UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act File Number 811-22578
Vericimetry Funds
(Exact name of registrant as specified in charter)
1968 N. Lake Avenue, #303
Altadena, CA 91001
(Address of principal executive offices) (Zip code)
Dr. Mendel Fygenson
Vericimetry Advisors LLC
1968 N. Lake Avenue, #303
Altadena, CA 91001
(Name and address of agent for service)
Registrant's telephone number, including area code: (805) 570-1086
Date of fiscal year end: September 30
Date of reporting period: March 31, 2022
Item 1. Reports to Stockholders.
(a) 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, 2022
Vericimetry Funds
TABLE OF CONTENTS
March 31, 2022
Letter to Shareholders | 1 |
Schedule of Investments | 2 |
Financial Statements | 13 |
Financial Highlights | 16 |
Notes to Financial Statements | 17 |
Expense Example | 23 |
Other Information | 24 |
This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
Except for historical information, the matters discussed in this report may constitute forward-looking statements. These include any predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Fund in the current prospectus, other factors bearing on these statements include the accuracy of the Adviser’s forecasts and predictions, and the appropriateness of the investment programs designed by the Adviser to implement its strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Fund to differ materially as compared to applicable benchmarks.
Vericimetry Funds
Letter to Shareholders
As of March 31, 2022 (Unaudited)
Dear Shareholders,
We are pleased to present the enclosed annual report for the Vericimetry U.S. Small Cap Value Fund (the “Fund”) for the period ended March 31, 2022.
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
Schedule of Investments
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS — 93.5% | ||||||||
BASIC MATERIALS — 7.5% | ||||||||
AdvanSix, Inc. | 8,462 | $ | 432,324 | |||||
Alcoa Corp. | 31,220 | 2,810,737 | ||||||
Allegheny Technologies, Inc.* | 21,170 | 568,203 | ||||||
American Vanguard Corp. | 8,755 | 177,902 | ||||||
Arconic Corp.* | 772 | 19,779 | ||||||
Ashland Global Holdings, Inc. | 510 | 50,189 | ||||||
Cabot Corp. | 4,230 | 289,374 | ||||||
Carpenter Technology Corp. | 5,770 | 242,225 | ||||||
Century Aluminum Co.* | 6,725 | 176,935 | ||||||
Chemours Co. | 5,138 | 161,744 | ||||||
Clearwater Paper Corp.* | 1,740 | 48,772 | ||||||
Cleveland-Cliffs, Inc.* | 12,581 | 405,234 | ||||||
Coeur Mining, Inc.* | 7,980 | 35,511 | ||||||
Commercial Metals Co. | 24,280 | 1,010,534 | ||||||
Ecovyst, Inc. | 6,340 | 73,290 | ||||||
Element Solutions, Inc. | 50,030 | 1,095,657 | ||||||
Energy Fuels, Inc./Canada* | 1,580 | 14,457 | ||||||
Friedman Industries, Inc. | 2,150 | 18,941 | ||||||
Gatos Silver, Inc.* | 9,220 | 39,830 | ||||||
Glatfelter Corp. | 6,270 | 77,623 | ||||||
H.B. Fuller Co. | 2,120 | 140,068 | ||||||
Hawkins, Inc. | 2,240 | 102,816 | ||||||
Hecla Mining Co. | 65,388 | 429,599 | ||||||
Huntsman Corp. | 8,447 | 316,847 | ||||||
Innospec, Inc. | 940 | 86,997 | ||||||
Intrepid Potash, Inc.* | 3,850 | 316,239 | ||||||
Kaiser Aluminum Corp. | 1,653 | 155,646 | ||||||
Kronos Worldwide, Inc. | 3,220 | 49,974 | ||||||
Mercer International, Inc. | 15,790 | 220,270 | ||||||
Minerals Technologies, Inc. | 3,800 | 251,370 | ||||||
Nexa Resources S.A. | 4,030 | 37,640 | ||||||
Olin Corp. | 22,250 | 1,163,230 | ||||||
Rayonier Advanced Materials, Inc.* | 9,605 | 63,105 | ||||||
Resolute Forest Products, Inc. | 12,820 | 165,506 | ||||||
Royal Gold, Inc. | 1,010 | 142,693 | ||||||
Schnitzer Steel Industries, Inc. - Class A | 6,436 | 334,286 | ||||||
Stepan Co. | 1,390 | 137,346 | ||||||
Trinseo PLC | 1,100 | 52,712 | ||||||
Tronox Holdings PLC | 17,190 | 340,190 | ||||||
Unifi, Inc.* | 2,457 | 44,472 | ||||||
United States Steel Corp. | 32,165 | 1,213,907 | ||||||
Universal Stainless & Alloy Products, Inc.* | 1,995 | 17,317 | ||||||
Valhi, Inc. | 1,320 | 38,689 | ||||||
| 13,570,180 |
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
COMMUNICATIONS — 2.0% | ||||||||
ADTRAN, Inc. | 1,230 | $ | 22,694 | |||||
AMC Networks, Inc. - Class A* | 640 | 26,003 | ||||||
ATN International, Inc. | 1,449 | 57,786 | ||||||
Audacy, Inc.* | 11,920 | 34,449 | ||||||
Cars.com, Inc.* | 8,445 | 121,861 | ||||||
Clearfield, Inc.* | 602 | 39,262 | ||||||
Consolidated Communications Holdings, Inc.* | 6,720 | 39,648 | ||||||
DHI Group, Inc.* | 5,380 | 32,011 | ||||||
EchoStar Corp. - Class A* | 2,830 | 68,882 | ||||||
Entravision Communications Corp. - Class A | 8,045 | 51,569 | ||||||
ePlus, Inc.* | 1,860 | 104,272 | ||||||
EW Scripps Co. - Class A* | 14,826 | 308,233 | ||||||
Fluent, Inc.* | 36,930 | 76,814 | ||||||
Gannett Co., Inc.* | 10,064 | 45,389 | ||||||
Gray Television, Inc. | 20,260 | 447,138 | ||||||
Houghton Mifflin Harcourt Co.* | 13,270 | 278,803 | ||||||
InterDigital, Inc. | 650 | 41,470 | ||||||
Iridium Communications, Inc.* | 5,660 | 228,211 | ||||||
IZEA Worldwide, Inc.* | 20,920 | 34,727 | ||||||
Liberty Latin America Ltd. - Class A* | 4,410 | 42,777 | ||||||
Maxar Technologies, Inc. | 9,390 | 370,529 | ||||||
NETGEAR, Inc.* | 1,330 | 32,824 | ||||||
Preformed Line Products Co. | 310 | 19,660 | ||||||
Saga Communications, Inc. - Class A | 1,430 | 32,676 | ||||||
Salem Media Group, Inc.* | 8,810 | 29,866 | ||||||
Scholastic Corp. | 8,690 | 350,033 | ||||||
Spok Holdings, Inc. | 3,560 | 28,409 | ||||||
TEGNA, Inc. | 7,480 | 167,552 | ||||||
Telephone and Data Systems, Inc. | 5,050 | 95,344 | ||||||
Townsquare Media, Inc. - Class A* | 2,500 | 31,975 | ||||||
United States Cellular Corp.* | 2,350 | 71,041 | ||||||
Urban One, Inc.* | 12,380 | 77,375 | ||||||
Value Line, Inc. | 840 | 56,280 | ||||||
Viasat, Inc.* | 2,153 | 105,066 | ||||||
| 3,570,629 | |||||||
CONSUMER, CYCLICAL — 14.3% | ||||||||
Abercrombie & Fitch Co. - Class A* | 14,155 | 452,818 | ||||||
Academy Sports & Outdoors, Inc. | 987 | 38,888 | ||||||
Acushnet Holdings Corp. | 1,395 | 56,163 | ||||||
Adient PLC* | 1,330 | 54,224 | ||||||
Alaska Air Group, Inc.* | 3,107 | 180,237 | ||||||
Allegiant Travel Co.* | 685 | 111,237 | ||||||
A-Mark Precious Metals, Inc. | 1,520 | 117,557 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 5,820 | 45,163 | ||||||
American Eagle Outfitters, Inc. | 2,707 | 45,478 |
See accompanying Notes to Financial Statements.
