UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act File Number 811-22578
 
Vericimetry Funds
(Exact name of registrant as specified in charter)
 
790 E. Colorado Blvd., 9th Floor
Pasadena, CA 91101
 (Address of principal executive offices) (Zip code)
 
Glenn S. Freed
 
790 E. Colorado Blvd., 9th Floor
Pasadena, CA 91101
 (Name and address of agents for service)
 
Registrant's telephone number, including area code: (818) 813-1351
 
Date of fiscal year end: September 30
Date of reporting period: December 31, 2013
 
 
 
 
 
Item 1.  Schedule of Investments
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS   – 99.2%
 
BASIC MATERIALS   – 4.7%
 
A Schulman, Inc.
7,200
 
$
253,872
 
Aceto Corp.
4,065
   
101,666
 
Allied Nevada Gold Corp. *, 1
29,000
   
102,950
 
Century Aluminum Co. *
18,866
   
197,338
 
Codexis, Inc. *, 1
24,300
   
34,020
 
Coeur Mining, Inc. *
24,000
   
260,400
 
Commercial Metals Co.
25,500
   
518,415
 
Friedman Industries, Inc. 1
3,500
   
29,750
 
Horsehead Holding Corp. *, 1
10,400
   
168,584
 
Intrepid Potash, Inc. *, 1
8,400
   
133,056
 
Kaiser Aluminum Corp. 1
4,400
   
309,056
 
KMG Chemicals, Inc. 1
3,391
   
57,274
 
Kraton Performance Polymers, Inc. *
8,400
   
193,620
 
Kronos Worldwide, Inc. 1
28,200
   
537,210
 
Landec Corp. *
5,600
   
67,872
 
Material Sciences Corp. *
4,600
   
54,326
 
Materion Corp.
4,800
   
148,080
 
Minerals Technologies, Inc.
1,200
   
72,084
 
Molycorp, Inc. *, 1
22,000
   
123,640
 
Noranda Aluminum Holding Corp.
20,710
   
68,136
 
Northern Technologies International Corp. *
2,300
   
42,665
 
Olin Corp. 1
18,300
   
527,955
 
OM Group, Inc. *
7,100
   
258,511
 
Penford Corp. *
3,600
   
46,260
 
PH Glatfelter Co.
10,700
   
295,748
 
Schnitzer Steel Industries, Inc. - Class A 1
7,400
   
241,758
 
Sensient Technologies Corp.
9,700
   
470,644
 
Shiloh Industries, Inc. *
3,320
   
64,740
 
Stillwater Mining Co. *, 1
30,600
   
377,604
 
Universal Stainless & Alloy Products, Inc. *, 1
2,600
   
93,756
 
Zep, Inc.
6,000
   
108,960
 
Zoltek Cos., Inc. *, 1
3,700
   
61,975
 
   
6,021,925
 
 
COMMUNICATIONS   – 5.3%
 
1-800-Flowers.com, Inc. - Class A *
7,413
   
40,104
 
AH Belo Corp. - Class A
4,235
   
31,635
 
Alaska Communications Systems Group, Inc. *
17,968
   
38,092
 
Anaren, Inc. *, 1
2,762
   
77,308
 
ARRIS Group, Inc. *
31,600
   
769,934
 
Aviat Networks, Inc. *
29,100
   
65,766
 
Aware, Inc. *, 1
6,300
   
38,493
 
Beasley Broadcasting Group, Inc. - Class A
2,900
   
25,317
 
Black Box Corp. 1
2,900
   
86,420
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
COMMUNICATIONS (Continued)
 
Blucora, Inc. *, 1
5,700
 
$
166,212
 
CafePress, Inc. *
4,100
   
25,953
 
Calix, Inc. *
16,100
   
155,204
 
Cbeyond, Inc. *
11,500
   
79,350
 
Central European Media Enterprises Ltd. - Class A *, 1
8,400
   
32,256
 
ClearOne, Inc. *
3,000
   
26,310
 
Communications Systems, Inc.
1,900
   
21,166
 
Comtech Telecommunications Corp.
3,826
   
120,596
 
Courier Corp.
3,600
   
65,124
 
Demand Media, Inc. *
22,150
   
127,805
 
Digital Generation, Inc. *, 1
8,800
   
112,200
 
Dolan Co. *
11,200
   
7,840
 
EarthLink, Inc. 1
31,500
   
159,705
 
Entercom Communications Corp. - Class A *, 1
8,600
   
90,386
 
Envivio, Inc. *
5,000
   
17,000
 
ePlus, Inc. *
2,500
   
142,100
 
EW Scripps Co. - Class A *, 1
11,300
   
245,436
 
FAB Universal Corp. *, 1,2
8,400
   
12,936
 
FTD Cos., Inc. *, 1
3,946
   
128,561
 
Global Sources Ltd. *, 1
6,300
   
51,219
 
Gray Television, Inc. - Class A *, 1
4,881
   
63,014
 
Harmonic, Inc. *
27,200
   
200,736
 
Harte-Hanks, Inc.
12,968
   
101,410
 
Hawaiian Telcom Holdco, Inc. *, 1
2,300
   
67,551
 
ICG Group, Inc. *, 1
4,800
   
89,424
 
ID Systems, Inc. *
1,600
   
9,264
 
Inteliquent, Inc.
5,000
   
57,100
 
Internap Network Services Corp. *
15,800
   
118,816
 
IntraLinks Holdings, Inc. *
11,800
   
142,898
 
Iridium Communications, Inc. *, 1
23,000
   
143,980
 
Journal Communications, Inc. - Class A *
11,500
   
107,065
 
KVH Industries, Inc. *
2,600
   
33,878
 
Limelight Networks, Inc. *
38,959
   
77,139
 
Local Corp. *, 1
5,000
   
7,900
 
Marchex, Inc. - Class B 1
4,800
   
41,520
 
Martha Stewart Living Omnimedia, Inc. - Class A *
6,000
   
25,200
 
MeetMe, Inc. *, 1
15,000
   
27,450
 
ModusLink Global Solutions, Inc. *
14,200
   
81,366
 
NeoPhotonics Corp. *
7,700
   
54,362
 
NETGEAR, Inc. *, 1
8,900
   
293,166
 
Novatel Wireless, Inc. *
8,700
   
20,619
 
Oclaro, Inc. *, 1
36,950
   
92,006
 
Oplink Communications, Inc. *
6,440
   
119,784
 
PC-Tel, Inc. 1
3,100
   
29,667
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
COMMUNICATIONS (Continued)
 
Perficient, Inc. *
5,500
 
$
128,810
 
Polycom, Inc. *
38,800
   
435,724
 
Preformed Line Products Co.
490
   
35,848
 
Premiere Global Services, Inc. *
12,811
   
148,479
 
QuinStreet, Inc. *, 1
10,800
   
93,852
 
Radio One, Inc. - Class A *, 1
5,841
   
22,196
 
Radio One, Inc. - Class D *
12,878
   
48,808
 
RealNetworks, Inc. *
9,500
   
71,725
 
RLJ Entertainment, Inc. *
6,000
   
28,680
 
Salem Communications Corp. - Class A
4,821
   
41,943
 
Scholastic Corp. 1
8,500
   
289,085
 
ShoreTel, Inc. *
15,000
   
139,200
 
Synacor, Inc. *, 1
10,000
   
24,500
 
TeleCommunication Systems, Inc. - Class A *, 1
22,103
   
51,279
 
Telenav, Inc. *
9,111
   
60,041
 
TheStreet, Inc. *
6,402
   
14,469
 
U.S. Auto Parts Network, Inc. *
7,400
   
18,352
 
United Online, Inc. 1
2,818
   
38,776
 
UniTek Global Services, Inc. *
3,930
   
6,524
 
USA Mobility, Inc.
5,300
   
75,684
 
Voltari Corp. *, 1
668
   
2,291
 
Vonage Holdings Corp. *
26,300
   
87,579
 
Wireless Telecom Group, Inc. *, 1
8,178
   
17,337
 
   
6,846,925
 
 
CONSUMER, CYCLICAL   – 14.4%
 
Abercrombie & Fitch Co. - Class A
18,500
   
608,835
 
Aeropostale, Inc. *, 1
21,000
   
190,890
 
Ambassadors Group, Inc.
3,400
   
15,810
 
America's Car-Mart, Inc. *, 1
1,700
   
71,791
 
AMREP Corp. *
5,700
   
39,729
 
Ark Restaurants Corp.
900
   
19,935
 
Barnes & Noble, Inc. *, 1
7,400
   
110,630
 
Bassett Furniture Industries, Inc.
2,850
   
43,548
 
Beazer Homes USA, Inc. *, 1
3,700
   
90,354
 
bebe stores, Inc.
19,000
   
101,080
 
Biglari Holdings, Inc. *, 1
179
   
90,689
 
BJ's Restaurants, Inc. *, 1
7,500
   
232,950
 
Black Diamond, Inc. *, 1
8,600
   
114,638
 
Body Central Corp. *, 1
4,750
   
18,715
 
Brown Shoe Co., Inc. 1
6,700
   
188,538
 
Build-A-Bear Workshop, Inc. *
6,171
   
46,591
 
Callaway Golf Co. 1
17,000
   
143,310
 
Carrols Restaurant Group, Inc. *, 1
8,276
   
54,704
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
CONSUMER, CYCLICAL (Continued)
 
