 | %1 | 47 | % | 46 | % | 42 | % | 39 | % | 34 | % |
1 | Not annualized. |
2 | Annualized. |
3 | Ratio of interest expense to average net assets was less than 0.005%. |
See accompanying Notes to Financial Statements.
18
Vericimetry Funds
As of March 31, 2020 (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, including FASB Accounting Standards Update 2013-08.
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. |
19
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS(Continued)
As of March 31, 2020 (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, 2020:
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | 4,241,937 | $ | — | $ | — | $ | 4,241,937 | ||||||||
Communications | 4,065,718 | — | — | 4,065,718 | ||||||||||||
Consumer, Cyclical | 13,171,388 | — | — | 13,171,388 | ||||||||||||
Consumer, Non-Cyclical | 14,287,816 | — | — | 14,287,816 | ||||||||||||
Energy | 3,134,732 | — | — | 3,134,732 | ||||||||||||
Financial | 29,933,390 | — | — | 29,933,390 | ||||||||||||
Government | 8,248 | — | — | 8,248 | ||||||||||||
Industrial | 20,150,168 | — | — | 20,150,168 | ||||||||||||
Technology | 7,349,697 | — | — | 7,349,697 | ||||||||||||
Utilities | 90,667 | — | — | 90,667 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Diversified | 30,948 | — | — | 49,554 | ||||||||||||
Exchange-Traded Funds | 866,795 | — | — | 866,795 | ||||||||||||
Rights | — | — | — | * | — | |||||||||||
Money Market Investments | 7,375,176 | — | — | 7,375,176 | ||||||||||||
Total Investments in Securities | $ | 104,706,680 | $ | — | $ | — | $ | 104,706,680 |
* | The Adviser valued these holdings at $0 as of March 31, 2020. |
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. |
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.
20
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS(Continued)
As of March 31, 2020 (Unaudited)
GAAP requires management of the Fund to analyze all open tax years (for the Fund, tax years 2016-2019), 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, 2020, 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, 2020, the value of securities loaned by the Fund was $2,481,349 and the Fund received cash collateral of $2,687,114. 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, 2020. |
(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 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, 2020 is denoted in the Fund’s Schedule of Investments. |
21
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS(Continued)
As of March 31, 2020 (Unaudited)
(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, 2020, 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, 2020 was related to purchased equity options and resulted in a net realized loss of $1,396,052, which is reflected on the Statement of Operations. The Fund had purchased option transactions during the six months ended March 31, 2020, 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, 2020, the Fund’s purchases and sales of option contracts were as follows:
Purchases | Sales | ||||||
$ | 3,049,162 | $ | 1,653,110 |
(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, 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 until January 31, 2021. For six months ended March 31, 2020, the Fund accrued $427,103 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $89,095.
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, 2020, reimbursements that may potentially be made by the Fund to the Adviser total $560,327, which expire as follows:
September 30, 2020 | $ | 159,801 | ||
September 30, 2021 | $ | 147,633 | ||
September 30, 2022 | $ | 163,798 | ||
September 30, 2023 | $ | 89,095 |
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. 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.
22
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS(Continued)
As of March 31, 2020 (Unaudited)
4. Federal Income Tax Information
At September 30, 2019, 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 | $ | 148,224,273 | ||
Gross Unrealized Appreciation | $ | 51,177,602 | ||
Gross Unrealized Depreciation | (8,015,689 | ) | ||
Net Unrealized Appreciation | $ | 43,161,913 |
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, 2019, the components of distributable earnings on a tax basis were as follows:
Undistributed Ordinary Income | $ | 265,120 | ||
Undistributed Long-term Gains | 2,440,228 | |||
Other Accumulated Losses | (8,035 | ) | ||
Unrealized Appreciation on Investments | 43,161,913 | |||
Total Distributable Earnings | $ | 45,859,226 |
The tax character of distributions paid during the fiscal years ended September 30, 2019 and September 30, 2018 were as follows:
September 30, | September 30, | |||||||
Distributions Paid From: | ||||||||
Ordinary Income | $ | 1,961,219 | $ | 2,383,207 | ||||
Long-term Capital Gains | 23,442,001 | 1,199,563 | ||||||
Total Distributions | $ | 25,403,220 | $ | 3,582,770 |
5. Investment Transactions
For the six months ended March 31, 2020, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:
Purchases | Sales |
$ 55,869,648 | $ 80,997,555 |
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.
23
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS(Continued)
As of March 31, 2020 (Unaudited)
7. 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.
24
Vericimetry Funds
For the Six Months Ended March 31, 2020 (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, 2019 through March 31, 2020 (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 | $ | 685.40 | $ | 2.52 | ||||||
Hypothetical Example, assuming a 5% return before expenses | 1,000.00 | 1,022.00 | 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). |
25
Vericimetry Funds
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.
26
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Vericimetry U.S. Small Cap Value Fund
UMB Distribution Services, LLC, Distributor
P.O. Box 2175, Milwaukee, WI 53201-2175
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
The schedule of investments in securities in unaffiliated issuers is included as part of the report to shareholders filed under Item 1.
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.
(a)(4) 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 5, 2020 |
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 5, 2020 | |
By: | /s/ Michael Thill | |
Michael Thill | ||
Treasurer | ||
Date: | June 5, 2020 |