2
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
America’s Car-Mart, Inc.* | 430 | $ | 34,641 | |||||
Asbury Automotive Group, Inc.* | 1,715 | 274,743 | ||||||
AutoNation, Inc.* | 8,479 | 844,339 | ||||||
Avient Corp. | 2,360 | 113,280 | ||||||
Bassett Furniture Industries, Inc. | 2,160 | 35,770 | ||||||
Beacon Roofing Supply, Inc.* | 12,000 | 711,360 | ||||||
Beazer Homes USA, Inc.* | 2,840 | 43,225 | ||||||
Bed Bath & Beyond, Inc.* | 12,984 | 292,530 | ||||||
Big Lots, Inc. | 3,800 | 131,480 | ||||||
BJ’s Wholesale Club Holdings, Inc.* | 425 | 28,734 | ||||||
Bloomin’ Brands, Inc. | 5,150 | 112,991 | ||||||
Blue Bird Corp.* | 1,370 | 25,783 | ||||||
Bluegreen Vacations Holding Corp.* | 2,740 | 81,022 | ||||||
BlueLinx Holdings, Inc.* | 1,350 | 97,038 | ||||||
Boot Barn Holdings, Inc.* | 650 | 61,614 | ||||||
Boyd Gaming Corp. | 2,465 | 162,148 | ||||||
Brinker International, Inc.* | 2,480 | 94,637 | ||||||
Buckle, Inc. | 1,320 | 43,613 | ||||||
Build-A-Bear Workshop, Inc. | 2,970 | 54,292 | ||||||
Caleres, Inc. | 8,770 | 169,524 | ||||||
Capri Holdings Ltd.* | 4,200 | 215,838 | ||||||
Cato Corp. - Class A | 4,340 | 63,624 | ||||||
Century Casinos, Inc.* | 2,910 | 34,775 | ||||||
Century Communities, Inc. | 7,947 | 425,721 | ||||||
Cheesecake Factory, Inc.* | 2,020 | 80,376 | ||||||
Chico’s FAS, Inc.* | 6,910 | 33,168 | ||||||
Chuy’s Holdings, Inc.* | 3,000 | 81,000 | ||||||
Cinemark Holdings, Inc.* | 4,210 | 72,749 | ||||||
Clean Energy Fuels Corp.* | 13,550 | 107,587 | ||||||
Conn’s, Inc.* | 5,870 | 90,457 | ||||||
Container Store Group, Inc.* | 2,930 | 23,938 | ||||||
Cracker Barrel Old Country Store, Inc. | 270 | 32,057 | ||||||
Dana, Inc. | 11,780 | 206,975 | ||||||
Dave & Buster’s Entertainment, Inc.* | 3,964 | 194,632 | ||||||
Delta Apparel, Inc.* | 1,180 | 35,152 | ||||||
Designer Brands, Inc. - Class A* | 1,965 | 26,547 | ||||||
Dick’s Sporting Goods, Inc. | 3,030 | 303,061 | ||||||
Dillard’s, Inc. - Class A | 5,040 | 1,352,686 | ||||||
Ethan Allen Interiors, Inc. | 9,120 | 237,758 | ||||||
Everi Holdings, Inc.* | 2,570 | 53,970 | ||||||
Express, Inc.* | 8,290 | 29,512 | ||||||
Foot Locker, Inc. | 11,770 | 349,098 | ||||||
Forestar Group, Inc.* | 1,770 | 31,435 | ||||||
Fossil Group, Inc.* | 8,247 | 79,501 | ||||||
Full House Resorts, Inc.* | 1,920 | 18,451 | ||||||
Genesco, Inc.* | 2,830 | 180,016 | ||||||
G-III Apparel Group Ltd.* | 13,130 | 355,166 |
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
GMS, Inc.* | 9,090 | $ | 452,409 | |||||
Golden Entertainment, Inc.* | 2,180 | 126,593 | ||||||
Goodyear Tire & Rubber Co.* | 37,416 | 534,675 | ||||||
Green Brick Partners, Inc.* | 3,298 | 65,168 | ||||||
Group 1 Automotive, Inc. | 4,685 | 786,284 | ||||||
Guess?, Inc. | 8,070 | 176,329 | ||||||
H&E Equipment Services, Inc. | 5,545 | 241,318 | ||||||
Hamilton Beach Brands Holding Co. - Class A | 2,891 | 33,622 | ||||||
Haverty Furniture Cos., Inc. | 1,060 | 29,065 | ||||||
Hawaiian Holdings, Inc.* | 1,952 | 38,454 | ||||||
Hibbett, Inc. | 1,290 | 57,199 | ||||||
Hilton Grand Vacations, Inc.* | 1,355 | 70,474 | ||||||
HNI Corp. | 840 | 31,122 | ||||||
Hovnanian Enterprises, Inc. - Class A* | 260 | 15,366 | ||||||
Interface, Inc. | 3,350 | 45,460 | ||||||
International Game Technology PLC | 890 | 21,965 | ||||||
Jerash Holdings US, Inc. | 3,910 | 25,102 | ||||||
JetBlue Airways Corp.* | 5,002 | 74,780 | ||||||
Johnson Outdoors, Inc. - Class A | 1,010 | 78,507 | ||||||
KAR Auction Services, Inc.* | 3,290 | 59,385 | ||||||
KB Home | 2,910 | 94,226 | ||||||
Kohl’s Corp. | 2,870 | 173,520 | ||||||
Kontoor Brands, Inc. | 630 | 26,051 | ||||||
Landsea Homes Corp.* | 7,450 | 63,698 | ||||||
La-Z-Boy, Inc. | 4,160 | 109,699 | ||||||
LGI Homes, Inc.* | 190 | 18,559 | ||||||
Lifetime Brands, Inc. | 2,090 | 26,836 | ||||||
M/I Homes, Inc.* | 5,045 | 223,746 | ||||||
Macy’s, Inc. | 21,990 | 535,676 | ||||||
Malibu Boats, Inc. - Class A* | 490 | 28,425 | ||||||
Manitex International, Inc.* | 4,040 | 29,411 | ||||||
Marcus Corp.* | 1,660 | 29,382 | ||||||
MarineMax, Inc.* | 3,730 | 150,170 | ||||||
Marriott Vacations Worldwide Corp. | 2,410 | 380,057 | ||||||
MDC Holdings, Inc. | 7,813 | 295,644 | ||||||
Meritage Homes Corp.* | 6,446 | 510,717 | ||||||
Methode Electronics, Inc. | 2,060 | 89,095 | ||||||
Miller Industries, Inc. | 2,765 | 77,862 | ||||||
Monarch Casino & Resort, Inc.* | 240 | 20,935 | ||||||
Motorcar Parts of America, Inc.* | 4,900 | 87,367 | ||||||
Movado Group, Inc. | 3,960 | 154,638 | ||||||
Murphy USA, Inc. | 990 | 197,960 | ||||||
Nordstrom, Inc. | 5,271 | 142,897 | ||||||
Nu Skin Enterprises, Inc. - Class A | 1,000 | 47,880 | ||||||
ODP Corp.* | 10,580 | 484,881 | ||||||
Oxford Industries, Inc. | 1,680 | 152,040 |
See accompanying Notes to Financial Statements.
3
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
PC Connection, Inc. | 4,362 | $ | 228,525 | |||||
Penske Automotive Group, Inc. | 9,190 | 861,287 | ||||||
Playa Hotels & Resorts N.V.* | 4,860 | 42,039 | ||||||
PriceSmart, Inc. | 1,450 | 114,362 | ||||||
PVH Corp. | 1,230 | 94,230 | ||||||
RCI Hospitality Holdings, Inc. | 840 | 51,626 | ||||||
Red Robin Gourmet Burgers, Inc.* | 2,340 | 39,452 | ||||||
Red Rock Resorts, Inc. - Class A | 2,012 | 97,703 | ||||||
Reservoir Media, Inc.* | 9,280 | 91,222 | ||||||
Resideo Technologies, Inc.* | 12,370 | 294,777 | ||||||
REV Group, Inc. | 6,480 | 86,832 | ||||||
Rocky Brands, Inc. | 1,710 | 71,119 | ||||||
Rush Enterprises, Inc. - Class A | 9,615 | 489,500 | ||||||
Rush Enterprises, Inc. - Class B | 3,875 | 187,356 | ||||||
Ruth’s Hospitality Group, Inc. | 3,800 | 86,944 | ||||||
ScanSource, Inc.* | 4,620 | 160,730 | ||||||
Shoe Carnival, Inc. | 5,230 | 152,507 | ||||||
Shyft Group, Inc. | 1,507 | 54,418 | ||||||
Signet Jewelers Ltd. | 4,785 | 347,869 | ||||||
Skechers USA, Inc. - Class A* | 2,660 | 108,422 | ||||||
SkyWest, Inc.* | 11,555 | 333,362 | ||||||
Sonic Automotive, Inc. - Class A | 4,560 | 193,846 | ||||||
Spirit Airlines, Inc.* | 4,210 | 92,073 | ||||||
Standard Motor Products, Inc. | 800 | 34,512 | ||||||
Steelcase, Inc. - Class A | 6,145 | 73,433 | ||||||
Steven Madden Ltd. | 1,420 | 54,869 | ||||||
Tapestry, Inc. | 1,230 | 45,695 | ||||||
Taylor Morrison Home Corp.* | 17,833 | 485,414 | ||||||
Thor Industries, Inc. | 340 | 26,758 | ||||||
Tilly’s, Inc. - Class A | 5,000 | 46,800 | ||||||
Titan International, Inc.* | 10,840 | 159,673 | ||||||
Titan Machinery, Inc.* | 6,120 | 172,951 | ||||||
TravelCenters of America, Inc.* | 2,540 | 109,118 | ||||||
Tri Pointe Homes, Inc.* | 23,150 | 464,852 | ||||||
UniFirst Corp. | 600 | 110,568 | ||||||
Univar Solutions, Inc.* | 9,530 | 306,294 | ||||||
Urban Outfitters, Inc.* | 5,130 | 128,814 | ||||||
Vera Bradley, Inc.* | 1,890 | 14,496 | ||||||
Veritiv Corp.* | 4,720 | 630,545 | ||||||
Vista Outdoor, Inc.* | 9,397 | 335,379 | ||||||
VOXX International Corp.* | 2,600 | 25,922 | ||||||
VSE Corp. | 1,160 | 53,464 | ||||||
Wabash National Corp. | 11,380 | 168,879 | ||||||
WESCO International, Inc.* | 9,838 | 1,280,317 | ||||||
Winnebago Industries, Inc. | 740 | 39,982 | ||||||
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, CYCLICAL (Continued) | ||||||||
World Fuel Services Corp. | 7,910 | $ | 213,886 | |||||
Zumiez, Inc.* | 6,100 | 233,081 | ||||||
| 25,840,331 | |||||||
CONSUMER, NON-CYCLICAL — 9.8% | ||||||||
Aaron’s Co., Inc. | 4,240 | 85,139 | ||||||
ABM Industries, Inc. | 12,515 | 576,191 | ||||||
Acadia Healthcare Co., Inc.* | 16,595 | 1,087,470 | ||||||
ACCO Brands Corp. | 17,790 | 142,320 | ||||||
Adtalem Global Education, Inc.* | 10,740 | 319,085 | ||||||
American Public Education, Inc.* | 2,715 | 57,667 | ||||||
Andersons, Inc. | 8,720 | 438,267 | ||||||
AngioDynamics, Inc.* | 6,650 | 143,241 | ||||||
API Group Corp.* | 1,140 | 23,974 | ||||||
ASGN, Inc.* | 270 | 31,512 | ||||||
Avanos Medical, Inc.* | 810 | 27,135 | ||||||
Avis Budget Group, Inc.* | 165 | 43,444 | ||||||
Beachbody Co., Inc.* | 14,980 | 34,005 | ||||||
BrightView Holdings, Inc.* | 2,580 | 35,114 | ||||||
Brookdale Senior Living, Inc.* | 30,540 | 215,307 | ||||||
Cal-Maine Foods, Inc. | 900 | 49,698 | ||||||
Carriage Services, Inc. | 3,460 | 184,522 | ||||||
CBIZ, Inc.* | 12,740 | 534,698 | ||||||
Central Garden & Pet Co. - Class A* | 6,130 | 249,981 | ||||||
Chegg, Inc.* | 4,697 | 170,407 | ||||||
Covetrus, Inc.* | 870 | 14,607 | ||||||
CRA International, Inc. | 1,660 | 139,872 | ||||||
Cross Country Healthcare, Inc.* | 2,520 | 54,608 | ||||||
Darling Ingredients, Inc.* | 5,368 | 431,480 | ||||||
Edgewell Personal Care Co. | 5,080 | 186,284 | ||||||
Ennis, Inc. | 4,250 | 78,497 | ||||||
Ensign Group, Inc. | 920 | 82,809 | ||||||
Farmer Bros Co.* | 10,330 | 73,550 | ||||||
FONAR Corp.* | 1,120 | 20,776 | ||||||
Fresh Del Monte Produce, Inc. | 6,750 | 174,892 | ||||||
FTI Consulting, Inc.* | 1,490 | 234,258 | ||||||
Graham Holdings Co. - Class B | 480 | 293,506 | ||||||
Grand Canyon Education, Inc.* | 1,040 | 100,994 | ||||||
Grocery Outlet Holding Corp.* | 1,070 | 35,075 | ||||||
Haemonetics Corp.* | 971 | 61,387 | ||||||
Heidrick & Struggles International, Inc. | 3,730 | 147,633 | ||||||
Herc Holdings, Inc. | 4,953 | 827,597 | ||||||
Hostess Brands, Inc.* | 21,510 | 471,929 | ||||||
Huron Consulting Group, Inc.* | 740 | 33,899 | ||||||
I3 Verticals, Inc. - Class A* | 3,150 | 87,759 | ||||||
ICF International, Inc. | 3,393 | 319,417 | ||||||
Information Services Group, Inc. | 2,835 | 19,306 | ||||||
Ingles Markets, Inc. - Class A | 4,105 | 365,550 |
See accompanying Notes to Financial Statements.