Cash America International, Inc. 1
5,600
 
$
214,480
 
Cato Corp. - Class A 1
4,500
   
143,100
 
Century Casinos, Inc. *
11,000
   
57,310
 
Children's Place Retail Stores, Inc. *
400
   
22,788
 
Churchill Downs, Inc.
1,160
   
103,994
 
Citi Trends, Inc. *, 1
4,100
   
69,700
 
Columbia Sportswear Co. 1
7,900
   
622,125
 
Compx International, Inc.
1,794
   
25,260
 
Cooper-Standard Holding, Inc. *
300
   
14,733
 
Core-Mark Holding Co., Inc.
2,500
   
189,825
 
Crocs, Inc. *
21,762
   
346,451
 
Crown Crafts, Inc. 1
2,560
   
19,891
 
dELiA*s, Inc. *, 1
18,000
   
15,833
 
Delta Apparel, Inc. *, 1
3,000
   
50,940
 
Destination XL Group, Inc. *
7,700
   
50,589
 
Dixie Group, Inc. *
2,751
   
36,313
 
Dover Downs Gaming & Entertainment, Inc. 1
20,900
   
30,932
 
Dover Motorsports, Inc.
8,000
   
20,080
 
DreamWorks Animation SKG, Inc. - Class A *
3,800
   
134,900
 
Emerson Radio Corp. *, 1
19,000
   
36,100
 
Escalade, Inc. 1
4,700
   
55,319
 
Ezcorp, Inc. - Class A *
15,500
   
181,195
 
Federal-Mogul Corp. *
16,686
   
328,380
 
Finish Line, Inc. - Class A 1
8,000
   
225,360
 
Flexsteel Industries, Inc. 1
1,872
   
57,527
 
Fred's, Inc. - Class A 1
8,900
   
164,828
 
Frisch's Restaurants, Inc. 1
1,600
   
41,008
 
Fuel Systems Solutions, Inc. *
5,400
   
74,898
 
Full House Resorts, Inc. *
7,900
   
22,120
 
G&K Services, Inc. - Class A
1,700
   
105,791
 
G-III Apparel Group Ltd. *
2,400
   
177,096
 
Gaiam, Inc. - Class A *, 1
4,600
   
30,452
 
Gaming Partners International Corp. *, 1
1,516
   
12,416
 
Genesco, Inc. *, 1
4,600
   
336,076
 
Group 1 Automotive, Inc. 1
5,912
   
419,870
 
Haverty Furniture Cos., Inc.
2,600
   
81,380
 
Hawaiian Holdings, Inc. *, 1
13,400
   
129,042
 
hhgregg, Inc. *, 1
7,500
   
104,775
 
Hooker Furniture Corp. 1
3,600
   
60,048
 
Iconix Brand Group, Inc. *, 1
12,600
   
500,220
 
International Speedway Corp. - Class A
2,600
   
92,274
 
Isle of Capri Casinos, Inc. *
4,570
   
41,130
 
JAKKS Pacific, Inc. 1
7,500
   
50,475
 
JetBlue Airways Corp. *, 1
64,000
   
547,200
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
CONSUMER, CYCLICAL (Continued)
 
Joe's Jeans, Inc. *
31,722
 
$
34,894
 
Johnson Outdoors, Inc. - Class A
2,600
   
70,070
 
Jones Group, Inc. 1
17,900
   
267,784
 
Jos A Bank Clothiers, Inc. *, 1
6,900
   
377,637
 
Kimball International, Inc. - Class B
7,000
   
105,210
 
Kirkland's, Inc. *
3,500
   
82,845
 
La-Z-Boy, Inc.
6,500
   
201,500
 
Lakes Entertainment, Inc. *
1,500
   
5,925
 
LeapFrog Enterprises, Inc. *
10,100
   
80,194
 
Life Time Fitness, Inc. *, 1
9,400
   
441,800
 
Lifetime Brands, Inc.
3,700
   
58,201
 
Luby's, Inc. *
5,100
   
39,372
 
M/I Homes, Inc. *, 1
6,000
   
152,700
 
Marcus Corp.
3,500
   
47,040
 
MarineMax, Inc. *
7,500
   
120,600
 
Marriott Vacations Worldwide Corp. *, 1
7,900
   
416,804
 
MDC Holdings, Inc. 1
10,000
   
322,400
 
Men's Wearhouse, Inc. 1
9,300
   
475,044
 
Meritage Homes Corp. *, 1
9,000
   
431,910
 
Miller Industries, Inc.
2,400
   
44,712
 
Modine Manufacturing Co. *
6,300
   
80,766
 
Monarch Casino & Resort, Inc. *
1,800
   
36,144
 
Office Depot, Inc. *
61,545
   
325,573
 
Pantry, Inc. *
7,801
   
130,901
 
PC Connection, Inc.
6,600
   
164,010
 
PCM, Inc. *
3,600
   
36,972
 
Pep Boys-Manny Moe & Jack *, 1
9,800
   
118,972
 
Perfumania Holdings, Inc. *
3,800
   
24,130
 
Perry Ellis International, Inc. *
3,200
   
50,528
 
Quiksilver, Inc. *, 1
17,000
   
149,090
 
RadioShack Corp. *, 1
20,000
   
52,000
 
Reading International, Inc. - Class A *
4,200
   
31,458
 
Red Lion Hotels Corp. *
10,300
   
62,315
 
Regis Corp. 1
12,200
   
177,022
 
Remy International, Inc.
6,300
   
146,916
 
Republic Airways Holdings, Inc. *
11,900
   
127,211
 
RG Barry Corp.
3,000
   
57,900
 
Rick's Cabaret International, Inc. *, 1
4,100
   
47,478
 
Rocky Brands, Inc.
2,800
   
40,796
 
Roundy's, Inc.
7,800
   
76,908
 
Ruby Tuesday, Inc. *, 1
15,000
   
103,950
 
Rush Enterprises, Inc. - Class A *
6,890
   
204,288
 
Rush Enterprises, Inc. - Class B *
2,580
   
65,790
 
ScanSource, Inc. *
7,300
   
309,739
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
CONSUMER, CYCLICAL (Continued)
 
Sears Hometown and Outlet Stores, Inc. *
4,771
 
$
121,660
 
Shoe Carnival, Inc.
5,892
   
170,927
 
Skechers U.S.A., Inc. - Class A *, 1
10,100
   
334,613
 
Skullcandy, Inc. *
6,500
   
46,865
 
Skyline Corp. *
140
   
721
 
SkyWest, Inc.
15,800
   
234,314
 
Spartan Motors, Inc. 1
12,800
   
85,760
 
Speed Commerce, Inc. *
7,800
   
36,426
 
Speedway Motorsports, Inc.
9,419
   
186,967
 
Stage Stores, Inc. 1
7,500
   
166,650
 
Standard Motor Products, Inc.
700
   
25,760
 
Stanley Furniture Co., Inc. *
10,355
   
39,763
 
Strattec Security Corp.
700
   
31,269
 
Superior Industries International, Inc.
7,900
   
162,977
 
Superior Uniform Group, Inc.
1,120
   
17,338
 
Supreme Industries, Inc. - Class A *, 1
4,500
   
26,235
 
Systemax, Inc. *, 1
6,723
   
75,634
 
Tandy Leather Factory, Inc. *, 1
2,176
   
21,238
 
Titan International, Inc.
15,100
   
271,498
 
Titan Machinery, Inc. *, 1
4,900
   
87,318
 
Trans World Entertainment Corp. *
9,000
   
39,780
 
Tuesday Morning Corp. *, 1
5,300
   
84,588
 
Unifi, Inc. *
5,697
   
155,186
 
UniFirst Corp.
3,700
   
395,900
 
United Stationers, Inc.
3,700
   
169,793
 
Universal Electronics, Inc. *
3,087
   
117,646
 
VOXX International Corp. *
4,500
   
75,150
 
Wendy's Co. 1
37,900
   
330,488
 
Wesco Aircraft Holdings, Inc. *
11,800
   
258,656
 
West Marine, Inc. *
7,200
   
102,456
 
Weyco Group, Inc. 1
1,600
   
47,088
 
Zale Corp. *, 1
2,710
   
42,737
 
   
18,587,861
 
 
CONSUMER, NON-CYCLICAL   – 15.3%
 
Aaron's, Inc. 1
17,000
   
499,800
 
ABM Industries, Inc.
14,000
   
400,260
 
ACCO Brands Corp. *, 1
24,500
   
164,640
 
Addus HomeCare Corp. *
1,500
   
33,675
 
Affymetrix, Inc. *, 1
17,000
   
145,690
 
Albany Molecular Research, Inc. *, 1
10,600
   
106,848
 
Alere, Inc. *
10,000
   
362,000
 
Alliance One International, Inc. *, 1
26,000
   
79,300
 
Almost Family, Inc. *, 1
3,200
   
103,456
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
CONSUMER, NON-CYCLICAL (Continued)
 