4
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, NON-CYCLICAL (Continued) | ||||||||
Innoviva, Inc.* | 2,260 | $ | 43,731 | |||||
Insperity, Inc. | 590 | 59,248 | ||||||
Integer Holdings Corp.* | 4,160 | 335,171 | ||||||
Kelly Services, Inc. - Class A | 5,800 | 125,802 | ||||||
Korn Ferry | 7,665 | 497,765 | ||||||
Landec Corp.* | 5,480 | 63,458 | ||||||
Laureate Education, Inc. | 9,280 | 109,968 | ||||||
Lifeway Foods, Inc.* | 6,780 | 48,952 | ||||||
Lincoln Educational Services Corp.* | 3,480 | 24,882 | ||||||
LivaNova PLC* | 370 | 30,277 | ||||||
ManpowerGroup, Inc. | 990 | 92,981 | ||||||
MEDNAX, Inc.* | 6,493 | 152,456 | ||||||
Meridian Bioscience, Inc.* | 3,450 | 89,562 | ||||||
MoneyGram International, Inc.* | 2,250 | 23,760 | ||||||
Myriad Genetics, Inc.* | 1,490 | 37,548 | ||||||
National HealthCare Corp. | 1,750 | 122,902 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 3,810 | 74,676 | ||||||
Novo Integrated Sciences, Inc.* | 5,210 | 12,035 | ||||||
Orthofix Medical, Inc.* | 1,060 | 34,662 | ||||||
Oscar Health, Inc.* | 4,048 | 40,359 | ||||||
Owens & Minor, Inc. | 10,640 | 468,373 | ||||||
Patterson Cos., Inc. | 4,765 | 154,243 | ||||||
Perdoceo Education Corp.* | 16,440 | 188,731 | ||||||
Premier, Inc. - Class A | 1,320 | 46,979 | ||||||
Prestige Consumer Healthcare, Inc.* | 7,195 | 380,903 | ||||||
Quad/Graphics, Inc.* | 23,740 | 164,756 | ||||||
Quanex Building Products Corp. | 9,245 | 194,053 | ||||||
RCM Technologies, Inc.* | 5,030 | 49,596 | ||||||
Sanderson Farms, Inc. | 370 | 69,371 | ||||||
Select Medical Holdings Corp. | 2,524 | 60,551 | ||||||
Seneca Foods Corp. - Class A* | 1,510 | 77,825 | ||||||
Simply Good Foods Co.* | 860 | 32,637 | ||||||
SpartanNash Co. | 10,750 | 354,642 | ||||||
Spectrum Brands Holdings, Inc. | 3,080 | 273,258 | ||||||
Sprouts Farmers Market, Inc.* | 1,680 | 53,726 | ||||||
Strategic Education, Inc. | 570 | 37,837 | ||||||
Stride, Inc.* | 8,575 | 311,530 | ||||||
Supernus Pharmaceuticals, Inc.* | 2,100 | 67,872 | ||||||
Surgery Partners, Inc.* | 415 | 22,846 | ||||||
Textainer Group Holdings Ltd. | 9,985 | 380,129 | ||||||
Tivity Health, Inc.* | 3,130 | 100,692 | ||||||
Tootsie Roll Industries, Inc. | 464 | 16,204 | ||||||
TreeHouse Foods, Inc.* | 730 | 23,550 | ||||||
Triton International Ltd. | 16,945 | 1,189,200 | ||||||
TrueBlue, Inc.* | 5,630 | 162,651 | ||||||
U.S. Physical Therapy, Inc. | 350 | 34,807 | ||||||
United Natural Foods, Inc.* | 18,100 | 748,435 |
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
CONSUMER, NON-CYCLICAL (Continued) | ||||||||
Universal Corp. | 400 | $ | 23,228 | |||||
Varex Imaging Corp.* | 2,920 | 62,167 | ||||||
Viad Corp.* | 1,590 | 56,668 | ||||||
Village Super Market, Inc. - Class A | 2,780 | 68,110 | ||||||
Weis Markets, Inc. | 6,769 | 483,442 | ||||||
WillScot Mobile Mini Holdings Corp.* | 16,184 | 633,280 | ||||||
| 17,717,349 | |||||||
ENERGY — 15.8% | ||||||||
Adams Resources & Energy, Inc. | 1,570 | 60,429 | ||||||
Alpha Metallurgical Resources, Inc.* | 3,654 | 482,182 | ||||||
Alto Ingredients, Inc.* | 6,400 | 43,648 | ||||||
Amplify Energy Corp.* | 17,515 | 96,333 | ||||||
Antero Midstream Corp. | 3,410 | 37,067 | ||||||
Antero Resources Corp.* | 52,577 | 1,605,176 | ||||||
APA Corp. | 4,350 | 179,786 | ||||||
Arch Resources, Inc. | 3,115 | 427,939 | ||||||
Archrock, Inc. | 28,440 | 262,501 | ||||||
Berry Corp. | 6,865 | 70,847 | ||||||
Brigham Minerals, Inc. - Class A | 740 | 18,907 | ||||||
Bristow Group, Inc.* | 1,775 | 65,817 | ||||||
Callon Petroleum Co.* | 3,933 | 232,362 | ||||||
Centennial Resource Development, Inc. - Class A* | 34,945 | 282,006 | ||||||
ChampionX Corp.* | 4,550 | 111,384 | ||||||
Chesapeake Energy Corp. | 2,750 | 239,250 | ||||||
Civitas Resources, Inc. | 7,789 | 465,081 | ||||||
Cleanspark, Inc.* | 2,910 | 35,997 | ||||||
CNX Resources Corp.* | 48,771 | 1,010,535 | ||||||
Comstock Resources, Inc.* | 34,980 | 456,489 | ||||||
CONSOL Energy, Inc.* | 10,256 | 385,933 | ||||||
Coterra Energy, Inc. | 1,392 | 37,542 | ||||||
CVR Energy, Inc. | 11,879 | 303,390 | ||||||
Delek U.S. Holdings, Inc.* | 6,203 | 131,628 | ||||||
Devon Energy Corp. | 12,100 | 715,473 | ||||||
Diamondback Energy, Inc. | 3,387 | 464,290 | ||||||
Dril-Quip, Inc.* | 4,640 | 173,304 | ||||||
EnLink Midstream LLC | 63,482 | 612,601 | ||||||
EQT Corp. | 30,404 | 1,046,202 | ||||||
Equitrans Midstream Corp. | 4,185 | 35,321 | ||||||
Falcon Minerals Corp. | 5,710 | 38,485 | ||||||
FutureFuel Corp. | 7,860 | 76,478 | ||||||
Gran Tierra Energy, Inc.* | 27,860 | 43,740 | ||||||
Green Plains, Inc.* | 5,450 | 169,005 | ||||||
Hallador Energy Co.* | 29,610 | 103,635 | ||||||
Helix Energy Solutions Group, Inc.* | 20,080 | 95,982 | ||||||
Helmerich & Payne, Inc. | 17,250 | 737,955 | ||||||
HF Sinclair Corp. | 3,625 | 144,456 |
See accompanying Notes to Financial Statements.
5
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
ENERGY (Continued) | ||||||||
Kosmos Energy Ltd.* | 27,430 | $ | 197,222 | |||||
Laredo Petroleum, Inc.* | 1,905 | 150,762 | ||||||
Liberty Oilfield Services, Inc. - Class A* | 2,370 | 35,123 | ||||||
Mammoth Energy Services, Inc.* | 13,410 | 28,563 | ||||||
Matador Resources Co. | 26,730 | 1,416,155 | ||||||
Matrix Service Co.* | 3,270 | 26,879 | ||||||
MRC Global, Inc.* | 11,370 | 135,417 | ||||||
Murphy Oil Corp. | 33,725 | 1,362,153 | ||||||
Nabors Industries Ltd.* | 2,941 | 449,150 | ||||||
NACCO Industries, Inc. - Class A | 2,410 | 94,520 | ||||||
NCS Multistage Holdings, Inc.* | 377 | 18,873 | ||||||
Newpark Resources, Inc.* | 8,555 | 31,311 | ||||||
NextDecade Corp.* | 9,430 | 62,427 | ||||||
NexTier Oilfield Solutions, Inc.* | 10,100 | 93,324 | ||||||
Northern Oil and Gas, Inc. | 6,735 | 189,860 | ||||||
NOV, Inc. | 9,750 | 191,197 | ||||||
NOW, Inc.* | 13,625 | 150,284 | ||||||
Oasis Petroleum, Inc. | 550 | 80,465 | ||||||
Oceaneering International, Inc.* | 21,950 | 332,762 | ||||||
Oil States International, Inc.* | 6,635 | 46,113 | ||||||
Ovintiv, Inc. | 4,350 | 235,204 | ||||||
Patterson-UTI Energy, Inc. | 45,954 | 711,368 | ||||||
PBF Energy, Inc. - Class A* | 28,431 | 692,863 | ||||||
PDC Energy, Inc. | 24,853 | 1,806,316 | ||||||
Peabody Energy Corp.* | 20,893 | 512,505 | ||||||
Pioneer Natural Resources Co. | 908 | 227,027 | ||||||
ProPetro Holding Corp.* | 21,130 | 294,341 | ||||||
Ramaco Resources, Inc. | 3,895 | 61,541 | ||||||
Range Resources Corp.* | 38,823 | 1,179,443 | ||||||
Ranger Energy Services, Inc.* | 2,000 | 20,500 | ||||||
Ranger Oil Corp. - Class A* | 2,745 | 94,785 | ||||||
Renewable Energy Group, Inc.* | 6,620 | 401,503 | ||||||
REX American Resources Corp.* | 478 | 47,609 | ||||||
Ring Energy, Inc.* | 13,990 | 53,442 | ||||||
RPC, Inc.* | 28,290 | 301,854 | ||||||
SandRidge Energy, Inc.* | 5,530 | 88,591 | ||||||
Select Energy Services, Inc. - Class A* | 4,690 | 40,193 | ||||||
SilverBow Resources, Inc.* | 5,380 | 172,160 | ||||||
SM Energy Co. | 27,718 | 1,079,616 | ||||||
Solaris Oilfield Infrastructure, Inc. - Class A | 11,480 | 129,609 | ||||||
Southwestern Energy Co.* | 109,990 | 788,628 | ||||||
SunCoke Energy, Inc. | 27,770 | 247,431 | ||||||
Talos Energy, Inc.* | 14,268 | 225,292 | ||||||
Targa Resources Corp. | 6,510 | 491,310 | ||||||
TETRA Technologies, Inc.* | 29,470 | 121,122 | ||||||
Transocean Ltd.* | 50,725 | 231,813 | ||||||
Trecora Resources* | 3,240 | 27,410 |
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