Alphatec Holdings, Inc. *, 1
36,090
 
$
72,541
 
Amedisys, Inc. *, 1
6,900
   
100,947
 
Amsurg Corp. *, 1
8,400
   
385,728
 
Andersons, Inc.
3,200
   
285,344
 
AngioDynamics, Inc. *
7,900
   
135,801
 
Anika Therapeutics, Inc. *
2,500
   
95,400
 
Apollo Education Group, Inc. *, 1
20,300
   
554,596
 
ARC Document Solutions, Inc. *, 1
9,600
   
78,912
 
BioScrip, Inc. *
19,500
   
144,300
 
Boulder Brands, Inc. *, 1
10,500
   
166,530
 
Bridgepoint Education, Inc. *
12,800
   
226,688
 
Career Education Corp. *, 1
19,000
   
108,300
 
CBIZ, Inc. *, 1
12,200
   
111,264
 
CDI Corp.
5,900
   
109,327
 
Central Garden and Pet Co. *, 1
6,162
   
42,333
 
Central Garden and Pet Co. - Class A *
11,800
   
79,650
 
Chiquita Brands International, Inc. *
14,100
   
164,970
 
Columbia Laboratories, Inc. *
7,500
   
49,575
 
CONMED Corp. 1
6,700
   
284,750
 
Consolidated Graphics, Inc. *
1,100
   
74,184
 
Convergys Corp. 1
19,100
   
402,055
 
Corinthian Colleges, Inc. *, 1
41,900
   
74,582
 
CRA International, Inc. *, 1
2,800
   
55,440
 
Craft Brew Alliance, Inc. *
1,126
   
18,489
 
Cross Country Healthcare, Inc. *, 1
10,700
   
106,786
 
CryoLife, Inc. 1
8,000
   
88,720
 
CSS Industries, Inc.
2,300
   
65,964
 
Cumberland Pharmaceuticals, Inc. *
5,000
   
25,550
 
Cutera, Inc. *
7,000
   
71,260
 
DeVry Education Group, Inc. 1
14,500
   
514,750
 
Diamond Foods, Inc. *, 1
4,800
   
124,032
 
Edgewater Technology, Inc. *
5,000
   
34,950
 
Electro Rent Corp.
4,564
   
84,525
 
Ennis, Inc.
5,200
   
92,040
 
Essex Rental Corp. *, 1
5,200
   
17,004
 
Exactech, Inc. *
3,100
   
73,656
 
Five Star Quality Care, Inc. *
18,200
   
99,918
 
Fresh Del Monte Produce, Inc.
14,000
   
396,200
 
FTI Consulting, Inc. *, 1
8,900
   
366,146
 
Great Lakes Dredge & Dock Corp. *, 1
11,400
   
104,880
 
Greatbatch, Inc. *
5,600
   
247,744
 
Green Dot Corp. - Class A *, 1
5,400
   
135,810
 
Hackett Group, Inc.
10,600
   
65,826
 
Harvard Apparatus Regenerative Technology, Inc. *
1,350
   
6,413
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
CONSUMER, NON-CYCLICAL (Continued)
 
Harvard Bioscience, Inc. *, 1
5,400
 
$
25,380
 
Health Net, Inc. *
17,861
   
529,936
 
Healthways, Inc. *, 1
9,800
   
150,430
 
Heidrick & Struggles International, Inc.
4,000
   
80,560
 
Helen of Troy Ltd. *
6,400
   
316,864
 
Heska Corp. *, 1
600
   
5,244
 
Hill International, Inc. *
10,100
   
39,895
 
Hudson Global, Inc. *
10,964
   
44,075
 
ICF International, Inc. *
4,898
   
170,010
 
Impax Laboratories, Inc. *, 1
17,200
   
432,408
 
Information Services Group, Inc. *
14,500
   
61,480
 
Ingles Markets, Inc. - Class A 1
4,000
   
108,400
 
Intersections, Inc.
5,490
   
42,767
 
Invacare Corp.
7,400
   
171,754
 
John B Sanfilippo & Son, Inc. 1
3,168
   
78,186
 
K12, Inc. *, 1
10,000
   
217,500
 
Kelly Services, Inc. - Class A
9,800
   
244,412
 
Kindred Healthcare, Inc.
14,300
   
282,282
 
Korn/Ferry International *
12,500
   
326,500
 
LeMaitre Vascular, Inc.
6,639
   
53,178
 
LHC Group, Inc. *, 1
5,100
   
122,604
 
LifePoint Hospitals, Inc. *
10,800
   
570,672
 
Lincoln Educational Services Corp.
9,800
   
48,804
 
Mac-Gray Corp.
1,850
   
39,276
 
Magellan Health Services, Inc. *
6,687
   
400,618
 
Matthews International Corp. - Class A 1
2,600
   
110,786
 
Medical Action Industries, Inc. *
8,900
   
76,184
 
Merit Medical Systems, Inc. *, 1
11,500
   
181,010
 
MGP Ingredients, Inc.
5,046
   
26,189
 
Molina Healthcare, Inc. *, 1
10,900
   
378,775
 
Monster Worldwide, Inc. *, 1
27,000
   
192,510
 
Multi-Color Corp.
2,000
   
75,480
 
National American University Holdings, Inc.
10,000
   
35,000
 
National Healthcare Corp.
3,500
   
188,685
 
Natural Alternatives International, Inc. *, 1
389
   
2,171
 
Natus Medical, Inc. *, 1
7,900
   
177,750
 
Navigant Consulting, Inc. *
12,700
   
243,840
 
Newtek Business Services, Inc. *, 1
13,713
   
43,059
 
Nutraceutical International Corp. *
2,410
   
64,540
 
NuVasive, Inc. *
5,500
   
177,815
 
Omega Protein Corp. *
7,900
   
97,091
 
PDI, Inc. *
6,400
   
30,784
 
Pendrell Corp. *, 1
28,700
   
57,687
 
Perceptron, Inc.
2,700
   
37,449
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
CONSUMER, NON-CYCLICAL (Continued)
 
Pernix Therapeutics Holdings *, 1
7,617
 
$
19,195
 
PharMerica Corp. *
7,300
   
156,950
 
PHH Corp. *, 1
11,400
   
277,590
 
PhotoMedex, Inc. *, 1
2,700
   
34,965
 
Post Holdings, Inc. *
7,200
   
354,744
 
PRGX Global, Inc. *, 1
9,618
   
64,633
 
Primo Water Corp. *
5,421
   
14,257
 
QC Holdings, Inc. 1
3,900
   
6,942
 
Quad/Graphics, Inc. 1
7,100
   
193,333
 
RCM Technologies, Inc. *
4,100
   
28,618
 
Rent-A-Center, Inc. 1
13,700
   
456,758
 
Resources Connection, Inc.
7,900
   
113,207
 
RPX Corp. *, 1
6,000
   
101,400
 
RTI Surgical, Inc. *
13,300
   
47,082
 
Sciclone Pharmaceuticals, Inc. *
18,632
   
93,905
 
Select Medical Holdings Corp. 1
31,749
   
368,606
 
Seneca Foods Corp. - Class A *, 1
3,400
   
108,426
 
Skilled Healthcare Group, Inc. - Class A *, 1
9,400
   
45,214
 
Solta Medical, Inc. *
22,700
   
66,965
 
Span-America Medical Systems, Inc.
142
   
2,959
 
Spartan Stores, Inc.
8,580
   
208,322
 
Spectrum Pharmaceuticals, Inc. *, 1
8,000
   
70,800
 
StarTek, Inc. *, 1
5,710
   
37,058
 
Summer Infant, Inc. *
8,726
   
15,794
 
Symmetry Medical, Inc. *
8,800
   
88,704
 
Synergetics USA, Inc. *, 1
6,691
   
24,221
 
Triple-S Management Corp. - Class B *
5,927
   
115,221
 
Universal American Corp.
24,400
   
178,120
 
Universal Corp. 1
5,700
   
311,220
 
Universal Technical Institute, Inc.
1,650
   
22,952
 
VCA Antech, Inc. *
8,556
   
268,316
 
Viad Corp.
5,698
   
158,290
 
Village Super Market, Inc. - Class A
1,800
   
55,818
 
Weis Markets, Inc.
5,993
   
314,992
 
   
19,625,166
 
 
DIVERSIFIED   – 0.3%
 
Harbinger Group, Inc. *
36,500
   
432,525
 
 
ENERGY   – 7.8%
 
Adams Resources & Energy, Inc.
1,000
   
68,500
 
Alon USA Energy, Inc. 1
16,400
   
271,256
 
Alpha Natural Resources, Inc. *
59,000
   
421,260
 
Apco Oil and Gas International, Inc. *, 1
1,700
   
26,503
 
Arch Coal, Inc. 1
47,700
   
212,265
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
ENERGY (Continued)
 
Basic Energy Services, Inc. *, 1
10,766
 
$
169,888
 
Bill Barrett Corp. *, 1
11,100
   
297,258
 
BioFuel Energy Corp. *, 1
1,000
   
1,720
 
C&J Energy Services, Inc. *, 1
12,600
   
291,060
 
Cal Dive International, Inc. *, 1
26,000
   
52,260
 
Callon Petroleum Co. *, 1
13,500
   
88,155
 
Carrizo Oil & Gas, Inc. *
6,000
   
268,620
 
Clayton Williams Energy, Inc. *
1,800
   
147,510
 
Cloud Peak Energy, Inc. *
15,900
   
286,200
 
Comstock Resources, Inc.
11,900
   
217,651
 
Contango Oil & Gas Co. *, 1
1,794
   
84,784
 
Dawson Geophysical Co. *
1,800
   
60,876
 
Delek U.S. Holdings, Inc. 1
14,800
   
509,268
 
Double Eagle Petroleum Co. *
990
   
2,307
 
Energy XXI Bermuda Ltd.
19,500
   
527,670
 
EPL Oil & Gas, Inc. *, 1
9,900
   
282,150
 
Exterran Holdings, Inc. *, 1
16,000
   
547,200
 
Forbes Energy Services Ltd. *, 1
8,108
   
26,513
 
FutureFuel Corp.
6,600
   
104,280
 
Global Geophysical Services, Inc. *
15,000
   
24,150
 
Green Plains Renewable Energy, Inc. 1
6,400
   
124,096
 
Gulf Island Fabrication, Inc.
3,600
   
83,592
 
Hallador Energy Co.
8,656
   
69,767
 
Harvest Natural Resources, Inc. *, 1
12,148
   
54,909
 
Hercules Offshore, Inc. *
38,200
   
249,446
 
ION Geophysical Corp. *, 1
38,000
   
125,400
 
James River Coal Co. *, 1
6,000
   
8,100
 
Key Energy Services, Inc. *
36,500
   
288,350
 
Matrix Service Co. *
7,800
   
190,866
 
Midstates Petroleum Co., Inc. *, 1
17,300
   
114,526
 
Mitcham Industries, Inc. *, 1
3,100
   
54,901
 
Natural Gas Services Group, Inc. *
3,441
   
94,868
 
Newpark Resources, Inc. *, 1
20,100
   
247,029
 
Northern Oil and Gas, Inc. *
14,600
   
220,022
 
Parker Drilling Co. *
30,000
   
243,900
 
Penn Virginia Corp. *, 1
19,600
   
184,828
 
Pioneer Energy Services Corp. *
13,400
   
107,334
 
Renewable Energy Group, Inc. *, 1
10,187
   
116,743
 
Resolute Energy Corp. *, 1
5,300
   
47,859
 
REX American Resources Corp. *
2,818
   
125,993
 
Rex Energy Corp. *
4,800
   
94,608
 
Saratoga Resources, Inc. *, 1
13,725
   
15,647
 
SEACOR Holdings, Inc. *, 1
5,100
   
465,120
 
Stone Energy Corp. *, 1
11,600
   
401,244
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
ENERGY (Continued)
 
Swift Energy Co. *, 1
12,200
 
$
164,700
 
TETRA Technologies, Inc. *, 1
21,800
   
269,448
 
TGC Industries, Inc.
8,800
   
64,240
 
U.S. Energy Corp. Wyoming *
7,000
   
26,320
 
Vantage Drilling Co. *, 1
60,760
   
111,798
 
W&T Offshore, Inc.
18,710
   
299,360
 
Walter Energy, Inc. 1
12,300
   
204,549
 
Warren Resources, Inc. *
27,000
   
84,780
 
Willbros Group, Inc. *, 1
8,500
   
80,070
 
   
10,023,717
 
 
FINANCIAL   – 27.6%
 
1st Century Bancshares, Inc. *
1,200
   
8,580
 
1st Constitution Bancorp *
100
   
1,091
 
1st Source Corp.
5,200
   
166,088
 
Access National Corp.
771
   
11,526
 
ACNB Corp. 1
1,200
   
21,672
 
American Equity Investment Life Holding Co. 1
13,100
   
345,578
 
American Independence Corp. *, 1
676
   
8,126
 
American National Bankshares, Inc.
980
   
25,725
 
American National Insurance Co. 1
3,100
   
355,074
 
American Realty Investors, Inc. *
5,028
   
25,593
 
American River Bankshares *
1,300
   
12,285
 
Ameris Bancorp *
2,000
   
42,220
 
AMERISAFE, Inc.
3,688
   
155,781
 
AmeriServ Financial, Inc.
6,200
   
18,786
 
Ames National Corp.
500
   
11,195
 
Amtrust Financial Services, Inc. 1
2,176
   
71,133
 
Argo Group International Holdings Ltd.
6,600
   
306,834
 
Arrow Financial Corp.
1,428
   
37,928
 
Asta Funding, Inc.
5,000
   
42,100
 
Astoria Financial Corp.
25,300
   
349,899
 
Baldwin & Lyons, Inc. - Class B 1
3,500
   
95,620
 
Banc of California, Inc. 1
2,602
   
34,893
 
Bancfirst Corp.
1,192
   
66,824
 
Bancorp of New Jersey, Inc.
1,100
   
15,004
 
Bancorp, Inc. *
6,500
   
116,415
 
BancorpSouth, Inc.
17,600
   
447,392
 
Bank of Commerce Holdings
4,000
   
22,840
 
Bank of Kentucky Financial Corp.
380
   
14,022
 
Bank of Marin Bancorp
250
   
10,848
 
Banner Corp. 1
4,164
   
186,630
 
Bar Harbor Bankshares
200
   
7,998
 
BBCN Bancorp, Inc.
16,900
   
280,371
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
FINANCIAL (Continued)
 
BCB Bancorp, Inc.
1,100
 
$
14,795
 
Berkshire Hills Bancorp, Inc.
5,216
   
142,240
 
BNC Bancorp
2,700
   
46,278
 
Boston Private Financial Holdings, Inc.
17,300
   
218,326
 
Bridge Bancorp, Inc.
1,000
   
26,000
 
Bridge Capital Holdings *
1,535
   
31,529
 
Brookline Bancorp, Inc. 1
14,400
   
137,808
 
Bryn Mawr Bank Corp.
1,077
   
32,504
 
C&F Financial Corp. 1
500
   
22,835
 
Calamos Asset Management, Inc. - Class A 1
6,000
   
71,040
 
California First National Bancorp
1,600
   
24,160
 
Camco Financial Corp. *, 1
2,900
   
19,372
 
Camden National Corp.
681
   
28,752
 
Cape Bancorp, Inc. 1
2,500
   
25,400
 
Capital Bank Financial Corp. - Class A *
6,722
   
152,925
 
Capital City Bank Group, Inc. *, 1
2,900
   
34,133
 
Cardinal Financial Corp. 1
8,000
   
144,000
 
Cascade Bancorp *
100
   
523
 
Cathay General Bancorp
14,300
   
382,239
 
Center Bancorp, Inc. 1
3,000
   
56,280
 
Centerstate Banks, Inc.
3,800
   
38,570
 
Central Pacific Financial Corp.
10,400
   
208,832
 
Central Valley Community Bancorp 1
1,060
   
11,925
 
Century Bancorp, Inc. - Class A
415
   
13,799
 
Chemical Financial Corp.
5,800
   
183,686
 
Chemung Financial Corp.
134
   
4,579
 
Cheviot Financial Corp. 1
3,900
   
40,521
 
Citizens & Northern Corp.
1,200
   
24,756
 
Citizens, Inc. *
11,870
   
103,862
 
City Holding Co. 1
1,300
   
60,229
 
CNB Financial Corp.
930
   
17,670
 
CoBiz Financial, Inc.
12,000
   
143,520
 
Codorus Valley Bancorp, Inc.
535
   
10,647
 
Colony Bankcorp, Inc. *
1,500
   
9,150
 
Columbia Banking System, Inc. 1
6,569
   
180,713
 
Commercial National Financial Corp.
190
   
3,947
 
Community Bank Shares of Indiana, Inc.
571
   
11,083
 
Community Bank System, Inc. 1
4,700
   
186,496
 
Community Bankers Trust Corp. *
2,100
   
7,896
 
Community Financial Corp.
100
   
2,030
 
Community Trust Bancorp, Inc. 1
1,800
   
81,288
 
Consumer Portfolio Services, Inc. *, 1
3,600
   
33,804
 
Cowen Group, Inc. - Class A *
33,000
   
129,030
 
Crawford & Co. - Class A
2,800
   
21,532
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
FINANCIAL (Continued)
 
Customers Bancorp, Inc. *
4,400
 
$
90,024
 
CVB Financial Corp. 1
12,600
   
215,082
 
DFC Global Corp. *, 1
10,400
   
119,080
 
Dime Community Bancshares, Inc.
9,500
   
160,740
 
Donegal Group, Inc. - Class A
5,331
   
84,763
 
Doral Financial Corp. *
2,300
   
36,018
 
Eagle Bancorp, Inc. *
2,337
   
71,582
 
Eastern Virginia Bankshares, Inc. *
6,900
   
48,300
 
EMC Insurance Group, Inc.
2,716
   
83,164
 
Employers Holdings, Inc. 1
7,400
   
234,210
 
Encore Capital Group, Inc. *, 1
3,900
   
196,014
 
Endurance Specialty Holdings Ltd. 1
8,100
   
475,227
 
Enstar Group Ltd. *
1,800
   
250,038
 
Enterprise Bancorp, Inc.
1,000
   
21,170
 
Enterprise Financial Services Corp.
3,100
   
63,302
 
ESB Financial Corp.
1,985
   
28,187
 
ESSA Bancorp, Inc.
5,601
   
64,748
 
Evans Bancorp, Inc.
200
   
4,246
 
EverBank Financial Corp. 1
21,480
   
393,943
 
Farmers Capital Bank Corp. *
1,800
   
39,150
 
Farmers National Banc Corp. 1
3,500
   
22,925
 
FBL Financial Group, Inc. - Class A
4,534
   
203,078
 
FBR & Co. *
3,200
   
84,416
 
Federal Agricultural Mortgage Corp. - Class C
2,648
   
90,694
 
Federated National Holding Co.
2,050
   
29,992
 
Fidelity Southern Corp. 1
1,819
   
30,214
 
Financial Institutions, Inc.
2,430
   
60,045
 
First Acceptance Corp. *
6,879
   
15,615
 
First Bancorp, Inc.
870
   
15,155
 
First BanCorp/Puerto Rico *
22,200
   
137,418
 
First Bancorp/Troy NC 1
2,400
   
39,888
 
First Bancshares, Inc. 1
236
   
3,431
 
First Busey Corp.
20,896
   
121,197
 
First Business Financial Services, Inc.
606
   
22,804
 
First Citizens Banc Corp.
2,340
   
15,257
 
First Citizens BancShares, Inc. - Class A
1,300
   
289,419
 
First Clover Leaf Financial Corp.
2,500
   
23,775
 
First Commonwealth Financial Corp. 1
18,320
   
161,582
 
First Community Bancshares, Inc.
5,202
   
86,873
 
First Community Corp.
400
   
4,064
 
First Defiance Financial Corp.
1,700
   
44,149
 
First Financial Bancorp
14,000
   
244,020
 
First Financial Corp.
1,100
   
40,216
 
First Financial Holdings, Inc.
3,755
   
249,745
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
FINANCIAL (Continued)
 