ENERGY (Continued) | ||||||||
U.S. Silica Holdings, Inc.* | 17,625 | $ | 328,882 | |||||
VAALCO Energy, Inc. | 11,730 | 76,597 | ||||||
Valaris Ltd.* | 2,370 | 123,169 | ||||||
Warrior Met Coal, Inc. | 13,495 | 500,799 | ||||||
Whiting Petroleum Corp. | 9,790 | 797,983 | ||||||
| 28,702,622 | |||||||
FINANCIAL — 25.6% | ||||||||
1st Source Corp. | 4,412 | 204,055 | ||||||
Air Lease Corp. | 18,764 | 837,813 | ||||||
Allegiance Bancshares, Inc. | 1,540 | 68,807 | ||||||
Alliance Data Systems Corp. | 750 | 42,113 | ||||||
Amalgamated Financial Corp. | 4,710 | 84,639 | ||||||
Ambac Financial Group, Inc.* | 4,100 | 42,640 | ||||||
Amerant Bancorp, Inc. | 4,490 | 141,839 | ||||||
American Equity Investment Life Holding Co. | 26,725 | 1,066,595 | ||||||
American National Bankshares, Inc. | 1,050 | 39,564 | ||||||
American National Group, Inc. | 1,750 | 330,907 | ||||||
Ameris Bancorp | 2,705 | 118,695 | ||||||
Argo Group International Holdings Ltd. | 5,128 | 211,684 | ||||||
Associated Banc-Corp | 17,403 | 396,092 | ||||||
Assured Guaranty Ltd. | 4,425 | 281,695 | ||||||
Atlantic Union Bankshares Corp. | 13,653 | 500,929 | ||||||
Atlanticus Holdings Corp.* | 760 | 39,360 | ||||||
Axis Capital Holdings Ltd. | 5,980 | 361,611 | ||||||
Axos Financial, Inc.* | 6,540 | 303,391 | ||||||
B Riley Financial, Inc. | 1,440 | 100,742 | ||||||
Banc of California, Inc. | 11,460 | 221,866 | ||||||
BancFirst Corp. | 994 | 82,711 | ||||||
Bancorp, Inc.* | 7,787 | 220,606 | ||||||
Bank of NT Butterfield & Son Ltd. | 910 | 32,651 | ||||||
Bank OZK | 11,140 | 475,678 | ||||||
BankFinancial Corp. | 3,130 | 32,427 | ||||||
BankUnited, Inc. | 10,020 | 440,479 | ||||||
Bankwell Financial Group, Inc. | 515 | 17,422 | ||||||
Banner Corp. | 6,480 | 379,274 | ||||||
Bar Harbor Bankshares | 1,200 | 34,344 | ||||||
BBX Capital, Inc.* | 2,120 | 20,734 | ||||||
BCB Bancorp, Inc. | 3,960 | 72,270 | ||||||
Berkshire Hills Bancorp, Inc. | 8,586 | 248,736 | ||||||
Blucora, Inc.* | 3,710 | 72,531 | ||||||
Bridgewater Bancshares, Inc.* | 1,870 | 31,192 | ||||||
Brighthouse Financial, Inc.* | 5,471 | 282,632 | ||||||
Brightsphere Investment Group, Inc. | 1,110 | 26,918 | ||||||
Brookline Bancorp, Inc. | 11,665 | 184,540 | ||||||
Business First Bancshares, Inc. | 1,650 | 40,145 | ||||||
Byline Bancorp, Inc. | 4,790 | 127,797 |
See accompanying Notes to Financial Statements.
6
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Cadence Bank | 14,881 | $ | 435,418 | |||||
Camden National Corp. | 691 | 32,505 | ||||||
Carter Bankshares, Inc.* | 2,560 | 44,467 | ||||||
Cathay General Bancorp | 8,740 | 391,115 | ||||||
Central Pacific Financial Corp. | 6,350 | 177,165 | ||||||
Central Valley Community Bancorp | 1,800 | 42,030 | ||||||
Citizens Community Bancorp, Inc. | 1,890 | 28,558 | ||||||
City Holding Co. | 1,219 | 95,935 | ||||||
CNB Financial Corp. | 1,210 | 31,847 | ||||||
CNO Financial Group, Inc. | 35,850 | 899,476 | ||||||
Columbia Banking System, Inc. | 3,430 | 110,686 | ||||||
Community Bank System, Inc. | 2,342 | 164,291 | ||||||
Community Trust Bancorp, Inc. | 1,470 | 60,564 | ||||||
ConnectOne Bancorp, Inc. | 6,500 | 208,065 | ||||||
Consumer Portfolio Services, Inc.* | 5,280 | 53,645 | ||||||
Cowen, Inc. - Class A | 5,080 | 137,668 | ||||||
CrossFirst Bankshares, Inc.* | 2,480 | 39,085 | ||||||
Customers Bancorp, Inc.* | 10,070 | 525,050 | ||||||
CVB Financial Corp. | 9,500 | 220,495 | ||||||
Diamond Hill Investment Group, Inc. | 210 | 39,333 | ||||||
Dime Community Bancshares, Inc. | 5,499 | 190,100 | ||||||
Donegal Group, Inc. - Class A | 1,421 | 19,056 | ||||||
Eagle Bancorp, Inc. | 1,897 | 108,148 | ||||||
Employers Holdings, Inc. | 4,030 | 165,311 | ||||||
Encore Capital Group, Inc.* | 4,470 | 280,403 | ||||||
Enova International, Inc.* | 3,735 | 141,818 | ||||||
Enstar Group Ltd.* | 730 | 190,640 | ||||||
Enterprise Bancorp, Inc. | 770 | 30,892 | ||||||
Enterprise Financial Services Corp. | 1,423 | 67,322 | ||||||
Equity Bancshares, Inc. - Class A | 750 | 24,233 | ||||||
Essent Group Ltd. | 1,297 | 53,449 | ||||||
EZCORP, Inc. - Class A* | 5,520 | 33,341 | ||||||
FB Financial Corp. | 672 | 29,850 | ||||||
Federal Agricultural Mortgage Corp. - Class C | 1,238 | 134,298 | ||||||
Federated Hermes, Inc. | 973 | 33,140 | ||||||
Financial Institutions, Inc. | 4,410 | 132,873 | ||||||
First BanCorp/Puerto Rico | 70,090 | 919,581 | ||||||
First Bancorp/Southern Pines NC | 2,604 | 108,769 | ||||||
First Bancshares, Inc. | 566 | 19,052 | ||||||
First Bank/Hamilton NJ | 2,360 | 33,559 | ||||||
First Busey Corp. | 5,489 | 139,091 | ||||||
First Business Financial Services, Inc. | 1,320 | 43,309 | ||||||
First Citizens BancShares, Inc. - Class A | 168 | 111,821 | ||||||
First Commonwealth Financial Corp. | 20,070 | 304,261 | ||||||
First Community Bankshares, Inc. | 1,030 | 29,056 | ||||||
First Financial Bancorp | 15,743 | 362,876 |
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
First Financial Bankshares, Inc. | 3,903 | $ | 172,200 | |||||
First Financial Corp. | 1,311 | 56,740 | ||||||
First Financial Northwest, Inc. | 2,600 | 44,486 | ||||||
First Foundation, Inc. | 1,660 | 40,321 | ||||||
First Horizon Corp. | 19,892 | 467,263 | ||||||
First Internet Bancorp | 1,790 | 76,988 | ||||||
First Interstate BancSystem, Inc. - Class A | 10,476 | 385,203 | ||||||
First Merchants Corp. | 3,710 | 154,336 | ||||||
First Mid Bancshares, Inc. | 732 | 28,175 | ||||||
First United Corp. | 840 | 18,925 | ||||||
Flagstar Bancorp, Inc. | 13,170 | 558,408 | ||||||
Flushing Financial Corp. | 5,360 | 119,796 | ||||||
FNB Corp. | 25,307 | 315,072 | ||||||
FRP Holdings, Inc.* | 500 | 28,900 | ||||||
Fulton Financial Corp. | 37,840 | 628,901 | ||||||
Genworth Financial, Inc. - Class A* | 67,075 | 253,544 | ||||||
Glacier Bancorp, Inc. | 3,330 | 167,432 | ||||||
Global Indemnity Group LLC - Class A | 1,800 | 46,962 | ||||||
Great Southern Bancorp, Inc. | 1,025 | 60,485 | ||||||
Greenhill & Co., Inc. | 1,310 | 20,266 | ||||||
Hancock Whitney Corp. | 12,610 | 657,611 | ||||||
Hanmi Financial Corp. | 9,080 | 223,459 | ||||||
Hanover Insurance Group, Inc. | 1,000 | 149,520 | ||||||
HarborOne Bancorp, Inc. | 1,720 | 24,114 | ||||||
Heartland Financial USA, Inc. | 2,500 | 119,575 | ||||||
Heritage Commerce Corp. | 3,320 | 37,350 | ||||||
Heritage Financial Corp. | 1,618 | 40,547 | ||||||
Heritage Insurance Holdings, Inc. | 8,110 | 57,905 | ||||||
Hilltop Holdings, Inc. | 12,497 | 367,412 | ||||||
Home Bancorp, Inc. | 940 | 38,343 | ||||||
HomeStreet, Inc. | 5,890 | 279,068 | ||||||
HomeTrust Bancshares, Inc. | 1,340 | 39,570 | ||||||
Hope Bancorp, Inc. | 15,937 | 256,267 | ||||||
Horace Mann Educators Corp. | 9,741 | 407,466 | ||||||
Horizon Bancorp, Inc. | 3,071 | 57,336 | ||||||
Howard Hughes Corp.* | 1,695 | 175,619 | ||||||
Huntington Bancshares, Inc. | 5,554 | 81,199 | ||||||
Independent Bank Corp. | 1,395 | 113,958 | ||||||
Independent Bank Group, Inc. | 7,595 | 540,460 | ||||||
International Bancshares Corp. | 13,840 | 584,186 | ||||||
Invesco Ltd. | 5,610 | 129,367 | ||||||
Investors Bancorp, Inc. | 16,430 | 245,300 | ||||||
Janus Henderson Group PLC | 5,055 | 177,026 | ||||||
Kearny Financial Corp. | 12,332 | 158,836 | ||||||
Kemper Corp. | 2,931 | 165,719 | ||||||
Lakeland Bancorp, Inc. | 9,005 | 150,384 | ||||||
Lakeland Financial Corp. | 2,175 | 158,775 |
See accompanying Notes to Financial Statements.
7
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Legacy Housing Corp.* | 955 | $ | 20,494 | |||||
LPL Financial Holdings, Inc. | 540 | 98,647 | ||||||
Luther Burbank Corp. | 2,570 | 34,155 | ||||||
Marcus & Millichap, Inc. | 1,880 | 99,038 | ||||||
MBIA, Inc.* | 3,030 | 46,632 | ||||||
McGrath RentCorp | 3,135 | 266,412 | ||||||
Mercantile Bank Corp. | 1,560 | 55,255 | ||||||
Merchants Bancorp | 3,640 | 99,663 | ||||||
Meridian Corp. | 1,190 | 38,187 | ||||||
Meta Financial Group, Inc. | 6,305 | 346,271 | ||||||
Metropolitan Bank Holding Corp.* | 1,130 | 115,000 | ||||||
MGIC Investment Corp. | 6,535 | 88,549 | ||||||
Middlefield Banc Corp. | 1,400 | 34,748 | ||||||
Midland States Bancorp, Inc. | 5,940 | 171,428 | ||||||
MidWestOne Financial Group, Inc. | 1,400 | 46,340 | ||||||
Mr Cooper Group, Inc.* | 13,592 | 620,747 | ||||||
National Bank Holdings Corp. - Class A | 1,180 | 47,530 | ||||||
National Western Life Group, Inc. - Class A | 380 | 79,952 | ||||||
Navient Corp. | 35,220 | 600,149 | ||||||
NBT Bancorp, Inc. | 1,180 | 42,633 | ||||||
Nelnet, Inc. - Class A | 6,910 | 587,281 | ||||||
Newmark Group, Inc. - Class A | 30,710 | 488,903 | ||||||
Nicolet Bankshares, Inc.* | 697 | 65,218 | ||||||
NMI Holdings, Inc. - Class A* | 8,065 | 166,300 | ||||||
Northeast Bank | 1,190 | 40,591 | ||||||
Northfield Bancorp, Inc. | 3,400 | 48,824 | ||||||
Northrim BanCorp, Inc. | 1,860 | 81,040 | ||||||
Northwest Bancshares, Inc. | 18,541 | 250,489 | ||||||
Norwood Financial Corp. | 960 | 27,446 | ||||||
OceanFirst Financial Corp. | 7,478 | 150,308 | ||||||
OFG Bancorp | 11,370 | 302,897 | ||||||
Old National Bancorp | 47,456 | 777,329 | ||||||
Old Second Bancorp, Inc. | 1,560 | 22,636 | ||||||
OneMain Holdings, Inc. | 2,060 | 97,665 | ||||||
OP Bancorp | 5,610 | 77,699 | ||||||
Oppenheimer Holdings, Inc. - Class A | 2,160 | 94,133 | ||||||
Pacific Premier Bancorp, Inc. | 15,980 | 564,893 | ||||||
PacWest Bancorp | 4,820 | 207,887 | ||||||
PCB Bancorp | 1,150 | 26,393 | ||||||
Peapack-Gladstone Financial Corp. | 3,435 | 119,366 | ||||||
PennyMac Financial Services, Inc. | 1,730 | 92,036 | ||||||
Peoples Bancorp, Inc. | 4,336 | 135,760 | ||||||
Peoples Financial Services Corp. | 780 | 39,374 | ||||||
Pinnacle Financial Partners, Inc. | 3,943 | 363,071 | ||||||
Piper Sandler Cos. | 2,345 | 307,781 | ||||||
Popular, Inc. | 10,360 | 846,826 | ||||||
PRA Group, Inc.* | 3,015 | 135,916 |
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Preferred Bank/Los Angeles CA | 3,550 | $ | 263,020 | |||||
Premier Financial Corp. | 3,094 | 93,841 | ||||||
Primerica, Inc. | 610 | 83,460 | ||||||
Primis Financial Corp. | 2,444 | 34,167 | ||||||
ProAssurance Corp. | 6,635 | 178,349 | ||||||
Provident Bancorp, Inc. | 3,320 | 53,850 | ||||||
Provident Financial Holdings, Inc. | 2,380 | 39,365 | ||||||
Provident Financial Services, Inc. | 20,260 | 474,084 | ||||||
QCR Holdings, Inc. | 610 | 34,520 | ||||||
Radian Group, Inc. | 2,230 | 49,528 | ||||||
RBB Bancorp | 1,530 | 35,940 | ||||||
RE/MAX Holdings, Inc. - Class A | 2,350 | 65,166 | ||||||
Realogy Holdings Corp.* | 25,420 | 398,586 | ||||||
Regional Management Corp. | 2,480 | 120,454 | ||||||
RenaissanceRe Holdings Ltd. | 330 | 52,308 | ||||||
Renasant Corp. | 9,703 | 324,565 | ||||||
Republic Bancorp, Inc. - Class A | 1,110 | 49,883 | ||||||
Republic First Bancorp, Inc.* | 11,580 | 59,753 | ||||||
Riverview Bancorp, Inc. | 5,078 | 38,339 | ||||||
RLI Corp. | 360 | 39,827 | ||||||
S&T Bancorp, Inc. | 1,146 | 33,899 | ||||||
Safety Insurance Group, Inc. | 1,280 | 116,288 | ||||||
Sandy Spring Bancorp, Inc. | 4,031 | 181,073 | ||||||
Seacoast Banking Corp. of Florida | 4,485 | 157,065 | ||||||
Selective Insurance Group, Inc. | 2,668 | 238,412 | ||||||
ServisFirst Bancshares, Inc. | 890 | 84,808 | ||||||
Sierra Bancorp | 3,400 | 84,932 | ||||||
Simmons First National Corp. - Class A | 15,604 | 409,137 | ||||||
SiriusPoint Ltd.* | 4,350 | 32,538 | ||||||
Southern Missouri Bancorp, Inc. | 980 | 48,951 | ||||||
Southside Bancshares, Inc. | 2,866 | 117,019 | ||||||
SouthState Corp. | 4,809 | 392,399 | ||||||
Spirit of Texas Bancshares, Inc. | 1,980 | 52,034 | ||||||
Stewart Information Services Corp. | 2,450 | 148,495 | ||||||
Stifel Financial Corp. | 7,110 | 482,769 | ||||||
Stock Yards Bancorp, Inc. | 1,580 | 83,582 | ||||||
StoneX Group, Inc.* | 630 | 46,765 | ||||||
Stratus Properties, Inc.* | 1,100 | 47,388 | ||||||
Summit Financial Group, Inc. | 2,091 | 53,509 | ||||||
Synovus Financial Corp. | 5,615 | 275,135 | ||||||
Texas Capital Bancshares, Inc.* | 7,715 | 442,147 | ||||||
Timberland Bancorp, Inc. | 1,578 | 42,622 | ||||||
Tiptree, Inc. | 10,430 | 134,026 | ||||||
Tompkins Financial Corp. | 329 | 25,751 | ||||||
Towne Bank/Portsmouth VA | 2,010 | 60,179 | ||||||
TriCo Bancshares | 1,045 | 41,831 | ||||||
TriState Capital Holdings, Inc.* | 2,375 | 78,921 |
See accompanying Notes to Financial Statements.
8
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
FINANCIAL (Continued) | ||||||||
Trustmark Corp. | 9,290 | $ | 282,323 | |||||
Umpqua Holdings Corp. | 21,094 | 397,833 | ||||||
United Bankshares, Inc. | 10,232 | 356,892 | ||||||
United Community Banks, Inc. | 13,072 | 454,906 | ||||||
United Fire Group, Inc. | 6,510 | 202,266 | ||||||
Unity Bancorp, Inc. | 1,193 | 33,380 | ||||||
Univest Financial Corp. | 5,540 | 148,250 | ||||||
Unum Group | 13,010 | 409,945 | ||||||
Valley National Bancorp | 22,253 | 289,734 | ||||||
Veritex Holdings, Inc. | 5,250 | 200,393 | ||||||
Virtus Investment Partners, Inc. | 340 | 81,597 | ||||||
Walker & Dunlop, Inc. | 3,649 | 472,254 | ||||||
Washington Federal, Inc. | 18,380 | 603,232 | ||||||
Waterstone Financial, Inc. | 3,414 | 66,027 | ||||||
Webster Financial Corp. | 13,676 | 767,497 | ||||||
WesBanco, Inc. | 11,601 | 398,610 | ||||||
Western New England Bancorp, Inc. | 9,460 | 84,572 | ||||||
White Mountains Insurance Group Ltd. | 185 | 210,204 | ||||||
Wintrust Financial Corp. | 3,805 | 353,599 | ||||||
World Acceptance Corp.* | 420 | 80,573 | ||||||
WSFS Financial Corp. | 5,621 | 262,051 | ||||||
| 46,369,256 | |||||||
INDUSTRIAL — 14.8% | ||||||||
AAR Corp.* | 8,900 | 431,027 | ||||||
Acuity Brands, Inc. | 820 | 155,226 | ||||||
Air Transport Services Group, Inc.* | 1,840 | 61,548 | ||||||
Alamo Group, Inc. | 120 | 17,255 | ||||||
Altra Industrial Motion Corp. | 1,120 | 43,602 | ||||||
American Outdoor Brands, Inc.* | 1,627 | 21,363 | ||||||
Apogee Enterprises, Inc. | 3,730 | 177,026 | ||||||
ArcBest Corp. | 8,050 | 648,025 | ||||||
Arcosa, Inc. | 1,110 | 63,548 | ||||||
Ardmore Shipping Corp.* | 6,320 | 28,440 | ||||||
Armstrong World Industries, Inc. | 250 | 22,503 | ||||||
Astec Industries, Inc. | 1,927 | 82,861 | ||||||
Atkore, Inc.* | 2,715 | 267,265 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 8,285 | 715,575 | ||||||
Avnet, Inc. | 7,116 | 288,838 | ||||||
AZZ, Inc. | 1,200 | 57,888 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 4,630 | 37,781 | ||||||
Badger Meter, Inc. | 255 | 25,426 | ||||||
Barnes Group, Inc. | 7,290 | 292,985 | ||||||
Bel Fuse, Inc. - Class B | 2,950 | 52,628 | ||||||
Benchmark Electronics, Inc. | 10,280 | 257,411 | ||||||
Boise Cascade Co. | 9,615 | 667,954 | ||||||
Brady Corp. - Class A | 675 | 31,232 | ||||||
Builders FirstSource, Inc.* | 7,118 | 459,396 |
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
Cactus, Inc. - Class A | 800 | $ | 45,392 | |||||
Caesarstone Ltd. | 2,850 | 29,982 | ||||||
Chart Industries, Inc.* | 1,015 | 174,347 | ||||||
CIRCOR International, Inc.* | 1,280 | 34,074 | ||||||
Colfax Corp.* | 17,650 | 702,293 | ||||||
Columbus McKinnon Corp. | 3,330 | 141,192 | ||||||
Comfort Systems USA, Inc. | 1,020 | 90,790 | ||||||
Concrete Pumping Holdings, Inc.* | 2,760 | 18,492 | ||||||
Core Molding Technologies, Inc.* | 4,799 | 51,637 | ||||||
Cornerstone Building Brands, Inc.* | 17,425 | 423,776 | ||||||
Costamare, Inc. | 21,677 | 369,593 | ||||||
Covenant Logistics Group, Inc. | 2,292 | 49,347 | ||||||
CTS Corp. | 790 | 27,919 | ||||||
Curtiss-Wright Corp. | 425 | 63,818 | ||||||
DHT Holdings, Inc. | 31,330 | 181,714 | ||||||
Dorian LPG Ltd. | 8,251 | 119,557 | ||||||
Ducommun, Inc.* | 1,347 | 70,569 | ||||||
Dycom Industries, Inc.* | 3,320 | 316,263 | ||||||
Eagle Bulk Shipping, Inc. | 1,550 | 105,570 | ||||||
Eagle Materials, Inc. | 155 | 19,896 | ||||||
Eastern Co. | 700 | 16,303 | ||||||
Eastman Kodak Co.* | 5,971 | 39,110 | ||||||
EMCOR Group, Inc. | 1,320 | 148,672 | ||||||
Encore Wire Corp. | 6,110 | 696,968 | ||||||
EnPro Industries, Inc. | 4,745 | 463,729 | ||||||
ESCO Technologies, Inc. | 2,140 | 149,629 | ||||||
Federal Signal Corp. | 1,520 | 51,300 | ||||||
Fluor Corp.* | 12,630 | 362,355 | ||||||
Fortress Transportation and Infrastructure Investors LLC | 1,360 | 35,020 | ||||||
Forward Air Corp. | 280 | 27,378 | ||||||
FreightCar America, Inc.* | 6,230 | 36,819 | ||||||
Frontline Ltd./Bermuda* | 6,920 | 60,896 | ||||||
Gates Industrial Corp. PLC* | 5,370 | 80,872 | ||||||
GATX Corp. | 8,215 | 1,013,156 | ||||||
Genco Shipping & Trading Ltd. | 7,535 | 177,977 | ||||||
Gibraltar Industries, Inc.* | 860 | 36,937 | ||||||
Granite Construction, Inc. | 4,985 | 163,508 | ||||||
Great Lakes Dredge & Dock Corp.* | 6,060 | 85,022 | ||||||
Greenbrier Cos., Inc. | 7,885 | 406,156 | ||||||
Greif, Inc. - Class A | 4,680 | 304,481 | ||||||
Griffon Corp. | 8,080 | 161,842 | ||||||
Harsco Corp.* | 4,010 | 49,082 | ||||||
Haynes International, Inc. | 3,860 | 164,436 | ||||||
Heritage-Crystal Clean, Inc.* | 2,120 | 62,773 | ||||||
Hexcel Corp. | 990 | 58,875 | ||||||
Hillenbrand, Inc. | 4,047 | 178,756 |
See accompanying Notes to Financial Statements.