First Financial Northwest, Inc.
5,000
 
$
51,850
 
First Internet Bancorp
1,478
   
33,255
 
First Interstate Bancsystem, Inc.
1,500
   
42,555
 
First Marblehead Corp. *
1,370
   
10,124
 
First Merchants Corp. 1
6,149
   
139,951
 
First Midwest Bancorp, Inc.
20,500
   
359,365
 
First of Long Island Corp.
900
   
38,583
 
First South Bancorp, Inc./Washington NC *
500
   
3,900
 
First United Corp. *
2,495
   
19,062
 
Firstbank Corp./Alma MI
730
   
14,118
 
Flagstar Bancorp, Inc. *
11,700
   
229,554
 
Flushing Financial Corp.
7,100
   
146,970
 
FNB Corp. 1
27,855
   
351,530
 
Forestar Group, Inc. *, 1
10,000
   
212,700
 
Fortegra Financial Corp. *
7,800
   
64,506
 
Franklin Financial Corp. *
600
   
11,868
 
FS Bancorp, Inc.
100
   
1,711
 
Fulton Financial Corp.
22,178
   
290,088
 
Gain Capital Holdings, Inc. 1
10,000
   
75,100
 
German American Bancorp, Inc.
710
   
20,235
 
GFI Group, Inc.
21,100
   
82,501
 
Gleacher & Co., Inc. *
2,352
   
24,437
 
Great Southern Bancorp, Inc.
1,300
   
39,533
 
Greenlight Capital Re Ltd. - Class A *
6,700
   
225,857
 
Guaranty Bancorp
3,000
   
42,150
 
Hallmark Financial Services, Inc. *
4,500
   
39,983
 
Hanmi Financial Corp.
7,400
   
161,986
 
Hanover Insurance Group, Inc.
7,000
   
417,970
 
Heartland Financial USA, Inc.
1,700
   
48,943
 
Heritage Commerce Corp.
2,639
   
21,745
 
Heritage Financial Corp.
4,700
   
80,417
 
Heritage Financial Group, Inc.
1,700
   
32,725
 
Heritage Oaks Bancorp *, 1
2,870
   
21,525
 
HF Financial Corp.
650
   
8,418
 
Hilltop Holdings, Inc. *
14,600
   
337,698
 
Hingham Institution for Savings
371
   
29,120
 
Home Bancorp, Inc. *, 1
1,220
   
22,997
 
HomeStreet, Inc.
4,300
   
86,000
 
HopFed Bancorp, Inc.
2,574
   
29,318
 
Horace Mann Educators Corp.
6,900
   
217,626
 
Horizon Bancorp 1
1,500
   
37,995
 
Hudson Valley Holding Corp.
1,288
   
26,211
 
Iberiabank Corp. 1
2,900
   
182,265
 
IF Bancorp, Inc.
200
   
3,342
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
FINANCIAL (Continued)
 
Imperial Holdings, Inc. *, 1
1,322
 
$
8,646
 
Independence Holding Co.
4,150
   
55,983
 
Independent Bank Corp. *
4,389
   
52,668
 
Independent Bank Corp./Rockland MA 1
2,700
   
105,813
 
Infinity Property & Casualty Corp.
2,800
   
200,900
 
Interactive Brokers Group, Inc. - Class A
10,000
   
243,400
 
International Bancshares Corp.
13,500
   
356,265
 
Intervest Bancshares Corp. *, 1
7,000
   
52,570
 
INTL. FCStone, Inc. *
2,395
   
44,403
 
Investment Technology Group, Inc. *, 1
5,057
   
103,972
 
Investors Bancorp, Inc. 1
7,000
   
179,060
 
Investors Title Co.
800
   
64,784
 
Janus Capital Group, Inc. 1
42,800
   
529,436
 
JMP Group, Inc. 1
2,700
   
19,980
 
Kansas City Life Insurance Co. 1
2,530
   
120,782
 
Kemper Corp.
11,887
   
485,941
 
Lakeland Bancorp, Inc. 1
9,100
   
112,567
 
Lakeland Financial Corp.
1,400
   
54,600
 
Laporte Bancorp, Inc. 1
815
   
9,063
 
LCNB Corp. 1
800
   
14,296
 
LNB Bancorp, Inc.
1,600
   
16,048
 
Macatawa Bank Corp. *
4,200
   
21,000
 
Maiden Holdings Ltd. 1
19,300
   
210,949
 
MainSource Financial Group, Inc.
2,250
   
40,568
 
Manning & Napier, Inc.
3,800
   
67,070
 
Marlin Business Services Corp.
3,500
   
88,200
 
MB Financial, Inc.
11,000
   
352,990
 
MBIA, Inc. *
43,900
   
524,166
 
MBT Financial Corp. *
7,000
   
29,820
 
Meadowbrook Insurance Group, Inc.
15,300
   
106,488
 
Mercantile Bank Corp.
900
   
19,422
 
Merchants Bancshares, Inc.
310
   
10,385
 
Meta Financial Group, Inc.
1,600
   
64,528
 
Metro Bancorp, Inc. *
1,460
   
31,448
 
MetroCorp Bancshares, Inc.
3,305
   
49,806
 
MGIC Investment Corp. *, 1
12,000
   
101,280
 
MicroFinancial, Inc.
2,411
   
20,614
 
Middleburg Financial Corp.
1,700
   
30,668
 
MidSouth Bancorp, Inc.
406
   
7,251
 
MidWestOne Financial Group, Inc.
1,000
   
27,200
 
Monarch Financial Holdings, Inc.
1,800
   
22,158
 
Montpelier Re Holdings Ltd. 1
9,409
   
273,802
 
MutualFirst Financial, Inc.
820
   
14,047
 
NASB Financial, Inc. 1
520
   
15,704
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
FINANCIAL (Continued)
 
National Bankshares, Inc. 1
800
 
$
29,512
 
National Interstate Corp.
3,033
   
69,759
 
National Penn Bancshares, Inc.
17,150
   
194,309
 
National Western Life Insurance Co. - Class A
686
   
153,355
 
Naugatuck Valley Financial Corp. *
300
   
2,136
 
Navigators Group, Inc. *
3,000
   
189,480
 
NBT Bancorp, Inc.
10,600
   
274,540
 
Nelnet, Inc. - Class A
7,100
   
299,194
 
New Hampshire Thrift Bancshares, Inc. 1
1,286
   
19,612
 
NewBridge Bancorp *
7,100
   
53,250
 
North Valley Bancorp *
1,300
   
24,583
 
Northeast Bancorp
594
   
5,691
 
Northrim BanCorp, Inc.
800
   
20,992
 
Northwest Bancshares, Inc.
22,100
   
326,638
 
Norwood Financial Corp.
66
   
1,775
 
Oak Valley Bancorp *
400
   
3,300
 
Ocean Shore Holding Co.
310
   
4,235
 
OceanFirst Financial Corp.
2,400
   
41,112
 
Old Line Bancshares, Inc. 1
1,300
   
18,850
 
Old National Bancorp 1
19,800
   
304,326
 
Old Point Financial Corp. 1
861
   
11,038
 
OneBeacon Insurance Group Ltd. - Class A
6,100
   
96,502
 
Oneida Financial Corp.
1,030
   
13,081
 
Oppenheimer Holdings, Inc. - Class A
3,700
   
91,686
 
Oritani Financial Corp.
11,352
   
182,200
 
Orrstown Financial Services, Inc. *, 1
533
   
8,715
 
Pacific Continental Corp. 1
2,900
   
46,226
 
Pacific Mercantile Bancorp *
1,800
   
11,196
 
Pacific Premier Bancorp, Inc. *
1,930
   
30,378
 
PacWest Bancorp 1
3,700
   
156,214
 
Palmetto Bancshares, Inc. *
400
   
5,184
 
Park National Corp. 1
1,800
   
153,126
 
Park Sterling Corp.
9,110
   
65,045
 
Parke Bancorp, Inc. *
2,400
   
21,600
 
Peapack Gladstone Financial Corp. 1
540
   
10,314
 
Penns Woods Bancorp, Inc.
400
   
20,400
 
Peoples Bancorp of North Carolina, Inc.
300
   
4,254
 
Peoples Bancorp, Inc.
790
   
17,783
 
Phoenix Cos., Inc. *
900
   
55,260
 
PICO Holdings, Inc. *
4,000
   
92,440
 
Pinnacle Financial Partners, Inc.
3,900
   
126,867
 
Piper Jaffray Cos. *
3,800
   
150,290
 
Platinum Underwriters Holdings Ltd.
5,400
   
330,912
 
Preferred Bank/Los Angeles CA *
1,500
   
30,075
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
FINANCIAL (Continued)
 