9
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
Hub Group, Inc. - Class A* | 8,030 | $ | 619,996 | |||||
Hurco Cos., Inc. | 2,092 | 65,940 | ||||||
Hyster-Yale Materials Handling, Inc. | 840 | 27,896 | ||||||
II-VI, Inc.* | 1,250 | 90,613 | ||||||
Insteel Industries, Inc. | 1,850 | 68,432 | ||||||
International Seaways, Inc. | 2,396 | 43,224 | ||||||
JELD-WEN Holding, Inc.* | 730 | 14,804 | ||||||
Kadant, Inc. | 190 | 36,896 | ||||||
Kennametal, Inc. | 3,480 | 99,563 | ||||||
Kimball Electronics, Inc.* | 6,580 | 131,534 | ||||||
Kirby Corp.* | 2,280 | 164,593 | ||||||
Knowles Corp.* | 16,515 | 355,568 | ||||||
Kratos Defense & Security Solutions, Inc.* | 1,830 | 37,478 | ||||||
L B Foster Co. - Class A* | 1,840 | 28,281 | ||||||
Lindsay Corp. | 250 | 39,253 | ||||||
Louisiana-Pacific Corp. | 8,218 | 510,502 | ||||||
Marten Transport Ltd. | 14,465 | 256,898 | ||||||
MasTec, Inc.* | 2,130 | 185,523 | ||||||
Materion Corp. | 3,430 | 294,088 | ||||||
Matson, Inc. | 4,910 | 592,244 | ||||||
Matthews International Corp. - Class A | 2,660 | 86,078 | ||||||
Mistras Group, Inc.* | 3,650 | 24,127 | ||||||
Modine Manufacturing Co.* | 13,512 | 121,743 | ||||||
Moog, Inc. - Class A | 2,145 | 188,331 | ||||||
Mueller Industries, Inc. | 5,090 | 275,725 | ||||||
Myers Industries, Inc. | 2,050 | 44,280 | ||||||
MYR Group, Inc.* | 3,525 | 331,491 | ||||||
NL Industries, Inc. | 5,450 | 39,186 | ||||||
Nordic American Tankers Ltd. | 17,900 | 38,127 | ||||||
Northwest Pipe Co.* | 1,140 | 29,013 | ||||||
NV5 Global, Inc.* | 480 | 63,984 | ||||||
nVent Electric PLC | 4,145 | 144,163 | ||||||
O-I Glass, Inc.* | 7,350 | 96,873 | ||||||
Olympic Steel, Inc. | 4,299 | 165,340 | ||||||
Overseas Shipholding Group, Inc. - Class A* | 9,780 | 20,440 | ||||||
PAM Transportation Services, Inc.* | 7,064 | 245,474 | ||||||
Pangaea Logistics Solutions Ltd. | 13,780 | 76,617 | ||||||
Plexus Corp.* | 3,930 | 321,513 | ||||||
Powell Industries, Inc. | 1,410 | 27,382 | ||||||
Primoris Services Corp. | 2,820 | 67,172 | ||||||
Radiant Logistics, Inc.* | 4,990 | 31,786 | ||||||
Regal Rexnord Corp. | 5,620 | 836,144 | ||||||
Ryder System, Inc. | 1,930 | 153,107 | ||||||
Ryerson Holding Corp. | 11,215 | 392,749 | ||||||
Saia, Inc.* | 395 | 96,309 | ||||||
Sanmina Corp.* | 16,360 | 661,271 | ||||||
Schneider National, Inc. - Class B | 4,220 | 107,610 |
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
Scorpio Tankers, Inc. | 8,204 | $ | 175,402 | |||||
SFL Corp. Ltd. | 3,130 | 31,863 | ||||||
Silgan Holdings, Inc. | 810 | 37,446 | ||||||
SPX FLOW, Inc. | 3,840 | 331,085 | ||||||
Standex International Corp. | 910 | 90,927 | ||||||
Sterling Construction Co., Inc.* | 5,900 | 158,120 | ||||||
Summit Materials, Inc. - Class A* | 15,330 | 476,150 | ||||||
TD SYNNEX Corp. | 1,500 | 154,815 | ||||||
Teekay Corp.* | 5,680 | 18,006 | ||||||
Teekay Tankers Ltd. - Class A* | 2,859 | 39,569 | ||||||
Terex Corp. | 3,175 | 113,220 | ||||||
Thermon Group Holdings, Inc.* | 5,570 | 90,234 | ||||||
Timken Co. | 2,475 | 150,232 | ||||||
TimkenSteel Corp.* | 5,414 | 118,458 | ||||||
TopBuild Corp.* | 91 | 16,506 | ||||||
Tredegar Corp. | 3,000 | 35,970 | ||||||
TriMas Corp. | 4,910 | 157,562 | ||||||
Trinity Industries, Inc. | 14,845 | 510,074 | ||||||
TTM Technologies, Inc.* | 30,874 | 457,553 | ||||||
Tutor Perini Corp.* | 3,940 | 42,552 | ||||||
U.S. Xpress Enterprises, Inc. - Class A* | 3,455 | 13,405 | ||||||
UFP Industries, Inc. | 7,350 | 567,126 | ||||||
Universal Logistics Holdings, Inc. | 3,510 | 70,727 | ||||||
USA Truck, Inc.* | 2,870 | 59,122 | ||||||
Vertex Energy, Inc.* | 13,170 | 130,910 | ||||||
Vishay Intertechnology, Inc. | 27,060 | 530,376 | ||||||
Vishay Precision Group, Inc.* | 2,120 | 68,158 | ||||||
Watts Water Technologies, Inc. - Class A | 580 | 80,962 | ||||||
Welbilt, Inc.* | 3,035 | 72,081 | ||||||
Werner Enterprises, Inc. | 7,330 | 300,530 | ||||||
Willis Lease Finance Corp.* | 2,130 | 68,565 | ||||||
Worthington Industries, Inc. | 1,276 | 65,599 | ||||||
XPO Logistics, Inc.* | 3,240 | 235,872 | ||||||
| 26,793,614 | |||||||
TECHNOLOGY — 3.7% | ||||||||
Alithya Group, Inc. - Class A* | 9,220 | $ | 23,511 | |||||
Allscripts Healthcare Solutions, Inc.* | 18,030 | 406,036 | ||||||
Alpha & Omega Semiconductor Ltd.* | 7,260 | 396,759 | ||||||
Amkor Technology, Inc. | 45,400 | 986,088 | ||||||
Amtech Systems, Inc.* | 1,920 | 19,315 | ||||||
Axcelis Technologies, Inc.* | 1,720 | 129,912 | ||||||
CACI International, Inc. - Class A* | 1,400 | 421,764 | ||||||
Cirrus Logic, Inc.* | 360 | 30,524 | ||||||
Cohu, Inc.* | 3,172 | 93,891 | ||||||
Computer Programs and Systems, Inc.* | 890 | 30,661 | ||||||
Concentrix Corp. | 1,595 | 265,663 | ||||||
Conduent, Inc.* | 15,520 | 80,083 |
See accompanying Notes to Financial Statements.