Premier Financial Bancorp, Inc. 1
2,300
 
$
32,545
 
Primerica, Inc.
10,200
   
437,682
 
PrivateBancorp, Inc.
15,547
   
449,775
 
Provident Financial Holdings, Inc. 1
3,200
   
48,000
 
Provident Financial Services, Inc.
12,000
   
231,840
 
Pulaski Financial Corp. 1
1,490
   
16,777
 
QCR Holdings, Inc.
500
   
8,720
 
Regional Management Corp. *
407
   
13,810
 
Renasant Corp.
4,299
   
135,247
 
Republic Bancorp, Inc. - Class A
2,400
   
58,896
 
Republic First Bancorp, Inc. *
3,400
   
10,132
 
Riverview Bancorp, Inc. *
3,648
   
10,579
 
Rockville Financial, Inc.
5,000
   
71,050
 
S&T Bancorp, Inc. 1
3,800
   
96,178
 
Safety Insurance Group, Inc. 1
4,250
   
239,275
 
Sandy Spring Bancorp, Inc.
4,031
   
113,634
 
Seacoast Banking Corp. of Florida *
7,875
   
96,075
 
Security National Financial Corp. - Class A *, 1
5,300
   
25,546
 
Selective Insurance Group, Inc.
11,100
   
300,366
 
Severn Bancorp, Inc. *
4,200
   
19,908
 
Shore Bancshares, Inc. *
3,600
   
33,192
 
Sierra Bancorp
1,700
   
27,353
 
Simmons First National Corp. - Class A
2,002
   
74,374
 
Simplicity Bancorp, Inc.
1,400
   
22,624
 
Southern First Bancshares, Inc. *
2,000
   
26,680
 
Southern National Bancorp of Virginia, Inc. 1
1,800
   
18,018
 
Southside Bancshares, Inc. 1
1,575
   
43,060
 
Southwest Bancorp, Inc./Stillwater OK *
5,000
   
79,600
 
StanCorp Financial Group, Inc.
6,000
   
397,500
 
State Auto Financial Corp.
4,300
   
91,332
 
State Bank Financial Corp.
7,600
   
138,244
 
StellarOne Corp.
2,700
   
64,989
 
Sterling Bancorp
8,961
   
119,809
 
Sterling Financial Corp.
12,600
   
429,408
 
Stewart Information Services Corp. 1
4,600
   
148,442
 
Stifel Financial Corp. *, 1
5,050
   
241,996
 
Stratus Properties, Inc. *, 1
3,300
   
56,529
 
Suffolk Bancorp *
1,200
   
24,960
 
Summit Financial Group, Inc. *
1,501
   
14,905
 
Susquehanna Bancshares, Inc.
46,200
   
593,208
 
SWS Group, Inc. *
9,200
   
55,936
 
SY Bancorp, Inc.
1,300
   
41,496
 
Symetra Financial Corp.
26,400
   
500,544
 
Synovus Financial Corp.
61,800
   
222,480
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
FINANCIAL (Continued)
 
Taylor Capital Group, Inc. *, 1
2,400
 
$
63,792
 
TCF Financial Corp.
8,400
   
136,500
 
Teche Holding Co.
836
   
41,700
 
Territorial Bancorp, Inc.
1,100
   
25,520
 
Texas Capital Bancshares, Inc. *
6,200
   
385,640
 
Timberland Bancorp, Inc.
1,378
   
13,256
 
Tompkins Financial Corp. 1
3,029
   
155,660
 
Tower Financial Corp.
300
   
7,476
 
TowneBank/Portsmouth VA 1
3,000
   
46,170
 
Transcontinental Realty Investors, Inc. *
1,100
   
10,285
 
Trico Bancshares
1,900
   
53,903
 
TrustCo Bank Corp. NY 1
21,500
   
154,370
 
Trustmark Corp. 1
12,100
   
324,764
 
Two River Bancorp
1,700
   
12,257
 
Umpqua Holdings Corp. 1
20,800
   
398,112
 
Union First Market Bankshares Corp. 1
5,900
   
146,379
 
United Bankshares, Inc. 1
5,000
   
157,250
 
United Community Banks, Inc. *, 1
5,600
   
99,400
 
United Community Financial Corp. *
5,417
   
19,339
 
United Financial Bancorp, Inc. 1
1,700
   
32,113
 
United Fire Group, Inc. 1
5,800
   
166,228
 
United Insurance Holdings Corp. 1
4,506
   
63,444
 
United Security Bancshares/Fresno CA *
4,352
   
21,933
 
United Security Bancshares/Thomasville AL *
500
   
3,645
 
Unity Bancorp, Inc.
650
   
4,979
 
Universal Insurance Holdings, Inc.
6,300
   
91,224
 
Univest Corp. of Pennsylvania
1,800
   
37,224
 
Valley National Bancorp 1
36,000
   
364,320
 
ViewPoint Financial Group, Inc. 1
4,700
   
129,015
 
Virginia Commerce Bancorp, Inc. *
2,500
   
42,475
 
Walker & Dunlop, Inc. *
7,593
   
122,779
 
Walter Investment Management Corp. *, 1
6,800
   
240,448
 
Washington Banking Co.
3,000
   
53,190
 
Washington Federal, Inc.
12,500
   
291,125
 
Washington Trust Bancorp, Inc. 1
1,600
   
59,552
 
WashingtonFirst Bankshare, Inc.
200
   
2,858
 
Waterstone Financial, Inc. *
3,030
   
33,633
 
Webster Financial Corp. 1
9,400
   
293,092
 
WesBanco, Inc.
5,900
   
188,800
 
West Bancorporation, Inc.
4,020
   
63,596
 
Western Alliance Bancorp *, 1
9,000
   
214,740
 
Westfield Financial, Inc.
6,000
   
44,760
 
Wilshire Bancorp, Inc.
12,200
   
133,346
 
Wintrust Financial Corp.
7,500
   
345,900
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
FINANCIAL (Continued)
 
WSFS Financial Corp.
800
 
$
62,024
 
Xenith Bankshares, Inc. *, 1
5,700
   
33,573
 
Yadkin Financial Corp. *
2,445
   
41,662
 
   
35,553,863
 
 
INDUSTRIAL   – 16.6%
 
AAR Corp.
7,955
   
222,820
 
Advanced Energy Industries, Inc. *, 1
5,300
   
121,158
 
Aegion Corp. *, 1
7,853
   
171,902
 
Air Transport Services Group, Inc. *
20,700
   
167,463
 
Alamo Group, Inc.
2,800
   
169,932
 
Albany International Corp. - Class A
2,500
   
89,825
 
Allied Motion Technologies, Inc. 1
2,606
   
32,445
 
AM Castle & Co. *, 1
7,100
   
104,867
 
Ameresco, Inc. - Class A *, 1
6,622
   
63,969
 
Ampco-Pittsburgh Corp.
3,700
   
71,965
 
API Technologies Corp. *, 1
15,200
   
51,832
 
Arkansas Best Corp.
5,200
   
175,136
 
Astec Industries, Inc. 1
5,197
   
200,760
 
Atlas Air Worldwide Holdings, Inc. *, 1
6,800
   
279,820
 
AVX Corp.
30,600
   
426,258
 
Ballantyne Strong, Inc. *
7,865
   
36,415
 
Barnes Group, Inc.
9,900
   
379,269
 
Bel Fuse, Inc. - Class B
2,480
   
52,849
 
Benchmark Electronics, Inc. *
11,400
   
263,112
 
Boise Cascade Co. *, 1
10,500
   
309,540
 
Brady Corp. - Class A
11,800
   
364,974
 
Briggs & Stratton Corp.
10,900
   
237,184
 
Bristow Group, Inc. 1
2,700
   
202,662
 
Broadwind Energy, Inc. *
5,701
   
53,817
 
CAI International, Inc. *
5,500
   
129,635
 
Celadon Group, Inc. 1
6,900
   
134,412
 
Checkpoint Systems, Inc. *
12,152
   
191,637
 
Coherent, Inc. *
2,000
   
148,780
 
Columbus McKinnon Corp. *
5,700
   
154,698
 
Comfort Systems USA, Inc.
3,500
   
67,865
 
Core Molding Technologies, Inc. *
3,500
   
47,950
 
Covenant Transportation Group, Inc. - Class A *
8,442
   
69,309
 
CPI Aerostructures, Inc. *
2,200
   
33,088
 
CTS Corp.
5,600
   
111,496
 
Cubic Corp.
6,100
   
321,226
 
Curtiss-Wright Corp. 1
10,700
   
665,861
 
CyberOptics Corp. *
2,022
   
12,860
 
DHT Holdings, Inc.
399
   
2,729
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
INDUSTRIAL (Continued)
 