10
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS (Continued)
As of March 31, 2022 (Unaudited)
| Number | Value | ||||||
COMMON STOCKS (Continued) | ||||||||
INDUSTRIAL (Continued) | ||||||||
Digi International, Inc.* | 4,485 | $ | 96,517 | |||||
Diodes, Inc.* | 3,945 | 343,176 | ||||||
Donnelley Financial Solutions, Inc.* | 2,340 | 77,828 | ||||||
Ebix, Inc. | 550 | 18,233 | ||||||
ExlService Holdings, Inc.* | 410 | 58,741 | ||||||
FormFactor, Inc.* | 840 | 35,305 | ||||||
Insight Enterprises, Inc.* | 7,795 | 836,559 | ||||||
KBR, Inc. | 2,250 | 123,142 | ||||||
Kulicke & Soffa Industries, Inc. | 4,408 | 246,936 | ||||||
ManTech International Corp. - Class A | 3,513 | 302,785 | ||||||
NetScout Systems, Inc.* | 8,500 | 272,680 | ||||||
NextGen Healthcare, Inc.* | 3,280 | 68,585 | ||||||
Onto Innovation, Inc.* | 3,489 | 303,159 | ||||||
Parsons Corp.* | 3,160 | 122,292 | ||||||
Photronics, Inc.* | 22,025 | 373,764 | ||||||
Rambus, Inc.* | 2,165 | 69,042 | ||||||
Richardson Electronics Ltd./United States | 1,890 | 23,512 | ||||||
SMART Global Holdings, Inc.* | 2,710 | 69,999 | ||||||
Stratasys Ltd.* | 2,045 | 51,923 | ||||||
Super Micro Computer, Inc.* | 4,080 | 155,326 | ||||||
TTEC Holdings, Inc. | 200 | 16,504 | ||||||
Ultra Clean Holdings, Inc.* | 1,060 | 44,933 | ||||||
Xperi Holding Corp. | 9,199 | 159,327 | ||||||
| 6,754,475 | |||||||
UTILITIES — 0.0% | ||||||||
Ormat Technologies, Inc. | 710 | 58,099 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $110,018,413) | 169,376,555 | |||||||
EXCHANGE-TRADED FUNDS — 1.8% | ||||||||
iShares Russell 2000 Value ETF | 5,415 | 873,981 | ||||||
SPDR S&P Metals & Mining ETF | 13,870 | 850,092 | ||||||
SPDR S&P Oil & Gas Equipment & Services ETF | 5,859 | 439,659 | ||||||
SPDR S&P Regional Banking ETF | 13,430 | 925,327 | ||||||
VanEck Oil Services ETF | 920 | 259,946 | ||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $2,102,121) | 3,349,005 | |||||||
PREFERRED STOCKS — 0.1% | ||||||||
CONSUMER, CYCLICAL — 0.1% | ||||||||
Qurate Retail, Inc. 8.00%, 3/15/20311 | 274 | 23,567 | ||||||
WESCO International, Inc. 10.63%1,2,3 | 5,008 | 147,385 | ||||||
| 170,952 |
| Number | Value | ||||||
PREFERRED STOCKS (Continued) | ||||||||
INDUSTRIAL — 0.0% | ||||||||
Steel Partners Holdings LP 6.00%, 2/7/20261 | 1,855 | $ | 43,259 | |||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $188,490) | 214,211 | |||||||
MONEY MARKET INVESTMENTS — 4.3% | ||||||||
Federated Treasury Obligations Fund-Class Institutional, 0.14%2,4 | 500,000 | 500,000 | ||||||
UMB Money Market Fiduciary, 0.01%2 | 7,279,888 | 7,279,888 | ||||||
TOTAL MONEY MARKET INVESTMENTS | ||||||||
(Cost $7,779,888) | 7,779,888 | |||||||
TOTAL INVESTMENTS — 99.7% | ||||||||
(Cost $120,088,912) | 180,719,659 | |||||||
Other assets less liabilities — 0.3% | 511,113 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 181,230,772 |
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
* | Non-income producing security. |
1 | Callable. |
2 | Variable rate security; the rate shown represents the rate at March 31, 2022. |
3 | Perpetual security; maturity date is not applicable. |
4 | 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, 2022. |
See accompanying Notes to Financial Statements.
11
Vericimetry U.S. Small Cap Value Fund
SUMMARY OF INVESTMENTS
As of March 31, 2022 (Unaudited)
Security Type/Industry | Percent of |
Common Stocks |
|
Banks | 15.2% |
Oil & Gas | 11.5% |
Retail | 7.3% |
Commercial Services | 4.7% |
Insurance | 4.0% |
Transportation | 3.3% |
Diversified Financial Services | 3.3% |
Chemicals | 3.0% |
Savings & Loans | 2.3% |
Electronics | 2.1% |
Mining | 2.1% |
Distribution/Wholesale | 2.1% |
Iron/Steel | 2.1% |
Building Materials | 2.0% |
Semiconductors | 1.7% |
Oil & Gas Services | 1.7% |
Food | 1.6% |
Coal | 1.6% |
Home Builders | 1.5% |
Computers | 1.2% |
Engineering & Construction | 1.2% |
Miscellaneous Manufacturing | 1.1% |
Healthcare-Services | 1.1% |
Machinery-Diversified | 1.1% |
Media | 1.1% |
Real Estate | 0.9% |
Trucking & Leasing | 0.8% |
Metal Fabricate/Hardware | 0.8% |
Software | 0.8% |
Auto Parts & Equipment | 0.7% |
Pipelines | 0.7% |
Telecommunications | 0.7% |
Aerospace/Defense | 0.6% |
Agriculture | 0.6% |
Apparel | 0.6% |
Pharmaceuticals | 0.6% |
Hand/Machine Tools | 0.6% |
Healthcare-Products | 0.5% |
Electrical Components & Equipment | 0.5% |
Entertainment | 0.5% |
Household Products/Wares | 0.5% |
Airlines | 0.5% |
Energy-Alternate Sources | 0.4% |
Packaging & Containers | 0.4% |
Forest Products & Paper | 0.3% |
Leisure Time | 0.3% |
Lodging | 0.2% |
Home Furnishings | 0.2% |
Auto Manufacturers | 0.2% |
Machinery-Construction & Mining | 0.1% |
Internet | 0.1% |
Environmental Control | 0.1% |
Cosmetics/Personal Care | 0.1% |
Advertising | 0.1% |
Office Furnishings | 0.1% |
Textiles | 0.1% |
Biotechnology | 0.0%1 |
Beverages | 0.0%1 |
Electric | 0.0%1 |
Housewares | 0.0%1 |
Investment Companies | 0.0%1 |
Total Common Stocks | 93.5% |
Preferred Stocks | 0.1% |
Distribution/Wholesale | 0.1% |
Metal Fabricate/Hardware | 0.0%1 |
Retail | 0.0%1 |
Total Preferred Stocks | 0.1% |
Exchange-Traded Funds | 1.8% |
Money Market Investments | 4.3% |
Total Investments | 99.7% |
Other assets less liabilities | 0.3% |
Total Net Assets | 100.0% |
1 | Resulted in less than 0.05% per industry. |
See accompanying Notes to Financial Statements.
12
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
STATEMENT OF ASSETS AND LIABILITIES
As of March 31, 2022 (Unaudited)
ASSETS: | ||||
Investments in securities, at value (cost $120,088,912) | $ | 180,719,659 | ||
Cash held at broker | 487,323 | |||
Cash | 115 | |||
Receivables: | ||||
Securities sold | 1,092,168 | |||
Dividends and interest | 99,734 | |||
Prepaid expenses and other assets | 22,753 | |||
Total assets | 182,421,752 | |||
LIABILITIES: | ||||
Payables: | ||||
Securities purchased | 1,055,701 | |||
Fund shares redeemed | 20,000 | |||
Due to Trustees | 4,338 | |||
Due to Adviser | 68,603 | |||
Fund accounting and administration fees and expenses | 12,425 | |||
Transfer agent fees | 9,560 | |||
Custody fees | 6,840 | |||
Accrued other expenses | 13,513 | |||
Total liabilities | 1,190,980 | |||
NET ASSETS | $ | 181,230,772 | ||
COMPONENTS OF NET ASSETS: | ||||
Paid-in capital | $ | 113,103,670 | ||
Total distributable earnings | 68,127,102 | |||
NET ASSETS | $ | 181,230,772 | ||
Shares outstanding, no par value (unlimited shares authorized) | 8,773,853 | |||
Net asset value, offering and redemption price per share | $ | 20.66 |
See accompanying Notes to Financial Statements.
13
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2022 (UNAUDITED)
INVESTMENT INCOME | ||||
Income | ||||
Dividends (net of foreign withholding taxes of $394) | $ | 1,412,989 | ||
Securities lending income | 5,126 | |||
Interest | 489 | |||
Total investment Income | 1,418,604 | |||
Expenses | ||||
Investment advisory fees | 437,483 | |||
Fund accounting and administration fees and expenses | 37,461 | |||
Custody fees | 24,797 | |||
Registration fees | 23,654 | |||
Professional fees | 19,898 | |||
Transfer agent fees | 19,023 | |||
Trustees’ fees and expenses | 4,338 | |||
Shareholder reporting fees | 3,983 | |||
Insurance fees | 3,279 | |||
Miscellaneous expenses | 1,413 | |||
Total expenses | 575,329 | |||
Fees waived/expenses reimbursed by the Adviser | (50,349 | ) | ||
Net expenses | 524,980 | |||
Net investment income | 893,624 | |||
Net Realized and Unrealized Gain on Investments and Options Contracts | ||||
Net realized gain (loss) on: | ||||
Investments | 10,366,713 | |||
Purchased options contracts | (316,142 | ) | ||
Net realized gain | 10,050,571 | |||
Net change in unrealized appreciation/depreciation on investments | (865,629 | ) | ||
Net realized and unrealized gain on investments and options contracts | 9,184,942 | |||
Net Increase in Net Assets from Operations | $ | 10,078,566 |
See accompanying Notes to Financial Statements.
14
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 | $ | 893,624 | $ | 1,259,765 | ||||
Net realized gain on investments, purchased options contracts and written options contracts | 10,050,571 | 28,310,230 | ||||||
Net change in unrealized appreciation/depreciation on investments | (865,629 | ) | 43,645,685 | |||||
Net increase in net assets resulting from operations | 10,078,566 | 73,215,680 | ||||||
Distributions to Shareholders | $ | (27,771,015 | ) | $ | (1,441,941 | ) | ||
Capital Transactions | ||||||||
Proceeds from shares issued | 23,666,633 | 10,617,739 | ||||||
Reinvestment of distributions | 27,736,335 | 1,439,857 | ||||||
Cost of shares redeemed | (12,668,015 | ) | (33,738,468 | ) | ||||
Net increase (decrease) resulting from capital transactions | 38,734,953 | (21,680,872 | ) | |||||
Total increase in net assets | 21,042,504 | 50,092,867 | ||||||
Net Assets: | ||||||||
Beginning of period | 160,188,268 | 110,095,401 | ||||||
End of period | $ | 181,230,772 | $ | 160,188,268 | ||||
Capital Share Activity | ||||||||
Shares issued | 1,041,928 | 503,807 | ||||||
Shares reinvested | 1,397,872 | 70,855 | ||||||
Shares redeemed | (597,173 | ) | (1,687,900 | ) | ||||
Net increase (decrease) in capital shares | 1,842,627 | (1,113,238 | ) |
See accompanying Notes to Financial Statements.
15
Vericimetry Funds
Vericimetry U.S. Small Cap Value Fund
Financial Highlights
For a capital share outstanding throughout each period | ||||||||||||||||||||||||
For the | For the | For the | For the | For the | For the | |||||||||||||||||||
Net asset value, beginning of period | $ | 23.11 | $ | 13.69 | $ | 16.56 | $ | 21.14 | $ | 19.69 | $ | 16.64 | ||||||||||||
Income (Loss) from Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.11 | 0.18 | 0.16 | 0.17 | 0.15 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.24 | 9.44 | (2.61 | ) | (2.92 | ) | 1.54 | 3.04 | ||||||||||||||||
Total from investment operations | 1.35 | 9.62 | (2.45 | ) | (2.75 | ) | 1.69 | 3.16 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
From net investment income | (0.10 | ) | (0.20 | ) | (0.19 | ) | (0.15 | ) | (0.16 | ) | (0.11 | ) | ||||||||||||
From net realized gain | (3.70 | ) | — | (0.23 | ) | (1.68 | ) | (0.08 | ) | — | ||||||||||||||
Total distributions | (3.80 | ) | (0.20 | ) | (0.42 | ) | (1.83 | ) | (0.24 | ) | (0.11 | ) | ||||||||||||
Net asset value, end of period | $ | 20.66 | $ | 23.11 | $ | 13.69 | $ | 16.56 | $ | 21.14 | $ | 19.69 | ||||||||||||
Total return | 6.54 | %1 | 70.44 | % | (15.24 | )% | (12.70 | )% | 8.62 | % | 19.06 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 181,231 | $ | 160,188 | $ | 110,095 | $ | 182,450 | $ | 303,020 | $ | 301,760 | ||||||||||||
Ratio of expenses to average net assets (including interest expense) | ||||||||||||||||||||||||
Before fees reimbursed by the Adviser | 0.66 | %2 | 0.67 | % | 0.76 | %3 | 0.67 | %4 | 0.65 | %4 | 0.66 | % | ||||||||||||
After fees reimbursed by the Adviser | 0.60 | %2 | 0.60 | % | 0.63 | %3 | 0.60 | %4 | 0.60 | %4 | 0.60 | % | ||||||||||||
Ratio of net investment income to average net assets (including interest expense) | ||||||||||||||||||||||||
Before fees reimbursed by the Adviser | 0.96 | %2 | 0.77 | % | 0.93 | % | 0.86 | % | 0.69 | % | 0.58 | % | ||||||||||||
After fees reimbursed by the Adviser | 1.02 | %2 | 0.84 | % | 1.06 | % | 0.93 | % | 0.74 | % | 0.64 | % | ||||||||||||
Portfolio turnover rate | 36 | %1 | 72 | % | 69 | % | 47 | % | 46 | % | 42 | % |
1 | Not annualized. |
2 | Annualized. |
3 | If litigation expenses had been excluded, the expense ratios would have been lowered by 0.03% for the year end September 30, 2020. |
4 | Ratio of interest expense to average net assets was less than 0.005%. |
See accompanying Notes to Financial Statements.
16
Vericimetry Funds
Notes to Financial Statements
As of March 31, 2022 (Unaudited)
1. Organization
Vericimetry Funds (the “Trust”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust consists of one diversified series of shares: the Vericimetry U.S. Small Cap Value Fund (the “Fund”). The Fund’s investment objective is to achieve long-term capital appreciation. The Fund commenced operations on December 27, 2011.
2. Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses. Actual results may differ from those estimates and disclosure of contingent assets and liabilities.
(a) | Investment Valuation – Investments in securities traded on a national securities exchange, including common stocks, preferred stocks, exchange-traded funds and rights, are valued at the last reported sales price on the day of valuation. Securities traded on the Nasdaq National Market are valued at the Nasdaq Official Closing Price (“NOCP”). If there is no last reported sale or NOCP, the value of such securities will be at the mean between the most recent quoted bid and ask prices. Purchased options and other when-issued securities will follow the same pricing methods as the applicable equity securities. Debt securities are valued on the basis of bid-side prices. Money market investments are valued at their traded net asset value. Short-term investments may be valued at amortized cost, when it approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by Vericimetry Advisors LLC (the “Adviser”) under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). |
Under GAAP, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels and described below:
Level 1 – | quoted prices in active markets for identical securities that the Fund has the ability to access. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value. |
Level 2 – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement to a Level 3 measurement. |
Level 3 – | significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments. |
17
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2022 (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, 2022:
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | 13,570,180 | $ | — | $ | — | $ | 13,570,180 | ||||||||
Communications | 3,570,629 | — | — | 3,570,629 | ||||||||||||
Consumer, Cyclical | 25,840,331 | — | — | 25,840,331 | ||||||||||||
Consumer, Non-Cyclical | 17,717,349 | — | — | 17,717,349 | ||||||||||||
Energy | 28,702,622 | — | — | 28,702,622 | ||||||||||||
Financial | 46,369,256 | — | — | 46,369,256 | ||||||||||||
Industrial | 26,793,614 | — | — | 26,793,614 | ||||||||||||
Technology | 6,754,475 | — | — | 6,754,475 | ||||||||||||
Utilities | 58,099 | — | — | 58,099 | ||||||||||||
Exchange-Traded Funds | 3,349,005 | — | — | 3,349,005 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Consumer, Cyclical | 170,952 | — | — | 170,952 | ||||||||||||
Industrial | 43,259 | 43,259 | ||||||||||||||
Money Market Investments | 7,779,888 | — | — | 7,779,888 | ||||||||||||
Total Investments in Securities | $ | 180,719,659 | $ | — | $ | — | $ | 180,719,659 |
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 an 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.
18
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2022 (Unaudited)
GAAP requires management of the Fund to analyze all open tax years (for the Fund, tax years 2018-2021), 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, 2022, 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, 2022, no securities were on loan by the Fund. |
(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, 2022. |
(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, 2022 is denoted in the Fund’s Schedule of Investments. |
(h) | GAAP requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position, performance and cash flows. As of March 31, 2022, 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 |
19
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2022 (Unaudited)
by the Fund during the six months ended March 31, 2022 was related to purchased equity and index options which resulted in a net realized loss of $316,142 which is reflected on the Statement of Operations. The Fund had purchased option transactions during the six months ended March 31, 2022, 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, 2022, the Fund’s purchases and sales of purchased option contracts were as follows: |
Purchases | Sales | ||||||
$ | 745,882 | $ | 429,740 |
For the six months ended March 31, 2022, the Fund had no written option transactions. |
(i) | GAAP requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented. Management has evaluated the impact on the financial statement disclosures and determined that there is no effect. As there are no master netting arrangements relating to the Fund’s participation in securities lending, and all amounts related to securities lending are presented gross on the Fund’s Statement of Assets and Liabilities, no additional disclosures have been made on behalf of the Fund. Please reference Note 2(e) for additional disclosures related to securities lending, including collateral related to securities on loan. There are no master netting arrangements relating to the Fund’s use of option contracts. |
3. Investment Advisory and Other Agreements
The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly, at an annual rate equal to 0.50% of the Fund’s average daily net assets. However, the Adviser has contractually agreed through an Expense Limitation Agreement to waive its management fee or reimburse the Fund so that its total annual operating expenses (excluding non-operating costs, which includes but is not limited to taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) do not exceed 0.60% of the Fund’s average daily net assets through January 31, 2023. For the six months ended March 31, 2022, the Fund accrued $437,483 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $50,349.
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, 2022, reimbursements that may potentially be made by the Fund to the Adviser total $510,034, which expire as follows:
September 30, 2022 | $ | 163,798 | ||
September 30, 2023 | $ | 183,816 | ||
September 30, 2024 | $ | 112,071 | ||
September 30, 2025 | $ | 50,349 |
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. 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.
20
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2022 (Unaudited)
4. Federal Income Tax Information
At September 30, 2021, 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 | $ | 103,931,871 | ||
Gross Unrealized Appreciation | $ | 61,818,904 | ||
Gross Unrealized Depreciation | (2,144,895 | ) | ||
Net Unrealized Appreciation | $ | 59,674,009 |
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, 2021, the components of distributable earnings on a tax basis were as follows:
Undistributed Ordinary Income | $ | 7,785,353 | ||
Undistributed Long-term Gains | 18,366,006 | |||
Other Accumulated Losses | $ | (5,817 | ) | |
Unrealized Appreciation on Investments | 59,674,009 | |||
Total Distributable Earnings | $ | 85,819,551 |
The tax character of distributions paid during the fiscal years ended September 30, 2021 and September 30, 2020 were as follows:
September 30, | September 30, | |||||||
Distributions Paid From: | ||||||||
Ordinary Income | $ | 1,441,941 | $ | 1,789,630 | ||||
Long-term Capital Gains | — | 2,436,092 | ||||||
Total Distributions | $ | 1,441,941 | $ | 4,225,722 |
During the fiscal year ended September 30, 2021, the Fund utilized $621,899 of short-term non-expiring capital loss carry forwards.
5. Investment Transactions
For the six months ended March 31, 2022, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:
Purchases | Sales |
$ 71,172,881 | $ 59,193,290 |
6. Control Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of control of the Fund, under Section 2(a) 9 of the 1940 Act. As of March 31, 2022, TD Ameritrade, holding shares for the benefit of others in nominee name, held approximately 84.3% of the voting securities of the Fund
21
Vericimetry Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2022 (Unaudited)
7. 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.
8. Events Subsequent to the Fiscal Period End
The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. There were no subsequent events or transactions that occurred that materially impacted the amounts or disclosures in the Fund’s financial statements, through the date of issuance of these financial statements.
22
Vericimetry Funds
Expense Example
For Thr Six Months Ended March 31, 2022 (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, 2021 through March 31, 2022 (the “period”).
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.
Expenses Paid During the Period
Beginning | Ending | Expenses paid during | |
Actual Example | $ 1,000.00 | $ 1,065.40 | $ 3.09 |
Hypothetical Example, assuming a 5% return before expenses | 1,000.00 | 1,022.01 | 3.03 |
* | 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). |
23
Vericimetry Funds
Other Information (Unaudited)
Proxy Voting
The Fund’s proxy voting guidelines and a record of the Vericimetry U.S. Small Cap Value Fund’s proxy votes for the year ended June 30 are available without charge, upon request, by calling 1-855-755-7550 and on the Securities and Exchange Commission’s website at www.sec.gov.
Quarterly Holdings
The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.
A list of the Fund’s quarter-end holdings is also available at www.vericimetryfunds.com and upon request on or about 80 days following each quarter and remains available on the website until the list is updated in the subsequent quarter.
Risk Disclosures
Economic, political, and issuer specific events may cause the value of securities to rise or fall. Because the value of your investment in the Fund will fluctuate, there is the risk that you will lose money. Securities of small and microcap companies are often less liquid, more volatile and they may have more limited resources. Value stocks may perform differently from the market as a whole and may underperform equity funds that use other investment strategies. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results.
The recent global outbreak of COVID-19 has disrupted economies and markets, and the prolonged duration and economic impact is uncertain. These events can have a significant impact to the Fund’s operations and performance.
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the “Fund”), has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect the Fund’s particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of the Fund.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
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Vericimetry U.S. Small Cap Value Fund
www.vericimetryfunds.com
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services
Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
(a) The schedule of investments in securities in unaffiliated issuers is included as part of the report to shareholders filed under Item 1(a).
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submissions of Matters to a Vote of Security Holders
As of the end of the period covered by this report, the Registrant had not adopted any procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) The registrant's certifying officer has concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-2 under the Investment Company Act of 1940 (the "Act")) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on his evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no significant changes in the Registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of Ethics – Not applicable to semi-annual reports.
(a)(3) Not applicable.
(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 6, 2022 |
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 6, 2022 | |
By: | /s/ Michael Thill | |
Michael Thill | ||
Treasurer | ||
Date: | June 6, 2022 |