Ducommun, Inc. *
2,600
 
$
77,506
 
Dycom Industries, Inc. *
5,600
   
155,624
 
Dynamic Materials Corp.
2,607
   
56,676
 
Eagle Bulk Shipping, Inc. *, 1
7,900
   
36,261
 
Eastern Co.
1,500
   
23,880
 
Ecology and Environment, Inc. - Class A
950
   
10,573
 
Electro Scientific Industries, Inc.
9,445
   
98,795
 
EMCOR Group, Inc.
2,800
   
118,832
 
Encore Wire Corp.
4,500
   
243,900
 
EnerSys, Inc.
900
   
63,081
 
Engility Holdings, Inc. *
4,806
   
160,520
 
EnPro Industries, Inc. *, 1
2,900
   
167,185
 
Era Group, Inc. *
2,300
   
70,978
 
Erickson Air-Crane, Inc. *, 1
3,465
   
72,037
 
ESCO Technologies, Inc. 1
5,300
   
181,578
 
Esterline Technologies Corp. *
2,900
   
295,684
 
Fabrinet *, 1
7,600
   
156,256
 
Flow International Corp. *
7,195
   
29,068
 
FreightCar America, Inc. 1
4,400
   
117,128
 
Frequency Electronics, Inc. *
4,000
   
46,680
 
Fuel Tech, Inc. *
3,100
   
21,979
 
GATX Corp. 1
10,700
   
558,219
 
Genco Shipping & Trading Ltd. *, 1
6,500
   
16,250
 
Gencor Industries, Inc. *
4,000
   
38,160
 
General Cable Corp. 1
10,256
   
301,629
 
General Finance Corp. *
3,760
   
22,673
 
Gibraltar Industries, Inc. *, 1
8,000
   
148,720
 
Global Power Equipment Group, Inc.
3,500
   
68,495
 
Goldfield Corp. *, 1
8,800
   
17,160
 
GrafTech International Ltd. *, 1
27,300
   
306,579
 
Granite Construction, Inc. 1
10,000
   
349,800
 
Greenbrier Cos., Inc. *, 1
6,500
   
213,460
 
Greif, Inc. - Class A
3,100
   
162,440
 
Griffon Corp.
16,200
   
214,002
 
GSE Holding, Inc. *, 1
16,400
   
33,948
 
Gulfmark Offshore, Inc. - Class A
3,200
   
150,816
 
Hardinge, Inc.
4,200
   
60,774
 
Haynes International, Inc. 1
3,000
   
165,720
 
Heritage-Crystal Clean, Inc. *, 1
3,200
   
65,568
 
Hudson Technologies, Inc. *, 1
11,829
   
43,767
 
Hurco Cos., Inc. 1
1,600
   
40,016
 
Identive Group, Inc. *
10,000
   
5,757
 
IEC Electronics Corp. *
1,180
   
4,932
 
II-VI, Inc. *, 1
12,900
   
227,040
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
INDUSTRIAL (Continued)
 
Insteel Industries, Inc.
6,200
 
$
140,926
 
Integrated Electrical Services, Inc. *
2,200
   
11,858
 
International Shipholding Corp. 1
2,033
   
59,973
 
Intevac, Inc. *
4,500
   
33,435
 
Iteris, Inc. *, 1
10,667
   
22,401
 
Itron, Inc. *, 1
8,700
   
360,441
 
Kadant, Inc.
3,200
   
129,664
 
Kemet Corp. *
13,000
   
73,320
 
Key Technology, Inc. *, 1
2,200
   
31,526
 
Knightsbridge Tankers Ltd. 1
2,300
   
21,137
 
Kratos Defense & Security Solutions, Inc. *
13,600
   
104,448
 
Lawson Products, Inc. *
3,546
   
43,438
 
Layne Christensen Co. *, 1
3,900
   
66,612
 
LB Foster Co. - Class A
1,900
   
89,851
 
LMI Aerospace, Inc. *
3,420
   
50,411
 
LoJack Corp. *, 1
1,200
   
4,332
 
Louisiana-Pacific Corp. *
29,750
   
550,672
 
LS Starrett Co. - Class A
2,221
   
32,360
 
LSI Industries, Inc. 1
5,900
   
51,153
 
Lydall, Inc. *
3,088
   
54,411
 
Marten Transport Ltd.
9,100
   
183,729
 
Metalico, Inc. *, 1
30,000
   
62,100
 
Mfri, Inc. *
1,420
   
20,377
 
Moog, Inc. - Class A *
4,200
   
285,348
 
Multi-Fineline Electronix, Inc. *
8,100
   
112,509
 
MYR Group, Inc. *
6,100
   
152,988
 
NACCO Industries, Inc. - Class A
1,380
   
85,822
 
National Presto Industries, Inc. 1
600
   
48,300
 
NN, Inc.
4,000
   
80,760
 
Northwest Pipe Co. *
2,300
   
86,848
 
Nuverra Environmental Solutions, Inc. *, 1
6,500
   
109,135
 
Olympic Steel, Inc. 1
3,400
   
98,532
 
Orbital Sciences Corp. *, 1
16,100
   
375,130
 
Orion Energy Systems, Inc. *
4,504
   
30,627
 
Orion Marine Group, Inc. *
8,000
   
96,240
 
Pacer International, Inc. *
6,020
   
49,725
 
PAM Transportation Services, Inc. *
2,839
   
58,824
 
Perma-Fix Environmental Services *, 1
1,208
   
3,926
 
PHI, Inc. *,3
3,000
   
130,200
 
PHI, Inc. *
100
   
3,973
 
Pike Corp. *
9,500
   
100,415
 
Plexus Corp. *, 1
5,800
   
251,082
 
PMFG, Inc. *, 1
6,500
   
58,825
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
INDUSTRIAL (Continued)
 
Providence and Worcester Railroad Co.
100
 
$
1,956
 
Quanex Building Products Corp.
10,900
   
217,128
 
Rand Logistics, Inc. *
7,200
   
41,544
 
Roadrunner Transportation Systems, Inc. *
8,373
   
225,652
 
Rofin-Sinar Technologies, Inc. *
7,000
   
189,140
 
Rogers Corp. *
2,000
   
123,000
 
RTI International Metals, Inc. *, 1
7,600
   
259,996
 
Sanmina Corp. *, 1
17,000
   
283,900
 
Ship Finance International Ltd. 1
22,565
   
369,615
 
SIFCO Industries, Inc. 1
1,100
   
30,877
 
SL Industries, Inc.
1,700
   
46,070
 
Sterling Construction Co., Inc. *
5,200
   
60,996
 
Stoneridge, Inc. *
6,200
   
79,050
 
STR Holdings, Inc. *
28,000
   
43,960
 
Synalloy Corp.
2,103
   
32,302
 
Sypris Solutions, Inc. 1
7,285
   
22,292
 
Tech Data Corp. *
3,500
   
180,600
 
Tecumseh Products Co. - Class A *
5,200
   
47,060
 
Tecumseh Products Co. - Class B *
3,300
   
28,677
 
Teekay Tankers Ltd. - Class A
19,900
   
78,207
 
Tetra Tech, Inc. *
16,400
   
458,872
 
Transcat, Inc. *
1,941
   
15,509
 
TRC Cos., Inc. *, 1
5,200
   
37,128
 
TTM Technologies, Inc. *, 1
21,210
   
181,982
 
Tutor Perini Corp. *, 1
11,400
   
299,820
 
Twin Disc, Inc.
1,900
   
49,191
 
UFP Technologies, Inc. *
2,600
   
65,572
 
Ultralife Corp. *
4,800
   
17,040
 
Universal Forest Products, Inc. 1
4,000
   
208,560
 
USA Truck, Inc. *, 1
5,361
   
71,730
 
UTi Worldwide, Inc. 1
12,316
   
216,269
 
Viasystems Group, Inc. *
3,854
   
52,723
 
Vicor Corp. *, 1
1,799
   
24,143
 
Vishay Intertechnology, Inc. *, 1
33,800
   
448,188
 
Vishay Precision Group, Inc. *
4,000
   
59,560
 
VSE Corp.
1,500
   
72,015
 
Watts Water Technologies, Inc. - Class A
3,800
   
235,106
 
Willis Lease Finance Corp. *, 1
2,869
   
49,806
 
XPO Logistics, Inc. *, 1
7,600
   
199,804
 
Zagg, Inc. *, 1
13,300
   
57,855
 
Zygo Corp. *
4,288
   
63,377
 
   
21,425,722
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
TECHNOLOGY   – 7.2%
 
Agilysys, Inc. *
6,500
 
$
90,480
 
Alpha & Omega Semiconductor Ltd. *, 1
8,700
   
67,077
 
Amkor Technology, Inc. *, 1
59,600
   
365,348
 
Amtech Systems, Inc. *
4,850
   
33,756
 
ANADIGICS, Inc. *
22,500
   
41,400
 
Astro-Med, Inc. 1
2,600
   
35,074
 
ATMI, Inc. *
5,200
   
157,092
 
Audience, Inc. *
6,800
   
79,152
 
Avid Technology, Inc. *
5,150
   
41,972
 
Axcelis Technologies, Inc. *, 1
29,500
   
71,980
 
AXT, Inc. *
19,000
   
49,590
 
Brooks Automation, Inc.
12,500
   
131,125
 
CACI International, Inc. - Class A *, 1
6,600
   
483,252
 
Cascade Microtech, Inc. *
3,230
   
30,104
 
CIBER, Inc. *, 1
21,805
   
90,273
 
Cohu, Inc.
5,144
   
54,012
 
Datalink Corp. *
9,000
   
98,100
 
Digi International, Inc. *
5,200
   
63,024
 
Digital River, Inc. *
10,000
   
185,000
 
Diodes, Inc. *
9,400
   
221,464
 
DSP Group, Inc. *, 1
4,700
   
45,637
 
Dynamics Research Corp. *
3,800
   
43,624
 
Echelon Corp. *
8,500
   
18,275
 
Electronics For Imaging, Inc. *
7,100
   
274,983
 
Emcore Corp. *
6,400
   
32,768
 
Emulex Corp. *
28,200
   
201,912
 
Entegris, Inc. *, 1
25,100
   
291,160
 
Entropic Communications, Inc. *
23,900
   
112,569
 
Epiq Systems, Inc. 1
6,600
   
106,986
 
Fairchild Semiconductor International, Inc. *
24,806
   
331,160
 
FormFactor, Inc. *
17,500
   
105,350
 
Geeknet, Inc. *
1,500
   
27,135
 
GSI Technology, Inc. *
2,790
   
18,526
 
Hutchinson Technology, Inc. *, 1
17,329
   
55,453
 
Imation Corp. *
18,766
   
87,825
 
InnerWorkings, Inc. *, 1
18,000
   
140,220
 
Innodata, Inc. *
6,900
   
16,905
 
Insight Enterprises, Inc. *
11,200
   
254,352
 
Integrated Silicon Solution, Inc. *, 1
7,400
   
89,466
 
International Rectifier Corp. *
17,500
   
456,225
 
IXYS Corp.
5,100
   
66,147
 
Key Tronic Corp. *
2,300
   
25,346
 
KEYW Holding Corp. *, 1
7,504
   
100,854
 
Lexmark International, Inc. - Class A 1
14,305
   
508,113
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
 
Number
of Shares
 
Value
 
 
COMMON STOCKS (Continued)
 
TECHNOLOGY (Continued)
 
Majesco Entertainment Co. *, 1
7,500
 
$
4,426
 
ManTech International Corp. - Class A
6,800
   
203,524
 
Mercury Systems, Inc. *, 1
8,000
   
87,600
 
NCI, Inc. - Class A *
7,200
   
47,664
 
OmniVision Technologies, Inc. *
14,000
   
240,800
 
PAR Technology Corp. *
6,600
   
35,970
 
Pericom Semiconductor Corp. *
4,000
   
35,440
 
Photronics, Inc. *
13,000
   
117,390
 
QLogic Corp. *
18,600
   
220,038
 
Qumu Corp. *
2,500
   
32,000
 
Radisys Corp. *, 1
14,300
   
32,747
 
Richardson Electronics Ltd./United States
4,000
   
45,440
 
Rosetta Stone, Inc. *
7,964
   
97,320
 
Rudolph Technologies, Inc. *, 1
9,900
   
116,226
 
Schawk, Inc.
5,015
   
74,573
 
Sigma Designs, Inc. *, 1
11,200
   
52,864
 
Smith Micro Software, Inc. *, 1
3,500
   
5,180
 
Spansion, Inc. - Class A *
12,500
   
173,625
 
SunEdison, Inc. *, 1
9,500
   
123,975
 
Super Micro Computer, Inc. *
7,200
   
123,552
 
Sykes Enterprises, Inc. *
10,800
   
235,548
 
SYNNEX Corp. *
6,900
   
465,060
 
TriQuint Semiconductor, Inc. *, 1
32,900
   
274,386
 
Ultra Clean Holdings, Inc. *
6,300
   
63,189
 
VeriFone Systems, Inc. *
19,700
   
528,354
 
Wayside Technology Group, Inc. 1
1,200
   
16,212
 
   
9,253,369
 
 
TOTAL COMMON STOCKS (Cost $101,725,558)
 
127,771,073
 
 
MONEY MARKET INVESTMENTS   – 28.0%
 
BlackRock Liquidity Funds TempFund Portfolio, 0.03% 4 ,5
23,799,691
   
23,799,691
 
Federated Treasury Obligations Fund, 0.01% 4
2,014,743
   
2,014,743
 
Fidelity Institutional Money Market Portfolio - Class I, 0.02% 4,5
10,199,867
   
10,199,867
 
 
TOTAL MONEY MARKET INVESTMENTS (Cost $36,014,301)
 
36,014,301
 
 
TOTAL INVESTMENTS – 127.2% (Cost $137,739,859)
 
163,785,374
 
Liabilities less other assets – (27.2)%
 
(34,989,002)
 
 
TOTAL NET ASSETS – 100.0 %
$
128,796,372
 
 
 
 
 
 
Vericimetry U.S. Small Cap Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
*
Non-income producing security.
1
All or a portion of shares are on loan.  Total loaned securities had a fair value of $32,816,303 at December 31, 2013.
2
This security is an illiquid security and valued at its fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Fund’s Board of Trustees.
3
Shares are non-voting.
4
Variable rate security; the rate shown represents the rate at December 31, 2013.
5
Investments purchased with cash proceeds from securities lending.  Total collateral had a fair value of $33,999,558 at December 31, 2013.

See accompanying Notes to Schedule of Investments.
 
 
 
 
 
Vericimetry Funds
NOTES TO SCHEDULE OF INVESTMENTS
As of December 31, 2013 (Unaudited)
 
1. Organization
Vericimetry Funds, a Delaware Statutory Trust (the “Trust”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Trust consists of the Vericimetry U.S. Small Cap Value Fund (the “Fund”). The Fund’s primary investment objective is to provide long-term capital appreciation. The Fund commenced operations on December 27, 2011.

2. Significant Accounting Policies
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 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. Short-term investments are valued at amortized cost, which 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 the Adviser under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees.

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 for active markets for identical securities. 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 at Level 3 measurement.

 
Level 3 –
significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments.

In addition, the Fund has adopted Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs which amends Fair Value Measurements and Disclosures to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards.  Enhanced disclosure is required to detail any transfers in to and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers.

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 December 31, 2013:
 
 
 
 
 
Vericimetry Funds
NOTES TO SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2013 (Unaudited)
 
   
Level 1
   
Level 2*
   
Level 3*
   
Total
 
Investments in Securities
                       
Common Stocks
                       
   Basic Materials
  $ 6,021,925     $ -     $ -     $ 6,021,925  
   Communications
    6,833,989       12,936       -       6,846,925  
   Consumer, Cyclical
    18,587,861       -       -       18,587,861  
   Consumer, Non-Cyclical
    19,625,166       -       -       19,625,166  
   Diversified
    432,525       -       -       432,525  
   Energy
    10,023,717       -       -       10,023,717  
   Financial
    35,553,863       -       -       35,553,863  
   Industrial
    21,425,722       -       -       21,425,722  
   Technology
    9,253,369       -       -       9,253,369  
Money Market Investments
    36,014,301       -       -       36,014,301  
Total Investments in Securities
  $ 163,772,438     $ 12,936     $ -     $ 163,785,374  
 
*
There were no Level 3 securities as of December 31, 2013. The Fund held one Level 2 security at December 31, 2013.  This security halted trading and the Adviser provided a fair value price in which a discount was applied to the last traded price, given the lack of marketability for the security.  This security was previously a Level 1 security and represents the only transfer among levels. The Fund recognizes such transfers between levels at the end of the reporting period.
 
(b)
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.  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, the Adviser (subject to oversight by the Board) will consider all relevant facts and circumstances, including the creditworthiness of the borrower.  The loans would be made only to firms deemed by the Adviser to be of good standing, and when, in the judgment of the Adviser, the consideration that can be earned from securities loans of this type justifies the attendant risk.  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.

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.  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.  The Fund may pay reasonable administrative and custodial fees in connection with the loan.

At December 31, 2013, the value of securities loaned by the Fund was $32,816,303. Securities purchased via reinvestment of cash collateral received as part of the securities lending program can be found in the Fund’s Schedule of Investments.
 
 
 
 
 
Vericimetry Funds
NOTES TO SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2013 (Unaudited)
 
3. Federal Income Tax Information
At September 30, 2013, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes, were as follows:

Cost of Investments
  $ 110,902,480  
         
Gross Unrealized Appreciation
  $ 18,477,414  
Gross Unrealized Depreciation
  $ (2,675,268 )
         
Net Unrealized Appreciation
  $ 15,802,146  

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.
 
 
 
 
 
Item 2.  Controls and Procedures

(a) The registrant's certifying officer has concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30a-3(c))) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-3(b) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that materially affected, or are reasonably likely to affect, the registrant’s internal control over financial reporting.

Item 3.  Exhibits

Certification for the principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) – Filed as an attachment to this filing.
 
 
 
 

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/ Glenn S. Freed
 
 
Glenn S. Freed
 
 
President and Treasurer
 
     
Date:
February 27, 2014
 

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.
 
By:
/s/ Glenn S. Freed
 
 
Glenn S. Freed
 
 
President and Treasurer
 
     
Date:
February 27, 2014
 

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